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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:             811-10339 
 
 
BlackRock Municipal Income Trust

(Exact name of Registrant as specified in charter)
   
100 Bellevue Parkway, Wilmington, DE 
19809 


(Address of principal executive offices) 
(Zip code) 

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

(Name and address of agent for service)
   
Registrant's telephone number, including area code:             888-825-2257
 
   
Date of fiscal year end:             October 31, 2005
 
   
Date of reporting period:             October 31, 2005
 

 


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



 

 

 

 

 

 

 

 

 

FIXED INCOME

 

LIQUIDITY

 

EQUITIES

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 

BlackRock

 

Closed-End Funds

 

Annual Report

 

 

 

OCTOBER 31, 2005

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Investment Quality Municipal Trust (BKN)

 

 

 

BlackRock Municipal Income Trust (BFK)

 

 

 

BlackRock California Investment Quality Municipal Trust (RAA)

 

 

 

BlackRock California Municipal Income Trust (BFZ)

 

 

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

 

BlackRock Florida Municipal Income Trust (BBF)

 

 

 

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

 

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

 

BlackRock New York Investment Quality Municipal Trust (RNY)

 

 

 

BlackRock New York Municipal Income Trust (BNY)

 

 

 

 

 

 


 

 

 

(BLACKROCK LOGO)

NOT FDIC INSURED

 

MAY LOSE VALUE

 

NO BANK GUARANTEE

 




TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Portfolios of Investments

 

12

 

 

 

Financial Statements

 

 

 

 

 

Statements of Assets and Liabilities

 

36

 

 

 

Statements of Operations

 

38

 

 

 

Statements of Changes in Net Assets

 

40

 

 

 

Financial Highlights

 

44

 

 

 

Notes to Financial Statements

 

54

 

 

 

Report of Independent Registered Public Accounting Firm

 

60

 

 

 

Dividend Reinvestment Plans

 

61

 

 

 

Board Review of Investment Management Agreements

 

62

 

 

 

Additional Information

 

65

 

 

 

Directors/Trustees Information

 

68


Privacy Principles of the Trusts

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

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

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



LETTER TO SHAREHOLDERS

October 31, 2005

Dear Shareholder:

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

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

          The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of October 31, 2005.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 























 

 

 

 

Tax-

 

Closing

 

 

 

 

 

 

Current

 

Equivalent

 

Market

 

 

 

 

Trust (Ticker)

 

Yield1

 

Yield1

 

Price

 

NAV

 











BlackRock Investment Quality Municipal Trust (BKN)

 

 

 

6.37

%

 

 

 

9.80

%

 

 

$

16.62

 

 

 

$

15.59

 

 























BlackRock Municipal Income Trust (BFK)

 

 

 

6.32

 

 

 

 

9.72

 

 

 

 

15.69

 

 

 

 

14.71

 

 























BlackRock California Investment Quality Municipal Trust (RAA)

 

 

 

5.38

 

 

 

 

8.28

 

 

 

 

15.75

 

 

 

 

14.20

 

 























BlackRock California Municipal Income Trust (BFZ)

 

 

 

6.12

 

 

 

 

9.42

 

 

 

 

14.92

 

 

 

 

15.18

 

 























BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

 

5.72

 

 

 

 

8.80

 

 

 

 

14.85

 

 

 

 

14.39

 

 























BlackRock Florida Municipal Income Trust (BBF)

 

 

 

5.93

 

 

 

 

9.12

 

 

 

 

15.25

 

 

 

 

15.48

 

 























BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

 

 

5.72

 

 

 

 

8.80

 

 

 

 

14.70

 

 

 

 

14.48

 

 























BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

 

6.01

 

 

 

 

9.25

 

 

 

 

15.91

 

 

 

 

15.87

 

 























BlackRock New York Investment Quality Municipal Trust (RNY)

 

 

 

5.95

 

 

 

 

9.15

 

 

 

 

14.75

 

 

 

 

15.03

 

 























BlackRock New York Municipal Income Trust (BNY)

 

 

 

5.95

 

 

 

 

9.15

 

 

 

 

15.19

 

 

 

 

15.44

 

 
























 

 

1

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

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

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

 

 

 

Sincerely,

 

 

 

-s- Laurence D. Fink

 

-s- Ralph L. Schlosstein

 

Laurence D. Fink

 

Ralph L. Schlosstein

Chief Executive Officer

 

President

BlackRock Advisors, Inc.

 

BlackRock Advisors, Inc.

1



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Investment Quality Municipal Trust (BKN)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BKN

 



Initial Offering Date:

 

February 19, 1993

 



Closing Market Price as of 10/31/05:

 

 

$

16.62

 

 








Net Asset Value as of 10/31/05:

 

 

$

15.59

 

 








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

 

 

 

6.37

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.088250

 

 








Current Annualized Distribution per Common Share:2

 

 

$

1.05900

 

 








Leverage as of 10/31/05:3

 

 

 

36

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

16.62

 

 

 

$

15.12

 

 

 

 

9.92

%

 

 

$

17.28

 

 

 

$

14.31

 

 




























NAV

 

 

$

15.59

 

 

 

$

15.71

 

 

 

 

(0.76

)%

 

 

$

16.09

 

 

 

$

15.53

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition













Sector

 

October 31, 2005

 

October 31, 2004

 







City, County & State

 

 

 

17

%

 

 

 

18

%

 













Industrial & Pollution Control

 

 

 

17

 

 

 

 

13

 

 













Lease Revenue

 

 

 

11

 

 

 

 

12

 

 













Hospitals

 

 

 

11

 

 

 

 

11

 

 













Education

 

 

 

11

 

 

 

 

11

 

 













Transportation

 

 

 

10

 

 

 

 

8

 

 













Power

 

 

 

7

 

 

 

 

8

 

 













Tax Revenue

 

 

 

7

 

 

 

 

6

 

 













Housing

 

 

 

7

 

 

 

 

3

 

 













Water & Sewer

 

 

 

1

 

 

 

 

3

 

 













Tobacco

 

 

 

1

 

 

 

 

3

 

 













Other

 

 

 

 

 

 

 

4

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4













Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

50

%

 

 

 

44

%

 













AA/Aa

 

 

 

10

 

 

 

 

6

 

 













A

 

 

 

12

 

 

 

 

19

 

 













BBB/Baa

 

 

 

9

 

 

 

 

21

 

 













BB/Ba

 

 

 

12

 

 

 

 

2

 

 













Not Rated

 

 

 

7

 

 

 

 

8

 

 














 

 


4

Using  the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.

2



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Municipal Income Trust (BFK)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BFK

 



Initial Offering Date:

 

July 27, 2001

 



Closing Market Price as of 10/31/05:

 

 

$

15.69

 

 








Net Asset Value as of 10/31/05:

 

 

$

14.71

 

 








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

 

 

 

6.32

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.082625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.991500

 

 








Leverage as of 10/31/05:3

 

 

 

37

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

15.69

 

 

 

$

14.05

 

 

 

 

11.67

%

 

 

$

16.08

 

 

 

$

13.59

 

 




























NAV

 

 

$

14.71

 

 

 

$

14.26

 

 

 

 

3.16

%

 

 

$

15.25

 

 

 

$

14.10

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







Hospitals

 

 

 

23

%

 

 

 

23

%

 













Industrial & Pollution Control

 

 

 

21

 

 

 

 

19

 

 













Housing

 

 

 

11

 

 

 

 

7

 

 













Transportation

 

 

 

11

 

 

 

 

8

 

 













City, County & State

 

 

 

8

 

 

 

 

13

 

 













Lease Revenue

 

 

 

7

 

 

 

 

7

 

 













Tax Revenue

 

 

 

6

 

 

 

 

3

 

 













Education

 

 

 

5

 

 

 

 

6

 

 













Tobacco

 

 

 

4

 

 

 

 

4

 

 













Power

 

 

 

3

 

 

 

 

1

 

 













Water & Sewer

 

 

 

1

 

 

 

 

4

 

 













Other

 

 

 

 

 

 

 

5

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4







Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

26

%

 

 

 

19

%

 













AA/Aa

 

 

 

6

 

 

 

 

4

 

 













A

 

 

 

27

 

 

 

 

32

 

 













BBB/Baa

 

 

 

18

 

 

 

 

32

 

 













BB/Ba

 

 

 

5

 

 

 

 

2

 

 













B

 

 

 

10

 

 

 

 

4

 

 













Not Rated

 

 

 

8

 

 

 

 

7

 

 














 

 


4

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

3



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock California Investment Quality Municipal Trust (RAA)

 


 

 

 

 

 

 

 

Trust Information





Symbol on American Stock Exchange:

 

RAA

 



Initial Offering Date:

 

May 28, 1993

 



Closing Market Price as of 10/31/05:

 

 

$

15.75

 

 








Net Asset Value as of 10/31/05:

 

 

$

14.20

 

 








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

 

 

 

5.38

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.070600

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.847200

 

 








Leverage as of 10/31/05:3

 

 

 

34

%

 









 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

15.75

 

 

 

$

14.30

 

 

 

 

10.14

%

 

 

$

16.15

 

 

 

$

13.76

 

 




























NAV

 

 

$

14.20

 

 

 

$

14.43

 

 

 

 

(1.59

)%

 

 

$

14.65

 

 

 

$

14.20

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







Lease Revenue

 

 

 

20

%

 

 

 

24

%

 













City, County & State

 

 

 

18

 

 

 

 

24

 

 













Transportation

 

 

 

18

 

 

 

 

14

 

 













Hospitals

 

 

 

11

 

 

 

 

 

 













Education

 

 

 

10

 

 

 

 

11

 

 













Industrial & Pollution Control

 

 

 

7

 

 

 

 

8

 

 













Water & Sewer

 

 

 

7

 

 

 

 

2

 

 













Power

 

 

 

5

 

 

 

 

7

 

 













Tobacco

 

 

 

4

 

 

 

 

10

 

 













 

Credit Quality Allocations4


Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

38

%

 

 

 

36

%

 













AA/Aa

 

 

 

7

 

 

 

 

7

 

 













A

 

 

 

18

 

 

 

 

18

 

 













BBB/Baa

 

 

 

21

 

 

 

 

22

 

 













B

 

 

 

5

 

 

 

 

5

 

 













Not Rated

 

 

 

11

 

 

 

 

12

 

 














 

 


4

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

4



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock California Municipal Income Trust (BFZ)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BFZ

 



Initial Offering Date:

 

July 27, 2001

 



Closing Market Price as of 10/31/05:

 

 

$

14.92

 

 








Net Asset Value as of 10/31/05:

 

 

$

15.18

 

 








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

 

 

 

6.12

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.076074

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.912888

 

 








Leverage as of 10/31/05:3

 

 

 

37

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 



Market Price

 

 

$

14.92

 

 

 

$

13.65

 

 

 

 

9.30

%

 

 

$

15.58

 

 

 

$

13.27

 

 




























NAV

 

 

$

15.18

 

 

 

$

14.77

 

 

 

 

2.78

%

 

 

$

15.56

 

 

 

$

14.62

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







City, County & State

 

 

 

19

%

 

 

 

22

%

 













Lease Revenue

 

 

 

19

 

 

 

 

14

 

 













Transportation

 

 

 

16

 

 

 

 

12

 

 













Hospitals

 

 

 

13

 

 

 

 

9

 

 













Housing

 

 

 

12

 

 

 

 

6

 

 













Education

 

 

 

10

 

 

 

 

10

 

 













Power

 

 

 

7

 

 

 

 

7

 

 













Industrial & Pollution Control

 

 

 

2

 

 

 

 

2

 

 













Tobacco

 

 

 

2

 

 

 

 

11

 

 













Other

 

 

 

 

 

 

 

7

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

38

%

 

 

 

28

%

 













AA/Aa

 

 

 

3

 

 

 

 

3

 

 













A

 

 

 

30

 

 

 

 

33

 

 













BBB/Baa

 

 

 

14

 

 

 

 

24

 

 













B

 

 

 

3

 

 

 

 

1

 

 













Not Rated

 

 

 

12

 

 

 

 

11

5

 














 

 


4

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

5

The  investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of October 31, 2004, the market value of these securities was $8,107,293, representing 2.3%, of the Trust’s long-term investments.

5



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Florida Investment Quality Municipal Trust (RFA)

 


 

 

 

 

 

 

 

Trust Information





Symbol on American Stock Exchange:

 

RFA

 



Initial Offering Date:

 

May 28, 1993

 



Closing Market Price as of 10/31/05:

 

 

$

14.85

 

 








Net Asset Value as of 10/31/05:

 

 

$

14.39

 

 








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

 

 

 

5.72

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.070781

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.849372

 

 








Leverage as of 10/31/05:3

 

 

 

34

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

14.85

 

 

 

$

14.30

 

 

 

 

3.85

%

 

 

$

15.55

 

 

 

$

13.90

 

 




























NAV

 

 

$

14.39

 

 

 

$

15.02

 

 

 

 

(4.19

)%

 

 

$

15.01

 

 

 

$

14.38

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







Education

 

 

 

17

%

 

 

 

16

%

 













Hospitals

 

 

 

17

 

 

 

 

12

 

 













Transportation

 

 

 

16

 

 

 

 

16

 

 













City, County & State

 

 

 

14

 

 

 

 

14

 

 













Tax Revenue

 

 

 

12

 

 

 

 

20

 

 













Lease Revenue

 

 

 

11

 

 

 

 

10

 

 













Housing

 

 

 

4

 

 

 

 

5

 

 













Industrial & Pollution Control

 

 

 

4

 

 

 

 

 

 













Power

 

 

 

4

 

 

 

 

6

 

 













Water & Sewer

 

 

 

1

 

 

 

 

1

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

47

%

 

 

 

61

%

 













AA/Aa

 

 

 

6

 

 

 

 

 

 













A

 

 

 

5

 

 

 

 

11

 

 













BBB/Baa

 

 

 

16

 

 

 

 

16

 

 













BB/Ba

 

 

 

3

 

 

 

 

3

 

 













B

 

 

 

6

 

 

 

 

 

 













Not Rated

 

 

 

17

 

 

 

 

9

 

 














 

 


4

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

6



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock Florida Municipal Income Trust (BBF)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BBF

 



Initial Offering Date:

 

July 27, 2001

 



Closing Market Price as of 10/31/05:

 

 

$

15.25

 

 








Net Asset Value as of 10/31/05:

 

 

$

15.48

 

 








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

 

 

 

5.93

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.075375

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.904500

 

 








Leverage as of 10/31/05:3

 

 

 

36

%

 









 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

15.25

 

 

 

$

14.40

 

 

 

 

5.90

%

 

 

$

15.96

 

 

 

$

13.88

 

 




























NAV

 

 

$

15.48

 

 

 

$

15.27

 

 

 

 

1.38

%

 

 

$

15.80

 

 

 

$

15.13

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







City, County & State

 

 

 

30

%

 

 

 

34

%

 













Hospitals

 

 

 

24

 

 

 

 

19

 

 













Water & Sewer

 

 

 

8

 

 

 

 

8

 

 













Education

 

 

 

7

 

 

 

 

7

 

 













Transportation

 

 

 

7

 

 

 

 

3

 

 













Tax Revenue

 

 

 

6

 

 

 

 

6

 

 













Lease Revenue

 

 

 

5

 

 

 

 

5

 

 













Housing

 

 

 

4

 

 

 

 

6

 

 













Power

 

 

 

4

 

 

 

 

8

 

 













Tobacco

 

 

 

4

 

 

 

 

3

 

 













Industrial & Pollution Control

 

 

 

1

 

 

 

 

1

 

 













 

Credit Quality Allocations4







Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

28

%

 

 

 

22

%

 













AA/Aa

 

 

 

34

 

 

 

 

40

 

 













A

 

 

 

6

 

 

 

 

9

 

 













BBB/Baa

 

 

 

14

 

 

 

 

13

 

 













BB/Ba

 

 

 

2

 

 

 

 

2

 

 













Not Rated5

 

 

 

16

 

 

 

 

14

 

 














 

 


4

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

5

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

7



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


 

 

 

 

 

 

 

Trust Information





Symbol on American Stock Exchange:

 

RNJ

 



Initial Offering Date:

 

May 28, 1993

 



Closing Market Price as of 10/31/05:

 

 

$

14.70

 

 








Net Asset Value as of 10/31/05:

 

 

$

14.48

 

 








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

 

 

 

5.72

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.070125

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.841500

 

 








Leverage as of 10/31/05:3

 

 

 

34

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

14.70

 

 

 

$

15.00

 

 

 

 

(2.00

)%

 

 

$

16.25

 

 

 

$

13.81

 

 




























NAV

 

 

$

14.48

 

 

 

$

14.79

 

 

 

 

(2.10

)%

 

 

$

14.98

 

 

 

$

14.48

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







Transportation

 

 

 

26

%

 

 

 

34

%

 













City, County & State

 

 

 

11

 

 

 

 

6

 

 













Hospitals

 

 

 

10

 

 

 

 

11

 

 













Education

 

 

 

9

 

 

 

 

11

 

 













Housing

 

 

 

9

 

 

 

 

5

 

 













Lease Revenue

 

 

 

9

 

 

 

 

 

 













Industrial & Pollution Control

 

 

 

8

 

 

 

 

6

 

 













Tobacco

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

5

 

 

 

 

6

 

 













Resource Recovery

 

 

 

4

 

 

 

 

5

 

 













Tax Revenue

 

 

 

4

 

 

 

 

5

 

 













Other

 

 

 

 

 

 

 

6

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

October 31, 2005

 

October 31, 2004

 













AAA/Aaa

 

 

 

51

%

 

 

 

56

%

 













AA/Aa

 

 

 

 

 

 

 

11

 

 













A

 

 

 

13

 

 

 

 

11

 

 













BBB/Baa

 

 

 

21

 

 

 

 

18

 

 













B

 

 

 

10

 

 

 

 

4

 

 













Not Rated

 

 

 

5

 

 

 

 

 

 














 

 


4

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

8



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New Jersey Municipal Income Trust (BNJ)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BNJ

 



Initial Offering Date:

 

July 27, 2001

 



Closing Market Price as of 10/31/05:

 

 

$

15.91

 

 








Net Asset Value as of 10/31/05:

 

 

$

15.87

 

 








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

 

 

 

6.01

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.079625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.955500

 

 








Leverage as of 10/31/05:3

 

 

 

35

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

15.91

 

 

 

$

14.45

 

 

 

 

10.10

%

 

 

$

16.17

 

 

 

$

14.05

 

 




























NAV

 

 

$

15.87

 

 

 

$

15.38

 

 

 

 

3.19

%

 

 

$

16.26

 

 

 

$

15.25

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







Hospitals

 

 

 

24

%

 

 

 

23

%

 













Housing

 

 

 

17

 

 

 

 

9

 

 













City, County & State

 

 

 

14

 

 

 

 

12

 

 













Transportation

 

 

 

11

 

 

 

 

11

 

 













Lease Revenue

 

 

 

10

 

 

 

 

11

 

 













Tobacco

 

 

 

8

 

 

 

 

9

 

 













Tax Revenue

 

 

 

6

 

 

 

 

5

 

 













Industrial & Pollution Control

 

 

 

5

 

 

 

 

5

 

 













Education

 

 

 

5

 

 

 

 

5

 

 













Other

 

 

 

 

 

 

 

10

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

31

%

 

 

 

25

%

 













AA/Aa

 

 

 

5

 

 

 

 

 

 













A

 

 

 

20

 

 

 

 

29

 

 













BBB/Baa

 

 

 

26

 

 

 

 

44

 

 













BB/Ba

 

 

 

3

 

 

 

 

 

 













B

 

 

 

12

 

 

 

 

2

 

 













Not Rated

 

 

 

3

 

 

 

 

 

 














 

 


4

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

9



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New York Investment Quality Municipal Trust (RNY)

 


 

 

 

 

 

 

 

Trust Information





Symbol on American Stock Exchange:

 

RNY

 



Initial Offering Date:

 

May 28, 1993

 



Closing Market Price as of 10/31/05:

 

 

$

14.75

 

 








Net Asset Value as of 10/31/05:

 

 

$

15.03

 

 








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

 

 

 

5.95

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.073125

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.877500

 

 








Leverage as of 10/31/05:3

 

 

 

33

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

14.75

 

 

 

$

14.50

 

 

 

 

1.72

%

 

 

$

15.18

 

 

 

$

13.59

 

 




























NAV

 

 

$

15.03

 

 

 

$

15.35

 

 

 

 

(2.08

)%

 

 

$

15.56

 

 

 

$

15.02

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







Education

 

 

 

18

%

 

 

 

20

%

 













City, County & State

 

 

 

16

 

 

 

 

18

 

 













Tax Revenue

 

 

 

15

 

 

 

 

13

 

 













Industrial & Pollution Control

 

 

 

12

 

 

 

 

11

 

 













Water & Sewer

 

 

 

11

 

 

 

 

12

 

 













Transportation

 

 

 

8

 

 

 

 

4

 

 













Lease Revenue

 

 

 

7

 

 

 

 

8

 

 













Housing

 

 

 

7

 

 

 

 

8

 

 













Hospitals

 

 

 

4

 

 

 

 

4

 

 













Tobacco

 

 

 

2

 

 

 

 

2

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

October 31, 2005

 

October 31, 2004

 







AAA/Aaa

 

 

 

43

%

 

 

 

31

%

 













AA/Aa

 

 

 

22

 

 

 

 

33

 

 













A

 

 

 

18

 

 

 

 

21

 

 













BBB/Baa

 

 

 

10

 

 

 

 

6

 

 













BB/Ba

 

 

 

3

 

 

 

 

5

 

 













Caa

 

 

 

3

 

 

 

 

4

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 














 

 


4

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

10



 

TRUST SUMMARIES

OCTOBER 31, 2005

BlackRock New York Municipal Income Trust (BNY)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BNY

 



Initial Offering Date:

 

July 27, 2001

 



Closing Market Price as of 10/31/05:

 

 

$

15.19

 

 








Net Asset Value as of 10/31/05:

 

 

$

15.44

 

 








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

 

 

 

5.95

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.075339

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.904068

 

 








Leverage as of 10/31/05:3

 

 

 

36

%

 









 

 

1

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

2

The  distribution is not constant and is subject to change.

