Edgar Filing: BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

c34560_ncsr

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10331

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

100 Bellevue Parkway, Wilmington, DE	19809

(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President

BlackRock California Municipal Income Trust

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

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

Date of fiscal year end: October 31, 2004

Date of reporting period: October 31, 2004

Item 1. Reports to Shareholders.

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

FIXED INCOME

LIQUIDITY

EQUITIES

ALTERNATIVES

BLACKROCK SOLUTIONS

BlackRock

Closed-End Funds

Annual Report

OCTOBER 31, 2004

BlackRock Investment Quality Municipal Trust (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock California Investment Quality Municipal Trust (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust (RNY)

BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

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

Privacy Principles of the Trusts

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

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

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

LETTER TO SHAREHOLDERS

October 31, 2004

Dear Shareholder:

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

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

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


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

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

BlackRock Municipal Income Trust (BFK)	6.93		10.66		14.05	14.26

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

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

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

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

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

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

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

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

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

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

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


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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Investment Quality Municipal Trust (BKN)

Trust Information

Symbol on New York Stock Exchange:	BKN

Initial Offering Date:	February 19, 1993

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

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

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

Current Monthly Distribution per Common Share:²	$0.076189

Current Annualized Distribution per Common Share:²	$0.914268

Leverage as of 10/31/04:³	36	%

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

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

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

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


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

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

NAV	$	15.71	$	15.28	2.81	%	$	16.08	$	15.02

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

City, County & State	18	%	12	%

Industrial & Pollution Control	13		17

Lease Revenue	12		13

Hospital	11		11

Education	11		12

Transportation	8		10

Power	8		7

Tax Revenue	6		4

Water & Sewer	3		1

Housing	3		4

Tobacco	3		6

Other	4		3


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	44	%	46	%

AA/Aa	6		7

A	19		20

BBB/Baa	21		19

BB/Ba	2		3

Not Rated	8		5

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Municipal Income Trust (BFK)

Trust Information

Symbol on New York Stock Exchange:	BFK

Initial Offering Date:	July 27, 2001

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

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

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

Current Monthly Distribution per Common Share:²	$0.081125

Current Annualized Distribution per Common Share:²	$0.973500

Leverage as of 10/31/04:³	38	%

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

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

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

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


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

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

NAV	$	14.26	$	13.87	2.81	%	$	14.92	$	13.58

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Hospital	23	%	22	%

Industrial & Pollution Control	19		22

City, County & State	13		5

Transportation	8		8

Lease Revenue	7		8

Housing	7		10

Education	6		7

Water & Sewer	4		1

Tobacco	4		10

Tax Revenue	3		1

Power	1		1

Other	5		5


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	19	%	15	%

AA/Aa	4		4

A	32		27

BBB/Baa	32		44

BB/Ba	2		—

B	4		5

Not Rated	7		5

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information

Symbol on American Stock Exchange:	RAA

Initial Offering Date:	May 28, 1993

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

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

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

Current Monthly Distribution per Common Share:²	$ 0.0706

Current Annualized Distribution per Common Share:²	$ 0.8472

Leverage as of 10/31/04:³	34	%

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

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

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

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


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

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

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

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Lease Revenue	24	%	17	%

City, County & State	24		25

Transportation	14		24

Education	11		11

Tobacco	10		8

Industrial & Pollution Control	8		7

Power	7		6

Water & Sewer	2		2


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	36	%	45	%

AA/Aa	7		11

A	18		12

BBB/Baa	22		18

B	5		5

Not Rated	12		9

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock California Municipal Income Trust (BFZ)

Trust Information

Symbol on New York Stock Exchange:	BFZ

Initial Offering Date:	July 27, 2001

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

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

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

Current Monthly Distribution per Common Share:²	$ 0.076074

Current Annualized Distribution per Common Share:²	$ 0.912888

Leverage as of 10/31/04:³	37	%

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

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

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

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


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

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

NAV	$14.77	$13.97	5.73	%	$15.08	$13.71

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

City, County & State	22	%	15	%

Lease Revenue	14		13

Transportation	12		11

Tobacco	11		10

Education	10		10

Hospital	9		9

Power	7		7

Housing	6		16

Industrial & Pollution Control	2		1

Tax Revenue	—		1

Other	7		7


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	28	%	30	%

AA/Aa	3		—

A	33		31

BBB/Baa	24		20

BB/Ba	—		1

B	1		—

Not Rated⁵	11		18

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

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information

Symbol on American Stock Exchange:	RFA

Initial Offering Date:	May 28, 1993

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

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

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

Current Monthly Distribution per Common Share:²	$0.070781

Current Annualized Distribution per Common Share:²	$0.849372

Leverage as of 10/31/04:³	33	%

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

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

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

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


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

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

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

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Tax Revenue	20	%	21	%

Education	16		23

Transportation	16		14

City, County & State	14		9

Hospital	12		4

Lease Revenue	10		9

Power	6		14

Housing	5		5

Water & Sewer	1		1


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	61	%	72	%

AA/Aa	—		4

A	11		7

BBB/Baa	16		13

BB/Ba	3		—

Not Rated	9		4

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock Florida Municipal Income Trust (BBF)

