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
Black 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, 2006__________________________________

Date of reporting period:__
April 30, 2006____________________________________


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





 

FIXED INCOME          LIQUIDITY          EQUITIES           ALTERNATIVES          BLACKROCK SOLUTIONS

BlackRock
Closed-End Funds
Semi-Annual Report

APRIL 30, 2006 (UNAUDITED)

BlackRock Investment Quality Municipal Trust (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock California Investment Quality Municipal Trust (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust (RNY)

BlackRock New York Municipal Income Trust (BNY)

 

 

 

(BLACKROCK LOGO)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE



TABLE OF CONTENTS

 

 

 

 

Letter to Shareholders

1

 

 

Trusts’ Summaries

2

 

 

Financial Statements

 

 

 

Portfolios of Investments

12

 

 

Statements of Assets and Liabilities

37

 

 

Statements of Operations

39

 

 

Statements of Changes in Net Assets

41

 

 

Financial Highlights

45

 

 

Notes to Financial Statements

55

 

 

Dividend Reinvestment Plans

61

 

 

Additional Information

62


Privacy Principles of the Trusts

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

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

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



LETTER TO SHAREHOLDERS

April 30, 2006

Dear Shareholder:

          We are pleased to report that during the semi-annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited and 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 April 30, 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















Trust (Ticker)

 

Current
Yield1

 

Tax-
Equivalent
Yield1

 

Closing
Market
Price

 

NAV

 











BlackRock Investment Quality Municipal Trust (BKN)

 

 

5.92

%

 

 

9.11

%

 

$

17.90

 

$

15.45

 

















BlackRock Municipal Income Trust (BFK)

 

 

6.03

 

 

 

9.28

 

 

 

16.45

 

 

14.91

 

















BlackRock California Investment Quality Municipal Trust (RAA)

 

 

5.41

 

 

 

8.32

 

 

 

15.65

 

 

14.16

 

















BlackRock California Municipal Income Trust (BFZ)

 

 

5.77

 

 

 

8.88

 

 

 

15.82

 

 

15.36

 

















BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

5.46

 

 

 

8.40

 

 

 

15.55

 

 

14.06

 

















BlackRock Florida Municipal Income Trust (BBF)

 

 

5.67

 

 

 

8.72

 

 

 

15.95

 

 

15.53

 

















BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

 

5.26

 

 

 

8.09

 

 

 

16.00

 

 

14.37

 

















BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

5.65

 

 

 

8.69

 

 

 

16.90

 

 

16.09

 

















BlackRock New York Investment Quality Municipal Trust (RNY)

 

 

5.74

 

 

 

8.83

 

 

 

15.30

 

 

14.84

 

















BlackRock New York Municipal Income Trust (BNY)

 

 

5.57

 

 

 

8.57

 

 

 

16.22

 

 

15.57

 

















 

 

 

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 March 31, 2006, BlackRock managed over $25 billion in municipal bonds, including seven open-end and 38 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- RALPH L. SCHLOSSTEIN )

(-s- LAURENCE D. FINK)

 

 

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, Inc.

BlackRock Advisors, Inc.

1


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Investment Quality Municipal Trust (BKN)

Trust Information

 

 

 




Symbol on New York Stock Exchange:

BKN




Initial Offering Date:

February 19, 1993




Closing Market Price as of 4/30/06:

$

17.90




Net Asset Value as of 4/30/06:

$

15.45




Yield on Closing Market Price as of 4/30/06 ($17.90):1

 

5.92%




Current Monthly Distribution per Common Share:2

$

0.088250




Current Annualized Distribution per Common Share:2

$

1.0590




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

Change

 

High

 

Low

 













Market Price

 

$

17.90

 

$

16.62

 

 

7.70

%

 

$

18.03

 

$

16.55

 



















NAV

 

$

15.45

 

$

15.59

 

 

(0.90

)%

 

$

15.76

 

$

15.42

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 









Sector

 

April 30, 2006

 

October 31, 2005







City, County & State

 

 

20

%

 

17

%









Industrial & Pollution Control

 

 

15

 

 

17

 









Education

 

 

13

 

 

11

 









Transportation

 

 

11

 

 

10

 









Hospitals

 

 

10

 

 

11

 









Water & Sewer

 

 

8

 

 

1

 









Lease Revenue

 

 

6

 

 

11

 









Tax Revenue

 

 

6

 

 

7

 









Housing

 

 

5

 

 

7

 









Power

 

 

5

 

 

7

 









Tobacco

 

 

1

 

 

1

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 









Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

57

%

 

50

%









AA/Aa

 

 

12

 

 

10

 









A

 

 

5

 

 

12

 









BBB/Baa

 

 

13

 

 

9

 









BB/Ba

 

 

4

 

 

12

 









B

 

 

1

 

 

 









Not Rated

 

 

8

 

 

7

 










 

 


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 (unaudited)
APRIL 30, 2006

BlackRock Municipal Income Trust (BFK)

Trust Information

 

 

 




