Edgar Filing: BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST

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 811-10331

Name of Fund: BlackRock California Municipal Income Trust (BFZ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock California Municipal Income Trust, 55 East 52^nd Street, New York, NY 10055.

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

Date of fiscal year end: 07/31/2010

Date of reporting period: 01/31/2010

Item 1 – Report to Stockholders

EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS


Semi-Annual Report

JANUARY 31, 2010 \| (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


Dear Shareholder		3
Semi-Annual Report:
Trust Summaries		4
The Benefits and Risks of Leveraging		13
Derivative Financial 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
Statements of Cash Flows		45
Financial Highlights		46
Notes to Financial Statements		55
Officers and Trustees		62
Additional Information		63



2	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Dear Shareholder

Over the past year, investors worldwide witnessed a seismic shift in market sentiment as guarded optimism replaced the fear and pessimism that had dominated since late 2007. The single most important reason for this change was the swing from a severe economic recession to an emergent global recovery.

At the start of 2009, markets were reeling from the virtually unprecedented global financial and economic meltdown. The looming threat of further collapse in global markets prompted stimulus packages and central bank interventions on an extraordinary scale. By period end, these actions had helped stabilize the financial system, and the economic contraction abated.

After reaching a trough in March 2009, stocks galloped higher as the massive, coordinated global monetary and fiscal stimulus began to re-inflate world economies. Sidelined cash poured into the markets, triggering a dramatic and steep upward rerating of stocks and other risk assets. Still, the rally has not been without interruption, as mixed economic data, global challenges regarding sovereign credit risk and proposed fees and levies on banks had begun to dampen investor conviction toward period end. The experience in international markets generally mirrored that seen in the United States; notably, emerging markets firmly reclaimed their leadership status.

The easing of investor risk aversion was notable in the fixed income markets as well, where non-Treasury assets made a robust recovery. One of the major themes over the past year was the reversal of the flight-to-quality trade. High yield finished the period as the strongest-performing fixed income sector in both the taxable and tax-exempt space. Overall, the municipal market made a strong showing as technical conditions remained supportive of the asset class. The Build America Bond program was deemed a success, adding $65 billion of taxable supply to the municipal marketplace in 2009 and $4 billion so far this year. The program continues to alleviate tax-exempt supply pressure and attract the attention of a global audience. However, fundamental concerns are moving to the fore in the municipal space, and bear close watching as the year progresses. At the same time, yields on money market securities declined throughout the reporting period and remain near all-time lows, with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.” Investor assets in money market funds declined from the peak registered in early 2009, but remain well above pre-crisis levels.

All told, the rebound in sentiment and global market conditions resulted in positive 6- and 12-month returns for nearly every major benchmark index, with the most dramatic improvement seen among risk assets.


Total Returns as of January 31, 2010	6-month			12-month

US equities (S&P 500 Index)		9.87	%		33.14	%

Small cap US equities (Russell 2000 Index)		8.86			37.82

International equities (MSCI Europe, Australasia, Far East Index)		6.93			39.68

3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)		0.10			0.22

US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)		0.62			(3.31	)

Taxable fixed income (Barclays Capital US Aggregate Bond Index)		3.87			8.51

Tax-exempt fixed income (Barclays Capital Municipal Bond Index)		4.90			9.49

High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)		15.90			50.80


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

The market environment continues to improve, but questions about the strength and sustainability of the recovery abound. Through periods of market uncertainty, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder^® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership 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, 2010	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.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 8.80% based on market price and 9.89% based on net asset value (“NAV”). For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 9.46% based on market price and 11.46% 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. During the period, tightening of credit quality spreads benefited the lower-rated sector of the portfolio. Corporate-backed and health municipals were notable contributors. A fully-invested posture and a slightly longer relative duration posture also were additive, as rates declined in the second half of 2009. Throughout this period, the municipal market benefited from the Build America Bond Program, which effectively moved supply to the taxable market and, thus, alleviated supply pressure in the tax-exempt space. The Trust increased its net income balances by focusing on bolstering accrual, but still needs to improve its relative yield in order to provide a competitive dividend distribution. A below-average distribution yield detracted from total return 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 NYSE Amex			RAA
Initial Offering Date			May 28, 1993
Yield on Closing Market Price as of January 31, 2010 ($11.87)¹			5.36%
Tax Equivalent Yield²			8.25%
Current Monthly Distribution per Common Share³			$0.053
Current Annualized Distribution per Common Share³			$0.636
Leverage as of January 31, 2010⁴			35%




	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low


Market Price	$	11.87	$	11.20		5.98	%	$	12.85	$	11.20
Net Asset Value	$	13.22	$	12.35		7.04	%	$	14.09	$	12.34

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



Sector Allocations


	1/31/10		7/31/09

County/City/Special District/School District	38	%	34	%
Utilities	17		19
Health	17		10
Transportation	10		10
State	9		10
Education	7		12
Corporate	2		5



Credit Quality Allocations⁵


	1/31/10		7/31/09

AAA/Aaa	15	%	12	%
AA/Aa	51		47
A	29		33
BBB/Baa	3		6
B	2		2


	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, 2010




Trust Summary as of January 31, 2010	BlackRock California Municipal Income Trust

Investment Objective

BlackRock California Municipal Income Trust (BFZ) (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 California income taxes.


	No assurance can be given that the Trust’s investment objective will be achieved.


Performance

For the six months ended January 31, 2010, the Trust returned 9.53% based on market price and 11.90% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 9.46% based on market price and 11.46% 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 Trust maintains a relatively generous degree of income accrual, which was a positive factor. In addition, tightening of credit quality spreads benefited the lower-rated sector of the portfolio. Corporate-backed and health municipals were notable contributors. A fully-invested posture and a slightly longer relative duration posture also were additive, as rates declined in the second half of 2009. Throughout this period, the municipal market benefited from the Build America Bond Program, which effectively moved supply to the taxable market and, thus, alleviated supply pressure in the tax-exempt space. Conversely, the Trust’s exposure to zero-coupon bonds hindered performance. These securities fell out of favor with the retail audience that characteristically supports this structure and, thus, did not participate in the general move to better municipal bond prices.


	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 (“NYSE”)			BFZ
Initial Offering Date			July 27, 2001
Yield on Closing Market Price as of January 31, 2010 ($13.13)¹			6.92%
Tax Equivalent Yield²			10.65%
Current Monthly Distribution per Common Share³			$0.0757
Current Annualized Distribution per Common Share³			$0.9084
Leverage as of January 31, 2010⁴			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 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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	13.13	$	12.40		5.89	%	$	14.52	$	12.34
Net Asset Value	$	13.75	$	12.71		8.18	%	$	14.65	$	12.65

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

Sector Allocations


	1/31/10		7/31/09

County/City/Special District/School District	38	%	37	%
Utilities	22		10
Health	11		11
Education	8		18
Transportation	8		10
State	8		6
Housing	4		6
Corporate	1		2

Credit Quality Allocations⁵


	1/31/10		7/31/09

AAA/Aaa	27	%	21	%
AA/Aa	33		28
A	30		40
BBB/Baa	10		8
B	—		1
Not Rated	—		2	⁶


	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 July 31, 2009, the market value of these securities was $1,974,163, representing 1% of the Trust’s long-term investments.



SEMI-ANNUAL REPORT	JANUARY 31, 2010	5




Trust Summary as of January 31, 2010	BlackRock Florida Municipal 2020 Term Trust

Investment Objective

BlackRock Florida Municipal 2020 Term Trust (BFO) (the “Trust”) seeks to provide current income that is exempt from regular federal income tax and Florida intangible personal property taxes and to return $15.00 per share (the initial public offering price) on or about December 31, 2020.


	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 11.49%, based on market price and 9.10%, based on NAV. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of 11.77% based on market price and 8.96% 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 allocations to the industrial development revenue/pollution control revenue and health sectors aided performance, as these represented two of the best-performing sectors for the period. The Trust is managed to a December 31, 2020 termination date, and as such, will have a shorter average duration than its peer group. This detracted from performance during a period of general interest rate decline.


	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 NYSE			BFO
Initial Offering Date			September 30, 2003
Termination Date (on or about)			December 31, 2020
Yield on Closing Market Price as of January 31, 2010 ($13.38)¹			5.02%
Tax Equivalent Yield²			7.72%
Current Monthly Distribution per Common Share³			$0.056
Current Annualized Distribution per Common Share³			$0.672
Leverage as of January 31, 2010⁴			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 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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	13.38	$	12.31		8.69	%	$	13.63	$	12.10
Net Asset Value	$	14.20	$	13.35		6.37	%	$	14.58	$	13.34

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

Sector Allocations


	1/31/10		7/31/09

County/City/Special District/School District	45	%	48	%
Utilities	20		18
Health	12		11
State	9		9
Corporate	7		6
Housing	4		5
Transportation	2		2
Education	1		1

Credit Quality Allocations⁵


	1/31/10		7/31/09

AAA/Aaa	31	%	31	%
AA/Aa	11		10
A	30		30
BBB/Baa	6		6
BB/Ba	2		2
Not Rated⁶	20		21


	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, 2010 and July 31, 2009, the market value of these securities was $11,876,544, representing 10% and $13,543,166, representing 11%, respectively, of the Trust’s long-term investments.



6	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Trust Summary as of January 31, 2010	BlackRock Investment Quality Municipal Income Trust

Investment Objective

BlackRock Investment Quality Municipal Income Trust (RFA) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and to provide an exemption from Florida intangible personal property taxes consistent with preservation of capital. The Trust may invest in municipal obligations regardless of geographic location.


	No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 23.53% based on market price and 10.10% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 13.14% based on market price and 12.60% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The Trust held a higher concentration in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Meanwhile, we continued to restructure the Trust’s holdings in line with its transition from a Florida fund to a national portfolio. The process is not yet complete, however, and the higher concentration of Florida holdings detracted from recent performance.


	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 NYSE Amex			RFA
Initial Offering Date			May 28, 1993
Yield on Closing Market Price as of January 31, 2010 ($12.03)¹			6.98%
Tax Equivalent Yield²			10.74%
Current Monthly Distribution per Common Share³			$0.07
Current Annualized Distribution per Common Share³			$0.84
Leverage as of January 31, 2010⁴			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 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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	12.03	$	10.08		19.35	%	$	12.98	$	9.95
Net Asset Value	$	11.86	$	11.15		6.37	%	$	12.73	$	11.13

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

Sector Allocations


	1/31/10		7/31/09

Utilities	23	%	21	%
County/City/Special District/School District	22		27
Transportation	17		13
Health	14		12
State	9		10
Education	7		9
Housing	6		8
Corporate	2		—

Credit Quality Allocations⁵


	1/31/10		7/31/09

AAA/Aaa	14	%	14	%
AA/Aa	55		44
A	24		32
BBB/Baa	3		—
BB/Ba	1		1
Not Rated⁶	3		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, 2010 and July 31, 2009, the market value of these securities was $386,165, representing 2% and $461,249, representing 2%, respectively, of the Trust’s long-term investments.



SEMI-ANNUAL REPORT	JANUARY 31, 2010	7




Trust Summary as of January 31, 2010	BlackRock Municipal Income Investment Trust

Investment Objective

BlackRock Municipal Income Investment Trust (BBF) (the “Trust”) seeks to provide 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. The Trust may invest in municipal obligations regardless of geographic location.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 8.11% based on market price and 9.42% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 13.14% based on market price and 12.60% 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 Trust held a higher concentration in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Meanwhile, we continued to restructure the Trust’s holdings in line with its transition from a Florida fund to a national portfolio. The process is not yet complete, however, and the higher concentration of Florida holdings detracted from recent performance. The Trust’s overall cash position did not have a material impact on performance.

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 NYSE			BBF
Initial Offering Date			July 27, 2001
Yield on Closing Market Price as of January 31, 2010 ($13.05)¹			6.93%
Tax Equivalent Yield²			10.66%
Current Monthly Distribution per Common Share³			$0.075375
Current Annualized Distribution per Common Share³			$0.904500
Leverage as of January 31, 2010⁴			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 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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	13.05	$	12.49		4.48	%	$	14.40	$	12.23
Net Asset Value	$	13.44	$	12.71		5.74	%	$	14.26	$	12.69

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

Sector Allocations


	1/31/10		7/31/09

Utilities	24	%	22	%
County/City/Special District/School District	23		27
Health	22		21
Transportation	13		6
State	9		7
Education	6		16
Corporate	2		—
Housing	1		1

Credit Quality Allocations⁵


	1/31/10		7/31/09

AAA/Aaa	10	%	9	%
AA/Aa	57		47
A	25		28
BBB/Baa	5		5
BB/Ba	1		1
Not Rated	2		10	⁶


	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 July 31, 2009, the market value of these securities was $10,029,093, representing 7% of the Trust’s long-term investments.



8	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Trust Summary as of January 31, 2010	BlackRock New Jersey Investment Quality Municipal Trust Inc.


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.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 27.23% based on market price and 10.95% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 13.70% based on market price and 10.42% 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. The Trust held overweight positions in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Conversely, relative performance was negatively affected by the Trust’s slight overweight in zero-coupon bonds. The Trust’s cash balance rose to nearly 8% by period end (from approximately 2% at the end of the calendar year), due primarily to some profit-taking in an overweighted portfolio holding. The Trust’s overall cash position did not have a material impact on performance.


	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 NYSE Amex			RNJ
Initial Offering Date			May 28, 1993
Yield on Closing Market Price as of January 31, 2010 ($14.41)¹			5.33%
Tax Equivalent Yield²			8.20%
Current Monthly Distribution per Common Share³			$0.064
Current Annualized Distribution per Common Share³			$0.768
Leverage as of January 31, 2010⁴			36%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0655. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future.

	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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	14.41	$	11.68		23.37	%	$	14.53	$	11.10
Net Asset Value	$	12.19	$	11.33		7.59	%	$	12.73	$	11.31

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



Sector Allocations


	1/31/10		7/31/09

Transportation	20	%	20	%
State	19		22
Health	16		18
Education	11		10
Housing	10		9
Corporate	9		7
Utilities	8		7
County/City/Special District/School District	6		6
Tobacco	1		1



Credit Quality Allocations⁵


	1/31/10		7/31/09

AAA/Aaa	23	%	24	%
AA/Aa	24		17
A	16		20
BBB/Baa	24		27
Ba/BB	3		—
B	5		4
Not Rated	5		8


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



SEMI-ANNUAL REPORT	JANUARY 31, 2010	9




Trust Summary as of January 31, 2010	BlackRock New Jersey Municipal Income Trust


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.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 4.91% based on market price and 12.66% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 13.70% based on market price and 10.42% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust held overweight positions in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Conversely, relative performance was negatively affected by the Trust’s slight over-weight in zero-coupon bonds.


	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 NYSE			BNJ
Initial Offering Date			July 27, 2001
Yield on Closing Market Price as of January 31, 2010 ($14.20)¹			6.56%
Tax Equivalent Yield²			10.09%
Current Monthly Distribution per Common Share³			$0.0776
Current Annualized Distribution per Common Share³			$0.9312
Leverage as of January 31, 2010⁴			36%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	14.20	$	14.00		1.43	%	$	14.99	$	13.48
Net Asset Value	$	13.92	$	12.78		8.92	%	$	14.28	$	12.76

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



Sector Allocations


	1/31/10		7/31/09

Health	22	%	23	%
State	22		22
Housing	20		20
Transportation	11		12
County/City/Special District/School District	9		9
Education	7		9
Corporate	6		4
Utilities	2		—
Tobacco	1		1



Credit Quality Allocations⁵


	1/31/10		7/31/09

AAA/Aaa	25	%	26	%
AA/Aa	19		20
A	31		27
BBB/Baa	14		17
BB/Ba	2		—
B	3		3
Not Rated	6⁶		7


	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, 2010, the market value of these securities was $4,037,648, representing 3% of the Trust’s long-term investments.



10	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Trust Summary as of January 31, 2010	BlackRock New York Investment Quality Municipal Trust Inc.


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 income taxes and New York State and New York City income tax consistent with preservation of capital.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 8.58% based on market price and 10.68% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of 7.74% based on market price and 10.02% 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 Trust’s holdings of longer-dated and discount-coupon bonds aided relative performance; these issues outperformed as the market recovered and credit spreads tightened during the six months. Additionally, fund management was active in the new-issue market, which benefited the Trust by adding diversification and better-structured bonds to the portfolio. An above-average accrual rate was a positive factor as well. On the other hand, the Trust’s higher-coupon bonds with shorter call protection detracted from performance for the period, as their shorter duration and negative convexity caused them to lag. Exposure to zero-coupon bonds also hindered results. The Trust maintained low cash balances during the six months (averaging less than 1%), which was a positive contributor to both income and performance as the market rallied.


	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 NYSE Amex			RNY
Initial Offering Date			May 28, 1993
Yield on Closing Market Price as of January 31, 2010 ($13.26)¹			6.17%
Tax Equivalent Yield²			9.49%
Current Monthly Distribution per Common Share³			$0.0682
Current Annualized Distribution per Common Share³			$0.8184
Leverage as of January 31, 2010⁴			35%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	Tax equivalent yield assumes the maximum federal tax rate of 35%.

	³	The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0707. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future.

	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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	13.26	$	12.61		5.15	%	$	14.49	$	12.40
Net Asset Value	$	13.73	$	12.81		7.18	%	$	14.14	$	12.79

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



Sector Allocations

	1/31/10			7/31/09

County/City/Special District/School District		28	%		26	%
Education		13			19
Health		13			11
Utilities		12			13
Corporate		12			9
State		10			10
Housing		7			7
Transportation		3			3
Tobacco		2			2



Credit Quality Allocations⁵

	1/31/10			7/31/09

AAA/Aaa		28	%		29	%
AA/Aa		15			24
A		36			28
BBB/Baa		11			9
BB/Ba		2			2
B		7			7
Not Rated		1			1


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



SEMI-ANNUAL REPORT	JANUARY 31, 2010	11




Trust Summary as of January 31, 2010	BlackRock New York Municipal Income Trust


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.

No assurance can be given that the Trust’s investment objective will be achieved.

Performance

For the six months ended January 31, 2010, the Trust returned 7.26% based on market price and 13.08% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of 7.74% based on market price and 10.02% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s holdings of longer-dated and discount-coupon bonds aided relative performance; these issues outperformed as the market recovered and credit spreads tightened during the six months. Additionally, fund management was active in the new-issue market, which benefited the Trust by adding diversification and better-structured bonds to the portfolio. An above-average accrual rate was a positive factor as well. On the other hand, the Trust’s higher-coupon bonds with shorter call protection detracted from performance for the period, as their shorter duration and negative convexity caused them to lag. Exposure to zero-coupon bonds also hindered results. The Trust maintained low cash balances during the six months (averaging less than 1%), which was a positive contributor to both income and performance as the market rallied.


	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 NYSE			BNY
Initial Offering Date			July 27, 2001
Yield on Closing Market Price as of January 31, 2010 ($14.45)¹			6.85%
Tax Equivalent Yield²			10.54%
Current Monthly Distribution per Common Share³			$0.0825
Current Annualized Distribution per Common Share³			$0.9900
Leverage as of January 31, 2010⁴			37%


	¹	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

	²	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 Trust, 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:



	1/31/10		7/31/09		Change			High		Low

Market Price	$	14.45	$	13.95		3.58	%	$	15.64	$	13.62
Net Asset Value	$	13.88	$	12.71		9.21	%	$	14.30	$	12.69

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



Sector Allocations

	1/31/10		7/31/09

County/City/Special District/School District	15	%	15	%
Education	15		13
Housing	15		14
Transportation	14		14
Corporate	11		11
State	11		12
Utilities	10		11
Tobacco	5		6
Health	4		4



Credit Quality Allocations⁵

	1/31/10		7/31/09

AAA/Aaa	26	%	27	%
AA/Aa	19		22
A	27		27
BBB/Baa	20		17
BB/Ba	1		1
B	6		5
Not Rated	1	⁶	1


	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, 2010, the market value of these securities was $2,340,150, representing 1% of the Trust’s long-term investments.



12	SEMI-ANNUAL REPORT	JANUARY 31, 2010

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, the 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 each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s Common Shareholders will benefit from the incremental net income.

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 securities purchased by the Trust with assets received from the Preferred Shares issuance earn 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 net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup on the Common Shares will be reduced or eliminated completely. Furthermore, 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 rate whereas the Trust’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can 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.

The Trusts may also 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 each Trust’s NAV 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 Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed 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 a Trust to incur losses. The use of leverage may limit each Trust’s 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 the Trust. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to 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 its total managed assets at the time of issuance. Under normal circumstances, each Trust anticipates that the total economic leverage from Preferred Shares and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2010, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:



	Percent of Leverage

RAA	35	%
BFZ	38	%
BFO	38	%
RFA	38	%
BBF	39	%
RNJ	36	%
BNJ	36	%
RNY	35	%
BNY	37	%

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of 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 counterparty to the transaction or illiquidity of the derivative instrument. Each Trust’s ability to successfully use a derivative instrument depends on the investment 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 a Trust to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment or may cause a Trust 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, 2010	13




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock California Investment Quality Municipal Trust Inc. (RAA)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

California — 132.0%

Corporate — 3.6%
Los Angeles Regional Airports Improvement Corp. California, RB, Facilities Sublease, LA International, Series B, AMT, 7.50%, 12/01/24	$	500	$	487,725

County/City/Special District/School District — 44.7%
Butte-Glenn Community College District, GO, Election 2002, Series C, 5.50%, 8/01/30		500		538,725
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35		500		550,365
Los Alamitos Unified School District California, GO, School Facilities Improvement District No. 1, 5.50%, 8/01/33		500		524,600
Los Angeles Community College District California, GO, Election 2003, Series F-1, 5.00%, 8/01/33		335		337,539
Los Angeles Municipal Improvement Corp., RB, Real Property, Series E, 5.75%, 9/01/34		250		253,107
Los Angeles Unified School District California, GO:
Election of 2004, Series F (FGIC), 5.00%, 7/01/30		250		253,830
Series D, 5.30%, 1/01/34		500		510,765
Marysville Joint Unified School District California, GO, Election of 2006 (AGM), 5.50%, 8/01/32		45		47,410
Modesto Irrigation District, COP, Capital Improvements, Series A, 5.50%, 10/01/26		65		70,039
Rio Hondo Community College District California, GO, Election 2009, Series B, 5.50%, 8/01/30		125		133,584
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36		500		517,860
San Jose Unified School District Santa Clara County California, GO, Election 2002, Series D, 5.00%, 8/01/32		250		251,895
Santa Ana Unified School District, GO (NPFGC), 5.38%, 8/01/27		500		514,625
Santa Cruz County Redevelopment Agency California, Tax Allocation Bonds, Live Oak/Soquel Community Improvement, Series A, 7.00%, 9/01/36		100		107,809
Snowline Joint Unified School District COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38		250		273,295
Vacaville Unified School District California, GO, Election of 2001 (NPFGC), 5.00%, 8/01/30		500		501,905
Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39		500		561,585

				5,948,938

Education — 7.6%
California Educational Facilities Authority, RB, Stanford University, Series Q, 5.25%, 12/01/32		500		518,300


Municipal Bonds		Par (000)	Value

California (continued)

Education (concluded)
University of California, RB, Limited Project, Series D (NPFGC), 5.00%, 5/15/37	$	500	$	492,640

				1,010,940

Health — 24.7%
ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare:
6.38%, 8/01/34		250		261,665
6.25%, 8/01/39		250		268,908
California Health Facilities Financing Authority, Refunding RB:
Catholic Healthcare West, Series A, 6.00%, 7/01/29		470		490,414
Providence Health & Services, Series C, 6.50%, 10/01/38		250		281,160
St. Joseph Health System, Series A, 5.75%, 7/01/39		485		499,550
California Statewide Communities Development Authority, RB, St. Joseph Health System, Series C (FGIC), 5.75%, 7/01/47		250		255,558
California Statewide Communities Development Authority, Refunding RB:
Catholic Healthcare West, Series E, 5.50%, 7/01/31		250		252,260
Catholic Healthcare West, Series K (AGC), 5.50%, 7/01/41		240		243,050
Kaiser, Series C, 5.25%, 8/01/31		750		732,060

				3,284,625

State — 13.0%
California State Public Works Board, RB:
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34		340		348,449
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34		250		254,142
California State University, Refunding RB, Systemwide, Series C (NPFGC), 5.00%, 11/01/38		625		604,594
State of California, GO, Various Purpose, 6.50%, 4/01/33		490		523,423

				1,730,608

Transportation — 14.3%
County of Orange California, RB, Series B, 5.75%, 7/01/34		500		540,520
County of Sacramento California, RB, Senior Series B:
5.75%, 7/01/39		250		266,105
(AGC), 5.50%, 7/01/34		105		110,187
Los Angeles Department of Airports, Refunding RB, Ontario International, Series A, AMT (NPFGC), 5.00%, 5/15/26		510		493,400
Port of Oakland, RB, Series K, AMT (NPFGC), 5.75%, 11/01/29		495		495,277

				1,905,489



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 following list:

ACA	American Capital Access Corp.
AGC	Assured Guaranty Corp.
AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
AMT	Alternative Minimum Tax (subject to)
BAN	Bond Anticipation Note
BHAC	Berkshire Hathaway Assurance Corp.
CAB	Capital Appreciation Bonds
CIFG	CDC IXIS Financial Guaranty
COP	Certificates of Participation
EDA	Economic Development Authority
ERB	Education Revenue Bonds
FGIC	Financial Guaranty Insurance Co.
FNMA	Federal National Mortgage Association
FSA	Financial Security Assurance Inc.
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
HFA	Housing Finance Agency
HRB	Housing Revenue Bonds
IDA	Industrial Development Authority
IDRB	Industrial Development Revenue Bonds
ISD	Independent School District
LRB	Lease Revenue Bonds
MRB	Mortgage Revenue Bonds
NPFGC	National Public Finance Guarantee Corp.
PILOT	Payment in Lieu of Taxes
RB	Revenue Bonds
SONYMA	State of New York Mortgage Agency
S/F	Single-Family
VHA	Veterans Hospital Administration
VRDN	Variable Rate Demand Notes


See Notes to Financial Statements.