Trust Information

Symbol on New York Stock Exchange:	BBF

Initial Offering Date:	July 27, 2001

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

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

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

Current Monthly Distribution per Common Share:²	$0.075375

Current Annualized Distribution per Common Share:²	$0.904500

Leverage as of 10/31/04:³	36	%

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

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

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

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


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

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

NAV	$15.27	$14.68	4.02	%	$15.61	$14.42

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

City, County & State	34	%	31	%

Hospital	19		22

Water & Sewer	8		8

Power	8		8

Education	7		7

Housing	6		6

Tax Revenue	6		5

Lease Revenue	5		5

Tobacco	3		4

Transportation	3		3

Industrial & Pollution Control	1		1


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	22	%	19	%

AA/Aa	40		42

A	9		13

BBB/Baa	13		11

BB/Ba	2		—

Not Rated⁵	14		15

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

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information

Symbol on American Stock Exchange:	RNJ

Initial Offering Date:	May 28, 1993

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

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

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

Current Monthly Distribution per Common Share:²	$0.067148

Current Annualized Distribution per Common Share:²	$0.805776

Leverage as of 10/31/04:³	33	%

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

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

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

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


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

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

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

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Transportation	34	%	32	%

Hospital	11		15

Education	11		11

Industrial & Pollution Control	6		4

Water & Sewer	6		5

City, County & State	6		5

Resource Recovery	5		5

Tax Revenue	5		5

Housing	5		1

Tobacco	5		4

Power	—		8

Other	6		5


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	56	%	64	%

AA/Aa	11		10

A	11		10

BBB/Baa	18		7

B	4		4

Not Rated	—		5

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information

Symbol on New York Stock Exchange:	BNJ

Initial Offering Date:	July 27, 2001

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

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

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

Current Monthly Distribution per Common Share:²	$0.075108

Current Annualized Distribution per Common Share:²	$0.901296

Leverage as of 10/31/04:³	36	%

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

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

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

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


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

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

NAV	$15.38	$14.59	5.41	%	$15.68	$14.33

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Hospital	23	%	21	%

City, County & State	12		7

Transportation	11		14

Lease Revenue	11		15

Tobacco	9		9

Housing	9		16

Tax Revenue	5		2

Industrial & Pollution Control	5		3

Education	5		3

Water & Sewer	—		1

Other	10		9


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	25	%	32	%

AA/Aa	—		5

A	29		20

BBB/Baa	44		31

B	2		3

Not Rated	—		9

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information

Symbol on American Stock Exchange:	RNY

Initial Offering Date:	May 28, 1993

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

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

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

Current Monthly Distribution per Common Share:²	$0.073125

Current Annualized Distribution per Common Share:²	$0.877500

Leverage as of 10/31/04:³	33	%

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

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

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

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


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

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

NAV	$15.35	$15.34	0.07	%	$15.79	$14.81

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Education	20	%	33	%

City, County & State	18		19

Tax Revenue	13		8

Water & Sewer	12		7

Industrial & Pollution Control	11		10

Lease Revenue	8		11

Housing	8		3

Hospital	4		3

Transportation	4		—

Tobacco	2		2

Power	—		4


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	31	%	37	%

AA/Aa	33		26

A	21		25

BBB/Baa	6		5

BB/Ba	5		4

Caa	4		3

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

TRUST SUMMARIES

OCTOBER 31, 2004

BlackRock New York Municipal Income Trust (BNY)

Trust Information

Symbol on New York Stock Exchange:	BNY

Initial Offering Date:	July 27, 2001

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

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

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

Current Monthly Distribution per Common Share:²	$0.075339

Current Annualized Distribution per Common Share:²	$0.904068

Leverage as of 10/31/04:³	36	%

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

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

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

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


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

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

NAV	$15.28	$14.76	3.52	%	$15.73	$14.25

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

Portfolio Composition

Sector	October 31, 2004		October 31, 2003

Transportation	17	%	17	%

Lease Revenue	13		19

Industrial & Pollution Control	12		10

Education	12		9

Tobacco	10		11

Housing	7		8

Tax Revenue	7		4

City, County & State	6		6

Hospital	5		5

Water & Sewer	4		4

Other	7		7


Credit Quality Allocations⁴

Credit Rating	October 31, 2004		October 31, 2003

AAA/Aaa	24	%	23	%

AA/Aa	19		23

A	26		25

BBB/Baa	27		19

BB/Ba	1		—

CCC/Caa	3		3

Not Rated	—		7

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

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Investment Quality Municipal Trust (BKN)

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

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

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

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

								54,378,187

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

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

								4,211,294

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

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

								23,950,864

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

								14,600,786

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

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

								42,141,842

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

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

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

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

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

								9,069,991

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

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

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

								4,247,885

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

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

								17,567,330

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

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

								33,465,516

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

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

								9,886,119

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

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

								13,230,030

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

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

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

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

								8,688,990

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

								13,385,402

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

								28,152,259

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

								3,106,230

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

								19,679,130

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

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

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

								12,830,780

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


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

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

See Notes to Financial Statements.

BlackRock Investment Quality Municipal Trust (BKN) (continued)

Shares
(000)		Description	Value

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

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

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

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


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

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

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

⁴	See Note 7 of Notes to Financial Statements.

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

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

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


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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Municipal Income Trust (BFK)

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

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

							38,918,870

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

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

							135,050,684

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

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

							31,170,448

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

							37,536,737

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

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

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

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

								77,711,648

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

								40,026,150

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

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

								114,532,777

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

								44,224,500

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

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

								29,083,206

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

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

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

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

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

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

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

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

							52,659,319

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

							13,639,124

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

							18,946,367

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

							28,794,540

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

							31,094,109

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

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

							87,932,999

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

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

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

							10,427,428

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

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

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

								38,014,300

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

								47,499,910

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


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


	Shares
	(000)

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

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

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

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


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

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

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

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

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

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

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

								16,164,027

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

								1,124,638

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

See Notes to Financial Statements.

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

Shares
(000)		Description	Value

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

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

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

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


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

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

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

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

⁵	See Note 7 of Notes to Financial Statements.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock California Municipal Income Trust (BFZ)

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

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

See Notes to Financial Statements.

BlackRock California Municipal Income Trust (BFZ) (continued)

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

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

								292,736,266

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

								33,163,562

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

								22,982,970

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

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


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

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

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

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

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

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

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

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

								18,056,065

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

								1,513,903

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


	Shares
	(000)

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

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

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

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


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

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

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

⁴	See Note 7 of Notes to Financial Statements.

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock Florida Municipal Income Trust (BBF)

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

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

								136,498,816

See Notes to Financial Statements.

BlackRock Florida Municipal Income Trust (BBF) (continued)

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

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

								21,096,444

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

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


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

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

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

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

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

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

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

								17,068,299

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

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

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


	Shares
	(000)

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

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

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

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


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

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

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

⁴	See Note 7 of Notes to Financial Statements.

