BLACKROCK NEW YORK MUNICIPAL INCOME TRUST

Regulatory Filings • Apr 7, 2009

N-CSRS 1 c56889_ncsrs.htm c56889_ncsrs.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-10337

Name of Fund: BlackRock New York Municipal Income Trust (BNY)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock New York Municipal
Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton,
NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 07/31/2009 Date of reporting period: 08/01/2008 – 01/31/2009

Item 1 – Report to Stockholders

EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS

Semi-Annual Report
JANUARY 31, 2009 |
UNAUDITED

BlackRock California Investment Quality Municipal Trust Inc. (RAA)
BlackRock California Municipal Income Trust (BFZ)
BlackRock Florida Municipal 2020 Term Trust (BFO)
BlackRock Investment Quality Municipal Income Trust (RFA)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock New Jersey Investment Quality Municipal Trust Inc.
(RNJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock New York Investment Quality Municipal Trust Inc.
(RNY)
BlackRock New York Municipal Income Trust (BNY)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

Table of Contents
	Page
A Letter to
Shareholders	3
Semi-Annual
Report:
Trust Summaries	4
The Benefits and
Risks of Leveraging	13
Derivative
Instruments	13
Financial Statements:
Schedules of Investments	14
Statements of Assets and
Liabilities	38
Statements of Operations	40
Statements of Changes in Net
Assets	42
Financial
Highlights	46
Notes to
Financial Statements	55
Officers and
Trustees	61
Additional
Information	62

2 SEMI-ANNUAL REPORT JANUARY 31, 2009

A Letter to Shareholders

Dear Shareholder

The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial firms, volatile swings in the world’s financial markets and monumental government responses, including the nearly $800 billion economic stimulus plan signed into law just after period end.

The US economy appeared relatively resilient through the first few months of 2008, when rising food and energy prices fueled inflation fears. Mid-summer ushered in dramatic changes— inflationary pressure subsided amid a plunge in commodity prices, while economic pressures intensified in the midst of a rapid deterioration in consumer spending, employment and other key indicators. By year’s end, the National Bureau of Economic Research affirmed that the United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the “Fed”), after slashing interest rates aggressively early in the period, resumed that rate-cutting campaign in the fall, with the final reduction in December 2008 bringing the target federal funds rate to a record low range of between zero and 0.25%. Importantly, the central bank pledged that future policy moves to revive the global economy and financial markets would comprise primarily nontraditional and quantitative easing measures, such as capital injections, lending programs and government guarantees.

Against this backdrop, US equity markets experienced intense volatility, with the sentiment turning decisively negative toward period end. Declines were significant and broad-based, with little divergence among large- and small-cap stocks. Non-US stocks posted stronger results early on, but quickly lost ground as the credit crisis revealed itself to be global in scope and as the worldwide economic slowdown gathered pace. Overall, aggressive monetary and fiscal policy, combined with the defensiveness of the US, helped domestic equities notch better performance than their non-US counterparts.

In fixed income markets, risk aversion remained the popular theme, leading the Treasury sector to top all other asset classes. The high yield market was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a heavy toll. Meanwhile, the municipal bond market was challenged by a dearth of market participants, lack of liquidity, difficult funding environment and backlog of new-issue supply, which sent prices lower and yields well above Treasuries. By period end, however, some positive momentum had returned to the municipal space.

In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:

Total Returns as of January 31, 2009 — US equities (S&P 500 Index)	(33.95	)%	(38.63	)%
Small cap US equities (Russell 2000 Index)	(37.38	)	(36.84	)
International equities (MSCI Europe, Australasia, Far East
Index)	(40.75	)	(43.74	)
US Treasury securities (Merrill Lynch 10-Year US Treasury
Index)	11.96		10.64
Taxable fixed income (Barclays Capital US Aggregate Bond
Index*)	3.23		2.59
Tax-exempt fixed income (Barclays Capital Municipal Bond
Index*)	0.70		(0.16	)
High yield bonds (Barclays Capital US Corporate High Yield
2% Issuer Capped Index*)	(19.07	)	(19.72	)

*Formerly a Lehman Brothers index.

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most current views on the economy and financial markets, we invite you to visit www.blackrock.com/funds . We thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.

Sincerely,

Rob Kapito President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT 3

Trust Summary as of January 31, 2009 BlackRock California Investment Quality Municipal Trust Inc.

| Investment
Objective |
| --- |
| BlackRock
California Investment Quality Municipal Trust Inc. (RAA) (the “Trust”) seeks to
provide high current income which, in the opinion of bond counsel to the
issuer, is exempt from regular federal and California income tax consistent
with preservation of capital. |
| Performance |
| For the six months ended January
31, 2009, the Trust returned (16.55)% based on market price and (7.80)% based
on net asset value (“NAV”). For the same period, the closed-end Lipper
California Municipal Debt Funds category posted an average return of (18.01)%
on a market price basis and (11.97)% on a NAV basis. All returns reflect
reinvestment of dividends. The Trust’s discount to NAV, which widened during
the period, accounts for the difference between performance based on price
and performance based on NAV. The period witnessed a slight tightening in
some credit spreads for lower-rated California holdings. Management’s
strategic efforts have been aimed at producing a more balanced contribution
to the Trust’s total return from its current yield. These efforts have
increased the undistributed net interest income balance, as short-term
borrowing costs have decreased along with short-term rate cuts by the Fed.
The Trust maintained a neutral duration stance throughout the period. |
| The views expressed reflect the
opinions of BlackRock as of the date of this report and are subject to change
based on changes in market, economic or other conditions. These views are not
intended to be a forecast of future events and are no guarantee of future
results. |
| Trust
Information |

Symbol on American Stock Exchange	RAA
Initial Offering Date	May 28, 1993
Yield on Closing Market Price as
of January 31, 2009 ($9.70) 1	5.75%
Tax Equivalent Yield 2	8.85%
Current Monthly Distribution per
Common Share 3	$0.0465
Current Annualized Distribution
per Common Share 3	$0.5580
Leverage as of January 31, 2009 4	38%

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Auction Market Preferred Shares (“Preferred
Shares”) and tender option bond trusts (“TOBs”) as a percentage of total
managed assets, which is the total assets of the Trust, including any assets
attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities.
For a discussion of leveraging techniques utilized by the Fund, please see
The Benefits and Risks of Leveraging on page 13. |

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

	1/31/09	7/31/08	Change		High	Low
Market Price	$ 9.70	$ 11.96	(18.90	)%	$ 12.52	$ 6.92
Net Asset Value	$ 11.56	$ 12.90	(10.39	)%	$ 13.35	$ 9.88

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

Sector Allocations	1/31/09	7/31/08
County/City/Special District/School District	26 %	26 %
State	21	5
Hospitals/Healthcare	14	16
Utilities—Water & Sewer	9	6
Education	9	9
Transportation	6	6
IDA/PCR/Resource Recovery	5	3
Lease Revenue	3	2
Utilities—Irrigation, Resource Recovery, Solid Waste
&
Other	3	5
Housing	2	5
Utilities—Electric & Gas	2	2
Special Tax	—	10
Tobacco	—	5

Credit Quality Allocations 5	1/31/09	7/31/08
AAA/Aaa	33 %	39 %
AA/Aa	37	24
A/A	19	17
BBB/Baa	5	11
B/B	2	4
Not Rated	4	5

5 Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings.

4 SEMI-ANNUAL REPORT JANUARY 31, 2009

| Trust Summary as
of January 31, 2009 |
| --- |
| Investment
Objective |

| |
| --- |
| Performance |
| For the six months
ended January 31, 2009, the Trust returned (19.93)% based on market price and
(10.61)% based on NAV. For the same period, the closed-end Lipper California
Municipal Debt Funds category posted an average return of (18.01)% on a market price basis and (11.97)% on a NAV basis. All returns reflect reinvestment
of dividends. The Trust moved from a premium to NAV to a discount by
period-end, which accounts for the difference between performance based on
price and performance based on NAV. A neutral duration stance and a
relatively high cash equivalent reserve provided some cushion to the Trust’s
NAV. Despite this positioning, the NAV was negatively affected by
deteriorating prices on some of its zero-coupon holdings, as well as spread
widening on assets with weaker monoline insurance wraps. Management’s
strategy is to pursue a balanced approach to returns by improving current yield
as opportunities arise, while generally keeping duration exposure no higher
than neutral. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions.
These views are not intended to be a forecast of future events and are no
guarantee of future results. |
| Trust
Information |

| Symbol on New York
Stock Exchange | BFZ |
| --- | --- |
| Initial Offering
Date | July 27, 2001 |
| Yield on Closing
Market Price as of January 31, 2009 ($10.81) 1 | 7.57% |
| Tax Equivalent
Yield 2 | 11.65% |
| Current Monthly
Distribution per Common Share 3 | $0.0682 |
| Current Annualized
Distribution per Common Share 3 | $0.8184 |
| Leverage as of
January 31, 2009 4 | 42% |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Preferred Shares and TOBs as a percentage of
total managed assets, which is the total assets of the Trust, including any
assets attributable to Preferred Shares and TOBs, minus the sum of accrued
liabilities. For a discussion of leveraging techniques utilized by the Fund,
please see The Benefits and Risks of Leveraging on page 13. |

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

	1/31/09	7/31/08	Change	High	Low
Market Price	$ 10.81	$ 13.99	(22.73)%	$ 14.54	$ 7.36
Net Asset Value	$ 12.06	$ 13.98	(13.73)%	$ 14.30	$ 10.32
The following
charts show the sector and credit quality allocations of the Trust’s
long-term investments:
Sector
Allocations

	1/31/09	7/31/08
County/City/Special
District/School District	37 %	29 %
Hospitals/Healthcare	15	16
Education	12	12
Transportation	9	9
Housing	9	12
State	7	9
IDA/PCR/Resource
Recovery	3	3
Utilities—Electric
& Gas	3	1
Utilities—Water
& Sewer	3	2
Tobacco	1	7
Utilities—Irrigation,
Resource Recovery, Solid Waste & Other	1	—

Credit Quality Allocations 5

	1/31/09	7/31/08
AAA/Aaa	27 %	33 %
AA/Aa	30	22
A	27	24
BBB/Baa	9	11
B	1	1
Not Rated 6	6	9

5	Using the higher of S&P’s or Moody’s ratings.
6	The investment advisor has deemed certain of these
non-rated securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities was $1,889,706,
representing 1% and $2,242,216, representing 1%, respectively, of the Trust’s
long-term investments.

SEMI-ANNUAL REPORT JANUARY 31, 2009 5

| Trust Summary as
of January 31, 2009 |
| --- |
| Investment Objective |

| |
| --- |
| Performance |
| For the six months
ended January 31, 2009, the Trust returned (5.33)%, based on market price,
and (7.71)%, based on NAV. For the same period, the closed-end Lipper Florida
Municipal Debt Funds category posted an average return of (5.78)% on a market
price basis and (5.87)% on a NAV basis. All returns reflect reinvestment of
dividends. The Trust’s discount to NAV, which narrowed during the period,
accounts for the difference between performance based on price and performance
based on NAV. The Trust’s underperformance was driven primarily by a rising
yield (and correspondingly falling price) environment for intermediate and
long-term municipals during the second half of 2008. An intermediate
duration bias mitigated the downward price movement somewhat. The
allocation to lower-rated issues also detracted from results as spreads
widened during the six months. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other
conditions. These views are not intended to be a forecast of future events
and are no guarantee of future results. |
| Trust
Information |

| Symbol on New York
Stock Exchange: | BFO |
| --- | --- |
| Initial Offering
Date: | September 30, 2003 |
| Termination Date
(on or about): | December 31, 2020 |
| Yield on Closing
Market Price as of January 31, 2009 ($11.51): 1 | 5.32% |
| Tax Equivalent
Yield: 2 | 8.18% |
| Current Monthly
Distribution per Common Share: 3 | $0.051 |
| Current Annualized
Distribution per Common Share: 3 | $0.612 |
| Leverage as of
January 31, 2009: 4 | 40% |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum Federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Preferred Shares and TOBs as a percentage of
total managed assets, which is the total assets of the Trust, including any
assets attributed to Preferred Shares and TOBs, minus the sum of accrued
liabilities. For a discussion of leveraging techniques utilized by the Fund,
please see The Benefits and Risks of Leveraging on page 13. |
| The table below
summarizes the changes in the Trust’s market price and NAV per share: | |

	1/31/09	7/31/08	Change		High	Low
Market Price	$ 11.51	$ 12.50	(7.92	)%	$ 12.97	$ 8.15
Net Asset Value	$ 12.71	$ 14.16	(10.24	)%	$ 14.45	$ 11.27
The following
charts show the sector and credit quality allocations of the Trust’s
long-term investments:
Sector
Allocations

	1/31/09	7/31/08
Utilities—Water
& Sewer	22 %	26 %
Education	16	16
County/City/Special
District/School District	16	12
IDA/PCR/Resource
Recovery	13	15
Hospitals/Healthcare	11	12
Special Tax	8	8
Housing	5	4
Utilities—Irrigation,
Resource Recovery, Solid Waste & Other	5	4
Transportation	3	2
Utilities—Electric
& Gas	1	1

Credit Quality Allocations 5

	1/31/09	7/31/08
AAA/Aaa	33 %	29 %
AA/Aa	28	34
A/A	6	7
BBB/Baa	8	9
BB/Ba	2	2
Not Rated 6	23	19

5	Using the higher of S&P’s or Moody’s ratings.
6	The investment advisor has deemed certain of these
non-rated securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities was $10,830,683,
representing 10% and $11,848,675, representing 9%, respectively, of the
Trust’s long-term investments.

6 SEMI-ANNUAL REPORT JANUARY 31, 2009

Trust Summary as of January 31, 2009
Investment
Objective

| |
| --- |
| Performance |
| Effective
September 16, 2008, BlackRock Florida Investment Quality Municipal Trust was
renamed BlackRock Investment Quality Municipal Income Trust. |
| For the six months
ended January 31, 2009, the Trust returned (16.70)% based on market price and
(13.55)% based on NAV. For the same period, the closed-end Lipper General
Municipal Debt Funds (Leveraged) category posted an average return of
(12.07)% on a market price basis and (12.78)% on a NAV basis. All returns
reflect reinvestment of dividends. The Trust’s discount to NAV, which widened
during the period, accounts for the difference between performance based on
price and performance based on NAV. Sector allocation played an important
role in determining how the fund performed during the reporting period.
Spread products, such as healthcare, housing, tax increment financing and
corporate-backed bonds, significantly underperformed as the economic
downturn continued to add more stress on the fundamental credit quality for
these sectors. The Trust’s exposure to these issues detracted from
performance. Also hampering results was exposure to alternative minimum tax
bonds, which underperformed as spreads widened out significantly over the
past six months. |
| The views expressed reflect the opinions of BlackRock as
of the date of this report and are subject to change based on changes in
market, economic or other conditions. These views are not intended to be a
forecast of future events and are no guarantee of future results. |
| Trust
Information |

| Symbol on American
Stock Exchange | RFA |
| --- | --- |
| Initial Offering
Date | May 28, 1993 |
| Yield on Closing
Market Price as of January 31, 2009 ($8.83) 1 | 6.05% |
| Tax Equivalent
Yield 2 | 9.31% |
| Current Monthly
Distribution per Common Share 3 | $0.0445 |
| Current Annualized
Distribution per Common Share 3 | $0.5340 |
| Leverage as of
January 31, 2009 4 | 40% |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Preferred Shares and TOBs as a percentage of
total managed assets, which is the total assets of the Trust, including any
assets attributable to Preferred Shares and TOBs, minus the sum of accrued
liabilities. For a discussion of leveraging techniques utilized by the Fund,
please see The Benefits and Risks of Leveraging on page 13. |
| The table below
summarizes the changes in the Trust’s market price and NAV per share: | |

	1/31/09	7/31/08	Change	High	Low
Market Price	$ 8.83	$ 10.93	(19.21)%	$ 10.93	$ 6.54
Net Asset Value	$ 10.32	$ 12.31	(16.17)%	$ 12.54	$ 8.98
The following
charts show the sector and credit quality allocations of the Trust’s
long-term investments:
Sector
Allocations

	1/31/09	7/31/08
Hospitals/Healthcare	22 %	20 %
County/City/Special
District/School District	16	26
Education	12	10
Utilities—Electric
& Gas	11	8
IDA/PCR/Resource
Recovery	11	13
Transportation	11	5
Housing	5	10
Utilities—Water &
Sewer	5	6
Lease Obligations	3	1
Utilities—Irrigation,
Resource Recovery, Solid Waste & Other	3	1
Special Tax	1	—

Credit Quality Allocations 5

	1/31/09	7/31/08
AAA/Aaa	27 %	40 %
AA/Aa	34	29
A/A	22	4
BBB/Baa	2	9
BB/Ba	2	2
Not Rated 6	13	16

5	Using the higher of S&P’s or Moody’s ratings.
6	The investment advisor has deemed certain of these
non-rated securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities was $620,048,
representing 4% and $722,157, representing 3%, respectively, of the Trust’s
long-term investments.

SEMI-ANNUAL REPORT JANUARY 31, 2009 7

| Trust Summary as
of January 31, 2009 |
| --- |
| Investment
Objective |

BlackRock Municipal Income Investment Trust (BBF) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and Florida intangible personal property tax.

Performance

Effective September 16, 2008, BlackRock Florida Municipal Income Trust was renamed BlackRock Municipal Income Investment Trust. For the six months ended January 31, 2009, the Trust returned (11.47)% based on market price and (12.43)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (12.07)% on a market price basis and (12.78)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the fund performed during the reporting period. A positive contributor to performance was the Trust’s significant overweight in pre-refunded bonds in the one- to five-year maturity range, as the yield curve steepened and short- and intermediate-maturity issues outperformed. Conversely, spread products, such as healthcare, housing, tax increment and corporate-backed bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Trust’s exposure to these issues detracted from results.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

| Symbol on New York
Stock Exchange | BBF |
| --- | --- |
| Initial Offering
Date | July 27, 2001 |
| Yield on Closing
Market Price as of January 31, 2009 ($11.65) 1 | 7.51% |
| Tax Equivalent
Yield 2 | 11.55% |
| Current Monthly
Distribution per Common Share 3 | $0.072875 |
| Current Annualized
Distribution per Common Share 3 | $0.874500 |
| Leverage as of
January 31, 2009 4 | 41% |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Preferred Shares and TOBs as a percentage of
total managed assets, which is the total assets of the Trust, including any
assets attributable to Preferred Shares and TOBs, minus the sum of accrued
liabilities. For a discussion of leveraging techniques utilized by the Fund,
please see The Benefits and Risks of Leveraging on page 13. |

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

	1/31/09	7/31/08	Change		High	Low
Market Price	$ 11.65	$ 13.68	(14.84	)%	$ 14.06	$ 6.18
Net Asset Value	$ 11.86	$ 14.08	(15.77	)%	$ 14.35	$ 10.65

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

Sector Allocations

	1/31/09	7/31/08
Hospitals/Healthcare	29 %	27 %
IDA/PCR/Resource
Recovery	15	16
Education	14	12
Utilities—Water
& Sewer	14	12
Special Tax	8	7
Transportation	7	5
County/City/Special District/School
District	6	10
Utilities—Electric
& Gas	5	7
Lease Obligations	1	1
Utilities—Irrigation, Resource Recovery, Solid
Waste & Other	1	—
State	—	3

Credit Quality Allocations 5

	1/31/09	7/31/08
AAA/Aaa	24 %	25 %
AA/Aa	32	30
A/A	13	11
BBB/Baa	12	9
BB/Ba	1	2
Not Rated 6	18	23

5	Using the higher of S&P’s or Moody’s ratings.
6	The investment advisor has deemed certain of these
non-rated securities to be of investment grade quality. As of January 31,
2009 and July 31, 2008, the market value of these securities was $11,815,068,
representing 9% and $13,484,932, representing 9%, respectively, of the
Trust’s long-term investments.

8 SEMI-ANNUAL REPORT JANUARY 31, 2009

| Trust Summary as
of January 31, 2009 |
| --- |
| Investment
Objective |

BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax consistent with preservation of capital.

Performance

For the six months ended January 31, 2009, the Trust returned (18.01)% based on market price and (11.84)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (11.15)% on a market price basis and (9.23)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the fund performed during the reporting period. Spread products, such as healthcare, housing and corporate-backed bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Trust’s exposure to these issues detracted from performance. Also hampering results was exposure to alternative minimum tax bonds, which underperformed as spreads widened out significantly over the past six months.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

| Symbol on American
Stock Exchange | RNJ |
| --- | --- |
| Initial Offering
Date | May 28, 1993 |
| Yield on Closing
Market Price as of January 31, 2009 ($9.50) 1 | 6.49% |
| Tax Equivalent
Yield 2 | 9.98% |
| Current Monthly
Distribution per Common Share 3 | $0.0514 |
| Current Annualized
Distribution per Common Share 3 | $0.6168 |
| Leverage as of
January 31, 2009 4 | 41% |

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Preferred Shares as a percentage of total
managed assets, which is the total assets of the Trust, including any assets
attributable to Preferred Shares, minus the sum of accrued liabilities. For a
discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 13. |

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

	1/31/09	7/31/08	Change		High	Low
Market Price	$ 9.50	$ 11.96	(20.57	)%	$ 12.12	$ 6.95
Net Asset Value	$ 10.42	$ 12.20	(14.59	)%	$ 12.47	$ 9.13

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

Sector Allocations

	1/31/09	7/31/08
IDA/PCR/Resource
Recovery	23 %	22 %
Transportation	22	16
Education	15	15
Housing	12	8
State	8	8
Hospitals/Healthcare	8	15
Utilities—Water
& Sewer	8	7
County/City/Special District/School
District	2	2
Utilities—Electric
& Gas	1	3
Lease Revenue	1	—
Tobacco	—	4

Credit Quality Allocations 5

	1/31/09	7/31/08
AAA/Aaa	32 %	24 %
AA/Aa	18	29
A/A	21	16
BBB/Baa	19	14
B/B	3	4
Not Rated	7	13

5 Using the higher or S&P’s or Moody’s ratings.

SEMI-ANNUAL REPORT JANUARY 31, 2009 9

| Trust Summary as
of January 31, 2009 |
| --- |
| Investment
Objective |

BlackRock New Jersey Municipal Income Trust (BNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax.

Performance

For the six months ended January 31, 2009, the Trust returned (8.96)% based on market price and (14.15)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (11.15)% on a market price basis and (9.23)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the fund performed during the reporting period. Spread products, such as health-care and housing bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Trust’s exposure to these issues detracted from performance. Also hampering results was exposure to alternative minimum tax bonds, which underperformed as spreads widened out significantly over the past six months.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

| Symbol on New York
Stock Exchange | BNJ |
| --- | --- |
| Initial Offering
Date | July 27, 2001 |
| Yield on Closing
Market Price as of January 31, 2009 ($13.22) 1 | 7.04% |
| Tax Equivalent
Yield 2 | 10.83% |
| Current Monthly
Distribution per Common Share 3 | $0.0776 |
| Current Annualized
Distribution per Common Share 3 | $0.9312 |
| Leverage as of
January 31, 2009 4 | 41% |

| 1 | Yield on closing market price is
calculated by dividing the current annualized distribution per share by the
closing market price. Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the
maximum federal tax rate of 35%. |
| 3 | The distribution is not constant
and is subject to change. |
| 4 | Represents Preferred Shares as a
percentage of total managed assets, which is the total assets of the Trust,
including any assets attributable to Preferred Shares, minus the sum of
accrued liabilities. For a discussion of leveraging techniques utilized by
the Fund, please see The Benefits and Risks of Leveraging on page 13. |

The table below summarizes the changes in the Trust’s market price and net asset value per share:

	1/31/09	7/31/08	Change		High	Low
Market Price	$ 13.22	$ 15.09	(12.39	)%	$ 15.18	$ 9.71
Net Asset Value	$ 11.69	$ 14.15	(17.39	)%	$ 14.51	$ 10.41

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

Sector Allocations

	1/31/09	7/31/08
Housing	25 %	22 %
Hospitals/Healthcare	20	23
IDA/PCR/Resource
Recovery	17	17
Transportation	14	15
Education	9	8
Lease Obligations	8	6
State	3	3
Utilities—Electric
& Gas	2	2
County/City/Special District/School
District	1	3
Utilities—Water
& Sewer	1	1

Credit Quality Allocations 5

	1/31/09	7/31/08
AAA/Aaa	30 %	32 %
AA/Aa	15	12
A/A	30	26
BBB/Baa	13	18
B/B	3	3
Not Rated	9	9

5 Using the higher of S&P’s or Moody’s ratings.

10 SEMI-ANNUAL REPORT JANUARY 31, 2009

| Trust Summary as
of January 31, 2009 |
| --- |
| Investment
Objective |

BlackRock New York Investment Quality Municipal Trust Inc. (RNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal, New York State and New York City income tax consistent with preservation of capital.

Performance

For the six months ended January 31, 2009, the Trust returned (11.90)% based on market price and (7.39)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (15.16)% on a market price basis and (12.83)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Fund performance was positively influenced by an average distribution rate and an overweight exposure to pre-refunded and education-related bonds. Negative impacts on performance came from overweights in corporate credits, housing bonds and healthcare bonds, and from underweights in tax-backed and transportation bonds. The Trust’s overweight in bonds with maturities greater than 20 years detracted overall, but benefited performance toward the end of the period. Fortunately, management avoided selling these holdings when values were distressed, which would have locked in their underperformance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

Symbol on American Stock Exchange	RNY
Initial Offering Date	May 28, 1993
Yield on Closing Market Price as of January
31, 2009 ($10.93) 1	6.39%
Tax Equivalent Yield 2	9.83%
Current Monthly Distribution per Common
Share 3	$0.0582
Current Annualized Distribution per Common
Share 3	$0.6984
Leverage as of January 31, 2009 4	39%

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Preferred Shares as a percentage of total
managed assets, which is the total assets of the Trust, including any assets
attributable to Preferred Shares, minus the sum of accrued liabilities. For a
discussion of leveraging techniques utilized by the Fund, please see The
Benefits and Risks of Leveraging on page 13. |
| The table below
summarizes the changes in the Trust’s market price and net asset value per
share: | |

Market Price	1/31/09 — $ 10.93	7/31/08 — $ 12.83	(14.81	)%	High — $ 13.09	Low — $ 7.48
Net Asset Value	$ 11.91	$ 13.30	(10.45	)%	$ 13.64	$ 10.21

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

Sector Allocations

	1/31/09	7/31/08
Education	17 %	16 %
County/City/Special District/School
District	16	17
State	14	12
Utilities—Water & Sewer	13	12
Transportation	12	12
Hospitals/Healthcare	10	12
IDA/PCR/Resource Recovery	8	9
Housing	8	8
Tobacco	2	2
Credit Quality
Allocations 5
	1/31/09	7/31/08
AAA/Aaa	34 %	36 %
AA/Aa	33	37
A/A	18	9
BBB/Baa	5	8
BB/Ba	2	1
B/B	7	7
Not Rated	1	2

5 Using the higher of S&P’s or Moody’s ratings.

SEMI-ANNUAL REPORT JANUARY 31, 2009 11

| Trust Summary as
of January 31, 2009 |
| --- |
| Investment
Objective |

BlackRock New York Municipal Income Trust (BNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New York State and New York City personal income taxes.

Performance

For the six months ended January 31, 2009, the Trust returned (21.70)% based on market price and (12.49)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (15.16)% on a market price basis and (12.83)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between performance based on price and performance based on NAV. Fund performance was positively influenced by an average distribution rate and an overweight exposure to pre-refunded and education-related bonds. Negative impacts on performance came from overweights in corporate credits and housing bonds. The Trust’s overweight in bonds with maturities greater than 18 years detracted overall, but benefited performance toward the end of the period. Fortunately, management avoided selling these holdings when values were distressed, which would have locked in their underperformance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Trust Information

Symbol on New York Stock Exchange	BNY
Initial Offering Date	July 27, 2001
Yield on Closing Market Price as of January
31, 2009 ($11.50) 1	7.86%
Tax Equivalent Yield 2	12.09%
Current Monthly Distribution per Common
Share 3	$0.075339
Current Annualized Distribution per Common
Share 3	$0.904068
Leverage as of January 31, 2009 4	42%

| 1 | Yield on closing market price is calculated by dividing
the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results. |
| --- | --- |
| 2 | Tax equivalent yield assumes the maximum federal tax rate
of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | Represents Preferred Shares and TOBs as a percentage of
total managed assets, which is the total assets of the Trust, including any
assets attributable to Preferred Shares and TOBs, minus the sum of accrued
liabilities. For a discussion of leveraging techniques utilized by the Fund,
please see The Benefits and Risks of Leveraging on page 13. |
| The table below
summarizes the changes in the Trust’s market price and net asset value per share: | |

Market Price	1/31/09 — $ 11.50	7/31/08 — $ 15.26	(24.64	)%	High — $ 15.41	Low — $ 7.75
Net Asset Value	$ 11.69	$ 13.88	(15.78	)%	$ 14.21	$ 9.95

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

Sector Allocations

	1/31/09	7/31/08
Transportation	17 %	19 %
County/City/Special District/School
District	18	18
State	17	16
Education	12	12
Housing	10	8
IDA/PCR/Resource Recovery	8	8
Utilities—Water & Sewer	8	8
Tobacco	5	6
Hospitals/Healthcare	2	2
Utilities—Electric & Gas	2	3
Utilities—Irrigation, Resource Recovery, Solid Waste & Other	1	—
Credit Quality
Allocations 5
	1/31/09	7/31/08
AAA/Aaa	31 %	30 %
AA/Aa	25	31
A/A	24	17
BBB/Baa	13	15
BB/Ba	1	1
B/B	5	5
Not Rated	1	1

5 Using the higher of S&P’s or Moody’s ratings.

12 SEMI-ANNUAL REPORT JANUARY 31, 2009

The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.

To leverage, certain Trusts issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of the Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trust’s Common Shareholders will benefit from the incremental yield.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the Trust’s total portfolio of $150 million earns the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Trust’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield.

Conversely, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Trust pays dividends on the higher short-term interest rates whereas the Trust’s total portfolio earns income based on lower long-term interest rates. If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely.

Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors also influence the value of portfolio investments. In contrast, the redemption value of the Trust’s Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trust’s NAV positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.

Certain Trusts may also, from time to time leverage their assets through the use of tender option bond (“TOB”) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect the Trusts’ NAVs per share.

The use of leverage may enhance opportunities for increased returns to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Trusts’ net income will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders will be reduced. The Trusts may be required to sell portfolio securities at inopportune times or below fair market values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments which may cause the Trusts to incur losses. The use of leverage may limit the Trusts’ ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by a Trust. The Trusts will incur expenses in connection with the use of leverage, all of which are borne by the holders of the Common Shares and may reduce returns on the Common Shares.

Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount of up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Trust anticipates that the total economic leverage from Preferred Shares and TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2009, the following Trusts had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows:

| | Percent
of Leverage |
| --- | --- |
| BlackRock California Investment Quality Municipal Trust
Inc. | 38 % |
| BlackRock California Municipal Income Trust | 42 % |
| BlackRock Florida Municipal 2020 Term Trust | 40 % |
| BlackRock Investment Quality Municipal Income
Trust | 40 % |
| BlackRock Municipal Income Investment Trust | 41 % |
| BlackRock New Jersey Investment Quality Municipal Trust
Inc. | 41 % |
| BlackRock New Jersey Income Trust | 41 % |
| BlackRock New York Investment Quality Municipal Trust
Inc. | 39 % |
| BlackRock New York Municipal Income Trust | 42 % |

Derivative Instruments

The Trusts may invest in various derivative instruments, including swap agreements and futures, and other instruments specified in the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the other party to the transaction and illiquidity of the derivative instrument. The Trusts’ ability to successfully use a derivative instrument depends on the Advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Trusts to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Trusts can realize on an investment or may cause the Trusts to hold a security that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 13

Schedule of Investments January 31, 2009 (Unaudited) BlackRock California Investment Quality Municipal Trust Inc. (RAA) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)	Value
California—130.2%
County/City/Special District/School
District—30.7%
Los
Alamitos, California, Unified School District, GO (School
Facilities Improvement Project Number 1), 5.50%, 8/01/33	$ 250	$ 255,010
Los
Angeles, California, Community College District, GO,
Series F-1, 5%, 8/01/33	335	323,526
Los Angeles
County, California, Community Facilities
District Number 3, Special Tax Refunding Bonds
(Improvement Area A), Series A, 5.50%, 9/01/14 (b)	1,000	1,013,170
San Jose,
California, Unified School District, Santa Clara
County, GO (Election of 2002), Series D, 5%, 8/01/32	250	243,263
Santa Cruz
County, California, Redevelopment Agency,
Tax Allocation Bonds (Live Oak/Soquel Community
Improvement Project Area), Series A, 7%, 9/01/36	100	100,809
Stockton,
California, Unified School District, GO
(Election of 2005), 5%, 8/01/31 (b)	500	474,750
Tustin,
California, Unified School District, Senior Lien
Special Tax Bonds (Community Facilities District
Number 97-1), Series A, 5%, 9/01/32 (b)	750	694,215
Vacaville,
California, Unified School District, GO
(Election of 2001), 5%, 8/01/30 (a)	500	469,900
		3,574,643
Education—8.5%
California
Educational Facilities Authority Revenue Bonds
(Stanford University), Series Q, 5.25%, 12/01/32	500	508,520
California
Infrastructure and Economic Development Bank,
Revenue Refunding Bonds (The Salvation Army—
Western Territory), 5%, 9/01/27 (g)	500	485,835
		994,355
Hospitals/HealthCare—21.2%
California
Health Facilities Financing Authority Revenue
Bonds (Sutter Health), Series A, 5.25%, 11/15/46	500	422,735
California
Health Facilities Financing Authority, Revenue
Refunding Bonds (Providence Health and Services),
Series C, 6.50%, 10/01/38	250	256,830
California
Statewide Communities Development Authority
Revenue Bonds (Catholic Healthcare West), Series E,
5.50%, 7/01/31	250	219,890
California
Statewide Communities Development Authority,
Revenue Refunding Bonds:
(Kaiser Hospital Asset Management, Inc.), Series C,
5.25%, 8/01/31	500	430,330
(Kaiser
Permanente), Series A, 5%, 4/01/31	500	416,095
San
Bernardino County, California, Special Tax Bonds
(Community Facilities District Number 2002-1),
5.90%, 9/01/33	1,000	721,630
		2,467,510

Municipal Bonds	Par (000)	Value
California (continued)
Housing—3.8%
California
Rural Home Mortgage Finance Authority,
S/F Mortgage Revenue Bonds (Mortgage-Backed
Securities Program), AMT, Series A, 5.40%,
12/01/36 (d)(e)(f)	$ 475	$ 443,878
IDA/PCR/Resource
Recovery—7.4%
California
Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds (Waste Management, Inc. Project),
AMT, Series A-2, 5.40%, 4/01/25	500	380,170
Chula
Vista, California, IDR (San Diego Gas and Electric
Company), AMT:
Series B,
5%, 12/01/27	320	258,429
Series D,
5%, 12/01/27	275	222,087
		860,686
State—30.2%
California
State Department of Water Resources, Power
Supply Revenue Refunding Bonds, Sub-Series
F-5, 5%, 5/01/22	250	260,202
California
State, GO, 5.75%, 3/01/19	40	40,122
California
State, GO, Refunding, 5%, 9/01/32	1,000	913,750
California
State Public Works Board, Lease Revenue Bonds
(Department of Corrections), Series H, 5%, 11/01/31	500	430,565
California
State University, Systemwide Revenue Refunding
Bonds, Series C, 5%, 11/01/38 (a)	625	574,312
Eastern
Municipal Water District, California, Water and Sewer,
COP, Series H, 5%, 7/01/35	285	268,279
Tobacco
Securitization Authority of Southern California,
Asset-Backed Revenue Bonds, Senior Series A,
5.625%, 6/01/12 (c)	900	1,028,880
		3,516,110
Transportation—8.4%
Los
Angeles, California, Department of Airports, Airport Revenue
Refunding Bonds (Ontario International Airport), AMT,
Series A, 5%, 5/15/26 (a)	510	441,686
Los
Angeles, California, Regional Airports Improvement
Corporation, Lease Revenue Bonds (American
Airlines Inc.), AMT, Series B, 7.50%, 12/01/24	500	358,670
San
Francisco, California, City and County Airport Commission,
International Airport Revenue Refunding Bonds, AMT,
Second Series, 6.75%, 5/01/19	175	182,697
		983,053
Utilities—Electric &
Gas—2.5%
Eastern
Municipal Water District, California, Water and Sewer,
COP, Series H, 5%, 7/01/33	250	236,513
Southern
California Public Power Authority, Transmission Project
Revenue Refunding Bonds, 5.50%, 7/01/20 (a)	40	40,098
		276,611

| Portfolio Abbreviations |
| --- |
| To simplify the listings of portfolio holdings in the
Schedules of Investments, the names and descriptions of many of the
securities have been abbreviated according to the list on the right. |

AMT	Alternative Minimum Tax (subject to)
CABS	Capital Appreciation Bonds
COP	Certificates of Participation
EDA	Economic Development Authority
EDR	Economic Development Revenue Bonds
GO	General Obligation Bonds
HFA	Housing Finance Agency
IDA	Industrial Development Authority
IDR	Industrial Development Revenue Bonds
M/F	Multi-Family
PCR	Pollution Control Revenue Bonds
PILOT	Payment in Lieu of Taxes
S/F	Single-Family
TFABS	Tobacco Flexible Amortization Bonds
VRDN	Variable Rate Demand Notes

See Notes to Financial Statements. — 14	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments (concluded) BlackRock California Investment Quality Municipal Trust Inc. (RAA) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)	Value
California (concluded)
Utilities—Irrigation, Resource
Recovery,
Solid Waste & Other—3.9%
Chino
Basin, California, Regional Financing Authority, Revenue
Refunding Bonds (Inland Empire Utility Agency), Series A,
5%, 11/01/33 (g)	$ 500	$ 457,540
Utilities—Water &
Sewer—13.6%
Contra
Costa, California, Water District, Water Revenue
Refunding Bonds, Series O, 5%, 10/01/24 (g)	600	618,042
Los
Angeles, California, Water and Power Revenue Bonds
(Power System), Sub-Series A-1, 5%, 7/01/35 (b)	500	480,845
San Diego,
California, Public Facilities Financing Authority,
Water Revenue Refunding Bonds, Series A, 5.25%, 8/01/38	500	485,405
		1,584,292
Total Municipal Bonds in California		15,158,678
Puerto Rico—11.2%
County/City/Special District/School
District—7.1%
Puerto Rico
Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E, 5.50%, 2/01/12 (c)	745	826,540
Education—4.1%
Puerto Rico
Industrial, Tourist, Educational, Medical
and Environmental Control Facilities Revenue Bonds
(Ana G. Mendez University System Project), 5%, 3/01/26	700	478,345
Total Municipal Bonds in Puerto Rico		1,304,885
Total Municipal Bonds—141.4%		16,463,563

| Municipal Bonds Transferred to Tender
Option Bond Trusts (h) | Par (000) | Value | |
| --- | --- | --- | --- |
| California—4.1% | | | |
| Lease
Obligations—4.1% | | | |
| Santa Clara
County, California, Financing Authority, Lease
Revenue Refunding Bonds, Series L, 5.25%, 5/15/36 | $ 495 | $ 477,013 | |
| Total Municipal Bonds Transferred to Tender Option Bond Trusts—4.1% | | 477,013 | |
| Total Long-Term Investments (Cost—$18,255,774)—145.5% | | 16,940,576 | |
| Short-Term Securities | | | |
| California—4.3% | | | |
| Los Angeles
County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09 (a)(i) | 500 | 500,000 | |
| | Shares | | |
| Money Market
Funds—10.6% | | | |
| CMA
California Municipal Money Fund, 0.18% (j)(k) | 1,236,964 | 1,236,964 | |
| Total Short-Term Securities
(Cost—$1,736,964)—14.9% | | 1,736,964 | |
| Total Investments
(Cost—$19,992,738*)—160.4% | | 18,677,540 | |
| Other Assets Less Liabilities—1.1% | | 124,800 | |
| Liabilities for Trust Certificates, Including
Interest Expense and Fees Payable—(2.9)% | | (331,730 | ) |
| Preferred Shares, at Redemption
Value—(58.6)% | | (6,825,558 | ) |
| Net Assets Applicable to Common
Shares—100.0% | | $ 11,645,052 | |

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 511,421
Gross unrealized depreciation	(1,817,136	)
Net unrealized depreciation	$ (1,305,715	)

(a)	MBIA Insured.
(b)	FSA Insured.
(c)	US 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.
(d)	FHLMC Collateralized.
(e)	FNMA Collateralized.
(f)	GNMA Collateralized.
(g)	AMBAC Insured.
(h)	Securities represent underlying bonds transferred to a
tender option bond trust in exchange for which the Trust acquired residual
interest certificates. These securities serve as collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
(i)	Security may have a maturity of more than one year at the
time of issuance, but has variable rate and demand features that qualify it
as a short-term security. The rate disclosed is as of report date. This rate
changes periodically based upon prevailing market rates.
(j)	Represents the current yield as of report date.
(k)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate	Net Activity	Income
CMA California Municipal Money Fund	704,828	$ 5,020

| • | For Trust compliance purposes,
the Trust’s industry classifications refer to any one or more of the industry
sub-classifications used by one or more widely recognized market indexes or
ratings group indexes, and/or as defined by Trust management. This definition
may not apply for purposes of this report which may combine industry
sub-classifications for reporting ease. | |
| --- | --- | --- |
| • | Effective August 1, 2008, the
Trust adopted Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157
clarifies the definition of fair value, establishes a framework for measuring
fair values and requires additional disclosures about the use of fair value
measurements. Various inputs are used in determining the fair value of
investments, which are as follows: | |
| | • | Level 1 – price quotations in
active markets/exchanges for identical securities |
| | • | Level 2 – other observable inputs
(including, but not limited to: quoted prices for similar assets or
liabilities in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates,
yield curves, volatilities, prepayment speeds, loss severities, credit risks
and default rates) or other market-corroborated inputs) |
| | • | Level 3 – unobservable inputs
based on the best information available in the circumstance, to the extent
observable inputs are not available (including the Trust’s own assumption
used in determining the fair value of investments) |
| | The inputs or methodology used
for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. For information about the
Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial
Statements. | |
| | The following table summarizes
the inputs used as of January 31, 2009 in determining the fair valuation of
the Trust’s investments: | |

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 1,236,964 |
| Level 2 | 17,440,576 |
| Level 3 | — |
| Total | $ 18,677,540 |

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	15

| Schedule of Investments January 31, 2009
(Unaudited) |
| --- |
| (Percentages shown are based on Net Assets) |

Municipal Bonds	Par (000)	Value
California—117.8%
County/City/Special District/School
District—41.8%
Chino
Basin, California, Desalter Authority, Revenue Refunding Bonds, Series A, 5%,
6/01/35 (i)	$ 5,275	$ 4,861,809
Elk Grove,
California, Unified School District, Special Tax Bonds (Community Facilities
District Number 1) (a)(b):
5.598%,
12/01/29	7,485	1,786,969
5.599%,
12/01/30	7,485	1,657,029
5.599%,
12/01/31	7,485	1,533,527
Huntington
Beach, California, Union High School District, GO (Election of 2004), 5.019%,
8/01/33 (b)(c)(d)	5,000	1,066,250
Lathrop,
California, Financing Authority Revenue Bonds (Water Supply Project):
5.90%,
6/01/27	2,855	2,160,350
6%, 6/01/35	5,140	3,689,184
Live Oak
Unified School District, California, GO (Election of 2004), Series B
(b)(e)(f):
5.588%,
8/01/18	985	296,436
5.599%,
8/01/18	1,030	292,839
5.609%,
8/01/18	1,080	290,012
5.618%,
8/01/18	1,125	285,289
5.629%,
8/01/18	1,175	281,318
5.639%,
8/01/18	1,230	277,992
5.649%,
8/01/18	1,285	274,090
5.659%,
8/01/18	1,340	269,702
5.669%,
8/01/18	1,400	265,832
5.679%,
8/01/18	1,465	262,381
Los
Angeles, California, Municipal Improvement Corporation, Lease Revenue
Refunding Bonds, Series B, 5%, 9/01/38	4,000	3,638,800
Modesto,
California, Irrigation District, COP, Series B, 5.50%, 7/01/35	3,300	3,041,577
Pittsburg,
California, Redevelopment Agency, Tax Allocation Refunding Bonds (Los Medanos
Community Development Project), Series A, 6.50%, 9/01/28	2,500	2,469,850
Rancho
Cucamonga, California, Community Facilities District, Special Tax Bonds,
Series A, 6.50%, 9/01/33	4,000	3,096,280
Rancho
Cucamonga, California, Redevelopment Agency, Tax Allocation Bonds (Rancho
Redevelopment Project), 5.125%, 9/01/30 (c)	15,500	13,665,110
San Diego
County, California, Water Authority, Water Revenue Refunding Bonds, COP,
Series A, 5%, 5/01/33 (g)	6,040	5,825,701
San
Francisco, California, City and County Redevelopment Agency, Community
Facilities District Number 1, Special Tax Bonds (Mission Bay South Public
Improvements Project):
6.25%,
8/01/33	6,500	5,245,045
Series B,
6.125%, 8/01/31	1,775	1,427,065
San Jose,
California, Unified School District, Santa Clara County, GO (Election of
2002), Series D, 5%, 8/01/32	2,875	2,797,519
Santa Ana,
California, Unified School District, GO (Election of 2008), Series A, 5.125%,
8/01/33	8,000	7,557,760
Santa Cruz
County, California, Redevelopment Agency, Tax Allocation Bonds (Live
Oak/Soquel Community Improvement Project Area), Series A, 7%, 9/01/36	1,200	1,209,708
Stockton,
California, Unified School District, GO (Election of 2005), 5%, 8/01/31 (g)	2,500	2,373,750
Torrance,
California, Unified School District, GO, (Election of 2008 - Measure Z), 6%,
8/01/33	2,500	2,610,900
Val Verde,
California, Unified School District Financing Authority, Special Tax
Refunding Bonds, Junior Lien, 6.25%, 10/01/28	2,245	1,889,706
		76,399,780

Municipal Bonds	Par (000)	Value
California
(continued)
Education—8.3%
California
Educational Facilities Authority Revenue Bonds (Stanford University), Series
Q, 5.25%, 12/01/32	$ 2,000	$ 2,034,080
California
Infrastructure and Economic Development Bank Revenue Bonds (J. David
Gladstone Institute Project), 5.25%, 10/01/34	15,250	13,103,410
		15,137,490
Hospitals/HealthCare—22.7%
California
Health Facilities Financing Authority Revenue Bonds (Sutter Health), Series
A, 5.25%, 11/15/46	5,000	4,227,350
California
Infrastructure and Economic Development Bank Revenue Bonds (Kaiser Hospital
Assistance I-LLC), Series A, 5.55%, 8/01/31	13,500	12,082,365
California
Statewide Communities Development Authority Revenue Bonds (Catholic
Healthcare West):
Series B,
5.50%, 7/01/30	3,000	2,668,230
Series E,
5.50%, 7/01/31	2,000	1,759,120
California
Statewide Communities Development Authority Revenue Bonds (Daughters of
Charity National Health System), Series A, 5.25%, 7/01/30	4,000	2,577,760
California
Statewide Communities Development Authority Revenue Bonds (Sutter Health),
Series B, 5.625%, 8/15/42	10,000	9,062,000
Kaweah
Delta Health Care District, California, Revenue Refunding Bonds, 6%, 8/01/12
(e)	7,700	9,088,310
		41,465,135
Housing—3.4%
San Jose,
California, M/F Housing Revenue Bonds (Villages Parkway Senior Apartments
Housing Project), AMT, Series D, 5.50%, 4/01/34 (h)	3,595	3,398,354
Santa Clara
County, California, Housing Authority, M/F Housing Revenue Bonds, AMT, Series
A:
(John Burns
Gardens Apartments Project), 5.85%, 8/01/31	1,715	1,656,793
(Rivertown
Apartments Project), 6%, 8/01/41	1,235	1,193,949
		6,249,096
IDA/PCR/Resource
Recovery—5.1%
California
Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds
(Waste Management, Inc. Project), AMT, Series C 5.125%, 11/01/23	2,290	1,712,508
Chula
Vista, California, IDR (San Diego Gas and Electric Company), AMT:
Series B,
5%, 12/01/27	5,065	4,090,443
Series D,
5%, 12/01/27	4,395	3,549,358
		9,352,309
State—10.0%
California
State Department of Water Resources, Power Supply Revenue Refunding Bonds,
Sub-Series F-5, 5%, 5/01/22	15,300	15,924,393
Golden
State Tobacco Securitization Corporation of California, Tobacco Settlement
Revenue Bonds, Series A-1, 6.625%, 6/01/13 (e)	2,000	2,375,880
		18,300,273
Tobacco—1.7%
California
County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus
County Tobacco Funding Corporation), Series A, 5.875%, 6/01/43	5,000	3,138,350

See Notes to Financial Statements. — 16	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)	Value
California
(concluded)
Transportation—14.1%
Foothill/Eastern
Corridor Agency, California, Toll Road Revenue Refunding Bonds:
5.875%,
7/15/26 (j)	$ 5,000	$ 4,412,800
6.092%,
1/15/33 (b)	5,000	546,050
6.093%,
1/15/34 (b)	5,000	497,850
6.176%,
1/15/35 (b)	13,445	1,205,479
6.095%,
1/15/38 (b)	1,000	67,480
5.75%,
1/15/40	10,030	7,484,286
Los
Angeles, California, Regional Airports Improvement Corporation, Lease Revenue
Bonds (American Airlines Inc.), AMT, Series C, 7.50%, 12/01/24	4,110	2,948,267
Port of
Oakland, California, Revenue Refunding Bonds, Intermediate Lien, AMT, Series
A, 5%, 11/01/27 (c)	5,850	4,726,800
San
Francisco, California, City and County Airport Commission, International
Airport Revenue Refunding Bonds, AMT, Second Series, 6.75%, 5/01/19	3,775	3,941,024
		25,830,036
Utilities—Electric &
Gas—4.7%
Eastern
Municipal Water District, California, Water and Sewer, COP, Series H, 5%,
7/01/33	8,355	7,904,248
Richmond,
California, Wastewater Revenue Bonds, 5.753%, 8/01/31 (b)(d)(k)	1,905	605,352
		8,509,600
Utilities—Irrigation, Resource
Recovery, Solid Waste & Other—1.4%
California
Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project), AMT,
Series C 6.75%, 12/01/27	2,475	2,459,185
Utilities—Water &
Sewer—4.6%
Calleguas-Las
Virgenes, California, Public Financing Authority Revenue Bonds (Calleguas
Municipal Water District Project), Series A, 5.125%, 7/01/32 (c)(d)	5,475	5,247,897
Los
Angeles, California, Department of Water and Power, Waterworks Revenue Bonds,
Series A:
5.375%,
7/01/34	1,400	1,410,108
5.375%,
7/01/38	1,800	1,807,470
		8,465,475
Total Municipal Bonds in California		215,306,729
Multi-State—10.7%
Housing—10.7%
Charter Mac Equity Issuer Trust (l)(m):
6.30%,
6/30/49	7,000	7,082,670
6.80%,
11/30/50	4,000	4,165,240
MuniMae TE Bond Subsidiary LLC (l)(m):
6.30%,
6/30/49	7,000	5,966,940
6.80%,
6/30/50	3,000	2,295,630
Total Municipal Bonds in Multi-State		19,510,480
Total Municipal Bonds—128.5%		234,817,209

| Municipal Bonds Transferred to Tender
Option Bond Trusts (n) | Par (000) | Value | |
| --- | --- | --- | --- |
| California—24.4% | | | |
| County/City/Special District/School
District—14.0% | | | |
| Mount San
Antonio Community College District, California, GO (Election of 2001), Series
C, 5%, 9/01/31 (g) | $ 10,770 | $ 10,513,136 | |
| Palomar
Pomerado Health Care District, California, GO (Election of 2004), Series A,
5.125%, 8/01/37 (c) | 5,550 | 5,447,991 | |
| Santa Clara
County, California, Financing Authority, Lease Revenue Refunding Bonds,
Series L, 5.25%, 5/15/36 | 10,000 | 9,642,319 | |
| | | 25,603,446 | |
| Education—10.4% | | | |
| California
Educational Facilities Authority Revenue Bonds (Stanford University), Series
Q, 5.25%, 12/01/32 | 10,000 | 10,170,483 | |
| San Diego,
California, Community College District, GO (Election of 2006), 5%, 8/01/32
(g) | 9,000 | 8,733,690 | |
| | | 18,904,173 | |
| Total Municipal Bonds Transferred to Tender Option Bond
Trusts—24.4% | | 44,507,619 | |
| Total Long-Term Investments (Cost—$308,216,110)—152.9% | | 279,324,828 | |
| Short-Term Securities | | | |
| California—11.5% | | | |
| California
HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series P, 8.50%, 2/04/09 (c)(o) | 15,000 | 15,000,000 | |
| Los Angeles
County, California, Metropolitan Transportation Authority, Sales Tax Revenue
Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09
(c)(o) | 6,000 | 6,000,000 | |
| | | 21,000,000 | |
| | Shares | | |
| Money
Market Funds—8.6% | | | |
| CMA California Municipal Money Fund, 0.18% (p)(q) | 15,725,811 | 15,725,811 | |
| Total Short-Term Securities
(Cost—$36,725,811)—20.1% | | 36,725,811 | |
| Total Investments
(Cost—$344,941,921*)—173.0% | | 316,050,639 | |
| Liabilities in Excess of Other
Assets—(1.6)% | | (2,969,320 | ) |
| Liability for Trust Certificates,
Including Interest Expense and Fees Payable—(16.2)% | | (29,498,760 | ) |
| Preferred Shares, at Redemption
Value—(55.2)% | | (100,908,022 | ) |
| Net Assets Applicable to Common
Shares—100.0% | | $ 182,674,537 | |

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	17

Schedule of Investments (concluded) BlackRock California Municipal Income Trust (BFZ)

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 3,362,561
Gross unrealized depreciation	(31,379, 413	)
Net unrealized depreciation	$ (28,016,852	)

(a)	AMBAC Insured.
(b)	Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.
(c)	MBIA Insured.
(d)	FGIC Insured.
(e)	US 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.
(f)	XL Capital Insured.
(g)	FSA Insured.
(h)	FNMA Collateralized.
(i)	Assured Guaranty Insured.
(j)	Represents a step-up bond that pays an initial coupon rate
for the first period and then a higher coupon rate for the following periods.
Rate shown is as of report date.
(k)	Security is collateralized by Municipal or US Treasury
Obligations.
(l)	Security represents a beneficial interest in a trust. The
collateral deposited into the trust is federally tax-exempt revenue bonds
issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated
maturity, and is subject to mandatory redemption at maturity.
(m)	Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions exempt
from registration to qualified institutional investors.
(n)	Securities represent underlying bonds transferred to a
tender option bond trust in exchange for which the Trust acquired residual
interest certificates. These securities serve as collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
(o)	Security may have a maturity of more than one year at time
of issuance, but has variable rate and demand features that qualify it as a
short-term security. The rate disclosed is as of report date. This rate
changes periodically based upon prevailing market rates.
(p)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate		Income
CMA California Municipal Money Fund	(1,730,325)	$ 68,948

(q)	Represents the current yield as of report date.
•	For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group indexes,
and/or as defined by Trust management. This definition may not apply for
purposes of this report which may combine industry sub-classifications for
reporting ease.
•	Effective August 1, 2008, the Trust adopted Financial
Accounting Standards Board Statement of Financial Accounting Standards No.
157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of
fair value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are as
follows:

| • | Level 1 – price quotations in active markets/exchanges for
identical securities |
| --- | --- |
| • | Level 2 – other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are not active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs) |
| • | Level 3 – unobservable inputs based on the best
information available in the circumstance, to the extent observable inputs
are not available (including the Trust’s own assumption used in determining the
fair value of investments) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments:

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 15,725,811 |
| Level 2 | 300,324,828 |
| Level 3 | — |
| Total | $ 316,050,639 |

See Notes to Financial Statements. — 18	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments January 31, 2009 (Unaudited) BlackRock Florida Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets)

| Municipal
Bonds | Par (000) | Value |
| --- | --- | --- |
| Florida—142.9% | | |
| County/City/Special District/School
District—25.0% | | |
| Florida State Board of Education, GO (Public Education
Capital Outlay), Series J, 5%, 6/01/24 (d) | $ 6,150 | $ 6,317,526 |
| Florida State Board of Education, Lottery Revenue Bonds,
Series B, 5%, 7/01/23 | 2,000 | 2,007,980 |
| Miami-Dade County, Florida, Special Obligation Revenue
Refunding Bonds Sub-Series A, 5.307%, 10/01/19 (b)(g) | 5,365 | 2,834,008 |
| Northern Palm Beach County Improvement District, Florida,
Water Control and Improvement Revenue Bonds (Unit of Development Number 43): | | |
| 6.10%, 8/01/11 (c) | 2,735 | 3,016,732 |
| 6.10%, 8/01/21 | 550 | 481,751 |
| Northern Palm Beach County Improvement District, Florida,
Water Control and Improvement, Revenue Refunding Bonds (Unit of Development
Number 43), Series B (f): | | |
| 4.50%, 8/01/22 | 1,000 | 627,300 |
| 5%, 8/01/31 | 1,000 | 559,030 |
| Stevens Plantation Improvement Project Dependent Special
District, Florida, Revenue Bonds, 6.375%, 5/01/13 | 2,425 | 1,849,257 |
| | | 17,693,584 |
| Education—16.5% | | |
| Broward County, Florida, School Board, COP, Series A,
5.25%, 7/01/22 (a) | 2,500 | 2,613,275 |
| Hillsborough County, Florida, School Board, COP, 5%,
7/01/27 (b) | 1,000 | 937,010 |
| Miami-Dade County, Florida, Educational Facilities
Authority Revenue Bonds (University of Miami), Series A, 5.0%, 4/01/14 (c)(d) | 2,695 | 3,122,427 |
| Miami-Dade County, Florida, School Board, COP, Refunding,
Series B, 5.25%, 5/01/21 (e) | 4,000 | 4,248,680 |
| Orange County, Florida, Educational Facilities Authority,
Educational Facilities Revenue Bonds (Rollins College Project), 5.25%,
12/01/22 (d) | 725 | 762,352 |
| | | 11,683,744 |
| Hospitals/HealthCare—17.2% | | |
| Escambia County, Florida, Health Facilities Authority,
Health Facility Revenue Bonds (Florida Health Care Facility Loan), 5.95%,
7/01/20 (d) | 526 | 550,105 |
| Halifax Hospital Medical Center, Florida, Hospital Revenue
Refunding and Improvement Bonds, Series A, 5.25%, 6/01/26 | 2,500 | 1,915,000 |
| Hillsborough County, Florida, IDA, Hospital Revenue Bonds
(H. Lee Moffitt Cancer Center Project), Series A, 5.25%, 7/01/22 | 1,500 | 1,371,375 |
| Lee County, Florida, IDA, Health Care Facilities, Revenue
Refunding Bonds (Shell Point/Alliance Obligor Group), 5%, 11/15/22 | 1,500 | 976,560 |
| Marion County, Florida, Hospital District, Revenue
Refunding Bonds (Munroe Regional Health System), 5%, 10/01/22 | 1,500 | 1,296,870 |
| Miami Beach, Florida, Health Facilities Authority,
Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida),
6.75%, 11/15/21 | 1,310 | 994,591 |
| Orange County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System), 5.625%, 11/15/12 (c) | 4,450 | 5,047,546 |
| | | 12,152,047 |

Municipal Bonds
Florida (continued)
Housing—4.3%
Florida
Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT, Series 2,
4.70%, 7/01/22 (h)(i)(j)	$ 2,325	$ 2,131,374
Jacksonville,
Florida, HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series A-1,
5.625%, 10/01/39 (h)(i)(j)	980	926,071
		3,057,445
IDA/PCR/Resource Recovery—19.5%
Escambia
County, Florida, Environmental Improvement Revenue Refunding Bonds
(International Paper Company Projects), AMT, Series A, 5.75%, 11/01/27	4,000	2,507,960
Hillsborough
County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project):
5.50%,
10/01/23	1,955	1,520,208
Series A,
5.65%, 5/15/18	1,000	1,015,870
Series B,
5.15%, 9/01/25	500	494,620
Sterling
Hill Community Development District, Florida, Capital Improvement Revenue
Refunding Bonds, Series A, 6.10%, 5/01/23	4,285	3,664,275
Tolomato
Community Development District, Florida, Special Assessment Bonds, 6.375%,
5/01/17	1,300	1,051,063
Village
Center Community Development District, Florida, Recreational Revenue Bonds,
Sub-Series A, 6.35%, 1/01/18	2,000	1,869,440
Village
Community Development District Number 5, Florida, Special Assessment Bonds,
Series A, 6%, 5/01/22	1,370	1,175,419
Watergrass
Community Development District, Florida, Special Assessment Revenue Bonds,
Series B, 5.125%, 11/01/14	1,000	500,910
		13,799,765
Special Tax—12.2%
Florida
Municipal Loan Council Revenue Bonds, CABS, Series A, 5.155%, 4/01/20 (b)(g)	4,000	2,247,080
Miami-Dade
County, Florida, Special Obligation Revenue Bonds, Sub-Series B, 5.625%,
10/01/32 (b)(g)	7,560	1,455,225
Miami-Dade
County, Florida, Special Obligation Revenue Refunding Bonds Sub-Series A,
5.282%, 10/01/20 (b)(g)	10,000	4,881,900
		8,584,205
Transportation—4.4%
Lee County,
Florida, Transportation Facilities Revenue Refunding Bonds, Series B, 5%,
10/01/22 (d)	3,000	3,087,750
Utilities—Electric &
Gas—1.5%
Marco
Island, Florida, Utility System Revenue Bonds 5.25%, 10/01/21 (b)	1,000	1,043,610
Utilities—Irrigation, Resource Recovery, Solid
Waste & Other—7.2%
Village
Center Community Development District, Florida, Utility Revenue Bonds, 5.25%,
10/01/23 (b)	5,000	5,095,250
Utilities—Water &
Sewer—35.1%
Crossings
at Fleming Island Community Development District, Florida, Utility Revenue
Bonds, 6.75%, 10/01/09 (c)	4,400	4,652,912
Deltona,
Florida, Utility System Revenue Bonds, 5%, 10/01/23 (b)	1,095	1,102,621
Lakeland,
Florida, Water and Wastewater Revenue Refunding Bonds, 5%, 10/01/27	1,000	995,130
Marco
Island, Florida, Utility System Revenue Bonds (b):
5%,
10/01/22	2,000	2,049,180
5%,
10/01/23	1,375	1,397,206

| See Notes to Financial
Statements. — SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 19 |
| --- | --- | --- |

| Schedule of Investments
(concluded) |
| --- |
| (Percentages
shown are based on Net Assets) |

