Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10339

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

100 Bellevue Parkway, Wilmington, DE		19809

(Address of principal executive offices)		(Zip code)

Robert S. Kapito, President

BlackRock Municipal Income Trust

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

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

Date of fiscal year end: October 31, 2005

Date of reporting period: April 30, 2005

Item 1. Reports to Shareholders.

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

FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS

BlackRock
Closed-End Funds
Semi-Annual Report

APRIL 30, 2005 (Unaudited)

BlackRock Investment Quality Municipal Trust (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock California Investment Quality Municipal Trust (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust (RNY)

BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

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

Privacy Principles of the Trusts

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

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

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

LETTER TO SHAREHOLDERS

April 30, 2005

Dear Shareholder:

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

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

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

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

BlackRock Investment Quality Municipal Trust (BKN)	5.93	%	9.12	%	$	15.41	$	15.85

BlackRock Municipal Income Trust (BFK)	6.72		10.34			14.49		14.85

BlackRock California Investment Quality Municipal Trust (RAA)	5.95		9.15			14.25		14.53

BlackRock California Municipal Income Trust (BFZ)	6.49		9.98			14.06		15.27

BlackRock Florida Investment Quality Municipal Trust (RFA)	5.94		9.14			14.30		14.79

BlackRock Florida Municipal Income Trust (BBF)	6.11		9.40			14.80		15.66

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)	5.56		8.55			14.50		14.78

BlackRock New Jersey Municipal Income Trust (BNJ)	6.16		9.48			14.62		15.92

BlackRock New York Investment Quality Municipal Trust (RNY)	6.24		9.60			14.07		15.35

BlackRock New York Municipal Income Trust (BNY)	6.23		9.58			14.52		15.52

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

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

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

Sincerely,


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

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

Trust Information

Symbol on New York Stock Exchange:	BKN

Initial Offering Date:	February 19, 1993

Closing Market Price as of 4/30/05:	$15.41

Net Asset Value as of 4/30/05:	$15.85

Yield on Closing Market Price as of 4/30/05 ($15.41):¹	5.93	%

Current Monthly Distribution per Common Share:²	$0.076189

Current Annualized Distribution per Common Share:²	$0.914268

Leverage as of 4/30/05:³	36	%

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:


	4/30/05	10/31/04	Change	High	Low

Market Price	$15.41	$15.12	1.92%	$16.38	$14.31

NAV	$15.85	$15.71	0.89%	$16.06	$15.53

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

City, County & State	25	%	18	%

Hospital	12		11

Transportation	11		8

Education	10		11

Industrial & Pollution Control	9		13

Power	7		8

Tobacco	7		3

Housing	6		7

Lease Revenue	6		12

Tax Revenue	4		6

Water & Sewer	3		3

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	49	%	44	%

AA/Aa	5		6

A	15		19

BBB/Baa	15		21

BB/Ba	7		2

B	1		—

Not Rated	8		8

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

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

Trust Information

Symbol on New York Stock Exchange:	BFK

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/05:	$14.49

Net Asset Value as of 4/30/05:	$14.85

Yield on Closing Market Price as of 4/30/05 ($14.49):¹	6.72	%

Current Monthly Distribution per Common Share:²	$0.081125

Current Annualized Distribution per Common Share:²	$0.973500

Leverage as of 4/30/05:³	37	%

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:


	4/30/05	10/31/04	Change	High	Low

Market Price	$14.49	$14.05	3.13%	$14.94	$13.59

NAV	$14.85	$14.26	4.14%	$14.98	$14.10

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

Hospital	25	%	23	%

Industrial & Pollution Control	19		19

City, County & State	13		13

Housing	11		12

Transportation	11		8

Tobacco	9		4

Tax Revenue	4		3

Education	4		6

Lease Revenue	2		7

Power	1		1

Water & Sewer	1		4

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	19	%	19	%

AA/Aa	4		4

A	31		32

BBB/Baa	25		32

BB/Ba	7		2

B	5		4

Not Rated	9		7


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

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

Trust Information

Symbol on American Stock Exchange:	RAA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/05:	$14.25

Net Asset Value as of 4/30/05:	$14.53

Yield on Closing Market Price as of 4/30/05 ($14.25):¹	5.95	%

Current Monthly Distribution per Common Share:²	$0.0706

Current Annualized Distribution per Common Share:²	$0.8472

Leverage as of 4/30/05:³	34	%

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:


	4/30/05	10/31/04	Change		High	Low

Market Price	$14.25	$14.30	(0.35	)%	$14.95	$13.76

NAV	$14.53	$14.43	0.69	%	$14.65	$14.30

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

City, County & State	25	%	24	%

Transportation	16		14

Lease Revenue	15		24

Tobacco	13		10

Education	11		11

Industrial & Pollution Control	10		8

Power	7		7

Water & Sewer	3		2

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	33	%	36	%

AA/Aa	8		7

A	18		18

BBB/Baa	20		22

B	7		5

Not Rated	14		12


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

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

Trust Information

Symbol on New York Stock Exchange:	BFZ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/05:	$14.06

Net Asset Value as of 4/30/05:	$15.27

Yield on Closing Market Price as of 4/30/05 ($14.06):¹	6.49	%

Current Monthly Distribution per Common Share:²	$0.076074

Current Annualized Distribution per Common Share:²	$0.912888

Leverage as of 4/30/05:³	37	%

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:


	4/30/05	10/31/04	Change		High	Low

Market Price	$14.06	$13.65	3.00	%	$14.45	$13.27

NAV	$15.27	$14.77	3.39	%	$15.43	$14.62

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

City, County & State	21	%	22	%

Transportation	13		12

Housing	13		13

Hospital	12		9

Education	10		10

Lease Revenue	9		14

Tobacco	7		11

Power	7		7

Water & Sewer	5		—

Industrial & Pollution Control	3		2

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	34	%	28	%

AA/Aa	3		3

A	31		33

BBB/Baa	20		24

B	1		1

Not Rated⁵	11		11

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

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

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

Trust Information

Symbol on American Stock Exchange:	RFA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/05:	$14.30

Net Asset Value as of 4/30/05:	$14.79

Yield on Closing Market Price as of 4/30/05 ($14.30):¹	5.94	%

Current Monthly Distribution per Common Share:²	$0.070781

Current Annualized Distribution per Common Share:²	$0.849372

Leverage as of 4/30/05:³	34	%

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:


	4/3005	10/31/04	Change		High	Low

Market Price	$14.30	$14.30	0.00	%	$15.55	$13.90

NAV	$14.79	$15.02	(1.53	)%	$15.01	$14.66

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

City, County & State	20	%	14	%

Tax Revenue	19		20

Education	15		16

Transportation	15		16

Hospital	12		12

Lease Revenue	8		10

Power	5		6

Housing	5		5

Water & Sewer	1		1

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	56	%	61	%

A	13		11

BBB/Baa	16		16

BB/Ba	3		3

Not Rated	12		9


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

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

Trust Information

Symbol on New York Stock Exchange:	BBF

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/05:	$14.80

Net Asset Value as of 4/30/05:	$15.66

Yield on Closing Market Price as of 4/30/05 ($14.80):¹	6.11	%

Current Monthly Distribution per Common Share:²	$0.075375

Current Annualized Distribution per Common Share:²	$0.904500

Leverage as of 4/30/05:³	36	%

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:


	4/30/05	10/31/04	Change		High	Low

Market Price	$14.80	$14.40	2.78	%	$15.11	$13.88

NAV	$15.66	$15.27	2.55	%	$15.76	$15.13

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

City, County & State	35	%	34	%

Hospital	20		19

Water & Sewer	9		8

Education	7		7

Tax Revenue	6		6

Housing	6		6

Lease Revenue	5		5

Power	4		8

Tobacco	4		3

Transportation	3		3

Industrial & Pollution Control	1		1

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	26	%	22	%

AA/Aa	34		40

A	9		9

BBB/Baa	14		13

BB/Ba	2		2

Not Rated⁵	15		14

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

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

TRUST SUMMARIES (unaudited) APRIL 30, 2005

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information

Symbol on American Stock Exchange:	RNJ

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/05:	$14.50

Net Asset Value as of 4/30/05:	$14.78

Yield on Closing Market Price as of 4/30/05 ($14.50):¹	5.56	%

Current Monthly Distribution per Common Share:²	$0.067148

Current Annualized Distribution per Common Share:²	$0.805776

Leverage as of 4/30/05:³	34	%

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:


	4/30/05	10/31/04	Change		High	Low

Market Price	$14.50	$15.00	(3.33	)%	$15.38	$13.81

NAV	$14.78	$14.79	(0.07	)%	$14.98	$14.63

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

Transportation	34	%	34	%

Hospital	11		11

Housing	11		11

City, County & State	9		6

Industrial & Pollution Control	7		6

Water & Sewer	6		6

Tax Revenue	6		5

Education	6		11

Resource Recovery	5		5

Tobacco	5		5

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	56	%	56	%

AA/Aa	6		11

A	11		11

BBB/Baa	19		18

B	4		4

Not Rated	4		—


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

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

Trust Information

Symbol on New York Stock Exchange:	BNJ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/05:	$14.62

Net Asset Value as of 4/30/05:	$15.92

Yield on Closing Market Price as of 4/30/05 ($14.62):¹	6.16	%

Current Monthly Distribution per Common Share:²	$0.075108

Current Annualized Distribution per Common Share:²	$0.901296

Leverage as of 4/30/05:³	35	%

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:


	4/30/05	10/31/04	Change		High	Low

Market Price	$14.62	$14.45	1.18	%	$15.14	$14.05

NAV	$15.92	$15.38	3.51	%	$16.06	$15.25

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

Hospital	23	%	23	%

Housing	17		19

City, County & State	14		12

Transportation	11		11

Lease Revenue	11		11

Tobacco	7		9

Tax Revenue	6		5

Industrial & Pollution Control	6		5

Education	5		5

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	24	%	25	%

AA/Aa	5		—

A	24		29

BBB/Baa	41		44

B	3		2

Not Rated	3		—


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

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

Trust Information

Symbol on American Stock Exchange:	RNY

Initial Offering Date:	May 28, 1993

Closing Market Price as of 4/30/05:	$14.07

Net Asset Value as of 4/30/05:	$15.35

Yield on Closing Market Price as of 4/30/05 ($14.07):¹	6.24	%

Current Monthly Distribution per Common Share:²	$0.073125

Current Annualized Distribution per Common Share:²	$0.877500

Leverage as of 4/30/05:³	33	%

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:


	4/30/05	10/31/04	Change		High	Low

Market Price	$14.07	$14.50	(2.97	)%	$14.70	$13.59

NAV	$15.35	$15.35	0.00	%	$15.56	$15.12

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

Education	18	%	20	%

City, County & State	17		18

Tax Revenue	15		13

Water & Sewer	14		12

Industrial & Pollution Control	11		11

Lease Revenue	8		8

Housing	7		8

Hospital	4		4

Transportation	4		4

Tobacco	2		2

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	44	%	31	%

AA/Aa	22		33

A	20		21

BBB/Baa	6		6

BB/Ba	4		5

Caa	4		4


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

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

Trust Information

Symbol on New York Stock Exchange:	BNY

Initial Offering Date:	July 27, 2001

Closing Market Price as of 4/30/05:	$14.52

Net Asset Value as of 4/30/05:	$15.52

Yield on Closing Market Price as of 4/30/05 ($14.52):¹	6.23	%

Current Monthly Distribution per Common Share:²	$0.075339

Current Annualized Distribution per Common Share:²	$0.904068

Leverage as of 4/30/05:³	36	%

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:


	4/30/05	10/31/04	Change		High	Low

Market Price	$14.52	$13.99	3.79	%	$14.77	$13.80

NAV	$15.52	$15.28	1.57	%	$15.61	$15.13

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

Portfolio Composition


Sector	April 30, 2005		October 31, 2004

Transportation	17	%	17	%

Housing	15		14

Industrial & Pollution Control	13		12

Lease Revenue	13		13

Tobacco	12		10

Water & Sewer	10		4

Education	8		12

Hospital	5		5

City, County & State	5		6

Tax Revenue	2		7

Credit Quality Allocations⁴

Credit Rating	April 30, 2005		October 31, 2004

AAA/Aaa	28	%	24	%

AA/Aa	15		19

A	21		26

BBB/Baa	32		27

BB/Ba	—		1

CCC/Caa	3		3

Not Rated	1		—


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

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—151.6%
			Alabama—5.9%
AAA	$ 14,000		Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA	09/10	@ 102	$	15,581,020

			Alaska—2.3%
AAA	6,015		Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA	12/05	@ 102		6,173,916

			California—26.6%
			California, GO,
AAA	10,000		5.00%, 3/01/33	03/15	@ 100		10,482,000
A	5,770		5.625%, 5/01/18	05/10	@ 101		6,403,604
			Foothill/Eastn. Transp. Corridor Agcy.,
BBB	7,000		Refdg. Conv. Cap. Apprec., Zero Coupon, 1/15/28	01/14	@ 101		5,800,340
BBB	3,495		Toll Road Rev., 5.75%, 1/15/40	01/10	@ 101		3,565,145
			Golden St. Tobacco Sec. Corp., Ser. B,
A-	13,000		5.50%, 6/01/43	06/13	@ 100		13,873,470
A-	6,900		5.625%, 6/01/38	06/13	@ 100		7,494,573
AAA	10,945		Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA	08/13	@ 53.632		3,904,191
AAA	15,460		Los Angeles Cnty., Asset Leasing Corp. Rev. Proj., 5.95%, 12/01/07, AMBAC	No Opt. Call			16,697,418
			San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,
NR	795		5.90%, 9/01/28	09/10	@ 102		811,011
NR	1,485		5.95%, 9/01/35	09/10	@ 102		1,515,740

							70,547,492

			Colorado—0.9%
AAA	2,250	³	E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05	N/A			2,349,810

			Connecticut—1.2%
Baa3	3,000		Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28	09/09	@ 101		3,101,790

			District of Columbia—2.0%
BBB	4,960		Tobacco Settlement Fin. Corp., 6.50%, 5/15/33	No Opt. Call			5,260,179

			Florida—16.8%
AAA	4,265		Brd. of Ed., Cap. Outlay, Ser. J, 5.00%, 6/01/31	06/13	@ 101		4,477,440
AAA	5,705		Brd. of Ed. Pub. Ed., Cap. Outlay, Ser. A, 5.00%, 6/01/31	06/14	@ 101		6,014,211
NR	2,110		Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34	05/13	@ 101		2,194,231
NR	3,700		Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30	10/10	@ 101		4,140,300
AAA	1,995		JEA Wtr. & Swr. Sys. Rev., Ser. C, 5.00%, 10/01/39, FSA	10/09	@ 100		2,036,795
NR	2,250		Live Oak Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 5.85%, 5/01/35	05/12	@ 101		2,291,828
BB+	4,755		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14	@ 100		5,360,074
NR	1,015		Pine Islands Cmnty. Dev. Dist., Spl. Assmt., 5.75%, 5/01/35	05/12	@ 101		1,027,383
NR	2,515		Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36	05/12	@ 101		2,639,316
NR	4,000		Town Center Palm Coast Cmnty., 6.00%, 5/01/36	05/13	@ 101		4,083,080
NR	10,000		Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22	05/13	@ 100		10,236,800

							44,501,458

			Georgia—6.1%
			Atlanta Arpt. Passenger Fac., FSA,
AAA	5,000		Ser. C, 5.00%, 1/01/33	07/14	@ 100		5,189,450
AAA	5,000		Ser. J, 5.00%, 1/01/34	01/15	@ 100		5,189,800
AAA	4,000		Atlanta Wtr. & Wstwtr. Rev., 5.00%, 11/01/34, FSA	11/14	@ 100		4,200,400
BBB	1,500		Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 6.00%, 9/01/33	09/14	@ 101		1,600,395

							16,180,045

			Hawaii—1.0%
AAA	2,500		Dept. of Budget & Fin., Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC	01/09	@ 101		2,773,000

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			Illinois—12.4%
NR	$ 1,920		Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23	No Opt. Call		$	1,959,379
AAA	1,040		Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC	12/07	@ 102		1,125,810
AAA	5,000		Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA	ETM			6,597,900
			Edl. Fac. Auth., FGIC,
AAA	4,000		5.45%, 7/01/14	05/05	@ 101		4,015,280
AAA	5,000		5.70%, 7/01/13	05/05	@ 101		5,021,450
AA+	5,800		Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43	08/14	@ 100		6,240,220
			Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj.,
Baa2	875		Ser. A, 5.125%, 6/01/35	06/14	@ 100		875,280
Baa3	700		Ser. B, 5.375%, 6/01/35	06/14	@ 100		700,217
			O’Hare Intl. Arpt.,
AAA	1,000		Ser. A, 5.00%, 1/01/29, MBIA	01/15	@ 100		1,041,140
AAA	1,610		Ser. A, 5.00%, 1/01/30, MBIA	01/15	@ 100		1,674,964
AAA	3,540		Ser. C-2, 5.25%, 1/01/30, FSA	01/14	@ 100		3,687,193

							32,938,833

			Kentucky—4.2%
AAA	15,715		Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA	No Opt. Call			6,481,023
AAA	4,530		Louisville & Jefferson Cnty. Met. Swr. Dist., Ser. A, 5.00%, 5/15/38, FGIC	05/14	@ 101		4,750,883

							11,231,906

			Louisiana—1.9%
AAA	4,640		New Orleans, GO, 5.875%, 11/01/29, FSA	11/09	@ 100		5,153,416

			Maryland—0.7%
Baa1	1,740		Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33	08/14	@ 100		1,832,881

			Massachusetts—0.6%
AAA	1,460		Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA	01/07	@ 102		1,492,689

			Michigan—1.6%
BB+	4,000		Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09	07/07	@ 101		4,170,160

			Missouri—1.6%
BBB-	4,500		Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys., 5.25%, 12/01/14–12/01/26	12/08	@ 102		4,181,060

			Multi-State—4.7%
Baa1	7,000	⁴	Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50	11/10	@ 100		7,896,980
Baa1	4,000	⁴	MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50	11/10	@ 100		4,603,040

							12,500,020

			Nevada—0.4%
AAA	950		Director of the Dept. of Business & Ind., Las Ventanas Retirement Proj., Ser. A, 7.00%, 11/15/34	11/14	@ 100		982,661

			New Jersey—4.2%
AAA	2,000		Delaware River Port Auth. of PA & NJ, Port Dist. Proj., GO, Ser. B, 5.70%, 1/01/22, FSA	01/10	@ 100		2,211,060
BBB	7,000		Econ. Dev. Auth., Cigarette Tax Rev., 5.75%, 6/15/29	06/14	@ 100		7,418,740
NR	1,510		Middlesex Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37	01/15	@ 100		1,489,630

							11,119,430

			New Mexico—0.7%
AAA	1,945		Farmington PCR, So. California Edison Co. Proj., Ser. A, 5.875%, 6/01/23, MBIA	06/05	@ 100		1,950,271

			New York—8.7%
AAA	3,895		Dorm. Auth., Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/21–7/01/23, MBIA	07/10	@ 101		3,156,155
			New York City, GO,
A+	4,140		Ser. A, 6.00%, 8/01/05	No Opt. Call			4,173,079
A1	4,805	⁵	Ser. E, 6.50%, 2/15/06	ETM			4,948,621
A+	2,195	⁵	Ser. E, 6.50%, 2/15/06	No Opt. Call			2,259,401
A-	5,000		New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj., 6.00%, 1/01/08–1/01/15	05/05	@ 101		5,081,800
AAA	3,115		Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC	10/14	@ 100		3,305,109

							22,924,165

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value


			North Carolina—2.1%
AAA	$ 5,000		Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC	No Opt. Call		$	5,504,400

			Ohio—3.8%
			Cuyahoga Cnty., Cleveland Clinic Hlth. Sys. Proj.,
A+	3,485		6.00%, 1/01/20	07/13	@ 100		3,965,895
Aa3	5,000		6.00%, 1/01/21	07/13	@ 100		5,682,500
AAA	290		Cuyahoga Cnty. Port Auth., Port Dev. Proj., 6.00%, 3/01/07	ETM			301,986