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

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

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

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

								126,536,784

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

								32,539,485

See Notes to Financial Statements.

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

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


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

								15,873,830

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

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


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

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

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

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

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

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

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

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

								24,267,845

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

								1,570,093

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

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

See Notes to Financial Statements.

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

Shares
(000)		Description	Value

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

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

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

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


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

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

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

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

⁵	See Note 7 of Notes to Financial Statements.

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

See Notes to Financial Statements.

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2004

BlackRock New York Municipal Income Trust (BNY)

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

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

								240,148,656

See Notes to Financial Statements.

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

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

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

								35,716,463

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

								22,487,640

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

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


	Shares
	(000)

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

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

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


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

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

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

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

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

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

See Notes to Financial Statements.

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2004

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

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

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


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

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


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


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


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

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


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



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

See Notes to Financial Statements.

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

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

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



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

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




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



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




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


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


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



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

STATEMENTS OF OPERATIONS

For the year ended October 31, 2004

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


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


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

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

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

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


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

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

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

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

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

		167,280			—			10,779			—

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


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

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

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

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

See Notes to Financial Statements.

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


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


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

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

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

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



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

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


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

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



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

	46,656			—			—			—			4,284			—

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



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

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



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

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended October 31, 2004 and 2003

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

	2004			2003			2004			2003

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

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

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

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

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

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

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

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

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

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


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

See Notes to Financial Statements.

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

2004			2003			2004			2003			2004			2003




$	927,165		$	1,057,654		$	17,211,060		$	16,928,458		$	1,103,025		$	1,175,275
	(156,595	)		51,040			(5,325,774	)		(124,407	)		146,348			248,044
	48,265			(455,653	)		15,044,621			(5,006,045	)		(397,928	)		(687,041	)

	10,779			—			—			—			46,656			—


	(61,122	)		(64,203	)		(1,276,088	)		(1,214,717	)		(78,189	)		(88,761	)
	(3,726	)		—			—			—			(24,220	)		—

	764,766			588,838			25,653,819			10,583,289			795,692			647,517



	(853,209	)		(834,841	)		(13,680,084	)		(13,401,474	)		(957,321	)		(939,337	)
	(48,441	)		—			—			—			(256,301	)		—

	(901,650	)		(834,841	)		(13,680,084	)		(13,401,474	)		(1,213,622	)		(939,337	)


	—			—			—			—			—			—

	—			—			—			—			—			—

	(136,884	)		(246,003	)		11,973,735			(2,818,185	)		(417,930	)		(291,820	)



	14,665,452			14,911,455			209,396,997			212,215,182			17,347,020			17,638,840

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

$	373,382		$	393,562		$	6,189,963		$	3,935,119		$	489,204		$	421,748

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended October 31, 2004 and 2003

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

	2004			2003			2004			2003

Increase (Decrease) in Net Assets
Applicable to Common Shareholders
Operations:
Net investment income	$	7,485,885		$	7,355,264		$	972,804		$	1,006,244
Net realized gain (loss)		(508,174	)		630,302			159,011			6,919
Net change in unrealized appreciation/depreciation		3,505,389			(777,309	)		(357,062	)		109,486
Net change in transactions related to investment
violation¹		—			—			—			—
Dividends to preferred shareholders from
net investment income		(548,629	)		(521,291	)		(70,911	)		(61,319	)

Net increase in net assets resulting from operations		9,934,471			6,686,966			703,842			1,061,330


Dividends to Common Shareholders from:
Net investment income		(6,011,618	)		(5,914,155	)		(811,491	)		(801,290	)


Total increase (decrease)		3,922,853			772,811			(107,649	)		260,040

Net Assets Applicable to
Common Shareholders:
Beginning of year		97,589,085			96,816,274			15,007,188			14,747,148

End of year	$	101,511,938		$	97,589,085		$	14,899,539		$	15,007,188

End of year undistributed net investment income	$	2,393,507		$	1,467,876		$	600,862		$	550,518

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

See Notes to Financial Statements.

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

2004			2003			2004			2003			2004			2003



$	8,616,860		$	8,465,666		$	1,259,176		$	1,346,704		$	14,367,676		$	14,192,727
	(815,221	)		(29,376	)		70,439			357,056			(1,277,572	)		(486,109	)
	5,352,381			895,164			(82,103	)		(636,582	)		5,687,713			2,196,536
	—			—			4,284			—			—			—

	(623,629	)		(616,370	)		(92,575	)		(88,859	)		(1,058,252	)		(1,130,137	)

	12,530,391			8,715,084			1,159,221			978,319			17,719,565			14,773,017


	(6,682,923	)		(6,528,221	)		(1,146,975	)		(1,146,823	)		(11,320,282	)		(11,098,501	)

	5,847,468			2,186,863			12,246			(168,504	)		6,399,283			3,674,516



	108,171,959			105,985,096			20,053,261			20,221,765			184,874,432			181,199,916

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

$	3,228,123		$	1,917,815		$	584,462		$	569,685		$	4,820,612		$	2,832,034

FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

	Year Ended October 31,

	²⁰⁰⁴			²⁰⁰³			²⁰⁰²			²⁰⁰¹			²⁰⁰⁰

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

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

Net increase from investment operations		1.34			0.98			0.81			1.66			1.21

Dividends to common shareholders from
net investment income		(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 year	$	15.71		$	15.28		$	15.19		$	15.19		$	14.30

Market price, end of year	$	15.12		$	14.26		$	13.48		$	13.73		$	12.13

TOTAL INVESTMENT RETURN¹		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		1.08	%		1.10	%		1.09	%		1.14	%		1.20	%
Expenses after fees waived and before fees paid indirectly		1.08	%		1.10	%		1.09	%		1.14	%		1.20	%
Expenses before fees waived and paid indirectly		1.08	%		1.10	%		1.09	%		1.14	%		1.20	%
Net investment income after fees waived and paid
indirectly and before preferred share dividends		7.59	%		7.62	%		7.93	%		8.10	%		8.18	%
Preferred share dividends		0.60	%		0.59	%		0.83	%		1.94	%		2.53	%
Net investment income available to common shareholders		6.99	%		7.03	%		7.10	%		6.16	%		5.65	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	259,470		$	254,890		$	251,428		$	247,832		$	230,746
Portfolio turnover		52	%		36	%		19	%		4	%		35	%
Net assets of common shareholders, end of year (000)	$	262,475		$	255,315		$	253,710		$	253,777		$	238,849
Preferred shares value outstanding, end of year (000)	$	146,550		$	146,550		$	146,550		$	146,550		$	146,550
Asset coverage per preferred share, end of year	$	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.