14	SEMI-ANNUAL REPORT	JANUARY 31, 2010




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 — 24.1%
California Infrastructure & Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/39	$	400	$	417,408
Chino Basin Regional Financing Authority California, RB, Inland Empire Utilities Agency, Series A (AMBAC), 5.00%, 11/01/33		200		196,708
Contra Costa Water District, Refunding RB, Series O (AMBAC), 5.00%, 10/01/24		600		636,624
East Bay Municipal Utility District, RB, Sub-Series A (NPFGC), 5.00%, 6/01/35		100		102,344
Eastern Municipal Water District California, COP, Series H, 5.00%, 7/01/35		285		285,767
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1 (AGM), 5.00%, 7/01/35		500		507,805
San Diego Public Facilities Financing Authority, Refunding RB:
Senior Series A, 5.25%, 5/15/39		250		256,827
Series A, 5.25%, 8/01/38		500		512,050
Southern California Public Power Authority, RB, Transmission Project (NPFGC), 5.50%, 7/01/20		40		40,148
Western Municipal Water District Facilities Authority, RB, Series B, 5.00%, 10/01/39		250		251,318

				3,206,999

Total Municipal Bonds — 132.0%				17,575,324




Municipal Bonds Transferred to Tender Option Bond Trusts (a)

California — 16.1%

County/City/Special District/School District — 11.7%
Los Angeles Community College District California, GO, 2008 Election, Series A, 6.00%, 8/01/33	480	532,227
San Diego Community College District California, GO, Election 2002, 5.25%, 8/01/33	508	519,991
Santa Clara County Financing Authority, Refunding RB, Lease, Series L, 5.25%, 5/15/36	495	510,450

		1,562,668

Education — 2.5%
University of California, RB, Series O, 5.75%, 5/15/34	300	333,746

Utilities — 1.9%
Eastern Municipal Water District, California, Water and Sewer, COP, Series H, 5.00%, 7/01/33	250	252,104

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 16.1%		2,148,518

Total Long-Term Investments (Cost — $19,188,906) — 148.1%		19,723,842



Short-Term Securities	Shares

CMA California Municipal Money Fund, 0.04% (b)(c)	512,287		512,287

Total Short-Term Securities (Cost — $512,287) — 3.8%			512,287

*Total Investments (Cost — $19,701,193) — 151.9%**			20,236,129
Other Assets Less Liabilities — 1.8%			241,853
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (9.2)%			(1,233,879	)
Preferred Shares, at Redemption Value — (44.5)%			(5,925,217	)

Net Assets Applicable to Common Shares– 100.0%		$	13,318,886


*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:

	Aggregate cost	$	18,491,538

	Gross unrealized appreciation	$	681,063
	Gross unrealized depreciation		(169,355	)

	Net unrealized appreciation	$	511,708


(a)	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 tender option bond trusts.

(b)	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	$	(1,125,239	)	$	80


(c)	Represents the current yield as of report date.

	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	512,287
Level 2 — Long-Term Investments¹		19,723,842
Level 3		—

Total	$	20,236,129


	¹	See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	15




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock California Municipal Income Trust (BFZ)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

California — 104.4%

Corporate — 2.1%
California Pollution Control Financing Authority, RB, Waste Management Inc. Project, Series C, AMT, 6.75%, 12/01/27	$	2,475	$	2,559,348
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34		680		744,634
Los Angeles Regional Airports Improvement Corp. California, RB, Series C, AMT, 7.50%, 12/01/24		1,165		1,145,533

				4,449,515

County/City/Special District/School District — 29.5%
Butte-Glenn Community College District, GO, Election 2002, Series C, 5.50%, 8/01/30		4,425		4,767,716
California State Department of Water Resources, Refunding RB, Water System, Series AF, 5.00%, 12/01/29		2,500		2,661,475
Elk Grove Unified School District California, Special Tax Bonds, CAB, Community Facilities No. 1 (AMBAC) (a):
5.60%, 12/01/29		7,485		2,048,270
5.60%, 12/01/30		7,485		1,891,834
5.60%, 12/01/31		7,485		1,752,388
Live Oak Unified School District, GO, CAB, Election 2004, Series B (Syncora) (a)(b):
5.59%, 8/01/18		985		297,165
5.60%, 8/01/18		1,030		293,560
5.61%, 8/01/18		1,080		290,725
5.62%, 8/01/18		1,125		285,975
5.63%, 8/01/18		1,175		282,012
5.64%, 8/01/18		1,230		278,669
5.65%, 8/01/18		1,285		274,759
5.66%, 8/01/18		1,340		270,358
5.67%, 8/01/18		1,400		266,490
5.68%, 8/01/18		1,465		263,026
Long Beach Unified School District California, GO, Refunding, Election of 2008, Series A, 5.75%, 8/01/33		2,135		2,298,477
Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/30		2,570		2,739,337
Modesto Irrigation District, COP, Series B, 5.50%, 7/01/35		3,300		3,456,024
Oak Grove School District California, GO, Election 2008, Series A, 5.50%, 8/01/33		4,000		4,236,760
Orange County Water District, COP, Refunding, 5.25%, 8/15/34		2,000		2,097,900
Peralta Community College District California, GO, Election 2006, Series C, 5.00%, 8/01/39		7,500		7,319,175
Pittsburg Redevelopment Agency, Tax Allocation Bonds, Refunding, Subordinate, Los Medanos Community Project, Series A, 6.50%, 9/01/28		2,500		2,729,925
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36		2,900		3,003,588
San Jose Unified School District Santa Clara County California, GO, Election 2002, Series D, 5.00%, 8/01/32		2,875		2,896,792
Santa Ana Unified School District, GO, Election 2008, Series A:
5.50%, 8/01/30		35		37,272
5.13%, 8/01/33		8,000		8,085,120
Santa Cruz County Redevelopment Agency California, Tax Allocation Bonds, Live Oak/Soquel Community Improvement, Series A, 7.00%, 9/01/36		1,200		1,293,708
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33		2,500		2,748,850


Municipal Bonds	Par (000)		Value

California (continued)

County/City/Special District/School District (concluded)
Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39	$	2,350	$	2,639,450

				61,506,800

Education — 2.3%
California Infrastructure & Economic Development Bank, RB, J. David Gladstone Institute Project, 5.25%, 10/01/34		4,000		3,808,520
San Diego Community College District California, GO, Election 2002, 5.25%, 08/01/33		1,000		1,022,530

				4,831,050

Health — 17.5%
ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare:
6.38%, 8/01/34		1,000		1,046,660
6.25%, 8/01/39		3,000		3,226,890
California Health Facilities Financing Authority, Refunding RB:
Catholic Healthcare West, Series A, 6.00%, 7/01/34		3,000		3,135,930
Catholic Healthcare West, Series E, 5.63%, 7/01/25		3,000		3,105,180
Scripps Health, Series A, 5.00%, 11/15/36 (c)		4,500		4,338,810
California Infrastructure & Economic Development Bank, RB, Kaiser Hospital Assistance I-LLC, Series A, 5.55%, 8/01/31		13,500		13,546,710
California Statewide Communities Development Authority, Refunding RB:
Catholic Healthcare West, Series B, 5.50%, 7/01/30		3,000		3,034,440
Catholic Healthcare West, Series E, 5.50%, 7/01/31		2,000		2,018,080
Kaiser, Series C, 5.25%, 8/01/31		3,000		2,928,240

				36,380,940

State — 10.1%
California State Public Works Board, RB:
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34		5,000		5,124,250
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34		1,475		1,499,441
State of California, GO, Various Purpose:
6.50%, 4/01/33		9,700		10,361,637
6.00%, 11/01/39		4,000		4,058,520

				21,043,848

Transportation — 12.5%
County of Orange California, RB, Series B, 5.75%, 7/01/34		3,000		3,243,120
County of Sacramento California, RB, Senior Series B, 5.75%, 7/01/39		1,350		1,436,967
Foothill Eastern Transportation Corridor Agency California, Refunding RB:
5.75%, 1/15/40		4,000		3,764,920
CAB, 5.88%, 7/15/26		5,000		4,886,100
Port of Oakland, RB, Series K, AMT (NPFGC), 5.75%, 11/01/29		3,970		3,972,223
Port of Oakland, Refunding RB, Series L, AMT (NPFGC), 5.38%, 11/01/27		3,710		3,504,874
San Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39		4,825		5,167,527

				25,975,731


See Notes to Financial Statements.

16	SEMI-ANNUAL REPORT	JANUARY 31, 2010




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


Municipal Bonds	Par (000)		Value

California (concluded)

Utilities — 30.4%
California Infrastructure & Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/39	$	2,500	$	2,608,800
Calleguas-Las Virgines Public Financing Authority California, RB, Calleguas Municipal Water District Project, Series A (NPFGC), 5.13%, 7/01/32		5,475		5,611,656
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series E, 5.88%, 1/01/34		4,375		4,790,844
Los Angeles Department of Water & Power, RB, Sub-Series A-1:
Power System, 5.25%, 7/01/38		3,500		3,704,855
Power System (AMBAC), 5.00%, 7/01/37		10,000		10,104,600
Series A, 5.38%, 7/01/34		1,400		1,507,268
Metropolitan Water District of Southern California, Refunding RB, Series C:
5.00%, 7/01/29		4,200		4,455,738
5.00%, 7/01/35		3,500		3,614,065
Orange County Sanitation District, COP, Series B (AGM), 5.00%, 2/01/37		10,000		10,279,400
San Diego County Water Authority, COP, Refunding, Series 2008-A (AGM), 5.00%, 5/01/33		10,040		10,195,319
San Diego Public Facilities Financing Authority, Refunding RB, Senior Series A:
5.25%, 5/15/34		4,000		4,169,960
5.25%, 5/15/39		2,250		2,311,447

				63,353,952

Total Municipal Bonds in California				217,541,836



Multi-State — 6.2%

Housing — 6.2%
Centerline Equity Issuer Trust, 6.80%, 11/30/50 (d)(e)		4,000		4,109,600
MuniMae Tax-Exempt Bond Subsidiary LLC (d)(e):
6.30%, 6/30/49		6,760		6,269,118
6.80%, 6/30/50		3,000		2,459,910

Total Municipal Bonds in Multi-State				12,838,628



Puerto Rico — 2.1%

State — 2.1%
Commonwealth of Puerto Rico, GO, Refunding, Public improvement, Series B, 6.50%, 7/01/37		4,230		4,461,212

Total Municipal Bonds — 112.7%				234,841,676


Municipal Bonds Transferred to Tender Option Bond Trusts (f)	Par (000)		Value

California — 45.1%

County/City/Special District/School District — 29.6%
Los Angeles Community College District California, GO, 2008 Election, Series A, 6.00%, 8/01/33	$	9,596	$	10,644,542
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34		5,000		4,992,850
Mount San Antonio Community College District, California, GO, Election 2001, Series C (FSA), 5.00%, 9/01/31		10,770		10,981,415
San Diego Community College District California, GO:
Election 2002, 5.00%, 5/01/25		10,615		11,025,941
Election 2002, 5.25%, 8/01/33		4,487		4,588,160
Election 2006 (AGM), 5.00%, 8/01/32		9,000		9,106,650
Santa Clara County Financing Authority, Refunding RB, Lease, Series L, 5.25%, 5/15/36		10,000		10,318,157

				61,657,715

Education — 11.5%
California Educational Facilities Authority, RB:
Stanford University, Series Q, 5.25%, 12/01/32		10,000		10,366,180
University of Southern California, Series A, 5.25%, 10/01/18		6,900		7,282,950
University of California, RB, Series O, 5.75%, 5/15/34		5,595		6,224,382

				23,873,512

Utilities — 4.0%
Eastern Municipal Water District, California, Water and Sewer, COP, Series H, 5.00%, 7/01/33		8,356		8,430,350

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 45.1%				93,961,577

Total Long-Term Investments (Cost — $324,237,295) — 157.8%				328,803,253




Short-Term Securities	Shares

CMA California Municipal Money Fund, 0.04% (g)(h)		6,582,995		6,582,995

Total Short-Term Securities (Cost — $6,582,995) — 3.1%				6,582,995

*Total Investments (Cost — $330,820,290) — 160.9%**				335,386,248
Other Assets Less Liabilities — 0.2%				448,990
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (27.1)%				(56,425,887	)
Preferred Shares, at Redemption Value — (34.0)%				(71,002,630	)

Net Assets Applicable to Common Shares — 100.0%			$	208,406,721


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	17




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


*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	273,805,979

Gross unrealized appreciation	$	8,833,241
Gross unrealized depreciation		(3,631,749	)

Net unrealized appreciation	$	5,201,492


(a)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(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 report date.

(c)	When-issued security. Unsettled when-issued security transactions were as follows:



Counterparty	Value		Unrealized Depreciation

JPMorgan Chase Bank NA	$	4,338,810	$	(63,315	)


(d)	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.

(e)	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.

(f)	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 tender option bond trusts.

(g)	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	$	2,952,199	$	848


(h)	Represents the current yield as of report date.


•	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	6,582,995
Level 2 — Long-Term Investments¹		328,803,253
Level 3		—

Total	$	335,386,248


	¹	See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

18	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock Florida Municipal 2020 Term Trust (BFO)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Florida — 144.2%

Corporate — 8.6%
County of Escambia Florida, Refunding RB, Environment, Series A, AMT, 5.75%, 11/01/27	$	4,000	$	3,770,520
Hillsborough County IDA, Refunding Tampa Electric Co. Project, RB:
5.50%, 10/01/23		1,955		1,971,735
Series A, 5.65%, 5/15/18		1,000		1,063,850

				6,806,105

County/City/Special District/School District — 61.9%
Broward County School Board Florida, COP, Series A (AGM) 5.25%, 7/01/22		2,500		2,658,075
County of Hillsborough Florida, RB (AMBAC) 5.00%, 11/01/20		5,545		5,926,551
County of Miami-Dade Florida, RB, Sub-Series B (NPFGC), 5.63%, 10/01/32 (a)		7,560		1,613,304
County of Miami-Dade Florida, Refunding RB, Sub-Series A (NPFGC) (a):
5.31%, 10/01/19		5,365		2,985,408
5.29%, 10/01/20		10,000		5,214,700
County of Orange Florida, Refunding RB, Series A (NPFGC) 5.13%, 1/01/22		2,200		2,309,120
Hillsborough County School Board, COP (NPFGC), 5.00%, 7/01/27		1,000		1,009,660
Miami-Dade County Educational Facilities Authority Florida, RB, University of Miami, Series A (AMBAC), 5.00%, 4/01/14 (b)		2,000		2,287,700
Miami-Dade County School Board, COP, Refunding, Series B (AGC), 5.25%, 5/01/21		4,000		4,333,720
Northern Palm Beach County Improvement District, RB:
Water Control & Improvement, Unit of Development No. 43, 6.10%, 8/01/11 (b)		2,735		2,966,053
Water Control Improvement, Series 43, 6.10%, 8/01/21		380		372,024
Northern Palm Beach County Improvement District, Special Assessment Bonds, Refunding, Water Control & Improvement District No. 43, Series B (ACA):
4.50%, 8/01/22		1,000		738,760
5.00%, 8/01/31		1,000		707,050
Sterling Hill Community Development District, Special Assessment Bonds, Series A, 6.10%, 5/01/23		4,105		3,942,483
Stevens Plantation Improvement Project Dependent Special District, RB, 6.38%, 5/01/13		2,425		1,999,994
Tolomato Community Development District, Special Assessment Bonds, Special Assessment, 6.38%, 5/01/17		1,300		1,158,898
Village Center Community Development District, RB:
(NPFGC), 5.25%, 10/01/23		5,000		4,928,700
Sub-Series B, 6.35%, 1/01/18		2,000		1,900,880
Village Community Development District No. 5 Florida, Special Assessment Bonds, Series A, 6.00%, 5/01/22		1,285		1,291,554
Watergrass Community Development District, Special Assessment Bonds, Series B, 5.13%, 11/01/14		1,000		561,790

				48,906,424

Education — 1.0%
Orange County Educational Facilities Authority, RB,
Rollins College Project (AMBAC), 5.25%, 12/01/22		725		775,409


Municipal Bonds	Par (000)		Value

Florida (concluded)

Health — 19.2%
Escambia County Health Facilities Authority, RB, Florida Health Care Facility Loan, VHA Program (AMBAC) 5.95%, 7/01/20	$	456	$	470,567
Halifax Hospital Medical Center, Refunding RB, Series A, 5.25%, 6/01/26		2,500		2,484,100
Highlands County Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20		2,155		2,255,100
Hillsborough County IDA, RB, H. Lee Moffitt Cancer Center Project, Series A, 5.25%, 7/01/22		1,500		1,502,670
Lee County IDA Florida, Refunding RB, Shell Point/ Alliance Community Project, 5.00%, 11/15/22		1,500		1,324,275
Marion County Hospital District Florida, Refunding RB, Health System, Munroe Regional, 5.00%, 10/01/22		1,500		1,483,260
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21		675		681,163
Orange County Health Facilities Authority, RB, Hospital, Adventist Health System, 5.63%, 11/15/12 (b)		4,450		4,959,213

				15,160,348

Housing — 3.4%
Florida Housing Finance Corp., RB, Homeowner Mortgage, Series 2, AMT (GNMA), 4.70%, 7/01/22		1,805		1,807,256
Jacksonville Housing Finance Authority, Refunding RB, Series A-1, AMT (GNMA), 5.63%, 10/01/39		860		895,355

				2,702,611

State — 14.5%
Florida Municipal Loan Council, RB, CAB, Series A (NPFGC), 5.18%, 4/01/20 (a)		4,000		2,320,560
Florida State Board of Education, GO, Public Education, Series J (AMBAC) 5.00%, 6/01/24		6,150		6,518,754
Florida State Board of Education, GO, Refunding, Public Education, Series I, 5.00%, 6/01/18		500		550,775
Florida State Board of Education, RB, Series B, 5.00%, 7/01/23		2,000		2,116,200

				11,506,289

Transportation — 3.9%
County of Lee Florida, Refunding RB, Series B, (AMBAC) 5.00%, 10/01/22		3,000		3,051,000

Utilities — 31.7%
City of Deltona Florida, RB (NPFGC), 5.00%, 10/01/23		1,095		1,127,916
City of Lakeland Florida, Refunding RB, 5.00%, 10/01/27		1,000		1,018,950
City of Marco Island Florida, RB (NPFGC):
5.25%, 10/01/21		1,000		1,049,830
5.00%, 10/01/22		2,000		2,050,900
5.00%, 10/01/23		1,375		1,404,013
City of Palm Coast Florida, RB (NPFGC):
5.00%, 10/01/22		1,770		1,809,949
5.00%, 10/01/23		1,485		1,514,462
5.00%, 10/01/24		1,500		1,526,055
County of Miami-Dade Florida, Refunding RB, System, Series B (AGM) 5.25%, 10/01/19		3,000		3,329,160
Sumter County IDA Florida, RB, North Sumter Utility Co. LLC Project, AMT, 6.80%, 10/01/32		1,145		1,103,917
Tohopekaliga Water Authority, RB, Series B (AGM):
5.00%, 10/01/22		1,975		2,062,097
5.00%, 10/01/23		1,180		1,227,507
Tohopekaliga Water Authority, Refunding RB, Series A (AGM):
5.00%, 10/01/21		3,630		3,751,387
5.00%, 10/01/23		2,000		2,054,640

				25,030,783

Total Municipal Bonds in Florida				113,938,969

See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	JANUARY 31, 2010	19




Schedule of Investments (concluded)	BlackRock Florida Municipal 2020 Term Trust (BFO)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

U.S. Virgin Islands — 1.7%

Corporate — 1.7%
Virgin Islands Public Finance Authority, RB, Senior Secured, Hovensa Refinery, AMT, 4.70%, 7/01/22	$	1,500	$	1,339,470

Total Municipal Bonds — 145.9%				115,278,439




Municipal Bonds Transferred to Tender Option Bond Trusts (c)

Florida — 11.3%

County/City/Special District/School District — 8.3%
Palm Beach County School District, COP, Series D (AGM) 5.00%, 8/01/28	6,510	6,569,436

Housing — 3.0%
Lee County Housing Finance Authority, RB, Multi-County Program, Series A-2, AMT (GNMA), 6.00%, 9/01/40	1,290	1,395,303
Manatee County Housing Finance Authority, RB, Series A, AMT (GNMA), 5.90%, 9/01/40	917	954,477

		2,349,780

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 11.3%		8,919,216

Total Long-Term Investments (Cost — $126,132,708) — 157.2%		124,197,655




Short-Term Securities	Shares

CMA Florida Municipal Money Fund 0.00% (d)(e)	1,030,592		1,030,592

Total Short-Term Securities (Cost — $1,030,592) — 1.3%			1,030,592

*Total Investments (Cost — $127,163,300) — 158.5%**			125,228,247
Other Assets Less Liabilities — 1.6%			1,234,074
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (5.8)%			(4,581,747	)
Preferred Shares, at Redemption Value — (54.3)%			(42,902,756	)

Net Assets Applicable to Common Shares — 100.0%		$	78,977,818


*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	122,533,474

Gross unrealized appreciation	$	2,339,933
Gross unrealized depreciation		(4,218,733	)

Net unrealized depreciation	$	(1,878,800	)


(a)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(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)	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 tender option bond trusts.

(d)	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	$	909,857	$	105


(e)	Represents the current yield as of report date.

•	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	1,030,592
Level 2 — Long-Term Investments¹		124,197,655
Level 3		—

Total	$	125,228,247


¹	See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.