							9,950,381

			Oklahoma—1.1%
B-	2,900		Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35	No Opt. Call			2,987,725

			Oregon—1.1%
BB+	2,930		Klamath Falls Elec., Klamath Cogen Proj., 5.50%, 1/01/07	No Opt. Call			2,978,521

			Pennsylvania—8.3%
			Econ. Dev. Fin. Auth.,
A3	2,000		Amtrak Proj., Ser. A, 6.25%, 11/01/31	05/11	@ 102		2,077,860
A3	3,100		Amtrak Proj., Ser. A, 6.375%, 11/01/41	05/11	@ 102		3,217,459
BB-	8,235		Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36	12/09	@ 103		8,890,423
A	2,750	³	Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.875%, 1/01/06	N/A			2,834,425
AAA	4,000		Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC	06/06	@ 100		4,115,280
			McKeesport Area Sch. Dist., FGIC,
AAA	870		Zero Coupon, 10/01/31	ETM			243,069
AAA	2,435		Zero Coupon, 10/01/31	No Opt. Call			659,155

							22,037,671

			Rhode Island—0.8%
AAA	2,000		Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA	05/07	@ 102		2,115,400

			South Carolina—2.6%
			Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj.,
BBB+	2,185		Ser. A, 6.25%, 8/01/31	08/13	@ 100		2,378,220
BBB+	4,000		Ser. C, 6.875%, 8/01/27	08/13	@ 100		4,550,360

							6,928,580

			Tennessee—2.0%
AAA	4,865		Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC	03/10	@ 102		5,352,716

			Texas—15.4%
Ba3	6,320		Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26	11/11	@ 102		5,313,793
BBB	4,300		Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38	10/13	@ 102		4,698,524
AAA	6,000		Grapevine, GO, 5.875%, 8/15/24, FGIC	08/10	@ 100		6,721,140
AAA	5,000		Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA	11/30	@ 61.166		816,500
AAA	8,375		Humble Indpt. Sch. Dist., Sch. Bldg., Ser. B, 5.00%, 2/15/30, FGIC	02/15	@ 100		8,722,981
AAA	9,495		La Joya Indpt. Sch. Dist., 5.00%, 2/15/34	02/14	@ 100		9,863,501
AAA	15,000		Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC	08/12	@ 32.807		3,406,800
AA+	1,000		Wtr. Fin. Asst., GO, 5.75%, 8/01/22	08/10	@ 100		1,111,390

							40,654,629

			Utah—1.2%
			Intermountain Pwr. Agcy., Pwr. Sply. Rev.,
AAA	1,950		5.00%, 7/01/13, AMBAC	ETM			1,958,600
A+	1,145		Ser. B, 5.00%, 7/01/16	ETM			1,148,698

							3,107,298

			Washington—7.3%
AAA	13,395		Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA	07/06	@ 102		14,082,164
			Washington, GO,
Aa1	4,000		Ser. A, 5.375%, 7/01/21	07/06	@ 100		4,064,600
Aa1	1,000		Ser. B, 6.00%, 1/01/25	01/10	@ 100		1,113,820

							19,260,584

			Wisconsin—1.4%
A-	3,220		Hlth. & Edl. Facs. Auth., Aurora Hlth. Care Proj., 6.40%, 4/15/33	04/13	@ 100		3,568,179

			Total Long-Term Investments (cost $375,683,834)				401,392,286

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

	Principal
	Amount
Rating¹	(000)		Description	Value

			SHORT-TERM INVESTMENTS—4.9%
			Florida—1.5%
A-1+	$ 3,885	⁶	Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.00%, 5/02/05, FRDD	$	3,885,000

			Maryland—0.4%
A-1+	975	⁶	Hlth. & Higher Edl. Facs. Auth., Pooled Ln. Prog. Proj., Ser. D, 2.98%, 5/05/05, FRWD		975,000

			New Jersey—0.1%
A-1+	300	⁶	Sports & Expo. Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD		300,000

			New York—1.0%
A-1+	2,600	⁶	New York City Transl. Fin. Auth., Ser. A-1, 3.04%, 5/04/05, FRWD		2,600,000

			Ohio—1.8%
VMIG1	4,800	⁶	Univ. of Akron, 2.99%, 5/03/05, FGIC, FRWD		4,800,000

			Puerto Rico—0.1%
A-1	400	⁶	Gov’t. Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD		400,000

			Total Short-Term Investments (cost $12,960,000)		12,960,000

			Total Investments—156.5% (cost $388,643,834)	$	414,352,286
			Liabilities in excess of other assets—(1.1)%		(2,913,293	)
			Preferred shares at redemption value, including dividends payable—(55.4)%		(146,616,510	)

			Net Assets Applicable to Common Shareholders—100%	$	264,822,483

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

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

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

⁴ Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, to qualified institutional investors.
As of April 30, 2005, the Trust held 4.7% of its net assets, with a current market value of $12,500,020, in securities restricted as to resale.

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

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


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

See Notes to Financial Statements.

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

	Principal
	Amount		Option Call
Rating¹	(000)	Description	Provisions²		Value

		LONG-TERM INVESTMENTS—149.2%
		Alabama—3.6%
Baa2	$ 7,000	Courtland Ind. Dev. Brd. PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19	06/05	@ 102	$	7,155,400
A2	15,000	Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32	06/12	@ 101		16,121,100

						23,276,500

		Arizona—1.2%
A3	7,000	Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care Proj., 5.80%, 12/01/31	12/11	@ 101		7,560,770

		California—22.2%
		Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB	54,635	Zero Coupon, 1/15/32	01/10	@ 27.37		11,241,151
BBB	20,535	Zero Coupon, 1/15/34	01/10	@ 24.228		3,738,397
BBB	75,000	Zero Coupon, 1/15/38	01/10	@ 19.014		10,674,000
		Golden St. Tobacco Sec. Corp.,
BBB	10,000	Ser. A-1, 6.625%, 6/01/40	06/13	@ 100		10,526,000
A-	30,600	Ser. B, 5.50%, 6/01/43	06/13	@ 100		32,656,014
A-	16,500	Ser. B, 5.625%, 6/01/38	06/13	@ 100		17,921,805
		Lincoln Spl. Tax, Cmnty.
NR	3,500	Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Facs. Dist., 6.00%, 9/01/34	09/13	@ 102		3,575,285
B-	14,805	Amer. Airlines, Inc. Proj., Ser. C, 7.50%,	12/12	@ 102		15,476,851
AAA	13,320	Facs. Laxfuel Corp., L.A. Intl. Proj., 5.50%, 1/01/32, AMBAC	01/12	@ 100		14,039,013
NR	5,000	Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34	09/14	@ 100		5,157,950
AAA	1,500	Sacramento Cnty. San. Dist. Fin. Auth., Sacramento Regl. Cnty. San., Ser. A, 5.00%,
		12/01/35, AMBAC	12/14	@ 100		1,582,860
		San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01,
NR	1,870	5.90%, 9/01/28	09/10	@ 102		1,907,662
NR	3,510	5.95%, 9/01/35	09/10	@ 102		3,582,657
A	5,000	Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33	04/13	@ 100		5,285,100
BBB+	6,000	Statewide Cmntys., Daughters of Charity Hlth., Ser. A, 5.00%, 7/01/39	07/15	@ 100		6,080,760

						143,445,505

		Colorado—0.6%
BBB	3,500	Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31	12/11	@ 100		3,654,070

		District of Columbia—6.2%
		Dist. of Columbia,
A	2,390	Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA	06/14	@ 100		2,450,586
AAA	15,600	Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/36, MBIA	04/11	@ 22.875		2,627,352
AAA	51,185	Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/37, MBIA	04/11	@ 21.546		8,115,382
BBB	25,535	Tobacco Settlement Fin. Corp., 6.75%, 5/15/40	05/11	@ 101		26,736,677

						39,929,997

		Florida—14.3%
NR	3,000	Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35	05/14	@ 101		3,118,890
NR	4,000	Bellalago Edu. Fac. Benefits Dist., Ser. B, 5.80%, 5/01/34	05/14	@ 100		4,066,520
NR	4,000	Bridgewater Cmnty. Dev. Dist., Florida Spl. Assmt., Ser. A, 6.00%, 5/01/35	05/12	@ 101		4,099,720
NR	2,000	CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35	05/14	@ 101		2,105,980
Baa2	4,600	Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30	09/06	@ 102		4,767,348
NR	2,000	Heritage Isle at Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35	05/12	@ 101		2,056,360
A	9,670	Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31	11/11	@ 101		10,543,588
BBB-	9,000	Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25	05/05	@ 102		9,247,320
BB+	11,685	Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14	@ 100		13,171,916
NR	3,705	Parkway Ctr. Cmnty. Dev. Dist., Ser. A, 6.30%, 5/01/34	05/14	@ 101		3,796,551
NR	2,440	Pine Islands Cmnty. Dev. Dist., Spl. Assmt., 5.75%, 5/01/35	05/12	@ 101		2,469,768
NR	3,880	Reunion East Cmnty. Dev. Dist., 5.80%, 5/01/36	05/13	@ 101		3,942,352
NR	5,945	Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36	05/12	@ 101		6,238,861
NR	3,970	Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35	05/14	@ 100		4,106,647
NR	10,000	Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22	05/13	@ 100		10,236,800
NR	2,950	Vlgs. of Westport Cmnty. Dev., Ser. A, 5.70%, 5/01/35	05/13	@ 100		2,976,933
		World Commerce Cmnty. Dev. Dist.,
NR	4,000	Ser. A-1, 6.50%, 5/01/36	05/14	@ 101		4,178,440
NR	1,750	Ser. A-2, 6.125%, 5/01/35	05/14	@ 101		1,826,090

						92,950,084



See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value


			Georgia—2.2%
AAA	$ 9,700		Atlanta Arpt. Passenger Fac., Ser. C, 5.00%, 1/01/33, FSA	07/14	@ 100	$	10,067,533
BBB	4,000		Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25	02/12	@ 101		4,243,280

							14,310,813

			Idaho—2.8%
AAA	16,970		Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC	04/11	@ 100		17,961,387

