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:   811-10331

BlackRock California 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 California 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. 

1


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 % 


1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


  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  


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

2


TRUST SUMMARIES (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 % 


1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


  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  


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

3


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 % 


1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


  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  


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

4


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 % 

1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.

2 The distribution is not constant and is subject to change.

3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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


  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.

5


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 % 

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

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


  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  


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

6


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 % 

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

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


  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.

 

7


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 % 

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

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


  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    


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

8


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 % 

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

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


  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    


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

9


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 % 

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

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


  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  


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

10


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 % 

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

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


  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    


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

11


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.

12


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.

13


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.

14


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.

15


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.

16


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.

17


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.

18


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.

19


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.

20


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.

21


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.

22


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.

23


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. 

24


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.

25


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.

26


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.

27


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.

28


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. 

29


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.

30


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.

31


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.

32


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.

33


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.

34


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.

35


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.

36


 


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  

37


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.

38



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  


 

 

 

 

 

 

39


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 )  6,455,722   (10,849,651 ) 
   Net change in unrealized appreciation/depreciation  (4,081,773 )  6,851,241   18,028,208   22,183,577  
   Net change in transactions related to investment         
       violation1    167,280      
   Dividends and distributions to preferred         
       shareholders from:         
       Net investment income  (1,321,001 )  (1,560,276 )  (3,374,792 )  (3,870,243 ) 
       Net realized gains         


 

 

 

 
Net increase in net assets resulting from operations  9,984,895   22,435,038   46,922,365   59,607,249  


 

 

 

 
Dividends and Distributions to Common         
   Shareholders from:         
   Net investment income  (7,637,380 )  (15,274,761 )  (21,216,647 )  (42,421,794 ) 
   Net realized gains         


 

 

 

 
Total dividends and distributions  (7,637,380 )  (15,274,761 )  (21,216,647 )  (42,421,794 ) 


 

 

 

 
Capital Share Transactions:         
   Reinvestment of common dividends        519,196  


 

 

 

 
Net proceeds from capital share transactions        519,196  


 

 

 

 
Total increase (decrease)  2,347,515   7,160,277   25,705,718   17,704,651  


 

 

 

 
Net Assets Applicable to         
   Common Shareholders         
Beginning of period  262,474,968   255,314,691   621,648,141   603,943,490  


 

 

 

 
End of period  $ 264,822,483   $ 262,474,968   $ 647,353,859   $ 621,648,141  


 

 

 

 
 
End of period undistributed net investment income  $ 13,486,375   $ 12,876,540   $ 21,433,082   $ 20,211,294  

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

See Notes to Financial Statements.

40



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

 
 
 
2005   2004   2005   2004   2005   2004  


 

 

 

 

 

 
                                   
                                   
$ 373,822   $ 927,165   $ 8,362,204   $ 17,211,060   $  474,618   $  1,103,025  
109,778   (156,595 )  (1,281,012 )  (5,325,774 )    18,116     146,348  
99,984   48,265   8,307,995   15,044,621     (70,449 )    (397,928 ) 
 
  10,779             46,656  
 
 
(55,273 )  (61,122 )  (1,021,331 )  (1,276,088 )    (69,569 )    (78,189 ) 
  (3,726 )        (10,423 )    (24,220 ) 


 

 

 

 

 

 
528,311   764,766   14,367,856   25,653,819     342,293     795,692  


 

 

 

 

 

 
 
 
(426,605 )  (853,209 )  (6,840,042 )  (13,680,084 )    (478,661 )    (957,321 ) 
  (48,441 )        (127,609 )    (256,301 ) 


 

 

 

 

 

 
(426,605 )  (901,650 )  (6,840,042 )  (13,680,084 )    (606,270 )    (1,213,622 ) 


 

 

 

 

 

 
 
               


 

 

 

 

 

 
               


 

 

 

 

 

 
101,706   (136,884 )  7,527,814   11,973,735     (263,977 )    (417,930 ) 


 

 

 

 

 

 
 
 
14,528,568   14,665,452   221,370,732   209,396,997     16,929,090     17,347,020  


 

 

 

 

 

 
$ 14,630,274   $ 14,528,568   $ 228,898,546   $ 221,370,732   $  16,665,113   $  16,929,090  


 

 

 

 

 

 
$ 265,326   $ 373,382   $ 6,690,794   $ 6,189,963   $  415,592   $  489,204  

41


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


 

  Florida   New Jersey Investment  
  Municipal Income Trust   Quality Municipal Trust  
  (BBF)   (RNJ)  





 




 
  2005   2004   2005   2004  


 

 

 

 
Increase (Decrease) in Net Assets           
   Applicable to Common Shareholders           
Operations:           
   Net investment income  $ 3,742,240   $ 7,485,885   $ 442,758   $  972,804  
   Net realized gain (loss)  (151,508 )  (508,174 )  (1,189 )    159,011  
   Net change in unrealized appreciation/depreciation  2,444,974   3,505,389   14,932     (357,062 ) 
   Net change in transactions related to investment           
       violation1           
   Dividends to preferred shareholders from           
       net investment income  (444,894 )  (548,629 )  (64,610 )    (70,911 ) 


 

 

 

 
Net increase in net assets resulting from operations  5,590,812   9,934,471   391,891     703,842  


 

 

 

 
 
Dividends to Common Shareholders from:           
   Net investment income  (3,005,809 )  (6,011,618 )  (405,746 )    (811,491 ) 


 

 

 

 
 
Total increase (decrease)  2,585,003   3,922,853   (13,855 )    (107,649 ) 


 

 

 

 
Net Assets Applicable to           
   Common Shareholders:           
Beginning of period  101,511,938   97,589,085   14,899,539     15,007,188  


 

 

 

 
End of period  $ 104,096,941   $ 101,511,938   $ 14,885,684   $  14,899,539  


 

 

 

 
End of period undistributed net investment income  $ 2,685,044   $ 2,393,507   $ 573,264   $  600,862  
 

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

See Notes to Financial Statements.

42



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

 
 
 
2005   2004   2005   2004   2005   2004  

 
 
 
 
 
 
$ 4,323,358   $ 8,616,860   $ 624,628   $ 1,259,176   $ 7,157,563   $ 14,367,676  
(27,806 )  (815,221 )  23,611   70,439   2,501,308   (1,277,572 ) 
3,619,745   5,352,381   2,244   (82,103 )  (125,184 )  5,687,713  
      4,284      
 
(567,995 )  (623,629 )  (73,789 )  (92,575 )  (862,005 )  (1,058,252 ) 


 

 

 

 

 

 
7,347,302   12,530,391   576,694   1,159,221   8,671,682   17,719,565  


 

 

 

 

 

 
 
(3,341,462 )  (6,682,923 )  (573,487 )  (1,146,975 )  (5,660,141 )  (11,320,282 ) 


 

 

 

 

 

 
4,005,840   5,847,468   3,207   12,246   3,011,541   6,399,283  


 

 

 

 

 

 
 
 
114,019,427   108,171,959   20,065,507   20,053,261   191,273,715   184,874,432  


 

 

 

 

 

 
$ 118,025,267   $ 114,019,427   $ 20,068,714   $ 20,065,507   $ 194,285,256   $ 191,273,715  


 

 

 

 

 

 
$ 3,642,024   $ 3,228,123   $ 556,966   $ 584,462   $ 5,456,029   $ 4,820,612  

43


FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

                                   
  Six Months Ended   Year Ended October 31,  
April 30, 2005  










 
  (unaudited)   2004   2003   2002   2001   2000


 

 
 

 

 

 
PER COMMON SHARE OPERATING                 
   PERFORMANCE:                 
Net asset value, beginning of period  $  15.71   $ 15.28   $  15.19   $ 15.19   $ 14.30   $ 13.95  


 

 

 

 




 
Investment operations:                 
   Net investment income    0.58   1.17     1.16   1.20   1.20   1.13  
   Net realized and unrealized gain (loss)    0.10   0.26     (0.09 )  (0.26 )  0.75   0.43  
   Dividends to preferred shareholders                 
         from net investment income    (0.08 )  (0.09 )    (0.09 )  (0.13 )  (0.29 )  (0.35 ) 


