Blackrock New Jersey Municipal Income Trust (BNJ) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-10335

       BlackRock New Jersey Municipal Income Trust       

(Exact name of Registrant as specified in charter)

100 Bellevue Parkway, Wilmington, DE	19809
(Address of principal executive offices)	(Zip code)

Robert S. Kapito, President

BlackRock New Jersey Municipal Income Trust

40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)

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

Date of fiscal year end:            October 31, 2007                       

Date of reporting period:            April 30, 2007                             

Item 1. Reports to Shareholders.

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

ALTERNATIVES  BLACKROCK  SOLUTIONS  EQUITIES  FIXED  INCOME  LIQUIDITY  REAL  ESTATE

	BlackRock Closed-End Funds
	SEMI-ANNUAL REPORT  |  APRIL 30, 2007 (UNAUDITED)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Municipal Income Trust (BFK)
BlackRock Long-Term Municipal Advantage Trust (BTA)
BlackRock California Investment Quality Municipal Trust (RAA)
BlackRock California Municipal Income Trust (BFZ)
BlackRock Florida Investment Quality Municipal Trust (RFA)
BlackRock Florida Municipal Income Trust (BBF)
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock New York Investment Quality Municipal Trust (RNY)
BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE

TABLE OF CONTENTS

Letter to Shareholders	1
Trusts’ Summaries	2
Financial Statements
Portfolios of Investments	13
Statements of Assets and Liabilities	44
Statements of Operations	47
Statement of Cash Flows	50
Statements of Changes in Net Assets	51
Financial Highlights	56
Notes to Financial Statements	67
Dividend Reinvestment Plans	74
Additional Information	75

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 website.

          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.

LETTER TO SHAREHOLDERS

April 30, 2007

Dear Shareholder:

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

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

          The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2007.

Trust (Ticker)	Current Yield1		Tax- Equivalent Yield2		Closing Market Price		NAV
BlackRock Investment Quality Municipal Trust (BKN)	5.37	%	8.26	%	$	18.98	$	15.56
BlackRock Municipal Income Trust (BFK)	5.31		8.17			18.68		15.27
BlackRock Long-Term Municipal Advantage Trust (BTA)	4.79		7.37			13.79		14.76
BlackRock California Investment Quality Municipal Trust (RAA)	4.14		6.37			13.92		14.35
BlackRock California Municipal Income Trust (BFZ)	5.12		7.88			17.82		15.55
BlackRock Florida Investment Quality Municipal Trust (RFA)	4.20		6.46			13.70		14.03
BlackRock Florida Municipal Income Trust (BBF)	5.45		8.38			16.60		15.51
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)	4.75		7.31			17.19		14.29
BlackRock New Jersey Municipal Income Trust (BNJ)	4.96		7.63			19.28		16.21
BlackRock New York Investment Quality Municipal Trust (RNY)	4.99		7.68			16.85		14.95
BlackRock New York Municipal Income Trust (BNY)	5.14		7.91			17.59		15.73

1	Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share. Past performance does not guarantee future results.
2	Tax-equivalent yield assumes the maximum Federal tax rate of 35%.

          BlackRock, Inc. (“BlackRock”) a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2007, BlackRock managed over $37 billion in municipal bonds, including 14 open-end and 68 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

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

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

1

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Investment Quality Municipal Trust (BKN)

Trust Information
Symbol on New York Stock Exchange:	BKN
Initial Offering Date:	February 19, 1993
Closing Market Price as of 4/30/07:		$	18.98
Net Asset Value as of 4/30/07:		$	15.56
Yield on Closing Market Price as of 4/30/07 ($18.98):1			5.37	%
Current Monthly Distribution per Common Share:2		$	0.0850
Current Annualized Distribution per Common Share:2		$	1.0200
Leverage as of 4/30/07:3			36	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	18.98	$	18.97	0.05	%	$	19.90	$	18.29
NAV	$	15.56	$	15.79	(1.46	)%	$	15.96	$	15.44

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
City, County & State	22	%	23	%
Hospitals	15		13
Industrial & Pollution Control	12		14
Housing	9		6
Education	9		9
Transportation	8		8
Power	8		10
Lease Revenue	6		6
Tax Revenue	5		4
Water & Sewer	4		5
Tobacco	2		2
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	52	%	51	%
AA/Aa	14		13
A	7		6
BBB/Baa	16		16
BB/Ba	3		4
B	1		2
Not Rated	7	5	8

4	Using the highest of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) ratings.
5	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007, the market value of these securities was $6,566,286, representing 1.6% of the Trust’s long-term investments.

2

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Municipal Income Trust (BFK)

Trust Information
Symbol on New York Stock Exchange:	BFK
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/07:		$	18.68
Net Asset Value as of 4/30/07:		$	15.27
Yield on Closing Market Price as of 4/30/07 ($18.68):1			5.31	%
Current Monthly Distribution per Common Share:2		$	0.082625
Current Annualized Distribution per Common Share:2		$	0.991500
Leverage as of 4/30/07:3			36	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	18.68	$	17.30	7.98	%	$	18.73	$	16.96
NAV	$	15.27	$	15.37	(0.65	)%	$	15.55	$	15.16

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
Hospitals	22	%	21	%
Industrial & Pollution Control	18		22
City, County & State	11		11
Transportation	10		9
Housing	9		8
Education	8		8
Tobacco	6		4
Power	5		7
Tax Revenue	5		5
Lease Revenue	3		2
Water & Sewer	3	5	3
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	34	%	30	%
AA/Aa	9		9
A	21		21
BBB/Baa	20		21
BB/Ba	4		5
B	5		7
Not Rated	7	5	7

4	Using the highest of S&P’s, Moody’s or Fitch’s ratings.
5	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007, the market value of these securities was $12,783,807, representing 1.2% of the Trust’s long-term investments.

3

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Long-Term Municipal Advantage Trust (BTA)

Trust Information
Symbol on New York Stock Exchange:	BTA
Initial Offering Date:	February 28, 2006
Closing Market Price as of 4/30/07:		$	13.79
Net Asset Value as of 4/30/07:		$	14.76
Yield on Closing Market Price as of 4/30/07 ($13.79):1			4.79	%
Current Monthly Distribution per Common Share:2		$	0.0550
Current Annualized Distribution per Common Share:2		$	0.6600

1	Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.
2	The distribution is not constant and is subject to change.

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	13.79	$	14.70	(6.19	)%	$	15.30	$	13.49
NAV	$	14.76	$	14.89	(0.87	)%	$	15.22	$	14.60

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
Water & Sewer	19	%	10	%
Education	17		24
Hospital	17		12
Tobacco	15		14
Industrial & Pollution Control	9		14
Housing	7		1
Transportation	7		13
City, County & State	5		4
Power	3		4
Lease Revenue	1		4
Credit Quality Allocations3
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	43	%	33	%
AA/Aa	28		21
A	3		4
BBB/Baa	18		33
B	3		2
Not Rated4	5		7

3	Using the highest of S&P’s, Moody’s or Fitch’s ratings.
4	The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007 and October 31, 2006, the market value of these securities was $7,121,660, representing 2.0%, and $7,110,320, representing 3.6%, respectively, of the Trust’s long-term investments.

4

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information
Symbol on American Stock Exchange:	RAA
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/07:		$	13.92
Net Asset Value as of 4/30/07:		$	14.35
Yield on Closing Market Price as of 4/30/07 ($13.92):1			4.14	%
Current Monthly Distribution per Common Share:2		$	0.0480
Current Annualized Distribution per Common Share:2		$	0.5760
Leverage as of 4/30/07:3			34	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	13.92	$	15.80	(11.90	)%	$	16.65	$	13.72
NAV	$	14.35	$	14.51	(1.10	)%	$	14.68	$	14.23

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
City, County & State	29	%	26	%
Education	18		16
Tobacco	11		10
Industrial & Pollution Control	11		13
Hospitals	8		7
Housing	5		2
Power	4		3
Lease Revenue	4		4
Transportation	3		14
Resource Recovery	3		—
Other	2		—
Water & Sewer	2		5
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	49	%	62	%
AA/Aa	5		—
A	21		14
BBB/Baa	10		7
B	5		6
Not Rated	10		11

⁴ Using the highest of S&P’s, Moody’s or Fitch’s ratings.

5

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock California Municipal Income Trust (BFZ)

Trust Information
Symbol on New York Stock Exchange:	BFZ
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/07:		$	17.82
Net Asset Value as of 4/30/07:		$	15.55
Yield on Closing Market Price as of 4/30/07 ($17.82):1			5.12	%
Current Monthly Distribution per Common Share:2		$	0.076074
Current Annualized Distribution per Common Share:2		$	0.912888
Leverage as of 4/30/07:3			36	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	17.82	$	17.12	4.09	%	$	17.92	$	16.60
NAV	$	15.55	$	15.74	(1.21	)%	$	15.85	$	15.41

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
City, County & State	22	%	22	%
Hospitals	13		13
Transportation	13		14
Housing	11		11
Education	11		12
Lease Revenue	8		9
Tobacco	8		7
Power	7		7
Industrial & Pollution Control	7		5
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	45	%	49	%
AA/Aa	3		3
A	27		26
BBB/Baa	14		12
B	1		1
Not Rated	10		9

⁴ Using the highest of S&P’s, Moody’s or Fitch’s ratings.

6

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information
Symbol on American Stock Exchange:	RFA
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/07:		$	13.70
Net Asset Value as of 4/30/07:		$	14.03
Yield on Closing Market Price as of 4/30/07 ($13.70):1			4.20	%
Current Monthly Distribution per Common Share:2		$	0.0480
Current Annualized Distribution per Common Share:2		$	0.5760
Leverage as of 4/30/07:3			35	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	13.70	$	16.00	(14.38	)%	$	16.00	$	13.18
NAV	$	14.03	$	14.24	(1.47	)%	$	14.40	$	13.92

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
Hospitals	25	%	24	%
City, County & State	21		18
Water & Sewer	19		22
Lease Revenue	10		10
Tax Revenue	8		8
Industrial & Pollution Control	7		7
Education	5		5
Transportation	4		6
Tobacco	1		—
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	59	%	64	%
AA/Aa	5		5
A	12		8
BBB/Baa	12		8
BB/Ba	2		3
Not Rated	10		12

⁴ Using the highest of S&P’s, Moody’s or Fitch’s ratings.

7

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Florida Municipal Income Trust (BBF)

Trust Information
Symbol on New York Stock Exchange:	BBF
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/07:		$	16.60
Net Asset Value as of 4/30/07:		$	15.51
Yield on Closing Market Price as of 4/30/07 ($16.60):1			5.45	%
Current Monthly Distribution per Common Share:2		$	0.075375
Current Annualized Distribution per Common Share:2		$	0.904500
Leverage as of 4/30/07:3			36	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	16.60	$	16.30	1.84	%	$	17.11	$	15.87
NAV	$	15.51	$	15.68	(1.08	)%	$	15.76	$	15.37

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
City, County & State	30	%	34	%
Hospitals	26		21
Water & Sewer	11		9
Tax Revenue	8		7
Education	7		7
Transportation	4		3
Lease Revenue	4		6
Tobacco	3		4
Housing	3		3
Power	2		4
Industrial & Pollution Control	1		2
Other	1		—
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	37	%	39	%
AA/Aa	26		29
A	9		6
BBB/Baa	11		10
BB/Ba	2		2
Not Rated5	15		14

4	Using the highest of S&P’s, Moody’s or Fitch’s ratings.
5	The investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of April 30, 2007 and October 31, 2006, the market value of these securities was $3,337,402, representing 2.1%, and $3,384,402, representing 2.2%, respectively, of the Trust’s long-term investments.

8

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information
Symbol on American Stock Exchange:	RNJ
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/07:		$	17.19
Net Asset Value as of 4/30/07:		$	14.29
Yield on Closing Market Price as of 4/30/07 ($17.19):1			4.75	%
Current Monthly Distribution per Common Share:2		$	0.0680
Current Annualized Distribution per Common Share:2		$	0.8160
Leverage as of 4/30/07:3			34	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	17.19	$	15.95	7.77	%	$	18.85	$	15.95
NAV	$	14.29	$	14.47	(1.24	)%	$	14.61	$	14.14

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
Transportation	20	%	23	%
Hospitals	18		15
Housing	11		13
Education	10		11
Tax Revenue	10		10
Industrial & Pollution Control	7		10
Tobacco	6		5
Water & Sewer	6		5
Lease Revenue	4		3
City, County & State	4		3
Power	4		2
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	50	%	41	%
AA/Aa	2		3
A	6		6
BBB/Baa	30		33
B	5		6
Not Rated	7		11

⁴ Using the highest of S&P’s, Moody’s or Fitch’s ratings.

9

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information
Symbol on New York Stock Exchange:	BNJ
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/07:		$	19.28
Net Asset Value as of 4/30/07:		$	16.21
Yield on Closing Market Price as of 4/30/07 ($19.28):1			4.96	%
Current Monthly Distribution per Common Share:2		$	0.079625
Current Annualized Distribution per Common Share:2		$	0.955500
Leverage as of 4/30/07:3			34	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	19.28	$	18.40	4.78	%	$	19.70	$	18.15
NAV	$	16.21	$	16.35	(0.86	)%	$	16.46	$	16.05

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
Hospitals	26	%	24	%
Housing	20		20
City, County & State	12		11
Transportation	9		10
Tobacco	8		8
Tax Revenue	6		6
Industrial & Pollution Control	6		6
Education	6		5
Lease Revenue	4		10
Water & Sewer	2		—
Power	1		—
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	37	%	32	%
A	22		22
BBB/Baa	35		39
B	3		3
Not Rated	3		4

⁴ Using the highest of S&P’s, Moody’s or Fitch’s ratings.

10

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information
Symbol on American Stock Exchange:	RNY
Initial Offering Date:	May 28, 1993
Closing Market Price as of 4/30/07:		$	16.85
Net Asset Value as of 4/30/07:		$	14.95
Yield on Closing Market Price as of 4/30/07 ($16.85):1			4.99	%
Current Monthly Distribution per Common Share:2		$	0.0700
Current Annualized Distribution per Common Share:2		$	0.8400
Leverage as of 4/30/07:3			33	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	16.85	$	16.65	1.20	%	$	18.25	$	16.30
NAV	$	14.95	$	15.18	(1.52	)%	$	15.32	$	14.85

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
Education	23	%	24	%
Tax Revenue	15		15
Water & Sewer	12		11
City, County & State	12		12
Industrial & Pollution Control	12		14
Housing	10		8
Transportation	5		4
Hospitals	4		4
Lease Revenue	3		6
Tobacco	2		2
Other	2		—
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	49	%	46	%
AA/Aa	21		29
A	6		4
BBB/Baa	13		12
B	9		6
Caa	—		3
Not Rated	2		—

⁴ Using the highest of S&P’s, Moody’s or Fitch’s ratings.

11

TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New York Municipal Income Trust (BNY)

Trust Information
Symbol on New York Stock Exchange:	BNY
Initial Offering Date:	July 27, 2001
Closing Market Price as of 4/30/07:		$	17.59
Net Asset Value as of 4/30/07:		$	15.73
Yield on Closing Market Price as of 4/30/07 ($17.59):1			5.14	%
Current Monthly Distribution per Common Share:2		$	0.075339
Current Annualized Distribution per Common Share:2		$	0.904068
Leverage as of 4/30/07:3			36	%

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

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

	4/30/07		10/31/06		Change		High		Low
Market Price	$	17.59	$	17.35	1.38	%	$	18.00	$	16.70
NAV	$	15.73	$	15.88	(0.94	)%	$	15.99	$	15.63

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

Portfolio Composition
Sector	April 30, 2007		October 31, 2006
Industrial & Pollution Control	17	%	19	%
Transportation	15		13
Housing	14		15
Tobacco	12		12
Education	9		10
City, County & State	9		7
Water & Sewer	8		6
Lease Revenue	7		9
Hospitals	5		6
Power	3		2
Tax Revenue	1		1
Credit Quality Allocations4
Credit Rating	April 30, 2007		October 31, 2006
AAA/Aaa	41	%	37	%
AA/Aa	17		21
A	16		15
BBB/Baa	19		20
B	6		4
CCC/Caa	—		3
Not Rated	1		—

⁴ Using the highest of S&P’s, Moody’s or Fitch’s ratings.

12

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Investment Quality Municipal Trust (BKN)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—155.6%
			Alabama—7.0%
			Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj.,
$	1,765		Ser. C-2, 5.00%, 11/15/36	11/16 @ 100	$	1,830,040
	1,265		Ser. C-2, 5.00%, 11/15/39	11/16 @ 100		1,308,238
	14,000	2	Univ. of Alabama Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.875%, 9/01/10, MBIA	N/A		15,070,440
						18,208,718
			Arizona—0.8%
			San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj.,
	490		6.25%, 5/01/15	05/10 @ 107		496,983
	490		7.00%, 5/01/20	05/10 @ 107		497,345
	980		7.25%, 5/01/27	05/10 @ 107		1,000,090
						1,994,418
			California—24.1%
			California GO,
	5,800		5.00%, 2/01/32	08/13 @ 100		6,019,820
	3,485		5.00%, 6/01/34	12/14 @ 100		3,638,166
	5,000	2	5.625%, 5/01/10	N/A		5,329,941
	770		5.625%, 5/01/18	05/10 @ 101		821,829
	10,000		California, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG	03/15 @ 100		10,515,300
			Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,
	1,340		Ser. B, Zero Coupon, 6/01/46	06/16 @ 17.602		140,874
	7,090		Ser. C, Zero Coupon, 6/01/55	06/16 @ 8.9		363,292
	9,060		Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55	06/16 @ 6.219		307,678
			Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,
	3,495		5.75%, 1/15/40	01/10 @ 101		3,655,980
	7,000		Conv. Cap. Apprec. Proj., Zero Coupon, 1/15/28	01/14 @ 101		6,545,910
	805		Golden St. Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47	06/17 @ 100		806,538
	10,945	2	Los Altos Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/13, MBIA	N/A		4,616,163
	15,460		Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 3.80%, 12/01/07, AMBAC	No Opt. Call		15,662,990
	4,185		Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38	05/13 @ 101		4,270,248
						62,694,729

Principal Amount (000)			Description	Option Call Provisions1	Value
			Colorado—0.8%
$	1,030		City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA	11/15 @ 100	$	1,081,067
	1,020		Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37	12/15 @ 101		1,082,424
						2,163,491
			Connecticut—1.2%
	3,000	3	Mashantucket Western Pequot Tribe Casino RB, Ser. A, 5.50%, 9/01/28	09/09 @ 101		3,077,880
			District of Columbia—2.3%
	4,960		Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33	No Opt. Call		5,911,725
			Florida—17.8%
			Cnty. of Miami-Dade, Recreational Fac. Impvts. Misc. SO,
	3,380		Ser. A, Zero Coupon, 10/01/31, MBIA	10/15 @ 44.051		1,014,439
	4,225		Ser. A, Zero Coupon, 10/01/32, MBIA	10/15 @ 41.782		1,201,717
	4,000		Ser. A, Zero Coupon, 10/01/33, MBIA	10/15 @ 39.621		1,075,360
	4,580		Ser. A, Zero Coupon, 10/01/34, MBIA	10/15 @ 37.635		1,168,587
	5,000		Ser. A, Zero Coupon, 10/01/35, MBIA	10/15 @ 35.678		1,212,400
	10,000		Ser. A, Zero Coupon, 10/01/36, MBIA	10/15 @ 33.817		2,290,800
	10,000		Ser. A, Zero Coupon, 10/01/37, MBIA	10/15 @ 32.047		2,169,100
	7,895		Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA	10/16 @ 100		8,095,533
	2,050		Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. TA, Ser. A, 6.125%, 5/01/34	05/13 @ 101		2,184,665
	2,415		Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38	06/16 @ 100		2,450,138
	3,700		Hillsborough Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30, AMT	10/10 @ 101		4,010,578
	1,215		JEA Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA	04/11 @ 100		1,236,287
	4,755		Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		5,380,758
	3,770		Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser. B, 5.70%, 10/01/38	10/15 @ 100		3,868,585

See Notes to Financial Statements.

13

BlackRock Investment Quality Municipal Trust (BKN) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	8,700		Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22	05/13 @ 100	$	9,029,208
						46,388,155
			Georgia—3.2%
			City of Atlanta,
	2,245		Port, Arpt. & Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA	01/15 @ 100		2,349,594
	4,000		Wtr. & Wstwtr., Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA	11/14 @ 100		4,204,120
	1,500		Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 6.00%, 9/01/33	09/14 @ 101		1,651,950
						8,205,664
			Hawaii—1.0%
	2,500		Dept. of Budget & Fin., Elec., Pwr. & Lt. RB, Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC, AMT	01/09 @ 101		2,610,700
			Illinois—15.0%
	1,920	3	Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23	No Opt. Call		1,988,083
	1,040	2	Chicago Brd. of Ed., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.75%, 12/01/07, AMBAC	N/A		1,072,458
	3,210		Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA	07/16 @ 100		3,398,556
	3,540		Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT	01/14 @ 100		3,733,001
	5,000	4	Chicago Pub. Bldg. Comm. Bldg., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 7.00%, 1/01/20, MBIA	ETM		6,379,450
			Fin. Auth.,
	1,665		Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25	11/16 @ 100		1,706,775
	1,330		Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30	11/16 @ 100		1,360,297
	690		Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37	02/15 @ 100		712,101
	5,800		Hlth., Hosp. & Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43	08/14 @ 100		6,303,150
	875		Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35	06/14 @ 100		897,155
	700		Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35	06/14 @ 100		717,570

Principal Amount (000)		Description	Option Call Provisions1	Value
		Illinois—(cont’d)
$	3,980	Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC	02/16 @ 100	$	3,948,558
	6,500	Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA	01/15 @ 100		6,654,895
					38,872,049
		Indiana—1.2%
	3,050	Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC	01/16 @ 100		3,040,819
		Kansas—0.7%
	1,690	Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys. Proj., 5.00%, 9/01/36	09/16 @ 100		1,729,140
		Kentucky—2.4%
	13,500	Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA	No Opt. Call		6,275,745
		Maryland—2.6%
	5,000	Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A, 4.80%, 9/01/42, AMT	09/16 @ 100		4,957,600
	1,740	Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33	08/14 @ 100		1,851,464
					6,809,064
		Massachusetts—1.2%
	3,075	Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41	08/16 @ 100		3,235,300
		Michigan—0.7%
	1,670	Hosp. Fin. Auth. Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46	11/16 @ 100		1,752,515
		Mississippi—1.0%
	2,535	Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28	12/16 @ 100		2,533,530
		Missouri—3.2%
	5,250	Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38, AMT	09/16 @ 103		5,452,020
	2,820	Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA	01/16 @ 100		2,830,237
					8,282,257

See Notes to Financial Statements.

14

BlackRock Investment Quality Municipal Trust (BKN) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Multi-State—4.7%
$	7,000	3	Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50	11/10 @ 100	$	7,690,900
	4,000	3	MuniMae TE Bond Subsidiary LLC, Ser. B, 7.75%, 6/30/50	11/10 @ 100		4,404,520
						12,095,420
			Nebraska—3.1%
			Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB,
	2,765		Ser. A, 4.75%, 2/01/44	02/14 @ 100		2,807,913
	5,000		Ser. A, 5.00%, 2/01/34	02/14 @ 100		5,220,800
						8,028,713
			Nevada—2.1%
	2,065		Cnty. of Clark Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29	05/16 @ 100		2,147,187
	3,200		Truckee Meadows Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA	07/16 @ 100		3,306,176
						5,453,363
			New Jersey—3.5%
	7,000		Econ. Dev. Auth. Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29	06/14 @ 100		7,573,580
	1,510		Middlesex Cnty. Impvt. Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37	01/15 @ 100		1,603,907
						9,177,487
			New York—5.6%
	725		Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35	05/15 @ 102		722,354
	3,895	2	Dorm. Auth., Univ. & Coll. Impvts. RB, Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA	N/A		3,494,788
	4,100		Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35	No Opt. Call		4,691,097
	2,600		New York City Indl. Dev. Agcy. Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./ JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT	08/16 @ 101		3,132,298
	2,500		New York City Mun. Wtr. Fin. Auth. Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38	06/16 @ 100		2,632,750
						14,673,287

Principal Amount (000)			Description	Option Call Provisions1	Value
			North Carolina—4.7%
$	5,000		Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. B, 7.00%, 1/01/08, CAPMAC	No Opt. Call	$	5,106,100
	2,425		Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT	08/15 @ 100		2,555,708
	4,315		Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39	11/16 @ 100		4,460,070
						12,121,878
			Ohio—7.7%
	10,475		Air Qual. Dev. Auth. Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC	07/15 @ 100		10,733,314
	3,485		Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj., 6.00%, 1/01/20	07/13 @ 100		3,862,495
	5,000		Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Hlth. Sys. Proj., 6.00%, 1/01/21	07/13 @ 100		5,535,850
						20,131,659
			Oklahoma—1.3%
	2,900		Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT	No Opt. Call		3,431,338
			Pennsylvania—6.4%
	2,000		Delaware River Port. Auth., Port, Arpt. & Marina RB, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA	01/10 @ 100		2,094,040
			Econ. Dev. Fing. Auth.,
	6,380		Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT	06/11 @ 103		7,017,808
	2,000		Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT	05/11 @ 101		2,139,100
	3,100		Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT	05/11 @ 101		3,314,954
	980		Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT	10/16 @ 100		963,399
			McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO,
	870	4	Zero Coupon, 10/01/31, FGIC	ETM		297,714
	2,435		Zero Coupon, 10/01/31, FGIC	No Opt. Call		823,371
						16,650,386

See Notes to Financial Statements.