			Illinois—16.4%
AAA	21,205		Bolingbrook, Ser. B, Zero Coupon, 1/01/33–1/01/34, FGIC	No Opt. Call			5,052,650
NR	4,630		Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23	No Opt. Call			4,724,961
			Dev. Fin. Auth.,
A	7,145	³	Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24	11/09	@ 101		7,521,685
A2	25,000		PCR, Ser. C, 5.95%, 8/15/26	12/06	@ 101		25,762,000
			Edl. Facs. Auth., Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj.,
BBB	10,000		6.25%, 5/01/30	05/12	@ 101		10,751,700
BBB	7,000		6.25%, 5/01/34	05/07	@ 100		7,252,420
			Edl. Facs. Auth. Revs., Ser. A,
Aa1	760		Bal Union Chicago Proj., 5.25%, 7/01/41	07/11	@ 101		802,598
Aa1	315		Univ. Chicago Proj., 5.25%, 7/01/41	07/11	@ 101		353,225
AA+	3,700		Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43	08/14	@ 100		3,980,830
			Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj.,
Baa2	2,100		Ser. A, 5.125%, 6/01/35	06/14	@ 100		2,100,672
Baa3	1,675		Ser. B, 5.375%, 6/01/35	06/14	@ 100		1,675,519
			Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj.,
A	5,000		5.50%, 1/01/22	01/13	@ 100		5,297,300
A	6,000		5.625%, 1/01/28	01/13	@ 100		6,333,360
AAA	40,000		Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj.,
			Ser. A, Zero Coupon, 12/15/34, MBIA	No Opt. Call			9,186,400
			O'Hare Intl. Arpt.,
AAA	7,000		Ser. A, 5.00%, 1/01/29–1/01/30, MBIA	01/15	@ 100		7,284,820
AAA	7,645		Ser. C-2, 5.25%, 1/01/30, FSA	01/14	@ 100		7,962,879

							106,043,019

			Indiana—7.3%
A+	9,000		Hlth. Fac. Fin. Auth., Methodist Hosp., Inc. Proj., 5.50%, 9/15/31	09/11	@ 100		9,296,550
BBB	7,500		Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17	No Opt. Call			7,912,275
			Petersburg, PCR, Pwr. & Lt. Conv.,
BBB	10,000		5.90%, 12/01/24	08/11	@ 102		10,587,400
BBB	16,000		5.95%, 12/01/29	08/11	@ 102		16,867,360
NR	2,545		Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24	01/09	@ 102		2,524,513

							47,188,098

			Kentucky—1.4%
AAA	9,060		Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32	07/11	@ 100		9,376,466

			Louisiana—4.5%
			Local Gov't. Env. Facs. & Cmnty. Dev. Auth.,
A	21,425		Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA	No Opt. Call			24,701,740
Baa1	4,605		Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38	06/13	@ 102		4,666,154

							29,367,894

			Maryland—0.7%
Baa1	4,205		Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33	08/14	@ 100		4,429,463

			Massachusetts—1.1%
AAA	6,750		Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA	01/07	@ 102		6,901,133

			Michigan—2.8%
AA	17,210		Kent Hosp. Fin. Auth., Spectrum Hlth. Proj., Ser. A, 5.50%, 1/15/31	07/11	@ 101		18,224,357

			Mississippi—3.0%
A	18,680		Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31	07/11	@ 100		19,716,927

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value


			Multi-State—7.2%
			Charter Mac Equity Issuer Trust,
A3	$ 1,000	⁴	Ser. A, 6.625%, 6/30/49	06/09	@ 100	$	1,074,550
A3	11,000	⁴	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100		11,686,400
A3	16,000	⁴	Ser. A-3, 6.80%, 10/01/52	10/14	@ 100		18,000,800
Baa1	6,500	⁴	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		7,082,335
A3	8,000	⁴	MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49	06/09	@ 100		8,671,200

							46,515,285

			Nevada—0.4%
NR	2,250		Director of the Dept. of Business & Ind., Las Ventanas Retirement Proj., Ser. A, 7.00%, 11/15/34 .	11/14	@ 100		2,327,355

			New Hampshire—0.6%
A+	3,500		Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31	10/11	@ 101		3,719,170

			New Jersey—9.3%
			Econ. Dev. Auth.,
BBB	18,500		Cigarette Tax Rev., 5.75%, 6/15/29	06/14	@ 100		19,606,670
B	31,410		Continental Airlines, Inc. Proj., 7.00%, 11/15/30	11/10	@ 101		27,841,196
Baa3	8,000		Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28	No Opt. Call			9,362,480
NR	3,680		Middlesex Cnty. Imprvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37	01/15	@ 100		3,630,357

							60,440,703

			New York—3.7%
AAA	5,375		Env. Facs. Corp., Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31	06/12	@ 100		5,603,276
AAA	7,115		Met. Transp. Auth., Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC	07/12	@ 100		7,427,562
AAA	10,360		Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29–10/15/32, AMBAC	10/14	@ 100		10,986,895

							24,017,733

			Ohio—3.0%
Baa2	14,500		Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20	08/07	@ 102		15,308,810
NR	3,760		Pinnacle Cmnty. Infrastructure, Fin. Auth., Ser. A, 6.25%, 12/01/36	12/14	@ 101		3,900,850

							19,209,660

			Oklahoma—1.1%
B-	7,175		Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35	No Opt. Call			7,392,044

			Pennsylvania—7.7%
			Econ. Dev. Fin. Auth., Ser. A,
A3	6,500		Amtrak Proj., 6.375%, 11/01/41	05/11	@ 101		6,746,285
BB-	19,750		Exempt Facs. Rev., Reliant Energy Conv. Proj., 6.75%, 12/01/36	12/09	@ 103		21,321,902
			Higher Edl. Facs. Auth.,
BBB+	4,000		La Salle Univ. Proj., 5.50%, 5/01/34	05/13	@ 100		4,208,400
A	17,250	⁵	Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.75%, 1/01/06	N/A			17,765,603

							50,042,190

			South Carolina—4.9%
			Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj.,
BBB+	5,075		Ser. A, 6.25%, 8/01/31	08/13	@ 100		5,523,782
BBB+	9,000		Ser. C, 6.875%, 8/01/27	08/13	@ 100		10,238,310
			Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,
A	5,000		5.50%, 11/01/32	11/13	@ 100		5,309,750
A	10,000		5.75%, 11/01/28	11/13	@ 100		10,874,100

							31,945,942

			Tennessee—1.5%
AAA	20,825		Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon,
			1/01/20, FSA	01/13	@ 67.474		9,669,881

			Texas—11.2%
			Affordable Hsg. Corp., Multi-Fam. Hsg. Rev.,
Ba3	6,010		5.80%, 11/01/26	11/11	@ 102		5,053,148
Ba3	18,605		Arborstone/Baybrook Oaks Proj., Ser. A, 5.85%, 11/01/31	11/11	@ 102		15,652,014
BB-	6,445		So. Texas Pptys. Corp. Proj., Ser. B, 8.00%, 3/01/32	09/12	@ 102		6,105,284
C	4,435		Amer. Oppty. Hsg. Portfolio Proj., Ser. B, 8.00%, 3/01/32	09/12	@ 102		1,330,500
BBB	945		Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38	10/13	@ 101		1,032,583
AAA	3,805		Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC	12/11	@ 100		3,927,407

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			Texas—(cont’d)
			Harris Cnty. Houston Sports Auth., MBIA,
AAA	$ 12,580		Ser. A, Zero Coupon, 11/15/38	11/30	@ 61.166	$	2,054,314
AAA	26,120		Ser. A-3, Zero Coupon, 11/15/37	11/24	@ 46.545		4,427,079
AAA	5,000		Ser. H, Zero Coupon, 11/15/35	11/31	@ 78.178		991,000
			Tpke. Auth., Central Sys. Rev., AMBAC,
AAA	35,000		Zero Coupon, 8/15/32	08/12	@ 30.846		7,468,650
AAA	62,325		Zero Coupon, 8/15/33	08/12	@ 28.997		12,493,046
AAA	65,040		Zero Coupon, 8/15/34	08/12	@ 27.31		12,279,552

							72,814,577

			Virginia—0.3%
AAA	8,105		Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA	04/12	@ 34.99		1,995,937

			Washington—0.4%
A-	2,190	⁵	Energy Northwest Wind Proj., Ser. B, 6.00%, 1/01/07	N/A			2,365,813

			West Virginia—1.6%
BBB	8,000		Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25	05/05	@ 102		8,160,000
AAA	2,070		Econ. Dev. Auth., Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA	06/14	@ 100		2,171,513

							10,331,513

			Wisconsin—6.0%
			Hlth. & Edl. Facs. Auth.,
A-	7,500		Aurora Hlth. Care Proj., 6.40%, 4/15/33	04/13	@ 100		8,310,975
AA-	13,750		Froedert & Cmnty. Hlth. Oblig. Proj., 5.375%, 10/01/30	10/11	@ 101		14,272,086
A	15,000		Wheaton Franciscan Svcs. Proj., 5.75%, 8/15/30	02/12	@ 101		16,004,700

							38,587,761

			Total Long-Term Investments (cost $914,128,449)				965,712,047


			SHORT-TERM INVESTMENTS—6.6%
			Maryland—0.3%
A-1+	1,995	⁶	Hlth. & Higher Edl. Facs. Auth., Pooled Ln. Prog., Ser. D, 2.98%, 5/05/05, FRWD	N/A			1,995,000

			Massachusetts—1.2%
A1+	7,900	⁶	Dev. Fin. Agcy., Boston Univ. Proj., Ser. R-2, 2.94%, 5/02/05, XLCA, FRDD	N/A			7,900,000

			New Jersey—1.2%
A-1+	7,640	⁶	Sports & Expo. Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD	N/A			7,640,000

			New York—0.8%
A-1+	5,300	⁶	New York City, GO, Ser. H-7, 3.02%, 5/02/05, FRDD	N/A			5,300,000

			North Carolina—0.8%
A-1	5,000	⁶	North Carolina, Ser. B, 2.89%, 5/04/05, FRWD	N/A			5,000,000

			Ohio—0.5%
VMIG1	3,300	⁶	Hamilton Cnty. Hosp. Facs., 2.99%, 5/05/05, FRWD	N/A			3,300,000