 

 

 

 

 

 
Net increase from investment                 
   operations    0.60   1.34     0.98   0.81   1.66   1.21  


 

 

 

 

 

 
Dividends to common shareholders                 
   from net investment income    (0.46 )  (0.91 )    (0.89 )  (0.81 )  (0.78 )  (0.83 ) 


 

 

 

 

 

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


 

 

 

 

 

 
Net asset value, end of period  $  15.85   $ 15.71   $  15.28   $ 15.19   $ 15.19   $ 14.30  


 

 

 

 

 

 
Market price, end of period  $  15.41   $ 15.12   $  14.26   $ 13.48   $ 13.73   $ 12.13  


 

 

 

 

 

 
TOTAL INVESTMENT RETURN1    4.99 %  12.91 %    12.67 %  4.14 %  20.03 %  (1.27 )% 


 

 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS                 
   OF COMMON SHAREHOLDERS:2                 
Expenses after fees waived and                 
   paid indirectly    1.06 %3  1.08 %    1.10 %  1.09 %  1.14 %  1.20 % 
Expenses after fees waived and                 
   before fees paid indirectly    1.07 %3  1.08 %    1.10 %  1.09 %  1.14 %  1.20 % 
Expenses before fees waived and paid                 
   indirectly    1.07 %3  1.08 %    1.10 %  1.09 %  1.14 %  1.20 % 
Net investment income after fees                 
   waived and paid indirectly and                 
   before preferred share dividends    7.33 %3  7.59 %    7.62 %  7.93 %  8.10 %  8.18 % 
Preferred share dividends    1.01 %3  0.60 %    0.59 %  0.83 %  1.94 %  2.53 % 
Net investment income available to                 
   common shareholders    6.32 %3  6.99 %    7.03 %  7.10 %  6.16 %  5.65 % 
SUPPLEMENTAL DATA:                 
Average net assets of common                 
   shareholders (000)  $  263,356   $ 259,470   $  254,890   $ 251,428   $ 247,832   $ 230,746  
Portfolio turnover    34 %  52 %    36 %  19 %  4 %  35 % 
Net assets of common shareholders,                 
   end of period (000)  $  264,822   $ 262,475   $  255,315   $ 253,710   $ 253,777   $ 238,849  
Preferred shares value outstanding,                 
   end of period (000)  $  146,550   $ 146,550   $  146,550   $ 146,550   $ 146,550   $ 146,550  
Asset coverage per preferred share,                 
   end of period  $  70,187   $ 69,790   $  68,561   $ 68,292   $ 68,308   $ 65,745  


1      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
2      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
3      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

44


FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)

               
              For the period
  Six Months Ended   Year Ended October 31,   July 27, 20011
April 30, 2005
 through
  (unaudited)   2004   2003   2002    October 31, 20012


 

 
 

 
PER COMMON SHARE OPERATING                 
   PERFORMANCE:                 
Net asset value, beginning of period  $  14.26   $ 13.87   $  13.33   $ 14.30   $  14.33 3


 

 

 

 

 
Investment operations:                 
   Net investment income    0.60   1.19     1.23   1.20     0.17  
   Net realized and unrealized gain (loss)    0.56   0.26     0.35   (1.11 )    0.12  
   Dividends to preferred shareholders from                 
         net investment income    (0.08 )  (0.09 )    (0.09 )  (0.13 )    (0.01 ) 


 

 

 

 

 
Net increase (decrease) from investment                 
   operations    1.08   1.36     1.49   (0.04 )    0.28  


 

 

 

 

 
Dividends and distributions to common                 
   shareholders:                 
   Net investment income    (0.49 )  (0.97 )    (0.95 )  (0.93 )    (0.16 ) 
   In excess of net investment income                (0.01 ) 


 

 

 

 

 
Total dividends and distributions    (0.49 )  (0.97 )    (0.95 )  (0.93 )    (0.17 ) 


 

 

 

 

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


 

 

 

 

 
Total capital charges                (0.14 ) 


 

 

 

 

 
Net asset value, end of period  $  14.85   $ 14.26   $  13.87   $ 13.33   $  14.30  


 

 

 

 

 
Market price, end of period  $  14.49   $ 14.05   $  13.70   $ 13.46   $  14.75  


 

 

 

 

 
TOTAL INVESTMENT RETURN4    6.65 %  10.01 %    9.21 %  (2.40 )%    (1.13 )% 


 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS OF                 
   COMMON SHAREHOLDERS:5                 
Expenses after fees waived and paid indirectly    0.82 %6  0.83 %    0.84 %  0.81 %    0.61 %6 
Expenses after fees waived and before fees paid                 
   indirectly    0.82 %6  0.83 %    0.84 %  0.83 %    0.62 %6 
Expenses before fees waived and paid indirectly    1.22 %6  1.23 %    1.25 %  1.23 %    0.91 %6 
Net investment income after fees waived and paid                 
indirectly and before preferred share dividends    8.19 %6  8.44 %    8.96 %  8.74 %    4.59 %6 
Preferred share dividends    1.07 %6  0.63 %    0.65 %  0.92 %    0.38 %6 
Net investment income available to common                 
   shareholders    7.12 %6  7.81 %    8.31 %  7.82 %    4.21 %6 
SUPPLEMENTAL DATA:                 
Average net assets of common shareholders (000)  $  635,763   $ 618,076   $ 594,192   $ 598,425   $ 572,610  
Portfolio turnover    22 %  59 %  56 %  70 %  27 % 
Net assets of common shareholders, end of             
   period (000)  $  647,354   $ 621,648   $ 603,943   $ 579,681   $ 619,249  
Preferred shares value outstanding, end of                 
   period (000)  $  375,125   $ 375,125   $ 375,125   $ 375,125   $ 375,125  
Asset coverage per preferred share, end of period  $  68,150   $ 66,435   $ 65,251   $ 63,636   $ 66,275  


1      Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2      Calculated using the average shares outstanding method.
3      Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
4      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
5      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
6      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

45


FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

                                   
  Six Months Ended           Year Ended October 31,              
April 30, 2005  










 
  (unaudited)     2004     2003     2002     2001     2000  


 

 

 

 

 

 
PER COMMON SHARE OPERATING               
   PERFORMANCE:               
Net asset value, beginning of period  $  14.43   $ 14.56   $ 14.81   $ 15.30   $ 14.62   $ 14.34  


 

 

 

 

 

 
Investment operations:               
   Net investment income    0.36   0.92   1.05   1.04   1.05   1.06  
   Net realized and unrealized gain (loss)    0.21   (0.09 )  (0.41 )  (0.64 )  0.63   0.29  
   Dividends to preferred shareholders               
         from net investment income    (0.05 )  (0.06 )  (0.06 )  (0.09 )  (0.21 )  (0.25 ) 


 

 

 

 

 

 
Net increase from investment operations    0.52   0.77   0.58   0.31   1.47   1.10  


 

 

 

 

 

 
Dividends and distributions to common               
   shareholders:               
   Net investment income      (0.85 )  (0.83 )  (0.80 )  (0.79 )  (0.82 ) 
   Net realized gains    (0.42 )  (0.05 )         


 

 

 

 

 

 
Total dividends and distributions    (0.42 )  (0.90 )  (0.83 )  (0.80 )  (0.79 )  (0.82 ) 


 

 

 

 

 

 
Net asset value, end of period  $  14.53   $ 14.43   $ 14.56   $ 14.81   $ 15.30   $ 14.62  


 

 

 

 

 

 
Market price, end of period  $  14.25   $ 14.30   $ 14.03   $ 13.38   $ 15.55   $ 14.00  


 

 

 

 

 

 
TOTAL INVESTMENT RETURN1    2.66 %  8.78 %  11.38 %  (9.26 )%  17.03 %  (4.33 )% 


 

 

 

 

 