20	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock Investment Quality Municipal Income Trust (RFA)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Arizona — 0.7%
Pima County IDA, Refunding IDRB, Tucson Electric Power, 5.75%, 9/01/29	$	90	$	90,923

California — 19.0%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44		195		206,809
California Health Facilities Financing Authority, Refunding RB, Series A:
Catholic Healthcare West, 6.00%, 7/01/39		130		135,597
St. Joseph Health System, 5.75%, 7/01/39		195		200,850
California State Public Works Board, RB, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/01/34		300		302,046
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38		250		264,632
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39		615		647,066
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36		240		248,573
San Francisco City & County Airports Commission, Refunding RB, VRDN, 2nd Series A-3, AMT, 6.75%, 5/01/19		500		527,295

				2,532,868

Colorado — 1.2%
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34		155		163,381

Florida — 15.1%
Arborwood Community Development District, Special Assessment Bonds, Master Infrastructure Projects, Series B, 5.10%, 5/01/14		210		151,028
Ave Maria Stewardship Community Development District, Special Assessment Bonds, BAN, 4.80%, 11/01/12		500		386,165
City of Boynton Beach Florida, Refunding RB (FGIC), 6.25%, 11/01/20 (a)		170		207,726
County of Miami-Dade Florida, RB, Sub-Series B (NPFGC), 5.65%, 10/01/31 (b)		1,775		406,351
County of St. John’s Florida, RB, CAB (AMBAC), 5.40%, 6/01/32 (b)		1,000		276,520
Miami Beach Health Facilities Authority, Refunding RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21		125		126,141
New River Community Development District, Special Assessment Bonds, Series B, 5.00%, 5/01/13 (c)(d)		250		104,825
Village Center Community Development District, RB, Series A (NPFGC), 5.00%, 11/01/32		450		365,301

				2,024,057

Georgia — 6.9%
Metropolitan Atlanta Rapid Transit Authority, RB, 3rd Series, 5.00%, 7/01/39		350		362,218
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23		500		565,165

				927,383

Illinois — 3.6%
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39		250		273,753
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34		195		200,959

				474,712

Indiana — 2.7%
Indiana Municipal Power Agency, RB, Indiana Municipal Power Agency, Series B, 6.00%, 1/01/39		335		357,123


Municipal Bonds	Par (000)		Value

Kansas — 2.0%
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.50%, 11/15/29	$	250	$	262,730

Kentucky — 3.5%
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34		220		240,007
Louisville/Jefferson County Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s HealthCare, 6.13%, 2/01/37		215		221,643

				461,650

Maine — 1.8%
Maine State Housing Authority, RB, Series C, AMT, 5.45%, 11/15/23		235		235,313

Massachusetts — 5.8%
Massachusetts HFA, Refunding HRB, Series F, AMT, 5.70%, 6/01/40		250		250,838
Massachusetts Health & Educational Facilities Authority, RB, Tufts University, 5.38%, 8/15/38		250		268,487
Massachusetts State College Building Authority, RB, Series A, 5.50%, 5/01/39		250		261,035

				780,360

Michigan — 4.8%
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38		250		267,640
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39		325		376,812

				644,452

Nevada — 5.4%
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34		250		274,362
County of Clark, Nevada, RB, Series B, 5.75%, 7/01/42 (e)		440		452,030

				726,392

New Jersey — 6.1%
New Jersey EDA, Refunding RB:
New Jersey American Water Co., Series A, AMT, 5.70%, 10/01/39		175		172,349
School Facilities Construction, Series AA, 5.50%, 12/15/29		250		270,532
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29		165		169,214
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A, 5.88%, 12/15/38		190		206,329

				818,424

New York — 6.1%
New York City Transitional Finance Authority, RB, Fiscal 2009, Series S-3, 5.25%, 1/15/39		250		260,700
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38		300		315,984
Triborough Bridge & Tunnel Authority, RB, General, Series A-2, 5.38%, 11/15/38		225		240,502

				817,186

North Carolina — 1.1%
City of Charlotte North Carolina, Refunding RB, Series A, 5.50%, 7/01/34 (e)		25		26,463
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/26		65		66,883
North Carolina Municipal Power Agency No. 1 Catawba, Refunding RB, Series A, 5.00%, 1/01/30		50		50,972

				144,318


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	21




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


Municipal Bonds	Par (000)		Value

Pennsylvania — 7.4%
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39	$	300	$	321,864
Pennsylvania Turnpike Commission, RB:
Sub-Series B, 5.25%, 6/01/39		425		428,715
Sub-Series C (AGC), 6.25%, 6/01/38		215		242,365

				992,944

Texas — 8.8%
City of Houston Texas, RB, Senior Lien, Series A, 5.50%, 7/01/39		85		90,289
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35		140		150,429
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%, 12/01/31		250		280,342
Lower Colorado River Authority, RB, 5.75%, 5/15/28		120		126,814
North Texas Tollway Authority, RB, System, First Tier, Series K-1 (AGC), 5.75%, 1/01/38		250		266,687
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, Note Mobility, 6.88%, 12/31/39		250		260,242

				1,174,803

Virginia — 3.0%
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35		250		286,508
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		120		119,617

				406,125

Wisconsin — 1.8%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health Inc., 5.25%, 4/01/39		245		244,980

Wyoming — 1.4%
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, 5.25%, 7/15/26		180		186,026

Total Municipal Bonds — 108.2%				14,466,150



Municipal Bonds Transferred to Tender Option Bond Trusts (f)

California — 10.4%
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/18		300		316,650
Los Angeles Community College District California, GO, 2008 Election, Series A, 6.00%, 8/01/33		700		776,165
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34		60		59,914
University of California, RB, Series O, 5.75%, 5/15/34		210		233,623

				1,386,352

District of Columbia — 4.0%
District of Columbia, RB, Series A, 5.50%, 12/01/30		195		216,575
District of Columbia Water & Sewer Authority, RB, Series A, 5.50%, 10/01/39		300		320,000

				536,575


Municipal Bonds Transferred to	Par
Tender Option Bond Trusts (f)	(000)		Value

Florida — 8.8%
Hillsborough County Aviation Authority, Florida, RB, Series A, AMT (AGC), 5.50%, 10/01/38	$	280	$	282,781
JEA, RB, Issue Three Series Two River Power Pike, 5.00%, 10/01/37		210		210,517
Lee County Housing Finance Authority, RB, Multi-County Program, Series A-2, AMT (GNMA), 6.00%, 9/01/40		420		454,284
Manatee County Housing Finance Authority, RB, Series A, AMT (GNMA), 5.90%, 9/01/40		220		229,241

				1,176,823

Illinois — 5.4%
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38		400		451,596
Illinois State Toll Highway Authority, RB, Series B, 5.50%, 1/01/33		250		267,139

				718,735

Nevada — 4.2%
Clark County Water Reclamation District, GO, Limited Tax, 6.00%, 7/01/38		500		554,290

New Hampshire — 1.3%
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth College, 5.25%, 6/01/39		165		177,123

New York — 4.1%
New York City Municipal Water Finance Authority, RB:
Fiscal 2009, Series A, 5.75%, 6/15/40		240		267,585
Series FF-2, 5.50%, 6/15/40		255		278,945

				546,530

South Carolina — 4.1%
South Carolina State Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 1/01/38		510		548,673

Texas — 5.5%
City of San Antonio, Texas, Refunding RB, Series A, 5.25%, 2/01/31		300		324,754
Harris County Cultural Education Facilities Finance Corporation, RB, Hospital Texas Children’s Hospital Project, 5.50%, 10/01/39		400		410,528

				735,282

Virginia — 1.0%
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35		130		135,175

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 48.8%				6,515,558

Total Long-Term Investments (Cost — $20,474,141) — 157.0%				20,981,708



Short-Term Securities	Shares

FFI Institutional Tax-Exempt Fund, 0.16% (g)(h)		714,610		714,610

Total Short-Term Securities (Cost — $714,610) — 5.3%				714,610

*Total Investments (Cost — $21,188,751) — 162.3%**				21,696,318
Liabilities in Excess of Other Assets — (1.9)%				(249,871	)
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (26.2)%				(3,506,856	)
Preferred Shares, at Redemption Value — (34.2)%				(4,575,120	)

Net Assets Applicable to Common Shares — 100.0%			$	13,364,471


See Notes to Financial Statements.

22	SEMI-ANNUAL REPORT	JANUARY 31, 2010




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


*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	17,730,070

Gross unrealized appreciation	$	1,097,057
Gross unrealized depreciation		(634,919	)

Net unrealized appreciation	$	462,138


(a)	Security is collateralized by Municipal or US Treasury obligations.

(b)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(c)	Non-income producing security.

(d)	Issuer filed for bankruptcy and/or is in default of interest payments.

(e)	When-issued security. Unsettled when-issued security transactions were as follows:



Counterparty	Value			Unrealized Appreciation (Depreciation)

CitiGroup Global Markets, Inc.		$	452,030		$	(1,346	)
Merrill Lynch & Co.		$	26,463		$	296


(f)	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 tender option bond trusts.

(g)	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

FFI Institutional Tax-Exempt Fund		$	614,505		$	307


(h)	Represents the current yield as of report date.

•	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 assets and liabilities
	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	714,610
Level 2 — Long-Term Investments¹		20,981,708
Level 3		—

Total	$	21,696,318


	¹See above Schedule of Investments for values in each state or political subdivision.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	23




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

Arizona — 0.7%
Pima County IDA, Refunding IDRB, Tucson Electric Power, 5.75%, 9/01/29	$	625	$	631,406

California — 16.6%
Bay Area Toll Authority, Refunding RB, San Francisco Bay Area, Series F-1, 5.63%, 4/01/44		1,355		1,437,059
California Health Facilities Financing Authority, RB, Cedars-Sinai Medical Center, 5.00%, 8/15/39		805		743,224
California Health Facilities Financing Authority, Refunding RB, Series A:
Catholic Healthcare West, 6.00%, 7/01/39		890		928,315
St. Joseph Health System, 5.75%, 7/01/39		1,375		1,416,250
California State Public Works Board, RB:
Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/01/34		2,075		2,089,151
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34		645		655,688
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38		1,450		1,534,869
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39		4,210		4,429,509
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36		1,600		1,657,152

				14,891,217

Colorado — 3.3%
City & County of Denver Colorado, Refunding RB, Series A, 5.25%, 11/15/36		1,810		1,840,354
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34		1,095		1,154,206

				2,994,560

District of Columbia — 1.2%
District of Columbia Water & Sewer Authority, RB, Series A, 5.25%, 10/01/29		1,000		1,059,930

Florida — 21.0%
Ave Maria Stewardship Community Development District, Special Assessment Bonds, BAN, 4.80%, 11/01/12		1,000		772,330
City of Jacksonville Florida, RB (NPFGC), 5.00%, 10/01/26		1,300		1,313,832
City of Tampa Florida, Refunding RB, Series A, 5.00%, 10/01/26		4,000		4,081,880
County of Miami-Dade Florida, RB, Sub-Series C (NPFGC), 5.63%, 10/01/28 (a)		17,290		5,005,628
County of St. John’s Florida, RB, CAB (AMBAC), 5.34%, 6/01/30 (a)		3,945		1,240,505
Escambia County Health Facilities Authority, RB, Florida Health Care Facility Loan, VHA Program (AMBAC), 5.95%, 7/01/20		639		658,794
Laguna Lakes Community Development District Florida, RB, Series A, 6.40%, 5/01/33 (b)		1,550		1,811,655
Miami Beach Health Facilities Authority, RB, Mount Sinai Medical Center of Florida, 6.75%, 11/15/21		825		832,532
Miami-Dade County Expressway Authority Florida, Refunding RB (NPFGC), 5.13%, 7/01/25		500		507,765
New River Community Development District, Special Assessment Bonds, Series B, 5.00%, 5/01/13 (c)(d)		1,500		628,950
Village Center Community Development District, RB, Series A (NPFGC), 5.00%, 11/01/32		1,795		1,457,145
Watergrass Community Development District, Special Assessment Bonds, Series B, 5.13%, 11/01/14		1,000		561,790

				18,872,806


Municipal Bonds	Par (000)		Value

Georgia — 6.5%
Metropolitan Atlanta Rapid Transit Authority, RB, 3rd Series, 5.00%, 7/01/39	$	2,450	$	2,535,530
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23		2,900		3,277,957

				5,813,487

Illinois — 5.9%
Illinois Finance Authority, RB, Rush University Medical Center Obligation Group, Series B, 7.25%, 11/01/30		1,600		1,775,872
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39		1,900		2,080,519
State of Illinois, RB, Build Illinois, Series B, 5.25%, 6/15/34		1,375		1,417,020

				5,273,411

Indiana — 2.6%
Indiana Municipal Power Agency, RB, Indiana Municipal Power Agency, Series B, 6.00%, 1/01/39		2,210		2,355,948

Kansas — 1.9%
Kansas Development Finance Authority, Refunding RB, Adventist Health, 5.50%, 11/15/29		1,600		1,681,472

Kentucky — 3.5%
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34		1,500		1,636,410
Louisville/Jefferson County Metropolitan Government, Refunding RB, Jewish Hospital & St. Mary’s HealthCare, 6.13%, 2/01/37		1,450		1,494,805

				3,131,215

Massachusetts — 2.1%
Massachusetts Health & Educational Facilities Authority, RB, Tufts University, 5.38%, 8/15/38		1,000		1,073,950
Massachusetts State College Building Authority, RB, Series A, 5.50%, 5/01/39		750		783,105

				1,857,055

Michigan — 4.0%
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38		1,000		1,070,560
Michigan State Hospital Finance Authority, Refunding RB, Hospital, Henry Ford Health, 5.75%, 11/15/39		1,415		1,381,365
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39		995		1,153,623

				3,605,548

Nevada — 5.5%
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34		1,600		1,755,920
County of Clark, Nevada, RB, Series B, 5.75%, 7/01/42 (e)		3,075		3,159,071

				4,914,991

New Jersey — 2.9%
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29		1,165		1,194,754
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A, 5.88%, 12/15/38		1,295		1,406,292

				2,601,046


See Notes to Financial Statements.

24	SEMI-ANNUAL REPORT	JANUARY 31, 2010




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


Municipal Bonds	Par (000)		Value

New York — 7.1%
Long Island Power Authority, Refunding RB, Series A, 5.50%, 4/01/24	$	1,055	$	1,150,889
New York City Transitional Finance Authority, RB, Fiscal 2009, Series S-3, 5.25%, 1/15/39		1,500		1,564,200
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38		2,000		2,106,560
Triborough Bridge & Tunnel Authority, RB, General, Series A-2, 5.38%, 11/15/38		1,510		1,614,039

				6,435,688

North Carolina — 2.0%
City of Charlotte North Carolina, Refunding RB, Series A, 5.50%, 7/01/34 (e)		180		190,534
North Carolina Eastern Municipal Power Agency, Refunding RB, Series B, 5.00%, 1/01/26		450		463,036
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/42		855		850,862
North Carolina Municipal Power Agency No. 1 Catawba, Refunding RB, Series A, 5.00%, 1/01/30		320		326,218

				1,830,650

Ohio — 1.1%
Ohio Air Quality Development Authority, RB, Ohio Valley Electric Corp., 5.63%, 10/01/19		970		995,754

Pennsylvania — 3.9%
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39		500		536,440
Pennsylvania Turnpike Commission, RB, Sub-Series B, 5.25%, 6/01/39		2,945		2,970,739

				3,507,179

Puerto Rico — 2.9%
Puerto Rico Sales Tax Financing Corp., RB, 1st Sub-Series A, 5.75%, 8/01/37		2,605		2,656,553

Texas — 10.6%
City of Houston Texas, RB, Senior Lien, Series A, 5.50%, 7/01/39		595		632,021
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35		890		956,296
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%, 12/01/31		500		560,685
Lower Colorado River Authority, RB:
5.75%, 5/15/28		810		855,992
5.50%, 5/15/33		2,000		2,116,120
North Texas Tollway Authority, RB, System, First Tier, Series K-1 (AGC), 5.75%, 1/01/38		1,250		1,333,437
Texas Private Activity Bond Surface Transportation Corp., RB, Senior Lien, Note Mobility, 6.88%, 12/31/39		2,980		3,102,091

				9,556,642

Utah — 1.3%
City of Riverton Utah, RB, IHC Health Services Inc., 5.00%, 8/15/41		1,205		1,203,072

Virginia — 2.2%
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/35		1,000		1,146,030
Virginia Small Business Financing Authority, Refunding RB, Sentara Healthcare, 5.00%, 11/01/40		835		832,336

				1,978,366

Wisconsin — 1.9%
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health Inc., 5.25%, 4/01/39		1,675		1,674,866


Municipal Bonds	Par (000)		Value

Wyoming — 1.4%
County of Sweetwater Wyoming, Refunding RB, Idaho Power Co. Project, 5.25%, 7/15/26	$	1,235	$	1,276,348

Total Municipal Bonds — 112.1%				100,799,210




Municipal Bonds Transferred to Tender Option Bond Trusts (f)

California — 9.5%
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/18		1,995		2,105,723
Los Angeles Community College District California, GO, 2008 Election, Series A, 6.00%, 8/01/33		3,898		4,324,345
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34		400		399,428
University of California, RB, Series O, 5.75%, 5/15/34		1,500		1,668,735

				8,498,231

District of Columbia — 3.9%
District of Columbia, RB, Series A, 5.50%, 12/01/30		1,395		1,549,343
District of Columbia Water & Sewer Authority, RB, Series A, 5.50%, 10/01/39		1,799		1,919,998

				3,469,341

Florida — 9.7%
Jacksonville Economic Development Commission, RB, Mayo Clinic Jacksonville, Series B, 5.50%, 11/15/36		7,490		7,632,834
Jackson Economic Development, RB, Issue Three Series Two River Power Pike, 5.00%, 10/01/37		1,110		1,112,731

				8,745,565

Illinois — 3.5%
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25% 7/01/38		2,800		3,161,172

Nevada — 5.5%
Clark County Water Reclamation District, GO:
Limited Tax, 6.00%, 7/01/38		2,500		2,771,450
Series B, 5.50%, 7/01/29		1,994		2,176,554

				4,948,004

New Hampshire — 1.3%
New Hampshire Health & Education Facilities Authority, Refunding RB, Dartmouth College, 5.25%, 6/01/39		1,094		1,175,450

New York — 4.2%
New York City Municipal Water Finance Authority, RB:
Fiscal 2009, Series A, 5.75%, 6/15/40		1,410		1,572,063
Series FF-2, 5.50%, 6/15/40		1,994		2,182,336

				3,754,399

South Carolina — 2.1%
South Carolina State Public Service Authority, RB, Santee Cooper, Series A, 5.50%, 1/01/38		1,755		1,888,082

Texas — 5.6%
City of San Antonio, Texas, Refunding RB, Series A, 5.25%, 2/01/31		2,025		2,192,088
Harris County Cultural Education Facilities Finance Corporation, RB, Hospital Texas Children’s Hospital Project, 5.50%, 10/01/39		2,750		2,822,380

				5,014,468

Virginia — 1.0%
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35		899		935,813

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 46.3%				41,590,525

Total Long-Term Investments (Cost — $139,245,701) — 158.4%				142,389,735


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	25




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


Short-Term Securities	Shares		Value

FFI Institutional Tax-Exempt Fund, 0.16% (g)(h)		6,033,536	$	6,033,536

Total Short-Term Securities (Cost — $6,033,536) — 6.7%				6,033,536

*Total Investments (Cost — $145,279,237) — 165.1%**				148,423,271
Liabilities in Excess of Other Assets — (2.3)%				(2,051,970	)
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (24.7)%				(22,241,228	)
Preferred Shares, at Redemption Value — (38.1)%				(34,251,661	)

Net Assets Applicable to Common Shares — 100.0%			$	89,878,412



*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	123,462,289

Gross unrealized appreciation	$	6,486,627
Gross unrealized depreciation		(3,754,409	)

Net unrealized appreciation	$	2,732,218


(a)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(b)	Security is collateralized by Municipal or US Treasury Obligations.

(c)	Issuer filed for bankruptcy and/or is in default of interest payments.

(d)	Non-income producing security.

(e)	When-issued security. Unsettled when-issued security transactions were as follows:



Counterparty	Value		Unrealized Appreciation (Depreciation)

Citigroup Inc.	$	3,159,071		$	(9,410	)
Merrill Lynch & Co.	$	190,534		$	2,129


(f)	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 tender option bond trusts.

(g)	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

FFI Institutional Tax-Exempt Fund	$	4,330,630	$	4,863


(h)	Represents the current yield as of report date.


•	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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 the Note 1 of the Notes to Financial Statements.

	The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	6,033,536
Level 2 — Long-Term Investments¹		142,389,735
Level 3		—

Total	$	148,423,271


	¹	See above Schedule of Investments for values in each state or political subdivision.


See Notes to Financial Statements.