3

As  a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

10/31/05

 

10/31/04

 

Change

 

High

 

Low

 


 

Market Price

 

 

$

15.19

 

 

 

$

13.99

 

 

 

 

8.58

%

 

 

$

15.78

 

 

 

$

13.80

 

 




























NAV

 

 

$

15.44

 

 

 

$

15.28

 

 

 

 

1.05

%

 

 

$

15.77

 

 

 

$

15.13

 

 




























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

 

 

 

 

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

October 31, 2005

 

October 31, 2004

 







Transportation

 

 

 

19

%

 

 

 

17

%

 













Housing

 

 

 

15

 

 

 

 

7

 

 













Industrial & Pollution Control

 

 

 

15

 

 

 

 

12

 

 













Lease Revenue

 

 

 

12

 

 

 

 

13

 

 













Tobacco

 

 

 

12

 

 

 

 

10

 

 













Education

 

 

 

8

 

 

 

 

12

 

 













Hospitals

 

 

 

7

 

 

 

 

5

 

 













Water & Sewer

 

 

 

6

 

 

 

 

4

 

 













City, County & State

 

 

 

5

 

 

 

 

6

 

 













Tax Revenue

 

 

 

1

 

 

 

 

7

 

 













Other

 

 

 

 

 

 

 

7

 

 













 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality Allocations4













Credit Rating

 

October 31, 2005

 

October 31, 2004

 













AAA/Aaa

 

 

 

27

%

 

 

 

24

%

 













AA/Aa

 

 

 

18

 

 

 

 

19

 

 













A

 

 

 

20

 

 

 

 

26

 

 













BBB/Baa

 

 

 

26

 

 

 

 

27

 

 













BB/Ba

 

 

 

2

 

 

 

 

1

 

 













B

 

 

 

3

 

 

 

 

 

 













Caa

 

 

 

3

 

 

 

 

3

 

 













Not Rated

 

 

 

1

 

 

 

 

 

 














 

 


4

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

11


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

 

 

 

BlackRock Investment Quality Municipal Trust (BKN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—154.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—5.8%

 

 

 

 

 

 

AAA

 

 

$

14,000

 

 

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

 

09/10 @ 101

 

$

15,218,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Alaska—2.4%

 

 

 

 

 

 

AAA

 

 

 

6,015

3

 

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

 

N/A

 

 

6,150,037

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—0.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

490

 

 

6.25%, 5/01/15

 

05/10 @ 107

 

 

480,161

 

NR

 

 

 

490

 

 

7.00%, 5/01/20

 

05/10 @ 107

 

 

477,422

 

NR

 

 

 

980

 

 

7.25%, 5/01/27

 

05/10 @ 107

 

 

949,963

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,907,546

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—26.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

California, GO,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

 

5.00%, 3/01/33

 

03/15 @ 100

 

 

10,269,400

 

A

 

 

 

5,770

 

 

5.625%, 5/01/18

 

05/10 @ 101

 

 

6,269,970

 

BBB

 

 

 

7,000

 

 

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

 

01/14 @ 101

 

 

5,940,550

 

BBB

 

 

 

3,495

 

 

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

 

01/10 @ 101

 

 

3,532,606

 

A-

 

 

 

19,760

 

 

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

 

06/15 @ 100

 

 

19,764,347

 

AAA

 

 

 

10,945

 

 

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

 

08/13 @ 53.632

 

 

3,983,323

 

AAA

 

 

 

15,460

 

 

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

 

No Opt. Call

 

 

16,349,105

 

AAA

 

 

 

3,150

 

 

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

 

05/13 @ 101

 

 

3,114,374

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

69,223,675

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Connecticut—1.2%

 

 

 

 

 

 

Baa3

 

 

 

3,000

 

 

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

 

09/09 @ 101

 

 

3,079,380

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—2.2%

 

 

 

 

 

 

BBB

 

 

 

4,960

 

 

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

 

No Opt. Call

 

 

5,614,621

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—14.7%

 

 

 

 

 

 

AAA

 

 

 

5,705

 

 

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

 

06/14 @ 101

 

 

5,911,293

 

NR

 

 

 

2,110

 

 

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

 

05/13 @ 101

 

 

2,193,261

 

NR

 

 

 

3,700

 

 

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

 

10/10 @ 101

 

 

4,079,065

 

NR

 

 

 

2,250

 

 

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

 

05/12 @ 101

 

 

2,266,087

 

BB+

 

 

 

4,755

 

 

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

 

11/14 @ 100

 

 

5,283,423

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

3,380

 

 

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

 

10/15 @ 44.051

 

 

843,378

 

AAA

 

 

 

4,225

 

 

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

 

10/15 @ 41.782

 

 

996,635

 

AAA

 

 

 

4,000

 

 

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

 

10/15 @ 39.621

 

 

891,800

 

AAA

 

 

 

4,580

 

 

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

 

10/15 @ 37.635

 

 

967,662

 

AAA

 

 

 

5,000

 

 

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

 

10/15 @ 35.678

 

 

1,001,100

 

AAA

 

 

 

10,000

 

 

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

 

10/15 @ 33.817

 

 

1,891,700

 

AAA

 

 

 

10,000

 

 

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

 

10/15 @ 32.047

 

 

1,792,500

 

NR

 

 

 

9,975

 

 

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

 

05/13 @ 100

 

 

10,086,820

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

38,204,724

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—6.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Atlanta Arpt. Passenger Fac.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

07/14 @ 100

 

 

5,130,450

 

AAA

 

 

 

5,000

 

 

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

 

01/15 @ 100

 

 

5,132,800

 

AAA

 

 

 

4,000

 

 

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

 

11/14 @ 100

 

 

4,116,760

 

BBB

 

 

 

1,500

 

 

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

 

09/14 @ 101

 

 

1,579,335

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,959,345

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—1.0%

 

 

 

 

 

 

AAA

 

 

 

2,500

 

 

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

 

01/09 @ 101

 

 

2,701,700

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

12



 

 

BlackRock Investment Quality Municipal Trust (BKN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

Illinois—11.0%

 

 

 

 

 

 

NR

 

 

$

1,920

4

 

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

 

No Opt. Call

 

$

1,925,760

 

AAA

 

 

 

1,040

3

 

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

 

N/A

 

 

1,112,779

 

AAA

 

 

 

5,000

5

 

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

 

ETM

 

 

6,354,450

 

 

 

 

 

 

 

 

Edl. Fac. Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,575

 

 

4.10%, 7/01/13, FGIC

 

12/05 @ 100

 

 

2,584,759

 

AAA

 

 

 

2,070

 

 

5.45%, 7/01/14, FGIC

 

12/05 @ 100

 

 

2,076,790

 

BB+

 

 

 

690

 

 

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

 

02/15 @ 100

 

 

688,454

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Baa2

 

 

 

875

 

 

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

 

06/14 @ 100

 

 

854,770

 

Baa3

 

 

 

700

 

 

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

 

06/14 @ 100

 

 

684,257

 

AA+

 

 

 

5,800

 

 

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

 

08/14 @ 100

 

 

6,087,738

 

 

 

 

 

 

 

 

O’Hare Intl. Arpt.,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

01/15 @ 100

 

 

1,025,060

 

AAA

 

 

 

1,610

 

 

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

 

01/15 @ 100

 

 

1,647,932

 

AAA

 

 

 

3,540

 

 

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

 

01/14 @ 100

 

 

3,651,121

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

28,693,870

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—2.6%

 

 

 

 

 

 

AAA

 

 

 

15,715

 

 

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

 

No Opt. Call

 

 

6,637,859

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—0.7%

 

 

 

 

 

 

Baa1

 

 

 

1,740

 

 

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

 

08/14 @ 100

 

 

1,784,927

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—0.6%

 

 

 

 

 

 

AAA

 

 

 

1,460

 

 

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

 

01/07 @ 102

 

 

1,479,476

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—1.6%

 

 

 

 

 

 

BB+

 

 

 

4,000

 

 

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

 

07/07 @ 101

 

 

4,165,640

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—4.8%

 

 

 

 

 

 

Baa1

 

 

 

7,000

4

 

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

 

11/10 @ 100

 

 

7,937,160

 

Baa1

 

 

 

4,000

4

 

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

 

11/10 @ 100

 

 

4,529,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,466,680

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—4.2%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

01/10 @ 100

 

 

2,154,440

 

BBB

 

 

 

7,000

 

 

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

 

06/14 @ 100

 

 

7,339,710

 

NR

 

 

 

1,510

 

 

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

 

01/15 @ 100

 

 

1,479,649

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

10,973,799

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—14.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,030

 

 

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

 

07/10 @ 101

 

 

1,707,027

 

AAA

 

 

 

1,865

 

 

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

 

07/10 @ 101

 

 

1,566,843

 

AA-

 

 

 

17,960

 

 

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

 

No Opt. Call

 

 

19,659,914

 

 

 

 

 

 

 

 

New York City Ind. Dev. Agcy.,

 

 

 

 

 

 

A-

 

 

 

4,000

 

 

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

 

12/05 @ 101

 

 

4,022,120

 

A-

 

 

 

1,000

 

 

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

 

12/05 @ 101

 

 

1,005,530

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

A+

 

 

 

4,805

5,6

 

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

 

ETM

 

 

4,852,377

 

A+

 

 

 

2,195

6

 

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

 

No Opt. Call

 

 

2,216,774

 

AAA

 

 

 

3,115

 

 

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

 

10/14 @ 100

 

 

3,240,285

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

38,270,870

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—4.3%

 

 

 

 

 

 

AA+

 

 

 

3,280

 

 

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

 

10/15 @ 100

 

 

3,357,113

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,381,450

 

NR

 

 

 

2,425

 

 

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

 

08/15 @ 100

 

 

2,495,349

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,233,912

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—7.8%

 

 

 

 

 

 

AAA

 

 

 

10,475

 

 

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

 

07/15 @ 100

 

 

10,458,240

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Aa3

 

 

 

3,485

 

 

6.00%, 1/01/20

 

07/13 @ 100

 

 

3,896,927

 

Aa3

 

 

 

5,000

 

 

6.00%, 1/01/21

 

07/13 @ 100

 

 

5,580,600

 

AAA

 

 

 

290

5

 

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

 

ETM

 

 

296,829

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,232,596

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

13



 

 

BlackRock Investment Quality Municipal Trust (BKN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

$

2,900

 

 

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

 

No Opt. Call

 

$

2,899,942

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oregon—1.1%

 

 

 

 

 

 

BB+

 

 

 

2,930

 

 

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

 

No Opt. Call

 

 

2,915,291

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—8.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A3

 

 

 

2,000

 

 

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

 

05/11 @ 101

 

 

2,127,140

 

A3

 

 

 

3,100

 

 

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

 

05/11 @ 101

 

 

3,307,762

 

BB-

 

 

 

8,235

 

 

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

 

12/09 @ 103

 

 

8,805,356

 

A

 

 

 

2,750

3

 

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

 

N/A

 

 

2,790,013

 

AAA

 

 

 

4,000

 

 

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

 

06/06 @ 100

 

 

4,057,800

 

 

 

 

 

 

 

 

McKeesport Area Sch. Dist.,

 

 

 

 

 

 

AAA

 

 

 

870

5

 

Zero Coupon, 10/01/31, FGIC

 

ETM

 

 

247,550

 

AAA

 

 

 

2,435

 

 

Zero Coupon, 10/01/31, FGIC

 

No Opt. Call

 

 

643,911

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,979,532

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—0.8%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

05/07 @ 102

 

 

2,086,980

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—2.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB+

 

 

 

2,185

 

 

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

 

08/13 @ 100

 

 

2,354,032

 

BBB+

 

 

 

4,000

 

 

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

 

08/13 @ 100

 

 

4,629,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,983,232

 

 

 

 

 

 

 

 

Tennessee—2.0%

 

 

 

 

 

 

AAA

 

 

 

4,865

 

 

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

 

03/10 @ 101

 

 

5,218,588

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—15.3%

 

 

 

 

 

 

B2

 

 

 

6,320

7

 

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

 

11/11 @ 102

 

 

4,817,609

 

BBB

 

 

 

4,300

 

 

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

 

10/13 @ 101

 

 

4,718,992

 

AAA

 

 

 

6,000

3

 

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

 

N/A

 

 

6,625,020

 

AAA

 

 

 

5,000

 

 

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

 

11/30 @ 61.166

 

 

790,150

 

AAA

 

 

 

8,375

 

 

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

 

02/15 @ 100

 

 

8,618,880

 

AAA

 

 

 

9,495

 

 

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

 

02/14 @ 100

 

 

9,714,050

 

AAA

 

 

 

15,000

 

 

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

 

08/12 @ 32.807

 

 

3,541,350

 

AA+

 

 

 

1,000

 

 

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

 

08/10 @ 100

 

 

1,082,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

39,909,011

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—2.9%

 

 

 

 

 

 

AAA

 

 

 

1,950

5

 

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

 

ETM

 

 

1,956,610

 

AAA

 

 

 

5,560

 

 

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

 

12/15 @ 100

 

 

5,507,347

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,463,957

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—5.3%

 

 

 

 

 

 

AAA

 

 

 

13,395

 

 

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

 

07/06 @ 102

 

 

13,881,105

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—1.9%

 

 

 

 

 

 

A-

 

 

 

3,220

 

 

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

 

04/13 @ 100

 

 

3,522,551

 

AAA

 

 

 

1,500

 

 

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

 

07/15 @ 100

 

 

1,542,750

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,065,301

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

402,401,876

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

14



 

 

BlackRock Investment Quality Municipal Trust (BKN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

MONEY MARKET FUND—0.6%

 

 

 

 

 

 

 

 

1,750

 

AIM Tax Free Investment Co. Cash Reserve Portfolio
(cost $1,700,000)

 

N/A

 

$

1,750,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—155.1% (cost $388,158,7128)

.

 

 

 

404,151,876

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.2%

 

 

 

 

3,053,018

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.3)%

 

 

 

 

(146,711,021

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

.

 

 

$

260,493,873

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

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

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2005, the Trust held 5.53% of its net assets, with a current market value of $14,392,440, in securities restricted as to resale.

5

Security is collateralized by U.S. Treasury obligations.

6

Security, or a portion thereof, pledged as collateral with a value of $1,211,832 on 362 short U.S. Treasury Note futures contracts expiring December 2005 and 138 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $54,711,719, with an unrealized gain of $1,675,893.

7

Illiquid Security. As of October 31, 2005, the Trust held 1.8% of its net assets, with a current market value of $4,817,609.

8

Cost for Federal income tax purposes is $387,601,352. The net unrealized appreciation/depreciation on a tax basis is $16,550,524, consisting of $20,074,480 gross unrealized appreciation and $3,523,956 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corporation

 

FSA

Financial Security Assurance

CAPMAC

Capital Markets Assurance Company

 

GO

General Obligation

ETM

Escrowed to Maturity

 

MBIA

Municipal Bond Insurance Association

FGIC

Financial Guaranty Insurance Company

 

PCR

Pollution Control Revenue

 

 

 

 

 

 

 

See Notes to Financial Statements.

15


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

 

BlackRock Municipal Income Trust (BFK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—152.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—2.5%

 

 

 

 

 

 

A2

 

 

$

15,000

 

 

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

 

06/12 @ 101

 

$

15,944,700

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—1.2%

 

 

 

 

 

 

A3

 

 

 

7,000

 

 

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

 

12/11 @ 101

 

 

7,455,490

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—22.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB

 

 

 

54,635

 

 

Zero Coupon, 1/15/32

 

01/10 @ 27.37

 

 

11,684,241

 

BBB

 

 

 

20,535

 

 

Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

3,883,579

 

BBB

 

 

 

75,000

 

 

Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

11,111,250

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

A-

 

 

 

50,355

 

 

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

 

06/15 @ 100

 

 

50,366,078

 

BBB

 

 

 

10,000

 

 

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

 

06/13 @ 100

 

 

11,236,300

 

NR

 

 

 

3,500

 

 

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

 

09/13 @ 102

 

 

3,699,220

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

B-

 

 

 

14,805

 

 

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

 

12/12 @ 102

 

 

14,589,439

 

AAA

 

 

 

13,320

 

 

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

 

01/12 @ 100

 

 

13,854,532

 

NR

 

 

 

5,000

 

 

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

 

09/14 @ 100

 

 

5,183,150

 

A

 

 

 

5,000

 

 

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

 

04/13 @ 100

 

 

5,228,550

 

AAA

 

 

 

11,440

 

 

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

 

05/13 @ 101

 

 

11,310,614

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

142,146,953

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—0.6%

 

 

 

 

 

 

BBB

 

 

 

3,500

 

 

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

 

12/11 @ 100

 

 

3,642,310

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—6.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

District of Columbia,

 

 

 

 

 

 

A

 

 

 

2,390

 

 

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

 

06/14 @ 100

 

 

2,404,651

 

AAA

 

 

 

15,600

 

 

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

 

04/11 @ 22.875

 

 

2,681,640

 

AAA

 

 

 

51,185

 

 

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

 

04/11 @ 21.546

 

 

8,283,780

 

BBB

 

 

 

25,535

 

 

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

 

05/11 @ 101

 

 

27,898,264

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

41,268,335

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—11.8%

 

 

 

 

 

 

NR

 

 

 

3,000

 

 

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

 

05/14 @ 101

 

 

3,076,590

 

NR

 

 

 

4,000

 

 

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

 

05/14 @ 100

 

 

4,038,080

 

NR

 

 

 

4,000

 

 

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

 

05/12 @ 101

 

 

4,052,600

 

NR

 

 

 

2,000

 

 

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

 

05/14 @ 101

 

 

2,088,220

 

NR

 

 

 

3,000

 

 

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

 

05/15 @ 101

 

 

2,905,140

 

Baa2

 

 

 

4,600

 

 

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

 

09/06 @ 102

 

 

4,734,550

 

NR

 

 

 

2,000

 

 

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

 

05/12 @ 101

 

 

2,032,400

 

A+

 

 

 

9,670

 

 

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

 

11/11 @ 101

 

 

10,423,003

 

BB+

 

 

 

9,000

 

 

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

 

12/05 @ 102

 

 

9,299,520

 

BB+

 

 

 

11,685

 

 

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

 

11/14 @ 100

 

 

12,983,554

 

NR

 

 

 

3,970

 

 

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

 

05/14 @ 100

 

 

4,056,506

 

NR

 

 

 

9,970

 

 

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

 

05/13 @ 100

 

 

10,081,764

 

 

 

 

 

 

 

 

World Commerce Cmnty. Dev. Dist.,

 

 

 

 

 

 

NR

 

 

 

4,000

 

 

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

 

05/14 @ 101

 

 

4,130,240

 

NR

 

 

 

1,750

 

 

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

 

05/14 @ 101

 

 

1,800,872

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

75,703,039

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—2.2%

 

 

 

 

 

 

AAA

 

 

 

9,700

 

 

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

 

07/14 @ 100

 

 

9,953,073

 

BBB

 

 

 

4,000

 

 

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

 

02/12 @ 101

 

 

4,205,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,158,593

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Idaho—2.8%

 

 

 

 

 

 

AAA

 

 

 

16,970

 

 

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

 

04/11 @ 100

 

 

17,679,007

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

16



BlackRock Municipal Income Trust (BFK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 












 

 

 

 

 

 

 

Illinois—12.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Bolingbrook,

 

 

 

 

 

 

AAA

 

 

$

7,120

 

 

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

 

No Opt. Call

 

$

1,765,760

 

AAA

 

 

 

14,085

 

 

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

 

No Opt. Call

 

 

3,318,285

 

NR

 

 

 

4,630

3

 

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

 

No Opt. Call

 

 

4,643,890

 

A+

 

 

 

7,145

4

 

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

 

11/09 @ 101

 

 

7,448,162

 

Aa1

 

 

 

760

 

 

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

 

07/11 @ 101

 

 

792,004

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB

 

 

 

10,000

 

 

6.25%, 5/01/30

 

05/12 @ 101

 

 

10,613,000

 

BBB

 

 

 

7,000

 

 

6.25%, 5/01/34

 

05/07 @ 100

 

 

7,175,140

 

BB+

 

 

 

1,685

 

 

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

 

02/15 @ 100

 

 

1,681,226

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Baa2

 

 

 

2,100

 

 

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

 

06/14 @ 100

 

 

2,051,448

 

Baa3

 

 

 

1,675

 

 

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

 

06/14 @ 100

 

 

1,637,329

 

AA+

 

 

 

3,700

 

 

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

 

08/14 @ 100

 

 

3,883,557

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

 

5,000

 

 

5.50%, 1/01/22

 

01/13 @ 100

 

 

5,225,050

 

A

 

 

 

6,000

 

 

5.625%, 1/01/28

 

01/13 @ 100

 

 

6,267,000

 

AAA

 

 

 

40,000

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

No Opt. Call

 

 

9,416,000

 

 

 

 

 

 

 

 

O’Hare Intl. Arpt.,

 

 

 

 

 

 

AAA

 

 

 

3,000

 

 

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

 

01/15 @ 100

 

 

3,075,180

 

AAA

 

 

 

4,000

 

 

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

 

01/15 @ 100

 

 

4,094,240

 

AAA

 

 

 

7,645

 

 

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

 

01/14 @ 100

 

 

7,884,976

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

80,972,247

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—7.3%

 

 

 

 

 

 

A+

 

 

 

9,000

 

 

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

 

09/11 @ 100

 

 

9,216,630

 

BBB

 

 

 

7,500

 

 

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

 

No Opt. Call

 

 

7,660,050

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB+

 

 

 

10,000

 

 

5.90%, 12/01/24

 

08/11 @ 102

 

 

10,471,900

 

BBB+

 

 

 

16,000

 

 

5.95%, 12/01/29

 

08/11 @ 102

 

 

16,704,640

 

NR

 

 

 

2,545

 

 

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

 

01/09 @ 102

 

 

2,519,295

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,572,515

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—1.4%

 

 

 

 

 

 

AAA

 

 

 

9,060

 

 

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

 

07/11 @ 100

 

 

9,268,471

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

 

10,510

 

 

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

 

No Opt. Call

 

 

11,352,692

 

Baa1

 

 

 

4,605

 

 

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

 

06/13 @ 102

 

 

4,654,964

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,007,656

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—0.7%

 

 

 

 

 

 

Baa1

 

 

 

4,205

 

 

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

 

08/14 @ 100

 

 

4,313,573

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—1.1%

 

 

 

 

 

 

AAA

 

 

 

6,750

 

 

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

 

01/07 @ 102

 

 

6,840,045

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—3.0%

 

 

 

 

 

 

A

 

 

 

18,680

 

 

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

 

07/11 @ 100

 

 

19,103,289

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—7.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

1,000

3

 

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

 

No Opt. Call

 

 

1,075,400

 

A3

 

 

 

11,000

3

 

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

 

No Opt. Call

 

 

11,629,860

 

A3

 

 

 

16,000

3

 

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

 

No Opt. Call

 

 

17,942,720

 

Baa1

 

 

 

6,500

3

 

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

 

No Opt. Call

 

 

7,021,430

 

A3

 

 

 

8,000

3

 

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

 

06/09 @ 100

 

 

8,679,440

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,348,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Hampshire—0.6%

 

 

 

 

 

 

A+

 

 

 

3,500

 

 

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

 

10/11 @ 101

 

 

3,682,735

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

17



BlackRock Municipal Income Trust (BFK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 












 

 

 

 

 

 

 

New Jersey—9.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

$

18,500

 

 

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

 

06/14 @ 100

 

$

19,397,805

 

B

 

 

 

31,410

 

 

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

 

11/10 @ 101

 

 

26,562,181

 

Baa3

 

 

 

8,000

 

 

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

 

No Opt. Call

 

 

9,166,640

 

NR

 

 

 

3,680

 

 

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

 

01/15 @ 100

 

 

3,606,032

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

58,732,658

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—9.4%

 

 

 

 

 

 

AAA

 

 

 

5,375

 

 

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

 

06/12 @ 100

 

 

5,527,059

 

AA-

 

 

 

33,585

 

 

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

 

No Opt. Call

 

 

36,763,820

 

AAA

 

 

 

7,115

 

 

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

 

07/12 @ 100

 

 

7,313,224

 

 

 

 

 

 

 

 

Sales Tax Asset Receivable Corp.,

 

 

 

 

 

 

AAA

 

 

 

7,000

 

 

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

 