 
RATIOS TO AVERAGE NET               
   ASSETS OF COMMON               
   SHAREHOLDERS:2               
Expenses after fees waived and               
   paid indirectly    1.35 %3  1.35 %  1.40 %  1.29 %  1.38 %  1.41 % 
Expenses after fees waived and               
   before fees paid indirectly    1.39 %3  1.40 %  1.40 %  1.29 %  1.38 %  1.41 % 
Expenses before fees paid indirectly    1.39 %3  1.40 %  1.40 %  1.29 %  1.38 %  1.41 % 
Net investment income after fees               
   waived and paid indirectly and               
   before preferred share dividends    5.17 %3  6.37 %  7.17 %  6.86 %  7.04 %  7.36 % 
Preferred share dividends    0.76 %3  0.42 %  0.44 %  0.59 %  1.39 %  1.75 % 
Net investment income available to               
   common shareholders    4.41 %3  5.95 %  6.73 %  6.27 %  5.65 %  5.61 % 
SUPPLEMENTAL DATA:               
Average net assets of common               
   shareholders (000)  $  14,570   $ 14,553   $ 14,752   $ 15,221   $ 15,072   $ 14,450  
Portfolio turnover    3 %  15 %  6 %  30 %  1 %  —%  
Net assets of common shareholders,               
   end of period (000)  $  14,630   $ 14,529   $ 14,665   $ 14,911   $ 15,411   $ 14,725  
Preferred shares value outstanding,               
   end of period (000)  $  7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500  
Asset coverage per preferred share,               
   end of period  $  73,771   $ 73,433   $ 73,886   $ 74,706   $ 76,377   $ 74,097  


1      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
2      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
3      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

46


FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)

                 
              For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
April 30, 2005



 through
  (unaudited)   2004   2003   2002   October 31, 20012  


 

 
 
 
 
PER COMMON SHARE OPERATING                 
   PERFORMANCE:                 
Net asset value, beginning of period  $  14.77   $ 13.97   $  14.16   $ 14.50   $  14.33 3


 

 

 

 

 
Investment operations:                 
   Net investment income    0.56   1.15     1.12   1.11     0.16  
   Net realized and unrealized gain (loss)    0.47   0.65     (0.34 )  (0.46 )    0.32  
   Dividends to preferred shareholders from                 
         net investment income    (0.07 )  (0.09 )    (0.08 )  (0.12 )    (0.01 ) 


 

 

 

 

 
Net increase from investment operations    0.96   1.71     0.70   0.53     0.47  


 

 

 

 

 
Dividends and distributions to common                 
   shareholders:                 
   Net investment income    (0.46 )  (0.91 )    (0.89 )  (0.87 )    (0.15 ) 
   In excess of net investment income                (0.01 ) 


 

 

 

 

 
Total dividends and distributions    (0.46 )  (0.91 )    (0.89 )  (0.87 )    (0.16 ) 


 

 

 

 

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


 

 

 

 

 
Total capital charges                (0.14 ) 


 

 

 

 

 
Net asset value, end of period  $  15.27   $ 14.77   $  13.97   $ 14.16   $  14.50  


 

 

 

 

 
Market price, end of period  $  14.06   $ 13.65   $  13.21   $ 13.09   $  14.75  


 

 

 

 

 
TOTAL INVESTMENT RETURN4    6.44 %  10.58 %    7.92 %  (5.49 )%    (1.17 )% 


 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS                 
   OF COMMON SHAREHOLDERS:5                 
Expenses after fees waived and paid indirectly    0.86 %6  0.87 %    0.89 %  0.88 %    0.72 %6 
Expenses after fees waived and before fees paid                 
   indirectly    0.86 %6  0.88 %    0.89 %  0.90 %    0.73 %6 
Expenses before fees waived and paid indirectly    1.26 %6  1.28 %    1.30 %  1.31 %    1.02 %6 
Net investment income after fees waived and                 
   paid indirectly and before preferred                 
   share dividends    7.49 %6  7.96 %    8.01 %  7.96 %    4.06 %6 
Preferred share dividends    0.91 %6  0.59 %    0.57 %  0.86 %    0.38 %6 
Net investment income available to common                 
   shareholders    6.58 %6  7.37 %    7.44 %  7.10 %    3.68 %6 
SUPPLEMENTAL DATA:                 
Average net assets of common shareholders (000)  $  225,153   $ 216,238   $ 211,275   $ 209,965   $ 199,356  
Portfolio turnover    11 %  15 %  34 %  44 %  16 % 
Net assets of common shareholders, end of             
   period (000)  $  228,899   $ 221,371   $ 209,397   $ 212,215   $ 216,829  
Preferred shares value outstanding, end of                 
   period (000)  $  131,950   $ 131,950   $ 131,950   $ 131,950   $ 131,950  
Asset coverage per preferred share, end of period  $  68,373   $ 66,945   $ 64,675   $ 65,211   $ 66,086  


1      Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2      Calculated using the average shares outstanding method.
3      Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
4      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
5      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
6      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

47


FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

                                   
  Six Months Ended           Year Ended October 31,              
April 30, 2005  










 
  (unaudited)     2004     2003     2002     2001     2000  


 

 

 

 

 

 
PER COMMON SHARE OPERATING               
   PERFORMANCE:               
Net asset value, beginning of period  $  15.02   $ 15.39   $ 15.65   $ 15.50   $ 14.65   $ 14.29  


 

 

 

 

 

 
Investment operations:               
   Net investment income    0.41   0.98   1.04   1.05   1.03   1.07  
   Net realized and unrealized gain (loss)    (0.04 )  (0.18 )  (0.39 )  0.02   0.86   0.40  
   Dividends and distributions to               
         preferred shareholders:               
       Net investment income    (0.06 )  (0.07 )  (0.08 )  (0.11 )  (0.24 )  (0.31 ) 
       Net realized gains    (0.01 )  (0.02 )         


 

 

 

 

 

 
Net increase from investment operations    0.30   0.71   0.57   0.96   1.65   1.16  


 

 

 

 

 

 
Dividends and distributions to common               
   shareholders:               
   Net investment income    (0.42 )  (0.85 )  (0.83 )  (0.81 )  (0.80 )  (0.80 ) 
   Net realized gains    (0.11 )  (0.23 )         


 

 

 

 

 

 
Total dividends and distributions    (0.53 )  (1.08 )  (0.83 )  (0.81 )  (0.80 )  (0.80 ) 


 

 

 

 

 

 
Net asset value, end of period  $  14.79   $ 15.02   $ 15.39   $ 15.65   $ 15.50   $ 14.65  


 

 

 

 

 

 
Market price, end of period  $  14.30   $ 14.30   $ 14.47   $ 14.50   $ 14.36   $ 13.13  


 

 

 

 

 

 
TOTAL INVESTMENT RETURN1    3.77 %  6.32 %  5.52 %  6.52 %  15.65 %  9.00 % 


 

 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS               
   OF COMMON SHAREHOLDERS:2               
Expenses after fees paid indirectly    1.28 %3  1.27 %  1.29 %  1.20 %  1.38 %  1.22 % 
Expenses after fees waived and before               
   fees paid indirectly    1.31 %3  1.31 %  1.29 %  1.20 %  1.38 %  1.22 % 
Expenses before fees paid indirectly    1.31 %3  1.31 %  1.29 %  1.20 %  1.38 %  1.22 % 
Net investment income after fees               
paid indirectly and before preferred               
   share dividends    5.73 %3  6.48 %  6.69 %  6.76 %  6.83 %  7.48 % 
Preferred share dividends    0.84 %3  0.46 %  0.51 %  0.69 %  1.58 %  2.18 % 
Net investment income available to               
   common shareholders    4.89 %3  6.02 %  6.18 %  6.07 %  5.25 %  5.30 % 
SUPPLEMENTAL DATA:               
Average net assets of common               
   shareholders (000)  $  16,717   $ 17,035   $ 17,561   $ 17,427   $ 17,046   $ 16,167  
Portfolio turnover    3 %  13 %  17 %  8 %  % %
Net assets of common shareholders,               
   end of period (000)  $  16,665   $ 16,929   $ 17,347   $ 17,639   $ 17,472   $ 16,509  
Preferred shares value outstanding,               
   end of period (000)  $  8,500   $ 8,500   $ 8,500   $ 8,500   $ 8,500   $ 8,500  
Asset coverage per preferred share,               
   end of period  $  74,019   $ 74,795   $ 76,021   $ 76,886   $ 76,397   $ 73,570  