15

BlackRock Investment Quality Municipal Trust (BKN) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Puerto Rico—2.6%
$	2,900		Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/23, FSA	07/17 @ 100	$	3,130,144
	3,115		Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34	No Opt. Call		3,597,358
						6,727,502
			Rhode Island—0.8%
			Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Lifespan Proj.,
	1,800	2	5.50%, 5/15/07, MBIA	N/A		1,837,188
	200		5.50%, 5/15/16, MBIA	05/07 @ 102		204,234
						2,041,422
			South Carolina—4.7%
	5,000		Hsg. Fin. & Dev. Auth., Hsg. RB, Ser. A2, 5.15%, 7/01/37, AMBAC, AMT	07/15 @ 100		5,150,850
			Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj.,
	4,000	2	6.875%, 8/01/13	N/A		4,671,283
	2,185		Ser. A, 6.25%, 8/01/31	08/13 @ 100		2,423,842
						12,245,975
			Tennessee—2.0%
	4,865		Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D, 6.00%, 3/01/24, AMBAC, AMT	03/10 @ 101		5,158,554
			Texas—14.3%
	1,350		Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT	04/16 @ 100		1,377,392
	6,000	2	Grapevine, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.875%, 8/15/10, FGIC	N/A		6,398,640
	5,000		Harris Cnty.-Houston Sports Auth. Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA	11/30 @ 61.166		1,026,850
	2,480		Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC	10/16 @ 100		2,444,685
	9,495		La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF	02/14 @ 100		9,893,600
			Lower Colorado River Auth., Misc. RB,
	3,845		4.75%, 5/15/36, AMBAC	05/11 @ 100		3,889,986
	5	2	Ser. A, 5.00%, 5/15/13, MBIA	N/A		5,335
	945		Ser. A, 5.00%, 5/15/31, MBIA	05/13 @ 100		982,394
	675		Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA	03/14 @ 100		687,184

Principal Amount (000)			Description	Option Call Provisions1	Value
			Texas—(cont’d)
$	2,010		Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC	03/16 @ 100	$	2,066,863
	1,000		Texas, Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22	08/10 @ 100		1,057,820
			Tpke. Auth., Hwy. Impvts. Tolls RB,
	3,325		Ser. A, 5.00%, 8/15/42, AMBAC	08/12 @ 100		3,448,889
	15,000		Zero Coupon, 8/15/31, AMBAC	08/12 @ 32.807		3,896,550
						37,176,188
			Utah—0.7%
	1,950	4	Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.00%, 7/01/13, AMBAC	ETM		1,951,930
			Virginia—1.1%
	2,900		Tobacco Settlement Fing. Corp., Tobacco Settlelement Funded RB, Ser. B1, 5.00%, 6/01/47	06/17 @ 100		2,856,500
			Washington—1.9%
	1,420		Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA	01/16 @ 100		1,496,481
	3,480		Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC	10/16 @ 100		3,486,473
						4,982,954
			Wisconsin—1.4%
	3,220		Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB Aurora Hlth. Care Proj., 6.40%, 4/15/33	04/13 @ 100		3,567,406
			Wyoming—0.8%
	2,145		Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.75%, 12/01/37, AMT	12/16 @ 100		2,131,208
			Total Long-Term Investments (cost $381,319,733)			404,389,069

Shares (000)
			MONEY MARKET FUND—1.6%
	4,300	5,6	Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $4,300,000)	N/A		4,300,000
			Total Investments—157.2% (cost $385,619,7337)		$	408,689,069
			Liabilities in excess of other assets—(0.8)%			(2,064,139)
			Preferred shares at redemption value, including dividends payable—(56.4)%			(146,682,337)
			Net Assets Applicable to Common Shareholders—100%		$	259,942,593

See Notes to Financial Statements.

16

BlackRock Investment Quality Municipal Trust (BKN) (continued)

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
3	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 6.6% of its net assets, with a current market value of $17,161,383, in securities restricted as to resale.
4	Security is collateralized by Municipal or U.S. Treasury obligations.
5	Represents an investment in an affiliate.
6	Represents current yield as of April 30, 2007.
7	Cost for federal income tax purposes is $386,204,280. The net unrealized appreciation on a tax basis is $22,484,789, consisting of $22,773,337 gross unrealized appreciation and $288,548 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
CAPMAC	—	Capital Markets Assurance Co.
CIFG-TCRS	—	CDC IXIS Financial Guaranty
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
PSF	—	Public School Fund Guaranteed
RB	—	Revenue Bond
SA	—	Special Assessment
SO	—	Special Obligation
TA	—	Tax Allocation
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

17

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Municipal Income Trust (BFK)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—154.4%
			Alabama—3.7%
$	15,000	2	Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. B, 5.75%, 6/01/12	N/A	$	16,486,500
			Spl. Care Facs. Fing. Auth.- Birmingham, Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj.,
	4,545		Ser. C-2, 5.00%, 11/15/36	11/16 @ 100		4,712,483
	3,260		Ser. C-2, 5.00%, 11/15/39	11/16 @ 100		3,371,427
						24,570,410
			Arizona—2.0%
	5,400		Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%, 8/01/38, AMT	03/17 @ 102.75		5,652,396
	7,000	2	Scottsdale Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Scottsdale Hlth. Care Proj., 5.80%, 12/01/11	N/A		7,645,890
						13,298,286
			California—15.5%
	7,000		California GO, 5.00%, 6/01/34	12/14 @ 100		7,307,650
	3,175		City of Lincoln, Pub. Impvts. ST, 6.00%, 9/01/34	09/13 @ 102		3,299,079
			Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,
	3,385		Ser. B, Zero Coupon, 6/01/46	06/16 @ 17.602		355,865
	17,855		Ser. C, Zero Coupon, 6/01/55	06/16 @ 8.9		914,890
	22,825		Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55	06/16 @ 6.219		775,137
			Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,
	54,635		Zero Coupon, 1/15/32	01/10 @ 27.37		13,108,576
	20,535		Zero Coupon, 1/15/34	01/10 @ 24.228		4,363,893
	75,000		Zero Coupon, 1/15/38	01/10 @ 19.014		12,485,250
			Golden St. Tobacco Sec. Corp.,
	10,000	2	Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13	N/A		11,533,500
	5,000		Tobacco Settlement Funded RB, Ser. A, 5.00%, 6/01/45	06/15 @ 100		5,178,000
	13,320		Los Angeles Regl. Arpts. Impvt. Corp., Lease Facs. RB, LAXfuel Corp., Los Angeles Intl. Arpt. Proj., 5.50%, 1/01/32, AMBAC, AMT	01/12 @ 100		14,000,386
	5,000		Murrieta Cmnty. Facs. Dist. No. 2, Econ. Impvts. ST, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34	09/14 @ 100		5,347,850

Principal Amount (000)			Description	Option Call Provisions1	Value
			California—(cont’d)
$	5,000		Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33	04/13 @ 100	$	5,281,050
			Univ. of California, Univ. & Coll. Impvts. RB,
	10,565		Ser. B, 4.75%, 5/15/38	05/13 @ 101		10,780,209
	5,000		Ser. C, 4.75%, 5/15/37, MBIA	05/13 @ 101		5,129,250
	4,015		West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 8/01/30, FSA	08/16 @ 100		4,154,561
						104,015,146
			Colorado—1.3%
	2,545		City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA	11/15 @ 100		2,671,181
	3,500		Denver Hlth. & Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 6.00%, 12/01/31	12/11 @ 100		3,728,480
	2,530		Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37	12/15 @ 101		2,684,836
						9,084,497
			District of Columbia—6.4%
			Dist. of Columbia,
	2,390		Misc. RB, Friendship Pub. Charter Sch. Proj., 5.25%, 6/01/33, ACA	06/14 @ 100		2,506,489
	66,785	2	Univ. & Coll. Impvts. RB, Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/11, MBIA	N/A		12,551,409
	25,535		Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.75%, 5/15/40	05/11 @ 101		28,052,751
						43,110,649
			Florida—12.0%
	3,890		Bellalago Edl. Facs. Benefit Dist., Sch. Impvts. SA, Ser. B, 5.80%, 5/01/34	05/14 @ 100		4,074,308
	10,830		Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA	10/16 @ 100		11,105,082
	1,905		Heritage Isle at Viera Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. A, 6.00%, 5/01/35	05/12 @ 101		2,008,461
	9,670	2	Highlands Cnty. Hlth. Facs. Auth. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./ Sunbelt Proj., Ser. A, 6.00%, 11/15/11	N/A		10,643,866
			JEA,
	11,035		Elec., Pwr. & Lt. Impvts. RB., Ser. 3A, 4.75%, 10/01/34, FSA	04/10 @ 100		11,136,963

See Notes to Financial Statements.

18

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	3,070		Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA	04/11 @ 100	$	3,123,786
	2,900		Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA	04/11 @ 100		2,940,252
	9,000		Martin Cnty. Indl. Dev. Auth., Indl. RB, Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25, AMT	05/07 @ 100		9,091,260
	11,685		Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		13,222,746
	3,880		Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 7.10%, 5/01/35	05/14 @ 100		4,220,354
	8,700		Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22	05/13 @ 100		9,029,208
						80,596,286
			Georgia—0.6%
	4,000		Richmond Cnty. Dev. Auth., Rec. Recovery RB, Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25, AMT	02/12 @ 101		4,268,520
			Idaho—2.7%
	16,970		Univ. of Idaho, Univ. & Coll. Impvts. RB, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC	04/11 @ 100		17,866,186
			Illinois—15.7%
	4,630	3	Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23	No Opt. Call		4,794,180
	8,225		Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA	07/16 @ 100		8,708,136
	7,645		Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT	01/14 @ 100		8,061,805
			Edl. Facs. Auth., Univ. & Coll. Impvts. RB,
	760		Ser. A, 5.25%, 7/01/41	07/11 @ 101		797,172
	7,000	2	Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/07	N/A		7,000,420
	10,000	2	Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/12	N/A		11,238,100
			Fin. Auth.,
	7,145	2	Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09	N/A		7,544,977
	4,235		Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25	11/16 @ 100		4,341,256
	3,395		Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30	11/16 @ 100		3,472,338

Principal Amount (000)		Description	Option Call Provisions1	Value
		Illinois—(cont’d)
$	1,685	Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37	02/15 @ 100	$	1,738,971
	3,700	Hlth., Hosp. & Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43	08/14 @ 100		4,020,975
	2,100	Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35	06/14 @ 100		2,153,172
	1,675	Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35	06/14 @ 100		1,717,042
		Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj.,
	5,000	5.50%, 1/01/22	01/13 @ 100		5,244,850
	6,000	5.625%, 1/01/28	01/13 @ 100		6,340,200
	40,000	Met. Pier & Exposition Auth., Pub. Impvts. Sales Tax RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 12/15/34, MBIA	No Opt. Call		11,794,400
	10,090	Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC	02/16 @ 100		10,010,289
		Vlg. of Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO,
	7,120	Ser. B, Zero Coupon, 1/01/33, FGIC	No Opt. Call		2,283,242
	14,085	Ser. B, Zero Coupon, 1/01/34, FGIC	No Opt. Call		4,309,869
					105,571,394
		Indiana—7.0%
	9,000	Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Methodist Hosp., Inc. Proj., 5.50%, 9/15/31	09/11 @ 100		9,115,110
	7,750	Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC	01/16 @ 100		7,726,673
		Petersburg, Rec. Recovery Impvts. RB, Indianapolis Pwr. & Lt. Conv. Proj.,
	10,000	5.90%, 12/01/24, AMT	08/11 @ 102		10,577,300
	16,000	5.95%, 12/01/29, AMT	08/11 @ 102		17,046,560
	2,390	Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24	01/09 @ 102		2,412,609
					46,878,252
		Kentucky—0.2%
	1,365	Hsg. Corp., St. Hsg. RB, Ser. F, 5.45%, 1/01/32, AMT	07/11 @ 100		1,401,077

See Notes to Financial Statements.

19

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Louisiana—2.0%
$	9,215		Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., Pub. Imvts. Misc. RB, Cap. Projs. & Equip. Acquisition Proj., 6.55%, 9/01/25, ACA	No Opt. Call	$	10,292,049
	3,260		St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39	12/16 @ 103		3,446,603
						13,738,652
			Maryland—1.1%
	2,665		Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A, 4.65%, 9/01/32, AMT	09/16 @ 100		2,629,689
	4,205		Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33	08/14 @ 100		4,474,372
						7,104,061
			Massachusetts—1.1%
	6,770		Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41	08/16 @ 100		7,122,920
			Michigan—0.7%
	4,230		Hosp. Fin. Auth. Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46	11/16 @ 100		4,439,004
			Mississippi—3.8%
	6,460		Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28	12/16 @ 100		6,456,253
	18,680		Gulfport, Hlth., Hosp. & Nursing Home Impvts. RB, Mem. Hosp. at Gulfport Proj., Ser. A, 5.75%, 7/01/31	07/11 @ 100		19,270,849
						25,727,102
			Missouri—0.1%
	695		Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA	01/16 @ 100		697,523
			Multi-State—6.9%
			Charter Mac Equity Issuer Trust,
	1,000	3	Ser. A, 6.625%, 6/30/49	06/09 @ 100		1,044,200
	11,000	3	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100		11,408,650
	16,000	3	Ser. A-3, 6.80%, 10/31/52	10/14 @ 100		18,278,880
	6,500	3	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100		6,955,130
	8,000	3	MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49	06/09 @ 100		8,390,480
						46,077,340
			Nebraska—1.0%
	6,990		Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.75%, 2/01/44	02/14 @ 100		7,098,485

Principal Amount (000)		Description	Option Call Provisions1	Value
		Nevada—2.5%
		Cnty. of Clark,
$	5,000	Port, Arpt. & Marina RB, Jet Aviation Fuel Tax Proj., Ser. C, 5.00%, 7/01/40, AMBAC	07/15 @ 100	$	5,224,650
	5,260	Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29	05/16 @ 100		5,469,348
	6,000	Truckee Meadows Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA	07/16 @ 100		6,199,080
					16,893,078
		New Hampshire—1.2%
	4,000	Bus. Fin. Auth. Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT	06/13 @ 102		4,086,480
	3,500	Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Exeter Hosp. Proj., 5.75%, 10/01/31	10/11 @ 101		3,734,080
					7,820,560
		New Jersey—8.9%
		Econ. Dev. Auth.,
	18,500	Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29	06/14 @ 100		20,015,890
	15,410	Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT	11/10 @ 101		16,430,913
	8,000	SA, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28	No Opt. Call		9,832,080
	3,680	Middlesex Cnty. Impvt. Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37	01/15 @ 100		3,908,859
	10,000	Tobacco Settlement Fing. Corp., Tobacco Settlement RB, Ser. 1A, 4.50%, 6/01/23	06/17 @ 100		9,864,500
					60,052,242
		New York—9.0%
	1,820	Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35	05/15 @ 102		1,813,357
	5,375	Env. Facs. Corp., Swr. Impvts. Misc. RB, NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31	06/12 @ 100		5,586,237
	10,925	Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35	No Opt. Call		12,500,057
	7,115	Met. Transp. Auth. Misc. RB, Ser. A, 5.00%, 7/01/30, AMBAC	07/12 @ 100		7,400,098

See Notes to Financial Statements.

20

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		New York—(cont’d)
		New York City Indl. Dev. Agcy.,
$	22,140	Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT	08/16 @ 101	$	26,718,331
	5,000	Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 8.00%, 8/01/28, AMT	08/16 @ 101		6,194,550
					60,212,630
		North Carolina—3.7%
	12,550	Cap. Facs. Fin. Agcy., Coll. & Univ. RB, Duke Univ. Proj., Ser. B, 4.25%, 7/01/42	10/16 @ 100		11,870,919
	12,130	Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT	08/15 @ 100		12,783,807
					24,654,726
		Ohio—6.4%
		Air Qual. Dev. Auth.,
	14,500	Indl. RB, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20	08/07 @ 102		14,841,040
	23,820	Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC	07/15 @ 100		24,407,401
	3,760	Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ohio Facs. Proj., Ser. A, 6.25%, 12/01/36	12/14 @ 101		3,983,946
					43,232,387
		Oklahoma—1.3%
	7,175	Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT	No Opt. Call		8,489,603
		Pennsylvania—4.6%
		Econ. Dev. Fing. Auth.,
	15,580	Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT	06/11 @ 103		17,137,533
	6,500	Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT	05/11 @ 101		6,950,710
	4,000	Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB, La Salle Univ. Proj., 5.50%, 5/01/34	05/13 @ 100		4,206,240
	2,500	Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT	10/16 @ 100		2,457,650
					30,752,133

Principal Amount (000)			Description	Option Call Provisions1	Value
			Puerto Rico—3.5%
			Elec. Pwr. Auth., Elec., Pwr. & Lt. RB,
$	11,000		Ser. UU, 5.00%, 7/01/20, FSA	07/17 @ 100	$	11,949,410
	1,800		Ser. UU, 5.00%, 7/01/22, FSA	07/17 @ 100		1,944,396
	8,055		Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/36	No Opt. Call		9,334,456
						23,228,262
			South Carolina—5.8%
			Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj.,
	9,000	2	6.875%, 8/01/13	N/A		10,510,387
	5,075		Ser. A, 6.25%, 8/01/31	08/13 @ 100		5,629,748
			Lexington Cnty., Hlth., Hosp. & Nursing Home RB, Lexington Med. Ctr. Proj.,
	5,000		5.50%, 11/01/32	11/13 @ 100		5,279,200
	10,000		5.75%, 11/01/28	11/13 @ 100		10,785,600
	6,345		Scago Edl. Facs Corp. Colleton Sch. Dist., Lease RB, Chesterfield Cnty. Sch. Proj., 5.00%, 12/01/29	12/16 @ 100		6,634,840
						38,839,775
			Tennessee—2.2%
	20,825		Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, Convenant Hlth. Proj., Ser. A, Zero Coupon, 1/01/20, FSA	01/13 @ 67.474		10,972,901
	3,475		Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, St. Jude’s Children’s Hosp. Proj., 5.00%, 7/01/25	07/16 @ 100		3,662,928
						14,635,829
			Texas—12.3%
	4,435	4	Affordable Hsg. Corp., Multi-Fam. Hsg. RB Amer. Oppty. Hsg. Portfolio Proj., Ser. B, 8.00%, 3/01/32	No Opt. Call		663,831
	3,805	2	Dallas Area Rapid Trans., Sales Tax RB, 5.00%, 12/01/11, AMBAC	N/A		4,008,491
			Harris Cnty.-Houston Sports Auth.,
	12,580		Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA	11/30 @ 61.166		2,583,555
	5,000		Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/35, MBIA	11/31 @ 78.178		1,250,000
	26,120		Lease RB, Ser. A-3, Zero Coupon, 11/15/37, MBIA	11/24 @ 46.545		5,417,027
			Lower Colorado River Auth., Misc. RB,
	5	2	Ser. A, 5.00%, 5/15/13, MBIA	N/A		5,335

See Notes to Financial Statements.

21

BlackRock Municipal Income Trust (BFK) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Texas—(cont’d)
$	2,395		Ser. A, 5.00%, 5/15/31, MBIA	05/13 @ 100	$	2,489,770
	13,305		Transm. Svcs. Proj., 4.75%, 5/15/34, AMBAC	05/11 @ 100		13,465,591
	1,700		Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA	03/14 @ 100		1,730,685
	5,060		Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC	03/16 @ 100		5,203,147
			Tpke. Auth., Hwy. Impvts. Tolls RB,
	8,390		Ser. A, 5.00%, 8/15/42, AMBAC	08/12 @ 100		8,702,612
	35,000		Central Sys. Proj., Zero Coupon, 8/15/32, AMBAC	08/12 @ 30.846		8,539,650
	62,325		Central Sys. Proj., Zero Coupon, 8/15/33, AMBAC	08/12 @ 28.997		14,295,485
	65,040		Central Sys. Proj., Zero Coupon, 8/15/34, AMBAC	08/12 @ 27.31		14,050,591
						82,405,770
			Virginia—0.3%
	8,105		Comnwlth. Transp. Brd., Hwy. Impvts. RB, Zero Coupon, 4/01/32, MBIA	04/12 @ 34.99		2,279,450
			Washington—1.9%
	3,615		Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA	01/16 @ 100		3,809,704
	8,845		Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC	10/16 @ 100		8,861,452
						12,671,156
			West Virginia—0.3%
	2,070		Econ. Dev. Auth., Correctional Fac. Impvts. Lease RB, Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA	06/14 @ 100		2,174,390
			Wisconsin—5.9%
			Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,
	7,500		Aurora Hlth. Care Proj., 6.40%, 4/15/33	04/13 @ 100		8,309,175
	12,545	2	Froedtert & Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/11	N/A		13,453,007
	1,205		Froedtert & Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/30	10/11 @ 101		1,279,565
	15,000	2	Wheaton Franciscan Svcs. Proj., 5.75%, 2/15/12	N/A		16,436,100
						39,477,847

Principal Amount (000)		Description	Option Call Provisions1	Value
		Wyoming—0.8%
		Cmnty. Dev. Auth., Local or Gtd. Hsg. RB,
$	2,765	Ser. 3, 4.65%, 12/01/27, AMT	12/16 @ 100	$	2,718,133
	2,605	Ser. 3, 4.70%, 12/01/32, AMT	12/16 @ 100		2,585,723
					5,303,856
		Total Long-Term Investments (cost $967,280,100)			1,035,789,484

Shares (000)
			MONEY MARKET FUND—1.9%
	12,600	5,6	Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $12,600,000)	N/A		12,600,000
			Total Investments—156.3% (cost $979,880,1007)		$	1,048,389,484
			Liabilities in excess of other assets—(0.3)%			(2,336,753)
			Preferred shares at redemption value, including dividends payable—(56.0)%			(375,307,169)
			Net Assets Applicable to Common Shareholders—100%		$	670,745,562

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
3	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 7.6% of its net assets, with a current market value of $50,871,520, in securities restricted as to resale.
4	Issuer is in default and/or bankruptcy.
5	Represents an investment in an affiliate.
6	Represents current yield as of April 30, 2007.
7	Cost for federal income tax purposes is $980,030,172. The net unrealized appreciation on a tax basis is $68,359,312, consisting of $72,667,003 gross unrealized appreciation and $4,307,691 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA	—	American Capital Access
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
SA	—	Special Assessment
ST	—	Special Tax
TA	—	Tax Allocation
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

22

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Long-Term Municipal Advantage Trust (BTA)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		LONG-TERM INVESTMENTS—182.3%
		Municipal Bonds—94.4%
		Arizona—2.5%
$	2,100	Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%, 8/01/38, AMT	03/17 @ 102.75	$	2,198,154
		Pima Cnty. Indl. Dev. Auth.,
	1,703	Local or Gtd. Hsg. RB, 4.89%, 2/04/12, AMT	06/07 @ 100		1,703,000
	1,000	Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj., Ser. 0, 5.25%, 7/01/31	07/16 @ 100		1,028,510
					4,929,664
		California—5.5%
	7,000	Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts. ST, Ser. A, 5.125%, 9/01/36	09/07 @ 103		7,121,660
	3,625	Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj., Ser. A, 5.00%, 7/01/39	07/15 @ 100		3,668,391
					10,790,051
		Colorado—1.3%
	2,500	Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Adventist Hlth./ Sunbelt Proj., 5.125%, 11/15/29	11/16 @ 100		2,614,150
		District of Columbia—12.9%
		Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB,
	6,470	6.25%, 5/15/24	05/11 @ 101		6,939,269
	15,415	6.50%, 5/15/33	No Opt. Call		18,372,830
					25,312,099
		Florida—0.4%
	865	JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA	04/11 @ 100		880,155
		Georgia—0.9%
	1,000	Cobb Cnty. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.00%, 4/01/33, AMT	04/16 @ 101		1,015,100
	680	Gainesville Redev. Auth. Edl. Facs., Privite Schs. RB, Riverside Military Academy Proj., 5.125%, 3/01/27	03/17 @ 100		697,388
					1,712,488
		Illinois—3.6%
		Fin. Auth.,
	3,000	Coll. & Univ. RB, Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36	04/16 @ 100		3,056,070

Principal Amount (000)		Description		Option Call Provisions1	Value
		Illinois—(cont’d)
$	4,000	Hlth., Hosp. & Nursing Home RB, Proctor Hosp. Proj., 5.125%, 1/01/25		01/16 @ 100	$	4,085,360
						7,141,430
		Indiana—1.1%
	2,000	Delaware Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Ball Mem. Hosp., Inc. Proj., 5.25%, 8/01/36		08/16 @ 100		2,072,500
		Kansas—0.4%
	845	Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys. Proj., 5.00%, 9/01/36		09/16 @ 100		864,570
		Kentucky—2.6%
	5,175	Trimble Cnty., Indl. RB, Louisville Gas. & Elec. Co. Proj., 4.60%, 6/01/33, AMBAC		06/17 @ 100		5,179,761
		Louisiana—0.8%
	1,425	St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39		12/16 @ 103		1,506,567
		Maryland—0.5%
	1,000	Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, King Farm Presbyterian Cmnty. Proj., 5.00%, 1/01/17		01/09 @ 100		1,004,360
		Michigan—0.8%
	1,540	Garden City Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Garden City Hosp. Proj., Ser. A, 5.00%, 8/15/38		08/17 @ 100		1,535,057
		Minnesota—5.4%
	6,460	Hsg. Fin. Agy., Local or Gtd. Hsg. RB, Residential Hsg. Proj., 4.85%, 7/01/31, AMT		01/16 @ 100		6,509,613
	4,000	Mun. Pwr. Agy., Elec., Pwr. & Lt. Impvts. RB, 5.00%, 10/01/35		10/15 @ 100		4,152,920
						10,662,533
		Mississippi—0.6%
	1,215	Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28		12/16 @ 100		1,214,295
		Montana—2.2%	��
		Two Rivers Auth., Correctional Fac. Impvts. Misc. RB,
	1,500	7.25%, 11/01/21		11/11 @ 107		1,545,420
	2,600	7.375%, 11/01/27		11/11 @ 107		2,684,864
						4,230,284

See Notes to Financial Statements.