Municipal Bonds	Par (000)	Value
Florida (concluded)
Utilities—Water & Sewer
(concluded)
Palm Coast,
Florida, Utility System Revenue Bonds (b):
5%,
10/01/22	$ 1,770	$ 1,773,168
5%,
10/01/23	1,485	1,466,675
5%,
10/01/24	1,500	1,449,300
Sumter
County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, 6.80%,
10/01/32	1,165	876,569
Tohopekaliga,
Florida, Water Authority, Utility System Revenue Bonds, Series B (a):
5%,
10/01/22	1,975	2,026,923
5%,
10/01/23	1,180	1,201,039
Tohopekaliga,
Florida, Water Authority, Utility System Revenue
Refunding Bonds, Series A (a):
5%,
10/01/21	3,630	3,770,481
5%,
10/01/23	2,000	2,035,660
		24,796,864
Total Municipal Bonds in Florida		100,994,264
U.S. Virgin Islands—1.3%
County/City/Special District/School
District—1.3%
Virgin
Islands Public Finance Authority, Refinery Facilities Revenue Bonds (Hovensa
Refinery), AMT, 4.70%, 7/01/22	1,500	933,540
Total Municipal Bonds in the US Virgin
Islands		933,540
Total Municipal Bonds—144.2%		101,927,804

Municipal Bonds Transferred to Tender Option Bond Trusts (k)	Par (000)	Value
Florida—12.5%
Education—8.8%
Palm Beach
County, Florida, School Board, COP, Refunding, Series D, 5%, 8/01/28 (a)	$ 6,510	$ 6,198,366
Housing—3.7%
Lee County,
Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series
A-2, 6%, 9/01/40 (h)(i)(j)	1,500	1,602,555
Manatee
County, Florida, HFA, Homeowner Revenue Bonds, AMT, Series A, 5.9, 9/01/40
(h)(i)(j)	1,001	990,626
		2,593,181
Total Municipal Bonds Transferred to Tender Option Bond
Trusts—12.5%		8,791,547
Total Long-Term Investments (Cost—$119,384,407)—156.7%		110,719,351

Short-Term Securities
Money Market Funds—8.9%
CMA Florida Municipal Money Fund, 0.11% (l)(m)	6,318,290	6,318,290
Total Short-Term Securities
(Cost—$6,318,290)—8.9%		6,318,290
Total Investments
(Cost—$125,702,697*)—165.6%		117,037,641
Other Assets Less Liabilities—1.9%		1,354,054
Liabilities for Trust Certificates, Including Interest
Expense and Fees
Payable—(6.8)%		(4,809,684	)
Preferred Shares, at Redemption
Value—(60.7)%		(42,905,389	)
Net Assets Applicable to Common
Shares—100.0%	$	70,676,622

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 1,634,572
Gross unrealized depreciation	(10,231,762	)
Net unrealized depreciation	$ (8,597,190	)

(a)	FSA Insured.
(b)	MBIA Insured.
(c)	US 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.
(d)	AMBAC Insured.
(e)	Assured Guaranty Insured.
(f)	ACA Insured.
(g)	Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.
(h)	FHLMC Collateralized.
(i)	FNMA Collateralized.
(j)	GNMA Collateralized.
(k)	Securities represent underlying bonds transferred to a
tender option bond trust in exchange for which the Trust acquired residual
interest certificates. These securities serve as a collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
(l)	Represents the current yield as of report date.
(m)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate		Income
CMA Florida Municipal Money Fund	5,915,744	$ 17,712

| • | For Trust compliance purposes,
the Trust’s industry classifications refer to any one or more of the industry
sub-classifications used by one or more widely recognized market indexes or
ratings group indexes, and/or as defined by Trust management. This definition
may not apply for purposes of this report which may combine industry
sub-classifications for reporting ease. | |
| --- | --- | --- |
| • | Effective August 1, 2008, the
Trust adopted Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157
clarifies the definition of fair value, establishes a framework for measuring
fair values and requires additional disclosures about the use of fair value
measurements. Various inputs are used in determining the fair value of
investments, which are as follows: | |
| | • | Level 1 – price quotations in
active markets/exchanges for identical securities |
| | • | Level 2 – other observable inputs
(including, but not limited to: quoted prices for similar assets or
liabilities in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates,
yield curves, volatilities, prepayment speeds, loss severities, credit risks
and default rates) or other market-corroborated inputs) |
| | • | Level 3 – unobservable inputs
based on the best information available in the circumstance, to the extent
observable inputs are not available (including the Trust’s own assumption used
in determining the fair value of investments) |

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments:

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 6,318,290 |
| Level 2 | 110,719,351 |
| Level 3 | — |
| Total | $ 117,037,641 |

| See Notes to Financial
Statements. — 20 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
| --- | --- | --- |

Schedule of Investments January 31, 2009 (Unaudited)
(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)	Value
California—4.5%
Transportation—4.5%
San
Francisco, California, City and County Airport Commission, International
Airport Revenue Refunding Bonds, AMT, Second Series, 6.75%, 5/01/19	$ 500	$ 521,990
District of Columbia—2.6%
Utilities—Water &
Sewer—2.6%
District of
Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds,
Senior Lien, Series A, 5.50%, 10/01/39	300	300,198
Florida—85.4%
County/City/Special District/School
District—14.0%
Ave Maria
Stewardship Community District, Florida, Revenue Bonds, 4.80%, 11/01/12	500	300,100
Miami-Dade
County, Florida, Special Obligation Revenue Bonds, Sub-Series B, 5.647%,
10/01/31 (d)(e)	5,000	1,040,450
New River
Community Development District, Florida, Capital Improvement Revenue Bonds,
Series B, 5%, 5/01/13	250	100,260
Suncoast
Community Development District, Florida, Capital Improvement Revenue Bonds,
Series A, 5.875%, 5/01/34	245	188,863
		1,629,673
Education—9.8%
Florida
Higher Educational Facilities Financing Authority Revenue Bonds (Flagler
College, Inc. Project), 5.25%, 11/01/36 (a)	555	431,185
Miami-Dade
County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/30 (b)	250	240,685
Orange County, Florida, Educational Facilities Authority, Educational
Facilities Revenue Bonds (Rollins College Project), 5.25%, 12/01/37 (c)	500	467,625
		1,139,495
Hospitals/Healthcare—26.0%
Jacksonville,
Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical
Center Project), 5%, 8/15/37 (f)	475	416,314
Lee County,
Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell
Point/Alliance Obligor Group), 5%, 11/15/32	400	217,332
Miami
Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds
(Mount Sinai Medical Center of Florida), 6.75%, 11/15/21	230	174,623
Miami,
Florida, Health Facilities Authority, Health System Revenue Bonds (Catholic
Health East), Series C, 5.125%, 11/15/24	750	659,835
Orange
County, Florida, Health Facilities Authority, Health Care Revenue Refunding
Bonds (Orlando Lutheran Towers), 5.375%, 7/01/20	105	76,140
Orange
County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), 5.70%, 7/01/26	95	62,521
Orange
County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds (Orlando Regional Healthcare), Series B, 5.25%, 12/01/29 (f)	275	254,631
Pinellas
County, Florida, Health Facilities Authority Revenue Bonds (BayCare Health
System Inc.), 5.50%, 5/15/13 (g)	1,000	1,165,180
		3,026,576
Housing—1.9%
Broward
County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series E,
5.90%, 10/01/39 (h)(i)(j)	220	222,154

Municipal Bonds	Par (000)	Value
Florida (concluded)
IDA/PCR/Resource Recovery—16.9%
Arborwood
Community Development District, Florida, Capital Improvement Special
Assessment Bonds (Master Infrastructure Projects), Series B, 5.10%, 5/01/14	$ 225	$ 181,462
Capital
Region Community Development District, Florida, Special Assessment Revenue
Bonds, Series A, 7%, 5/01/39	125	86,424
Escambia
County, Florida, Environmental Improvement Revenue Refunding Bonds
(International Paper Company Projects), AMT, Series A, 5%, 8/01/26	240	138,965
Heritage
Harbour North Community Development District, Florida, Capital Improvement
Bonds, 6.375%, 5/01/38	250	163,235
Hillsborough County, Florida, IDA, PCR, Refunding
(Tampa Electric Company Project), Series A, 5.65%, 5/15/18	150	152,380
Orlando,
Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract
Payments), Series A, 5.25%, 11/01/38 (b)	550	513,194
Pine Ridge
Plantation Community Development District, Florida, Capital Improvement and
Special Assessment Bonds, Series B, 5%, 5/01/11	390	184,614
Tolomato
Community Development District, Florida, Special Assessment Bonds, 6.55%,
5/01/27	250	169,525
Village
Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5%, 11/01/32 (d)	450	374,040
		1,963,839
Lease Obligations—1.6%
Madison
County, Florida, First Mortgage Revenue Bonds (Twin Oaks Project), Series A,
6%, 7/01/25	265	184,371
Transportation—5.8%
Hillsborough
County, Florida, Aviation Authority Revenue Bonds, AMT, Series A, 5.50%,
10/01/38 (b)	280	237,868
Jacksonville,
Florida, Port Authority Revenue Bonds, AMT, 6%, 11/01/38 (b)	200	182,738
Miami-Dade
County, Florida, Aviation Revenue Refunding Bonds (Miami International
Airport), AMT, Series A, 5.50%, 10/01/41 (f)	300	252,375
		672,981
Utilities—Electric &
Gas—5.6%
Fort Myers,
Florida, Utility System Revenue Refunding Bonds, 5%, 10/01/31 (d)	700	652,337
Utilities—Irrigation, Resource Recovery, Solid
Waste & Other—1.8%
Boynton
Beach, Florida, Utility System Revenue Refunding Bonds, 6.25%, 11/01/20
(k)(l)	170	211,080
Utilities—Water &
Sewer—2.0%
Saint Johns
County, Florida, Water and Sewer Revenue Bonds, CABS, 5.393%, 6/01/32 (c)(e)	1,000	235,320
Total Municipal Bonds in Florida		9,937,826
Georgia—4.6%
Utilities—Electric &
Gas—4.6%
Municipal
Electric Authority of Georgia, Revenue Refunding Bonds (General Resolution
Projects), Sub-Series D, 6%, 1/01/23	500	540,295
Illinois—4.3%
Hospitals/Healthcare—2.1%
Illinois
State Finance Authority Revenue Bonds (Rush University Medical Center
Obligated Group Project), Series A, 7.25%, 11/01/30	250	250,478
Transportation—2.2%
Illinois
State Toll Highway Authority Revenue Bonds, Series B, 5.50%, 1/01/33	250	254,038
Total Municipal Bonds in Illinois		504,516

| See Notes to Financial
Statements. — SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 21 |
| --- | --- | --- |

| Schedule of
Investments (continued) |
| --- |
| (Percentages shown
are based on Net Assets) |

Municipal Bonds	Par (000)	Value
Massachusetts—4.3%
Education—4.3%
Massachusetts
State College Building Authority, Project Revenue Bonds, Series A, 5.50%,
5/01/39	$ 250	$ 243,510
Massachusetts
State Health and Educational Facilities Authority Revenue Bonds (Tufts
University), 5.375%, 8/15/38	250	253,440
Total Municipal Bonds in Massachusetts		496,950
Michigan—5.1%
Hospitals/Healthcare—2.9%
Royal Oak,
Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds
(William Beaumont Hospital), 8.25%, 9/01/39	325	332,072
Lease
Obligations—2.2%
Michigan
State Building Authority, Revenue Refunding Bonds (Facilities Program),
Series I, 6%, 10/15/38	250	256,820
Total Municipal Bonds in Michigan		588,892
Nevada—4.6%
County/City/Special
District/School District—4.6%
Clark
County, Nevada, Water Reclamation District, Limited Tax, GO, 6%, 7/01/38	500	529,850
New
York—6.5%
Special
Tax—2.0%
New York
City, New York, City Transitional Finance Authority, Building Aid Revenue
Bonds, Series S-3, 5.25%, 1/15/39	250	238,400
Utilities—Irrigation,
Resource Recovery, Solid Waste & Other—2.2%
Long Island Power Authority, New York, Electric System
Revenue Refunding Bonds, Series A, 6.25%, 4/01/33	250	259,228
Utlitities—Water
& Sewer—2.3%
New York
City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Series A, 5.75%, 6/15/40	250	262,563
Total Municipal Bonds in New York		760,191
Oklahoma—1.4%
Housing—1.4%
Tulsa
County, Oklahoma, Home Finance Authority, S/F Mortgage Revenue Refunding
Bonds, AMT, Series C, 5.25%, 12/01/38 (i)	199	164,228
South
Carolina—4.4%
Utilities—Electric
& Gas—4.4%
South Carolina
State Public Service Authority, Revenue Refunding Bonds, Series A, 5.50%,
1/01/38	500	511,100
Texas—6.6%
Hospitals/Healthcare—2.2%
Harris
County, Texas, Health Facilities Development Corporation, Hospital Revenue
Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.125%,
12/01/31	250	260,825
Transportation—4.4%
North Texas
Tollway Authority, System Revenue Refunding Bonds, First Tier, Series K-1,
5.75%, 1/01/38 (b)	500	510,585
Total Municipal Bonds in Texas		771,410
Virginia—2.4%
Education—2.4%
Virginia
State Public School Authority, Special Obligation School Financing Bonds (Fluvanna
County), 6.50%, 12/01/35	250	275,973

Municipal Bonds	Par (000)	Value
Puerto
Rico—2.3%
County/City/Special
District/School District—2.3%
Puerto Rico
Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series
E, 5.50%, 2/01/12 (g)	$ 240	$ 266,268
Total Municipal Bonds—139.0%		16,169,687
Municipal Bonds Transferred to Tender Option Bond Trusts (m)
Florida—8.2%
County/City/Special
District/School District—2.0%
Manatee
County, Florida, HFA, Homeowner Revenue Bonds, AMT, Series A, 5.90, 9/01/40
(h)(i)(j)	240	237,750
Housing—4.5%
Lee County,
Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series
A-2, 6%, 9/01/40 (h)(i)(j)	495	528,843
Utilities—Electric
& Gas—1.7%
Jacksonville
Electric Authority, Florida, Saint John’s River Power Park System Revenue
Bonds, Issue Three, Series 2, 5%, 10/01/37	210	192,662
Total Municipal Bonds Transferred to Tender Option Bond Trusts in Florida		959,255
Illinois—3.7%
Education—3.7%
Illinois
Finance Authority, Revenue Bonds (University of Chicago), Series B, 6.25,
7/01/38	400	429,712
Total Municipal Bonds Transferred to Tender Option Bond Trusts—11.9%		1,388,967
Total Long-Term Investments (Cost—$19,499,470)—150.9%		17,558,654
Short-Term Securities
California—4.3%
Los Angeles
County, California, Metropolitan Transportation Authority, Sales Tax Revenue
Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09
(d)(n)	500	500,000
Pennsylvania—1.7%
Philadelphia,
Pennsylvania, GO, Refunding, VRDN, Series B, 3.75%, 2/05/09 (f)(n)	200	200,000
	Shares
Money
Market Funds—11.4%
CMA Florida
Municipal Money Fund, 0.11% (o)(p)	1,328,809	1,328,809
Total Short-Term Securities (Cost—$2,028,809)—17.4%		2,028,809
Total Investments
(Cost—$21,528,279*)—168.3%		19,587,463
Liabilities in Excess of Other
Assets—(0.6)%		(65,487	)
Liability for Trust Certificates, Including Interest
Expense and Fees
Payable—(6.5)%		(760,206	)
Preferred Shares, at Redemption
Value—(61.2)%		(7,126,314	)
Net Assets Applicable to Common
Shares—100.0%		$ 11,635,456

See Notes to Financial Statements. — 22	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments (concluded) BlackRock Investment Quality Municipal Income Trust (RFA)

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 563,073
Gross unrealized depreciation	(2,526,478	)
Net unrealized depreciation	$ (1,963,405	)

(a)	XL Capital Insured.
(b)	Assured Guaranty Insured.
(c)	AMBAC Insured.
(d)	MBIA Insured.
(e)	Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.
(f)	FSA Insured.
(g)	US 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.
(h)	FHLMC Collateralized.
(i)	GNMA Collateralized.
(j)	FNMA Collateralized.
(k)	Security is collateralized by Municipal or US Treasury
Obligations.
(l)	FGIC Insured.
(m)	Securities represent underlying bonds transferred to a
tender option bond trust in which exchange for the Trust acquired residual
interest certificates. These securities serve as a collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
(n)	Security may have a maturity of more than one year at time
of issuance, but has variable rate and demand features that qualify it as a short-term
security. The rate disclosed is as of report date. This rate changes
periodically based upon prevailing market rates.
(o)	Represents the current yield as of report date.
(p)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate		Income
CMA Florida Municipal Money Fund	809,546	$ 10,153

| • | For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Trust management. This definition may not apply
for purposes of this report which may combine industry sub-classifications
for reporting ease. | |
| --- | --- | --- |
| • | Effective August 1, 2008, the Trust adopted Financial
Accounting Standards Board Statement of Financial Accounting Standards No.
157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of
fair value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are as
follows: | |
| | • | Level 1 – price quotations in active markets/exchanges for
identical securities |
| | • | Level 2 – other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are not active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs) |
| | • | Level 3 – unobservable inputs based on the best
information available in the circumstance, to the extent observable inputs
are not available (including the Trust’s own assumption used in determining
the fair value of investments) |
| | The inputs or methodology used for valuing securities are
not necessarily an indication of the risk associated with investing in those
securities. For information about the Trust’s policy regarding valuation of
investments and other significant accounting policies, please refer to Note 1
of the Notes to Financial Statements. | |
| | The following table summarizes the inputs used as of
January 31, 2009 in determining the fair valuation of the Trust’s
investments: | |

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 1,328,809 |
| Level 2 | 18,258,654 |
| Level 3 | — |
| Total | $ 19,587,463 |

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	23

| Schedule of
Investments January 31,
2009 (Unaudited) |
| --- |
| (Percentages shown
are based on Net Assets) |

Municipal Bonds	Par (000)	Value
District of
Columbia—2.3%
Utilities—Water &
Sewer—2.3%
District of
Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds,
Senior Lien, Series A, 5.50%, 10/01/39	$ 1,800	$ 1,801,188
Florida—120.9%
County/City/Special District/School
District—5.8%
Ave Maria
Stewardship Community District, Florida, Revenue Bonds, 4.80%, 11/01/12	1,000	600,200
Laguna
Lakes Community Development District, Florida, Special Assessment Revenue
Refunding Bonds, Series A, 6.40%, 5/01/13 (g)	1,575	1,879,857
Miami-Dade
County, Florida, Special Obligation Revenue Refunding Bonds, Sub-Series A,
5.532%, 10/01/19 (b)(f)	2,595	1,370,783
Suncoast
Community Development District, Florida, Capital Improvement Revenue Bonds,
Series A, 5.875%, 5/01/34	985	759,307
		4,610,147
Education—15.0%
Broward
County, Florida, School Board, COP, Series A, 5.25%, 7/01/33 (a)	1,700	1,606,143
Capital
Projects Finance Authority, Florida, Student Housing Revenue Bonds (Capital
Projects Loan Program), Senior Series F-1, 5%, 10/01/31 (b)	2,800	2,103,668
Miami-Dade
County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/30 (c)	1,160	1,116,778
Orange
County, Florida, Educational Facilities Authority, Educational Facilities
Revenue Bonds (Rollins College Project), 5.25%, 12/01/27 (d)	1,000	1,000,630
Tampa,
Florida, Revenue Bonds (University of Tampa Project), 5.625%, 4/01/32 (e)	5,500	4,430,250
Volusia
County, Florida, Educational Facility Authority, Educational Facilities
Revenue Bonds (Embry-Riddle Aeronautical University Project), Series A,
5.75%, 10/15/29	2,000	1,641,900
		11,899,369
Hospitals/HealthCare—33.7%
Escambia
County, Florida, Health Facilities Authority, Health Facility Revenue Bonds
(Florida Health Care Facility Loan), 5.95%, 7/01/20 (d)	744	777,464
Highlands
County, Florida, Health Facilities Authority, Hospital Revenue Bonds
(Adventist Health System), Series A, 6%, 11/15/11 (g)	5,000	5,565,950
Jacksonville,
Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical
Center Project), 5%, 8/15/37 (a)	2,280	1,998,306
Lee County,
Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell
Point/Alliance Obligor Group), 5%, 11/15/32	1,430	776,962
Lee
Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5%,
4/01/32 (d)	1,000	733,180
Miami
Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds
(Mount Sinai Medical Center of Florida), 6.75%, 11/15/21	1,565	1,188,195
Orange
County, Florida, Health Facilities Authority, Health Care Revenue Refunding
Bonds (Orlando Lutheran Towers), 5.375%, 7/01/20	655	474,967

Municipal Bonds	Par (000)	Value
Florida (continued)
Hospitals/HealthCare
(concluded)
Orange
County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando
Regional Healthcare), 5.70%, 7/01/26	$ 600	$ 394,872
Orange
County, Florida, Health Facilities Authority, Hospital Revenue Refunding
Bonds (Orlando Regional Healthcare), Series B, 5.25%, 12/01/29 (a)	1,200	1,111,116
South Miami
Health Facilities Authority, Florida, Hospital Revenue Bonds (Baptist Health
System Obligation Group), 5.25%, 2/01/13 (g)	12,000	13,709,760
		26,730,772
IDA/PCR/Resource
Recovery—24.4%
Beacon
Tradeport Community Development District, Florida, Special Assessment Revenue
Refunding Bonds (Commercial Project), Series A, 5.625%, 5/01/32 (e)	7,705	5,798,706
Capital
Region Community Development District, Florida, Special Assessment Revenue
Bonds, Series A, 7%, 5/01/39	640	442,489
Heritage
Harbour North Community Development District, Florida, Capital Improvement
Bonds, 6.375%, 5/01/38	1,500	979,410
Heritage
Harbour South Community Development District, Florida, Capital Improvement Special
Assessment Bonds, Series A, 6.50%, 5/01/34	1,610	1,282,751
Hillsborough
County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project):
5.50%,
10/01/23	1,450	1,127,520
Series A,
5.65%, 5/15/18	900	914,283
Orange
County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 5%,
10/01/29 (d)	1,300	1,155,518
Orlando,
Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract
Payments), Series A, 5.25%, 11/01/38 (c)	1,000	933,080
Pine Ridge
Plantation Community Development District, Florida, Capital Improvement and
Special Assessment Bonds, Series B, 5%, 5/01/11	580	274,555
Tolomato
Community Development District, Florida, Special Assessment Bonds, 6.55%,
5/01/27	1,250	847,625
Village
Center Community Development District, Florida, Recreational Revenue Bonds,
Series A, 5%, 11/01/32 (b)	1,795	1,492,004
Village Community
Development District Number 5, Florida, Special Assessment Bonds, Series A:
6%, 5/01/22	2,735	2,346,548
6.50%,
5/01/33	1,325	1,238,809
Watergrass
Community Development District, Florida, Special Assessment Revenue Bonds,
Series B, 5.125%, 11/01/14	1,000	500,910
		19,334,208
Lease
Obligations—1.4%
Madison
County, Florida, First Mortgage Revenue Bonds (Twin Oaks Project), Series A,
6%, 7/01/25	1,620	1,127,099
Special Tax—10.5%
Miami-Dade
County, Florida, Special Obligation Revenue Bonds (b)(f):
Sub-Series
B, 5.607%, 10/01/33	9,700	1,733,293
Sub-Series
C, 5.629%, 10/01/28	25,000	6,571,000
		8,304,293

See Notes to Financial Statements. — 24	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments (continued) BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)	Value
Florida
(concluded)
Transportation—9.5%
Jacksonville,
Florida, Transit Revenue Bonds, 5%, 10/01/26 (b)	$ 4,000	$ 3,995,080
Miami-Dade
County, Florida, Expressway Authority, Toll System Revenue Refunding Bonds,
5.125%, 7/01/25 (b)(h)	1,000	1,006,960
New River
Community Development District, Florida, Capital Improvement Revenue Bonds,
Series B, 5%, 5/01/13	1,500	601,560
Orlando-Orange
County Expressway Authority, Florida, Expressway Revenue Bonds, Series A, 5%,
7/01/32 (a)	2,000	1,895,560
		7,499,160
Utilities—Electric &
Gas—2.7%
Fort Myers,
Florida, Utility System Revenue Refunding Bonds, 5%, 10/01/31 (b)	1,355	1,262,738
Saint Johns
County, Florida, Ponte Vedra Utility System Revenue Bonds, 5%, 10/01/35 (a)	1,000	917,340
		2,180,078
Utilities—Water &
Sewer—17.9%
Melbourne,
Florida, Water and Sewer Revenue Bonds, 5.318%, 10/01/21 (f)(h)(i)	2,770	1,694,908
Northern
Palm Beach County Improvement District, Florida, Water Control and
Improvement Revenue Bonds (Unit of
Development Number 43):
6.10%,
8/01/11 (g)	1,155	1,273,976
6.125%,
8/01/11 (g)	3,500	3,957,730
6.10%, 8/01/21	225	197,080
Saint Johns
County, Florida, Water and Sewer Revenue Bonds, CABS, 5.337%, 6/01/30 (d)(f)	3,945	1,067,754
Sumter
County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, 6.80%,
10/01/32	2,655	1,997,675
Tampa,
Florida, Water and Sewer Revenue Refunding Bonds, Series A, 5%, 10/01/26	4,000	4,005,040
		14,194,163
Total Municipal Bonds in Florida		95,879,289
Georgia—3.9%
Utilities: Electric &
Gas—3.9%
Municipal
Electric Authority of Georgia, Revenue Refunding Bonds (General Resolution
Projects), Sub-Series D, 6%, 1/01/23	2,900	3,133,711
Illinois—2.0%
Hospitals/Healthcare—2.0%
Illinois
State Finance Authority Revenue Bonds (Rush University Medical Center
Obligated Group Project), Series B, 7.25%, 11/01/30	1,600	1,603,056
Massachusetts—2.2%
Education—2.2%
Massachusetts
State College Building Authority, Project Revenue Bonds, Series A, 5.50%,
5/01/39	750	730,530
Massachusetts
State Health and Educational Facilities Authority Revenue Bonds (Tufts University),
5.375%, 8/15/38	1,000	1,013,760
Total Municipal Bonds in Massachusetts		1,744,290
Michigan—2.6%
Hospitals/HealthCare—1.3%
Royal Oak,
Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds
(William Beaumont Hospital), 8.25%, 9/01/39	995	1,016,651
Special Tax—1.3%
Michigan
State Building Authority, Revenue Refunding Bonds (Facilities Program),
Series I, 6%, 10/15/38	1,000	1,027,280
Total Municipal Bonds in Michigan		2,043,931

Municipal Bonds	Par (000)	Value
Nevada—3.3%
County/City/Special District/School
District—3.3%
Clark
County, Nevada, Water Reclamation District, Limited Tax, GO, 6%, 7/01/38	$ 2,500	$ 2,649,250
New York—4.1%
Special Tax—0.9%
New York
City, New York, City Transitional Finance Authority, Building Aid Revenue
Bonds, Series S-3, 5.25%, 1/15/39	750	715,200
Utilities—Irrigation, Resource
Recovery, Solid Waste & Other—1.4%
Long Island
Power Authority, New York, Electric System Revenue Refunding Bonds, Series A,
5.50%, 4/01/24	1,055	1,086,397
Utilities—Water &
Sewer—1.8%
New York
City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Series A, 5.75%, 6/15/40	1,400	1,470,350
Total Municipal
Bonds in New York		3,271,947
South Carolina—2.2%
Utilities—Electric &
Gas—2.2%
South
Carolina State Public Service Authority, Revenue Refunding Bonds, Series A,
5.50%, 1/01/38	1,750	1,788,850
Texas—2.3%
Hospitals/HealthCare—0.7%
Harris
County, Texas, Health Facilities Development Corporation, Hospital Revenue
Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.125%,
12/01/31	500	521,650
Transportation—1.6%
North Texas
Tollway Authority, System Revenue Refunding Bonds, First Tier, Series K-1,
5.75%, 1/01/38 (c)	1,250	1,276,462
Total Municipal Bonds in Texas		1,798,112
Virginia—1.4%
Education—1.4%
Virginia
State Public School Authority, Special Obligation School Financing Bonds
(Fluvanna County), 6.50%, 12/01/35	1,000	1,103,890
Total Municipal Bonds—147.2%		116,817,514
Municipal Bonds Transferred to Tender Option Bond Trusts (j)
Florida—10.1%
Hospitals/Healthcare—8.8%
Jacksonville,
Florida, Economic Development Commission, Health Care Facilities Revenue
Bonds (Mayo Clinic-Jacksonville), Series B, 5.50%, 11/15/36	7,490	6,985,773
Utilities—Electric &
Gas—1.3%
Jacksonville
Electric Authority, Florida, Saint John’s River Power Park System Revenue
Bonds, Issue Three, Series 2, 5%, 10/01/37	1,110	1,018,359
Total Municipal Bonds Transferred to Tender Option Bond Trusts in Florida		8,004,132

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	25

Schedule of Investments (concluded) BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets)

Municipal Bonds Transferred to Tender Option Bond Trusts (j)	Par (000)	Value
Illinois—3.8%
Education—3.8%
Illinois Finance Authority, Revenue Bonds (University of
Chicago), Series B, 6.25, 7/01/38	$ 2,800	$ 3,007,984
Total Municipal Bonds Transferred to Tender Option Bond Trusts—13.9%		11,012,116
Total Long-Term Investments (Cost—$139,227,867)—161.1%		127,829,630

Short-Term Securities	Par (000)	Value
Pennsylvania—1.8%
Philadelphia, Pennsylvania, GO, Refunding, VRDN, Series B,
3.75%, 2/05/09(a)(k)	$ 1,400	$ 1,400,000
	Shares
Money
Market Funds—9.8%
CMA Florida Municipal Money Fund, 0.11% (l)(m)	7,752,695	7,752,695
Total Short-Term Securities
(Cost—$9,152,695)—11.6%		9,152,695
Total Investments
(Cost—$148,380,562*)—172.7%		136,982,325
Liabilities in Excess of Other
Assets—(3.0)%		(2,371,223	)
Liability for Trust Certificates,
Including Interest Expense and Fees Payable—(7.2)%		(5,719,675	)
Preferred Shares, at Redemption
Value—(62.5)%		(49,554,962	)
Net Assets Applicable to Common
Shares—100.0%		$ 79,336,465

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 5,089,792
Gross unrealized depreciation	(16,646,167	)
Net unrealized depreciation	$ (11,556,375	)

