Edgar Filing: BLACKROCK MUNICIPAL INCOME TRUST

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-10339

BlackRock Municipal Income Trust

(Exact name of Registrant as specified in charter)


100 Bellevue Parkway, Wilmington, DE	19809

(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President
BlackRock Municipal Income Trust
40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)


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


Date of fiscal year end:	October 31, 2005


Date of reporting period:	October 31, 2005

Item 1. Reports to Shareholders.
The Registrant’s annual report to shareholders is as follows:


FIXED INCOME		LIQUIDITY		EQUITIES		ALTERNATIVES		BLACKROCK SOLUTIONS



	BlackRock
	Closed-End Funds
	Annual Report

	OCTOBER 31, 2005







	BlackRock Investment Quality Municipal Trust (BKN)

	BlackRock Municipal Income Trust (BFK)

	BlackRock California Investment Quality Municipal Trust (RAA)

	BlackRock California Municipal Income Trust (BFZ)

	BlackRock Florida Investment Quality Municipal Trust (RFA)

	BlackRock Florida Municipal Income Trust (BBF)

	BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

	BlackRock New Jersey Municipal Income Trust (BNJ)

	BlackRock New York Investment Quality Municipal Trust (RNY)

	BlackRock New York Municipal Income Trust (BNY)



NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS


Letter to Shareholders		1

Trusts’ Summaries		2

Portfolios of Investments		12

Financial Statements

Statements of Assets and Liabilities		36

Statements of Operations		38

Statements of Changes in Net Assets		40

Financial Highlights		44

Notes to Financial Statements		54

Report of Independent Registered Public Accounting Firm		60

Dividend Reinvestment Plans		61

Board Review of Investment Management Agreements		62

Additional Information		65

Directors/Trustees Information		68

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, 2005

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, 2005.



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

BlackRock Investment Quality Municipal Trust (BKN)		6.37	%		9.80	%		$	16.62		$	15.59

BlackRock Municipal Income Trust (BFK)		6.32			9.72				15.69			14.71

BlackRock California Investment Quality Municipal Trust (RAA)		5.38			8.28				15.75			14.20

BlackRock California Municipal Income Trust (BFZ)		6.12			9.42				14.92			15.18

BlackRock Florida Investment Quality Municipal Trust (RFA)		5.72			8.80				14.85			14.39

BlackRock Florida Municipal Income Trust (BBF)		5.93			9.12				15.25			15.48

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)		5.72			8.80				14.70			14.48

BlackRock New Jersey Municipal Income Trust (BNJ)		6.01			9.25				15.91			15.87

BlackRock New York Investment Quality Municipal Trust (RNY)		5.95			9.15				14.75			15.03

BlackRock New York Municipal Income Trust (BNY)		5.95			9.15				15.19			15.44


¹	Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. Past performance does not guarantee future results.

BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of September 30, 2005, BlackRock managed over $26 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manages the Trusts, are wholly owned subsidiaries of BlackRock.

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


Sincerely,



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

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Investment Quality Municipal Trust (BKN)


Trust Information

Symbol on New York Stock Exchange:	BKN

Initial Offering Date:	February 19, 1993

Closing Market Price as of 10/31/05:		$	16.62

Net Asset Value as of 10/31/05:		$	15.59

Yield on Closing Market Price as of 10/31/05 ($16.62):¹			6.37	%

Current Monthly Distribution per Common Share:²		$	0.088250

Current Annualized Distribution per Common Share:²		$	1.05900

Leverage as of 10/31/05:³			36	%


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

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



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

Market Price		$	16.62		$	15.12		9.92	%		$	17.28		$	14.31

NAV		$	15.59		$	15.71		(0.76	)%		$	16.09		$	15.53

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


Portfolio Composition

Sector	October 31, 2005			October 31, 2004

City, County & State		17	%		18	%

Industrial & Pollution Control		17			13

Lease Revenue		11			12

Hospitals		11			11

Education		11			11

Transportation		10			8

Power		7			8

Tax Revenue		7			6

Housing		7			3

Water & Sewer		1			3

Tobacco		1			3

Other		—			4


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		50	%		44	%

AA/Aa		10			6

A		12			19

BBB/Baa		9			21

BB/Ba		12			2

Not Rated		7			8



⁴	Using 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, 2005

BlackRock Municipal Income Trust (BFK)


Trust Information

Symbol on New York Stock Exchange:	BFK

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/05:		$	15.69

Net Asset Value as of 10/31/05:		$	14.71

Yield on Closing Market Price as of 10/31/05 ($15.69):¹			6.32	%

Current Monthly Distribution per Common Share:²		$	0.082625

Current Annualized Distribution per Common Share:²		$	0.991500

Leverage as of 10/31/05:³			37	%


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

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



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

Market Price		$	15.69		$	14.05		11.67	%		$	16.08		$	13.59

NAV		$	14.71		$	14.26		3.16	%		$	15.25		$	14.10

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


Portfolio Composition

Sector	October 31, 2005			October 31, 2004

Hospitals		23	%		23	%

Industrial & Pollution Control		21			19

Housing		11			7

Transportation		11			8

City, County & State		8			13

Lease Revenue		7			7

Tax Revenue		6			3

Education		5			6

Tobacco		4			4

Power		3			1

Water & Sewer		1			4

Other		—			5


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		26	%		19	%

AA/Aa		6			4

A		27			32

BBB/Baa		18			32

BB/Ba		5			2

B		10			4

Not Rated		8			7



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

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock California Investment Quality Municipal Trust (RAA)


Trust Information

Symbol on American Stock Exchange:	RAA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/05:		$	15.75

Net Asset Value as of 10/31/05:		$	14.20

Yield on Closing Market Price as of 10/31/05 ($15.75):¹			5.38	%

Current Monthly Distribution per Common Share:²		$	0.070600

Current Annualized Distribution per Common Share:²		$	0.847200

Leverage as of 10/31/05:³			34	%


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

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



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

Market Price		$	15.75		$	14.30		10.14	%		$	16.15		$	13.76

NAV		$	14.20		$	14.43		(1.59	)%		$	14.65		$	14.20

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, 2005			October 31, 2004

Lease Revenue		20	%		24	%

City, County & State		18			24

Transportation		18			14

Hospitals		11			—

Education		10			11

Industrial & Pollution Control		7			8

Water & Sewer		7			2

Power		5			7

Tobacco		4			10


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		38	%		36	%

AA/Aa		7			7

A		18			18

BBB/Baa		21			22

B		5			5

Not Rated		11			12



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

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock California Municipal Income Trust (BFZ)


Trust Information

Symbol on New York Stock Exchange:	BFZ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/05:		$	14.92

Net Asset Value as of 10/31/05:		$	15.18

Yield on Closing Market Price as of 10/31/05 ($14.92):¹			6.12	%

Current Monthly Distribution per Common Share:²		$	0.076074

Current Annualized Distribution per Common Share:²		$	0.912888

Leverage as of 10/31/05:³			37	%


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

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



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

Market Price		$	14.92		$	13.65		9.30	%		$	15.58		$	13.27

NAV		$	15.18		$	14.77		2.78	%		$	15.56		$	14.62

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


Portfolio Composition

Sector	October 31, 2005			October 31, 2004

City, County & State		19	%		22	%

Lease Revenue		19			14

Transportation		16			12

Hospitals		13			9

Housing		12			6

Education		10			10

Power		7			7

Industrial & Pollution Control		2			2

Tobacco		2			11

Other		—			7


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		38	%		28	%

AA/Aa		3			3

A		30			33

BBB/Baa		14			24

B		3			1

Not Rated		12			11	⁵



⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.^†
⁵	The investment advisor has deemed certain of these not-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, 2005

BlackRock Florida Investment Quality Municipal Trust (RFA)


Trust Information

Symbol on American Stock Exchange:	RFA

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/05:		$	14.85

Net Asset Value as of 10/31/05:		$	14.39

Yield on Closing Market Price as of 10/31/05 ($14.85):¹			5.72	%

Current Monthly Distribution per Common Share:²		$	0.070781

Current Annualized Distribution per Common Share:²		$	0.849372

Leverage as of 10/31/05:³			34	%


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

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



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

Market Price		$	14.85		$	14.30		3.85	%		$	15.55		$	13.90

NAV		$	14.39		$	15.02		(4.19	)%		$	15.01		$	14.38

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, 2005			October 31, 2004

Education		17	%		16	%

Hospitals		17			12

Transportation		16			16

City, County & State		14			14

Tax Revenue		12			20

Lease Revenue		11			10

Housing		4			5

Industrial & Pollution Control		4			—

Power		4			6

Water & Sewer		1			1


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		47	%		61	%

AA/Aa		6			—

A		5			11

BBB/Baa		16			16

BB/Ba		3			3

B		6			—

Not Rated		17			9



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

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Florida Municipal Income Trust (BBF)


Trust Information

Symbol on New York Stock Exchange:	BBF

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/05:		$	15.25

Net Asset Value as of 10/31/05:		$	15.48

Yield on Closing Market Price as of 10/31/05 ($15.25):¹			5.93	%

Current Monthly Distribution per Common Share:²		$	0.075375

Current Annualized Distribution per Common Share:²		$	0.904500

Leverage as of 10/31/05:³			36	%


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

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



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

Market Price		$	15.25		$	14.40		5.90	%		$	15.96		$	13.88

NAV		$	15.48		$	15.27		1.38	%		$	15.80		$	15.13

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


Portfolio Composition

Sector	October 31, 2005			October 31, 2004

City, County & State		30	%		34	%

Hospitals		24			19

Water & Sewer		8			8

Education		7			7

Transportation		7			3

Tax Revenue		6			6

Lease Revenue		5			5

Housing		4			6

Power		4			8

Tobacco		4			3

Industrial & Pollution Control		1			1


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		28	%		22	%

AA/Aa		34			40

A		6			9

BBB/Baa		14			13

BB/Ba		2			2

Not Rated⁵		16			14



⁴	Using the higher of S&P’s, Moody’s or Fitch’s rating.
⁵	The investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of October 31, 2005 and October 31, 2004, the market value of these securities was $3,452,437, representing 2.3% and $1,745,869, representing 1.1% of the Trust’s long-term investments.

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)


Trust Information

Symbol on American Stock Exchange:	RNJ

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/05:		$	14.70

Net Asset Value as of 10/31/05:		$	14.48

Yield on Closing Market Price as of 10/31/05 ($14.70):¹			5.72	%

Current Monthly Distribution per Common Share:²		$	0.070125

Current Annualized Distribution per Common Share:²		$	0.841500

Leverage as of 10/31/05:³			34	%


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

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



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

Market Price		$	14.70		$	15.00		(2.00	)%		$	16.25		$	13.81

NAV		$	14.48		$	14.79		(2.10	)%		$	14.98		$	14.48

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, 2005			October 31, 2004

Transportation		26	%		34	%

City, County & State		11			6

Hospitals		10			11

Education		9			11

Housing		9			5

Lease Revenue		9			—

Industrial & Pollution Control		8			6

Tobacco		5			5

Water & Sewer		5			6

Resource Recovery		4			5

Tax Revenue		4			5

Other		—			6


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		51	%		56	%

AA/Aa		—			11

A		13			11

BBB/Baa		21			18

B		10			4

Not Rated		5			—



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

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New Jersey Municipal Income Trust (BNJ)


Trust Information

Symbol on New York Stock Exchange:	BNJ

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/05:		$	15.91

Net Asset Value as of 10/31/05:		$	15.87

Yield on Closing Market Price as of 10/31/05 ($15.91):¹			6.01	%

Current Monthly Distribution per Common Share:²		$	0.079625

Current Annualized Distribution per Common Share:²		$	0.955500

Leverage as of 10/31/05:³			35	%


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

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



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

Market Price		$	15.91		$	14.45		10.10	%		$	16.17		$	14.05

NAV		$	15.87		$	15.38		3.19	%		$	16.26		$	15.25

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


Portfolio Composition

Sector	October 31, 2005			October 31, 2004

Hospitals		24	%		23	%

Housing		17			9

City, County & State		14			12

Transportation		11			11

Lease Revenue		10			11

Tobacco		8			9

Tax Revenue		6			5

Industrial & Pollution Control		5			5

Education		5			5

Other		—			10


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		31	%		25	%

AA/Aa		5			—

A		20			29

BBB/Baa		26			44

BB/Ba		3			—

B		12			2

Not Rated		3			—



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

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New York Investment Quality Municipal Trust (RNY)


Trust Information

Symbol on American Stock Exchange:	RNY

Initial Offering Date:	May 28, 1993

Closing Market Price as of 10/31/05:		$	14.75

Net Asset Value as of 10/31/05:		$	15.03

Yield on Closing Market Price as of 10/31/05 ($14.75):¹			5.95	%

Current Monthly Distribution per Common Share:²		$	0.073125

Current Annualized Distribution per Common Share:²		$	0.877500

Leverage as of 10/31/05:³			33	%


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

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



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

Market Price		$	14.75		$	14.50		1.72	%		$	15.18		$	13.59

NAV		$	15.03		$	15.35		(2.08	)%		$	15.56		$	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, 2005			October 31, 2004

Education		18	%		20	%

City, County & State		16			18

Tax Revenue		15			13

Industrial & Pollution Control		12			11

Water & Sewer		11			12

Transportation		8			4

Lease Revenue		7			8

Housing		7			8

Hospitals		4			4

Tobacco		2			2


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		43	%		31	%

AA/Aa		22			33

A		18			21

BBB/Baa		10			6

BB/Ba		3			5

Caa		3			4

Not Rated		1			—



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

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New York Municipal Income Trust (BNY)


Trust Information

Symbol on New York Stock Exchange:	BNY

Initial Offering Date:	July 27, 2001

Closing Market Price as of 10/31/05:		$	15.19

Net Asset Value as of 10/31/05:		$	15.44

Yield on Closing Market Price as of 10/31/05 ($15.19):¹			5.95	%

Current Monthly Distribution per Common Share:²		$	0.075339

Current Annualized Distribution per Common Share:²		$	0.904068

Leverage as of 10/31/05:³			36	%


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

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



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

Market Price		$	15.19		$	13.99		8.58	%		$	15.78		$	13.80

NAV		$	15.44		$	15.28		1.05	%		$	15.77		$	15.13

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


Portfolio Composition

Sector	October 31, 2005			October 31, 2004

Transportation		19	%		17	%

Housing		15			7

Industrial & Pollution Control		15			12

Lease Revenue		12			13

Tobacco		12			10

Education		8			12

Hospitals		7			5

Water & Sewer		6			4

City, County & State		5			6

Tax Revenue		1			7

Other		—			7


Credit Quality Allocations⁴

Credit Rating	October 31, 2005			October 31, 2004

AAA/Aaa		27	%		24	%

AA/Aa		18			19

A		20			26

BBB/Baa		26			27

BB/Ba		2			1

B		3			—

Caa		3			3

Not Rated		1			—



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


PORTFOLIO OF INVESTMENTS OCTOBER 31, 2005


BlackRock Investment Quality Municipal Trust (BKN)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—154.5%

Alabama—5.8%

AAA

14,000

Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA

09/10 @ 101

15,218,280

Alaska—2.4%

AAA

6,015

Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/05, MBIA

N/A

6,150,037

Arizona—0.7%

San. Luis Fac. Dev. Corp. Rev., Sr. Lien Proj. Regl. Detention Ctr.,

490

6.25%, 5/01/15

05/10 @ 107

480,161

490

7.00%, 5/01/20

05/10 @ 107

477,422

980

7.25%, 5/01/27

05/10 @ 107

949,963

1,907,546

California—26.6%

California, GO,

AAA

10,000

5.00%, 3/01/33

03/15 @ 100

10,269,400

5,770

5.625%, 5/01/18

05/10 @ 101

6,269,970

BBB

7,000

Foothill/Eastn. Transp. Corridor Agcy. Refdg. Conv. Cap. Apprec., Zero Coupon, 1/15/28

01/14 @ 101

5,940,550

BBB

3,495

Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40

01/10 @ 101

3,532,606

A-

19,760

Golden St. Tobacco Sec. Corp., Ser. A, 5.00%, 6/01/45

06/15 @ 100

19,764,347

AAA

10,945

Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA

08/13 @ 53.632

3,983,323

AAA

15,460

Los Angeles Cnty., Asset Leasing Corp. Rev. Proj., 3.80%, 12/01/07, AMBAC

No Opt. Call

16,349,105

AAA

3,150

Univ. of California, Ser. C, 4.75%, 5/15/37, MBIA

05/13 @ 101

3,114,374

69,223,675

Connecticut—1.2%

Baa3

3,000

Mashantucket Western Pequot Tribe Spec. Rev., Ser. A, 5.50%, 9/01/28

09/09 @ 101

3,079,380

District of Columbia—2.2%

BBB

4,960

Tobacco Settlement Fin. Corp., 6.50%, 5/15/33

No Opt. Call

5,614,621

Florida—14.7%

AAA

5,705

Brd. of Ed. Pub. Ed., Cap. Outlay, GO, Ser. A, 5.00%, 6/01/31

06/14 @ 101

5,911,293

2,110

Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34

05/13 @ 101

2,193,261

3,700

Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30

10/10 @ 101

4,079,065

2,250

Live Oak Cmnty. Dev. Dist. No. 2, Ser. A, 5.85%, 5/01/35

05/12 @ 101

2,266,087

BB+

4,755

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

11/14 @ 100

5,283,423

Miami Dade Cnty. Spl. Oblig. Cap. Apprec.,

AAA

3,380

Ser. A, Zero Coupon, 10/01/31, MBIA

10/15 @ 44.051

843,378

AAA

4,225

Ser. A, Zero Coupon, 10/01/32, MBIA

10/15 @ 41.782

996,635

AAA

4,000

Ser. A, Zero Coupon, 10/01/33, MBIA

10/15 @ 39.621

891,800

AAA

4,580

Ser. A, Zero Coupon, 10/01/34, MBIA

10/15 @ 37.635

967,662

AAA

5,000

Ser. A, Zero Coupon, 10/01/35, MBIA

10/15 @ 35.678

1,001,100

AAA

10,000

Ser. A, Zero Coupon, 10/01/36, MBIA

10/15 @ 33.817

1,891,700

AAA

10,000

Ser. A, Zero Coupon, 10/01/37, MBIA

10/15 @ 32.047

1,792,500

9,975

Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22

05/13 @ 100

10,086,820

38,204,724

Georgia—6.1%

Atlanta Arpt. Passenger Fac.,

AAA

5,000

Ser. C, 5.00%, 1/01/33, FSA

07/14 @ 100

5,130,450

AAA

5,000

Ser. J, 5.00%, 1/01/34, FSA

01/15 @ 100

5,132,800

AAA

4,000

Atlanta Wtr. & Wstwtr. Rev., 5.00%, 11/01/34, FSA

11/14 @ 100

4,116,760

BBB

1,500

Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 6.00%, 9/01/33

09/14 @ 101

1,579,335

15,959,345

Hawaii—1.0%

AAA

2,500

Dept. of Budget & Fin., Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC

01/09 @ 101

2,701,700

See Notes to Financial Statements.