23

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Nevada—2.3%
$	4,325		Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA	07/16 @ 100	$	4,468,503
			New Hampshire—2.6%
	5,000		Business Fin. Auth., Indl. Impvts. RB, Wst. Mgmt., Inc. Proj., 5.20%, 5/01/27, AMT	05/16 @ 101		5,200,650
			New Jersey—4.0%
	7,335		Tobacco Settlement Fing. Corp., Pub. Impvts. Tobacco Settlement Funded RB, 5.75%, 6/01/32	06/12 @ 100		7,836,641
			New Mexico—1.9%
	3,750		Farmington Poll. Ctrl., Misc. RB, Pub. Svc. Co. of New Mexico Proj., Ser. B, 4.875%, 4/01/33	04/16 @ 101		3,799,913
			New York—9.9%
	5,000	2	Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35	No Opt. Call		5,720,850
	5,000		Nassau Cnty. Tobacco Settlement Corp., Tobacco Settlement Funded RB, Ser. A2, Zero Coupon, 6/01/26	06/16 @ 100		4,630,650
	7,600		New York City Indl. Dev. Agcy. Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., 7.625%, 8/01/25, AMT	08/16 @ 101		9,155,948
						19,507,448
			North Carolina—1.1%
	2,160		Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39	11/16 @ 100		2,232,619
			Pennsylvania—0.7%
	1,000		Harrisburg Auth., Univ. & Coll. Impvts. RB, Harrisburg Univ. of Science Proj., 5.40%, 9/01/16	No Opt. Call		1,019,010
	450		Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT	10/16 @ 100		442,377
						1,461,387
			Puerto Rico—3.3%
	1,380		Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/21, FSA	07/17 @ 100		1,494,305
	1,550		Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/36	No Opt. Call		1,796,202

Principal Amount (000)		Description	Option Call Provisions1	Value
		Puerto Rico—(cont’d)
$	3,000	Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/36	03/16 @ 100	$	3,108,180
					6,398,687
		South Carolina—2.9%
	1,040	Hlth. & Edl. Fac. Auth., Hlth., Hosp. & Nursing Home RB, Sanford Hlth. Proj., 5.00%, 11/01/40	05/17 @ 100		1,073,894
	2,500	Jobs-Econ. Dev. Auth., Misc. RB, Burroughs & Chapin Proj., 4.70%, 4/01/35, RAA	04/17 @ 100		2,511,325
	2,000	Scago Edl. Facs. Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Approp. RB, Williamsburg Cnty. Proj., 5.00%, 12/01/31, RAA	12/16 @ 100		2,075,520
					5,660,739
		Tennessee—1.8%
	5,000	Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, Covenant Hlth. Proj., Zero Coupon, 1/01/36	01/17 @ 38.983		1,196,750
	2,215	Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, St. Jude Children’s Research Hosp. Proj., 5.00%, 7/01/31	07/16 @ 100		2,322,782
					3,519,532
		Texas—13.5%
	1,250	Affordable Hsg. Corp., Sngl. Fam. Hsg. RB, Professional Educators Proj., 5.50%, 12/01/39, AMT	02/17 @ 102.5		1,337,287
	5,000	Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT	04/16 @ 100		5,101,450
	2,000	Brazos River Poll. Ctrl. Auth., Swr. Impvts. Misc. RB, TXU Energy Co. LLC Proj., 5.00%, 3/01/41, AMT	03/11 @ 100		1,936,160
	7,000	Dallas-Fort Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, Ser. A, 5.00%, 11/01/35, FSA, AMT	11/08 @ 100		7,054,320
	1,150	HFDC of Central Texas, Inc. Retirement Fac., Hlth., Hosp. & Nursing Home RB, Vlg. at Gleannloch Farms Proj., Ser. A, 5.50%, 2/15/27	02/17 @ 100		1,187,697

See Notes to Financial Statements.

24

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Texas—(cont’d)
$	1,500		Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC	10/16 @ 100	$	1,478,640
	34,560		Leander Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/42, PSF	08/14 @ 21.126		5,198,515
	2,000		Mission Econ. Dev. Corp. Rec. Recvery RB, Allied Waste Ind. Proj., 5.20%, 4/01/18, AMT	04/12 @ 100		2,015,700
	1,250		West Central Regl. Hsg. Fin., Local or Gtd. Hsg. RB, Ser. A, 5.35%, 12/01/39, AMT	02/17 @ 103		1,314,013
						26,623,782
			Vermont—2.4%
	4,670		Hsg. Fin. Agy., Local or Gtd. Hsg. RB, 4.90%, 5/01/38, FSA, AMT	11/16 @ 100		4,719,455
			Virginia—1.4%
	2,600		Peninsula Ports Auth., Hlth., Hosp. & Nursing Home RB, Baptist Homes Proj., Ser. C, 5.375%, 12/01/26	12/16 @ 100		2,695,472
			Washington—1.0%
	2,000		Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC	10/16 @ 100		2,003,720
			Wisconsin—3.6%
	5,335		Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj., 5.00%, 11/15/31	11/16 @ 100		5,539,970
	1,535		Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Franciscan Sisters Healthcare Proj., 5.00%, 9/01/26	09/17 @ 100		1,553,451
						7,093,421
			Wyoming—0.5%
	1,015		Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.70%, 12/01/32, AMT	12/16 @ 100		1,007,489
			Total Municipal Bonds			185,879,422
			Tender Option Municipal Bonds—87.9%
			California—21.1%
	15,000	2	Golden St. Tobacco Sec. Corp., Tobacco Settlement Funded RB, 5.00%, 6/01/45, AMBAC	06/15 @ 100		15,637,350
	10,000	2	Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Sutter Hlth. Proj., Ser. A, 5.25%, 11/15/46	11/16 @ 100		10,576,000
	15,000	2	Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38, MBIA	05/13 @ 101		15,369,450
						41,582,800

Principal Amount (000)			Description	Option Call Provisions1	Value
			Georgia—15.9%
			City of Atlanta,
$	15,000	2	Port, Arpt. & Marina RB, Ser. C, 5.00%, 1/01/33, FSA	07/14 @ 100	$	15,669,300
	15,000	2	Wtr. Util. Impvts. Wtr. RB, 5.00%, 11/01/43, FSA	11/14 @ 100		15,667,200
						31,336,500
			Illinois—8.0%
	15,000	2	Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. A, 5.00%, 1/01/33, FGIC	01/16 @ 100		15,763,350
			Indiana—7.2%
			Carmel Redev. Auth., Econ. Impvts. Lease RB, Performing Arts Ctr. Proj.,
	7,230	2	4.75%, 2/01/33	02/16 @ 100		7,322,544
	6,580	2	5.00%, 2/01/33	02/16 @ 100		6,858,926
						14,181,470
			Nebraska—7.8%
	15,000	2	Omaha Pub. Pwr. Dist., Elec., Lt. & Pwr. Impvts. RB, Ser. B, 4.75%, 2/01/36, FGIC	02/16 @ 100		15,442,950
			New York—8.0%
	15,000	2	New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. D, 5.00%, 6/15/39	06/15 @ 100		15,722,400
			North Carolina—15.0%
	13,495	2	Charlotte-Mecklenburg Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Carolinas Hlth. Care Sys. Proj., Ser. A, 5.00%, 1/15/45	01/15 @ 100		13,938,446
	15,170	2	Univ. of North Carolina, Univ. & Coll. Impvts. RB, Ser. A, 4.75%, 12/01/34	12/15 @ 100		15,644,215
						29,582,661
			Texas—4.9%
	9,150	2	New Caney Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/35, PSF	02/16 @ 100		9,621,042
			Total Tender Option Municipal Bonds			173,233,173
			Total Long-Term Investments
			(cost $353,353,254)			359,112,595
Shares (000)
			MONEY MARKET FUND—3.8%
	7,500	3,4	Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $7,500,000)	N/A		7,500,000
			Total Investments—186.1%
			(cost $360,853,2545)		$	366,612,595
			Other assets in excess of liabilities—1.7%			3,293,238
			Short-term floating rate certificates, including interest payable—(87.8)%			(172,943,596	)
			Net Assets—100%		$	196,962,237

See Notes to Financial Statements.

25

BlackRock Long-Term Municipal Advantage Trust (BTA) (continued)

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security represents underlying bond transferred to a separate securitization trust established in a tender option bond transaction in which the Trust acquired the residual interest certificates. These securities serve as collateral in a financing transaction. The aggregate value of the above mentioned underlying bonds and secured borrowings including interest were $173,233,173 and $172,943,596, respectively, at April 30, 2007. See Note 2 in the Notes to Financial Statements for details of tender option bonds.
3	Represents an investment in an affiliate.
4	Represents current yield as of April 30, 2007.
5	Cost for federal income tax purposes is $360,853,479. The net unrealized appreciation on a tax basis is $5,759,116, consisting of $6,173,958 gross unrealized appreciation and $414,842 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
PSF	—	Public School Fund Guaranteed
RAA	—	Radian Asset Assurance
RB	—	Revenue Bond
ST	—	Special Tax
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

26

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock California Investment Quality Municipal Trust (RAA)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—142.8%
			California—125.6%
$	625		California St. Univ., Coll. & Univ. RB, Ser. C, 5.00%, 11/01/38, MBIA	11/15 @ 100	$	660,444
			California,
	700		Ad Valorem Ppty. Tax GO, 4.75%, 3/01/34	03/16 @ 100		713,524
	40		Pub. Impvts. Misc. GO, 5.75%, 3/01/19	09/07 @ 100		40,222
	500		Carson Pub. Fing. Auth., Pub. Impvts. SA, Ser. A, 5.00%, 9/02/31, RAA	03/17 @ 100		520,880
	500		Chabot-Las Positas Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 8/01/31, AMBAC	08/16 @ 100		531,950
			City of Chula Vista, Indl. Dev. RB,
	275		5.00%, 12/01/27, AMT	12/15 @ 102		288,120
	320		San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT	12/15 @ 102		334,442
	1,000		Cnty. of San Bernardino, Pub. Impvts. ST, 5.90%, 9/01/33	09/12 @ 102		1,064,090
	500		Dept. of Veterans Affairs, St. Hsg. RB, Ser. A-3, 4.60%, 12/01/28	11/11 @ 101		501,030
			Golden St. Tobacco Sec. Corp.,
	600	2	Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13	N/A		655,620
	400	2	Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13	N/A		441,376
	250		Misc. RB, Ser. A, 5.75%, 6/01/47	06/17 @ 100		267,357
	1,040		Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Cedars Sinai Med. Ctr. Proj., 5.00%, 11/15/34	11/15 @ 100		1,066,874
	500		Infrastructure & Econ. Dev. Bank, Misc. RB, Salvation Army Proj., 5.00%, 9/01/27, AMBAC	09/16 @ 100		532,195
	500		Las Virgenes Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 5.00%, 8/01/28, FSA	08/16 @ 100		533,140
	1,000		Los Angeles Cnty. Cmnty. Facs. Dist. No. 3 ST, Ser. A, 5.50%, 9/01/14, FSA	09/07 @ 102		1,025,830
	510		Los Angeles Dept. of Arpts., Port, Arpt. & Marina RB, Ontario Intl. Proj., Ser. A, 5.00%, 5/15/26, MBIA, AMT	05/16 @ 100		534,551
	500		Los Angeles Dept. of Wtr. & Pwr., Elec., Pwr. & Lt. RB, Pwr. Sys. Proj., 5.00%, 7/01/35, FSA	07/15 @ 100		528,100

Principal Amount (000)			Description	Option Call Provisions1	Value
			California—(cont’d)
$	945		Los Angeles Regl. Arpts. Impvt. Corp., Port, Arpt. & Marina RB, American Airlines, Inc. Proj., Ser. B, 7.50%, 12/01/24, AMT	12/12 @ 102	$	1,071,460
	500		Los Angeles Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. B, 4.75%, 1/01/27, FGIC	07/16 @ 100		519,565
	500		Poll. Ctl. Fing. Auth., Indl. RB, Sld. Wst. Mgt. Inc. Proj., Ser. B, 5.00%, 7/01/27, AMT	07/15 @ 101		508,340
	1,000		Poway Unified Sch. Dist., Pub. Impvts. ST, Cmnty. Facs. Dist. No. 6 Proj., 5.60%, 9/01/33	09/10 @ 102		1,026,500
	500		Pub. Wks. Brd., Correctional Fac. Impvts. Lease Abatement RB, Dept. Corrections Rehab Proj., Ser. H, 5.00%, 11/01/31	11/16 @ 100		525,075
	500		Rural Home Mtg. Fin. Auth., Local Sngl. Fam. Hsg. RB, 5.40%, 12/01/36, AMT	06/16 @ 104		530,915
	40		Southern California Pub. Pwr. Auth., Elec., Pwr. & Lt. RB, 5.50%, 7/01/20, MBIA	05/07 @ 100		40,059
			Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB,
	500		Kaiser Hosp. Asset Mgmt. Proj., 5.25%, 8/01/31	08/16 @ 100		529,255
	500		Kaiser Permanente Proj., Ser. A, 5.00%, 4/01/31	04/17 @ 100		516,975
	500	2	Temecula Valley Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. G, 5.75%, 8/01/07, FGIC	N/A		512,485
	900	2	Tobacco Sec. Auth. of Southern California, Misc. Purps. Tobacco Settlement Funded RB, Ser. A, 5.625%, 6/01/12	N/A		980,496
	750		Tustin Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax ST, Cmnty. Facs. Dist. 97-1-A Proj., 5.00%, 9/01/32, FSA	09/12 @ 100		777,757
	370		West Basin Mun. Wtr. Dist., Lease Non-Terminable COP, Ser. A, 5.50%, 8/01/22, AMBAC	08/07 @ 101		375,173
						18,153,800
			Puerto Rico—17.2%
	500		Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34	07/14 @ 100		518,870
	325		Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. NN, 5.125%, 7/01/29	07/13 @ 100		339,911

See Notes to Financial Statements.

27

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

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Puerto Rico—(cont’d)
$	85		Hwy. & Transp. Auth., Hwy. Tolls RB, Ser. L, 5.25%, 7/01/38, AMBAC	No Opt. Call	$	100,097
	700		Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26	03/16 @ 100		731,479
	745	2	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12	N/A		802,670
						2,493,027
			Total Long-Term Investments (cost $19,718,940)			20,646,827

Shares (000)
			MONEY MARKET FUND—7.0%
	1,007	3,4	CMA California Mun. Money Fund, 3.29% (cost $1,006,851)	N/A		1,006,851
			Total Investments—149.8% (cost $20,725,7915)		$	21,653,678
			Other assets in excess of liabilities—2.1%			302,199
			Preferred shares at redemption value, including dividends payable—(51.9)%			(7,503,288	)
			Net Assets Applicable to Common Shareholders—100%		$	14,452,589

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
3	Represents an investment in an affiliate.
4	Represents current yield as of April 30, 2007.
5	Cost for federal income tax purposes is $20,731,628. The net unrealized appreciation on a tax basis is $922,050, consisting of $948,184 gross unrealized appreciation and $26,134 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
COP	—	Certificate of Participation
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RAA	—	Radian Asset Assurance
RB	—	Revenue Bond
SA	—	Special Assessment
ST	—	Special Tax

See Notes to Financial Statements.

28

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—149.1%
			California—130.6%
			Anaheim Pub. Fing. Auth., Recreational Fac. Impvts. Lease Abatement RB, Pub. Impvt. Proj.,
$	24,500		Ser. C, Zero Coupon, 9/01/31, FSA	No Opt. Call	$	8,216,810
	6,070		Ser. C, Zero Coupon, 9/01/32, FSA	No Opt. Call		1,936,755
	5,000		Ser. C, Zero Coupon, 9/01/35, FSA	No Opt. Call		1,389,650
			California GO,
	5,500		Ser. BZ, 5.35%, 12/01/21, MBIA, AMT	06/07 @ 101		5,529,535
	5,000		Ser. BZ, 5.375%, 12/01/24, MBIA, AMT	06/07 @ 101		5,027,250
	10,000		California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.50%, 11/01/33	11/13 @ 100		10,875,300
			City of Chula Vista, Indl. Dev. RB,
	4,395		5.00%, 12/01/27, AMT	12/15 @ 102		4,604,685
	5,065		San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT	12/15 @ 102		5,293,583
	1,905	2	City of Richmond, Swr. Impvts. RB, Zero Coupon, 8/01/31, FGIC	ETM		647,395
			City of San Jose, Local Multi-Fam. Hsg. RB,
	2,880		Lenzen Hsg. Proj., Ser. B, 5.45%, 2/20/43, AMT	08/11 @ 102		2,975,702
	3,595		Vlgs. Pkwy. Sr. Apts. Proj., Ser. D, 5.50%, 4/01/34, AMT	04/11 @ 100		3,690,232
	2,000	3	City of Vernon, Elec., Pwr. & Lt. Impvts. RB, Malburg Generating Station Proj., 5.50%, 4/01/08	N/A		2,036,360
	5,000		Cnty. Tobacco Sec. Agcy., Misc. Purp. Tobacco Settlement Funded RB, Stanislaus Fdg. Proj., Ser. A, 5.875%, 6/01/43	06/12 @ 100		5,270,200
			Dept. of Wtr. Recs.,
	6,000	3	Cash Flow Mgmt., Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12	N/A		6,530,940
	4,000	3	Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12	N/A		4,353,960
	10,000		Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Stanford Univ. Proj., Ser. Q, 5.25%, 12/01/32	06/11 @ 101		10,548,100
	6,000		El Monte, Pkg. Fac. Impvts. Lease Abatement COP, Dept. of Pub. Svcs. Facs. Phase II Proj., 5.25%, 1/01/34, AMBAC	01/11 @ 100		6,230,460
			Elk Grove Unified Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. 1 Proj.,
	7,485		Zero Coupon, 12/01/29, AMBAC	12/11 @ 37.373		2,277,910

Principal Amount (000)			Description	Option Call Provisions1	Value
			California—(cont’d)
$	7,485		Zero Coupon, 12/01/30, AMBAC	12/11 @ 35.365	$	2,154,557
	7,485		Zero Coupon, 12/01/31, AMBAC	12/11 @ 33.465		2,037,866
			Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,
	5,000		Zero Coupon, 1/15/26	01/14 @ 101		4,687,050
	5,000		Zero Coupon, 1/15/33	01/10 @ 25.78		1,130,350
	5,000		Zero Coupon, 1/15/34	01/10 @ 24.228		1,062,550
	13,445		Zero Coupon, 1/15/35	01/10 @ 22.819		2,690,345
	1,000		Zero Coupon, 1/15/38	01/10 @ 19.014		166,470
	10,030		5.75%, 1/15/40	01/10 @ 101		10,491,982
	8,560		Glendale Cmnty. Coll., Ad Valorem Ppty. Tax GO, Ser. D, 5.00%, 11/01/31, MBIA	11/16 @ 100		9,119,653
			Golden St. Tobacco Sec. Corp.,
	2,000	3	Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13	N/A		2,306,700
	10,200	3	Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13	N/A		11,145,540
	5,800	3	Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13	N/A		6,399,952
	2,400		Misc. RB, Ser. A, 5.75%, 6/01/47	06/17 @ 100		2,566,632
			Hlth. Facs. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,
	4,890	2	Kaiser Proj., Ser. A, 5.40%, 5/01/28	ETM		4,969,267
	3,000		Valleycare Med. Ctr. Proj., Ser. A, 5.375%, 5/01/27	05/12 @ 100		3,148,590
			Infrastructure & Econ. Dev. Bank,
	13,500		Hlth., Hosp. & Nursing Home Impvts. RB, Kaiser Asst. Corp. Proj., Ser. A, 5.55%, 8/01/31	08/11 @ 102		14,270,985
	15,250		Hlth., Hosp. & Nursing Home Impvts. RB, The J. David Gladstone Proj., 5.25%, 10/01/34	10/11 @ 101		15,928,167
	17,175	3	Hwy. Impvts. Tolls RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC	N/A		19,212,298
	4,965		Irvine, Local Sngl. Fam. Hsg. RB, Meadows Mobile Home Pk. Proj., Ser. A, 5.70%, 3/01/28	03/08 @ 102		5,113,007
	7,7003		Kaweah Delta Hlth. Care Dist., Hlth., Hosp. & Nursing Home RB, 6.00%, 8/01/12	N/A		8,672,818
			Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB,
	2,855		5.90%, 6/01/27	06/13 @ 100		3,002,004
	5,140		6.00%, 6/01/35	06/13 @ 100		5,442,489

See Notes to Financial Statements.

29

BlackRock California Municipal Income Trust (BFZ) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		California—(cont’d)
		Live Oak Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Cap. Apprec. Election 2004,
$	985	Zero Coupon, 8/01/35, XLCA	08/18 @ 39.952	$	238,252
	1,030	Zero Coupon, 8/01/36, XLCA	08/18 @ 37.743		235,098
	1,080	Zero Coupon, 8/01/37, XLCA	08/18 @ 35.649		232,578
	1,125	Zero Coupon, 8/01/38, XLCA	08/18 @ 33.665		228,780
	1,175	Zero Coupon, 8/01/39, XLCA	08/18 @ 31.785		225,459
	1,230	Zero Coupon, 8/01/40, XLCA	08/18 @ 30.004		222,692
	1,285	Zero Coupon, 8/01/41, XLCA	08/18 @ 28.317		219,542
	1,340	Zero Coupon, 8/01/42, XLCA	08/18 @ 26.72		215,981
	1,400	Zero Coupon, 8/01/43, XLCA	08/18 @ 25.208		212,828
	1,465	Zero Coupon, 8/01/44, XLCA	08/18 @ 23.777		210,022
	4,110	Los Angeles Regl. Arpts. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24, AMT	12/12 @ 102		4,660,000
	3,400	Los Angeles Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. B, 4.75%, 1/01/27, FGIC	07/16 @ 100		3,533,042
	1,000	Palm Springs, Hsg. RB, Sahara Mobile Home Pk. Proj., 5.625%, 5/15/26	05/12 @ 102		1,060,110
		Poll. Ctrl. Fing. Auth.,
	2,290	Rec. Recovery Impvts. RB, Central Valley Wst. Svc. Proj., Ser. A-2, 5.40%, 4/01/25, AMT	04/15 @ 101		2,412,423
	6,000	Rec. Recovery Impvts. RB, Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23, AMT	11/15 @ 101		6,229,620
	4,000	Rancho Cucamonga Cmnty. Facs. Dist., Pub. Impvts. ST, Ser. A, 6.50%, 9/01/33	09/13 @ 100		4,344,680
	15,500	Rancho Cucamonga Redev. Agcy., Econ. Impvts. TA, Rancho Redev. Proj., 5.125%, 9/01/30, MBIA	09/11 @ 100		16,068,230
	6,500	San Francisco City & Cnty. Arpts. Comm., Port, Arpt. & Marina RB, Ser. 27-A, 5.25%, 5/01/31, MBIA, AMT	05/11 @ 100		6,729,710
		San Francisco City & Cnty. Redev. Agcy., Pub. Impvts. ST, Cmnty. Facs. Dist. No. 6, Mission Bay So. Proj.,
	1,775	6.125%, 8/01/31	08/09 @ 102		1,851,929
	7,500	6.25%, 8/01/33	08/11 @ 101		7,938,900

Principal Amount (000)			Description	Option Call Provisions1	Value
			California—(cont’d)
			Santa Clara Cnty. Hsg. Auth., Local Multi-Fam. Hsg. RB,
$	1,715		John Burns Gardens Apts. Proj., Ser. A, 5.85%, 8/01/31, AMT	02/12 @ 101	$	1,808,142
	1,235		River Town Apts. Proj., Ser. A, 6.00%, 8/01/41, AMT	02/12 @ 101		1,306,519
	3,075		Santa Clarita Cmnty. Facs. Dist. ST, Valencia Town Ctr. Proj., 5.85%, 11/15/32	11/10 @ 102		3,237,114
			Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,
	4,000		Daughters of Charity Proj., Ser. A, 5.25%, 7/01/30	07/15 @ 100		4,153,040
	10,000		Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42	08/12 @ 100		10,718,200
	2,000		Upland Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.125%, 8/01/25, FSA	08/13 @ 100		2,121,000
	2,245		Val Verde Unified Sch. Dist. ST, 6.25%, 10/01/28	10/13 @ 102		2,366,410
						305,934,400
			Multi-State—9.4%
			Charter Mac Equity Issuer Trust,
	7,000	4	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100		7,260,050
	4,000	4	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100		4,280,080
			MuniMae TE Bond Subsidiary LLC,
	7,000	4	Ser. A-1, 6.30%, 6/30/49	06/09 @ 100		7,251,230
	3,000		Ser. B-1, 6.80%, 6/30/50	11/10 @ 100		3,206,190
						21,997,550
			Puerto Rico—9.1%
	10,000	3	Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. 2, 5.25%, 7/01/12	N/A		10,825,100
	10,000	3	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10	N/A		10,518,200
						21,343,300
			Total Long-Term Investments (cost $325,838,817)			349,275,250

Shares (000)
			MONEY MARKET FUNDS—5.6%
	13,173	5,6	CMA California Mun. Money Fund, 3.29% (cost $13,173,408)	N/A		13,173,408
			Total Investments—154.7% (cost $339,012,2257)		$	362,448,658
			Other assets in excess of liabilities—1.7%			3,832,193
			Preferred shares at redemption value, including dividends payable—(56.4)%			(132,019,232	)
			Net Assets Applicable to Common Shareholders—100%		$	234,261,619

See Notes to Financial Statements.