(a)	FSA Insured.
(b)	MBIA Insured.
(c)	Assured Guaranty Insured.
(d)	AMBAC Insured.
(e)	Radian Insured.
(f)	Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.
(g)	US 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.
(h)	FGIC Insured.
(i)	Security is collateralized by Municipal or US Treasury
Obligations.
(j)	Securities represent underlying bonds transferred to a
tender option bond trust in exchange for which the Trust acquired residual
interest certificates. These securities serve as a collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
(k)	Security may have a maturity of more than one year at time
of issuance, but has variable rate and demand features that qualify it as a
short-term security. The rate disclosed is as of report date. This rate
changes periodically based upon prevailing market rates.
(l)	Represents the current yield as of report date.
(m)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate	Net Activity	Income
CMA Florida Municipal Money Fund	1,249,362	$ 50,614

| • | For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Trust management. This definition may not apply
for purposes of this report which may combine industry sub-classifications
for reporting ease. | |
| --- | --- | --- |
| • | Effective August 1, 2008, the Trust adopted Financial
Accounting Standards Board Statement of Financial Accounting Standards No.
157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of
fair value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are as
follows: | |
| | • | Level 1 – price quotations in active markets/exchanges for
identical securities |
| | • | Level 2 – other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are not active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs) |
| | • | Level 3 – unobservable inputs based on the best
information available in the circumstance, to the extent observable inputs
are not available (including the Trust’s own assumption used in determining
the fair value of investments) |
| | The inputs or methodology used for valuing securities are
not necessarily an indication of the risk associated with investing in those
securities. For information about the Trust’s policy regarding valuation of
investments and other significant accounting policies, please refer to Note 1
of the Notes to Financial Statements. | |
| | The following table summarizes the inputs used as of
January 31, 2009 in determining the fair valuation of the Trust’s
investments: | |

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 7,752,695 |
| Level 2 | 129,229,630 |
| Level 3 | — |
| Total | $ 136,982,325 |

See Notes to Financial Statements. — 26	SEMI-ANNUAL REPORT	JANUARY 31, 2009

| Schedule of
Investments January 31, 2009 (Unaudited) |
| --- |
| (Percentages shown
are based on Net Assets) |

Municipal Bonds	Par (000)	Value
New
Jersey—141.7%
County/City/Special District/School
District—3.1%
Hudson
County, New Jersey, Improvement Authority, Capital Appreciation Revenue
Bonds, Series A-1, 4.485%, 12/15/32 (d)(e)	$ 1,000	$ 221,510
Salem
County, New Jersey, Improvement Authority Revenue Bonds (Finlaw State Office
Building Project), 5.25%, 8/15/38 (a)	100	100,134
		321,644
Education—20.5%
Middlesex
County, New Jersey, Improvement Authority Revenue Bonds (George Street
Student Housing Project), Series A, 5%, 8/15/35	1,000	700,790
New Jersey
State Educational Facilities Authority Revenue Bonds (Montclair State
University), Series J, 5.25%, 7/01/38	100	93,882
New Jersey
State Educational Facilities Authority, Revenue Refunding Bonds:
(College of
New Jersey), Series D, 5%, 7/01/35 (a)	380	372,343
(Georgian
Court University), Series D, 5%, 7/01/33	100	82,444
(Ramapo
College), Series I, 4.25%, 7/01/31 (b)	250	206,442
(Rowan
University), Series B, 5%, 7/01/24 (c)	255	265,687
Old Bridge
Township, New Jersey, Board of Education, GO, Refunding, 4.375%, 7/15/32 (d)	500	443,155
		2,164,743
Hospitals/Healthcare—13.8%
New Jersey
Health Care Facilities Financing Authority Revenue Bonds:
(Hackensack
University Medical Center), 6%, 1/01/25	1,000	1,002,450
(Meridian
Health), Series I, 5%, 7/01/38 (c)	100	94,696
New Jersey
Health Care Facilities Financing Authority, Revenue Refunding Bonds (Saint
Barnabas Health Care System):
Series A,
5%, 7/01/29	250	186,655
Series B,
5.902%, 7/01/30 (e)	500	62,600
Series B,
5.698%, 7/01/36 (e)	840	55,625
Series B,
5.764%, 7/01/37 (e)	900	53,838
		1,455,864
Housing—9.6%
New Jersey
State Housing and Mortgage Finance Agency Revenue Bonds, Series AA:
6.375%,
10/01/28	250	267,373
6.50%,
10/01/38	200	210,988
New Jersey
State Housing and Mortgage Finance Agency, S/F Housing Revenue Bonds, AMT,
Series X, 4.85%, 4/01/16	500	530,685
		1,009,046
IDA/PCR/Resource
Recovery—36.9%
Burlington
County, New Jersey, Bridge Commission, EDR, Refunding (The Evergreens
Project), 5.625%, 1/01/38	150	85,419
Middlesex
County, New Jersey, Improvement Authority, Subordinate Revenue Bonds
(Heldrich Center Hotel/Conference Project), Series B, 6.25%, 1/01/37	200	112,898
New Jersey
EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (g)	1,000	720,290
New Jersey
EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A:
5.75%,
1/01/25	60	40,915
5.875%,
1/01/37	110	67,488
New Jersey
EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens at Ward
Homestead Project), Series A, 5.80%, 11/01/31	1,000	748,440
Municipal Bonds	Par (000)	Value
New Jersey (concluded)
IDA/PCR/Resource Recovery
(concluded)
New Jersey
EDA, Retirement Community Revenue Refunding Bonds (Seabrook Village, Inc.),
5.25%, 11/15/26	$ 140	$ 90,580
New Jersey
EDA, Revenue Bonds (Newark Downtown District Management Corporation), 5.125%,
6/15/37	100	67,363
New Jersey
EDA, School Facilities Construction Revenue Bonds:
Series U,
5%, 9/01/37 (b)	300	265,158
Series Z,
6%, 12/15/34 (c)	300	313,149
New Jersey
EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.),
AMT, Series A, 5.30%, 6/01/15	500	433,785
New Jersey
EDA, Transportation Project Sublease Revenue Bonds, Series A, 5.75%, 5/01/10
(a)	900	949,563
		3,895,048
State—10.2%
Delaware
River Port Authority of Pennsylvania and New Jersey Revenue Bonds, 5.75%,
1/01/26 (a)	1,000	1,004,740
Perth
Amboy, New Jersey, GO (Convertible CABS), Refunding, 5.0%, 7/01/34 (a)(f)	100	75,568
		1,080,308
Transportation—36.0%
Hudson
County, New Jersey, Improvement Authority, Parking Revenue Bonds (Harrison
Parking Facility Project), Series C, 5.375%, 1/01/44 (c)	340	337,280
New Jersey
EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
7%, 11/15/30	925	602,767
New Jersey
State Transportation Trust Fund Authority, Transportation System Revenue
Bonds:
Series A,
5.625%, 12/15/28 (c)	100	103,870
Series A,
6%, 12/15/38	150	154,837
Series C,
5.50%, 6/15/13 (h)	500	584,840
New Jersey
State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C (b):
6.50%,
1/01/16	160	197,794
6.50%,
1/01/16 (i)	840	1,003,603
Port
Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds,
AMT, 152nd Series:
5.75%,
11/01/30	250	239,510
5.25%,
11/01/35	240	208,978
South
Jersey Transportation Authority, New Jersey, Transportation System Revenue
Bonds, Series A, 4.50%, 11/01/35 (d)(j)	490	363,448
		3,796,927
Utilities—Water &
Sewer—11.6%
New Jersey
EDA, Water Facilities Revenue Bonds (New Jersey-American Water Company, Inc.
Project), AMT, Series A, 5.25%, 11/01/32 (b)	250	198,937
Passaic
Valley, New Jersey, Sewer Commissioner’s Revenue Refunding Bonds (Sewer
System), Series E, 5.75%, 12/01/21 (b)	1,000	1,025,500
		1,224,437
Total Municipal Bonds in New
Jersey		14,948,017
Multi-State—9.6%
Housing—9.6%
Charter Mac
Equity Issuer Trust, 6.625%, 6/30/49 (k)(l)	1,000	1,010,520
Puerto Rico—12.6%
Education—3.9%
Puerto Rico
Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds (Ana G. Mendez University System Project), 5%,
3/01/26	600	410,010

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	27

Schedule of Investments (concluded)
(Percentages shown are based
on Net Assets)

Municipal Bonds	Par (000)	Value
Puerto
Rico (continued)
Housing—0.9%
Puerto Rico
Housing Financing Authority, Capital Funding Program, Subordinate Revenue
Refunding Bonds, 5.125%, 12/01/27	$ 100	$ 98,157
Lease
Obligations—1.9%
Puerto Rico
Public Buildings Authority, Government Facilities Revenue Refunding Bonds,
Series M-3, 6%, 7/01/27 (d)(m)	215	202,659
State—3.6%
Puerto Rico
Commonwealth, Public Improvement, GO, Series A, 5.25%, 7/01/16 (h)	310	377,471
Utilities—Electric &
Gas—1.4%
Puerto Rico
Electric Power Authority, Power Revenue Bonds, Series WW, 5.50%, 7/01/38	175	146,984
Municipal Bonds	Par (000)	Value
Puerto Rico (concluded)
Utilities—Water &
Sewer—0.9%
Puerto Rico
Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.352%, 7/01/37 (b)(e)	$ 795	$ 92,737
Total Municipal Bonds in Puerto Rico		1,328,018
Total Long-Term Investments (Cost—$19,715,229)—163.9%		17,286,555
Short-Term Securities	Shares
Money Market
Funds—2.1%
CMA New Jersey
Municipal Money Fund, 0.22% (n)(o)	219,275	219,275
Total Short-Term Securities
(Cost—$219,275)—2.1%		219,275
Total Investments
(Cost—$19,934,504*)—166.0%		17,505,830
Other Assets Less Liabilities—1.1%		118,593
Preferred Shares, at Redemption
Value—(67.1)%		(7,075,709	)
Net Assets Applicable to Common
Shares—100.0%		$ 10,548,714

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 525,114
Gross unrealized depreciation	(2,918,179	)
Net unrealized depreciation	$ (2,393,065	)

(a)	FSA Insured.
(b)	AMBAC Insured.
(c)	Assured Guaranty Insured.
(d)	MBIA Insured.
(e)	Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.
(f)	Represents a step-up bond that pays an initial coupon rate
for the first period and then a higher coupon rate for the following periods.
Rate shown is as of report date.
(g)	Radian Insured.
(h)	US 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.
(i)	Security is collateralized by Municipal or US Treasury
Obligations.
(j)	FGIC Insured.
(k)	Security represents a beneficial interest in a trust. The
collateral deposited into the trust is federally tax-exempt revenue bonds
issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated
maturity, and is subject to mandatory redemption at maturity.
(l)	Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions exempt
from registration to qualified institutional investors.
(m)	Commonwealth Guaranteed.
(n)	Represents the current yield as of report date.
(o)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate	Net Activity	Income
CMA New Jersey Municipal Money Fund	(197,056)	$ 5,868

| • | For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Trust management. This definition may not apply
for purposes of this report which may combine industry sub-classifications
for reporting ease. | |
| --- | --- | --- |
| • | Effective August 1, 2008, the Trust adopted Financial
Accounting Standards Board Statement of Financial Accounting Standards No.
157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of
fair value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are as
follows: | |
| | • | Level 1 – price quotations in active markets/exchanges for
identical securities |
| | • | Level 2 – other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are not active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs) |
| | • | Level 3 – unobservable inputs based on the best
information available in the circumstance, to the extent observable inputs
are not available (including the Trust’s own assumption used in determining
the fair value of investments) |
| The inputs or methodology used for valuing securities are
not necessarily an indication of the risk associated with investing in those
securities. For information about the Trust’s policy regarding valuation of
investments and other significant accounting policies, please refer to Note 1
of the Notes to Financial Statements. | | |
| The following table summarizes the inputs used as of
January 31, 2009 in determining the fair valuation of the Trust’s investments: | | |

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 219,275 |
| Level 2 | 17,286,555 |
| Level 3 | — |
| Total | $ 17,505,830 |

See Notes to Financial Statements. — 28	SEMI-ANNUAL REPORT	JANUARY 31, 2009

| Schedule of Investments January 31, 2009
(Unaudited) |
| --- |
| (Percentages
shown are based on Net Assets) |

Municipal Bonds	Par (000)	Value
New
Jersey—115.4%
County/City/Special
District/School District—1.4%
Middlesex
County, New Jersey, Improvement Authority, Subordinate Revenue Bonds
(Heldrich Center Hotel/Conference Project), Series B, 6.25%, 1/01/37	$ 1,790	$ 1,010,437
Salem
County, New Jersey, Improvement Authority Revenue Bonds (Finlaw State Office
Building Project), 5.25%, 8/15/38 (b)	225	225,302
		1,235,739
Education—13.6%
New Jersey
State Educational Facilities Authority Revenue Bonds:
(Fairleigh
Dickinson University), Series D, 6%, 7/01/25	3,000	2,475,660
(Georgian
Court College Project), Series C, 6.50%, 7/01/13 (a)	2,120	2,573,616
New Jersey State
Educational Facilities Authority Revenue Bonds (Montclair State University),
Series J, 5.25%, 7/01/38	580	544,516
New Jersey
State Educational Facilities Authority, Revenue Refunding Bonds:
(College of
New Jersey), Series D, 5%, 7/01/35 (b)	3,230	3,164,915
(Fairleigh
Dickinson University), Series C, 6%, 7/01/20	2,000	1,800,760
(Fairleigh
Dickinson University), Series C, 5.50%, 7/01/23	1,000	809,580
(Georgian
Court University), Series D, 5%, 7/01/33	250	206,110
(Ramapo
College), Series I, 4.25%, 7/01/31 (c)	500	412,885
		11,988,042
Hospitals/Healthcare—31.3%
New Jersey
Health Care Facilities Financing Authority Revenue Bonds:
(Kennedy
Health System), 5.625%, 7/01/31	10,000	8,974,100
(Meridian
Health), Series I, 5%, 7/01/38 (e)	750	710,220
(South
Jersey Hospital System), 6%, 7/01/12 (a)	7,460	8,582,879
New Jersey
Health Care Facilities Financing Authority, Health System Revenue Bonds
(Catholic Health East), Series A, 5.375%, 11/15/12 (a)	3,000	3,449,610
New Jersey
Health Care Facilities Financing Authority, Revenue Refunding Bonds:
(Atlantic
City Medical Center), 5.75%, 7/01/25	1,255	1,225,005
(New
Community Urban Renewal), Series A, 5.20%, 6/01/30 (h)(i)	1,845	1,680,924
(Saint
Barnabas Health Care System), Series A, 5%, 7/01/29	750	559,965
(Saint
Barnabas Health Care System), Series B, 6.35%, 7/01/30 (e)	2,500	313,000
(Saint
Barnabas Health Care System), Series B, 6.44%, 7/01/36 (e)	7,700	509,894
(Saint
Barnabas Health Care System), Series B, 6.43%, 7/01/37 (e)	7,250	433,695
(South
Jersey Hospital System), 5%, 7/01/46	1,650	1,188,577
		27,627,869
Housing—15.6%
Middlesex
County, New Jersey, Improvement Authority Revenue Bonds, AMT (j):
(Administration
Building Residential Project), 5.35%, 7/01/34	1,400	1,245,370
(New
Brunswick Apartments Rental Housing), 5.30%, 8/01/35	4,380	3,854,794
New Jersey
State Housing and Mortgage Finance Agency Revenue Bonds, Series AA:
6.375%,
10/01/28	1,500	1,604,235
6.50%,
10/01/38	2,470	2,605,702
Municipal Bonds	Par (000)	Value
New Jersey (continued)
Housing (concluded)
New Jersey
State Housing and Mortgage Finance Agency, S/F Housing Revenue Bonds, AMT,
Series X, 4.85%, 4/01/16	$ 1,750	$ 1,857,397
New Jersey
State Housing and Mortgage Finance Agency, S/F Housing Revenue Refunding
Bonds, AMT, Series T, 4.70%, 10/01/37	700	544,551
Newark, New
Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal,
Additional Rent-Backed Revenue Refunding Bonds (City of Newark Redevelopment
Projects), 4.375%, 1/01/37 (d)	2,625	2,067,923
		13,779,972
IDA/PCR/Resource
Recovery—26.6%
Burlington
County, New Jersey, Bridge Commission, EDR, Refunding (The Evergreens
Project), 5.625%, 1/01/38	1,000	569,460
New Jersey
EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (k)	5,000	3,601,450
New Jersey
EDA, EDR:
(Kapkowski
Road Landfill Reclamation Improvement District Project), AMT, Series B,
6.50%, 4/01/31	5,000	3,558,600
(Masonic
Charity Foundation Project), 5.50%, 6/01/31	2,000	1,732,080
New Jersey
EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation Improvement District
Project), 6.50%, 4/01/28	2,500	1,869,225
New Jersey
EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A:
5.75%,
1/01/25	500	340,960
5.875%,
1/01/37	855	524,568
New Jersey
EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens at Ward
Homestead Project), Series A, 5.75%, 11/01/24	4,050	3,313,426
New Jersey
EDA, Retirement Community Revenue Refunding Bonds (Seabrook Village, Inc.),
5.25%, 11/15/26	1,790	1,158,130
New Jersey
EDA, School Facilities Construction Revenue Bonds:
Series U,
5%, 9/01/37 (c)	700	618,702
Series Z,
6%, 12/15/34 (g)	3,000	3,131,490
New Jersey
EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.),
AMT, Series A, 5.30%, 6/01/15	2,000	1,735,140
New Jersey
EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
7.20%, 11/15/30	2,000	1,335,360
		23,488,591
State—3.9%
Garden
State Preservation Trust, New Jersey, Revenue Bonds, Series B, 5.218%,
11/01/26 (b)(e)	6,000	2,376,660
Perth
Amboy, New Jersey, GO (Convertible CABS), Refunding (b)(f):
5.27%,
7/01/34	1,075	812,356
5.29%,
7/01/35	175	131,754
Tobacco
Settlement Financing Corporation of New Jersey, Asset-Backed Revenue
Refunding Bonds, Series 1B, 5.649%, 6/01/41 (e)	3,300	105,369
		3,426,139

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	29

| Schedule of
Investments (continued) |
| --- |
| (Percentages shown are based on Net Assets) |

Municipal Bonds	Par (000)	Value
New
Jersey (concluded)
Transportation—19.5%
Hudson
County, New Jersey, Improvement Authority, Parking Revenue Bonds (Harrison
Parking Facility Project), Series C, 5.375%, 1/01/44 (g)	$ 2,400	$ 2,380,800
New Jersey
EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT,
7%, 11/15/30	3,450	2,248,158
New Jersey
State Transportation Trust Fund Authority, Transportation System Revenue
Bonds:
Series A,
5.625%, 12/15/28 (g)	670	695,929
Series A,
6%, 12/15/38	1,450	1,496,763
Series C,
5.55%, 12/15/32 (b)(e)	4,000	978,800
Port
Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds,
AMT, 152nd Series:
5.75%,
11/01/30	1,750	1,676,570
5.25%,
11/01/35	2,040	1,776,310
Port
Authority of New York and New Jersey, Special Obligation Revenue Bonds (JFK
International Air Terminal LLC), AMT, Series 6, 5.75%, 12/01/22 (d)	6,000	4,817,400
Trenton,
New Jersey, Parking Authority, Parking Revenue Refunding Bonds, 5%, 4/01/30
(d)(l)	1,500	1,187,865
		17,258,595
Utilities—Electric &
Gas—3.0%
Vineland,
New Jersey, Electric Utility, GO, Refunding, AMT (d):
5.30%,
5/15/30	1,500	1,312,605
5.375%,
5/15/31	1,500	1,308,975
		2,621,580
Utilities—Water &
Sewer—0.5%
Rahway
Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, CABS, Series A,
4.384%, 9/01/33 (d)(e)	2,000	434,400
Total Municipal Bonds in New Jersey		101,860,927
Multi-State—15.6%
Housing—15.6
Charter Mac
Equity Issuer Trust (m)(n):
6.30%,
6/30/49	7,000	7,082,670
6.80%,
11/30/50	2,500	2,603,275
MuniMae TE
Bond Subsidiary LLC (m)(n):
6.30%,
6/30/49	3,000	2,557,260
6.80%,
6/30/50	2,000	1,530,420
Total Municipal Bonds in Multi-State		13,773,625
Puerto Rico—21.7%
Housing—6.3%
Puerto Rico
Housing Financing Authority, Capital Funding Program, Subordinate Revenue
Refunding Bonds, 5.125%, 12/01/27	750	736,178
Puerto Rico
Housing Financing Corporation, Home Mortgage Revenue Bonds (Mortgage-Backed
Securities), AMT, Series B, 5.30%, 12/01/28 (h)(j)(o)	2,545	2,376,088
Puerto Rico
Housing Financing Corporation, Home Mortgage Revenue Refunding Bonds
(Mortgage-Backed Securities), Series A, 5.20%, 12/01/33 (h)(j)(o)	2,550	2,470,338
		5,582,604

Municipal Bonds	Par (000)	Value
Puerto Rico (concluded)
Lease
Obligations—12.3%
Puerto Rico
Public Buildings Authority Revenue Bonds, CABS, Series D (c)(f):
3.11%,
7/01/12	$ 1,335	$ 894,891
5.83%,
7/01/17 (a)	3,665	3,587,302
Puerto Rico
Public Buildings Authority, Government Facilities Revenue Refunding Bonds,
Series D:
Series D,
5.25%, 7/01/12 (a)	3,765	4,170,039
Series D,
5.25%, 7/01/36	1,735	1,426,638
Series M-3,
6%, 7/01/27 (d)(p)	850	801,210
		10,880,080
Transportation—2.3%
Puerto Rico
Commonwealth Highway and Transportation Authority, Highway Revenue Refunding
Bonds, Series CC, 5.50%, 7/01/31 (g)	2,000	2,017,920
Utilities—Water &
Sewer—0.8%
Puerto Rico
Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 4.353%, 7/01/37 (c)(e)	6,000	699,900
Total Municipal Bonds in Puerto Rico		19,180,504
Total Long-Term Investments (Cost—$153,468,061)—152.7%		134,815,056

Short-Term Securities
Money Market
Funds—15.0%
CMA New
Jersey Municipal Money Fund, 0.66% (q)(r)	13,235,632	13,235,632
Total Short-Term Securities
(Cost—$13,235,632)—15.0%		13,235,632
Total Investments
(Cost—$166,703,693*)—167.7%		148,050,688
Other Assets Less Liabilities—0.8%		731,232
Interest Expense and Fees
Payable—(0.0)%		(18,684	)
Preferred Shares at Redemption
Value—(68.5)%		(60,478,560	)
Net Assets Applicable to Common
Shares—100.0%	$	88,284,676

See Notes to Financial Statements. — 30	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments (concluded) BlackRock New Jersey Municipal Income Trust (BNJ)

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 3,973,972
Gross unrealized depreciation	(22,049,752	)
Net unrealized depreciation	$ (18,075,780	)

| (a) | US 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. |
| --- | --- |
| (b) | FSA Insured. |
| (c) | AMBAC Insured. |
| (d) | MBIA Insured. |
| (e) | Represents a zero-coupon bond
that pays an initial coupon rate for the first period and then a higher coupon
rate for the following periods. Rate shown reflects the current yield as of
report date. |
| (f) | Represents a step-up bond that
pays an initial coupon rate for the first period and then a higher coupon
rate for the following periods. Rate shown is as of report date. |
| (g) | Assured Guaranty Insured. |
| (h) | GNMA Collateralized. |
| (i) | FHA Insured. |
| (j) | FNMA Collateralized. |
| (k) | Radian Insured. |
| (l) | FGIC Insured. |
| (m) | Security exempt from registration
under Rule 144A of the Securities Act of 1933. These securities may be resold
in transactions exempt from registration to qualified institutional
investors. |
| (n) | Security represents a beneficial
interest in a trust. The collateral deposited into the trust is federally
tax-exempt revenue bonds issued by various state or local governments, or
their respective agencies or authorities. The security is subject to
remarketing prior to its stated maturity, and is subject to mandatory
redemption at maturity. |
| (o) | FHLMC Collateralized. |
| (p) | Commonwealth Guaranteed. |
| (q) | Investments in companies
considered to be an affiliate of the Trust, for purposes of Section 2(a)(3)
of the Investment Company Act of 1940, were as follows: |

Affiliate	Net Activity	Income
CMA New Jersey Municipal Money
Fund	11,737,862	$ 62,356

| (r) | Represents the current yield as
of report date. | |
| --- | --- | --- |
| • | For Trust compliance purposes,
the Trust’s industry classifications refer to any one or more of the industry
sub-classifications used by one or more widely recognized market indexes or
ratings group indexes, and/or as defined by Trust management. This definition
may not apply for purposes of this report which may combine industry
sub-classifications for reporting ease. | |
| • | Effective August 1, 2008, the
Trust adopted Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157
clarifies the definition of fair value, establishes a framework for measuring
fair values and requires additional disclosures about the use of fair value
measurements. Various inputs are used in determining the fair value of
investments, which are as follows: | |
| | • | Level 1 – price quotations in
active markets/exchanges for identical securities |
| | • | Level 2 – other observable inputs
(including, but not limited to: quoted prices for similar assets or
liabilities in markets that are not active, inputs other than quoted prices
that are observable for the assets or liabilities (such as interest rates,
yield curves, volatilities, prepayment speeds, loss severities, credit risks
and default rates) or other market-corroborated inputs) |
| | • | Level 3 – unobservable inputs
based on the best information available in the circumstance, to the extent
observable inputs are not available (including the Trust’s own assumption
used in determining the fair value of investments) |
| | The inputs or methodology used
for valuing securities are not necessarily an indication of the risk
associated with investing in those securities. For information about the
Trust’s policy regarding valuation of investments and other significant
accounting policies, please refer to Note 1 of the Notes to Financial
Statements. | |
| | The following table summarizes the
inputs used as of January 31, 2009 in determining the fair valuation of the
Trust’s investments: | |

Valuation Inputs	Investments in Securities
	Assets
Level 1	$ 13,235,632
Level 2	134,815,056
Level 3	—
Total	$ 148,050,688

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	31

| Schedule of Investments January 31, 2009
(Unaudited) |
| --- |
| (Percentages shown are based on Net Assets) |

Municipal Bonds	Par (000)	Value
New
York—147.3%
County/City/Special District/School
District—20.9%
Hudson
Yards Infrastructure Corporation, New York, Revenue Bonds, Series A:
4.50%,
2/15/47 (c)	$ 75	$ 55,132
5%, 2/15/47
(d)	100	76,091
New York
City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium
Project) (j):
5%, 1/01/39	250	193,020
6.375%,
1/01/39 (e)	100	101,424
5%, 1/01/46	400	300,512
New York
City, New York, City Transitional Finance Authority, Building Aid Revenue
Refunding Bonds, Series S-1, 4.50%, 1/15/38	100	83,823
New York
City, New York, City Transitional Finance Authority, Building Aid Revenue
Bonds, Series S-3, 5.25%, 1/15/39	150	143,040
New York
City, New York, City Transitional Finance Authority, Future Tax Secured
Revenue Bonds, Series B, 6%, 5/15/10 (b)	815	879,850
New York
City, New York, GO, Refunding, Series A:
6%, 5/15/10
(b)	500	539,785
6%, 5/15/30	10	10,158
New York
City, New York, GO, Series A-1, 4.75%, 8/15/25	500	472,470
New York
State Dormitory Authority, Non-State Supported Debt, Lease Revenue Bonds
(Municipal Health Facilities Improvement Program), Sub-Series 2-4, 4.75%,
1/15/30	300	272,898
New York
State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds
(School District Financing Program), Series B, 5%, 4/01/36 (f)	150	142,514
		3,270,717
Education—23.2%
Albany, New
York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project),
Series A:
7%, 5/01/25	95	63,280
7%, 5/01/35	60	37,236
Madison
County, New York, IDA, Civic Facility Revenue Bonds (Colgate University
Project), Series B, 5%, 7/01/23	2,000	2,041,600
New York
Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125%, 2/15/19 (k)(l)	175	20,300
New York
State Dormitory Authority, Non-State Supported Debt Revenue Bonds:
(Manhattan
College), Series B, 5.30%, 7/01/37 (a)	150	112,257
(Rochester
Institute of Technology), Series A, 6%, 7/01/33	175	179,545
New York
State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds
(Teachers College), 5.50%, 3/01/39	200	190,216
New York
State Dormitory Authority Revenue Bonds (University of Rochester), Series B,
5.625%, 7/01/09 (b)	500	515,905
Schenectady,
New York, IDA, Civic Facility Revenue Refunding Bonds (Union College
Project), 5%, 7/01/31	500	465,555
		3,625,894
Hospitals/Healthcare—15.4%
Genesee
County, New York, IDA, Civic Facility Revenue Refunding Bonds (United
Memorial Medical Center Project), 5%, 12/01/27	100	58,855
New York
State Dormitory Authority, Hospital Revenue Bonds (Lutheran Medical Center),
5%, 8/01/31 (c)(g)	250	230,342

Municipal Bonds	Par (000)	Value
New
York (continued)
Hospitals/Healthcare
(concluded)
New York
State Dormitory Authority, Non-State Supported Debt Revenue Bonds (New York
University Hospitals Center), Series B, 5.625%, 7/01/37	$ 150	$ 90,767
New York
State Dormitory Authority, Revenue Refunding Bonds (Kateri Residence), 5%,
7/01/22	1,000	1,000,740
New York
State Dormitory Authority, Revenue Refunding Bonds (Mount Sinai Health),
Series A, 6.50%, 7/01/25	1,000	880,700
Saratoga
County, New York, IDA, Civic Facility Revenue Bonds (The Saratoga Hospital
Project), Series B, 5.25%, 12/01/32	100	76,532
Suffolk
County, New York, IDA, Continuing Care and Retirement, Revenue Refunding
Bonds (Jeffersons Ferry Project), 5%, 11/01/28	115	76,860
		2,414,796
Housing—12.9%
New York
City, New York, City Housing Development Corporation, M/F Housing Revenue
Bonds:
AMT, Series
B-1, 5.15%, 11/01/37	250	215,400
AMT, Series
J-2, 4.75%, 11/01/27	500	425,655
Series A,
5.25%, 5/01/30 (g)(h)	1,000	974,920
New York
State, HFA, M/F Housing Revenue Bonds (Kensico Terrace Apartments), AMT,
Series B, 4.95%, 2/15/38 (i)	150	121,633
New York
State Mortgage Agency, Homeowner Mortgage Revenue Bonds, AMT, Series 143,
4.90%, 10/01/37	100	80,404
Rochester,
New York, Housing Authority, Mortgage Revenue Bonds (Andrews Terrace
Apartments Project), AMT, 4.70%, 12/20/38 (h)	250	196,715
		2,014,727
IDA/PCR/Resource
Recovery—13.0%
Essex
County, New York, IDA, Environmental Improvement Revenue Bonds (International
Paper Company Project), AMT, Series A, 6.625%, 9/01/32	100	67,532
New York
City, New York, City IDA, Revenue Bonds (IAC/InterActiveCorp Project), 5%,
9/01/35	500	300,135
New York
City, New York, City IDA, Special Facility Revenue Bonds, AMT:
(American
Airlines, Inc.—JFK International Airport), 7.625%, 8/01/25	950	674,025
(Continental
Airlines Inc. Project), 7.75%, 8/01/31	300	207,951
New York
Convention Center Development Corporation, New York, Revenue Bonds (Hotel
Unit Fee Secured), 5%, 11/15/44 (j)	850	734,425
Rensselaer
County, New York, IDA, Civic Facility Revenue Bonds (Rensselaer Polytechnic
Institute), 5%, 3/01/36	50	44,567
		2,028,635
State—22.2%
New York
State Dormitory Authority, State Personal Income Tax Revenue Bonds
(Education), Series B:
5.75%,
3/15/36	150	156,181
5.25%,
3/15/38	250	248,508
New York
State Dormitory Authority, Revenue Refunding Bonds (State University
Educational Facilities), Series A, 5.25%, 5/15/15 (j)	1,005	1,112,756
New York
City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series
A, 5%, 10/15/32 (j)	2,000	1,956,360
		3,473,805