BlackRock Investment Quality Municipal Trust (BKN) (continued)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

Illinois—11.0%

1,920

⁴

Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23

No Opt. Call

1,925,760

AAA

1,040

Chicago Brd. of Ed. Sch. Reform, 5.75%, 12/01/07, AMBAC

N/A

1,112,779

AAA

5,000

⁵

Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA

ETM

6,354,450

Edl. Fac. Auth.,

AAA

2,575

4.10%, 7/01/13, FGIC

12/05 @ 100

2,584,759

AAA

2,070

5.45%, 7/01/14, FGIC

12/05 @ 100

2,076,790

BB+

690

Fin. Auth. Rev., Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37

02/15 @ 100

688,454

Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj.,

Baa2

875

Ser. A, 5.125%, 6/01/35

06/14 @ 100

854,770

Baa3

700

Ser. B, 5.375%, 6/01/35

06/14 @ 100

684,257

AA+

5,800

Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43

08/14 @ 100

6,087,738

O’Hare Intl. Arpt.,

AAA

1,000

Ser. A, 5.00%, 1/01/29, MBIA

01/15 @ 100

1,025,060

AAA

1,610

Ser. A, 5.00%, 1/01/30, MBIA

01/15 @ 100

1,647,932

AAA

3,540

Ser. C-2, 5.25%, 1/01/30, FSA

01/14 @ 100

3,651,121

28,693,870

Kentucky—2.6%

AAA

15,715

Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA

No Opt. Call

6,637,859

Maryland—0.7%

Baa1

1,740

Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33

08/14 @ 100

1,784,927

Massachusetts—0.6%

AAA

1,460

Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA

01/07 @ 102

1,479,476

Michigan—1.6%

BB+

4,000

Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09

07/07 @ 101

4,165,640

Multi-State—4.8%

Baa1

7,000

⁴

Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50

11/10 @ 100

7,937,160

Baa1

4,000

⁴

MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50

11/10 @ 100

4,529,520

12,466,680

New Jersey—4.2%

AAA

2,000

Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA

01/10 @ 100

2,154,440

BBB

7,000

Econ. Dev. Auth. Cigarette Tax Rev., 5.75%, 6/15/29

06/14 @ 100

7,339,710

1,510

Middlesex Cnty. Imprt. Auth. Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

01/15 @ 100

1,479,649

10,973,799

New York—14.7%

Dorm. Auth.,

AAA

2,030

Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/23, MBIA

07/10 @ 101

1,707,027

AAA

1,865

Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/21, MBIA

07/10 @ 101

1,566,843

AA-

17,960

Liberty Dev. Corp. Rev. Proj., 5.25%, 10/01/35

No Opt. Call

19,659,914

New York City Ind. Dev. Agcy.,

A-

4,000

Term. One Grp. Assoc. Proj., 6.00%, 1/01/08

12/05 @ 101

4,022,120

A-

1,000

Term. One Grp. Assoc. Proj., 6.00%, 1/01/15

12/05 @ 101

1,005,530

New York City, GO,

A+

4,805

^5,6

Ser. E, 6.50%, 2/15/06

ETM

4,852,377

A+

2,195

⁶

Ser. E, 6.50%, 2/15/06

No Opt. Call

2,216,774

AAA

3,115

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC

10/14 @ 100

3,240,285

38,270,870

North Carolina—4.3%

AA+

3,280

Cap. Fac. Fin. Agcy., Ser. A, 5.00%, 10/01/41

10/15 @ 100

3,357,113

AAA

5,000

Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC

No Opt. Call

5,381,450

2,425

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth., 5.75%, 8/01/35

08/15 @ 100

2,495,349

11,233,912

Ohio—7.8%

AAA

10,475

Air Qual. Dev. Auth., 4.80%, 1/01/34, FGIC

07/15 @ 100

10,458,240

Cuyahoga Cnty. Cleveland Clinic Hlth. Sys. Proj.,

Aa3

3,485

6.00%, 1/01/20

07/13 @ 100

3,896,927

Aa3

5,000

6.00%, 1/01/21

07/13 @ 100

5,580,600

AAA

290

⁵

Cuyahoga Cnty. Port Auth., Port Dev. Proj., 6.00%, 3/01/07

ETM

296,829

20,232,596

See Notes to Financial Statements.


BlackRock Investment Quality Municipal Trust (BKN) (continued)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

Oklahoma—1.1%

B-

2,900

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

No Opt. Call

2,899,942

Oregon—1.1%

BB+

2,930

Klamath Falls Elec., Klamath Cogen Proj., 5.50%, 1/01/07

No Opt. Call

2,915,291

Pennsylvania—8.4%

Econ. Dev. Fin. Auth., Amtrak Proj.,

2,000

Ser. A, 6.25%, 11/01/31

05/11 @ 101

2,127,140

3,100

Ser. A, 6.375%, 11/01/41

05/11 @ 101

3,307,762

BB-

8,235

Econ. Dev. Fin. Auth., Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

12/09 @ 103

8,805,356

2,750

Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.875%, 1/01/06

N/A

2,790,013

AAA

4,000

Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC

06/06 @ 100

4,057,800

McKeesport Area Sch. Dist.,

AAA

870

⁵

Zero Coupon, 10/01/31, FGIC

ETM

247,550

AAA

2,435

Zero Coupon, 10/01/31, FGIC

No Opt. Call

643,911

21,979,532

Rhode Island—0.8%

AAA

2,000

Hlth. & Edl. Bldg. Corp. Hosp. Fin., 5.50%, 5/15/16, MBIA

05/07 @ 102

2,086,980

South Carolina—2.7%

Jobs Econ. Dev. Auth. Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj.,

BBB+

2,185

Ser. A, 6.25%, 8/01/31

08/13 @ 100

2,354,032

BBB+

4,000

Ser. C, 6.875%, 8/01/27

08/13 @ 100

4,629,200

6,983,232

Tennessee—2.0%

AAA

4,865

Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC

03/10 @ 101

5,218,588

Texas—15.3%

6,320

⁷

Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26

11/11 @ 102

4,817,609

BBB

4,300

Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38

10/13 @ 101

4,718,992

AAA

6,000

Grapevine, GO, 5.875%, 8/15/10, FGIC

N/A

6,625,020

AAA

5,000

Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA

11/30 @ 61.166

790,150

AAA

8,375

Humble Indpt. Sch. Dist. Sch. Bldg., Ser. B, 5.00%, 2/15/30, FGIC

02/15 @ 100

8,618,880

AAA

9,495

La Joya Indpt. Sch. Dist., 5.00%, 2/15/34, PSF-GTD

02/14 @ 100

9,714,050

AAA

15,000

Tpke. Auth. Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC

08/12 @ 32.807

3,541,350

AA+

1,000

Wtr. Fin. Asst., GO, 5.75%, 8/01/22

08/10 @ 100

1,082,960

39,909,011

Utah—2.9%

AAA

1,950

⁵

Intermountain Pwr. Agcy. Pwr. Sply. Rev., 5.00%, 7/01/13, AMBAC

ETM

1,956,610

AAA

5,560

Trans. Auth., 4.75%, 6/15/35, FSA

12/15 @ 100

5,507,347

7,463,957

Washington—5.3%

AAA

13,395

Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA

07/06 @ 102

13,881,105

Wisconsin—1.9%

A-

3,220

Hlth. & Edl. Facs. Auth. Aurora Hlth. Care Proj., 6.40%, 4/15/33

04/13 @ 100

3,522,551

AAA

1,500

Pub. Pwr, Inc. Sys., Ser. A, 5.00%, 7/01/35, AMBAC

07/15 @ 100

1,542,750

5,065,301

Total Long-Term Investments (cost $386,408,712)

402,401,876

See Notes to Financial Statements.


BlackRock Investment Quality Municipal Trust (BKN) (continued)


Shares (000)	Description		Option Call Provisions² (unaudited)	Value

	MONEY MARKET FUND—0.6%
1,750	AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,700,000)		N/A	$	1,750,000

	Total Investments—155.1% (cost $388,158,712⁸)	.			404,151,876
	Other assets in excess of liabilities—1.2%				3,053,018
	Preferred shares at redemption value, including dividends payable—(56.3)%				(146,711,021	)

	Net Assets Applicable to Common Shareholders—100%	.		$	260,493,873



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is 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	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, 2005, the Trust held 5.53% of its net assets, with a current market value of $14,392,440, in securities restricted as to resale.
⁵	Security is collateralized by U.S. Treasury obligations.
⁶	Security, or a portion thereof, pledged as collateral with a value of $1,211,832 on 362 short U.S. Treasury Note futures contracts expiring December 2005 and 138 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $54,711,719, with an unrealized gain of $1,675,893.
⁷	Illiquid Security. As of October 31, 2005, the Trust held 1.8% of its net assets, with a current market value of $4,817,609.
⁸	Cost for Federal income tax purposes is $387,601,352. The net unrealized appreciation/depreciation on a tax basis is $16,550,524, consisting of $20,074,480 gross unrealized appreciation and $3,523,956 gross unrealized depreciation.



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

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS OCTOBER 31, 2005

BlackRock Municipal Income Trust (BFK)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—152.0%

Alabama—2.5%

15,000

Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32

06/12 @ 101

15,944,700

Arizona—1.2%

7,000

Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care Proj., 5.80%, 12/01/31

12/11 @ 101

7,455,490

California—22.1%

Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,

BBB

54,635

Zero Coupon, 1/15/32

01/10 @ 27.37

11,684,241

BBB

20,535

Zero Coupon, 1/15/34

01/10 @ 24.228

3,883,579

BBB

75,000

Zero Coupon, 1/15/38

01/10 @ 19.014

11,111,250

Golden St. Tobacco Sec. Corp.,

A-

50,355

Ser. A, 5.00%, 6/01/45

06/15 @ 100

50,366,078

BBB

10,000

Ser. A-1, 6.625%, 6/01/40

06/13 @ 100

11,236,300

3,500

Lincoln Spl. Tax, Cmnty. Facs. Dist., 6.00%, 9/01/34

09/13 @ 102

3,699,220

Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev.,

B-

14,805

Amer. Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24

12/12 @ 102

14,589,439

AAA

13,320

Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC

01/12 @ 100

13,854,532

5,000

Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34

09/14 @ 100

5,183,150

5,000

Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33

04/13 @ 100

5,228,550

AAA

11,440

Univ. of California, Ser. C, 4.75%, 5/15/37, MBIA

05/13 @ 101

11,310,614

142,146,953

Colorado—0.6%

BBB

3,500

Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31

12/11 @ 100

3,642,310

District of Columbia—6.4%

District of Columbia,

2,390

Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA

06/14 @ 100

2,404,651

AAA

15,600

Georgetown Univ., Ser. A, Zero Coupon, 4/01/36, MBIA

04/11 @ 22.875

2,681,640

AAA

51,185

Georgetown Univ., Ser. A, Zero Coupon, 4/01/37, MBIA

04/11 @ 21.546

8,283,780

BBB

25,535

Tobacco Settlement Fin. Corp., 6.75%, 5/15/40

05/11 @ 101

27,898,264

41,268,335

Florida—11.8%

3,000

Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35

05/14 @ 101

3,076,590

4,000

Bellalago Edu. Fac. Benefits Dist., Ser. B, 5.80%, 5/01/34

05/14 @ 100

4,038,080

4,000

Bridgewater Cmnty. Dev. Dist., Florida Spl. Assmt., Ser. A, 6.00%, 5/01/35

05/12 @ 101

4,052,600

2,000

CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35

05/14 @ 101

2,088,220

3,000

City Ctr. Cmnty. Dev. Dist. Spec. Assmt. Rev., Ser. A, 6.125%, 5/01/36

05/15 @ 101

2,905,140

Baa2

4,600

Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30

09/06 @ 102

4,734,550

2,000

Heritage Isle At Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35

05/12 @ 101

2,032,400

A+

9,670

Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31

11/11 @ 101

10,423,003

BB+

9,000

Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25

12/05 @ 102

9,299,520

BB+

11,685

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

11/14 @ 100

12,983,554

3,970

Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35

05/14 @ 100

4,056,506

9,970

Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22

05/13 @ 100

10,081,764

World Commerce Cmnty. Dev. Dist.,

4,000

Ser. A-1, 6.50%, 5/01/36

05/14 @ 101

4,130,240

1,750

Ser. A-2, 6.125%, 5/01/35

05/14 @ 101

1,800,872

75,703,039

Georgia—2.2%

AAA

9,700

Atlanta Arpt. Passenger Fac., Ser. C, 5.00%, 1/01/33, FSA

07/14 @ 100

9,953,073

BBB

4,000

Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25

02/12 @ 101

4,205,520

14,158,593

Idaho—2.8%

AAA

16,970

Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC

04/11 @ 100

17,679,007

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

Illinois—12.6%

Bolingbrook,

AAA

7,120

Ser. B, Zero Coupon, 1/01/33, FGIC

No Opt. Call

1,765,760

AAA

14,085

Ser. B, Zero Coupon, 1/01/34, FGIC

No Opt. Call

3,318,285

4,630

Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23

No Opt. Call

4,643,890

A+

7,145

⁴

Dev. Fin. Auth. Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24

11/09 @ 101

7,448,162

Aa1

760

Edl. Facs Auth. Revs. Bal Union Chicago Proj., Ser. A, 5.25%, 7/01/41

07/11 @ 101

792,004

Edl. Facs. Auth., Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj.,

BBB

10,000

6.25%, 5/01/30

05/12 @ 101

10,613,000

BBB

7,000

6.25%, 5/01/34

05/07 @ 100

7,175,140

BB+

1,685

Fin. Auth. Rev., Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37

02/15 @ 100

1,681,226

Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj.,

Baa2

2,100

Ser. A, 5.125%, 6/01/35

06/14 @ 100

2,051,448

Baa3

1,675

Ser. B, 5.375%, 6/01/35

06/14 @ 100

1,637,329

AA+

3,700

Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43

08/14 @ 100

3,883,557

Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,

5,000

5.50%, 1/01/22

01/13 @ 100

5,225,050

6,000

5.625%, 1/01/28

01/13 @ 100

6,267,000

AAA

40,000

Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj.,

Ser. A, Zero Coupon, 12/15/34, MBIA

No Opt. Call

9,416,000

O’Hare Intl. Arpt.,

AAA

3,000

Ser. A, 5.00%, 1/01/29, MBIA

01/15 @ 100

3,075,180

AAA

4,000

Ser. A, 5.00%, 1/01/30, MBIA

01/15 @ 100

4,094,240

AAA

7,645

Ser. C-2, 5.25%, 1/01/30, FSA

01/14 @ 100

7,884,976

80,972,247

Indiana—7.3%

A+

9,000

Hlth. Fac. Fin. Auth., Methodist Hosp. Inc. Proj., 5.50%, 9/15/31

09/11 @ 100

9,216,630

BBB

7,500

Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17

No Opt. Call

7,660,050

Petersburg, PCR, Pwr. & Lt. Conv.,

BBB+

10,000

5.90%, 12/01/24

08/11 @ 102

10,471,900

BBB+

16,000

5.95%, 12/01/29

08/11 @ 102

16,704,640

2,545

Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24

01/09 @ 102

2,519,295

46,572,515

Kentucky—1.4%

AAA

9,060

Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32, FNMA

07/11 @ 100

9,268,471

Louisiana—2.5%

Local Gov’t. Env. Facs. & Cmnty. Dev. Auth.,

10,510

Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA

No Opt. Call

11,352,692

Baa1

4,605

Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38

06/13 @ 102

4,654,964

16,007,656

Maryland—0.7%

Baa1

4,205

Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33

08/14 @ 100

4,313,573

Massachusetts—1.1%

AAA

6,750

Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA

01/07 @ 102

6,840,045

Mississippi—3.0%

18,680

Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31

07/11 @ 100

19,103,289

Multi-State—7.2%

Charter Mac Equity Issuer Trust,

1,000

Ser. A, 6.625%, 6/30/09

No Opt. Call

1,075,400

11,000

Ser. A-2, 6.30%, 6/30/49

No Opt. Call

11,629,860

16,000

Ser. A-3, 6.80%, 10/01/52

No Opt. Call

17,942,720

Baa1

6,500

Ser. B-1, 6.80%, 11/30/50

No Opt. Call

7,021,430

8,000

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/09

06/09 @ 100

8,679,440

46,348,850

New Hampshire—0.6%

A+

3,500

Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31

10/11 @ 101

3,682,735

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

New Jersey—9.1%

Econ. Dev. Auth.,

BBB

18,500

Cigarette Tax Rev., 5.75%, 6/15/29

06/14 @ 100

19,397,805

31,410

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

11/10 @ 101

26,562,181

Baa3

8,000

Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28

No Opt. Call

9,166,640

3,680

Middlesex Cnty. Imprt. Auth. Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

01/15 @ 100

3,606,032

58,732,658

New York—9.4%

AAA

5,375

Env. Facs. Corp., Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31

06/12 @ 100

5,527,059

AA-

33,585

Liberty Dev. Corp. Rev. Proj., 5.25%, 10/01/35

No Opt. Call

36,763,820

AAA

7,115

Met. Transp. Auth. Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC

07/12 @ 100

7,313,224

Sales Tax Asset Receivable Corp.,

AAA

7,000

Ser. A, 5.00%, 10/15/29, AMBAC

10/14 @ 100

7,281,540

AAA

3,360

Ser. A, 5.00%, 10/15/32, AMBAC

10/14 @ 100

3,490,099

60,375,742

North Carolina—1.9%

12,130

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth., 5.75%, 8/01/35

08/15 @ 100

12,481,891

Ohio—8.1%

AAA

23,820

Air Qual. Dev. Auth., 4.80%, 1/01/34, FGIC

07/15 @ 100

23,781,888

BBB

14,500

Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20

08/07 @ 102

15,223,260

3,760

Pinnacle Cmnty. Infrastructure, Fin. Auth., Ohio Facs., Ser. A, 6.25%, 12/01/36

12/14 @ 101

3,924,876

AAA

9,000

Wtr. Dev. Pollutn. Ctl. Refdg. Coll. Dayton Pwr. Lt. Co. A, 4.80%, 1/01/34, FGIC

07/15 @ 100

8,849,250

51,779,274

Oklahoma—1.1%

B-

7,175

Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35

No Opt. Call

7,174,857

Pennsylvania—7.7%

6,500

Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41

05/11 @ 101

6,935,630

BB-

19,750

Econ. Dev. Fin. Auth., Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

12/09 @ 103

21,117,885

Higher Edl. Facs. Auth.,

BBB+

4,000

La Salle Univ. Proj., 5.50%, 5/01/34

05/13 @ 100

4,154,080

17,250

⁴

Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.75%, 1/01/06

N/A

17,497,537

49,705,132

South Carolina—5.0%

Jobs Econ. Dev. Auth. Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj.,

BBB+

5,075

Ser. A, 6.25%, 8/01/31

08/13 @ 100

5,467,602

BBB+

9,000

Ser. C, 6.875%, 8/01/27

08/13 @ 100

10,415,700

Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,

5,000

5.50%, 11/01/32

11/13 @ 100

5,250,400

10,000

5.75%, 11/01/28

11/13 @ 100

10,741,300

31,875,002

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

9,715,487

Texas—11.0%

Affordable Hsg. Corp., Multi-Fam. Hsg. Rev.,

6,010

5.80%, 11/01/26

11/11 @ 102

4,581,303

4,435

⁶

Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32

09/12 @ 102

665,250

18,605

⁶

Arborstone/Baybrook Oaks Proj., Ser. A, 5.85%, 11/01/31

11/11 @ 102

13,870,027

BB-

6,410

⁶

So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32

09/12 @ 102

5,972,710

BBB

945

Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38

10/13 @ 101

1,037,081

AAA

3,805

Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC

12/11 @ 100

3,876,686

Harris Cnty. Houston Sports Auth.,

AAA

12,580

Ser. A, Zero Coupon, 11/15/38, MBIA

11/30 @ 61.166

1,988,017

AAA

26,120

Ser. A-3, Zero Coupon, 11/15/37, MBIA

11/24 @ 46.545

4,344,801

AAA

5,000

Ser. H, Zero Coupon, 11/15/35, MBIA

11/31 @ 78.178

956,800

Tpke. Auth., Central Sys. Rev.,

AAA

35,000

Zero Coupon, 8/15/32, AMBAC

08/12 @ 30.846

7,764,050

AAA

62,325

Zero Coupon, 8/15/33, AMBAC

08/12 @ 28.997

12,987,907

AAA

65,040

Zero Coupon, 8/15/34, AMBAC

08/12 @ 27.31

12,766,051

70,810,683

See Notes to Financial Statements.