1      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
2      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.
3      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

48


FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

             
              For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
April 30, 2005



through
  (unaudited)   2004   2003   2002   October 31, 20012  


 

 

 

 
 
PER COMMON SHARE OPERATING             
   PERFORMANCE:             
Net asset value, beginning of period  $  15.27   $ 14.68   $ 14.57   $ 14.37   $ 14.33 3


 

 

 

 

 
Investment operations:             
   Net investment income    0.56   1.12   1.11   1.07   0.17  
   Net realized and unrealized gain (loss)    0.35   0.45   (0.03 )  0.13   0.18  
   Dividends to preferred shareholders from             
         net investment income    (0.07 )  (0.08 )  (0.08 )  (0.12 )  (0.01 ) 


 

 

 

 

 
Net increase from investment operations    0.84   1.49   1.00   1.08   0.34  


 

 

 

 

 
Dividends to common shareholders from             
   net investment income    (0.45 )  (0.90 )  (0.89 )  (0.87 )  (0.16 ) 


 

 

 

 

 
Capital charges with respect to issuance of:             
   Common shares            (0.03 ) 
   Preferred shares          (0.01 )  (0.11 ) 


 

 

 

 

 
Total capital charges          (0.01 )  (0.14 ) 


 

 

 

 

 
Net asset value, end of period  $  15.66   $ 15.27   $ 14.68   $ 14.57   $ 14.37  


 

 

 

 

 
Market price, end of period  $  14.80   $ 14.40   $ 13.36   $ 13.65   $ 14.50  


 

 

 

 

 
TOTAL INVESTMENT RETURN4    5.98 %  15.04 %  4.30 %  0.16 %  (2.84 )% 


 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS             
   OF COMMON SHAREHOLDERS:5             
Expenses after fees waived and paid indirectly    0.91 %6  0.93 %  0.94 %  0.96 %  0.87 %6 
Expenses after fees waived and before fees             
   paid indirectly    0.92 %6  0.93 %  0.95 %  0.98 %  0.88 %6 
Expenses before fees waived and paid indirectly    1.31 %6  1.32 %  1.35 %  1.38 %  1.17 %6 
Net investment income after fees waived and             
   paid indirectly and before preferred             
   share dividends    7.35 %6  7.49 %  7.50 %  7.59 %  4.43 %6 
Preferred share dividends    0.87 %6  0.55 %  0.53 %  0.82 %  0.37 %6 
Net investment income available to common             
   shareholders    6.48 %6  6.94 %  6.97 %  6.77 %  4.06 %6 
SUPPLEMENTAL DATA:             
Average net assets of common             
   shareholders (000)  $  102,645   $ 100,002   $ 98,081   $ 93,558   $ 87,918  
Portfolio turnover    —%   10 %  19 %  35 %  28 % 
Net assets of common shareholders,             
   end of period (000)  $  104,097   $ 101,512   $ 97,589   $ 96,816   $ 95,123  
Preferred shares value outstanding,             
   end of period (000)  $  57,550   $ 57,550   $ 57,550   $ 57,550   $ 57,550  
Asset coverage per preferred share,             
   end of period  $  70,227   $ 69,101   $ 67,394   $ 67,060   $ 66,323  


1      Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2      Calculated using the average shares outstanding method.
3      Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
4      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
5      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
6      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market value data for the Trust’s common shares.

See Notes to Financial Statements.

49


FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

                                     
    Six Months Ended           Year Ended October 31,              
  April 30, 2005  










 
    (unaudited)     2004     2003     2002     2001     2000  


 

 

 

 

 

 
PER COMMON SHARE OPERATING               
   PERFORMANCE:               
Net asset value, beginning of period  $  14.79   $ 14.90   $ 14.64   $ 14.85   $ 13.96   $ 13.52  


 

 

 

 

 

 
Investment operations:               
   Net investment income    0.43   0.97   1.00   1.02   0.96   1.01  
   Net realized and unrealized gain (loss)    0.02   (0.20 )  0.12   (0.39 )  0.87   0.43  
   Dividends to preferred shareholders               
         from net investment income    (0.06 )  (0.07 )  (0.06 )  (0.09 )  (0.21 )  (0.27 ) 


 

 

 

 

 

 
Net increase from investment               
   operations    0.39   0.70   1.06   0.54   1.62   1.17  


 

 

 

 

 

 
Dividends to common shareholders               
   from net investment income    (0.40 )  (0.81 )  (0.80 )  (0.75 )  (0.73 )  (0.73 ) 


 

 

 

 

 

 
Net asset value, end of period  $  14.78   $ 14.79   $ 14.90   $ 14.64   $ 14.85   $ 13.96  


 

 

 

 

 

 
Market price, end of period  $  14.50   $ 15.00   $ 14.80   $ 13.30   $ 13.75   $ 12.13  


 

 

 

 

 

 
TOTAL INVESTMENT RETURN1    (0.63 )%  7.14 %  17.59 %  2.07 %  19.63 %  5.08 % 


 

 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS               
   OF COMMON SHAREHOLDERS:2               
Expenses after fees waived and               
   paid indirectly    1.33 %3  1.34 %  1.39 %  1.31 %  1.54 %  1.32 % 
Expenses after fees waived and               
   before fees paid indirectly    1.37 %3  1.37 %  1.39 %  1.31 %  1.54 %  1.32 % 
Expenses before fees waived               
   and paid indirectly    1.37 %3  1.37 %  1.39 %  1.31 %  1.54 %  1.32 % 
Net investment income after               
   fees waived and paid               
   indirectly and before preferred               
   share dividends    5.99 %3  6.50 %  6.72 %  6.93 %  6.64 %  7.44 % 
Preferred share dividends    0.87 %3  0.47 %  0.41 %  0.61 %  1.47 %  1.98 % 
Net investment income available               
   to common shareholders    5.12 %3  6.03 %  6.31 %  6.32 %  5.17 %  5.46 % 
SUPPLEMENTAL DATA:               
Average net assets of common               
   shareholders (000)  $  14,909   $ 14,974   $ 14,975   $ 14,791   $ 14,570   $ 13,696  
Portfolio turnover    10 %  12 %  4 %  14 %  9 %  23 % 
Net assets of common shareholders,               
   end of period (000)  $  14,886   $ 14,900   $ 15,007   $ 14,747   $ 14,958   $ 14,059  
Preferred shares value outstanding,               
   end of period (000)  $  7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500  
Asset coverage per preferred share,               
   end of period  $  74,626   $ 74,670   $ 75,026   $ 74,159   $ 74,862   $ 71,879  


1      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
2      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
3      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

50


FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Income Trust (BNJ)

                 
                For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
April 30, 2005




through
  (unaudited)   2004   2003   2002    October 31, 20012  











PER COMMON SHARE OPERATING                 
   PERFORMANCE:                 
Net asset value, beginning of period  $  15.38   $ 14.59   $  14.29   $ 14.26   $  14.33   3


 

 

 

 

 
Investment operations:                 
   Net investment income    0.59   1.16     1.15   1.10     0.14  
   Net realized and unrealized gain (loss)    0.48   0.61     0.11   (0.07 )    0.10  
   Dividends to preferred shareholders from                 
         net investment income    (0.08 )  (0.08 )    (0.08 )  (0.12 )    (0.01 ) 


 

 

 

 

 
Net increase from investment operations    0.99   1.69     1.18   0.91     0.23  


 

 

 

 

 
Dividends and distributions to common                 
   shareholders:                 
   Net investment income    (0.45 )  (0.90 )    (0.88 )  (0.87 )    (0.13 ) 
   In excess of net investment income                (0.03 ) 