Symbol on New York Stock Exchange:

BFK




Initial Offering Date:

July 27, 2001




Closing Market Price as of 4/30/06:

$

16.45




Net Asset Value as of 4/30/06:

$

14.91




Yield on Closing Market Price as of 4/30/06 ($16.45):1

 

6.03%




Current Monthly Distribution per Common Share:2

$

0.082625




Current Annualized Distribution per Common Share:2

$

0.9915




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

16.45

 

$

15.69

 

 

4.84

%

 

$

16.78

 

$

15.31

 



















NAV

 

$

14.91

 

$

14.71

 

 

1.36

%

 

$

15.12

 

$

14.63

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 









Sector

 

 

April 30, 2006

 

October 31, 2005







Industrial & Pollution Control

 

 

22

%

 

21

%









Hospitals

 

 

19

 

 

23

 









City, County & State

 

 

12

 

 

8

 









Transportation

 

 

11

 

 

11

 









Education

 

 

8

 

 

5

 









Housing

 

 

8

 

 

11

 









Tax Revenue

 

 

5

 

 

6

 









Water & Sewer

 

 

5

 

 

1

 









Power

 

 

4

 

 

3

 









Tobacco

 

 

4

 

 

4

 









Lease Revenue

 

 

2

 

 

7

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 









Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

31

%

 

26

%









AA/Aa

 

 

12

 

 

6

 









A

 

 

20

 

 

27

 









BBB/Baa

 

 

20

 

 

18

 









BB/Ba

 

 

5

 

 

5

 









B

 

 

6

 

 

10

 









Not Rated

 

 

6

 

 

8

 










 

 


4

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

3


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock California Investment Quality Municipal Trust (RAA)

Trust Information

 

 

 




Symbol on American Stock Exchange:

RAA




Initial Offering Date:

May 28, 1993




Closing Market Price as of 4/30/06:

$

15.65




Net Asset Value as of 4/30/06:

$

14.16




Yield on Closing Market Price as of 4/30/06 ($15.65):1

 

5.41%




Current Monthly Distribution per Common Share:2

$

0.0706




Current Annualized Distribution per Common Share:2

$

0.8472




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

15.65

 

$

15.75

 

 

(0.63

)%

 

$

16.60

 

$

13.68

 



















NAV

 

$

14.16

 

$

14.20

 

 

(0.28

)%

 

$

14.36

 

$

14.13

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







City, County & State

 

 

25

%

 

18

%









Transportation

 

 

19

 

 

18

 









Education

 

 

14

 

 

10

 









Lease Revenue

 

 

13

 

 

20

 









Industrial & Pollution Control

 

 

10

 

 

7

 









Power

 

 

7

 

 

5

 









Hospitals

 

 

5

 

 

11

 









Water & Sewer

 

 

4

 

 

7

 









Tobacco

 

 

3

 

 

4

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 







Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

48

%

 

38

%









AA/Aa

 

 

6

 

 

7

 









A

 

 

16

 

 

18

 









BBB/Baa

 

 

15

 

 

21

 









B

 

 

5

 

 

5

 









Not Rated

 

 

10

 

 

11

 










 

 

4

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

4


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock California Municipal Income Trust (BFZ)

Trust Information

 

 

 




Symbol on New York Stock Exchange:

BFZ




Initial Offering Date:

July 27, 2001




Closing Market Price as of 4/30/06:

$

15.82




Net Asset Value as of 4/30/06:

$

15.36




Yield on Closing Market Price as of 4/30/06 ($15.82):1

 

5.77%




Current Monthly Distribution per Common Share:2

$

0.076074




Current Annualized Distribution per Common Share:2

$

0.912888




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

15.82

 

$

14.92

 

 

6.03

%

 

$

15.84

 

$

14.80

 



















NAV

 

$

15.36

 

$

15.18

 

 

1.19

%

 

$

15.53

 

$

15.06

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







City, County & State

 

 

19

%

 

19

%









Education

 

 

15

 

 

10

 









Lease Revenue

 

 

14

 

 

19

 









Transportation

 

 

14

 

 

16

 









Hospitals

 

 

12

 

 

13

 









Housing

 

 

10

 

 

12

 









Power

 

 

8

 

 

7

 









Industrial & Pollution Control

 

 

5

 

 

2

 









Tobacco

 

 

2

 

 

2

 









Water & Sewer

 

 

1

 

 

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 







Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

46

%

 

38

%









AA/Aa

 

 

3

 

 

3

 









A

 

 

28

 

 

30

 









BBB/Baa

 

 

12

 

 

14

 









B

 

 

1

 

 

3

 









Not Rated

 

 

10

 

 

12

 










 

 

4

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

5


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Florida Investment Quality Municipal Trust (RFA)

Trust Information

 

 

 




Symbol on American Stock Exchange:

RFA




Initial Offering Date:

May 28, 1993




Closing Market Price as of 4/30/06:

$

15.55




Net Asset Value as of 4/30/06:

$

14.06




Yield on Closing Market Price as of 4/30/06 ($15.55):1

 