30

BlackRock California Municipal Income Trust (BFZ) (continued)

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is collateralized by Municipal or U.S. Treasury obligations.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 8.0% of its net assets, with a current market value of $18,791,360, in securities restricted as to resale.
5	Represents an investment in an affiliate.
6	Represents current yield as of April 30, 2007.
7	Cost for federal income tax purposes is $339,042,508. The net unrealized appreciation on a tax basis is $23,406,150, consisting of $23,669,811 gross unrealized appreciation and $263,661 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
COP	—	Certificate of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
SO	—	Special Obligation
ST	—	Special Tax
TA	—	Tax Allocation
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

31

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Florida Investment Quality Municipal Trust (RFA)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—153.0%
			California—1.7%
$	250		Golden St. Tobacco Sec. Corp. Misc. RB, Ser. A, 5.75%, 6/01/47	06/17 @ 100	$	267,357
			Florida—138.0%
	250		Arborwood Cmnty. Dev. Dist., Pub. Impvts. SA, Master Infrastructure Proj., Ser. B, 5.10%, 5/01/14	No Opt. Call		249,273
	500		Ave Maria Stewardship Cmnty. Dev. Dist., Pub Impvts. SA, 4.80%, 11/01/12	No Opt. Call		499,375
	170	2	Boynton Beach, Util. Sys. RB, 6.25%, 11/01/20, FGIC	ETM		201,278
	700		Broward Cnty. Sch. Brd., Sch. Impvts. Lease COP, Ser. A, 5.00%, 7/01/30, FSA	07/15 @ 100		733,908
	750		City of Tampa Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA	10/16 @ 100		755,963
	455		Cnty. of Escambia, Indl. RB, Intl. Paper Co. Proj., Ser. A, 5.00%, 8/01/26, AMT	08/11 @ 100		461,397
	275		Cnty. of Madison, Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, 6.00%, 7/01/25	07/15 @ 100		285,153
			Cnty. of Miami-Dade,
	750		Florida Aviation, Port, Arpt. & Marina RB, Miami Intl. Arpt. Proj., Ser. B, 5.00%, 10/01/37, FGIC	10/14 @ 100		784,478
	725		Hlth., Hosp. & Nursing Home RB, Jackson Hlth. Sys. Proj., Ser. A, 5.00%, 6/01/29, MBIA	06/15 @ 100		762,359
	1,000	3	Misc. Tax RB, Ser. B, Zero Coupon, 10/01/08, AMBAC	N/A		682,160
	5,000		Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/31, MBIA	04/08 @ 28.079		1,346,800
	1,000		Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA	10/16 @ 100		1,025,400
	750		Cnty. of St. Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA	10/15 @ 100		790,087
	535		Emerald Coast Utils. Auth. Wtr. RB, 5.00%, 1/01/24, FGIC	01/17 @ 100		572,648
	500		Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26	06/16 @ 100		523,895

Principal Amount (000)		Description	Option Call Provisions1	Value
		Florida—(cont’d)
$	555	Higher Edl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Flagler Coll., Inc. Proj., 5.25%, 11/01/36, XLCA	11/16 @ 100	$	599,372
	750	Highlands Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, Adventist/Sunbelt Hosp. Proj., 5.00%, 11/15/30	11/15 @ 100		768,315
	100	Hsg. Fin. Corp., Local or Gtd. Hsg. RB, 4.80%, 7/01/32, AMT	01/17 @ 100		100,224
	500	Jacksonville Econ. Dev. Comm., Indl. RB, Anheuser Busch Cos., Inc. Proj., Ser. B, 4.75%, 3/01/47, AMT	03/12 @ 100		490,325
	500	Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37	08/17 @ 100		514,150
	1,000	JEA Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA	04/11 @ 100		1,013,880
	400	Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for Retirement Proj., 5.00%, 11/15/32	11/16 @ 100		403,312
	250	Lee Mem. Hlth. Sys. Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.00%, 4/01/32, AMBAC	04/17 @ 100		264,148
	200	Marion Cnty. Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. Proj., 5.00%, 10/01/29	10/17 @ 100		204,230
	500	Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100		565,800
	750	Miami Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. East Proj., Ser. C, 5.125%, 11/15/24	11/13 @ 100		780,600
	250	New River Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.00%, 5/01/13	No Opt. Call		248,465
		Orange Cnty. Hlth. Facs. Auth., Misc. RB, Orlando Lutheran Towers Proj.,
	105	5.375%, 7/01/20	07/15 @ 100		105,612
	95	5.70%, 7/01/26	07/15 @ 100		97,879
	1,000	Palm Beach Cnty. Wtr. & Swr. RB, Ser. A, 5.00%, 10/01/36	10/16 @ 100		1,061,670

See Notes to Financial Statements.

32

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

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	750		Peace River/Manasota Regl. Wtr. Sply. Auth., Wtr. Util. Impvts. RB, Ser. A, 5.00%, 10/01/35, FSA	10/15 @ 100	$	787,920
	400		Pine Ridge Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11	No Opt. Call		398,280
	1,000	3	Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baycare Hlth. Sys., Inc. Proj., 5.50%, 5/15/13	N/A		1,091,550
	700		So. Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, AMBAC	10/16 @ 100		738,710
	585		Stevens Plantation Impvt. Dependent Spl. Dist. Proj., Pub. Impvts. Misc. RB, 6.375%, 5/01/13	No Opt. Call		606,370
	500		Univ. of Central Florida, Lease COP, Univ. of Central Florida Convocation Corp. Proj., Ser. A, 5.00%, 10/01/35, FGIC	10/15 @ 100		522,405
	750		Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, MBIA	11/13 @ 101		785,423
						21,822,814
			Puerto Rico—13.3%
	500		Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34	07/14 @ 100		518,870
	85		Hwy. & Transp. Auth., Hwy. Tolls RB, Ser. L, 5.25%, 7/01/38, AMBAC	No Opt. Call		100,097
	650		Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26	03/16 @ 100		679,231
	745	3	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12	N/A		802,670
						2,100,868
			Total Long-Term Investments (cost $23,443,261)			24,191,039

Shares (000)			Description	Value
			MONEY MARKET FUND—0.6%
	101	4,5	CMA Florida Mun. Money Fund, 3.39% (cost $101,127)	$	101,127
			Total Investments—153.6% (cost $23,544,3896)	$	24,292,166
			Other assets in excess of liabilities—0.2%		23,021
			Preferred shares at redemption value, including dividends payable—(53.8)%		(8,503,680	)
			Net Assets Applicable to Common Shareholders—100%	$	15,811,507

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is collateralized by Municipal or U.S. Treasury obligations.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Represents an investment in an affiliate.
5	Represents current yield as of April 30, 2007.
6	Cost for federal income tax purposes is $23,550,111. The net unrealized appreciation on a tax basis is $742,055, consisting of $772,570 gross unrealized appreciation and $30,515 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
COP	—	Certificate of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
SA	—	Special Assessment
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

33

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Florida Municipal Income Trust (BBF)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—152.4%
			Florida—134.9%
$	1,000		Ave Maria Stewardship Cmnty. Dev. Dist., Pub Impvts. SA, 4.80%, 11/01/12	No Opt. Call	$	998,750
	7,705		Beacon Tradeport Cmnty. Dev. Dist. SA, Ser. A, 5.625%, 5/01/32, RAA	05/12 @ 102		8,328,257
	2,000		Boynton Beach, Hsg. RB, Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA	01/13 @ 100		2,104,640
	5,550	2	Brd. of Ed., Sch. Impvts. Misc. GO, Ser. A, 5.125%, 6/01/10	N/A		5,828,055
	2,800		Cap. Projs. Fin. Auth., Univ. & Coll. Impvts. RB, Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA	08/11 @ 102		2,907,828
	4,000		City of Jacksonville, Pub. Impvts. Sales Tax RB, 5.00%, 10/01/26, MBIA	10/11 @ 100		4,129,360
	2,770	3	City of Melbourne, Wtr. Util. Impvts. RB, Zero Coupon, 10/01/21, FGIC	ETM		1,536,325
			City of Tampa,
	5,500		Univ. & Coll. Impvts. RB, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA	04/12 @ 100		5,849,910
	4,000		Wtr. RB, Ser. A, 5.00%, 10/01/26	10/11 @ 101		4,149,600
	2,750		Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA	10/16 @ 100		2,771,862
	1,750		Cnty. of Madison, Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, 6.00%, 7/01/25	07/15 @ 100		1,814,610
			Cnty. of Miami-Dade,
	2,595		Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/19, MBIA	04/08 @ 55.413		1,383,446
	9,700		Recreational Fac. Impvts. Misc. Tax SO, Ser. B, Zero Coupon, 10/01/33, MBIA	04/08 @ 25.056		2,331,104
	25,000		Recreational Fac. Impvts. Misc. Tax SO, Ser. C, Zero Coupon, 10/01/28, MBIA	04/08 @ 32.99		7,914,000
	6,000		Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA	10/16 @ 100		6,152,400
	1,000		Cnty. of St. Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA	10/15 @ 100		1,053,450
	1,000		Easton Pk. Comm. Dev. Dist., Pub. Impvts. SA, 5.20%, 5/01/37	05/17 @ 100		993,530
	799		Escambia Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, 5.95%, 7/01/20, AMBAC	No Opt. Call		827,449

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	310		Gateway Svcs. Cmnty. Dev. Dist., Pub. Impvts. SA, Stoneybrook Proj., 5.50%, 7/01/08	No Opt. Call	$	310,676
	1,500		Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26	06/16 @ 100		1,571,685
	1,635		Heritage Harbour So. Cmnty. Dev. Dist., Pub. Impvt. SA, Ser. A, 6.50%, 5/01/34	05/13 @ 101		1,782,739
			Highlands Cnty. Hlth. Facs. Auth.,
	1,500		Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Bolingbrook Hlth. Sys. Proj., 5.125%, 11/15/32	11/16 @ 100		1,552,035
	6,500	2	Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Proj., Ser. A, 6.00%, 11/15/11	N/A		7,154,615
	1,450		Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj., 5.50%, 10/01/23	10/12 @ 100		1,533,274
	7,500		Jacksonville Econ. Dev. Comm., Hlth., Hosp. & Nursing Home Impvts. RB, Mayo Clinic Jacksonville Proj., Ser. B, 5.50%, 11/15/36	11/11 @ 101		7,992,675
	1,600		Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37	08/17 @ 100		1,645,280
			JEA,
	2,000	2	Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%, 10/01/07	N/A		2,014,660
	5,000		Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA	04/11 @ 100		5,069,400
	1,600		Laguna Lakes Cmnty. Dev. Dist., Spl. Assmt. RB, Ser. A, 6.40%, 5/01/33	05/13 @ 101		1,727,680
	1,430		Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for Retirement Proj., 5.00%, 11/15/32	11/16 @ 100		1,441,840
	1,000		Lee Mem. Hlth. Sys. Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.00%, 4/01/32, AMBAC	04/17 @ 100		1,056,590
	1,100		Marion Cnty. Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. Proj., 5.00%, 10/01/29	10/17 @ 100		1,123,265

See Notes to Financial Statements.

34

BlackRock Florida Municipal Income Trust (BBF) (continued)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			Florida—(cont’d)
$	3,000		Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21	11/14 @ 100	$	3,394,800
	1,000		Miami-Dade Cnty. Expwy. Auth., Hwy. Tolls RB, 5.125%, 7/01/25, FGIC	07/11 @ 101		1,053,920
	1,500		New River Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.00%, 5/01/13	No Opt. Call		1,490,790
			Northern Palm Beach Cnty. Impvt. Dist., Wtr. Util. Impvts. Spl. Assmt. RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj.,
	1,155	2	6.10%, 8/01/11	N/A		1,255,358
	360		6.10%, 8/01/21	08/11 @ 101		381,719
	3,500	2	6.125%, 8/01/11	N/A		3,837,680
			Orange Cnty. Hlth. Facs. Auth., Misc. RB, Orlando Lutheran Towers Proj.,
	655		5.375%, 7/01/20	07/15 @ 100		658,819	��
	600		5.70%, 7/01/26	07/15 @ 100		618,186
	2,500		Palm Beach Cnty. Sch. Brd., Lease Approp. COP, Ser. B, 5.00%, 8/01/25, AMBAC	08/11 @ 101		2,617,225
	600		Pine Ridge Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11	No Opt. Call		597,420
	750		So. Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, AMBAC	10/16 @ 100		791,475
	12,000		So. Miami Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Baptist Hlth. Proj., 5.25%, 11/15/33	02/13 @ 100		12,556,080
	1,500	2	St. Petersburg, Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.00%, 10/01/09, FSA	N/A		1,559,835
	2,740		Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj., 6.80%, 10/01/32, AMT	10/09 @ 100		2,837,681
			Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA,
	3,100		Ser. A, 6.00%, 5/01/22	05/13 @ 101		3,317,031
	1,480		Ser. A, 6.50%, 5/01/33	05/13 @ 101		1,609,722
	1,795		Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, MBIA	11/13 @ 101		1,879,778
	2,000		Volusia Cnty. Edl. Fac. Auth., Univ. & Coll. Impvts. RB, Embry Riddle Aeronautical Proj., Ser. A, 5.75%, 10/15/29	10/09 @ 101		2,077,340
						139,585,849

Principal Amount (000)			Description	Option Call Provisions1	Value
			Puerto Rico—17.5%
$	4,850		Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43	05/12 @ 100	$	5,105,401
			Comnwlth., Pub. Impvt. Fuel Sales Tax GO,
	2,520	2	Ser. A, 5.125%, 7/01/11	N/A		2,660,440
	4,980		Ser. A, 5.125%, 7/01/31	07/11 @ 100		5,129,250
	1,000		Hwy. & Transp. Auth., Hwy. Tolls RB, Ser. M, 5.00%, 7/01/37	07/17 @ 100		1,048,710
	4,000	2	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10	N/A		4,207,280
						18,151,081
			Total Long-Term Investments (cost $149,325,150)			157,736,930

Shares (000)
			MONEY MARKET FUND—2.4%
	2,517	4,5	CMA Florida Mun. Money Fund, 3.39% (cost $2,517,166)	N/A		2,517,166
			Total Investments—154.8% (cost $151,842,3166)		$	160,254,096
			Other assets in excess of liabilities—0.8%			822,444
			Preferred shares at redemption value, including dividends payable—(55.6)%			(57,584,057	)
			Net Assets Applicable to Common Shareholders—100%		$	103,492,483

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
3	Security is collateralized by Municipal or U.S. Treasury obligations.
4	Represents an investment in an affiliate.
5	Represents current yield as of April 30, 2007.
6	Cost for federal income tax purposes is $151,842,432. The net unrealized appreciation on a tax basis is $8,411,664, consisting of $8,533,713 gross unrealized appreciation and $122,049 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA	—	American Capital Access
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
COP	—	Certificate of Participation
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RAA	—	Radian Asset Assurance
RB	—	Revenue Bond
SA	—	Special Assessment
SO	—	Special Obligation
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

35

PORTFOLIO OF INVESTMENTS (unaudited)

APRIL 30, 2007

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			LONG-TERM INVESTMENTS—149.3%
			Multi-State—7.3%
$	1,000	2	Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49	06/09 @ 100	$	1,044,200
			New Jersey—122.7%
	1,000		Delaware River Port Auth. of Pennsylvania & New Jersey, Hwy. Impvts. Hwy. Tolls RB, 5.75%, 1/01/26, FSA	01/10 @ 100		1,048,220
			Econ. Dev. Auth.,
	1,000		Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/34	06/14 @ 100		1,076,240
	60		Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.75%, 1/01/25	01/13 @ 102		62,368
	110		Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.875%, 1/01/37	01/13 @ 102		115,155
	1,000		Hlth., Hosp. & Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.80%, 11/01/31	11/14 @ 100		1,083,860
	140		Hlth., Hosp. & Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/26	11/16 @ 100		141,673
	925		Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT	11/10 @ 101		986,281
	500		Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT	No Opt. Call		525,845
	900		Trans. Impvts. RB, New Jersey Econ. Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA	No Opt. Call		951,714
			Edl. Facs. Auth.,
	640		Univ. & Coll. Impvts. Lease RB, Kean Univ. Proj., Ser. D, 5.00%, 7/01/26, FGIC	07/17 @ 100		686,368
	500		Univ. & Coll. Impvts. RB, Rowan Univ. Proj., Ser. G, 4.50%, 7/01/31, MBIA	07/16 @ 100		500,345
	250		Univ. & Coll. RB, Ramapo Coll. Proj., Ser. I, 4.25%, 7/01/31, AMBAC	07/17 @ 100		244,440
	100		Univ. & Coll. RB, Rowan Univ. Proj., Ser. B, 4.25%, 7/01/34, FGIC	07/17 @ 100		97,398
			Hlth. Care Facs. Fing. Auth.,
	1,000		Hlth., Hosp. & Nursing Home Impvts. RB, Hackensack Univ. Med. Ctr. Proj., 6.00%, 1/01/25	01/10 @ 101		1,055,190
	1,725		Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., Zero Coupon, 7/01/38	01/17 @ 33.653		350,365

Principal Amount (000)			Description	Option Call Provisions1			Value
			New Jersey—(cont’d)
$	250		Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., 5.00%, 7/01/29	01/17 @ 100		$	255,952
	1,000		Hlth., Hosp. & Nursing Home RB, St. Joseph’s Hosp. & Med. Ctr. Proj., 5.75%, 7/01/16, CONNIE LEE	05/07 @ 102			1,019,740
	1,000		Hudson Cnty. Impvt. Auth., Recreational Fac. Impvts. Misc. RB, Ser. A-1, Zero Coupon, 12/15/32, MBIA	No Opt. Call			318,910
			Middlesex Cnty. Impvt. Auth.,
	200		Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37	01/15 @ 100			212,438
	1,000		Univ. & Coll. Impvts. RB, Student Hsg. Urban Renewal Proj., Ser. A, 5.00%, 8/15/35	08/14 @ 100			1,034,680
	900		Newark Hsg. Auth., Lease RB, Newark Redev. Proj., 4.375%, 1/01/37, MBIA	01/17 @ 100			888,894
	500		Old Brdg. Twnshp. Brd. of Ed., Ad Valorem Ppty. Tax GO, 4.375%, 7/15/32, MBIA	07/16 @ 100			499,215
	1,000		Passaic Valley Sewage Commissioners, Swr. GO, Ser. E, 5.75%, 12/01/21, AMBAC	12/09 @ 101			1,058,670
	500		Port Auth. of New York & New Jersey, Port, Arpt. & Marina RB, Ser. 132, 5.00%, 9/01/33	09/13 @ 101			525,865
	490		So. Jersey Transp. Auth., Hwy. Impvts. Trans. RB, Ser. A, 4.50%, 11/01/35, FGIC	11/15 @ 100			491,372
			Tobacco Settlement Fing. Corp.,
	750	3	Pub. Impvts. Tobacco Settlement Funded RB, 6.125%, 6/01/12	N/A			833,220
	350		Tobacco Settlement Funded RB, Ser. 1A, 5.00%, 6/01/41	06/17 @ 100			344,298
	600		Tobacco Settlement Funded RB, Ser. 1B, Zero Coupon, 6/01/41		06/17 @ 26.257		91,746
			Tpke. Auth., Hwy. Tolls RB,
	840	4	Ser. C, 6.50%, 1/01/16, AMBAC	ETM			972,183
	160		Ser. C, 6.50%, 1/01/16, AMBAC	No Opt. Call			184,338
							17,656,983
			Puerto Rico—19.3%
	500		Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.25%, 7/01/30	07/16 @ 100			537,220

See Notes to Financial Statements.

36

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

(Percentages shown are based on Net Assets)

Principal Amount (000)		Description	Option Call Provisions1	Value
		Puerto Rico—(cont’d)
		Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB,
$	500	Ser. RR, 5.00%, 7/01/35, FGIC	07/15 @ 100	$	529,520
	250	Ser. TT, 5.00%, 7/01/32	07/17 @ 100		263,015
	80	Hwy. & Transp. Auth., Hwy. Tolls RB, Ser. L, 5.25%, 7/01/38, AMBAC	No Opt. Call		94,209
	600	Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26	03/16 @ 100		626,982
	795	Infrastructure Fing. Auth., Pub. Impvts. Sales Tax RB, Ser. A, Zero Coupon, 7/01/37, AMBAC	No Opt. Call		208,123
	500	Infrastructure Fing. Auth., Pub. Impvts. ST, Ser. B, 5.00%, 7/01/31	07/16 @ 100		523,175
					2,782,244
		Total Long-Term Investments (cost $20,576,633)			21,483,427

Shares (000)		Description	Value
		MONEY MARKET FUND—7.6%
1,101	5,6	CMA New Jersey Muni. Money Fund, 3.29% (cost $1,100,994)	$	1,100,994
		Total Investments—156.9% (cost $21,677,6277)	$	22,584,421
		Liabilities in excess of other assets—(4.8)%		(689,640	)
		Preferred shares at redemption value, including dividends payable—(52.2)%		(7,504,562	)
		Net Assets Applicable to Common Shareholders—100%	$	14,390,219

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 7.3% of its net assets, with a current market value of $1,044,200, in securities restricted as to resale.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Security is collateralized by Municipal or U.S. Treasury obligations.
5	Represents an investment in an affiliate.
6	Represents current yield as of April 30, 2007.
7	Cost for federal income tax purposes is $21,680,472. The net unrealized appreciation on a tax basis is $903,949, consisting of $936,026 gross unrealized appreciation and $32,077 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
CONNIE LEE	—	College Construction Loan Insurance Assoc.
ETM	—	Escrowed to Maturity
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
ST	—	Special Tax

See Notes to Financial Statements.

