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:__811-10333____________________________________

____________________The BlackRock Florida 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

The BlackRock Florida 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:_302 797-2162__________________

Date of fiscal year end:____October 31, 2004__________________________________

Date of reporting period: __ April 30, 2004____________________________________



 

Item 1. Reports to Shareholders.

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



FIXED INCOME           LIQUIDITY           EQUITIES           ALTERNATIVES           BLACKROCK SOLUTIONS

BlackRock
Closed-End Funds
Semi-Annual Report

APRIL 30, 2004 (UNAUDITED)


 

BlackRock Investment Quality Municipal Trust (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock California Investment Quality Municipal Trust (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust (RNY)

BlackRock New York Municipal Income Trust (BNY)

 

 

 

 

 

 

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


TABLE OF CONTENTS

Letter to Shareholders 1  
     
Trust Summaries 2  
     
Portfolios of Investments 12  
     
Financial Statements    
     
   Statements of Assets and Liabilities 34  
     
   Statements of Operations 36  
     
   Statements of Changes in Net Assets 38  
     
Financial Highlights 42  
     
Notes to Financial Statements 52  
     
Dividend Reinvestment Plans 57  
     
Additional Information 58  

 

 


Privacy Principles of the Trusts

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

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

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


LETTER TO SHAREHOLDERS

     April 30, 2004

Dear Shareholder:

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

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

     The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2004.










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









BlackRock Investment Quality Municipal Trust (BKN) 6.84 % 10.53 % $ 13.36  
$
15.41
 









BlackRock Municipal Income Trust (BFK) 7.48   11.50     13.02  
14.09
 









BlackRock California Investment Quality Municipal Trust (RAA) 6.50   10.00     13.03  
14.30
 









BlackRock California Municipal Income Trust (BFZ) 7.16   11.02     12.75  
14.24
 









BlackRock Florida Investment Quality Municipal Trust (RFA) 6.25   9.62     13.58  
14.96
 









BlackRock Florida Municipal Income Trust (BBF) 6.98   10.75     12.95  
14.90
 









BlackRock New Jersey Investment Quality Municipal Trust (RNJ) 5.82   8.95     13.85  
14.80
 









BlackRock New Jersey Municipal Income Trust (BNJ) 6.79   10.45     13.27  
14.86
 









BlackRock New York Investment Quality Municipal Trust (RNY) 6.50   10.00     13.50  
15.15
 









BlackRock New York Municipal Income Trust (BNY) 6.97   10.72     12.98  
14.84
 









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

     BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2004, BlackRock managed approximately $20 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., which manages the Trusts, is a wholly owned subsidiary 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
Chief Executive Officer
BlackRock Advisors, Inc.

Ralph L. Schlosstein
President
BlackRock Advisors, Inc.

 

 

1


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Investment Quality Municipal Trust (BKN)

Trust Information



Symbol on New York Stock Exchange: BKN



Initial Offering Date: February 19, 1993



Closing Market Price as of 4/30/04: $13.36  



Net Asset Value as of 4/30/04: $15.41  



Yield on Closing Market Price as of 4/30/04 ($13.36):1 6.84 %



Current Monthly Distribution per Common Share:2 $0.076189  



Current Annualized Distribution per Common Share:2 $0.914268  



Leverage as of 4/30/04:3 36 %



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

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

 




  4/30/04 10/31/03 Change High Low






Market Price
$13.36
$14.26
(6.31 )% $15.36 $13.36







NAV
$15.41
$15.28
0.85 % $16.08 $15.27







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





Industrial & Pollution Control 17 % 17 %





City, County & State 17   12  





Lease Revenue 12   13  





Education 12   12  





Hospital 9   11  





Transportation 9   10  





Power 7   7  





Tobacco 6   6  





Tax Revenue 4   4  





Housing 3   4  





Water & Sewer 1   1  





Other 3   3  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 41 % 46 %





AA/Aa 7   7  





A 15   20  





BBB/Baa 27   19  





BB/Ba 3   3  





Not Rated5 7   5  






4 Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.
5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $12,712,386, representing 3.2% of the Trust’s long-term investments.

2


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Municipal Income Trust (BFK)

Trust Information



Symbol on New York Stock Exchange: BFK



Initial Offering Date: July 27, 2001



Closing Market Price as of 4/30/04: $13.02  



Net Asset Value as of 4/30/04: $14.09  



Yield on Closing Market Price as of 4/30/04 ($13.02):1 7.48 %



Current Monthly Distribution per Common Share:2 $0.081125  



Current Annualized Distribution per Common Share:2 $0.973500  



Leverage as of 4/30/04:3 38 %



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

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

 




  4/30/04 10/31/03 Change High Low






Market Price
$13.02
$13.70
(4.96 )% $14.78 $12.90







NAV
$14.09
$13.87
1.59 % $14.92 $13.86







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





Hospital 23 % 22 %





Industrial & Pollution Control 21   22  





City, County & State 10   5  





Tobacco 9   10  





Transportation 8   8  





Education 7   7  





Housing 7   10  





Lease Revenue 7   8  





Tax Revenue 1   1  





Power 1   1  





Water & Sewer 1   1  





Other 5   5  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 14 % 15 %





AA/Aa 4   4  





A 25   27  





BBB/Baa 44   44  





BB/Ba 1    





B 5   5  





Not Rated5 7   5  






4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $46,632,235, representing 4.9% of the Trust’s long-term investments.

3


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information



Symbol on American Stock Exchange: RAA



Initial Offering Date: May 28, 1993



Closing Market Price as of 4/30/04: $13.03  



Net Asset Value as of 4/30/04: 14.30  



Yield on Closing Market Price as of 4/30/04 ($13.03):1 6.50 %



Current Monthly Distribution per Common Share:2 $0.0706  



Current Annualized Distribution per Common Share:2 $0.8472  



Leverage as of 4/30/04:3 34 %



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

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

 




  4/30/04 10/31/03 Change High Low






Market Price
$13.03
$14.03
(7.13 )% $14.50 $12.99







NAV
$14.30
$14.56
(1.79 )% $14.91 $14.28







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





City, County & State 26 % 25 %





Lease Revenue 21   17  





Transportation 18   24  





Education 12   11  





Tobacco 8   8  





Industrial & Pollution Control 7   7  





Power 6   6  





Water & Sewer 2   2  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 39 % 45 %





AA/Aa 12   11  





A 5   12  





BBB/Baa 30   18  





B 4   5  





Not Rated 10   9  






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

4


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock California Municipal Income Trust (BFZ)

Trust Information



Symbol on New York Stock Exchange: BFZ



Initial Offering Date: July 27, 2001



Closing Market Price as of 4/30/04: $12.75  



Net Asset Value as of 4/30/04: $14.24  



Yield on Closing Market Price as of 4/30/04 ($12.75):1 7.16 %



Current Monthly Distribution per Common Share:2 $0.076074  



Current Annualized Distribution per Common Share:2 $0.912888  



Leverage as of 4/30/04:3 38 %



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

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

 




  4/30/04 10/31/03 Change High Low







Market Price
$12.75
$13.21
(3.48 )% $14.18 $12.75







NAV
$14.24
$13.97
1.93 % $15.08 $13.96







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





City, County & State 19 % 15 %





Lease Revenue 13   13  





Housing 12   16  





Tobacco 11   10  





Transportation 11   11  





Hospital 10   9  





Education 9   10  





Power 7   7  





Industrial & Pollution Control 1   1  





Tax Revenue   1  





Other 7   7  





Credit Breakdown4

Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 30 % 30 %





AA/Aa 3    





A 19   31  





BBB/Baa 29   20  





BB/Ba   1  





B 1    





Not Rated5 18   18  






4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $30,286,291, representing 9.1% of the Trust’s long-term investments.

5


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information



Symbol on American Stock Exchange: RFA



Initial Offering Date: May 28, 1993



Closing Market Price as of 4/30/04: $13.58  



Net Asset Value as of 4/30/04: $14.96  



Yield on Closing Market Price as of 4/30/04 ($13.58):1 6.25 %



Current Monthly Distribution per Common Share:2 $0.070781  



Current Annualized Distribution per Common Share:2 $0.849372  



Leverage as of 4/30/04:3 34 %



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

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

 




  4/30/04 10/31/03 Change High Low







Market Price
$13.58
$14.47
(6.15 )% $15.95 $13.47







NAV
$14.96
$15.39
(2.79 )% $15.46 $14.96







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





Education 21 % 23 %





Tax Revenue 19   21  





Transportation 13   14  





Power 13   14  





City, County & State 11   9  





Hospital 9   4  





Lease Revenue 8   9  





Housing 5   5  





Water & Sewer 1   1  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 66 % 72 %





AA/Aa 4   4  





A 9   7  





BBB/Baa 12   13  





BB/Ba 2    





Not Rated 7   4  






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

6


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock Florida Municipal Income Trust (BBF)

Trust Information



Symbol on New York Stock Exchange: BBF



Initial Offering Date: July 27, 2001



Closing Market Price as of 4/30/04: $12.95  



Net Asset Value as of 4/30/04: $14.90  



Yield on Closing Market Price as of 4/30/04 ($12.95):1 6.98 %



Current Monthly Distribution per Common Share:2 $0.075375  



Current Annualized Distribution per Common Share:2 $0.904500  



Leverage as of 4/30/04:3 37 %



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

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

 




  4/30/04 10/31/03 Change High Low







Market Price
$12.95
$13.36
(3.07 )% $14.75 $12.91







NAV
$14.90
$14.68
1.50 % $15.61 $14.65







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





City, County & State 30 % 31 %





Hospital 24   22  





Water & Sewer 8   8  





Power 8   8  





Education 7   7  





Housing 6   6  





Tax Revenue 5   5  





Lease Revenue 5   5  





Tobacco 3   4  





Transportation 3   3  





Industrial & Pollution Control 1   1  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 20 % 19 %





AA/Aa 40   42  





A 12   13  





BBB/Baa 11   11  





BB/Ba 2    





Not Rated 15   15  






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

7


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information



Symbol on American Stock Exchange: RNJ



Initial Offering Date: May 28, 1993



Closing Market Price as of 4/30/04: $13.85  



Net Asset Value as of 4/30/04: $14.80  



Yield on Closing Market Price as of 4/30/04 ($13.85):1 5.82 %



Current Monthly Distribution per Common Share:2 $0.067148  



Current Annualized Distribution per Common Share:2 $0.805776  



Leverage as of 4/30/04:3 33 %



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

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

 




  4/30/04 10/31/03 Change High Low







Market Price
$13.85
$14.80
(6.42 )% $15.61 $13.76







NAV
$14.80
$14.90
(0.67 )% $15.39 $14.80







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





Transportation 30 % 32 %





Hospital 15   15  





Education 10   11  





Power 7   8  





Water & Sewer 5   5  





City, County & State 5   5  





Resource Recovery 5   5  





Housing 5   1  





Tax Revenue 5   5  





Tobacco 4   4  





Industrial & Pollution Control 4   4  





Other 5   5  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 61 % 64 %





AA/Aa 10   10  





A 9   10  





BBB/Baa 11   7  





B 4   4  





Not Rated5 5   5  






4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $1,107,830, representing 5.2% of the Trust’s long-term investments.

8


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information



Symbol on New York Stock Exchange: BNJ



Initial Offering Date: July 27, 2001



Closing Market Price as of 4/30/04: $13.27  



Net Asset Value as of 4/30/04: $14.86  



Yield on Closing Market Price as of 4/30/04 ($13.27):1 6.79 %



Current Monthly Distribution per Common Share:2 $0.075108  



Current Annualized Distribution per Common Share:2 $0.901296  



Leverage as of 4/30/04:3 37 %



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

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

 




  4/30/04 10/31/03 Change High Low







Market Price $13.27 $14.04 (5.48 )% $15.12 $13.24







NAV $14.86 $14.59 1.85 % $15.68 $14.57







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





Hospital 23 % 21 %





Lease Revenue 15   15  





Transportation 13   14  





City, County & State 12   7  





Housing 11   16  





Tobacco 9   9  





Industrial & Pollution Control 3   3  





Education 3   3  





Tax Revenue 2   2  





Water & Sewer   1  





Other 9   9  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 31 % 32 %





AA/Aa 5   5  





A 19   20  





BBB/Baa 33   31  





B 3   3  





Not Rated5 9   9  






4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $15,590,435, representing 9.2% of the Trust’s long-term investments.

9


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information



Symbol on American Stock Exchange: RNY



Initial Offering Date: May 28, 1993



Closing Market Price as of 4/30/04: $13.50  



Net Asset Value as of 4/30/04: $15.15  



Yield on Closing Market Price as of 4/30/04 ($13.50):1 6.50 %



Current Monthly Distribution per Common Share:2 $0.073125  



Current Annualized Distribution per Common Share:2 $0.877500  



Leverage as of 4/30/04:3 33 %



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

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

 




  4/30/04 10/31/03 Change High Low







Market Price
$13.50
$14.18
(4.80 )% $14.92 $13.37







NAV
$15.15
$15.34
(1.24 )% $15.79 $15.15







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





Education 35 % 33 %





City, County & State 17   19  





Industrial & Pollution Control 11   10  





Tax Revenue 8   8  





Lease Revenue 8   11  





Water & Sewer 7   7  





Power 4   4  





Hospital 4   3  





Housing 4   3  





Tobacco 2   2  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 38 % 37 %





AA/Aa 24   26  





A 23   25  





BBB/Baa 6   5  





BB/Ba 5   4  





Caa 4   3  






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

10


TRUST SUMMARIES (unaudited)
APRIL 30, 2004

BlackRock New York Municipal Income Trust (BNY)

Trust Information



Symbol on New York Stock Exchange: BNY



Initial Offering Date: July 27, 2001



Closing Market Price as of 4/30/04: $12.98  



Net Asset Value as of 4/30/04: $14.84  



Yield on Closing Market Price as of 4/30/04 ($12.98):1 6.97 %



Current Monthly Distribution per Common Share:2 $0.075339  



Current Annualized Distribution per Common Share:2 $0.904068  



Leverage as of 4/30/04:3 37 %



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

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

 




  4/30/04 10/31/03 Change High Low







Market Price
$12.98
$13.45
(3.49 )% $14.82 $12.90







NAV
$14.84
$14.76
0.54 % $15.73 $14.74







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

Sector Breakdown




Sector
April 30, 2004 October 31, 2003





Transportation 17 % 17 %





Education 14   9  





Lease Revenue 13   19  





Industrial & Pollution Control 13   10  





Tobacco 11   11  





Housing 7   8  





City, County & State 6   6  





Hospital 5   5  





Water & Sewer 4   4  





Tax Revenue 3   4  





Other 7   7  





Credit Breakdown4




Credit Rating
April 30, 2004 October 31, 2003





AAA/Aaa 20 % 23 %





AA/Aa 22   23  





A 22   25  





BBB/Baa 24   19  





BB/Ba 1    





CCC/Caa 3   3  





Not Rated5 8   7  





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

5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2004, the market value of these securities was $21,951,775, representing 7.6% of the Trust’s long-term investments.

11


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Investment Quality Municipal Trust (BKN)

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2   Value







        LONG-TERM INVESTMENTS—152.2%        
      Alabama—5.9%        
AAA
$ 14,000   Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA 09/10 @ 101   $ 15,064,140
             
      Alaska—2.4%        
AAA
  6,015   Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA 12/05 @ 102     6,236,472
             
      California—22.8%        
      California, GO,        
Baa1
  7,500        5.25%, 4/01/27 04/14 @ 100     7,405,500
Baa1
  5,770        5.625%, 5/01/18 05/10 @ 101     6,166,399
BBB
  3,000   Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40 01/10 @ 101     3,046,290
      Golden St. Tobacco Sec. Corp., Ser. B,        
AAA
  1,495        5.00%, 6/01/38, AMBAC 06/13 @ 100     1,449,522
BBB
  13,000        5.50%, 6/01/43 06/13 @ 100     12,861,420
BBB
  6,900        5.625%, 6/01/38 06/13 @ 100     6,893,445
AAA
  10,945   Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA 08/13 @ 53.632     3,474,928
AAA
  15,460   Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC No Opt. Call     17,401,312
             
              58,698,816
             
      Colorado—2.2%        
AAA
  3,100   Arapahoe Cnty. Cap. Impvt. Hwy. Trust Fund, Ser. E, Zero Coupon, 8/31/04 ETM     3,089,057
AAA
  2,250 3 3E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05 N/A     2,482,538
             
              5,571,595
             
      Connecticut—1.6%        
BBB-
  3,000   Mashantucket Western Pequot Tribe, Ser. A, 5.50%, 9/01/28 09/09 @ 101     2,948,580
BBB-
  1,140   Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 5.25%, 1/01/33 01/14 @ 100     1,080,321
             
              4,028,901
             
      Delaware—3.1%        
NR
  7,000 4,5 Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 11/10 @ 100     8,008,140
             
      District of Columbia—2.4%        
AAA
  1,705   Dist. of Columbia, GO, Ser. E, 6.00%, 6/01/09, CAPMAC ETM     1,726,568
BBB
  4,960   Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 No Opt. Call     4,466,976
             
              6,193,544
             
      Florida—7.4%        
AAA
  665   Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.55%, 7/01/14 01/05 @ 102     683,514
NR
  3,700   Hillsborough Cnty. Ind. Dev. Auth., National Gypsum, Ser. A, 7.125%, 4/01/30 10/10 @ 101     3,799,419
BB
  4,755   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100     4,685,482
NR
  10,000   Village Cmnty. Dev. Dist. No. 6, Spl. Assmnt. Rev., 5.625%, 5/01/22 05/13 @ 100     9,792,000
             
              18,960,415
             
      Georgia—1.6%        
AAA
  4,260   Atlanta Wtr. & Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA 05/12 @ 100     4,212,714
             
      Hawaii—1.1%        
AAA
  2,500   Hawaii Dept. of Budget & Fin., Hawaiian Elec. Co. Inc., Ser. D, 6.15%, 1/01/20, AMBAC 01/09 @ 101     2,783,225
             
      Illinois—12.5%        
NR
  1,920   Centerpoint Intermodal Ctr., Ser. A, 8.00%, 6/15/23 No Opt. Call     1,872,768
AAA
  10,000   Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC 12/07 @ 102     11,316,400
AAA
  5,000   Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA ETM     6,361,000
      Illinois Edl. Fac. Auth., FGIC,        
AAA
  4,000        5.45%, 7/01/14 06/04 @ 102     4,058,000
AAA
  5,000        5.70%, 7/01/13 06/04 @ 102     5,074,850
AAA
  3,540   O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA 01/14 @ 100     3,551,293
             
              32,234,311
             
      Indiana—3.0%        
BBB
  7,420   Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 7.10%, 1/15/17 07/04 @ 102     7,647,423
             
      Kentucky—2.1%        
AAA
  15,715   Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/23, MBIA No Opt. Call     5,463,791
               

See Notes to Financial Statements.