5.46%




Current Monthly Distribution per Common Share:2

$

0.070781




Current Annualized Distribution per Common Share:2

$

0.849372




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

15.55

 

$

14.85

 

 

4.71

%

 

$

15.85

 

$

14.62

 



















NAV

 

$

14.06

 

$

14.39

 

 

(2.29

)%

 

$

14.39

 

$

14.03

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







Hospitals

 

 

20

%

 

17

%









City, County & State

 

 

16

 

 

14

 









Education

 

 

15

 

 

17

 









Tax Revenue

 

 

12

 

 

12

 









Lease Revenue

 

 

11

 

 

11

 









Transportation

 

 

7

 

 

16

 









Industrial & Pollution Control

 

 

6

 

 

4

 









Water & Sewer

 

 

5

 

 

1

 









Housing

 

 

4

 

 

4

 









Power

 

 

4

 

 

4

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 







Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

48

%

 

47

%









AA/Aa

 

 

7

 

 

6

 









A

 

 

5

 

 

5

 









BBB/Baa

 

 

19

 

 

16

 









BB/Ba

 

 

3

 

 

3

 









B

 

 

 

 

6

 









Not Rated

 

 

18

 

 

17

 










 

 


4

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

6


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock Florida Municipal Income Trust (BBF)

Trust Information

 

 

 




Symbol on New York Stock Exchange:

BBF




Initial Offering Date:

July 27, 2001




Closing Market Price as of 4/30/06:

$

15.95




Net Asset Value as of 4/30/06:

$

15.53




Yield on Closing Market Price as of 4/30/06 ($15.95):1

 

5.67%




Current Monthly Distribution per Common Share:2

$

0.075375




Current Annualized Distribution per Common Share:2

$

0.9045




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

15.95

 

$

15.25

 

 

4.59

%

 

$

16.86

 

$

14.83

 



















NAV

 

$

15.53

 

$

15.48

 

 

0.32

%

 

$

15.72

 

$

15.37

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







City, County & State

 

 

31

%

 

30

%









Hospitals

 

 

21

 

 

24

 









Water & Sewer

 

 

13

 

 

8

 









Education

 

 

7

 

 

7

 









Tax Revenue

 

 

6

 

 

6

 









Lease Revenue

 

 

6

 

 

5

 









Housing

 

 

4

 

 

4

 









Power

 

 

4

 

 

4

 









Tobacco

 

 

4

 

 

4

 









Transportation

 

 

3

 

 

7

 









Industrial & Pollution Control

 

 

1

 

 

1

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 







Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

34

%

 

28

%









AA/Aa

 

 

33

 

 

34

 









A

 

 

6

 

 

6

 









BBB/Baa

 

 

10

 

 

14

 









BB/Ba

 

 

2

 

 

2

 









Not Rated5

 

 

15

 

 

16

 










 

 


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 April 30, 2006, and October 31, 2005, the market value of these securities was $3,399,723, representing 2.2% and $3,452,437, representing 2.3% of the Trust’s long-term investments.

7


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

Trust Information

 

 

 




Symbol on American Stock Exchange:

RNJ




Initial Offering Date:

May 28, 1993




Closing Market Price as of 4/30/06:

$

16.00




Net Asset Value as of 4/30/06:

$

14.37




Yield on Closing Market Price as of 4/30/06 ($16.00):1

 

5.26%




Current Monthly Distribution per Common Share:2

$

0.070125




Current Annualized Distribution per Common Share:2

$

0.8415




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

16.00

 

$

14.70

 

 

8.84

%

 

$

17.00

 

$

14.41

 



















NAV

 

$

14.37

 

$

14.48

 

 

(0.76

)%

 

$

14.58

 

$

14.34

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







Transportation

 

 

23

%

 

26

%









Education

 

 

15

 

 

9

 









Housing

 

 

12

 

 

9

 









Industrial & Pollution Control

 

 

12

 

 

8

 









Hospitals

 

 

10

 

 

10

 









City, County & State

 

 

7

 

 

11

 









Lease Revenue

 

 

6

 

 

9

 









Tax Revenue

 

 

5

 

 

4

 









Tobacco

 

 

5

 

 

5

 









Water & Sewer

 

 

5

 

 

5

 









Resource Recovery

 

 

 

 

4

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 







Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

47

%

 

51

%









A

 

 

14

 

 

13

 









BBB/Baa

 

 

27

 

 

21

 









B

 

 

6

 

 

10

 









Not Rated

 

 

6

 

 

5

 










 

 


4

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

8


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock New Jersey Municipal Income Trust (BNJ)

Trust Information

 

 

 




Symbol on New York Stock Exchange:

BNJ




Initial Offering Date:

July 27, 2001




Closing Market Price as of 4/30/06:

$

16.90




Net Asset Value as of 4/30/06:

$

16.09




Yield on Closing Market Price as of 4/30/06 ($16.90):1

 