37

PORTFOLIO OF INVESTMENTS (unaudited)

APRIL 30, 2007

BlackRock New Jersey Municipal Income Trust (BNJ)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1		Value
			LONG-TERM INVESTMENTS—148.0%
			Multi-State—12.5%
			Charter Mac Equity Issuer Trust,
$	7,000	2	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100	$	7,260,050
	2,500	2	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100		2,675,050
			MuniMae TE Bond Subsidiary LLC,
	3,000	2	Ser. A-1, 6.30%, 6/30/49	06/09 @ 100		3,107,670
	2,000		Ser. B-1, 6.80%, 6/30/49	11/10 @ 100		2,137,460
			Total Multi-State			15,180,230
			New Jersey—117.6%
			Cherry Hill Twnshp., Pub. Impvts. Ad Valorem Ppty. Tax GO,
	3,065	3	5.00%, 7/15/11	N/A		3,222,449
	4,275	3	5.00%, 7/15/11	N/A		4,494,607
			City of Vineland, Elec., Pwr. & Lt. Impvts. Ad Valorem Ppty. Tax GO,
	1,500		5.30%, 5/15/30, MBIA, AMT	05/10 @ 101		1,558,710
	1,500		5.375%, 5/15/31, MBIA, AMT	05/10 @ 101		1,562,580
			Econ. Dev. Auth.,
	5,000		Econ. Impvts. Elec., Pwr. & Lt. RB, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31, AMT	No Opt. Call		5,988,100
	5,000		Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/34	06/14 @ 100		5,381,200
	500		Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.75%, 1/01/25	01/13 @ 102		519,735
	855		Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.875%, 1/01/37	01/13 @ 102		895,065
	2,630		Hlth., Hosp. & Nursing Home RB, Fellowship Vlg., Inc. Proj., Ser. C., 5.50%, 1/01/18	01/09 @ 102		2,689,306
	4,050		Hlth., Hosp. & Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.75%, 11/01/24	11/14 @ 100		4,355,977
	2,000		Hlth., Hosp. & Nursing Home RB, Masonic Charity Fndtn. Proj., 5.50%, 6/01/31	06/11 @ 102		2,125,700
	860		Hlth., Hosp. & Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/26	11/16 @ 100		870,277
	930		Hlth., Hosp. & Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/36	11/16 @ 100		935,524
	1,910		Local Hsg. RB, Victoria Hlth. Corp. Proj., Ser. A, 5.20%, 12/20/36	12/11 @ 103		2,032,584
	3,450		Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT	11/10 @ 101		3,678,562

	Principal Amount (000)		Description	Option Call Provisions1		Value
			New Jersey—(cont’d)
$	2,000		Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.20%, 11/15/30, AMT	11/10 @ 101	$	2,153,220
	500		RB, Cigarette Tax Proj., 5.75%, 6/15/29	06/14 @ 100		558,350
	2,000		Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT	No Opt. Call		2,103,380
	2,500		SA, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28	No Opt. Call		3,072,525
			Edl. Facs. Auth.,
	1,000		Local Hsg. RB, Fairleigh Dickinson Univ. Proj., Ser. C, 5.50%, 7/01/23	07/14 @ 100		1,070,750
	2,000		Local Hsg. RB, Fairleigh Dickinson Univ. Proj., Ser. C, 6.00%, 7/01/20	07/14 @ 100		2,214,220
	3,000		Univ. & Coll. Impvts. RB, Fairleigh Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25	07/13 @ 100		3,266,820
	2,120		Univ. & Coll. Impvts. RB, Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33	07/13 @ 100		2,372,662
	500		Univ. & Coll. RB, Ramapo Coll. Proj., Ser. I, 4.25%, 7/01/31, AMBAC	07/17 @ 100		488,880
	700		Univ. & Coll. RB, Rowan Univ. Proj., Ser. B, 4.25%, 7/01/34, FGIC	07/17 @ 100		681,786
	1,000		Egg Harbor Twnshp. Sch. Dist., Ad Valorem Ppty. Tax GO, 4.125%, 4/01/30, FSA	04/16 @ 100		968,950
	12,600		Garden St. Presvtn. Trust, Recreational Fac. Impvts. RB, Open Space & Farmland Presvtn. Proj., Ser. B, Zero Coupon, 11/01/26, FSA	No Opt. Call		5,422,788
			Hlth. Care Facs. Fing. Auth.,
	3,000	3	Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. East. Proj., Ser. A, 5.375%, 11/15/12	N/A		3,243,390
	10,000		Hlth., Hosp. & Nursing Home Impvts. RB, Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31	07/11 @ 100		10,527,500
	1,960	3	Hlth., Hosp. & Nursing Home Impvts. RB, So. Jersey Hosp. Sys. Proj., 6.00%, 7/01/12	N/A		2,157,646
	5,500	3	Hlth., Hosp. & Nursing Home Impvts. RB, So. Jersey Hosp. Sys. Proj., 6.00%, 7/01/12	N/A		6,054,620
	4,500		Hlth., Hosp. & Nursing Home RB, Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25	07/12 @ 100		4,810,005

See Notes to Financial Statements.

38

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

(Percentages shown are based on Net Assets)

	Principal Amount (000)		Description	Option Call Provisions1	Value
			New Jersey—(cont’d)
$	1,650		Hlth., Hosp. & Nursing Home RB, So. Jersey Hosp., Inc. Proj., 5.00%, 7/01/46	07/16 @ 100	$	1,678,793
	14,905		Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., Zero Coupon, 7/01/38	01/17 @ 33.653		3,027,355
	750		Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., 5.00%, 7/01/29	01/17 @ 100		767,858
	700		Hsg. & Mtg. Fin. Agcy., Local or Gtd. Hsg. RB, 4.70%, 10/01/37, AMT	04/17 @ 100		695,485
			Middlesex Cnty. Impvt. Auth.,
	4,400		Local Multi-Fam. Hsg. RB, New Brunswick Apts. LLC Proj., 5.30%, 8/01/35, AMT	08/12 @ 100		4,508,944
	1,400		Local Multi-Fam. Hsg. RB, Skyline Tower Urban Renewal Proj., 5.35%, 7/01/34, AMT	07/11 @ 100		1,461,670
	1,790		Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37	01/15 @ 100		1,901,320
	2,500		Middlesex Cnty. Poll. Ctrl. Auth., Indl. Impvts. RB, Hess Corp. Proj., 6.05%, 9/15/34	09/14 @ 100		2,708,150
	1,905		Newark Hlth. Care Fac., Hlth., Hosp. & Nursing Home RB, New Cmnty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30	06/12 @ 102		2,023,758
	2,375		Newark Hsg. Auth., Lease RB, Newark Redev. Proj., 4.375%, 1/01/37, MBIA	01/17 @ 100		2,345,693
	8,000		Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB, JFK Intl. Air Term. LLC Proj., 5.75%, 12/01/22, MBIA, AMT	12/07 @ 102		8,241,520
			Rahway Valley Swr. Auth., Swr. Impvts. RB, Cap. Apprec. Proj.,
	4,000		Ser. A, Zero Coupon, 9/01/30, MBIA	No Opt. Call		1,435,480
	2,000		Ser. A, Zero Coupon, 9/01/33, MBIA	No Opt. Call		624,300
			Tobacco Settlement Fing. Corp.,
	10,500	3	Pub. Impvts. Tobacco Settlement Funded RB, 6.125%, 6/01/12	N/A		11,665,080
	2,500		Tobacco Settlement Funded RB, Ser. 1A, 5.00%, 6/01/41	06/17 @ 100		2,459,275
	3,300		Tobacco Settlement Funded RB, Ser. 1B, Zero Coupon, 6/01/41	06/17 @ 26.257		504,603
			Trenton Pkg. Auth., Auto Pkg. RB,
	3,465		5.00%, 4/01/25, FGIC	04/11 @ 100		3,598,368
	1,500		5.00%, 4/01/30, FGIC	04/11 @ 100		1,546,185
						142,671,705

	Principal Amount (000)		Description	Option Call Provisions1		Value
			Puerto Rico—17.9%
$	1,000		Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. TT, 5.00%, 7/01/32	07/17 @ 100	$	1,052,060
	2,590		Hsg. Fin. Corp., Local or Gtd. Hsg. RB, Ser. A, 5.20%, 12/01/33	06/11 @ 100		2,623,134
	2,590		Hsg. Fin. Corp., St. Sngl. Fam. Hsg. RB, Ser. B, 5.30%, 12/01/28, AMT	06/11 @ 100		2,620,892
	3,500	3	Hwy. & Transp. Auth., Hwy. Impvts. Hwy. Tolls RB, Ser. D, 5.25%, 7/01/12	N/A		3,759,770
	6,000		Infrastructure Fing. Auth., Pub. Impvts. Sales Tax RB, Ser. A, Zero Coupon, 7/01/37, AMBAC	No Opt. Call		1,570,740
			Pub. Bldgs. Auth., Pub. Impvts. Lease RB,
	5,000		Ser. D, Zero Coupon, 7/01/31, AMBAC	07/17 @ 100		4,220,000
	3,765	3	Ser. D, 5.25%, 7/01/12	N/A		4,038,941
	1,735		Ser. D, 5.25%, 7/01/36	07/12 @ 100		1,814,654
						21,700,191
			Total Long-Term Investments (cost $167,210,622)			179,552,126
Shares (000)
			MONEY MARKET FUND—3.8%
	4,605	4,5	CMA New Jersey Muni. Money Fund, 3.29% (cost $4,604,631)	N/A		4,604,631
			Total Investments—151.8% (cost $171,815,2536)		$	184,156,757
			Other assets in excess of liabilities—0.8%			958,218
			Preferred shares at redemption value, including dividends payable—(52.6)%			(63,826,570	)
			Net Assets Applicable to Common Shareholders—100%		$	121,288,405

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 10.8% of its net assets, with a current market value of $13,042,770, in securities restricted as to resale.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Represents an investment in an affiliate.
5	Represents current yield as of April 30, 2007.
6	Cost for federal income tax purposes is $171,882,396. The net unrealized appreciation on a tax basis is $12,274,361, consisting of $12,530,248 gross unrealized appreciation and $255,887 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
SA	—	Special Assessment

See Notes to Financial Statements.

39

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock New York Investment Quality Municipal Trust (RNY)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—147.5%
			New York—134.7%
			Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj.,
$	95		Ser. A, 7.00%, 5/01/25	05/15 @ 102	$	95,474
	60		Ser. A, 7.00%, 5/01/35	05/15 @ 102		59,781
	1,000		Albany Mun. Wtr. Fin. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 12/01/33, MBIA	06/08 @ 100		1,011,020
			City of New York, Ad Valorem Ppty. Tax GO,
	990	2	Ser. A, 6.00%, 5/15/10	N/A		1,065,547
	10		Ser. A, 6.00%, 5/15/30	05/10 @ 101		10,656
	1,000		Convention Ctr. Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, Hotel Unit Fee Secured Proj., 5.00%, 11/15/44, AMBAC	11/15 @ 100		1,048,920
			Dorm. Auth.,
	750		Hlth., Hosp. & Nursing Home Impvts. RB, Lutheran Med. Ctr. Proj., 5.00%, 8/01/31, MBIA	02/13 @ 100		783,060
	1,000		Hlth., Hosp. & Nursing Home RB, Kateri Residence Proj., 5.00%, 7/01/22	07/13 @ 100		1,043,580
	1,000		Hlth., Hosp. & Nursing Home RB, Mount Sinai Hosp. Proj., Ser. A, 6.50%, 7/01/25	07/10 @ 101		1,069,210
	1,005		Misc. RB, St. Univ. Edl. Facs. Proj., 5.25%, 5/15/15, AMBAC	No Opt. Call		1,087,420
	1,000	2	Univ. & Coll. Impvts. RB, Univ. of Rochester Proj., Ser. B, 5.625%, 7/01/09	N/A		1,050,240
	250		Essex Cnty. Indl. Dev. Agcy., Indl. Impvts. RB, Intl. Paper Co. Proj., Ser. A, 4.60%, 12/01/30, AMT	12/11 @ 100		244,565
	100		Genesee Cnty. Indl.Dev. Agcy., Hlth., Hosp. & Nursing Home RB, United Mem. Med. Ctr. Proj., 5.00%, 12/01/27	12/12 @ 100		99,360
	150		Hsg. Fin. Agcy., St. Multi- Fam. Hsg. RB, Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT	02/08 @ 100		150,161
	175		Liberty Dev. Corp. Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19	02/16 @ 100		184,221
	2,000		Madison Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23	07/13 @ 100		2,100,460

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—(cont’d)
$	250		Met. Transp. Auth., Trans. RB, Ser. B, 4.50%, 11/15/36	11/16 @ 100	$	245,977
	500		New York City Hsg. Dev. Corp., Local or Gtd. Hsg. RB, Ser. J-2, 4.75%, 11/01/27, AMT	05/17 @ 100		501,580
	1,000		New York City Hsg. Dev. Corp., St. Multi-Fam. Hsg. RB, Ser. A, 5.25%, 5/01/30	05/14 @ 100		1,042,790
			New York City Indl. Dev. Agcy.,
	500		Econ. Impvts. RB, IAC/ Interactive Corp. Proj., 5.00%, 9/01/35	09/15 @ 100		516,870
	950		Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT	08/16 @ 101		1,144,493
	300		Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT	08/16 @ 101		362,037
	500		Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj., 5.00%, 3/01/36, MBIA	09/16 @ 100		529,810
	500		New York City Indl. Dev. Agcy., Recreational Fac. Impvts. RB, Queens Baseball Stad. Proj., 5.00%, 1/01/46, AMBAC	01/17 @ 100		527,015
			New York City Mun. Wtr. Fin. Auth.,
	1,000		Cash Flow Mgmt. Wtr. RB, Ser. C, 5.125%, 6/15/33	06/11 @ 101		1,046,430
	250		Wtr. RB, Ser. A, 4.25%, 6/15/33	06/17 @ 100		239,700
	250		Wtr. RB, Ser. A, 4.25%, 6/15/39, FSA	06/17 @ 100		238,567
	1,000		Wtr. RB, Ser. B, 5.00%, 6/15/36, FSA	12/14 @ 100		1,051,690
	2,000	2	New York City Transl. Fin. Auth., Pub. Impvts. Sales Tax RB, Ser. B, 6.00%, 5/15/10	N/A		2,152,620
	1,000		Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB, Contl. Airlines Proj., 9.125%, 12/01/15, AMT	05/07 @ 100		1,042,750
	250		Rochester Hsg. Auth., Local Multi-Fam. Hsg. RB, Andrews Terrace LLC Proj., 4.70%, 12/20/38, AMT	12/16 @ 100		247,142
	2,000		Sales Tax Asset Receivables Corp., Pub. Impvts. Sales Tax RB, Ser. A, 5.00%, 10/15/32, AMBAC	10/14 @ 100		2,114,620

See Notes to Financial Statements.

40

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

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—(cont’d)
$	500		Schenectady Indl. Dev. Agcy., Univ. & Coll. RB, Union Coll. Proj., 5.00%, 7/01/31	07/16 @ 100	$	529,955
	115		Suffolk Cnty. Indl. Dev. Agcy. Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28	11/16 @ 100		117,090
	500		Syracuse Indl. Dev. Agcy., Indl. Impvts. RB, Crousel Ctr. Proj., Ser. A, 5.00%, 1/01/36, XLCA, AMT	01/17 @ 100		522,190
			Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB,
	845	2	Ser. A, 5.00%, 1/01/12, MBIA	N/A		894,272
	155		Ser. A, 5.00%, 1/01/32, MBIA	01/12 @ 100		160,932
						26,332,205
			Puerto Rico—12.8%
	500		Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43	05/12 @ 100		526,330
	315		Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34	07/14 @ 100		326,888
	800		Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26	03/16 @ 100		835,976
	745	2	Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12	N/A		802,671
						2,491,865
			Total Long-Term Investments (cost $27,393,868)			28,824,070

Shares (000)			Description	Value
			MONEY MARKET FUND—0.5%
	104	3,4	CMA New York Mun. Money Fund, 3.32% (cost $104,404)	$	104,404
			Total Investments—148.0% (cost $27,498,2725)	$	28,928,474
			Other assets in excess of liabilities—2.1%		414,764
			Preferred shares at redemption value, including dividends payable—(50.2)%		(9,801,020	)
			Net Assets Applicable to Common Shareholders—100%	$	19,542,218

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
3	Represents an investment in an affiliate.
4	Represents current yield as of April 30, 2007.
5	Cost for federal income tax purposes is $27,509,257. The net unrealized appreciation on a tax basis is $1,419,217, consisting of $1,437,515 gross unrealized appreciation and $18,298 gross unrealized depreciation.

KEY TO ABBREVIATIONS
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RB	—	Revenue Bond
XLCA	—	XL Capital Assurance

See Notes to Financial Statements.

41

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock New York Municipal Income Trust (BNY)

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			LONG-TERM INVESTMENTS—154.0%
			Multi-State—10.9%
			Charter Mac Equity Issuer Trust,
$	6,000	2	Ser. A-2, 6.30%, 6/30/49	06/09 @ 100	$	6,222,900
	5,500	2	Ser. B-1, 6.80%, 11/30/50	11/10 @ 100		5,885,110
			MuniMae TE Bond Subsidiary LLC,
	6,000	2	Ser. A-1, 6.30%, 6/30/49	06/09 @ 100		6,215,340
	3,000		Ser. B-1, 6.80%, 6/30/49	11/10 @ 100		3,206,190
						21,529,540
			New York—130.0%
			Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj.,
	910		Ser. A, 7.00%, 5/01/25	05/15 @ 102		914,541
	590		Ser. A, 7.00%, 5/01/35	05/15 @ 102		587,847
			City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO,
	6,000	3	Ser. C, 5.375%, 3/15/12	N/A		6,460,920
	2,200	3	Ser. D, 5.375%, 6/01/12	N/A		2,375,692
	4,000		Ser. D, 5.375%, 6/01/32	06/12 @ 100		4,235,600
	6,700		Cntys. Tobacco Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43	06/13 @ 100		7,211,478
	8,000		Convention Ctr. Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, Hotel Unit Fee Secured Proj., 5.00%, 11/15/44, AMBAC	11/15 @ 100		8,391,360
			Dorm. Auth.,
	4,855		Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Facs. Proj., 5.00%, 2/15/35, AMBAC	02/15 @ 100		5,103,916
	2,000		Hlth., Hosp. & Nursing Home Impvts. RB, No. Shore Long Island Jewish Grp. Proj., 5.375%, 5/01/23	05/13 @ 100		2,123,540
	2,000		Hlth., Hosp. & Nursing Home Impvts. RB, No. Shore Long Island Jewish Grp. Proj., 5.50%, 5/01/33	05/13 @ 100		2,137,780
	4,000		Hlth., Hosp. & Nursing Home RB, Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26	07/08 @ 100		4,058,040
	9,000		Univ. & Coll. Impvts. RB, New Sch. Univ. Proj., 5.00%, 7/01/41, MBIA	07/11 @ 100		9,247,950
	5,000		Univ. & Coll. Impvts. RB, New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC	07/11 @ 100		5,137,750
	3,500		Dutchess Cnty. Indl. Dev. Agy., Coll. & Univ. RB, Bard Coll. Proj., Ser. A2, 4.50%, 8/01/36	08/17 @ 100		3,443,790
	500		Genesee Cnty. Indl.Dev. Agcy., Hlth., Hosp. & Nursing Home RB, United Mem. Med. Ctr. Proj., 5.00%, 12/01/27	12/12 @ 100		496,800
Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—(cont’d)
$	850		Hsg. Fin. Agcy., St. Multi-Fam. Hsg. RB, Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT	02/08 @ 100	$	850,910
			Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB,
	3,900		Ser. A, 4.50%, 2/15/47, MBIA	02/17 @ 100		3,835,845
	1,000		Ser. A, 5.00%, 2/15/47	02/17 @ 100		1,048,060
			Liberty Dev. Corp.,
	7,000		Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35	No Opt. Call		8,009,190
	1,740		Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19	02/16 @ 100		1,831,681
			Long Island Pwr. Auth., Elec., Pwr. & Lt. RB,
	5,000		Ser. B, 5.00%, 12/01/35, CIFG-TCRS	06/16 @ 100		5,283,900
	5,000		Ser. B, 5.00%, 12/01/35	06/16 @ 100		5,264,600
	2,000		Madison Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33	07/13 @ 100		2,088,260
			Met. Transp. Auth.,
	12,000		Trans. RB, Ser. A, 5.00%, 11/15/30	11/12 @ 100		12,452,040
	12,000		Trans. RB, Ser. A, 5.125%, 11/15/31	11/12 @ 100		12,561,600
			Mtg. Agcy., Local or Gtd. Hsg. RB,
	5,915		Ser. 101, 5.40%, 4/01/32, AMT	10/11 @ 100		6,077,308
	15,500		Ser. A, 5.30%, 10/01/31, AMT	04/11 @ 100		15,868,900
			New York City Indl. Dev. Agcy.,
	750		Cash Flow Mgmt. Lease RB, Marymount Sch. Proj., 5.125%, 9/01/21, ACA	09/11 @ 102		777,638
	2,000		Cash Flow Mgmt. Lease RB, Marymount Sch. Proj., 5.25%, 9/01/31, ACA	09/11 @ 102		2,119,840
	2,000		Econ. Impvts. RB, IAC/ Interactive Corp. Proj., 5.00%, 9/01/35	09/15 @ 100		2,067,480
	1,550		Indl. Impvts. RB, Royal Charter Presbyterian Proj., 5.25%, 12/15/32, FSA	12/11 @ 102		1,661,708
	14,850		Port, Arpt. & Marina Impvts. Lease RB, Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28, AMT	07/11 @ 100		15,445,633
	3,200		Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT	08/16 @ 101		3,855,136
	4,000		Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT	08/16 @ 101		4,827,160

See Notes to Financial Statements.

42

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

(Percentages shown are based on Net Assets)

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—(cont’d)
$	4,500		Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj., 5.00%, 3/01/36, MBIA	09/16 @ 100	$	4,768,290
			New York City Mun. Wtr. Fin. Auth.,
	4,000		Cash Flow Mgmt. Wtr. RB, Ser. A, 5.00%, 6/15/32, FGIC	06/11 @ 100		4,124,440
	3,200		Wtr. RB, Ser. A, 4.25%, 6/15/39, FSA	06/17 @ 100		3,053,664
	6,500		Wtr. RB, Ser. C, 5.00%, 6/15/32	06/11 @ 100		6,722,105
	5,000		Wtr. RB, Ser. D, 5.00%, 6/15/39	06/15 @ 100		5,240,800
	1,500		Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38	06/16 @ 100		1,579,650
	2,750		New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys., Wtr. Swr. RB, Second Gen. Resolution Proj., Ser. A, 4.50%, 6/15/37, MBIA	06/16 @ 100		2,749,862
			New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB,
	1,495	3	5.00%, 5/01/09	N/A		1,548,715
	1,025		5.00%, 5/01/29	05/09 @ 101		1,051,219
			Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB,
	9,250		Contl. Airlines Proj., 9.125%, 12/01/15, AMT	05/07 @ 100		9,645,437
	13,000		JFK Intl. Air Term. LLC Proj., 5.75%, 12/01/22, MBIA, AMT	12/07 @ 102		13,392,470
	2,500		Rensselaer Tobacco Sec. Corp., Misc. Tobacco Settlement Funded RB, Ser. A, 5.75%, 6/01/43	06/12 @ 100		2,626,875
	5,000		Rockland Tobacco Asset Sec. Corp., Misc. Tobacco Settlement Funded RB, 5.75%, 8/15/43	08/12 @ 100		5,262,400
	1,000		State of New York, Rec. Recovery Impvts. GO., Ser. A, 4.125%, 3/01/37, FGIC	03/17 @ 100		939,490
			Suffolk Cnty. Indl. Dev. Agcy.,
	1,175		Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28	11/16 @ 100		1,196,350
	7,000		Indl. Impvts. RB, Keyspan-Port Jefferson Proj., 5.25%, 6/01/27, AMT	06/13 @ 100		7,344,890
			TSASC, Inc.,
	8,000	3	Cash Flow Mgmt. Tobacco Settlement Funded RB, Ser. 1, 6.375%, 7/15/09	N/A		8,528,320
	5,000	3	Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, 7/15/12	N/A		5,476,250
	2,500		Westchester Cnty. Indl. Dev. Agcy., Private Primary Schs. RB, Winward Sch. Civic Fac. Proj., 5.25%, 10/01/31, RAA	10/11 @ 100		2,598,650

Principal Amount (000)			Description	Option Call Provisions1	Value
			New York—(cont’d)
$	2,000	3	Westchester Tobacco Asset Sec., Cash Flow Mgmt. Tobacco Settlement Funded RB, 6.75%, 7/15/10	N/A	$	2,201,860
						257,905,630
			Puerto Rico—13.1%
	4,060		Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43	05/12 @ 100		4,273,799
			Pub. Bldgs. Auth., Pub. Impvts. Lease RB,
	4,400	3	Ser. D, 5.25%, 7/01/12	N/A		4,720,144
	1,600		Ser. D, 5.25%, 7/01/36	07/12 @ 100		1,673,456
			Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB,
	7,475	3	Ser. E, 5.50%, 2/01/12	N/A		8,053,640
	7,000	3	Ser. E, 5.70%, 2/01/10	N/A		7,362,740
						26,083,779
			Total Long-Term Investments (cost $290,455,926)
						305,518,949

Shares (000)
			MONEY MARKET FUNDS—0.6%
	1,222	4,5	CMA New York Mun. Money Fund, 3.32% (cost $1,221,838)	N/A		1,221,838
			Total Investments—154.6% (cost $291,677,7646)		$	306,740,787
			Other assets in excess of liabilities—0.7%			1,394,927
			Preferred shares at redemption value, including dividends payable—(55.3)%			(109,782,310	)
			Net Assets Applicable to Common Shareholders—100%		$	198,353,404

1	Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.
2	Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 9.2% of its net assets, with a current market value of $18,323,350, in securities restricted as to resale.
3	This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.
4	Represents an investment in an affiliate.
5	Represents current yield as of April 30, 2007.
6	Cost for federal income tax purposes is $291,678,444. The net unrealized appreciation on a tax basis is $15,062,343, consisting of $15,232,631 gross unrealized appreciation and $170,288 gross unrealized depreciation.

KEY TO ABBREVIATIONS
ACA	—	American Capital Access
AMBAC	—	American Municipal Bond Assurance Corp.
AMT	—	Subject to Alternative Minimum Tax
CIFG-TCRS	—	CDC IXIS Financial Guaranty
FGIC	—	Financial Guaranty Insurance Co.
FSA	—	Financial Security Assurance
GO	—	General Obligation
MBIA	—	Municipal Bond Insurance Assoc.
RAA	—	Radian Asset Assurance
RB	—	Revenue Bond

See Notes to Financial Statements.