26	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New Jersey — 121.5%

Corporate — 12.8%
New Jersey EDA, RB, AMT:
Continental Airlines Inc. Project, 7.00%, 11/15/30	$	925	$	882,126
Disposal, Waste Management of New Jersey, Series A, 5.30%, 6/01/15		500		531,770
New Jersey EDA, Refunding RB, New Jersey American Water Co., Series A, AMT, 5.70%, 10/01/39		175		172,349

				1,586,245

County/City/Special District/School District — 9.3%
City of Perth Amboy New Jersey, GO, CAB (AGM), 5.03%, 7/01/34 (a)		100		89,749
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC), 5.50%, 10/01/29		260		291,866
Hudson County Improvement Authority, RB:
CAB, Series A-1 (NPFGC), 4.50%, 12/15/32 (b)		1,000		268,320
Harrison Parking Facility Project, Series C (AGC), 5.38%, 1/01/44		340		358,074
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37		200		37,000
Salem County Improvement Authority, RB, Finlaw Street Office Building (AGM), 5.25%, 8/15/38		100		104,426

				1,149,435

Education — 11.2%
New Jersey Educational Facilities Authority, RB, Montclair State University, Series J, 5.25%, 7/01/38		100		101,491
New Jersey Educational Facilities Authority, Refunding RB:
College of New Jersey, Series D (AGM), 5.00%, 7/01/35		380		390,233
Georgian Court University, Series D, 5.00%, 7/01/33		100		93,956
Ramapo College, Series I (AMBAC), 4.25%, 7/01/31		250		234,390
Rowan University, Series B (AGC), 5.00%, 7/01/24		255		275,726
University of Medicine & Dentistry, Series B, 7.50%, 12/01/32		175		197,278
New Jersey Higher Education Assistance Authority, Refunding RB, Series 1A:
5.00%, 12/01/25		65		65,853
5.00%, 12/01/26		30		30,183

				1,389,110

Health — 23.3%
Burlington County Bridge Commission, Refunding RB, The Evergreens Project, 5.63%, 1/01/38		150		126,930
New Jersey EDA, RB, First Mortgage, Lions Gate Project, Series A:
5.75%, 1/01/25		60		52,316
5.88%, 1/01/37		110		87,073
New Jersey EDA, Refunding RB:
First Mortgage, Winchester, Series A, 5.80%, 11/01/31		500		489,670
Seabrook Village Inc. Facility, 5.25%, 11/15/26		140		117,835
New Jersey Health Care Facilities Financing Authority, RB:
Hackensack University Medical Center, 6.00%, 1/01/25		1,000		1,007,510
Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38		250		252,582
Meridian Health, Series I (AGC), 5.00%, 7/01/38		100		99,395
Virtua Health (AGC), 5.50%, 7/01/38		150		156,491


Municipal Bonds	Par (000)		Value

New Jersey (continued)

Health (concluded)
New Jersey Health Care Facilities Financing Authority, Refunding RB:
CAB, St. Barnabas Health, Series B, 5.90%, 7/01/30 (b)	$	500	$	98,405
CAB, St. Barnabas Health, Series B, 5.69%, 7/01/36 (b)		840		97,222
CAB, St. Barnabas Health, Series B, 5.75%, 7/01/37 (b)		900		96,003
St. Barnabas Health Care System, Series A, 5.00%, 7/01/29		250		200,263

				2,881,695

Housing — 12.7%
New Jersey State Housing & Mortgage Finance Agency, RB:
S/F Housing, Series CC, , 5.00%, 10/01/34		210		209,689
S/F Housing, Series ', AMT, 4.85%, 4/01/16		500		521,520
Series A, 4.75%, 11/01/29		140		137,351
Series AA, 6.38%, 10/01/28		245		270,027
Series AA, 6.50%, 10/01/38		185		201,330
Newark Housing Authority, RB, South Ward Police Facility (AGC), 6.75%, 12/01/38		200		224,440

				1,564,357

State — 23.0%
New Jersey EDA, RB:
Cigarette Tax (Radian), 5.75%, 6/15/34		400		379,892
Newark Downtown District Management Corp., 5.13%, 6/15/37		100		81,529
School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34		500		537,560
School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34		300		335,763
Transportation Project Sublease, Series A (AGM), 5.75%, 5/01/10		900		911,880
New Jersey EDA, Refunding RB, School Facilities Construction, Series AA, 5.50%, 12/15/29		200		216,426
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A:
6.00%, 12/15/38		150		164,583
(AGC), 5.63%, 12/15/28		100		111,405
State of New Jersey, COP, Equipment Lease Purchase, Series A, 5.25%, 6/15/28		100		103,284

				2,842,322

Tobacco — 1.1%
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23		150		139,842

Transportation — 19.3%
New Jersey State Turnpike Authority, RB, Series E, 5.25%, 1/01/40		300		310,572
New Jersey State Turnpike Authority, Refunding RB, (AMBAC):
Series C, 6.50%, 1/01/16		160		190,078
Series C, 6.50%, 1/01/16 (c)		785		912,029
Series C-2005, 6.50%, 1/01/16 (c)		55		67,720
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A, 5.88%, 12/15/38		175		190,040
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT, 5.75%, 11/01/30		250		264,092
South Jersey Transportation Authority, RB, Series A (NPFGC) 4.50%, 11/01/35		490		452,765

				2,387,296

See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	JANUARY 31, 2010	27




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


Municipal Bonds	Par (000)		Value

New Jersey (concluded)

Utilities — 8.8%
Cumberland County Improvement Authority, RB, Series A, 5.00%, 1/01/30	$	75	$	73,606
Passaic Valley Sewage Commissioners, Refunding RB, Sewer System, Series E (AMBAC), 5.75%, 12/01/21		1,000		1,008,140

				1,081,746

Total Municipal Bonds in New Jersey				15,022,048



Pennsylvania — 8.1%

Transportation — 8.1%
Delaware River Port Authority Pennsylvania & New Jersey, RB (AGM), 5.75%, 1/01/26		1,000		1,001,180


Puerto Rico — 15.3%

Education — 4.3%
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, RB, Ana G. Mendez University System Project, 5.00%, 3/01/26		600		526,206

Housing — 2.4%
Puerto Rico Housing Finance Authority, Refunding RB, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27		300		300,297

State — 5.7%
Puerto Rico Commonwealth Infrastructure Financing Authority, RB, CAB, Series A (AMBAC), 4.36%, 7/01/37 (b)		795		111,944
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series M-3 (NPFGC), 6.00%, 7/01/27		215		222,011
Puerto Rico Sales Tax Financing Corp., RB, 1st Sub-Series A, 5.75%, 8/01/37		365		372,223

				706,178

Utilities — 2.9%
Puerto Rico Electric Power Authority, RB, Series WW, 5.50%, 7/01/38		350		352,797

Total Municipal Bonds in Puerto Rico				1,885,478

Total Municipal Bonds — 144.9%				17,908,706




Municipal Bonds Transferred to Tender Option Bond Trusts (d)

New York — 2.0%

Transportation — 2.0%
Port Authority of New York & New Jersey, RB, Consolidated 152nd Series, AMT, 5.25%, 11/01/35		240		242,783

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 2.0%				242,783

Total Long-Term Investments (Cost — $18,571,052) — 146.9%				18,151,489


Short-Term Securities	Shares		Value

CMA New Jersey Municipal Money Fund, 0.04% (e)(f)		1,027,504	$	1,027,504

Total Short-Term Securities (Cost — $1,027,504) — 8.3%				1,027,504

*Total Investments (Cost — $19,598,556) — 155.2%**				19,178,993
Other Assets Less Liabilities — 1.9%				240,949
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (1.3)%				(160,047	)
Preferred Shares, at Redemption Value — (55.8)%				(6,900,331	)

Net Assets Applicable to Common Shares — 100.0%			$	12,359,564


*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	19,344,311

Gross unrealized appreciation	$	679,656
Gross unrealized depreciation		(1,004,891	)

Net unrealized depreciation	$	(325,235	)


(a)	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 reflects the current yield as of report date.

(b)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(c)	Security is collateralized by Municipal or US Treasury Obligations.

(d)	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 tender option bond trusts.

(e)	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	$	207,815	$	142


(f)	Represents the current yield as of report date.

•	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	1,027,504
Level 2 — Long-Term Investments¹		18,151,489
Level 3		—

Total	$	19,178,993


¹	See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

28	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock New Jersey Municipal Income Trust (BNJ)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New Jersey — 122.4%

Corporate — 8.4%
New Jersey EDA, RB, AMT:
Continental Airlines Inc. Project, 7.00%, 11/15/30	$	3,450	$	3,290,093
Continental Airlines Inc. Project, 7.20%, 11/15/30		2,000		1,949,300
Disposal, Waste Management of New Jersey, Series A, 5.30%, 6/01/15		2,000		2,127,080
New Jersey EDA, Refunding RB, New Jersey American Water Co., Series A, AMT, 5.70%, 10/01/39		1,500		1,477,275

				8,843,748

County/City/Special District/School District — 13.1%
City of Perth Amboy New Jersey, GO, CAB (AGM) (a):
5.03%, 7/01/34		1,075		964,802
5.04%, 7/01/35		175		156,637
City of Vineland New Jersey, GO, Refunding, Electric Utilities, AMT (NPFGC):
5.30%, 5/15/30		1,500		1,477,875
5.38%, 5/15/31		1,500		1,489,530
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC), 5.50%, 10/01/29		2,630		2,952,333
Hudson County Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC), 5.38%, 1/01/44		2,400		2,527,584
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37		1,790		331,150
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 4.38%, 1/01/37		2,600		2,399,202
Salem County Improvement Authority, RB, Finlaw Street Office Building (AGM), 5.25%, 8/15/38		225		234,958
Trenton Parking Authority, Refunding RB (NPFGC), 5.00%, 4/01/30		1,440		1,341,173

				13,875,244

Education — 11.0%
New Jersey Educational Facilities Authority, RB:
Georgian Court College Project, Series C, 6.50%, 7/01/33 (b)		2,120		2,504,229
Montclair State University, Series J, 5.25%, 7/01/38		580		588,648
New Jersey Educational Facilities Authority, Refunding RB:
College of New Jersey, Series D (AGM), 5.00%, 7/01/35		3,230		3,316,984
Fairleigh Dickinson University, Series C, 6.00%, 7/01/20		2,000		2,043,400
Georgian Court University, Series D, 5.00%, 7/01/33		250		234,890
Ramapo College, Series I (AMBAC), 4.25%, 7/01/31		500		468,780
University of Medicine & Dentistry, Series B, 7.50%, 12/01/32		1,450		1,634,585
New Jersey Higher Education Assistance Authority, Refunding RB, Series 1A:
5.00%, 12/01/25		535		542,019
5.00%, 12/01/26		250		251,527

				11,585,062


Municipal Bonds	Par (000)		Value

New Jersey (continued)

Health — 33.3%
Burlington County Bridge Commission, Refunding RB, The Evergreens Project, 5.63%, 1/01/38	$	1,000	$	846,200
City of Newark New Jersey, Refunding RB, New Community Urban Renewal, Series A (GNMA), 5.20%, 6/01/30		1,815		1,834,511
New Jersey EDA, RB:
First Mortgage, Lions Gate Project, Series A, 5.75%, 1/01/25		500		435,970
First Mortgage, Lions Gate Project, Series A, 5.88%, 1/01/37		855		676,792
Masonic Charity Foundation Project, 5.50%, 6/01/31		2,000		1,984,940
New Jersey EDA, Refunding RB:
First Mortgage, Winchester, Series A, 5.75%, 11/01/24		4,050		4,037,647
Seabrook Village Inc. Facility, 5.25%, 11/15/26		1,790		1,506,607
New Jersey Health Care Facilities Financing Authority, RB:
Health System, Catholic Health East, Series A, 5.38%, 11/15/33 (b)		3,000		3,364,290
Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38		2,350		2,374,275
Kennedy Health System, 5.63%, 7/01/31		2,130		2,140,991
Meridian Health, Series I (AGC), 5.00%, 7/01/38		750		745,463
South Jersey Hospital, 6.00%, 7/01/26 (b)		1,960		2,199,963
South Jersey Hospital, 6.00%, 7/01/32 (b)		5,500		6,173,365
Virtua Health (AGC), 5.50%, 7/01/38		1,250		1,304,088
New Jersey Health Care Facilities Financing Authority, Refunding RB:
Atlantic City Medical System, 5.75%, 7/01/25		1,255		1,283,627
CAB, St. Barnabas Health, Series B, 5.90%, 7/01/30 (c)		2,500		492,025
CAB, St. Barnabas Health, Series B, 5.69%, 7/01/36 (c)		7,700		891,198
CAB, St. Barnabas Health, Series B, 5.75%, 7/01/37 (c)		7,250		773,358
St. Barnabas Health Care System, Series A, 5.00%, 7/01/29		750		600,788
South Jersey Hospital, 5.00%, 7/01/46		1,650		1,539,796

				35,205,894

Housing — 17.1%
Middlesex County Improvement Authority, RB, AMT (FNMA):
Administration Building Residential Project, 5.35%, 7/01/34		1,400		1,404,676
New Brunswick Apartments Rental Housing, 5.30%, 8/01/35		4,370		4,382,148
New Jersey State Housing & Mortgage Finance Agency, RB:
S/F Housing, Series CC, 5.00%, 10/01/34		1,775		1,772,373
S/F Housing, Series X, AMT, 4.85%, 4/01/16		1,750		1,825,320
Series A, 4.75%, 11/01/29		1,185		1,162,580
Series AA, 6.38%, 10/01/28		1,480		1,631,182
Series AA, 6.50%, 10/01/38		2,295		2,497,580
New Jersey State Housing & Mortgage Finance Agency, Refunding RB, S/F Housing, Series T, AMT, 4.70%, 10/01/37		700		640,003
Newark Housing Authority, RB, South Ward Police Facility (AGC):
6.75%, 12/01/38		1,850		2,076,070
5.75%, 12/01/30		580		620,420

				18,012,352

See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	JANUARY 31, 2010	29




Schedule of Investments (continued)	BlackRock New Jersey Municipal Income Trust (BNJ)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New Jersey (concluded)

State — 24.1%
Garden State Preservation Trust, RB, CAB, Series B (AGM), 5.22%, 11/01/26 (c)	$	6,000	$	2,738,220
New Jersey EDA, RB:
Cigarette Tax (Radian), 5.75%, 6/15/34		2,605		2,474,047
Kapkowski Road Landfill Project, Series 1998B, AMT, 6.50%, 4/01/31		5,000		4,931,600
School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34		3,000		3,225,360
School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34		3,000		3,357,630
New Jersey EDA, Refunding RB, School Facilities Construction, Series AA, 5.50%, 12/15/29		2,000		2,164,260
New Jersey EDA, Special Assessment Bonds, Refunding, Kapkowski Road Landfill Project, 6.50%, 4/01/28		2,500		2,497,075
New Jersey Transportation Trust Fund Authority, RB:
CAB, Transportation System, Series C (AGM), 4.84%, 12/15/32 (c)		4,000		1,073,280
Transportation System, Series A, 6.00%, 12/15/38		1,450		1,590,969
Transportation System, Series A (AGC), 5.63%, 12/15/28		670		746,413
State of New Jersey, COP, Equipment Lease Purchase, Series A, 5.25%, 6/15/28		600		619,704

				25,418,558

Tobacco — 1.1%
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1A, 4.50%, 6/01/23		1,255		1,170,011

Transportation — 13.3%
New Jersey State Turnpike Authority, RB, Series E, 5.25%, 1/01/40		3,205		3,317,944
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A:
5.88%, 12/15/38		1,465		1,590,902
(AGC), 5.50%, 12/15/38		1,000		1,073,980
Port Authority of New York & New Jersey, RB, Special Project, JFK International Air Terminal, Series 6, AMT (NPFGC), 5.75%, 12/01/22		6,000		6,152,640
Port Authority of New York & New Jersey, Refunding RB, Consolidated, 152nd Series, AMT, 5.75%, 11/01/30		1,750		1,848,648

				13,984,114

Utilities — 1.0%
Cumberland County Improvement Authority, RB, Series A, 5.00%, 1/01/30		620		608,474
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 4.40%, 9/01/33 (c)		2,000		483,800

				1,092,274

Total Municipal Bonds in New Jersey				129,187,257



Multi-State — 6.5%

Housing — 6.5%
Centerline Equity Issuer Trust, 6.80%, 11/30/50 (d)(e)		2,500		2,568,500
MuniMae Tax-Exempt Bond Subsidiary LLC (d)(e):
6.30%, 6/30/49		2,897		2,686,765
6.80%, 6/30/50		2,000		1,639,940

				6,895,205

Total Municipal Bonds in Multi-State				6,895,205


Municipal Bonds	Par (000)		Value

Puerto Rico — 20.3%

Housing — 7.2%
Puerto Rico Housing Finance Authority, RB, Mortgage-Backed Securities, Series B, AMT (GNMA), 5.30%, 12/01/28	$	2,545	$	2,555,231
Puerto Rico Housing Finance Authority, Refunding RB:
Mortgage-Backed Securities, Series A (GNMA), 5.20%, 12/01/33		2,550		2,563,898
Subordinate, Capital Fund Modernization, 5.13%, 12/01/27		2,475		2,477,450

				7,596,579

State — 9.1%
Puerto Rico Commonwealth Infrastructure Financing Authority, RB, CAB, Series A (AMBAC), 4.36%, 7/01/37 (c)		6,000		844,860
Puerto Rico Public Buildings Authority, RB, CAB, Series D (AMBAC) (a):
5.45%, 7/01/12 (b)		3,665		3,727,781
5.45%, 7/01/12		1,335		1,041,460
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series M-3 (NPFGC), 6.00%, 7/01/27		850		877,719
Puerto Rico Sales Tax Financing Corp., RB, 1st Sub-Series A, 5.75%, 8/01/37		3,075		3,135,854

				9,627,674

Transportation — 2.1%
Puerto Rico Highway & Transportation Authority, Refunding RB, Series CC (AGC), 5.50%, 7/01/31		2,000		2,158,000

Utilities — 1.9%
Puerto Rico Electric Power Authority, RB, Series WW, 5.50%, 7/01/38		2,000		2,015,980

Total Municipal Bonds in Puerto Rico				21,398,233

Total Municipal Bonds — 149.2%				157,480,695




Municipal Bonds Transferred to Tender Option Bond Trusts (f)

New York — 1.9%

Transportation — 1.9%
Port Authority of New York & New Jersey, RB, Consolidated 152nd Series, AMT, 5.25%, 11/01/35		2,039		2,063,654

Total Municipal Bonds Transferred to Tender Option Bond Trusts				2,063,654

Total Long-Term Investments (Cost — $161,060,614) — 151.1%				159,544,349




Short-Term Securities	Shares

CMA New Jersey Municipal Money Fund, 0.04% (g)(h)		4,831,059		4,831,059

Total Short-Term Securities (Cost — $4,831,059) — 4.6%				4,831,059

*Total Investments (Cost — $165,891,673) — 155.7%**				164,375,408
Other Assets Less Liabilities — 1.6%				1,661,192
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (1.3)%				(1,360,399	)
Preferred Shares, at Redemption Value — (56.0)%				(59,101,545	)

Net Assets Applicable to Common Shares — 100.0%			$	105,574,656

See Notes to Financial Statements.



30	SEMI-ANNUAL REPORT	JANUARY 31, 2010




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


*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	163,256,125

Gross unrealized appreciation	$	6,825,848
Gross unrealized depreciation		(7,065,861	)

Net unrealized depreciation	$	(240,013	)


(a)	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 reflects the current yield as of report date.

(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)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(d)	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.

(e)	Securities represent 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.

(f)	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 tender option bond trusts.

(g)	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	$	(5,808,645	)	$	1,225


(h)	Represents the current yield as of report date.

•	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	4,831,059
Level 2 — Long-Term Investments¹		159,544,349
Level 3		—

Total	$	164,375,408


	¹	See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	JANUARY 31, 2010	31




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock New York Investment Quality Municipal Trust Inc. (RNY)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New York — 134.5%

Corporate — 18.7%
Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42 (a)	$	130	$	131,914
Essex County Industrial Development Agency New York, RB, International Paper Co. Project, Series A, AMT, 6.63%, 9/01/32		100		101,067
Jefferson County Industrial Development Agency New York, Refunding RB, Solid Waste, Series A, AMT, 5.20%, 12/01/20		150		145,755
New York City Industrial Development Agency, RB:
American Airlines Inc., JFK International Airport, AMT, 7.63%, 8/01/25		800		781,008
American Airlines Inc., JFK International Airport, AMT, 7.75%, 8/01/31		300		296,997
Liberty-IAC/InteractiveCorp, 5.00%, 9/01/35		250		198,043
New York Liberty Development Corp., RB, Goldman Sachs Headquarters:
5.25%, 10/01/35		650		653,334
5.50%, 10/01/37		200		208,344
Port Authority of New York & New Jersey, RB, Continental Airlines Inc. and Eastern Air Lines Inc. Project, LaGuardia, AMT, 9.13%, 12/01/15		850		851,207

				3,367,669

County/City/Special District/School District — 38.0%
Brooklyn Arena Local Development Corp., RB, Barclays Center Project, 6.38%, 7/15/43		100		102,094
City of New York New York, GO, Refunding, Series A:
6.00%, 5/15/30		10		10,187
6.00%, 5/15/30 (b)		500		513,560
Haverstraw-Stony Point Central School District New York, GO (AGM), 3.00%, 10/15/26		250		207,310
Hudson Yards Infrastructure Corp., RB, Series A:
5.00%, 2/15/47		200		186,154
(FGIC), 5.00%, 2/15/47		100		93,077
(NPFGC), 4.50%, 2/15/47		70		63,381
New York City Industrial Development Agency, RB, PILOT:
CAB, Yankee Stadium (AGC), 5.77% 3/01/35 (c)		400		92,776
Queens Baseball Stadium (AGC), 6.38%, 1/01/39		100		110,705
Queens Baseball Stadium (AMBAC), 5.00%, 1/01/39		250		227,297
Queens Baseball Stadium (AMBAC), 5.00%, 1/01/46		400		359,620
New York City Transitional Finance Authority, RB:
Fiscal 2009, Series S-3, 5.25%, 1/15/39		150		156,420
Future Tax Secured, Series B, 6.00%, 11/15/21 (b)		815		837,103
Future Tax Secured, Series B, 6.00%, 11/15/29 (b)		1,000		1,027,120
New York Convention Center Development Corp., RB, Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44		700		675,353
New York State Dormitory Authority, RB, State University Dormitory Facilities, Series A, 5.00%, 7/01/39		100		102,565
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC), 5.00%, 10/15/32		2,000		2,071,940

				6,836,662

Education — 16.2%
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A:
7.00%, 5/01/25		95		59,848
7.00%, 5/01/35		60		37,799
New York City Industrial Development Agency, Refunding RB, Polytechnic University Project (ACA), 5.25%, 11/01/37		100		85,148
New York Liberty Development Corp., RB, National Sports Museum Project, Series A, 6.13%, 2/15/19 (d)(e)		175		2


Municipal Bonds	Par (000)		Value

New York (continued)

Education (concluded)
New York State Dormitory Authority, RB:
5.83%, 7/01/39 (f)	$	175	$	140,842
Mount Sinai School of Medicine, 5.13%, 7/01/39		275		271,898
New York University, Series 1 (AMBAC), 5.50%, 7/01/40		250		289,522
Rochester Institute of Technology, Series A, 6.00%, 7/01/33		175		192,068
University of Rochester, Series A, 5.13%, 7/01/39		215		221,059
New York State Dormitory Authority, Refunding RB:
Brooklyn Law School, 5.75%, 7/01/33		75		76,526
Teachers College, 5.50%, 3/01/39		200		207,222
Yeshiva University, 5.00%, 9/01/38		75		76,196
Schenectady County Industrial Development Agency, Refunding RB, Union College Project, 5.00%, 7/01/31		500		517,740
Trust for Cultural Resources, RB, Series A:
Carnegie Hall, 4.75%, 12/01/39		200		195,002
Carnegie Hall, 5.00%, 12/01/39		150		150,684
Juilliard School, 5.00%, 1/01/39		250		261,712
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41		125		129,059

				2,912,327

Health — 19.3%
Genesee County Industrial Development Agency New York, Refunding RB, United Memorial Medical Center Project, 5.00%, 12/01/27		100		80,140
New York State Dormitory Authority, MRB, Hospital, Lutheran Medical (NPFGC), 5.00%, 8/01/31		250		252,988
New York State Dormitory Authority, RB:
New York & Presbyterian Hospital (AGM), 5.25%, 2/15/31		100		102,884
New York State Association for Retarded Children, Inc., Series A, 6.00%, 7/01/32		75		78,624
North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/37		175		176,500
North Shore-Long Island Jewish Health System, Series A, 5.75%, 5/01/37		250		256,102
NYU Hospital Center, Series B, 5.63%, 7/01/37		150		145,809
New York State Dormitory Authority, Refunding RB:
Kateri Residence, 5.00%, 7/01/22		1,000		1,025,700
Mount Sinai Health, Series A, 6.50%, 7/01/25		1,000		1,016,650
North Shore-Long Island Jewish Health System, Series E, 5.50%, 5/01/33		150		151,503
Saratoga County Industrial Development Agency New York, RB, Saratoga Hospital Project, Series B, 5.25%, 12/01/32		100		94,528
Suffolk County Industrial Development Agency New York, Refunding RB, Jeffersons Ferry Project, 5.00%, 11/01/28		115		102,146

				3,483,574

Housing — 10.2%
New York City Housing Development Corp., RB:
Series A (GNMA), 5.25%, 5/01/30		1,000		1,014,370
Series B1, AMT, 5.15%, 11/01/37		250		248,155
Series J-2-A, AMT, 4.75%, 11/01/27		500		484,795
New York Mortgage Agency, Refunding RB, Series 143, AMT, 4.90%, 10/01/37		100		93,260

				1,840,580

See Notes to Financial Statements.