			Pennsylvania—0.1%
A-1+	500	⁶	Higher Ed. Asst. Agcy., Ser. C, 3.00%, 5/04/05, AMBAC, FRWD	N/A			500,000

			Puerto Rico—0.1%
A-1	400	⁶	Gov't. Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD	N/A			400,000

			Tennessee—1.2%
VMIG1	7,600	⁶	Montgomery Cnty. Pub. Bldg. Auth., Pooled Fin. Rev., Cnty. Ln. Pool,
			3.05%, 5/02/05, FRDD	N/A			7,600,000

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

Shares
(000)	Description	Value

	Money Market Fund—0.4%
2,850	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	2,850,000

	Total Short-Term Investments (cost $42,485,000)		42,485,000

	Total Investments—155.8% (cost $956,613,449)	$	1,008,197,047
	Other assets in excess of liabilities—2.2%		14,387,447
	Preferred shares at redemption value, including dividends payable—(58.0)%		(375,230,635	)

	Net Assets Applicable to Common Shareholders—100%	$	647,353,859


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—100.8%
			California—89.6%
A	$ 40		California, GO, 5.75%, 3/01/19	09/05	@ 102	$	40,818
			Edl. Facs. Auth., MBIA,
AAA	760	³	Santa Clara Univ. Proj., 5.00%, 9/01/06	N/A			798,988
AAA	240		Student Loan Prog., Ser. A, 6.00%, 3/01/16	03/07	@ 102		252,425
			Golden St. Tobacco Sec. Corp., Ser. B,
A-	600		5.50%, 6/01/43	06/13	@ 100		640,314
A-	400		5.625%, 6/01/38	06/13	@ 100		434,468
			Los Angeles Cnty.,
AAA	1,000		Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA	09/07	@ 102		1,091,210
AAA	1,000	³	Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA	N/A			1,049,040
AA	1,150		Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13	08/06	@ 102		1,201,462
B-	945		Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj.,
			Ser. B, 7.50%, 12/01/24	12/12	@ 102		988,565
NR	1,000		Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6 Proj., 5.60%, 9/01/33	09/10	@ 102		1,009,450
A-	1,000		Pub. Wks. Brd., Lease Rev., St. Univ. Proj., Ser. A, 6.10%, 10/01/06	03/05	@ 102		1,022,970
BBB+	1,000	³	Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/06	N/A			1,063,230
NR	1,000		San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33	09/12	@ 102		1,009,900
AAA	500		San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC	05/05	@ 102		508,640
AAA	150		San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA	05/06	@ 102		156,807
AAA	40		So. California Pub. Pwr. Auth. Rev., Transm. Proj., 5.50%, 7/01/20, MBIA	05/05	@ 100		40,177
AAA	500		Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC	08/07	@ 102		539,380
BBB	900		Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43	06/12	@ 100		865,413
AAA	370		West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC	08/07	@ 102		394,102

							13,107,359

			Puerto Rico—11.2%
			Pub. Fin. Corp., Ser. E,
BBB+	745	³	5.50%, 2/01/12	N/A			841,381
BBB+	255	⁴	5.50%, 8/01/29	02/12	@ 100		277,233
A-	500		Pub. Impvt., Ser. A, 5.00%, 7/01/34	07/14	@ 100		518,945

							1,637,559

			Total Long-Term Investments (cost $13,784,098)				14,744,918


			SHORT-TERM INVESTMENTS—46.0%
			California—44.0%
A-1+	535	⁵	Daily Kindergarten Univ. Proj., Ser. A-4, 2.93%, 5/02/05, FRDD	N/A			535,000
A-1+	600	⁵	Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. B-2, 3.12%, 5/02/05, FRDD	N/A			600,000
A-1+	700	⁵	Econ. Recovery, Ser. C-5, 2.95%, 5/02/05, FRDD	N/A			700,000
A-1+	700	⁵	Facs. Financing Auth., Ser. B, 3.02%, 5/02/05, AMBAC, FRDD	N/A			700,000
VMIG1	600	⁵	Irvine Impvt. Bond Act 1915, Spl. Assmt. Dist. 00-18, Ser. A, 3.01%, 5/02/05, FRDD	N/A			600,000
VMIG1	600	⁵	Irvine Unified Sch. Dist. Spl. Tax, Cmnty. Facs. Dist. Number 01, 3.01%, 5/02/05, FRDD	N/A			600,000
A-1+	700	⁵	Met. Wtr. Dist., So. California Wtr. Wks., Ser. C-2, 3.02%, 5/02/05, FRDD	N/A			700,000
A-1+	700	⁵	Newport Beach Rev., Hoag Mem. Presbyterian Hosp., 2.95%, 5/02/05, FRDD	N/A			700,000
A-1+	600	⁵	Orange Cnty. San. Dist., COP, Ser. B, 3.01%, 5/02/05, FRDD	N/A			600,000
A-1+	700	⁵	Statewide Cmnty. Dev. Auth. Rev., John Muir/Mt. Diablo Hlth., 2.93%, 5/02/05, AMBAC, FRDD	N/A			700,000

							6,435,000

See Notes to Financial Statements.

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

Shares
(000)	Description	Value

	Money Market Fund—2.0%
300	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	300,000

	Total Short-Term Investments (cost $6,735,000)		6,735,000

	Total Investments—146.8% (cost $20,519,098)	$	21,479,918
	Other assets in excess of liabilities—4.5%		651,467
	Preferred shares at redemption value, including dividends payable—(51.3)%		(7,501,111	)

	Net Assets Applicable to Common Shareholders—100%	$	14,630,274


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—154.9%
			California—132.1%
AAA	$ 30,670		Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, Zero Coupon, 9/01/31–9/01/32, FSA	No Opt. Call		$	7,994,963
			California, GO,
A	10,000		5.50%, 11/01/33	11/13	@ 100		10,853,500
AAA	5,500		Ser. BZ, 5.35%, 12/01/21, MBIA	06/07	@ 101		5,591,575
AAA	5,000		Ser. BZ, 5.375%, 12/01/24, MBIA	06/07	@ 101		5,061,150
BBB	5,000		Cnty. Tobacco Sec. Agcy., Stanislaus Fdg. Proj., Ser. A, 5.875%, 6/01/43	06/12	@ 100		4,982,150
			Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,
A	4,000	³	5.375%, 5/01/21	05/12	@ 101		4,332,320
A	6,000		5.375%, 5/01/22	05/12	@ 101		6,479,520
AAA	10,000		Edl. Facs. Auth., Stanford Univ. Proj., Ser. Q, 5.25%, 12/01/32	06/11	@ 101		10,662,900
AAA	6,000		El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC	01/11	@ 100		6,341,880
			Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,
AAA	7,485		Zero Coupon, 12/01/29	12/11	@ 37.373		1,976,714
AAA	7,485		Zero Coupon, 12/01/30	12/11	@ 35.365		1,869,079
AAA	7,485		Zero Coupon, 12/01/31	12/11	@ 33.465		1,767,358
			Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB	5,000		Zero Coupon, 1/15/33	01/10	@ 25.78		968,750
BBB	5,000		Zero Coupon, 1/15/34	01/10	@ 24.228		910,250
BBB	13,445		Zero Coupon, 1/15/35	01/10	@ 22.819		2,303,128
BBB	1,000		Zero Coupon, 1/15/38	01/10	@ 19.014		142,320
BBB	10,030		5.75%, 1/15/40	01/10	@ 101		10,231,302
BBB	5,000		5.875%, 1/15/26	01/14	@ 101		4,144,100
			Golden St. Tobacco Sec. Corp.,
BBB	2,000		Ser. A-1, 6.625%, 6/01/40	06/13	@ 100		2,105,200
BBB	1,000		Ser. A-1, 6.75%, 6/01/39	06/13	@ 100		1,063,900
A-	10,200		Ser. B, 5.50%, 6/01/43	06/13	@ 100		10,885,338
A-	5,800		Ser. B, 5.625%, 6/01/38	06/13	@ 100		6,299,786
			Hlth. Facs. Fin. Auth., Ser. A,
A	3,000		Insured Hlth. Facs., Valleycare Proj., 5.375%, 5/01/27	05/12	@ 100		3,187,380
AAA	4,890		Kaiser Proj., 5.40%, 5/01/28	ETM			5,035,282
			Infrastructure & Econ. Dev.,
AAA	20,035		Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC	07/13	@ 100		20,976,244
A	15,250		J. David Gladstone Inst. Proj., 5.25%, 10/01/34	10/11	@ 101		15,807,540
A	13,500		Kaiser Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31	08/11	@ 102		14,341,860
NR	4,965		Irvine Mobile Home Park, Meadows Mobile Home Park Proj., Ser. A, 5.70%, 3/01/28	03/08	@ 102		4,976,966
A3	7,700		Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34	08/12	@ 102		8,373,134
			Lathrop Fin. Auth., Wtr. Sply. Proj.,
NR⁴	2,855		5.90%, 6/01/27	06/13	@ 100		2,898,967
NR⁴	5,140		6.00%, 6/01/35	06/13	@ 100		5,266,650
			Live Oak Unified Sch. Dist., Cap. Apprec. Election 2004, XLCA,
AAA	1,030		Zero Coupon, 8/01/36	08/18	@ 37.743		189,664
AAA	1,080		Zero Coupon, 8/01/37	08/18	@ 35.649		185,457
AAA	1,125		Zero Coupon, 8/01/38	08/18	@ 33.665		182,914
AAA	1,175		Zero Coupon, 8/01/39	08/18	@ 31.785		180,879
AAA	1,230		Zero Coupon, 8/01/40	08/18	@ 30.004		178,990
AAA	1,285		Zero Coupon, 8/01/41	08/18	@ 28.317		176,482
AAA	1,340		Zero Coupon, 8/01/42	08/18	@ 26.72		173,651
AAA	1,400		Zero Coupon, 8/01/43	08/18	@ 25.208		170,002
AAA	1,465		Zero Coupon, 8/01/44	08/18	@ 23.777		167,860
AAA	985		Ser. B, Zero Coupon, 8/01/35	08/18	@ 39.952		191,474
B-	4,110		Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%,	12/12	@ 102		4,296,512
BBB	1,000		Palm Springs Mobile Home Park., Sahara Mobile Home Park Proj., 5.625%, 5/15/26	05/12	@ 102		1,052,380
BBB+	4,000		Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 12/01/04	No Opt. Call			4,321,520
BBB	2,290		Poll. Ctrl. Sld. Wst., Wst. Mgmt., Inc. Proj., Ser. A-2, 5.40%, 4/01/25	04/15	@ 101		2,340,815
NR	4,000		Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33	09/13	@ 100		4,243,640
AAA	15,500		Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj., 5.125%, 9/01/30, MBIA	09/11	@ 100		16,174,405
AAA	1,905		Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC	No Opt. Call			505,511

See Notes to Financial Statements.