BlackRock Municipal Income Trust (BFK) (continued)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

Utah—3.1%

AAA

20,205

Trans. Auth., 4.75%, 6/15/35, FSA

12/15 @ 100

20,013,659

Virginia—0.3%

AAA

8,105

Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA

04/12 @ 34.99

1,989,291

Washington—0.4%

A-

2,190

⁴

Energy Northwest Wind Proj., Ser. B, 6.00%, 1/01/07

N/A

2,321,510

West Virginia—0.3%

AAA

2,070

Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA

06/14 @ 100

2,136,965

Wisconsin—7.1%

Hlth. & Edl. Facs. Auth.,

A-

7,500

Aurora Hlth. Care Proj., 6.40%, 4/15/33

04/13 @ 100

8,204,700

AA-

13,750

Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30

10/11 @ 101

14,136,512

15,000

Wheaton Franciscan Svcs., 5.75%, 8/15/30

2/12 @ 101

15,828,300

AAA

7,515

Pub. Pwr, Inc. Sys., Ser. A, 5.00%, 7/01/35, AMBAC

07/15 @ 100

7,729,178

45,898,690

Total Long-Term Investments (cost $947,517,336)

976,118,649

SHORT-TERM INVESTMENTS—5.7%

Puerto Rico—0.0%

A-1

100

Gov’t. Dev. Bank, 2.52%, 6/01/05, MBIA

N/A

100,000

Texas—0.0%

A-1+

Wtr. Dev. Board Rev., 2.69%, 11/01/05, FRDD

N/A

50,000



Shares (000)

		Money Market Fund—5.7%
	32,100	AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A		32,100,000
	4,700	SSgA Tax Free Money Mkt. Fund	N/A		4,700,000

					36,800,000

		Total Short-Term Investments (cost $36,950,000)			36,950,000

		Total Investments—157.7% (cost $984,467,336⁶)		$	1,013,068,649
		Other assets in excess of liabilities—0.7%			4,223,853
		Preferred shares at redemption value, including dividends payable—(58.4)%			(375,245,108	)

		Net Assets Applicable to Common Shareholders—100%		$	642,047,394



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security 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, 2005, the Trust held 7.9% of its net assets, with a current market value of $50,992,740, in securities restricted as to resale.
⁴	Security, or a portion thereof, pledged as collateral with a value of $4,273,963 on 1,402 short U.S. Treasury Note futures contracts expiring December 2005 and 502 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $208,259,594, with an unrealized gain of $6,443,495.
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	Illiquid Security. As of October 31, 2005, the Trust held 3.2% of its net assets, with a current market value of $20,507,987.
⁷	Cost for Federal income tax purposes is $984,276,701. The net unrealized appreciation/depreciation on a tax basis is $28,791,948, consisting of $43,226,718 gross unrealized appreciation and $14,434,770 gross unrealized depreciation.


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, 2005

BlackRock California Investment Quality Municipal Trust (RAA)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—123.3%

California—105.4%

California, GO, 5.75%, 3/01/19

09/05 @ 101

40,502

Edl. Facs. Auth.,

AAA

760

Santa Clara Univ., 5.00%, 9/01/06, MBIA

N/A

787,900

AAA

240

Student Loan Prog., Ser. A, 6.00%, 3/01/16, MBIA

03/07 @ 102

249,667

Golden St. Tobacco Sec. Corp.,

A-

1,040

Ser. A, 5.00%, 6/01/45

06/15 @ 100

1,040,229

AAA

600

Ser. B, 5.50%, 6/01/13

N/A

664,932

AAA

400

Ser. B, 5.625%, 6/01/13

N/A

446,548

1,040

Hlth. Facs. Fin. Auth. Rev. Cedars Sinai Med. Ctr. Proj., 5.00%, 11/15/34

11/15 @ 100

1,042,423

AAA

1,000

Los Angeles Cnty. Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA

N/A

1,030,050

AAA

1,000

Los Angeles Cnty., Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA

09/07 @ 102

1,058,050

1,150

Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13

08/06 @ 101

1,186,133

B-

945

Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. B, 7.50%, 12/01/24

12/12 @ 102

931,241

1,000

Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6 Proj., 5.60%, 9/01/33

09/10 @ 102

994,330

1,000

Pub. Wks. Brd., Lease Rev., St. Univ. Proj., Ser. A, 6.10%, 10/01/06

12/05 @ 101

1,013,030

BBB+

1,000

Sacramento Pwr. Auth., Cogeneration Proj., 6.50%, 7/01/06

N/A

1,042,770

1,000

San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33

09/12 @ 102

989,120

AAA

500

San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC

12/05 @ 100

501,295

AAA

150

San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA

05/06 @ 101

153,364

AAA

So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA

12/05 @ 100

40,190

AAA

500

Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC

08/07 @ 102

530,985

BBB

900

Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43

06/12 @ 100

932,589

AAA

370

West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC

08/07 @ 101

387,871

15,063,219

Puerto Rico—17.9%

Hwy. & Trans. Auth.,

BBB+

130

5.00%, 7/01/30

07/15 @ 100

131,382

BBB+

260

5.00%, 7/01/40

07/15 @ 100

260,772

BBB+

250

5.00%, 7/01/45

07/15 @ 100

249,555

BBB+

230

Ser. K, 5.00%, 7/01/35

07/15 @ 100

231,562

AAA

Ser. L, 5.25%, 7/01/38, AMBAC

No Opt. Call

95,219

Pub. Fin. Corp.,

Aaa

745

Ser. E, 5.50%, 2/01/12

N/A

816,937

BBB-

255

⁴

Ser. E, 5.50%, 8/01/29

02/12 @ 100

271,871

BBB

500

Pub. Impvt., Ser. A, 5.00%, 7/01/34

07/14 @ 100

501,360

2,558,658

Total Long-Term Investments (cost $16,908,493)

17,621,877

SHORT-TERM INVESTMENTS—28.1%

California—23.9%

A-1+

600

Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. B-2, 2.81%, 11/01/05

N/A

600,000

A-1+

600

Hlth. Facs Fin. Auth., Ser. B, 2.68%, 11/01/05, AMBAC

N/A

600,000

VMIG1

318

Irvine Impvt. Bond Act 1915, Spec. Assmt. Dist. No. 00-18, Ser. A, 2.66%, 11/01/05

318,000

VMIG1

600

Irvine Unified Sch. Dist. Spec. Tax, 2.66%, 11/01/05

N/A

600,000

A-1+

700

Newport Beach Rev., Hoag Mem. Presbyterian Hosp. Proj., 2.70%, 11/01/05

N/A

700,000

A-1+

600

Orange Cnty. San. Dist., Ser. B, 2.66%, 11/01/05

N/A

600,000

3,418,000

See Notes to Financial Statements.

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


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

				Puerto Rico—4.2%
A-1		$	600	Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.66%, 11/02/05, AMBAC	N/A	$	600,000

				Total Short-Term Investments (cost $4,018,000)			4,018,000

				Total Investments—151.4% (cost $20,926,493⁵)		$	21,639,877
				Other assets in excess of liabilities—1.1%			161,300
				Preferred shares at redemption value, including dividends payable—(52.5)%			(7,502,570	)

				Net Assets Applicable to Common Shareholders—100%		$	14,298,607



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is 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	Security, or a portion thereof, pledged as collateral with a value of $270,708 on one long U.S. Treasury Note futures contract expiring December 2005, and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contract on October 31, 2005, was $3,516, with an unrealized gain of $840.
⁵	Cost for Federal income tax purposes is $20,922,056. The net unrealized appreciation/depreciation on a tax basis is $717,821, consisting of $815,346 gross unrealized appreciation and $97,525 gross unrealized depreciation.


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, 2005

BlackRock California Municipal Income Trust (BFZ)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—155.6%

California—127.8%

Anaheim Pub. Fin. Auth., Pub. Impvt. Proj.,

AAA

24,500

Ser. C, Zero Coupon, 9/01/31, FSA

No Opt. Call

6,555,710

AAA

6,070

Ser. C, Zero Coupon, 9/01/32, FSA

No Opt. Call

1,531,340

California, GO,

10,000

5.50%, 11/01/33

11/13 @ 100

10,811,600

AAA

5,500

Ser. BZ, 5.35%, 12/01/21, MBIA

06/07 @ 101

5,548,400

AAA

5,000

Ser. BZ, 5.375%, 12/01/24, MBIA

06/07 @ 101

5,027,800

BBB

5,000

Cnty. Tobacco Sec. Agcy., Stanislaus Fdg., Ser. A, 5.875%, 6/01/43

06/12 @ 100

5,250,500

Dept. of Wtr. Res., Pwr. Sply. Rev.,

4,000

Ser. A, 5.375%, 5/01/21

05/12 @ 101

4,278,800

6,000

Ser. A, 5.375%, 5/01/22

05/12 @ 101

6,411,120

AAA

10,000

Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32

06/11 @ 101

10,486,400

AAA

6,000

El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC

01/11 @ 100

6,249,660

Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax,

AAA

7,485

Zero Coupon, 12/01/29, AMBAC

12/11 @ 37.373

2,017,133

AAA

7,485

Zero Coupon, 12/01/30, AMBAC

12/11 @ 35.365

1,906,130

AAA

7,485

Zero Coupon, 12/01/31, AMBAC

12/11 @ 33.465

1,801,190

Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,

BBB

5,000

Zero Coupon, 1/15/26

01/14 @ 101

4,243,250

BBB

5,000

Zero Coupon, 1/15/33

01/10 @ 25.78

1,006,350

BBB

5,000

Zero Coupon, 1/15/34

01/10 @ 24.228

945,600

BBB

13,445

Zero Coupon, 1/15/35

01/10 @ 22.819

2,394,151

BBB

1,000

Zero Coupon, 1/15/38

01/10 @ 19.014

148,150

BBB

10,030

5.75%, 1/15/40

01/10 @ 101

10,137,923

Golden St. Tobacco Sec. Corp.,

A-

16,840

Ser. A, 5.00%, 6/01/45

06/15 @ 100

16,843,705

BBB

2,000

Ser. A-1, 6.625%, 6/01/40

06/13 @ 100

2,247,260

BBB

1,000

Ser. A-1, 6.75%, 6/01/39

06/13 @ 100

1,134,950

AAA

10,200

⁴

Ser. B, 5.50%, 6/01/13

N/A

11,303,844

AAA

5,800

⁴

Ser. B, 5.625%, 6/01/13

N/A

6,474,946

Hlth. Facs. Fin. Auth.,

3,000

Insured Hlth. Facs. Valleycare, Ser. A, 5.375%, 5/01/27

05/12 @ 100

3,132,660

AAA

4,890

⁵

Kaiser Proj., Ser. A, 5.40%, 5/01/28

ETM

5,031,419

Infrastructure & Econ. Dev.,

AAA

20,035

Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC

07/13 @ 100

20,624,630

15,250

J. David Gladstone Inst. Proj., 5.25%, 10/01/34

10/11 @ 101

15,478,597

A+

13,500

Kaiser Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31

08/11 @ 102

14,182,965

4,965

Irvine Mobile Home Park, Meadows Mobile Home Park Proj., Ser. A, 5.70%, 3/01/28

03/08 @ 102

4,902,838

7,700

Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34

08/12 @ 102

8,282,659

Lathrop Fin. Auth., Wtr. Sply. Proj.,

2,855

5.90%, 6/01/27

06/13 @ 100

2,991,069

5,140

6.00%, 6/01/35

06/13 @ 100

5,397,771

Live Oak Unified Sch. Dist., Cap. Apprec. Election 2004,

AAA

985

Zero Coupon, 8/01/35, XLCA

08/18 @ 39.952

192,755

AAA

1,030

Zero Coupon, 8/01/36, XLCA

08/18 @ 37.743

190,807

AAA

1,080

Zero Coupon, 8/01/37, XLCA

08/18 @ 35.649

186,484

AAA

1,125

Zero Coupon, 8/01/38, XLCA

08/18 @ 33.665

183,803

AAA

1,175

Zero Coupon, 8/01/39, XLCA

08/18 @ 31.785

181,643

AAA

1,230

Zero Coupon, 8/01/40, XLCA

08/18 @ 30.004

179,912

AAA

1,285

Zero Coupon, 8/01/41, XLCA

08/18 @ 28.317

177,831

AAA

1,340

Zero Coupon, 8/01/42, XLCA

08/18 @ 26.72

175,460

AAA

1,400

Zero Coupon, 8/01/43, XLCA

08/18 @ 25.208

170,296

AAA

1,465

Zero Coupon, 8/01/44, XLCA

08/18 @ 23.777

168,534

B-

4,110

Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24

12/12 @ 102

4,050,158

BBB+

1,000

Palm Springs Mobile Home Park, Sahara Mobile Home Park Proj., 5.625%, 5/15/26

05/12 @ 102

1,031,750

BBB

2,290

Poll. Ctrl. Sld. Wst., Wst. Mgmt., Inc. Proj., Ser. A-2, 5.40%, 4/01/25

04/15 @ 101

2,322,472

4,000

Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33

09/13 @ 100

4,175,280

AAA

15,500

Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj., 5.125%, 9/01/30, MBIA

09/11 @ 100

15,934,775

AAA

1,905

Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC

No Opt. Call

511,912

AAA

6,500

San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA

05/11 @ 100

6,709,430

San Francisco City & Cnty. Redev. Agcy.,

1,775

Cmnty. Facs. Dist., Mission Bay South Proj., 6.125%, 8/01/31

08/09 @ 102

1,856,366

7,500

Cmnty. Facs. Dist., Mission Bay South Proj., 6.25%, 8/01/33

08/11 @ 101

7,920,600

See Notes to Financial Statements.

BlackRock California Municipal Income Trust (BFZ) (continued)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

California—(cont’d)

San Jose Multi-Fam. Hsg.,

AAA

2,880

Lenzen Hsg., Ser. B, 5.45%, 2/20/43, GNMA

08/11 @ 102

2,942,093

AAA

3,595

Vlgs. Pkwy. Sr. Apts. Proj., Ser. D, 5.50%, 4/01/34, FNMA

04/11 @ 100

3,662,083

Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg.,

6,250

Blossom River Apts. Proj., Ser. A, 6.50%, 9/01/39

03/08 @ 102

5,785,875

1,715

John Burns Gardens Apts. Proj., Ser. A, 5.85%, 8/01/31

02/12 @ 101

1,737,021

1,235

River Town Apts. Proj., Ser. A, 6.00%, 8/01/41

02/12 @ 101

1,251,425

3,075

Santa Clarita Facs. Dist., Valencia Town Ctr. Proj., 5.85%, 11/15/32

11/10 @ 102

3,136,992

Statewide Cmnty. Dev. Auth.,

BBB+

4,000

Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/30

07/15 @ 100

4,060,280

AA-

10,000

Sutter Hlth., Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42

08/12 @ 100

10,430,900

AAA

2,000

Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA

08/13 @ 100

2,102,200

2,245

Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28

10/13 @ 102

2,333,924

2,000

⁴

Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/08

N/A

2,112,060

290,655,641

Multi-State—9.8%

Charter Mac Equity Issuer Trust,

7,000

⁶

Ser. A-2, 6.30%, 6/30/49

No Opt. Call

7,400,820

Baa1

4,000

⁶

Ser. B-1, 6.80%, 11/30/50

No Opt. Call

4,320,880

MuniMae TE Bond Subsidiary, LLC,

7,000

⁶

Ser. A-1, 1.00%, 6/30/49

06/09 @ 100

7,391,160

Baa1

3,000

⁶

Ser. B-1, 1.00%, 6/30/50

11/10 @ 100

3,237,420

22,350,280

Puerto Rico—18.0%

A-

10,000

Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31

07/12 @ 101

10,421,600

Hwy. & Trans. Auth.,

BBB+

4,100

5.00%, 7/01/40

07/15 @ 100

4,112,177

BBB+

3,975

5.00%, 7/01/45

07/15 @ 100

3,967,924

BBB+

3,685

Ser. K, 5.00%, 7/01/35

07/15 @ 100

3,710,021

Pub. Fin. Corp.,

Aaa

10,000

⁴

Ser. E, 5.70%, 2/01/10

N/A

10,880,700

Aaa

5,750

⁴

Ser. E, 5.75%, 2/01/07

N/A

5,927,905

BBB

1,850

Public Impvt., Ser. A, 5.00%, 7/01/29

07/14 @ 100

1,881,099

40,901,426

Total Long-Term Investments (cost $338,292,240)

353,907,347

Shares
(000)

Money Market Fund—0.6%

100

AIM Tax Free Investment Co. Cash Reserve Portfolio
(cost $1,550,000)

N/A

1,550,000

Total Investments—156.2% (cost $339,842,240⁷)

355,457,347

Other assets in excess of liabilities—1.8%

4,009,835

Preferred shares at redemption value, including dividends payable—(58.0)%

(131,994,840

)

Net Assets Applicable to Common Shareholders—100%

227,472,342



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security, or a portion thereof, pledged as collateral with a value of $1,604,550 on 526 short U.S. Treasury Note futures contracts expiring December 2005 and 186 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $77,872,531, with an unrealized gain of $2,412,458.
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 collateralized by U.S. Treasury obligations.
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, 2005, the Trust held 9.83% of its net assets, with a current market value of $22,350,280, in securities restricted as to resale.
⁷	Cost for Federal income tax purposes is $342,035,603. The net unrealized appreciation/depreciation on a tax basis is $13,421,744, consisting of $14,972,059 gross unrealized appreciation and $1,550,315 gross unrealized depreciation.