5.65%




Current Monthly Distribution per Common Share:2

$

0.079625




Current Annualized Distribution per Common Share:2

$

0.9555




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

16.90

 

$

15.91

 

 

6.22

%

 

$

17.04

 

$

15.72

 



















NAV

 

$

16.09

 

$

15.87

 

 

1.39

%

 

$

16.18

 

$

15.77

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







Hospitals

 

 

24

%

 

24

%









Housing

 

 

20

 

 

17

 









City, County & State

 

 

11

 

 

14

 









Transportation

 

 

11

 

 

11

 









Lease Revenue

 

 

10

 

 

10

 









Tobacco

 

 

8

 

 

8

 









Industrial & Pollution Control

 

 

6

 

 

5

 









Education

 

 

5

 

 

5

 









Tax Revenue

 

 

5

 

 

6

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4

 

 

 

 

 

 

 

 







Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

32

%

 

31

%









AA/Aa

 

 

 

 

5

 









A

 

 

25

 

 

20

 









BBB/Baa

 

 

36

 

 

26

 









BB/Ba

 

 

 

 

3

 









B

 

 

3

 

 

12

 









Not Rated

 

 

4

 

 

3

 










 

 


4

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

9


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock New York Investment Quality Municipal Trust (RNY)

Trust Information

 

 

 




Symbol on American Stock Exchange:

RNY




Initial Offering Date:

May 28, 1993




Closing Market Price as of 4/30/06:

$

15.30




Net Asset Value as of 4/30/06:

$

14.84




Yield on Closing Market Price as of 4/30/06 ($15.30):1

 

5.74%




Current Monthly Distribution per Common Share:2

$

0.073125




Current Annualized Distribution per Common Share:2

$

0.8775




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

15.30

 

$

14.75

 

 

3.73

%

 

$

16.15

 

$

14.52

 



















NAV

 

$

14.84

 

$

15.03

 

 

(1.26

)%

 

$

15.10

 

$

14.81

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







Education

 

 

21

%

 

18

%









City, County & State

 

 

16

 

 

16

 









Tax Revenue

 

 

15

 

 

15

 









Industrial & Pollution Control

 

 

14

 

 

12

 









Water & Sewer

 

 

11

 

 

11

 









Housing

 

 

7

 

 

7

 









Lease Revenue

 

 

6

 

 

7

 









Hospitals

 

 

4

 

 

4

 









Transportation

 

 

4

 

 

8

 









Tobacco

 

 

2

 

 

2

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 









Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

46

%

 

43

%









AA/Aa

 

 

26

 

 

22

 









A

 

 

8

 

 

18

 









BBB/Baa

 

 

7

 

 

10

 









BB/Ba

 

 

4

 

 

3

 









B

 

 

5

 

 

 









Caa

 

 

3

 

 

3

 









Not Rated

 

 

1

 

 

1

 










 

 


4

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

10


TRUST SUMMARIES (unaudited)
APRIL 30, 2006

BlackRock New York Municipal Income Trust (BNY)

Trust Information

 

 

 




Symbol on New York Stock Exchange:

BNY




Initial Offering Date:

July 27, 2001




Closing Market Price as of 4/30/06:

$

16.22




Net Asset Value as of 4/30/06:

$

15.57




Yield on Closing Market Price as of 4/30/06 ($16.22):1

 

5.57%




Current Monthly Distribution per Common Share:2

$

0.075339




Current Annualized Distribution per Common Share:2

$

0.904068




Leverage as of 4/30/06:3

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

4/30/06

 

10/31/05

 

 

Change

 

High

 

Low

 














Market Price

 

$

16.22

 

$

15.19

 

 

6.78

%

 

$

16.43

 

$

15.09

 



















NAV

 

$

15.57

 

$

15.44

 

 

0.84

%

 

$

15.71

 

$

15.30

 



















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

Portfolio Composition

 

 

 

 

 

 

 

 







Sector

 

 

April 30, 2006

 

October 31, 2005







Industrial & Pollution Control

 

 

19

%

 

15

%









Housing

 

 

15

 

 

15

 









Transportation

 

 

15

 

 

19

 









Tobacco

 

 

12

 

 

12

 









Lease Revenue

 

 

9

 

 

12

 









City, County & State

 

 

8

 

 

5

 









Education

 

 

8

 

 

8

 









Tax Revenue

 

 

5

 

 

1

 









Water & Sewer

 

 

5

 

 

6

 









Hospitals

 

 

4

 

 

7

 









Credit Quality Allocations4

 

 

 

 

 

 

 

 







Credit Rating

 

 

April 30, 2006

 

October 31, 2005







AAA/Aaa

 

 

38

%

 

27

%









AA/Aa

 

 

19

 

 

18

 









A

 

 

18

 

 

20

 









BBB/Baa

 

 

16

 

 

26

 









BB/Ba

 

 

2

 

 

2

 









B

 

 

3

 

 

3

 









Caa

 

 

3

 

 

3

 









Not Rated

 

 

1

 

 

1

 










 

 


4

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

11


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Investment Quality Municipal Trust (BKN)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—156.2%