10/14 @ 100

 

 

7,281,540

 

AAA

 

 

 

3,360

 

 

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

 

10/14 @ 100

 

 

3,490,099

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

60,375,742

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—1.9%

 

 

 

 

 

 

NR

 

 

 

12,130

 

 

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

 

08/15 @ 100

 

 

12,481,891

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—8.1%

 

 

 

 

 

 

AAA

 

 

 

23,820

 

 

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

 

07/15 @ 100

 

 

23,781,888

 

BBB

 

 

 

14,500

 

 

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

 

08/07 @ 102

 

 

15,223,260

 

NR

 

 

 

3,760

 

 

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

 

12/14 @ 101

 

 

3,924,876

 

AAA

 

 

 

9,000

 

 

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

 

07/15 @ 100

 

 

8,849,250

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

51,779,274

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.1%

 

 

 

 

 

 

B-

 

 

 

7,175

 

 

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

 

No Opt. Call

 

 

7,174,857

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—7.7%

 

 

 

 

 

 

A3

 

 

 

6,500

 

 

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

 

05/11 @ 101

 

 

6,935,630

 

BB-

 

 

 

19,750

 

 

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

 

12/09 @ 103

 

 

21,117,885

 

 

 

 

 

 

 

 

Higher Edl. Facs. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

4,000

 

 

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

 

05/13 @ 100

 

 

4,154,080

 

A

 

 

 

17,250

4

 

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

 

N/A

 

 

17,497,537

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

49,705,132

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—5.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB+

 

 

 

5,075

 

 

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

 

08/13 @ 100

 

 

5,467,602

 

BBB+

 

 

 

9,000

 

 

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

 

08/13 @ 100

 

 

10,415,700

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

 

5,000

 

 

5.50%, 11/01/32

 

11/13 @ 100

 

 

5,250,400

 

A

 

 

 

10,000

 

 

5.75%, 11/01/28

 

11/13 @ 100

 

 

10,741,300

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

31,875,002

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—1.5%

 

 

 

 

 

 

AAA

 

 

 

20,825

 

 

Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, 1/01/20, FSA

 

01/13 @ 67.474

 

 

9,715,487

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—11.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

B2

 

 

 

6,010

 

 

5.80%, 11/01/26

 

11/11 @ 102

 

 

4,581,303

 

NR

 

 

 

4,435

6

 

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

 

09/12 @ 102

 

 

665,250

 

B2

 

 

 

18,605

6

 

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

 

11/11 @ 102

 

 

13,870,027

 

BB-

 

 

 

6,410

6

 

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

 

09/12 @ 102

 

 

5,972,710

 

BBB

 

 

 

945

 

 

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

 

10/13 @ 101

 

 

1,037,081

 

AAA

 

 

 

3,805

 

 

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

 

12/11 @ 100

 

 

3,876,686

 

 

 

 

 

 

 

 

Harris Cnty. Houston Sports Auth.,

 

 

 

 

 

 

AAA

 

 

 

12,580

 

 

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

 

11/30 @ 61.166

 

 

1,988,017

 

AAA

 

 

 

26,120

 

 

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

 

11/24 @ 46.545

 

 

4,344,801

 

AAA

 

 

 

5,000

 

 

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

 

11/31 @ 78.178

 

 

956,800

 

 

 

 

 

 

 

 

Tpke. Auth., Central Sys. Rev.,

 

 

 

 

 

 

AAA

 

 

 

35,000

 

 

Zero Coupon, 8/15/32, AMBAC

 

08/12 @ 30.846

 

 

7,764,050

 

AAA

 

 

 

62,325

 

 

Zero Coupon, 8/15/33, AMBAC

 

08/12 @ 28.997

 

 

12,987,907

 

AAA

 

 

 

65,040

 

 

Zero Coupon, 8/15/34, AMBAC

 

08/12 @ 27.31

 

 

12,766,051

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

70,810,683

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

18



BlackRock Municipal Income Trust (BFK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 












 

 

 

 

 

 

 

Utah—3.1%

 

 

 

 

 

 

AAA

 

 

$

20,205

 

 

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

 

12/15 @ 100

 

$

20,013,659

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Virginia—0.3%

 

 

 

 

 

 

AAA

 

 

 

8,105

 

 

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

 

04/12 @ 34.99

 

 

1,989,291

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—0.4%

 

 

 

 

 

 

A-

 

 

 

2,190

4

 

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

 

N/A

 

 

2,321,510

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—0.3%

 

 

 

 

 

 

AAA

 

 

 

2,070

 

 

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

 

06/14 @ 100

 

 

2,136,965

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—7.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth.,

 

 

 

 

 

 

A-

 

 

 

7,500

 

 

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

 

04/13 @ 100

 

 

8,204,700

 

AA-

 

 

 

13,750

 

 

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

 

10/11 @ 101

 

 

14,136,512

 

A

 

 

 

15,000

 

 

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

 

2/12 @ 101

 

 

15,828,300

 

AAA

 

 

 

7,515

 

 

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

 

07/15 @ 100

 

 

7,729,178

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

45,898,690

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

976,118,649

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—5.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Puerto Rico—0.0%

 

 

 

 

 

 

A-1

 

 

 

100

 

 

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

 

N/A

 

 

100,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—0.0%

 

 

 

 

 

 

A-1+

 

 

 

50

 

 

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

 

N/A

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—5.7%

 

 

 

 

 

 

 

 

 

 

32,100

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

32,100,000

 

 

 

 

 

4,700

 

 

SSgA Tax Free Money Mkt. Fund

 

N/A

 

 

4,700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

36,800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

36,950,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—157.7% (cost $984,467,3366)

 

 

 

$

1,013,068,649

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—0.7%

 

 

 

 

4,223,853

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(58.4)%

 

 

 

 

(375,245,108

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

642,047,394

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2005, the Trust held 7.9% of its net assets, with a current market value of $50,992,740, in securities restricted as to resale.

4

Security, or a portion thereof, pledged as collateral with a value of $4,273,963 on 1,402 short U.S. Treasury Note futures contracts expiring December 2005 and 502 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $208,259,594, with an unrealized gain of $6,443,495.

5

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

6

Illiquid Security. As of October 31, 2005, the Trust held 3.2% of its net assets, with a current market value of $20,507,987.

7

Cost for Federal income tax purposes is $984,276,701. The net unrealized appreciation/depreciation on a tax basis is $28,791,948, consisting of $43,226,718 gross unrealized appreciation and $14,434,770 gross unrealized depreciation.


 

 

 

 

 

 

 


KEY TO ABBREVIATIONS

 

ACA

American Capital Access

 

FSA

Financial Security Assurance

AMBAC

American Municipal Bond Assurance Corporation

 

GO

General Obligation

FGIC

Financial Guaranty Insurance Company

 

MBIA

Municipal Bond Insurance Association

FRDD

Floating Rate Daily Demand

 

PCR

Pollution Control Revenue

See Notes to Financial Statements.

19


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

BlackRock California Investment Quality Municipal Trust (RAA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—123.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—105.4%

 

 

 

 

 

 

A

 

 

$

40

 

 

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

 

09/05 @ 101

 

$

40,502

 

 

 

 

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

 

AAA

 

 

 

760

3

 

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

 

N/A

 

 

787,900

 

AAA

 

 

 

240

 

 

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

 

03/07 @ 102

 

 

249,667

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

A-

 

 

 

1,040

 

 

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

 

06/15 @ 100

 

 

1,040,229

 

AAA

 

 

 

600

3

 

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

 

N/A

 

 

664,932

 

AAA

 

 

 

400

3

 

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

 

N/A

 

 

446,548

 

A3

 

 

 

1,040

 

 

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

 

11/15 @ 100

 

 

1,042,423

 

AAA

 

 

 

1,000

3

 

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

 

N/A

 

 

1,030,050

 

AAA

 

 

 

1,000

 

 

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

 

09/07 @ 102

 

 

1,058,050

 

AA

 

 

 

1,150

 

 

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

 

08/06 @ 101

 

 

1,186,133

 

B-

 

 

 

945

 

 

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

 

12/12 @ 102

 

 

931,241

 

NR

 

 

 

1,000

 

 

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

 

09/10 @ 102

 

 

994,330

 

A2

 

 

 

1,000

 

 

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

 

12/05 @ 101

 

 

1,013,030

 

BBB+

 

 

 

1,000

3

 

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

 

N/A

 

 

1,042,770

 

NR

 

 

 

1,000

 

 

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

 

09/12 @ 102

 

 

989,120

 

AAA

 

 

 

500

 

 

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

 

12/05 @ 100

 

 

501,295

 

AAA

 

 

 

150

 

 

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

 

05/06 @ 101

 

 

153,364

 

AAA

 

 

 

40

 

 

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

 

12/05 @ 100

 

 

40,190

 

AAA

 

 

 

500

 

 

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

 

08/07 @ 102

 

 

530,985

 

BBB

 

 

 

900

 

 

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

 

06/12 @ 100

 

 

932,589

 

AAA

 

 

 

370

 

 

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

 

08/07 @ 101

 

 

387,871

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,063,219

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—17.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hwy. & Trans. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

130

 

 

5.00%, 7/01/30

 

07/15 @ 100

 

 

131,382

 

BBB+

 

 

 

260

 

 

5.00%, 7/01/40

 

07/15 @ 100

 

 

260,772

 

BBB+

 

 

 

250

 

 

5.00%, 7/01/45

 

07/15 @ 100

 

 

249,555

 

BBB+

 

 

 

230

 

 

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

 

07/15 @ 100

 

 

231,562

 

AAA

 

 

 

85

 

 

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

 

No Opt. Call

 

 

95,219

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

745

3

 

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

 

N/A

 

 

816,937

 

BBB-

 

 

 

255

4

 

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

 

02/12 @ 100

 

 

271,871

 

BBB

 

 

 

500

 

 

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

 

07/14 @ 100

 

 

501,360

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,558,658

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

17,621,877

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—28.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—23.9%

 

 

 

 

 

 

A-1+

 

 

 

600

 

 

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

 

N/A

 

 

600,000

 

A-1+

 

 

 

600

 

 

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

 

N/A

 

 

600,000

 

VMIG1

 

 

 

318

 

 

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

 

 

 

 

318,000

 

VMIG1

 

 

 

600

 

 

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

 

N/A

 

 

600,000

 

A-1+

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

A-1+

 

 

 

600

 

 

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

 

N/A

 

 

600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,418,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

20


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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 















 

 

 

 

 

 

 

Puerto Rico—4.2%

 

 

 

 

 

 

A-1

 

 

$

600

 

 

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

 

N/A

 

$

600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

4,018,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—151.4% (cost $20,926,4935)

 

 

 

$

21,639,877

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.1%

 

 

 

 

161,300

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(52.5)%

 

 

 

 

(7,502,570

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

14,298,607

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

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

4

Security,  or a portion thereof, pledged as collateral with a value of $270,708 on one long U.S. Treasury Note futures contract expiring December 2005, and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contract on October 31, 2005, was $3,516, with an unrealized gain of $840.

5

Cost  for Federal income tax purposes is $20,922,056. The net unrealized appreciation/depreciation on a tax basis is $717,821, consisting of $815,346 gross unrealized appreciation and $97,525 gross unrealized depreciation.


 

 

 

 

 

 

 


KEY TO ABBREVIATIONS

 

AMBAC 

 American Municipal Bond Assurance Corporation

 

FSA 

 Financial Security Assurance

COP 

 Certificate of Participation

 

GO  

General Obligation

FGIC

 Financial Guaranty Insurance Company

 

MBIA 

 Municipal Bond Insurance Association

 

 

 

 

 

 

 

See Notes to Financial Statements.

21


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

 

BlackRock California Municipal Income Trust (BFZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—155.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—127.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

$

24,500

 

 

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

 

No Opt. Call

 

$

6,555,710

 

AAA

 

 

 

6,070

 

 

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

 

No Opt. Call

 

 

1,531,340

 

 

 

 

 

 

 

 

California, GO,

 

 

 

 

 

 

A

 

 

 

10,000

 

 

5.50%, 11/01/33

 

11/13 @ 100

 

 

10,811,600

 

AAA

 

 

 

5,500

 

 

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

 

06/07 @ 101

 

 

5,548,400

 

AAA

 

 

 

5,000

 

 

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

 

06/07 @ 101

 

 

5,027,800

 

BBB

 

 

 

5,000

 

 

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

 

06/12 @ 100

 

 

5,250,500

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

 

4,000

3

 

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

 

05/12 @ 101

 

 

4,278,800

 

A

 

 

 

6,000

 

 

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

 

05/12 @ 101

 

 

6,411,120

 

AAA

 

 

 

10,000

 

 

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

 

06/11 @ 101

 

 

10,486,400

 

AAA

 

 

 

6,000

 

 

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

 

01/11 @ 100

 

 

6,249,660

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

7,485

 

 

Zero Coupon, 12/01/29, AMBAC

 

12/11 @ 37.373

 

 

2,017,133

 

AAA

 

 

 

7,485

 

 

Zero Coupon, 12/01/30, AMBAC

 

12/11 @ 35.365

 

 

1,906,130

 

AAA

 

 

 

7,485

 

 

Zero Coupon, 12/01/31, AMBAC

 

12/11 @ 33.465

 

 

1,801,190

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

Zero Coupon, 1/15/26

 

01/14 @ 101

 

 

4,243,250

 

BBB

 

 

 

5,000

 

 

Zero Coupon, 1/15/33

 

01/10 @ 25.78

 

 

1,006,350

 

BBB

 

 

 

5,000

 

 

Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

945,600

 

BBB

 

 

 

13,445

 

 

Zero Coupon, 1/15/35

 

01/10 @ 22.819

 

 

2,394,151

 

BBB

 

 

 

1,000

 

 

Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

148,150

 

BBB

 

 

 

10,030

 

 

5.75%, 1/15/40

 

01/10 @ 101

 

 

10,137,923

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

A-

 

 

 

16,840

 

 

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

 

06/15 @ 100

 

 

16,843,705

 

BBB

 

 

 

2,000

 

 

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

 

06/13 @ 100

 

 

2,247,260

 

BBB

 

 

 

1,000

 

 

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

 

06/13 @ 100

 

 

1,134,950

 

AAA

 

 

 

10,200

4

 

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

 

N/A

 

 

11,303,844

 

AAA

 

 

 

5,800

4

 

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

 

N/A

 

 

6,474,946

 

 

 

 

 

 

 

 

Hlth. Facs. Fin. Auth.,

 

 

 

 

 

 

A

 

 

 

3,000

 

 

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

 

05/12 @ 100

 

 

3,132,660

 

AAA

 

 

 

4,890

5

 

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

 

ETM

 

 

5,031,419

 

 

 

 

 

 

 

 

Infrastructure & Econ. Dev.,

 

 

 

 

 

 

AAA

 

 

 

20,035

 

 

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

 

07/13 @ 100

 

 

20,624,630

 

A

 

 

 

15,250

 

 

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

 

10/11 @ 101

 

 

15,478,597

 

A+

 

 

 

13,500

 

 

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

 

08/11 @ 102

 

 

14,182,965

 

NR

 

 

 

4,965

 

 

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

 

03/08 @ 102

 

 

4,902,838

 

A3

 

 

 

7,700

 

 

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

 

08/12 @ 102

 

 

8,282,659

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

2,855

 

 

5.90%, 6/01/27

 

06/13 @ 100

 

 

2,991,069

 

NR

 

 

 

5,140

 

 

6.00%, 6/01/35

 

06/13 @ 100

 

 

5,397,771

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

985

 

 

Zero Coupon, 8/01/35, XLCA

 

08/18 @ 39.952

 

 

192,755

 

AAA

 

 

 

1,030

 

 

Zero Coupon, 8/01/36, XLCA

 

08/18 @ 37.743

 

 

190,807

 

AAA

 

 

 

1,080

 

 

Zero Coupon, 8/01/37, XLCA

 

08/18 @ 35.649

 

 

186,484

 

AAA

 

 

 

1,125

 

 

Zero Coupon, 8/01/38, XLCA

 

08/18 @ 33.665

 

 

183,803

 

AAA

 

 

 

1,175

 

 

Zero Coupon, 8/01/39, XLCA

 

08/18 @ 31.785

 

 

181,643

 

AAA

 

 

 

1,230

 

 

Zero Coupon, 8/01/40, XLCA

 

08/18 @ 30.004

 

 

179,912

 

AAA

 

 

 

1,285

 

 

Zero Coupon, 8/01/41, XLCA

 

08/18 @ 28.317

 

 

177,831

 

AAA

 

 

 

1,340

 

 

Zero Coupon, 8/01/42, XLCA

 

08/18 @ 26.72

 

 

175,460

 

AAA

 

 

 

1,400

 

 

Zero Coupon, 8/01/43, XLCA

 

08/18 @ 25.208

 

 

170,296

 

AAA

 

 

 

1,465

 

 

Zero Coupon, 8/01/44, XLCA

 

08/18 @ 23.777

 

 

168,534

 

B-

 

 

 

4,110

 

 

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

 

12/12 @ 102

 

 

4,050,158

 

BBB+

 

 

 

1,000

 

 

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

 

05/12 @ 102

 

 

1,031,750

 

BBB

 

 

 

2,290

 

 

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

 

04/15 @ 101

 

 

2,322,472

 

NR

 

 

 

4,000

 

 

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

 

09/13 @ 100

 

 

4,175,280

 

AAA

 

 

 

15,500

 

 

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

 

09/11 @ 100

 

 

15,934,775

 

AAA

 

 

 

1,905

 

 

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

 

No Opt. Call

 

 

511,912

 

AAA

 

 

 

6,500

 

 

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

 

05/11 @ 100

 

 

6,709,430

 

 

 

 

 

 

 

 

San Francisco City & Cnty. Redev. Agcy.,

 

 

 

 

 

 

NR

 

 

 

1,775

 

 

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

 

08/09 @ 102

 

 

1,856,366

 

NR

 

 

 

7,500

 

 

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

 

08/11 @ 101

 

 

7,920,600

 

See Notes to Financial Statements.

22



BlackRock California Municipal Income Trust (BFZ) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

California—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

San Jose Multi-Fam. Hsg.,

 

 

 

 

 

 

AAA

 

 

$

2,880

 

 

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

 

08/11 @ 102

 

$

2,942,093

 

AAA

 

 

 

3,595

 

 

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

 

04/11 @ 100

 

 

3,662,083

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

6,250

 

 

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

 

03/08 @ 102

 

 

5,785,875

 

A3

 

 

 

1,715

 

 

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

 

02/12 @ 101

 

 

1,737,021

 

A3

 

 

 

1,235

 

 

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

 

02/12 @ 101

 

 

1,251,425

 

NR

 

 

 

3,075

 

 

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

 

11/10 @ 102

 

 

3,136,992

 

 

 

 

 

 

 

 

Statewide Cmnty. Dev. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

4,000

 

 

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

 

07/15 @ 100

 

 

4,060,280

 

AA-

 

 

 

10,000

 

 

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

 

08/12 @ 100

 

 

10,430,900

 

AAA

 

 

 

2,000

 

 

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

 

08/13 @ 100

 

 

2,102,200

 

NR

 

 

 

2,245

 

 

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

 

10/13 @ 102

 

 

2,333,924

 

NR

 

 

 

2,000

4

 

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

 

N/A

 

 

2,112,060

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

290,655,641

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—9.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

7,000

6

 

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

 

No Opt. Call

 

 

7,400,820

 

Baa1

 

 

 

4,000

6

 

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

 

No Opt. Call

 

 

4,320,880

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

 

7,000

6

 

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

 

06/09 @ 100

 

 

7,391,160

 

Baa1

 

 

 

3,000

6

 

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

 

11/10 @ 100

 

 

3,237,420

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

22,350,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—18.0%

 

 

 

 

 

 

A-

 

 

 

10,000

 

 

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

 

07/12 @ 101

 

 

10,421,600

 

 

 

 

 

 

 

 

Hwy. & Trans. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

4,100

 

 

5.00%, 7/01/40

 

07/15 @ 100

 

 

4,112,177

 

BBB+

 

 

 

3,975

 

 

5.00%, 7/01/45

 

07/15 @ 100

 

 

3,967,924

 

BBB+

 

 

 

3,685

 

 

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

 

07/15 @ 100

 

 

3,710,021

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

10,000

4

 

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

 

N/A

 

 

10,880,700

 

Aaa

 

 

 

5,750

4

 

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

 

N/A

 

 

5,927,905

 

BBB

 

 

 

1,850

 

 

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

 

07/14 @ 100

 

 

1,881,099

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

40,901,426

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

353,907,347

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—0.6%

 

 

 

 

 

 

 

 

 

 

100

 

 

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

 

N/A

 

 

1,550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

$

355,457,347

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.8%

 

 

 

 

4,009,835

 

 

 

 

 

 

 

 

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

 

 

 

 

(131,994,840

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

227,472,342

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security,  or a portion thereof, pledged as collateral with a value of $1,604,550 on 526 short U.S. Treasury Note futures contracts expiring December 2005 and 186 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $77,872,531, with an unrealized gain of $2,412,458.

4

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

5

Security  is collateralized by U.S. Treasury obligations.

6

Security  is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2005, the Trust held 9.83% of its net assets, with a current market value of $22,350,280, in securities restricted as to resale.

7

Cost  for Federal income tax purposes is $342,035,603. The net unrealized appreciation/depreciation on a tax basis is $13,421,744, consisting of $14,972,059 gross unrealized appreciation and $1,550,315 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corporation

FSA

Financial Security Assurance

COP

Certificate of Participation

GO

General Obligation

ETM

Escrowed to Maturity

MBIA

Municipal Bond Insurance Association

FGIC

Financial Guaranty Insurance Company

XLCA

XL Capital Assurance

 

 

 

 

 

 

See Notes to Financial Statements.