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

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS OCTOBER 31, 2005

BlackRock Florida Investment Quality Municipal Trust (RFA)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—106.1%

Florida—89.6%

AAA

170

Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC

ETM

201,440

AAA

1,000

⁴

Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/06, AMBAC

N/A

1,035,810

Baa2

1,000

⁴

Capital Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 6/01/38

N/A

950,680

AAA

1,000

⁴

Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/06, FSA

N/A

1,015,730

AAA

1,000

Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA

12/05 @ 102

1,024,180

AAA

1,000

⁴

Dade Cnty., GO, Ser. B, Zero Coupon, 10/01/08, AMBAC

N/A

651,140

AAA

1,000

⁴

First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC

N/A

1,027,630

750

Live Oak Cmnty. Dev. Dist. No. 2, Ser. A, 5.85%, 5/01/35

05/12 @ 101

755,362

285

Madison Cnty. Rev. First Mtg. Twin Oaks Proj., Ser. A, 6.00%, 7/01/25

07/15 @ 100

276,345

BB+

500

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

11/14 @ 100

555,565

AAA

5,000

Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA

04/08 @ 28.079

1,202,000

A+

750

Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24

11/13 @ 100

773,640

Orange Cnty. Hlth. Facs. Auth., Hlth. Care Orlando Lutheran Proj.,

105

5.375%, 7/01/20

07/15 @ 100

103,524

5.70%, 7/01/26

07/15 @ 100

94,184

AA-

1,000

Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys. Proj., 5.50%, 11/15/33

05/13 @ 100

1,045,730

660

Stevens Plantation Impvt. Proj., 6.375%, 5/01/13

No Opt. Call

674,909

1,000

Sumter Landing Cmnty. Dev. Dist. Spec. Assmt., 6.95%, 5/01/33

05/13 @ 101

1,055,230

AAA

1,000

^4,5

Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC

N/A

1,034,240

BBB+

1,000

⁴

Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/06

N/A

1,047,510

14,524,849

Puerto Rico—16.5%

Hwy. & Trans. Auth.,

BBB+

145

5.00%, 7/01/30

07/15 @ 100

146,541

BBB+

290

5.00%, 7/01/40

07/15 @ 100

290,861

BBB+

285

5.00%, 7/01/45

07/15 @ 100

284,493

BBB+

265

Ser. K, 5.00%, 7/01/35

07/15 @ 100

266,799

AAA

Ser. L, 5.25%, 7/01/38, AMBAC

No Opt. Call

95,220

Pub. Fin. Corp.,

Aaa

745

⁴

Ser. E, 5.50%, 2/01/12

N/A

816,937

BBB-

255

Ser. E, 5.50%, 8/01/29

02/12 @ 100

271,871

BBB

500

Pub. Impvt., Ser. A, 5.00%, 7/01/34

07/14 @ 100

501,360

2,674,082

Total Long-Term Investments (cost $16,467,335)

17,198,931

SHORT-TERM INVESTMENTS—42.2%

Florida—27.4%

A-1+

765

Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 2.69%, 11/01/05

N/A

765,000

780

Orange Cnty. Sch. Brd., COP, Ser. B, 2.72%, 11/01/05, AMBAC

N/A

780,000

A-1

600

Orlando & Orange Cnty. Expwy. Auth. Rev., Ser. D, 2.68%, 11/03/05, FSA

N/A

600,000

A-1+

800

Palm Beach Cnty. Sch. Brd., COP, Ser. B, 2.67%, 11/03/05, AMBAC

N/A

800,000

A-1+

700

Pinellas Cnty. Hlth. Fac. Auth., 2.74%, 11/01/05, AMBAC

N/A

700,000

A-1

800

Putnam Cnty. Fl. Dev. Pollutn. Ctl. Adj. Refdg. Florida Pwr. & Lt. Co., 2.73%, 11/01/05

N/A

800,000

4,445,000

Puerto Rico—10.5%

A-1

700

Gov’t. Dev. Bank, 2.52%, 3/01/05, MBIA

N/A

700,000

Puerto Rico Comnwlth. Hwy. & Transer A,

A-1

250

Ser. A, 2.66%, 11/01/05, AMBAC

N/A

250,000

A-1

750

Ser. A, 2.66%, 11/02/05, AMBAC

N/A

750,000

1,700,000

See Notes to Financial Statements.

BlackRock Florida Investment Quality Municipal Trust (RFA) (continued)


Shares (000)		Description	Option Call Provisions²(unaudited)	Value

		Money Market Funds—4.3%
	700	AIM Tax Free Investment Co. Cash Reserve Portfolio	N/A	$	700,000

		Total Short-Term Investments (cost $6,845,000)			6,845,000

		Total Investments—148.3% (cost $23,312,335⁶)		$	24,043,931
		Other assets in excess of liabilities—4.1%			672,659
		Preferred shares at redemption value, including dividends payable—(52.4)%			(8,502,419	)

		Net Assets Applicable to Common Shareholders—100%		$	16,214,171



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security is collateralized by U.S. Treasury obligations.
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, or a portion thereof, pledged as collateral with a value of $103,424 on two long U.S. Treasury Note contracts expiring on December 2005 and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contracts on October 31, 2005 was $104,938, with an unrealized loss of $1,679.
⁶	Cost for Federal income tax purposes is $23,306,840. The net unrealized appreciation/depreciation on a tax basis is $737,091, consisting of $817,685 gross unrealized appreciation and $80,594 gross unrealized depreciation.


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, 2005
BlackRock Florida Municipal Income Trust (BBF)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—147.8%

Florida—120.9%

7,715

Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32, RAA

05/12 @ 102

8,341,921

2,000

Boynton Beach Multi.-Fam. Hsg., Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA

01/13 @ 100

2,040,200

Brd. of Ed., GO,

AAA

5,550

Ser. A, 5.125%, 6/01/30

06/10 @ 101

5,752,464

AAA

1,000

Ser. J, 5.00%, 6/01/24, AMBAC

06/13 @ 101

1,046,820

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

2,813,860

Baa2

1,000

Capital Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 6/01/38

N/A

950,680

AAA

799

Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC

No Opt. Call

860,222

2,050

Gateway Svcs. Cmnty. Dev. Dist. Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08

No Opt. Call

2,070,172

1,690

Heritage Harbour So. Cmnty. Cap. Impvt., Ser. A, 6.50%, 5/01/34

05/13 @ 101

1,772,320

A+

6,500

Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31

11/11 @ 101

7,006,155

BBB+

1,450

Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23

10/12 @ 100

1,509,030

7,500

Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic Proj., Ser. B, 5.50%, 11/15/36

11/11 @ 101

8,073,150

AAA

4,000

Jacksonville Transp., 5.00%, 10/01/26, MBIA

10/11 @ 100

4,125,680

JEA,

Aa2

5,000

⁴

Elec. Sys. Rev., Ser. A, 5.50%, 10/01/07

N/A

5,215,200

7,500

⁴

Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/06

N/A

7,650,375

1,645

Laguna Lakes Cmnty. Spec. Assmt., Ser. A, 6.40%, 5/01/33

05/13 @ 101

1,711,951

1,795

Madison Cnty. Rev. First Mtg. Twin Oaks Proj., Ser. A, 6.00%, 7/01/25

07/15 @ 100

1,740,486

AAA

2,770

⁵

Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC

ETM

1,335,112

BB+

3,000

Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

11/14 @ 100

3,333,390

AAA

1,000

Miami Dade Cnty. Expwy. Auth. Toll Sys. Rev., 5.125%, 7/01/25, FGIC

07/11 @ 101

1,050,240

Miami Dade Cnty., Spec. Oblig. Rev.,

AAA

2,595

Ser. A, Zero Coupon, 10/01/19, MBIA

04/08 @ 55.413

1,273,444

AAA

9,700

Ser. B, Zero Coupon, 10/01/33, MBIA

04/08 @ 25.056

2,076,091

AAA

25,000

Ser. C, Zero Coupon, 10/01/28, MBIA

04/08 @ 32.99

7,142,500

No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj.,

1,575

6.10%, 8/01/21

08/11 @ 101

1,632,535

3,500

6.125%, 8/01/31

08/11 @ 101

3,602,830

Orange Cnty. Hlth. Facs. Auth., Hlth. Care Orlando Lutheran Proj.,

655

5.375%, 7/01/20

07/15 @ 100

645,791

600

5.70%, 7/01/26

07/15 @ 100

594,846

AAA

2,500

Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC

08/11 @ 101

2,593,950

AA-

12,000

So. Miami Hlth. Facs. Auth., Baptist Hlth. Proj., 5.25%, 11/15/33

02/13 @ 100

12,341,040

AAA

1,500

St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA

10/09 @ 101

1,539,975

2,780

Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32

10/09 @ 100

2,906,740

2,000

Sumter Landing Cmnty. Dev. Dist. Spec. Assmt., 6.95%, 5/01/33

05/13 @ 101

2,110,460

4,000

Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26

10/11 @ 101

4,143,960

5,500

Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA

04/12 @ 100

5,891,600

1,640

Vlg. Cmnty. Dev. Dist. Assmt. Rev., No. 5, Spl. Assmt. Rev., Ser. A, 6.50%, 5/01/33

05/13 @ 101

1,744,517

3,625

Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, 6.00%, 5/01/22

05/13 @ 101

3,760,031

BBB+

2,000

Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ. Proj., Ser. A, 5.75%, 10/15/29

10/09 @ 101

2,074,760

124,474,498

Puerto Rico—26.9%

BBB

6,000

Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43

05/12 @ 100

6,199,200

Hwy. & Trans. Auth.,

BBB+

920

5.00%, 7/01/30

07/15 @ 100

929,780

BBB+

1,845

5.00%, 7/01/40

07/15 @ 100

1,850,480

BBB+

1,790

5.00%, 7/01/45

07/15 @ 100

1,786,814

BBB+

1,660

Ser. K, 5.00%, 7/01/35

07/15 @ 100

1,671,271

See Notes to Financial Statements.


BlackRock Florida Municipal Income Trust (BBF) (continued)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

Pub. Fin. Corp.,

Aaa

4,000

⁴

Ser. E, 5.70%, 2/01/10

N/A

4,352,280

Aaa

3,000

⁴

Ser. E, 5.75%, 2/01/07

N/A

3,092,820

Pub. Impvt.,

AAA

2,520

⁴

Ser. A, 5.125%, 7/01/11

N/A

2,725,833

BBB

4,980

Ser. A, 5.125%, 7/01/31

07/11 @ 100

5,096,233

27,704,711

Total Long-Term Investments (cost $145,115,009)

152,179,209

SHORT-TERM INVESTMENTS—5.5%

Florida—3.4%

A-1+

3,545

Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 2.69%, 11/01/05

N/A

3,545,000

Shares
(000)

MONEY MARKET FUND—2.1%

2,150

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,000,000)

N/A

2,150,000

Total Short-Term Investments (cost $5,695,000)

5,695,000

Total Investments—153.3% (cost $150,810,009⁶)

157,874,209

Other assets in excess of liabilities—2.6%

2,642,038

Preferred shares at redemption value, including dividends payable—(55.9)%

(57,572,711

)

Net Assets Applicable to Common Shareholders—100%

102,943,536



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security, or a portion thereof, pledged as collateral with a value of $1,046,820 on 195 short U.S. Treasury Note futures contracts expiring December 2005 and 70 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $28,986,172, with an unrealized gain of $892,137.
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 collateralized by U.S. Treasury obligations.
⁶	Cost for Federal income tax purposes is $150,809,718. The net unrealized appreciation/depreciation on a tax basis is $7,064,491, consisting of $7,310,364 gross unrealized appreciation and $245,873 gross unrealized depreciation.


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, 2005
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—115.7%

Multi-State—7.4%

1,000

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/09

No Opt. Call

1,075,400

New Jersey—94.5%

AAA

1,000

Delaware River Port. Auth. of PA & NJ, 5.75%, 1/01/26, FSA

01/10 @ 100

1,076,340

Econ. Dev. Auth.,

BBB

1,000

Cigarette Tax Rev., 5.75%, 6/15/34

06/14 @ 100

1,044,970

925

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

11/10 @ 101

782,236

First Mtg. Lions Gate Proj., Ser. A, 5.75%, 1/01/25

01/13 @ 102

60,913

110

First Mtg. Lions Gate Proj., Ser. A, 5.875%, 1/01/37

01/13 @ 102

111,129

BBB

500

Sld. Wst. Rev., Disp. Wst. Mgmt. Proj., Ser. A, 5.30%, 6/01/15

No Opt. Call

522,945

AAA

900

Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA

No Opt. Call

981,585

AAA

1,000

⁴

Edl. Fac. Auth., Rowan Coll., Ser. E, 5.875%, 7/01/06, AMBAC

N/A

1,028,440

AAA

1,000

⁴

Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA

N/A

1,030,670

Hlth. Care Fac. Fin. Auth.,

1,000

Hackensack Univ. Med. Ctr., 6.00%, 1/01/25

01/10 @ 101

1,066,540

AAA

1,000

St. Joseph’s Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE

07/06 @ 102

1,035,480

750

Middlesex Cnty. Imprt. Auth. Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

01/15 @ 100

734,925

Baa1

1,000

Middlesex Cnty. Impvt. Auth. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35

08/14 @ 100

1,001,330

AAA

1,000

Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC

12/09 @ 101

1,086,300

BBB

1,000

Tobacco Settlement Fin. Corp., 6.125%, 6/01/42

06/12 @ 100

1,051,380

Tpke. Auth.,

AAA

160

Ser. C, 6.50%, 1/01/16, AMBAC

No Opt. Call

186,312

AAA

⁵

Ser. C, 6.50%, 1/01/16, AMBAC

ETM

64,258

AAA

785

⁵

Ser. C, 6.50%, 1/01/16, AMBAC

ETM

917,013

13,782,766

Puerto Rico—13.8%

Hwy. & Trans. Auth.,

BBB+

130

5.00%, 7/01/30

07/15 @ 100

131,382

BBB+

265

5.00%, 7/01/40

07/15 @ 100

265,787

BBB+

255

5.00%, 7/01/45

07/15 @ 100

254,546

BBB+

235

Ser. K, 5.00%, 7/01/35

07/15 @ 100

236,596

AAA

Ser. L, 5.25%, 7/01/38, AMBAC

No Opt. Call

89,618

AAA

1,000

^4,6

Puerto Rico, GO, 5.40%, 7/01/06, FSA

N/A

1,030,260

2,008,189

Total Long-Term Investments (cost $16,028,082)

16,866,355

SHORT-TERM INVESTMENTS—34.1%

New Jersey—24.5%

700

Econ. Dev. Auth. Rev. Lawrence Sch. Proj., Ser. B, 2.51%, 11/01/05

N/A

700,000

A-1+

285

Edl. Fac. Auth., Princeton Univ. Proj., Ser. B, 2.53%, 11/01/05

N/A

285,000

700

Essex Cnty. Impvt. Auth. Rev., Aces Pooled Govt. Loan Prog., 2.58%, 11/02/05

N/A

700,000

A-1+

600

Gloucester Cnty. Ind. Poll. Ctrl. ExxonMobil Proj., 2.45%, 11/01/05

N/A

600,000

A-1+

700

Mercer Cnty. Impvt. Auth. Rev. Atlantic Fndtn. & Johnson, 2.65%, 11/03/05, MBIA

N/A

700,000

A-1+

590

Sports & Expo. Auth., Ser. B-2, 2.60%, 11/02/05, MBIA

N/A

590,000

3,575,000

Puerto Rico—9.6%

A-1

700

Gov’t. Dev. Bank, 2.52%, 6/01/05, MBIA

N/A

700,000

A-1

700

Hwy. & Transp. Auth. Transp. Rev., Ser. A, 2.66%, 11/02/05, AMBAC

N/A

700,000

1,400,000

See Notes to Financial Statements.


BlackRock New Jersey Investment Quality Municipal Trust (RNJ) (continued)


Description		Value

Total Short-Term Investments (cost $4,975,000)	$	4,975,000

Total Investments—149.8% (cost $21,003,082⁷)	$	21,841,355
Other assets in excess of liabilities—1.7%		242,425
Preferred shares at redemption value, including dividends payable—(51.5)%		(7,503,022	)

Net Assets Applicable to Common Shareholders—100%	$	14,580,758



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security 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, 2005, the Trust held 7.38% of its net assets, with a current market value of $1,075,400, in securities restricted as to resale.
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 collateralized by U.S. Treasury obligations.
⁶	Security, or a portion thereof, pledged as collateral with a value of $206,052 on three long U.S. Treasury Note futures contracts expiring December 2005 and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contracts on October 31, 2005, was $213,391, with an unrealized loss of $4,197.
⁷	Cost for Federal income tax purposes is $20,993,920. The net unrealized appreciation/depreciation on a tax basis is $847,435, consisting of $1,007,174 gross unrealized appreciation and $159,739 gross unrealized depreciation.


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, 2005
BlackRock New Jersey Municipal Income Trust (BNJ)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—151.1%

Multi-State—13.1%

Charter Mac Equity Issuer Trust,

7,000

Ser. A-2, 6.30%, 6/30/49

No Opt. Call

7,400,820

Baa1

2,500

Ser. B-1, 6.80%, 11/30/50

No Opt. Call

2,700,550

MuniMae TE Bond Subsidiary, LLC,

3,000

Ser. A-1, 6.30%, 6/30/49

06/09 @ 100

3,167,640

Baa1

2,000

Ser. B-1, 6.80%, 6/30/50

11/10 @ 100

2,158,280

15,427,290

New Jersey—104.0%

Cherry Hill Twnshp., GO,

AA-

4,065

⁴

5.00%, 7/15/11

N/A

4,351,379

AA-

4,275

⁴

5.00%, 7/15/11

N/A

4,576,174

Econ. Dev. Auth.,

BBB

5,000

Cigarette Tax Rev., 5.75%, 6/15/34

06/14 @ 100

5,224,850

3,450

Continental Airlines, Inc. Proj., 7.00%, 11/15/30

11/10 @ 101

2,917,527

2,000

Continental Airlines, Inc. Proj., 7.20%, 11/15/30

11/10 @ 101

1,732,620

BBB-

2,630

First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18

01/09 @ 102

2,647,884

500

First Mtg. Lions Gate Proj., Ser. A, 5.75%, 1/01/25

01/13 @ 102

507,610

855

First Mtg. Lions Gate Proj., Ser. A, 5.875%, 1/01/37

01/13 @ 102

863,772

BBB-

4,050

First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24

11/14 @ 100

4,189,442

Baa3

2,500

Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28

No Opt. Call

2,864,575

Baa3

5,000

Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31

No Opt. Call

5,612,650

A+

2,000

Masonic Charity Fndtn. Proj., 5.50%, 6/01/31

06/11 @ 102

2,144,220

BBB

2,000

Sld. Wst. Rev., Disp. Wst. Mgmt. Proj., Ser. A, 5.30%, 6/01/15

No Opt. Call

2,091,780

Aaa

1,940

Victoria Hlth. Proj., Ser. A, 5.20%, 12/20/36, GNMA

12/11 @ 103

2,052,578

Edl. Facs. Auth.,

BBB-

1,000

Fairleigh Dickinson Univ. Proj., Ser. C, 5.50%, 7/01/23

07/14 @ 100

1,034,730

BBB-

2,000

Fairleigh Dickinson Univ. Proj., Ser. C, 6.00%, 7/01/20

07/14 @ 100

2,140,500

BBB-

3,000

Fairleigh Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25

07/13 @ 100

3,173,130

BBB+

2,120

Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33

07/13 @ 100

2,345,717

AAA

12,600

Garden St. Presvtn. Trust, Open Space & Farmland Presvtn. Proj., Ser. B,

Zero Coupon, 11/01/26, FSA

No Opt. Call

4,588,290

Hlth. Care Fac. Fin. Auth.,

4,500

Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25

07/12 @ 100

4,743,585

A+

3,000

Catholic Hlth. East. Proj., Ser. A, 5.375%, 11/15/33

11/12 @ 100

3,120,030

10,000

⁵

Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31

07/11 @ 100

10,515,300

Baa1

1,960

So. Jersey Hosp. Proj., 6.00%, 7/01/26

07/12 @ 100

2,066,330

Baa1

5,500

So. Jersey Hosp. Proj., 6.00%, 7/01/32

07/12 @ 100

5,785,670

BBB+

1,540

So. Ocean Cnty. Hosp. Proj., Ser. A, 6.25%, 7/01/23

12/05 @ 100

1,549,132

5,000

Middlesex Cnty. Imprt. Auth. Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

01/15 @ 100

4,899,500

Middlesex Cnty. Impvt. Auth.,

AAA

1,400

Admin. Bldg. Res. Proj., 5.35%, 7/01/34, FNMA

07/11 @ 100

1,461,642

AAA

4,470

New Brunswick Apts. Rental Hsg. Proj., 5.30%, 8/01/35, FNMA

08/12 @ 100

4,548,180

BBB-

2,500

Middlesex Cnty. Poll. Ctrl. Auth. Rev., Amerada Hess, 6.05%, 9/15/34

09/14 @ 100

2,626,650

Aaa

1,940

Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30, GNMA

06/12 @ 102

2,052,675

BBB

13,000

Tobacco Settlement Fin. Corp., 6.125%, 6/01/42

06/12 @ 100

13,667,940

Trenton Pkg. Auth.,

AAA

5,465

5.00%, 4/01/25, FGIC

04/11 @ 100

5,653,051

AAA

1,500

5.00%, 4/01/30, FGIC

04/11 @ 100

1,540,680

Vineland, GO,

AAA

1,500

5.30%, 5/15/30, MBIA

05/10 @ 101

1,567,140

AAA

1,500

5.375%, 5/15/31, MBIA

05/10 @ 101

1,570,365

122,427,298

New York—7.2%

AAA

8,000

Port Auth. of NY & NJ, Spec. Oblig. JFK Intl. Air Term, 5.75%, 12/01/22, MBIA

12/07 @ 102

8,481,360

See Notes to Financial Statements.