BlackRock California Municipal Income Trust (BFZ) (continued)

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value


			California—(cont’d)
AAA	$ 15,400		Sacramento Cnty. San. Dist. Fin. Auth., Sacramento Regl. Cnty. San. Proj., Ser. A, 5.00%,
			12/01/35, AMBAC	12/14	@ 100	$	16,250,696
AAA	6,500		San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA	05/11	@ 100		6,809,140
			San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South Proj.,
NR	1,775		6.125%, 8/01/31	08/09	@ 102		1,833,699
NR	7,500		6.25%, 8/01/33	08/11	@ 101		7,777,125
			San Jose Multi-Fam. Hsg.,
AAA	2,880		Lenzen Hsg. Proj., Ser. B, 5.45%, 2/20/43	08/11	@ 102		2,980,714
AAA	3,595		Vlgs. Pkwy. Sr. Apts. Proj., Ser. D, 5.50%, 4/01/34	04/11	@ 100		3,706,193
			Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A,
NR	6,250		Blossom River Apts. Proj., 6.50%, 9/01/39	03/08	@ 102		6,181,500
A3	1,715		John Burns Gardens Apts. Proj., 5.85%, 8/01/31	02/12	@ 101		1,760,962
A3	1,235		River Town Apts. Proj., 6.00%, 8/01/41	02/12	@ 101		1,266,270
NR	3,075		Santa Clarita Facs. Dist., Valencia Town Ctr. Proj., 5.85%, 11/15/32	11/10	@ 102		3,151,998
			Statewide Cmnty. Dev. Auth.,
BBB+	10,500		Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/30–7/01/35	07/15	@ 100		10,889,960
AA-	10,000		Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42	08/12	@ 100		10,538,800
AAA	2,000		Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA	08/13	@ 100		2,147,800
NR	2,245		Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28	10/13	@ 102		2,358,777
Aaa	2,000	⁵	Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/08	N/A			2,155,580

							302,372,576

			Multi-State—9.8%
			Charter Mac Equity Issuer Trust,
A3	7,000	⁶	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100		7,436,800
Baa1	4,000	⁶	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		4,358,360
			MuniMae TE Bond Subsidiary, LLC,
A3	7,000	⁶	Ser. A-1, 6.30%, 6/30/49	06/09	@ 100		7,390,810
Baa1	3,000	⁶	Ser. B-1, 6.80%, 6/30/50	11/10	@ 100		3,265,530

							22,451,500

			Puerto Rico—13.0%
A-	10,000		Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31	07/12	@ 101		10,640,200
			Pub. Fin. Corp., Ser. E,
BBB+	10,000	⁵	5.70%, 2/01/10	N/A			11,175,200
BBB+	5,750	⁵	5.75%, 2/01/07	N/A			6,047,160
A-	1,850		Pub. Impvt., Ser. A, 5.00%, 7/01/29	07/14	@ 100		1,927,164

							29,789,724

			Total Long-Term Investments (cost $334,961,955)				354,613,800

	Shares
	(000)

			MONEY MARKET FUND—0.6%
	1,400		AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,400,000)	N/A			1,400,000

			Total Investments—155.5% (cost $336,361,955)			$	356,013,800
			Other assets in excess of liabilities—2.1%				4,856,544
			Preferred shares at redemption value, including dividends payable—(57.6)%				(131,971,798	)

			Net Assets Applicable to Common Shareholders—100%			$	228,898,546


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value


			LONG-TERM INVESTMENTS—122.0%
			Florida—109.9%
AAA	$ 170		Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC	ETM		$	207,227
AAA	1,000	³	Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05	N/A			1,012,690
AAA	1,000	³	Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/06, AMBAC	N/A			1,051,310
Baa1	1,000		Cap. Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 6/01/38	06/13	@ 102		989,870
AAA	1,000	³	Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/06, FSA	N/A			1,028,190
AAA	1,000		Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA	10/05	@ 102		1,032,080
AAA	1,000	³	Dade Cnty. GO, Ser. B, Zero Coupon, 10/01/08, AMBAC	N/A			647,120
AAA	1,000	³	Dept. of Trans., GO, 5.80%, 7/01/05	N/A			1,015,330
AAA	1,000	³	Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn. Proj.,
			Ser. A, 5.75%, 7/01/05, AMBAC	N/A			1,015,250
AAA	1,000	³	First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC	N/A			1,044,440
AAA	1,000	³	Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA	N/A			1,033,090
NR	750		Live Oak Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 5.85%, 5/01/35	05/12	@ 101		763,942
BB+	500		Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14	@ 100		563,625
AAA	5,000		Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA	04/08	@ 28.079		1,200,400
A	750		Miami Hlth. Facs. Auth., Catholic Hlth. East Proj., Ser. C, 5.125%, 11/15/24	11/13	@ 100		778,582
A1	1,000		Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys. Proj., 5.50%, 11/15/33	05/13	@ 100		1,057,090
NR	660		Stevens Plantation Impvt. Proj., 6.375%, 5/01/13	No Opt. Call			682,130
NR	1,000		Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33	05/13	@ 101		1,069,920
AAA	1,000	^3,4	Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC	N/A			1,051,760
BBB+	1,000		Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16	10/06	@ 102		1,059,830

							18,303,876

			Puerto Rico—12.1%
A-	380	³	Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05	N/A			381,893
			Pub. Fin. Corp., Ser. E,
BBB+	745	³	5.50%, 2/01/12	N/A			841,381
BBB+	255		5.50%, 8/01/29	02/12	@ 100		277,233
A-	500		Pub. Impvt., Ser. A, 5.00%, 7/01/34	07/14	@ 100		518,945

							2,019,452

			Total Long-Term Investments (cost $19,108,397)				20,323,328


			SHORT-TERM INVESTMENTS—24.9%
			Florida—9.6%
A-1	800	⁵	Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.00%, 5/02/05, FRDD	N/A			800,000
A-1	800	⁵	Putnam Cnty. Dev. Poll. Ctrl., Pwr. & Lt. Co., 3.03%, 5/02/05, FRDD				800,000

							1,600,000

			Puerto Rico—8.7%
A-1	700	⁵	Gov't. Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD	N/A			700,000
A-1	750	⁵	Hwy. & Transp. Auth., Transp. Rev., Ser. A, 3.00%, 5/04/05, AMBAC, FRWD	N/A			750,000

							1,450,000

See Notes to Financial Statements.

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

Shares
(000)	Description	Value

	Money Market Funds—6.6%
800	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	800,000
300	SSgA Tax Free Money Mkt. Fund		300,000

			1,100,000

	Total Short-Term Investments (cost $4,150,000)		4,150,000

	Total Investments—146.9% (cost $23,258,397)	$	24,473,328
	Other assets in excess of liabilities—4.1%		693,229
	Preferred shares at redemption value, including dividends payable—(51.0)%		(8,501,444	)

	Net Assets Applicable to Common Shareholders—100%	$	16,665,113


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value


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

							133,032,782

			Puerto Rico—20.8%
BBB	6,000		Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12	@ 100		5,987,700
			Pub. Fin. Corp., Ser. E,
BBB+	4,000	⁴	5.70%, 2/01/10	N/A			4,470,080
BBB+	3,000	⁴	5.75%, 2/01/07	N/A			3,155,040
			Pub. Impvt., Ser. A,
AAA	2,520	⁴	5.125%, 7/01/11	N/A			2,795,033
A-	4,980		5.125%, 7/01/31	07/11	@ 100		5,180,793

							21,588,646

			Total Long-Term Investments (cost $146,242,431)				154,621,428


			SHORT-TERM INVESTMENTS—4.4%
			Florida—3.9%
A-1+	4,100	⁶	Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.00%, 5/02/05, FRDD	N/A			4,100,000

See Notes to Financial Statements.

BlackRock Florida Municipal Income Trust (BBF) (continued)

Shares
(000)	Description	Value

	Money Market Fund—0.5%
500	AIM Tax Free Investment Co. Cash Reserve Portfolio	$	500,000

	Total Short-Term Investments (cost $4,600,000)		4,600,000

	Total Investments—153.0% (cost $150,842,431)	$	159,221,428
	Other assets in excess of liabilities—2.3%		2,441,285
	Preferred shares at redemption value, including dividends payable—(55.3)%		(57,565,772	)

	Net Assets Applicable to Common Shareholders—100%	$	104,096,941


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—127.5%
			Multi-State—7.2%
A3	$ 1,000	³	Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49	06/09	@ 100	$	1,074,550

			New Jersey—113.3%
AAA	1,000		Delaware River Port Auth. of PA & NJ, 5.75%, 1/01/26, FSA	01/10	@ 100		1,107,670
			Econ. Dev. Auth.,
BBB	1,000		Cigarette Tax Rev., 5.75%, 6/15/34	06/14	@ 100		1,049,320
B	925		Continental Airlines, Inc. Proj., 7.00%, 11/15/30	11/10	@ 101		819,901
BBB	500		Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15	No Opt. Call			523,325
AAA	900		Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA	No Opt. Call			1,006,866
AAA	1,000	⁴	Edl. Fac. Auth., Rowan Coll. Proj., Ser. E, 5.875%, 7/01/06, AMBAC	N/A			1,045,860
AAA	1,000	⁴	Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA	N/A			1,046,270
			Hlth. Care Fac. Fin. Auth.,
A	1,000		Hackensack Univ. Med. Ctr. Proj., 6.00%, 1/01/25	01/10	@ 101		1,063,530
AAA	1,000		St. Josephs Hosp. & Med. Ctr. Proj., 5.75%, 7/01/16, CONNIE LEE	07/06	@ 102		1,049,650
			Middlesex Cnty. Impvt. Auth.
NR	750		Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37	01/15	@ 100		739,882
Baa1	1,000		Student Hsg. Proj., Ser. A, 5.00%, 8/15/35	08/14	@ 100		1,008,050
AAA	1,000		Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC	12/09	@ 101		1,121,790
AA-	1,000		Port Auth. of NY & NJ, 5.75%, 12/15/20	06/05	@ 101		1,013,600
BBB	1,000		Tobacco Settlement Fin. Corp., 6.125%, 6/01/42	06/12	@ 100		1,006,960
			Tpke. Auth., Ser. C, AMBAC,
AAA	785		6.50%, 1/01/16	ETM			946,365
AAA	215		6.50%, 1/01/16	No Opt. Call			261,040
			Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA,
AAA	1,000	⁴	5.50%, 6/15/05	N/A			1,023,650
AAA	1,000	⁴	5.75%, 6/15/05	N/A			1,023,930