12


BlackRock Investment Quality Municipal Trust (BKN) (continued)

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2   Value







        Louisiana—3.4%        
AAA
$ 4,640   New Orleans, GO, 5.875%, 11/01/29, FSA 11/09 @ 100   $ 5,030,595
BBB
  4,460   Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39 05/11 @ 101     3,712,192
             
              8,742,787
             
      Maryland—2.3%        
BBB
  1,740   Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33 08/14 @ 100     1,681,397
NR
  4,000 4,5 MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 11/10 @ 100     4,342,600
             
              6,023,997
             
      Michigan—1.6%        
BB+
  4,000 6 Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 07/07 @ 101     4,150,200
             
      Missouri—1.6%        
      Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,        
BBB-
  2,000        5.25%, 12/01/14 12/08 @ 102     1,961,520
BBB-
  2,500        5.25%, 12/01/26 12/08 @ 102     2,204,350
             
              4,165,870
             
      New Jersey—4.0%        
AAA
  2,000   Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA 01/10 @ 100     2,179,580
AA
  7,000 3 New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 06/15/10 N/A     8,063,090
             
              10,242,670
             
      New Mexico—0.8%        
AAA
  1,945   Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA 06/04 @ 101     1,970,518
             
      New York—14.2%        
      New York City, GO,        
A+
  4,140        Ser. A, 6.00%, 8/01/05 No Opt. Call     4,360,869
A+
  7,000 7      Ser. E, 6.50%, 2/15/06 No Opt. Call     7,552,300
      New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,        
A-
  4,000        6.00%, 1/01/08 06/04 @ 102     4,089,360
A-
  1,000        6.00%, 1/01/15 06/04 @ 102     1,022,340
      New York City Transl. Fin. Auth., Ser. B,        
AA+
  8,145 3      6.00%, 5/15/10 N/A     9,482,653
AA+
  1,855        6.00%, 11/15/21 05/10 @ 101     2,088,656
      New York Dorm. Auth.,        
AAA
  3,000 3      St. Univ. Edl. Fac., Ser. B, 6.10%, 5/15/04 N/A     3,064,290
AAA
  1,865        Univ. of Rochester, Ser. A, Zero Coupon, 7/01/21, MBIA 07/10 @ 101     1,401,622
AAA
  2,030        Univ. of Rochester, Ser. A, Zero Coupon, 7/01/23, MBIA 07/10 @ 101     1,514,664
A+
  1,955   New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%, 11/01/04 No Opt. Call     2,001,060
             
              36,577,814
             
      North Carolina—2.2%        
AAA
  5,000   No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC No Opt. Call     5,730,250
             
      Ohio—3.7%        
      Cuyahoga Cnty.,        
A1
  3,485        Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20 07/13 @ 100     3,764,148
A1
  5,000        Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21 07/13 @ 100     5,389,000
AAA
  335 5      Port Dev. Proj., 6.00%, 3/01/07 ETM     361,646
             
              9,514,794
             
      Oregon—1.7%        
BB+
  4,300   Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07 No Opt. Call     4,358,953
             
      Pennsylvania—5.1%        
      McKeesport Area Sch. Dist., FGIC,        
AAA
  870        Zero Coupon, 10/01/31 ETM     202,510
AAA
  2,435        Zero Coupon, 10/01/31 No Opt. Call     548,873
      Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,        
A3
  2,000        6.25%, 11/01/31 05/11 @ 101     2,041,620
A3
  3,100        6.375%, 11/01/41 05/11 @ 101     3,169,099
A
  2,750   Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs.,        
           Ser. A, 5.875%, 1/01/15 01/06 @ 101     2,872,733
AAA
  4,000   Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog.,        
             5.50%, 6/15/20, FGIC 06/06 @ 100     4,265,600
               
                13,100,435
               

See Notes to Financial Statements.

13


BlackRock Investment Quality Municipal Trust (BKN) (continued)

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2   Value







        Rhode Island—0.8%        
AAA
$ 2,000   Rhode Island Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA 05/07 @ 102   $ 2,164,420
             
      South Carolina—3.3%        
      So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,        
BBB
  2,185        Ser. A, 6.25%, 8/01/31      08/13 @ 100     2,250,441
BBB
  4,000        Ser. C, 6.875%, 8/01/27 08/13 @ 100     4,311,560
BBB
  2,090   Tobacco Settlement Rev. Mgmt. Auth., Ser. B, 6.375%, 5/15/30 No Opt. Call     1,881,334
             
              8,443,335
             
      Tennessee—5.1%        
A3
  7,800   Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 09/04 @ 102     7,994,298
AAA
  4,865   Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC 03/10 @ 101     5,194,020
             
              13,188,318
             
      Texas—14.4%        
BBB
  6,000   Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 10/13 @ 101     6,439,800
      Dallas Cnty. Util. & Cap. Reclam. Dist., Ser. A, AMBAC,        
AAA
  6,085        Zero Coupon, 2/15/19 02/05 @ 44.538     2,628,781
AAA
  3,800        Zero Coupon, 2/15/20 02/05 @ 41.799     1,539,722
AAA
  6,000   Grapevine, GO, 5.875%, 8/15/24, FGIC 08/10 @ 100     6,503,700
AAA
  5,000   Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA 11/30 @ 61.166     630,200
BBB
  1,930   Matagorda Cnty. Navigation Dist. No. 1, 5.60%, 3/01/27 03/14 @ 101     1,925,001
BBB
  7,000   Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 05/12 @ 101     7,283,710
Baa1
  6,320   Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev., 5.80%, 11/01/26 11/11 @ 102     6,157,387
AAA
  15,000   Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC 08/12 @ 32.807     2,969,100
AA+
  1,000   Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 08/10 @ 100     1,092,150
             
              37,169,551
             
      Utah—1.6%        
      Intermountain Pwr. Agcy., Sply.,        
AAA
  2,810        5.00%, 7/01/13, AMBAC ETM     2,863,671
A+
  1,145        Ser. B, 5.00%, 7/01/16 ETM     1,147,427
             
              4,011,098
             
      Washington—7.7%        
      Washington, GO,        
Aa1
  4,000        Ser. A, 5.375%, 7/01/21 07/06 @ 100     4,172,840
Aa1
  1,000        Ser. B, 6.00%, 1/01/25 01/10 @ 100     1,108,630
AAA
  13,395   Washington Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA 07/06 @ 102     14,598,139
             
              19,879,609
             
      Wisconsin—6.5%        
BBB
  14,800   Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 06/12 @ 100     13,284,776
A-
  3,220   Wisconsin Hlth. & Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33 04/13 @ 100     3,386,506
             
              16,671,282
             
      Wyoming—4.1%        
A3
  10,000   Sweetwater Cnty. PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26 07/06 @ 102     10,589,700
             
      Total Long-Term Investments (cost $369,304,923)       391,799,088
             
               
      SHORT-TERM INVESTMENTS—2.5%        
      Georgia—0.8%        
A1+
  2,100 8 Mun. Elec. Auth., Proj. 1, Ser. C, 1.03%, 5/05/04, MBIA, FRWD N/A     2,100,000
             
      Massachusetts—0.3%        
A1+
  800 8 Dev. Fin. Agcy., Var-Boston Univ., Ser. R-2, 1.04%, 5/03/04, XLCA, FRDD N/A     800,000
             
      Virginia—0.9%        
A1+
  2,400 8 Loudoun Cnty. Indl. Dev. Auth., Howard Hughes Med., Ser. C, 1.08%, 5/03/04, FRDD N/A     2,400,000
             
      Puerto Rico—0.2%        
A-1
  400 8 Puerto Rico Comnwlth. Govt. Dev. Bank, Zero Coupon, 5/05/04, MBIA, FRWD N/A     400,000
               

See Notes to Financial Statements.

14


BlackRock Investment Quality Municipal Trust (BKN) (continued)

Shares
     
(000)
Description Value



Money Market Fund—0.3%    
800
AIM Tax Free Investment Co. Cash Reserve Portfolio $ 800,000
   

  Total Short-Term Investments (cost $6,500,000)   6,500,000
   

  Total Investments—154.7% (cost $375,804,923) $ 398,299,088
  Other assets in excess of liabilities—2.2%   5,710,081
  Preferred shares at redemption value, including dividends payable—(56.9)%   (146,572,927
   

  Net Assets Applicable to Common Shareholders—100% $ 257,436,242
   


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

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

3 This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as to 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 April 30, 2004, the Trust held 4.8% of its net assets, with a current market value of $12,350,740, in securities restricted as to resale.

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

6 See Note 7 of Notes to Financial Statements.

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

8 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of April 30, 2004.


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






See Notes to Financial Statements.

15


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Municipal Income Trust (BFK)

  Principal        
  Amount   Option Call    
Rating1 (000) Description Provisions2   Value







        LONG-TERM INVESTMENTS—156.6%        
        Alabama—6.2%        
Baa2
$ 7,000   Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 06/05 @ 102   $ 7,328,230
A2
  15,000   Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32 06/12 @ 101     15,464,850
BBB
  15,000   Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35 05/12 @ 100     15,534,450
             
              38,327,530
             
      Arizona—1.2%        
A3
  7,000   Scottsdale Ind. Dev. Auth., Scottsdale Htlh. Care, 5.80%, 12/01/31 12/11 @ 101     7,215,950
             
      California—24.7%        
Baa1
  15,000   California, GO, 5.20%, 4/01/26 04/14 @ 100     14,768,250
A
  19,000   California Infrastructure & Econ. Dev., J. David Gladstone Inst. Proj., 5.25%, 10/01/34 10/11 @ 101     18,331,960
A
  5,000   California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33 04/13 @ 100     5,085,950
      Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,        
BBB
  54,635        Zero Coupon, 1/15/32 01/10 @ 27.37     10,333,117
BBB
  20,535        Zero Coupon, 1/15/34 01/10 @ 24.228     3,392,793
BBB
  75,000   Zero Coupon, 1/15/38      01/10 @ 19.014     9,522,000
      Golden St. Tobacco Sec. Corp.,        
BBB
  10,000        Ser. A-1, 6.75%, 6/01/39 06/13 @ 100     9,402,000
AAA
  3,550        Ser. B, 5.00%, 6/01/38, AMBAC 06/13 @ 100     3,442,009
BBB
  30,600        Ser. B, 5.50%, 6/01/43 06/13 @ 100     30,273,804
BBB
  16,500        Ser. B, 5.625%, 6/01/38 06/13 @ 100     16,484,325
      Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,        
B-
  20,055        Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 12/12 @ 102     17,428,196
AAA
  13,320        Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC 01/12 @ 100     13,409,777
             
              151,874,181
             
      Colorado—0.6%        
BBB
  3,500   Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 12/11 @ 100     3,403,610
             
      Connecticut—5.0%        
A3
  5,950   Connecticut Dev. Auth., Connecticut Lt. & Pwr., PCR, Ser. A, 5.85%, 9/01/28 10/08 @ 102     6,192,225
      Mohegan Tribe Indians, Pub. Impvt. Priority Dist.,        
BBB-
  2,730        5.25%, 1/01/33 01/14 @ 100     2,587,084
BBB-
  20,940        6.25%, 1/01/31 01/11 @ 101     21,842,933
             
              30,622,242
             
      Delaware—6.2%        
      Charter Mac Equity Issuer Trust,        
NR
  1,000 3,4      Ser. A, 6.625%, 6/30/49 06/09 @ 100     1,107,830
NR
  11,000 3,4      Ser. A-2, 6.30%, 6/30/49 06/09 @ 100     12,022,340
NR
  16,000 3,4      Ser. A-3, 6.80%, 10/01/52 10/14 @ 100     17,830,240
NR
  6,500 3,4      Ser. B-1, 6.80%, 11/30/50 11/10 @ 100     7,147,985
             
              38,108,395
             
      District of Columbia—5.8%        
      Dist. of Columbia,        
A
  2,390        Friendship Pub. Charter Sch. Inc., 5.25%, 6/01/33, ACA 06/14 @ 100     2,304,056
AAA
  15,600        Georgetown Univ., Ser. A, Zero Coupon, 4/01/36, MBIA 04/11 @ 22.875     2,370,420
AAA
  51,185        Georgetown Univ., Ser. A, Zero Coupon, 4/01/37, MBIA 04/11 @ 21.546     7,312,801
BBB
  25,535   Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 05/11 @ 101     23,423,000
             
              35,410,277
             
      Florida—8.0%        
Baa2
  4,600   Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 09/06 @ 102     4,722,268
A
  9,670   Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31 11/11 @ 101     10,151,179
BBB-
  9,000   Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25 12/04 @ 102     9,251,100
BB
  11,685   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100     11,514,165
NR
  3,970   Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35 05/14 @ 100     3,968,452
NR
  10,000   Village Cmnty. Dev. Dist. No. 6, Spl. Assmnt. Rev., 5.625%, 5/01/22 05/13 @ 100     9,792,000
             
              49,399,164
               

See Notes to Financial Statements.

16


BlackRock Municipal Income Trust (BFK) (continued)

  Principal          
  Amount     Option Call    
Rating1 (000) Description   Provisions2   Value








        Georgia—2.3%          
AAA
$ 9,905   Atlanta Wtr. & Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA 05/12 @ 100   $ 9,795,055
BBB
  4,000   Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25 02/12 @ 101     4,160,720
             
                13,955,775
               
      Idaho—2.8%          
AAA
  16,970   Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC 04/11 @ 100     17,420,044
             
      Illinois—17.1%          
      Bolingbrook, Ser. B, FGIC,          
AAA
  14,085        Zero Coupon, 1/01/34   No Opt. Call     2,657,981
AAA
  7,120        Zero Coupon, 1/01/33   No Opt. Call     1,425,495
NR
  4,630   Centerpoint Intermodal Ctr., Ser. A, 8.00%, 6/15/23 No Opt. Call     4,516,102
      Illinois Dev. Fin. Auth.,          
A
  7,095 5      Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24 11/09 @ 101     7,155,095
A
  25,000        PCR, Ser. C, 5.95%, 8/15/26   12/06 @ 101     25,611,250
      Illinois Edl. Facs. Auth.,          
BBB
  10,000        Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30 05/12 @ 101     10,178,600
BBB
  7,000        Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34 05/07 @ 100     7,184,240
AAA
  20,000        Univ. of Chicago, Ser. A, 5.25%, 7/01/41 07/11 @ 101     20,211,600
      Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,        
A2
  5,000        5.50%, 1/01/22   01/13 @ 100     5,097,600
A2
  6,000        5.625%, 1/01/28   01/13 @ 100     6,072,720
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     7,152,400
AAA
  7,645   O'Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA 01/14 @ 100     7,669,387
             
                104,932,470
               
      Indiana—5.8%          
A+
  9,000   Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31 09/11 @ 100     8,938,980
      Petersburg, PCR, Pwr. & Lt. Conv.,        
BBB
  10,000        5.90%, 12/01/24   08/11 @ 102     10,221,700
BBB
  16,000        5.95%, 12/01/29   08/11 @ 102     16,353,760
               
                35,514,440
               
      Kentucky—1.5%          
AAA
  9,060   Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32 07/11 @ 100     9,069,875
             
      Louisiana—4.5%          
      Louisiana Local Gov't. Env. Facs. & Cmnty. Dev. Auth.,        
A
  21,425        Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA No Opt. Call     23,237,341
Baa1
  4,605        Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38 06/13 @ 102     4,504,565
             
                27,741,906
               
      Maryland—2.0%          
BBB
  4,205   Maryland St. Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33 08/14 @ 100     4,063,376
NR
  8,000 3,4 MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 06/30/49 06/09 @ 100     8,523,840
             
                12,587,216
               
      Massachusetts—2.6%          
AAA
  15,925   Massachusetts Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/39, AMBAC 01/09 @ 101     15,697,273
             
      Michigan—2.9%          
AA
  17,210   Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31 07/11 @ 101     17,540,948
             
      Mississippi—3.1%          
A
  18,680   Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 07/11 @ 100     18,882,865
             
      New Hampshire—0.6%          
A+
  3,500   New Hampshire Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31 10/11 @ 101     3,562,370
             
      New Jersey—8.9%          
      New Jersey Econ. Dev. Auth.,          
B
  31,410        Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101     26,979,619
Baa3
  8,000        Kapkowski Road Landfill Proj., 6.50%, 4/01/28 No Opt. Call     9,027,200
      Tobacco Settlement Fin. Corp.,          
BBB
  18,000        6.75%, 6/01/39   06/13 @ 100     17,010,900
BBB
  2,000        7.00%, 6/01/41   06/13 @ 100     1,976,460
               
                54,994,179
               

See Notes to Financial Statements.