See Notes to Financial Statements. — 32	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments (continued)
(Percentages shown are based on Net Assets)

Municipal Bonds	Par (000)	Value
New
York (concluded)
Transportation—18.9%
Metropolitan
Transportation Authority, New York, Revenue Bonds, Series C, 6.50%, 11/15/28	$ 250	$ 269,000
New York
City, New York, City Transitional Finance Authority, Future Tax Secured
Revenue Bonds, Series B, 6%, 5/15/10 (b)	1,000	1,079,570
Port
Authority of New York and New Jersey, Special Obligation Revenue Bonds
(Continental Airlines, Inc. - LaGuardia Project), AMT, 9.125%, 12/01/15	905	906,167
Triborough
Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, Series A (c):
5%, 1/01/12
(b)	500	554,345
5%, 1/01/32	155	149,662
		2,958,744
Utilities—Irrigation, Resource
Recovery, Solid Waste & Other—0.7%
Long Island
Power Authority, New York, Electric System Revenue Refunding Bonds, Series A,
6.25%, 4/01/33	100	103,691
Utilities—Water &
Sewer—20.1%
Albany, New
York, Municipal Water Finance Authority, Second Resolution Revenue Bonds,
Series B, 5%, 12/01/33 (c)	1,000	877,480
New York
City, New York, City Municipal Water Finance Authority, Second General
Resolution, Water and Sewer System, Revenue Refunding Bonds, Series DD,
4.75%, 6/15/35	250	226,622
New York
City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds:
Series A,
5.75%, 6/15/40	100	105,025
Series C,
5.125%, 6/15/33	1,000	974,810
New York
City, New York, City Municipal Water Finance Authority, Water and Sewer
System, Revenue Refunding Bonds, Series B, 5%, 6/15/36 (f)	1,000	952,690
		3,136,627
Total Municipal Bonds in New York		23,027,636

Municipal Bonds	Par (000)	Value
Guam—0.4%
Tobacco—0.4%
Guam
Economic Development and Commerce Authority, Tobacco Settlement Asset-Backed
Revenue Refunding Bonds, 5.625%, 6/01/47	$ 100	$ 67,158
Total Municipal Bonds in Guam		67,158
Puerto Rico—10.8%
County/City/Special District/School
District/School District—5.0%
Puerto Rico
Commonwealth, GO, Refunding, Sub-Series C-7, 6%, 7/01/28 (c)	250	233,955
Puerto Rico
Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series
E, 5.50%, 2/01/12 (b)	495	549,178
		783,133
Education—3.5%
Puerto Rico
Industrial, Tourist, Educational, Medical and Environmental Control
Facilities Revenue Bonds (Ana G. Mendez University System Project), 5%,
3/01/26	800	546,680
State—0.2%
Puerto Rico
Commonwealth Infrastructure Financing Authority, Special Tax and Capital
Appreciation Revenue Bonds, Series A, 5.16%, 7/01/44 (j)(m)	395	27,429
Tobacco—2.1%
Children’s
Trust Fund Project of Puerto Rico, Tobacco Settlement Revenue Refunding
Bonds, 5.625%, 5/15/43	500	335,430
Total Municipal Bonds in Puerto Rico		1,692,672
Total Long-Term Investments (Cost—$26,802,608)—158.5%		24,787,466

Short-Term Securities
Money
Market Funds—2.7%
CMA New York Municipal Money Fund, 0.11% (n)(o)	417,024	417,024
Total Short-Term Securities
(Cost—$417,024)—2.7%		417,024
Total Investments
(Cost—$27,219,632*)—161.2%		25,204,490
Other Assets Less Liabilities—1.5%		224,898
Preferred Shares, at Redemption
Value—(62.7)%		(9,801,231	)
Net Assets Applicable to Common
Shares—100.0%	$	15,628,157

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	33

Schedule of Investments (concluded) BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

* — Aggregate cost	$ 27,217,170
Gross unrealized appreciation	$ 648,099
Gross unrealized depreciation	(2,660,779	)
Net unrealized depreciation	$ (2,012,680	)

(a)	Radian Insured.
(b)	US 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.
(c)	MBIA Insured.
(d)	FGIC Insured.
(e)	Assured Guaranty Insured.
(f)	FSA Insured.
(g)	FHA Insured.
(h)	GNMA Collateralized.
(i)	SONYMA Insured.
(j)	AMBAC Insured.
(k)	Issuer filed for bankruptcy and/or is in default of
interest payments.
(l)	Non-income producing security.
(m)	Represents a zero-coupon bond. Rate shown reflects the
current yield as of report date.
(n)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate		Income
CMA New York Municipal Money Fund	203,788	$ 3,838

(o)	Represents the current yield as of report date.
•	For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Trust management. This definition may not apply
for purposes of this report which may combine industry sub-classifications
for reporting ease.
•	Effective August 1, 2008, the Trust adopted Financial Accounting
Standards Board Statement of Financial Accounting Standards No. 157, Fair
Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value,
establishes a framework for measuring fair values and requires additional
disclosures about the use of fair value measurements. Various inputs are used
in determining the fair value of investments, which are as follows:
	•	Level 1 – price quotations in active markets/exchanges for
identical securities
	•	Level 2 – other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are not active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs)
	•	Level 3 – unobservable inputs based on the best
information available in the circumstance, to the extent observable inputs
are not available (including the Trust’s own assumption used in determining
the fair value of investments)
	The inputs or methodology used for valuing securities are
not necessarily an indication of the risk associated with investing in those
securities. For information about the Trust’s policy regarding valuation of
investments and other significant accounting policies, please refer to Note 1
of the Notes to Financial Statements.
	The following table summarizes the inputs used as of
January 31, 2009 in determining the fair valuation of the Trust’s
investments:

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 417,024 |
| Level 2 | 24,787,466 |
| Level 3 | — |
| Total | $ 25,204,490 |

See Notes to Financial Statements. — 34	SEMI-ANNUAL REPORT	JANUARY 31, 2009

| Schedule of Investments January 31, 2009
(Unaudited) |
| --- |
| (Percentages shown are based on Net Assets) |

Municipal Bonds	Par (000)	Value
New
York—126.2%
County/City/Special District/School
District—26.6%
Hudson
Yards Infrastructure Corporation, New York, Revenue Bonds, Series A, 4.50%,
2/15/47 (c)	$ 1,750	$ 1,286,407
Hudson
Yards Infrastructure Corporation, New York, Revenue Bonds, Series A, 5%,
2/15/47	1,000	760,910
New York
City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium
Project),6.375%, 1/01/39 (f)	150	152,136
New York
City, New York, City Transitional Finance Authority, Future Tax Secured
Revenue Bonds, Series C, 5%, 5/01/09 (e)	1,495	1,527,187
New York
City, New York, GO:
Series A-1,
4.75%, 8/15/25	2,000	1,889,880
Series C,
5.375%, 3/15/12 (e)	6,000	6,770,340
Series D,
5.375%, 6/01/12 (e)	2,200	2,499,442
Series D,
5.375%, 6/01/32	4,000	3,858,040
New York
Convention Center Development Corporation, New York, Revenue Bonds (Hotel
Unit Fee Secured), 5%, 11/15/44 (d)	8,410	7,266,492
New York
City, New York, IDA, Civic Facility Revenue Bonds (Marymount School of New
York Project) (a):
5.125%,
9/01/21	750	584,093
5.25%,
9/01/31	2,000	1,304,140
New York
City, New York, City IDA, Parking Facility Revenue Bonds (Royal Charter
Properties Inc. -The New York and Pennsylvania Hospital Leasehold Project),
5.25%, 12/15/32 (g)	1,550	1,502,942
New York
City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium
Project) (d):
5%, 1/01/36	4,900	3,832,045
5%, 1/01/46	250	187,820
New York City,
New York, City IDA, PILOT Revenue Bonds (Yankee Stadium Project), 5%, 3/01/36
(c)	250	195,390
New York
City, New York, City Transitional Finance Authority, Building Aid Revenue
Bonds:
Series S-2,
4.25%, 1/15/34 (c)(l)	1,700	1,357,365
Series S-3,
5.25%, 1/15/39	650	619,840
New York
City, New York, City Transitional Finance Authority, Building Aid Revenue
Refunding Bonds, Series S-1, 4.50%, 1/15/38	750	628,673
New York
State Dormitory Authority, Non-State Supported Debt, Lease Revenue Bonds
(Municipal Health Facilities Improvement Program), Sub-Series 2-4, 4.75%,
1/15/30	2,100	1,910,286
New York
State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds
(School District Financing Program) (g):
Series A,
5%, 10/01/35	395	375,451
Series B,
5%, 4/01/36	1,040	988,094
		39,496,973
Education—20.0%
Albany, New
York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School
Project), Series A:
7%, 5/01/25	910	606,160
7%, 5/01/35	590	366,154
Dutchess
County, New York, IDA, Civic Facility Revenue Refunding Bonds (Bard College),
Series A-2, 4.50%, 8/01/36	7,000	5,188,470
Madison
County, New York, IDA, Civic Facility Revenue Bonds (Colgate University
Project), Series B, 5%, 7/01/33	2,000	1,897,280

Municipal Bonds	Par (000)	Value
New York (continued)
Education (concluded)
Madison
County, New York, IDA, Civic Facility Revenue Bonds (Commons II LLC - Student
Housing), Series A, 5%, 6/01/33 (i)	$ 275	$ 201,490
New York
City, New York, IDA, Civic Facility Revenue Refunding Bonds (Polytechnic
University), 5.25%, 11/01/37 (a)	2,400	1,693,728
New York
Liberty Development Corporation Revenue Bonds (National Sports Museum
Project), Series A, 6.125%, 2/15/19 (j)(k)	1,740	201,840
New York
State Dormitory Authority, Non-State Supported Debt Revenue Bonds:
(Manhattan
College), Series B, 5.30%, 7/01/37 (b)	500	374,190
(Rochester
Institute of Technology), Series A, 6%, 7/01/33	1,000	1,025,970
New York
State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds:
(Mount
Sinai School of Medicine of New York University), 5%, 7/01/35 (c)	1,000	904,970
(Teachers
College), 5.50%, 3/01/39	450	427,986
New York
State Dormitory Authority Revenue Bonds:
(New School
University), 5%, 7/01/41 (c)	9,000	7,850,250
(New York
University), Series 2, 5%, 7/01/41 (d)	5,000	4,673,550
(North
Shore - Long Island Jewish Health System), 5.50%, 5/01/13 (e)	2,000	2,346,680
Westchester
County, New York, IDA, Civic Facilities Revenue Bonds (Windward School Civic
Facility), 5.25%, 10/01/31 (b)	2,500	1,954,250
		29,712,968
Hospitals/Healthcare—2.7%
Genesee
County, New York, IDA, Civic Facility Revenue Refunding Bonds (United
Memorial Medical Center Project), 5%, 12/01/27	500	294,275
New York
State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds
(Mount Sinai-NYU Medical Center Health System), Series C, 5.50%, 7/01/26	3,000	2,594,220
New York
State Dormitory Authority, Non-State Supported Debt Revenue Bonds (New York
University Hospitals Center), Series B, 5.625%, 7/01/37	530	320,708
Suffolk
County, New York, IDA, Continuing Care and Retirement, Revenue Refunding
Bonds (Jeffersons Ferry Project), 5%, 11/01/28	1,175	785,311
		3,994,514
Housing—1.2%
New York
State, HFA, M/F Housing Revenue Bonds, AMT (h):
(Highland
Avenue Senior Apartments), Series A, 5%, 2/15/39	1,500	1,176,705
(Kensico
Terrace Apartments), Series B, 4.95%, 2/15/38	840	681,148
		1,857,853
IDA/PCR/Resource
Recovery—14.4%
Essex
County, New York, IDA, Environmental Improvement Revenue Bonds (International
Paper Company Project), AMT, Series A, 6.625%, 9/01/32	550	371,426
New York
City, New York, City IDA, Revenue Bonds (IAC/InterActiveCorp Project), 5%,
9/01/35	2,000	1,200,540
New York
City, New York, City IDA, Special Facility Revenue Bonds, AMT:
(American
Airlines, Inc. - JFK International Airport), 7.625%, 8/01/25	3,200	2,270,400
(Continental
Airlines Inc. Project), 7.75%, 8/01/31	4,000	2,772,680
New York
Liberty Development Corporation Revenue Bonds (Goldman Sachs Headquarters),
5.25%, 10/01/35	7,000	5,628,350

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	35

Schedule of Investments (continued)
(Percentages shown
are based on Net Assets)

Municipal Bonds	Par (000)	Value
New
York (continued)
IDA/PCR/Resource Recovery
(concluded)
Rensselaer
County, New York, IDA, Civic Facility Revenue Bonds (Rensselaer Polytechnic
Institute), 5%, 3/01/36	$ 4,000	$ 3,565,320
Suffolk
County, New York, IDA, IDR (Keyspan-Port Jefferson), AMT, 5.25%, 6/01/27	7,000	5,555,480
		21,364,196
State—7.4%
New York
State Dormitory Authority, Mental Health Services Facilities Improvement,
Revenue Bonds, Series B, 5%, 2/15/35 (d)	4,855	4,294,782
New York
State Dormitory Authority, State Personal Income Tax Revenue Bonds
(Education), Series B:
5.75%,
3/15/36	600	624,726
5.25%,
3/15/38	500	497,015
TSASC,
Inc., New York, TFABS, Series 1 (e):
6.375%,
7/15/09	2,000	2,074,520
5.75%,
7/15/12	3,000	3,447,810
		10,938,853
Tobacco—8.3%
New York
Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, 6%,
6/01/43	6,700	4,872,642
Rensselaer
Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
Asset-Backed Revenue Bonds, Series A, 5.75%, 6/01/43	2,500	1,748,475
Rockland
Tobacco Asset Securitization Corporation, New York, Tobacco Settlement
Asset-Backed Revenue Bonds, 5.75%, 8/15/43	5,000	3,495,800
Westchester
Tobacco Asset Securitization Corporation, New York, Revenue Bonds, 6.75%,
7/15/10 (e)	2,000	2,195,500
		12,312,417
Transportation—29.3%
Metropolitan
Transportation Authority, New York, Dedicated Tax Fund Revenue Refunding
Bonds, Series A, 5%, 11/15/30	12,000	11,099,160
Metropolitan
Transportation Authority, New York, Revenue Bonds, Series C, 6.50%, 11/15/28	750	807,000
Metropolitan
Transportation Authority, New York, Revenue Refunding Bonds, Series A,
5.125%, 11/15/31	12,000	11,197,080
New York
City, New York, IDA, Special Airport Facility Revenue Bonds (Aero JFK I, LLC
Project), AMT, Series A, 5.50%, 7/01/28	10,000	6,531,100
Port
Authority of New York and New Jersey, Special Obligation Revenue Bonds, AMT:
(Continental
Airlines, Inc. - LaGuardia Project), 9.125%, 12/01/15	8,340	8,350,759
(JFK
International Air Terminal LLC), Series 6, 5.75%, 12/01/22 (c)	7,000	5,620,300
		43,605,399
Utilities—Electric &
Gas—2.9%
Long Island
Power Authority, New York, Electric System Revenue Refunding Bonds, Series B,
5%, 12/01/35 (i)	2,350	2,078,128
Long Island
Power Authority, New York, Electric System Revenue Refunding Bonds, Series B,
5%, 12/01/35	2,500	2,223,125
		4,301,253
Utilities—Irrigation, Resource
Recovery, Solid Waste & Other—1.8%
Long Island
Power Authority, New York, Electric System Revenue Refunding Bonds, Series A:
6.25%,
4/01/33	150	155,536
5.75%,
4/01/39	2,500	2,478,550
		2,634,086

Municipal Bonds	Par (000)	Value
New York (concluded)
Utilities—Water &
Sewer—11.6%
New York
City, New York, City Municipal Water Finance Authority, Second General Resolution,
Water and Sewer System Revenue Bonds, Series AA, 4.50%, 6/15/37 (c)	$ 2,050	$ 1,771,303
New York
City, New York, City Municipal Water Finance Authority, Water and Sewer
System Revenue Bonds, Series A:
5%, 6/15/32
(c)(l)	4,000	3,819,360
5.75%,
6/15/40	600	630,150
New York
City, New York, City Municipal Water Finance Authority, Water and Sewer
System, Revenue Refunding Bonds:
Series C,
5%, 6/15/32	6,500	6,265,285
Series D,
5%, 6/15/39	5,000	4,745,550
		17,231,648
Total Municipal Bonds in New York		187,450,160
Multi-State—12.9%
Housing—12.9%
Charter Mac
Equity Issuer Trust (m)(n):
6.30%,
6/30/49	6,000	6,070,860
6.80%,
11/30/50	5,500	5,727,205
MuniMae TE
Bond Subsidiary LLC (m)(n):
6.30%,
6/30/49	6,000	5,114,520
6.80%,
6/30/50	3,000	2,295,630
Total Municipal Bonds in Multi-State		19,208,215
Puerto Rico—15.6%
County/City/Special District/School
District—3.7%
Puerto Rico
Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series
E, 5.50%, 2/01/12 (e)	5,000	5,547,250
Housing—2.0%
Puerto Rico
Housing Financing Authority, Capital Funding Program, Subordinate Revenue
Refunding Bonds, 5.125%, 12/01/27	3,000	2,944,710
State—8.4%
Puerto Rico
Public Buildings Authority, Government Facilities Revenue Refunding Bonds,
Series D:
5.25%,
7/01/12 (e)	4,400	4,873,352
5.25%,
7/01/36	1,600	1,315,632
Puerto Rico
Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series
E, 5.70%, 2/01/10 (e)	6,000	6,275,640
		12,464,624
Utilities—Electric &
Gas—0.3%
Puerto Rico
Electric Power Authority, Power Revenue Refunding Bonds, Series VV, 5.25%,
7/01/29 (c)	500	424,360
Utilities—Water &
Sewer—1.2%
Puerto Rico
Commonwealth Aqueduct and Sewer Authority, Senior Lien Revenue Bonds, Series
A, 6%, 7/01/38	2,000	1,747,440
Total Municipal Bonds in Puerto Rico		23,128,384
Total Municipal Bonds—154.7%		229,786,759

See Notes to Financial Statements. — 36	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Schedule of Investments (concluded)
(Percentages shown are based on Net
Assets)

Municipal Bonds Transferred to Tender Option Bond Trusts (o)	Par (000)	Value
New
York—12.6%
State—12.6%
New York
State Mortgage Agency, Homeowner Mortgage Revenue Bonds, AMT, 31st Series A,
5.30%, 10/01/31	$ 5,242	$ 4,778,073
New York
State Mortgage Agency Revenue Bonds, AMT, Series 101, 5.40%, 4/01/32	15,500	14,021,610
Total Municipal Bonds Transferred to Tender Option Bond Trusts—12.6%		18,799,683
Total Long-Term Investments (Cost—$280,026,841)—167.3%		248,586,442
Short-Term Securities	Shares	Value
Money Market
Funds—2.5%
CMA New
York Municipal Money Fund, 0.11% (p)(q)	3,733,341	$ 3,733,341
Total Short-Term Securities
(Cost—$3,733,341)—2.5%		3,733,341
Total Investments
(Cost—$283,760,182*)—169.8%		252,319,783
Other Assets Less Liabilities—1.7%		2,602,694
Liability for Trust Certificates, Including Interest
Expense and Fees
Payable—(7.1)%		(10,500,732	)
Preferred Shares, at Redemption
Value—(64.5)%		(95,859,938	)
Net Assets Applicable to Common
Shares—100.0%		$ 148,561,807

• The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$
Gross unrealized appreciation	$ 4,164,235
Gross unrealized depreciation	(34,721,901	)
Net unrealized depreciation	$ (30,557,666	)

(a)	ACA Insured.
(b)	Radian Insured.
(c)	MBIA Insured.
(d)	AMBAC Insured.
(e)	US 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.
(f)	Assured Guaranty Insured.
(g)	FSA Insured.
(h)	SONYMA Insured.
(i)	CIFG Insured.
(j)	Non-income producing security.
(k)	Issuer filed for bankruptcy and/or is in default of
interest payments.
(l)	FGIC Insured.
(m)	Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in transactions exempt
from registration to qualified institutional investors.
(n)	Security represents a beneficial interest in a trust. The
collateral deposited into the trust is federally tax-exempt revenue bonds
issued by various state or local governments, or their respective agencies or
authorities. The security is subject to remarketing prior to its stated
maturity, and is subject to mandatory redemption at maturity.
(o)	Securities represent bonds transferred to a tender option
bond trust in exchange for which the Trust acquired residual interest
certificates. These securities serve as collateral in a financing
transaction. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to municipal bond trusts.
(p)	Investments in companies considered to be an affiliate of
the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of
1940, were as follows:

Affiliate		Income
CMA New York Municipal Money Fund	(875,189)	$ 25,675

(q)	Represents the current yield as of report date.
•	For Trust compliance purposes, the Trust’s industry
classifications refer to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group
indexes, and/or as defined by Trust management. This definition may not apply
for purposes of this report which may combine industry sub-classifications
for reporting ease.
•	Effective August 1, 2008, the Trust adopted Financial
Accounting Standards Board Statement of Financial Accounting Standards No.
157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of
fair value, establishes a framework for measuring fair values and requires
additional disclosures about the use of fair value measurements. Various
inputs are used in determining the fair value of investments, which are as
follows:
	•	Level 1 – price quotations in active markets/exchanges for
identical securities
	•	Level 2 – other observable inputs (including, but not
limited to: quoted prices for similar assets or liabilities in markets that
are not active, inputs other than quoted prices that are observable for the
assets or liabilities (such as interest rates, yield curves, volatilities,
prepayment speeds, loss severities, credit risks and default rates) or other
market-corroborated inputs)
	•	Level 3 – unobservable inputs based on the best
information available in the circumstance, to the extent observable inputs
are not available (including the Trust’s own assumption used in determining
the fair value of investments)
	The inputs or methodology used for valuing securities are
not necessarily an indication of the risk associated with investing in those
securities. For information about the Trust’s policy regarding valuation of
investments and other significant accounting policies, please refer to Note 1
of the Notes to Financial Statements.
	The following table summarizes the inputs used as of
January 31, 2009 in determining the fair valuation of the Trust’s
investments:

| Valuation Inputs | Investments
in Securities |
| --- | --- |
| | Assets |
| Level 1 | $ 3,733,341 |
| Level 2 | 248,586,442 |
| Level 3 | — |
| Total | $ 252,319,783 |

| See Notes to Financial
Statements. — SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 37 |
| --- | --- | --- |

S tatements of Assets and Liabilities

| January 31, 2009
(Unaudited) | BlackRock California Investment Quality Municipal Trust (RAA) | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Assets | | | | | | | | | | |
| Investments
at value – unaffiliated 1 | $ 17,440,576 | $ | 300,324,828 | $ | 110,719,351 | $ | 18,258,654 | $ | 129,229,630 | |
| Investments
at value – affiliated 2 | 1,236,964 | | 15,725,811 | | 6,318,290 | | 1,328,809 | | 7,752,695 | |
| Cash | 19,522 | | 94,122 | | 69,968 | | 57,816 | | 8,523 | |
| Investments
sold receivable | — | | 10,256,100 | | 45,604 | | 287,698 | | 55,823 | |
| Interest
receivable | 296,390 | | 5,069,037 | | 1,634,426 | | 219,817 | | 1,683,052 | |
| Income
receivable – affiliated | — | | — | | 77 | | 40 | | 137 | |
| Other
assets | 3,013 | | 22,962 | | 3,654 | | 3,179 | | 8,361 | |
| Prepaid
expenses | 2,337 | | 34,367 | | 11,732 | | 2,537 | | 15,351 | |
| Total
assets | 18,998,802 | | 331,527,227 | | 118,803,102 | | 20,158,550 | | 138,753,572 | |
| Liabilities | | | | | | | | | | |
| Investments
purchased payable | 100,000 | | 17,181,552 | | — | | 539,454 | | 3,537,495 | |
| Income
dividends payable – Common Shares | 46,833 | | 1,033,081 | | 283,669 | | 50,156 | | 487,400 | |
| Investment
advisory fees payable | 5,270 | | 129,013 | | 49,007 | | 5,475 | | 57,001 | |
| Administration
fee payable | 1,632 | | — | | — | | 1,713 | | — | |
| Officer’s
and Trustees’ fees payable | 3,134 | | 24,138 | | 4,181 | | 3,278 | | 8,359 | |
| Interest
expense and fees payable | 2,021 | | 213,764 | | 54,058 | | 5,056 | | 19,675 | |
| Other
affiliates payable | — | | 1,784 | | 698 | | — | | 820 | |
| Other
accrued expenses payable | 39,593 | | 76,340 | | 73,852 | | 36,498 | | 51,395 | |
| Total
accrued liabilities | 198,483 | | 18,659,672 | | 465,465 | | 641,630 | | 4,162,145 | |
| Other Liabilities | | | | | | | | | | |
| Trust
certificates 3 | 329,709 | | 29,284,996 | | 4,755,626 | | 755,150 | | 5,700,000 | |
| Total Liabilities | 528,192 | | 47,944,668 | | 5,221,091 | | 1,396,780 | | 9,862,145 | |
| Preferred Shares at Redemption Value | | | | | | | | | | |
| $0.001 par
value per share at $25,000 per share liquidation preference, plus unpaid
dividends 4 | 6,825,558 | | 100,908,022 | | 42,905,389 | | 7,126,314 | | 49,554,962 | |
| Net Assets Applicable to Common Shares | $ 11,645,052 | $ | 182,674,537 | $ | 70,676,622 | $ | 11,635,456 | $ | 79,336,465 | |
| Net Assets Applicable to Common Shareholders Consist
of | | | | | | | | | | |
| Par value 5 | $ 10,072 | $ | 15,148 | $ | 5,562 | $ | 11,271 | $ | 6,688 | |
| Paid-in
capital in excess of par | 13,393,656 | | 215,113,849 | | 78,885,738 | | 15,001,008 | | 94,901,784 | |
| Undistributed
net investment income | 14,645 | | 2,796,810 | | 1,017,717 | | 63,691 | | 409,280 | |
| Accumulated
net realized loss | (458,123 | ) | (6,359,988 | ) | (567,339 | ) | (1,499,698 | ) | (4,583,050 | ) |
| Net
unrealized appreciation/depreciation | (1,315,198 | ) | (28,891,282 | ) | (8,665,056 | ) | (1,940,816 | ) | (11,398,237 | ) |
| Net Assets Applicable to Common
Shareholders | $ 11,645,052 | $ | 182,674,537 | $ | 70,676,622 | $ | 11,635,456 | $ | 79,336,465 | |
| Net asset
value per Common Share 6 | $ 11.56 | $ | 12.06 | $ | 12.71 | $ | 10.32 | $ | 11.86 | |
| 1 Investments
at cost – unaffiliated | $ 18,755,774 | $ | 329,216,110 | $ | 119,384,407 | $ | 20,199,470 | $ | 140,627,867 | |
| 2 Investments
at cost – affiliated | $ 1,236,964 | $ | 15,725,811 | $ | 6,318,290 | $ | 1,328,809 | $ | 7,752,695 | |
| 3 Represents
short-term floating rate certificates issued by tender option bond trusts. | | | | | | | | | | |
| 4 Preferred
Shares outstanding | 273 | | 4,036 | | 1,716 | | 285 | | 1,982 | |
| 5 Par value
per share | $ 0.01 | $ | 0.001 | $ | 0.001 | $ | 0.01 | $ | 0.001 | |
| 6 Common
Shares outstanding | 1,007,166 | | 15,147,816 | | 5,562,128 | | 1,127,093 | | 6,688,170 | |

| See Notes to Financial
Statements. — 38 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
| --- | --- | --- |

January 31, 2009 (Unaudited)	BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
Assets
Investments
at value – unaffiliated 1	$ 17,286,555	$	134,815,056	$	24,787,466	$	248,586,442
Investments
at value – affiliated 2	219,275		13,235,632		417,024		3,733,341
Cash	33,722		44,708		20,262		1,211
Investments
sold receivable	—		—		196,004		1,644,292
Interest
receivable	186,516		1,369,610		326,203		3,781,939
Income
receivable – affiliated	—		152		68		121
Other
assets	4,491		9,687		3,089		16,119
Prepaid
expenses	2,302		17,426		3,167		28,651
Total
assets	17,732,861		149,492,271		25,753,283		257,792,116
Liabilities
Investments
purchased payable	—		—		198,353		1,722,530
Income
dividends payable – Common Shares	52,023		585,947		76,339		957,062
Investment
advisory fees payable	5,000		57,270		7,432		109,017
Administration
fee payable	1,529		—		2,209		—
Officer’s
and Trustees’ fees payable	4,568		10,605		3,212		15,756
Interest
expense and fees payable	—		—		—		128,238
Other
affiliates payable	—		956		—		1,552
Other
accrued expenses payable	45,318		74,257		36,350		63,722
Total
accrued liabilities	108,438		729,035		323,895		2,997,877
Other Liabilities
Trust
certificates 3	—		—		—		10,372,494
Total Liabilities	110,655		747,719		323,895		13,370,371
Preferred Shares at Redemption Value
$0.001 par
value per share at $25,000 per share liquidation preference, plus unpaid
dividends 4	7,075,709		60,478,560		9,801,231		95,859,938
Net Assets Applicable to Common Shares	$ 10,548,714	$	88,284,676	$	15,628,157	$	148,561,807
Net Assets Applicable to Common Shareholders Consist
of
Par value 5	$ 10,121	$	7,551	$	13,117	$	12,703
Paid-in
capital in excess of par	13,151,739		107,331,711		17,718,414		180,406,245
Undistributed
net investment income	105,647		1,501,750		60,402		3,350,142
Accumulated
net realized loss	(290,119	)	(1,903,331	)	(148,634	)	(3,766,884	)
Net
unrealized appreciation/depreciation	(2,428,674	)	(18,653,005	)	(2,015,142	)	(31,440,399	)
Net Assets Applicable to Common
Shareholders	$ 10,548,714	$	88,284,676	$	15,628,157	$	148,561,807
Net asset
value per Common Share 6	$ 10.42	$	11.69	$	11.91	$	11.69
1 Investments
at cost – unaffiliated	$ 19,715,229	$	153,468,061	$	26,802,608	$	280,026,841
2 Investments
at cost – affiliated	$ 219,275	$	13,235,632	$	417,024	$	3,733,341
3 Represents
short-term floating rate certificates issued by tender option bond trusts.
4 Preferred
Shares outstanding	283		2,419		392		3,834
5 Par value
per share	$ 0.01	$	0.001	$	0.01	$	0.001
6 Common
Shares outstanding	1,012,105		7,550,863		1,311,673		12,703,406

