Blackrock New Jersey Municipal Income Trust (BNJ) N-CSRS Certified semi-annual shareholder report (management investment company)

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:   811-10335

BlackRock New Jersey 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 New Jersey 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.

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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.

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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

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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.

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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

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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.

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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 New Jersey 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