17


BlackRock Municipal Income Trust (BFK) (continued)

  Principal              
  Amount       Option Call      
Rating1 (000)   Description Provisions2   Value  








        Ohio—2.4%            
Baa2
$ 14,500   Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B,          
           6.00%, 8/01/20   08/07 @ 102   $ 14,735,625  
               
 
      Pennsylvania—4.6%            
A3
  6,500   Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41 05/11 @ 101     6,644,885  
      Pennsylvania Higher Edl. Facs. Auth.,            
BBB+
  4,000        La Salle Univ., 5.50%, 5/01/34   05/13 @ 100     3,937,160  
A
  17,250        Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22 01/06 @ 101     17,808,037  
             
 
                28,390,082  
               
 
      South Carolina—4.9%            
      Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,          
A
  5,000        5.50%, 11/01/32   11/13 @ 100     5,042,700  
A
  10,000        5.75%, 11/01/28   11/13 @ 100     10,307,100  
      So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,          
BBB
  5,075        Ser. A, 6.25%, 8/01/31   08/13 @ 100     5,226,996  
BBB
  9,000        Ser. C, 6.875%, 8/01/27   08/13 @ 100     9,701,010  
               
 
                30,277,806  
               
 
      South Dakota—2.1%            
BBB
  14,000   Edl. Enhancement Fdg. Corp., Tobacco Settlement, Ser. B, 6.50%, 6/01/32 06/12 @ 101     12,933,480  
             
 
      Tennessee—1.4%            
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     8,744,834  
               
 
      Texas—17.1%            
      Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C,          
BBB
  8,655        5.75%, 5/01/36   No Opt. Call     9,280,583  
BBB
  1,320        6.75%, 10/01/38   10/13 @ 101     1,416,756  
      Harris Cnty. Houston Sports Auth., MBIA,          
AAA
  12,580        Ser. A, Zero Coupon, 11/15/38   11/30 @ 61.166     1,585,583  
AAA
  5,000        Ser. H, Zero Coupon, 11/15/35   11/31 @ 78.178     749,450  
BBB
  4,670   Matagorda Cnty. Navigation Dist. No. 1, 5.60%, 3/01/27 03/14 @ 101     4,657,905  
BBB
  20,000   Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 05/12 @ 101     20,810,600  
BBB
  4,450   Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11 No Opt. Call     4,771,646  
      Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev.,          
Baa1
  6,010        5.80%, 11/01/26   11/11 @ 102     5,855,363  
Baa1
  18,605        Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31 11/11 @ 102     17,998,105  
BBB-
  6,515        So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 09/12 @ 102     6,051,327  
BBB-
  4,435        Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 09/12 @ 102     4,119,361  
      Texas Tpke. Auth., Central Sys. Rev., AMBAC,          
AAA
  35,000        Zero Coupon, 8/15/32   08/12 @ 30.846     6,505,800  
AAA
  62,325        Zero Coupon, 8/15/33   08/12 @ 28.997     10,876,336  
AAA
  65,040        Zero Coupon, 8/15/34   08/12 @ 27.31     10,686,072  
               
 
                105,364,887  
               
 
      Virginia—0.3%            
AAA
  8,105   Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA 04/12 @ 34.99     1,683,409  
             
 
      Washington—0.4%            
A-
  2,190   Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23 01/07 @ 103     2,269,804  
             
 
      West Virginia—1.3%            
BBB
  8,000   Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25 04/05 @ 102     8,294,400  
             
 
      Wisconsin—9.8%            
BBB
  26,000   Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 06/12 @ 100     23,338,120  
      Wisconsin Hlth. & Edl. Facs. Auth.,            
A-
  7,500        Aurora Hlth. Care, 6.40%, 4/15/33   04/13 @ 100     7,887,825  
A+
  13,750        Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30 10/11 @ 101     13,571,387  
A
  15,000        Wheaton Franciscan Svcs., 5.75%, 8/15/30 02/12 @ 101     15,440,700  
             
 
                60,238,032  
               
 
      U.S. Virgin Islands—0.5%            
A
  3,080   Virgin Islands Pub. Fin. Auth., 5.00%, 10/01/31, ACA 10/14 @ 100     2,995,331  
               
 
        Total Long-Term Investments (cost $948,415,442)       962,188,400  
                 
 

See Notes to Financial Statements.

18


BlackRock Municipal Income Trust (BFK) (continued)

  Principal    
  Amount    
Rating1 (000) Description Value





        SHORT-TERM INVESTMENTS—2.3%    
        Florida—0.5%    
A1+
$ 2,900 6 Palm Beach Cnty. Sch. Brd., COP, Ser. B, 1.08%, 5/06/04, AMBAC, FRWD $ 2,900,000
       

      Texas—0.1%    
A1+
  245 6 Brownsville Util. Sys., Ser. A, 1.03%, 5/05/04, MBIA, FRWD   245,000
       

   

     
   
Shares
     
   
(000)
     
   

     
        Money Market Fund—1.7%    
    10,600   AIM Tax Free Investment Co. Cash Reserve Portfolio   10,600,000
         

        Total Short-Term Investments (cost $13,745,000)   13,745,000
         

        Total Investments—158.9% (cost $962,160,442) $ 975,933,400
        Other assets in excess of liabilities—2.2%   13,542,803
        Preferred shares at redemption value, including dividends payable—(61.1)%   (375,156,446
         

        Net Assets Applicable to Common Shareholders—100% $ 614,319,757
         


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

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

3 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 April 30, 2004, the Trust held 7.6% of its net assets, with a current market value of $46,632,235, in securities restricted as to resale.

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

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

6 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown as of April 30, 2004.


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






See Notes to Financial Statements.

19


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock California Investment Quality Municipal Trust (RAA)

  Principal              
  Amount       Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—135.5%          
        California—128.3%            
        California, GO,            
   Baa1 $ 960 3      5.75%, 3/01/05  
N/A
  $ 1,005,120  
   Baa1   40        5.75%, 3/01/19   03/05 @ 101     41,593  
        California Cnty. Tobacco Sec. Agcy.,            
   BBB   1,000        Ser. B, 6.00%, 6/01/29   06/12 @ 100     903,040  
   BBB   900        Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 06/12 @ 100     760,896  
        California Edl. Facs. Auth., MBIA,            
   AAA   760 3      Santa Clara Univ., 5.00%, 9/01/06   N/A     832,382  
   AAA   835        Student Loan Prog., Ser. A, 6.00%, 3/01/16 03/07 @ 102     878,412  
        California Pub. Wks. Brd., Lease Rev., Ser. A,          
   BBB-   1,000 3      Dept. of Corrections., 6.875%, 11/01/04 N/A     1,048,740  
   A3   1,000        St. Univ. Proj., 6.10%, 10/01/06   10/04 @ 102     1,037,590  
        Golden St. Tobacco Sec. Corp., Ser. B,            
   BBB   600        5.50%, 6/01/43        06/13 @ 100     593,604  
   BBB   400        5.625%, 6/01/38   06/13 @ 100     399,620  
        Los Angeles Cnty.,            
   AAA   1,000        Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA 09/07 @ 102     1,099,240  
   AAA   1,000 3      Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA N/A     1,101,370  
   Aa3   1,000 3 Los Angeles Cnty. Pub. Wks. Fin. Auth., Regl. Park & Open Space, Dist. A, 6.00%,          
             10/01/04   N/A     1,040,300  
   AA   1,150   Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13 08/06 @ 101     1,246,358  
    B-   945 4 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. B,          
             7.50%, 12/01/24   12/12 @ 102     821,224  
    NR   1,000 4 Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33 09/10 @ 102     962,340  
   BBB-   1,000   Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 07/06 @ 102     1,089,690  
    NR   1,000 4 San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33 09/12 @ 102     956,990  
   AAA   500   San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC 06/04 @ 101     507,050  
        San Francisco City & Cnty. Arpt. Comn., Intl. Arpt. Rev.,          
   AAA   150        Ser. 12-A, 5.90%, 5/01/26, MBIA   05/06 @ 101     159,511  
   AAA   1,000        Ser. 6, 6.125%, 5/01/09, AMBAC   05/04 @ 102     1,020,000  
   AAA   40   So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA 06/04 @ 100     40,196  
   AAA   500   Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC 08/07 @ 102     541,305  
   AAA   370   West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC 08/07 @ 101     394,117  
               
 
                  18,480,688  
                 
 
        Puerto Rico—7.2%            
   BBB+   1,000   Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 02/12 @ 100     1,033,020  
               
 
        Total Long-Term Investments (cost $18,959,797)         19,513,708  
                 
 

See Notes to Financial Statements.

20


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

Shares          
(000) Description   Value




  MONEY MARKET FUNDS—9.7%      
700 AIM Tax Free Investment Co. Cash Reserve Portfolio   $ 700,001
700 SSgA Tax Free Money Mkt. Fund       700,000
       

  Total Money Market Funds (cost $1,400,001)   1,400,001
       

  Total Investments—145.2% (cost $20,359,798) $ 20,913,709
  Other assets in excess of liabilities—6.8%     984,577
  Preferred shares at redemption value, including dividends payable—(52.0)%     (7,500,186
       

  Net Assets Applicable to Common Shareholders—100%   $ 14,398,100
     


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

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

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

4 See Note 7 of Notes to Financial Statements.


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.

21


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock California Municipal Income Trust (BFZ)

  Principal            
  Amount     Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—155.6%          
        California—132.5%          
        Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,          
   AAA $ 24,500        Zero Coupon, 9/01/31
No Opt. Call
  $ 5,164,600  
   AAA   6,070        Zero Coupon, 9/01/32
No Opt. Call
    1,205,381  
        California, GO,
       
   Baa1   10,000        5.50%, 11/01/33 11/13 @ 100     10,157,400  
   AAA   5,500        Ser. BZ, 5.35%, 12/01/21, MBIA 06/07 @ 101     5,547,740  
   AAA   5,000        Ser. BZ, 5.375%, 12/01/24, MBIA 06/07 @ 101     5,015,150  
        California Cnty. Tobacco Sec. Agcy.,          
   BBB   12,000        Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35 06/12 @ 100     10,337,760  
   BBB   5,000        Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 06/12 @ 100     4,227,200  
        California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,          
     A-   4,000 3      5.375%, 5/01/21 05/12 @ 101     4,120,040  
     A-   6,000        5.375%, 5/01/22 05/12 @ 101     6,145,020  
   AAA   10,000   California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32 06/11 @ 101     10,191,400  
        California Hlth. Facs. Fin. Auth., Ser. A,          
   BBB   3,000        Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27 05/12 @ 100     2,939,970  
    A   4,890        Kaiser Proj., 5.40%, 5/01/28 ETM     5,083,155  
        California Hsg. Fin. Agcy.,          
   AAA   14,065        Ser. B, Zero Coupon, 8/01/31, FSA 08/10 @ 31.194     3,132,416  
   AAA   15,945        Home Mtge. Rev., Ser. Q, Zero Coupon, 2/01/33, AMBAC 08/11 @ 29.558     2,956,841  
   AAA   19,185        Home Mtge. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA 08/11 @ 57.562     7,147,947  
        California Infrastructure & Econ. Dev.,          
   AAA   15,000        Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC 07/13 @ 100     14,908,950  
    A   15,250        J. David Gladstone Inst. Proj., 5.25%, 10/01/34 10/11 @ 101     14,713,810  
    A   13,500        Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 08/11 @ 102     13,768,515  
   AA-   10,000   California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B,          
             5.625%, 8/15/42 08/12 @ 100     10,149,400  
    A-   5,000   Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A,          
             5.85%, 12/15/32 12/13 @ 102     5,071,200  
   AAA   6,000   El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC 01/11 @ 100     6,099,900  
        Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,          
   AAA   7,485        Zero Coupon, 12/01/29 12/11 @ 37.373     1,687,868  
   AAA   7,485        Zero Coupon, 12/01/30 12/11 @ 35.365     1,584,200  
   AAA   7,485        Zero Coupon, 12/01/31 12/11 @ 33.465     1,478,362  
        Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,          
   BBB   5,000        Zero Coupon, 1/15/33 01/10 @ 25.78     882,850  
   BBB   5,000        Zero Coupon, 1/15/34 01/10 @ 24.228     826,100  
   BBB   13,445        Zero Coupon, 1/15/35 01/10 @ 22.819     2,083,975  
   BBB   1,000        Zero Coupon, 1/15/38 01/10 @ 19.014     126,960  
   BBB   9,620        5.75%, 1/15/40 01/10 @ 101     9,768,437  
        Golden St. Tobacco Sec. Corp.,          
   BBB   3,000        Ser. A-1, 6.75%, 6/01/39 06/13 @ 100     2,820,600  
   BBB   10,200        Ser. B, 5.50%, 6/01/43 06/13 @ 100     10,091,268  
   BBB   5,800        Ser. B, 5.625%, 6/01/38 06/13 @ 100     5,794,490  
   NR   5,000   Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28 03/08 @ 102     4,824,150  
        Lathrop Fin. Auth., Wtr. Suply. Proj.,          
   NR   2,855 4      5.90%, 6/01/27 06/13 @ 100     2,777,744  
   NR   5,140 4      6.00%, 6/01/35 06/13 @ 100     5,073,437  
    B-   4,110   Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C,          
             7.50%, 12/01/24 12/12 @ 102     3,571,672  
   BBB   1,000   Palm Springs Mobile Home Park., Sahara Mobile Home Park, 5.625%, 5/15/26 05/12 @ 102     979,560  
   NR   4,000   Rancho Cucamonga Comnty. Facs. Dist., Ser. A, 6.50%, 9/01/33 09/13 @ 100     4,126,400  
   AAA   15,500   Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj.,          
             5.125%, 9/01/30, MBIA 09/11 @ 100     15,549,910  
   AAA   1,905   Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC No Opt. Call     408,870  
   AAA   6,500   San Francisco City & Cnty. Arpt. Comn., Intl. Arpt. Rev., Ser. 27-A,          
             5.25%, 5/01/31, MBIA 05/11 @ 100     6,482,515  
        San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist.,          
   NR   1,775        Mission Bay South, 6.125%, 8/01/31 08/09 @ 102     1,807,465  
   NR   7,500        Mission Bay South, 6.25%, 8/01/33 08/11 @ 101     7,532,625  
        San Jose Mult. Fam. Hsg.,          
   AAA   2,880        Lenzen Hsg., Ser. B, 5.45%, 2/20/43 08/11 @ 102     2,906,928  
   AAA   4,225        Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34 04/11 @ 100     4,270,672  

See Notes to Financial Statements.

22


BlackRock California Municipal Income Trust (BFZ) (continued)

  Principal            
  Amount       Option Call    
Rating1 (000) Description Provisions2   Value









        California—(cont’d)            
        Santa Clara Cnty. Hsg. Auth., Mult. Fam. Hsg., Ser. A,          
    NR
$
6,250        Blossom River Apts., 6.50%, 9/01/39     03/08 @ 102   $ 5,667,250
    A3   1,715        John Burns Gardens Apts. Proj., 5.85%, 8/01/31   02/12 @ 101     1,715,978
    A3   1,235        River Town Apts. Proj., 6.00%, 8/01/41   02/12 @ 101     1,241,533
    NR   3,075   Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32   11/10 @ 102     3,020,542
    BBB   5,345   Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41 06/11 @ 100     4,176,850
        Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,        
    BBB   7,000        5.50%, 6/01/36     06/12 @ 100     5,708,850
    BBB   11,500        5.625%, 6/01/43     06/12 @ 100     9,341,105
    AAA   2,000   Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA   08/13 @ 100     2,031,480
    NR   2,245   Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28 10/13 @ 102     2,228,162
    A2   2,000   Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33 04/08 @ 100     2,012,440
             

                    282,685,043
                 

        Delaware—5.6%            
        Charter Mac Equity Issuer Trust,            
    NR   7,000 4,5      Ser. A-2, 6.30%, 6/30/49     06/09 @ 100     7,650,580
    NR   4,000 4,5      Ser. B-1, 6.80%, 11/30/50     11/10 @ 100     4,398,760
                 

                    12,049,340
                   
        Maryland—4.9%            
        MuniMae TE Bond Subsidiary, LLC,            
    NR   7,000 4,5      Ser. A, 6.30%, 6/30/49     06/09 @ 100     7,279,510
    NR   3,000 4,5      Ser. B, 6.80%, 6/30/50     11/10 @ 100     3,106,260
                 

                    10,385,770
                 

        Puerto Rico—12.6%            
    A-   10,000   Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31   07/12 @ 101     10,146,600
        Puerto Rico Pub. Fin. Corp., Ser. E,            
   BBB+   10,000        5.70%, 8/01/25     02/10 @ 100     10,629,300
   BBB+   5,750        5.75%, 8/01/30     02/07 @ 100     6,041,755
                 

                    26,817,655
                 

        Total Long-Term Investments (cost $ 335,239,992)         331,937,808
                 

   

             
   
Shares
             
   
(000)
             
   

             
        MONEY MARKET FUND—4.2%          
    9,000   AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $9,000,000)
N/A
    9,000,000
               

        Total Investments—159.8% (cost $ 344,239,992)       $ 340,937,808
        Other assets in excess of liabilities—2.1%         4,428,159
        Preferred shares at redemption value, including dividends payable—(61.9)%       (131,957,495
                 

        Net Assets Applicable to Common Shareholders—100%       $ 213,408,472
               


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

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

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

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

5Security 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 April 30, 2004, the Trust held 10.5% of its net assets, with a current market value of $22,435,110, in securities restricted as to resale.


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






See Notes to Financial Statements.

23


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Florida Investment Quality Municipal Trust (RFA)

  Principal            
  Amount     Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—146.9%          
        Florida—126.2%          
      AAA
$
170   Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC
ETM
  $ 200,818  
      AAA   1,000   Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC 07/06 @ 102     1,067,810  
      Baa1   1,000   Capital Trust Agcy. Multi-Fam., American Opp., Ser. A, 5.875%, 6/01/38 06/13 @ 102     924,910  
      AAA   1,000   Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA 02/06 @ 101     1,034,460  
      AAA   1,000   Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA 10/05 @ 102     1,066,070  
      AAA   1,000 3 Dade Cnty. GO, Ser. B, Zero Coupon, 10/1/08, AMBAC N/A     629,150  
      AAA   1,000 3 Dade Cnty. Sch. Brd., COP, Ser. A, 6.00%, 5/1/04, MBIA N/A     1,010,000  
      AAA   1,000 3 First Florida Govt’l. Fin. Com., 5.75%, 7/1/06, AMBAC N/A     1,092,740  
      AA+   1,000 3 Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/1/05 N/A     1,058,960  
      AAA   500   Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%,          
             3/01/15, AMBAC 03/05 @ 102     528,900  
      AAA   1,000 3 Florida Dept. of Trans., GO, 5.80%, 7/1/05 N/A     1,061,880  
      AAA   1,000 3 Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn., Ser. A,          
             5.75%, 7/1/05, AMBAC N/A     1,061,300  
      AAA   280   Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.25%, 7/01/11 07/04 @ 102     286,185  
      AAA   1,000   Jacksonville Cap. Impvt., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC 10/04 @ 101     1,025,330  
      AAA   1,000 3 Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA N/A     1,080,960  
       BB   500   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100     492,690  
      AAA   5,000   Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA 04/08 @ 28.079     1,051,200  
       A+   750   Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24 11/13 @ 100     726,330  
      AA-   1,000   Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33 05/13 @ 100     1,013,120  
      AAA   1,000 3 Seminole Cnty. Sch. Brd., COP, Ser. A, 6.125%, 7/01/04, MBIA N/A     1,028,060  
       NR   660 4 Stevens Plantation Impvt. Proj., 6.375%, 5/01/13 No Opt. Call     661,927  
       NR 1,000 4 Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 05/13 @ 101     1,036,130  
      AAA   1,000 3 Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC N/A     1,099,650  
        BBB+   1,000   Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16 10/06 @ 102     1,053,460  
             

 
                21,292,040  
             

 
        Puerto Rico—20.7%          
        Puerto Rico Elec. Pwr. Auth.,          
      AAA   1,000 3      Ser. T, 6.375%, 7/01/04 N/A     1,028,450  
       A-   1,000        Ser. U, 6.00%, 7/01/14 07/04 @ 102     1,024,440  
       A-   380 3 Puerto Rico Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05 N/A     398,689  
      BBB+   1,000   Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 02/12 @ 100     1,033,020  
             

 
                3,484,599  
             

 
        Total Investments—146.9% (cost $23,422,988)     $ 24,776,639  
        Other assets in excess of liabilities—3.5%       589,658  
        Preferred shares at redemption value, including dividends payable—(50.4)%       (8,500,244 )
             

 
        Net Assets Applicable to Common Shareholders—100%     $ 16,866,053  
             

 

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

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

3This 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.