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.

FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)

										For the period July 27, 2001¹ through October 31, 2001²
	Year Ended October 31,

	2004			2003			2002

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

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

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

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

Total dividends and distributions		(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	$	14.26		$	13.87		$	13.33			$	14.30

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

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

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

FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

	Year Ended October 31,

	²⁰⁰⁴			²⁰⁰³			²⁰⁰²			²⁰⁰¹			²⁰⁰⁰

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

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

Net increase from investment operations		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		(0.05	)		—			—			—			—

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

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

Market price, end of year	$	14.30		$	14.03		$	13.38		$	15.55		$	14.00

TOTAL INVESTMENT RETURN¹		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	%		1.40	%		1.29	%		1.38	%		1.41	%
Expenses after fees waived and before fees paid indirectly		1.40	%		1.40	%		1.29	%		1.38	%		1.41	%
Expenses before fees paid indirectly		1.40	%		1.40	%		1.29	%		1.38	%		1.41	%
Net investment income after fees waived and paid
indirectly and before preferred share dividends		6.37	%		7.17	%		6.86	%		7.04	%		7.36	%
Preferred share dividends		0.42	%		0.44	%		0.59	%		1.39	%		1.75	%
Net investment income available to common shareholders		5.95	%		6.73	%		6.27	%		5.65	%		5.61	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	14,553		$	14,752		$	15,221		$	15,072		$	14,450
Portfolio turnover		15	%		6	%		30	%		1	%		—	%
Net assets of common shareholders, end of year (000)	$	14,529		$	14,665		$	14,911		$	15,411		$	14,725
Preferred shares value outstanding, end of year (000)	$	7,500		$	7,500		$	7,500		$	7,500		$	7,500
Asset coverage per preferred share, end of year	$	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.

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.

FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)

										For the period July 27, 2001¹ through October 31, 2001²
	Year Ended October 31,

		2004			2003			2002

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

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

Net increase from investment operations		1.71			0.70			0.53				0.47

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

Total dividends and distributions		(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	$	14.77		$	13.97		$	14.16			$	14.50

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

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

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

FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

	Year Ended October 31,

	²⁰⁰⁴			²⁰⁰³			²⁰⁰²			²⁰⁰¹			²⁰⁰⁰

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

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

Net increase from investment operations		0.71			0.57			0.96			1.65			1.16

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

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

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

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

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

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

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.

FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

										For the period July 27, 2001¹ through October 31, 2001²
	Year Ended October 31,

	2004			2003			2002

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

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

Net increase from investment operations		1.49			1.00			1.08			0.34

Dividends to common shareholders from
net investment income		(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	$	15.27		$	14.68		$	14.57		$	14.37

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

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

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

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

	Year Ended October 31,

	²⁰⁰⁴			²⁰⁰³			²⁰⁰²			²⁰⁰¹			²⁰⁰⁰

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

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

Net increase from investment operations		0.70			1.06			0.54			1.62			1.17

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

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

Market price, end of year	$	15.00		$	14.80		$	13.30		$	13.75		$	12.13

TOTAL INVESTMENT RETURN¹		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		1.34	%		1.39	%		1.31	%		1.54	%		1.32	%
Expenses after fees waived and before fees paid indirectly		1.37	%		1.39	%		1.31	%		1.54	%		1.32	%
Expenses before fees waived and paid indirectly		1.37	%		1.39	%		1.31	%		1.54	%		1.32	%
Net investment income after fees waived and paid
indirectly and before preferred share dividends		6.50	%		6.72	%		6.93	%		6.64	%		7.44	%
Preferred share dividends		0.47	%		0.41	%		0.61	%		1.47	%		1.98	%
Net investment income available to common shareholders		6.03	%		6.31	%		6.32	%		5.17	%		5.46	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	14,974		$	14,975		$	14,791		$	14,570		$	13,696
Portfolio turnover		12	%		4	%		14	%		9	%		23	%
Net assets of common shareholders, end of year (000)	$	14,900		$	15,007		$	14,747		$	14,958		$	14,059
Preferred shares value outstanding, end of year (000)	$	7,500		$	7,500		$	7,500		$	7,500		$	7,500
Asset coverage per preferred share, end of year	$	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.

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.

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Income Trust (BNJ)

										For the period July 27, 2001¹ through October 31, 2001²
	Year Ended October 31,

	2004			2003			2002

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

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

Net increase from investment operations		1.69			1.18			0.91				0.23

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

Total dividends and distributions		(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	$	15.38		$	14.59		$	14.29			$	14.26

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

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

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

FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

	Year Ended October 31,

	²⁰⁰⁴			²⁰⁰³			²⁰⁰²			²⁰⁰¹			²⁰⁰⁰

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

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

Net increase (decrease) from investment operations		0.89			0.75			1.03			1.55			1.26

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

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

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

TOTAL INVESTMENT RETURN¹		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		1.21	%		1.24	%		1.17	%		1.31	%		1.21	%
Expenses after fees waived and before fees paid indirectly		1.24	%		1.24	%		1.17	%		1.31	%		1.21	%
Expenses before fees paid indirectly		1.24	%		1.24	%		1.17	%		1.31	%		1.21	%
Net investment income after fees waived and
paid indirectly and before preferred share dividends		6.29	%		6.68	%		6.97	%		7.06	%		7.63	%
Preferred share dividends		0.46	%		0.44	%		0.60	%		1.40	%		1.83	%
Net investment income available to common shareholders		5.83	%		6.24	%		6.37	%		5.66	%		5.81	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	20,019		$	20,158		$	19,915		$	19,663		$	18,523
Portfolio turnover		23	%		36	%		7	%		—	%		22	%
Net assets of common shareholders, end of year (000)	$	20,066		$	20,053		$	20,222		$	19,973		$	19,016
Preferred shares value outstanding, end of year (000)	$	9,800		$	9,800		$	9,800		$	9,800		$	9,800
Asset coverage per preferred share, end of year	$	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.