 

 

 

 

 
Total dividends and distributions    (0.45 )  (0.90 )    (0.88 )  (0.87 )    (0.16 ) 


 

 

 

 

 
Capital charges with respect to issuance of:                 
   Common shares                (0.03 ) 
   Preferred shares            (0.01 )    (0.11 ) 


 

 

 

 

 
Total capital charges            (0.01 )    (0.14 ) 


 

 

 

 

 
Net asset value, end of period  $  15.92   $ 15.38   $  14.59   $ 14.29   $  14.26  


 

 

 

 

 
Market price, end of period  $  14.62   $ 14.45   $  14.04   $ 13.64   $  14.84  


 

 

 

 

 
TOTAL INVESTMENT RETURN4    4.34 %  9.63 %    9.59 %  (2.25 )%    (0.56 )% 


 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS                 
   OF COMMON SHAREHOLDERS:5                 
Expenses after fees waived and paid indirectly    0.89 %6  0.91 %    0.93 %  0.93 %    0.83 %6 
Expenses after fees waived and before fees                 
   paid indirectly    0.89 %6  0.91 %    0.94 %  0.97 %    0.84 %6 
Expenses before fees waived and paid indirectly    1.28 %6  1.30 %    1.34 %  1.37 %    1.12 %6 
Net investment income after fees waived                 
and paid indirectly and before preferred                 
   share dividends    7.51 %6  7.74 %    7.85 %  7.81 %    3.67 %6 
Preferred share dividends    0.99 %6  0.56 %    0.57 %  0.88 %    0.37 %6 
Net investment income available to common                 
   shareholders    6.52 %6  7.18 %    7.28 %  6.93 %    3.30 %6 
SUPPLEMENTAL DATA:                 
Average net assets of common                 
   shareholders (000)  $  116,038   $ 111,263   $ 107,900   $ 104,241   $  97,050  
Portfolio turnover    5 %  16 %  13 %  50 %    16 % 
Net assets of common shareholders,               
   end of period (000)  $  118,025   $ 114,019   $ 108,172   $ 105,985  
$
105,089  
Preferred shares value outstanding,                 
   end of period (000)  $  63,800   $ 63,800   $ 63,800   $ 63,800   $  63,800  
Asset coverage per preferred share, end of period  $  71,252   $ 69,682   $ 67,387   $ 66,538   $  66,187  


1      Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2      Calculated using the average shares outstanding method.
3      Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
4      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
5      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
6      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

51


FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

                                     
  Six Months Ended           Year Ended October 31,              
April 30, 2005  










 
  (unaudited)     2004     2003     2002     2001     2000  


 

 

 

 

 

 
PER COMMON SHARE OPERATING               
   PERFORMANCE:               
Net asset value, beginning of year  $  15.35   $ 15.34   $ 15.47   $ 15.28   $ 14.55   $ 14.11  


 

 

 

 

 

 
Investment operations:               
   Net investment income    0.48   0.96   1.03   1.06   1.06   1.08  
   Net realized and unrealized gain (loss)    0.02     (0.21 )  0.06   0.70   0.44  
   Dividends to preferred shareholders               
         from net investment income    (0.06 )  (0.07 )  (0.07 )  (0.09 )  (0.21 )  (0.26 ) 


 

 

 

 

 

 
Net increase from investment               
   operations    0.44   0.89   0.75   1.03   1.55   1.26  


 

 

 

 

 

 
Dividends to common shareholders               
   from net investment income    (0.44 )  (0.88 )  (0.88 )  (0.84 )  (0.82 )  (0.82 ) 


 

 

 

 

 

 
Net asset value, end of year  $  15.35   $ 15.35   $ 15.34   $ 15.47   $ 15.28   $ 14.55  


 

 

 

 

 

 
Market price, end of year  $  14.07   $ 14.50   $ 14.18   $ 14.40   $ 14.20   $ 12.63  


 

 

 

 

 

 
TOTAL INVESTMENT RETURN1    0.05 %  8.81 %  4.69 %  7.42 %  19.20 %  (1.21 )% 


 

 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS               
   OF COMMON SHAREHOLDERS:2               
Expenses after fees waived and               
   paid indirectly    1.20 %3  1.21 %  1.24 %  1.17 %  1.31 %  1.21 % 
Expenses after fees waived and               
   before fees paid indirectly    1.24 %3  1.24 %  1.24 %  1.17 %  1.31 %  1.21 % 
Expenses before fees paid indirectly    1.24 %3  1.24 %  1.24 %  1.17 %  1.31 %  1.21 % 
Net investment income after fees               
   waived and paid indirectly and               
   before preferred share dividends    6.31 %3  6.29 %  6.68 %  6.97 %  7.06 %  7.63 % 
Preferred share dividends    0.75 %3  0.46 %  0.44 %  0.60 %  1.40 %  1.83 % 
Net investment income available to               
   common shareholders    5.56 %3  5.83 %  6.24 %  6.37 %  5.66 %  5.81 % 
SUPPLEMENTAL DATA:               
Average net assets of common               
   shareholders (000)  $  19,972   $ 20,019   $ 20,158   $ 19,915   $ 19,663   $ 18,523  
Portfolio turnover    2 %  23 %  36 %  7 %  % 22 % 
Net assets of common shareholders,               
   end of period (000)  $  20,069   $ 20,066   $ 20,053   $ 20,222   $ 19,973   $ 19,016  
Preferred shares value outstanding,               
   end of period (000)  $  9,800   $ 9,800   $ 9,800   $ 9,800   $ 9,800   $ 9,800  
Asset coverage per preferred share,               
   end of period  $  76,205   $ 76,195   $ 76,159   $ 76,590   $ 75,955   $ 73,516  


1      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.
2      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
3      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

52


FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

                 
                For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
April 30, 2005




 through
  (unaudited)   2004   2003   2002    October 31, 20012  


 

 
 

 

 
PER COMMON SHARE OPERATING                 
   PERFORMANCE:                 
Net asset value, beginning of period  $  15.28   $ 14.76   $  14.47   $ 14.09   $  14.33   3


 

 

 

 

 
Investment operations:                 
   Net investment income    0.57   1.14     1.14   1.09     0.15  
   Net realized and unrealized gain (loss)    0.19   0.36     0.13   0.29     (0.08 ) 
   Dividends to preferred shareholders from                 
         net investment income    (0.07 )  (0.08 )    (0.09 )  (0.13 )    (0.01 ) 


 

 

 

 

 
Net increase from investment operations    0.69   1.42     1.18   1.25     0.06  


 

 

 

 

 
Dividends and distributions to common                 
   shareholders:                 
   Net investment income    (0.45 )  (0.90 )    (0.89 )  (0.87 )    (0.14 ) 
   In excess of net investment income                (0.02 ) 


 

 

 

 

 
Total dividends and distributions    (0.45 )  (0.90 )    (0.89 )  (0.87 )    (0.16 ) 


 

 

 

 

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


 

 

 

 

 
Total capital charges                (0.14 ) 


 

 

 

 

 
Net asset value, end of period  $  15.52   $ 15.28   $  14.76   $ 14.47   $  14.09  


 

 

 

 

 
Market price, end of period  $  14.52   $ 13.99   $  13.45   $ 13.42   $  14.62  


 

 

 

 

 
TOTAL INVESTMENT RETURN4    7.09 %  10.99 %    6.95 %  (2.25 )%    (5.58 )% 


 

 

 

 