4See Note 7 of Notes to Financial Statements.


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






See Notes to Financial Statements.

24


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock Florida Municipal Income Trust (BBF)

  Principal            
  Amount     Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—155.0%          
        Florida—134.3%          
      AA
$
7,715   Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32 05/12 @ 102   $ 8,007,013  
       A   2,000   Boynton Beach Multi-Family Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA 01/13 @ 100     2,008,060  
      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     2,762,844  
      Baa1   1,000   Capital Trust Agcy. Multi-Family, American Opp., Ser. A, 5.875%, 6/01/38 06/13 @ 102     924,910  
      AAA   7,000 3 Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC No Opt. Call     7,144,060  
        Florida Brd. of Ed., GO,          
      AA+   5,550        Ser. A, 5.125%, 6/01/30 06/10 @ 101     5,639,965  
      AAA   1,000        Ser. J, 5.00%, 6/01/24, AMBAC 06/13 @ 101     1,011,350  
        A   3,000   Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29 10/09 @ 102     3,070,740  
       NR   2,870   Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08 No Opt. Call     2,878,983  
       NR   1,715   Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 05/13 @ 101     1,764,032  
        A   6,500   Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31 11/11 @ 101     6,823,440  
      BBB+   1,450   Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 10/12 @ 100     1,415,838  
       AA   7,500   Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36 11/11 @ 101     7,691,700  
      AAA   4,000   Jacksonville Transp., 5.00%, 10/01/26, MBIA 10/11 @ 100     4,021,880  
        JEA Elec. Sys.,          
      AA+   5,000        5.20%, 10/01/33 06/04 @ 100.5     5,003,100  
      AA+   5,000        Ser. A, 5.50%, 10/01/41 10/07 @ 100     5,218,550  
      AA   7,500   JEA Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 10/06 @ 100     7,580,550  
      NR   1,675   Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33 05/13 @ 101     1,697,964  
      AAA   2,770   Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC ETM     1,180,657  
      BB   3,000   Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 11/14 @ 100     2,956,140  
      AAA   1,000   Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC 07/11 @ 101     1,019,730  
        Miami Dade Cnty., Spec. Oblig. Rev., MBIA,          
      AAA   2,595        Ser. A, Zero Coupon, 10/01/19 04/08 @ 55.413     1,143,435  
      AAA   9,700        Ser. B, Zero Coupon, 10/01/33 04/08 @ 25.056     1,808,953  
      AAA   25,000        Ser. C, Zero Coupon, 10/01/28 04/08 @ 32.99     6,280,750  
        No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,          
       NR   1,680        6.10%, 8/01/21 08/11 @ 101     1,718,203  
       NR   3,500        6.125%, 8/01/31 08/11 @ 101     3,541,650  
      AAA   2,500   Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC 08/11 @ 101     2,515,150  
       Aa3   12,000   So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33 02/13 @ 100     11,985,600  
      AAA   1,500   St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA 10/09 @ 101     1,505,400  
       NR   2,850   Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32 10/09 @ 100     2,864,336  
       NR   2,000   Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 05/13 @ 101     2,072,260  
       AA   5,500   Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA 04/12 @ 100     5,725,995  
       AA   4,000   Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 10/11 @ 101     4,013,880  
        Village Cmnty. Dev. Dist., Assmt. Rev., Ser. A,          
       NR   4,000        6.00%, 5/01/22 05/13 @ 101     4,040,920  
       NR   1,950        6.50%, 5/01/33 05/13 @ 101     2,011,659  
      BBB+   2,000   Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29 10/09 @ 101     2,019,920  
               
 
                133,069,617  
               
 
        Puerto Rico—20.7%          
      BBB   6,000   Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100     5,536,620  
       A-   7,500   Puerto Rico, GO, Ser. A, 5.125%, 7/01/31 07/11 @ 100     7,510,125  
        Puerto Rico Pub. Fin. Corp., Ser. E,          
     BBB+   4,000        5.70%, 8/01/25 02/10 @ 100     4,251,720  
     BBB+   3,000        5.75%, 8/01/30 02/07 @ 100     3,152,220  
               
 
                20,450,685  
               
 
        Total Long-Term Investments (cost $151,305,123)       153,520,302  
               
 

See Notes to Financial Statements.

25


BlackRock Florida Municipal Income Trust (BBF) (continued)

Shares
           
(000)
Description Value  






  MONEY MARKET FUND—0.9%          
900
AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $900,000) $ 900,000  
       

 
  Total Investments—155.9% (cost $152,205,123)     $ 154,420,302  
  Other assets in excess of liabilities—2.2%       2,184,398  
  Preferred shares at redemption value, including dividends payable—(58.1)%     (57,554,489 )
       

 
  Net Assets Applicable to Common Shareholders—100%     $ 99,050,211  
       

 

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

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

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


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.

26


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

  Principal            
  Amount     Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—144.0%          
        New Jersey—122.4%          
   AAA $ 1,000   Delaware River Port. Auth. of PA & NJ, 5.75%, 1/01/26, FSA 01/10 @ 100   $ 1,080,700  
   AAA   1,000 3 Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA N/A     1,090,180  
   Baa1   1,000   Middlesex Cnty. Impvt. Auth., St. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35 08/14 @ 100     970,380  
        New Jersey Econ. Dev. Auth.,          
     B   925 4      Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101     794,529  
   AAA   1,000 3      Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/04, MBIA N/A     1,027,670  
   AAA   900        Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA      No Opt. Call     1,016,244  
   BBB   500        Trigen-Trenton Proj., Ser. A, 6.20%, 12/01/10 06/04 @ 102     510,000  
   AAA   1,000 3 New Jersey Edl. Fac. Auth., Rowan College, Ser. E, 5.875%, 7/01/06, AMBAC N/A     1,095,370  
        New Jersey Hlth. Care Fac. Fin. Auth.,          
     A   1,000        Hackensack Univ. Med. Ctr, 6.00%, 1/01/25 01/10 @ 101     1,039,660  
   AAA   1,000 3      Riverview Med. Ctr., 5.50%, 7/01/04, AMBAC N/A     1,027,090  
   AAA   1,000        St. Josephs Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE 07/06 @ 102     1,086,710  
   AAA   115   New Jersey Hsg. & Mtge. Fin., Home Buyer, Ser. O, 6.35%, 10/01/27, MBIA 10/05 @ 101.5     117,741  
        New Jersey Tpke. Auth., Ser. C,          
   AAA   785        6.50%, 1/01/16, AMBAC ETM     936,340  
   AAA   215        6.50%, 1/01/16, AMBAC No Opt. Call     257,372  
        New Jersey Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA,          
   AAA   375 3      5.50%, 6/15/05 N/A     399,922  
   AAA   625  
     5.50%, 6/15/15
06/05 @ 102     663,644  
   AAA   375 3
     5.75%, 6/15/05
N/A     400,954  
   AAA   625  
     5.75%, 6/15/14
06/05 @ 102     665,356  
    AA   1,000 3 No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05 N/A     1,037,000  
   AAA   1,000   Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC 12/09 @ 101     1,112,450  
   AA-   1,000   Port Auth. of NY & NJ, 5.75%, 12/15/20 06/05 @ 101     1,051,330  
   BBB   1,000   Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 06/12 @ 100     859,480  
             

 
                18,240,122  
             

 
        Delaware—7.4%          
    NR   1,000 5,6 Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 06/09 @ 100     1,107,830  
             

 
        Puerto Rico—14.2%          
   AAA   1,000 3 Comnwlth. of Puerto Rico, 5.40%, 7/01/06, FSA N/A     1,091,300  
     A-   1,000   Puerto Rico Elec. Pwr. Auth., Ser. U, 6.00%, 7/01/14 07/04 @ 102     1,024,440  
             

 
                2,115,740  
             

 
        Total Long-Term Investments (cost $20,107,558)       21,463,692  
             

 
 

             
 
Shares
             
 
(000)
           
 

             
        MONEY MARKET FUND—1.0%          
    150  
AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $150,000)
N/A     150,000  
             

 
        Total Investments—145.0% (cost $20,257,558)     $ 21,613,692  
       
Other assets in excess of liabilities—5.3%
      793,940  
        Preferred shares at redemption value, including dividends payable—(50.3)%       (7,500,278 )
             

 
       
Net Assets Applicable to Common Shareholders—100%
    $ 14,907,354  
             

 

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

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

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

4 See Note 7 of Notes to Financial Statements.

5 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 April 30, 2004, the Trust held 7.4% of its net assets, with a current market value of $1,107,830, in securities restricted as to resale.

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


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.

27


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New Jersey Municipal Income Trust (BNJ)

  Principal            
  Amount     Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—154.3%          
        New Jersey—110.1%          
        Cherry Hill Twnshp., GO,          
   AA+ $ 4,065        5.00%, 7/15/22 07/11 @ 100   $ 4,163,292  
   AA+   4,275        5.00%, 7/15/23 07/11 @ 100     4,349,513  
   AAA   12,600   Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon, 11/01/26, FSA No Opt. Call     3,785,796  
   AAA   7,750   Middlesex Cnty., COP, 5.00%, 8/01/31, MBIA 08/11 @ 100     7,767,748  
        Middlesex Cnty. Impvt. Auth.,          
   AAA   1,400        Admin. Bldg. Res. Proj., 5.35%, 7/01/34 07/11 @ 100     1,417,234  
   AAA   4,470        New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35 08/12 @ 100     4,499,279  
        New Jersey Econ. Dev. Auth.,          
     B   3,450        Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101     2,963,378  
     B   2,000        Continental Airlines Inc. Proj., 7.20%, 11/15/30 11/10 @ 101     1,760,520  
   BBB-   2,630        First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 01/09 @ 102     2,559,148  
   BBB-   4,050        First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24 11/14 @ 100     3,902,823  
   Baa3   2,500        Kapkowski Road Landfill Proj., 6.50%, 4/01/28 No Opt. Call     2,821,000  
   Baa3   5,000        Kapkowski Road Landfill Proj., 6.50%, 4/01/31 No Opt. Call     5,488,050  
    A+   2,000        Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 06/11 @ 102     2,063,740  
   Aaa   1,970        Victoria Hlth., Ser. A, 5.20%, 12/20/36 12/11 @ 103     2,008,533  
        New Jersey Edl. Facs. Auth.,          
   BBB-   3,000        Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25 07/13 @ 100     3,023,280  
   BBB+   2,120        Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33 07/13 @ 100     2,264,902  
        New Jersey Hlth. Care Fac. Fin. Auth.,          
    A-   4,500        Atlantic City Med. Ctr., 5.75%, 7/01/25 07/12 @ 100     4,645,170  
    A+   3,000        Catholic Hlth. East, Ser. A, 5.375%, 11/15/33 11/12 @ 100     3,005,670  
    A3   10,000 3      Kennedy Hlth. Sys., 5.625%, 7/01/31 07/11 @ 100     10,141,900  
   Baa1   1,960        So. Jersey Hosp., 6.00%, 7/01/26 07/12 @ 100     2,008,275  
   Baa1   5,500        So. Jersey Hosp., 6.00%, 7/01/32 07/12 @ 100     5,617,370  
   BBB+   1,540        So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23 06/04 @ 102     1,565,856  
   AAA   3,000   New Jersey Hsg. & Mtg. Fin. Agcy., Mult. Fam. Hsg. Rev., Ser. A, 5.05%, 5/01/34, FSA 05/11 @ 100     2,931,990  
   Aaa   1,970   Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30 06/12 @ 102     2,014,699  
   AAA   8,000   Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA 12/07 @ 102     8,525,760  
   BBB   18,000   Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 06/12 @ 100     15,470,640  
        Trenton Pkg. Auth., FGIC,          
   AAA   5,465        5.00%, 4/01/25 04/11 @ 100     5,524,732  
   AAA   2,000        5.00%, 4/01/30 04/11 @ 100     2,007,840  
        Vineland, GO, MBIA,          
   AAA   1,500        5.30%, 5/15/30 05/10 @ 101     1,528,050  
   AAA   1,500        5.375%, 5/15/31 05/10 @ 101     1,537,350  
               
 
                121,363,538  
               
 
        Delaware—9.4%          
        Charter Mac Equity Issuer Trust,          
    NR   7,000 4,5      Ser. A-2, 6.30%, 6/30/49 06/09 @ 100     7,650,580  
    NR   2,500 4,5      Ser. B-1, 6.80%, 11/30/50 11/10 @ 100     2,749,225  
               
 
                10,399,805  
               
 
        Maryland—4.7%          
        MuniMae TE Bond Subsidiary, LLC,          
    NR   3,000 4,5      Ser. A, 6.30%, 6/30/49 06/09 @ 100     3,119,790  
    NR   2,000 4,5      Ser. B, 6.80%, 6/30/50 11/10 @ 100     2,070,840  
               
 
                5,190,630  
               
 
        Puerto Rico—30.1%          
        Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,          
   AAA   2,855        Ser. A, 5.20%, 12/01/33 06/11 @ 100     2,867,619  
   AAA   2,855        Ser. B, 5.30%, 12/01/28 06/11 @ 100     2,858,198  
     A   5,800   Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 07/12 @ 100     5,872,964  
        Puerto Rico Pub. Bldgs. Auth., Ser. D,          
   AAA   5,000        Zero Coupon, 7/01/31, AMBAC 07/17 @ 100     3,301,000  
     A-   6,500        Gov't. Facs., 5.25%, 7/01/36 07/12 @ 100     6,581,770  

See Notes to Financial Statements.

28


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

  Principal                  
  Amount             Option Call    
Rating1 (000)   Description   Provisions2 Value  











                           
        Puerto Rico—(cont’d)          
        Puerto Rico Pub. Fin. Corp., Ser. E,          
   BBB+ $ 4,000        5.70%, 8/01/25           02/10 @ 100 $ 4,251,720  
   BBB+   7,040        5.75%, 8/01/30           02/07 @ 100   7,397,209  
                     

 
                        33,130,480  
                     

 
        Total Long-Term Investments (cost$167,769,856)       170,084,453  
                     

 
 

                     
 
Shares
                     
 
(000)
                   
 

                     
        MONEY MARKET FUND—1.2%          
    1,300  
AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,300,000)
N/A
  1,300,000  
                 

 
        Total Investments—155.5% (cost $169,069,856)     $ 171,384,453  
       
Other assets in excess of liabilities—2.4%
      2,620,531  
        Preferred shares at redemption value, including dividends payable—(57.9)%       (63,801,732 )
                     

 
       
Net Assets Applicable to Common Shareholders—100%
    $ 110,203,252  
                 

 

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

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

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

4 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2004, the Trust held 14.1% of its net assets, with a current market value of $15,590,435, in securities restricted as to resale.

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


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.

29


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New York Investment Quality Municipal Trust (RNY)

  Principal            
  Amount     Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—137.0%          
        New York—122.7%          
      AAA
$
1,000   Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B,          
             5.00%, 12/01/33, MBIA 06/08 @ 100   $ 991,080  
       AA-   2,100   Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23 07/13 @ 100     2,120,307  
      AAA   1,000   Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC 11/06 @ 102     1,079,530  
        New York City, GO,          
        A   820 3      Ser. A, 6.00%, 5/15/10 N/A     952,217  
        A+   180        Ser. A, 6.00%, 5/15/30 05/10 @ 101     195,763  
       AA   1,000        Ser. B, 5.70%, 8/15/12 08/05 @ 101     1,060,100  
        A+   1,000        Ser. I, 5.875%, 3/15/18 03/06 @ 101.5     1,070,160  
        New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,          
        A-   1,000        6.00%, 1/01/08 06/04 @ 102     1,022,340  
        A-   1,000        6.10%, 1/01/09 06/04 @ 102     1,022,400  
      AAA   1,000 3 New York City Mun. Wtr. Fin. Auth., Ser. A, 6.00%, 6/15/05 N/A     1,062,670  
        New York City Transl. Fin. Auth., Ser. B,          
      AA+   815 3      6.00%, 5/15/10 N/A     948,847  
      AA+   185        6.00%, 11/15/21 05/10 @ 101     208,303  
      AA+   1,000 3      6.00%, 5/15/10 N/A     1,164,230  
        New York Dorm. Auth.,          
      AAA   1,250 3      City Univ., 6.125%, 7/01/04, AMBAC N/A     1,285,075  
      AAA   1,000 3      City Univ., 6.20%, 7/01/04, AMBAC N/A     1,028,180  
      AAA   750        Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA 02/13 @ 100     749,527  
       Aa3   1,000        Kateri Residence, 5.00%, 7/01/22 07/13 @ 100     997,430  
       BB+   1,000        Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25 07/10 @ 101     1,001,920  
      AAA   1,005        St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC No Opt. Call     1,099,832  
      AAA   1,000 3      St. Univ. Edl. Fac., Ser. B, 6.00%, 5/15/04 N/A     1,021,400  
      AAA   1,000 3      St. Univ. Edl. Fac., Ser. B, 6.25%, 5/15/04 N/A     1,021,470  
        A+   1,000        Univ. of Rochester, Ser. B, 5.625%, 7/01/24 07/09 @ 101     1,063,580  
      AAA   1,000 3 New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA N/A     1,109,740  
      Caa2   1,000 4 Port Auth. of NY & NJ, Spec. Oblig., Cont’l/Eastern Proj. LaGuardia, 9.125%, 12/01/15 06/04 @ 100     1,021,550  
               
 
                24,297,651  
               
 
        Puerto Rico—12.7%          
      BBB   500   Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100     461,385  
        A-   1,000 3 Puerto Rico Elec. Pwr. Auth., Ser. T, 6.00%, 7/01/04 N/A     1,027,780  
        BBB+   1,000   Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 02/12 @ 100     1,033,020  
               
 
                2,522,185  
               
 
        Trust Territories—1.6%          
       Ba3   315 4 Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33 10/13 @ 100     314,795  
               
 
        Total Long-Term Investments (cost $25,587,174)       27,134,631  
               
 

See Notes to Financial Statements.