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.

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

										For the period July 27, 2001¹ through October 31, 2001²

	Year Ended October 31,

	2004			2003			2002

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

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

Net increase from investment operations		1.42			1.18			1.25			0.06

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

Total dividends and distributions		(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	$	15.28		$	14.76		$	14.47		$	14.09

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

TOTAL INVESTMENT RETURN⁴		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	%		0.88	%		0.90	%		0.73	%⁶
Expenses after fees waived and before fees paid indirectly		0.87	%		0.89	%		0.92	%		0.74	%⁶
Expenses before fees waived and paid indirectly		1.27	%		1.29	%		1.33	%		1.03	%⁶
Net investment income after fees waived and paid indirectly
and before preferred share dividends		7.62	%		7.73	%		7.87	%		3.93	%⁶
Preferred share dividends		0.56	%		0.62	%		0.93	%		0.37	%⁶
Net investment income available to common shareholders		7.06	%		7.11	%		6.94	%		3.56	%⁶
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	188,746		$	183,648		$	173,885		$	163,077
Portfolio turnover		13	%		14	%		57	%		2	%
Net assets of common shareholders, end of period (000)	$	191,274		$	184,874		$	181,200		$	175,110
Preferred shares value outstanding, end of period (000)	$	109,750		$	109,750		$	109,750		$	109,750
Asset coverage per preferred share, end of period	$	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.

NOTES TO FINANCIAL STATEMENTS

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 Board of Trustees.

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 arms-length transaction. Fair value determinations shall be based upon all available factors that BlackRock Advisors 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 (“SEC”) 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 SEC, designate on its books and records cash or other liquid debt 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.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the 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.

Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”) and accumulated net realized gain (“Accumulated Gain”) more closely to its tax character, the following accounts for each Trust were increased (decreased):

				Accumulated						Accumulated
Trust	UNII			Gain		Trust	UNII			Gain

Municipal Investment Quality	$	(78,418	)	$	78,418	Florida Income	$	(7	)	$	7
Municipal Income		(23,208	)		23,208	New Jersey Investment Quality		(40,058	)		40,058
California Investment Quality		(32,978	)		32,978	New Jersey Income		—			—
California Income		(44	)		44	New York Investment Quality		(4,849	)		4,849
Florida Investment Quality		(59	)		59	New York Income		(564	)		564

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 on the Income Trusts 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 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.

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

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the year ended October 31, 2004, were as follows:

Securities

Trust	Purchases		Sales		Trust	Purchases		Sales

Municipal Investment Quality	$	204,122,815	$	203,045,345	Florida Income	$	15,440,213	$	15,066,330
Municipal Income		584,964,077		565,882,727	New Jersey Investment Quality		2,439,520		4,879,572
California Investment Quality		2,797,313		5,762,201	New Jersey Income		27,867,372		27,671,986
California Income		53,023,257		50,855,834	New York Investment Quality		6,279,587		9,451,616
Florida Investment Quality		2,958,675		6,560,790	New York Income		43,892,397		38,795,739

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

Details of open financial futures contracts at October 31, 2004 were as follows:

	Number of		Expiration	Value at Trade		Value at		Unrealized
Trust	Contracts	Type	Date	Date		October 31, 2004		Depreciation

Short Positions:
Municipal Investment Quality	677	10 Yr. U.S. T-Note	Dec ’ 04	$	75,507,162	$	76,881,813	$	(1,374,651	)
Municipal Income	2,433	10 Yr. U.S. T-Note	Dec ’ 04		271,356,652		276,297,597		(4,940,945	)
California Investment Quality	3	10 Yr. U.S. T-Note	Dec ’ 04		334,626		340,687		(6,061	)
California Income	902	10 Yr. U.S. T-Note	Dec ’ 04		100,601,920		102,433,389		(1,831,469	)
Florida Investment Quality	4	10 Yr. U.S. T-Note	Dec ’ 04		445,843		454,250		(8,407	)
Florida Income	343	10 Yr. U.S. T-Note	Dec ’ 04		38,255,471		38,951,941		(696,470	)
New Jersey Investment Quality	3	10 Yr. U.S. T-Note	Dec ’ 04		334,626		340,689		(6,063	)
New Jersey Income	417	10 Yr. U.S. T-Note	Dec ’ 04		46,508,666		47,355,569		(846,903	)
New York Investment Quality	5	10 Yr. U.S. T-Note	Dec ’ 04		557,380		567,815		(10,435	)
New York Income	600	10 Yr. U.S. T-Note	Dec ’ 04		66,919,070		68,137,510		(1,218,440	)

At October 31, 2004, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows:

Trust	Cost		Appreciation		Depreciation		Net

Municipal Investment Quality	$	378,741,116	$	31,175,864	$	183,015	$	30,992,849
Municipal Income		954,641,669		43,824,869		7,765,246		36,059,623
California Investment Quality		17,820,477		1,007,063		138,875		868,188
California Income		338,861,389		14,370,379		4,348,970		10,021,409
Florida Investment Quality		19,871,513		1,336,914		38,459		1,298,455
Florida Income		151,328,439		7,281,166		1,014,345		6,266,821
New Jersey Investment Quality		19,451,761		1,444,327		254,589		1,189,738
New Jersey Income		166,941,850		9,285,156		1,276,907		8,008,249
New York Investment Quality		26,337,122		1,864,316		40,228		1,824,088
New York Income		287,882,906		15,577,975		1,685,786		13,892,189

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.