							16,857,659

			Puerto Rico—7.0%
AAA	1,000	^4,5	Puerto Rico, 5.40%, 7/01/06, FSA	N/A			1,045,910

			Total Long-Term Investments (cost $17,785,920)				18,978,119


			SHORT-TERM INVESTMENTS—20.1%
			New Jersey—20.1%
			Edl. Fac. Auth., Princeton Univ. Proj.,
A-1+	700	⁶	Ser. F, 2.80%, 5/02/05, FRDD	N/A			700,000
A-1+	300	⁶	Ser. B, 2.96%, 5/02/05, FRDD	N/A			300,000
VMIG1	700	⁶	Essex Cnty. Impvt. Auth. Rev., Aces Pooled Govtl. Ln. Prog., 2.97%, 5/04/05, FRWD	N/A			700,000
A-1+	600	⁶	Gloucester Cnty. Indl., PCR Exxon Mobil Corp., 2.94%, 5/02/05. FRDD	N/A			600,000
A-1+	700	⁶	Sports & Expo. Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD	N/A			700,000

			Total Short-Term Investments (cost $3,000,000)				3,000,000

			Total Investments—147.6% (cost $20,785,920)			$	21,978,119
			Other assets in excess of liabilities—2.8%				409,628
			Preferred shares at redemption value, including dividends payable—(50.4)%				(7,502,063	)

			Net Assets Applicable to Common Shareholders—100%			$	14,885,684


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—151.1%
			Multi-State—13.1%
			Charter Mac Equity Issuer Trust,
A3	$ 7,000	³	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100	$	7,436,800
Baa1	2,500	³	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		2,723,975
			MuniMae TE Bond Subsidiary, LLC,
A3	3,000	³	Ser. A-1, 6.30%, 6/30/49	06/09	@ 100		3,167,490
Baa1	2,000	³	Ser. B-1, 6.80%, 6/30/50	11/10	@ 100		2,177,020

							15,505,285

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

							130,357,999

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			Puerto Rico—27.5%
			Hsg. Fin. Corp., Home Mtg. Rev.,
AAA	$ 2,735		Ser. A, 5.20%, 12/01/33	06/11	@ 100	$	2,794,267
AAA	2,735		Ser. B, 5.30%, 12/01/28	06/11	@ 100		2,784,586
A	3,800		Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38	07/12	@ 100		4,005,808
			Pub. Bldgs. Auth., Ser. D,
AAA	5,000		Zero Coupon, 7/01/31, AMBAC	07/17	@ 100		3,823,750
A-	4,765	⁵	Gov't Facs., 5.25%, 7/01/12	N/A			5,311,117
A-	1,735		Gov't Facs., 5.25%, 7/01/36	07/12	@ 100		1,826,799
			Pub. Fin. Corp., Ser. E,
BBB+	4,000	⁵	5.70%, 2/01/10	N/A			4,470,080
BBB+	7,040	⁵	5.75%, 2/01/07	N/A			7,403,827

							32,420,234

			Total Long-Term Investments (cost $167,095,476)				178,283,518

	Shares
	(000)

			MONEY MARKET FUND—0.5%
	600		AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $600,000)	N/A			600,000

			Total Investments—151.6% (cost $167,695,476)			$	178,883,518
			Other assets in excess of liabilities—2.5%				2,951,221
			Preferred shares at redemption value, including dividends payable—(54.1)%				(63,809,472	)

			Net Assets Applicable to Common Shareholders—100%			$	118,025,267


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—142.4%
			New York—131.7%
			Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A,
NR	$ 95		7.00%, 5/01/25	05/15	@ 102	$	92,511
NR	60		7.00%, 5/01/35	05/15	@ 102		57,296
AAA	1,000		Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg.,
			Ser. B, 5.00%, 12/01/33, MBIA	06/08	@ 100		1,017,910
			Dorm. Auth.,
AAA	1,000	³	Correctional Facs. Proj., 5.70%, 1/01/07, MBIA	N/A			1,067,590
AAA	750		Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, MBIA	02/13	@ 100		779,205
Aa3	1,000		Kateri Residence Proj., 5.00%, 7/01/22	07/13	@ 100		1,040,000
BB+	1,000		Mount Sinai Hlth. Proj., Ser. A, 6.50%, 7/01/25	07/10	@ 101		1,053,360
AAA	1,005		St. Univ. Edl. Fac. Proj., 5.25%, 5/15/15, AMBAC	No Opt. Call			1,138,132
A+	1,000		Univ. of Rochester Proj., Ser. B, 5.625%, 7/01/24	07/09	@ 101		1,086,130
AA-	2,100		Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23	07/13	@ 100		2,222,346
AAA	1,000		Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC	11/06	@ 102		1,052,470
			New York City, GO,
A1	820	³	Ser. A, 6.00%, 5/15/10	N/A			936,169
A+	180		Ser. A, 6.00%, 5/15/30	05/10	@ 101		202,367
AA	1,000		Ser. B, 5.70%, 8/15/12	08/05	@ 101		1,018,670
A1	990	³	Ser. I, 5.875%, 3/15/06	N/A			1,032,006
A+	10		Ser. I, 5.875%, 3/15/18	03/06	@ 101.5		10,389
AA	1,000		New York City Hsg. Dev. Corp. Multi-Fam. Hsg. Rev., Ser. A, 5.25%, 5/01/30	05/14	@ 100		1,037,720
			New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A-	1,000		6.00%, 1/01/08	05/05	@ 101		1,016,360
A-	1,000		6.10%, 1/01/09	05/05	@ 101		1,016,510
			New York City Mun. Wtr. Fin. Auth.,
AAA	1,000	³	Ser. A, 6.00%, 6/15/05	N/A			1,014,290
AAA	1,000		Wtr. & Swr. Sys. Rev., Ser. B, 5.00%, 6/15/36, FSA	12/14	@ 100		1,049,780
AA+	1,000		Wtr. & Swr. Sys. Rev., Ser. C, 5.125%, 6/15/33	06/11	@ 101		1,046,930
AAA	2,000	^3,4	New York City Transl. Fin. Auth., Ser. B, 6.00%, 5/15/10	N/A			2,293,400
Caa2	1,000		Port Auth. of NY & NJ, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15	05/05	@ 100		1,000,380
AAA	2,000		Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC	10/14	@ 100		2,118,860
AAA	1,000		Triborough Brdg. & Tunl. Auth., New York Revs., Refdg., Ser. A, 5.00%, 1/01/32, MBIA	01/12	@ 100		1,036,580

							26,437,361

			Puerto Rico—10.7%
BBB	500		Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12	@ 100		498,975
			Pub. Fin. Corp., Ser. E,
BBB+	745	³	5.50%, 2/01/12	N/A			841,381
BBB+	255		5.50%, 8/01/29	02/12	@ 100		277,233
A-	500		Pub. Impvt., Ser. A, 5.00%, 7/01/34	07/14	@ 100		518,945

							2,136,534

			Total Long-Term Investments (cost $26,760,723)				28,573,895

See Notes to Financial Statements.

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

	Principal
	Amount
Rating¹	(000)		Description		Value

			SHORT-TERM INVESTMENT—4.5%
A-1+	$ 900	⁵	Jay Str. Dev. Corp. Lease Rev., Ser. A, 2.94%, 5/02/05, FRDD (cost $900,000)	$	900,000

			Total Investments—146.9% (cost $27,660,723)	$	29,473,895
			Other assets in excess of liabilities—2.0%		398,283
			Preferred shares at redemption value, including dividends payable—(48.9)%		(9,803,464	)

			Net Assets Applicable to Common Shareholders—100%	$	20,068,714


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


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

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			LONG-TERM INVESTMENTS—150.8%
			Multi-State—11.3%
			Charter Mac Equity Issuer Trust,
A3	$ 6,000	³	Ser. A-2, 6.30%, 6/30/49	06/09	@ 100	$	6,374,400
Baa1	5,500	³	Ser. B-1, 6.80%, 11/30/50	11/10	@ 100		5,992,745
			MuniMae TE Bond Subsidiary, LLC,
A3	6,000	³	Ser. A-1, 6.30%, 6/30/49	06/09	@ 100		6,334,980
Baa1	3,000	³	Ser. B-1, 6.80%, 6/30/50	11/10	@ 100		3,265,530

							21,967,655

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

							235,379,022

See Notes to Financial Statements.