30


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

Shares            
(000) Description   Value  





  MONEY MARKET FUNDS—7.8%        
950 AIM Tax Free Investment Co. Cash Reserve Portfolio   $ 950,000  
600 SSgA Tax Free Money Mkt. Fund       600,000  
       

 
  Total Money Market Funds (cost $1,550,000)   1,550,000  
       

 
  Total Investments—144.8% (cost $27,137,174) $ 28,684,631  
  Other assets in excess of liabilities—4.7%     924,892  
  Preferred shares at redemption value, including dividends payable—(49.5)%     (9,801,341 )
       

 
  Net Assets Applicable to Common Shareholders—100%   $ 19,808,182  
     

 

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

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

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

4 See Note 7 of Notes to Financial Statements.


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






See Notes to Financial Statements.

31


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2004

BlackRock New York Municipal Income Trust (BNY)

  Principal            
  Amount     Option Call      
Rating1 (000)   Description Provisions2   Value  








        LONG-TERM INVESTMENTS—155.4%          
        New York—123.9%          
      AA- $ 2,000   Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33 07/13 @ 100   $ 1,976,160  
        Met. Transp. Auth., Ded. Tax Fund, Ser. A,          
      AA-   12,000        5.00%, 11/15/30 11/12 @ 100     11,777,160  
       A   12,000        5.125%, 11/15/31 11/12 @ 100     11,976,000  
        New York City, GO,          
       A   3,290 3      Ser. C, 5.375%, 3/15/12 N/A     3,667,528  
       A   2,710        Ser. C, 5.375%, 3/15/28 03/12 @ 100     2,775,365  
       A   7,000        Ser. D, 5.375%, 6/01/32 06/12 @ 100     7,130,970  
        New York City Ind. Dev. Agcy.,          
       A   750        Marymount Sch. Proj., 5.125%, 9/01/21, ACA 09/11 @ 102     758,715  
       A   2,000        Marymount Sch. Proj., 5.25%, 9/01/31, ACA 09/11 @ 102     1,943,600  
     AAA   1,550        Royal Charter Presbyterian, 5.25%, 12/15/32, FSA 12/11 @ 102     1,571,344  
      BBB-   14,850        Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 07/11 @ 100     14,125,468  
       A-   6,000        Term. One Grp. Assoc. Proj., 6.00%, 1/01/19 06/04 @ 102     6,134,220  
        New York City Mun. Wtr. Fin. Auth.,          
     AAA   4,000        Ser. A, 5.00%, 6/15/32, FGIC 06/11 @ 100     3,994,800  
      AA   7,000        Ser. C, 5.00%, 6/15/32 06/11 @ 100     6,928,250  
        New York City Transl. Fin. Auth., Ser. C,          
      AA+   5,940 3      5.00%, 5/01/09 N/A     6,572,788  
      AA+   3,660        5.00%, 5/01/29 05/09 @ 101     3,639,870  
      BBB   6,700   New York Cntys. Tobacco Trust III, 6.00%, 6/01/43 06/13 @ 100     6,236,025  
        New York Dorm. Auth.,          
      AA-   15,235 3      City Univ., Ser. A, 5.25%, 7/01/11 N/A     17,000,889  
      AA-   1,765        City Univ., Ser. A, 5.25%, 7/01/31 07/11 @ 100     1,780,479  
       A-   10,780        Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30 07/11 @ 101     11,029,772  
     AAA   9,000        New Sch. Univ., 5.00%, 7/01/41, MBIA 07/11 @ 100     8,928,000  
     AAA   5,000        New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC 07/11 @ 100     4,951,650  
       A-   2,000        No. Shore Long Island Jewish Grp., 5.375%, 5/01/23 05/13 @ 100     2,035,700  
       A-   2,000        No. Shore Long Island Jewish Grp., 5.50%, 5/01/33 05/13 @ 100     2,016,180  
        New York Mtg. Agcy.,          
      Aa1   5,950        Ser. 101, 5.40%, 4/01/32 10/11 @ 100     5,956,842  
      Aaa   15,500        Ser. A, 5.30%, 10/01/31 04/11 @ 100     15,476,905  
      AA-   6,290 3 New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06 N/A     6,782,570  
        Port Auth. of NY & NJ,          
     AAA   9,500        Ser. 124, 5.00%, 8/01/36, FGIC 08/08 @ 101     9,120,095  
     Caa2   9,250        Spec. Oblig., Cont'l/Eastern Proj. LaGuardia, 9.125%, 12/01/15 06/04 @ 100     9,449,338  
     AAA   13,000 4      Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA 12/07 @ 102     13,854,360  
      BBB   2,500   Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43 06/12 @ 100     2,231,975  
      BBB   5,000   Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 08/12 @ 100     4,463,050  
       A   7,000   Suffolk Cnty. Indl. Dev. Agcy., KeySpan Port Jefferson Proj., 5.25%, 6/01/27 06/13 @ 100     6,908,370  
        TSASC Inc., Tobacco Settlement Rev., Ser. 1,          
      BBB   5,000        5.75%, 7/15/32 07/12 @ 100     4,688,900  
      BBB   8,000        6.375%, 7/15/39 07/09 @ 101     7,829,680  
      AA   2,500   Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA 10/11 @ 100     2,513,500  
      BBB   2,000   Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29 07/10 @ 101     2,021,260  
               
 
              230,247,778  
               
 
        Delaware—6.8%          
        Charter Mac Equity Issuer Trust,          
      NR   6,000 5,6      Ser. A-2, 6.30%, 6/30/49 06/09 @ 100     6,557,640  
      NR   5,500 5,6      Ser. B-1, 6.80%, 11/30/50 11/10 @ 100     6,048,295  
               
 
                12,605,935  
               
 
        Maryland—5.0%          
        MuniMae TE Bond Subsidiary, LLC,          
      NR   6,000 5,6      Ser. A, 6.30%, 6/30/49 06/09 @ 100     6,239,580  
      NR   3,000 5,6      Ser. B, 6.80%, 6/30/50 11/10 @ 100     3,106,260  
               
 
                9,345,840  
               
 

See Notes to Financial Statements.

32


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

  Principal                  
  Amount           Option Call      
Rating1 (000)   Description Provisions2   Value  











        Puerto Rico—18.1%          
   BBB
$
4,060   Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100   $ 3,746,446  
     A-   6,000   Puerto Rico Pub. Bldgs. Auth., Gov’t. Facs., Ser. D, 5.25%, 7/01/36 07/12 @ 100     6,075,480  
        Puerto Rico Pub. Fin. Corp., Ser. E,          
   BBB+   10,000        5.50%, 8/01/29         02/12 @ 100     10,330,200  
   BBB+   7,000  
     5.70%, 8/01/25
        02/10 @ 100     7,440,510  
   BBB+   5,750  
     5.75%, 8/01/30
        02/07 @ 100     6,041,755  
                     

 
                        33,634,391  
                     

 
        Trust Territories—1.6%          
    Ba3   2,945   Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33 10/13 @ 100     2,943,086  
                   
 
        Total Long-Term Investments (cost$282,825,088)       288,777,030  
                     

 
 

                     
 
Shares
                     
 
(000)
                   
 

                     
        MONEY MARKET FUND—1.5%          
    2,700   AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,700,000)
N/A
    2,700,000  
                 

 
        Total Investments—156.9% (cost $285,525,088)     $ 291,477,030  
        Other assets in excess of liabilities—2.2%       4,142,152  
        Preferred shares at redemption value, including dividends payable—(59.1)%     (109,760,820 )
                     
 
        Net Assets Applicable to Common Shareholders—100%     $ 185,858,362  
                 

 

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

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

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

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

5 Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2004, the Trust held 11.8% of its net assets, with a current market value of $21,951,775, in securities restricted as to resale.

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


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.

33


STATEMENTS OF ASSETS AND LIABILITIES (unaudited)                                  
April 30, 2004                                                                  

                                                                                   
                   
California
         
Florida
         
New Jersey
         
New York
         
                Investment   California   Investment   Florida   Investment   New Jersey   Investment   New York  
    Investment   Municipal   Quality   Municipal   Quality   Municipal   Quality   Municipal   Quality   Municipal  
    Quality   Income   Municipal   Income   Municipal   Income   Municipal   Income   Municipal   Income  
    Municipal Trust   Trust   Trust   Trust   Trust   Trust   Trust   Trust   Trust   Trust  
Assets
(BKN)
 
(BFK)
 
(RAA)
 
(BFZ)
  (RFA)   (BBF)   (RNJ)   (BNJ)   (RNY)   (BNY)  
 
 
 
 
 
 
 
 
 
 
 
Investments at value1 $ 398,299,088   $ 975,933,400   $ 20,913,709   $ 340,937,808   $ 24,776,639   $ 154,420,302   $ 21,613,692   $ 171,384,453   $ 28,684,631   $ 291,477,030  
Cash   547,683     511,673     776,511     537,735     251,176     521,209     517,007     499,608     519,574     524,595  
Receivable from investments sold                           90,000     45,000           50,000              
Interest receivable   6,933,886     17,657,302     339,991     5,512,611     387,194     2,337,723     397,880     2,860,097     547,458     4,901,739  
Other assets 75,042   75,152   13,796   25,417   13,749   10,119   14,130   11,489   13,769   22,062  
 
 
 
 
 
 
 
 
 
 
 
    405,855,699   994,177,527   22,044,007   347,013,571   25,518,758   157,334,353   22,542,709   174,805,647   29,765,432   296,925,426  
   
 
 
 
 
 
 
 
 
 
 
Liabilities                                                                                
Variation margin payable   196,875     688,406           254,953           96,797           120,750           167,672  
Dividends payable — common shares   1,272,897     3,536,108     71,101     1,140,007     79,777     500,968     67,624     556,910     95,581     943,357  
Investment advisory fee payable   116,879     286,362       7,158     100,137       7,316     45,222       6,473     50,366       8,563     85,837  
Administration fee payable   50,091             2,892             3,356             2,953             3,822        
Deferred Director or Trustees fees   60,843     69,844     11,660     23,446     11,596       8,856     11,990     10,496     11,591     20,366  
Other accrued expenses 148,945   120,604   52,910   129,061   50,416   77,810   46,037   62,141   36,352   89,012  
 
 
 
 
 
 
 
 
 
 
 
    1,846,530   4,701,324   145,721   1,647,604   152,461   729,653   135,077   800,663   155,909   1,306,244  
   
 
 
 
 
 
 
 
 
 
 
Preferred Shares at Redemption Value                                                                                
$25,000 liquidation value per                                                                                
  share, including dividends payable2,3 146,572,927   375,156,446   7,500,186   131,957,495   8,500,244   57,554,489   7,500,278   63,801,732   9,801,341   109,760,820  
   
 
 
 
 
 
 
 
 
 
 
Net Assets Applicable to                                                                                
  Common Shareholders $ 257,436,242   $ 614,319,757   $ 14,398,100   $ 213,408,472   $ 16,866,053   $ 99,050,211   $ 14,907,354   $ 110,203,252   $ 19,808,182   $ 185,858,362  
   


 


 


 


 


 


 


 


 


 


 
                                                                                   
Composition of Net Assets Applicable to                                                                                
  Common Shareholders:                                                                                
  Par value $ 167,071   $ 43,529   $ 10,071   $ 14,986   $ 11,271   $   6,646   $ 10,071   $   7,415   $ 13,071   $ 12,521  
  Paid-in capital in excess of par   231,766,743     618,575,595     13,411,135     212,626,998     15,001,008     94,259,825     13,165,936     105,166,744     17,655,407     177,620,593  
  Undistributed net investment income   11,639,770     17,397,338     422,377     5,110,260     497,619     1,941,070     613,522     2,608,148     638,607     3,878,872  
  Accumulated net realized gain (loss)   (10,524,870 )   (42,089,735 )     606     (3,493,529 )     2,504     (303,413 )   (238,309 )   (1,054,833 )   (46,360 )   (3,218,039 )
  Net unrealized appreciation (depreciation) 24,387,528   20,393,030   553,911   (850,243 ) 1,353,651   3,146,083   1,356,134   3,475,778   1,547,457   7,564,415  
   
 
 
 
 
 
 
 
 
 
 
Net assets applicable to common shareholders,                                                                                
      April 30, 2004 $ 257,436,242   $ 614,319,757   $ 14,398,100   $ 213,408,472   $ 16,866,053   $ 99,050,211   $ 14,907,354   $ 110,203,252   $ 19,808,182   $ 185,858,362  
   


 


 


 


 


 


 


 


 


 


 
                                                                                   
  Net asset value per common share4   $ 15.41     $ 14.09     $ 14.30     $ 14.24     $ 14.96     $ 14.90     $ 14.80     $ 14.86     $ 15.15     $ 14.84  
     

   

   

   

   

   

   

   

   

   

 
                                                                                   
                                                                                   
1 Investments at cost $ 375,804,923   $ 962,160,442   $ 20,359,798   $ 344,239,992   $ 23,422,988   $ 152,205,123   $ 20,257,558   $ 169,069,856   $ 27,137,174   $ 285,525,088  
2 Preferred shares outstanding     5,862     15,005       300       5,278       340       2,302       300       2,552       392       4,390  
3 Par value per share     0.01       0.001       0.01       0.001       0.01       0.001       0.01       0.001       0.01       0.001  
4 Common shares outstanding   16,707,093     43,588,385     1,007,093     14,985,501     1,127,093     6,646,343     1,007,093     7,414,793     1,307,093     12,521,494  

See Notes to Financial Statements.

34    35


STATEMENTS OF OPERATIONS (unaudited)                                      
For the six months ended April 30, 2004                                      

                                                             
          California   California   Florida   Florida   New Jersey   New Jersey   New York   New York  
  Investment Quality   Municipal   Investment Quality   Municipal   Investment Quality   Municipal   Investment Quality   Municipal   Investment Quality   Municipal  
  Municipal Trust   Income Trust   Municipal Trust   Income Trust   Municipal Trust   Income Trust   Municipal Trust   Income Trust   Municipal Trust   Income Trust  
  (BKN)   (BFK)   (RAA)   (BFZ)   (RFA)   (BBF)   (RNJ)   (BNJ)   (RNY)   (BNY)  
 
 
 
 
 
 
 
 
 
 
 
Investment Income                                          
   Interest Income $ 11,259,273   $ 28,492,785   $ 585,617   $ 9,561,273   $ 692,712   $ 4,171,926   $ 602,783   $ 4,811,232   $ 807,514   $ 8,001,124  
 

 

 

 

 

 

 

 

 

 

 
Expenses                                                            
   Investment advisory   710,989     2,995,930     38,816     1,046,180     44,795     472,356     39,523     525,765     52,280     897,115  
   Administration   304,709         11,090         12,799         11,293         14,937      
   Transfer agent   9,282     8,727     5,278     8,008     5,642     8,008     5,642     7,462     5,642     8,008  
   Custodian   46,382     67,819     7,783     39,119     6,684     26,688     6,732     26,000     5,714     33,272  
   Reports to shareholders   27,379     61,735     3,640     19,174     3,640     11,173     3,640     12,404     3,640     18,442  
   Trustees/Directors   18,262     39,676     6,380     15,288     6,380     7,098     6,380     7,826     6,380     13,286  
   Registration   15,707     16,886     510     15,707     524     11,218     510     11,218     543     15,707  
   Independent accountants   23,893     22,388     6,835     20,170     6,835     19,209     6,835     19,791     6,835     20,653  
   Legal   18,387     36,730     2,990     13,222     2,990     8,702     2,990     8,732     2,990     12,986  
   Insurance   13,949     32,338     762     11,965     878     7,619     785     6,066     1,025     10,350  
   Auction Agent   189,460     483,094     11,347     171,379     12,592     75,314     11,347     83,089     14,217     143,701  
   Miscellaneous 22,212   40,738   9,839   21,345   10,067   13,553   10,014   13,484   10,101   19,179  
 
 
 
 
 
 
 
 
 
 
 
         Total expenses   1,400,611     3,806,061     105,270     1,381,557     113,826     660,938     105,691     721,837     124,304     1,192,699  
         Less fees waived by Advisor       (1,248,304 )       (435,908 )       (196,815 )       (219,069 )       (373,798 )
         Less fees paid indirectly (2,560 ) (3,204 ) (3,597 ) (5,115 ) (2,498 ) (2,482 ) (2,546 ) (1,612 ) (1,528 ) (2,352 )
 
 
 
 
 
 
 
 
 
 
 
         Net expenses 1,398,051   2,554,553   101,673   940,534   111,328   461,641   103,145   501,156   122,776   816,549  
 
 
 
 
 
 
 
 
 
 
 
Net investment income 9,861,222   25,938,232   483,944   8,620,739   581,384   3,710,285   499,638   4,310,076   684,738   7,184,575  
 
 
 
 
 
 
 
 
 
 
 
Realized and Unrealized Gain (Loss)                                                            
   Net realized gain (loss) on:                                                            
         Investments   (1,033,164 )   (1,776,461 )   606     139,340     2,504     328,964     640     165,049     22,005     88,649  
         Futures (701,243 ) (2,981,564 )   (1,109,885 )   (422,300 )   (526,262 )   (730,147 )
 
 
 
 
 
 
 
 
 
 
 
  (1,734,407 ) (4,758,025 ) 606   (970,545 ) 2,504   (93,336 ) 640   (361,213 ) 22,005   (641,498 )
 