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—8.6%

 

 

 

 

 

 

 

 

 

 

 

 

Birmingham Wtr. Wks. & Swr. Brd. RB,

 

 

 

 

 

 

 

AAA

 

$

1,865

 

Ser. A, 4.50%, 1/01/35, FSA

 

 

01/16 @ 100

 

$

1,792,302

 

AAA

 

 

1,530

 

Ser. A, 5.00%, 1/01/40, FSA

 

 

01/16 @ 100

 

 

1,566,414

 

AAA

 

 

3,560

 

Ser. A, 5.00%, 1/01/43, FSA

 

 

01/16 @ 100

 

 

3,639,175

 

AAA

 

 

14,000

 

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

 

 

09/10 @ 101

 

 

15,127,560

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

22,125,451

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Arizona—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

NR

 

 

490

 

6.25%, 5/01/15

 

 

05/10 @ 107

 

 

488,437

 

NR

 

 

490

 

7.00%, 5/01/20

 

 

05/10 @ 107

 

 

488,383

 

NR

 

 

980

 

7.25%, 5/01/27

 

 

05/10 @ 107

 

 

984,175

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

1,960,995

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

California—29.3%

 

 

 

 

 

 

 

AA

 

 

8,595

 

Bay Area Toll Auth., RB, Ser. F, 5.00%, 4/01/31

 

 

04/16 @ 100

 

 

8,886,628

 

 

 

 

 

 

California Cnty. Tobacco RB,

 

 

 

 

 

 

 

BBB-

 

 

1,340

 

Sub. B, Zero Coupon, 6/01/46

 

 

06/16 @ 17.602

 

 

112,426

 

BB

 

 

7,090

 

Sub. C, Zero Coupon, 6/01/55

 

 

06/16 @ 8.9

 

 

268,853

 

NR

 

 

9,060

 

Sub. D, Zero Coupon, 6/01/55

 

 

06/16 @ 6.219

 

 

229,671

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California St. GO,

 

 

 

 

 

 

 

A

 

 

5,800

 

5.00%, 2/01/32

 

 

08/13 @ 100

 

 

5,891,872

 

AAA

 

 

10,000

 

5.00%, 3/01/33

 

 

03/15 @ 100

 

 

10,235,900

 

A

 

 

3,485

 

5.00%, 6/01/34

 

 

12/14 @ 100

 

 

3,545,674

 

Aaa

 

 

2,625

3

5.625%, 5/01/10

 

 

N/A

 

 

2,833,714

 

Aaa

 

 

3,145

 

5.625%, 5/01/18

 

 

05/10 @ 101

 

 

3,365,999

 

 

 

 

 

 

Foothill/Eastn. Transp. Corridor Agcy. RB,

 

 

 

 

 

 

 

BBB

 

 

7,000

 

Refdg. Conv. Cap. Apprec., Zero Coupon, 1/15/28

 

 

01/14 @ 101

 

 

6,070,050

 

BBB

 

 

3,495

 

Toll Road, 5.75%, 1/15/40

 

 

01/10 @ 101

 

 

3,538,443

 

AAA

 

 

10,320

 

Golden St. Tobacco Sec. Corp. RB, 5.00%, 6/01/45, AMBAC

 

 

06/15 @ 100

 

 

10,477,586

 

AAA

 

 

10,945

 

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

 

 

08/13 @ 53.632

 

 

4,081,391

 

AAA

 

 

15,460

 

Los Angeles Cnty., Asset Leasing Corp. RB, 5.95%, 12/01/07, AMBAC

 

 

No Opt. Call

 

 

16,009,448

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

75,547,655

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Colorado—0.8%

 

 

 

 

 

 

 

Baa2

 

 

1,020

 

Park Creek Met. Dist. RB, Ppty. Tax, 5.50%, 12/01/37

 

 

12/15 @ 101

 

 

1,039,319

 

AAA

 

 

1,030

 

Springs Co. Utils. RB Sub., Ser. C, 5.00%, 11/15/45, FSA

 

 

11/15 @ 100

 

 

1,047,963

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

2,087,282

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Connecticut—1.2%

 

 

 

 

 

 

 

Baa3

 

 

3,000

4

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

 

 

09/09 @ 101

 

 

3,070,590

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

District of Columbia—2.2%

 

 

 

 

 

 

 

BBB

 

 

4,960

 

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

 

 

No Opt. Call

 

 

5,616,952

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Florida—14.0%

 

 

 

 

 

 

 

NR

 

 

2,080

 

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

 

 

05/13 @ 101

 

 

2,160,704

 

NR

 

 

3,700

 

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

 

 

10/10 @ 101

 

 

4,038,106

 

NR

 

 

2,220

 

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

 

 

05/12 @ 101

 

 

2,237,250

 

BB+

 

 

4,755

 

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

 

 

11/14 @ 100

 

 

5,304,773

 

 

 

 

 

 

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

 

 

 

 

 

 

 

AAA

 

 

3,380

 

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

 

 