SEMI-ANNUAL REPORT JANUARY 31, 2009 39

Statements of Operations

| Six Months Ended January 31, 2009
(Unaudited) | BlackRock California Investment Quality Municipal Trust Inc. (RAA) | | BlackRock California Municipal Income Trust (BFZ) | | BlackRock Florida Municipal 2020 Term Trust (BFO) | | BlackRock Investment Quality Municipal Income Trust (RFA) | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment Income | | | | | | | | |
| Interest | $ 509,167 | | $ 9,211,281 | | $ 3,166,791 | | $ 558,051 | |
| Income -
affiliated | 5,286 | | 70,793 | | 18,019 | | 10,369 | |
| Total
income | 514,453 | | 9,282,074 | | 3,184,810 | | 568,420 | |
| Expenses | | | | | | | | |
| Investment
advisory | 33,764 | | 970,475 | | 304,492 | | 35,980 | |
| Professional | 24,329 | | 35,723 | | 29,099 | | 23,080 | |
| Administration | 9,647 | | — | | — | | 10,280 | |
| Commissions
for Preferred Shares | 6,480 | | 119,394 | | 43,367 | | 8,635 | |
| Transfer
agent | 5,818 | | 11,766 | | 9,669 | | 5,922 | |
| Printing | 2,089 | | 28,177 | | 12,854 | | 2,332 | |
| Accounting
services | 1,487 | | 26,145 | | 11,000 | | 1,569 | |
| Custodian | 1,426 | | 9,426 | | 4,369 | | 1,238 | |
| Registration | 202 | | 4,241 | | 4,676 | | 215 | |
| Officer and
Trustees | — | | 6,353 | | 3,958 | | — | |
| Miscellaneous | 11,503 | | 26,473 | | 21,971 | | 14,430 | |
| Total
expenses excluding interest expense and fees | 96,745 | | 1,238,173 | | 445,455 | | 103,681 | |
| Interest
expense and fees 1 | 5,197 | | 362,336 | | 67,232 | | 8,552 | |
| Total
expenses | 101,942 | | 1,600,509 | | 512,687 | | 112,233 | |
| Less fees
waived by advisor | (1,873 | ) | (190,667 | ) | (9,578 | ) | (3,035 | ) |
| Total
expenses after waiver | 100,069 | | 1,409,842 | | 503,109 | | 109,198 | |
| Net
investment income | 414,384 | | 7,872,232 | | 2,681,701 | | 459,222 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | |
| Net
realized gain (loss) from: | | | | | | | | |
| Investments | (343,378 | ) | (644,086 | ) | (610,501 | ) | (920,086 | ) |
| Futures and
forward interest rate swaps | — | | — | | — | | (46,216 | ) |
| | (343,378 | ) | (644,086 | ) | (610,501 | ) | (966,302 | ) |
| Net change
in unrealized appreciation/depreciation on: | | | | | | | | |
| Investments | (1,030,584 | ) | (28,561,954 | ) | (7,763,272 | ) | (1,346,714 | ) |
| Futures and
forward interest rate swaps | — | | — | | — | | 31,016 | |
| | (1,030,584 | ) | (28,561,954 | ) | (7,763,272 | ) | (1,315,698 | ) |
| Total
realized and unrealized loss | (1,373,962 | ) | (29,206,040 | ) | (8,373,773 | ) | (2,282,000 | ) |
| Dividends and Distributions to Preferred Shareholders
From | | | | | | | | |
| Net
investment income | (107,911 | ) | (1,578,211 | ) | (676,438 | ) | (111,935 | ) |
| Net
realized gain | — | | — | | — | | — | |
| | (107,911 | ) | (1,578,211 | ) | (676,438 | ) | (111,935 | ) |
| Net Decrease in Net Assets Applicable to Common
Shareholders Resulting
from Operations | $ (1,067,489 | ) | $ (22,912,019 | ) | $ (6,368,510 | ) | $ (1,934,713 | ) |

1 Related to tender option bond trusts

| See Notes to Financial Statements — 40 | SEMI-ANNUAL REPORT | JANUARY
31, 2009 |
| --- | --- | --- |

| Six Months Ended January 31, 2009
(Unaudited) | BlackRock Municipal Income Investment Trust (BBF) | | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) | | BlackRock New Jersey Municipal Income Trust (BNJ) | | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) | | BlackRock New York Municipal Income Trust (BNY) | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Investment Income | | | | | | | | | | |
| Interest | $ 3,864,884 | | $ 525,469 | | $ 4,464,012 | | $ 729,382 | | $ 7,922,098 | |
| Income -
affiliated | 51,282 | | 6,242 | | 63,149 | | 4,097 | | 26,991 | |
| Total
income | 3,916,166 | | 531,711 | | 4,527,161 | | 733,479 | | 7,949,089 | |
| Expenses | | | | | | | | | | |
| Investment
advisory | 428,073 | | 32,354 | | 473,156 | | 45,366 | | 796,604 | |
| Professional | 32,745 | | 21,229 | | 30,971 | | 21,165 | | 37,726 | |
| Administration | — | | 9,244 | | — | | 12,962 | | | |
| Commissions
for Preferred Shares | 47,568 | | 7,008 | | 75,269 | | 9,815 | | 99,052 | |
| Transfer
agent | 10,116 | | 6,277 | | 9,235 | | 6,278 | | 12,506 | |
| Printing | 15,738 | | 1,959 | | 16,351 | | 4,194 | | 27,694 | |
| Accounting
services | 12,681 | | 1,572 | | 13,067 | | 1,538 | | 26,817 | |
| Custodian | 5,126 | | 1,496 | | 5,392 | | 1,760 | | 8,757 | |
| Registration | 4,860 | | 211 | | 4,379 | | 274 | | 4,909 | |
| Officer and
Trustees | 3,033 | | — | | 2,805 | | 680 | | 5,013 | |
| Miscellaneous | 22,087 | | 17,164 | | 22,188 | | 15,713 | | 30,632 | |
| Total expenses
excluding interest expense and fees | 582,027 | | 98,514 | | 652,813 | | 119,745 | | 1,049,710 | |
| Interest
expense and fees 1 | 61,605 | | 3,602 | | 27,940 | | — | | 146,002 | |
| Total
expenses | 643,632 | | 102,116 | | 680,753 | | 119,765 | | 1,195,712 | |
| Less fees
waived by advisor | (92,043 | ) | (1,823 | ) | (101,230 | ) | (1,221 | ) | (141,675 | ) |
| Total
expenses after waiver | 551,589 | | 100,293 | | 579,523 | | 118,524 | | 1,054,037 | |
| Net investment
income | 3,364,577 | | 431,418 | | 3,947,638 | | 614,955 | | 6,895,052 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | |
| Net
realized gain (loss) from: | | | | | | | | | | |
| Investments | (2,389,727 | ) | 16,580 | | (611,711 | ) | (86,479 | ) | (1,472,167 | ) |
| Futures and
forward interest rate swaps | — | | — | | — | | 2,987 | | 26,881 | |
| | (2,389,727 | ) | 16,580 | | (611,711 | ) | (83,492 | ) | (1,445,286 | ) |
| Net change
in unrealized appreciation/depreciation on: | | | | | | | | | | |
| Investments | (12,116,374 | ) | (1,827,720 | ) | (17,422,652 | ) | (1,731,352 | ) | (25,877,968 | ) |
| Futures and
forward interest rate swaps | — | | — | | — | | — | | — | |
| | (12,116,374 | ) | (1,827,720 | ) | (17,422,652 | ) | (1,731,352 | ) | — | |
| Total
realized and unrealized loss | (14,506,101 | ) | (1,811,140 | ) | (18,034,363 | ) | (1,814,844 | ) | (25,877,968 | ) |
| Dividends and Distributions to Preferred Shareholders
From | | | | | | | | | | |
| Net
investment income | (774,060 | ) | (110,194 | ) | (949,995 | ) | (152,647 | ) | (27,323,254 | ) |
| Net
realized gain | — | | — | | — | | (2,815 | ) | — | |
| | (774,060 | ) | (110,194 | ) | (949,995 | ) | (155,462 | ) | (1,511,890 | ) |
| Net Decrease in Net Assets Applicable to Common
Shareholders Resulting
from Operations | $ (11,915,584 | ) | $ (1,489,916 | ) | $ (15,036,720 | ) | $ (1,355,351 | ) | $ (21,940,092 | ) |

SEMI-ANNUAL REPORT JANUARY 31, 2009 41

Statements of Changes in Net Assets

| Increase (Decrease) in Net Assets: | BlackRock
California Investment Quality Municipal Trust Inc. (RAA) — Six
Months Ended January 31, 2009 (Unaudited) | Period
November 1, 2007 to July 31, 2008 | | | Year
Ended October 31, 2007 | |
| --- | --- | --- | --- | --- | --- | --- |
| Operations | | | | | | |
| Net
investment income | $ 414,384 | $ | 602,581 | | $ 842,673 | |
| Net
realized gain (loss) | (343,378 | ) | (109,585 | ) | (7,880 | ) |
| Net change
in unrealized appreciation/depreciation | (1,030,584 | ) | (846,985 | ) | (582,095 | ) |
| Dividends
and distributions to Preferred Shareholders from: | | | | | | |
| Net
investment income | (107,911 | ) | (177,511 | ) | (240,350 | ) |
| Net
realized gain | — | | — | | (16,752 | ) |
| Net
increase (decrease) in net assets applicable to Common Shareholders resulting
from operations | (1,067,489 | ) | (531,500 | ) | (4,404 | ) |
| Dividends and Distributions to Common
Shareholders From | | | | | | |
| Net
investment income | (280,999 | ) | (432,060 | ) | (602,846 | ) |
| Net
realized gain | — | | — | | (51,877 | ) |
| Decrease in
net assets resulting from dividends and distributions to Common Shareholders | (280,999 | ) | (432,060 | ) | (654,723 | ) |
| Capital Share Transactions | | | | | | |
| Reinvestment
of common dividends | — | | 943 | | — | |
| Net Assets Applicable to Common
Shareholders | | | | | | |
| Total
decrease in net assets applicable to Common Shareholders | (1,348,488 | ) | (962,617 | ) | (659,127 | ) |
| Beginning
of period | 12,993,540 | | 13,956,157 | | 14,615,284 | |
| End of
period | $ 11,645,052 | $ | 12,993,540 | | $ 13,956,157 | |
| End of
period undistributed (distributions in excess of) net investment income | $ 14,645 | $ | (10,829 | ) | $ (3,826 | ) |

| Increase (Decrease) in Net Assets: | BlackRock
Investment Quality Municipal Income Trust (RFA) — Six
Months Ended January 31, 2009 (Unaudited) | Period
November 1, 2007 to July 31, 2008 | | Year
Ended October 31, 2007 | | |
| --- | --- | --- | --- | --- | --- | --- |
| Operations | | | | | | |
| Net
investment income | $ 459,222 | $ | 693,948 | $ | 940,777 | |
| Net
realized gain (loss) | (966,302 | ) | (396,129 | ) | (137,267 | ) |
| Net change
in unrealized appreciation/depreciation | (1,315,698 | ) | (882,071 | ) | (659,452 | ) |
| Dividends
and distributions to Preferred Shareholders from: | | | | | | |
| Net
investment income | (111,935 | ) | (223,179 | ) | (292,680 | ) |
| Net
realized gain | — | | — | | (42,977 | ) |
| Net
increase (decrease) in net assets applicable to Common Shareholders resulting
from operations | (1,934,713 | ) | (807,431 | ) | (191,599 | ) |
| Dividends and Distributions to Common
Shareholders From | | | | | | |
| Net
investment income | (300,934 | ) | (455,346 | ) | (674,882 | ) |
| Net
realized gain | — | | — | | (53,470 | ) |
| Decrease in
net assets resulting from dividends and distributions to Common Shareholders | (300,934 | ) | (455,346 | ) | (728,352 | ) |
| Capital Share Transactions | | | | | | |
| Reinvestment
of common dividends | — | | — | | — | |
| Net Assets Applicable to Common
Shareholders | | | | | | |
| Total
decrease in net assets applicable to Common Shareholders | (2,235,647 | ) | (1,262,777 | ) | (919,951 | ) |
| Beginning
of period | 13,871,103 | | 15,133,880 | | 16,053,831 | |
| End of
period | $ 11,635,456 | $ | 13,871,103 | $ | 15,133,880 | |
| End of
period undistributed net investment income | $ 63,691 | $ | 17,338 | $ | 1,915 | |

See Notes to Financial Statements.

42 SEMI-ANNUAL REPORT JANUARY 31, 2009

| Increase (Decrease) in Net Assets: | BlackRock
California Municipal Income Trust (BFZ) — Six
Months Ended January 31, 2009 (Unaudited) | Period
November 1, 2007 to July 31, 2008 | | Year
Ended October 31, 2007 | | Six
Months Ended January 31, 2009 (Unaudited) | | Period
January 1, 2008 to July 31, 2008 | | Year
Ended December 31, 2007 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Operations | | | | | | | | | | | | |
| Net
investment income | $ 7,872,232 | $ | 12,399,272 | $ | 16,381,853 | $ | 2,681,701 | $ | 3,205,031 | $ | 5,510,035 | |
| Net
realized gain (loss) | (644,086 | ) | 1,644,668 | | 506,163 | | (610,501 | ) | 43,162 | | 1,545,672 | |
| Net change
in unrealized appreciation/depreciation | (28,561,954 | ) | (15,257,013 | ) | (10,163,939 | ) | (7,763,272 | ) | (3,498,822 | ) | (4,021,372 | ) |
| Dividends
and distributions to Preferred Shareholders from: | | | | | | | | | | | | |
| Net investment
income | (1,578,211 | ) | (3,277,663 | ) | (4,587,525 | ) | (676,438 | ) | (912,876 | ) | (1,722,437 | ) |
| Net
realized gain | — | | — | | — | | — | | — | | (104,875 | ) |
| Net
increase (decrease) in net assets applicable to Common Shareholders resulting
from operations | (22,912,019 | ) | (4,490,736 | ) | 2,136,552 | | (6,368,510 | ) | (1,163,505 | ) | 1,207,023 | |
| Dividends and Distributions to Common
Shareholders From | | | | | | | | | | | | |
| Net
investment income | (6,197,583 | ) | (10,463,776 | ) | (13,751,528 | ) | (1,702,011 | ) | (1,985,680 | ) | (3,404,022 | ) |
| Net
realized gain | — | | — | | — | | — | | — | | (206,833 | ) |
| Decrease in
net assets resulting from dividends and distributions to Common Shareholders | (6,197,583 | ) | (10,463,776 | ) | (13,751,528 | ) | (1,702,011 | ) | (1,985,680 | ) | (3,610,855 | ) |
| Capital Share Transactions | | | | | | | | | | | | |
| Reinvestment
of common dividends | 113,246 | | 686,118 | | 981,552 | | — | | — | | — | |
| Net Assets Applicable to Common
Shareholders | | | | | | | | | | | | |
| Total
decrease in net assets applicable to Common Shareholders | (28,996,356 | ) | (14,268,394 | ) | (10,633,424 | ) | (8,070,521 | ) | (3,149,185 | ) | (2,403,832 | ) |
| Beginning
of period | 211,670,893 | | 225,939,287 | | 236,572,711 | | 78,747,143 | | 81,896,328 | | 84,300,160 | |
| End of
period | $ 182,674,537 | $ | 211,670,893 | $ | 225,939,287 | $ | 70,676,622 | $ | 78,747,143 | $ | 81,896,328 | |
| End of
period undistributed (distributions in excess of) net investment income | $ 2,796,810 | $ | 2,700,372 | $ | 4,037,754 | $ | 1,017,717 | $ | 714,465 | $ | 414,384 | |

| Increase (Decrease) in Net Assets: | BlackRock
Municipal Income Investment Trust (BBF) — Six
Months Ended January 31, 2009 (Unaudited) | Period
November 1, 2007 to July 31, 2008 | | Year
Ended October 31, 2007 | | Six
Months Ended January 31, 2009 (Unaudited) | | Period
November 1, 2007 to July 31, 2008 | | Year
Ended October 31, 2007 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Operations | | | | | | | | | | | | |
| Net
investment income | $ 3,364,577 | $ | 5,362,831 | $ | 7,189,178 | $ | 431,418 | $ | 671,005 | $ | 917,642 | |
| Net
realized gain (loss) | (2,389,727 | ) | (970,330 | ) | (426,708 | ) | 16,580 | | (251,633 | ) | (55,198 | ) |
| Net change
in unrealized appreciation/depreciation | (12,116,374 | ) | (5,046,482 | ) | (2,783,039 | ) | (1,827,720 | ) | (1,006,647 | ) | (650,877 | ) |
| Dividends
and distributions to Preferred Shareholders from: | | | | | | | | | | | | |
| Net
investment income | (774,060 | ) | (1,449,340 | ) | (2,093,225 | ) | (110,194 | ) | (184,793 | ) | (236,547 | ) |
| Net
realized gain | — | | — | | — | | — | | — | | (17,621 | ) |
| Net
increase (decrease) in net assets applicable to Common Shareholders resulting
from operations | (11,915,584 | ) | (2,103,321 | ) | 1,886,206 | | (1,489,916 | ) | (772,068 | ) | (42,601 | ) |
| Dividends and Distributions to Common
Shareholders From | | | | | | | | | | | | |
| Net investment
income | (2,924,402 | ) | (4,401,018 | ) | (6,035,745 | ) | (312,133 | ) | (614,432 | ) | (830,797 | ) |
| Net
realized gain | — | | — | | — | | — | | — | | (38,111 | ) |
| Decrease in
net assets resulting from dividends and distributions to Common Shareholders | (2,924,402 | ) | (4,401,018 | ) | (6,035,745 | ) | (312,133 | ) | (614,432 | ) | (868,908 | ) |
| Capital Share Transactions | | | | | | | | | | | | |
| Reinvestment
of common dividends | — | | 117,011 | | 262,307 | | — | | 43,041 | | 29,674 | |
| Net Assets Applicable to Common
Shareholders | | | | | | | | | | | | |
| Total
decrease in net assets applicable to Common Shareholders | (14,839,986 | ) | (6,387,328 | ) | (3,887,232 | ) | (1,802,049 | ) | (1,343,459 | ) | (881,835 | ) |
| Beginning
of period | 94,176,451 | | 100,563,779 | | 104,451,011 | | 12,350,763 | | 13,694,222 | | 14,576,057 | |
| End of
period | $ 79,336,465 | $ | 94,176,451 | $ | 100,563,779 | $ | 10,548,714 | $ | 12,350,763 | $ | 13,694,222 | |
| End of
period undistributed net investment income | $ 409,280 | $ | 743,165 | $ | 1,230,692 | $ | 105,647 | $ | 96,556 | $ | 224,395 | |

SEMI-ANNUAL REPORT JANUARY 31, 2009 43

Statements of Changes in Net Assets

| Increase (Decrease) in Net Assets: | BlackRock
New Jersey Municipal Income Trust (BNJ) — Six
Months Ended January 31, 2009 (Unaudited) | Period
November 1, 2007 through July 31, 2008 | | Year
Ended October 31, 2007 | | |
| --- | --- | --- | --- | --- | --- | --- |
| Operations | | | | | | |
| Net
investment income | $ 3,947,638 | $ | 6,675,884 | $ | 8,571,202 | |
| Net
realized gain (loss) | (611,711 | ) | (66,308 | ) | (615,269 | ) |
| Net change
in unrealized appreciation/depreciation | (17,422,652 | ) | (9,362,431 | ) | (5,097,663 | ) |
| Dividends
and distributions to Preferred Shareholders from: | | | | | | |
| Net
investment income | (949,995 | ) | (1,636,690 | ) | (2,223,503 | ) |
| Net
realized gain | — | | — | | — | |
| Net
increase (decrease) in net assets applicable to Common Shareholders resulting
from operations | (15,036,720 | ) | (4,389,545 | ) | 634,767 | |
| Dividends and Distributions to Common Shareholders
From | | | | | | |
| Net
investment income | (3,512,360 | ) | (5,666,616 | ) | (7,148,582 | ) |
| Net
realized gain | — | | — | | — | |
| Decrease in
net assets resulting from dividends and distributions to Common Shareholders | (3,512,360 | ) | (5,666,616 | ) | (7,148,582 | ) |
| Capital Share Transactions | | | | | | |
| Reinvestment
of common dividends | 238,175 | | 499,535 | | 679,024 | |
| Net Assets Applicable to Common
Shareholders | | | | | | |
| Total
decrease in net assets applicable to Common Shareholders | (18,310,905 | ) | (9,556,626 | ) | (5,834,791 | ) |
| Beginning
of period | 106,595,581 | | 116,152,207 | | 121,986,998 | |
| End of
period | $ 88,284,676 | $ | 106,595,581 | $ | 116,152,207 | |
| End of
period undistributed net investment income | $ 1,501,750 | $ | 2,016,467 | $ | 2,639,891 | |

See Notes to Financial Statements. — 44	SEMI-ANNUAL REPORT	JANUARY 31, 2009

| Increase (Decrease) in Net Assets: | BlackRock
New York Investment Quality Municipal Trust Inc. (RNY) — Six
Months Ended January 31, 2009 (Unaudited) | Period
November 1, 2007 through July 31, 2008 | | Year
Ended October 31, 2007 | | Six
Months Ended January 31, 2009 (Unaudited) | | Period
November 1, 2007 through July 31, 2008 | | Year
Ended October 31, 2007 | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Operations | | | | | | | | | | | | |
| Net
investment income | $ 614,955 | $ | 882,236 | $ | 1,241,769 | $ | 6,895,052 | $ | 10,889,657 | $ | 14,157,520 | |
| Net
realized gain (loss) | (83,492 | ) | (55,630 | ) | 174,369 | | (1,445,286 | ) | (1,592,525 | ) | (532,770 | ) |
| Net change
in unrealized appreciation/depreciation | (1,731,352 | ) | (1,113,273 | ) | (959,807 | ) | (25,877,968 | ) | (13,359,690 | ) | (8,294,012 | ) |
| Dividends
and distributions to Preferred Shareholders from: | | | | | | | | | | | | |
| Net
investment income | (152,647 | ) | (201,030 | ) | (332,059 | ) | (1,511,890 | ) | (2,666,298 | ) | (3,596,912 | ) |
| Net
realized gain | (2,815 | ) | (48,505 | ) | (8,495 | ) | — | | — | | — | |
| Net
increase (decrease) in net assets applicable to Common Shareholders resulting
from operations | (1,355,351 | ) | (536,202 | ) | 115,777 | | (21,940,092 | ) | (6,728,856 | ) | 1,733,826 | |
| Dividends and Distributions to Common Shareholders
From | | | | | | | | | | | | |
| Net
investment income | (458,036 | ) | (771,183 | ) | (1,114,664 | ) | (5,738,443 | ) | (8,970,500 | ) | (11,399,449 | ) |
| Net
realized gain | (6,697 | ) | (133,308 | ) | (17,872 | ) | — | | — | | — | |
| Decrease in
net assets resulting from dividends and distributions to Common Shareholders | (464,733 | ) | (904,491 | ) | (1,132,536 | ) | (5,738,443 | ) | (8,970,500 | ) | (11,399,449 | ) |
| Capital Share Transactions | | | | | | | | | | | | |
| Reinvestment
of common dividends | — | | 40,519 | | 26,224 | | 313,339 | | 664,800 | | 910,003 | |
| Net Assets Applicable to Common
Shareholders | | | | | | | | | | | | |
| Total
decrease in net assets applicable to Common Shareholders | (1,820,084 | ) | (1,400,174 | ) | (990,535 | ) | (27,365,196 | ) | (15,034,556 | ) | (8,755,620 | ) |
| Beginning
of period | 17,448,241 | | 18,848,415 | | 19,838,950 | | 175,927,003 | | 190,961,559 | | 199,717,179 | |
| End of
period | $ 15,628,157 | $ | 17,448,241 | $ | 18,848,415 | $ | 148,561,807 | $ | 175,927,003 | $ | 190,961,559 | |
| End of
period undistributed net investment income | $ 60,402 | $ | 56,130 | $ | 146,107 | $ | 3,350,142 | $ | 3,705,423 | $ | 4,448,108 | |

SEMI-ANNUAL REPORT JANUARY 31, 2009 45

F inancial Highlights BlackRock California Investment Quality Municipal Trust Inc. (RAA)

| | Six
Months Ended January 31, 2009 (Unaudited) | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | | |
| Per Share Operating
Performance | | | | | | | | | | | | | | |
| Net asset
value, beginning of period | $ 12.90 | $ | 13.86 | $ | 14.51 | $ | 14.20 | $ | 14.43 | $ | 14.56 | $ | 14.81 | |
| Net
investment income | 0.41 | 1 | 0.60 | 1 | 0.84 | | 0.87 | | 0.78 | | 0.92 | | 1.05 | |
| Net
realized and unrealized gain (loss) | (1.36 | ) | (0.95 | ) | (0.58 | ) | 0.50 | | (0.03 | ) | (0.09 | ) | (0.41 | ) |
| Dividends
and distributions to Preferred Shareholders from: | | | | | | | | | | | | | | |
| Net
investment income | (0.11 | ) | (0.18 | ) | (0.24 | ) | (0.21 | ) | (0.13 | ) | (0.06 | ) | (0.06 | ) |
| Net
realized gain | — | | — | | (0.02 | ) | — | | — | | — | | — | |
| Net
increase (decrease) from investment operations | (1.06 | ) | (0.53 | ) | — | | 1.16 | | 0.62 | | 0.77 | | 0.58 | |
| Dividends
and distributions to Common Shareholders from: | | | | | | | | | | | | | | |
| Net
investment income | (0.28 | ) | (0.43 | ) | (0.60 | ) | (0.85 | ) | (0.85 | ) | (0.85 | ) | (0.83 | ) |
| Net
realized gain | — | | — | | (0.05 | ) | — | | — | | (0.05 | ) | — | |
| Total
dividends and distributions to Common Shareholders | (0.28 | ) | (0.43 | ) | (0.65 | ) | (0.85 | ) | (0.85 | ) | (0.90 | ) | (0.83 | ) |
| Net asset
value, end of period | $ 11.56 | $ | 12.90 | $ | 13.86 | $ | 14.51 | $ | 14.20 | $ | 14.43 | $ | 14.56 | |
| Market
price, end of period | $ 9.70 | $ | 11.96 | $ | 12.57 | $ | 15.80 | $ | 15.75 | $ | 14.30 | $ | 14.03 | |
| Total Investment
Return 2 | | | | | | | | | | | | | | |
| Based on
net asset value | (7.80 | )% 3 | (3.68 | )% 3 | 0.01 | % | 7.87 | % | 4.32 | % | 5.77 | % | 4.43 | % |
| Based on
market price | (16.55 | )% 3 | (1.53 | )% 3 | (16.71 | )% | 5.90 | % | 16.76 | % | 8.78 | % | 11.38 | % |
| Ratios
Based on Average Net Assets Applicable to Common Shares | | | | | | | | | | | | | | |
| Total
expenses after waiver and fees paid indirectly and excluding interest expense
and fees 4, 5 | 1.59 | % 6 | 1.56 | % 6,7 | 1.39 | % | 1.41 | % | 1.35 | % | 1.35 | % | 1.40 | % |
| Total
expenses after waiver and fees paid indirectly 5 | 1.68 | % 6 | 1.59 | % 6,7 | 1.39 | % | 1.41 | % | 1.35 | % | 1.35 | % | 1.40 | % |
| Total
expenses after waiver and before fees paid indirectly 5 | 1.68 | % 6 | 1.59 | % 6,7 | 1.46 | % | 1.50 | % | 1.39 | % | 1.40 | % | 1.40 | % |
| Total
expenses 5 | 1.71 | % 6 | 1.62 | % 6,7 | 1.47 | % | 1.50 | % | 1.39 | % | 1.40 | % | 1.40 | % |
| Net
investment income 5 | 6.96 | % 6 | 6.00 | % 6,7 | 5.90 | % | 6.11 | % | 5.38 | % | 6.37 | % | 7.17 | % |
| Dividends
paid to Preferred Shareholders | 1.81 | % 6 | 1.74 | % 6 | 1.68 | % | 1.50 | % | 0.88 | % | 0.42 | % | 0.44 | % |
| Net
investment income to Common Shareholders | 5.15 | % 6 | 4.26 | % 6,7 | 4.22 | % | 4.61 | % | 4.50 | % | 5.95 | % | 6.73 | % |
| Supplemental Data | | | | | | | | | | | | | | |
| Net assets
applicable to Common Shares, end of period (000) | $ 11,645 | $ | 12,994 | $ | 13,956 | $ | 14,615 | $ | 14,299 | $ | 14,529 | $ | 14,665 | |
| Preferred
Shares outstanding at liquidation preference, end of period (000) | $ 6,825 | $ | 6,825 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | |
| Portfolio
turnover | 21 | % | 14 | % | 38 | % | 49 | % | 20 | % | 15 | % | 6 | % |
| Asset
coverage per Preferred Share, end of period | $ 67,658 | $ | 72,598 | $ | 71,534 | $ | 73,731 | $ | 72,671 | $ | 73,433 | $ | 73,886 | |

1	Based on average shares outstanding.
2	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond
trusts. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.
7	Certain non-recurring expenses have been included in the
ratio but not annualized. If these expenses were annualized, the ratios of
total expenses after waiver and fees paid indirectly and excluding interest
expense and fees, total expenses after waiver and fees paid indirectly, total
expense after waiver and before fees paid indirectly, total expenses, net
investment income and net investment income to Common Shareholders would have
been 1.67%, 1.70%, 1.70%, 1.73%, 5.90% and 4.16%, respectively.