 
RATIOS TO AVERAGE NET ASSETS OF                 
   COMMON SHAREHOLDERS:5                 
Expenses after fees waived and paid indirectly    0.87 %6  0.87 %    0.88 %  0.90 %    0.73 %6 
Expenses after fees waived and before fees                 
   paid indirectly    0.87 %6  0.87 %    0.89 %  0.92 %    0.74 %6 
Expenses before fees waived and paid indirectly    1.26 %6  1.27 %    1.29 %  1.33 %    1.03 %6 
Net investment income after fees waived                 
   and paid indirectly and before preferred                 
   share dividends    7.50 %6  7.62 %    7.73 %  7.87 %    3.93 %6 
Preferred share dividends    0.90 %6  0.56 %    0.62 %  0.93 %    0.37 %6 
Net investment income available to common                 
   shareholders    6.60 %6  7.06 %    7.11 %  6.94 %    3.56 %6 
SUPPLEMENTAL DATA:                 
Average net assets of common shareholders (000)  $  192,337   $ 188,746   $ 183,648   $ 173,885   $ 163,077  
Portfolio turnover    8 %  13 %  14 %  57 %  2 % 
Net assets of common shareholders,             
   end of period (000)  $  194,285   $ 191,274   $ 184,874   $ 181,200   $ 175,110  
Preferred shares value outstanding,                 
   end of period (000)  $  109,750   $ 109,750   $ 109,750   $ 109,750   $ 109,750  
Asset coverage per preferred share, end of period  $  69,263   $ 68,575   $ 67,115   $ 66,279   $ 64,894  


1      Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.
2      Calculated using the average shares outstanding method.
3      Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
4      Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.
5      Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
6      Annualized.
 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

53


NOTES TO FINANCIAL STATEMENTS (unaudited)


Note 1. Organization & Accounting Policies BlackRock Investment Quality Municipal Trust Inc. (“Municipal Investment Quality”) was organized as a Maryland corporation on November 19, 1992. BlackRock California Investment Quality Municipal Trust Inc.  (“California Investment Quality”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“New Jersey Investment Quality”) and BlackRock New York Investment Quality Municipal Trust Inc. (“New York Investment Quality”) were organized as Maryland corporations on April 12, 1993. BlackRock Florida Investment Quality Municipal Trust (“Florida Investment Quality”) was organized as a Massachusetts business trust on April 15, 1993. BlackRock Municipal Income Trust (“Municipal Income”), BlackRock California Municipal Income Trust (“California Income”), BlackRock Florida Municipal Income Trust (“Florida Income”), BlackRock New Jersey Municipal Income Trust (“New Jersey Income”) and BlackRock New York Municipal Income Trust (“New York Income”) (collectively the “Income Trusts”) were organized as Delaware statuatory trusts on March 30, 2001. Municipal Investment Quality and Municipal Income are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. California Investment Quality, California Income, Florida Investment Quality, Florida Income, New Jersey Investment Quality, New Jersey Income, New York Investment Quality and New York Income are registered as non-diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality are herein referred to as the Investment Quality Trusts. The ability of issuers of debt securities held by each Trust to meet their obligations may be affected by economic developments in a state, a specific industry or region. The following is a summary of significant accounting policies followed by the Trusts.

Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees or Board of Directors, as the case may be (each, a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to and ratified by the relevant Board.

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

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost basis. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

     Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

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

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income to shareholders. For this reason and because substantially all of the gross income of each Trust consists of tax-exempt interest, no Federal income tax provisions are required.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 4.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.

54


Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees/Directors (“Trustees”) are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Trustees. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts.

     The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations.

Note 2. Agreements Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), which is a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the Income Trusts. BlackRock, Inc. is an indirect, majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreement for each Income Trust covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor.

     Each Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the Investment Quality Trusts and 0.60% for the Income Trusts, of the Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt or preferred shares representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Income Trusts as a percentage of managed assets as follows: 0.25% for the first five years of each of the Trust’s operations, 0.20% in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.

     Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which may include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support and compliance services to each Trust. For the six months ended April 30, 2005, the Trusts reimbursed the Advisor the following amounts:

Trust    Amount    Trust    Amount 






Municipal Investment Quality    $ 8,236    Florida Income    $ 3,180 
Municipal Income    17,376    New Jersey Investment Quality    485 
California Investment Quality    480    New Jersey Income    3,479 
California Income    6,853    New York Investment Quality    657 
Florida Investment Quality    572    New York Income    5,944 

     Pursuant to the terms of each Trust’s custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody fees.

Note 3. Portfolio Securities Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2005, were as follows: 

Trust  Purchases    Sales    Trust    Purchases    Sales 






Municipal Investment Quality  $ 138,112,872    $ 134,598,911    Florida Income    $     $ 5,228,734 
Municipal Income    210,049,156      245,689,373    New Jersey Investment Quality      1,952,211      2,226,185 
California Investment Quality    514,980      3,265,918    New Jersey Income      8,160,180      8,168,221 
California Income    39,801,790      40,709,311    New York Investment Quality      2,893,215      504,077 
Florida Investment Quality    1,264,043      507,982    New York Income      25,085,588      35,186,660 

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

55


Details of open financial futures contracts at April 30, 2005 were as follows:

    Number of        Expiration    Value at Trade    Value at      Unrealized  
Trust    Contracts    Type    Date    Date    April 30, 2005    Depreciation  







 
Short Positions:                                 
Municipal Investment Quality    669    10 Yr. U.S. T-Note       June  05    $ 73,831,748    $ 74,541,234    $ (709,486 ) 
Municipal Income    2,433    10 Yr. U.S. T-Note       June  05      268,509,908      271,089,422      (2,579,514 ) 
California Investment Quality    3    10 Yr. U.S. T-Note       June  05      331,017      334,265      (3,248 ) 
California Income    902    10 Yr. U.S. T-Note       June  05      99,546,181      100,502,532      (956,351 ) 
Florida Investment Quality    4    10 Yr. U.S. T-Note       June  05      441,492      445,688      (4,196 ) 
Florida Income    343    10 Yr. U.S. T-Note       June  05      37,853,884      38,217,703      (363,819 ) 
New Jersey Investment Quality    3    10 Yr. U.S. T-Note       June  05      331,017      334,265      (3,248 ) 
New Jersey Income    417    10 Yr. U.S. T-Note       June  05      46,020,611      46,462,922      (442,311 ) 
New York Investment Quality    5    10 Yr. U.S. T-Note       June  05      551,825      557,109      (5,284 ) 
New York Income    600    10 Yr. U.S. T-Note       June  05      66,217,003      66,853,125    (636,122 ) 

     At April 30, 2005, the total cost of securities for Federal income tax purposes and aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows:

Trust  Cost    Appreciation    Depreciation    Net 





Municipal Investment Quality  $ 387,441,607    $ 25,736,311    $ 1,174,368    $ 26,910,679 
Municipal Income    953,955,908      46,869,761      7,371,378      54,241,139 
California Investment Quality    20,527,506      952,412            952,412 
California Income    337,636,233      18,107,106      270,460      18,377,566 
Florida Investment Quality    23,259,525      1,213,803            1,213,803 
Florida Income    150,490,493      8,210,069      520,866      8,730,935 
New Jersey Investment Quality    20,787,403      1,096,536      94,180      1,190,716 
New Jersey Income    167,224,975      11,658,543            11,658,543 
New York Investment Quality    27,665,809      1,808,086            1,808,086 
New York Income    300,652,612      13,776,368      15,310      13,791,678 

     For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2004, the Trusts’ last tax year-end except for New York Income which had its last tax year-end at July 31, 2004. These amounts may be used to offset future realized capital gains, if any:

    Capital Loss            Capital Loss     
    Carryforward            Carryforward     
Trust    Amounts    Expires    Trust    Amounts    Expires 








Municipal Investment Quality    $  4,081,536    2012    Florida Income    $  1,204,636    2012 
      2,870,542    2011          210,077    2010 


      324,268    2010        $  1,414,713     


      133,706    2009               
      5,068,444    2008    New Jersey Investment Quality    $  57,410    2008 


      312,281    2007    New Jersey Income    $  1,662,124    2012 


    $  12,790,777              28,207    2011 


Municipal Income    $  15,767,389    2012          615,438    2010 
      21,749,554    2011          49,975    2009 


      15,055,804    2010        $  2,355,744     


      526,271    2009               


    $  53,099,018        New York Investment Quality    $  3,511    2008 




              New York Income    $  485,438    2012 
California Investment Quality    $  129,669    2012          2,021,656    2011 


California Income    $  4,943,577    2012          68,166    2010 


      124,338    2011        $  2,575,260     


      2,398,646    2010               


    $  7,466,561                   



     Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward amounts.