10/15 @ 44.051

 

 

908,003

 

AAA

 

 

4,225

 

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

 

 

10/15 @ 41.782

 

 

1,088,909

 

AAA

 

 

4,000

 

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

 

 

10/15 @ 39.621

 

 

974,120

 

AAA

 

 

4,580

 

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

 

 

10/15 @ 37.635

 

 

1,056,423

 

AAA

 

 

5,000

 

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

 

 

10/15 @ 35.678

 

 

1,067,400

 

AAA

 

 

10,000

 

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

 

 

10/15 @ 33.817

 

 

2,080,300

 

AAA

 

 

10,000

 

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

 

 

10/15 @ 32.047

 

 

1,945,600

 

NR

 

 

3,785

 

Sumter Landing Cmnty. Dev. Dist. RB, Ser B, 5.70%, 10/01/38

 

 

10/15 @ 100

 

 

3,764,220

 

NR

 

 

9,550

 

Vlg. Cmnty. Dev. Dist. No. 6 SA, 5.625%, 5/01/22

 

 

05/13 @ 100

 

 

9,633,276

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

36,259,084

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

12


BlackRock Investment Quality Municipal Trust (BKN) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 














 

 

 

 

 

Georgia—4.2%

 

 

 

 

 

 

 

AAA

 

$

5,000

 

Atlanta Arpt. Passenger Fac. RB, Ser. J, 5.00%, 1/01/34, FSA

 

 

01/15 @ 100

 

$

5,112,550

 

AAA

 

 

4,000

 

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

 

 

11/14 @ 100

 

 

4,094,480

 

BBB

 

 

1,500

 

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

 

 

09/14 @ 101

 

 

1,618,620

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

10,825,650

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Hawaii—1.0%

 

 

 

 

 

 

 

AAA

 

 

2,500

 

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

 

 

01/09 @ 101

 

 

2,667,850

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Illinois—14.7%

 

 

 

 

 

 

 

NR

 

 

1,920

4

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

 

 

No Opt. Call

 

 

1,920,269

 

AAA

 

 

1,040

3

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

 

 

N/A

 

 

1,093,622

 

AAA

 

 

5,000

5

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

 

 

ETM

 

 

6,271,400

 

 

 

 

 

 

Edl. Fac. Auth. RB,

 

 

 

 

 

 

 

AAA

 

 

2,070

 

5.45%, 7/01/14, FGIC

 

 

05/06 @ 100

 

 

2,071,532

 

AAA

 

 

2,575

 

5.70%, 7/01/13, FGIC

 

 

05/06 @ 100

 

 

2,577,163

 

 

 

 

 

 

Fin. Auth. RB,

 

 

 

 

 

 

 

BB+

 

 

690

 

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

 

 

02/15 @ 100

 

 

694,637

 

AA+

 

 

5,800

 

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

 

 

08/14 @ 100

 

 

6,098,642

 

Baa2

 

 

875

 

Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35

 

 

06/14 @ 100

 

 

875,472

 

Baa3

 

 

700

 

Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35

 

 

06/14 @ 100

 

 

700,266

 

 

 

 

 

 

O’Hare Intl. Arpt. RB,

 

 

 

 

 

 

 

AAA

 

 

1,000

 

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

 

 

01/15 @ 100

 

 

1,025,370

 

AAA

 

 

1,610

 

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

 

 

01/15 @ 100

 

 

1,649,703

 

AAA

 

 

9,055

 

Ser. A, 5.00%, 1/01/33, FGIC

 

 

01/16 @ 100

 

 

9,270,509

 

AAA

 

 

3,540

 

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

 

 

01/14 @ 100

 

 

3,645,457

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

37,894,042

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Kentucky—2.6%

 

 

 

 

 

 

 

AAA

 

 

15,715

 

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

 

 

No Opt. Call

 

 

6,834,296

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Maryland—0.7%

 

 

 

 

 

 

 

BBB+

 

 

1,740

 

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

 

 

08/14 @ 100

 

 

1,798,273

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Massachusetts—0.9%

 

 

 

 

 

 

 

AA

 

 

2,375

 

Massachusetts St. Wtr. Res. Auth. Gen. RB, Ser. A, 5.00%, 8/01/41

 

 

08/16 @ 100

 

 

2,438,080

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Multi-State—4.7%

 

 

 

 

 

 

 

Baa1

 

 

7,000

4

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

 

 

11/10 @ 100

 

 

7,805,280

 

Baa1

 

 

4,000

4

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

 

 

11/10 @ 100

 

 

4,444,680

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

12,249,960

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Nevada—0.7%

 

 

 

 

 

 

 

AAA

 

 

1,755

 

Clark Cnty. GO, 5.00%, 6/01/32, MBIA

 

 

12/12 @ 100

 

 

1,790,398

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New Jersey—4.3%

 

 

 

 

 

 

 

AAA

 

 

2,000

 

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

 

 

01/10 @ 100

 

 

2,128,620

 

BBB

 

 

7,000

 

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

 

 