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

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

Puerto Rico—26.8%

Hsg. Fin. Corp., Home Mtg. Rev.,

AAA

2,675

Ser. A, 5.20%, 12/01/33

06/11 @ 100

2,704,024

AAA

2,675

Ser. B, 5.30%, 12/01/28

06/11 @ 100

2,696,694

BBB+

3,500

⁴

Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/12

N/A

3,819,655

Pub. Bldgs. Auth.,

AAA

5,000

Ser. D, Zero Coupon, 7/01/31, AMBAC

07/17 @ 100

3,803,000

BBB

1,735

Gov’t Facs., Ser. D, 5.25%, 7/01/36

07/12 @ 100

1,792,932

A-

4,765

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

N/A

5,170,930

Pub. Fin. Corp.,

Aaa

4,000

⁴

Ser. E, 5.70%, 2/01/10

N/A

4,352,280

Aaa

7,040

⁴

Ser. E, 5.75%, 2/01/07

N/A

7,257,817

31,597,332

Total Long-Term Investments (cost $168,195,915)

177,933,280

Shares
(000)

MONEY MARKET FUND—0.9%

1,000

AIM Tax Free Investment Co. Cash Reserve Portfolio,

N/A

1,000,000

Total Investments—152.0% (cost $169,195,915⁶)

178,933,280

Other assets in excess of liabilities—2.2%

2,621,549

Preferred shares at redemption value, including dividends payable—(54.2)%

(63,815,385

)

Net Assets Applicable to Common Shareholders—100%

117,739,444



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security 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, 2005, the Trust held 13.1% of its net assets, with a current market value of $15,427,290, in securities restricted as to resale.
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, or a portion thereof, pledged as collateral with a value of $841,224 on 239 short U.S. Treasury Note futures contracts expiring December 2005 and 86 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $35,549,609, with an unrealized gain of $1,099,536.
⁶	Cost for Federal income tax purposes is $169,145,236. The net unrealized appreciation/depreciation on a tax basis is $9,788,044, consisting of $9,796,346 gross unrealized appreciation and $8,302 gross unrealized depreciation.



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, 2005
BlackRock New York Investment Quality Municipal Trust (RNY)

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

LONG-TERM INVESTMENTS—147.1%

New York—130.4%

Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj.,

Ser. A, 7.00%, 5/01/25

05/15 @ 102

92,159

Ser. A, 7.00%, 5/01/35

05/15 @ 102

57,125

AAA

1,000

Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Ser. B, 5.00%, 12/01/33, MBIA

06/08 @ 100

1,012,010

Dorm. Auth.,

AAA

750

Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, MBIA

02/13 @ 100

768,255

Aa3

1,000

Kateri Residence Proj., 5.00%, 7/01/22

07/13 @ 100

1,026,170

BB+

1,000

Mount Sinai Hlth. Proj., Ser. A, 6.50%, 7/01/25

07/10 @ 101

1,057,630

AAA

1,005

St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC

No Opt. Call

1,095,299

A+

1,000

Univ. of Rochester Proj., Ser. B, 5.625%, 7/01/24

07/09 @ 101

1,071,550

AA-

2,100

Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23

07/13 @ 100

2,190,783

AAA

1,000

Nassau Cnty., GO, Ser. U, 5.25%, 11/01/06, AMBAC

N/A

1,041,300

1,000

New York City Hsg. Dev. Corp. Multi.-Fam. Hsg. Rev., Ser. A, 5.25%, 5/01/30

05/14 @ 100

1,031,790

New York City Ind. Dev. Agcy.,

BBB-

500

Liberty Interactive Corp. Proj., 5.00%, 9/01/35

09/15 @ 100

502,190

A-

1,000

Term. One Grp. Assoc. Proj., 6.00%, 1/01/08

12/05 @ 101

1,005,530

A-

1,000

Term. One Grp. Assoc. Proj., 6.10%, 1/01/09

12/05 @ 101

1,005,690

New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev.,

AAA

1,000

Ser. B, 5.00%, 6/15/36, FSA

12/14 @ 100

1,029,460

AA+

1,000

Ser. C, 5.125%, 6/15/33

06/11 @ 101

1,033,640

New York City Transl. Fin. Auth.,

AAA

815

Ser. B, 6.00%, 5/15/10

N/A

912,140

AAA

185

Ser. B, 6.00%, 5/15/10

N/A

207,050

AAA

1,000

^3,4

Ser. B, 6.00%, 5/15/10

N/A

1,119,190

New York City, GO,

A+

890

Ser. A, 6.00%, 5/15/10

N/A

994,085

A+

110

Ser. A, 6.00%, 5/15/30

05/10 @ 101

120,339

1,000

Ser. B, 5.70%, 8/15/12

12/05 @ 101

1,015,840

A+

1,000

Ser. I, 5.875%, 3/15/06

N/A

1,025,370

AAA

1,000

New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA-IBC

N/A

1,048,800

Caa2

1,000

Port Auth. of NY & NJ, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15

12/05 @ 100

1,000,140

AAA

2,000

Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC

10/14 @ 100

2,077,440

Triborough Brdg. & Tunl. Auth., New York Revs., Refdg.,

AAA

845

Ser. A, 5.00%, 1/01/12, MBIA

N/A

909,812

AAA

155

Ser. A, 5.00%, 1/01/32, MBIA

01/12 @ 100

159,205

25,609,992

Puerto Rico—16.7%

BBB

500

Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43

05/12 @ 100

516,600

Hwy. & Trans. Auth.,

BBB+

175

5.00%, 7/01/30

07/15 @ 100

176,860

BBB+

355

5.00%, 7/01/40

07/15 @ 100

356,054

BBB+

345

5.00%, 7/01/45

07/15 @ 100

344,386

BBB+

320

Ser. K, 5.00%, 7/01/35

07/15 @ 100

322,173

AAA

140

Ser. L, 5.25%, 7/01/38, AMBAC

No Opt. Call

156,832

Pub. Fin. Corp.,

Aaa

745

Ser. E, 5.50%, 2/01/12

N/A

816,937

BBB-

255

Ser. E, 5.50%, 8/01/29

02/12 @ 100

271,871

BBB

315

Pub. Impvt., Ser. A, 5.00%, 7/01/34

07/14 @ 100

315,857

3,277,570

See Notes to Financial Statements.


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


Description	Value

Total Long-Term Investments (cost $27,491,998)	$	28,887,562

Total Investments—147.1% (cost $27,491,998⁵)	$	28,887,562
Other assets in excess of liabilities—2.8%		556,078
Preferred shares at redemption value, including dividends payable—(49.9)%		(9,800,658	)

Net Assets Applicable to Common Shareholders—100%	$	19,642,982



¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	This bond is 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	Security, or a portion thereof, pledged as collateral with a value of $111,919 on two long U.S. Treasury Note futures contracts expiring December 2005 and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contracts on October 31, 2005, was $104,938, with an unrealized loss of $1,679.
⁵	Cost for Federal income tax purposes is $27,481,439. The net unrealized appreciation/depreciation on a tax basis is $1,406,123, consisting of $1,453,558 gross unrealized appreciation and $47,435 gross unrealized depreciation.



KEY TO ABBREVIATIONS

AMBAC	—	American Municipal Bond Assurance Corporation	MBIA	—	Municipal Bond Insurance Association
FSA	—	Financial Security Assurance	GO	—	General Obligation

See Notes to Financial Statements.


PORTFOLIO OF INVESTMENTS OCTOBER 31, 2005

BlackRock New York Municipal Income Trust (BNY)

Rating¹(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²(unaudited)

Value

LONG-TERM INVESTMENTS—152.9%

Multi-State—11.3%

Charter Mac Equity Issuer Trust,

6,000

Ser. A-2, 6.30%, 6/30/49

No Opt. Call

6,343,560

Baa1

5,500

Ser. B-1, 6.80%, 11/30/50

No Opt. Call

5,941,210

MuniMae TE Bond Subsidiary, LLC,

6,000

Ser. A-1, 6.30%, 6/30/49

06/09 @ 100

6,335,280

Baa1

3,000

Ser. B-1, 6.80%, 6/30/50

11/10 @ 100

3,237,420

21,857,470

New York—117.4%

Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj.,

910

Ser. A, 7.00%, 5/01/25

05/15 @ 102

882,782

590

Ser. A, 7.00%, 5/01/35

05/15 @ 102

561,727

Dorm. Auth.,

AA-

1,765

⁴

City Univ. Proj., Ser. A, 5.25%, 7/01/11

N/A

1,915,696

BBB-

10,780

Lenox Hill Hosp. Oblig. Grp. Proj., 5.50%, 7/01/30

07/11 @ 101

10,651,610

BB+

1,000

Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26

07/08 @ 100

1,012,690

BB+

5,000

Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26

07/08 @ 100

5,063,700

AAA

9,000

New Sch. Univ. Proj., 5.00%, 7/01/41, MBIA

07/11 @ 100

9,145,710

AAA

5,000

New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC

07/11 @ 100

5,093,400

A-

2,000

No. Shore Long Island Jewish Grp. Proj., 5.375%, 5/01/23

05/13 @ 100

2,097,320

A-

2,000

No. Shore Long Island Jewish Grp. Proj., 5.50%, 5/01/33

05/13 @ 100

2,103,960

AA-

5,000

Liberty Dev. Corp. Rev. Proj., 5.25%, 10/01/35

No Opt. Call

5,473,250

AA-

2,000

Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33

07/13 @ 100

2,053,640

Met. Transp. Auth., Ded. Tax Fund,

AA-

12,000

Ser. A, 5.00%, 11/15/30

11/12 @ 100

12,256,560

12,000

Ser. A, 5.125%, 11/15/31

11/12 @ 100

12,433,080

Mtg. Agcy.,

Aa1

5,950

Ser. 101, 5.40%, 4/01/32

10/11 @ 100

6,070,249

Aaa

15,500

Ser. A, 5.30%, 10/01/31

04/11 @ 100

15,600,595

New York City Ind. Dev. Agcy.,

BBB-

2,000

Liberty Interactive Corp. Proj., 5.00%, 9/01/35

09/15 @ 100

2,008,760

750

Marymount Sch. Proj., 5.125%, 9/01/21, ACA

09/11 @ 102

763,253

2,000

Marymount Sch. Proj., 5.25%, 9/01/31, ACA

09/11 @ 102

2,034,500

AAA

1,550

Royal Charter Presbyterian, 5.25%, 12/15/32, FSA

12/11 @ 102

1,629,314

BBB-

14,850

Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28

07/11 @ 100

14,603,638

A-

6,000

Term. One Grp. Assoc. Proj., 6.00%, 1/01/19

12/05 @ 101

6,033,180

AA+

5,000

New York City Mun. Wtr. Fin., Ser. D, 5.00%, 6/15/39

06/15 @ 100

5,118,600

New York City Mun. Wtr. Fin. Auth.,

AAA

4,000

Ser. A, 5.00%, 6/15/32, FGIC

06/11 @ 100

4,100,080

AA+

6,500

Ser. C, 5.00%, 6/15/32

06/11 @ 100

6,620,640

AAA

3,660

New York City Transl. Fin. Auth., Ser. C, 5.00%, 5/01/29

05/09 @ 101

3,757,063

New York City, GO,

AAA

3,290

⁴

Ser. C, 5.375%, 3/15/12

N/A

3,619,494

A+

2,710

Ser. C, 5.375%, 3/15/28

03/12 @ 100

2,858,264

A+

7,000

Ser. D, 5.375%, 6/01/32

06/12 @ 100

7,369,530

BBB

6,700

New York Cntys. Tobacco Trust III, 6.00%, 6/01/43

06/13 @ 100

7,131,346

AA-

5,000

Port Auth. of NY & NJ Consolidated 132nd Ser, 5.00%, 9/01/38

09/13 @ 101

5,136,450

Caa2

9,250

Port Auth. of NY & NJ, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15

12/05 @ 100

9,251,295

AAA

13,000

⁵

Port Auth. of NY & NJ, Spec. Oblig. JFK Intl. Air Term, 5.75%, 12/01/22, MBIA

12/07 @ 102

13,782,210

BBB

2,500

Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43

06/12 @ 100

2,622,200

BBB

5,000

Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43

08/12 @ 100

5,221,450

7,000

Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27

06/13 @ 100

7,202,300

TSASC, Inc., Tobacco Settlement Rev.,

BBB

5,000

Ser. 1, 5.75%, 7/15/32

07/12 @ 100

5,239,400

BBB

8,000

Ser. 1, 6.375%, 7/15/39

07/09 @ 101

8,441,600

AA-

5,290

⁴

Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06

N/A

5,415,849

2,500

Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA

10/11 @ 100

2,572,750

AAA

2,000

⁴

Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 1.00%, 7/15/10

N/A

2,292,560

227,241,695

See Notes to Financial Statements.

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

Rating¹
(unaudited)

Principal
Amount
(000)

Description

Option Call
Provisions²
(unaudited)

Value

Puerto Rico—24.2%

BBB

4,060

Children’s Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43

05/12 @ 100

4,194,792

Hwy. & Trans. Auth.,

BBB+

1,730

5.00%, 7/01/30

07/15 @ 100

1,748,390

BBB+

3,475

5.00%, 7/01/40

07/15 @ 100

3,485,321

BBB+

3,375

5.00%, 7/01/45

07/15 @ 100

3,368,992

BBB+

3,130

Ser. K, 5.00%, 7/01/35

07/15 @ 100

3,151,253

Pub. Bldgs. Auth.,

BBB

1,600

Gov’t Facs., Ser. D, 5.25%, 7/01/36

07/12 @ 100

1,653,424

A-

4,400

⁴

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

N/A

4,774,836

Pub. Fin. Corp.,

Aaa

7,475

⁴

Ser. E, 5.50%, 2/01/12

N/A

8,196,786

BBB-

2,525

Ser. E, 5.50%, 8/01/29

02/12 @ 100

2,692,054

Aaa

7,000

⁴

Ser. E, 5.70%, 2/01/10

N/A

7,616,490

Aaa

5,750

⁴

Ser. E, 5.75%, 2/01/07

N/A

5,927,905

46,810,243

Total Long-Term Investments (cost $285,415,143)

295,909,408

Shares
(000)

MONEY MARKET FUNDS—1.7%

3,300

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $3,300,000)

N/A

3,300,000

Total Investments—154.6% (cost $288,715,143⁶)

299,209,408

Other assets in excess of liabilities—2.1%

4,021,078

Preferred shares at redemption value, including dividends payable—(56.7)%

(109,773,235

)

Net Assets Applicable to Common Shareholders—100%

193,457,251


¹	Using the higher of S&P’s, Moody’s or Fitch’s rating.
²	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
³	Security 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, 2005, the Trust held 11.30% of its net assets, with a current market value of $21,857,470, in securities restricted as to resale.
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, or a portion thereof, pledged as collateral with a value of $1,166,187 on 338 short U.S. Treasury Note futures contracts expiring December 2005 and 123 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $50,429,313, with an unrealized gain of $1,551,796.
⁶	Cost for Federal income tax purposes is $288,715,399. The net unrealized appreciation/depreciation on a tax basis is $10,493,009, consisting of $11,262,134 gross unrealized appreciation and $768,125 gross unrealized depreciation.



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, 2005


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

Assets
Investments at value¹	$	404,151,876		$	1,013,068,649		$	21,639,877		$	355,457,347
Cash		542,092			519,390			12,778			534,753
Investment in affiliates		77,365			105,815			17,689			37,646
Receivable from investments sold		5,032,516			8,870,000			—			—
Interest receivable		5,843,880			15,673,298			269,093			4,959,015
Other assets		26,179			41,572			4,708			14,664

		415,673,908			1,038,278,724			21,944,145			361,003,425

Liabilities
Payable for investments purchased		6,546,686			16,571,500			—			—
Variation margin payable		32,875			122,250			125			45,500
Dividends payable — common shares		1,474,401			3,607,449			71,101			1,140,007
Investment advisory fee payable		121,747			303,844			7,329			107,294
Administration fee payable		52,177			—			2,941			—
Deferred Trustees’ fees		77,365			105,815			17,689			37,646
Payable to affiliates		35,233			26,115			6,157			17,942
Other accrued expenses		128,530			249,249			37,626			187,854

		8,469,014			20,986,222			142,968			1,536,243

Preferred Shares at Redemption Value
$25,000 liquidation value per share, including dividends payable²		146,711,021			375,245,108			7,502,570			131,994,840

Net Assets Applicable to Common Shareholders	$	260,493,873		$	642,047,394		$	14,298,607		$	227,472,342


Composition of Net Assets Applicable to Common Shareholders:
Par value³	$	167,071		$	43,660		$	10,071		$	14,986
Paid-in capital in excess of par		231,766,743			619,661,931			13,392,714			212,626,998
Undistributed net investment income		12,726,040			20,939,165			191,464			6,886,241
Accumulated net realized gain (loss)		(1,835,039	)		(33,642,170	)		(9,865	)		(10,083,448	)
Net unrealized appreciation		17,669,058			35,044,808			714,223			18,027,565

Net assets applicable to common shareholders, October 31, 2005	$	260,493,873		$	642,047,394		$	14,298,607		$	227,472,342


Net asset value per common share⁴	$	15.59		$	14.71		$	14.20		$	15.18


¹Investments at cost	$	388,158,712		$	984,467,336		$	20,926,493		$	339,842,240
²Preferred shares outstanding		5,862			15,005			300			5,278
³Par value per preferred shares		0.01			0.001			0.01			0.001
⁴Common shares outstanding		16,707,093			43,660,481			1,007,093			14,985,501

See Notes to Financial Statements.