23



 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—106.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—89.6%

 

 

 

 

 

 

AAA

 

 

$

170

3

 

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

 

ETM

 

$

201,440

 

AAA

 

 

 

1,000

4

 

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

 

N/A

 

 

1,035,810

 

Baa2

 

 

 

1,000

4

 

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

 

N/A

 

 

950,680

 

AAA

 

 

 

1,000

4

 

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

 

N/A

 

 

1,015,730

 

AAA

 

 

 

1,000

 

 

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

 

12/05 @ 102

 

 

1,024,180

 

AAA

 

 

 

1,000

4

 

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

 

N/A

 

 

651,140

 

AAA

 

 

 

1,000

4

 

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

 

N/A

 

 

1,027,630

 

NR

 

 

 

750

 

 

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

 

05/12 @ 101

 

 

755,362

 

NR

 

 

 

285

 

 

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

 

07/15 @ 100

 

 

276,345

 

BB+

 

 

 

500

 

 

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

 

11/14 @ 100

 

 

555,565

 

AAA

 

 

 

5,000

 

 

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

 

04/08 @ 28.079

 

 

1,202,000

 

A+

 

 

 

750

 

 

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

 

11/13 @ 100

 

 

773,640

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

105

 

 

5.375%, 7/01/20

 

07/15 @ 100

 

 

103,524

 

NR

 

 

 

95

 

 

5.70%, 7/01/26

 

07/15 @ 100

 

 

94,184

 

AA-

 

 

 

1,000

 

 

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

 

05/13 @ 100

 

 

1,045,730

 

NR

 

 

 

660

 

 

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

 

No Opt. Call

 

 

674,909

 

NR

 

 

 

1,000

 

 

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

 

05/13 @ 101

 

 

1,055,230

 

AAA

 

 

 

1,000

4,5

 

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

 

N/A

 

 

1,034,240

 

BBB+

 

 

 

1,000

4

 

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

 

N/A

 

 

1,047,510

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,524,849

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—16.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hwy. & Trans. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

145

 

 

5.00%, 7/01/30

 

07/15 @ 100

 

 

146,541

 

BBB+

 

 

 

290

 

 

5.00%, 7/01/40

 

07/15 @ 100

 

 

290,861

 

BBB+

 

 

 

285

 

 

5.00%, 7/01/45

 

07/15 @ 100

 

 

284,493

 

BBB+

 

 

 

265

 

 

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

 

07/15 @ 100

 

 

266,799

 

AAA

 

 

 

85

 

 

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

 

No Opt. Call

 

 

95,220

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

745

4

 

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

 

N/A

 

 

816,937

 

BBB-

 

 

 

255

 

 

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

 

02/12 @ 100

 

 

271,871

 

BBB

 

 

 

500

 

 

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

 

07/14 @ 100

 

 

501,360

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,674,082

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

17,198,931

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—42.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—27.4%

 

 

 

 

 

 

A-1+

 

 

 

765

 

 

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

 

N/A

 

 

765,000

 

NR

 

 

 

780

 

 

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

 

N/A

 

 

780,000

 

A-1

 

 

 

600

 

 

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

 

N/A

 

 

600,000

 

A-1+

 

 

 

800

 

 

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

 

N/A

 

 

800,000

 

A-1+

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

A-1

 

 

 

800

 

 

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

 

N/A

 

 

800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,445,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—10.5%

 

 

 

 

 

 

A-1

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

 

 

 

 

 

 

 

Puerto Rico Comnwlth. Hwy. & Transer A,

 

 

 

 

 

 

A-1

 

 

 

250

 

 

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

 

N/A

 

 

250,000

 

A-1

 

 

 

750

 

 

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

 

N/A

 

 

750,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

24



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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

Money Market Funds—4.3%

 

 

 

 

 

 

 

 

 

 

700

 

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

$

700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

6,845,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—148.3% (cost $23,312,3356)

 

 

 

$

24,043,931

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—4.1%

 

 

 

 

672,659

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(52.4)%

 

 

 

 

(8,502,419

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

16,214,171

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security  is collateralized by U.S. Treasury obligations.

4

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

5

Security,  or a portion thereof, pledged as collateral with a value of $103,424 on two long U.S. Treasury Note contracts expiring on December 2005 and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contracts on October 31, 2005 was $104,938, with an unrealized loss of $1,679.

6

Cost  for Federal income tax purposes is $23,306,840. The net unrealized appreciation/depreciation on a tax basis is $737,091, consisting of $817,685 gross unrealized appreciation and $80,594 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corporation

FSA

Financial Security Assurance

COP

Certificate of Participation

GO

General Obligation

ETM

Escrowed to Maturity

MBIA

Municipal Bond Insurance Association

FGIC

Financial Guaranty Insurance Company

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

25


 

 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

BlackRock Florida Municipal Income Trust (BBF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—147.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—120.9%

 

 

 

 

 

 

AA

 

 

$

7,715

 

 

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

 

05/12 @ 102

 

$

8,341,921

 

A

 

 

 

2,000

 

 

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

 

01/13 @ 100

 

 

2,040,200

 

 

 

 

 

 

 

 

Brd. of Ed., GO,

 

 

 

 

 

 

AAA

 

 

 

5,550

 

 

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

 

06/10 @ 101

 

 

5,752,464

 

AAA

 

 

 

1,000

3

 

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

 

06/13 @ 101

 

 

1,046,820

 

AAA

 

 

 

2,800

 

 

Cap. Projs. Fin. Auth. Student Hsg., Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA

 

08/11 @ 102

 

 

2,813,860

 

Baa2

 

 

 

1,000

 

 

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

 

N/A

 

 

950,680

 

AAA

 

 

 

799

 

 

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

 

No Opt. Call

 

 

860,222

 

NR

 

 

 

2,050

 

 

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

 

No Opt. Call

 

 

2,070,172

 

NR

 

 

 

1,690

 

 

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

 

05/13 @ 101

 

 

1,772,320

 

A+

 

 

 

6,500

 

 

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

 

11/11 @ 101

 

 

7,006,155

 

BBB+

 

 

 

1,450

 

 

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

 

10/12 @ 100

 

 

1,509,030

 

AA

 

 

 

7,500

 

 

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

 

11/11 @ 101

 

 

8,073,150

 

AAA

 

 

 

4,000

 

 

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

 

10/11 @ 100

 

 

4,125,680

 

 

 

 

 

 

 

 

JEA,

 

 

 

 

 

 

Aa2

 

 

 

5,000

4

 

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

 

N/A

 

 

5,215,200

 

AA

 

 

 

7,500

4

 

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

 

N/A

 

 

7,650,375

 

NR

 

 

 

1,645

 

 

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

 

05/13 @ 101

 

 

1,711,951

 

NR

 

 

 

1,795

 

 

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

 

07/15 @ 100

 

 

1,740,486

 

AAA

 

 

 

2,770

5

 

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

 

ETM

 

 

1,335,112

 

BB+

 

 

 

3,000

 

 

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

 

11/14 @ 100

 

 

3,333,390

 

AAA

 

 

 

1,000

 

 

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

 

07/11 @ 101

 

 

1,050,240

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

2,595

 

 

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

 

04/08 @ 55.413

 

 

1,273,444

 

AAA

 

 

 

9,700

 

 

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

 

04/08 @ 25.056

 

 

2,076,091

 

AAA

 

 

 

25,000

 

 

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

 

04/08 @ 32.99

 

 

7,142,500

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

1,575

 

 

6.10%, 8/01/21

 

08/11 @ 101

 

 

1,632,535

 

NR

 

 

 

3,500

 

 

6.125%, 8/01/31

 

08/11 @ 101

 

 

3,602,830

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

655

 

 

5.375%, 7/01/20

 

07/15 @ 100

 

 

645,791

 

NR

 

 

 

600

 

 

5.70%, 7/01/26

 

07/15 @ 100

 

 

594,846

 

AAA

 

 

 

2,500

 

 

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

 

08/11 @ 101

 

 

2,593,950

 

AA-

 

 

 

12,000

 

 

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

 

02/13 @ 100

 

 

12,341,040

 

AAA

 

 

 

1,500

 

 

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

 

10/09 @ 101

 

 

1,539,975

 

NR

 

 

 

2,780

 

 

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

 

10/09 @ 100

 

 

2,906,740

 

NR

 

 

 

2,000

 

 

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

 

05/13 @ 101

 

 

2,110,460

 

AA

 

 

 

4,000

 

 

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

 

10/11 @ 101

 

 

4,143,960

 

AA

 

 

 

5,500

 

 

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

 

04/12 @ 100

 

 

5,891,600

 

NR

 

 

 

1,640

 

 

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

 

05/13 @ 101

 

 

1,744,517

 

NR

 

 

 

3,625

 

 

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

 

05/13 @ 101

 

 

3,760,031

 

BBB+

 

 

 

2,000

 

 

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

 

10/09 @ 101

 

 

2,074,760

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

124,474,498

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—26.9%

 

 

 

 

 

 

BBB

 

 

 

6,000

 

 

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

 

05/12 @ 100

 

 

6,199,200

 

 

 

 

 

 

 

 

Hwy. & Trans. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

920

 

 

5.00%, 7/01/30

 

07/15 @ 100

 

 

929,780

 

BBB+

 

 

 

1,845

 

 

5.00%, 7/01/40

 

07/15 @ 100

 

 

1,850,480

 

BBB+

 

 

 

1,790

 

 

5.00%, 7/01/45

 

07/15 @ 100

 

 

1,786,814

 

BBB+

 

 

 

1,660

 

 

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

 

07/15 @ 100

 

 

1,671,271

 

See Notes to Financial Statements.

26


 

 

BlackRock Florida Municipal Income Trust (BBF) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

$

4,000

4

 

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

 

N/A

 

$

4,352,280

 

Aaa

 

 

 

3,000

4

 

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

 

N/A

 

 

3,092,820

 

 

 

 

 

 

 

 

Pub. Impvt.,

 

 

 

 

 

 

AAA

 

 

 

2,520

4

 

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

 

N/A

 

 

2,725,833

 

BBB

 

 

 

4,980

 

 

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

 

07/11 @ 100

 

 

5,096,233

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

27,704,711

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

152,179,209

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—5.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—3.4%

 

 

 

 

 

 

A-1+

 

 

 

3,545

 

 

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

 

N/A

 

 

3,545,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 





 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 





 

 

 

 

 

 

 

 

MONEY MARKET FUND—2.1%

 

 

 

 

 

 

 

 

 

 

2,150

 

 

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

 

N/A

 

 

2,150,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

5,695,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

$

157,874,209

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.6%

 

 

 

 

2,642,038

 

 

 

 

 

 

 

 

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

 

 

 

 

(57,572,711

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

102,943,536

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security,  or a portion thereof, pledged as collateral with a value of $1,046,820 on 195 short U.S. Treasury Note futures contracts expiring December 2005 and 70 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $28,986,172, with an unrealized gain of $892,137.

4

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

5

Security  is collateralized by U.S. Treasury obligations.

6

Cost  for Federal income tax purposes is $150,809,718. The net unrealized appreciation/depreciation on a tax basis is $7,064,491, consisting of $7,310,364 gross unrealized appreciation and $245,873 gross unrealized depreciation.


 

 

 

 

 

 

 


KEY TO ABBREVIATIONS

 

ACA

American Capital Access

 

FSA

Financial Security Assurance

AMBAC

American Municipal Bond Assurance Corporation

 

GO

General Obligation

COP

Certificate of Participation

 

MBIA

Municipal Bond Insurance Association

ETM

Escrowed to Maturity

 

PCR

Pollution Control Revenue

FGIC

Financial Guaranty Insurance Company

 

RAA

Radian Asset Assurance

 

See Notes to Financial Statements.

27


 

 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—115.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—7.4%

 

 

 

 

 

 

A3

 

 

$

1,000

3

 

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

 

No Opt. Call

 

$

1,075,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—94.5%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

01/10 @ 100

 

 

1,076,340

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

 

1,000

 

 

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

 

06/14 @ 100

 

 

1,044,970

 

B

 

 

 

925

 

 

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

 

11/10 @ 101

 

 

782,236

 

NR

 

 

 

60

 

 

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

 

01/13 @ 102

 

 

60,913

 

NR

 

 

 

110

 

 

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

 

01/13 @ 102

 

 

111,129

 

BBB

 

 

 

500

 

 

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

 

No Opt. Call

 

 

522,945

 

AAA

 

 

 

900

 

 

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

 

No Opt. Call

 

 

981,585

 

AAA

 

 

 

1,000

4

 

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

 

N/A

 

 

1,028,440

 

AAA

 

 

 

1,000

4

 

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

 

N/A

 

 

1,030,670

 

 

 

 

 

 

 

 

Hlth. Care Fac. Fin. Auth.,

 

 

 

 

 

 

A

 

 

 

1,000

 

 

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

 

01/10 @ 101

 

 

1,066,540

 

AAA

 

 

 

1,000

 

 

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

 

07/06 @ 102

 

 

1,035,480

 

NR

 

 

 

750

 

 

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

 

01/15 @ 100

 

 

734,925

 

Baa1

 

 

 

1,000

 

 

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

 

08/14 @ 100

 

 

1,001,330

 

AAA

 

 

 

1,000

 

 

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

 

12/09 @ 101

 

 

1,086,300

 

BBB

 

 

 

1,000

 

 

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

 

06/12 @ 100

 

 

1,051,380

 

 

 

 

 

 

 

 

Tpke. Auth.,

 

 

 

 

 

 

AAA

 

 

 

160

 

 

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

 

No Opt. Call

 

 

186,312

 

AAA

 

 

 

55

5

 

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

 

ETM

 

 

64,258

 

AAA

 

 

 

785

5

 

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

 

ETM

 

 

917,013

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

13,782,766

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—13.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hwy. & Trans. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

130

 

 

5.00%, 7/01/30

 

07/15 @ 100

 

 

131,382

 

BBB+

 

 

 

265

 

 

5.00%, 7/01/40

 

07/15 @ 100

 

 

265,787

 

BBB+

 

 

 

255

 

 

5.00%, 7/01/45

 

07/15 @ 100

 

 

254,546

 

BBB+

 

 

 

235

 

 

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

 

07/15 @ 100

 

 

236,596

 

AAA

 

 

 

80

 

 

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

 

No Opt. Call

 

 

89,618

 

AAA

 

 

 

1,000

4,6

 

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

 

N/A

 

 

1,030,260

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,008,189

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

16,866,355

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—34.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey—24.5%

 

 

 

 

 

 

NR

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

A-1+

 

 

 

285

 

 

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

 

N/A

 

 

285,000

 

NR

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

A-1+

 

 

 

600

 

 

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

 

N/A

 

 

600,000

 

A-1+

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

A-1+

 

 

 

590

 

 

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

 

N/A

 

 

590,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,575,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—9.6%

 

 

 

 

 

 

A-1

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

A-1

 

 

 

700

 

 

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

 

N/A

 

 

700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,400,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

28


 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

 

 

 

Value

 















 

 

 

 

 

 

 

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

 

 

 

$

4,975,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—149.8% (cost $21,003,0827)

 

 

 

$

21,841,355

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.7%

 

 

 

 

242,425

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(51.5)%

 

 

 

 

(7,503,022

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

14,580,758

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2005, the Trust held 7.38% of its net assets, with a current market value of $1,075,400, in securities restricted as to resale.

4

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

5

Security  is collateralized by U.S. Treasury obligations.

6

Security,  or a portion thereof, pledged as collateral with a value of $206,052 on three long U.S. Treasury Note futures contracts expiring December 2005 and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contracts on October 31, 2005, was $213,391, with an unrealized loss of $4,197.

7

Cost  for Federal income tax purposes is $20,993,920. The net unrealized appreciation/depreciation on a tax basis is $847,435, consisting of $1,007,174 gross unrealized appreciation and $159,739 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corporation

 

FSA

Financial Security Assurance

CONNIE LEE

College Construction Loan Insurance Association

 

GO

General Obligation

ETM

Escrowed to Maturity

 

MBIA

Municipal Bond Insurance Association

 

See Notes to Financial Statements.

29


 

 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

BlackRock New Jersey Municipal Income Trust (BNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—151.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—13.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

$

7,000

3

 

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

 

No Opt. Call

 

$

7,400,820

 

Baa1

 

 

 

2,500

3

 

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

 

No Opt. Call

 

 

2,700,550

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

 

3,000

3

 

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

 

06/09 @ 100

 

 

3,167,640

 

Baa1

 

 

 

2,000

3

 

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

 

11/10 @ 100

 

 

2,158,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,427,290

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—104.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cherry Hill Twnshp., GO,

 

 

 

 

 

 

AA-

 

 

 

4,065

4

 

5.00%, 7/15/11

 

N/A

 

 

4,351,379

 

AA-

 

 

 

4,275

4

 

5.00%, 7/15/11

 

N/A

 

 

4,576,174

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

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

 

06/14 @ 100

 

 

5,224,850

 

B

 

 

 

3,450

 

 

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

 

11/10 @ 101

 

 

2,917,527

 

B

 

 

 

2,000

 

 

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

 

11/10 @ 101

 

 

1,732,620

 

BBB-

 

 

 

2,630

 

 

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

 

01/09 @ 102

 

 

2,647,884

 

NR

 

 

 

500

 

 

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

 

01/13 @ 102

 

 

507,610

 

NR

 

 

 

855

 

 

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

 

01/13 @ 102

 

 

863,772

 

BBB-

 

 

 

4,050

 

 

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

 

11/14 @ 100

 

 

4,189,442

 

Baa3

 

 

 

2,500

 

 

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

 

No Opt. Call

 

 

2,864,575

 

Baa3

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,612,650

 

A+

 

 

 

2,000

 

 

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

 

06/11 @ 102

 

 

2,144,220

 

BBB

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,091,780

 

Aaa

 

 

 

1,940

 

 

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

 

12/11 @ 103

 

 

2,052,578

 

 

 

 

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

 

BBB-

 

 

 

1,000

 

 

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

 

07/14 @ 100

 

 

1,034,730

 

BBB-

 

 

 

2,000

 

 

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

 

07/14 @ 100

 

 

2,140,500

 

BBB-

 

 

 

3,000

 

 

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

 

07/13 @ 100

 

 

3,173,130

 

BBB+

 

 

 

2,120

 

 

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

 

07/13 @ 100

 

 

2,345,717

 

AAA

 

 

 

12,600

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Zero Coupon, 11/01/26, FSA

 

No Opt. Call

 

 

4,588,290

 

 

 

 

 

 

 

 

Hlth. Care Fac. Fin. Auth.,

 

 

 

 

 

 

A

 

 

 

4,500

 

 

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

 

07/12 @ 100

 

 

4,743,585

 

A+

 

 

 

3,000

 

 

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

 

11/12 @ 100

 

 

3,120,030

 

A2

 

 

 

10,000

5

 

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

 

07/11 @ 100

 

 

10,515,300

 

Baa1

 

 

 

1,960

 

 

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

 

07/12 @ 100

 

 

2,066,330

 

Baa1

 

 

 

5,500

 

 

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

 

07/12 @ 100

 

 

5,785,670

 

BBB+

 

 

 

1,540

 

 

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

 

12/05 @ 100

 

 

1,549,132

 

NR

 

 

 

5,000

 

 

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

 

01/15 @ 100

 

 

4,899,500

 

 

 

 

 

 

 

 

Middlesex Cnty. Impvt. Auth.,

 

 

 

 

 

 

AAA

 

 

 

1,400

 

 

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

 

07/11 @ 100

 

 

1,461,642

 

AAA

 

 

 

4,470

 

 

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

 

08/12 @ 100

 

 

4,548,180

 

BBB-

 

 

 

2,500

 

 

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

 

09/14 @ 100

 

 

2,626,650

 

Aaa

 

 

 

1,940

 

 

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

 

06/12 @ 102

 

 

2,052,675

 

BBB

 

 

 

13,000

 

 

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

 

06/12 @ 100

 

 

13,667,940

 

 

 

 

 

 

 

 

Trenton Pkg. Auth.,

 

 

 

 

 

 

AAA

 

 

 

5,465

 

 

5.00%, 4/01/25, FGIC

 

04/11 @ 100

 

 

5,653,051

 

AAA

 

 

 

1,500

 

 

5.00%, 4/01/30, FGIC

 

04/11 @ 100

 

 

1,540,680

 

 

 

 

 

 

 

 

Vineland, GO,

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

5.30%, 5/15/30, MBIA

 

05/10 @ 101

 

 

1,567,140

 

AAA

 

 

 

1,500

 

 

5.375%, 5/15/31, MBIA

 

05/10 @ 101

 

 

1,570,365

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

122,427,298

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—7.2%

 

 

 

 

 

 

AAA

 

 

 

8,000

 

 

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

 

12/07 @ 102

 

 

8,481,360

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

30



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 












 

 

 

 

 

 

 

Puerto Rico—26.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

$

2,675

 

 

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

 

06/11 @ 100

 

$

2,704,024

 

AAA

 

 

 

2,675

 

 

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

 

06/11 @ 100

 

 

2,696,694

 

BBB+

 

 

 

3,500

4

 

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

 

N/A

 

 

3,819,655

 

 

 

 

 

 

 

 

Pub. Bldgs. Auth.,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

07/17 @ 100

 

 

3,803,000

 

BBB

 

 

 

1,735

 

 

Gov’t Facs., Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,792,932

 

A-

 

 

 

4,765

 

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

 

N/A

 

 

5,170,930

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

4,000

4

 

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

 

N/A

 

 

4,352,280

 

Aaa

 

 

 

7,040

4

 

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

 

N/A

 

 

7,257,817

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

31,597,332

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

177,933,280

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.9%

 

 

 

 

 

 

 

 

1,000

 

AIM Tax Free Investment Co. Cash Reserve Portfolio,

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

$

178,933,280

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.2%

 

 

 

 

2,621,549

 

 

 

 

 

 

 

 

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

 

 

 

 

(63,815,385

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

117,739,444

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security  is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2005, the Trust held 13.1% of its net assets, with a current market value of $15,427,290, in securities restricted as to resale.

4

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

5

Security,  or a portion thereof, pledged as collateral with a value of $841,224 on 239 short U.S. Treasury Note futures contracts expiring December 2005 and 86 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $35,549,609, with an unrealized gain of $1,099,536.

6

Cost  for Federal income tax purposes is $169,145,236. The net unrealized appreciation/depreciation on a tax basis is $9,788,044, consisting of $9,796,346 gross unrealized appreciation and $8,302 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corporation

 

GO

General Obligation

FGIC

Financial Guaranty Insurance Company

 

MBIA

Municipal Bond Insurance Association

FSA

Financial Security Assurance

 

 

 

 

 

See Notes to Financial Statements.