43

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

April 30, 2007

	Investment Quality Municipal Trust (BKN)			Municipal Income Trust (BFK)			Long-Term Municipal Advantage Trust (BTA)
Assets
Investments at value, unaffliliated1	$	404,389,069		$	1,035,789,484		$	359,112,595
Investments at value, affliliated2		4,300,000			12,600,000			7,500,000
Investments in affiliates		95,215			139,904			530
Cash		—			—			16,503
Receivable from investments sold		445,000			580,000			410,000
Interest receivable		5,690,155			15,497,932			5,272,008
Prepaid expenses		—			—			82,125
Unrealized appreciation on interest rate swaps		276,989			775,442			29,770
Other assets		10,839			32,919			5,121
		415,207,267			1,065,415,681			372,428,652
Liabilities
Payable to custodian		125,789			629,036			—
Payable for investments purchased		5,953,323			13,831,849			1,499,463
Unrealized depreciation on forward starting swaps		118,200			460,488			—
Trust Certificates3		—			—			170,860,000
Interest expense		—			—			2,083,596
Cash received from brokers as collateral		500,000			—			—
Dividends payable — common shares		1,420,102			3,630,383			733,983
Investment advisory fee payable		118,863			347,681			98,490
Administration fee payable		49,495			—			—
Deferred Trustees’ fees		95,215			139,904			530
Payable to affiliates		43,213			54,936			4,745
Other accrued expenses		158,137			268,673			185,608
		8,582,337			19,362,950			175,466,415
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share, including dividends payable4		146,682,337			375,307,169			—
Net Assets Applicable to Common Shareholders	$	259,942,593		$	670,745,562		$	196,962,237
Composition of Net Assets Applicable to Common Shareholders:
Par value5	$	167,071		$	43,938		$	13,345
Paid-in capital in excess of par		231,766,743			624,101,120			190,776,233
Undistributed (distributions in excess of) net investment income		6,446,406			11,913,897			(948,014	)
Accumulated net realized gain (loss)		(1,665,752	)		(34,137,731	)		1,331,562
Net unrealized appreciation		23,228,125			68,824,338			5,789,111
Net assets applicable to common shareholders, April 30, 2007	$	259,942,593		$	670,745,562		$	196,962,237
Net asset value per common share6	$	15.56		$	15.27		$	14.76
1Investments at cost, unaffiliated	$	381,319,733		$	967,280,100		$	353,353,254
2Investments at cost, affiliated	$	4,300,000		$	12,600,000		$	7,500,000
3See Note 2 in the Notes to Financials
4Preferred shares outstanding		5,862			15,005			—
5Par value per share	$	0.01		$	0.001		$	0.001
6Common shares outstanding		16,707,093			43,938,061			13,345,152

See Notes to Financial Statements.

44

	California Investment Quality Municipal Trust (RAA)			California Municipal Income Trust (BFZ)			Florida Investment Quality Municipal Trust (RFA)		Florida Municipal Income Trust (BBF)			New Jersey Investment Quality Municipal Trust (RNJ)
Assets
Investments at value, unaffliliated1	$	20,646,827		$	349,275,250		$	24,191,039	$	157,736,930		$	21,483,427
Investments at value, affliliated2		1,006,851			13,173,408			101,127		2,517,166			1,100,994
Investments in affiliates		20,350			52,360			20,340		19,327			22,309
Cash		78,029			—			89,607		63,553			—
Receivable from investments sold		—			—			35,000		230,000			—
Interest receivable		322,762			5,396,023			299,995		2,313,149			365,362
Prepaid expenses		—			—			—		—			—
Unrealized appreciation on interest rate swaps		—			152,315			7,625		17,367			—
Other assets		1,912			9,978			1,977		4,284			1,909
		22,076,731			368,059,334			24,746,710		162,901,776			22,974,001
Liabilities
Payable to custodian		—			260,947			—		—			4,582
Payable for investments purchased		—			—			303,396		1,118,678			946,833
Unrealized depreciation on forward starting swaps		—			—			—		27,489			—
Trust Certificates3		—			—			—		—			—
Interest expense		—			—			—		—			—
Cash received from brokers as collateral		—			—			—		—			—
Dividends payable — common shares		48,340			1,145,738			54,101		502,910			68,482
Investment advisory fee payable		6,753			115,830			6,871		51,253			6,148
Administration fee payable		2,904			—			3,279		—			2,919
Deferred Trustees’ fees		20,350			52,360			20,340		19,327			22,309
Payable to affiliates		6,950			30,263			3,784		13,619			5,899
Other accrued expenses		35,557			173,345			39,752		91,960			22,048
		120,854			1,778,483			431,523		1,825,236			1,079,220
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share, including dividends payable4		7,503,288			132,019,232			8,503,680		57,584,057			7,504,562
Net Assets Applicable to Common Shareholders	$	14,452,589		$	234,261,619		$	15,811,507	$	103,492,483		$	14,390,219
Composition of Net Assets Applicable to Common Shareholders:
Par value5	$	10,071		$	15,061		$	11,271	$	6,672		$	10,071
Paid-in capital in excess of par		13,392,714			213,823,732			15,001,008		94,662,411			13,079,455
Undistributed (distributions in excess of) net investment income		(6,837	)		5,066,268			24,802		1,766,705			300,908
Accumulated net realized gain (loss)		128,754			(8,232,190	)		19,024		(1,344,963	)		92,991
Net unrealized appreciation		927,887			23,588,748			755,402		8,401,658			906,794
Net assets applicable to common shareholders, April 30, 2007	$	14,452,589		$	234,261,619		$	15,811,507	$	103,492,483		$	14,390,219
Net asset value per common share6	$	14.35		$	15.55		$	14.03	$	15.51		$	14.29
1Investments at cost, unaffiliated	$	19,718,940		$	325,838,817		$	23,443,262	$	149,325,150		$	20,576,633
2Investments at cost, affiliated	$	1,006,851		$	13,173,408		$	101,127	$	2,517,166		$	1,100,994
3See Note 2 in the Notes to Financials
4Preferred shares outstanding		300			5,278			340		2,302			300
5Par value per share	$	0.01		$	0.001		$	0.01	$	0.001		$	0.01
6Common shares outstanding		1,007,093			15,060,847			1,127,093		6,672,121			1,007,093

45

STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (continued)
April 30, 2007

	New Jersey Municipal Income Trust (BNJ)			New York Investment Quality Municipal Trust (RNY)		New York Municipal Income Trust (BNY)
Assets
Investments at value, unaffiliated1	$	179,552,126		$	28,824,070	$	305,518,949
Investments at value, affiliated2		4,604,631			104,404		1,221,838
Investments in affiliates		22,975			20,301		44,792
Cash		—			62,700		—
Receivable from investments sold		85,000			—		1,035,773
Interest receivable		2,882,784			490,409		5,146,008
Unrealized appreciation on interest rate swaps		20,625			—		122,142
Other assets		5,435			2,109		8,149
		187,173,576			29,503,993		313,097,651
Liabilities
Payable to custodian		230,774			—		319,608
Payable for investments purchased		1,048,670			—		3,389,155
Dividends payable — common shares		595,607			91,497		949,774
Investment advisory fee payable		60,188			8,202		100,201
Administration fee payable		—			3,878		—
Deferred Trustees’ fees		22,975			20,301		44,792
Payable to affiliates		16,202			4,359		23,569
Other accrued expenses		84,185			32,518		134,838
		2,058,601			160,755		4,961,937
Preferred Shares at Redemption Value
$0.001 par value per share, $25,000 liquidation value per share, including dividends payable3		63,826,570			9,801,020		109,782,310
Net Assets Applicable to Common Shareholders	$	121,288,405		$	19,542,218	$	198,353,404
Composition of Net Assets Applicable to Common Shareholders:
Par value4	$	7,480		$	13,071	$	12,607
Paid-in capital in excess of par		106,257,131			17,651,717		178,980,198
Undistributed net investment income		3,115,027			256,894		4,989,357
Accumulated net realized gain (loss)		(453,362	)		190,334		(813,923	)
Net unrealized appreciation		12,362,129			1,430,202		15,185,165
Net assets applicable to common shareholders, April 30, 2007	$	121,288,405		$	19,542,218	$	198,353,404
Net asset value per common share5	$	16.21		$	14.95	$	15.73
1Investments at cost, unaffiliated	$	167,210,622		$	27,393,868	$	290,455,926
2Investments at cost, affiliated	$	4,604,631		$	104,404	$	1,221,838
3Preferred shares outstanding		2,552			392		4,390
4Par value per share	$	0.001		$	0.010	$	0.001
5Common shares outstanding		7,480,159			1,307,093		12,606,676

See Notes to Financial Statements.

46

STATEMENTS OF OPERATIONS (unaudited)
For the six months ended April 30, 2007

	Investment Quality Municipal Trust (BKN)			Municipal Income Trust (BFK)			Long-Term Municipal Advantage Trust (BTA)
Investment Income
Interest income	$	10,426,752		$	27,314,870		$	8,569,572
Affiliated income		39,535			83,108			2,847
Income from affiliates		2,745			2,801			337
Total investment income		10,469,032			27,400,779			8,572,756
Expenses
Investment advisory		709,332			3,120,169			981,939
Administration		302,314			—			—
Transfer agent		7,457			7,455			6,294
Custodian		50,897			79,165			9,535
Reports to shareholders		26,635			63,153			18,453
Directors/Trustees		8,899			12,853			6,629
Registration		4,702			4,668			4,092
Independent accountants		19,734			22,167			19,766
Legal		24,167			50,213			7,303
Officers fees		2,117			5,369			1,406
Insurance		12,820			32,678			6,056
Auction agent		188,157			476,413			—
Deferred Trustees’ fees		2,745			2,801			337
Remarketing and liquidity fees		—			—			179,995
Miscellaneous		23,439			43,549			12,841
Total expenses excluding interest expense		1,383,415			3,920,653			1,254,646
Interest expense		1,364			—			3,189,819
Total expenses		1,384,779			3,920,653			4,444,465
Less Advisory fees waived		—			(1,040,056	)		(392,776	)
Less fees waived by Advisor		(562	)		(1,124	)		(423	)
Less fees paid indirectly		(8,367	)		(9,787	)		(9,236	)
Net expenses		1,375,850			2,869,686			4,042,030
Net investment income		9,093,182			24,531,093			4,530,726
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(702,865	)		(2,381,499	)		1,797,711
Swaps		149,602			569,911			(201,320	)
		(553,263	)		(1,811,588	)		1,596,391
Net change in unrealized appreciation/depreciation on:
Investments		(2,650,438	)		(4,541,274	)		(2,739,031	)
Swaps		1,458,395			5,258,589			29,770
		(1,192,043	)		717,315			(2,709,261	)
Net loss		(1,745,306	)		(1,094,273	)		(1,112,870	)
Dividends from Net Investment Income to Preferred Shareholders
Net investment income		(2,545,725	)		(6,510,493	)		—
Net realized gains		—			(18,029	)		—
Total dividends and distributions		(2,545,725	)		(6,528,522	)		—
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	4,802,151		$	16,908,298		$	3,417,856

See Notes to Financial Statements.

47

STATEMENTS OF OPERATIONS (unaudited) (continued)
For the six months ended April 30, 2007

	California Investment Quality Municipal Trust (RAA)			California Municipal Income Trust (BFZ)			Florida Investment Quality Municipal Trust (RFA)
Investment Income
Interest income	$	507,624		$	9,141,153		$	574,323
Affiliated income		6,933			46,302			921
Income from affiliates		179			1,358			317
Total investment income		514,736			9,188,813			575,561
Expenses
Investment advisory		38,248			1,092,918			42,385
Administration		10,928			—			12,110
Transfer agent		6,314			6,580			4,505
Custodian		13,862			41,424			10,256
Reports to shareholders		2,708			17,716			3,106
Directors/Trustees		1,721			7,966			1,726
Registration		189			523			211
Independent accountants		12,455			19,518			12,468
Legal		2,843			19,435			2,862
Officers fees		117			1,892			129
Insurance		690			11,479			764
Auction agent		11,922			167,514			13,161
Deferred Trustees’ fees		179			1,358			317
Miscellaneous		7,512			21,446			7,602
Total expenses excluding interest expense		109,688			1,409,769			111,602
Interest expense		—			1,206			—
Total expenses		109,688			1,410,975			111,602
Less Advisory fees waived		—			(364,306	)		—
Less fees waived by Advisor		(456	)		(4,276	)		(175	)
Less fees paid indirectly		(9,932	)		(16,215	)		(6,093	)
Net expenses		99,300			1,026,178			105,334
Net investment income		415,436			8,162,635			470,227
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		107,023			(365,134	)		19,024
Swaps		21,731			—			—
		128,754			(365,134	)		19,024
Net change in unrealized appreciation/depreciation on:
Investments		(216,579	)		(3,507,833	)		(168,628	)
Swaps		—			2,004,957			7,625
		(216,579	)		(1,502,876	)		(161,003	)
Net loss		(87,825	)		(1,868,010	)		(141,979	)
Dividends from Net Investment Income to Preferred Shareholders
Net investment income		(108,874	)		(2,222,117	)		(123,846	)
Net realized gains		(16,752	)		—			(42,977	)
Total dividends and distributions		(125,626	)		(2,222,117	)		(166,823	)
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	201,985		$	4,072,508		$	161,425

See Notes to Financial Statements.

48

	Florida Municipal Income Trust (BBF)			New Jersey Investment Quality Municipal Trust (RNJ)			New Jersey Municipal Income Trust (BNJ)			New York Investment Quality Municipal Trust (RNY)			New York Municipal Income Trust (BNY)
Investment Income
Interest income	$	4,087,683		$	548,242		$	4,852,327		$	732,957		$	7,982,045
Affiliated income		11,862			389			5,004			4,184			17,465
Income from affiliates		362			400			298			312			1,015
Total investment income		4,099,907			549,031			4,857,629			737,453			8,000,525
Expenses
Investment advisory		481,125			38,137			551,893			51,204			919,098
Administration		—			10,896			—			14,631			—
Transfer agent		6,282			4,406			6,437			4,482			6,679
Custodian		28,036			12,861			29,640			12,866			31,033
Reports to shareholders		10,036			3,172			12,332			3,576			20,726
Directors/Trustees		3,531			1,718			4,106			1,740			6,728
Registration		3,474			189			3,769			245			1,113
Independent accountants		18,722			12,457			18,818			12,490			19,301
Legal		9,649			2,846			9,763			2,889			19,161
Officers fees		845			118			980			159			1,604
Insurance		5,066			688			5,783			921			9,637
Auction agent		71,499			11,922			81,327			14,665			136,276
Deferred Trustees’ fees		362			400			298			312			1,015
Miscellaneous		14,542			7,517			15,254			7,686			19,410
Total expenses excluding interest expense		653,169			107,327			740,400			127,866			1,191,781
Interest expense		—			—			—			—			—
Total expenses		653,169			107,327			740,400			127,866			1,191,781
Less Advisory fees waived		(160,946	)		—			(183,964	)		—			(306,339	)
Less fees waived by Advisor		(2,843	)		(204	)		(779	)		(556	)		(3,164	)
Less fees paid indirectly		(10,729	)		(10,182	)		(10,762	)		(8,703	)		(10,229	)
Net expenses		478,651			96,941			544,895			118,607			872,049
Net investment income		3,621,256			452,090			4,312,734			618,846			7,128,476
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investments		(548,644	)		92,991			156,696			190,334			(616,779	)
Swaps		—			—			—			—			—
		(548,644	)		92,991			156,696			190,334			(616,779	)
Net change in unrealized appreciation/depreciation on:
Investments		(830,514	)		(149,776	)		(1,733,137	)		(359,088	)		(2,224,260	)
Swaps		684,514			—			865,525			—			1,318,154
		(146,000	)		(149,776	)		(867,612	)		(359,088	)		(906,106	)
Net loss		(694,644	)		(56,785	)		(710,916	)		(168,754	)		(1,522,885	)
Dividends from Net Investment Income to Preferred Shareholders
Net investment income		(1,009,207	)		(105,957	)		(1,068,880	)		(155,139	)		(1,733,131	)
Net realized gains		—			(17,621	)		—			(8,495	)		—
Total dividends and distributions		(1,009,207	)		(123,578	)		(1,068,880	)		(163,634	)		(1,733,131	)
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations	$	1,917,405		$	271,727		$	2,532,938		$	286,458		$	3,872,460

49

STATEMENT OF CASH FLOWS (unaudited)

For the six months ended April 30, 2007

	Long-Term Municipal Advantage Trust (BTA)
Net Increase in Net Assets Resulting from Operations to Net Cash Used for Operating Activities
Net increase in net assets resulting from operations	$	3,417,856
Purchases of long-term investments		(82,509,101	)
Proceeds from sales of long-term investments		95,677,599
Net purchases of short-term investments		(6,759,000	)
Amortization of premium and discount on investments		92,808
Net realized gain on investments		(1,797,711	)
Decrease in unrealized appreciation/depreciation on investments		2,739,031
Increase in unrealized appreciation on swaps		(29,770	)
Increase in investments in affiliates		(337	)
Decrease in interest receivable		6,386
Decrease in prepaid expense		6,126
Decrease in other assets		6,057
Decrease in interest payable		(58,423	)
Decrease in investment advisory fee payable		(196	)
Increase in deferred Trustees’ fees		337
Decrease in payable to affiliates		(310	)
Decrease in other accrued expenses		(50,465	)
Total adjustments		7,323,031
Net cash provided by operating activities		10,740,887
Cash from financing activities:
Capital contributions		538,721
Proceeds from and repayments of trust certificates		(6,485,000	)
Cash dividends paid		(5,311,511	)
Net cash provided by financing activities		(11,257,790	)
Net decrease in cash		(516,903	)
Cash at beginning of period		533,406
Cash at end of period	$	16,503
Cash paid for interest	$	3,248,242

See Notes to Financial Statements.

50

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended April 30, 2007 (unaudited) and the year ended October 31, 2006

	Investment Quality Municipal Trust (BKN)						Municipal Income Trust (BFK)
	2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	9,093,182		$	18,419,051		$	24,531,093		$	50,095,286
Net realized gain (loss)		(553,263	)		607,295			(1,811,588	)		1,390,886
Net change in unrealized appreciation/depreciation		(1,192,043	)		6,751,110			717,315			33,062,215
Dividends and distributions to preferred shareholders from:
Net investment income		(2,545,725	)		(4,700,264	)		(6,510,493	)		(12,001,964	)
Net realized gains		—			—			(18,029	)		—
Net increase in net assets applicable to common shareholders resulting from operations		4,802,151			21,077,192			16,908,298			72,546,423
Dividends and Distributions to Common Shareholders from:
Net investment income		(8,737,810	)		(17,692,813	)		(21,762,759	)		(43,385,755	)
Net realized gains		—			—			(57,432	)		—
Total dividends and distributions		(8,737,810	)		(17,692,813	)		(21,820,191	)		(43,385,755	)
Capital Share Transactions:
Reinvestment of common dividends		—			—			1,577,866			2,871,527
Total increase (decrease)		(3,935,659	)		3,384,379			(3,334,027	)		32,032,195
Net Assets Applicable to Common Shareholders
Beginning of period		263,878,252			260,493,873			674,079,589			642,047,394
End of period	$	259,942,593		$	263,878,252		$	670,745,562		$	674,079,589
End of period undistributed net investment income	$	6,446,406		$	8,636,759		$	11,913,897		$	15,656,056

See Notes to Financial Statements.

51

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the six months ended April 30, 2007 (unaudited) and the year ended October 30, 2006

	BlackRock Long-Term Municipal Advantage Trust (BTA)						California Investment Quality Municipal Trust (RAA)
	2007			20061			2006			2005
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	4,530,726		$	6,007,001		$	415,436		$	877,154
Net realized gain (loss)		1,596,391			(264,829	)		128,754			78,405
Net change in unrealized appreciation/depreciation		(2,709,261	)		8,498,372			(216,579	)		430,243
Dividends and distributions to preferred shareholders from:
Net investment income		—			—			(108,874	)		(215,916	)
Net realized gains		—			—			(16,752	)		—
Net increase in net assets applicable to common shareholders resulting from operations		3,417,856			14,240,544			201,985			1,169,886
Dividends and Distributions to Common Shareholders from:
Net investment income		(5,131,464	)		(6,393,277	)		(312,803	)		(853,209	)
Net realized gains		—			—			(51,877	)		—
Total dividends and distributions		(5,131,464	)		(6,393,277	)		(364,680	)		(853,209	)
Capital Share Transactions:
Net proceeds from the issuance of common shares		—			186,584,810			—			—
Net proceeds from the underwriters’ over-allotment option exercised		—			3,216,375			—			—
Reinvestment of common dividends		538,721			488,672			—			—
Net proceeds from capital share transactions		538,721			190,289,857			—			—
Total increase (decrease)		(1,174,887	)		198,137,124			(162,695	)		316,677
Net Assets Applicable to Common Shareholders
Beginning of period		198,137,124			—			14,615,284			14,298,607
End of period	$	196,962,237		$	198,137,124		$	14,452,589		$	14,615,284
End of period undistributed (distribution in excess of) net investment income	$	(948,014	)	$	(347,276	)	$	(6,837	)	$	(596	)

¹ Commencement of investment operations for Long-Term Municipal Advantage was February 28, 2006. This information includes the initial investment by BlackRock Funding, Inc.

See Notes to Financial Statements.

52

	California Municipal Income Trust (BFZ)						Florida Investment Quality Municipal Trust (RFA)						Florida Municipal Income Trust (BBF)
	2007			2006			2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	8,162,635		$	16,761,247		$	470,227		$	923,461		$	3,621,256		$	7,369,362
Net realized gain (loss)		(365,134	)		2,216,392			19,024			265,765			(548,644	)		1,156,069
Net change in unrealized appreciation/depreciation		(1,502,876	)		7,064,059			(161,003	)		186,488			(146,000	)		591,321
Dividends and distributions to preferred shareholders from:
Net investment income		(2,222,117	)		(3,954,681	)		(123,846	)		(236,669	)		(1,009,207	)		(1,810,602	)
Net realized gains		—			—			(42,977	)		(54,375	)		—			—
Net increase in net assets applicable to common shareholders resulting from operations		4,072,508			22,087,017			161,425			1,084,670			1,917,405			7,306,150
Dividends and Distributions to Common Shareholders from:
Net investment income		(6,869,225	)		(13,697,832	)		(350,279	)		(957,322	)		(3,015,862	)		(6,019,766	)
Net realized gains		—			—			(53,470	)		(287,688	)		—			—
Total dividends and distributions		(6,869,225	)		(13,697,832	)		(403,749	)		(1,245,010	)		(3,015,862	)		(6,019,766	)
Capital Share Transactions:
Net proceeds from the issuance of common shares		—			—			—			—			—			—
Net proceeds from the underwriters’ over-allotment option exercised		—			—			—			—			—			—
Reinvestment of common dividends		485,625			711,184			—			—			139,929			221,091
Net proceeds from capital share transactions		485,625			711,184			—			—			139,929			221,091
Total increase (decrease)		(2,311,092	)		9,100,369			(242,324	)		(160,340	)		(958,528	)		1,507,475
Net Assets Applicable to Common Shareholders
Beginning of period		236,572,711			227,472,342			16,053,831			16,214,171			104,451,011			102,943,536
End of period	$	234,261,619		$	236,572,711		$	15,811,507		$	16,053,831		$	103,492,483		$	104,451,011
End of period undistributed (distribution in excess of) net investment income	$	5,066,268		$	5,994,975		$	24,802		$	28,700		$	1,766,705		$	2,170,518

53

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the six months ended April 30, 2007 (unaudited) and the year ended October 31, 2006

	New Jersey Investment Quality Municipal Trust (RNJ)						New Jersey Municipal Income Trust (BNJ)
	2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	452,090		$	856,791		$	4,312,734		$	8,743,414
Net realized gain		92,991			120,175			156,696			1,477,938
Net change in unrealized appreciation/depreciation		(149,776	)		222,494			(867,612	)		2,392,840
Dividends and distributions to preferred shareholders from:
Net investment income		(105,957	)		(204,250	)		(1,068,880	)		(1,946,877	)
Net realized gains		(17,621	)		(25,877	)		—			—
Net increase in net assets applicable to common shareholders resulting from operations		271,727			969,333			2,532,938			10,667,315
Dividends and Distributions to Common Shareholders from:
Net investment income		(419,454	)		(847,505	)		(3,569,616	)		(7,110,417	)
Net realized gains		(38,111	)		(126,529	)		—			—
Total dividends and distributions		(457,565	)		(974,034	)		(3,569,616	)		(7,110,417	)
Capital Share Transactions:
Reinvestment of common dividends		—			—			338,085			690,656
Total increase (decrease)		(185,838	)		(4,701	)		(698,593	)		4,247,554
Net Assets Applicable to Common Shareholders
Beginning of period		14,576,057			14,580,758			121,986,998			117,739,444
End of period	$	14,390,219		$	14,576,057		$	121,288,405		$	121,986,998
End of period undistributed net investment income	$	300,908		$	374,229		$	3,115,027		$	3,440,789

See Notes to Financial Statements.