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


$	24,043,931	$	157,874,209		$	21,841,355	$	178,933,280		$	28,887,562	$	299,209,408
	522,208		531,166			39,611		510,062			187,220		520,971
	17,366		14,754			18,117		17,488			17,352		32,735
	—		439,000			—		—			—		—
	280,464		2,352,206			309,059		2,876,268			505,233		4,718,023
	4,832		6,569			4,719		7,404			5,024		12,393

	24,868,801		161,217,904			22,212,861		182,344,502			29,602,391		304,493,530


	—		—			—		—			—		—
	94		17,031			63		20,906			94		29,781
	79,777		501,168			70,622		590,710			95,581		943,719
	7,380		47,875			6,595		54,195			8,798		90,504
	3,374		—			2,988		—			3,889		—
	17,366		14,754			18,117		17,488			17,352		32,735
	2,801		7,808			5,102		10,021			3,274		12,729
	41,419		113,021			25,594		96,353			29,763		153,576

	152,211		701,657			129,081		789,673			158,751		1,263,044


	8,502,419		57,572,711			7,503,022		63,815,385			9,800,658		109,773,235



$	16,214,171	$	102,943,536		$	14,580,758	$	117,739,444		$	19,642,982	$	193,457,251


$	11,271	$	6,649		$	10,071	$	7,419		$	13,071	$	12,526
	15,001,008		94,301,414			13,079,455		105,228,451			17,651,717		177,696,325
	299,272		2,631,771			576,903		3,754,669			517,851		5,662,743
	172,703		(1,952,635	)		80,253		(2,087,996	)		66,458		(1,960,404	)
	729,917		7,956,337			834,076		10,836,901			1,393,885		12,046,061


$	16,214,171	$	102,943,536		$	14,580,758	$	117,739,444		$	19,642,982	$	193,457,251


$	14.39	$	15.48		$	14.48	$	15.87		$	15.03	$	15.44


$	23,312,335	$	150,810,009		$	21,003,082	$	169,195,915		$	27,491,998	$	288,715,143
	340		2,302			300		2,552			392		4,390
	0.01		0.001			0.01		0.001			0.01		0.001
	1,127,093		6,648,993			1,007,093		7,418,647			1,307,093		12,526,300

STATEMENTS OF OPERATIONS

For the year ended October 31, 2005


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

Investment Income
Interest income	$	21,927,141		$	56,678,087		$	979,130		$	18,679,464
Income from affiliates		4,142			8,587			1,405			3,229

Total investment Income		21,931,283			56,686,674			980,535			18,682,693

Expenses
Investment advisory		1,438,641			6,118,831			77,243			2,158,126
Administration		616,560			—			22,069			—
Transfer agent		18,615			17,502			10,585			16,060
Custodian		100,287			165,987			11,227			78,446
Reports to shareholders		58,871			135,495			7,300			36,815
Directors/Trustees		36,624			79,570			12,228			30,660
Registration		13,725			33,865			588			31,500
Independent accountants		41,063			41,975			14,965			38,325
Legal		54,950			135,078			5,278			41,789
Insurance		28,261			69,543			1,516			24,641
Deferred Trustees’ fees		4,142			8,587			1,405			3,229
Auction agent		379,829			968,826			22,934			343,701
Miscellaneous		69,111			107,727			15,163			45,328

Total expenses		2,860,679			7,882,986			202,501			2,848,620
Less fees waived by Advisor		—			(2,549,513	)		—			(899,219	)
Less fees paid indirectly		(10,159	)		(14,304	)		(5,682	)		(11,543	)

Net expenses		2,850,520			5,319,169			196,819			1,937,858

Net investment income		19,080,763			51,367,505			783,716			16,744,835

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		10,617,728			18,943,927			110,960			(575,136	)
Futures		(1,096,061	)		(4,441,578	)		520			(1,666,784	)

		9,521,667			14,502,349			111,480			(2,241,920	)

Net change in unrealized appreciation/depreciation on:
Investments		(14,462,226	)		(7,315,508	)		(150,265	)		3,396,139
Futures		3,050,545			11,384,440			6,900			4,243,927

		(11,411,681	)		4,068,932			(143,365	)		7,640,066

Net gain (loss)		(1,890,014	)		18,571,281			(31,885	)		5,398,146

Dividends and Distributions to Preferred Shareholders from:
Net investment income		(3,091,066	)		(7,913,843	)		(128,583	)		(2,361,287	)
Net realized gains		—			—			—			—


Total dividends and distributions		(3,091,066	)		(7,913,843	)		(128,583	)		(2,361,287	)

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	14,099,683		$	62,024,943		$	623,248		$	19,781,694

See Notes to Financial Statements.


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


$	1,158,958		$	8,334,870		$	1,073,710		$	9,708,390		$	1,498,338		$	15,929,849
	1,075			938			1,259			1,310			1,141			2,701

	1,160,033			8,335,808			1,074,969			9,709,700			1,499,479			15,932,550


	87,942			965,894			78,306			1,088,377			104,277			1,822,731
	25,126			—			22,373			—			29,793			—
	11,315			16,060			11,315			16,060			11,315			16,060
	11,251			56,823			10,953			65,255			13,617			73,236
	7,300			23,276			7,300			28,105			7,300			44,081
	12,228			14,235			12,228			15,695			12,228			26,645
	661			22,499			588			22,499			767			31,500
	14,965			35,770			14,965			35,770			14,965			38,325
	5,496			19,543			5,024			23,835			5,650			42,081
	1,728			11,022			1,534			12,423			2,053			20,805
	1,075			938			1,259			1,310			1,141			2,701
	25,559			151,041			22,963			166,633			28,719			288,192
	15,358			30,467			15,176			31,625			15,545			41,367

	220,004			1,347,568			203,984			1,507,587			247,370			2,447,724
	—			(402,456	)		—			(453,490	)		—			(759,471	)
	(6,095	)		(10,224	)		(5,377	)		(10,937	)		(7,522	)		(10,525	)

	213,909			934,888			198,607			1,043,160			239,848			1,677,728

	946,124			7,400,920			876,362			8,666,540			1,259,631			14,254,822


	160,221			(626,641	)		117,624			172,362			60,615			2,935,731
	(162	)		(607,607	)		32			(751,517	)		(1,250	)		(1,042,589	)

	160,059			(1,234,248	)		117,656			(579,155	)		59,365			1,893,142


	(557,995	)		797,526			(341,809	)		1,764,476			(420,515	)		(3,397,713	)
	6,728			1,588,607			1,866			1,946,439			8,756			2,770,236

	(551,267	)		2,386,133			(339,943	)		3,710,915			(411,759	)		(627,477	)

	(391,208	)		1,151,885			(222,287	)		3,131,760			(352,394	)		1,265,665


	(174,481	)		(1,150,882	)		(149,372	)		(1,322,793	)		(182,787	)		(2,091,682	)
	(10,423	)		—			—			—			—			—


	(184,904	)		(1,150,882	)		(149,372	)		(1,322,793	)		(182,787	)		(2,091,682	)


$	370,012		$	7,401,923		$	504,703		$	10,475,507		$	724,450		$	13,428,805

STATEMENTS OF CHANGES IN NET ASSETS
For the years ended October 31, 2005 and 2004


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

	2005			2004			2005			2004

Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	19,080,763		$	19,680,873		$	51,367,505		$	52,143,566
Net realized gain (loss)		9,521,667			(2,704,080	)		14,502,349			(10,849,651	)
Net change in unrealized appreciation/depreciation		(11,411,681	)		6,851,241			4,068,932			22,183,577
Net change in transactions related to investment violation¹		—			167,280			—			—
Dividends and distributions to preferred shareholders from:
Net investment income		(3,091,066	)		(1,560,276	)		(7,913,843	)		(3,870,243	)
Net realized gains		—			—			—			—

Net increase in net assets resulting from operations		14,099,683			22,435,038			62,024,943			59,607,249


Dividends and Distributions to Common Shareholders from:
Net investment income		(16,080,778	)		(15,274,761	)		(42,712,157	)		(42,421,794	)
Net realized gains		—			—			—			—

Total dividends and distributions		(16,080,778	)		(15,274,761	)		(42,712,157	)		(42,421,794	)


Capital Share Transactions:
Reinvestment of common dividends		—			—			1,086,467			519,196

Net proceeds from capital share transactions		—			—			1,086,467			519,196

Total increase (decrease)		(1,981,095	)		7,160,277			20,399,253			17,704,651


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

End of year	$	260,493,873		$	262,474,968		$	642,047,394		$	621,648,141

End of year undistributed net investment income	$	12,726,040		$	12,876,540		$	20,939,165		$	20,211,294



¹	Amounts 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)

2005			2004			2005			2004			2005			2004


$	783,716		$	927,165		$	16,744,835		$	17,211,060		$	946,124		$	1,103,025
	111,480			(156,595	)		(2,241,920	)		(5,325,774	)		160,059			146,348
	(143,365	)		48,265			7,640,066			15,044,621			(551,267	)		(397,928	)

	—			10,779			—			—			—			46,656

	(128,583	)		(61,122	)		(2,361,287	)		(1,276,088	)		(174,481	)		(78,189	)
	—			(3,726	)		—			—			(10,423	)		(24,220	)

	623,248			764,766			19,781,694			25,653,819			370,012			795,692


	(853,209	)		(853,209	)		(13,680,084	)		(13,680,084	)		(957,322	)		(957,321	)
	—			(48,441	)		—			—			(127,609	)		(256,301	)

	(853,209	)		(901,650	)		(13,680,084	)		(13,680,084	)		(1,084,931	)		(1,213,622	)


	—			—			—			—			—			—

	—			—			—			—			—			—

	(229,961	)		(136,884	)		6,101,610			11,973,735			(714,919	)		(417,930	)


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

$	14,298,607		$	14,528,568		$	227,472,342		$	221,370,732		$	16,214,171		$	16,929,090

$	191,464		$	373,382		$	6,886,241		$	6,189,963		$	299,272		$	489,204

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the years ended October 31, 2005 and 2004


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

	2005			2004			2005			2004

Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	7,400,920		$	7,485,885		$	876,362		$	972,804
Net realized gain (loss)		(1,234,248	)		(508,174	)		117,656			159,011
Net change in unrealized appreciation/depreciation		2,386,133			3,505,389			(339,943	)		(357,062	)
Net change in transactions related to investment violation¹		—			—			—			—
Dividends to preferred shareholders from net investment income		(1,150,882	)		(548,629	)		(149,372	)		(70,911	)

Net increase in net assets resulting from operations		7,401,923			9,934,471			504,703			703,842


Dividends to Common Shareholders from:
Net investment income		(6,011,917	)		(6,011,618	)		(823,484	)		(811,491	)


Capital Share Transactions:
Reinvestment of common dividends		41,592			—			—			—

Net proceeds from capital share transactions		41,592			—			—			—

Total increase (decrease)		1,431,598			3,922,853			(318,781	)		(107,649	)


Net Assets Applicable to Common Shareholders:
Beginning of year		101,511.938			97,589,085			14,899,539			15,007,188

End of year	$	102,943,536		$	101,511,938		$	14,580,758		$	14,899,539

End of year undistributed net investment income	$	2,631,771		$	2,393,507		$	576,903		$	600,862



¹	Amounts 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)

2005			2004			2005			2004			2005			2004


$	8,666,540		$	8,616,860		$	1,259,631		$	1,259,176		$	14,254,822		$	14,367,676
	(579,155	)		(815,221	)		59,365			70,439			1,893,142			(1,277,572	)
	3,710,915			5,352,381			(411,759	)		(82,103	)		(627,477	)		5,687,713

	—			—			—			4,284			—			—

	(1,322,793	)		(623,629	)		(182,787	)		(92,575	)		(2,091,682	)		(1,058,252	)

	10,475,507			12,530,391			724,450			1,159,221			13,428,805			17,719,565


	(6,817,201	)		(6,682,923	)		(1,146,975	)		(1,146,975	)		(11,321,006	)		(11,320,282	)


	61,711			—			—			—			75,737			—

	61,711			—			—			—			75,737			—

	3,720,017			5,847,468			(422,525	)		12,246			2,183,536			6,399,283


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

$	117,739,444		$	114,019,427		$	19,642,982		$	20,065,507		$	193,457,251		$	191,273,715

$	3,754,669		$	3,228,123		$	517,851		$	584,462		$	5,662,743		$	4,820,612

FINANCIAL HIGHLIGHTS


BlackRock Investment Quality Municipal Trust (BKN)


	Year Ended October 31,

	2005			2004			2003			2002			2001

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

Investment operations:
Net investment income		1.14			1.17			1.16			1.20			1.20
Net realized and unrealized gain (loss)		(0.11	)		0.26			(0.09	)		(0.26	)		0.75
Dividends to preferred shareholders from net investment income		(0.19	)		(0.09	)		(0.09	)		(0.13	)		(0.29	)

Net increase from investment operations		0.84			1.34			0.98			0.81			1.66

Dividends to common shareholders from net investment income		(0.96	)		(0.91	)		(0.89	)		(0.81	)		(0.78	)

Capital charges with respect to issuance of:
Preferred shares		—			—			—			—			0.01

Net asset value, end of year	$	15.59		$	15.71		$	15.28		$	15.19		$	15.19

Market price, end of year	$	16.62		$	15.12		$	14.26		$	13.48		$	13.73

TOTAL INVESTMENT RETURN¹		16.68	%		12.91	%		12.67	%		4.14	%		20.03	%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:²
Expenses after fees waived and paid indirectly		1.08	%		1.08	%		1.10	%		1.09	%		1.14	%
Expenses after fees waived and before fees paid indirectly		1.08	%		1.08	%		1.10	%		1.09	%		1.14	%
Expenses before fees waived and paid indirectly		1.08	%		1.08	%		1.10	%		1.09	%		1.14	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.21	%		7.59	%		7.62	%		7.93	%		8.10	%
Preferred share dividends		1.17	%		0.60	%		0.59	%		0.83	%		1.94	%
Net investment income available to common shareholders		6.04	%		6.99	%		7.03	%		7.10	%		6.16	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	264,490		$	259,470		$	254,890		$	251,428		$	247,832
Portfolio turnover		77	%		52	%		36	%		19	%		4	%
Net assets of common shareholders, end of year (000)	$	260,494		$	262,475		$	255,315		$	253,710		$	253,777
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	$	69,465		$	69,790		$	68,561		$	68,292		$	68,308



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,

	2005			2004			2003			2002

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

Investment operations:
Net investment income		1.18			1.19			1.23			1.20			0.17
Net realized and unrealized gain (loss)		0.43			0.26			0.35			(1.11	)		0.12
Dividends to preferred shareholders from net investment income		(0.18	)		(0.09	)		(0.09	)		(0.13	)		(0.01	)

Net increase (decrease) from investment operations		1.43			1.36			1.49			(0.04	)		0.28

Dividends and distributions to common shareholders:
Net investment income		(0.98	)		(0.97	)		(0.95	)		(0.93	)		(0.16	)
In excess of net investment income		—			—			—			—			(0.01	)

Total dividends and distributions		(0.98	)		(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	$	14.71		$	14.26		$	13.87		$	13.33		$	14.30

Market price, end of period	$	15.69		$	14.05		$	13.70		$	13.46		$	14.75

TOTAL INVESTMENT RETURN⁴		19.31	%		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	%		0.83	%		0.84	%		0.81	%		0.61	%⁶
Expenses after fees waived and before fees paid indirectly		0.83	%		0.83	%		0.84	%		0.83	%		0.62	%⁶
Expenses before fees waived and paid indirectly		1.22	%		1.23	%		1.25	%		1.23	%		0.91	%⁶
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.97	%		8.44	%		8.96	%		8.74	%		4.59	%⁶
Preferred share dividends		1.23	%		0.63	%		0.65	%		0.92	%		0.38	%⁶
Net investment income available to common shareholders		6.74	%		7.81	%		8.31	%		7.82	%		4.21	%⁶
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	644,680		$	618,076		$	594,192		$	598,425		$	572,610
Portfolio turnover		68	%		59	%		56	%		70	%		27	%
Net assets of common shareholders, end of period (000)	$	642,047		$	621,648		$	603,943		$	579,681		$	619,249
Preferred shares value outstanding, end of period (000)	$	375,125		$	375,125		$	375,125		$	375,125		$	375,125
Asset coverage per preferred share, end of period	$	67,797		$	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,

	2005			2004			2003			2002			2001

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

Investment operations:
Net investment income		0.78			0.92			1.05			1.04			1.05
Net realized and unrealized gain (loss)		(0.03	)		(0.09	)		(0.41	)		(0.64	)		0.63
Dividends to preferred shareholders from net investment income		(0.13	)		(0.06	)		(0.06	)		(0.09	)		(0.21	)

Net increase from investment operations		0.62			0.77			0.58			0.31			1.47

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

Total dividends and distributions		(0.85	)		(0.90	)		(0.83	)		(0.80	)		(0.79	)

Net asset value, end of year	$	14.20		$	14.43		$	14.56		$	14.81		$	15.30

Market price, end of year	$	15.75		$	14.30		$	14.03		$	13.38		$	15.55

TOTAL INVESTMENT RETURN¹		16.76	%		8.78	%		11.38	%		(9.26	)%		17.03	%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:²
Expenses after fees waived and paid indirectly		1.35	%		1.35	%		1.40	%		1.29	%		1.38	%
Expenses after fees waived and before fees paid indirectly		1.39	%		1.40	%		1.40	%		1.29	%		1.38	%
Expenses before fees paid indirectly		1.39	%		1.40	%		1.40	%		1.29	%		1.38	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		5.38	%		6.37	%		7.17	%		6.86	%		7.04	%
Preferred share dividends		0.88	%		0.42	%		0.44	%		0.59	%		1.39	%
Net investment income available to common shareholders		4.50	%		5.95	%		6.73	%		6.27	%		5.65	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	14,569		$	14,553		$	14,752		$	15,221		$	15,072
Portfolio turnover		20	%		15	%		6	%		30	%		1	%
Net assets of common shareholders, end of year (000)	$	14,299		$	14,529		$	14,665		$	14,911		$	15,411
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	$	72,671		$	73,433		$	73,886		$	74,706		$	76,377



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.