56


Note 4. Distributions to Shareholders The tax character of distributions paid during the six months ended April 30, 2005 and the year ended October 31, 2004, were as follows: 

           
        Six months ended April 30, 2005 


            Long-term     
Distributions Paid From:        Tax-exempt Income    Capital Gains    Total Distributions 






Municipal Investment Quality    $ 8,958,381    $      $ 8,958,381 
Municipal Income        24,591,439          24,591,439 
California Investment Quality    481,878          481,878 
California Income        7,861,373          7,861,373 
Florida Investment Quality        548,230    138,032    686,262 
Florida Income        3,450,703          3,450,703 
New Jersey Investment Quality    470,356          470,356 
New Jersey Income        3,909,457          3,909,457 
New York Investment Quality    647,276          647,276 
New York Income        6,522,146          6,522,146 
 
        Year ended October 31, 2004 


            Long-term     
Distributions Paid From:        Tax-exempt Income    Capital Gains    Total Distributions 






Municipal Investment Quality    $ 16,835,037    $      $ 16,835,037 
Municipal Income        46,292,037          46,292,037 
California Investment Quality    914,331      52,167    966,498 
California Income        14,956,172          14,956,172 
Florida Investment Quality        1,035,510    280,521    1,316,031 
Florida Income        6,560,247          6,560,247 
New Jersey Investment Quality    882,402          882,402 
New Jersey Income        7,306,552          7,306,552 
New York Investment Quality    1,239,550          1,239,550 
New York Income        12,378,534          12,378,534 

As of April 30, 2005, the estimated components of distributable earnings on a tax basis were as follows:

              Undistributed     
    Undistributed    Undistributed    Long-term    Unrealized 
Trust    Tax-exempt Income    Ordinary Income    Gains    Net Appreciation 









Municipal Investment Quality    $ 14,318,689    $      $      $ 26,201,192 
Municipal Income    24,995,653                51,661,625 
California Investment Quality    346,929                949,164 
California Income    7,862,420                17,421,216 
Florida Investment Quality    502,134      878      21,435    1,209,608 
Florida Income    3,213,665                8,367,116 
New Jersey Investment Quality    647,675                1,187,468 
New Jersey Income    4,180,215                11,216,233 
New York Investment Quality    666,221            25,408    1,802,803 
New York Income    6,457,735                13,155,556 

Note 5. Capital There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At April 30, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows:

    Common    Common        Common    Common 
    Shares    Shares        Shares    Shares 
Trust    Outstanding    Owned    Trust    Outstanding    Owned 






Municipal Investment Quality    16,707,093        Florida Income    6,646,343     
Municipal Income    43,588,385        New Jersey Investment Quality    1,007,093     
California Investment Quality    1,007,093        New Jersey Income    7,414,793     
California Income    14,985,501        New York Investment Quality    1,307,093     
Florida Investment Quality    1,127,093        New York Income    12,521,494     

     There were no transactions in common shares of beneficial interest for the six months ended April 30, 2005. During the year ended October 31, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan.

     As of April 30, 2005, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

57


Trust    Series    Shares    Trust    Series    Shares 






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

     Dividends on seven-day preferred shares are cumulative at a rate which resets every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the six months ended April 30, 2005 were as follows:

Trust    Low   High   Trust    Low   High










Municipal Investment Quality    1.40 %    2.40 %    Florida Income    0.40 %    2.50 % 
Municipal Income    1.25     2.82     New Jersey Investment Quality    1.20     2.51  
California Investment Quality    0.75     1.90     New Jersey Income    1.30     2.71  
California Income    0.50     2.45     New York Investment Quality    0.60     2.53  
Florida Investment Quality    0.60     3.10     New York Income    0.75     2.69  

     A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred shares would be less than 200%.

     The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated or unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Declaration of Trust, are not satisfied.

     The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the Investment Company Act of 1940, as amended, requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, (b) change a Trust’s subclassification as a closed-end investment company or change its fundamental investment restrictions and (c) change its business so as to cease to be an investment company.

Note 6. Dividends Subsequent to April 30, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2005, to shareholders of record on May 15, 2005. The per share common dividends declared were as follows:

    Common Dividend        Common Dividend 
Trust    Per Share    Trust    Per Share 






Municipal Investment Quality    $ 0.076189    Florida Income             $ 0.075375 
Municipal Income    0.081125    New Jersey Investment Quality      0.067148 
California Investment Quality    0.070600    New Jersey Income      0.075108 
California Income    0.076074    New York Investment Quality      0.073125 
Florida Investment Quality    0.070781    New York Income      0.075339 

The dividends declared on preferred shares for the period May 1, 2005 to May 31, 2005 for each of the Trusts were as follows:

        Dividends            Dividends 
Trust    Series    Declared    Trust    Series    Declared 








Municipal Investment Quality    T7    $ 166,558    Florida Investment Quality    R7    $ 17,445 
    T28    142,116    Florida Income    T7    122,259 
Municipal Income    M7    198,366    New Jersey Investment Quality    T7    14,181 
    T7    155,512    New Jersey Income    R7    123,313 
    W7    152,601    New York Investment Quality    F7    23,336 
    R7    157,673    New York Income    W7    87,559 
    F7    170,877        F7    126,827 
California Investment Quality    W7    10,968             
California Income    T7    97,933             
    R7    99,068             

58


Note 7. Reimbursements  In December of 2003, the Advisor determined that each of the Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality had purchased high yield bonds in violation of a non-fundamental investment policy requiring their investments to be of investment grade quality at the time of purchase. The Advisor has reimbursed each of the Trusts for the realized and unrealized losses incurred from the date of purchase through December 18, 2003, as a result of these unauthorized purchases. The net realized and unrealized gains on these securities as of December 18, 2003 was $167,280.00 for Municipal Investment Quality, $10,779.26 for California Investment Quality, $46,655.67 for Florida Investment Quality and $4,284.00 for New York Investment Quality. The amount of the reimbursement for the unrealized losses was $18,420.76 for California Investment Quality, $86,481.10 for New Jersey Investment Quality and $3,690.00 for New York Investment Quality. Such amounts have been reflected in the accompanying financial statements for the year ended October 31, 2004.

Note 8. Investment Policy  On December 18, 2003, the Board approved a resolution for each of the Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality whereby each such Trust adopted a non-fundamental investment policy permitting each Trust to invest up to 20% of its managed assets, measured at the time of purchase, in securities rated BB/Ba or B by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies Inc., Fitch Ratings or another nationally recognized rating agency or, if unrated, deemed to be of comparable credit quality by BlackRock Advisors, Inc. or its affiliates.

59


DIVIDEND REINVESTMENT PLANS

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

     After an Investment Quality Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). The Investment Quality Trusts will not issue any new shares under the Plan.

     After an Income Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.

     Participants in the Plan may withdraw from the Plan upon written notice to the Plan Agent and will receive certificates for whole Trust shares and a cash payment for any fraction of a Trust share.

     The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

     Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan, however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or (800) 699-1BFM.