06/14 @ 100

 

 

7,419,020

 

NR

 

 

1,510

 

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

 

 

01/15 @ 100

 

 

1,530,264

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

11,077,904

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New York—13.4%

 

 

 

 

 

 

 

NR

 

 

725

 

Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35

 

 

05/15 @ 102

 

 

675,722

 

AAA

 

 

1,925

 

Convention Ctr. Dev. Hotel Unit Fee Secured RB, 5.00%, 11/15/44, AMBAC

 

 

11/15 @ 100

 

 

1,976,378

 

 

 

 

 

 

Dorm. Auth. RB,

 

 

 

 

 

 

 

AA+

 

 

1,675

 

Cornell Univ., Ser. A, 5.00%, 7/01/31

 

 

07/16 @ 100

 

 

1,738,449

 

AA+

 

 

1,675

 

Cornell Univ., Ser. A, 5.00%, 7/01/35

 

 

07/16 @ 100

 

 

1,732,921

 

AAA

 

 

3,895

3

Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA

 

 

N/A

 

 

3,349,856

 

AA-

 

 

16,095

 

Liberty Dev. Corp. RB, 5.25%, 10/01/35

 

 

No Opt. Call

 

 

17,362,481

 

B-

 

 

2,600

 

New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25

 

 

08/16 @ 101

 

 

2,848,950

 

 

 

 

 

 

Sales Tax Asset Receivable Corp. RB,

 

 

 

 

 

 

 

AAA

 

 

3,115

 

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

 

 

10/14 @ 100

 

 

3,232,280

 

AAA

 

 

1,500

 

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

 

 

10/14 @ 100

 

 

1,554,330

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

34,471,367

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

North Carolina—3.0%

 

 

 

 

 

 

 

AAA

 

 

5,000

 

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

 

 

No Opt. Call

 

 

5,272,250

 

NR

 

 

2,425

 

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

 

 

08/15 @ 100

 

 

2,532,840

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

7,805,090

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

13


BlackRock Investment Quality Municipal Trust (BKN) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 














 

 

 

 

 

Ohio—7.8%

 

 

 

 

 

 

 

AAA

 

$

10,475

 

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

 

 

07/15 @ 100

 

$

10,482,018

 

AAA

 

 

2455

 

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

 

 

ETM

 

 

249,236

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Aa3

 

 

3,485

 

6.00%, 1/01/20

 

 

07/13 @ 100

 

 

3,826,356

 

Aa3

 

 

5,000

 

6.00%, 1/01/21

 

 

07/13 @ 100

 

 

5,486,500

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

20,044,110

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Oklahoma—1.2%

 

 

 

 

 

 

 

B-

 

 

2,900

 

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

 

 

No Opt. Call

 

 

3,157,897

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Pennsylvania—7.4%

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth. RB,

 

 

 

 

 

 

 

A3

 

 

2,000

 

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

 

 

05/11 @ 101

 

 

2,116,740

 

A3

 

 

3,100

 

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

 

 

05/11 @ 101

 

 

3,290,805

 

BB-

 

 

8,235

 

Exempt Facs., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

 

 

12/09 @ 103

 

 

8,768,463

 

AAA

 

 

4,000

 

Intergovtl. Coop. Auth. RB, Philadelphia Fdg. Proj., 5.50%, 6/15/20, FGIC

 

 

06/06 @ 100

 

 

4,008,400

 

 

 

 

 

 

McKeesport Area Sch. Dist. GO,

 

 

 

 

 

 

 

AAA

 

 

870

6

Zero Coupon, 10/01/31, FGIC

 

 

ETM

 

 

254,258

 

AAA

 

 

2,435

 

Zero Coupon, 10/01/31, FGIC

 

 

No Opt. Call

 

 

689,056

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

19,127,722

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Rhode Island—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

St. Hlth. & Ed. Bldg. Corp. Hosp. Fin. RB, Lifespan Proj.,

 

 

 

 

 

 

 

AAA

 

 

1800

3

5.50%, 5/15/07, MBIA

 

 

N/A

 

 

1,869,066

 

AAA

 

 

200

 

5.50%, 5/15/16, MBIA

 

 

05/07 @ 102

 

 

207,236

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

2,076,302

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

South Carolina—2.7%

 

 

 

 

 

 

 

 

 

 

 

 

Jobs Econ. Dev. Auth. Hosp., Facs. RB,

 

 

 

 

 

 

 

BBB+

 

 

3,560

3

Palmetto Hlth., 6.875%, 8/01/13

 

 

N/A

 

 

4,180,793

 

BBB+

 

 

440

 

Palmetto Hlth., 6.875%, 8/01/27

 

 

08/13 @ 100

 

 

499,589

 

BBB+

 

 

2,185

 

Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31

 

 

08/13 @ 100

 

 

2,342,233

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

7,022,615

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Tennessee—2.0%

 

 

 

 

 

 

 

AAA

 

 

4,865

 

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

 

 

03/10 @ 101

 

 

5,164,927

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Texas—18.8%

 