See Notes to Financial Statements. — 46	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Financial Highlights BlackRock California Municipal Income Trust (BFZ)

| | Six
Months Ended January 31, 2009 (Unaudited) | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | | |
| Per Share Operating
Performance | | | | | | | | | | | | | | |
| Net asset
value, beginning of period | $ 13.98 | $ | 14.97 | $ | 15.74 | $ | 15.18 | $ | 14.77 | $ | 13.97 | $ | 14.16 | |
| Net
investment income | 0.52 | 1 | 0.82 | 1 | 1.08 | | 1.11 | | 1.12 | | 1.15 | | 1.12 | |
| Net
realized and unrealized gain (loss) | (1.93 | ) | (0.90 | ) | (0.64 | ) | 0.62 | | 0.36 | | 0.65 | | (0.34 | ) |
| Dividends
to Preferred Shareholders from net investment income | (0.10 | ) | (0.22 | ) | (0.30 | ) | (0.26 | ) | (0.16 | ) | (0.09 | ) | (0.08 | ) |
| Net
increase (decrease) from investment operations | (1.51 | ) | (0.30 | ) | 0.14 | | 1.47 | | 1.32 | | 1.71 | | 0.70 | |
| Dividends
to Common Shareholders from net investment income | (0.41 | ) | (0.69 | ) | (0.91 | ) | (0.91 | ) | (0.91 | ) | (0.91 | ) | (0.89 | ) |
| Net asset
value, end of period | $ 12.06 | $ | 13.98 | $ | 14.97 | $ | 15.74 | $ | 15.18 | $ | 14.77 | $ | 13.97 | |
| Market
price, end of period | $ 10.81 | $ | 13.99 | $ | 15.82 | $ | 17.12 | $ | 14.92 | $ | 13.65 | $ | 13.21 | |
| Total Investment
Return 2 | | | | | | | | | | | | | | |
| Based on
net asset value | (10.61 | )% 3 | (2.09 | )% 3 | 0.77 | % | 9.93 | % | 9.47 | % | 13.14 | % | 5.49 | % |
| Based on
market price | (19.93 | )% 3 | (7.29 | )% 3 | (2.09 | )% | 21.65 | % | 16.42 | % | 10.58 | % | 7.92 | % |
| Ratios
Based on Average Net Assets Applicable to Common Shares | | | | | | | | | | | | | | |
| Total
expenses after waiver and fees paid indirectly and excluding interest expense
and fees 4,5 | 1.10 | % 6 | 0.91 | % 6 | 0.91 | % | 0.87 | % | 0.85 | % | 0.87 | % | 0.89 | % |
| Total
expenses after waiver and fees paid indirectly 5 | 1.48 | % 6 | 0.98 | % 6 | 0.91 | % | 0.87 | % | 0.85 | % | 0.87 | % | 0.89 | % |
| Total
expenses after waiver and before fees paid indirectly 5 | 1.48 | % 6 | 0.98 | % 6 | 0.91 | % | 0.87 | % | 0.86 | % | 0.88 | % | 0.89 | % |
| Total
expenses 5 | 1.68 | % 6 | 1.25 | % 6 | 1.21 | % | 1.25 | % | 1.25 | % | 1.28 | % | 1.30 | % |
| Net
investment income 5 | 8.26 | % 6 | 7.39 | % 6 | 7.09 | % | 7.26 | % | 7.35 | % | 7.96 | % | 8.01 | % |
| Dividends
paid to Preferred Shareholders | 1.66 | % 6 | 1.95 | % 6 | 1.98 | % | 1.71 | % | 1.04 | % | 0.59 | % | 0.57 | % |
| Net
investment income to Common Shareholders | 6.60 | % 6 | 5.44 | % 6 | 5.11 | % | 5.55 | % | 6.31 | % | 7.37 | % | 7.44 | % |
| Supplemental Data | | | | | | | | | | | | | | |
| Net assets
applicable to Common Shares, end of period (000) | $ 182,675 | $ | 211,671 | $ | 225,939 | $ | 236,573 | $ | 227,472 | $ | 221,371 | $ | 209,397 | |
| Preferred
Shares outstanding at liquidation preference, end of period (000) | $ 100,900 | $ | 100,900 | $ | 131,950 | $ | 131,950 | $ | 131,950 | $ | 131,950 | $ | 131,950 | |
| Portfolio
turnover | 28 | % | 26 | % | 26 | % | 17 | % | 28 | % | 15 | % | 34 | % |
| Asset
coverage per Preferred Share, end of period | $ 70,263 | $ | 77,457 | $ | 67,816 | $ | 69,836 | $ | 68,107 | $ | 66,945 | $ | 64,675 | |

1	Based on average shares outstanding.
2	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond
trusts. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	47

Financial Highlights BlackRock Florida Municipal 2020 Term Trust (BFO)

	Six Months Ended January 31, 2009 (Unaudited)	Period January 1, 2008 to July 31, 2008		Year Ended December 31,
				2007		2006		2005		2004
Per Share Operating
Performance
Net asset value, beginning of period	$ 14.16	$	14.72	$	15.16	$	14.90	$	14.63	$	14.50	$	14.33	2
Net investment income	0.48	3	0.58	3	0.99		0.98		0.98		0.99		0.12
Net realized and unrealized gain (loss)	(1.50	)	(0.62	)	(0.45	)	0.23		0.31		0.14		0.26
Dividends and distributions to Preferred Shareholders
from:
Net investment income	(0.12	)	(0.16	)	(0.31	)	(0.29	)	(0.20	)	(0.10	)	(0.01	)
Net realized gain	—		—		(0.02	)	—		(0.01	)	—		—
Net increase (decrease) from investment
operations	(1.14	)	(0.20	)	0.21		0.92		1.08		1.03		0.37
Dividends and distributions to Common Shareholders
from:
Net investment income	(0.31	)	(0.36	)	(0.61	)	(0.66	)	(0.75	)	(0.90	)	(0.15	)
Net realized gain	—		—		(0.04	)	—		(0.06	)	—		—
Total dividends and distributions to Common
Shareholders	(0.31	)	(0.36	)	(0.65	)	(0.66	)	(0.81	)	(0.90	)	(0.15	)
Capital charges with respect to issuance of:
Common Shares	—		—		—		—		—		—		(0.03	)
Preferred Shares	—		—		—		—		—		—		(0.02	)
Total capital charges	—		—		—		—		—		—		(0.05	)
Net asset value, end of period	$ 12.71	$	14.16	$	14.72	$	15.16	$	14.90	$	14.63	$	14.50
Market price, end of period	$ 11.51	$	12.50	$	12.93	$	13.85	$	13.35	$	15.08	$	15.39
Total Investment
Return 4
Based on net asset value	(7.71	)% 5	(1.12	)% 5	1.86	%	6.73	%	7.71	%	7.19	%	2.21	% 5
Based on market price	(5.33	)% 5	(0.63	)% 5	(2.06	)%	8.83	%	(6.76	)%	4.10	%	3.60	% 5
Ratios Based on
Average Net Assets Applicable to Common Shares
Total expenses after waiver and fees paid indirectly and
excluding interest expense and fees 6, 7	1.20	% 8	1.17	% 8	1.16	%	1.18	%	1.24	%	1.21	%	1.02	% 8
Total expenses after waiver and fees paid
indirectly 7	1.38	% 8	1.22	% 8	1.16	%	1.18	%	1.24	%	1.21	%	1.02	% 8
Total expenses after waiver and before fees paid
indirectly 7	1.38	% 8	1.22	% 8	1.16	%	1.20	%	1.26	%	1.21	%	1.02	% 8
Total expenses 7	1.41	% 8	1.22	% 8	1.16	%	1.20	%	1.26	%	1.25	%	1.05	% 8
Net investment income 7	7.37	% 8	6.74	% 8	6.63	%	6.54	%	6.57	%	6.93	%	3.45	% 8
Dividends paid to Preferred Shareholders	1.86	% 8	1.92	% 8	2.07	%	1.96	%	1.32	%	0.68	%	0.30	% 8
Net investment income to Common Shareholders	5.51	% 8	4.82	% 8	4.56	%	4.58	%	5.25	%	6.25	%	3.15	% 8
Supplemental Data
Net assets applicable to Common Shares, end of period
(000)	$ 70,677	$	78,747	$	81,896	$	84,300	$	82,875	$	81,391	$	80,655
Preferred Shares outstanding at liquidation preference,
end of period (000)	$ 42,900	$	42,900	$	48,900	$	48,900	$	48,900	$	48,900	$	48,900
Portfolio turnover	2	%	6	%	17	%	—		—		9	%	—
Asset coverage per Preferred Share, end of
period	$ 66,190	$	70,900	$	66,872	$	68,114	$	67,379	$	66,617	$	66,237

1	Commencement of operations.
2	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.
3	Based on average shares outstanding.
4	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
5	Aggregate total investment return.
6	Interest expense and fees relate to tender option bond
trusts. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
7	Do not reflect the effect of dividends to Preferred
Shareholders.
8	Annualized.

See Notes to Financial Statements. — 48	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Financial Highlights BlackRock Investment Quality Municipal Income Trust (RFA)

	Six Months Ended January 31, 2009 (Unaudited)
				2007		2006		2005		2004		2003
Per Share Operating
Performance
Net asset value, beginning of period	$ 12.31	$	13.43	$	14.24	$	14.39	$	15.02	$	15.39	$	15.65
Net investment income	0.41	1	0.62	1	0.83		0.82		0.84		0.98		1.04
Net realized and unrealized gain (loss)	(2.03	)	(1.14	)	(0.69	)	0.40		(0.35	)	(0.18	)	(0.39	)
Dividends and distributions to Preferred Shareholders
from:
Net investment income	(0.10	)	(0.20	)	(0.26	)	(0.21	)	(0.15	)	(0.07	)	(0.08	)
Net realized gain	—		—		(0.04	)	(0.05	)	(0.01	)	(0.02	)	—
Net increase (decrease) from investment
operations	(1.72	)	(0.72	)	(0.16	)	0.96		0.33		0.71		0.57
Dividends and distributions to Common Shareholders
from:
Net investment income	(0.27	)	(0.40	)	(0.60	)	(0.85	)	(0.85	)	(0.85	)	(0.83	)
Net realized gain	—		—		(0.05	)	(0.26	)	(0.11	)	(0.23	)	—
Total dividends and distributions to Common
Shareholders	(0.27	)	(0.40	)	(0.65	)	(1.11	)	(0.96	)	(1.08	)	(0.83	)
Net asset value, end of period	$ 10.32	$	12.31	$	13.43	$	14.24	$	14.39	$	15.02	$	15.39
Market price, end of period	$ 8.83	$	10.93	$	11.86	$	16.00	$	14.85	$	14.30	$	14.47
Total Investment
Return 2
Based on net asset value	(13.55	)% 3	(5.03	)% 3	(1.02	)%	6.46	%	2.19	%	5.00	%	3.98	%
Based on market price	(16.70	)% 3	(4.51	)% 3	(22.21	)%	15.91	%	10.76	%	6.32	%	5.52	%
Ratios Based on
Average Net Assets Applicable to Common Shares
Total expenses after waiver and fees paid indirectly and
excluding interest expense and fees 4, 5	1.63	% 6	1.53	% 6,7	1.39	%	1.37	%	1.29	%	1.27	%	1.29	%
Total expenses after waiver and fees paid
indirectly 5	1.77	% 6	1.58	% 6,7	1.39	%	1.37	%	1.29	%	1.27	%	1.29	%
Total expenses after waiver and before fees paid
indirectly 5	1.77	% 6	1.58	% 6,7	1.43	%	1.43	%	1.32	%	1.31	%	1.29	%
Total expenses 5	1.82	% 6	1.60	% 6,7	1.44	%	1.43	%	1.32	%	1.31	%	1.29	%
Net investment income 5	7.43	% 6	6.42	% 6,7	6.03	%	5.80	%	5.69	%	6.48	%	6.69	%
Dividends paid to Preferred Shareholders	1.81	% 6	2.03	% 6	1.88	%	1.49	%	1.05	%	0.46	%	0.51	%
Net investment income to Common Shareholders	5.62	% 6	4.39	% 6,7	4.15	%	4.31	%	4.64	%	6.02	%	6.18	%
Supplemental Data
Net assets applicable to Common Shares, end of period
(000)	$ 11,635	$	13,871	$	15,134	$	16,054	$	16,214	$	16,929	$	17,347
Preferred Shares outstanding at liquidation preference,
end of period (000)	$ 7,125	$	7,125	$	8,500	$	8,500	$	8,500	$	8,500	$	8,500
Portfolio turnover	39	%	29	%	40	%	57	%	15	%	13	%	17	%
Asset coverage per Preferred Share, end of
period	$ 65,831	$	73,687	$	69,526	$	72,229	$	72,696	$	74,795	$	76,021

1	Based on average shares outstanding.
2	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond
trusts. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.
7	Certain non-recurring expenses have been included in the
ratio but not annualized. If these expenses were annualized, the ratios of
total expenses after waiver and fees paid indirectly and excluding interest
expense and fees, total expenses after waiver and fees paid indirectly, total
expenses after waiver and before fees paid indirectly, total expenses, net
investment income and net investment income to Common Shareholders would have
been 1.63%, 1.68%, 1.68%, 1.71%, 6.31% and 4.28%, respectively.

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	49

Financial Highlights BlackRock Municipal Income Investment Trust (BBF)

				2007		2006		2005		2004		2003
Per Share Operating
Performance
Net asset value, beginning of period	$ 14.08	$	15.05	$	15.68	$	15.48	$	15.27	$	14.68	$	14.57
Net investment income	0.50	1	0.80	1	1.07		1.11		1.11		1.12		1.11
Net realized and unrealized gain (loss)	(2.16	)	(0.89	)	(0.49	)	0.26		0.17		0.45		(0.03	)
Dividends to Preferred Shareholders from net investment
income	(0.12	)	(0.22	)	(0.31	)	(0.27	)	(0.17	)	(0.08	)	(0.08	)
Net increase (decrease) from investment
operations	(1.78	)	(0.31	)	0.27		1.10		1.11		1.49		1.00
Dividends to Common Shareholders from net investment
income	(0.44	)	(0.66	)	(0.90	)	(0.90	)	(0.90	)	(0.90	)	(0.89	)
Net asset value, end of period	$ 11.86	$	14.08	$	15.05	$	15.68	$	15.48	$	15.27	$	14.68
Market price, end of period	$ 11.65	$	13.68	$	15.10	$	16.30	$	15.25	$	14.40	$	13.36
Total Investment
Return 2
Based on net asset value	(12.43	)% 3	(2.04	)% 3	1.78	%	7.34	%	7.63	%	11.02	%	7.39	%
Based on market price	(11.47	)% 3	(5.14	)% 3	(1.76	)%	13.26	%	12.44	%	15.04	%	4.30	%
Ratios Based on
Average Net Assets Applicable to Common Shares
Total expenses after waiver and fees paid indirectly and
excluding interest expense and fees 4, 5	1.15	% 6	1.02	% 6	0.96	%	0.92	%	0.90	%	0.93	%	0.94	%
Total expenses after waiver and fees paid
indirectly 5	1.30	% 6	1.06	% 6	0.96	%	0.92	%	0.90	%	0.93	%	0.94	%
Total expenses after waiver and before fees paid
indirectly 5	1.30	% 6	1.06	% 6	0.97	%	0.93	%	0.91	%	0.93	%	0.95	%
Total expenses 5	1.51	% 6	1.31	% 6	1.28	%	1.30	%	1.30	%	1.32	%	1.35	%
Net investment income 5	7.91	% 6	7.26	% 6	7.02	%	7.12	%	7.16	%	7.49	%	7.50	%
Dividends paid to Preferred Shareholders	1.82	% 6	1.96	% 6	2.04	%	1.75	%	1.11	%	0.55	%	0.53	%
Net investment income to Common Shareholders	6.09	% 6	5.30	% 6	4.98	%	5.37	%	6.05	%	6.94	%	6.97	%
Supplemental
Data
Net assets applicable to Common Shareholders, end of period
(000)	$ 79,336	$	94,176	$	100,564	$	104,451	$	102,944	$	101,512	$	97,589
Preferred Shares outstanding at liquidation preference, end
of period (000)	$ 49,550	$	49,550	$	57,550	$	57,550	$	57,550	$	57,550	$	57,550
Portfolio turnover	24	%	13	%	25	%	20	%	10	%	10	%	19	%
Asset coverage per Preferred Share, end of
period	$ 65,031	$	72,521	$	68,688	$	70,391	$	69,729	$	69,101	$	67,394

1	Based on average shares outstanding.
2	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond
trusts. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.

See Notes to Financial Statements. — 50	SEMI-ANNUAL REPORT	JANUARY 31, 2009

Financial Highlights BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)

				2007		2006		2005		2004		2003
Per Share Operating
Performance
Net asset value, beginning of period	$ 12.20	$	13.57	$	14.47	$	14.48	$	14.79	$	14.90	$	14.64
Net investment income	0.43	1	0.66	1	0.91		0.85		0.87		0.97		1.00
Net realized and unrealized gain (loss)	(1.79	)	(1.26	)	(0.70	)	0.34		(0.21	)	(0.20	)	0.12
Dividends and distributions to Preferred Shareholders
from:
Net investment income	(0.11	)	(0.16	)	(0.23	)	(0.20	)	(0.15	)	(0.07	)	(0.06	)
Net realized gain	—		—		(0.02	)	(0.03	)	—		—		—
Net increase (decrease) from investment
operations	(1.47	)	(0.76	)	(0.04	)	0.96		0.51		0.70		1.06
Dividends and distributions to Common Shareholders
from:
Net investment income	(0.31	)	(0.61	)	(0.82	)	(0.84	)	(0.82	)	(0.81	)	(0.80	)
Net realized gain	—		—		(0.04	)	(0.13	)	—		—		—
Total dividends and distributions to Common
Shareholders	(0.31	)	(0.61	)	(0.86	)	(0.97	)	(0.82	)	(0.81	)	(0.80	)
Net asset value, end of period	$ 10.42	$	12.20	$	13.57	$	14.47	$	14.48	$	14.79	$	14.90
Market price, end of period	$ 9.50	$	11.96	$	14.96	$	15.95	$	14.70	$	15.00	$	14.80
Total Investment
Return 2
Based on net asset value	(11.84	)% 3	(6.10	)% 3	(1.03	)%	6.14	%	3.43	%	5.00	%	7.48	%
Based on market price	(18.01	)% 3	(16.50	)% 3	(1.02	)%	15.25	%	3.53	%	7.14	%	17.59	%
Ratios Based on
Average Net Assets Applicable to Common Shares
Total expenses after waiver and fees paid indirectly and
excluding interest expense and fees 4, 5	1.74	% 6	1.84	% 6,7	1.40	%	1.41	%	1.34	%	1.34	%	1.39	%
Total expenses after waiver and fees paid
indirectly 5	1.81	% 6	1.86	% 6,7	1.40	%	1.41	%	1.34	%	1.34	%	1.39	%
Total expenses after waiver and before fees paid
indirectly 5	1.81	% 6	1.86	% 6,7	1.47	%	1.51	%	1.37	%	1.37	%	1.39	%
Total expenses 5	1.84	% 6	1.88	% 6,7	1.48	%	1.51	%	1.37	%	1.37	%	1.39	%
Net investment income 5	7.79	% 6	6.97	% 6,7	6.49	%	5.91	%	5.89	%	6.50	%	6.72	%
Dividends paid to Preferred Shareholders	1.99	% 6	1.89	% 6	1.67	%	1.41	%	1.00	%	0.47	%	0.41	%
Net investment income to Common Shareholders	5.80	% 6	5.08	% 6,7	4.82	%	4.50	%	4.89	%	6.03	%	6.31	%
Supplemental
Data
Net assets applicable to Common Shares, end of period
(000)	$ 10,549	$	12,351	$	13,694	$	14,576	$	14,581	$	14,900	$	15,007
Preferred Shares outstanding at liquidation preference,
end of period (000)	$ 7,075	$	7,075	$	7,500	$	7,500	$	7,500	$	7,500	$	7,500
Portfolio turnover	14	%	18	%	31	%	27	%	19	%	12	%	4	%
Asset coverage per Preferred Share, end of
period	$ 62,277	$	68,647	$	70,649	$	73,603	$	73,612	$	74,670	$	75,026

1	Based on average shares outstanding.
2	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond
trusts. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.
7	Certain non-recurring expenses have been included in the
ratio but not annualized. If these expenses were annualized, the ratios of
total expenses after waiver and fees paid indirectly and excluding interest
expense and fees, total expenses after waiver and fees paid indirectly, total
expenses after waiver and before fees paid indirectly, total expenses, net
investment income and net investment income to Common Shareholders would have
been 1.96%, 1.98%, 1.98%, 2.00%, 6.85% and 4.96%, respectively.

See Notes to Financial Statements. — SEMI-ANNUAL REPORT	JANUARY 31, 2009	51

Financial Highlights BlackRock New Jersey Municipal Income Trust (BNJ)

| | Six
Months Ended January 31, 2009 (Unaudited) | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | | |
| Per Share Operating
Performance | | | | | | | | | | | | | | |
| Net asset
value, beginning of period | $ 14.15 | $ | 15.49 | $ | 16.35 | $ | 15.87 | $ | 15.38 | $ | 14.59 | $ | 14.29 | |
| Net
investment income | 0.52 | 1 | 0.89 | 1 | 1.14 | | 1.17 | | 1.17 | | 1.16 | | 1.15 | |
| Net
realized and unrealized gain (loss) | (2.38 | ) | (1.24 | ) | (0.74 | ) | 0.52 | | 0.42 | | 0.61 | | 0.11 | |
| Dividends
to Preferred Shareholders from net investment income | (0.13 | ) | (0.24 | ) | (0.30 | ) | (0.26 | ) | (0.18 | ) | (0.08 | ) | (0.08 | ) |
| Net
increase (decrease) from investment operations | (1.99 | ) | (0.59 | ) | 0.10 | | 1.43 | | 1.41 | | 1.69 | | 1.18 | |
| Dividends
to Common Shareholders from net investment income | (0.47 | ) | (0.75 | ) | (0.96 | ) | (0.95 | ) | (0.92 | ) | (0.90 | ) | (0.88 | ) |
| Net asset
value, end of period | $ 11.69 | $ | 14.15 | $ | 15.49 | $ | 16.35 | $ | 15.87 | $ | 15.38 | $ | 14.59 | |
| Market
price, end of period | $ 13.22 | $ | 15.09 | $ | 16.90 | $ | 18.40 | $ | 15.91 | $ | 14.45 | $ | 14.04 | |
| Total Investment
Return 2 | | | | | | | | | | | | | | |
| Based on
net asset value | (14.15 | )% 3 | (4.12 | )% 3 | 0.17 | % | 9.18 | % | 9.60 | % | 12.29 | % | 8.68 | % |
| Based on
market price | (8.96 | )% 3 | (6.28 | )% 3 | (2.89 | )% | 22.56 | % | 16.95 | % | 9.63 | % | 9.59 | % |
| Ratios Based on Average Net Assets
Applicable to Common Shares | | | | | | | | | | | | | | |
| Total
expenses after waiver and fees paid indirectly and excluding
interest expense and fees 4, 5 | 1.17 | % 6 | 1.02 | % 6 | 0.93 | % | 0.89 | % | 0.89 | % | 0.91 | % | 0.93 | % |
| Total
expenses after waiver and fees paid indirectly 5 | 1.22 | % 6 | 1.03 | % 6 | 0.93 | % | 0.89 | % | 0.89 | % | 0.91 | % | 0.93 | % |
| Total
expenses after waiver and before fees paid indirectly 5 | 1.22 | % 6 | 1.03 | % 6 | 0.94 | % | 0.91 | % | 0.90 | % | 0.91 | % | 0.94 | % |
| Total
expenses 5 | 1.44 | % 6 | 1.28 | % 6 | 1.24 | % | 1.27 | % | 1.28 | % | 1.30 | % | 1.34 | % |
| Net
investment income 5 | 8.34 | % 6 | 7.92 | % 6 | 7.18 | % | 7.31 | % | 7.37 | % | 7.74 | % | 7.85 | % |
| Dividends
paid to Preferred Shareholders | 2.01 | % 6 | 1.94 | % 6 | 1.86 | % | 1.63 | % | 1.12 | % | 0.56 | % | 0.57 | % |
| Net
investment income to Common Shareholders | 6.33 | % 6 | 5.98 | % 6 | 5.32 | % | 5.68 | % | 6.25 | % | 7.18 | % | 7.28 | % |
| Supplemental Data | | | | | | | | | | | | | | |
| Net assets
applicable to Common Shares, end of period (000) | $ 88,285 | $ | 106,596 | $ | 116,152 | $ | 121,987 | $ | 117,739 | $ | 114,019 | $ | 108,172 | |
| Preferred
Shares outstanding at liquidation preference, end of period (000) | $ 60,475 | $ | 60,475 | $ | 63,800 | $ | 63,800 | $ | 63,800 | $ | 63,800 | $ | 63,800 | |
| Portfolio
turnover | 10 | % | 12 | % | 23 | % | 2 | % | 6 | % | 16 | % | 13 | % |
| Asset
coverage per Preferred Share, end of period | $ 61,498 | $ | 69,083 | $ | 70,528 | $ | 72,812 | $ | 71,142 | $ | 69,682 | $ | 67,387 | |

1	Based on average shares outstanding.
2	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects of sales charges.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond
trusts. See Note 1 of the Notes to Financial Statements for details of
municipal bonds transferred to tender option bond trusts.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.

See Notes to Financial Statements.

52 SEMI-ANNUAL REPORT JANUARY 31, 2009

Financial Highlights BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

| | Six
Months Ended January 31, 2009 (Unaudited) | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | 2007 | | 2006 | | 2005 | | 2004 | | 2003 | |
| Per Share Operating
Performance | | | | | | | | | | | | | | |
| Net asset value,
beginning of period | $ 13.30 | $ | 14.40 | $ | 15.18 | $ | 15.03 | $ | 15.35 | $ | 15.34 | $ | 15.47 | |
| Net investment
income | 0.47 | 1 | 0.67 | 1 | 0.95 | | 0.97 | | 0.96 | | 0.96 | | 1.03 | |
| Net realized and
unrealized gain (loss) | (1.38 | ) | (0.89 | ) | (0.61 | ) | 0.37 | | (0.26 | ) | — | | (0.21 | ) |
| Dividends and
distributions to Preferred Shareholders from: | | | | | | | | | | | | | | |
| Net investment
income | (0.12 | ) | (0.15 | ) | (0.25 | ) | (0.21 | ) | (0.14 | ) | (0.07 | ) | (0.07 | ) |
| Net realized gain | (0.00 | ) 2 | (0.04 | ) | (0.01 | ) | (0.02 | ) | — | | — | | — | |
| Net increase
(decrease) from investment operations | (1.03 | ) | (0.41 | ) | 0.08 | | 1.11 | | 0.56 | | 0.89 | | 0.75 | |
| Dividends and
distributions to Common Shareholders from: | | | | | | | | | | | | | | |
| Net investment
income | (0.35 | ) | (0.60 | ) | (0.85 | ) | (0.88 | ) | (0.88 | ) | (0.88 | ) | (0.88 | ) |
| Net realized gain | (0.01 | ) | (0.09 | ) | (0.01 | ) | (0.08 | ) | — | | — | | — | |
| Total dividends
and distributions to Common Shareholders | (0.36 | ) | (0.69 | ) | (0.86 | ) | (0.96 | ) | (0.88 | ) | (0.88 | ) | (0.88 | ) |
| Net asset value,
end of period | $ 11.91 | $ | 13.30 | $ | 14.40 | $ | 15.18 | $ | 15.03 | $ | 15.35 | $ | 15.34 | |
| Market price, end
of period | $ 10.93 | $ | 12.83 | $ | 15.39 | $ | 16.65 | $ | 14.75 | $ | 14.50 | $ | 14.18 | |
| Total Investment
Return 3 | | | | | | | | | | | | | | |
| Based on net
asset value | (7.39 | )% 4 | (2.98 | )% 4 | 0.10 | % | 7.32 | % | 3.97 | % | 6.48 | % | 5.42 | % |
| Based on
market price | (11.90 | )% 4 | (12.43 | )% 4 | (2.46 | )% | 19.95 | % | 8.01 | % | 8.81 | % | 4.69 | % |
| Ratios Based on Average Net Assets Applicable to Common
Shares | | | | | | | | | | | | | | |
| Total
expenses after waiver and fees paid indirectly 5 | 1.48 | % 6 | 1.47 | % 6,7 | 1.24 | % | 1.25 | % | 1.20 | % | 1.21 | % | 1.24 | % |
| Total
expenses after waiver and before fees paid indirectly 5 | 1.48 | % 6 | 1.47 | % 6,7 | 1.29 | % | 1.33 | % | 1.24 | % | 1.24 | % | 1.24 | % |
| Total
expenses 5 | 1.50 | % 6 | 1.48 | % 6,7 | 1.29 | % | 1.33 | % | 1.24 | % | 1.24 | % | 1.24 | % |
| Net
investment income 5 | 7.69 | % 6 | 6.53 | % 6,7 | 6.42 | % | 6.48 | % | 6.30 | % | 6.29 | % | 6.68 | % |
| Dividends
paid to Preferred Shareholders | 1.91 | % 6 | 1.47 | % 6 | 1.72 | % | 1.42 | % | 0.91 | % | 0.46 | % | 0.44 | % |
| Net
investment income to Common Shareholders | 5.78 | % 6 | 5.06 | % 6,7 | 4.70 | % | 5.06 | % | 5.39 | % | 5.83 | % | 6.24 | % |
| Supplemental Data | | | | | | | | | | | | | | |
| Net assets
applicable to Common Shares, end of period (000) | $ 15,628 | $ | 17,448 | $ | 18,848 | $ | 19,839 | $ | 19,643 | $ | 20,066 | $ | 20,053 | |
| Preferred
Shares outstanding at liquidation preference, end of period (000) | $ 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | |
| Portfolio
turnover | 12 | % | 8 | % | 37 | % | 24 | % | 10 | % | 23 | % | 36 | % |
| Asset
coverage per Preferred Share, end of period | $ 64,871 | $ | 69,521 | $ | 73,090 | $ | 75,614 | $ | 75,111 | $ | 76,195 | $ | 76,159 | |

1	Based on average shares outstanding.
2.	Amount is less than $(0.01) per share.
3	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
4	Aggregate total investment return.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.
7	Certain non-recurring expenses have been included in the
ratio but not annualized. If these expenses were annualized, the ratios of
total expenses after waiver and fees paid indirectly, total expenses after
waiver and before fees paid indirectly, total expenses, net investment income
and net investment income to Common Shareholders would have been 1.55%,
1.55%, 1.56%, 6.46% and 4.99%, respectively.

See Notes to Financial Statements.