32	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Schedule of Investments (continued)	BlackRock New York Investment Quality Municipal Trust Inc. (RNY)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New York (concluded)

State — 9.6%
New York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36	$	150	$	166,867
New York State Dormitory Authority, LRB, Municipal Health Facilities, Sub-Series 2-4, 4.75%, 1/15/30		300		301,971
New York State Dormitory Authority, Refunding RB, State University Educational Facilities, Series A (AMBAC), 5.25%, 5/15/15		1,005		1,121,761
State of New York, GO, Series A, 5.00%, 2/15/39		125		129,599

				1,720,198

Transportation — 5.0%
Metropolitan Transportation Authority, RB:
Series 2008C, 6.50%, 11/15/28		250		285,377
Series B, 4.50%, 11/15/37		250		233,453
Port Authority of New York & New Jersey, RB, Consolidated 116th Series, 4.13%, 9/15/32		250		232,135
Triborough Bridge & Tunnel Authority, RB, General Purpose, Series A (NPFGC), 5.00%, 1/01/32		155		156,634

				907,599

Utilities — 17.5%
Albany Municipal Water Finance Authority, RB, Series B (NPFGC), 5.00%, 12/01/33		1,000		999,930
Long Island Power Authority, Refunding RB, Series A, 6.25%, 4/01/33		100		114,972
New York City Municipal Water Finance Authority, RB, Series C, 5.13%, 6/15/33		1,000		1,014,230
New York City Municipal Water Finance Authority, Refunding RB, Series B (AGM), 5.00%, 6/15/36		1,000		1,021,630

				3,150,762

Total Municipal Bonds in New York				24,219,371



Guam — 2.5%

County/City/Special District/School District — 0.7%
Territory of Guam, RB, Section 30, Series A, 5.75%, 12/01/34		120		121,337

State — 0.6%
Territory of Guam, GO, Series A, 7.00%, 11/15/39		100		102,621

Tobacco — 0.4%
Guam Economic Development & Commerce Authority, Refunding RB, Tobacco Settlement Asset-Backed, 5.63%, 6/01/47		100		84,367

Utilities — 0.8%
Guam Government Waterworks Authority, Refunding RB, Water, 5.88%, 7/01/35		150		145,509

Total Municipal Bonds in Guam				453,834


Municipal Bonds	Par (000)		Value

Puerto Rico — 14.8%

County/City/Special District/School District — 3.3%
Puerto Rico Sales Tax Financing Corp., RB, 1st Sub-Series A, 6.00%, 8/01/42	$	500	$	514,955
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC), 5.79%, 8/01/41 (c)		550		81,752

				596,707

Education — 3.9%
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, RB, Ana G. Mendez University System Project, 5.00%, 3/01/26		800		701,608

State — 5.2%
Commonwealth of Puerto Rico, GO, Refunding:
Public Improvement, Series C, , 6.00%, 7/01/39		100		101,648
Sub-Series C-7 (NPFGC), 6.00%, 7/01/28		250		261,062
Puerto Rico Commonwealth Infrastructure Financing Authority, RB, CAB, Series A (AMBAC), 5.00%, 7/01/44 (c)		395		33,453
Puerto Rico Public Finance Corp., RB, Commonwealth Appropriation, Series E, 5.50%, 8/01/29 (a)		495		540,258

				936,421

Tobacco — 2.4%
Children’s Trust Fund, Refunding RB, Asset-Backed, 5.63%, 5/15/43		500		434,585

Total Municipal Bonds in Puerto Rico				2,669,321

Total Municipal Bonds — 151.8%				27,342,526




Municipal Bonds Transferred to Tender Option Bond Trusts (g)

New York — 0.6%

Utilities — 0.6%
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40	105	117,069

Total Municipal Bonds Transferred to Tender Option Bond Trusts — 0.6%		117,069

Total Long-Term Investments (Cost — $27,362,352) — 152.4%		27,459,595




Short-Term Securities	Shares

CMA New York Municipal Money Fund, 0.00% (h)(i)		242,244		242,244

Total Short-Term Securities (Cost — $242,244) — 1.4%				242,244

*Total Investments (Cost — $27,604,596) — 153.8%**				27,701,839
Other Assets Less Liabilities — 0.6%				109,594
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (0.4)%				(69,996	)
Preferred Shares, at Redemption Value — (54.0)%				(9,726,391	)

Net Assets Applicable to Common Shares — 100.0%			$	18,015,046

See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	JANUARY 31, 2010	33




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


*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	27,535,906

Gross unrealized appreciation	$	840,205
Gross unrealized depreciation		(744,246	)

Net unrealized appreciation	$	95,959


(a)	When-issued security. Unsettled when-issued security transactions were as follows:



Counterparty	Value		Unrealized Appreciation

Merrill Lynch & Co.	$	131,914	$	1,914


(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)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(d)	Non-income producing security.

(e)	Issuer filed for bankruptcy and/or is in default of interest payments.

(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 reflects the current yield as of report date.

(g)	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 tender option bond trusts.

(h)	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 York Municipal Money Fund	$	(74,906	)	$	59


(i)	Represents the current yield as of report date.


•	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	242,244
Level 2 — Long-Term Investments¹		27,459,595
Level 3		—

Total	$	27,701,839


¹	See above Schedule of Investments for values in each sector.

See Notes to Financial Statements.



34	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Schedule of Investments January 31, 2010 (Unaudited)	BlackRock New York Municipal Income Trust (BNY) (Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New York — 121.7%

Corporate — 18.0%
Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42 (a)	$	1,000	$	1,014,720
Essex County Industrial Development Agency New York, RB, International Paper Co. Project, Series A, AMT, 6.63%, 9/01/32		550		555,869
New York City Industrial Development Agency, RB:
American Airlines Inc., JFK International Airport, AMT, 7.63%, 8/01/25		3,200		3,124,032
American Airlines Inc., JFK International Airport, AMT, 7.75%, 8/01/31		4,000		3,959,960
Liberty-IAC/InteractiveCorp, 5.00%, 9/01/35		1,000		792,170
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35		7,850		7,890,270
Port Authority of New York & New Jersey, RB, Continental Airlines Inc. and Eastern Air Lines Inc. Project, LaGuardia, AMT, 9.13%, 12/01/15		7,820		7,831,104
Suffolk County Industrial Development Agency New York, RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27		7,000		6,767,530

				31,935,655

County/City/Special District/School District — 22.9%
Brooklyn Arena Local Development Corp., RB, Barclays Center Project, 6.38%, 7/15/43		700		714,658
City of New York New York, GO:
Series A-1, 4.75%, 8/15/25		750		780,435
Series C, 5.38%, 3/15/28 (b)		6,000		6,600,600
Series D, 5.38%, 6/01/32		4,000		4,085,520
Series D, 5.38%, 6/01/32 (b)		2,200		2,439,954
Sub-Series G-1, 6.25%, 12/15/31		500		578,890
Sub-Series I-1, 5.38%, 4/01/36		1,750		1,866,637
Hudson Yards Infrastructure Corp., RB, Series A:
5.00%, 2/15/47		2,500		2,326,925
(NPFGC), 4.50%, 2/15/47		1,210		1,095,594
New York City Industrial Development Agency, RB:
Marymount School of New York Project (ACA), 5.13%, 9/01/21		750		760,875
Marymount School of New York Project (ACA), 5.25%, 9/01/31		1,500		1,460,265
Queens Baseball Stadium, PILOT (AGC), 6.38%, 1/01/39		150		166,058
Queens Baseball Stadium, PILOT (AMBAC), 5.00%, 1/01/36		4,900		4,506,481
Queens Baseball Stadium, PILOT (AMBAC), 5.00%, 1/01/46		250		224,763
Royal Charter, New York Presbyterian (AGM), 5.25%, 12/15/32		1,550		1,572,785
Yankee Stadium, PILOT (NPFGC), 5.00%, 3/01/36		250		233,105
New York City Transitional Finance Authority, RB:
Fiscal 2009, Series S-3, , 5.25%, 1/15/39		650		677,820
Series S-2 (NPFGC), 4.25%, 1/15/34		1,700		1,582,802
New York Convention Center Development Corp., RB,
Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44		8,410		8,113,884
New York State Dormitory Authority, RB, State University
Dormitory Facilities, Series A, 5.00%, 7/01/39		750		769,238

				40,557,289

Education — 23.0%
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A:
7.00%, 5/01/25		910		573,282
7.00%, 5/01/35		590		371,688
Dutchess County Industrial Development Agency New York, Refunding RB, Bard College Civic Facility, Series A-2, 4.50%, 8/01/36		7,000		5,808,670


Municipal Bonds		Par (000)		Value

New York (continued)

Education (concluded)
Madison County Industrial Development Agency New York, RB:
Colgate University Project, Series B, 5.00%, 7/01/33	$	2,000	$	2,022,780
Commons II LLC, Student Housing, Series A (CIFG), 5.00%, 6/01/33		275		251,295
New York City Industrial Development Agency, Refunding RB, Polytechnic University Project (ACA), 5.25%, 11/01/37		2,400		2,043,552
New York Liberty Development Corp., RB, National Sports Museum Project, Series A, 6.13%, 2/15/19 (c)(d)		1,740		17
New York State Dormitory Authority, RB:
5.83%, 7/01/39 (e)		750		603,608
Mount Sinai School of Medicine, 5.13%, 7/01/39		2,350		2,323,492
New School University (NPFGC), 5.00%, 7/01/41		9,000		8,999,640
New York University, Series 2 (AMBAC), 5.00%, 7/01/41		5,000		5,017,500
Rochester Institute of Technology, Series A, , 6.00%, 7/01/33		1,000		1,097,530
University of Rochester, Series A, 5.13%, 7/01/39		850		873,953
New York State Dormitory Authority, Refunding RB:
Brooklyn Law School, 5.75%, 7/01/33		475		484,666
Teachers College, 5.50%, 3/01/39		450		466,250
Yeshiva University, 5.00%, 9/01/34		275		280,660
Yeshiva University, 5.00%, 9/01/38		2,000		2,031,900
Trust for Cultural Resources, RB, Series A:
Carnegie Hall, 4.75%, 12/01/39		2,250		2,193,772
Juilliard School, 5.00%, 1/01/39		2,100		2,198,385
Westchester County Industrial Development Agency New York, RB, Windward School Civic Facility (Radian) 5.25%, 10/01/31		2,500		2,340,150
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41		625		645,294

				40,628,084

Health — 7.1%
Genesee County Industrial Development Agency New York, Refunding RB, United Memorial Medical Center Project, 5.00%, 12/01/27		500		400,700
New York State Dormitory Authority, RB:
Hudson Valley Hospital (BHAC), 5.00%, 8/15/36		750		775,687
New York & Presbyterian Hospital (AGM), 5.25%, 2/15/31		800		823,072
New York State Association for Retarded Children, Inc., Series A, 6.00%, 7/01/32		575		602,784
New York State Association for Retarded Children, Inc., Series B (AMBAC), 6.00%, 7/01/32		200		210,876
North Shore-Long Island Jewish Health System, 5.50%, 5/01/33 (b)		2,000		2,288,440
North Shore-Long Island Jewish Health System, Series A, , 5.50%, 5/01/37		1,775		1,790,212
NYU Hospital Center, Series B, 5.63%, 7/01/37		530		515,192
New York State Dormitory Authority, Refunding RB:
Mount Sinai NYU Health, Series C, 5.50%, 7/01/26		3,000		3,001,620
North Shore-Long Island Jewish Health System, Series E, 5.50%, 5/01/33		1,100		1,111,022
Suffolk County Industrial Development Agency New York, Refunding RB, Jeffersons Ferry Project, 5.00%, 11/01/28		1,175		1,043,670

				12,563,275


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	35




Schedule of Investments (continued)	BlackRock New York Municipal Income Trust (BNY)
	(Percentages shown are based on Net Assets)


Municipal Bonds	Par (000)		Value

New York (concluded)

Housing — 2.1%
New York Mortgage Agency, Refunding RB, Homeowner Mortgage, Series 97, AMT, 5.50%, 4/01/31	$	2,305	$	2,311,293
New York State HFA, RB, Highland Avenue Senior Apartments, Series A, AMT (SONYMA), 5.00%, 2/15/39		1,500		1,353,720

				3,665,013

State — 5.2%
New York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36		600		667,470
New York State Dormitory Authority, LRB, Municipal Health Facilities, Sub-Series 2-4, 4.75%, 1/15/30		2,100		2,113,797
New York State Dormitory Authority, RB, Mental Health Services Facilities Improvement, Series B (AMBAC), 5.00%, 2/15/35		4,855		4,919,620
New York State Dormitory Authority, Refunding RB, School District Financing Program, Series A (AGM), 5.00%, 10/01/35		395		402,770
State of New York, GO, Series A, 5.00%, 2/15/39		975		1,010,870

				9,114,527

Tobacco — 8.6%
New York Counties Tobacco Trust III, RB, Tobacco Settlement Pass-Thru, Turbo, 6.00%, 6/01/43		6,700		6,122,527
Rensselaer Tobacco Asset Securitization Corp., RB, Asset-Backed, Series A, 5.75%, 6/01/43		2,500		2,201,100
Rockland Tobacco Asset Securitization Corp., RB, Asset-Backed, 5.75%, 8/15/43		5,000		4,401,550
TSASC Inc. New York, RB, Tobacco Settlement Asset-Backed, Series 1, 5.75%, 7/15/32 (b)		2,250		2,521,935

				15,247,112

Transportation — 21.3%
Metropolitan Transportation Authority, RB, Series 2008C, 6.50%, 11/15/28		1,000		1,141,510
Metropolitan Transportation Authority, Refunding RB, Series A:
5.00%, 11/15/30		12,000		12,120,600
5.13%, 11/15/31		8,000		8,093,760
New York City Industrial Development Agency, RB, Airis JFK I LLC Project, Series A, AMT, 5.50%, 7/01/28		10,000		7,173,200
Port Authority of New York & New Jersey, RB:
Consolidated 116th Series, 4.13%, 9/15/32		500		464,270
Consolidated, 161st Series, 4.50%, 10/15/37		500		484,565
Special Project, JFK International Air Terminal, Series 6, AMT (NPFGC), 6.25%, 12/01/13		1,000		1,060,630
Special Project, JFK International Air Terminal, Series 6, AMT (NPFGC), 5.75%, 12/01/22		7,000		7,178,080

				37,716,615

Utilities — 13.5%
Long Island Power Authority, RB, General, Series C (CIFG), 5.25%, 9/01/29		2,000		2,191,100
Long Island Power Authority, Refunding RB, Series A:
6.25%, 4/01/33		150		172,458
5.75%, 4/01/39		4,000		4,328,320
New York City Municipal Water Finance Authority, RB:
Second General Resolution (NPFGC), 4.50%, 6/15/37		1,520		1,491,758
Series A (NPFGC), 5.00%, 6/15/32		4,000		4,031,000
Series C, 5.00%, 6/15/32		6,500		6,552,975
New York City Municipal Water Finance Authority, Refunding RB, Series D, 5.00%, 6/15/39		5,000		5,110,800

				23,878,411

Total Municipal Bonds in New York				215,305,981


Municipal Bonds	Par (000)		Value

Guam — 1.5%

County/City/Special District/School District — 0.6%
Territory of Guam, RB, Section 30, Series A, 5.75%, 12/01/34	$	1,140	$	1,152,699

State — 0.6%
Territory of Guam, GO, Series A, 7.00%, 11/15/39		970		995,424

Utilities — 0.3%
Guam Government Waterworks Authority, Refunding RB, Water, 5.88%, 7/01/35		600		582,036

Total Municipal Bonds in Guam				2,730,159



Multi-State — 7.6%

Housing — 7.6%
Centerline Equity Issuer Trust, 6.80%, 11/30/50 (f)(g)		5,500		5,650,700
MuniMae Tax-Exempt Bond Subsidiary LLC (f)(g):
6.30%, 6/30/49		5,795		5,373,530
6.80%, 6/30/50		3,000		2,459,910

Total Municipal Bonds in Multi-State				13,484,140



Puerto Rico — 14.5%

County/City/Special District/School District — 0.3%
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC), 5.80%, 8/01/41 (h)		3,500		520,240

Housing — 1.7%
Puerto Rico Housing Finance Authority, Refunding RB, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27		3,000		3,002,970

State — 11.6%
Commonwealth of Puerto Rico, GO, Refunding, Public Improvement, Series C, 6.00%, 7/01/39		700		711,536
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series D:
5.25%, 7/01/36		1,600		1,467,568
5.25%, 7/01/36 (b)		4,400		4,846,380
Puerto Rico Public Finance Corp., RB, Commonwealth Appropriation, Series E (b):
5.70%, 8/01/25		6,000		6,001,800
5.50%, 8/01/29		5,000		5,457,150
Puerto Rico Sales Tax Financing Corp., RB, 1st Sub-Series A, 5.75%, 8/01/37		2,000		2,039,580

				20,524,014

Utilities — 0.9%
Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien, Series A, 6.00%, 7/01/38		1,100		1,112,969
Puerto Rico Electric Power Authority, Refunding RB, Series VV (NPFGC), 5.25%, 7/01/29		500		504,845

				1,617,814

Total Municipal Bonds in Puerto Rico				25,665,038

Total Municipal Bonds — 145.3%				257,185,318


See Notes to Financial Statements.

36	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Schedule of Investments (concluded)	BlackRock New York Municipal Income Trust (BNY) (Percentages shown are based on Net Assets)


Municipal Bonds Transferred to Tender Option Bond Trusts (i)	Par (000)		Value

New York — 12.8%

Housing — 11.6%
New York Mortgage Agency New York, RB, AMT:
31 Street, Series A, 5.30%, 10/01/31	$	15,500	$	15,524,955
Refunding Series 101, 5.40%, 4/01/32		4,918		4,928,074

				20,453,029

Utilities — 1.2%
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40		1,200		1,337,926
New York City Municipal Water Finance Authority, Series FF-2, 5.50%, 6/15/40		810		886,061

				2,223,987

Total Municipal Bonds Transferred to Tender Option Bond Trusts				22,677,016

Total Long-Term Investments (Cost — $283,458,418) — 158.1%				279,862,334




Short-Term Securities		Shares

CMA New York Municipal Money Fund 0.00% (j)(k)		1,447,643		1,447,643

Total Short-Term Securities (Cost — $1,447,643) — 0.8%				1,447,643

*Total Investments (Cost — $284,906,061) — 158.9%**				281,309,977
Other Assets Less Liabilities — 1.0%				1,720,229
Liability for Trust Certificates, Including Interest Expense and Fees Payable — (6.5)%				(11,558,528	)
Preferred Shares, at Redemption Value — (53.4)%				(94,504,770	)

Net Assets Applicable to Common Shares — 100.0%			$	176,966,908



*	The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


Aggregate cost	$	271,968,382

Gross unrealized appreciation	$	7,828,337
Gross unrealized depreciation		(10,036,556	)

Net unrealized depreciation	$	(2,208,219	)


(a)	When-issued security. Unsettled when-issued security transactions were as follows:



Counterparty	Value		Unrealized Appreciation

Merrill Lynch & Co.	$	1,014,720	$	14,720


(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)	Non-income producing security.

(d)	Issuer filed for bankruptcy and/or is in default of interest payments.

(e)	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 reflects the current yield as of report date.

(f)	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.

(g)	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.

(h)	Represents a zero coupon bond. Rate shown is as of report date.

(i)	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 tender option bond trusts.

(j)	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 York Municipal Money Fund	$	(1,787,880	)	$	416


(k)	Represents the current yield as of report date.

•	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 assets and liabilities

	•	Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or 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 circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

	The inputs or methodologies 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, 2010 in determining the fair valuation of the Trust’s investments:



Valuation Inputs	Investments in Securities

	Assets

Level 1 — Short-Term Securities	$	1,447,643
Level 2 — Long-Term Investments¹		279,862,334
Level 3		—

Total	$	281,309,977


	¹	See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	37

Statements of Assets and Liabilities


January 31, 2010 (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)

Assets

Investments at value — unaffiliated¹		$	19,723,842		$	328,803,253		$	124,197,655		$	20,981,708		$	142,389,735
Investments at value — affiliated²			512,287			6,582,995			1,030,592			714,610			6,033,536
Cash			47,444			—			8			—			14
Interest receivable			347,431			5,199,684			1,622,003			284,478			1,886,049
Investments sold receivable			—			1,027,120			10,000			299,239			1,776,693
Income receivable — affiliated			—			461			—			3			4
Prepaid expenses			2,161			42,641			17,809			2,557			19,933
Other assets			3,741			26,697			4,754			3,961			10,015

Total assets			20,636,906			341,682,851			126,882,821			22,286,556			152,115,979



Accrued Liabilities

Income dividends payable — Common Shares			53,380			1,147,455			311,479			78,907			504,187
Investments purchased payable			47,457			4,402,548			—			729,018			5,103,296
Investment advisory fees payable			6,065			156,653			53,333			6,365			68,278
Officer’s and Trustees’ fees payable			4,822			28,683			6,518			4,896			11,260
Administration fees payable			1,752			—			—			1,825			—
Interest expense and fees payable			996			47,110			8,174			2,746			12,464
Other affiliates payable			—			2,094			816			—			955
Other accrued expenses payable			45,448			110,180			48,354			19,098			56,702

Total accrued liabilities			159,920			5,894,723			428,674			842,855			5,757,142



Other Liabilities

Trust certificates³			1,232,883			56,378,777			4,573,573			3,504,110			22,228,764

Total Liabilities			1,392,803			62,273,500			5,002,247			4,346,965			27,985,906



Preferred Shares at Redemption Value

$25,000 per share liquidation preference, plus unpaid dividends^4,5			5,925,217			71,002,630			42,902,756			4,575,120			34,251,661

Net Assets Applicable to Common Shareholders		$	13,318,886		$	208,406,721		$	78,977,818		$	13,364,471		$	89,878,412



Net Assets Applicable to Common Shareholders Consist of

Paid-in capital^6,7,8		$	13,403,728		$	215,261,021		$	78,891,300		$	15,014,120		$	94,919,275
Undistributed net investment income			98,050			3,838,917			2,478,143			182,727			657,247
Accumulated net realized loss			(717,828	)		(15,259,175	)		(456,572	)		(2,339,943	)		(8,842,144	)
Net unrealized appreciation/depreciation			534,936			4,565,958			(1,935,053	)		507,567			3,144,034

Net Assets Applicable to Common Shareholders		$	13,318,886		$	208,406,721		$	78,977,818		$	13,364,471		$	89,878,412

Net asset value per Common Share		$	13.22		$	13.75		$	14.20		$	11.86		$	13.44


¹	Investments at cost — unaffiliated	$	19,188,906		$	324,237,295		$	126,132,708		$	20,474,141		$	139,245,701

²	Investments at cost — affiliated	$	512,287		$	6,582,995		$	1,030,592		$	714,610		$	6,033,536

³	Represents short-term floating rate certificates issued by tender option bond trusts.
⁴	Preferred Shares outstanding, par value $0.001 per share		237			2,840			1,716			183			1,370

⁵	Preferred Shares authorized		300			unlimited			unlimited			100 million			unlimited

⁶	Par value per Common Share	$	0.01		$	0.001		$	0.001		$	0.01		$	0.001

⁷	Common Shares outstanding		1,007,166			15,157,930			5,562,128			1,127,249			6,689,056

⁸	Common Shares authorized		200 million			unlimited			unlimited			200 million			unlimited


See Notes to Financial Statements.