 
 
 
 
 
 
 
 
 
 
   Net change in unrealized                                                            
          appreciation/depreciation on:                                                            
         Investments   431,947     4,980,659     (263,054 )   1,354,938     (278,805 )   150,364     (249,959 )   540,992     (339,696 )   (1,033,883 )
         Futures 1,893,363   6,620,072     2,451,941     930,904     1,161,181     1,612,473  
 
 
 
 
 
 
 
 
 
 
 
  2,325,310   11,600,731   (263,054 ) 3,806,879   (278,805 ) 1,081,268   (249,959 ) 1,702,173   (339,696 ) 578,590  
 
 
 
 
 
 
 
 
 
 
 
Net gain (loss) 590,903   6,842,706   (262,448 ) 2,836,334   (276,301 ) 987,932   (249,319 ) 1,340,960   (317,691 ) (62,908 )
 
 
 
 
 
 
 
 
 
 
 
Dividends and Distributions to                                                            
      Preferred Shareholders from:                                                            
   Net investment income   (693,194 )   (1,718,720 )   (28,497 )   (605,556 )   (26,868 )   (231,282 )   (30,888 )   (278,281 )   (42,329 )   (477,596 )
   Net realized gains     (3,726 )   (24,220 )          
 
 
 
 
 
 
 
 
 
 
 
Total dividends and distributions (693,194 ) (1,718,720 ) (32,223 ) (605,556 ) (51,088 ) (231,282 ) (30,888 ) (278,281 ) (42,329 ) (477,596 )
 
 
 
 
 
 
 
 
 
 
 
Net Increase in Net Assets                                                            
      Applicable to Common                                                            
      Shareholders Resulting                                                            
       from Operations $ 9,758,931   $ 31,062,218   $ 189,273   $ 10,851,517   $ 253,995   $ 4,466,935   $ 219,431   $ 5,372,755   $ 324,718   $ 6,644,071  
 

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

36    37


STATEMENTS OF CHANGES IN NET ASSETS
For the six months ended April 30, 2004 (unaudited) and for the year ended October 31, 2003

                                                             
  Investment   Municipal   California Investment   California   Florida Investment  
  Quality Municipal Trust   Income Trust   Quality Municipal Trust   Municipal Income Trust   Quality Municipal Trust  
  (BKN)   (BFK)   (RAA)   (BFZ)   (RFA)  
 
 
 
 
 
 
  2004   2003   2004   2003   2004   2003   2004   2003   2004   2003  
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Net Assets                                        
      Applicable to Common Shareholders                                        
Operations:                                        
   Net investment income $ 9,861,222   $ 19,425,882   $ 25,938,232   $ 53,252,034   $ 483,944   $ 1,057,654   $ 8,620,739   $ 16,928,458   $ 581,384   $ 1,175,275  
   Net realized gain (loss)   (1,734,407 )   (3,112,753 )   (4,758,025 )   (21,756,169 )   606     51,040     (970,545 )   (124,407 )   2,504     248,044  
   Net change in unrealized appreciation/depreciation   2,325,310     1,574,886     11,600,731     37,007,594     (263,054 )   (455,653 )   3,806,879     (5,006,045 )   (278,805 )   (687,041 )
   Dividends and distributions to preferred                                                            
         shareholders from:                                                            
         Net investment income   (693,194 )   (1,501,763 )   (1,718,720 )   (3,836,525 )   (28,497 )   (64,203 )   (605,556 )   (1,214,717 )   (26,868 )   (88,761 )
         Net realized gains         (3,726 )       (24,220 )  
 
 
 
 
 
 
 
 
 
 
 
Net increase in net assets resulting from operations 9,758,931   16,386,252   31,062,218   64,666,934   189,273   588,838   10,851,517   10,583,289   253,995   647,517  
 
 
 
 
 
 
 
 
 
 
 
Dividends and Distributions to Common                                                            
      Shareholders from:                                                            
   Net investment income   (7,637,380 )   (14,781,077 )   (21,205,147 )   (41,326,371 )   (426,596 )   (834,841 )   (6,840,042 )   (13,401,474 )   (478,645 )   (939,337 )
   Net realized gains         (48,450 )       (256,317 )  
 
 
 
 
 
 
 
 
 
 
 
Total dividends and distributions (7,637,380 ) (14,781,077 ) (21,205,147 ) (41,326,371 ) (475,046 ) (834,841 ) (6,840,042 ) (13,401,474 ) (734,962 ) (939,337 )
 
 
 
 
 
 
 
 
 
 
 
Capital Share Transactions:                                                            
   Capital contributions from advisor1                   18,421                      
   Reinvestment of common dividends     519,196   922,048              
 
 
 
 
 
 
 
 
 
 
 
Net proceeds from capital share transactions     519,196   922,048   18,421            
 
 
 
 
 
 
 
 
 
 
 
Total increase (decrease) 2,121,551   1,605,175   10,376,267   24,262,611   (267,352 ) (246,003 ) 4,011,475   (2,818,185 ) (480,967 ) (291,820 )
 
 
 
 
 
 
 
 
 
 
 
Net Assets Applicable to                                                            
   Common Shareholders                                                            
Beginning of period 255,314,691   253,709,516   603,943,490   579,680,879   14,665,452   14,911,455   209,396,997   212,215,182   17,347,020   17,638,840  
 
 
 
 
 
 
 
 
 
 
 
End of period $ 257,436,242   $ 255,314,691   $ 614,319,757   $ 603,943,490   $ 14,398,100   $ 14,665,452   $ 213,408,472   $ 209,396,997   $ 16,866,053   $ 17,347,020  
 

 

 

 

 

 

 

 

 

 

 
End of period undistributed net investment income $ 11,639,770   $ 10,109,122   $ 17,397,338   $ 14,382,973   $ 422,377   $ 393,562   $ 5,110,260   $ 3,935,119   $ 497,619   $ 421,748  

1 See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

38    39


STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended April 30, 2004 (unaudited) and for the year ended October 31, 2003

                                                             
  Florida   New Jersey Investment   New Jersey   New York Investment   New York  
  Municipal Income Trust   Quality Municipal Trust   Municipal Income Trust   Quality Municipal Trust   Municipal Income Trust  
  (BBF)   (RNJ)   (BNJ)   (RNY)   (BNY)  
 
 
 
 
 
 
  2004   2003   2004   2003   2004   2003   2004   2003   2004   2003  
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Net Assets                                        
      Applicable to Common Shareholders                                        
Operations:                                        
   Net investment income $ 3,710,285   $ 7,355,264   $ 499,638   $ 1,006,244   $ 4,310,076   $ 8,465,666   $ 684,738   $ 1,346,704   $ 7,184,575   $ 14,192,727  
   Net realized gain (loss)   (93,336 )   630,302     640     6,919     (361,213 )   (29,376 )   22,005     357,056     (641,498 )   (486,109 )
   Net change in unrealized appreciation/depreciation   1,081,268     (777,309 )   (249,959 )   109,486     1,702,173     895,164     (339,696 )   (636,582 )   578,590     2,196,536  
   Dividends to preferred shareholders from                                                            
         net investment income (231,282 ) (521,291 ) (30,888 ) (61,319 ) (278,281 ) (616,370 ) (42,329 ) (88,859 ) (477,596 ) (1,130,137 )
 
 
 
 
 
 
 
 
 
 
 
Net increase in net assets resulting                                                            
   from operations 4,466,935   6,686,966   219,431   1,061,330   5,372,755   8,715,084   324,718   978,319   6,644,071   14,773,017  
 
 
 
 
 
 
 
 
 
 
 
                                                             
Dividends to Common Shareholders                                                            
      from Net Investment Income: (3,005,809 ) (5,914,155 ) (405,746 ) (801,290 ) (3,341,462 ) (6,528,221 ) (573,487 ) (1,146,823 ) (5,660,141 ) (11,098,501 )
 
 
 
 
 
 
 
 
 
 
 
Capital Share Transactions:                                                            
   Capital contributions from advisor1     86,481         3,690        
 
 
 
 
 
 
 
 
 
 
 
Total increase (decrease) 1,461,126   772,811   (99,834 ) 260,040   2,031,293   2,186,863   (245,079 ) (168,504 ) 983,930   3,674,516  
 
 
 
 
 
 
 
 
 
 
 
Net Assets Applicable to                                                            
   Common Shareholders:                                                            
Beginning of period 97,589,085   96,816,274   15,007,188   14,747,148   108,171,959   105,985,096   20,053,261   20,221,765   184,874,432   181,199,916  
 
 
 
 
 
 
 
 
 
 
 
End of period $ 99,050,211   $ 97,589,085   $ 14,907,354   $ 15,007,188   $ 110,203,252   $ 108,171,959   $ 19,808,182   $ 20,053,261   $ 185,858,362   $ 184,874,432  
 

 

 

 

 

 

 

 

 

 

 
End of period undistributed net investment income $ 1,941,070   $ 1,467,876   $ 613,522   $ 550,518   $ 2,608,148   $ 1,917,815   $ 638,607   $ 569,685   $ 3,878,872   $ 2,832,034  

1 See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

40    41


FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

                         
  Six Months Ended   Year Ended October 31,  
  April 30, 2004  
 
  (unaudited)   2003   2002   20011   2000 1   1999 1  
 
 
 
 
 
 
 
PER COMMON SHARE OPERATING                        
   PERFORMANCE:                        
Net asset value, beginning of period $ 15.28   $ 15.19   $ 15.19   $ 14.30   $ 13.95   $ 15.78  
 

 

 

 

 

 

 
Investment operations:                                    
   Net investment income   0.59     1.16     1.20     1.20     1.13     1.09  
   Net realized and unrealized gain (loss)   0.04     (0.09 )   (0.26 )   0.75     0.43     (1.63 )
   Dividends and distributions to preferred                                    
      shareholders:                                    
      Net investment income   (0.04 )   (0.09 )   (0.13 )   (0.29 )   (0.35 )   (0.24 )
      Net realized gains           (0.04 )
 
 
 
 
 
 
 
Net increase (decrease) from investment                                    
   operations 0.59   0.98   0.81   1.66   1.21   (0.82 )
 
 
 
 
 
 
 
Dividends and distributions to common                                    
   shareholders:                                    
   Net investment income   (0.46 )   (0.89 )   (0.81 )   (0.78 )   (0.83 )   (0.86 )
   Net realized gains           (0.15 )
 
 
 
 
 
 
 
Total dividends and distributions (0.46 ) (0.89 ) (0.81 ) (0.78 ) (0.83 ) (1.01 )
 
 
 
 
 
 
 
Capital changes with respect to issuance of:                                    
   Preferred shares       0.01   (0.03 )  
 
 
 
 
 
 
 
Net asset value, end of period $ 15.41   $ 15.28   $ 15.19   $ 15.19   $ 14.30   $ 13.95  
 

 

 

 

 

 

 
Market price, end of period $ 13.36   $ 14.26   $ 13.48   $ 13.73   $ 12.13   $ 13.13  
 

 

 

 

 

 

 
TOTAL INVESTMENT RETURN2 (3.35 )% 12.67 % 4.14% 20.03 % (1.27 )% (9.03 )%
 
 
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS                                    
   OF COMMON SHAREHOLDERS:3                                    
Expenses after fees waived and paid indirectly   1.07 %4   1.10 %   1.09% 1.14 %   1.20 %   1.05 %
Expenses before fees waived and paid                                    
   indirectly   1.08 %4   1.10 %   1.09% 1.14 %   1.20 %   1.05 %
Net investment income after fees waived and                                    
   paid indirectly and before preferred share                                    
   dividends   7.57 %4   7.62 %   7.93% 8.10 %   8.18 %   7.21 %
Preferred share dividends   0.53 %4   0.59 %   0.83% 1.94 %   2.53 %   1.60 %
Net investment income available to common                                    
   shareholders   7.04 %4   7.03 %   7.10% 6.16 %   5.65 %   5.61 %
SUPPLEMENTAL DATA:                                    
Average net assets of common                                    
   shareholders (000) $ 261,962   $ 254,890   $ 251,428   $ 247,832   $ 230,746   $ 252,536  
Portfolio turnover   16 %   36 %   19% 4 %   35 %   26 %
Net assets of common shareholders,                                    
   end of period (000) $ 257,436   $ 255,315   $ 253,710   $ 253,777   $ 238,849   $ 233,085  
Preferred shares value outstanding (000) $ 146,550   $ 146,550   $ 146,550   $ 146,550   $ 146,550   $ 130,000  
Asset coverage per preferred share,                                    
   end of period $ 68,920   $ 68,561   $ 68,292   $ 68,308   $ 65,745   $ 69,824  

1 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
2 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.
3 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.
4 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.

42


FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)

                 
              For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
  April 30, 2004  
  through  
  (unaudited)   2003   2002   October 31, 20012,3  
 
 
 
 
 
PER COMMON SHARE OPERATING PERFORMANCE:                
Net asset value, beginning of period $ 13.87   $ 13.33   $ 14.30   $
14.33
4
 

 

 

 

 
Investment operations:                        
   Net investment income   0.59     1.23     1.20     0.17  
   Net realized and unrealized gain (loss)   0.16     0.35     (1.11 )   0.12  
   Dividends to preferred shareholders from                        
      net investment income (0.04 ) (0.09 ) (0.13 ) (0.01 )
 
 
 
 
 
Net increase (decrease) from investment operations 0.71   1.49   (0.04 ) 0.28  
 
 
 
 
 
Dividends and distributions to common shareholders:                        
   Net investment income   (0.49 )   (0.95 )   (0.93 )   (0.16 )
   In excess of net investment income       (0.01 )
 
 
 
 
 
Total dividends and distributions (0.49 ) (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 $ 14.09   $ 13.87   $ 13.33   $ 14.30  
 

 

 

 

 
Market price, end of period $ 13.02   $ 13.70   $ 13.46   $ 14.75  
 

 

 

 

 
TOTAL INVESTMENT RETURN5 (1.62 )% 9.21 % (2.40 )% (1.13 )%
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                        
COMMON SHAREHOLDERS:6                        
Expenses after fees waived and paid indirectly   0.82 %7   0.84 %   0.81 %   0.61 %7
Expenses before fees waived and paid indirectly   1.22 %7   1.25 %   1.23 %   0.91 %7
Net investment income after fees waived and paid indirectly                        
   and before preferred share dividends   8.29 %7   8.96 %   8.74 %   4.59 %7
Preferred share dividends   0.55 %7   0.65 %   0.92 %   0.38 %7
Net investment income available to common shareholders   7.74 %7   8.31 %   7.82 %   4.21 %7
SUPPLEMENTAL DATA:                        
Average net assets of common shareholders (000) $ 629,005   $ 594,192   $ 598,425   $ 572,610  
Portfolio turnover   17 %   56 %   70 %   27 %
Net assets of common shareholders, end of period (000) $ 614,320   $ 603,943   $ 579,681   $ 619,249  
Preferred shares value outstanding (000) $ 375,125   $ 375,125   $ 375,125   $ 375,125  
Asset coverage per preferred share, end of period $ 65,943   $ 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 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
4 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.
5 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.
6 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.
7 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.

43


FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

                         
  Six Months Ended   Year Ended October 31,  
  April 30, 2004  
 
  (unaudited)   2003   2002   20011   2000 1   1999 1  
 
 
 
 
 
 
 
PER COMMON SHARE OPERATING                          
PERFORMANCE:                          
Net asset value, beginning of period $ 14.56   $ 14.81   $ 15.30   $ 14.62   $ 14.34   $ 15.49  
 

 

 

 

 

 

 
Investment operations:                                    
   Net investment income   0.48     1.05     1.04     1.05     1.06     1.05  
   Net realized and unrealized gain (loss)   (0.24 )   (0.41 )   (0.64 )   0.63     0.29     (1.10 )
   Dividends to preferred shareholders                                    
      from net investment income (0.03 ) (0.06 ) (0.09 ) (0.21 ) (0.25 ) (0.22 )
 
 
 
 
 
 
 
Net increase (decrease) from investment                                    
   operations 0.21   0.58   0.31   1.47   1.10   (0.27 )
 
 
 
 
 
 
 
Dividends to common shareholders:                                    
   Net investment income   (0.42 )   (0.83 )   (0.80 )   (0.79 )   (0.82 )   (0.88 )
   Net realized gains (0.05 )          
 
 
 
 
 
 
 
Total dividends and distributions (0.47 ) (0.83 ) (0.80 ) (0.79 ) (0.82 ) (0.88 )
 
 
 
 
 
 
 
Net asset value, end of period $ 14.30   $ 14.56   $ 14.81   $ 15.30   $ 14.62   $ 14.34  
 
 

 

 

 

 

 
Market price, end of period $ 13.03   $ 14.03   $ 13.38   $ 15.55   $ 14.00   $ 15.50  
 
 

 

 

 

 

 
TOTAL INVESTMENT RETURN2 (3.94 )% 11.38 %   (9.26
)%
  17.03 % (4.33 )% 1.52 %
 
 
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                                  
COMMON SHAREHOLDERS:3                                    
Expenses after fees paid indirectly   1.38 %4   1.40 %   1.29
%
  1.38 %   1.41 %   1.34 %
Expenses before fees paid indirectly   1.43 %4   1.40 %   1.29
%
  1.38 %   1.41 %   1.34 %
Net investment income after fees paid                                    
   indirectly and before preferred                                    
   share dividends   6.57 %4   7.17 %   6.86
%
  7.04 %   7.36 %   6.95 %
Preferred share dividends   0.39 %4   0.44 %   0.59
%
  1.39 %   1.75 %   1.47 %
Net investment income available to common                                    
   shareholders   6.18 %4   6.73 %   6.27
%
  5.65 %   5.61 %   5.48 %
SUPPLEMENTAL DATA:                                    
Average net assets of common                                    
   shareholders (000) $ 14,803   $ 14,752   $ 15,221   $ 15,072   $ 14,450   $ 15,170  
Portfolio turnover   5 %   6 %   30
%
  1 %   %   4 %
Net assets of common shareholders,                                    
   end of period (000) $ 14,398   $ 14,665   $ 14,911   $ 15,411   $ 14,725   $ 14,439  
Preferred shares value outstanding (000) $ 7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500  
Asset coverage per preferred share,                                    
   end of period $ 72,994   $ 73,886   $ 74,706   $ 76,377   $ 74,097   $ 73,138  

1 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
2 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.
3 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.
4 Annualized.