ADDITIONAL INFORMATION

     The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise indicated, expiring in 2008:

Municipal Investment Quality           

Elected the Class III Directors as follows:     
 
Director    Votes For    Votes Withheld 



Andrew F. Brimmer    15,776,989      162,414 
Kent Dixon    15,790,063      149,340 
Kathleen F. Feldstein    15,789,187      150,216 
Robert S. Kapito    15,797,525      141,878 
 
Elected the Class II Director as follows:           
 
Director    Votes For    Votes Withheld 



R. Glenn Hubbard1    15,780,934      158,469 
 
Municipal Income           

Elected the Class I Trustees as follows:           
 
Trustee    Votes For    Votes Withheld 



Richard E. Cavanagh2    14,327      69  
R. Glenn Hubbard    41,701,963      548,933  
James Clayburn La Force, Jr.    41,674,620      576,276  
 
Elected the Class II Trustee as follows:           
 
Trustee    Votes For    Votes Withheld 



Kathleen F. Feldstein1    41,657,525      593,371 

60


California Investment Quality           

Elected the Class II Directors as follows:     
 
Director    Votes For    Votes Withheld 



Frank J. Fabozzi2    300      0   
Kathleen F. Feldstein    986,949      519   
Walter F. Mondale    974,396      13,072   
Ralph L. Schlosstein    986,949      519   
 
Elected the Class I Director as follows:           
 
Director    Votes For    Votes Withheld 



R. Glenn Hubbard1    986,949      519   
 
California Income           

Elected the Class I Trustees as follows:           
 
Trustee    Votes For    Votes Withheld 



Richard E. Cavanagh2    5,116      4   
R. Glenn Hubbard    13,999,340      168,627   
James Clayburn La Force, Jr.    13,997,723      170,244   
 
Elected the Class II Trustee as follows:           
 
Trustee    Votes For    Votes Withheld 



Kathleen F. Feldstein1    14,002,090      165,877   
 
Florida Investment Quality           

Elected the Class II Trustees as follows:     
 
Trustee    Votes For    Votes Withheld 



Frank J. Fabozzi2    334      6   
Kathleen F. Feldstein    1,047,769      12,269   
Walter F. Mondale    1,045,889      14,149   
Ralph L. Schlosstein    1,049,769      10,269   
 
Florida Income           

Elected the Class I Trustees as follows:           
 
Trustee    Votes For    Votes Withheld 



Richard E. Cavanagh2    2,291      0   
R. Glenn Hubbard    6,476,113      63,478   
James Clayburn La Force, Jr.    6,463,079      76,512   
 
Elected the Class II Trustee as follows:           
 
Trustee    Votes For    Votes Withheld 



Kathleen F. Feldstein1    6,475,148      64,443   
 
New Jersey Investment Quality           

Elected the Class II Directors as follows:     
 
Director    Votes For    Votes Withheld 



Frank J. Fabozzi2    300      0   
Kathleen F. Feldstein    958,273      7,713   
Walter F. Mondale    958,273      7,713   
Ralph L. Schlosstein    954,137      11,849   
 
Elected Class I Director as follows:           
 
Director    Votes For    Votes Withheld 



R. Glenn Hubbard1    958,637      7,349   

61


New Jersey Income           

Elected Class I Trustees as follows:           
 
Trustee    Votes For    Votes Withheld 



Richard E. Cavanagh2    2,439      21   
R. Glenn Hubbard    6,283,961      59,847   
James Clayburn La Force, Jr.    6,272,318      71,490   
Elected the Class II Trustee as follows:           
 
Trustee    Votes For    Votes Withheld 



Kathleen F. Feldstein1    6,280,502      63,306   
 
New York Investment Quality           

Elected the Class II Directors as follows:     
 
Director    Votes For    Votes Withheld 



Frank J. Fabozzi2    391      0   
Kathleen F. Feldstein    1,236,209      11,681   
Walter F. Mondale    1,236,209      11,681   
Ralph L. Schlosstein    1,236,209      11,681   
Elected the Class I Director as follows:           
 
Director    Votes For    Votes Withheld 



R. Glenn Hubbard1    1,236,209      11,681   
 
New York Income           

Elected the Class I Trustees as follows:           
 
Trustee    Votes For    Votes Withheld 



Richard E. Cavanagh2    4,343      20   
R. Glenn Hubbard    11,850,671      156,695   
James Clayburn La Force, Jr.    11,872,328      135,038   
Elected the Class II Trustee as follows:           
 
Trustee    Votes For    Votes Withheld 



Kathleen F. Feldstein1    11,875,053      132,313   


1      Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005 Annual Shareholder Meeting.
2      Voted on by the holders of preferred shares only.
 

     The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Directors allowed on its repsective Board to 11:

  Votes For    Votes Against    Votes Withheld 



Muncipal Income    40,958,191    799,400    493,303 
California Income    13,811,034    220,932    136,000 
Florida Income    6,389,062      90,912      59,616 
New Jersey Income    6,200,512      96,059      47,237 
New York Income    11,691,739    181,459    134,168 

     The following Trust had an additional proposal (Proposal #2B) to amend its respective Declaration of Trust in order to reduce the maximum number of permitted Directors allowed on its respective Board from 15 to 11:

    Votes For    Votes Against    Votes Withheld 



Florida Investment Quality    1,039,665    3,000    17,373 

     During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolio.

     Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

     Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Kevin M. Klingert—Director of BlackRock Advisors, Inc. and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor.

62


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BlackRock Closed-End Funds

Trustees      Transfer Agent 
     Ralph L. Schlosstein, Chairman           EquiServe Trust Company, N.A. 
     Andrew F. Brimmer           250 Royall Street 
     Richard E. Cavanagh           Canton, MA 02021 
     Kent Dixon              (800)  699-1BFM 
     Frank J. Fabozzi      Auction Agent3 
     Kathleen F. Feldstein1           Bank of New York 
     R. Glenn Hubbard2           100 Church Street, 8th Floor 
     Robert S. Kapito           New York, NY 10286 
     James Clayburn La Force, Jr.      Auction Agent4 
     Walter F. Mondale           Deutsche Bank Trust Company Americas 
           60 Wall Street, 27th Floor 
Officers           New York, NY 10005 
     Robert S. Kapito, President      Independent Registered Public Accounting Firm 
     Henry Gabbay, Treasurer           Deloitte & Touche LLP 
     Bartholomew Battista, Chief Compliance Officer           200 Berkeley Street 
     Anne Ackerley, Vice President           Boston, MA 02116 
     Kevin M. Klingert, Vice President      Legal Counsel 
     Richard M. Shea, Vice President/Tax           Skadden, Arps, Slate, Meagher & Flom LLP 
     James Kong, Assistant Treasurer           4 Times Square 
     Vincent B. Tritto, Secretary           New York, NY 10036 
     Brian P. Kindelan, Assistant Secretary      Legal Counsel – Independent Trustees 
Investment Advisor           Debevoise & Plimpton LLP 
     BlackRock Advisors, Inc.           919 Third Avenue 
     100 Bellevue Parkway           New York, NY 10022 
     Wilmington, DE 19809         This report is for shareholder information. This is not a prospec- 
     (800) 227-7BFM      tus intended for use in the purchase or sale of Trust shares. 
Sub-Advisor3      Statements and other information contained in this report are as 
     BlackRock Financial Management, Inc.      dated and are subject to change. 
     40 East 52nd Street      
     New York, NY 10022      BlackRock Closed-End Funds 
Accounting Agent and Custodian      c/o BlackRock Advisors, Inc. 
     State Street Bank and Trust Company      100 Bellevue Parkway 
     225 Franklin Street      Wilmington, DE 19809 
     Boston, MA 02110      (800)  227-7BFM 
       


1 Appointed as a Trustee of the Investment Quality Trusts on January 19, 2005. Appointed as an Advisory Board Member of the Income Trusts on January 19, 2005. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except Municipal Investment Quality, for which Ms. Feldstein’s class of directors did not stand for election.
2 Appointed as a Trustee of each Trust on November 16, 2004. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except Florida Investment Quality for which Mr. Hubbard’s class of directors did not stand for election.
3 For the Income Trusts.
4 For the Investment Quality Trusts.
 

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, when available, may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Trust’s Form N-Q, when available, may also be obtained, upon request, by calling (800) 699-1BFM.


 


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

CEF-SEMI-2




Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

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

Not applicable because no applicable matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures as of a date within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures are effective, as of such date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The Registrant's principal executive officer and principal financial officer are aware of no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

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

(a) (3) Not applicable.

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


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)     BlackRock California Municipal Income Trust

By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: July 1, 2005

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

By: /s/ Robert S. Kapito
_____________________________________________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: July 1, 2005

By: /s/ Henry Gabbay
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 1, 2005