38	SEMI-ANNUAL REPORT	JANUARY 31, 2010


January 31, 2010 (Unaudited)		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)

Assets

Investments at value — unaffiliated¹		$	18,151,489		$	159,544,349		$	27,459,595		$	279,862,334
Investments at value — affiliated²			1,027,504			4,831,059			242,244			1,447,643
Cash			11			—			7			—
Interest receivable			179,214			1,657,638			363,457			3,933,891
Investments sold receivable			161,173			683,936			—			—
Income receivable — affiliated			—			—			—			—
Prepaid expenses			1,808			21,487			3,036			37,317
Other assets			5,871			11,871			3,815			18,983

Total assets			19,527,070			166,750,340			28,072,154			285,300,168



Accrued Liabilities

Income dividends payable — Common Shares			61,835			562,420			89,493			1,052,214
Investments purchased payable			—			—			130,000			999,977
Investment advisory fees payable			5,557			76,029			8,219			131,925
Officer’s and Trustees’ fees payable			7,050			14,281			4,776			20,682
Administration fees payable			1,650			—			2,364			—
Interest expense and fees payable			130			1,103			22			8,714
Other affiliates payable			—			1,060			—			1,812
Other accrued expenses payable			31,036			59,950			25,869			63,352

Total accrued liabilities			107,258			714,843			260,743			2,278,676



Other Liabilities

Trust certificates³			159,917			1,359,296			69,974			11,549,814

Total Liabilities			267,175			2,074,139			330,717			13,828,490



Preferred Shares at Redemption Value

$25,000 per share liquidation preference, plus unpaid dividends^4,5			6,900,331			59,101,545			9,726,391			94,504,770

Net Assets Applicable to Common Shareholders		$	12,359,564		$	105,574,656		$	18,015,046		$	176,966,908



Net Assets Applicable to Common Shareholders Consist of

Paid-in capital^6,7,8		$	13,182,925		$	107,756,712		$	17,738,866		$	181,084,901
Undistributed net investment income			211,040			1,948,558			245,111			3,963,551
Accumulated net realized loss			(614,838	)		(2,614,349	)		(66,174	)		(4,485,460	)
Net unrealized appreciation/depreciation			(419,563	)		(1,516,265	)		97,243			(3,596,084	)

Net Assets Applicable to Common Shareholders		$	12,359,564		$	105,574,656		$	18,015,046		$	176,966,908

Net asset value per Common Share		$	12.19		$	13.92		$	13.73		$	13.88

¹	Investments at cost — unaffiliated	$	18,571,052		$	161,060,614		$	27,362,352		$	283,458,418

²	Investments at cost — affiliated	$	1,027,504		$	4,831,059		$	242,244		$	1,447,643

³	Represents short-term floating rate certificates issued by tender option bond trusts.
⁴	Preferred Shares outstanding, par value $0.001 per share		276			2,364			389			3,780

⁵	Preferred Shares authorized		300			unlimited			392			unlimited

⁶	Par value per Common Share	$	0.01		$	0.001		$	0.01		$	0.001

⁷	Common Shares outstanding		1,013,904			7,582,959			1,312,217			12,754,104

⁸	Common Shares authorized		200 million			unlimited			200 million			unlimited



SEMI-ANNUAL REPORT	JANUARY 31, 2010	39

Statements of Operations


Six Months Ended January 31, 2010 (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)

Investment Income

Interest		$	517,341		$	8,640,395		$	3,110,906		$	565,094		$	3,662,719
Income — affiliated			266			2,375			344			466			5,442

Total income			517,607			8,642,770			3,111,250			565,560			3,668,161



Expenses

Reorganization costs			101,300			181,321			—			—			—
Investment advisory			35,822			1,003,937			312,546			37,443			437,433
Professional			14,728			26,280			22,762			20,057			24,153
Administration			10,235			—			—			10,698			—
Transfer agent			4,603			18,936			9,056			6,090			10,062
Commissions for Preferred Shares			3,557			47,589			31,487			3,494			24,558
Printing			2,065			28,260			10,769			2,148			11,508
Custodian			1,491			9,640			4,793			2,070			5,780
Accounting services			1,432			36,515			11,607			2,412			18,238
Officer and Trustees			942			15,220			5,016			1,129			6,277
Registration			158			4,766			4,580			228			4,720
Miscellaneous			11,118			33,347			20,954			15,665			24,940

Total expenses excluding interest expense and fees			187,451			1,405,811			433,570			101,434			567,669
Interest expense and fees¹			4,543			208,633			16,524			13,569			80,358

Total expenses			191,994			1,614,444			450,094			115,003			648,027
Less fees waived by advisor			(723	)		(90,732	)		(1,870	)		(224	)		(38,571	)

Total expenses after fees waived			191,271			1,523,712			448,224			114,779			609,456

Net investment income			326,336			7,119,058			2,663,026			450,781			3,058,705



Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments			(196,166	)		(5,133,064	)		43,442			(316,475	)		(987,722	)
Financial futures contracts			3,330			48,465			—			996			6,969

			(192,836	)		(5,084,599	)		43,442			(315,479	)		(980,753	)

Net change in unrealized appreciation/depreciation on investments			1,080,993			20,726,975			3,976,790			1,130,108			5,850,117

Total realized and unrealized gain			888,157			15,642,376			4,020,232			814,629			4,869,364



Dividends and Distributions to Preferred Shareholders From

Net investment income			(13,025	)		(153,198	)		(92,514	)		(9,292	)		(74,741	)
Net realized gain			—			—			—			—			—

Total dividends and distributions to Preferred Shareholders			(13,025	)		(153,198	)		(92,514	)		(9,292	)		(74,741	)

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations		$	1,201,468		$	22,608,236		$	6,590,744		$	1,256,118		$	7,853,328


¹	Related to tender option bond trusts.


See Notes to Financial Statements.

40	SEMI-ANNUAL REPORT	JANUARY 31, 2010


Six Months Ended January 31, 2010 (Unaudited)		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		$	516,306		$	4,429,404		$	740,228		$	7,640,668
Income — affiliated			436			1,901			233			1,507

Total income			516,742			4,431,305			740,461			7,642,175



Expenses

Reorganization costs			—			—			—			—
Investment advisory			33,656			489,143			48,117			838,076
Professional			16,532			23,915			16,400			24,043
Administration			9,616			—			13,748			—
Transfer agent			6,785			9,851			6,557			12,964
Commissions for Preferred Shares			5,211			42,226			7,519			68,336
Printing			2,111			15,062			1,866			24,417
Custodian			1,536			6,140			1,972			9,345
Accounting services			1,539			16,147			1,536			28,021
Officer and Trustees			1,248			7,509			1,482			12,375
Registration			201			4,758			264			4,679
Miscellaneous			16,236			25,192			16,801			31,512

Total expenses excluding interest expense and fees			94,671			639,943			116,262			1,053,768
Interest expense and fees¹			660			5,612			274			38,044

Total expenses			95,331			645,555			116,536			1,091,812
Less fees waived by advisor			(1,368	)		(52,999	)		(429	)		(72,832	)

Total expenses after fees waived			93,963			592,556			116,107			1,018,980

Net investment income			422,779			3,838,749			624,354			6,623,195



Realized and Unrealized Gain (Loss)

Net realized gain (loss) from:
Investments			(72,137	)		(466,834	)		20,180			(61,348	)
Financial futures contracts			995			6,969			1,501			(6,780	)

			(71,142	)		(459,865	)		21,681			(68,128	)


Net change in unrealized appreciation/depreciation on investments			920,213			8,957,469			1,157,998			14,802,734

Total realized and unrealized gain			849,071			8,497,604			1,179,679			14,734,606



Dividends and Distributions to Preferred Shareholders From

Net investment income			(15,055	)		(126,097	)		(20,287	)		(204,298	)
Net realized gain			—			—			(2,688	)		—

Total dividends and distributions to Preferred Shareholders			(15,055	)		(126,097	)		(22,975	)		(204,298	)

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations		$	1,256,795		$	12,210,256		$	1,781,058		$	21,153,503


¹	Related to tender option bond trusts.



SEMI-ANNUAL REPORT	JANUARY 31, 2010	41

Statements of Changes in Net Assets


	BlackRock California Investment Quality Municipal Trust Inc. (RAA)						BlackRock California Municipal Income Trust (BFZ)

Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009

Operations

Net investment income	$	326,336		$	820,424		$	7,119,058		$	15,604,620
Net realized loss		(192,836	)		(409,961	)		(5,084,599	)		(4,491,898	)
Net change in unrealized appreciation/depreciation		1,080,993			(261,443	)		20,726,975			(15,831,689	)
Dividends to Preferred Shareholders from net investment income		(13,025	)		(129,647	)		(153,198	)		(1,891,066	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		1,201,468			19,373			22,608,236			(6,610,033	)



Dividends to Common Shareholders From

Net investment income		(323,425	)		(572,070	)		(6,884,359	)		(12,623,286	)



Capital Share Transactions

Reinvestment of common dividends		—			—			132,024			113,246



Net Assets Applicable to Common Shareholders

Total increase (decrease) in net assets applicable to Common Shareholders		878,043			(552,697	)		15,855,901			(19,120,073	)
Beginning of period		12,440,843			12,993,540			192,550,820			211,670,893

End of period	$	13,318,886		$	12,440,843		$	208,406,721		$	192,550,820

Undistributed net investment income	$	98,050		$	108,164		$	3,838,917		$	3,757,416


	BlackRock Florida Municipal 2020 Term Trust (BFO)						BlackRock Investment Quality Municipal Income Trust (RFA)

Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009

Operations

Net investment income	$	2,663,026		$	5,334,086		$	450,781		$	948,055
Net realized gain (loss)		43,442			(542,712	)		(315,479	)		(1,492,618	)
Net change in unrealized appreciation/depreciation		3,976,790			(5,010,059	)		1,130,108			2,577
Dividends to Preferred Shareholders from net investment income		(92,514	)		(812,866	)		(9,292	)		(133,806	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		6,590,744			(1,031,551	)		1,256,118			(675,792	)



Dividends to Common Shareholders From

Net investment income		(1,868,875	)		(3,459,643	)		(458,754	)		(630,045	)



Capital Share Transactions

Reinvestment of common dividends		—			—			1,841			—



Net Assets Applicable to Common Shareholders

Total increase (decrease) in net assets applicable to Common Shareholders		4,721,869			(4,491,194	)		799,205			(1,305,837	)
Beginning of period		74,255,949			78,747,143			12,565,266			13,871,103

End of period	$	78,977,818		$	74,255,949		$	13,364,471		$	12,565,266

Undistributed net investment income	$	2,478,143		$	1,776,506		$	182,727		$	199,992


See Notes to Financial Statements.

42	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Statements of Changes in Net Assets (continued)


	BlackRock Municipal Income Investment Trust (BBF)						BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)

Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009

Operations

Net investment income	$	3,058,705		$	6,772,595		$	422,779		$	873,210
Net realized loss		(980,753	)		(5,674,598	)		(71,142	)		(239,482	)
Net change in unrealized appreciation/depreciation		5,850,117			(3,424,220	)		920,213			(738,822	)
Dividends to Preferred Shareholders from net investment income		(74,741	)		(928,185	)		(15,055	)		(132,892	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		7,853,328			(3,254,408	)		1,256,795			(237,986	)



Dividends to Common Shareholders From

Net investment income		(3,025,125	)		(5,882,637	)		(386,500	)		(644,573	)



Capital Share Transactions

Reinvestment of common dividends		—			10,803			14,838			6,227



Net Assets Applicable to Common Shareholders

Total increase (decrease) in net assets applicable to Common Shareholders		4,828,203			(9,126,242	)		885,133			(876,332	)
Beginning of period		85,050,209			94,176,451			11,474,431			12,350,763

End of period	$	89,878,412		$	85,050,209		$	12,359,564		$	11,474,431

Undistributed net investment income	$	657,247		$	698,408		$	211,040		$	189,816


	BlackRock New Jersey Municipal Income Trust (BNJ)						BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009

Operations

Net investment income	$	3,838,749		$	7,922,678		$	624,354		$	1,247,875
Net realized gain (loss)		(459,865	)		(863,424	)		21,681			12,600
Net change in unrealized appreciation/depreciation		8,957,469			(9,243,381	)		1,157,998			(776,965	)
Dividends and distributions to Preferred Shareholders from:
Net investment income		(126,097	)		(1,141,652	)		(20,287	)		(183,809	)
Net realized gain		—			—			(2,688	)		(2,815	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		12,210,256			(3,325,779	)		1,781,058			296,886



Dividends and Distributions to Common Shareholders From

Net investment income		(3,528,009	)		(7,033,018	)		(536,842	)		(942,306	)
Net realized gain		—			—			(32,629	)		(6,697	)

Decrease in net assets resulting from dividends and distributions to Common Shareholders		(3,528,009	)		(7,033,018	)		(569,471	)		(949,003	)



Capital Share Transactions

Reinvestment of common dividends		196,373			459,252			7,335			—



Net Assets Applicable to Common Shareholders

Total increase (decrease) in net assets applicable to Common Shareholders		8,878,620			(9,899,545	)		1,218,922			(652,117	)
Beginning of period		96,696,036			106,595,581			16,796,124			17,448,241

End of period	$	105,574,656		$	96,696,036		$	18,015,046		$	16,796,124

Undistributed net investment income	$	1,948,558		$	1,763,915		$	245,111		$	177,886


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	43

Statements of Changes in Net Assets (concluded)


	BlackRock New York Municipal Income Trust (BNY)

Increase (Decrease) in Net Assets Applicable to Common Shareholders:	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009

Operations

Net investment income	$	6,623,195		$	13,527,849
Net realized loss		(68,128	)		(2,083,976	)
Net change in unrealized appreciation/depreciation		14,802,734			(12,836,387	)
Dividends to Preferred Shareholders from net investment income		(204,298	)		(1,818,574	)

Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations		21,153,503			(3,211,088	)



Dividends to Common Shareholders From

Net investment income		(6,276,114	)		(11,605,688	)



Capital Share Transactions

Reinvestment of common dividends		362,454			616,838



Net Assets Applicable to Common Shareholders

Total increase (decrease) in net assets applicable to Common Shareholders		15,239,843			(14,199,938	)
Beginning of period		161,727,065			175,927,003

End of period	$	176,966,908		$	161,727,065

Undistributed net investment income	$	3,963,551		$	3,820,768


See Notes to Financial Statements.

44	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Statements of Cash Flows


Six Months Ended January 31, 2010 (Unaudited)	BlackRock California Municipal Income Trust (BFZ)			BlackRock Investment Quality Municipal Income Trust (RFA)				BlackRock Municipal Income Investment Trust (BBF)

Cash Provided by Operating Activities

Net increase in net assets resulting from operations, excluding dividends to Preferred Shareholders	$	22,761,434			$	1,265,410		$	7,928,069
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Increase in interest receivable		(377,004	)			(28,145	)		(174,574	)
(Increase) decrease in income receivable — affiliated		(314	)			44			68
Decrease in other assets		2,654				1,415			773
(Increase) decrease in prepaid expenses		47,369				(1,403	)		—
Increase in investment advisory fees payable		16,212				13			5,832
Decrease in interest expense and fees payable		(6,837	)			(1,386	)		—
Increase in other affiliates payable		139				—			64
Increase (decrease) in accrued expenses payable		18,024				(17,754	)		(12,559	)
Decrease in administration fees payable		—				(32	)		—
Increase (decrease) in Officer’s and Trustees’ fees payable		(1,744	)			297			(383	)
Realized and unrealized gain — net		(15,703,418	)			(813,808	)		(4,862,395	)
Amortization of premium and discount on investments		(103,354	)			(28,173	)		(134,716	)
Proceeds from sales of long-term investments		106,493,776				5,345,874			36,603,860
Purchases of long-term investments		(103,354,913	)			(4,686,349	)		(32,004,978	)
Net purchases of short-term securities		(2,952,199	)			(614,505	)		(4,330,630	)

Cash provided by operating activities		6,839,825				421,498			3,018,431



Cash Used for Financing Activities

Cash payments from trust certificates		—				(20,000	)		—
Cash dividends paid to Common Shareholders		(6,751,570	)			(442,250	)		(3,025,126	)
Cash dividends paid to Preferred Shareholders		(155,078	)			(9,390	)		(75,801	)

Cash used for financing activities		(6,906,648	)			(471,640	)		(3,100,927	)



Cash

Net decrease in cash		(66,823	)			(50,142	)		(82,496	)
Cash at beginning of period		66,823				50,142			82,510

Cash at end of period		—				—		$	14



Cash Flow Information

Cash paid during the period for interest	$	215,470			$	14,955		$	84,350



Noncash Financing Activities

Capital shares issued in reinvestment of dividends paid to shareholders.	$	132,024			$	1,841			—


	A Statement of Cash Flows is presented when a Trust has a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average total assets.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	45




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


	Six Months Ended January 31, 2010 (Unaudited)						Period November 1, 2007 to July 31, 2008
				Year Ended July 31, 2009
										Year Ended October 31,

										2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	12.35		$	12.90		$	13.86		$	14.51		$	14.20		$	14.43		$	14.56

Net investment income		0.32	¹		0.81	¹		0.60	¹		0.84			0.87			0.78			0.92
Net realized and unrealized gain (loss)		0.88			(0.66	)		(0.95	)		(0.58	)		0.50			(0.03	)		(0.09	)
Dividends and distributions to Preferred Shareholders from:
Net investment income		(0.01	)		(0.13	)		(0.18	)		(0.24	)		(0.21	)		(0.13	)		(0.06	)
Net realized gain		—			—			—			(0.02	)		—			—			—

Net increase (decrease) from investment operations		1.19			0.02			(0.53	)		—			1.16			0.62			0.77

Dividends and distributions to Common Shareholders from:
Net investment income		(0.32	)		(0.57	)		(0.43	)		(0.60	)		(0.85	)		(0.85	)		(0.85	)
Net realized gain		—			—			—			(0.05	)		—			—			(0.05	)
Total dividends and distributions to Common Shareholders		(0.32	)		(0.57	)		(0.43	)		(0.65	)		(0.85	)		(0.85	)		(0.90	)

Net asset value, end of period	$	13.22		$	12.35		$	12.90		$	13.86		$	14.51		$	14.20		$	14.43

Market price, end of period	$	11.87		$	11.20		$	11.96		$	12.57		$	15.80		$	15.75		$	14.30



Total Investment Return²

Based on net asset value		9.89	%³		1.28	%		(3.68	)%³		0.01	%		7.87	%		4.32	%		5.77	%

Based on market price		8.80	%³		(0.93	)%		(1.53	)%³		(16.71	)%		5.90	%		16.76	%		8.78	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁴		2.12	%^5,6		1.60	%		1.62	%^5,7		1.47	%		1.50	%		1.39	%		1.40	%

Total expenses after fees waived and before fees paid indirectly⁴		2.11	%^5,6		1.57	%		1.59	%^5,7		1.46	%		1.50	%		1.39	%		1.40	%

Total expenses after fees waived and paid indirectly⁴		2.11	%^5,6		1.57	%		1.59	%^5,7		1.39	%		1.41	%		1.35	%		1.35	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization cost^4,8		1.28	%⁵		1.51	%		1.56	%^5,7		1.39	%		1.41	%		1.35	%		1.35	%

Net investment income⁴		5.66	%^5,6		6.82	%		6.00	%^5,7		5.90	%		6.11	%		5.38	%		6.37	%

Dividends to Preferred Shareholders		0.20	%⁵		1.08	%		1.74	%⁵		1.68	%		1.50	%		0.88	%		0.42	%

Net investment income to Common Shareholders		5.46	%^5,6		5.74	%		4.26	%^5,7		4.22	%		4.61	%		4.50	%		5.95	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	13,319		$	12,441		$	12,994		$	13,956		$	14,615		$	14,299		$	14,529

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	5,925		$	5,925		$	6,825		$	7,500		$	7,500		$	7,500		$	7,500

Portfolio turnover		20	%		68	%		14	%		38	%		49	%		20	%		15	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	81,199		$	77,495		$	72,598		$	71,534		$	73,731		$	72,671		$	73,433


	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	³	Aggregate total investment return.

	⁴	Do not reflect the effect of dividends to Preferred Shareholders.

	⁵	Annualized.

	⁶	Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, net investment income and net investment income to Common Shareholders would have been 2.88%, 2.87%, 2.87%, 4.90% and 4.70%, respectively.

	⁷	Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization cost, net investment income and net investment income to Common Shareholders would have been 1.73%, 1.70%, 1.70%, 1.67%, 5.90% and 4.16%, respectively.

	⁸	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.


See Notes to Financial Statements.

46	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Financial Highlights	BlackRock California Municipal Income Trust (BFZ)


	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Period November 1, 2007 to July 31, 2008

										Year Ended October 31,

										2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	12.71		$	13.98		$	14.97		$	15.74		$	15.18		$	14.77		$	13.97

Net investment income		0.47	¹		1.03	¹		0.82	¹		1.08			1.11			1.12			1.15
Net realized and unrealized gain (loss)		1.03			(1.35	)		(0.90	)		(0.64	)		0.62			0.36			0.65
Dividends to Preferred Shareholders from net investment income		(0.01	)		(0.12	)		(0.22	)		(0.30	)		(0.26	)		(0.16	)		(0.09	)

Net increase (decrease) from investment operations		1.49			(0.44	)		(0.30	)		0.14			1.47			1.32			1.71

Dividends to Common Shareholders from net investment income		(0.45	)		(0.83	)		(0.69	)		(0.91	)		(0.91	)		(0.91	)		(0.91	)

Net asset value, end of period	$	13.75		$	12.71		$	13.98		$	14.97		$	15.74		$	15.18		$	14.77

Market price, end of period	$	13.13		$	12.40		$	13.99		$	15.82		$	17.12		$	14.92		$	13.65



Total Investment Return²

Based on net asset value		11.90	%³		(2.36	)%		(2.09	)%³		0.77	%		9.93	%		9.47	%		13.14	%

Based on market price		9.53	%³		(4.81	)%		(7.29	)%³		(2.09	)%		21.65	%		16.42	%		10.58	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁴		1.56	%⁵		1.54	%		1.25	%⁵		1.21	%		1.25	%		1.25	%		1.28	%

Total expenses after fees waived and before fees paid indirectly⁴		1.47	%⁵		1.35	%		0.98	%⁵		0.91	%		0.87	%		0.86	%		0.88	%

Total expenses after fees waived and paid indirectly⁴		1.47	%⁵		1.35	%		0.98	%⁵		0.91	%		0.87	%		0.85	%		0.87	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization expense^4,6		1.10	%⁵		1.08	%		0.91	%⁵		0.91	%		0.87	%		0.85	%		0.87	%

Net investment income⁴		6.88	%⁵		8.27	%		7.39	%⁵		7.09	%		7.26	%		7.35	%		7.96	%

Dividends to Preferred Shareholders		0.15	%⁵		1.00	%		1.95	%⁵		1.98	%		1.71	%		1.04	%		0.59	%

Net investment income to Common Shareholders		6.73	%⁵		7.27	%		5.44	%⁵		5.11	%		5.55	%		6.31	%		7.37	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	208,407		$	192,551		$	211,671		$	225,939		$	236,573		$	227,472		$	221,371

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	71,000		$	71,000		$	100,900		$	131,950		$	131,950		$	131,950		$	131,950

Portfolio turnover		33	%		58	%		26	%		26	%		17	%		28	%		15	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	98,384		$	92,801		$	77,457		$	67,816		$	69,836		$	68,107		$	66,945


	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	³	Aggregate total investment return.

	⁴	Do not reflect the effect of dividends to Preferred Shareholders.

	⁵	Annualized.