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

See Notes to Financial Statements.

44


FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)

                 
              For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
  April 30, 2004  
  through  
  (unaudited)   2003   2002   October 31, 20012,3  
 
 
 
 
 
PER COMMON SHARE OPERATING PERFORMANCE:                
Net asset value, beginning of period $ 13.97   $ 14.16   $ 14.50   $
14.33
  4
 

 

 

 

 
Investment operations:                        
   Net investment income   0.58     1.12     1.11     0.16  
   Net realized and unrealized gain (loss)   0.19     (0.34 )   (0.46 )   0.32  
   Dividends to preferred shareholders from                        
      net investment income (0.04 ) (0.08 ) (0.12 ) (0.01 )
 
 
 
 
 
Net increase from investment operations 0.73   0.70   0.53   0.47  
 
 
 
 
 
Dividends and distributions to common shareholders:                        
   Net investment income   (0.46 )   (0.89 )   (0.87 )   (0.15 )
   In excess of net investment income       (0.01 )
 
 
 
 
 
Total dividends and distributions (0.46 ) (0.89 ) (0.87 ) (0.16 )
 
 
 
 
 
Capital charges with respect to issuance of:                        
   Common shares               (0.03 )
   Preferred shares       (0.11 )
 
 
 
 
 
Total capital charges       (0.14 )
 
 
 
 
 
Net asset value, end of period $ 14.24   $ 13.97   $ 14.16   $ 14.50  
 

 

 

 

 
Market price, end of period $ 12.75   $ 13.21   $ 13.09   $ 14.75  
 

 

 

 

 
TOTAL INVESTMENT RETURN5 (0.19 )% 7.92 %   (5.49
)%
  (1.17 )%
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                        
COMMON SHAREHOLDERS:6                        
Expenses after fees waived and paid indirectly   0.86 %7   0.89 %   0.88 %   0.72 %7
Expenses before fees waived and paid indirectly   1.27 %7   1.30 %   1.31 %   1.02 %7
Net investment income after fees waived and paid indirectly                        
   and before preferred share dividends   7.93 %7   8.01 %   7.96 %   4.06 %7
Preferred share dividends   0.56 %7   0.57 %   0.86 %   0.38 %7
Net investment income available to common shareholders   7.37 %7   7.44 %   7.10 %   3.68 %7
SUPPLEMENTAL DATA:                        
Average net assets of common shareholders (000) $ 218,693   $ 211,275   $ 209,965   $ 199,356  
Portfolio turnover   5 %   34 %   44 %   16 %
Net assets of common shareholders, end of period (000) $ 213,408   $ 209,397   $ 212,215   $ 216,829  
Preferred shares value outstanding (000) $ 131,950   $ 131,950   $ 131,950   $ 131,950  
Asset coverage per preferred share, end of period $ 65,435   $ 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 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
4 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.
5 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.
6 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.
7 Annualized.

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

See Notes to Financial Statements.

45


FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

                         
  Six Months Ended   Year Ended October 31,  
  April 30, 2004  
 
  (unaudited)   2003   2002   20011   2000 1   1999 1  
 
 
 
 
 
 
 
PER COMMON SHARE OPERATING                        
   PERFORMANCE:                        
Net asset value, beginning of period $ 15.39   $ 15.65   $ 15.50   $ 14.65   $ 14.29   $ 15.69  
 

 

 

 

 

 

 
Investment operations:                                    
      Net investment income   0.51     1.04     1.05     1.03     1.07     1.05  
      Net realized and unrealized gain (loss)   (0.25 )   (0.39 )   0.02     0.86     0.40     (1.41 )
      Dividends and distributions to preferred                                    
            shareholders:                                    
         Net investment income   (0.02 )   (0.08 )   (0.11 )   (0.24 )   (0.31 )   (0.24 )
         Net realized gains (0.02 )          
 
 
 
 
 
 
 
Net increase (decrease) from investment                                    
      operations 0.22   0.57   0.96   1.65   1.16   (0.60 )
 
 
 
 
 
 
 
Dividends and distributions to common                                    
      shareholders:                                    
      Net investment income   (0.42 )   (0.83 )   (0.81 )   (0.80 )   (0.80 )   (0.80 )
      Net realized gains (0.23 )          
 
 
 
 
 
 
 
Total dividends and distributions (0.65 ) (0.83 ) (0.81 ) (0.80 ) (0.80 ) (0.80 )
 
 
 
 
 
 
 
Net asset value, end of period $ 14.96   $ 15.39   $ 15.65   $ 15.50   $ 14.65   $ 14.29  
 

 

 

 

 

 

 
Market price, end of period $ 13.58   $ 14.47   $ 14.50   $ 14.36   $ 13.13   $ 12.81  
 

 

 

 

 

 

 
TOTAL INVESTMENT RETURN2 (2.06 )% 5.52 % 6.52% 15.65 % 9.00 % (10.60 )%
 
 
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS                                    
OF COMMON SHAREHOLDERS:3                                    
Expenses after fees paid indirectly   1.30 %4   1.29 %   1.20% 1.38 %   1.22 %   1.27 %
Expenses before fees paid indirectly   1.33 %4   1.29 %   1.20% 1.38 %   1.22 %   1.27 %
Net investment income after fees paid                                    
      indirectly and before preferred                                    
      share dividends   6.78 %4   6.69 %   6.76% 6.83 %   7.48 %   7.11 %
Preferred share dividends   0.31 %4   0.51 %   0.69% 1.58 %   2.18 %   1.64 %
Net investment income available to common                                    
      shareholders   6.47 %4   6.18 %   6.07% 5.25 %   5.30 %   5.47 %
SUPPLEMENTAL DATA:                                    
Average net assets of common                                    
      shareholders (000) $ 17,238   $ 17,561   $ 17,427   $ 17,046   $ 16,167   $ 16,736  
Portfolio turnover   1 %   17 %   8% —%     —%     —%  
Net assets of common shareholders,                                    
      end of period (000) $ 16,866   $ 17,347   $ 17,639   $ 17,472   $ 16,509   $ 16,110  
Preferred shares value outstanding (000) $ 8,500   $ 8,500   $ 8,500   $ 8,500   $ 8,500   $ 8,500  
Asset coverage per preferred share,                                    
      end of period $ 74,607   $ 76,021   $ 76,886   $ 76,397   $ 73,570   $ 72,390  

1 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
2 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.
3 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.
4 Annualized.

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

See Notes to Financial Statements.

46


FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

                 
              For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
  April 30, 2004  
  through  
  (unaudited)   2003   2002   October 31, 20012,3  
 
 
 
 
 
PER COMMON SHARE OPERATING PERFORMANCE:                
Net asset value, beginning of period $ 14.68   $ 14.57   $ 14.37   $ 14.33 4
 

 

 

 

 
Investment operations:                        
   Net investment income   0.55     1.11     1.07     0.17  
   Net realized and unrealized gain (loss)   0.15     (0.03 )   0.13     0.18  
   Dividends to preferred shareholders from                        
      net investment income (0.03 ) (0.08 ) (0.12 ) (0.01 )
 
 
 
 
 
Net increase from investment operations 0.67   1.00   1.08   0.34  
 
 
 
 
 
Dividends to common shareholders from                        
   net investment income (0.45 ) (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 $ 14.90   $ 14.68   $ 14.57   $ 14.37  
 

 

 

 

 
Market price, end of period $ 12.95   $ 13.36   $ 13.65   $ 14.50  
 

 

 

 

 
TOTAL INVESTMENT RETURN5 0.09 % 4.30 % 0.16 % (2.84 )%
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                        
COMMON SHAREHOLDERS:6                        
Expenses after fees waived and paid indirectly   0.92 %7   0.94 %   0.96 %   0.87 %7
Expenses before fees waived and paid indirectly   1.32 %7   1.35 %   1.38 %   1.17 %7
Net investment income after fees waived and paid indirectly                        
   and before preferred share dividends   7.40 %7   7.50 %   7.59 %   4.43 %7
Preferred share dividends   0.46 %7   0.53 %   0.82 %   0.37 %7
Net investment income available to common shareholders   6.94 %7   6.97 %   6.77 %   4.06 %7
SUPPLEMENTAL DATA:                        
Average net assets of common shareholders (000) $ 100,767   $ 98,081   $ 93,558   $ 87,918  
Portfolio turnover   5 %   19 %   35 %   28 %
Net assets of common shareholders, end of period (000) $ 99,050   $ 97,589   $ 96,816   $ 95,123  
Preferred shares value outstanding (000) $ 57,550   $ 57,550   $ 57,550   $ 57,550  
Asset coverage per preferred share, end of period $ 68,030   $ 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 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
4 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.
5 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.
6 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.
7 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.

47


FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

                         
  Six Months Ended   Year Ended October 31,  
  April 30, 2004  
 
  (unaudited)   2003   2002   20011   2000 1   1999 1  
 
 
 
 
 
 
 
PER COMMON SHARE OPERATING                        
PERFORMANCE:                        
Net asset value, beginning of period $ 14.90   $ 14.64   $ 14.85   $ 13.96   $ 13.52   $ 14.95  
 

 

 

 

 

 

 
Investment operations:                                    
   Net investment income   0.50     1.00     1.02     0.96     1.01     1.00  
   Net realized and unrealized gain (loss)   (0.17 )   0.12     (0.39 )   0.87     0.43     (1.47 )
   Dividends to preferred shareholders                                    
      from net investment income (0.03 ) (0.06 ) (0.09 ) (0.21 ) (0.27 ) (0.23 )
 
 
 
 
 
 
 
Net increase (decrease) from investment                                    
   operations 0.30   1.06   0.54   1.62   1.17   (0.70 )
 
 
 
 
 
 
 
Dividends to common shareholders from net                                    
   investment income (0.40 ) (0.80 ) (0.75 ) (0.73 ) (0.73 ) (0.73 )
 
 
 
 
 
 
 
Net asset value, end of period $ 14.80   $ 14.90   $ 14.64   $ 14.85   $ 13.96   $ 13.52  
 

 

 

 

 

 

 
Market price, end of period $ 13.85   $ 14.80   $ 13.30   $ 13.75   $ 12.13   $ 12.25  
 

 

 

 

 

 

 
TOTAL INVESTMENT RETURN2 (3.87 )% 17.59 %   2.07
%
  19.63 % 5.08 % (8.77 )%
 
 
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                                  
COMMON SHAREHOLDERS:3                                    
Expenses after fees waived and paid                                    
   indirectly   1.36 %4   1.39 %   1.31
%
  1.54 %   1.32 %   1.29 %
Expenses before fees waived and paid                                    
   indirectly   1.40 %4   1.39 %   1.31
%
  1.54 %   1.32 %   1.29 %
Net investment income after fees waived and                                    
   paid indirectly and before preferred share                                    
   dividends   6.61 %4   6.72 %   6.93
%
  6.64 %   7.44 %   6.94 %
Preferred share dividends   0.41 %4   0.41 %   0.61
%
  1.47 %   1.98 %   1.59 %
Net investment income available to                                    
   common shareholders   6.20 %4   6.31 %   6.32
%
  5.17 %   5.46 %   5.35 %
SUPPLEMENTAL DATA:                                    
Average net assets of common                                    
   shareholders (000) $ 15,209   $ 14,975   $ 14,791   $ 14,570   $ 13,696   $ 14,550  
Portfolio turnover   4 %   4 %   14
%
  9 %   23 %   17 %
Net assets of common shareholders,                                    
   end of period (000) $ 14,907   $ 15,007   $ 14,747   $ 14,958   $ 14,059   $ 13,620  
Preferred shares value outstanding (000) $ 7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500   $ 7,500  
Asset coverage per preferred share,                                    
   end of period $ 74,692   $ 75,026   $ 74,159   $ 74,862   $ 71,879   $ 70,409  

1 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
2 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.
3 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.
4 Annualized.

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

See Notes to Financial Statements.

48


FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Income Trust (BNJ)

                 
              For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
  April 30, 2004  
  through  
  (unaudited)   2003   2002   October 31, 20012,3  
 
 
 
 
 
PER COMMON SHARE OPERATING PERFORMANCE:                
Net asset value, beginning of period $ 14.59   $ 14.29   $ 14.26   $ 14.33 4
 

 

 

 

 
Investment operations:                        
   Net investment income   0.58     1.15     1.10     0.14  
   Net realized and unrealized gain (loss)   0.18     0.11     (0.07 )   0.10  
   Dividends to preferred shareholders from                        
      net investment income (0.04 ) (0.08 ) (0.12 ) (0.01 )
 
 
 
 
 
Net increase from investment operations 0.72   1.18   0.91   0.23  
 
 
 
 
 
Dividends and distributions to common shareholders:                        
   Net investment income   (0.45 )   (0.88 )   (0.87 )   (0.13 )
   In excess of net investment income       (0.03 )
 
 
 
 
 
Total dividends and distributions (0.45 ) (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 $ 14.86   $ 14.59   $ 14.29   $ 14.26  
 

 

 

 

 
Market price, end of period $ 13.27   $ 14.04   $ 13.64   $ 14.84  
 

 

 

 

 
TOTAL INVESTMENT RETURN5 (2.49 )% 9.59 % (2.25 )% (0.56 )%
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                        
COMMON SHAREHOLDERS:6                        
Expenses after fees waived and paid indirectly   0.90 %7   0.93 %   0.93 %   0.83 %7
Expenses before fees waived and paid indirectly   1.29 %7   1.34 %   1.37 %   1.12 %7
Net investment income after fees waived and paid indirectly                        
   and before preferred share dividends   7.71 %7   7.85 %   7.81 %   3.67 %7
Preferred share dividends   0.50 %7   0.57 %   0.88 %   0.37 %7
Net investment income available to common shareholders   7.21 %7   7.28 %   6.93 %   3.30 %7
SUPPLEMENTAL DATA:                        
Average net assets of common shareholders (000) $ 112,418   $ 107,900   $ 104,241   $ 97,050  
Portfolio turnover   3 %   13 %   50 %   16 %
Net assets of common shareholders, end of period (000) $ 110,203   $ 108,172   $ 105,985   $ 105,089  
Preferred shares value outstanding (000) $ 63,800   $ 63,800   $ 63,800   $ 63,800  
Asset coverage per preferred share, end of period $ 68,184   $ 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 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
4 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.
5 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.
6 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.
7 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.

49


FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

                         
  Six Months Ended   Year Ended October 31,  
  April 30, 2004  
 
  (unaudited)   2003   2002   20011   2000 1   1999 1  
 
 
 
 
 
 
 
PER COMMON SHARE OPERATING                        
PERFORMANCE:                        
Net asset value, beginning of period $ 15.34   $ 15.47   $ 15.28   $ 14.55   $ 14.11   $ 15.58  
 

 

 

 

 

 

 
Investment operations:                                    
   Net investment income   0.52     1.03     1.06     1.06     1.08     1.08  
   Net realized and unrealized gain (loss)   (0.24 )   (0.21 )   0.06     0.70     0.44     (1.50 )
   Dividends to preferred shareholders                                    
      from net investment income (0.03 ) (0.07 ) (0.09 ) (0.21 ) (0.26 ) (0.23 )
 
 
 
 
 
 
 
Net increase (decrease) from investment                                    
   operations 0.25   0.75   1.03   1.55   1.26   (0.65 )
 
 
 
 
 
 
 
Dividends to common shareholders from net                                    
   investment income (0.44 ) (0.88 ) (0.84 ) (0.82 ) (0.82 ) (0.82 )
 
 
 
 
 
 
 
Net asset value, end of period $ 15.15   $ 15.34   $ 15.47   $ 15.28   $ 14.55   $ 14.11  
 

 

 

 

 

 

 
Market price, end of period $ 13.50   $ 14.18   $ 14.40   $ 14.20   $ 12.63   $ 13.63  
 

 

 

 

 

 

 
TOTAL INVESTMENT RETURN2 (1.88 )% 4.69 %   7.42
%
  19.20 % (1.21 )% (4.86 )%
 
 
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                                  
COMMON SHAREHOLDERS:3                                    
Expenses after fees waived and paid                                    
   indirectly   1.22 %4   1.24 %   1.17
%
  1.31 %   1.21 %   1.09 %
Expenses before fees paid indirectly   1.24 %4   1.24 %   1.17
%
  1.31 %   1.21 %   1.09 %
Net investment income after fees waived and                                    
   paid indirectly and before preferred                                    
   share dividends   6.80 %4   6.68 %   6.97
%
  7.06 %   7.63 %   7.13 %
Preferred share dividends   0.42 %4   0.44 %   0.60
%
  1.40 %   1.83 %   1.50 %
Net investment income available to common                                    
   shareholders   6.38 %4   6.24 %   6.37
%
  5.66 %   5.81 %   5.63 %
SUPPLEMENTAL DATA:                                    
Average net assets of common                                    
   shareholders (000) $ 20,239   $ 20,158   $ 19,915   $ 19,663   $ 18,523   $ 19,791  
Portfolio turnover   1 %   36 %   7
%
  %   22 %   —%  
Net assets of common shareholders,                                    
   end of period (000) $ 19,808   $ 20,053   $ 20,222   $ 19,973   $ 19,016   $ 18,443  
Preferred shares value outstanding (000) $ 9,800   $ 9,800   $ 9,800   $ 9,800   $ 9,800   $ 9,800  
Asset coverage per preferred share,                                    
   end of period $ 75,534   $ 76,159   $ 76,590   $ 75,955   $ 73,516   $ 72,048  

1 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
2 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.
3 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.
4 Annualized.

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

See Notes to Financial Statements.