Note 4. Distributions to
Shareholders

The tax character of distributions paid during the year ended October 31, 2004, and the year ended October 31, 2003, were as follows:

	Year ended October 31, 2004

					Long-term
Distributions Paid From:	Tax-exempt Income		Ordinary 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

				Year ended October 31, 2003


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

Municipal Investment Quality	$	16,282,840	$	—	$	—	$	16,282,840
Municipal Income		45,162,896		—		—		45,162,896
California Investment Quality		899,044		—		—		899,044
California Income		14,616,191		—		—		14,616,191
Florida Investment Quality		1,028,098		—		—		1,028,098
Florida Income		6,435,446		—		—		6,435,446
New Jersey Investment Quality		862,609		—		—		862,609
New Jersey Income		7,144,591		—		—		7,144,591
New York Investment Quality		1,235,682		—		—		1,235,682
New York Income		12,228,638		—		—		12,228,638

As of October 31, 2004, the components of distributable earnings on a tax basis were as follows:

				Undistributed
	Undistributed	Undistributed		Long-term		Unrealized
	Tax-exempt Income	Ordinary Income		Gains		Net Appreciation
	Tax-exempt Income
Municipal Investment Quality	$13,762,306	$	—	$	—	$30,926,134
Municipal Income	23,766,268		—		—	35,977,114
California Investment Quality	453,879		—		—	855,528
California Income	7,358,695		—		—	9,992,708
Florida Investment Quality	574,006		—		138,016	1,285,788
Florida Income	2,913,867		—		—	6,256,736
New Jersey Investment Quality	673,653		—		—	1,176,506
New Jersey Income	3,769,933		—		—	7,995,908
New York Investment Quality	687,438		—		—	1,811,502

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 October 31, 2004, 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	—

During the year ended October 31, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan. During the year ended October 31, 2003, Municipal Income issued 69,968 additional shares under its dividend reinvestment plan.

As of October 31, 2004, 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.

Trust

Series

Shares

Trust

Series

Shares

Municipal Investment Quality

3,262

Florida Investment Quality

340

T28

2,600

Florida Income

2,302

Municipal Income

3,001

New Jersey Investment Quality

300

3,001

New Jersey Income

2,552

3,001

New York Investment Quality

392

3,001

New York Income

2,195

3,001

2,195

California Investment Quality

300

California Income

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 year ended October 31, 2004, were as follows:

Trust	Low		High		Trust	Low		High

Municipal Investment Quality	0.80	%	1.60	%	Florida Income	0.19	%	1.35	%
Municipal Income	0.45		1.69		New Jersey Investment Quality	0.40		1.58
California Investment Quality	0.45		1.55		New Jersey Income	0.40		2.10
California Income	0.60		1.50		New York Investment Quality	0.45		1.55
Florida Investment Quality	0.80		2.20		New York Income	0.40		1.50

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 October 31, 2004, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2004, to shareholders of record on November 15, 2004. 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 November 1, 2004 to November 30, 2004, for each of the Trusts were as follows:

Dividends

Trust

Series

Declared

Trust

Series

Declared

Municipal Investment Quality

93,652

Florida Investment Quality

13,345

T28

79,768

Florida Income

53,522

Municipal Income

108,786

New Jersey Investment Quality

8,388

87,959

New Jersey Income

78,193

90,840

New York Investment Quality

14,022

90,930

New York Income

62,119

111,037

83,761

California Investment Quality

5,937

California Income

53,888

67,928

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 I nvestment 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.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders of:
  BlackRock Investment Quality Municipal Trust, Inc.
  BlackRock Municipal Income Trust
  BlackRock California Investment Quality Municipal Trust, Inc.
  BlackRock California Municipal Income Trust
  BlackRock Florida Investment Quality Municipal Trust, Inc.
  BlackRock Florida Municipal Income Trust
  BlackRock New Jersey Investment Quality Municipal Trust, Inc.
  BlackRock New Jersey Municipal Income Trust
  BlackRock New York Investment Quality Municipal Trust, Inc.
  BlackRock New York Municipal Income Trust
  (collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2004, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2004, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Trusts as of October 31, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the periods presented in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 23, 2004

DIRECTORS/TRUSTEES INFORMATION (Unaudited)

Independent Trustees

Name, address, age	Andrew F. Brimmer	Richard E. Cavanagh	Kent Dixon	Frank J. Fabozzi
	P.O. Box 4546	P.O. Box 4546	P.O. Box 4546	P.O. Box 4546
	New York, NY 10163-4546	New York, NY 10163-4546	New York, NY 10163-4546	New York, NY 10163-4546
	Age 77	Age 58	Age 67	Age 56

Current positions held with	Lead Trustee	Trustee	Trustee	Trustee
the Trusts	Audit Committee Chairman²	Audit Committee Member	Audit Committee Member²	Audit Committee Member³

Term of office and length	3 years⁵/ since inception	3 years⁵/ since inception⁶	3 years⁵/ since inception	3 years⁵/ since inception
of time served

Principal occupations	President of Brimmer &	President and Chief Executive	Consultant/Investor. Former	Consultant. Editor of THE
during the past five years	Company, Inc., a Washington,	Officer of The Conference	President and Chief Executive	JOURNAL OF PORTFOLIO
	D.C.-based economic and	Board, Inc., a leading global	Officer of Empire Federal	MANAGEMENT and
	financial consulting firm, also	business research organization,	Savings Bank of America and	Frederick Frank Adjunct
	Wilmer D. Barrett Professor of	from 1995-present. Former	Banc PLUS Savings	Professor of Finance at the
	Economics, University of	Executive Dean of the John F.	Association, former Chairman	School of Management at Yale
	Massachusetts – Amherst.	Kennedy School of Government	of the Board, President and	University. Author and editor of
	Formerly member of the Board	at Harvard University from	Chief Executive Officer of	several books on fixed income
	of Governors of the Federal	1988-1995. Acting Director,	Northeast Savings.	portfolio management. Visiting
	Reserve System. Former	Harvard Center for Business		Professor of Finance and
	Chairman, District of Columbia	and Government (1991-1993).		Accounting at the Sloan School
	Financial Control Board.	Formerly Partner (principal) of		of Management, Massachusetts
		McKinsey & Company, Inc.		Institute of Technology from
		(1980- 1988). Former Executive		1986 to August 1992.
		Director of Federal Cash
		Management, White House
		Office of Management and
		Budget (1977-1979). Co-author,
		THE WINNING
		PERFORMANCE (best selling
		management book published in
		13 national editions).