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,

	2005			2004			2003			2002

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

Investment operations:
Net investment income		1.12			1.15			1.12			1.11			0.16
Net realized and unrealized gain (loss)		0.36			0.65			(0.34	)		(0.46	)		0.32
Dividends to preferred shareholders from net investment income		(0.16	)		(0.09	)		(0.08	)		(0.12	)		(0.01	)

Net increase from investment operations		1.32			1.71			0.70			0.53			0.47

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

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

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

Total capital charges		—			—			—			—			(0.14	)

Net asset value, end of period	$	15.18		$	14.77		$	13.97		$	14.16		$	14.50

Market price, end of period	$	14.92		$	13.65		$	13.21		$	13.09		$	14.75

TOTAL INVESTMENT RETURN⁴		16.42	%		10.58	%		7.92	%		(5.49	)%		(1.17	)%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁵
Expenses after fees waived and paid indirectly		0.85	%		0.87	%		0.89	%		0.88	%		0.72	%⁶
Expenses after fees waived and before fees paid indirectly		0.86	%		0.88	%		0.89	%		0.90	%		0.73	%⁶
Expenses before fees waived and paid indirectly		1.25	%		1.28	%		1.30	%		1.31	%		1.02	%⁶
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.35	%		7.96	%		8.01	%		7.96	%		4.06	%⁶
Preferred share dividends		1.04	%		0.59	%		0.57	%		0.86	%		0.38	%⁶
Net investment income available to common shareholders		6.31	%		7.37	%		7.44	%		7.10	%		3.68	%⁶
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	227,738		$	216,238		$	211,275		$	209,965		$	199,356
Portfolio turnover		28	%		15	%		34	%		44	%		16	%
Net assets of common shareholders, end of period (000)	$	227,472		$	221,371		$	209,397		$	212,215		$	216,829
Preferred shares value outstanding, end of period (000)	$	131,950		$	131,950		$	131,950		$	131,950		$	131,950
Asset coverage per preferred share, end of period	$	68,107		$	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,

	2005			2004			2003			2002			2001

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

Investment operations:
Net investment income		0.84			0.98			1.04			1.05			1.03
Net realized and unrealized gain (loss)		(0.35	)		(0.18	)		(0.39	)		0.02			0.86
Dividends and distributions to preferred shareholders:
Net investment income		(0.15	)		(0.07	)		(0.08	)		(0.11	)		(0.24	)
Net realized gains		(0.01	)		(0.02	)		—			—			—

Net increase from investment operations		0.33			0.71			0.57			0.96			1.65

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

Total dividends and distributions		(0.96	)		(1.08	)		(0.83	)		(0.81	)		(0.80	)

Net asset value, end of year	$	14.39		$	15.02		$	15.39		$	15.65		$	15.50

Market price, end of year	$	14.85		$	14.30		$	14.47		$	14.50		$	14.36

TOTAL INVESTMENT RETURN¹		10.76	%		6.32	%		5.52	%		6.52	%		15.65	%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:²
Expenses after fees paid indirectly		1.29	%		1.27	%		1.29	%		1.20	%		1.38	%
Expenses after fees waived and before fees paid indirectly		1.32	%		1.31	%		1.29	%		1.20	%		1.38	%
Expenses before fees paid indirectly		1.32	%		1.31	%		1.29	%		1.20	%		1.38	%
Net investment income after fees paid indirectly and before preferred share dividends		5.69	%		6.48	%		6.69	%		6.76	%		6.83	%
Preferred share dividends		1.05	%		0.46	%		0.51	%		0.69	%		1.58	%
Net investment income available to common shareholders		4.64	%		6.02	%		6.18	%		6.07	%		5.25	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	16,626		$	17,035		$	17,561		$	17,427		$	17,046
Portfolio turnover		15	%		13	%		17	%		8	%		—	%
Net assets of common shareholders, end of year (000)	$	16,214		$	16,929		$	17,347		$	17,639		$	17,472
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	$	72,696		$	74,795		$	76,021		$	76,886		$	76,397



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.

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,

	2005			2004			2003			2002

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

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

Net increase from investment operations		1.11			1.49			1.00			1.08			0.34

Dividends to common shareholders from net investment income		(0.90	)		(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	$	15.48		$	15.27		$	14.68		$	14.57		$	14.37

Market price, end of period	$	15.25		$	14.40		$	13.36		$	13.65		$	14.50

TOTAL INVESTMENT RETURN⁴		12.44	%		15.04	%		4.30	%		0.16	%		(2.84	)%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁵
Expenses after fees waived and paid indirectly		0.90	%		0.93	%		0.94	%		0.96	%		0.87	%⁶
Expenses after fees waived and before fees paid indirectly		0.91	%		0.93	%		0.95	%		0.98	%		0.88	%⁶
Expenses before fees waived and paid indirectly		1.30	%		1.32	%		1.35	%		1.38	%		1.17	%⁶
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.16	%		7.49	%		7.50	%		7.59	%		4.43	%⁶
Preferred share dividends		1.11	%		0.55	%		0.53	%		0.82	%		0.37	%⁶
Net investment income available to common shareholders		6.05	%		6.94	%		6.97	%		6.77	%		4.06	%⁶
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	103,432		$	100,002		$	98,081		$	93,558		$	87,918
Portfolio turnover		10	%		10	%		19	%		35	%		28	%
Net assets of common shareholders, end of period (000)	$	102,944		$	101,512		$	97,589		$	96,816		$	95,123
Preferred shares value outstanding, end of period (000)	$	57,550		$	57,550		$	57,550		$	57,550		$	57,550
Asset coverage per preferred share, end of period	$	69,729		$	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,

	2005			2004			2003			2002			2001

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

Investment operations:
Net investment income		0.87			0.97			1.00			1.02			0.96
Net realized and unrealized gain (loss)		(0.21	)		(0.20	)		0.12			(0.39	)		0.87
Dividends to preferred shareholders from net investment income		(0.15	)		(0.07	)		(0.06	)		(0.09	)		(0.21	)

Net increase from investment operations		0.51			0.70			1.06			0.54			1.62

Dividends to common shareholders from net investment income		(0.82	)		(0.81	)		(0.80	)		(0.75	)		(0.73	)

Net asset value, end of year	$	14.48		$	14.79		$	14.90		$	14.64		$	14.85

Market price, end of year	$	14.70		$	15.00		$	14.80		$	13.30		$	13.75

TOTAL INVESTMENT RETURN¹		3.53	%		7.14	%		17.59	%		2.07	%		19.63	%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:²
Expenses after fees waived and paid indirectly		1.34	%		1.34	%		1.39	%		1.31	%		1.54	%
Expenses after fees waived and before fees paid indirectly		1.37	%		1.37	%		1.39	%		1.31	%		1.54	%
Expenses before fees waived and paid indirectly		1.37	%		1.37	%		1.39	%		1.31	%		1.54	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		5.89	%		6.50	%		6.72	%		6.93	%		6.64	%
Preferred share dividends		1.00	%		0.47	%		0.41	%		0.61	%		1.47	%
Net investment income available to common shareholders		4.89	%		6.03	%		6.31	%		6.32	%		5.17	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	14,873		$	14,974		$	14,975		$	14,791		$	14,570
Portfolio turnover		19	%		12	%		4	%		14	%		9	%
Net assets of common shareholders, end of year (000)	$	14,581		$	14,900		$	15,007		$	14,747		$	14,958
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	$	73,612		$	74,670		$	75,026		$	74,159		$	74,862



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.

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,

	2005			2004			2003			2002

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

Investment operations:
Net investment income		1.17			1.16			1.15			1.10			0.14
Net realized and unrealized gain (loss)		0.42			0.61			0.11			(0.07	)		0.10
Dividends to preferred shareholders from net investment income		(0.18	)		(0.08	)		(0.08	)		(0.12	)		(0.01	)

Net increase from investment operations		1.41			1.69			1.18			0.91			0.23

Dividends and distributions to common shareholders:
Net investment income		(0.92	)		(0.90	)		(0.88	)		(0.87	)		(0.13	)
In excess of net investment income		—			—			—			—			(0.03	)

Total dividends and distributions		(0.92	)		(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	$	15.87		$	15.38		$	14.59		$	14.29		$	14.26

Market price, end of period	$	15.91		$	14.45		$	14.04		$	13.64		$	14.84

TOTAL INVESTMENT RETURN⁴		16.95	%		9.63	%		9.59	%		(2.25	)%		(0.56	)%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁵
Expenses after fees waived and paid indirectly		0.89	%		0.91	%		0.93	%		0.93	%		0.83	%⁶
Expenses after fees waived and before fees paid indirectly		0.90	%		0.91	%		0.94	%		0.97	%		0.84	%⁶
Expenses before fees waived and paid indirectly		1.28	%		1.30	%		1.34	%		1.37	%		1.12	%⁶
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.37	%		7.74	%		7.85	%		7.81	%		3.67	%⁶
Preferred share dividends		1.12	%		0.56	%		0.57	%		0.88	%		0.37	%⁶
Net investment income available to common shareholders		6.25	%		7.18	%		7.28	%		6.93	%		3.30	%⁶
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	117,596		$	111,263		$	107,900		$	104,241		$	97,050
Portfolio turnover		6	%		16	%		13	%		50	%		16	%
Net assets of common shareholders, end of period (000)	$	117,739		$	114,019		$	108,172		$	105,985		$	105,089
Preferred shares value outstanding, end of period (000)	$	63,800		$	63,800		$	63,800		$	63,800		$	63,800
Asset coverage per preferred share, end of period	$	71,142		$	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,

	2005			2004			2003			2002			2001

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

Investment operations:
Net investment income		0.96			0.96			1.03			1.06			1.06
Net realized and unrealized gain (loss)		(0.26	)		—			(0.21	)		0.06			0.70
Dividends to preferred shareholders from net investment income		(0.14	)		(0.07	)		(0.07	)		(0.09	)		(0.21	)

Net increase (decrease) from investment operations		0.56			0.89			0.75			1.03			1.55

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

Net asset value, end of year	$	15.03		$	15.35		$	15.34		$	15.47		$	15.28

Market price, end of year	$	14.75		$	14.50		$	14.18		$	14.40		$	14.20

TOTAL INVESTMENT RETURN¹		8.01	%		8.81	%		4.69	%		7.42	%		19.20	%


RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:²
Expenses after fees waived and paid indirectly		1.20	%		1.21	%		1.24	%		1.17	%		1.31	%
Expenses after fees waived and before fees paid indirectly		1.24	%		1.24	%		1.24	%		1.17	%		1.31	%
Expenses before fees paid indirectly		1.24	%		1.24	%		1.24	%		1.17	%		1.31	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		6.30	%		6.29	%		6.68	%		6.97	%		7.06	%
Preferred share dividends		0.91	%		0.46	%		0.44	%		0.60	%		1.40	%
Net investment income available to common shareholders		5.39	%		5.83	%		6.24	%		6.37	%		5.66	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	19,993		$	20,019		$	20,158		$	19,915		$	19,663
Portfolio turnover		10	%		23	%		36	%		7	%		—	%
Net assets of common shareholders, end of year (000)	$	19,643		$	20,066		$	20,053		$	20,222		$	19,973
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	$	75,111		$	76,195		$	76,159		$	76,590		$	75,955



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.

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,

	2005			2004			2003			2002

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

Investment operations:
Net investment income		1.14			1.14			1.14			1.09			0.15
Net realized and unrealized gain (loss)		0.09			0.36			0.13			0.29			(0.08	)
Dividends to preferred shareholders from net investment income		(0.17	)		(0.08	)		(0.09	)		(0.13	)		(0.01	)

Net increase from investment operations		1.06			1.42			1.18			1.25			0.06

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

Total dividends and distributions		(0.90	)		(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	$	15.44		$	15.28		$	14.76		$	14.47		$	14.09

Market price, end of period	$	15.19		$	13.99		$	13.45		$	13.42		$	14.62

TOTAL INVESTMENT RETURN⁴		15.38	%		10.99	%		6.95	%		(2.25	)%		(5.58	)%

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:⁵
Expenses after fees waived and paid indirectly		0.86	%		0.87	%		0.88	%		0.90	%		0.73	%⁶

Expenses after fees waived and before fees paid indirectly		0.87	%		0.87	%		0.89	%		0.92	%		0.74	%⁶
Expenses before fees waived and paid indirectly		1.26	%		1.27	%		1.29	%		1.33	%		1.03	%⁶
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.35	%		7.62	%		7.73	%		7.87	%		3.93	%⁶
Preferred share dividends		1.08	%		0.56	%		0.62	%		0.93	%		0.37	%⁶
Net investment income available to common shareholders		6.27	%		7.06	%		7.11	%		6.94	%		3.56	%⁶
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	194,038		$	188,746		$	183,648		$	173,885		$	163,077
Portfolio turnover		24	%		13	%		14	%		57	%		2	%
Net assets of common shareholders, end of period (000)	$	193,457		$	191,274		$	184,874		$	181,200		$	175,110
Preferred shares value outstanding, end of period (000)	$	109,750		$	109,750		$	109,750		$	109,750		$	109,750
Asset coverage per preferred share, end of period	$	69,073		$	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	Totalinvestment 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	Ratiosare 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. 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. 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 statutory trusts on March 30, 2001. The Investment Quality Trusts and the Income Trusts are referred to herein collectively as the “Trusts.” 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. 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 the Board.

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

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of the specific identification method, generally first-in, first-out, for both financial reporting and Federal income tax purposes. 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 (the “1940 Act”), as amended, and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. For this reason no Federal income tax or excise 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 in accordance with the 1940 Act. 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 5.

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

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

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


Trust	UNII			Accumulated Gain			PIC

Municipal Investment Quality	$	(59,419	)	$	59,419			—
Municipal Income		(13,634	)		13,634			—
California Investment Quality		(16,158	)		2,263			(18,421	)
California Income		(7,186	)		7,186			—
Florida Investment Quality		(4,253	)		4,253			—
Florida Income		143			(143	)		—
New Jersey Investment Quality		(72,535	)		13,946			(86,481	)
New York Investment Quality		3,520			170			(3,690	)
New York Income		(3	)		3			—

Note 2. Agreements

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

Each Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the Investment Quality Trusts and 0.60% for the Income Trusts, of the Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt 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.

The administration fee to the Advisor is computed weekly and payable monthly based on an annual rate of 0.15% for the Municipal Investment Quality Trust and 0.10% for the California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality of the Trusts’ average weekly managed assets.

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, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support, and compliance services to each Trust. For the year ended October 31, 2005, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statements of Operations:


Trust	Amount		Trust	Amount

Municipal Investment Quality	$	16,608	Florida Income	$	6,413
Municipal Income		35,040	New Jersey Investment Quality		978
California Investment Quality		967	New Jersey Income		7,015
California Income		13,819	New York Investment Quality		1,325
Florida Investment Quality		1,153	New York Income		11,987

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

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the year ended October 31, 2005, were as follows:


Trust	Purchases		Sales		Trust	Purchases		Sales

Municipal Investment Quality		317,200,757		308,489,055	Florida Income		15,676,707		21,861,964
Municipal Income		673,186,480		690,620,165	New Jersey Investment Quality		3,356,069		5,505,685
California Investment Quality		3,642,308		3,267,100	New Jersey Income		11,203,974		10,482,452
California Income		100,043,765		98,861,612	New York Investment Quality		5,861,458		2,779,072
Florida Investment Quality		2,858,558		4,940,000	New York Income		72,372,002		77,244,733

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

For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2005, the Trust’s last tax year-end except for New York Income which had its last tax year-end at July 31, 2005. These amounts may be used to offset future realized capital gains, if any:


Trust	Capital Loss Carryforward Amount		Expires	Trust	Capital Loss Carryforward Amount		Expires

Municipal Investment Quality	$	159,146	2012	Florida Income	$	1,060,497	2012

Municipal Income	$	11,431,206	2011	New Jersey Income	$	988,460	2012

		15,767,388	2012	New York Income	$	662,558	2011

	$	27,198,594				485,438	2012

California Investment Quality	$	9,026	2012		$	1,147,996

California Income	$	389,453	2010
		124,338	2011
		4,943,577	2012

	$	5,457,368

As of October 31, 2005 the following capital loss carryforwards were used to offset net taxable gains for the following Trusts:


Municipal Investment Quality	$	12,631,630
Municipal Income		25,900,423
California Investment Quality		120,643
California Income		2,009,193
Florida Income		354,216
New Jersey Investment Quality		45,943
New Jersey Income		1,367,283
New York Investment Quality		3,512

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, 2005, and the year ended October 31, 2004, were as follows:


	Year ended October 31, 2005

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

Municipal Investment Quality		$	19,171,844		$	—		$	—		$	19,171,844
Municipal Income			50,626,000			—			—			50,626,000
California Investment Quality			981,792			—			—			981,792
California Income			16,041,371			—			—			16,041,371
Florida Investment Quality			1,131,803			—			138,032			1,269,835
Florida Income			7,162,799			—			—			7,162,799
New Jersey Investment Quality			972,856			—			—			972,856
New Jersey Income			8,139,994			—			—			8,139,994
New York Investment Quality			1,329,762			—			—			1,329,762
New York Income			13,412,688			—			—			13,412,688


	Year ended October 31, 2004

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

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

As of October 31, 2005, the components of distributable earnings on a tax basis were as follows:


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

Municipal Investment Quality		$	13,881,467		$	—		$	—		$	16,473,160
Municipal Income			24,581,821			—			—			28,686,133
California Investment Quality			278,387			—			—			700,132
California Income			8,088,475			—			—			13,384,098
Florida Investment Quality			393,339			2,626			168,398			719,725
Florida Income			3,170,113			—			—			7,049,737
New Jersey Investment Quality			659,501			—			76,056			829,319
New Jersey Income			4,327,573			—			—			9,770,556
New York Investment Quality			620,883			—			64,779			1,388,771
New York Income			6,661,939			—			—			10,461,274

Note 5. Capital

There are 200 million of $0.01 par value common shares authorized for each of the Investment QualityTrusts. 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, 2005, the common shares outstanding:


Trust	Common Shares Outstanding		Trust	Common Shares Outstanding

Municipal Investment Quality		16,707,093	Florida Income		6,648,993
Municipal Income		43,660,481	New Jersey Investment Quality		1,007,093
California Investment Quality		1,007,093	New Jersey Income		7,418,647
California Income		14,985,501	New York Investment Quality		1,307,093
Florida Investment Quality		1,127,093	New York Income		12,526,300

As of October 31, 2005, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

Trust

Series

Shares

Trust

Series

Shares

Municipal Investment Quality

3,262

California Income

2,639

T28

2,600

2,639

Municipal Income

3,001

Florida Investment Quality

340

3,001

Florida Income

2,302

3,001

New Jersey Investment Quality

300

3,001

New Jersey Income

2,552

3,001

New York Investment Quality

392

California Investment Quality

300

New York Income

2,195

Dividends on seven-day preferred shares are cumulative at a rate which is reset 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, 2005, were as follows:


Trust	Series	Low		High		Average		Trust	Series	Low		High		Average

Municipal Investment Quality	T7	1.40	%	2.80	%	2.10	%	California Income	T7	0.99	%	2.80	%	1.82	%
	T28	1.60		2.85		2.19			R7	0.50		2.75		1.79
Municipal Income	M7	1.47		2.81		2.15		Florida Investment Quality	R7	0.60		3.10		2.22
	T7	1.25		2.80		2.12		Florida Income	T7	0.40		2.85		2.01
	W7	1.53		2.86		2.11		New Jersey Investment Quality	T7	1.20		2.75		2.00
	R7	1.55		2.80		2.14		New Jersey Income	R7	1.30		2.75		2.08
	F7	1.39		2.82		2.08		New York Investment Quality	F7	0.60		2.75		1.89
California Investment Quality	W7	0.75		2.63		1.73		New York Income	W7	0.75		2.75		1.92
									F7	1.00		2.85		1.92

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 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 1940 Act, 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, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2005, to shareholders of record on November 15, 2005. The per share common dividends declared were as follows:


Trust	Common Dividend Per Share			Trust	Common Dividend Per Share

Municipal Investment Quality		$	0.088250	Florida Income		$	0.075375
Municipal Income			0.082625	New Jersey Investment Quality			0.070125
California Investment Quality			0.070600	New Jersey Income			0.079625
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, 2005 to November 30, 2005, for each of the Trusts were as follows:

Trust

Series

Dividends
Declared

Trust

Series

Dividends
Declared

Municipal Investment Quality

188,991

California Income

146,649

T28

246,288

118,201

Municipal Income

196,535

Florida Investment Quality

18,020

189,513

Florida Income

139,317

149,540

New Jersey Investment Quality

21,714

152,961

New Jersey Income

125,380

146,209

New York Investment Quality

19,177

California Investment Quality

13,311

New York Income

107,906

113,569

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 for Municipal Investment Quality, $10,779 for California Investment Quality, $46,656 for Florida Investment Quality and $4,284 for New York Investment Quality. The amount of the reimbursement for the unrealized losses was $18,421 for California Investment Quality, $86,481.10 for New Jersey Investment Quality and $3,690 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.