31



 

 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2005

BlackRock New York Investment Quality Municipal Trust (RNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—147.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York—130.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

$

95

 

 

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

 

05/15 @ 102

 

$

92,159

 

NR

 

 

 

60

 

 

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

 

05/15 @ 102

 

 

57,125

 

AAA

 

 

 

1,000

 

 

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

 

06/08 @ 100

 

 

1,012,010

 

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AAA

 

 

 

750

 

 

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

 

02/13 @ 100

 

 

768,255

 

Aa3

 

 

 

1,000

 

 

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

 

07/13 @ 100

 

 

1,026,170

 

BB+

 

 

 

1,000

 

 

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

 

07/10 @ 101

 

 

1,057,630

 

AAA

 

 

 

1,005

 

 

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

 

No Opt. Call

 

 

1,095,299

 

A+

 

 

 

1,000

 

 

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

 

07/09 @ 101

 

 

1,071,550

 

AA-

 

 

 

2,100

 

 

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

 

07/13 @ 100

 

 

2,190,783

 

AAA

 

 

 

1,000

3

 

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

 

N/A

 

 

1,041,300

 

AA

 

 

 

1,000

 

 

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

 

05/14 @ 100

 

 

1,031,790

 

 

 

 

 

 

 

 

New York City Ind. Dev. Agcy.,

 

 

 

 

 

 

BBB-

 

 

 

500

 

 

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

 

09/15 @ 100

 

 

502,190

 

A-

 

 

 

1,000

 

 

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

 

12/05 @ 101

 

 

1,005,530

 

A-

 

 

 

1,000

 

 

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

 

12/05 @ 101

 

 

1,005,690

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

12/14 @ 100

 

 

1,029,460

 

AA+

 

 

 

1,000

 

 

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

 

06/11 @ 101

 

 

1,033,640

 

 

 

 

 

 

 

 

New York City Transl. Fin. Auth.,

 

 

 

 

 

 

AAA

 

 

 

815

3

 

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

 

N/A

 

 

912,140

 

AAA

 

 

 

185

3

 

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

 

N/A

 

 

207,050

 

AAA

 

 

 

1,000

3,4

 

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

 

N/A

 

 

1,119,190

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

A+

 

 

 

890

3

 

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

 

N/A

 

 

994,085

 

A+

 

 

 

110

 

 

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

 

05/10 @ 101

 

 

120,339

 

AA

 

 

 

1,000

 

 

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

 

12/05 @ 101

 

 

1,015,840

 

A+

 

 

 

1,000

3

 

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

 

N/A

 

 

1,025,370

 

AAA

 

 

 

1,000

3

 

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

 

N/A

 

 

1,048,800

 

Caa2

 

 

 

1,000

 

 

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

 

12/05 @ 100

 

 

1,000,140

 

AAA

 

 

 

2,000

 

 

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

 

10/14 @ 100

 

 

2,077,440

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

845

3

 

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

 

N/A

 

 

909,812

 

AAA

 

 

 

155

 

 

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

 

01/12 @ 100

 

 

159,205

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

25,609,992

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—16.7%

 

 

 

 

 

 

BBB

 

 

 

500

 

 

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

 

05/12 @ 100

 

 

516,600

 

 

 

 

 

 

 

 

Hwy. & Trans. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

175

 

 

5.00%, 7/01/30

 

07/15 @ 100

 

 

176,860

 

BBB+

 

 

 

355

 

 

5.00%, 7/01/40

 

07/15 @ 100

 

 

356,054

 

BBB+

 

 

 

345

 

 

5.00%, 7/01/45

 

07/15 @ 100

 

 

344,386

 

BBB+

 

 

 

320

 

 

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

 

07/15 @ 100

 

 

322,173

 

AAA

 

 

 

140

 

 

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

 

No Opt. Call

 

 

156,832

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

745

3

 

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

 

N/A

 

 

816,937

 

BBB-

 

 

 

255

 

 

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

 

02/12 @ 100

 

 

271,871

 

BBB

 

 

 

315

 

 

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

 

07/14 @ 100

 

 

315,857

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,277,570

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

32



 

 

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

 


 

 

 

 

 

 

 

Description

 

Value

 






 

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

 

$

28,887,562

 

 

 

 



 

 

Total Investments—147.1% (cost $27,491,9985)

 

$

28,887,562

 

 

Other assets in excess of liabilities—2.8%

 

 

556,078

 

 

Preferred shares at redemption value, including dividends payable—(49.9)%

 

 

(9,800,658

)

 

 

 



 

 

Net Assets Applicable to Common Shareholders—100%

 

$

19,642,982

 

 

 

 



 


 

 


1

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

2

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

3

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

4

Security,  or a portion thereof, pledged as collateral with a value of $111,919 on two long U.S. Treasury Note futures contracts expiring December 2005 and one short U.S. Treasury Bond futures contract expiring December 2005. The value of such contracts on October 31, 2005, was $104,938, with an unrealized loss of $1,679.

5

Cost  for Federal income tax purposes is $27,481,439. The net unrealized appreciation/depreciation on a tax basis is $1,406,123, consisting of $1,453,558 gross unrealized appreciation and $47,435 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corporation

 

MBIA

Municipal Bond Insurance Association

FSA

Financial Security Assurance

 

GO

General Obligation

 

See Notes to Financial Statements.

33


 

 

PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2005

 

BlackRock New York Municipal Income Trust (BNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 















 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—152.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—11.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

$

6,000

3

 

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

 

No Opt. Call

 

$

6,343,560

 

Baa1

 

 

 

5,500

3

 

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

 

No Opt. Call

 

 

5,941,210

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

 

6,000

3

 

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

 

06/09 @ 100

 

 

6,335,280

 

Baa1

 

 

 

3,000

3

 

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

 

11/10 @ 100

 

 

3,237,420

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

21,857,470

 

 


 

 

 

 

 

 

 

 

New York—117.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

910

 

 

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

 

05/15 @ 102

 

 

882,782

 

NR

 

 

 

590

 

 

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

 

05/15 @ 102

 

 

561,727

 

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AA-

 

 

 

1,765

4

 

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

 

N/A

 

 

1,915,696

 

BBB-

 

 

 

10,780

 

 

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

 

07/11 @ 101

 

 

10,651,610

 

BB+

 

 

 

1,000

 

 

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

 

07/08 @ 100

 

 

1,012,690

 

BB+

 

 

 

5,000

 

 

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

 

07/08 @ 100

 

 

5,063,700

 

AAA

 

 

 

9,000

 

 

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

 

07/11 @ 100

 

 

9,145,710

 

AAA

 

 

 

5,000

 

 

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

 

07/11 @ 100

 

 

5,093,400

 

A-

 

 

 

2,000

 

 

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

 

05/13 @ 100

 

 

2,097,320

 

A-

 

 

 

2,000

 

 

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

 

05/13 @ 100

 

 

2,103,960

 

AA-

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,473,250

 

AA-

 

 

 

2,000

 

 

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

 

07/13 @ 100

 

 

2,053,640

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AA-

 

 

 

12,000

 

 

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

 

11/12 @ 100

 

 

12,256,560

 

A

 

 

 

12,000

 

 

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

 

11/12 @ 100

 

 

12,433,080

 

 

 

 

 

 

 

 

Mtg. Agcy.,

 

 

 

 

 

 

Aa1

 

 

 

5,950

 

 

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

 

10/11 @ 100

 

 

6,070,249

 

Aaa

 

 

 

15,500

 

 

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

 

04/11 @ 100

 

 

15,600,595

 

 

 

 

 

 

 

 

New York City Ind. Dev. Agcy.,

 

 

 

 

 

 

BBB-

 

 

 

2,000

 

 

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

 

09/15 @ 100

 

 

2,008,760

 

A

 

 

 

750

 

 

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

 

09/11 @ 102

 

 

763,253

 

A

 

 

 

2,000

 

 

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

 

09/11 @ 102

 

 

2,034,500

 

AAA

 

 

 

1,550

 

 

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

 

12/11 @ 102

 

 

1,629,314

 

BBB-

 

 

 

14,850

 

 

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

 

07/11 @ 100

 

 

14,603,638

 

A-

 

 

 

6,000

 

 

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

 

12/05 @ 101

 

 

6,033,180

 

AA+

 

 

 

5,000

 

 

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

 

06/15 @ 100

 

 

5,118,600

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

06/11 @ 100

 

 

4,100,080

 

AA+

 

 

 

6,500

 

 

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

 

06/11 @ 100

 

 

6,620,640

 

AAA

 

 

 

3,660

 

 

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

 

05/09 @ 101

 

 

3,757,063

 

 

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

AAA

 

 

 

3,290

4

 

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

 

N/A

 

 

3,619,494

 

A+

 

 

 

2,710

 

 

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

 

03/12 @ 100

 

 

2,858,264

 

A+

 

 

 

7,000

 

 

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

 

06/12 @ 100

 

 

7,369,530

 

BBB

 

 

 

6,700

 

 

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

 

06/13 @ 100

 

 

7,131,346

 

AA-

 

 

 

5,000

 

 

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

 

09/13 @ 101

 

 

5,136,450

 

Caa2

 

 

 

9,250

 

 

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

 

12/05 @ 100

 

 

9,251,295

 

AAA

 

 

 

13,000

5

 

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

 

12/07 @ 102

 

 

13,782,210

 

BBB

 

 

 

2,500

 

 

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

 

06/12 @ 100

 

 

2,622,200

 

BBB

 

 

 

5,000

 

 

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

 

08/12 @ 100

 

 

5,221,450

 

A

 

 

 

7,000

 

 

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

 

06/13 @ 100

 

 

7,202,300

 

 

 

 

 

 

 

 

TSASC, Inc., Tobacco Settlement Rev.,

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

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

 

07/12 @ 100

 

 

5,239,400

 

BBB

 

 

 

8,000

 

 

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

 

07/09 @ 101

 

 

8,441,600

 

AA-

 

 

 

5,290

4

 

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

 

N/A

 

 

5,415,849

 

AA

 

 

 

2,500

 

 

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

 

10/11 @ 100

 

 

2,572,750

 

AAA

 

 

 

2,000

4

 

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

 

N/A

 

 

2,292,560

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

227,241,695

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

34


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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 











 

 

 

 

 

 

 

Puerto Rico—24.2%

 

 

 

 

 

 

BBB

 

 

$

4,060

 

 

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

 

05/12 @ 100

 

$

4,194,792

 

 

 

 

 

 

 

 

Hwy. & Trans. Auth.,

 

 

 

 

 

 

BBB+

 

 

 

1,730

 

 

5.00%, 7/01/30

 

07/15 @ 100

 

 

1,748,390

 

BBB+

 

 

 

3,475

 

 

5.00%, 7/01/40

 

07/15 @ 100

 

 

3,485,321

 

BBB+

 

 

 

3,375

 

 

5.00%, 7/01/45

 

07/15 @ 100

 

 

3,368,992

 

BBB+

 

 

 

3,130

 

 

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

 

07/15 @ 100

 

 

3,151,253

 

 

 

 

 

 

 

 

Pub. Bldgs. Auth.,

 

 

 

 

 

 

BBB

 

 

 

1,600

 

 

Gov’t Facs., Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,653,424

 

A-

 

 

 

4,400

4

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

 

N/A

 

 

4,774,836

 

 

 

 

 

 

 

 

Pub. Fin. Corp.,

 

 

 

 

 

 

Aaa

 

 

 

7,475

4

 

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

 

N/A

 

 

8,196,786

 

BBB-

 

 

 

2,525

 

 

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

 

02/12 @ 100

 

 

2,692,054

 

Aaa

 

 

 

7,000

4

 

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

 

N/A

 

 

7,616,490

 

Aaa

 

 

 

5,750

4

 

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

 

N/A

 

 

5,927,905

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,810,243

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

 

295,909,408

 

 

 

 

 

 

 

 

 



 

 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUNDS—1.7%

 

 

 

 

 

 

 

 

 

 

3,300

 

 

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

 

N/A

 

 

3,300,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

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

 

 

 

$

299,209,408

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.1%

 

 

 

 

4,021,078

 

 

 

 

 

 

 

 

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

 

 

 

 

(109,773,235

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

193,457,251

 

 


 


 

 

1

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

2

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

3

Security  is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2005, the Trust held 11.30% of its net assets, with a current market value of $21,857,470, in securities restricted as to resale.

4

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

5

Security,  or a portion thereof, pledged as collateral with a value of $1,166,187 on 338 short U.S. Treasury Note futures contracts expiring December 2005 and 123 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $50,429,313, with an unrealized gain of $1,551,796.

6

Cost  for Federal income tax purposes is $288,715,399. The net unrealized appreciation/depreciation on a tax basis is $10,493,009, consisting of $11,262,134 gross unrealized appreciation and $768,125 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

ACA

American Capital Access

GO

General Obligation

AMBAC

American Municipal Bond Assurance Corporation

MBIA

Municipal Bond Insurance Association

FGIC

Financial Guaranty Insurance Company

RAA

Radian Asset Assurance

FSA

Financial Security Assurance

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

35


 

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

 

California

 

 

 

Investment Quality

     

Municipal

     

Investment Quality

     

Municipal

 

 

 

Municipal Trust

 

Income Trust

 

Municipal Trust

 

Income Trust

 

 

 

(BKN)

 

(BFK)

 

(RAA)

 

(BFZ)

 

 

 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

404,151,876

 

$

1,013,068,649

 

$

21,639,877

 

$

355,457,347

 

Cash

 

 

542,092

 

 

519,390

 

 

12,778

 

 

534,753

 

Investment in affiliates

 

 

77,365

 

 

105,815

 

 

17,689

 

 

37,646

 

Receivable from investments sold

 

 

5,032,516

 

 

8,870,000

 

 

 

 

 

Interest receivable

 

 

5,843,880

 

 

15,673,298

 

 

269,093

 

 

4,959,015

 

Other assets

 

 

26,179

 

 

41,572

 

 

4,708

 

 

14,664

 

 

 



 



 



 



 

 

 

 

415,673,908

 

 

1,038,278,724

 

 

21,944,145

 

 

361,003,425

 

 

 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

6,546,686

 

 

16,571,500

 

 

 

 

 

Variation margin payable

 

 

32,875

 

 

122,250

 

 

125

 

 

45,500

 

Dividends payable — common shares

 

 

1,474,401

 

 

3,607,449

 

 

71,101

 

 

1,140,007

 

Investment advisory fee payable

 

 

121,747

 

 

303,844

 

 

7,329

 

 

107,294

 

Administration fee payable

 

 

52,177

 

 

 

 

2,941

 

 

 

Deferred Trustees’ fees

 

 

77,365

 

 

105,815

 

 

17,689

 

 

37,646

 

Payable to affiliates

 

 

35,233

 

 

26,115

 

 

6,157

 

 

17,942

 

Other accrued expenses

 

 

128,530

 

 

249,249

 

 

37,626

 

 

187,854

 

 

 



 



 



 



 

 

 

 

8,469,014

 

 

20,986,222

 

 

142,968

 

 

1,536,243

 

 

 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable2

 

 

146,711,021

 

 

375,245,108

 

 

7,502,570

 

 

131,994,840

 

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

$

260,493,873

 

$

642,047,394

 

$

14,298,607

 

$

227,472,342

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value3

 

$

167,071

 

$

43,660

 

$

10,071

 

$

14,986

 

Paid-in capital in excess of par

 

 

231,766,743

 

 

619,661,931

 

 

13,392,714

 

 

212,626,998

 

Undistributed net investment income

 

 

12,726,040

 

 

20,939,165

 

 

191,464

 

 

6,886,241

 

Accumulated net realized gain (loss)

 

 

(1,835,039

)

 

(33,642,170

)

 

(9,865

)

 

(10,083,448

)

Net unrealized appreciation

 

 

17,669,058

 

 

35,044,808

 

 

714,223

 

 

18,027,565

 

 

 



 



 



 



 

Net assets applicable to common shareholders, October 31, 2005

 

$

260,493,873

 

$

642,047,394

 

$

14,298,607

 

$

227,472,342

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share4

 

$

15.59

 

$

14.71

 

$

14.20

 

$

15.18

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1    Investments at cost

 

$

388,158,712

 

$

984,467,336

 

$

20,926,493

 

$

339,842,240

 

2    Preferred shares outstanding

 

 

5,862

 

 

15,005

 

 

300

 

 

5,278

 

3    Par value per preferred shares

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

4    Common shares outstanding

 

 

16,707,093

 

 

43,660,481

 

 

1,007,093

 

 

14,985,501

 

See Notes to Financial Statements.

36



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

Florida

 

New Jersey

 

New Jersey

 

New York

 

New York

 

Investment Quality

 

Municipal

 

Investment Quality

 

Municipal

 

Investment Quality

 

Municipal

 

Municipal Trust

 

Income Trust

 

Municipal Trust

 

Income Trust

 

Municipal Trust

 

Income Trust

 

(RFA)

 

(BBF)

 

(RNJ)

 

(BNJ)

 

(RNY)

 

(BNY)

 


 


 


 


 


 


 

 

$

24,043,931

 

$

157,874,209

 

$

21,841,355

 

$

178,933,280

 

$

28,887,562

 

$

299,209,408

 

 

522,208

 

 

531,166

 

 

39,611

 

 

510,062

 

 

187,220

 

 

520,971

 

 

17,366

 

 

14,754

 

 

18,117

 

 

17,488

 

 

17,352

 

 

32,735

 

 

 

 

439,000

 

 

 

 

 

 

 

 

 

 

280,464

 

 

2,352,206

 

 

309,059

 

 

2,876,268

 

 

505,233

 

 

4,718,023

 

 

4,832

 

 

6,569

 

 

4,719

 

 

7,404

 

 

5,024

 

 

12,393

 



 



 



 



 



 



 

 

24,868,801

 

 

161,217,904

 

 

22,212,861

 

 

182,344,502

 

 

29,602,391

 

 

304,493,530

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

94

 

 

17,031

 

 

63

 

 

20,906

 

 

94

 

 

29,781

 

 

79,777

 

 

501,168

 

 

70,622

 

 

590,710

 

 

95,581

 

 

943,719

 

 

7,380

 

 

47,875

 

 

6,595

 

 

54,195

 

 

8,798

 

 

90,504

 

 

3,374

 

 

 

 

2,988

 

 

 

 

3,889

 

 

 

 

17,366

 

 

14,754

 

 

18,117

 

 

17,488

 

 

17,352

 

 

32,735

 

 

2,801

 

 

7,808

 

 

5,102

 

 

10,021

 

 

3,274

 

 

12,729

 

 

41,419

 

 

113,021

 

 

25,594

 

 

96,353

 

 

29,763

 

 

153,576

 



 



 



 



 



 



 

 

152,211

 

 

701,657

 

 

129,081

 

 

789,673

 

 

158,751

 

 

1,263,044

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,502,419

 

 

57,572,711

 

 

7,503,022

 

 

63,815,385

 

 

9,800,658

 

 

109,773,235

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

16,214,171

 

$

102,943,536

 

$

14,580,758

 

$

117,739,444

 

$

19,642,982

 

$

193,457,251

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11,271

 

$

6,649

 

$

10,071

 

$

7,419

 

$

13,071

 

$

12,526

 

 

15,001,008

 

 

94,301,414

 

 

13,079,455

 

 

105,228,451

 

 

17,651,717

 

 

177,696,325

 

 

299,272

 

 

2,631,771

 

 

576,903

 

 

3,754,669

 

 

517,851

 

 

5,662,743

 

 

172,703

 

 

(1,952,635

)

 

80,253

 

 

(2,087,996

)

 

66,458

 

 

(1,960,404

)

 

729,917

 

 

7,956,337

 

 

834,076

 

 

10,836,901

 

 

1,393,885

 

 

12,046,061

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

16,214,171

 

$

102,943,536

 

$

14,580,758

 

$

117,739,444

 

$

19,642,982

 

$

193,457,251

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

14.39

 

$

15.48

 

$

14.48

 

$

15.87

 

$

15.03

 

$

15.44

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23,312,335

 

$

150,810,009

 

$

21,003,082

 

$

169,195,915

 

$

27,491,998

 

$

288,715,143

 

 

340

 

 

2,302

 

 

300

 

 

2,552

 

 

392

 

 

4,390

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

1,127,093

 

 

6,648,993

 

 

1,007,093

 

 

7,418,647

 

 

1,307,093

 

 

12,526,300

 

37



 

STATEMENTS OF OPERATIONS

For the year ended October 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

 

California

 

 

 

Investment Quality

 

Municipal

 

Investment Quality

 

Municipal

 

 

 

Municipal Trust

 

Income Trust

 

Municipal Trust

 

Income Trust

 

 

 

(BKN)

 

(BFK)

 

(RAA)

 

(BFZ)

 

 

 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

21,927,141

 

$

56,678,087

 

$

979,130

 

$

18,679,464

 

Income from affiliates

 

 

4,142

 

 

8,587

 

 

1,405

 

 

3,229

 

 

 



 



 



 



 

Total investment Income

 

 

21,931,283

 

 

56,686,674

 

 

980,535

 

 

18,682,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

1,438,641

 

 

6,118,831

 

 

77,243

 

 

2,158,126

 

Administration

 

 

616,560

 

 

 

 

22,069

 

 

 

Transfer agent

 

 

18,615

 

 

17,502

 

 

10,585

 

 

16,060

 

Custodian

 

 

100,287

 

 

165,987

 

 

11,227

 

 

78,446

 

Reports to shareholders

 

 

58,871

 

 

135,495

 

 

7,300

 

 

36,815

 

Directors/Trustees

 

 

36,624

 

 

79,570

 

 

12,228

 

 

30,660

 

Registration

 

 

13,725

 

 

33,865

 

 

588

 

 

31,500

 

Independent accountants

 

 

41,063

 

 

41,975

 

 

14,965

 

 

38,325

 

Legal

 

 

54,950

 

 

135,078

 

 

5,278

 

 

41,789

 

Insurance

 

 

28,261

 

 

69,543

 

 

1,516

 

 

24,641

 

Deferred Trustees’ fees

 

 

4,142

 

 

8,587

 

 

1,405

 

 

3,229

 

Auction agent

 

 

379,829

 

 

968,826

 

 

22,934

 

 

343,701

 

Miscellaneous

 

 

69,111

 

 

107,727

 

 

15,163

 

 

45,328

 

 

 



 



 



 



 

Total expenses

 

 

2,860,679

 

 

7,882,986

 

 

202,501

 

 

2,848,620

 

Less fees waived by Advisor

 

 

 

 

(2,549,513

)

 

 

 

(899,219

)

Less fees paid indirectly

 

 

(10,159

)

 

(14,304

)

 

(5,682

)

 

(11,543

)

 

 



 



 



 



 

Net expenses

 

 

2,850,520

 

 

5,319,169

 

 

196,819

 

 

1,937,858

 

 

 



 



 



 



 

Net investment income

 

 

19,080,763

 

 

51,367,505

 

 

783,716

 

 

16,744,835

 

 

 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

10,617,728

 

 

18,943,927

 

 

110,960

 

 

(575,136

)

Futures

 

 

(1,096,061

)

 

(4,441,578

)

 

520

 

 

(1,666,784

)

 

 



 



 



 



 

 

 

 

9,521,667

 

 

14,502,349

 

 

111,480

 

 

(2,241,920

)

 

 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(14,462,226

)

 

(7,315,508

)

 

(150,265

)

 

3,396,139

 

Futures

 

 

3,050,545

 

 

11,384,440

 

 

6,900

 

 

4,243,927

 

 

 



 



 



 



 

 

 

 

(11,411,681

)

 

4,068,932

 

 

(143,365

)

 

7,640,066

 

 

 



 



 



 



 

Net gain (loss)

 

 

(1,890,014

)

 

18,571,281

 

 

(31,885

)

 

5,398,146

 

 

 



 



 



 



 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,091,066

)

 

(7,913,843

)

 

(128,583

)

 

(2,361,287

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

 

Total dividends and distributions

 

 

(3,091,066

)

 

(7,913,843

)

 

(128,583

)

 

(2,361,287

)

 

 



 



 



 



 

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

14,099,683

 

$

62,024,943

 

$

623,248

 

$

19,781,694

 

 

 



 



 



 



 

See Notes to Financial Statements.