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

	Principal
	Amount			Option Call
Rating¹	(000)		Description	Provisions²		Value

			Puerto Rico—18.4%
BBB	$ 4,060		Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43	05/12	@ 100	$	4,051,677
			Pub. Bldgs. Auth., Gov't Facs., Ser. D,
A-	4,400	⁴	5.25%, 7/01/12	N/A			4,904,284
A-	1,600		5.25%, 7/01/36	07/12	@ 100		1,684,656
			Pub. Fin. Corp., Ser. E,
BBB+	7,475	⁴	5.50%, 2/01/12	N/A			8,442,041
BBB+	2,525		5.50%, 8/01/29	02/12	@ 100		2,745,155
BBB+	7,000	⁴	5.70%, 2/01/10	N/A			7,822,640
BBB+	5,750	⁴	5.75%, 2/01/07	N/A			6,047,160

							35,697,613

			Total Long-Term Investments (cost $279,859,814)				293,044,290


			SHORT-TERM INVESTMENTS—11.0%
			New York—2.2%
A-1	4,200	⁶	New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev., Ser. G, 3.02%,
			5/02/05, FGIC, FRDD	N/A			4,200,000

	Shares
	(000)

			Money Market Funds—8.8%
	9,700		AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A			9,700,000
	7,500		SSgA Tax Free Money Mkt. Fund	N/A			7,500,000

							17,200,000

			Total Short-Term Investments (cost $21,400,000)				21,400,000

			Total Investments—161.8% (cost $301,259,814)			$	314,444,290
			Liabilities in excess of other assets—(5.3)%				(10,378,857	)
			Preferred shares at redemption value, including dividends payable—(56.5)%				(109,780,177	)

			Net Assets Applicable to Common Shareholders—100%			$	194,285,256


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


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

See Notes to Financial Statements.

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

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

Investments at value¹	$	414,352,286		$	1,008,197,047		$	21,479,918		$	356,013,800
Cash		276,651			538,926			537,023			533,591
Receivable from investments sold		50,000			5,000			—			—
Variation margin receivable		167,250			608,250			750			225,500
Interest receivable		6,779,387			17,234,021			240,294			5,509,298
Other assets		101,120			99,376			17,212			34,848

		421,726,694			1,026,682,620			22,275,197			362,317,037


Liabilities
Payable for investments purchased		8,627,190			—			—			—
Dividends payable—common shares		1,272,897			3,536,108			71,101			1,140,007
Investment advisory fee payable		117,840			292,286			7,165			103,002
Administration fee payable		50,503			—			2,894			—
Deferred Directors’ or Trustees’ fees		70,839			93,700			15,061			32,815
Payable to affiliates		30,543			36,978			5,873			14,004
Other accrued expenses		117,889			139,054			41,718			156,865

		10,287,701			4,098,126			143,812			1,446,693


Preferred Shares at Redemption Value
$25,000 liquidation value per share,
including dividends payable²		146,616,510			375,230,635			7,501,111			131,971,798


Net Assets Applicable to
Common Shareholders	$	264,822,483		$	647,353,859		$	14,630,274		$	228,898,546

Composition of Net Assets Applicable to
Common Shareholders:
Par value³	$	167,071			43,588		$	10,071		$	14,986
Paid-in capital in excess of par		231,766,743			618,575,536			13,411,135			212,626,998
Undistributed net investment income		13,486,375			21,433,082			265,326			6,690,794
Accumulated net realized gain (loss)		(5,596,672	)		(41,702,431	)		(13,830	)		(9,129,726	)
Net unrealized appreciation		24,998,966			49,004,084			957,572			18,695,494

Net assets applicable to common shareholders,
April 30, 2005	$	264,822,483		$	647,353,859		$	14,630,274		$	228,898,546


Net asset value per common share⁴		$15.85			$14.85			$14.53			$15.27


¹Investments at cost	$	388,643,834		$	956,613,449		$	20,519,098		$	336,361,955
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		Florida			New Jersey			New Jersey			New York
Investment Quality		Municipal			Investment Quality			Municipal Income			Investment Quality		New York Municipal
Municipal Trust		Income Trust			Municipal Trust			Trust			Municipal Trust		Income Trust
(RFA)		(BBF)			(RNJ)			(BNJ)			(RNY)		(BNY)

$	24,473,328	$	159,221,428		$	21,978,119		$	178,883,518		$	29,473,895	$	314,444,290
	500,136		531,809			151,876			506,791			172,145		502,426
	—		40,000			—			—			—		—
	1,000		85,750			750			104,250			1,250		150,000
	327,856		2,420,356			366,673			3,015,711			518,947		5,054,405
	16,914		12,938			17,557			15,689			16,898		30,130

	25,319,234		162,312,281			22,514,975			182,525,959			30,183,135		320,181,251



	—		—			—			—			149,927		14,933,735
	79,777		500,968			67,624			556,910			95,581		943,357
	7,214		46,254			6,408			51,961			8,542		87,125
	3,326		—			2,934			—			3,816		—
	14,745		12,029			15,405			14,665			14,702		28,408
	2,456		5,960			4,818			8,047			2,886		9,289
	45,159		84,357			30,039			59,637			35,503		113,904

	152,677		649,568			127,228			691,220			310,957		16,115,818




	8,501,444		57,565,772			7,502,063			63,809,472			9,803,464		109,780,177



$	16,665,113	$	104,096,941		$	14,885,684		$	118,025,267		$	20,068,714	$	194,285,256



$	11,271	$	6,646		$	10,071		$	7,415		$	13,071	$	12,521
	15,001,008		94,259,825			13,165,936			105,166,744			17,655,407		177,620,593
	415,592		2,685,044			573,264			3,642,024			561,814		5,456,029
	26,507		(869,752	)		(52,538	)		(1,536,647	)		30,534		(1,352,241	)
	1,210,735		8,015,178			1,188,951			10,745,731			1,807,888		12,548,354


$	16,665,113	$	104,096,941		$	14,885,684		$	118,025,267		$	20,068,714	$	194,285,256


	$14.79		$15.66			$14.78			$15.92			$15.35		$15.52


$	23,258,397	$	150,842,431		$	20,785,920		$	167,695,476		$	27,660,723	$	301,259,814
	340		2,302			300			2,552			392		4,390
	0.01		0.001			0.01			0.001			0.01		0.001
	1,127,093		6,646,343			1,007,093			7,414,793			1,307,093		12,521,494

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

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


Net Investment Income
Interest income	$	10,957,325		$	28,399,918		$	471,386		$	9,320,738


Expenses
Investment advisory		711,440			3,007,738			38,306			1,062,504
Administration		304,903			—			10,944			—
Transfer agent		9,231			8,679			5,249			7,964
Custodian		51,067			74,847			5,115			41,769
Reports to shareholders		29,193			67,191			3,620			21,975
Trustees		18,162			39,458			6,064			15,204
Registration		1,937			16,793			291			15,620
Independent accountants		20,363			20,815			7,421			19,005
Legal		20,628			43,340			3,100			16,721
Insurance		14,441			34,854			776			12,403
Auction agent		188,419			480,400			11,257			170,411
Miscellaneous		25,327			50,477			8,260			23,498

Total expenses		1,395,111			3,844,592			100,403			1,407,074
Less fees waived by Advisor		—			(1,253,224	)		—			(442,710	)
Less fees paid indirectly		(6,002	)		(4,677	)		(2,839	)		(5,830	)

Net expenses		1,389,109			2,586,691			97,564			958,534

Net investment income		9,568,216			25,813,227			373,822			8,362,204


Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		6,110,746			7,496,205			110,960			(895,485	)
Futures		(291,293	)		(1,040,483	)		(1,182	)		(385,527	)

		5,819,453			6,455,722			109,778			(1,281,012	)

Net change in unrealized appreciation/depreciation on:
Investments		(4,746,938	)		15,666,777			97,171			7,432,877
Futures		665,165			2,361,431			2,813			875,118

		(4,081,773	)		18,028,208			99,984			8,307,995

Net gain (loss)		1,737,680			24,483,930			209,762			7,026,983


Dividends and Distributions to
Preferred Shareholders from:
Net investment income		(1,321,001	)		(3,374,792	)		(55,273	)		(1,021,331	)
Net realized gains		—			—			—			—

Total dividends and distributions		(1,321,001	)		(3,374,792	)		(55,273	)		(1,021,331	)


Net Increase in Net Assets Applicable
to Common Shareholders Resulting
from Operations	$	9,984,895		$	46,922,365		$	528,311		$	14,367,856

See Notes to Financial Statements.

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


$	580,410		$	4,204,659		$	541,214		$	4,832,701		$	743,547		$	7,982,968

	43,766			476,634			38,829			535,081			51,673			898,811
	12,505			—			11,094			—			14,764			—
	5,611			7,964			5,611			7,964			5,611			7,964
	4,923			27,885			5,085			28,841			6,545			36,283
	3,620			11,542			3,620			13,937			3,620			21,859
	6,064			7,059			6,064			7,783			6,064			13,213
	328			11,157			291			11,157			380			15,620
	7,421			17,738			7,421			17,738			7,421			19,005
	3,151			9,250			3,109			9,507			3,214			16,220
	892			5,563			786			6,242			1,053			10,527
	12,521			74,900			11,286			82,606			14,140			142,912
	8,027			15,137			8,038			16,024			8,153			21,199

	108,829			664,829			101,234			736,880			122,638			1,203,613
	—			(198,598	)		—			(222,950	)		—			(374,505	)
	(3,037	)		(3,812	)		(2,778	)		(4,587	)		(3,719	)		(3,703	)

	105,792			462,419			98,456			509,343			118,919			825,405

	474,618			3,742,240			442,758			4,323,358			624,628			7,157,563



	20,134			(5,242	)		(7	)		150,228			26,038			2,757,064
	(2,018	)		(146,266	)		(1,182	)		(178,034	)		(2,427	)		(255,756	)

	18,116			(151,508	)		(1,189	)		(27,806	)		23,611			2,501,308


	(74,660	)		2,112,324			12,119			3,215,153			(2,907	)		(707,501	)
	4,211			332,650			2,813			404,592			5,151			582,317

	(70,449	)		2,444,974			14,932			3,619,745			2,244			(125,184	)

	(52,333	)		2,293,466			13,743			3,591,939			25,855			2,376,124



	(69,569	)		(444,894	)		(64,610	)		(567,995	)		(73,789	)		(862,005	)
	(10,423	)		—			—			—			—			—

	(79,992	)		(444,894	)		(64,610	)		(567,995	)		(73,789	)		(862,005	)



$	342,293		$	5,590,812		$	391,891		$	7,347,302		$	576,694		$	8,671,682

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

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

	2005		2004		2005		2004

Increase (Decrease) in Net Assets
Applicable to Common Shareholders
Operations:
Net investment income	$	9,568,216	$	19,680,873	$	25,813,227	$	52,143,566
Net realized gain (loss)		5,819,453		(2,704,080