SEMI-ANNUAL REPORT JANUARY 31, 2009 53

Financial Highlights BlackRock New York Municipal Income Trust (BNY)

January 31, 2009		November 1, 2007		Year Ended October
31,
(Unaudited)		to July 31, 2008		2007		2006		2005		2004		2003
Per Share
Operating Performance
Net asset
value, beginning of period	$ 13.88	$	15.11	$	15.88	$	15.44	$	15.28	$	14.76	$	14.47
Net
investment income	0.54	1	0.86	1	1.11		1.13		1.14		1.14		1.14
Net
realized and unrealized gain (loss)	(2.16	)	(1.17	)	(0.70	)	0.47		0.09		0.36		0.13
Dividends
to Preferred Shareholders from net investment income	(0.12	)	(0.21	)	(0.28	)	(0.26	)	(0.17	)	(0.08	)	(0.09	)
Net
increase (decrease) from investment operations	(1.74	)	(0.52	)	0.13		1.34		1.06		1.42		1.18
Dividends
to Common Shareholders from net investment income	(0.45	)	(0.71	)	(0.90	)	(0.90	)	(0.90	)	(0.90	)	(0.89	)
Net asset
value, end of period	$ 11.69	$	13.88	$	15.11	$	15.88	$	15.44	$	15.28	$	14.76
Market
price, end of period	$ 11.50	$	15.26	$	15.55	$	17.35	$	15.19	$	13.99	$	13.45
Total
Investment Return 2
Based on
net asset value	(12.49	)% 3	(3.71	)% 3	0.64	%	8.91	%	7.38	%	10.46	%	8.84	%
Based on
market price	(21.70	)% 3	2.87	% 3	(5.20	)%	20.95	%	15.38	%	10.99	%	6.95	%
Ratios
Based on Average Net Assets Applicable to Common Shares
Total
expenses after waiver and fees paid indirectly and excluding interest expense
and fees 4, 5	1.16	% 6	0.97	% 6	0.92	%	0.87	%	0.86	%	0.87	%	0.88	%
Total
expenses after waiver and fees paid indirectly 5	1.35	% 6	1.00	% 6	0.92	%	0.87	%	0.86	%	0.87	%	0.88	%
Total
expenses after waiver and before fees paid indirectly 5	1.35	% 6	1.00	% 6	0.92	%	0.88	%	0.87	%	0.87	%	0.89	%
Total
expenses 5	1.53	% 6	1.25	% 6	1.22	%	1.25	%	1.26	%	1.27	%	1.29	%
Net
investment income 5	8.81	% 6	7.79	% 6	7.23	%	7.30	%	7.35	%	7.62	%	7.73	%
Dividends
paid to Preferred Shareholders	1.93	% 6	1.91	% 6	1.84	%	1.69	%	1.08	%	0.56	%	0.62	%
Net
investment income to Common Shareholders	6.88	% 6	5.88	% 6	5.39	%	5.61	%	6.27	%	7.06	%	7.11	%
Supplemental
Data
Net assets
applicable to Common Shares, end of period (000)	$ 148,562	$	175,927	$	190,962	$	199,717	$	193,457	$	191,274	$	184,874
Preferred
Shares outstanding at liquidation preference, end of period (000)	$ 95,850	$	95,850	$	109,750	$	109,750	$	109,750	$	109,750	$	109,750
Portfolio
turnover	8	%	5	%	23	%	27	%	24	%	13	%	14	%
Asset
coverage per Preferred Share, end of period	$ 63,751	$	70,892	$	68,509	$	70,502	$	69,073	$	68,575	$	67,115

1	Based on average shares outstanding.
2	Total investment returns based on market value, which can
be significantly greater or lesser than the net asset value, may result in
substantially different returns. Total investment returns exclude the effects
of sales charges.
3	Aggregate total investment return.
4	Interest expense and fees relate to tender option bond
trusts. See Notes to Financial Statements for details of municipal bonds
transferred to tender option bond trusts.
5	Do not reflect the effect of dividends to Preferred
Shareholders.
6	Annualized.

| See Notes to Financial Statements. — 54 | SEMI-ANNUAL REPORT | JANUARY
31, 2009 |
| --- | --- | --- |

Notes to Financial Statements

1. Organization and Significant Accounting Policies:

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”) are organized as Maryland corporations. BlackRock Investment Quality Municipal Income Trust (formerly BlackRock Florida Investment Quality Municipal Trust) (“Investment Quality”) was organized as a Massachusetts business trust. California Investment Quality, Investment Quality, New Jersey Investment Quality and New York Investment Quality are herein referred to as the Investment Quality Trusts. BlackRock California Municipal Income Trust (“California Income”), BlackRock Municipal Income Investment Trust (formerly BlackRock Florida Municipal Income Trust) (“Municipal Income Investment”), BlackRock New Jersey Municipal Income Trust (“New Jersey Income”), BlackRock New York Municipal Income Trust (“New York Income”) (collectively the “Income Trusts”) and Black Florida Municipal 2020 Term Trust (“Florida 2020”) are organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and Florida 2020 are referred to herein collectively as the “Trusts”. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as non-diversified, closed-end management investment companies. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Trusts determine and make available for publication the net asset value of their Common Shares on a daily basis.

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

Valuation of Investments: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Swap agreements are valued by utilizing quotes received daily by the Trusts’ pricing service or through brokers, which are derived using daily swap curves and trades of underlying securities. Short-term securities with maturities less than 60 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by each Trust’s Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’slength transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Derivative Financial Instruments: Each Trust may engage in various portfolio investment strategies both to increase the return of the Trust and to hedge, or protect, its exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security or if the counterparty does not perform under the contract.

| • | Financial futures contracts—Each
Trust may purchase or sell financial futures contracts and options on financial
futures contracts for investment purposes or to manage its interest rate
risk. Futures are contracts for delayed delivery of securities at a specific
future date and at a specific price or yield. Pursuant to the contract, the
Trust agrees to receive from, or pay to, the broker an amount of cash equal
to the daily fluctuation in value of the contract. Such receipts or payments
are known as margin variation and are recognized by the Trust as unrealized
gains or losses. When the contract is closed, the Trust records a realized
gain or loss equal to the difference between the value of the contract at the
time it was opened and the value at the time it was closed. The use of
futures transactions involves the risk of an imperfect correlation in the
movements in the price of futures contracts, interest rates and the
underlying assets, and the possible inability of counterparties to meet the
terms of their contracts. |
| --- | --- |
| • | Forward interest rate swaps—The
Trusts may enter into forward interest rate swaps for investment purposes.
The Trusts may enter into swap agreements, in which the Trust and a
counterparty agree to make periodic net payments on a specified notional
amount. In a forward interest rate swap, a Trust and the counterparty agree
to make periodic net payments on a specified notional contract amount,
commencing on a specified future effective date, unless terminated earlier.
These periodic payments received or made by the Trusts are recorded in the
accompanying Statements of Operations as realized gains or losses,
respectively. Swaps are marked-to-market daily and changes in value are
recorded as unrealized appreciation (depreciation). When the swap is
terminated, the Trusts will record a realized gain or loss equal to the
difference between the proceeds from (or cost of) the closing transaction and
the Trusts’ basis in the contract, if any. The Trusts generally intend to
close each forward interest rate swap before the effective date specified in
the agreement and therefore avoid entering into the interest rate swap
underlying each interest rate swap. Swap transactions involve, to varying
degrees, elements of credit and market risk in excess of the amounts
recognized on the Statements of Assets and Liabilities. Such risks involve
the possibility that there will be no liquid market for these agreements,
that the counterparty to the agreements may default on its obligation to
perform or disagree as to the meaning of the contractual terms in the
agreements, and that there may be unfavorable changes in interest rates
and/or market values associated with these transactions. |

Forward Commitments and When-Issued Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such trans-

SEMI-ANNUAL REPORT JANUARY 31, 2009 55

Notes to Financial Statements (continued)

actions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed-delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts leverage their assets through the use of tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the Trusts, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which the Trust has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by the Trusts include the right of the Trusts (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to the Trusts. The TOB may also be terminated without the consent of the Trusts upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bonds, a substantial downgrade in credit quality of the municipal bonds, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bonds or the inability to remarket the short-term floating rate certificates to third party investors.

The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Trust, which typically invests the cash in additional municipal bonds. The Trusts’ transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Trust’s Schedule of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown on the Statements of Assets and Liabilities as trust certificates.

Interest income from the underlying security is recorded by the Trusts on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Trusts. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At January 31, 2009, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for trust certificates and the range of interest rates on the liability for trust certificates were as follows:

| California Investment Quality | $ 477,013 | $ 329,709 | Range
of Interest Rates — 1.850 % |
| --- | --- | --- | --- |
| California Income | $ 44,507,619 | $ 29,284,996 | 1.852% - 2.945 % |
| Florida 2020 | $ 8,791,547 | $ 4,755,626 | 2.143% - 2.440 % |
| Investment Quality Municipal Income | $ 1,388,967 | $ 755,150 | 0.540% - 2.295 % |
| Municipal Income Investment | $ 11,012,116 | $ 5,700,000 | 0.540% - 2.001 % |
| New York Income | $ 18,799,683 | $ 10,372,494 | 1.906% - 1.972 % |

Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds when interest rates rise, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, the Trusts’ investment in TOBs may adversely affect the Trusts’ investment income and distributions to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect the Trusts’ net asset value per share.

Zero-Coupon Bonds: The Trusts may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregates assets in connection with certain investments (e.g., swaps or financial futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on their books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, the Trusts may also be required to deliver or deposit securities as collateral for certain investments (e.g., financial futures contracts and swaps).

Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. Each Trust amortizes all premiums and discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 5.

Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

56 SEMI-ANNUAL REPORT JANUARY 31, 2009

Notes to Financial Statements (continued)

Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statue of limitations on Investment Quality Trusts’ and Income Trusts’ US federal tax returns remain open for the year ended July 31, 2008 and each of the three years ended October 31, 2007. The statutes of limitations on Florida 2020’s US federal tax returns remain open for the year ended July 31, 2008 and each of the three years ended December 31, 2008. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Pronouncement: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities • an amendment of FASB Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trusts’ Board, non-interested Trustees (“Independent Trustees”) 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 certain BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if, the Independent Trustees had invested the deferred amounts directly in the other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of the other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income-affiliated on the Statements of Operations.

Other: Expenses directly related to each Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. As of January 31, 2009, The PNC Financial Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). BAC became a stockholder of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Trusts under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.

The Advisor is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust pays the Advisor a monthly fee at an annual rate of 0.35% for the Investment Quality Trusts, 0.60% for the Income Trusts and 0.50% for Florida 2020 of each Trust’s average daily net assets. Average daily net assets is the average daily value of each Trust’s total assets minus the sum of its accrued liabilities.

The Advisor has voluntarily agreed to waive a portion of the investment advisory fee on the Income Trusts as a percentage of average daily net assets as follows: 0.10% through July 31, 2009 and 0.05% through July 31, 2010. For the six months ended January 31, 2009, the Advisor waived the following amounts, which are included in fees waived by advisor on Statements of Operations:

| | Fees
Waived by Advisor |
| --- | --- |
| California Income | $ 161,746 |
| Municipal Income Investment | $ 71,346 |
| New Jersey Income | $ 78,859 |
| New York Income | $ 132,767 |

The Advisor has agreed to waive its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investment in affiliated money market funds, which are included in fees waived by advisor on the Statements of Operations. For the six months ended January 31, 2009, the amounts waived were as follows:

| | Fees
Waived by Advisor |
| --- | --- |
| California Investment Quality | $ 1,873 |
| California Income | $ 28,921 |
| Florida 2020 | $ 9,578 |
| Investment Quality | $ 3,035 |
| Municipal Income Investment | $ 20,697 |
| New Jersey Investment Quality | $ 1,823 |
| New Jersey Income | $ 22,371 |
| New York Investment Quality | $ 1,221 |
| New York Income | $ 8.908 |

Each Investment Quality Trust has an Administration Agreement with the Advisor. The administration fee to the Advisor is computed daily and payable monthly based on an annual rate of 0.10% of each respective Trust’s average daily net assets for California Investment Quality, Investment Quality, New Jersey Investment Quality and New York Investment Quality.

The Advisor has entered into a separate sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Advisor, with respect to each Trust, under which the Advisor pays BFM for services it

SEMI-ANNUAL REPORT JANUARY 31, 2009 57

Notes to Financial Statements (continued)

provides, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.

For the six months ended January 31, 2009, certain Trusts reimbursed the Advisor for certain accounting services in the following amounts, which are included in accounting services in the Statement of Operations:

	Reimbursement
California Income	$ 2,465
Florida 2020	$ 1,100
Municipal Income Investment	$ 1,272
New Jersey Income	$ 1,391
New York Income	$ 2,507

Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances (“custody credits”), which are shown on the Statements of Operations as fees paid indirectly.

Certain officers and/or trustees of the Trusts are officers and/or directors of BlackRock, Inc. or its affiliates. The Trusts reimburse the Advisor for compensation paid to the Trusts’ Chief Compliance Officer.

3. Investments:

Purchases and sales of investments, excluding short-term securities, for the six months ended January 31, 2009 were as follows:

California Investment Quality	$ 3,788,228	$ 4,943,062
California Income	$ 81,129,579	$ 82,225,506
Florida 2020	$ 2,031,659	$ 8,345,394
Investment Quality	$ 7,518,706	$ 9,385,451
Municipal Income Investment	$ 31,866,120	$ 32,124,975
New Jersey Investment Quality	$ 2,475,411	$ 2,724,594
New Jersey Income	$ 15,115,288	$ 30,820,316
New York Investment Quality	$ 3,001,537	$ 3,144,558
New York Income	$ 20,472,964	$ 27,878,093

4. Concentration, Market and Credit Risk:

Each Trust invests a substantial amount of its assets in issuers located in a single state or limited number of states. Please see each Trust’s Schedule of Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligations.

In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may default. Financial assets, which potentially expose the Trusts to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Trusts’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in each Trust’s Statement of Assets and Liabilities.

5. Capital Share Transactions:

Each Investment Quality Trust is authorized to issue 200,000,000 shares, including Preferred Shares, par value $0.01 per share, all of which were initially classified as Common Shares. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and Florida 2020. Each Trust’s Board is authorized, however, to reclassify any unissued shares of shares without approval of Common Shareholders. At January 31, 2009 the Common Shares owned by affiliates of the Advisor for Florida 2020 was 8,028 shares.

Common Shares

During the six months ended January 31, 2009, the period November 1, 2007 to July 31, 2008 and the year ended October 31, 2007 the shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

| California Investment Quality | Six
Months Ended January 31, 2009 — — | 73 | — |
| --- | --- | --- | --- |
| California Income | 8,447 | 46,329 | 61,958 |
| Municipal Income Investment | — | 8,026 | 16,959 |
| New Jersey Investment Quality | — | 3,040 | 1,972 |
| New Jersey Income | 18,660 | 31,657 | 39,482 |
| New York Investment Quality | — | 2,856 | 1,724 |
| New York Income | 24,174 | 44,125 | 56,191 |

Shares issued and outstanding for Florida 2020 and Investment Quality for the six months ended January 31, 2009, the period November 1, 2007 to July 31, 2008 for Investment Quality, the period November 1, 2007 to July 31, 2008 for Florida 2020 and during the year ended December 31, 2007 (October 31, 2007 for Investment Quality) remained constant.

Preferred Shares

The Preferred Shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at their liquidation preference per share plus any accumulated but unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated but 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 Statement of Preferences/Articles of Supplementary, are not satisfied.

The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the

58 SEMI-ANNUAL REPORT JANUARY 31, 2009

Notes to Financial Statements (continued)

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 or (c) change its business so as to cease to be an investment company.

The Trusts had the following series of Preferred Shares outstanding and effective yields as of January 31, 2009:

	Series	Shares	Yield
California Investment Quality	W7	273	0.746 %
California Income	T7	2,018	0.731 %
	R7	2,018	0.716 %
Florida 2020	F7	1,716	0.716 %
Investment Quality	R7	285	0.716 %
Municipal Income Investment	T7	1,982	0.731 %
New Jersey Investment Quality	T7	283	0.732 %
New Jersey Income	R7	2,419	0.716 %
New York Investment Quality	F7	392	0.716 %
New York Income	W7	1,917	0.746 %
	F7	1,917	0.716 %

Each Trust’s series of Preferred Shares has a reset frequency of seven days. Dividends on seven-day Preferred Shares are cumulative at a rate that is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, the affected Trust is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on the Preferred Shares is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. The low, high and average dividend rates on the Preferred Shares for each Trust for the six months ended January 31, 2009 were as follows:

	Series	Low	High	Average
California Investment Quality	W7	0.640 %	12.565 %	3.254 %
California Income	T7	0.594 %	11.347 %	3.130 %
	R7	0.594 %	12.261 %	3.165 %
Florida 2020	F7	0.594 %	11.728 %	3.109 %
Investment Quality	R7	0.594 %	12.261 %	3.049 %
Municipal Income Investment	T7	0.594 %	11.347 %	3.044 %
New Jersey Investment Quality	T7	0.594 %	11.347 %	3.034 %
New Jersey Income	R7	0.594 %	12.261 %	3.066 %
New York Investment Quality	F7	0.594 %	11.728 %	3.891 %
New York Income	W7	0.640 %	12.565 %	3.610 %
	F7	0.594 %	11.728 %	3.643 %

For the six months ended January 31, 2009, the Preferred Shares of each Trust failed to clear any of their auctions. As a result, the Preferred Share dividend rates were reset to the maximum applicable rate that ranged from 0.594% to 12.565%. A failed auction is not an event of default for the Trusts but it has a negative impact on the liquidity of the Preferred Shares. A failed auction occurs when there are more sellers of a trust’s auction rate Preferred Shares than buyers. It is impossible to predict how long this imbalance will last. A successful auction for each Trust’s Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shareholders may not have the ability to sell the Preferred Shares at their liquidation preference.

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%.

Prior to December 31, 2008, the Trusts paid commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregate principal amount. In December 2008, commissions paid to broker-dealers on preferred shares that experienced a failed auction were reduced to 0.15% on the aggregate principal amount. The Trusts will pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Merrill Lynch, Pierce, Fenner & Smith, Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, earned commissions for the period August 1, 2008 through December 31, 2008 as follows:

	Commissions
California Income	$ 48,261
Municipal Income Investment	$ 36,726
New Jersey Income	$ 18,367
New York Income	$ 61,654

Subsequent to that date, neither MLPF&S nor Merrill Lynch are considered affiliates of the Trusts.

Shares issued and outstanding during the six months ended January 31, 2009 remained constant.

On June 4, 2008, the Trusts announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption dates:

	Series	Redemption Date	Shares Redeemed	Aggregate Principal
California Investment Quality	W7	6/26/08	27	$ 675,000
California Income	R7	6/27/08	621	$ 15,525,000
	T7	6/25/08	621	$ 15,525,000
Florida 2020	F7	6/30/08	240	$ 6,000,000
Investment Quality	R7	6/27/08	55	$ 1,375,000
Municipal Income Investment	T7	6/25/08	320	$ 8,000,000
New Jersey Investment Quality	T7	6/25/08	17	$ 425,000
New Jersey Income	R7	6/27/08	133	$ 3,325,000
New York Income	F7	6/30/08	278	$ 6,950,000
	W7	6/26/08	278	$ 6,950,000

The Trusts financed the Preferred Share redemptions with cash received from TOB transactions.

Shares issued and outstanding during six months ended January 31, 2009 and the year ended October 31, 2007 (December 31, 2007 for Florida 2020) remained constant.

SEMI-ANNUAL REPORT JANUARY 31, 2009 59

Notes to Financial Statements (concluded)

6. Capital Loss Carryforward:

As of July 31, 2008, the Trusts had a capital loss carryforward available to offset future realized capital gains through the indicated expiration dates as follows:

| Expires July 31, | California Investment Quality | California Income | Florida 2020 | Investment Quality | Municipal Income Investment | New
Jersey Investment Quality | New
Jersey Income | New
York Investment Quality | New
York Income |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2012 | — | $ 3,247,213 | — | — | $ 796,318 | — | $ 588,553 | — | $ 197,144 |
| 2014 | — | 1,320,764 | — | — | — | — | — | — | — |
| 2015 | $ 5,173 | — | — | $ 137,267 | 426,674 | $ 52,624 | 592,744 | — | — |
| 2016 | 103,738 | — | $ 28,100 | 389,530 | 866,417 | 244,748 | 15,502 | $ 55,630 | 459,430 |
| Total | $ 108,911 | $ 4,567,977 | $ 28,100 | $ 526,797 | $ 2,089,409 | $ 297,372 | $ 1,196,799 | $ 55,630 | $ 656,574 |

7. Subsequent Events:

The Trusts paid a net investment income dividend in the following amounts per share on March 2, 2009 to Common Shareholders of record on February 13, 2009:

| | Common
Dividend Per Share |
| --- | --- |
| California Investment Quality | $ 0.046500 |
| California Income | $ 0.068200 |
| Florida 2020 | $ 0.051000 |
| Investment Quality | $ 0.044500 |
| Municipal Income Investment. | $ 0.072875 |
| New Jersey Investment Quality | $ 0.051400 |
| New Jersey Income | $ 0.077600 |
| New York Investment Quality. | $ 0.058200 |
| New York Income | $ 0.075339 |

The dividends declared on Preferred Shares for the period February 1, 2009 to February 28, 2009 for the Trusts were as follows:

	Series	Dividends Declared
California Investment Quality	W7	$ 4,017
California Income	T7	$ 28,523
	R7	$ 29,620
Florida 2020	F7	$ 24,422
Investment Quality	R7	$ 461
Municipal Income Investment	T7	$ 28,014
New Jersey Investment Quality	T7	$ 3,784
New Jersey Income	R7	$ 35,506
New York Investment Quality	F7	$ 5,583
New York Income	W7	$ 28,204
	F7	$ 27,282

60 SEMI-ANNUAL REPORT JANUARY 31, 2009

Officers and Trustees

| Richard E. Cavanagh, Chairman of
the Board and Trustee |
| --- |
| Karen P. Robards, Vice Chair of
the Board, Chair of the |
| Audit Committee and Trustee |
| G. Nicholas Beckwith, III,
Trustee |
| Richard S. Davis, Trustee |
| Kent Dixon, Trustee |
| Frank J. Fabozzi, Trustee |
| Kathleen F. Feldstein, Trustee |
| James T. Flynn, Trustee |
| Henry Gabbay, Trustee |
| Jerrold B. Harris, Trustee |
| R. Glenn Hubbard, Trustee |
| W. Carl Kester, Trustee |
| Donald C. Burke, Trust President
and Chief Executive Officer |
| Anne F. Ackerley, Vice President |
| Neal J. Andrews, Chief Financial
Officer |
| Jay M. Fife, Treasurer |
| Brian P. Kindelan, Chief
Compliance Officer of the Trusts |
| Howard B. Surloff, Secretary |

Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director/Trustee of the Trusts. The Board wishes Mr. Salomon well in his retirement.

Custodian
State Street Bank and Trust
Company
Boston, MA 02101
Trusts Address
BlackRock Closed-End
Funds
c/o BlackRock Advisors. LLC
100 Bellevue Parkway
Wilmington, DE 19809
Transfer Agents
Common Shares:
Computershare Trust
Companies, N.A.
Canton, MA 02021
Preferred
Shares:
For the Income
Trusts
BNY Mellon Shareowner
Services
Jersey City, N.J. 07310
For the
Investment Quality
Trusts
Deutsche Bank Trust
Company Americas
New York, NY 10005
Accounting Agent
State Street Bank and Trust
Company
Princeton, NJ 08540
Independent
Registered
Public
Accounting Firm
Deloitte & Touche LLP
Princeton, NJ 08540
Legal Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
New York, NY 10036

SEMI-ANNUAL REPORT JANUARY 31, 2009 61

A dditional Information

Proxy Results

The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008 to elect director/trustee nominees of each Fund/Trust: Approved the Class I Directors/Trustees as follows:

| | G.
Nicholas Beckwith, III — Votes
For | | Votes
Withheld | | Kent
Dixon — Votes
For | Votes
Withheld | R.
Glenn Hubbard — Votes
For | Votes
Withheld |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BlackRock
California Investment Quality Municipal Trust Inc. | 893,677 | | 41,311 | | 893,677 | 41,311 | 893,677 | 41,311 |
| BlackRock
California Municipal Income Trust | 13,112,831 | | 258,429 | | 13,108,203 | 263,057 | 13,100,200 | 271,060 |
| BlackRock
Florida Municipal 2020 Term Trust | 4,631,661 | | 695,549 | | 4,627,661 | 699,549 | 4,631,661 | 695,549 |
| BlackRock
Investment Quality Municipal Income Trust | 866,146 | | 172,255 | | 866,146 | 172,255 | 866,146 | 172,255 |
| BlackRock
Municipal Income Investment Trust | 6,105,336 | | 184,946 | | 6,107,836 | 182,446 | 6,119,460 | 170,822 |
| BlackRock
New Jersey Investment Quality Municipal Trust Inc. | 876,890 | | 58,994 | | 878,556 | 57,328 | 878,556 | 57,328 |
| BlackRock
New Jersey Municipal Income Trust | 6,697,147 | | 505,132 | | 6,698,663 | 503,616 | 6,698,663 | 503,616 |
| BlackRock
New York Investment Quality Municipal Trust Inc. | 1,191,470 | | 35,138 | | 1,191,474 | 35,134 | 1,191,474 | 35,134 |
| BlackRock
New York Municipal Income Trust | 11,513,344 | | 233,875 | | 11,512,046 | 235,173 | 11,515,076 | 232,143 |
| | W.
Carl Kester | | | | Robert
S. Salomon, Jr. | | | |
| | Votes
For | | Votes
Withheld | | Votes
For | Votes
Withheld | | |
| BlackRock
California Investment Quality Municipal Trust Inc. | 203 | 1 | | 1 | 893,677 | 41,311 | | |
| BlackRock
California Municipal Income Trust | 2,772 | 1 | 116 | 1 | 13,112,331 | 258,929 | | |
| BlackRock
Florida Municipal 2020 Term Trust | 1,684 | 1 | 3 | 1 | 4,627,661 | 699,549 | | |
| BlackRock
Investment Quality Municipal Income Trust | 162 | 1 | 0 | 1 | 866,146 | 172,255 | | |
| BlackRock
Municipal Income Investment Trust | 1,928 | 1 | 4 | 1 | 6,116,360 | 173,922 | | |
| BlackRock
New Jersey Investment Quality Municipal Trust Inc. | 136 | 1 | 107 | 1 | 878,556 | 57,328 | | |
| BlackRock
New Jersey Municipal Income Trust | 2,310 | 1 | 70 | 1 | 6,698,663 | 503,616 | | |
| BlackRock
New York Investment Quality Municipal Trust Inc. | 342 | 1 | 12 | 1 | 1,191,470 | 35,138 | | |
| BlackRock
New York Municipal Income Trust | 3,621 | 1 | 145 | 1 | 11,512,146 | 235,073 | | |

1 Voted on by holders of Preferred Shares only.

Availability of Quarterly Schedule of Investments

Each Trust files their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.

General Information

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 it 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) 441-7762.

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.

62 SEMI-ANNUAL REPORT JANUARY 31, 2009

Additional Information (continued)

Section 19 Notices

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and source for tax reporting purposes will depend upon the Trusts’ investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions for federal income tax purposes.

| | Total
Fiscal Year-to-Date Cumulative Distributions by Character — Net Investment Income | Net
Realized Capital Gains | Return
of Capital | Total
Per Common Share | Percentage
of Fiscal Year-to-Date Cumulative Distributions by Character — Net Investment Income | Net
Realized Capital Gains | Return
of Capital | Total
Per Common Share |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BlackRock
California Investment Quality Municipal Trust Inc. | $ 0.279 | — | — | $ 0.279 | 100 % | 0 % | 0 % | 100 % |
| BlackRock
New York Investment Quality Municipal Trust Inc. | $ 0.349 | $ 0.005 | — | $ 0.354 | 99 % | 1 % | 0 % | 100 % |

Board Approvals

On September 12, 2008, the Board of Trustees of BlackRock Florida Investment Quality Municipal Trust and BlackRock Florida Municipal Income Trust voted unanimously to change a non-fundamental investment policy of the Trusts, and to rename the Trusts “BlackRock Investment Quality Municipal Income Trust” and “BlackRock Municipal Income Investment Trust”, respectively. The Trusts’ previous non-fundamental investment policy required BlackRock Florida Investment Quality Municipal Trust to invest at least 80% of its assets, and BlackRock Florida Municipal Income Trust to invest at least 80% of its total assets, in Florida municipal bonds rated investment grade at the time of investment. Due to the repeal of the Florida Intangible Personal Property Tax as of January 2007, the Board has approved an amended policy allowing the Trusts flexibility to invest in municipal obligations regardless of geographic location. The Trusts’ new investment policy, under normal market conditions, is to invest at least 80% of their assets or total assets, as the case may be, in municipal bonds rated investment grade at the time of investment. The approved changes will not alter the Trusts’ investment objectives.

Under current market conditions, the Advisor anticipates that it will gradually reposition the Trusts’ portfolios over time and that during such period the Trusts may continue to hold a substantial portion of its assets in Florida municipal bonds. At this time, it is uncertain how long the repositioning may take, and the Trusts will continue to be subject to risks associated with investing a substantial portion of its assets in Florida municipal bonds until the repositioning is complete.

The Advisor and the Board believe the amended policy will allow the Advisor to better manage the Trusts’ portfolios in the best interests of the Trusts’ shareholders and to better meet the Trusts’ investment objectives.

Effective September 12, 2008, following approval by the Trusts’ Board, the Board ratified the amendment of the terms of the Trusts’ Preferred Shares in order to allow the Trusts to enter into TOB transactions, the proceeds of which were used to redeem a portion of the Trusts’ Preferred Shares. Accordingly, the definition of Inverse Floaters was amended to incorporate the Trusts’ permissible ratio of floating rate instruments into inverse floating rate instruments. Additionally, conforming changes and certain formula modifications concerning inverse floaters were made to the definitions of Moody’s Discount Factor and S&P Discount Factor, as applicable, to integrate the Trusts’ investments in TOBs into applicable calculations.

SEMI-ANNUAL REPORT JANUARY 31, 2009 63

Additional Information (concluded)

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively,”Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

64 SEMI-ANNUAL REPORT JANUARY 31, 2009

[This Page Intentionally Left Blank]

[This Page Intentionally Left Blank]

This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change.

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 411-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

CEF-SAR-BK9-0109

Item 2 –	Code of Ethics – Not Applicable to this semi-annual report
Item 3 –	Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 –	Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –	Audit
Committee of Listed Registrants – Not Applicable to this semi-annual
report
Item 6 –	Investments
	(a) The registrant’s
Schedule of Investments is included as part of the Report to Stockholders
filed under Item 1 of this form.
	(b) Not Applicable
due to no such divestments during the semi-annual period covered since
the previous Form N-CSR filing.
Item 7 –	Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies – Not Applicable to this semi-annual report
Item 8 –	Portfolio
Managers of Closed-End Management Investment Companies – Not Applicable
to this semi-annual report
Item 9 –	Purchases
of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers – Not Applicable
Item 10 –	Submission
of Matters to a Vote of Security Holders – The registrant’s
Nominating and Governance Committee will consider nominees to the board
of directors recommended by shareholders when a vacancy becomes available.
Shareholders who wish to recommend a nominee should send nominations
that include biographical information and set forth the qualifications
of the proposed nominee to the registrant’s Secretary. There have
been no material changes to these procedures.
Item 11 –	Controls
and Procedures
11(a) –	The registrant’s
principal executive and principal financial officers or persons performing
similar functions have concluded that the registrant’s disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940, as amended (the “1940 Act”)) are effective
as of a date within 90 days of the filing of this report based on the evaluation
of these controls and procedures required by Rule 30a-3(b) under the 1940
Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as
amended.
11(b) –	There were no
changes in the registrant’s internal control over financial reporting
(as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the
second fiscal quarter of the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant’s
internal control over financial reporting.
Item 12 –	Exhibits
attached hereto
12(a)(1) –	Code
of Ethics – Not Applicable to this semi-annual report
12(a)(2) –	Certifications – Attached
hereto
12(a)(3) –	Not Applicable
12(b) –	Certifications – Attached
hereto

12(b) –
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.
BlackRock New York Municipal
Income Trust
By:	/s/
Donald C. Burke
	Donald C. Burke
	Chief Executive Officer
	BlackRock New York Municipal
Income Trust
Date: March 25, 2009
Pursuant to the
requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following
persons on behalf of the registrant and in the capacities and on the
dates indicated.
By:	/s/
Donald C. Burke
	Donald C. Burke
	Chief Executive
Officer (principal executive officer) of
	BlackRock New
York Municipal Income Trust
Date: March 25, 2009
By:	/s/
Neal J. Andrews
	Neal J. Andrews
	Chief Financial
Officer (principal financial officer) of
	BlackRock New
York Municipal Income Trust
Date: March 25,
2009