38



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

Florida

 

New Jersey

 

New Jersey

 

New York

 

New York

 

Investment Quality

 

Municipal

 

Investment Quality

 

Municipal

 

Investment Quality

 

Municipal

 

Municipal Trust

 

Income Trust

 

Municipal Trust

 

Income Trust

 

Municipal Trust

 

Income Trust

 

(RFA)

 

(BBF)

 

(RNJ)

 

(BNJ)

 

(RNY)

 

(BNY)

 



 



 



 



 



 



 

 

$

1,158,958

 

$

8,334,870

 

$

1,073,710

 

$

9,708,390

 

$

1,498,338

 

$

15,929,849

 

 

1,075

 

 

938

 

 

1,259

 

 

1,310

 

 

1,141

 

 

2,701

 



 



 



 



 



 



 

 

1,160,033

 

 

8,335,808

 

 

1,074,969

 

 

9,709,700

 

 

1,499,479

 

 

15,932,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

87,942

 

 

965,894

 

 

78,306

 

 

1,088,377

 

 

104,277

 

 

1,822,731

 

 

25,126

 

 

 

 

22,373

 

 

 

 

29,793

 

 

 

 

11,315

 

 

16,060

 

 

11,315

 

 

16,060

 

 

11,315

 

 

16,060

 

 

11,251

 

 

56,823

 

 

10,953

 

 

65,255

 

 

13,617

 

 

73,236

 

 

7,300

 

 

23,276

 

 

7,300

 

 

28,105

 

 

7,300

 

 

44,081

 

 

12,228

 

 

14,235

 

 

12,228

 

 

15,695

 

 

12,228

 

 

26,645

 

 

661

 

 

22,499

 

 

588

 

 

22,499

 

 

767

 

 

31,500

 

 

14,965

 

 

35,770

 

 

14,965

 

 

35,770

 

 

14,965

 

 

38,325

 

 

5,496

 

 

19,543

 

 

5,024

 

 

23,835

 

 

5,650

 

 

42,081

 

 

1,728

 

 

11,022

 

 

1,534

 

 

12,423

 

 

2,053

 

 

20,805

 

 

1,075

 

 

938

 

 

1,259

 

 

1,310

 

 

1,141

 

 

2,701

 

 

25,559

 

 

151,041

 

 

22,963

 

 

166,633

 

 

28,719

 

 

288,192

 

 

15,358

 

 

30,467

 

 

15,176

 

 

31,625

 

 

15,545

 

 

41,367

 



 



 



 



 



 



 

 

220,004

 

 

1,347,568

 

 

203,984

 

 

1,507,587

 

 

247,370

 

 

2,447,724

 

 

 

 

(402,456

)

 

 

 

(453,490

)

 

 

 

(759,471

)

 

(6,095

)

 

(10,224

)

 

(5,377

)

 

(10,937

)

 

(7,522

)

 

(10,525

)



 



 



 



 



 



 

 

213,909

 

 

934,888

 

 

198,607

 

 

1,043,160

 

 

239,848

 

 

1,677,728

 



 



 



 



 



 



 

 

946,124

 

 

7,400,920

 

 

876,362

 

 

8,666,540

 

 

1,259,631

 

 

14,254,822

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

160,221

 

 

(626,641

)

 

117,624

 

 

172,362

 

 

60,615

 

 

2,935,731

 

 

(162

)

 

(607,607

)

 

32

 

 

(751,517

)

 

(1,250

)

 

(1,042,589

)



 



 



 



 



 



 

 

160,059

 

 

(1,234,248

)

 

117,656

 

 

(579,155

)

 

59,365

 

 

1,893,142

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(557,995

)

 

797,526

 

 

(341,809

)

 

1,764,476

 

 

(420,515

)

 

(3,397,713

)

 

6,728

 

 

1,588,607

 

 

1,866

 

 

1,946,439

 

 

8,756

 

 

2,770,236

 



 



 



 



 



 



 

 

(551,267

)

 

2,386,133

 

 

(339,943

)

 

3,710,915

 

 

(411,759

)

 

(627,477

)



 



 



 



 



 



 

 

(391,208

)

 

1,151,885

 

 

(222,287

)

 

3,131,760

 

 

(352,394

)

 

1,265,665

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(174,481

)

 

(1,150,882

)

 

(149,372

)

 

(1,322,793

)

 

(182,787

)

 

(2,091,682

)

 

(10,423

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

 

 

(184,904

)

 

(1,150,882

)

 

(149,372

)

 

(1,322,793

)

 

(182,787

)

 

(2,091,682

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

370,012

 

$

7,401,923

 

$

504,703

 

$

10,475,507

 

$

724,450

 

$

13,428,805

 



 



 



 



 



 



 

39


 

 

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



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Quality Municipal Trust
(BKN)

 

Municipal
Income Trust
(BFK)

 

 

 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

19,080,763

 

$

19,680,873

 

$

51,367,505

 

$

52,143,566

 

Net realized gain (loss)

 

 

9,521,667

 

 

(2,704,080

)

 

14,502,349

 

 

(10,849,651

)

Net change in unrealized appreciation/depreciation

 

 

(11,411,681

)

 

6,851,241

 

 

4,068,932

 

 

22,183,577

 

Net change in transactions related to investment violation1

 

 

 

 

167,280

 

 

 

 

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,091,066

)

 

(1,560,276

)

 

(7,913,843

)

 

(3,870,243

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Net increase in net assets resulting from operations

 

 

14,099,683

 

 

22,435,038

 

 

62,024,943

 

 

59,607,249

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(16,080,778

)

 

(15,274,761

)

 

(42,712,157

)

 

(42,421,794

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(16,080,778

)

 

(15,274,761

)

 

(42,712,157

)

 

(42,421,794

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

1,086,467

 

 

519,196

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

1,086,467

 

 

519,196

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(1,981,095

)

 

7,160,277

 

 

20,399,253

 

 

17,704,651

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

262,474,968

 

 

255,314,691

 

 

621,648,141

 

 

603,943,490

 

 

 



 



 



 



 

End of year

 

$

260,493,873

 

$

262,474,968

 

$

642,047,394

 

$

621,648,141

 

 

 



 



 



 



 

End of year undistributed net investment income

 

$

12,726,040

 

$

12,876,540

 

$

20,939,165

 

$

20,211,294

 


 

 


1

Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

40



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Investment
Quality Municipal Trust

(RAA)

 

California
Municipal Income Trust

(BFZ)

 

Florida Investment
Quality Municipal Trust

(RFA)

 


 


 


 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

$

783,716

 

$

927,165

 

$

16,744,835

 

$

17,211,060

 

$

946,124

 

$

1,103,025

 

 

111,480

 

 

(156,595

)

 

(2,241,920

)

 

(5,325,774

)

 

160,059

 

 

146,348

 

 

(143,365

)

 

48,265

 

 

7,640,066

 

 

15,044,621

 

 

(551,267

)

 

(397,928

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,779

 

 

 

 

 

 

 

 

46,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(128,583

)

 

(61,122

)

 

(2,361,287

)

 

(1,276,088

)

 

(174,481

)

 

(78,189

)

 

 

 

(3,726

)

 

 

 

 

 

(10,423

)

 

(24,220

)



 



 



 



 



 



 

 

623,248

 

 

764,766

 

 

19,781,694

 

 

25,653,819

 

 

370,012

 

 

795,692

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(853,209

)

 

(853,209

)

 

(13,680,084

)

 

(13,680,084

)

 

(957,322

)

 

(957,321

)

 

 

 

(48,441

)

 

 

 

 

 

(127,609

)

 

(256,301

)



 



 



 



 



 



 

 

(853,209

)

 

(901,650

)

 

(13,680,084

)

 

(13,680,084

)

 

(1,084,931

)

 

(1,213,622

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

 

(229,961

)

 

(136,884

)

 

6,101,610

 

 

11,973,735

 

 

(714,919

)

 

(417,930

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,528,568

 

 

14,665,452

 

 

221,370,732

 

 

209,396,997

 

 

16,929,090

 

 

17,347,020

 



 



 



 



 



 



 

$

14,298,607

 

$

14,528,568

 

$

227,472,342

 

$

221,370,732

 

$

16,214,171

 

$

16,929,090

 



 



 



 



 



 



 

$

191,464

 

$

373,382

 

$

6,886,241

 

$

6,189,963

 

$

299,272

 

$

489,204

 

41



 

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



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida
Municipal Income Trust
(BBF)

 

New Jersey Investment
Quality Municipal Trust
(RNJ)

 

 

 


 


 

 

 

2005

 

2004

 

2005

 

2004

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

7,400,920

 

$

7,485,885

 

$

876,362

 

$

972,804

 

Net realized gain (loss)

 

 

(1,234,248

)

 

(508,174

)

 

117,656

 

 

159,011

 

Net change in unrealized appreciation/depreciation

 

 

2,386,133

 

 

3,505,389

 

 

(339,943

)

 

(357,062

)

Net change in transactions related to investment violation1

 

 

 

 

 

 

 

 

 

Dividends to preferred shareholders from net investment income

 

 

(1,150,882

)

 

(548,629

)

 

(149,372

)

 

(70,911

)

 

 



 



 



 



 

Net increase in net assets resulting from operations

 

 

7,401,923

 

 

9,934,471

 

 

504,703

 

 

703,842

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(6,011,917

)

 

(6,011,618

)

 

(823,484

)

 

(811,491

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

41,592

 

 

 

 

 

 

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

41,592

 

 

 

 

 

 

 

 

 



 



 



 



 

Total increase (decrease)

 

 

1,431,598

 

 

3,922,853

 

 

(318,781

)

 

(107,649

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

101,511.938

 

 

97,589,085

 

 

14,899,539

 

 

15,007,188

 

 

 



 



 



 



 

End of year

 

$

102,943,536

 

$

101,511,938

 

$

14,580,758

 

$

14,899,539

 

 

 



 



 



 



 

End of year undistributed net investment income

 

$

2,631,771

 

$

2,393,507

 

$

576,903

 

$

600,862

 


 

 


1

Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.

See Notes to Financial Statements.

42



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey
Municipal Income Trust

(BNJ
)

 

New York Investment
Quality Municipal Trust

(RNY
)

 

New York
Municipal Income Trust

(BNY)

 


 


 


 

2005

 

2004

 

2005

 

2004

 

2005

 

2004

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,666,540

 

$

8,616,860

 

$

1,259,631

 

$

1,259,176

 

$

14,254,822

 

$

14,367,676

 

 

(579,155

)

 

(815,221

)

 

59,365

 

 

70,439

 

 

1,893,142

 

 

(1,277,572

)

 

3,710,915

 

 

5,352,381

 

 

(411,759

)

 

(82,103

)

 

(627,477

)

 

5,687,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,284

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,322,793

)

 

(623,629

)

 

(182,787

)

 

(92,575

)

 

(2,091,682

)

 

(1,058,252

)



 



 



 



 



 



 

 

10,475,507

 

 

12,530,391

 

 

724,450

 

 

1,159,221

 

 

13,428,805

 

 

17,719,565

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,817,201

)

 

(6,682,923

)

 

(1,146,975

)

 

(1,146,975

)

 

(11,321,006

)

 

(11,320,282

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,711

 

 

 

 

 

 

 

 

75,737

 

 

 



 



 



 



 



 



 

 

61,711

 

 

 

 

 

 

 

 

75,737

 

 

 



 



 



 



 



 



 

 

3,720,017

 

 

5,847,468

 

 

(422,525

)

 

12,246

 

 

2,183,536

 

 

6,399,283

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114,019,427

 

 

108,171,959

 

 

20,065,507

 

 

20,053,261

 

 

191,273,715

 

 

184,874,432

 



 



 



 



 



 



 

$

117,739,444

 

$

114,019,427

 

$

19,642,982

 

$

20,065,507

 

$

193,457,251

 

$

191,273,715

 



 



 



 



 



 



 

$

3,754,669

 

$

3,228,123

 

$

517,851

 

$

584,462

 

$

5,662,743

 

$

4,820,612

 

43


FINANCIAL HIGHLIGHTS

 

 

BlackRock Investment Quality Municipal Trust (BKN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.71

 

$

15.28

 

$

15.19

 

$

15.19

 

$

14.30

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.14

 

 

1.17

 

 

1.16

 

 

1.20

 

 

1.20

 

Net realized and unrealized gain (loss)

 

 

(0.11

)

 

0.26

 

 

(0.09

)

 

(0.26

)

 

0.75

 

Dividends to preferred shareholders from net investment income

 

 

(0.19

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

 

(0.29

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.84

 

 

1.34

 

 

0.98

 

 

0.81

 

 

1.66

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.96

)

 

(0.91

)

 

(0.89

)

 

(0.81

)

 

(0.78

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares

 

 

 

 

 

 

 

 

 

 

0.01

 

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

$

15.19

 

 

 



 



 



 



 



 

Market price, end of year

 

$

16.62

 

$

15.12

 

$

14.26

 

$

13.48

 

$

13.73

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

16.68

%

 

12.91

%

 

12.67

%

 

4.14

%

 

20.03

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

 

1.14

%

Expenses after fees waived and before fees paid indirectly

 

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

 

1.14

%

Expenses before fees waived and paid indirectly

 

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

 

1.14

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.21

%

 

7.59

%

 

7.62

%

 

7.93

%

 

8.10

%

Preferred share dividends

 

 

1.17

%

 

0.60

%

 

0.59

%

 

0.83

%

 

1.94

%

Net investment income available to common shareholders

 

 

6.04

%

 

6.99

%

 

7.03

%

 

7.10

%

 

6.16

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

264,490

 

$

259,470

 

$

254,890

 

$

251,428

 

$

247,832

 

Portfolio turnover

 

 

77

%

 

52

%

 

36

%

 

19

%

 

4

%

Net assets of common shareholders, end of year (000)

 

$

260,494

 

$

262,475

 

$

255,315

 

$

253,710

 

$

253,777

 

Preferred shares value outstanding, end of year (000)

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

Asset coverage per preferred share, end of year

 

$

69,465

 

$

69,790

 

$

68,561

 

$

68,292

 

$

68,308

 

 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

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

See Notes to Financial Statements.

44



FINANCIAL HIGHLIGHTS

 

 

BlackRock Municipal Income Trust (BFK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 27, 20011
through
October 31, 20012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.26

 

$

13.87

 

$

13.33

 

$

14.30

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.18

 

 

1.19

 

 

1.23

 

 

1.20

 

 

0.17

 

Net realized and unrealized gain (loss)

 

 

0.43

 

 

0.26

 

 

0.35

 

 

(1.11

)

 

0.12

 

Dividends to preferred shareholders from net investment income

 

 

(0.18

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

1.43

 

 

1.36

 

 

1.49

 

 

(0.04

)

 

0.28

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

(0.93

)

 

(0.16

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

(0.93

)

 

(0.17

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

$

14.30

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.69

 

$

14.05

 

$

13.70

 

$

13.46

 

$

14.75

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

19.31

%

 

10.01

%

 

9.21

%

 

(2.40

)%

 

(1.13

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.83

%

 

0.83

%

 

0.84

%

 

0.81

%

 

0.61

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.83

%

 

0.83

%

 

0.84

%

 

0.83

%

 

0.62

%6

Expenses before fees waived and paid indirectly

 

 

1.22

%

 

1.23

%

 

1.25

%

 

1.23

%

 

0.91

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.97

%

 

8.44

%

 

8.96

%

 

8.74

%

 

4.59

%6

Preferred share dividends

 

 

1.23

%

 

0.63

%

 

0.65

%

 

0.92

%

 

0.38

%6

Net investment income available to common shareholders

 

 

6.74

%

 

7.81

%

 

8.31

%

 

7.82

%

 

4.21

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

644,680

 

$

618,076

 

$

594,192

 

$

598,425

 

$

572,610

 

Portfolio turnover

 

 

68

%

 

59

%

 

56

%

 

70

%

 

27

%

Net assets of common shareholders, end of period (000)

 

$

642,047

 

$

621,648

 

$

603,943

 

$

579,681

 

$

619,249

 

Preferred shares value outstanding, end of period (000)

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

Asset coverage per preferred share, end of period

 

$

67,797

 

$

66,435

 

$

65,251

 

$

63,636

 

$

66,275

 

 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

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

See Notes to Financial Statements.

45



FINANCIAL HIGHLIGHTS

 

 

BlackRock California Investment Quality Municipal Trust (RAA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.43

 

$

14.56

 

$

14.81

 

$

15.30

 

$

14.62

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.78

 

 

0.92

 

 

1.05

 

 

1.04

 

 

1.05

 

Net realized and unrealized gain (loss)

 

 

(0.03

)

 

(0.09

)

 

(0.41

)

 

(0.64

)

 

0.63

 

Dividends to preferred shareholders from net investment income

 

 

(0.13

)

 

(0.06

)

 

(0.06

)

 

(0.09

)

 

(0.21

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.62

 

 

0.77

 

 

0.58

 

 

0.31

 

 

1.47

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.80

)

 

(0.79

)

Net realized gains

 

 

 

 

(0.05

)

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.85

)

 

(0.90

)

 

(0.83

)

 

(0.80

)

 

(0.79

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

$

15.30

 

 

 



 



 



 



 



 

Market price, end of year

 

$

15.75

 

$

14.30

 

$

14.03

 

$

13.38

 

$

15.55

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

16.76

%

 

8.78

%

 

11.38

%

 

(9.26

)%

 

17.03

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.35

%

 

1.35

%

 

1.40

%

 

1.29

%

 

1.38

%

Expenses after fees waived and before fees paid indirectly

 

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

 

1.38

%

Expenses before fees paid indirectly

 

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

 

1.38

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.38

%

 

6.37

%

 

7.17

%

 

6.86

%

 

7.04

%

Preferred share dividends

 

 

0.88

%

 

0.42

%

 

0.44

%

 

0.59

%

 

1.39

%

Net investment income available to common shareholders

 

 

4.50

%

 

5.95

%

 

6.73

%

 

6.27

%

 

5.65

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,569

 

$

14,553

 

$

14,752

 

$

15,221

 

$

15,072

 

Portfolio turnover

 

 

20

%

 

15

%

 

6

%

 

30

%

 

1

%

Net assets of common shareholders, end of year (000)

 

$

14,299

 

$

14,529

 

$

14,665

 

$

14,911

 

$

15,411

 

Preferred shares value outstanding, end of year (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of year

 

$

72,671

 

$

73,433

 

$

73,886

 

$

74,706

 

$

76,377

 

 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

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

See Notes to Financial Statements.

46



FINANCIAL HIGHLIGHTS

 

 

BlackRock California Municipal Income Trust (BFZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 27, 20011
through
October 31, 20012

 

 

 

Year Ended October 31,

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.77

 

$

13.97

 

$

14.16

 

$

14.50

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.12

 

 

1.15

 

 

1.12

 

 

1.11

 

 

0.16

 

Net realized and unrealized gain (loss)

 

 

0.36

 

 

0.65

 

 

(0.34

)

 

(0.46

)

 

0.32

 

Dividends to preferred shareholders from net investment income

 

 

(0.16

)

 

(0.09

)

 

(0.08

)

 

(0.12

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.32

 

 

1.71

 

 

0.70

 

 

0.53

 

 

0.47

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.91

)

 

(0.91

)

 

(0.89

)

 

(0.87

)

 

(0.15

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.91

)

 

(0.91

)

 

(0.89

)

 

(0.87

)

 

(0.16

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

$

14.50

 

 

 



 



 



 



 



 

Market price, end of period

 

$

14.92

 

$

13.65

 

$

13.21

 

$

13.09

 

$

14.75

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

16.42

%

 

10.58

%

 

7.92

%

 

(5.49

)%

 

(1.17

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.85

%

 

0.87

%

 

0.89

%

 

0.88

%

 

0.72

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.86

%

 

0.88

%

 

0.89

%

 

0.90

%

 

0.73

%6

Expenses before fees waived and paid indirectly

 

 

1.25

%

 

1.28

%

 

1.30

%

 

1.31

%

 

1.02

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.35

%

 

7.96

%

 

8.01

%

 

7.96

%

 

4.06

%6

Preferred share dividends

 

 

1.04

%

 

0.59

%

 

0.57

%

 

0.86

%

 

0.38

%6

Net investment income available to common shareholders

 

 

6.31

%

 

7.37

%

 

7.44

%

 

7.10

%

 

3.68

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

227,738

 

$

216,238

 

$

211,275

 

$

209,965

 

$

199,356

 

Portfolio turnover

 

 

28

%

 

15

%

 

34

%

 

44

%

 

16

%

Net assets of common shareholders, end of period (000)

 

$

227,472

 

$

221,371

 

$

209,397

 

$

212,215

 

$

216,829

 

Preferred shares value outstanding, end of period (000)

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

Asset coverage per preferred share, end of period

 

$

68,107

 

$

66,945

 

$

64,675

 

$

65,211

 

$

66,086

 

 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

6

Annualized.

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

See Notes to Financial Statements.

47


FINANCIAL HIGHLIGHTS

 

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.02

 

$

15.39

 

$

15.65

 

$

15.50

 

$

14.65

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.84

 

 

0.98

 

 

1.04

 

 

1.05

 

 

1.03

 

Net realized and unrealized gain (loss)

 

 

(0.35

)

 

(0.18

)

 

(0.39

)

 

0.02

 

 

0.86

 

Dividends and distributions to preferred shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.07

)

 

(0.08

)

 

(0.11

)

 

(0.24

)

Net realized gains

 

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.33

 

 

0.71

 

 

0.57

 

 

0.96

 

 

1.65

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.81

)

 

(0.80

)

Net realized gains

 

 

(0.11

)

 

(0.23

)

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.96

)

 

(1.08

)

 

(0.83

)

 

(0.81

)

 

(0.80

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

$

15.50

 

 

 



 



 



 



 



 

Market price, end of year

 

$

14.85

 

$

14.30

 

$

14.47

 

$

14.50

 

$

14.36

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

10.76

%

 

6.32

%

 

5.52

%

 

6.52

%

 

15.65

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

1.29

%

 

1.27

%

 

1.29

%

 

1.20

%

 

1.38

%

Expenses after fees waived and before fees paid indirectly

 

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

 

1.38

%

Expenses before fees paid indirectly

 

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

 

1.38

%

Net investment income after fees paid indirectly and before preferred share dividends

 

 

5.69

%

 

6.48

%

 

6.69

%

 

6.76

%

 

6.83

%

Preferred share dividends

 

 

1.05

%

 

0.46

%

 

0.51

%

 

0.69

%

 

1.58

%

Net investment income available to common shareholders

 

 

4.64

%

 

6.02

%

 

6.18

%

 

6.07

%

 

5.25

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

16,626

 

$

17,035

 

$

17,561

 

$

17,427

 

$

17,046

 

Portfolio turnover

 

 

15

%

 

13

%

 

17

%

 

8

%

 

%

Net assets of common shareholders, end of year (000)

 

$

16,214

 

$

16,929

 

$

17,347

 

$

17,639

 

$

17,472

 

Preferred shares value outstanding, end of year (000)

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

Asset coverage per preferred share, end of year

 

$

72,696

 

$

74,795

 

$

76,021

 

$

76,886

 

$

76,397

 

 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders.

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

See Notes to Financial Statements.

48


FINANCIAL HIGHLIGHTS

 

 

BlackRock Florida Municipal Income Trust (BBF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 27, 20011
through
October 31, 20012

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.27

 

$

14.68

 

$

14.57

 

$

14.37

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.11

 

 

1.12

 

 

1.11

 

 

1.07

 

 

0.17

 

Net realized and unrealized gain (loss)

 

 

0.17

 

 

0.45

 

 

(0.03

)

 

0.13

 

 

0.18

 

Dividends to preferred shareholders from net investment income

 

 

(0.17

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.11

 

 

1.49

 

 

1.00

 

 

1.08

 

 

0.34

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

(0.16

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

(0.01

)

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

(0.01

)

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

$

14.37

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.25

 

$

14.40

 

$

13.36

 

$

13.65

 

$

14.50

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

12.44

%

 

15.04

%

 

4.30

%

 

0.16

%

 

(2.84

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.90

%

 

0.93

%

 

0.94

%

 

0.96

%

 

0.87

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.91

%

 

0.93

%

 

0.95

%

 

0.98

%

 

0.88

%6

Expenses before fees waived and paid indirectly

 

 

1.30

%

 

1.32

%

 

1.35

%

 

1.38

%

 

1.17

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.16

%

 

7.49

%

 

7.50

%

 

7.59

%

 

4.43

%6

Preferred share dividends

 

 

1.11

%

 

0.55

%

 

0.53

%

 

0.82

%

 

0.37

%6

Net investment income available to common shareholders

 

 

6.05

%

 

6.94

%

 

6.97

%

 

6.77

%

 

4.06

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

103,432

 

$

100,002

 

$

98,081

 

$

93,558

 

$

87,918

 

Portfolio turnover

 

 

10

%

 

10

%

 

19

%

 

35

%

 

28

%

Net assets of common shareholders, end of period (000)

 

$

102,944

 

$

101,512

 

$

97,589

 

$

96,816

 

$

95,123

 

Preferred shares value outstanding, end of period (000)

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

Asset coverage per preferred share, end of period

 

$

69,729

 

$

69,101

 

$

67,394

 

$

67,060

 

$

66,323

 

 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

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

See Notes to Financial Statements.