Number of portfolios	52	52	52	52
overseen within the fund
complex

Other Directorships held	Director of CarrAmerica Realty	Trustee: Aircraft Finance Trust	Former Director of ISFA (the	Director, Guardian Mutual
outside of the fund	Corporation and Borg-Warner	(AFT) and Educational Testing	owner of INVEST, a national	Funds Group (18 portfolios).
complex	Automotive. Formerly Director	Service (ETS). Director, Arch	securities brokerage service
	of Airborne Express,	Chemicals, Fremont Group and	designed for banks and thrift
	BankAmerica Corporation	The Guardian Life Insurance	institutions).
	(Bank of America), BellSouth	Company of America.
	Corporation, College
	Retirement Equities Fund
	(Trustee), Commodity
	Exchange, Inc. (Public
	Governor), Connecticut Mutual
	Life Insurance Company, E.I.
	du Pont de Nemours &
	Company, Equitable Life
	Assurance Society of the
	United States, Gannett
	Company, Mercedes-Benz of
	North America, MNC Financial
	Corporation (American
	Security Bank), NCM Capital
	Management, Navistar
	International Corporation, PHH
	Corp. and UAL Corporation
	(United Airlines).

For “Interested Director/
Trustee” relationships,
events or transactions by
reason of which the Trustee
is an interested person as
defined in Section
2(a)(19)(1940 Act)

¹Interested Trustee/Director as defined by Section 2(a)(19) of the Investment Company Act of 1940.

²The Board of each Trust has determined that each Trust has two Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer and Mr. Dixon, both of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

³Appointed Audit Committee Member on May 25, 2004.

⁴Trustee/Director since inception; appointed Chairman of the Board on August 22, 2002.

Independent Trustees (continued)			Interested Trustees¹

R. Glenn Hubbard	James Clayburn La Force, Jr.	Walter F. Mondale	Ralph L. Schlosstein	Robert S. Kapito
P.O. Box 4546	P.O. Box 4546	P.O. Box 4546	BlackRock, Inc.	BlackRock, Inc.
New York, NY 10163-4546	New York, NY 10163-4546	New York, NY 10163-4546	40 East 52nd Street	40 East 52nd Street
Age: 46	Age: 75	Age: 76	New York, NY 10022	New York, NY 10022
			Age: 53	Age:47

Trustee	Trustee	Trustee	Chairman of the Board⁴	President and Trustee

3 years⁵/ since November 16,	3 years⁵/ since inception	3 years⁵/ since inception⁷	3 years⁵/ since inception	3 years⁵/ since August 22,
2004				2002

Dean of Columbia Business	Dean Emeritus of the John E.	Senior Counsel, Dorsey &	Director since 1999 and	Vice Chairman of BlackRock,
School since July 1, 2004.	Anderson Graduate School of	Whitney, LLP, a law firm	President of BlackRock, Inc.	Inc. Head of the Portfolio
Columbia faculty member since	Management, University of	(January 2004-present);	since its formation in 1998 and	Management Group. Also a
1988. Co-director of Columbia	California since July 1, 1993.	Partner, Dorsey & Whitney,	of BlackRock, Inc.’s	member of the Management
Business School’s Entrepreneur-	Acting Dean of the School of	LLP, (December 1996-	predecessor entities since 1988.	Committee, the Investment
ship Program 1994-1997.	Business, Hong Kong	December 2003, September	Member of the Management	Strategy Group, the Fixed
Visiting professor at Harvard’s	University of Science and	1987-August 1993). Formerly	Committee and Investment	Income and Global Operating
Kennedy School of Government	Technology 1990-1993. From	U.S. Ambassador to Japan	Strategy Group of BlackRock,	Committees and the Equity
and Harvard Business School,	1978 to September 1993,	(1993-1996). Formerly Vice	Inc. Formerly, Managing	Investment Strategy Group.
as well as the University of	Dean of the John E. Anderson	President of the United States,	Director of Lehman Brothers,	Responsible for the portfolio
Chicago. Visiting scholar at the	Graduate School of	U.S. Senator and Attorney	Inc. and Co-head of its	management of the Fixed
American Enterprise Institute in	Management, University of	General of the State of	Mortgage and Savings	Income, Domestic Equity and
Washington and member of	California.	Minnesota. 1984 Democratic	Institutions Group. Chairman	International Equity, Liquidity,
International Advisory Board of		Nominee for President of the	and President of the BlackRock	and Alternative Investment
the MBA Program of Ben-		United States.	Liquidity Funds and Director of	Groups of BlackRock.
Gurion University. Deputy			several of BlackRock’s
assistant secretary of the U.S.			alternative investment vehicles.
Treasury Department for Tax
Policy 1991-1993. Chairman of
the U.S. Council of Economic
Advisers under the President of
the United States 2001 – 2003.