54

	New York Investment Quality Municipal Trust (RNY)						New York Municipal Income Trust (BNY)
	2007			2006			2007			2006
Increase (Decrease) in Net Assets Applicable to Common Shareholders
Operations:
Net investment income	$	618,846		$	1,265,857		$	7,128,476		$	14,267,470
Net realized gain		190,334			87,630			(616,779	)		1,763,256
Net change in unrealized appreciation/depreciation		(359,088	)		395,405			(906,106	)		4,045,210
Dividends and distributions to preferred shareholders from:
Net investment income		(155,139	)		(276,400	)		(1,733,131	)		(3,294,504	)
Net realized gains		(8,495	)		(20,219	)		—			—
Net increase in net assets applicable to common shareholders resulting from operations		286,458			1,452,273			3,872,460			16,781,432
Dividends and Distributions to Common Shareholders from:
Net investment income		(565,318	)		(1,146,975	)		(5,693,778	)		(11,347,915	)
Net realized gains		(17,872	)		(109,330	)		—			—
Total dividends and distributions		(583,190	)		(1,256,305	)		(5,693,778	)		(11,347,915	)
Capital Share Transactions:
Reinvestment of common dividends		—			—			457,543			826,411
Total increase (decrease)		(296,732	)		195,968			(1,363,775	)		6,259,928
Net Assets Applicable to Common Shareholders
Beginning of period		19,838,950			19,642,982			199,717,179			193,457,251
End of period	$	19,542,218		$	19,838,950		$	198,353,404		$	199,717,179
End of period undistributed net investment income	$	256,894		$	358,505		$	4,989,357		$	5,287,790

55

FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.79		$	15.59		$	15.71		$	15.28		$	15.19		$	15.19
Investment operations:
Net investment income		0.54			1.10			1.14			1.17			1.16			1.20
Net realized and unrealized gain (loss)		(0.10	)		0.44			(0.11	)		0.26			(0.09	)		(0.26	)
Dividends to preferred shareholders from net investment income		(0.15	)		(0.28	)		(0.19	)		(0.09	)		(0.09	)		(0.13	)
Net increase from investment operations		0.29			1.26			0.84			1.34			0.98			0.81
Dividends to common shareholders from net investment income		(0.52	)		(1.06	)		(0.96	)		(0.91	)		(0.89	)		(0.81	)
Net asset value, end of period	$	15.56		$	15.79		$	15.59		$	15.71		$	15.28		$	15.19
Market price, end of period	$	18.98		$	18.97		$	16.62		$	15.12		$	14.26		$	13.48
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.33	%		7.38	%		5.34	%		9.48	%		7.14	%		6.40	%
At market value		2.88	%		21.06	%		16.68	%		12.91	%		12.67	%		4.14	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		1.06	%4		1.09	%		1.08	%		1.08	%		1.10	%		1.09	%
Expenses after fees waived and before fees paid indirectly		1.06	%4		1.09	%		1.08	%		1.08	%		1.10	%		1.09	%
Expenses before fees waived and paid indirectly		1.06	%4		1.09	%		1.08	%		1.08	%		1.10	%		1.09	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.00	%4		7.09	%		7.21	%		7.59	%		7.62	%		7.93	%
Preferred share dividends		1.96	%4		1.81	%		1.17	%		0.60	%		0.59	%		0.83	%
Net investment income available to common shareholders		5.04	%4		5.28	%		6.04	%		6.99	%		7.03	%		7.10	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	262,142		$	259,862		$	264,490		$	259,470		$	254,890		$	251,428
Portfolio turnover		8	%		82	%		77	%		52	%		36	%		19	%
Net assets applicable to common shareholders, end of period (000)	$	259,943		$	263,878		$	260,494		$	262,475		$	255,315		$	253,710
Preferred shares value outstanding, end of period (000)	$	146,550		$	146,550		$	146,550		$	146,550		$	146,550		$	146,550
Asset coverage per preferred share, end of period	$	69,366		$	70,054		$	69,465		$	69,790		$	68,561		$	68,292

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

56

FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.37		$	14.71		$	14.26		$	13.87		$	13.33		$	14.30
Investment operations:
Net investment income		0.56			1.14			1.18			1.19			1.23			1.20
Net realized and unrealized gain (loss)		(0.01	)		0.78			0.43			0.26			0.35			(1.11	)
Dividends and distributions to preferred shareholders from:
Net investment income		(0.15	)		(0.27	)		(0.18	)		(0.09	)		(0.09	)		(0.13	)
Net realized gains		—	1		—			—			—			—			—
Net increase (decrease) from investment operations		0.40			1.65			1.43			1.36			1.49			(0.04	)
Dividends and distributions to common shareholders from:
Net investment income		(0.50	)		(0.99	)		(0.98	)		(0.97	)		(0.95	)		(0.93	)
Net realized gains		—	1		—			—			—			—			—
Total dividends and distributions		(0.50	)		(0.99	)		(0.98	)		(0.97	)		(0.95	)		(0.93	)
Net asset value, end of period	$	15.27		$	15.37		$	14.71		$	14.26		$	13.87		$	13.33
Market price, end of period	$	18.68		$	17.30		$	15.69		$	14.05		$	13.70		$	13.46
TOTAL INVESTMENT RETURNS:2
At net asset value3		2.30	%		11.24	%		10.21	%		10.29	%		11.63	%		(0.29	)%
At market value		11.19	%		17.39	%		19.31	%		10.01	%		9.21	%		(2.40	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4
Expenses after fees waived and paid indirectly		0.86	%5		0.83	%		0.83	%		0.83	%		0.84	%		0.81	%
Expenses after fees waived and before fees paid indirectly		0.86	%5		0.83	%		0.83	%		0.83	%		0.84	%		0.83	%
Expenses before fees waived and paid indirectly		1.17	%5		1.21	%		1.22	%		1.23	%		1.25	%		1.23	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.34	%5		7.65	%		7.97	%		8.44	%		8.96	%		8.74	%
Preferred share dividends		1.95	%5		1.83	%		1.23	%		0.63	%		0.65	%		0.92	%
Net investment income available to common shareholders		5.39	%5		5.82	%		6.74	%		7.81	%		8.31	%		7.82	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	673,550		$	654,691		$	644,680		$	618,076		$	594,192		$	598,425
Portfolio turnover		9	%		77	%		68	%		59	%		56	%		70	%
Net assets applicable to common shareholders, end of period (000)	$	670,746		$	674,080		$	642,047		$	621,648		$	603,943		$	579,681
Preferred shares value outstanding, end of period (000)	$	375,125		$	375,125		$	375,125		$	375,125		$	375,125		$	375,125
Asset coverage per preferred share, end of period	$	69,714		$	69,933		$	67,797		$	66,435		$	65,251		$	63,636

1	Amounted to less than $0.01 per common share outstanding.
2	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
3	Unaudited.
4	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
5	Annualized.

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

See Notes to Financial Statements.

57

FINANCIAL HIGHLIGHTS

BlackRock Long-Term Municipal Advantage Trust (BTA)

	Six Months Ended April 30, 2007 (unaudited)			For the period February 28, 20061 through October 31, 2006
PER SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.89		$	14.33	2
Investment operations:
Net investment income		0.34			0.45
Net realized and unrealized gain (loss)		(0.09	)		0.62
Net increase from investment operations		0.25			1.07
Dividends to common shareholders from net investment income		(0.38	)		(0.48	)
Capital charges with respect to issuance of Common shares		—			(0.03	)
Net asset value, end of period	$	14.76		$	14.89
Market price, end of period	$	13.79		$	14.70
TOTAL INVESTMENT RETURNS:3
At net asset value4		1.83	%		7.48	%
At market value		(3.70	)%		1.40	%
RATIOS TO AVERAGE NET ASSETS:5
Total expenses		4.52	%		4.55	%
Net expenses		4.12	%		4.11	%
Net expenses excluding interest expense		0.87	%		0.97	%
Net investment income		4.61	%		4.79	%
SUPPLEMENTAL DATA:
Average net assets (000)	$	198,015		$	186,998
Portfolio turnover		23	%		20	%
Net assets, end of period (000)	$	196,962		$	198,137
Short-term floating rate certificates, end of period	$	170,860		$	177,345
Asset coverage, end of period5	$	2,153		$	2,177
Short-term floating rate certificates average daily balances (000)	$	173,281		$	183,026
Short-term floating rate certificates weighted average interest rate		3.65	%		3.57	%

1	Commencement of investment operations. This information includes the initial investment by BlackRock Funding Inc.
2	Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.
3	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
4	Unaudited.
5	Annualized.
6	Per $1,000 of certificates outstanding

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

See Notes to Financial Statements.

58

FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.51		$	14.20		$	14.43		$	14.56		$	14.81		$	15.30
Investment operations:
Net investment income		0.41			0.87			0.78			0.92			1.05			1.04
Net realized and unrealized gain (loss)		(0.08	)		0.50			(0.03	)		(0.09	)		(0.41	)		(0.64	)
Dividends and distributions to preferred shareholders from:
Net investment income		(0.11	)		(0.21	)		(0.13	)		(0.06	)		(0.06	)		(0.09	)
Net realized gains		(0.02	)		—			—			—			—			—
Net increase from investment operations		0.20			1.16			0.62			0.77			0.58			0.31
Dividends and distributions to common shareholders from:
Net investment income		(0.31	)		(0.85	)		(0.85	)		(0.85	)		(0.83	)		(0.80	)
Net realized gains		(0.05	)		—			—			(0.05	)		—			—
Total dividends and distributions		(0.36	)		(0.85	)		(0.85	)		(0.90	)		(0.83	)		(0.80	)
Net asset value, end of period	$	14.35		$	14.51		$	14.20		$	14.43		$	14.56		$	14.81
Market price, end of period	$	13.92		$	15.80		$	15.75		$	14.30		$	14.03		$	13.38
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.30	%		7.87	%		4.32	%		5.77	%		4.43	%		2.06	%
At market value		(9.75	)%		5.90	%		16.76	%		8.78	%		11.38	%		(9.26	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		1.38	%4		1.41	%		1.35	%		1.35	%		1.40	%		1.29	%
Expenses after fees waived and before fees paid indirectly		1.38	%4		1.50	%		1.39	%		1.40	%		1.40	%		1.29	%
Expenses before fees waived and paid indirectly		1.38	%4		1.50	%		1.39	%		1.40	%		1.40	%		1.29	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		5.76	%4		6.11	%		5.38	%		6.37	%		7.17	%		6.86	%
Preferred share dividends		1.51	%4		1.50	%		0.88	%		0.42	%		0.44	%		0.59	%
Net investment income available to common shareholders		4.25	%4		4.61	%		4.50	%		5.95	%		6.73	%		6.27	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	14,537		$	14,358		$	14,569		$	14,553		$	14,752		$	15,221
Portfolio turnover		15	%		49	%		20	%		15	%		6	%		30	%
Net assets applicable to common shareholders, end of period (000)	$	14,453		$	14,615		$	14,299		$	14,529		$	14,665		$	14,911
Preferred shares value outstanding, end of period (000)	$	7,500		$	7,500		$	7,500		$	7,500		$	7,500		$	7,500
Asset coverage per preferred share, end of period	$	73,186		$	73,731		$	72,671		$	73,433		$	73,886		$	74,706

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

59

FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.74		$	15.18		$	14.77		$	13.97		$	14.16		$	14.50
Investment operations:
Net investment income		0.54			1.11			1.12			1.15			1.12			1.11
Net realized and unrealized gain (loss)		(0.12	)		0.62			0.36			0.65			(0.34	)		(0.46	)
Dividends to preferred shareholders from net investment income		(0.15	)		(0.26	)		(0.16	)		(0.09	)		(0.08	)		(0.12	)
Net increase from investment operations		0.27			1.47			1.32			1.71			0.70			0.53
Dividends to common shareholders from net investment income		(0.46	)		(0.91	)		(0.91	)		(0.91	)		(0.89	)		(0.87	)
Net asset value, end of period	$	15.55		$	15.74		$	15.18		$	14.77		$	13.97		$	14.16
Market price, end of period	$	17.82		$	17.12		$	14.92		$	13.65		$	13.21		$	13.09
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.57	%		9.93	%		9.47	%		13.14	%		5.49	%		4.08	%
At market value		7.02	%		21.65	%		16.42	%		10.58	%		7.92	%		(5.49	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		0.88	%4		0.87	%		0.85	%		0.87	%		0.89	%		0.88	%
Expenses after fees waived and before fees paid indirectly		0.88	%4		0.87	%		0.86	%		0.88	%		0.89	%		0.90	%
Expenses before fees waived and paid indirectly		1.20	%4		1.25	%		1.25	%		1.28	%		1.30	%		1.31	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		6.99	%4		7.26	%		7.35	%		7.96	%		8.01	%		7.96	%
Preferred share dividends		1.90	%4		1.71	%		1.04	%		0.59	%		0.57	%		0.86	%
Net investment income available to common shareholders		5.09	%4		5.55	%		6.31	%		7.37	%		7.44	%		7.10	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	235,375		$	230,845		$	227,738		$	216,238		$	211,275		$	209,965
Portfolio turnover		14	%		17	%		28	%		15	%		34	%		44	%
Net assets applicable to common shareholders, end of period (000)	$	234,262		$	236,573		$	227,472		$	221,371		$	209,397		$	212,215
Preferred shares value outstanding, end of period (000)	$	131,950		$	131,950		$	131,950		$	131,950		$	131,950		$	131,950
Asset coverage per preferred share, end of period	$	69,398		$	69,836		$	68,107		$	66,945		$	64,675		$	65,211

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

60

FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.24		$	14.39		$	15.02		$	15.39		$	15.65		$	15.50
Investment operations:
Net investment income		0.42			0.82			0.84			0.98			1.04			1.05
Net realized and unrealized gain (loss)		(0.12	)		0.40			(0.35	)		(0.18	)		(0.39	)		0.02
Dividends and distributions to preferred shareholders from:
Net investment income		(0.11	)		(0.21	)		(0.15	)		(0.07	)		(0.08	)		(0.11	)
Net realized gains		(0.04	)		(0.05	)		(0.01	)		(0.02	)		—			—
Net increase from investment operations		0.15			0.96			0.33			0.71			0.57			0.96
Dividends and distributions to common shareholders from:
Net investment income		(0.31	)		(0.85	)		(0.85	)		(0.85	)		(0.83	)		(0.81	)
Net realized gains		(0.05	)		(0.26	)		(0.11	)		(0.23	)		—			—
Total dividends and distributions		(0.36	)		(1.11	)		(0.96	)		(1.08	)		(0.83	)		(0.81	)
Net asset value, end of period	$	14.03		$	14.24		$	14.39		$	15.02		$	15.39		$	15.65
Market price, end of period	$	13.70		$	16.00		$	14.85		$	14.30		$	14.47		$	14.50
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.05	%		6.46	%		2.19	%		5.00	%		3.98	%		6.63	%
At market value		(12.18	)%		15.91	%		10.76	%		6.32	%		5.52	%		6.52	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		1.33	%4		1.37	%		1.29	%		1.27	%		1.29	%		1.20	%
Expenses after fees waived and before fees paid indirectly		1.33	%4		1.43	%		1.32	%		1.31	%		1.29	%		1.20	%
Expenses before fees waived and paid indirectly		1.34	%4		1.43	%		1.32	%		1.31	%		1.29	%		1.20	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		5.96	%4		5.80	%		5.69	%		6.48	%		6.69	%		6.76	%
Preferred share dividends		1.57	%4		1.49	%		1.05	%		0.46	%		0.51	%		0.69	%
Net investment income available to common shareholders		4.39	%4		4.31	%		4.64	%		6.02	%		6.18	%		6.07	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	15,921		$	15,930		$	16,626		$	17,035		$	17,561		$	17,427
Portfolio turnover		9	%		57	%		15	%		13	%		17	%		8	%
Net assets applicable to common shareholders, end of period (000)	$	15,812		$	16,054		$	16,214		$	16,929		$	17,347		$	17,639
Preferred shares value outstanding, end of period (000)	$	8,500		$	8,500		$	8,500		$	8,500		$	8,500		$	8,500
Asset coverage per preferred share, end of period	$	71,515		$	72,229		$	72,696		$	74,795		$	76,021		$	76,886

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

61

FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.68		$	15.48		$	15.27		$	14.68		$	14.57		$	14.37
Investment operations:
Net investment income		0.54			1.11			1.11			1.12			1.11			1.07
Net realized and unrealized gain (loss)		(0.11	)		0.26			0.17			0.45			(0.03	)		0.13
Dividends to preferred shareholders from net investment income		(0.15	)		(0.27	)		(0.17	)		(0.08	)		(0.08	)		(0.12	)
Net increase from investment operations		0.28			1.10			1.11			1.49			1.00			1.08
Dividends to common shareholders from net investment income		(0.45	)		(0.90	)		(0.90	)		(0.90	)		(0.89	)		(0.87	)
Capital charges with respect to issuance of preferred shares		—			—			—			—			—			(0.01	)
Net asset value, end of period	$	15.51		$	15.68		$	15.48		$	15.27		$	14.68		$	14.57
Market price, end of period	$	16.60		$	16.30		$	15.25		$	14.40		$	13.36		$	13.65
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.81	%		7.34	%		7.63	%		11.02	%		7.39	%		7.86	%
At market value		4.82	%		13.26	%		12.44	%		15.04	%		4.30	%		0.16	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		0.93	%4		0.92	%		0.90	%		0.93	%		0.94	%		0.96	%
Expenses after fees waived and before fees paid indirectly		0.93	%4		0.93	%		0.91	%		0.93	%		0.95	%		0.98	%
Expenses before fees waived and paid indirectly		1.25	%4		1.30	%		1.30	%		1.32	%		1.35	%		1.38	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.03	%4		7.12	%		7.16	%		7.49	%		7.50	%		7.59	%
Preferred share dividends		1.96	%4		1.75	%		1.11	%		0.55	%		0.53	%		0.82	%
Net investment income available to common shareholders		5.07	%4		5.37	%		6.05	%		6.94	%		6.97	%		6.77	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	103,843		$	103,431		$	103,432		$	100,002		$	98,081		$	93,558
Portfolio turnover		8	%		20	%		10	%		10	%		19	%		35	%
Net assets applicable to common shareholders, end of period (000)	$	103,492		$	104,451		$	102,944		$	101,512		$	97,589		$	96,816
Preferred shares value outstanding, end of period (000)	$	57,550		$	57,550		$	57,550		$	57,550		$	57,550		$	57,550
Asset coverage per preferred share, end of period	$	69,972		$	70,391		$	69,729		$	69,101		$	67,394		$	67,060

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

62

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	14.47		$	14.48		$	14.79		$	14.90		$	14.64		$	14.85
Investment operations:
Net investment income		0.45			0.85			0.87			0.97			1.00			1.02
Net realized and unrealized gain (loss)		(0.04	)		0.34			(0.21	)		(0.20	)		0.12			(0.39	)
Dividends and distributions to preferred shareholders from:
Net investment income		(0.11	)		(0.20	)		(0.15	)		(0.07	)		(0.06	)		(0.09	)
Net realized gains		(0.02	)		(0.03	)		—			—			—			—
Net increase from investment operations		0.28			0.96			0.51			0.70			1.06			0.54
Dividends and distributions to common shareholders from:
Net investment income		(0.42	)		(0.84	)		(0.82	)		(0.81	)		(0.80	)		(0.75	)
Net realized gains		(0.04	)		(0.13	)		—			—			—			—
Total dividends and distributions		(0.46	)		(0.97	)		(0.82	)		(0.81	)		(0.80	)		(0.75	)
Net asset value, end of period	$	14.29		$	14.47		$	14.48		$	14.79		$	14.90		$	14.64
Market price, end of period	$	17.19		$	15.95		$	14.70		$	15.00		$	14.80		$	13.30
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.37	%		6.14	%		3.43	%		5.00	%		7.48	%		4.07	%
At market value		10.63	%		15.25	%		3.53	%		7.14	%		17.59	%		2.07	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		1.35	%4		1.41	%		1.34	%		1.34	%		1.39	%		1.31	%
Expenses after fees waived and before fees paid indirectly		1.35	%4		1.51	%		1.37	%		1.37	%		1.39	%		1.31	%
Expenses before fees waived and paid indirectly		1.35	%4		1.51	%		1.37	%		1.37	%		1.39	%		1.31	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		6.30	%4		5.91	%		5.89	%		6.50	%		6.72	%		6.93	%
Preferred share dividends		1.48	%4		1.41	%		1.00	%		0.47	%		0.41	%		0.61	%
Net investment income available to common shareholders		4.82	%4		4.50	%		4.89	%		6.03	%		6.31	%		6.32	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	14,473		$	14,499		$	14,873		$	14,974		$	14,975		$	14,791
Portfolio turnover		14	%		27	%		19	%		12	%		4	%		14	%
Net assets applicable to common shareholders, end of period (000)	$	14,390		$	14,576		$	14,581		$	14,900		$	15,007		$	14,747
Preferred shares value outstanding, end of period (000)	$	7,500		$	7,500		$	7,500		$	7,500		$	7,500		$	7,500
Asset coverage per preferred share, end of period	$	72,983		$	73,603		$	73,612		$	74,670		$	75,026		$	74,159

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

63

FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Income Trust (BNJ)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	16.35		$	15.87		$	15.38		$	14.59		$	14.29		$	14.26
Investment operations:
Net investment income		0.58			1.17			1.17			1.16			1.15			1.10
Net realized and unrealized gain (loss)		(0.10	)		0.52			0.42			0.61			0.11			(0.07	)
Dividends to preferred shareholders from net investment income		(0.14	)		(0.26	)		(0.18	)		(0.08	)		(0.08	)		(0.12	)
Net increase from investment operations		0.34			1.43			1.41			1.69			1.18			0.91
Dividends to common shareholders from net investment income		(0.48	)		(0.95	)		(0.92	)		(0.90	)		(0.88	)		(0.87	)
Capital charges with respect to issuance of preferred shares		—			—			—			—			—			(0.01	)
Net asset value, end of period	$	16.21		$	16.35		$	15.87		$	15.38		$	14.59		$	14.29
Market price, end of period	$	19.28		$	18.40		$	15.91		$	14.45		$	14.04		$	13.64
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.89	%		9.18	%		9.60	%		12.29	%		8.68	%		6.61	%
At market value		7.62	%		22.56	%		16.95	%		9.63	%		9.59	%		(2.25	) %
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		0.90	%4		0.89	%		0.89	%		0.91	%		0.93	%		0.93	%
Expenses after fees waived and before fees paid indirectly		0.90	%4		0.91	%		0.90	%		0.91	%		0.94	%		0.97	%
Expenses before fees waived and paid indirectly		1.21	%4		1.27	%		1.28	%		1.30	%		1.34	%		1.37	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.15	%4		7.31	%		7.37	%		7.74	%		7.85	%		7.81	%
Preferred share dividends		1.77	%4		1.63	%		1.12	%		0.56	%		0.57	%		0.88	%
Net investment income available to common shareholders		5.38	%4		5.68	%		6.25	%		7.18	%		7.28	%		6.93	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	121,688		$	119,542		$	117,596		$	111,263		$	107,900		$	104,241
Portfolio turnover		13	%		2	%		6	%		16	%		13	%		50	%
Net assets applicable to common shareholders, end of period (000)	$	121,288		$	121,987		$	117,739		$	114,019		$	108,172		$	105,985
Preferred shares value outstanding, end of period (000)	$	63,800		$	63,800		$	63,800		$	63,800		$	63,800		$	63,800
Asset coverage per preferred share, end of period	$	72,537		$	72,812		$	71,142		$	69,682		$	67,387		$	66,538

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.
The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

64

FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.18		$	15.03		$	15.35		$	15.34		$	15.47		$	15.28
Investment operations:
Net investment income		0.47			0.97			0.96			0.96			1.03			1.06
Net realized and unrealized gain (loss)		(0.13	)		0.37			(0.26	)		—			(0.21	)		0.06
Dividends and distributions to preferred shareholders from:
Net investment income		(0.12	)		(0.21	)		(0.14	)		(0.07	)		(0.07	)		(0.09	)
Net realized gains		(0.01	)		(0.02	)		—			—			—			—
Net increase from investment operations		0.21			1.11			0.56			0.89			0.75			1.03
Dividends and distributions to common shareholders from:
Net investment income		(0.43	)		(0.88	)		(0.88	)		(0.88	)		(0.88	)		(0.84	)
Net realized gains		(0.01	)		(0.08	)		—			—			—			—
Total dividends and distributions		(0.44	)		(0.96	)		(0.88	)		(0.88	)		(0.88	)		(0.84	)
Net asset value, end of period	$	14.95		$	15.18		$	15.03		$	15.35		$	15.34		$	15.47
Market price, end of period	$	16.85		$	16.65		$	14.75		$	14.50		$	14.18		$	14.40
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.06	%		7.32	%		3.97	%		6.48	%		5.42	%		7.19	%
At market value		3.85	%		19.95	%		8.01	%		8.81	%		4.69	%		7.42	%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		1.21	%4		1.25	%		1.20	%		1.21	%		1.24	%		1.17	%
Expenses after fees waived and before fees paid indirectly		1.21	%4		1.33	%		1.24	%		1.24	%		1.24	%		1.17	%
Expenses before fees waived and paid indirectly		1.22	%4		1.33	%		1.24	%		1.24	%		1.24	%		1.17	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		6.33	%4		6.48	%		6.30	%		6.29	%		6.68	%		6.97	%
Preferred share dividends		1.59	%4		1.42	%		0.91	%		0.46	%		0.44	%		0.60	%
Net investment income available to common shareholders		4.74	%4		5.06	%		5.39	%		5.83	%		6.24	%		6.37	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	19,704		$	19,527		$	19,993		$	20,019		$	20,158		$	19,915
Portfolio turnover		29	%		24	%		10	%		23	%		36	%		7	%
Net assets applicable to common shareholders, end of period (000)	$	19,542		$	19,839		$	19,643		$	20,066		$	20,053		$	20,222
Preferred shares value outstanding, end of period (000)	$	9,800		$	9,800		$	9,800		$	9,800		$	9,800		$	9,800
Asset coverage per preferred share, end of period	$	74,855		$	75,614		$	75,111		$	76,195		$	76,159		$	76,590