49


FINANCIAL HIGHLIGHTS

 

 

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.79

 

$

14.90

 

$

14.64

 

$

14.85

 

$

13.96

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.87

 

 

0.97

 

 

1.00

 

 

1.02

 

 

0.96

 

Net realized and unrealized gain (loss)

 

 

(0.21

)

 

(0.20

)

 

0.12

 

 

(0.39

)

 

0.87

 

Dividends to preferred shareholders from net investment income

 

 

(0.15

)

 

(0.07

)

 

(0.06

)

 

(0.09

)

 

(0.21

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.51

 

 

0.70

 

 

1.06

 

 

0.54

 

 

1.62

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

(0.75

)

 

(0.73

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

$

14.85

 

 

 



 



 



 



 



 

Market price, end of year

 

$

14.70

 

$

15.00

 

$

14.80

 

$

13.30

 

$

13.75

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

3.53

%

 

7.14

%

 

17.59

%

 

2.07

%

 

19.63

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.34

%

 

1.34

%

 

1.39

%

 

1.31

%

 

1.54

%

Expenses after fees waived and before fees paid indirectly

 

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

 

1.54

%

Expenses before fees waived and paid indirectly

 

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

 

1.54

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

5.89

%

 

6.50

%

 

6.72

%

 

6.93

%

 

6.64

%

Preferred share dividends

 

 

1.00

%

 

0.47

%

 

0.41

%

 

0.61

%

 

1.47

%

Net investment income available to common shareholders

 

 

4.89

%

 

6.03

%

 

6.31

%

 

6.32

%

 

5.17

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,873

 

$

14,974

 

$

14,975

 

$

14,791

 

$

14,570

 

Portfolio turnover

 

 

19

%

 

12

%

 

4

%

 

14

%

 

9

%

Net assets of common shareholders, end of year (000)

 

$

14,581

 

$

14,900

 

$

15,007

 

$

14,747

 

$

14,958

 

Preferred shares value outstanding, end of year (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of year

 

$

73,612

 

$

74,670

 

$

75,026

 

$

74,159

 

$

74,862

 

 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

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

See Notes to Financial Statements.

50



FINANCIAL HIGHLIGHTS

 

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 27, 20011
through
October 31, 20012

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.38

 

$

14.59

 

$

14.29

 

$

14.26

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.17

 

 

1.16

 

 

1.15

 

 

1.10

 

 

0.14

 

Net realized and unrealized gain (loss)

 

 

0.42

 

 

0.61

 

 

0.11

 

 

(0.07

)

 

0.10

 

Dividends to preferred shareholders from net investment income

 

 

(0.18

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.41

 

 

1.69

 

 

1.18

 

 

0.91

 

 

0.23

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.92

)

 

(0.90

)

 

(0.88

)

 

(0.87

)

 

(0.13

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.92

)

 

(0.90

)

 

(0.88

)

 

(0.87

)

 

(0.16

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

(0.01

)

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

(0.01

)

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

$

14.26

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.91

 

$

14.45

 

$

14.04

 

$

13.64

 

$

14.84

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

16.95

%

 

9.63

%

 

9.59

%

 

(2.25

)%

 

(0.56

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.89

%

 

0.91

%

 

0.93

%

 

0.93

%

 

0.83

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.90

%

 

0.91

%

 

0.94

%

 

0.97

%

 

0.84

%6

Expenses before fees waived and paid indirectly

 

 

1.28

%

 

1.30

%

 

1.34

%

 

1.37

%

 

1.12

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.37

%

 

7.74

%

 

7.85

%

 

7.81

%

 

3.67

%6

Preferred share dividends

 

 

1.12

%

 

0.56

%

 

0.57

%

 

0.88

%

 

0.37

%6

Net investment income available to common shareholders

 

 

6.25

%

 

7.18

%

 

7.28

%

 

6.93

%

 

3.30

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

117,596

 

$

111,263

 

$

107,900

 

$

104,241

 

$

97,050

 

Portfolio turnover

 

 

6

%

 

16

%

 

13

%

 

50

%

 

16

%

Net assets of common shareholders, end of period (000)

 

$

117,739

 

$

114,019

 

$

108,172

 

$

105,985

 

$

105,089

 

Preferred shares value outstanding, end of period (000)

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

Asset coverage per preferred share, end of period

 

$

71,142

 

$

69,682

 

$

67,387

 

$

66,538

 

$

66,187

 

 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

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

See Notes to Financial Statements.

51


 

 

FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.35

 

$

15.34

 

$

15.47

 

$

15.28

 

$

14.55

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.96

 

 

0.96

 

 

1.03

 

 

1.06

 

 

1.06

 

Net realized and unrealized gain (loss)

 

 

(0.26

)

 

 

 

(0.21

)

 

0.06

 

 

0.70

 

Dividends to preferred shareholders from net investment income

 

 

(0.14

)

 

(0.07

)

 

(0.07

)

 

(0.09

)

 

(0.21

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.56

 

 

0.89

 

 

0.75

 

 

1.03

 

 

1.55

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.84

)

 

(0.82

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

$

15.28

 

 

 



 



 



 



 



 

Market price, end of year

 

$

14.75

 

$

14.50

 

$

14.18

 

$

14.40

 

$

14.20

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

8.01

%  

 

8.81

%  

 

4.69

%  

 

7.42

%  

 

19.20

%

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.20

%

 

1.21

%

 

1.24

%

 

1.17

%

 

1.31

%

Expenses after fees waived and before fees paid indirectly

 

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

 

1.31

%

Expenses before fees paid indirectly

 

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

 

1.31

%

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.30

%

 

6.29

%

 

6.68

%

 

6.97

%

 

7.06

%

Preferred share dividends

 

 

0.91

%

 

0.46

%

 

0.44

%

 

0.60

%

 

1.40

%

Net investment income available to common shareholders

 

 

5.39

%

 

5.83

%

 

6.24

%

 

6.37

%

 

5.66

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

19,993

 

$

20,019

 

$

20,158

 

$

19,915

 

$

19,663

 

Portfolio turnover

 

 

10

%

 

23

%

 

36

%

 

7

%

 

%

Net assets of common shareholders, end of year (000)

 

$

19,643

 

$

20,066

 

$

20,053

 

$

20,222

 

$

19,973

 

Preferred shares value outstanding, end of year (000)

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

Asset coverage per preferred share, end of year

 

$

75,111

 

$

76,195

 

$

76,159

 

$

76,590

 

$

75,955

 


 

 


1

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

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

See Notes to Financial Statements.

52


 

 

FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 27, 20011
through
October 31, 20012

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.28

 

$

14.76

 

$

14.47

 

$

14.09

 

$

14.33

3

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.14

 

 

1.14

 

 

1.14

 

 

1.09

 

 

0.15

 

Net realized and unrealized gain (loss)

 

 

0.09

 

 

0.36

 

 

0.13

 

 

0.29

 

 

(0.08

)

Dividends to preferred shareholders from net investment income

 

 

(0.17

)

 

(0.08

)

 

(0.09

)

 

(0.13

)

 

(0.01

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.06

 

 

1.42

 

 

1.18

 

 

1.25

 

 

0.06

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

(0.14

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

(0.16

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

$

14.09

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.19

 

$

13.99

 

$

13.45

 

$

13.42

 

$

14.62

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

15.38

%

 

10.99

%

 

6.95

%

 

(2.25

)%

 

(5.58

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.86

%

 

0.87

%

 

0.88

%

 

0.90

%

 

0.73

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and before fees paid indirectly

 

 

0.87

%

 

0.87

%

 

0.89

%

 

0.92

%

 

0.74

%6

Expenses before fees waived and paid indirectly

 

 

1.26

%

 

1.27

%

 

1.29

%

 

1.33

%

 

1.03

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.35

%

 

7.62

%

 

7.73

%

 

7.87

%

 

3.93

%6

Preferred share dividends

 

 

1.08

%

 

0.56

%

 

0.62

%

 

0.93

%

 

0.37

%6

Net investment income available to common shareholders

 

 

6.27

%

 

7.06

%

 

7.11

%

 

6.94

%

 

3.56

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

194,038

 

$

188,746

 

$

183,648

 

$

173,885

 

$

163,077

 

Portfolio turnover

 

 

24

%

 

13

%

 

14

%

 

57

%

 

2

%

Net assets of common shareholders, end of period (000)

 

$

193,457

 

$

191,274

 

$

184,874

 

$

181,200

 

$

175,110

 

Preferred shares value outstanding, end of period (000)

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

Asset coverage per preferred share, end of period

 

$

69,073

 

$

68,575

 

$

67,115

 

$

66,279

 

$

64,894

 


 

 


1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

2

Calculated using the average shares outstanding method.

3

Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share.

4

Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

5

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

6

Annualized.

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

See Notes to Financial Statements.

53


 

NOTES TO FINANCIAL STATEMENTS


Note 1. Organization & Accounting Policies

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

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

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

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

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

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

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

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

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. For this reason no Federal income tax or excise tax provisions are required.

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

54


principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 5.

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

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

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

Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”), accumulated net realized gain (“Accumulated Gain”) and paid-in-capital (“PIC”) more closely to its tax character, the following accounts for each Trust were increased (decreased):

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

UNII

 

Accumulated
Gain

 

PIC

 


 

 


 


 


 

Municipal Investment Quality

 

$

(59,419

)

$

59,419

 

 

 

Municipal Income

 

 

(13,634

)

 

13,634

 

 

 

California Investment Quality

 

 

(16,158

)

 

2,263

 

 

(18,421

)

California Income

 

 

(7,186

)

 

7,186

 

 

 

Florida Investment Quality

 

 

(4,253

)

 

4,253

 

 

 

Florida Income

 

 

143

 

 

(143

)

 

 

New Jersey Investment Quality

 

 

(72,535

)

 

13,946

 

 

(86,481

)

New York Investment Quality

 

 

3,520

 

 

170

 

 

(3,690

)

New York Income

 

 

(3

)

 

3

 

 

 

Note 2. Agreements

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

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

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

          Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for cost of employees that provide pricing, secondary market support, and compliance services to each Trust. For the year ended October 31, 2005, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statements of Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Amount

 

 

Trust

 

 

Amount

 


 

 


 

 


 

 


 

Municipal Investment Quality

 

$

16,608

 

 

Florida Income

 

$

6,413

 

Municipal Income

 

 

35,040

 

 

New Jersey Investment Quality

 

 

978

 

California Investment Quality

 

 

967

 

 

New Jersey Income

 

 

7,015

 

California Income

 

 

13,819

 

 

New York Investment Quality

 

 

1,325

 

Florida Investment Quality

 

 

1,153

 

 

New York Income

 

 

11,987

 

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

55


Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the year ended October 31, 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Purchases

 

Sales

 

 

Trust

 

 

Purchases

 

Sales

 


 

 


 


 

 


 

 


 


 

Municipal Investment Quality

 

 

317,200,757

 

 

308,489,055

 

 

Florida Income

 

 

15,676,707

 

 

21,861,964

 

Municipal Income

 

 

673,186,480

 

 

690,620,165

 

 

New Jersey Investment Quality

 

 

3,356,069

 

 

5,505,685

 

California Investment Quality

 

 

3,642,308

 

 

3,267,100

 

 

New Jersey Income

 

 

11,203,974

 

 

10,482,452

 

California Income

 

 

100,043,765

 

 

98,861,612

 

 

New York Investment Quality

 

 

5,861,458

 

 

2,779,072

 

Florida Investment Quality

 

 

2,858,558

 

 

4,940,000

 

 

New York Income

 

 

72,372,002

 

 

77,244,733

 

          There were no purchases or sales of U.S. government securities.

          For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2005, the Trust’s last tax year-end except for New York Income which had its last tax year-end at July 31, 2005. These amounts may be used to offset future realized capital gains, if any:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Capital Loss
Carryforward
Amount

 

Expires

 

 

Trust

 

 

Capital Loss
Carryforward
Amount

 

Expires

 


 

 


 


 

 


 

 


 


 

Municipal Investment Quality

 

$

159,146

 

2012

 

 

 

Florida Income

 

$

1,060,497

 

2012

 

 

 

 



 

 

 

 

 

 

 



 

 

 

 

Municipal Income

 

$

11,431,206

 

2011

 

 

 

New Jersey Income

 

$

988,460

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

15,767,388

 

2012

 

 

 

New York Income

 

$

662,558

 

2011

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

27,198,594

 

 

 

 

 

 

 

 

485,438

 

2012

 

 

 

 



 

 

 

 

 

 

 



 

 

 

 

California Investment Quality

 

$

9,026

 

2012

 

 

 

 

 

$

1,147,996

 

 

 

 

 

 



 

 

 

 

 

 

 



 

 

 

 

California Income

 

$

389,453

 

2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

124,338

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,943,577

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

5,457,368

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

          As of October 31, 2005 the following capital loss carryforwards were used to offset net taxable gains for the following Trusts:

 

 

 

 

 

Municipal Investment Quality

 

$

12,631,630

Municipal Income

 

 

25,900,423

California Investment Quality

 

 

120,643

California Income

 

 

2,009,193

Florida Income

 

 

354,216

New Jersey Investment Quality

 

 

45,943

New Jersey Income

 

 

1,367,283

New York Investment Quality

 

 

3,512

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

Note 4. Distributions to Shareholders

The tax character of distributions paid during the year ended October 31, 2005, and the year ended October 31, 2004, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2005

 

 

 


 

Distributions Paid From:

 

 

Tax-exempt Income

 

Ordinary Income

 

Long-term
Capital Gains

 

Total Distributions

 


 

 


 


 


 


 

Municipal Investment Quality

 

 

$

19,171,844

 

 

 

$

 

 

 

$

 

 

 

$

19,171,844

 

 

Municipal Income

 

 

 

50,626,000

 

 

 

 

 

 

 

 

 

 

 

 

50,626,000

 

 

California Investment Quality

 

 

 

981,792

 

 

 

 

 

 

 

 

 

 

 

 

981,792

 

 

California Income

 

 

 

16,041,371

 

 

 

 

 

 

 

 

 

 

 

 

16,041,371

 

 

Florida Investment Quality

 

 

 

1,131,803

 

 

 

 

 

 

 

 

138,032

 

 

 

 

1,269,835

 

 

Florida Income

 

 

 

7,162,799

 

 

 

 

 

 

 

 

 

 

 

 

7,162,799

 

 

New Jersey Investment Quality

 

 

 

972,856

 

 

 

 

 

 

 

 

 

 

 

 

972,856

 

 

New Jersey Income

 

 

 

8,139,994

 

 

 

 

 

 

 

 

 

 

 

 

8,139,994

 

 

New York Investment Quality

 

 

 

1,329,762

 

 

 

 

 

 

 

 

 

 

 

 

1,329,762

 

 

New York Income

 

 

 

13,412,688

 

 

 

 

 

 

 

 

 

 

 

 

13,412,688

 

 

56


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2004

 

 

 


 

Distributions Paid From:

 

 

Tax-exempt Income

 

Ordinary Income

 

Long-term
Capital Gains

 

Total Distributions

 


 

 


 


 


 


 

Municipal Investment Quality

 

 

$

16,835,037

 

 

 

$

 

 

 

$

 

 

 

$

16,835,037

 

 

Municipal Income

 

 

 

46,292,037

 

 

 

 

 

 

 

 

 

 

 

 

46,292,037

 

 

California Investment Quality

 

 

 

914,331

 

 

 

 

 

 

 

 

52,167

 

 

 

 

966,498

 

 

California Income

 

 

 

14,956,172

 

 

 

 

 

 

 

 

 

 

 

 

14,956,172

 

 

Florida Investment Quality

 

 

 

1,035,510

 

 

 

 

 

 

 

 

280,521

 

 

 

 

1,316,031

 

 

Florida Income

 

 

 

6,560,247

 

 

 

 

 

 

 

 

 

 

 

 

6,560,247

 

 

New Jersey Investment Quality

 

 

 

882,402

 

 

 

 

 

 

 

 

 

 

 

 

882,402

 

 

New Jersey Income

 

 

 

7,306,552

 

 

 

 

 

 

 

 

 

 

 

 

7,306,552

 

 

New York Investment Quality

 

 

 

1,239,550

 

 

 

 

 

 

 

 

 

 

 

 

1,239,550

 

 

New York Income

 

 

 

12,378,534

 

 

 

 

 

 

 

 

 

 

 

 

12,378,534

 

 

          As of October 31, 2005, the components of distributable earnings on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Undistributed
Tax-exempt

Income

 

Undistributed
Ordinary

Income

 

Undistributed
Long-term

Gains

 

Unrealized
Net Appreciation

 


 

 


 


 


 


 

Municipal Investment Quality

 

 

$

13,881,467

 

 

 

$

 

 

 

$

 

 

 

$

16,473,160

 

 

Municipal Income

 

 

 

24,581,821

 

 

 

 

 

 

 

 

 

 

 

 

28,686,133

 

 

California Investment Quality

 

 

 

278,387

 

 

 

 

 

 

 

 

 

 

 

 

700,132

 

 

California Income

 

 

 

8,088,475

 

 

 

 

 

 

 

 

 

 

 

 

13,384,098

 

 

Florida Investment Quality

 

 

 

393,339

 

 

 

 

2,626

 

 

 

 

168,398

 

 

 

 

719,725

 

 

Florida Income

 

 

 

3,170,113

 

 

 

 

 

 

 

 

 

 

 

 

7,049,737

 

 

New Jersey Investment Quality

 

 

 

659,501

 

 

 

 

 

 

 

 

76,056

 

 

 

 

829,319

 

 

New Jersey Income

 

 

 

4,327,573

 

 

 

 

 

 

 

 

 

 

 

 

9,770,556

 

 

New York Investment Quality

 

 

 

620,883

 

 

 

 

 

 

 

 

64,779

 

 

 

 

1,388,771

 

 

New York Income

 

 

 

6,661,939

 

 

 

 

 

 

 

 

 

 

 

 

10,461,274

 

 

Note 5. Capital

There are 200 million of $0.01 par value common shares authorized for each of the Investment QualityTrusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At October 31, 2005, the common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Common
Shares

Outstanding

 

 

Trust

 

Common
Shares

Outstanding

 


 

 


 

 


 


 

Municipal Investment Quality

 

 

16,707,093

 

 

 

Florida Income

 

 

6,648,993

 

 

Municipal Income

 

 

43,660,481

 

 

 

New Jersey Investment Quality

 

 

1,007,093

 

 

California Investment Quality

 

 

1,007,093

 

 

 

New Jersey Income

 

 

7,418,647

 

 

California Income

 

 

14,985,501

 

 

 

New York Investment Quality

 

 

1,307,093

 

 

Florida Investment Quality

 

 

1,127,093

 

 

 

New York Income

 

 

12,526,300

 

 

          As of October 31, 2005, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

Shares

 

Trust

 

 

Series

 

Shares

 


 

 


 


 


 

 


 


 

Municipal Investment Quality

 

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

 

 

57


          Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the year ended October 31, 2005, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

Low

 

High

 

Average

 

Trust

 

 

Series

 

Low

 

High

 

Average

 


 

 


 


 


 


 


 

 


 


 


 


 

Municipal Investment Quality

 

T7

 

 

1.40

%

 

2.80

%

 

2.10

%

 

California Income

 

T7

 

 

0.99

%

 

2.80

%

 

1.82

%

 

 

 

T28

 

 

1.60

 

 

2.85

 

 

2.19

 

 

 

 

R7

 

 

0.50

 

 

2.75

 

 

1.79

 

 

Municipal Income

 

M7

 

 

1.47

 

 

2.81

 

 

2.15

 

 

Florida Investment Quality

 

R7

 

 

0.60

 

 

3.10

 

 

2.22

 

 

 

 

T7

 

 

1.25

 

 

2.80

 

 

2.12

 

 

Florida Income

 

T7

 

 

0.40

 

 

2.85

 

 

2.01

 

 

 

 

W7

 

 

1.53

 

 

2.86

 

 

2.11

 

 

New Jersey Investment Quality

 

T7

 

 

1.20

 

 

2.75

 

 

2.00

 

 

 

 

R7

 

 

1.55

 

 

2.80

 

 

2.14

 

 

New Jersey Income

 

R7

 

 

1.30

 

 

2.75

 

 

2.08

 

 

 

 

F7

 

 

1.39

 

 

2.82

 

 

2.08

 

 

New York Investment Quality

 

F7

 

 

0.60

 

 

2.75

 

 

1.89

 

 

California Investment Quality

 

W7

 

 

0.75

 

 

2.63

 

 

1.73

 

 

New York Income

 

W7

 

 

0.75

 

 

2.75

 

 

1.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

1.00

 

 

2.85

 

 

1.92

 

 

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

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

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

Note 6. Dividends

Subsequent to October 31, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2005, to shareholders of record on November 15, 2005. The per share common dividends declared were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Common Dividend
Per Share

 

Trust

 

 

Common
Dividend
Per Share

 


 

 


 


 

 


 

Municipal Investment Quality

 

 

$

0.088250

 

 

Florida Income

 

 

$

0.075375

 

 

Municipal Income

 

 

 

0.082625

 

 

New Jersey Investment Quality

 

 

 

0.070125

 

 

California Investment Quality

 

 

 

0.070600

 

 

New Jersey Income

 

 

 

0.079625

 

 

California Income

 

 

 

0.076074

 

 

New York Investment Quality

 

 

 

0.073125

 

 

Florida Investment Quality

 

 

 

0.070781

 

 

New York Income

 

 

 

0.075339

 

 

           The dividends declared on preferred shares for the period November 1, 2005 to November 30, 2005, for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

Dividends
Declared

 

Trust

 

 

Series

 

Dividends
Declared

 


 

 


 


 


 

 


 


 

Municipal Investment Quality

 

T7

 

 

188,991

 

 

California Income

 

T7

 

 

146,649

 

 

 

 

T28

 

 

246,288

 

 

 

 

R7

 

 

118,201

 

 

Municipal Income

 

M7

 

 

196,535

 

 

Florida Investment Quality

 

R7

 

 

18,020

 

 

 

 

T7

 

 

189,513

 

 

Florida Income

 

T7

 

 

139,317

 

 

 

 

W7

 

 

149,540

 

 

New Jersey Investment Quality

 

T7

 

 

21,714

 

 

 

 

R7

 

 

152,961

 

 

New Jersey Income

 

R7

 

 

125,380

 

 

 

 

F7

 

 

146,209

 

 

New York Investment Quality

 

F7

 

 

19,177

 

 

California Investment Quality

 

W7

 

 

13,311

 

 

New York Income

 

W7

 

 

107,906

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

113,569

 

 

Note 7. Reimbursements

In December of 2003, the Advisor determined that each of the Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality had purchased high yield bonds in violation of a non-fundamental investment policy requiring their investments to be of investment grade quality at the time of purchase. The Advisor has reimbursed each of the Trusts for the realized and unrealized losses incurred from the date of purchase through December 18, 2003 as a result of these unauthorized purchases. The net realized and unrealized gains on these securities as of December 18, 2003 was $167,280 for Municipal Investment Quality, $10,779 for California Investment Quality, $46,656 for Florida Investment Quality and $4,284 for New York Investment Quality. The amount of the reimbursement for the unrealized losses was $18,421 for California Investment Quality, $86,481.10 for New Jersey Investment Quality and $3,690 for New York Investment Quality. Such amounts have been reflected in the accompanying financial statements for the year ended October 31, 2004.