52	52	52	62	52

Director of ADP, Dex Media,	Payden & Rygel Investment	Director of United Health	Member of the Visiting Board	Chairman of the Hope and
KKR Financial Corporation,	Trust, Metzler-Payden	Foundation and the Japan	of Overseers of the John F.	Heroes Children’s Cancer
and Ripplewood Holdings.	Investment Trust, Advisors	Society. Member of the	Kennedy School of Government	Fund. President of the Board
Formerly on the advisory	Series Trust, Arena	Hubert H. Humphrey Institute	at Harvard University, a	of Directors of the Periwinkle
boards of the Congressional	Pharmaceuticals, Inc. and	of Public Affairs Advisory	member of the board of the	National Theatre for Young
Budget Office, the Council on	CancerVax Corporation.	Board, The Mike and Maureen	Financial Institutions Center of	Audiences. Director of
Competitiveness, the		Mansfield Foundation, Dean’s	The Wharton School of the	icruise.com, Corp.
American Council on Capital		Board of Visitors of the	University of Pennsylvania, a
Formation, the Tax Foundation		Medical School at the	trustee of the American
and the Center for Addiction		University of Minnesota, and	Museum of Natural History, a
and Substance Abuse. Trustee		the Mayo Foundation	trustee of Trinity School in New
of Fifth Avenue Presbyterian		Advisory Council to the	York City, a member of the
Church of New York.		President.	Board of Advisors of Marujupu
			LLC, and a trustee of New
			Visions for Public Education
			and of The Public Theater in
			New York City. Formerly, a
			director of Pulte Corporation,
			the nation’s largest homebuilder,
			a Trustee of Denison University
			and a member of Fannie Mae’s
			Advisory Council.

			Director and President of the	Director and Vice Chairman
			Advisor	of the Advisor.

⁵The Board is classified into three classes of which one class is elected annually. Each Trustee/Director serves a three-year term concurrent with the class from which he is elected.

⁶For the Investment Quality Trusts appointed Director/Trustee on 08/11/94.

⁷Except during the periods 08/12/93 through 04/15/97 and 10/31/02 through 11/11/02 for all of the Trusts.

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

On August 25, 2004, BlackRock, Inc., the parent of BlackRock Advisors, Inc., the Trusts’ investment advisor, entered into an agreement with MetLife, Inc.^®to acquire SSRM Holdings, Inc., the parent of State Street Research & Management Company, the investment advisor to the State Street Research mutual funds. Management believes there will be no impact to the Trusts as a result of this transaction.

We are required by the Internal Revenue Code to advise you within 60 days of a Trust’s tax year-end as to the Federal tax status of dividends and distributions paid by the Trusts during such tax year. Accordingly, during the tax year-ended October 31, 2004, all dividends paid by all of the Trusts (excluding New York Income, which has a July 31st, tax year end) were federally tax-exempt interest dividends with the exception of California Investment Quality and Florida Investment Quality which had Long Term Capital Gain distributions of $52,167 and $280,521, respectively.

Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/funds/cefunds/index.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, Henry Gabbay and Anne Ackerley—Managing Directors of the Advisor and the Sub-Advisor, Richard M. Shea and James Kong—Managing Directors of the Sub-Advisor, Vincent B. Tritto—Director of the Sub-Advisor, and Brian P. Kindelan—Director of the Advisor.

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 Agent²
R. Glenn Hubbard¹		Bank of New York
Robert S. Kapito		100 Church Street, 8th Floor
James Clayburn La Force, Jr.		New York, NY 10286
Walter F. Mondale		Auction Agent³
Officers		Deutsche Bank Trust Company Americas
Robert S. Kapito, President		60 Wall Street, 27th Floor
Henry Gabbay, Treasurer		New York, NY 10005
Bartholomew Battista, Chief Compliance Officer		Independent Registered Public Accounting Firm
Anne Ackerley, Vice President		Deloitte & Touche LLP
Kevin M. Klingert, Vice President		200 Berkeley Street
Richard M. Shea, Vice President/Tax		Boston, MA 02116
James Kong, Assistant Treasurer		Legal Counsel
Vincent B. Tritto, Secretary		Skadden, Arps, Slate, Meagher & Flom LLP
Brian P. Kindelan, Assistant Secretary		Four Times Square
Investment Advisor		New York, NY 10036
BlackRock Advisors, Inc.		Legal Counsel – Independent Trustees
100 Bellevue Parkway		Debevoise & Plimpton LLP
Wilmington, DE 19809		919 Third Avenue
(800) 227-7BFM		New York, NY 10022
Sub-Advisor²
BlackRock Financial Management, Inc.		This report is for shareholder information. This is not a prospec-
40 East 52nd Street		tus intended for use in the purchase or sale of Trust shares.
New York, NY 10022		Statements and other information contained in this report are as
Accounting Agent and Custodian		dated and are subject to change.
State Street Bank and Trust Company
225 Franklin Street		BlackRock Closed-End Funds
Boston, MA 02110		c/o BlackRock Advisors, Inc.
		100 Bellevue Parkway
¹ Appointed November 16, 2004.		Wilmington, DE 19809
² For the Income Trusts.		227-7BFM
³ 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-ANN-1

Item 2. Code of Ethics.

(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b) Not applicable.

(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e) Not applicable.

(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. Audit Committee Financial Expert.

The Registrant's Board of Trustees has determined that it has two audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer and Mr. Kent Dixon. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $26,800 for the fiscal year ended October 31, 2004 and $31,100 for the fiscal year ended October 31, 2003.

(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not

reported above in Item 4(a) were $2,600 for the fiscal year ended October 31, 2004 and $6,300 for the fiscal year ended October 31, 2003. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $11,700 for the fiscal year ended October 31, 2004 and $7,700 for the fiscal year ended October 31, 2003. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d) All Other Fees. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c).

(e) Audit Committee Pre-Approval Policies and Procedures

(1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Trust's independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Trust to be provided by the Independent Auditor to any Covered Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Trust.

In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the

Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.

Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority.)

Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

The Audit Committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.

(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Trust's accountant for services rendered to the Trust, the Advisor (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the registrant that directly impacted the Trust for each of the last two fiscal years were $14,300 for the fiscal year ended October 31, 2004 and $14,000 for the fiscal year ended October 31, 2003.

(h) Not applicable.

Item 5. Audit Committee of Listed Registrants.

The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank Fabozzi.

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.

The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, BlackRock Advisors, Inc. (the "Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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 last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of Ethics attached as EX-99.CODE ETH.

(a)(2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.

(a)(3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

Proxy Voting Policies attached as EX-99.PROXYPOL.

SIGNATURES

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

(Registrant) BlackRock California Municipal Income Trust

By: /s/ Henry Gabbay
_______________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: January 4, 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: January 4, 2005

By: /s/ Henry Gabbay
_______________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: January 4, 2005