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

65

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

	Six Months Ended April 30, 2007 (unaudited)
				Year Ended October 31,
				2006			2005			2004			2003			2002
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period	$	15.88		$	15.44		$	15.28		$	14.76		$	14.47		$	14.09
Investment operations:
Net investment income		0.56			1.13			1.14			1.14			1.14			1.09
Net realized and unrealized gain (loss)		(0.12	)		0.47			0.09			0.36			0.13			0.29
Dividends to preferred shareholders from net investment income		(0.14	)		(0.26	)		(0.17	)		(0.08	)		(0.09	)		(0.13	)
Net increase from investment operations		0.30			1.34			1.06			1.42			1.18			1.25
Dividends to common shareholders from net investment income		(0.45	)		(0.90	)		(0.90	)		(0.90	)		(0.89	)		(0.87	)
Net asset value, end of period	$	15.73		$	15.88		$	15.44		$	15.28		$	14.76		$	14.47
Market price, end of period	$	17.59		$	17.35		$	15.19		$	13.99		$	13.45		$	13.42
TOTAL INVESTMENT RETURNS:1
At net asset value2		1.80	%		8.91	%		7.38	%		10.46	%		8.84	%		9.45	%
At market value		4.19	%		20.95	%		15.38	%		10.99	%		6.95	%		(2.25	)%
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3
Expenses after fees waived and paid indirectly		0.88	%4		0.87	%		0.86	%		0.87	%		0.88	%		0.90	%
Expenses after fees waived and before fees paid indirectly		0.88	%4		0.88	%		0.87	%		0.87	%		0.89	%		0.92	%
Expenses before fees waived and paid indirectly		1.20	%4		1.25	%		1.26	%		1.27	%		1.29	%		1.33	%
Net investment income after fees waived and paid indirectly and before preferred share dividends		7.22	%4		7.30	%		7.35	%		7.62	%		7.73	%		7.87	%
Preferred share dividends		1.76	%4		1.69	%		1.08	%		0.56	%		0.62	%		0.93	%
Net investment income available to common shareholders		5.46	%4		5.61	%		6.27	%		7.06	%		7.11	%		6.94	%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000)	$	199,128		$	195,439		$	194,038		$	188,476		$	183,648		$	173,885
Portfolio turnover		12	%		27	%		24	%		13	%		14	%		57	%
Net assets applicable to common shareholders, end of period (000)	$	198,353		$	199,717		$	193,457		$	191,274		$	184,874		$	181,200
Preferred shares value outstanding, end of period (000)	$	109,750		$	109,750		$	109,750		$	109,750		$	109,750		$	109,750
Asset coverage per preferred share, end of period	$	70,190		$	70,502		$	69,073		$	68,575		$	67,115		$	66,279

1	Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.
2	Unaudited.
3	Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.
4	Annualized.

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

See Notes to Financial Statements.

66

NOTES TO FINANCIAL STATEMENTS (unaudited)

Note 1. Organization & Accounting Policies

BlackRock Investment Quality Municipal Trust Inc. (“Investment Quality Municipal”), BlackRock California Investment Quality Municipal Trust Inc. (“California Investment Quality”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“New Jersey Investment Quality”) and BlackRock New York Investment Quality Municipal Trust Inc. (“New York Investment Quality”) were organized as Maryland corporations. BlackRock Florida Investment Quality Municipal Trust (“Florida Investment Quality”) was organized as a Massachusetts business trust. Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality are herein referred to as the Investment Quality Trusts. BlackRock Municipal Income Trust (“Municipal Income”), BlackRock California Municipal Income Trust (“California Income”), BlackRock Florida Municipal Income Trust (“Florida Income”), BlackRock New Jersey Municipal Income Trust (“New Jersey Income”), BlackRock New York Municipal Income Trust (“New York Income”) (collectively the “Income Trusts”) and BlackRock Long-Term Municipal Advantage Trust (“Long-Term Municipal”) were organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and Long-Term Municipal are referred to herein collectively as the “Trusts”. Investment Quality Municipal and Municipal Income are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). Long-Term Municipal, California Investment Quality, California Income, Florida Investment Quality, Florida Income, New Jersey Investment Quality, New Jersey Income, New York Investment Quality and New York Income are registered as non-diversified, closed-end management investment companies under the 1940 Act.

          Long-Term Municipal was organized on November 7, 2005 and had no capital transactions until January 4, 2006 when the Trust sold 9,704 common shares for $139,010 to BlackRock Funding, Inc. Investment operations for Long-Term Municipal commenced on February 28, 2006. Long-Term Municipal incurred organization costs which were deferred from the organization date until the commencement of operations.

          Under the Trusts’ organizational documents, their officers and Trustees (as defined below) are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts’ maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.

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

Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (“Trustees”) or Board of Directors, as the case may be (each, a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. Swap quotations are provided by dealers selected under supervision of the Board. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value per share. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets is subsequently reported to the Board.

          When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations are based upon all available factors that the Trust’s investment advisor and/or sub-advisor deems relevant.

          In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. At this time, management is evaluating the implications of FAS 157 and its impact on the Trusts’ financial statements, if any, has not been determined.

          In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Trusts’ financial statements, if any, has not been determined.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of the specific identification method, generally first-in, first-out, for both financial reporting and federal income tax purposes. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period

67

the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract.

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

Forward Starting Swaps: A forward starting swap is are an agreement for an interest rate swap asset or liability to be created or sold in the future. Interest rate swaps are an agreement in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. The Trusts generally intend to close each forward starting swap before the accrual date specified in the agreement and therefore avoid entering into the interest rate swap underlying each forward starting swap.

          During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by “marking-to-market” daily based upon quotations from market makers to reflect the market value of the swap. When the swap is terminated, a Trust will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any.

          Entering into these agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest and/or exchange rates. However, the Advisor of the Trusts monitor swaps and do not anticipate non-performance by any counterparty.

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

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax provisions have been recorded.

          In July 2006, Financial Accounting Standards Board released FASB Interpretation No. 48 (“FIN 48”) “Accounting for Uncertainty in Income Taxes.” FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trust’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact on the Trusts’ financial statements, if any, has not yet been determined.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed in accordance with the 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 6.

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

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

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

Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally pro rated to the Trusts on the basis of relative net assets of all the BlackRock Closed-End Funds.

68

Note 2. Tender Option Bond Residuals

Long-Term Municipal invests in highly leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which Long-Term Municipal, or an agent on behalf, transfers municipal securities. The TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates, which are generally issued to Long-Term Municipal. The transfer of the municipal securities to a TOB does not qualify for sale treatment under Statement of Financial Accounting Standards No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities”, and therefore the municipal securities deposited into a TOB are presented in Long-Term Municipal’s schedule of investments and the proceeds from the transaction are reported as a liability for trust certificates of Long-Term Municipal. Interest income from the underlying security is recorded by Long-Term Municipal on an accrual basis. Interest expense incurred on the secured borrowing and other expenses relating to remarketing, administration and trustee services to a TOB are reported as expenses of Long-Term Municipal. 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. The residual interests held by the Portfolios include the right of the Portfolios (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par, and (2) to transfer a corresponding share of the municipal securities from the TOB to the Portfolios. The proceeds received from the transaction are used by Long-Term Municipal to purchase additional municipal bonds or other investments permitted by Long-Term Municipal’s investment policies. At April 30, 2007, the aggregate value of the underlying municipal securities transferred to TOB’s and the liability for trust certificates amounted to $173,233,173 and $172,943,596, respectively.

          Financial transactions executed through TOB’s generally will under perform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, Long-Term Municipal’s investment in TOB Residuals likely will adversely affect the Trust’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect the Trust’s net asset value per share. Long-Term Municipal invests in highly leveraged TOB Residuals and consequently may lose money in excess of the amount of its investment. Long-Term Municipal invests in residual certificates for the purpose of using economic leverage as a more flexible alternative to the issuance of preferred shares.

Note 3. Agreements and Other Transactions with Affiliates and Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to each Trust. Merrill Lynch & Co., Inc. and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc. The investment management agreement for each Income Trust and Long-Term Municipal covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor.

          The Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the Investment Quality Trusts and 0.60% for the Income Trusts, of the Trust’s average weekly managed assets. “Managed Assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Income Trusts as a percentage of Managed Assets as follows: 0.25% for the first five years of each of the Trust’s operations from 2001 through 2006, 0.20% in 2007, 0.15% in 2008, 0.10% in 2009 and 0.05% in 2010.

          The administration fee to the advisor is computed weekly and payable monthly based on an annual rate of 0.15% for the Municipal Investment Quality Trust and 0.10% for the California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality of the Trusts’ average weekly managed assets.

          Long-Term Municipal’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate equal to 1.00% of the average weekly net assets. ‘‘Net Assets’’ means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory or other expenses of Long-Term Municipal in the amount of 0.40% of the average weekly value of the Long-Term Municipal’s Net Assets for the first five years of the Trust’s operations from 2006 through 2011 and for declining amounts for the following three years, 0.30% in 2012, 0.20% in 2013 and 0.10% in 2014.

          The Advisor has agreed to reimburse its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investments in affiliated money market funds, which is shown on the Statement of Operations as “fees waived by Advisor.”

          The Advisor pays BFM fees for its sub-advisory services.

          Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support, and compliance services to each Trust. For the six months ended April 30, 2007, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statement of Operations:

Trust		Amount
Investment Quality Municipal	$	8,134
Municipal Income		17,195
Long-Term Municipal		3,689
California Investment Quality		474
California Income		6,773
Florida Investment Quality		564

Trust		Amount
Florida Income	$	3,142
New Jersey Investment Quality		479
New Jersey Income		3,439
New York Investment Quality		649
New York Income		5,873

69

          Pursuant to the terms of their custody agreement, each Trust may receive earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These credits are shown on the Statement of Operations as “fees paid indirectly”.

          Investments in companies considered to be an affiliate of the Trusts, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

Trust	Portfolio Company	Net Activity (000)		Dividend/ Interest Income
Investment Quality Municipal	Merrill Lynch Institutional Tax Exempt Fund		4,300	$	39,535
Municipal Income	Merrill Lynch Institutional Tax Exempt Fund		12,600		83,108
Long-Term Municipal	Merrill Lynch Institutional Tax Exempt Fund		7,500		2,847
California Investment Quality	CMA California Mun. Money Fund		1,004		6,933
California Income	CMA California Mun. Money Fund		13,143		46,302
Florida Investment Quality	CMA Florida Mun. Money Fund		101		921
Florida Income	CMA Florida Mun. Money Fund		2,510		11,862
New Jersey Investment Quality	CMA New Jersey Mun. Money Fund		1,100		689
New Jersey Income	CMA New Jersey Mun. Money Fund		4,602		5,004
New York Investment Quality	CMA New York Mun. Money Fund		103		4,184
New York Income	CMA New York Mun. Money Fund		1,215		17,465

          During the six months ended April 30, 2007, Merrill Lynch & Co., Inc., through their affiliated broker dealer, Merrill Lynch, Pierce, Fenner & Smith, Inc., earned commissions on transactions of securities as follows:

Trust	Commission Amount
Long-Term Municipal Advantage		$	1,320
California Investment Quality			66

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2007, were as follows:

Trust	Purchases		Sales
Investment Quality Municipal	$	52,997,461	$	32,442,458
Municipal Income		127,488,188		92,790,046
Long-Term Municipal		84,008,564		96,087,599
California Investment Quality		5,842,061		3,139,516
California Income		47,696,360		54,955,373
Florida Investment Quality		5,853,795		2,145,627

Trust	Purchases		Sales
Florida Income	$	17,357,532	$	12,112,229
New Jersey Investment Quality		6,574,803		2,996,764
New Jersey Income		23,889,086		26,055,078
New York Investment Quality		8,459,618		8,360,098
New York Income		41,465,000		37,155,581

          There were no purchases or sales of U.S. government securities for the six months ended April 30, 2007.

          Details of open forward starting swap agreements at April 30, 2007 were as follows:

Trust	Notional Amount		Fixed Rate(a)		Counter Party	Floating Rate		Effective Date	Termination Date	Unrealized Appreciation (Depreciation)
Investment	$	12,000,000	3.756	%	JP Morgan	1-week BMA Municipal Swap Index		05/04/07	05/04/16		$	(118,200	)
Quality		13,600,000	3.595		CitiBank	1-week BMA Municipal Swap Index		06/14/07	06/14/17			71,419
Municipal		40,250,000	3.636		JP Morgan	1-week BMA Municipal Swap Index		06/27/07	06/27/17			92,173
		8,500,000	3.878		CitiBank	1-week BMA Municipal Swap Index		06/21/07	06/21/32			113,397
											$	158,789
Municipal		46,750,000	3.756	%	JP Morgan	1-week BMA Municipal Swap Index		05/04/07	05/04/16		$	(460,488	)
Income		34,500,000	3.636		JP Morgan	1-week BMA Municipal Swap Index		06/27/07	06/27/17			79,005
		51,325,000	3.595		CitiBank	1-week BMA Municipal Swap Index		06/14/07	06/14/17			269,528
		32,000,000	3.878		CitiBank	1-week BMA Municipal Swap Index		06/21/07	06/21/32			426,909
											$	314,954
Long-Term
Municipal		13,000,000	3.636	%	JP Morgan	1-week BMA Municipal Swap Index		06/27/07	06/27/17		$	29,770
California		10,500,000	3.987	%	JP Morgan	1-week BMA Municipal Swap Index	��	05/04/07	05/04/27		$	45,588
Income		8,000,000	3.878		CitiBank	1-week BMA Municipal Swap Index		06/21/07	06/21/32			106,727
											$	152,315

70

Trust	Notional Amount		Fixed Rate(a)			Counter Party	Floating Rate	Effective Date	Termination Date	Unrealized Appreciation (Depreciation)
Florida Investment
Quality	$	2,500,000		3.580	%	JP Morgan	1-week BMA Municipal Swap Index	06/04/07	06/04/14		$	7,625
Florida		4,000,000		3.987	%	JP Morgan	1-week BMA Municipal Swap Index	05/04/07	05/04/27			17,367
Income		3,300,000		3.607		CitiBank	1-week BMA Municipal Swap Index	06/20/07	06/20/17			(27,489	)
												(10,122	)
New Jersey
Income		1,100,000		3.883	%	CitiBank	1-week BMA Municipal Swap Index	06/20/07	06/20/37			20,625
New York		1,000,000		3.883	%	CitiBank	1-week BMA Municipal Swap Index	06/20/07	06/20/37			18,750
Income		7,750,000		3.878		CitiBank	1-week BMA Municipal Swap Index	06/21/07	06/21/32			103,392
												122,142

^(a)        Trust will pay fixed interest rate and receive floating interest rate beginning on the effective date.

BMA—Bond Market Association.

Note 5. Income Tax Information

The tax character of distributions paid during the year ended October 31, 2006 were as follows:

	Year ended October 31, 2006
Distributions Paid From:	Tax-exempt Income			Ordinary Income			Long-term Capital Gains			Total Distributions
Investment Quality Municipal		$	22,393,077		$	—		$	—		$	22,393,077
Municipal Income			55,312,288			75,431			—			55,387,719
Long-Term Municipal			6,393,277			—			—			6,393,277
California Investment Quality			1,069,125			—			—			1,069,125
California Income			17,652,513			—			—			17,652,513
Florida Investment Quality			1,193,991			2,626			339,437			1,536,054
Florida Income			7,830,368			—			—			7,830,368
New Jersey Investment Quality			1,051,755			—			152,406			1,204,161
New Jersey Income			9,057,294			—			—			9,057,294
New York Investment Quality			1,423,375			—			129,549			1,552,924
New York Income			14,642,419			—			—			14,642,419

          For federal income tax purposes, the following Trusts had capital loss carryforwards at April 30, 2007, the Trust’s last tax year-end except for New York Income which had its last tax year-end at July 31, 2006. These amounts may be used to offset future realized capital gains, if any:

Trust	Capital Loss Carryforward Amount			Expires		Trust		Capital Loss Carryforward Amount			Expires
Investment Quality Municipal		$	159,146		2012	California Income			$	389,453		2010
			904,137		2014					124,338		2011
		$	1,063,283							4,943,577		2012
Municipal Income		$	11,431,206		2011					1,350,312		2014
			15,767,388		2012				$	6,807,680
			4,991,782		2014		Florida Income		$	796,318		2012
		$	32,190,376				New Jersey Income		$	610,058		2012
Long-Term Municipal		$	1,005,040		2014		New York Income		$	276,399		2012

          Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward amounts.

Note 6. Capital

There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and Long-Term Municipal. Each Trust may classify or reclassify any unissued common shares into one or more series of Auction Market Preferred Shares (“preferred shares”). At April 30, 2007, the shares owned by an affiliate of the Advisor of Long-Term Municipal were 9,704.

71

          During the six months ended April 30, 2007 and the year ended October 31, 2006, the following Trusts issued additional shares under their respective dividend reinvestment plan:

Trust	April 30, 2007	October 31, 2006
Municipal Income	94,345	183,235
Long-Term Municipal	36,210	34,238
California Income	29,765	45,581
Florida Income	8,936	14,192
New Jersey Income	19,095	42,417
New York Income	27,760	52,616

          Long-Term Municipal, which commenced operations on February 28, 2006, issued 13,040,000 common shares under the initial public offering. An additional 225,000 shares were issued by the underwriters’ exercising their over-allotment option. Offering costs incurred in connection with the offering of common shares have been charged against the proceeds from the initial common share offering in the amount of $381,825.

          As of April 30, 2007, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

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

          Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges and average on the preferred shares for each of the Trusts for the six months ended April 30, 2007 were as follows:

Trust	Series	Low		High		Average		Trust	Series	Low		High		Average
Investment Quality Municipal	T7	3.13	%	3.90	%	3.48	%	California Income	T7	3.08	%	3.96	%	3.48	%
	T28	3.35		3.65		3.55			R7	2.90		4.00		3.33
Municipal Income	M7	3.10		3.90		3.55		Florida Investment Quality	R7	3.50		5.40		3.96
	T7	3.10		3.85		3.52		Florida Income	T7	3.30		3.90		3.55
	W7	3.16		3.90		3.49		New Jersey Investment Quality	T7	2.95		5.11		3.33
	R7	3.00		3.88		3.50		New Jersey Income	R7	3.00		3.80		3.39
	F7	3.10		4.00		3.54		New York Investment Quality	F7	2.90		3.80		3.38
California Investment Quality	W7	3.00		5.10		3.38		New York Income	W7	2.85		3.95		3.18
									F7	2.89		4.00		3.19

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

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

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

Note 7. Concentration Risk

The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states, other governmental entities and U.S. Territories, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principal and interest payments and therefore could impact the value of the Trusts’ investments and net asset value per share, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

72

          Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.

Note 8. Subsequent Events

Subsequent to April 30, 2007, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2007, to shareholders of record on May 15, 2007. The per share common dividends declared were as follows:

Trust	Common Dividend Per Share		Trust	Common Dividend Per Share
Investment Quality Municipal	$	0.085000	Florida Income	$	0.075375
Municipal Income		0.082625	New Jersey Investment Quality		0.068000
Long-Term Municipal		0.055000	New Jersey Income		0.079625
California Investment Quality		0.048000	New York Investment Quality		0.070000
California Income		0.076074	New York Income		0.075339
Florida Investment Quality		0.048000

          The dividends declared on preferred shares for the period May 1, 2007 to May 31, 2007 for each of the Trusts were as follows:

Trust	Series	Dividends Declared		Trust	Series		Dividends Declared
Investment Quality Municipal	T7	$	293,091	California Income		T7	$	233,710
	T28		180,492			R7		192,330
Municipal Income	M7		271,951	Florida Investment Quality		R7		25,432
	T7		268,229	Florida Income		T7		203,635
	W7		270,510	New Jersey Investment Quality		T7		25,746
	R7		214,812	New Jersey Income		R7		179,252
	F7		218,383	New York Investment Quality		F7		29,267
California Investment Quality	W7		25,083	New York Income		W7		188,265
						F7		138,746

73

DIVIDEND REINVESTMENT PLANS

          Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

          At present after an Investment Quality Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participant’s account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). The Investment Quality Trusts do not presently issue any new shares under the Plan, which serves as agent for the shareholders in administering the Plan.

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

          At a meeting of the Boards of Trustees of the Investment Quality Trusts on November 21, 2006, the Boards approved an amendment to the Dividend Reinvestment Plans of each Investment Quality Trust. Although the Plans presently permit shares to be purchases only the open market, as a result of the amendment, the Plans will permit purchases of newly issued shares on terms similar to the Income Trusts described in the next paragraph. The amendments will take effect on April 1, 2007.

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

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

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

74

ADDITIONAL INFORMATION

          Each Trust listed for trading on the New York Stock Exchange (“NYSE”) has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards and each Trust listed for trading on the American Stock Exchange (“AMEX”) has filed with the AMEX its corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

          The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

          During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts.

          Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www1.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain of the officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Donald Burke, Anne Ackerley, Bartholomew Battista, Vincent Tritto and Brian Kindelan—Managing Directors of the Advisor and the Sub-Advisor, Neal Andrews, James Kong and Jay Fife—Managing Director of the Sub-Advisor, Spencer Fleming—Director of the Advisor and the Sub-Advisor, Robert Mahar—Director of the Sub-Advisor.

Important Information Regarding the BlackRock Closed-End Funds Semi-Annual Investor Update

          The Semi-Annual Investor Update (“Update”) is available on the Internet and may be accessed through BlackRock’s website at http://www1.blackrock.com. The Update provides information on the fixed income markets and summaries of BlackRock Closed-End Funds’ investment objectives and strategies. It also contains recent news regarding the BlackRock Closed-End Funds.

          If you would like to receive a hard copy of the BlackRock Closed-End Funds Semi-Annual Investor Update, please call (800) 699-1BFM.

75

BlackRock Closed-End Funds

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer, Lead Trustee¹
Richard E. Cavanagh, Lead Trustee²
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito³ Officers
Robert S. Kapito, President
Donald C. Burke, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Neal Andrews, Assistant Treasurer
Jay Fife, Assistant Treasurer
Spencer Fleming, Assistant Treasurer
James Kong, Assistant Treasurer
Robert Mahar, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary Investment Advisor
BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM Sub-Advisor
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022 Accounting Agent and Custodian
State Street Bank and Trust Company
2 Avenue De Lafayette
Boston, MA 02111 Transfer Agent
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
(800) 699-1BFM Auction Agent⁴
Bank of New York
101 Barclay Street, 7 West
New York, NY 10286 Auction Agent⁵
Deutsche Bank Trust Company Americas
60 Wall Street, 8th Floor
New York, NY 10005 Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116 Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
4 Times Square
New York, NY 10036 Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022           This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change. BlackRock Closed-End Funds
c/o BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

1	Retired, effective December 31, 2006.
2	Effective as of January 1, 2007.
3	Resigned, effective December 31, 2006.
4	For the Income Trusts.
5	For the Investment Quality Trusts.

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Form N-Q, may also be obtained upon request without charge by calling (800) 699-1BFM.

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

CEF-SEMI-2-0407

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

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

Not applicable for semi-annual reports.

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

(a) Not applicable for semi-annual reports.

(b) Not applicable.

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

Not applicable because no such purchases were made during the period covered by this report.

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

No matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant's principal executive and principal financial officers have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant's 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.

(a) (1) Not applicable.

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

(a) (3) Not applicable.

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

SIGNATURES

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

(Registrant)        BlackRock New Jersey Municipal Income Trust       

By:	/s/ Donald C. Burke
Name:	Donald C. Burke
Title:	Treasurer
Date:	July 3, 2007

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

By:	/s/ Robert S. Kapito
Name:	Robert S. Kapito
Title:	Principal Executive Officer
Date:	July 3, 2007

By:	/s/ Donald C. Burke
Name:	Donald C. Burke
Title:	Principal Financial Officer
Date:	July 3, 2007