	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.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	47




Financial Highlights	BlackRock Florida Municipal 2020 Term Trust (BFO)


	Six Months Ended January 31, 2010 (Unaudited)						Period January 1, 2008 to July 31, 2008
				Year Ended July 31, 2009
										Year Ended December 31,

										2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	13.35		$	14.16		$	14.72		$	15.16		$	14.90		$	14.63		$	14.50

Net investment income		0.48	¹		0.96	¹		0.58	¹		0.99			0.98			0.98			0.99
Net realized and unrealized gain (loss)		0.73			(1.00	)		(0.62	)		(0.45	)		0.23			0.31			0.14
Dividends and distributions to Preferred Shareholders from:
Net investment income		(0.02	)		(0.15	)		(0.16	)		(0.31	)		(0.29	)		(0.20	)		(0.10	)
Net realized gain		—			—			—			(0.02	)		—			(0.01	)		—

Net increase (decrease) from investment operations		1.19			(0.19	)		(0.20	)		0.21			0.92			1.08			1.03

Dividends and distributions to Common Shareholders from:
Net investment income		(0.34	)		(0.62	)		(0.36	)		(0.61	)		(0.66	)		(0.75	)		(0.90	)
Net realized gain		—			—			—			(0.04	)		—			(0.06	)		—

Total dividends and distributions to Common Shareholders		(0.34	)		(0.62	)		(0.36	)		(0.65	)		(0.66	)		(0.81	)		(0.90	)

Net asset value, end of period	$	14.20		$	13.35		$	14.16		$	14.72		$	15.16		$	14.90		$	14.63

Market price, end of period	$	13.38		$	12.31		$	12.50		$	12.93		$	13.85		$	13.35		$	15.08



Total Investment Return²

Based on net asset value		9.10	%³		(0.48	)%		(1.12	)%³		1.86	%		6.73	%		7.71	%		7.19	%

Based on market price		11.49	%³		3.95	%		(0.63	)%³		(2.06	)%		8.83	%		(6.76	)%		4.10	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁴		1.16	%⁵		1.29	%		1.22	%⁵		1.16	%		1.20	%		1.26	%		1.25	%

Total expenses after fees waived and before fees paid indirectly⁴		1.15	%⁵		1.26	%		1.22	%⁵		1.16	%		1.20	%		1.26	%		1.21	%

Total expenses after fees waived and paid indirectly⁴		1.15	%⁵		1.26	%		1.22	%⁵		1.16	%		1.18	%		1.24	%		1.21	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees^4,6		1.11	%⁵		1.13	%		1.17	%⁵		1.16	%		1.18	%		1.24	%		1.21	%

Net investment income⁴		6.86	%⁵		7.39	%		6.74	%⁵		6.63	%		6.54	%		6.57	%		6.93	%

Dividends to Preferred Shareholders		0.24	%⁵		1.13	%		1.92	%⁵		2.07	%		1.96	%		1.32	%		0.68	%

Net investment income to Common Shareholders		6.62	%⁵		6.26	%		4.82	%⁵		4.56	%		4.58	%		5.25	%		6.25	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	78,978		$	74,256		$	78,747		$	81,896		$	84,300		$	82,875		$	81,391

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	42,900		$	42,900		$	42,900		$	48,900		$	48,900		$	48,900		$	48,900

Portfolio turnover		4	%		9	%		6	%		17	%		—			—			9	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	71,026		$	68,275		$	70,900		$	66,872		$	68,114		$	67,379		$	66,617


	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	³	Aggregate total investment return.

	⁴	Do not reflect the effect of dividends to Preferred Shareholders.

	⁵	Annualized.

	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.


See Notes to Financial Statements.

48	SEMI-ANNUAL REPORT	JANUARY 31, 2010




Financial Highlights	BlackRock Investment Quality Municipal Income Trust (RFA)


	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Period November 1, 2007 to July 31, 2008
										Year Ended October 31,
										Year Ended October 31,

											2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	11.15		$	12.31		$	13.43		$	14.24		$	14.39		$	15.02		$	15.39

Net investment income		0.40	¹		0.84	¹		0.62	¹		0.83			0.82			0.84			0.98
Net realized and unrealized gain (loss)		0.73			(1.32	)		(1.14	)		(0.69	)		0.40			(0.35	)		(0.18	)
Dividends and distributions to Preferred Shareholders from:
Net investment income		(0.01	)		(0.12	)		(0.20	)		(0.26	)		(0.21	)		(0.15	)		(0.07	)
Net realized gain		—			—			—			(0.04	)		(0.05	)		(0.01	)		(0.02	)

Net increase (decrease) from investment operations		1.12			(0.60	)		(0.72	)		(0.16	)		0.96			0.33			0.71

Dividends and distributions to Common Shareholders from:
Net investment income		(0.41	)		(0.56	)		(0.40	)		(0.60	)		(0.85	)		(0.85	)		(0.85	)
Net realized gain		—			—			—			(0.05	)		(0.26	)		(0.11	)		(0.23	)

Total dividends and distributions to Common Shareholders		(0.41	)		(0.56	)		(0.40	)		(0.65	)		(1.11	)		(0.96	)		(1.08	)

Net asset value, end of period	$	11.86		$	11.15		$	12.31		$	13.43		$	14.24		$	14.39		$	15.02

Market price, end of period	$	12.03		$	10.08		$	10.93		$	11.86		$	16.00		$	14.85		$	14.30



Total Investment Return²

Based on net asset value		10.10	%³		(3.68	)%		(5.03	)%³		(1.02%	)		6.46	%		2.19	%		5.00	%

Based on market price		23.53	%³		(1.93	)%		(4.51	)%³		(22.21	)%		15.91	%		10.76	%		6.32	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁴		1.72	%⁵		1.72	%		1.60	%^5,6		1.44	%		1.43	%		1.32	%		1.31	%

Total expenses after fees waived and before fees paid indirectly⁴		1.72	%⁵		1.68	%		1.58	%^5,6		1.43	%		1.43	%		1.32	%		1.31	%

Total expenses after fees waived and paid indirectly⁴		1.72	%⁵		1.68	%		1.58	%^5,6		1.39	%		1.37	%		1.29	%		1.27	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees^4,7		1.52	%⁵		1.56	%		1.53	%^5,6		1.39	%		1.37	%		1.29	%		1.27	%

Net investment income⁴		6.76	%⁵		7.79	%		6.42	%^5,6		6.03	%		5.80	%		5.69	%		6.48	%

Dividends to Preferred Shareholders		0.14	%⁵		1.10	%		2.03	%⁵		1.88	%		1.49	%		1.05	%		0.46	%

Net investment income to Common Shareholders		6.62	%⁵		6.69	%		4.39	%^5,6		4.15	%		4.31	%		4.64	%		6.02	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	13,364		$	12,565		$	13,871		$	15,134		$	16,054		$	16,214		$	16,929

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	4,575		$	4,575		$	7,125		$	8,500		$	8,500		$	8,500		$	8,500

Portfolio turnover		26	%		88	%		29	%		40	%		57	%		15	%		13	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	98,031		$	93,664		$	73,687		$	69,526		$	72,229		$	72,696		$	74,795


	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	³	Aggregate total investment return.

	⁴	Do not reflect the effect of dividends to Preferred Shareholders.

	⁵	Annualized.

	⁶	Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.71%, 1.68%, 1.68%, 1.63%, 6.31% and 4.28%, respectively.

	⁷	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.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	49




Financial Highlights	BlackRock Municipal Income Investment Trust (BBF)


	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Period November 1, 2007 to July 31, 2008
										Year Ended October 31,

										2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	12.71		$	14.08		$	15.05		$	15.68		$	15.48		$	15.27		$	14.68

Net investment income		0.46	¹		1.01	¹		0.80	¹		1.07			1.11			1.11			1.12
Net realized and unrealized gain (loss)		0.73			(1.36	)		(0.89	)		(0.49	)		0.26			0.17			0.45
Dividends to Preferred Shareholders from net investment income		(0.01	)		(0.14	)		(0.22	)		(0.31	)		(0.27	)		(0.17	)		(0.08	)

Net increase (decrease) from investment operations		1.18			(0.49	)		(0.31	)		0.27			1.10			1.11			1.49

Dividends to Common Shareholders from net investment income		(0.45	)		(0.88	)		(0.66	)		(0.90	)		(0.90	)		(0.90	)		(0.90	)

Net asset value, end of period	$	13.44		$	12.71		$	14.08		$	15.05		$	15.68		$	15.48		$	15.27

Market price, end of period	$	13.05		$	12.49		$	13.68		$	15.10		$	16.30		$	15.25		$	14.40



Total Investment Return²

Based on net asset value		9.42	%³		(2.57	)%		(2.04	)%³		1.78	%		7.34	%		7.63	%		11.02	%

Based on market price		8.11	%³		(1.46	)%		(5.14	)%³		(1.76	)%		13.26	%		12.44	%		15.04	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁴		1.45	%⁵		1.47	%		1.31	%⁵		1.28	%		1.30	%		1.30	%		1.32	%

Total expenses after fees waived and before fees paid indirectly⁴		1.36	%⁵		1.27	%		1.06	%⁵		0.97	%		0.93	%		0.91	%		0.93	%

Total expenses after fees waived and paid indirectly⁴		1.36	%⁵		1.27	%		1.06	%⁵		0.96	%		0.92	%		0.90	%		0.93	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees^4,6		1.18	%⁵		1.16	%		1.02	%⁵		0.96	%		0.92	%		0.90	%		0.93	%

Net investment income⁴		6.84	%⁵		8.13	%		7.26	%⁵		7.02	%		7.12	%		7.16	%		7.49	%

Dividends to Preferred Shareholders		0.17	%⁵		1.11	%		1.96	%⁵		2.04	%		1.75	%		1.11	%		0.55	%

Net investment income to Common Shareholders		6.67	%⁵		7.02	%		5.30	%⁵		4.98	%		5.37	%		6.05	%		6.94	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	89,878		$	85,050		$	94,176		$	100,564		$	104,451		$	102,944		$	101,512

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	34,250		$	34,250		$	49,550		$	57,550		$	57,550		$	57,550		$	57,550

Portfolio turnover		26	%		66	%		26	%		25	%		20	%		10	%		10	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	90,606		$	87,082		$	72,521		$	68,688		$	70,391		$	69,729		$	69,101


	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	³	Aggregate total investment return.

	⁴	Do not reflect the effect of dividends to Preferred Shareholders.

	⁵	Annualized.

	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.


See Notes to Financial Statements.

50	SEMI-ANNUAL REPORT	JANUARY 31, 2010




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


	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Period November 1, 2007 to July 31, 2008

										Year Ended October 31,

										2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	11.33		$	12.20		$	13.57		$	14.47		$	14.48		$	14.79		$	14.90

Net investment income		0.42	¹		0.86	¹		0.66	¹		0.91			0.85			0.87			0.97
Net realized and unrealized gain (loss)		0.82			(0.96	)		(1.26	)		(0.70	)		0.34			(0.21	)		(0.20	)
Dividends and distributions to Preferred Shareholders from:
Net investment income		(0.00	)²		(0.13	)		(0.16	)		(0.23	)		(0.20	)		(0.15	)		(0.07	)
Net realized gain		—			—			—			(0.02	)		(0.03	)		—			—

Net increase (decrease) from investment operations		1.24			(0.23	)		(0.76	)		(0.04	)		0.96			0.51			0.70

Dividends and distributions to Common Shareholders from:
Net investment income		(0.38	)		(0.64	)		(0.61	)		(0.82	)		(0.84	)		(0.82	)		(0.81	)
Net realized gain		—			—			—			(0.04	)		(0.13	)		—			—

Total dividends and distributions to Common Shareholders		(0.38	)		(0.64	)		(0.61	)		(0.86	)		(0.97	)		(0.82	)		(0.81	)

Net asset value, end of period	$	12.19		$	11.33		$	12.20		$	13.57		$	14.47		$	14.48		$	14.79

Market price, end of period	$	14.41		$	11.68		$	11.96		$	14.96		$	15.95		$	14.70		$	15.00



Total Investment Return³

Based on net asset value		10.95	%⁴		(1.09	)%		(6.10	)%⁴		(1.03	)%		6.14	%		3.43	%		5.00	%

Based on market price		27.23	%⁴		4.01	%		(16.50	)%⁴		(1.02	)%		15.25	%		3.53	%		7.14	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁵		1.56	%⁶		1.70	%		1.88	%^6,7		1.48	%		1.51	%		1.37	%		1.37	%

Total expenses after fees waived and before fees paid indirectly⁵		1.54	%⁶		1.67	%		1.86	%^6,7		1.47	%		1.51	%		1.37	%		1.37	%

Total expenses after fees waived and paid indirectly⁵		1.54	%⁶		1.67	%		1.86	%^6,7		1.40	%		1.41	%		1.34	%		1.34	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees^5,8		1.53	%⁶		1.64	%		1.84	%^6,7		1.40	%		1.41	%		1.34	%		1.34	%

Net investment income⁵		6.94	%⁶		7.91	%		6.97	%^6,7		6.49	%		5.91	%		5.89	%		6.50	%

Dividends to Preferred Shareholders		0.25	%⁶		1.20	%		1.89	%⁶		1.67	%		1.41	%		1.00	%		0.47	%

Net investment income to Common Shareholders		6.69	%⁶		6.71	%		5.08	%^6,7		4.82	%		4.50	%		4.89	%		6.03	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	12,360		$	11,474		$	12,351		$	13,694		$	14,576		$	14,581		$	14,900

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	6,900		$	6,900		$	7,075		$	7,500		$	7,500		$	7,500		$	7,500

Portfolio turnover		6	%		32	%		18	%		31	%		27	%		19	%		12	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	69,782		$	66,576		$	68,647		$	70,649		$	73,603		$	73,612		$	74,670


	¹	Based on average shares outstanding.

	²	Amount is less than $(0.01).

	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	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, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 2.00%, 1.98%, 1.98%, 1.96%, 6.85% and 4.96%, respectively.

	⁸	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.


See Notes to Financial Statements.

SEMI-ANNUAL REPORT	JANUARY 31, 2010	51




Financial Highlights						BlackRock New Jersey Municipal Income Trust (BNJ)

	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009				Period November 1, 2007 to July 31, 2008

											Year Ended October 31,

											2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	12.78		$	14.15			$	15.49		$	16.35		$	15.87		$	15.38		$	14.59

Net investment income		0.51	¹		1.05		¹		0.89	¹		1.14			1.17			1.17			1.16
Net realized and unrealized gain (loss)		1.12			(1.38		)		(1.24	)		(0.74	)		0.52			0.42			0.61
Dividends to Preferred Shareholders from net investment income		(0.02	)		(0.11		)		(0.24	)		(0.30	)		(0.26	)		(0.18	)		(0.08	)

Net increase (decrease) from investment operations		1.61			(0.44		)		(0.59	)		0.10			1.43			1.41			1.69

Dividends to Common Shareholders from net investment income		(0.47	)		(0.93		)		(0.75	)		(0.96	)		(0.95	)		(0.92	)		(0.90	)

Net asset value, end of period	$	13.92		$	12.78			$	14.15		$	15.49		$	16.35		$	15.87		$	15.38

Market price, end of period	$	14.20		$	14.00			$	15.09		$	16.90		$	18.40		$	15.91		$	14.45



Total Investment Return²

Based on net asset value		12.66	%³		(2.62		)%		(4.12	)%³		0.17	%		9.18	%		9.60	%		12.29	%

Based on market price		4.91	%³		0.04		%		(6.28	)%³		(2.89	)%		22.56	%		16.95	%		9.63	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁴		1.26	%⁵		1.38		%		1.28	%⁵		1.24	%		1.27	%		1.28	%		1.30	%

Total expenses after fees waived and before fees paid indirectly⁴		1.15	%⁵		1.17		%		1.03	%⁵		0.94	%		0.91	%		0.90	%		0.91	%

Total expenses after fees waived and paid indirectly⁴		1.15	%⁵		1.17		%		1.03	%⁵		0.93	%		0.89	%		0.89	%		0.91	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees^4,6		1.14	%⁵		1.14		%		1.02	%⁵		0.93	%		0.89	%		0.89	%		0.91	%

Net investment income⁴		7.47	%⁵		8.49		%		7.92	%⁵		7.18	%		7.31	%		7.37	%		7.74	%

Dividends to Preferred Shareholders		0.25	%⁵		1.22		%		1.94	%⁵		1.86	%		1.63	%		1.12	%		0.56	%

Net investment income to Common Shareholders		7.22	%⁵		7.27		%		5.98	%⁵		5.32	%		5.68	%		6.25	%		7.18	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	105,575		$	96,696			$	106,596		$	116,152		$	121,987		$	117,739		$	114,019

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	59,100		$	59,100			$	60,475		$	63,800		$	63,800		$	63,800		$	63,800

Portfolio turnover		2	%		29		%		12	%		23	%		2	%		6	%		16	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	69,660		$	65,905			$	69,083		$	70,528		$	72,812		$	71,142		$	69,682


	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	³	Aggregate total investment return.

	⁴	Do not reflect the effect of dividends to Preferred Shareholders.

	⁵	Annualized.

	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.


See Notes to Financial Statements.

52	SEMI-ANNUAL REPORT	JANUARY 31, 2010




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


	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Period November 1, 2007 to July 31, 2008
										Year Ended October 31,

										2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	12.81		$	13.30		$	14.40		$	15.18		$	15.03		$	15.35		$	15.34

Net investment income		0.48	¹		0.95	¹		0.67	¹		0.95			0.97			0.96			0.96
Net realized and unrealized gain (loss)		0.88			(0.61	)		(0.89	)		(0.61	)		0.37			(0.26	)		—
Dividends to Preferred Shareholders from:
Net investment income		(0.01	)		(0.10	)		(0.15	)		(0.25	)		(0.21	)		(0.14	)		(0.07	)
Net realized gain		—			(0.00	)²		(0.04	)		(0.01	)		(0.02	)		—			—

Net increase (decrease) from investment operations		1.35			0.24			(0.41	)		0.08			1.11			0.56			0.89

Dividends and distributions to Common Shareholders from:
Net investment income		(0.41	)		(0.72	)		(0.60	)		(0.85	)		(0.88	)		(0.88	)		(0.88	)
Net realized gain		(0.02	)		(0.01	)		(0.09	)		(0.01	)		(0.08	)		—			—

Total dividends and distributions to Common Shareholders		(0.43	)		(0.73	)		(0.69	)		(0.86	)		(0.96	)		(0.88	)		(0.88	)

Net asset value, end of period	$	13.73		$	12.81		$	13.30		$	14.40		$	15.18		$	15.03		$	15.35

Market price, end of period	$	13.26		$	12.61		$	12.83		$	15.39		$	16.65		$	14.75		$	14.50


Total Investment Return³

Based on net asset value		10.68	%⁴		2.71	%		(2.98	)%⁴		0.10	%		7.32	%		3.97	%		6.48	%

Based on market price		8.58	%⁴		4.81	%		(12.43	)%⁴		(2.46	)%		19.95	%		8.01	%		8.81	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁵		1.31	%⁶		1.42	%		1.48	%^6,7		1.29	%		1.33	%		1.24	%		1.24	%

Total expenses after fees waived and before fees paid indirectly⁵		1.31	%⁶		1.41	%		1.47	%^6,7		1.29	%		1.33	%		1.24	%		1.24	%

Total expenses after fees waived and paid indirectly⁵		1.31	%⁶		1.41	%		1.47	%^6,7		1.24	%		1.25	%		1.20	%		1.21	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees^5,8		1.31	%⁶		1.41	%		1.47	%^6,7		1.24	%		1.25	%		1.20	%		1.21	%

Net investment income⁵		7.04	%⁶		7.72	%		6.53	%^6,7		6.42	%		6.48	%		6.30	%		6.29	%

Dividends to Preferred Shareholders		0.23	%⁶		1.14	%		1.47	%⁶		1.72	%		1.42	%		0.91	%		0.46	%

Net investment income to Common Shareholders		6.81	%⁶		6.58	%		5.06	%^6,7		4.70	%		5.06	%		5.39	%		5.83	%



Supplemental Data

Net assets applicable to Common Shareholders, end of period (000)	$	18,015		$	16,796		$	17,448		$	18,848		$	19,839		$	19,643		$	20,066

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	9,725		$	9,725		$	9,800		$	9,800		$	9,800		$	9,800		$	9,800

Portfolio turnover		14	%		24	%		8	%		37	%		24	%		10	%		23	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	71,315		$	68,180		$	69,521		$	73,090		$	75,614		$	75,111		$	76,195


	¹	Based on average shares outstanding.

	²	Amount is less than $(0.01).

	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	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, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.56%, 1.55%, 1.55%, 1.55%, 6.46% and 4.99%, respectively.

	⁸	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.

See Notes to Financial Statements.


	SEMI-ANNUAL REPORT	JANUARY 31, 2010	53




Financial Highlights	BlackRock New York Municipal Income Trust (BNY)


	Six Months Ended January 31, 2010 (Unaudited)			Year Ended July 31, 2009			Period November 1, 2007 to July 31, 2008
										Year Ended October 31,

											2007			2006			2005			2004

Per Share Operating Performance

Net asset value, beginning of period	$	12.71		$	13.88		$	15.11		$	15.88		$	15.44		$	15.28		$	14.76

Net investment income		0.52	¹		1.06	¹		0.86	¹		1.11			1.13			1.14			1.14
Net realized and unrealized gain (loss)		1.17			(1.22	)		(1.17	)		(0.70	)		0.47			0.09			0.36
Dividends to Preferred Shareholders from net investment income		(0.02	)		(0.10	)		(0.21	)		(0.28	)		(0.26	)		(0.17	)		(0.08	)

Net increase (decrease) from investment operations		1.67			(0.26	)		(0.52	)		0.13			1.34			1.06			1.42

Dividends to Common Shareholders from net investment income		(0.50	)		(0.91	)		(0.71	)		(0.90	)		(0.90	)		(0.90	)		(0.90	)

Net asset value, end of period	$	13.88		$	12.71		$	13.88		$	15.11		$	15.88		$	15.44		$	15.28

Market price, end of period	$	14.45		$	13.95		$	15.26		$	15.55		$	17.35		$	15.19		$	13.99



Total Investment Return²

Based on net asset value		13.08	%³		(1.28	)%		(3.71	)%³		0.64	%		8.91	%		7.38	%		10.46	%

Based on market price		7.26	%³		(1.44	)%		2.87	%³		(5.20	)%		20.95	%		15.38	%		10.99	%



Ratios to Average Net Assets Applicable to Common Shareholders

Total expenses⁴		1.26	%⁵		1.43	%		1.25	%⁵		1.22	%		1.25	%		1.26	%		1.27	%

Total expenses after fees waived and before fees paid indirectly⁴		1.17	%⁵		1.25	%		1.00	%⁵		0.92	%		0.88	%		0.87	%		0.87	%

Total expenses after fees waived and paid indirectly⁴		1.17	%⁵		1.25	%		1.00	%⁵		0.92	%		0.87	%		0.86	%		0.87	%

Total expenses after fees waived and paid indirectly and excluding interest expense and fees^4,6		1.13	%⁵		1.13	%		0.97	%⁵		0.92	%		0.87	%		0.86	%		0.87	%

Net investment income⁴		7.63	%⁵		8.67	%		7.79	%⁵		7.23	%		7.30	%		7.35	%		7.62	%

Dividends to Preferred Shareholders		0.24	%⁵		1.17	%		1.91	%⁵		1.84	%		1.69	%		1.08	%		0.56	%

Net investment income to Common Shareholders		7.39	%⁵		7.50	%		5.88	%⁵		5.39	%		5.61	%		6.27	%		7.06	%



Supplemental Data

Net assets applicable to Common Shares, end of period (000)	$	176,967		$	161,727		$	175,927		$	190,962		$	199,717		$	193,457		$	191,274

Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)	$	94,500		$	94,500		$	95,850		$	109,750		$	109,750		$	109,750		$	109,750

Portfolio turnover		8	%		18	%		5	%		23	%		27	%		24	%		13	%

Asset coverage per Preferred Share at $25,000 liquidation preference, end of period	$	71,818		$	67,787		$	70,892		$	68,509		$	70,502		$	69,073		$	68,575


	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. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

	³	Aggregate total investment return.

	⁴	Do not reflect the effect of dividends to Preferred Shareholders.

	⁵	Annualized.

	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.

See Notes to Financial Statements.



54	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock California Investment Quality Municipal Trust Inc. (“RAA”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“RNJ”) and BlackRock New York Investment Quality Municipal Trust Inc. (“RNY”) are organized as Maryland corporations. BlackRock Investment Quality Municipal Income Trust (“RFA”) is organized as a Massachusetts business trust. RAA, RNJ, RNY and RFA are herein referred to as the “Investment Quality Trusts.” BlackRock California Municipal Income Trust (“BFZ”), BlackRock Municipal Income Investment Trust (“BBF”), BlackRock New Jersey Municipal Income Trust (“BNJ”), BlackRock New York Municipal Income Trust (“BNY”) (collectively, the “Income Trusts”) and BlackRock Florida Municipal 2020 Term Trust (“BFO”) are organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and BFO 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 Boards of Directors and the Boards of Trustees of the Trusts are referred to throughout this report as the “Board of Trustees” or the “Board.” 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: The Trusts’ policy is to fair value their financial instruments at market value. 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. 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. Short-term securities with remaining maturities of 60 days or less may be 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 or is not available, the investment will be valued by a method approved by each Trust’s Board as reflecting fair value. When determining the price for such investments, the investment advisor and/or the 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’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

Forward Commitments and When-Issued Delayed Delivery Securities: Each Trust may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions 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. In the event of default by the counter-party, the Trusts’ maximum amount of loss is the unrealized gain of the commitment, which is shown on the Schedules of Investments, if any.