Note 9. Concentration Risk

The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principle and interest payments, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.

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 statement of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2005, and 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 the 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. The Trusts are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. 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 the Trusts as of October 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

(DELOITTE & TOUCHE LLP)

Deloitte & Touche LLP

December 29, 2005

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 participant’s 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, which serves as agent for the shareholders in administering 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’ accounts, 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.

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENTS

At a meeting held on May 26, 2005, the Board of Trustees or the Board of Directors, as the case may be (the “Board” or the “Trustees”) of each trust in the BlackRock Closed-End Fund Complex (each a “Trust”), including the independent trustees (the “Independent Trustees”), unanimously approved the continuance of an Investment Management Agreement between each Trust and BlackRock Advisors, Inc. (the “Advisor”). For each Investment Management Agreement, the Boards also approved a related Sub-Investment Advisory Agreement, when applicable, among each respective Trust, the Advisor and BlackRock Financial Management, Inc. (the “Sub-Advisor”). The Investment Management Agreements and the Sub-Investment Advisory Agreements sometimes are referred to herein collectively as the “Agreements”. The Advisor and the Sub-Advisor sometimes are referred to herein collectively as “BlackRock”.

Information Received by the Boards

To assist each Board in its evaluation of the Agreements, the Independent Trustees received information from BlackRock on or about April 27, 2005, which detailed, among other things: the organization, business lines and capabilities of BlackRock, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., The PNC Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to BlackRock, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, as well as each Trust’s performance compared to its Peers. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Boards under the Investment Company Act of 1940, as amended (the “1940 Act”) as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the Boards in voting on advisory agreements.

Prior to the Board meeting, the Independent Trustees reviewed a preliminary binder of information, and, in consultation with independent counsel, submitted a memorandum on May 12, 2005, to BlackRock setting forth certain questions and requests for additional information. BlackRock responded to these questions in writing on May 24, 2005, and May 25, 2005. The Independent Trustees reviewed these responses with independent counsel on May 25, 2005.

At the Board meeting on May 26, 2005, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after reviewing the written materials, the Independent Trustees met in executive session with their legal counsel to review the Boards’ duties in reviewing the Agreements and to consider the renewal of the Agreements. With this background, the Boards considered each Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission statements relating to the renewal of the Agreements.

Matters Considered by the Boards

In connection with their deliberations, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by BlackRock; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end funds complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of BlackRock’s services, the Boards reviewed information concerning the types of services that BlackRock provides and is expected to provide to each Trust, narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards further noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of BlackRock’s investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock.

In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, BlackRock provides each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respective Trust. In addition to investment management services, BlackRock and its affiliates provide each Trust with a wide range of services, including: preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust web sites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). In addition, in evaluating the

administrative services, the Boards considered, in particular, BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations in light of the new Securities and Exchange Commission regulations governing compliance. The Boards noted BlackRock’s focus on compliance and its compliance systems. The Independent Trustees noted that BlackRock’s commitment to supporting the secondary market for the common shares of its closed-end funds is particularly noteworthy.

The Investment Performance of the Trusts. As previously noted, the Boards received myriad performance information regarding each Trust and its Peers. Among other things, the Boards received materials reflecting each Trust’s historic performance and each Trust’s performance compared to its Peers. More specifically, each Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual peers as well as the Peers’ average performance).

The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted the quality of information provided by BlackRock throughout the year with respect to the performance of the Trusts. The Boards considered this information in connection with its deliberations as to whether the level of management services provided to each Trust, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreement should be renewed.

Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s current management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

The Boards also compared the management fees charged to the Trusts by BlackRock to the management fees BlackRock charges other types of clients (such as open-end investment companies and institutional separately managed accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that BlackRock provides the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by BlackRock in managing and operating the Trusts. For instance, BlackRock and its affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new Securities and Exchange Commission regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

The Boards considered this information in connection with its deliberations as to whether the fees paid by each Trust under its Agreements, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreements should be renewed.

Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses. In this regard, the methods of allocation used appeared reasonable but the Boards noted the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results.

In evaluating the reasonableness of BlackRock’s compensation, the Boards also considered any other revenues paid to BlackRock, including partial reimbursements paid to BlackRock for certain non-investment advisory services. The Boards noted that these payments were less than BlackRock’s costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that BlackRock and its affiliates are expected to receive that are attributable to their management of the Trusts.

In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts’ fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its

own investment objectives. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trusts’ complex. The Boards concluded that breakpoints were not warranted at this time.

Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits BlackRock or its affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to BlackRock and its affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to BlackRock and its affiliates as a result of potentially stronger relationships with members of the broker-dealer community, increased name recognition of BlackRock and its affiliates, enhanced sales of other investment funds and products sponsored by BlackRock and its affiliates and increased assets under management which may increase the benefits realized by BlackRock from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

Miscellaneous. During the Boards’ deliberations in connection with the Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of BlackRock’s affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by BlackRock, without regard to whether BlackRock ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion

The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including a majority of Independent Trustees, determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that the renewal of each Agreement should be approved.

ADDITIONAL INFORMATION (unaudited)

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


Municipal Investment Quality

Elected the Class III Directors as follows:

Director	Votes For	Votes Withheld

Andrew F. Brimmer	15,776,989	162,414
Kent Dixon	15,790,063	149,340
Kathleen F. Feldstein	15,789,187	150,216
Robert S. Kapito	15,797,525	141,878

Elected the Class II Director as follows:

Director	Votes For	Votes Withheld

R. Glenn Hubbard¹	15,780,934	158,469

Municipal Income

Elected the Class I Trustees as follows:

Trustee	Votes For	Votes Withheld

Richard E. Cavanagh²	14,327	69
R. Glenn Hubbard	41,701,963	548,933
James Clayburn La Force, Jr.	41,674,620	576,276

Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

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

California Investment Quality

Elected the Class II Directors as follows:

Director	Votes For	Votes Withheld

Frank J. Fabozzi²	300	0
Kathleen F. Feldstein	986,949	519
Walter F. Mondale	974,396	13,072
Ralph L. Schlosstein	986,949	519

Elected the Class I Director as follows:

Director	Votes For	Votes Withheld

R. Glenn Hubbard¹	986,949	519

California Income

Elected the Class I Trustees as follows:

Trustee	Votes For	Votes Withheld

Richard E. Cavanagh²	5,116	4
R. Glenn Hubbard	13,999,340	168,627
James Clayburn La Force, Jr.	13,997,723	170,244

Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	14,002,090	165,877

Florida Investment Quality

Elected the Class II Trustees as follows:

Trustee	Votes For	Votes Withheld

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


Florida Income

Elected the Class I Trustees as follows:

Trustee	Votes For	Votes Withheld

Richard E. Cavanagh²	2,291	0
R. Glenn Hubbard	6,476,113	63,478
James Clayburn La Force, Jr.	6,463,079	76,512

Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	6,475,148	64,443

New Jersey Investment Quality

Elected the Class II Directors as follows:

Director	Votes For	Votes Withheld

Frank J. Fabozzi²	300	0
Kathleen F. Feldstein	958,273	7,713
Walter F. Mondale	958,273	7,713
Ralph L. Schlosstein	954,137	11,849

Elected Class I Director as follows:

Director	Votes For	Votes Withheld

R. Glenn Hubbard¹	958,637	7,349

New Jersey Income

Elected Class I Trustees as follows:

Trustee	Votes For	Votes Withheld

Richard E. Cavanagh²	2,439	21
R. Glenn Hubbard	6,283,961	59,847
James Clayburn La Force, Jr.	6,272,318	71,490

Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

Kathleen F. Feldstein¹	6,280,502	63,306

New York Investment Quality

Elected the Class II Directors as follows:

Director	Votes For	Votes Withheld

Frank J. Fabozzi²	391	0
Kathleen F. Feldstein	1,236,209	11,681
Walter F. Mondale	1,236,209	11,681
Ralph L. Schlosstein	1,236,209	11,681

Elected the Class I Director as follows:

Director	Votes For	Votes Withheld

R. Glenn Hubbard¹	1,236,209	11,681

New York Income

Elected the Class I Trustees as follows:

Trustee	Votes For	Votes Withheld

Richard E. Cavanagh²	4,343	20
R. Glenn Hubbard	11,850,671	156,695
James Clayburn La Force, Jr.	11,872,328	135,038

Elected the Class II Trustee as follows:

Trustee	Votes For	Votes Withheld

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



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

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


	Votes For		Votes Against		Votes Withheld

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

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


	Votes For		Votes Against		Votes Withheld

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

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

The Trusts listed for trading on the New York Stock Exchange (NYSE) has filed with the NYSE its chief executive officer certification regarding compliance with the NYSE’s listing standards and each Trust listed for trading on the American Stock Exchange (AMEX) has filed with the AMEX its corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ share are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

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

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

DIRECTORS/TRUSTEES INFORMATION (Unaudited)


Name, address, age	Current positions held with the Trusts	Term of office and length of time served	Principal occupations during the past five years	Number of portfolios overseen within the fund complex¹	Other Directorships held outside the fund complex¹	Events or transactions by reason of which the Trustee is an interested person as defined in Section 2(a) (19) of the 1940 Act

Interested Directors/Trustees²

Ralph L. Schlosstein BlackRock, Inc. 40 East 52nd Street New York, NY 10022 Age: 54	Chairman of the Board³	3 years⁴ / since inception	Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles.	67	Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education, The Public Theater in New York City and the James Beard Foundation. 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 Advisor

Robert S. Kapito BlackRock, Inc. 40 East 52nd Street New York, NY 10022 Age: 48	President and Trustee	3 years⁴ / since August 22, 2002	Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group. Responsible for the portfolio management of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.	57	Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.	Director and Vice Chairman of the Advisor

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)


Name, address, age	Current positions held with the Trusts	Term of office and length of time served	Principal occupations during the past five years	Number of portfolios overseen within the fund complex¹	Other Directorships held outside the fund complex

Independent Directors/Trustees²

Andrew F. Brimmer P.O. Box 4546 New York, NY 10163-4546 Age: 79	Lead Trustee Audit Committee Chairman⁵	3 years⁴ / since inception	President of Brimmer & Company, Inc., a Washington, D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts – Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Former Chairman, District of Columbia Financial Control Board.	57	Director of CarrAmerica Realty Corporation and Borg-Warner Automotive. Formerly Director of Airborne Express, BankAmerica Corporation (Bank of America), BellSouth 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).

Richard E. Cavanagh P.O. Box 4546 New York, NY 10163-4546 Age: 59	Trustee Audit Committee Member	3 years⁴ / since inception⁶	President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive 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).	57	Trustee of Aircraft Finance Trust (AFT) and Chairman of Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.

Kent Dixon P.O. Box 4546 New York, NY 10163-4546 Age: 68	Trustee Audit Committee Member⁵	3 years⁴ / since inception	Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.	57	Former Director of ISFA (the owner of INVEST, a national securities broker- age service designed for banks and thrift institutions).

Frank J. Fabozzi P.O. Box 4546 New York, NY 10163-4546 Age: 57	Trustee Audit Committee Member⁵	3 years⁴ / since inception	Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance and Becton Fellow at the School of Management at Yale University. Author and editor of several books on fixed income portfolio management. Visiting Professor of Finance and Accounting at the Sloan School of Management, Massachusetts Institute of Technology from 1986 to August 1992.	57	Director, Guardian Mutual Funds Group (18 portfolios).

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)


Name, address, age	Current positions held with the Trusts	Term of office and length of time served	Principal occupations during the past five years	Number of portfolios overseen within the fund complex¹	Other Directorships held outside the fund complex

Independent Directors/Trustees² (continued)

Kathleen F. Feldstein P.O. Box 4546 New York, NY 10163-4546 Age: 63	Trustee	3 years⁴ / since January 19, 2005	President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.	56	Director of BellSouth Inc. and Knight Ridder, Inc.; Trustee of the Museum of Fine Arts, Boston, and of the Committee for Economic Development and member of Partners HealthCare and Sherrill House Inc.; Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.

R. Glenn Hubbard P.O. Box 4546 New York, NY 10163-4546 Age: 47	Trustee	3 years⁴ / since November 16, 2004	Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Co-director of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting professor at the John F. Kennedy School of Government at Harvard and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. 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.	57	Director of ADP, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. Advisory boards of the Congressional Budget Office, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.

James Clayburn La Force, Jr. P.O. Box 4546 New York, NY 10163-4546 Age: 76	Trustee	3 years⁴ / since inception	Dean Emeritus of the John E. Anderson Graduate School of Management, University of California since July 1, 1993. Acting Dean of the School of Business, Hong Kong University of Science and Technology 1990-1993. From 1978 to September 1993, Dean of the John E. Anderson Graduate School of Management, University of California.	57	Director of Payden & Rygel Investment Trust, Metzler-Payden Investment Trust, Advisors Series Trust, Arena Pharmaceuticals, Inc. and CancerVax Corporation. Former director of First Nationwide Bank, Eli Lilly & Company, National Intergroup, Rockwell International, Cyprus Mines, Getty Oil Company, The Timken Company, Jacobs Engineering Group, and Motor Cargo Industries.

Walter F. Mondale P.O. Box 4546 New York, NY 10163-4546 Age: 77	Trustee	3 years⁴ / since inception⁷	Senior Counsel, Dorsey & Whitney, LLP, a law firm (January 2004-present); Partner, Dorsey & Whitney, LLP, (December 1996-December 2003, September 1987-August 1993). Formerly U.S. Ambassador to Japan (1993-1996). Formerly Vice President of the United States, U.S. Senator and Attorney General of the State of Minnesota. 1984 Democratic Nominee for President of the United States.	57	Chairman of Panasonic Foundation’s Board of Directors and Director of United Health Foundation. Member of the Hubert H. Humphrey Institute of Public Affairs Advisory Board, The Mike and Maureen Mansfield Foundation and the Dean’s Board of Visitors of the Medical School at the University of Minnesota.


¹	TheFund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.
²	InterestedDirector/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.
³	Director/Trusteesince inception; appointed Chairman of the Board on August 22, 2002.
⁴	TheBoard is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.
⁵	TheBoard of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, each of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.
⁶	Forthe Investment Quality Trusts appointed Director/Trustee on August 11, 1994.
⁷	Exceptduring the periods August 12, 1993 through April 15, 1997 and October 31, 2002 through November 11, 2002 for all of the Trusts.

[This Page Intentionally Left Blank]

BlackRock Closed-End Funds

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito
James Clayburn La Force, Jr.
Walter F. Mondale

Officers
Robert S. Kapito, President
Henry Gabbay, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Kevin M. Klingert, Vice President
James Kong, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

Sub-Advisor¹ BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022

Accounting Agent and Custodian
State Street Bank and Trust Company
2 Avenue De Lafayette
Boston, MA 02111

Transfer Agent
EquiServe Trust Company, N.A.
c/o Computershare Investor Services
250 Royall Street
Canton, MA 02021
(800) 699-1BFM

Auction Agent¹ Bank of New York
101 Barclay Street, 7 West
New York, NY 10286

Auction Agent² Deutsche Bank Trust Company Americas
60 Wall Street, 8th Floor
New York, NY 10286

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036

Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022

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.

BlackRock Closed-End Funds
c/o BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM


¹	For the Income Trusts.
²	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)669-1BFM.

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 without charge, 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, 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 (800) SEC-0330. Each Trust’s Form N-Q, may also be obtained upon request without charge 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-2

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 three audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer, Kent Dixon and Frank Fabozzi. 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 $25,000 for the fiscal year ended October 31, 2005 and $29,900 for the fiscal year ended October 31, 2004.

(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 $12,504 for the fiscal year ended October 31, 2005 and

$4,000 for the fiscal year ended October 31, 2004. 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 $7,500 for the fiscal year ended October 31, 2005 and $13,000 for the fiscal year ended October 31, 2004. 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 Registrant’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 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 Registrant and (B) all engagements for non-audit services that directly impacted the operations and financial reporting or the Registrant to be provided by the Independent Auditor to any Covered Entity. "Covered Entities" means (1) BlackRock Advisors, Inc. (the “Advisor”) or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Registrant.

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. 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 Registrant 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, Registrant structure or other matters.

In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Registrant 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 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 Registrant and 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, the 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 Registrant or 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 Registrant's accountant for services rendered to the Registrant, 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 for each of the last two fiscal years were $1,341,450 for the fiscal year ended October 31, 2005 and $835,100 for the fiscal year ended October 31, 2004.

(h) The Registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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 J. 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.
The Registrant’s Nominating Committee will consider nominees to the Board of Trustees recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and sets forth the qualifications of the proposed nominee to the Registrant’s Secretary. There have been no material changes to these procedures.

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 within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's fourth fiscal quarter that have materially affected, or are 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) Certifications of Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the 1940 Act attached as EX-99.CERT.

(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 Municipal Income Trust


By:	/s/ Henry Gabbay

Name: Henry Gabbay Title: Treasurer and Principal Financial Officer Date: January 9, 2006

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: President and Principal Executive Officer Date: January 9, 2006


By:	/s/ Henry Gabbay

Name: Henry Gabbay Title: Treasurer and Principal Financial Officer Date: January 9, 2006