58


Note 8. Investment Policy

On December 18, 2003, the Board approved a resolution for each of the Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality whereby each such Trust adopted a non-fundamental investment policy permitting each Trust to invest up to 20% of its managed assets, measured at the time of purchase, in securities rated BB/Ba or B by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies Inc., Fitch Ratings or another nationally recognized rating agency or, if unrated, deemed to be of comparable credit quality by BlackRock Advisors, Inc. or its affiliates.

Note 9. Concentration Risk

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

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

59



 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



 

To the Trustees and Shareholders of:

 

BlackRock Investment Quality Municipal Trust, Inc.

BlackRock Municipal Income Trust

BlackRock California Investment Quality Municipal Trust, Inc.

BlackRock California Municipal Income Trust

BlackRock Florida Investment Quality Municipal Trust, Inc.

BlackRock Florida Municipal Income Trust

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

BlackRock New Jersey Municipal Income Trust

BlackRock New York Investment Quality Municipal Trust, Inc.

BlackRock New York Municipal Income Trust

(Collectively the “Trusts”)

          We have audited the accompanying statement of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2005, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

          We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2005, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

          In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2005, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

       (DELOITTE & TOUCHE LLP)

          Deloitte & Touche LLP

          December 29, 2005

60



 

DIVIDEND REINVESTMENT PLANS


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

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

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

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

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

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

61



 

BOARD REVIEW OF INVESTMENT MANAGEMENT AGREEMENTS


          At a meeting held on May 26, 2005, the Board of Trustees or the Board of Directors, as the case may be (the “Board” or the “Trustees”) of each trust in the BlackRock Closed-End Fund Complex (each a “Trust”), including the independent trustees (the “Independent Trustees”), unanimously approved the continuance of an Investment Management Agreement between each Trust and BlackRock Advisors, Inc. (the “Advisor”). For each Investment Management Agreement, the Boards also approved a related Sub-Investment Advisory Agreement, when applicable, among each respective Trust, the Advisor and BlackRock Financial Management, Inc. (the “Sub-Advisor”). The Investment Management Agreements and the Sub-Investment Advisory Agreements sometimes are referred to herein collectively as the “Agreements”. The Advisor and the Sub-Advisor sometimes are referred to herein collectively as “BlackRock”.

Information Received by the Boards

          To assist each Board in its evaluation of the Agreements, the Independent Trustees received information from BlackRock on or about April 27, 2005, which detailed, among other things: the organization, business lines and capabilities of BlackRock, including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, Inc., The PNC Financial Services Group, Inc. and each Trust; the advisory and/or administrative fees paid by each Trust to BlackRock, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, as well as each Trust’s performance compared to its Peers. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

          In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of the Boards under the Investment Company Act of 1940, as amended (the “1940 Act”) as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of directors have fulfilled their duties and factors to be considered by the Boards in voting on advisory agreements.

          Prior to the Board meeting, the Independent Trustees reviewed a preliminary binder of information, and, in consultation with independent counsel, submitted a memorandum on May 12, 2005, to BlackRock setting forth certain questions and requests for additional information. BlackRock responded to these questions in writing on May 24, 2005, and May 25, 2005. The Independent Trustees reviewed these responses with independent counsel on May 25, 2005.

          At the Board meeting on May 26, 2005, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after reviewing the written materials, the Independent Trustees met in executive session with their legal counsel to review the Boards’ duties in reviewing the Agreements and to consider the renewal of the Agreements. With this background, the Boards considered each Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and Securities and Exchange Commission statements relating to the renewal of the Agreements.

Matters Considered by the Boards

          In connection with their deliberations, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by BlackRock; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by BlackRock and its affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end funds complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

          Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of BlackRock’s services, the Boards reviewed information concerning the types of services that BlackRock provides and is expected to provide to each Trust, narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards further noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. The Boards further considered the quality of BlackRock’s investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock.

          In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, BlackRock provides each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operations of the respective Trust. In addition to investment management services, BlackRock and its affiliates provide each Trust with a wide range of services, including: preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust web sites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). In addition, in evaluating the

62


administrative services, the Boards considered, in particular, BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations in light of the new Securities and Exchange Commission regulations governing compliance. The Boards noted BlackRock’s focus on compliance and its compliance systems. The Independent Trustees noted that BlackRock’s commitment to supporting the secondary market for the common shares of its closed-end funds is particularly noteworthy.

          The Investment Performance of the Trusts. As previously noted, the Boards received myriad performance information regarding each Trust and its Peers. Among other things, the Boards received materials reflecting each Trust’s historic performance and each Trust’s performance compared to its Peers. More specifically, each Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual peers as well as the Peers’ average performance).

          The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted the quality of information provided by BlackRock throughout the year with respect to the performance of the Trusts. The Boards considered this information in connection with its deliberations as to whether the level of management services provided to each Trust, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreement should be renewed.

          Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s current management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, the Boards, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

          The Boards also compared the management fees charged to the Trusts by BlackRock to the management fees BlackRock charges other types of clients (such as open-end investment companies and institutional separately managed accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that BlackRock provides the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by BlackRock in managing and operating the Trusts. For instance, BlackRock and its affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new Securities and Exchange Commission regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

          The Boards considered this information in connection with its deliberations as to whether the fees paid by each Trust under its Agreements, in light of all the other facts and circumstances relating to that Trust, supports a conclusion that the Trust’s Agreements should be renewed.

          Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses. In this regard, the methods of allocation used appeared reasonable but the Boards noted the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

          The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly-traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results.

          In evaluating the reasonableness of BlackRock’s compensation, the Boards also considered any other revenues paid to BlackRock, including partial reimbursements paid to BlackRock for certain non-investment advisory services. The Boards noted that these payments were less than BlackRock’s costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that BlackRock and its affiliates are expected to receive that are attributable to their management of the Trusts.

          In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts’ fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently consistent with its

63


own investment objectives. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trusts’ complex. The Boards concluded that breakpoints were not warranted at this time.

          Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits BlackRock or its affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to BlackRock and its affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to BlackRock and its affiliates as a result of potentially stronger relationships with members of the broker-dealer community, increased name recognition of BlackRock and its affiliates, enhanced sales of other investment funds and products sponsored by BlackRock and its affiliates and increased assets under management which may increase the benefits realized by BlackRock from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

          Miscellaneous. During the Boards’ deliberations in connection with the Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of BlackRock’s affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by BlackRock, without regard to whether BlackRock ultimately pays any portion of the anticipated compensation to the underwriters.

Conclusion

          The Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including a majority of Independent Trustees, determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that the renewal of each Agreement should be approved.

64


 

ADDITIONAL INFORMATION (unaudited)


 

          The Joint Annual Meeting of Shareholders was held on May 26, 2005 to elect a certain number of Directors/Trustees for each of the following Trusts to three-year terms, unless otherwise indicated, expiring in 2008:

 

 

 

 

 

 

 

 

 

 

Municipal Investment Quality

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class III Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Andrew F. Brimmer

 

 

15,776,989

 

 

 

162,414

 

 

Kent Dixon

 

 

15,790,063

 

 

 

149,340

 

 

Kathleen F. Feldstein

 

 

15,789,187

 

 

 

150,216

 

 

Robert S. Kapito

 

 

15,797,525

 

 

 

141,878

 

 

 

 

 

 

 

 

 

 

Elected the Class II Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

R. Glenn Hubbard1

 

 

15,780,934

 

 

 

158,469

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Income

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Richard E. Cavanagh2

 

 

14,327

 

 

 

69

 

 

R. Glenn Hubbard

 

 

41,701,963

 

 

 

548,933

 

 

James Clayburn La Force, Jr.

 

 

41,674,620

 

 

 

576,276

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Kathleen F. Feldstein1

 

 

41,657,525

 

 

 

593,371

 

 

 

California Investment Quality

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class II Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Frank J. Fabozzi2

 

 

300

 

 

 

0

 

 

Kathleen F. Feldstein

 

 

986,949

 

 

 

519

 

 

Walter F. Mondale

 

 

974,396

 

 

 

13,072

 

 

Ralph L. Schlosstein

 

 

986,949

 

 

 

519

 

 

 

 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

R. Glenn Hubbard1

 

 

986,949

 

 

 

519

 

 

 

 

 

 

 

 

 

 

 

 

California Income

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Richard E. Cavanagh2

 

 

5,116

 

 

 

4

 

 

R. Glenn Hubbard

 

 

13,999,340

 

 

 

168,627

 

 

James Clayburn La Force, Jr.

 

 

13,997,723

 

 

 

170,244

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Kathleen F. Feldstein1

 

 

14,002,090

 

 

 

165,877

 

 

 

 

 

 

 

 

 

 

 

 

Florida Investment Quality

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Frank J. Fabozzi2

 

 

334

 

 

 

6

 

 

Kathleen F. Feldstein

 

 

1,047,769

 

 

 

12,269

 

 

Walter F. Mondale

 

 

1,045,889

 

 

 

14,149

 

 

Ralph L. Schlosstein

 

 

1,049,769

 

 

 

10,269

 

 

65


 

 

 

 

 

 

 

 

 

 

Florida Income

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Richard E. Cavanagh2

 

 

2,291

 

 

 

0

 

 

R. Glenn Hubbard

 

 

6,476,113

 

 

 

63,478

 

 

James Clayburn La Force, Jr.

 

 

6,463,079

 

 

 

76,512

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Kathleen F. Feldstein1

 

 

6,475,148

 

 

 

64,443

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey Investment Quality

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class II Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Frank J. Fabozzi2

 

 

300

 

 

 

0

 

 

Kathleen F. Feldstein

 

 

958,273

 

 

 

7,713

 

 

Walter F. Mondale

 

 

958,273

 

 

 

7,713

 

 

Ralph L. Schlosstein

 

 

954,137

 

 

 

11,849

 

 

 

 

 

 

 

 

 

 

Elected Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

R. Glenn Hubbard1

 

 

958,637

 

 

 

7,349

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey Income

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Richard E. Cavanagh2

 

 

2,439

 

 

 

21

 

 

R. Glenn Hubbard

 

 

6,283,961

 

 

 

59,847

 

 

James Clayburn La Force, Jr.

 

 

6,272,318

 

 

 

71,490

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Kathleen F. Feldstein1

 

 

6,280,502

 

 

 

63,306

 

 

 

 

 

 

 

 

 

 

 

 

New York Investment Quality

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class II Directors as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Frank J. Fabozzi2

 

 

391

 

 

 

0

 

 

Kathleen F. Feldstein

 

 

1,236,209

 

 

 

11,681

 

 

Walter F. Mondale

 

 

1,236,209

 

 

 

11,681

 

 

Ralph L. Schlosstein

 

 

1,236,209

 

 

 

11,681

 

 

 

 

 

 

 

 

 

 

Elected the Class I Director as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Director

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

R. Glenn Hubbard1

 

 

1,236,209

 

 

 

11,681

 

 

 

 

 

 

 

 

 

 

 

 

New York Income

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Elected the Class I Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Richard E. Cavanagh2

 

 

4,343

 

 

 

20

 

 

R. Glenn Hubbard

 

 

11,850,671

 

 

 

156,695

 

 

James Clayburn La Force, Jr.

 

 

11,872,328

 

 

 

135,038

 

 

 

 

 

 

 

 

 

 

Elected the Class II Trustee as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trustee

 

 

Votes For

 

 

Votes Withheld

 


 

 


 

 


 

Kathleen F. Feldstein1

 

 

11,875,053

 

 

 

132,313

 

 


 

 


1

Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005 Annual Shareholder Meeting.

2

Voted on by the holders of preferred shares only.

66


          The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Directors allowed on its Board to 11:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Withheld

 

 

 


 


 


 

Muncipal Income

 

 

40,958,191

 

 

 

799,400

 

 

 

493,303

 

 

California Income

 

 

13,811,034

 

 

 

220,932

 

 

 

136,000

 

 

Florida Income

 

 

6,389,062

 

 

 

90,912

 

 

 

59,616

 

 

New Jersey Income

 

 

6,200,512

 

 

 

96,059

 

 

 

47,237

 

 

New York Income

 

 

11,691,739

 

 

 

181,459

 

 

 

134,168

 

 

          The following Trust had an additional proposal (Proposal #2B) to amend its Declaration of Trust in order to reduce the maximum number of permitted Directors allowed on its Board from 15 to 11:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Withheld

 

 

 


 


 


 

Florida Investment Quality

 

 

1,039,665

 

 

 

3,000

 

 

 

17,373

 

 

          During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolio.

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

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

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

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

67


 

DIRECTORS/TRUSTEES INFORMATION (Unaudited)



 

 

 

 

 

 

 

Name, address, age

Current positions held with
the Trusts

Term of office and length of time served

Principal occupations during the past five years

Number of portfolios overseen within the fund complex1

Other Directorships held outside the fund complex1

Events or transactions by reason of which the Trustee is an interested person as defined in Section 2(a) (19) of the 1940 Act


Interested Directors/Trustees2


Ralph L.
Schlosstein
BlackRock, Inc.
40 East 52nd Street
New York, NY
10022
Age: 54

Chairman of the Board3

3 years4 / since inception

Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles.

67

Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education, The Public Theater in New York City and the James Beard Foundation. Formerly, a director of Pulte Corporation, the nation’s largest homebuilder, a Trustee of Denison University and a member of Fannie Mae’s Advisory Council.

Director and President of the Advisor


Robert S. Kapito
BlackRock, Inc.
40 East 52nd Street
New York, NY
10022
Age: 48

President and Trustee

3 years4 / since August 22, 2002

Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group. Responsible for the portfolio management of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.

57

Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.

Director and Vice Chairman of the Advisor

 

68


 

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 

Name, address, age

Current positions held with the Trusts

Term of office and length of time served

Principal occupations during the past five years

Number of portfolios overseen within the fund complex1

Other Directorships held outside the fund complex


Independent Directors/Trustees2


Andrew F. Brimmer
P.O. Box 4546
New York, NY
10163-4546
Age: 79

Lead Trustee Audit Committee Chairman5

3 years4 / since inception

President of Brimmer & Company, Inc., a Washington, D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts – Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Former Chairman, District of Columbia Financial Control Board.

57

Director of CarrAmerica Realty Corporation and Borg-Warner Automotive. Formerly Director of Airborne Express, BankAmerica Corporation (Bank of America), BellSouth Corporation, College Retirement Equities Fund (Trustee), Commodity Exchange, Inc. (Public Governor), Connecticut Mutual Life Insurance Company, E.I. du Pont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines).


Richard E. Cavanagh
P.O. Box 4546
New York, NY
10163-4546
Age: 59

Trustee Audit Committee Member

3 years4 / since inception6

President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Co- author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions).

57

Trustee of Aircraft Finance Trust (AFT) and Chairman of Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.


Kent Dixon
P.O. Box 4546
New York, NY
10163-4546
Age: 68

Trustee Audit Committee Member5

3 years4 / since inception

Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.

57

Former Director of ISFA (the owner of INVEST, a national securities broker- age service designed for banks and thrift institutions).


Frank J. Fabozzi
P.O. Box 4546
New York, NY
10163-4546
Age: 57

Trustee Audit Committee Member5

3 years4 / since inception

Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance and Becton Fellow at the School of Management at Yale University. Author and editor of several books on fixed income portfolio management. Visiting Professor of Finance and Accounting at the Sloan School of Management, Massachusetts Institute of Technology from 1986 to August 1992.

57

Director, Guardian Mutual Funds Group (18 portfolios).

 

69


 

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 

Name, address, age

Current positions held with the Trusts

Term of office and length of time served

Principal occupations during the past five years

Number of portfolios overseen within the fund complex1

Other Directorships held outside the fund complex


Independent Directors/Trustees2 (continued)


Kathleen F. Feldstein
P.O. Box 4546
New York, NY
10163-4546
Age: 63

Trustee

3 years4 / since January 19, 2005

President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.

56

Director of BellSouth Inc. and Knight Ridder, Inc.; Trustee of the Museum of Fine Arts, Boston, and of the Committee for Economic Development and member of Partners HealthCare and Sherrill House Inc.; Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.


R. Glenn Hubbard
P.O. Box 4546
New York, NY
10163-4546
Age: 47

Trustee

3 years4 / since November 16, 2004

Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Co-director of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting professor at the John F. Kennedy School of Government at Harvard and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. Treasury Department for Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under the President of the United States 2001–2003.

57

Director of ADP, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. Advisory boards of the Congressional Budget Office, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.


James Clayburn
La Force, Jr.
P.O. Box 4546
New York, NY
10163-4546
Age: 76

Trustee

3 years4 / since inception

Dean Emeritus of the John E. Anderson Graduate School of Management, University of California since July 1, 1993. Acting Dean of the School of Business, Hong Kong University of Science and Technology 1990-1993. From 1978 to September 1993, Dean of the John E. Anderson Graduate School of Management, University of California.

57

Director of Payden & Rygel Investment Trust, Metzler-Payden Investment Trust, Advisors Series Trust, Arena Pharmaceuticals, Inc. and CancerVax Corporation. Former director of First Nationwide Bank, Eli Lilly & Company, National Intergroup, Rockwell International, Cyprus Mines, Getty Oil Company, The Timken Company, Jacobs Engineering Group, and Motor Cargo Industries.


Walter F. Mondale
P.O. Box 4546
New York, NY
10163-4546
Age: 77

Trustee

3 years4 / since inception7

Senior Counsel, Dorsey & Whitney, LLP, a law firm (January 2004-present); Partner, Dorsey & Whitney, LLP, (December 1996-December 2003, September 1987-August 1993). Formerly U.S. Ambassador to Japan (1993-1996). Formerly Vice President of the United States, U.S. Senator and Attorney General of the State of Minnesota. 1984 Democratic Nominee for President of the United States.

57

Chairman of Panasonic Foundation’s Board of Directors and Director of United Health Foundation. Member of the Hubert H. Humphrey Institute of Public Affairs Advisory Board, The Mike and Maureen Mansfield Foundation and the Dean’s Board of Visitors of the Medical School at the University of Minnesota.

 


 

 

1

The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

Interested Director/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.

3

Director/Trustee since inception; appointed Chairman of the Board on August 22, 2002.

4

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.

5

The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, each of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

6

For the Investment Quality Trusts appointed Director/Trustee on August 11, 1994.

7

Except during the periods August 12, 1993 through April 15, 1997 and October 31, 2002 through November 11, 2002 for all of the Trusts.

70


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[This Page Intentionally Left Blank]


BlackRock Closed-End Funds

 

 

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito
James Clayburn La Force, Jr.
Walter F. Mondale

Officers
Robert S. Kapito, President
Henry Gabbay, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Kevin M. Klingert, Vice President
James Kong, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

Sub-Advisor1
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022

Accounting Agent and Custodian
State Street Bank and Trust Company
2 Avenue De Lafayette
Boston, MA 02111

Transfer Agent
EquiServe Trust Company, N.A.
c/o Computershare Investor Services
250 Royall Street
Canton, MA 02021
(800) 699-1BFM

Auction Agent1
Bank of New York
101 Barclay Street, 7 West
New York, NY 10286

Auction Agent2
Deutsche Bank Trust Company Americas
60 Wall Street, 8th Floor
New York, NY 10286

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036

Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022

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

BlackRock Closed-End Funds
c/o BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM



 

 

1

For the Income Trusts.

2

For the Investment Quality Trusts.

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)669-1BFM.

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

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

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


 

 

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

(BLACKROCK LOGO)

 

 

CEF-ANN-2

 



Item 2. Code of Ethics.
(a)          The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)           Not applicable.

(c)           The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)           The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)           Not applicable.

(f)           The Registrant's Code of Ethics is attached as an Exhibit hereto.

Item 3. Audit Committee Financial Expert.
The Registrant's Board of Trustees has determined that it has three audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer, Kent Dixon and Frank Fabozzi. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.
(a)           Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $25,000 for the fiscal year ended October 31, 2005 and $29,900 for the fiscal year ended October 31, 2004.

(b)           Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were $12,504 for the fiscal year ended October 31, 2005 and


$4,000 for the fiscal year ended October 31, 2004. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses.

(c)           Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $7,500 for the fiscal year ended October 31, 2005 and $13,000 for the fiscal year ended October 31, 2004. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d)           All Other Fees. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c).

(e)           Audit Committee Pre-Approval Policies and Procedures.
           
    (1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Registrant’s independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

               For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Registrant and (B) all engagements for non-audit services that directly impacted the operations and financial reporting or the Registrant to be provided by the Independent Auditor to any Covered Entity. "Covered Entities" means (1) BlackRock Advisors, Inc. (the “Advisor”) or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Registrant.

               In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.


               Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

               The terms and fees of the annual Audit services engagement for the Registrant are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Registrant structure or other matters.

               In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Registrant not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               The Audit Committee believes that the Independent Auditor can provide Tax services to the Registrant and Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction, the purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

               Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the Registrant or the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.


              (2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)           Not applicable.

(g)           The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, the Advisor (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant for each of the last two fiscal years were $1,341,450 for the fiscal year ended October 31, 2005 and $835,100 for the fiscal year ended October 31, 2004.

(h)           The Registrant's Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

Item 5. Audit Committee of Listed Registrants.
The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The Audit Committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank J. Fabozzi.

Item 6. Schedule of Investments.
The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, BlackRock Advisors, Inc. (the "Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.

Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.


Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.
Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.
The Registrant’s Nominating Committee will consider nominees to the Board of Trustees recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and sets forth the qualifications of the proposed nominee to the Registrant’s Secretary. There have been no material changes to these procedures.

Item 11. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a -3(d)) that occurred during the Registrant's fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Code of Ethics attached as EX-99.CODE ETH.

(a) (2) Certifications of Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the 1940 Act attached as EX-99.CERT.

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

Proxy Voting Policies attached as EX-99.PROXYPOL.


SIGNATURES

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

(Registrant)            BlackRock Municipal Income Trust
 
   
By:   /s/ Henry Gabbay
 
Name: Henry Gabbay
Title:    Treasurer and Principal Financial Officer
Date:   January 9, 2006

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

By:   /s/ Robert S. Kapito  
 
Name: Robert S. Kapito
Title:    President and Principal Executive Officer
Date:   January 9, 2006
   
By:   /s/ Henry Gabbay
 
Name: Henry Gabbay
Title:    Treasurer and Principal Financial Officer
Date:   January 9, 2006