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 funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which a 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 a Trust include the right of the Trust (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 Trust upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, 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 bond 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. Each Trust’s 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 Trusts’ Schedules of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown as trust certificates in the Statements of Assets and Liabilities.

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, 2010, the aggregate value of the underlying municipal bonds



SEMI-ANNUAL REPORT	JANUARY 31, 2010	55

Notes to Financial Statements (continued)

transferred to TOBs, the related liability for trust certificates and the range of interest rates on the liability for trust certificates were as follows:


	Underlying Municipal Bonds Transferred to TOBs		Liability for Trust Certificates		Range of Interest Rates

RAA	$	2,148,518	$	1,232,883		0.23% – 0.24	%
BFZ	$	93,961,577	$	56,378,777		0.23% – 0.34	%
BFO	$	8,919,216	$	4,573,573		0.31% – 0.48	%
RFA	$	6,515,558	$	3,504,110		0.23% – 0.53	%
BBF	$	41,590,525	$	22,228,764		0.16% – 0.27	%
RNJ	$	242,783	$	159,917		0.36	%
BNJ	$	2,063,654	$	1,359,296		0.24	%
RNY	$	117,069	$	69,974		0.24	%
BNY	$	22,677,016	$	11,549,814		0.22% – 0.31	%

For the six months ended January 31, 2010, the Trusts’ average trust certificates outstanding and the daily weighted average interest rate, including fees, were as follows:



	Average Trust Certificates Outstanding		Daily Weighted Average Interest Rate

RAA	$	1,232,883		0.74	%
BFZ	$	56,607,811		0.74	%
BFO	$	4,585,441		0.72	%
RFA	$	3,507,185		0.78	%
BBF	$	22,228,764		0.72	%
RNJ	$	159,917		0.83	%
BNJ	$	1,359,296		0.83	%
RNY	$	69,974		0.79	%
BNY	$	11,577,533		0.66	%

Should short-term interest rates rise, the Trusts’ investments 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: Each Trust 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 the Trusts either deliver collateral or segregate assets in connection with certain investments (e.g., financial futures contracts), each Trust will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual basis. 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 6.

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.

Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on Investment Quality Trusts’ and Income Trusts’ US federal tax returns remain open for the periods ended July 31, 2009 and 2008 and October 31, 2007 and 2006. The statute of limitations on BFO’s US federal tax returns remain open for the periods ended July 31, 2009 and 2008 and December 31, 2007 and 2006. 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 Standards: In June 2009, amended guidance was issued by the Financial Accounting Standards Board (“FASB”) for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Trusts’ financial statements and disclosures, if any, is currently being assessed.

In January 2010, the FASB issued amended guidance to improve disclosure about fair value measurements which will require additional disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll-forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods




56	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Notes to Financial Statements (continued)

within those fiscal years. The impact of this guidance on the Trusts’ financial statements and disclosures is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) may 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 other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations there under represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of 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, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Funds investments under the plan are included in income — affiliated in the Statements of Operations.

Other: Expenses directly related to a 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. Each Fund has an arrangement with its custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

The proposed reorganization of RAA failed to receive sufficient Common Shareholder votes to approve the reorganization. The expenses involving the proposed reorganization were charged to RAA and are shown in the Statements of Operations as reorganization costs.

2. Derivative Financial Instruments:

The Trusts may engage in various portfolio investment strategies both to increase the return of the Trusts and to economically hedge, or protect, exposure to certain risks such as interest rate risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying instrument or if the counterparty does not perform under the contract. To the extent amounts due to the Trust from its counterparties are not fully collateralized contractually or otherwise, the Trust bears the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. Counter-party risk related to exchange-traded financial futures contracts is minimal because of the protection against default provided by the exchanges on which they trade.

Financial Futures Contracts: The Trusts may purchase or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Trusts agree 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 Trusts as unrealized gains or losses. When the contract is closed, the Trusts record 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 financial futures transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.


Derivative Instruments Categorized by Risk Exposure:

The Effect of Derivative Instruments on the Statements of Operations Six Months Ended January 31, 2010*

	Net Realized Gain (Loss) from

	RAA		BFZ		RFA		BBF		RNJ		BNJ		RNY		BNY

Interest rate contracts:
Financial futures contracts	$	3,330	$	48,465	$	996	$	6,969	$	995	$	6,969	$	1,501	$	(6,780	)


* As of January 31, 2010, there were no financial futures contracts outstanding. During the six months ended January 31, 2010, the Trusts had limited activity in these transactions.

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services.

The Manager 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



SEMI-ANNUAL REPORT	JANUARY 31, 2010	57

Notes to Financial Statements (continued)

Trust pays the Manager a monthly fee of the Trust’s average weekly net assets at the following annual rates:



RAA	0.35	%
BFZ	0.60	%
BFO	0.50	%
RFA	0.35	%
BBF	0.60	%
RNJ	0.35	%
BNJ	0.60	%
RNY	0.35	%
BNY	0.60	%

Average weekly net assets is the average weekly value of each Trust’s total assets minus the sum of its accrued liabilities.

The Manager has contractually agreed to waive a portion of the investment advisory fee on the Income Trusts at an annual rate of 0.05% of average daily value of net assets through July 31, 2010. For the six months ended January 31, 2010, the Manager waived the following amounts, which are included in fees waived by advisor in the Statements of Operations:



	Fees Waived by Manager

BFZ	$	83,662
BBF	$	36,452
BNJ	$	40,762
BNY	$	69,840

The Manager has voluntarily agreed to waive its advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds, however the Manager does not waive its advisory fees by the amount of investment advisory fees through its investment in other affiliated investment companies. These amounts are included in fees waived by advisor in the Statements of Operations. For the six months ended January 31, 2010, the amounts waived were as follows:



	Fees Waived by Manager

RAA	$	723
BFZ	$	7,070
BFO	$	1,870
RFA	$	224
BBF	$	2,119
RNJ	$	1,368
BNJ	$	12,237
RNY	$	429
BNY	$	2,992

Each Investment Quality Trust has an Administration Agreement with the Manager. The administration fee paid to the Manager is computed weekly and payable monthly based on an annual rate of 0.10% of each respective Trust’s average weekly net assets for the Investment Quality Trusts.

The Manager has entered into a separate sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Manager, with respect to each Trust, under which the Manager pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by the Trust to the Manager.

For the six months ended January 31, 2010, certain Trusts reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations.



	Reimbursement

BFZ	$	3,433
BFO	$	1,246
RFA	$	17,731
BBF	$	1,515
BNJ	$	1,640
BNY	$	2,767

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

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the six months ended January 31, 2010 were as follows:



	Purchases		Sales

RAA	$	4,342,372	$	3,899,826
BFZ	$	106,890,583	$	107,502,521
BFO	$	5,612,601	$	5,619,986
RFA	$	5,332,443	$	5,630,115
BBF	$	36,219,658	$	37,100,738
RNJ	$	1,055,802	$	1,328,212
BNJ	$	8,026,965	$	2,793,136
RNY	$	4,154,857	$	3,912,938
BNY	$	25,771,166	$	21,099,426

5. Concentration, Market and Credit Risk:

Each Trust invests a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. 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 obligation.

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 generally approximated by their value recorded in the Trusts’ Statements of Assets and Liabilities, less any collateral held by the Trusts.




58	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Notes to Financial Statements (continued)

RAA and RNY invest a significant portion of their assets in securities in the County/City/Special District/School District sector. BFZ, BFO and RFA invest a significant portion of their assets in securities in the County/City/Special District/School District and Utilities sectors. BBF invests a significant portion of its assets in securities in the Health, Utilities and County/City/Special District/School District sectors. RNJ invests a significant portion of its assets in securities in the Transportation sector. BNJ invests a significant portion of its assets in securities in the Health, State and Housing sectors. Changes in economic conditions affecting the Utilities, County/City/Special District/School District, Transportation, Health, State and Housing sectors would have a greater impact on the Trusts, and could affect the value, income and/or liquidity of positions in such securities.

6. Capital Share Transactions:

Each Investment Quality Trust is authorized to issue 200 million 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 BFO. Each Trust’s Board is authorized, however, to reclassify any unissued shares of shares without approval of Common Shareholders. At January 31, 2010 the Common Shares owned by affiliates of the Manager for BFO was 8,028 shares.

Common Shares

During the six months ended January 31, 2010 and the year ended July 31, 2009, the shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:



	Six Months Ended January 31, 2010		Year Ended July 31, 2009

BFZ		10,114		8,447
RFA		156		—
BBF		—		887
RNJ		1,237		562
BNJ		14,349		36,407
RNY		544		—
BNY		25,920		48,952

Shares issued and outstanding remained constant during the six months ended January 31, 2010 and the year ended July 31, 2009 for RAA and BFO.

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 and unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at their liquidation preference plus any accumulated and 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 Articles Supplementary/Statement of Preferences/Certificate of Designation (the “Governing Instrument”), are not satisfied.

From time to time in the future, each Trust that has issued Preferred Shares may effect repurchases of such shares at prices below their liquidation preference as agreed upon by the Trust and seller. Each Trust also may redeem such shares from time to time as provided in the applicable Governing Instrument. Each Trust intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.

The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with the 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 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 sub-classification 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, effective yields and reset frequency at January 31, 2010:



	Series		Preferred Shares		Effective Yield			Reset Frequency Days

RAA		W7		237		0.34	%		7

BFZ		R7		1,420		0.32	%		7
		T7		1,420		0.35	%		7

BFO		F7		1,716		0.32	%		7

RFA		R7		183		0.32	%		7

BBF		T7		1,370		0.35	%		7

RNJ		T7		276		0.35	%		7

BNJ		R7		2,364		0.32	%		7

RNY		F7		389		0.34	%		7

BNY		F7		1,890		0.34	%		7
		W7		1,890		0.34	%		7

Dividends on seven-day Preferred Shares are cumulative at a rate which 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 all series of Preferred Shares is the higher of 110% of AA commercial paper rate or 110% of 90% of the Kenney S&P 30-Day High Grade Index rate divided by 1.00 minus the marginal tax rate. The low, high and average



SEMI-ANNUAL REPORT	JANUARY 31, 2010	59

Notes to Financial Statements (continued)

dividend rates on the Preferred Shares for each Trust for the six months ended January 31, 2010 were as follows:



	Series		Low			High			Average

RAA		W7		0.26	%		0.55	%		0.43	%

BFZ		R7		0.24	%		0.58	%		0.43	%
		T7		0.26	%		0.55	%		0.44	%

BFO		F7		0.24	%		0.58	%		0.43	%

RFA		R7		0.10	%		0.53	%		0.40	%

BBF		T7		0.26	%		0.58	%		0.44	%

RNJ		T7		0.26	%		0.58	%		0.44	%

BNJ		R7		0.24	%		0.56	%		0.42	%

RNY		F7		0.24	%		0.56	%		0.42	%

BNY		F7		0.24	%		0.56	%		0.42	%
		W7		0.26	%		0.55	%		0.43	%

Since February 13, 2008, the Preferred Shares of each Trust failed to clear any of their auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate, which ranged from 0.10% to 0.58% for the six months ended January 31, 2010. A failed auction is not an event of default for the Trusts, but it has a negative impact on the liquidity of Preferred Shares. A failed auction occurs when there are more sellers of a fund’s auction rate preferred shares than buyers. 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.

The Trusts 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 is less than 200%.

The Trusts pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions and 0.15% on the aggregate principal amount of all shares that fail to clear their auctions. Certain broker-dealers have individually agreed to reduce commissions for failed auctions.

During the year ended July 31, 2009, certain 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 date:



	Series		Redemption Date		Shares Redeemed		Aggregate Principal

RAA		W7		7/09/09		36	$	900,000

BFZ		R7		7/10/09		598	$	14,950,000
		T7		7/08/09		598	$	14,950,000

RFA		R7		7/10/09		102	$	2,550,000

BBF		T7		7/08/09		612	$	15,300,000

RNJ		T7		7/08/09		7	$	175,000

BNJ		R7		7/10/09		55	$	1,375,000

RNY		F7		7/13/09		3	$	75,000

BNY		F7		7/13/09		27	$	675,000
		W7		7/09/09		27	$	675,000

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

Preferred Shares issued and outstanding remained constant for the six months ended January 31, 2010 for all Trusts.

7. Capital Loss Carryforwards:

As of July 31, 2009, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:



Expires July 31,	RAA		BFZ		BFO

2012		—	$	1,807,297		—
2014		—		1,320,764		—
2016	$	71,669		—	$	28,100
2017		—		—		539,068

Total	$	71,669	$	3,128,061	$	567,168



Expires July 31,	RFA		BBF		RNJ

2012		—	$	518,297		—
2015	$	137,267		426,674		—
2016		389,530		866,417	$	223,484
2017		299,461		—		—

Total	$	826,258	$	1,811,388	$	223,484



Expires July 31,				BNJ		BNY

2012			$	3,833	$	151,220
2015				592,744		—
2016				15,502		505,354
2017				—		2,599,716

Total			$	612,079	$	3,256,290

8. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

Each Trust paid a net investment income dividend on March 1, 2010 to Common Shareholders of record on February 12, 2010 as follows:



	Common Dividend Per Share

RAA	$	0.053000
BFZ	$	0.075700
BFO	$	0.056000
RFA	$	0.070000
BBF	$	0.075375
RNJ	$	0.064000
BNJ	$	0.077600
RNY	$	0.068200
BNY	$	0.082500




60	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Notes to Financial Statements (concluded)

The dividends declared on Preferred Shares for the period February 1, 2010 to February 28, 2010 were as follows:



	Series		Dividends Declared

RAA		W7	$	1,443

BFZ		R7	$	14,257
		T7	$	14,253

BFO		F7	$	10,362

RFA		R7	$	1,108

BBF		T7	$	8,309

RNJ		T7	$	1,673

BNJ		R7	$	14,323

RNY		F7	$	1,583

BNY		F7	$	11,413
		W7	$	11,508

The Trusts’ distribution rates declared on March 1, 2010 were as follows:



	Per Common Share Amount

RNJ	$	0.065500
RNY	$	0.070700

The Board and shareholders of BFZ and the Board and shareholders of each of BlackRock California Insured Municipal Income Trust (“BCK”), BlackRock California Municipal Bond Trust (“BZA”) and BlackRock California Municipal Income Trust II (“BCL”) (individually, the “Target Fund”) approved the reorganizations of BCK, BZA and BCL into BFZ, pursuant to which BFZ acquired substantially all of the assets and assumed substantially all of the liabilities of BCK, BZA and BCL in exchange for an equal aggregate value of newly-issued Common and Preferred Shares of BFZ.

The purpose of these transactions was to combine four funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on February 1, 2010.

Each Common Shareholder of a Target Fund received Common Shares of BFZ in an amount equal to the aggregate net asset value of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on January 29, 2010, less the costs of the Target Fund’s reorganization (although cash was distributed for any fractional Common Shares).

Each Preferred Shareholder of a Target Fund received Preferred Shares of BFZ in an amount equal to the aggregate liquidation preference of the Target Fund Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.

The reorganizations were accomplished by a tax-free exchange of Common and Preferred Shares of BFZ in the following amounts and at the following conversion ratios:



	Common Shares

	Shares Prior to Reorganization		Conversion Ratio		Shares of BFZ

BCK		5,278,087		0.97546003		5,148,563
BZA		3,409,668		1.04505055		3,563,275
BCL		7,999,789		0.99301767		7,943,932


	Preferred Shares

	Series F-7		Series R-7		Series T-7

BCK		1,253		—		—
BZA		898		—		—
BCL		—		931		931

Each Target Fund’s net assets and composition of net assets on January 29, 2010 were as follows:



	Net Assets Applicable to Common Shareholders		Preferred Shares at Liquidation Preference		Paid-In Capital		Net Investment Income		Net Realized Loss			Net Unrealized Appreciation/ Depreciation

BCK	$	70,787,683	$	31,325,000	$	74,691,531	$	45,388	$	(2,517,190	)	$	(1,432,046	)
BZA	$	48,991,313	$	22,450,000	$	48,265,052	$	19,676	$	(560,343	)	$	1,266,928
BCL	$	109,221,113	$	46,550,000	$	113,334,256	$	71,219	$	(7,251,617	)	$	3,067,255

For financial reporting purposes, assets received and shares issued by BFZ were recorded at fair value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of BFZ’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of BFZ immediately after the acquisition amounted to $437,406,830. Each Target Fund’s fair value and cost of investments prior to the reorganization was as follows:



	Fair Value of Investments		Cost of Investments

BCK	$	97,202,618	$	98,634,664
BZA	$	69,163,964	$	67,897,036
BCL	$	152,275,812	$	149,208,557

In connection with the reorganizations, BFZ’s investment advisory fee was reduced by 2 basis points, from 0.60% of BFZ’s average weekly net assets to 0.58% of BFZ’s average weekly net assets. In addition to this reduction, BFZ’s contractual investment advisory fee waiver was extended for an additional two years through December 31, 2012 as follows: (i) 0.05% in 2010, (ii) 0.03% in 2011 and (iii) 0.01% in 2012.



SEMI-ANNUAL REPORT	JANUARY 31, 2010	61

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

Frank J. Fabozzi, Trustee and Member of the Audit Committee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee and Member of the Audit Committee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee and Member of the Audit Committee

Anne Ackerley, Trust President and Chief Executive Officer

Brendan Kyne, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer of the Trusts

Howard Surloff, Secretary

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

Sub-Advisor

BlackRock Financial Management, Inc.

New York, NY 10055

Custodian

State Street Bank and Trust Company

Boston, MA 02111

Transfer Agent

Common Shares:

Computershare Trust Company, N.A.

Providence, RI 02940

Auction Agent:

BNY Mellon Shareowner Services

Jersey City, NJ 07310

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

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809

Effective January 1, 2010, Kent Dixon, a Trustee of the Trusts, retired.

The Trusts’ Board wishes Mr. Dixon well in his retirement.




62	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Additional Information

Proxy Results

The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009, to elect trustee nominees of each Trust. The Board is organized into three classes, one class of which is elected annually. Each Trustee serves a three-year term concurrent with the class into which he or she is elected.

Approved the Class II Trustees as follows:



	Richard S. Davis				Frank J. Fabozzi				James T. Flynn				Karen P. Robards

	Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld		Votes For		Votes Withheld

RAA		915,592		44,442		174¹		—¹		915,592		44,442		915,592		44,442
BFZ		13,287,627		218,490		2,092¹		29		13,292,627		213,490		13,241,861		264,256
BFO		4,789,778		463,189		1,061¹		1¹		4,789,778		463,189		4,795,361		457,606
RFA		927,318		110,304		186¹		—¹		927,318		110,304		927,318		110,304
BBF		5,950,992		216,008		1,622¹		—¹		5,950,992		216,008		5,950,192		216,808
RNJ		870,735		85,222		175¹		—¹		870,735		85,222		870,735		85,222
BNJ		6,832,980		352,967		1,487¹		17¹		6,832,980		352,967		6,796,274		389,673
RNY		1,209,569		26,186		323¹		4¹		1,209,569		26,186		1,214,205		21,550
BNY		11,540,217		313,920		1,935¹		2¹		11,540,217		313,920		11,262,709		591,428

¹Voted on by holders of Preferred Shares only.

During the six-month period ended January 31, 2010, the shareholders of RAA voted on the following proposal. On October 26, 2009, a special shareholders’ meeting was adjourned with respect to the proposal until December 28, 2009, at which time it was not approved. A description of the proposal and number of shares voted are as follows:



	For	Against	Abstain

Common:
To approve an Agreement and Plan of Reorganization among RAA, BFZ and
BFZ Merger Subsidiary and the termination of RAA’s registration under
the Investment Company Act of 1940, as amended.	457,634	319,142	21,167

Preferred:
To approve an Agreement and Plan of Reorganization among RAA, BFZ and
BFZ Merger Subsidiary and the termination of RAA’s registration under
the Investment Company Act of 1940, as amended.	173	42	2

During the six-month period ended January 31, 2010, the shareholders of BFZ voted on the following proposals. On October 26, 2009, a special shareholders’ meeting was adjourned with respect to the proposals until November 30, 2009, at which time they were approved. A description of the proposals and number of shares voted are as follows:



	For	Against	Abstain

Common:
1. To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Municipal Income Trust II, BFZ Merger Subsidiary and BFZ.	7,008,795	550,692	244,592

2. To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Investment Quality Municipal Trust Inc., BFZ Merger Subsidiary and BFZ.	6,991,657	567,076	245,346

3. To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Insured Municipal Income Trust, BFZ Merger Subsidiary and BFZ.	6,988,559	562,523	252,997

4. To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Municipal Bond Trust, BFZ Merger Subsidiary and BFZ.	6,983,331	559,751	260,997



SEMI-ANNUAL REPORT	JANUARY 31, 2010	63

Additional Information (continued)

Proxy Results (concluded)


		For	Against	Abstain

	Preferred:
1.	To approve the issuance of additional Common Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Municipal Income Trust II, BFZ Merger Subsidiary and BFZ.	2,501	102	57

2.	To approve the issuance of additional Common Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Investment Quality Municipal Trust Inc., BFZ Merger Subsidiary and BFZ.	2,501	102	57

3.	To approve the issuance of additional Common Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Insured Municipal Income Trust, BFZ Merger Subsidiary and BFZ.	2,501	102	57

4.	To approve the issuance of additional Common Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Municipal Bond Trust, BFZ Merger Subsidiary and BFZ.	2,501	102	57

5.	To approve the issuance of additional Preferred Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Municipal Income Trust II, BFZ Merger Subsidiary and BFZ.	2,501	102	57

6.	To approve the issuance of additional Preferred Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Investment Quality Municipal Trust Inc., BFZ Merger Subsidiary and BFZ.	2,501	102	57

7.	To approve the issuance of additional Preferred Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Insured Municipal Income Trust, BFZ Merger Subsidiary and BFZ.	2,501	102	57

8.	To approve the issuance of additional Preferred Shares of BFZ in connection with an Agreement and Plan of Reorganization among BlackRock California Municipal Bond Trust, BFZ Merger Subsidiary and BFZ.	2,501	102	57



64	SEMI-ANNUAL REPORT	JANUARY 31, 2010

Additional Information (continued)

Dividend Policy

The Trusts’ dividend policy is to distribute all or a portion of their net investment income to their shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month.As a result, the dividends paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

General Information

Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports 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.

Householding

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Trust files its 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. The Trusts’ 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 (202) 551-8090. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

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 (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios 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 SEC’s website at http://www.sec.gov.



SEMI-ANNUAL REPORT	JANUARY 31, 2010	65

Additional Information (concluded)

Section 19(a) Notices

These reported amounts and sources of distributions are estimates and are not provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment results during the year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV for the calendar year that will explain the character of these dividends and distributions for federal income tax purposes.


January 31, 2010

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year

	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Common Share		Net Investment Income	Net Realized Capital Gains	Return of Capital		Total Per Common Share

RNY	$	0.409200	$	0.024871		—	$	0.434071	94%	6%		—	100%

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 non-public 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 non-public 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 non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated 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 non-public 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 non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.



66	SEMI-ANNUAL REPORT	JANUARY 31, 2010

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 short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

#CEF-BK9-01/10

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

	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 California Municipal Income Trust

	By:	/s/ Anne F. Ackerley
		Anne F. Ackerley
		Chief Executive Officer of
		BlackRock California Municipal Income Trust

	Date: March 19, 2010

	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/ Anne F. Ackerley
		Anne F. Ackerley
		Chief Executive Officer (principal executive officer) of
		BlackRock California Municipal Income Trust

	Date: March 19, 2010

	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock California Municipal Income Trust

	Date: March 19, 2010