50


FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

                 
              For the period  
  Six Months Ended   Year Ended October 31,   July 27, 20011  
  April 30, 2004  
  through  
  (unaudited)   2003   2002   October 31, 20012,3  
 
 
 
 
 
PER COMMON SHARE OPERATING PERFORMANCE:                  
Net asset value, beginning of period $ 14.76   $ 14.47   $ 14.09   $ 14.33 4
 

 

 

 

 
Investment operations:                        
   Net investment income   0.58     1.14     1.09     0.15  
   Net realized and unrealized gain (loss)   (0.01 )   0.13     0.29     (0.08 )
   Dividends to preferred shareholders from                        
      net investment income (0.04 ) (0.09 ) (0.13 ) (0.01 )
 
 
 
 
 
Net increase from investment operations 0.53   1.18   1.25   0.06  
 
 
 
 
 
Dividends and distributions to common shareholders:                        
   Net investment income   (0.45 )   (0.89 )   (0.87 )   (0.14 )
   In excess of net investment income       (0.02 )
 
 
 
 
 
Total dividends and distributions (0.45 ) (0.89 ) (0.87 ) (0.16 )
 
 
 
 
 
Capital charges with respect to issuance of:                        
   Common shares               (0.03 )
   Preferred shares       (0.11 )
 
 
 
 
 
Total capital charges       (0.14 )
 
 
 
 
 
Net asset value, end of period $ 14.84   $ 14.76   $ 14.47   $ 14.09  
 
 
 
 

 
Market price, end of period $ 12.98   $ 13.45   $ 13.42   $ 14.62  
 
 
 
 

 
TOTAL INVESTMENT RETURN5 (0.36 )% 6.95 % (2.25 )% (5.58 )%
 
 
 
 
 
RATIOS TO AVERAGE NET ASSETS OF                        
COMMON SHAREHOLDERS:6                        
Expenses after fees waived and paid indirectly   0.86 %7   0.88 %   0.90 %   0.73 %7
Expenses before fees waived and paid indirectly   1.26 %7   1.29 %   1.33 %   1.03 %7
Net investment income after fees waived and paid indirectly                        
   and before preferred share dividends   7.57 %7   7.73 %   7.87 %   3.93 %7
Preferred share dividends   0.50 %7   0.62 %   0.93 %   0.37 %7
Net investment income available to common shareholders   7.07 %7   7.11 %   6.94 %   3.56 %7
SUPPLEMENTAL DATA:                        
Average net assets of common shareholders (000) $ 190,931   $ 183,648   $ 173,885   $ 163,077  
Portfolio turnover   5 %   14 %   57 %   2 %
Net assets of common shareholders, end of period (000) $ 185,858   $ 184,874   $ 181,200   $ 175,110  
Preferred shares value outstanding (000) $ 109,750   $ 109,750   $ 109,750   $ 109,750  
Asset coverage per preferred share, end of period $ 67,339   $ 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 Amounts have been reclassified to conform to the presentation under the provisions of EITF D-98.
4 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.
5 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.
6 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.
7 Annualized.

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

See Notes to Financial Statements.

51


NOTES TO FINANCIAL STATEMENTS (unaudited)


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

The following is a summary of significant accounting policies followed by the Trusts.

Securities Valuation: Municipal securities (including commitments to purchase such securities 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 security, pricing services may use certain information with respect to transactions in such securities, quotations from bond dealers, market transactions in comparable securities and various relationships between securities. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term investments may be valued at amortized cost. Investments in other investment companies are valued at net asset value. Any securities or other assets for which such current market quotations are not readily available are valued at fair value as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board.

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

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

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

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

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

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend date. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 4.

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

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

52


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

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

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

     Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for certain operational support services provided to each Trust.

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

Note 3. Portfolio Securities Purchases and sales of investment securities, other than short-term investments, for the period ended April30, 2004, were as follows:

Trust
Purchases   Sales  
Trust
Purchases   Sales  


 
 

 
 
Municipal Investment Quality $ 65,502,421   $ 60,546,801   Florida Income $ 7,989,540   $ 7,355,560  
Municipal Income   188,842,551     162,638,357   New Jersey Investment Quality   964,610     1,235,880  
California Investment Quality   1,065,360     1,671,086   New Jersey Income   6,416,898     5,240,277  
California Income   15,919,910     17,802,680   New York Investment Quality   315,000     2,171,648  
Florida Investment Quality   1,973,410     215,000   New York Income   16,645,572     16,116,315  

Details of open financial futures contracts at April 30, 2004 were as follows:

  Number of       Expiration   Value at Trade   Value at   Unrealized  
Trust
Contracts   Type   Date   Date   April 30, 2004   Appreciation  


 
 
 
 
 
 
Short Positions:                        
Municipal Investment                              
   Quality 600  
10 Yr. U.S. T-Note
June ’04
  $ 68,193,366   $ 66,300,003   $ 1,893,363  
Municipal Income 2,098  
10 Yr. U.S. T-Note
June ’04
    238,449,085     231,829,013     6,620,072  
California Income 777  
10 Yr. U.S. T-Note
June ’04
    88,310,445     85,858,504     2,451,941  
Florida Income 295  
10 Yr. U.S. T-Note
June ’04
    33,528,406     32,597,502     930,904  
New Jersey Income 368  
10 Yr. U.S. T-Note
June ’04
    41,825,183     40,664,002     1,161,181  
New York Income 511  
10 Yr. U.S. T-Note
June ’04
    58,077,976     56,465,503     1,612,473  

     At April 30, 2004, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows:

Trust
Cost   Appreciation   Depreciation   Net  


 
 
 
 
Municipal Investment Quality $ 375,804,923   $ 24,130,629   $ 1,636,464   $ 22,494,165  
Municipal Income   962,160,523     22,549,195     8,776,318     13,772,877  
California Investment Quality   20,359,798     999,833     445,922     553,911  
California Income   344,239,992     6,038,928     9,341,112     (3,302,184 )
Florida Investment Quality   23,422,988     1,452,112     98,461     1,353,651  
Florida Income   152,205,123     3,306,340     1,091,161     2,215,179  
New Jersey Investment Quality   20,262,099     1,564,270     212,677     1,351,593  
New Jersey Income   169,069,856     4,093,479     1,778,882     2,314,597  
New York Investment Quality   27,137,174     1,603,583     56,126     1,547,457  
New York Income   285,525,836     8,719,052     2,767,858     5,951,194  

53


     For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2003, the Trusts’ last tax year-end except for New York Income which had its last tax year-end at July 31, 2003. These amounts may be used to offset future realized capital gains, if any:

  Capital Loss         Capital Loss      
  Carryforward         Carryforward      
Trust
Amount   Expires  
Trust
Amount   Expires  


 
 

 
 
Municipal Investment Quality $ 2,870,542  
2011
  New Jersey Investment Quality $ 228,242   2008  
    324,268  
2010
    6,166   2004  
    133,706  
2009
   
     
    5,068,444  
2008
    $ 234,408      
   
312,281
 
2007
   

     
 

 
  New Jersey Income $ 28,207   2011  
  $ 8,709,241           615,438   2010  
 

 
     
49,975
 
2009
 
Municipal Income $ 21,749,392  
2011
   
     
    15,055,804  
2010
    $ 693,620      
   
526,271
 
2009
   

     
 

      New York Investment Quality $ 68,365   2008  
  $
37,331,467
 
   

     
 
 
  New York Income $ 2,021,656   2011  
California Income $ 124,338  
2011
      68,166   2010  
  2,398,646  
2010
   

     
 

 
    $ 2,089,822      
   
2,522,984
 
   

     
 
               
Florida Investment Quality    
             
Florida Income $ 192,363  
2010
             
 
                 

     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 period ended April 30, 2004 and the year ended October 31, 2003 were as follows:

  Period ended April 30, 2004  
 
 
          Long-term      
Distributions Paid From: Tax-exempt Income   Ordinary Income   Capital Gains   Total Distributions  


 
 
 
 
Municipal Investment Quality $ 8,330,574   $   $   $ 8,330,574  
Municipal Income   22,923,867             22,923,867  
California Investment Quality   455,093         52,176     507,269  
California Income   7,455,598             7,455,598  
Florida Investment Quality   505,513         280,537     786,050  
Florida Income   3,237,091             3,237,091  
New Jersey Investment Quality   436,634             436,634  
New Jersey Income   3,619,743             3,619,743  
New York Investment Quality   615,816             615,816  
New York Income   6,137,737             6,137,737  
                         
 
Year ended October 31, 2003
 
 
 
             
Long-term
       
Distributions Paid From:
Tax-exempt Income
 
Ordinary Income
 
Capital Gains
 
Total Distributions
 


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

54


As of April 30, 2004, the components of distributable earnings on a tax basis were as follows:

          Undistributed      
  Undistributed   Undistributed   Long-term   Unrealized  
  Tax-exempt Income   Ordinary Income   Capital Gains   Net Appreciation  
 
 
 
 
 
Municipal Investment Quality $ 12,344,534   $   $   $ 22,494,165  
Municipal Income   19,906,305             13,772,877  
California Investment Quality   468,184     460     146     533,911  
California Income   6,272,686              
Florida Investment Quality   580,847         2,504     1,353,651  
Florida Income   2,455,347       627,491     2,215,179  
New Jersey Investment Quality   646,312             1,351,593  
New Jersey Income   3,149,195       106,348     2,314,597  
New York Investment Quality   735,988             1,547,457  
New York Income   4,852,515             5,951,194  

Note 5. Capital There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At April 30, 2004, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows:

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


 
 

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

     During the six months ended April 30, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan. During the year ended October 31, 2003, Municipal Income issued 69,968 additional shares under its dividend reinvestment plan.

     As of April 30, 2004, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

Trust
Series   Shares  
Trust
Series   Shares  


 
 

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

     Dividends on seven-day preferred shares are cumulative at a rate which resets every seven days based on the results of an auction. Dividends on 28 day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the period ended April 30, 2004, were as follows:

Trust
Low   High  
Trust
Low   High  


 
 

 
 
Municipal Investment Quality 0.80 % 1.34 % Florida Income 0.19 % 1.10 %
Municipal Income 0.45   1.35   New Jersey Investment Quality 0.45   1.10  
California Investment Quality 0.45   1.25   New Jersey Income 0.40   1.25  
California Income 0.75   1.40   New York Investment Quality 0.45   1.25  
Florida Investment Quality 0.80   2.20   New York Income 0.40   1.30  

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

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

55


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

Note 6. Dividends Subsequent to April 30, 2004, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2004, to shareholders of record on May 14, 2004. The per share common dividends declared were as follows:

  Common Dividend     Common Dividend
Trust
Per Share  
Trust
Per Share


 

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

The dividends declared on preferred shares for the period May 1, 2004 to May 31, 2004, for each of the Trusts were as follows:

      Dividends         Dividends  
Trust
Series   Declared  
Trust
Series   Declared  


 
 

 
 
Municipal Investment Quality T7   $ 61,456   Florida Investment Quality R7   $ 6,992  
  T28     45,864   Florida Income T7     42,242  
Municipal Income M7     72,954   New Jersey Investment Quality T7     3,813  
  T7     58,129   New Jersey Income R7     45,630  
  W7     57,229   New York Investment Quality F7     8,052  
  R7     58,700   New York Income W7     36,613  
  F7     56,329     F7     43,966  
California Investment Quality W7     5,178              
California Income T7     48,505              
  R7     47,264              

Note 7. Reimbursements In December of 2003, the Advisor determined that each of the Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality had purchased high yield bonds in violation of a non-fundamental investment policy requiring their investments to be of investment grade quality at the time of purchase. The Advisor has reimbursed each of the Trusts for the realized and unrealized losses incurred from the date of purchase through December 18, 2003, as a result of these unauthorized purchases. The net realized and unrealized gains on these securities as of December 18, 2003 was $167,280.00 for Municipal Investment Quality, $10,779.26 for California Investment Quality, $46,655.67 for Florida Investment Quality and $4,284.00 for New York Investment Quality. The amount of the reimbursement for the losses was $18,420.76 for California Investment Quality, $86,481.10 for New Jersey Investment Quality and $3,690.00 for New York Investment Quality. Such amounts have been reflected in the accompanying financial statements for the six months ended April 30, 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.

56


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, which serves as agent for the shareholders in administering the Plan.

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

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

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

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

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

57


ADDITIONAL INFORMATION


     The Joint Annual Meeting of Shareholders was held on May 26, 2004, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise indicated, expiring in 2007:

Municipal Investment Quality        

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


 
Frank J. Fabozzi 4,579   456  
Walter F. Mondale 13,260,683   1,070,810  
Ralph L. Schlosstein 14,148,010   183,483  
         
Municipal Income        

       
Elected the Class III Trustees as follows:        
Trustee Votes for   Votes Withheld


 
Andrew F. Brimmer 38,345,234   639,292  
Kent Dixon 38,443,181   541,345  
Robert S. Kapito 38,446,429   538,097  
         
         
California Investment Quality        

       
Elected the Class I Directors as follows:        
Director Votes for   Votes Withheld


 
Richard E. Cavanagh 279   2  
James Clayburn La Force, Jr. 602,054   7,123  
         
         
California Income        

       
Elected the Class III Trustees as follows:        
Trustee Votes for   Votes Withheld


 
Andrew F. Brimmer 12,705,364   94,387  
Kent Dixon 12,703,580   96,171  
Robert S. Kapito 12,711,349   88,402  
         
         
Florida Investment Quality        

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


 
Richard E. Cavanagh 322   0  
James Clayburn La Force, Jr. 950,094   7,762  
         
         
Florida Income        

       
Elected the Class III Trustees as follows:        
Trustee Votes for   Votes Withheld


 
Andrew F. Brimmer 5,803,225   83,799  
Kent Dixon 5,811,225   75,799  
Robert S. Kapito 5,811,678   75,346  
         
         
New Jersey Investment Quality        

       
Elected the Class I Directors as follows:        
Director Votes for   Votes Withheld


 
Richard E. Cavanagh 300   0  
James Clayburn La Force, Jr. 896,815   8,087  

58


New Jersey Income        

       
Elected the Class III Trustees as follows:        
Trustee Votes for   Votes Withheld


 
Andrew F. Brimmer 6,233,270   80,392  
Kent Dixon 6,242,455   71,207  
Robert S. Kapito 6,244,416   69,246  
         
         
New York Investment Quality        

       
Elected the Class I Directors as follows:        
Director Votes for   Votes Withheld


 
Richard E. Cavanagh 377   2  
James Clayburn La Force, Jr. 1,075,136   6,314  
         
         
New York Income        

       
Elected the Class III Trustees as follows:        
Trustee Votes for   Votes Withheld


 
Andrew F. Brimmer 10,998,688   136,186  
Kent Dixon 11,009,087   125,787  
Robert S. Kapito 10,989,106   145,768  

     In addition to the election of Directors/Trustees, the following Trusts had an additional proposal (Proposal #2) to amend its respective Articles Supplementary in order to require an annual, instead of a quarterly, valuation date in connection with certain asset coverage tests:

  Votes for   Votes Against   Votes Withheld
 
 
 
Municipal Investment Quality 12,903,291     1,260,154     168,048  
California Investment Quality 584,120     21,157     3,900  
New Jersey Investment Quality 875,194     6,272     23,436  
New York Investment Quality 1,027,905     33,033     20,512  

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

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

59


[This Page Intentionally Left Blank]


BlackRock Closed-End Funds

Director/Trustees
Transfer Agent
 
  Ralph L. Schlosstein, Chairman   EquiServe Trust Company, N.A.  
  Andrew F. Brimmer   250 Royall Street  
  Richard E. Cavanagh   Canton, MA 02021  
  Kent Dixon  
(800) 699-1BFM
 
  Frank J. Fabozzi    
  Robert S. Kapito
Auction Agent1
  James Clayburn La Force, Jr.   Bank of New York  
  Walter F. Mondale   100 Church Street, 8th Floor  
      New York, NY 10286  
Officers    
  Robert S. Kapito, President
Auction Agent2
  Henry Gabbay, Treasurer   Deutsche Bank Trust Company Americas  
  Anne Ackerley, Vice President   60 Wall Street, 27th Floor  
  Kevin M. Klingert, Vice President   New York, NY 10005  
  Richard M. Shea, Vice President/Tax      
  James Kong, Assistant Treasurer Independent Accountants  
  Vincent B. Tritto, Secretary   Deloitte & Touche LLP  
  Brian P. Kindelan, Assistant Secretary   200 Berkeley Street  
      Boston, MA 02116  
Investment Advisor      
  BlackRock Advisors, Inc. Legal Counsel  
  100 Bellevue Parkway   Skadden, Arps, Slate, Meagher & Flom LLP  
  Wilmington, DE 19809   Four Times Square  
  (800) 227-7BFM   New York, NY 10036  
         
Sub-Advisor1 Legal Counsel – Independent Trustees  
  BlackRock Financial Management, Inc.   Debevoise & Plimpton LLP  
  40 East 52nd Street   919 Third Avenue  
  New York, NY 10022   New York, NY 10022  
         
Custodian   This report is for shareholder information. This is not a prospectus  
  State Street Bank and Trust Company   intended for use in the purchase or sale of Trust shares.  
  225 Franklin Street   Statements and other information contained in this report are as  
  Boston, MA 02110   dated and are subject to change.  


     
1 For the Income Trusts.   BlackRock Closed-End Funds  
2
For the Investment Quality Trusts.   c/o BlackRock Advisors, Inc.  
      100 Bellevue Parkway  
      Wilmington, DE 19809  
     
(800) 227-7BFM
 

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)227-7BFM.

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) 699-1236. These policies and procedures are also available on the website of the Securities and Exchange Commission at http://www.sec.gov.


 

 

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

CEF-SEMI-1

 

 


 

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

Not applicable for reports for periods ending on or before July 9, 2004.

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

Not applicable for semi-annual reports.

Item 8. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.

Not applicable for reports covering periods ending on or before June 15, 2004.

Item 9. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 10. 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 that the Registrant’s disclosure controls and procedures are effective, as of a date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b) The Registrant’s principal executive officer and principal financial officer are aware of no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 11. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

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

2


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) ___The BlackRock Florida Municipal Income Trust__________________________________________
     
     
     
     
By:   /s/ Henry Gabbay
___________________________________________
Name:   Henry Gabbay
Title:   Treasurer
Date:   July 2, 2004

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

     
     
     
By:   /s/ Robert S. Kapito
___________________________________________
Name:   Robert S. Kapito
Title:   Principal Executive Officer
Date:   July 2, 2004
     
     
     
     
By:   /s/ Henry Gabbay
___________________________________________
Name:   Henry Gabbay
Title:   Principal Financial Officer
Date:   July 2, 2004

3