 

 

 

 

 

 

BBB

 

 

1,350

 

Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21

 

 

04/16 @ 100

 

 

1,337,229

 

Baa2

 

 

1,680

 

Brazos River Auth. PCRB, 5.00%, 3/01/41

 

 

03/11 @ 100

 

 

1,670,726

 

AAA

 

 

6,000

3

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

 

 

N/A

 

 

6,512,160

 

AAA

 

 

5,000

 

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

 

 

11/30 @ 61.166

 

 

829,450

 

AAA

 

 

8,375

 

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

 

 

02/15 @ 100

 

 

8,626,417

 

AAA

 

 

9,495

 

La Joya Indpt. Sch. Dist. GO, 5.00%, 2/15/34

 

 

02/14 @ 100

 

 

9,690,597

 

AAA

 

 

950

 

Lower Co. River Auth. RB, 5.00%, 5/15/31, MBIA

 

 

05/13 @ 100

 

 

973,741

 

 

 

 

 

 

North Texas Mun. Wtr. Dist. RB,

 

 

 

 

 

 

 

AAA

 

 

3,070

 

5.00%, 9/01/31, MBIA

 

 

09/16 @ 100

 

 

3,166,705

 

AAA

 

 

7,395

 

5.00%, 9/01/35, MBIA

 

 

09/16 @ 100

 

 

7,615,741

 

AAA

 

 

15,000

 

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

 

 

08/12 @ 32.807

 

 

3,637,650

 

 

 

 

 

 

Transp. Commn St. Hwy. RB,

 

 

 

 

 

 

 

AAA

 

 

1,675

 

5.00%, 4/01/25

 

 

04/16 @ 100

 

 

1,739,956

 

AAA

 

 

1,675

 

5.00%, 4/01/26

 

 

04/16 @ 100

 

 

1,739,957

 

AA+

 

 

1,000

 

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

 

 

08/10 @ 100

 

 

1,070,040

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

48,610,369

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Utah—0.8%

 

 

 

 

 

 

 

AAA

 

 

1,950

6

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

 

 

ETM

 

 

1,955,967

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington—5.3%

 

 

 

 

 

 

 

AAA

 

 

13,395

3

Pub. Pwr. Sply. RB, Nuclear Proj. No. 1, 5.75%, 7/01/06, MBIA

 

 

N/A

 

 

13,708,175

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

West Virginia—0.6%

 

 

 

 

 

 

 

AAA

 

 

1,615

 

St. Wtr. Dev. Auth. RB, Ser. A, 5.00%, 11/01/35, FSA

 

 

11/15 @ 100

 

 

1,657,991

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Wisconsin—1.7%

 

 

 

 

 

 

 

A-

 

 

3,220

 

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

 

 

04/13 @ 100

 

 

3,517,335

 

AAA

 

 

855

 

Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC

 

 

07/15 @ 100

 

 

876,426

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

4,393,761

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $387,224,300)

 

 

 

 

 

403,440,755

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

14


BlackRock Investment Quality Municipal Trust (BKN) (continued)

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 











 

 

 

 

 

SHORT-TERM INVESTMENTS—2.1%

 

 

 

 

 

 

 

 

 

Delaware—0.4%

 

 

 

 

A-1+

 

$

900

7

St. Econ. Dev. Auth. RB, Hosp. Billing Proj., Ser. B, 3.80%, 5/03/06, FRWD

 

$

900,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Georgia—1.7%

 

 

 

 

A-1+

 

 

4,490

7

Atlanta Wtr. & Wstwtr. RB, Ser. C, 3.80%, 5/01/06, FSA, FRDD

 

 

4,490,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Short-Term Investments (cost $5,390,000)

 

 

5,390,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—158.3% (cost $392,614,3008)

 

$

408,830,755

 

 

 

 

 

 

Liabilities in excess of other assets—(1.5)%

 

 

(3,999,183

)

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.8)%

 

 

(146,662,020

)

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

258,169,552

 

 

 

 

 

 

 

 



 


 

 


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 April 30, 2006, the Trust held 6.7% of its net assets, with a current market value of $17,240,819, in securities restricted as to resale.

5

Security pledged as collateral.

6

Security is collateralized by Municipal or U.S. Treasury obligations.

7

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006.

8

Cost for Federal income tax purposes is $391,994,105. The net unrealized appreciation on a tax basis is $16,836,650, consisting of $18,194,468 gross unrealized appreciation and $1,357,818 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

 

 

American Municipal Bond Assurance Corp.

 

GO

 

 

General Obligation

CAPMAC

 

 

Capital Markets Assurance Co.

 

MBIA

 

 

Municipal Bond Insurance Assoc.

ETM

 

 

Escrowed to Maturity

 

PCRB

 

 

Pollution Control Revenue Bond

FGIC

 

 

Financial Guaranty Insurance Co.

 

RB

 

 

Revenue Bond

FRDD

 

 

Floating Rate Daily Demand

 

SA

 

 

Special Assesment

FRWD

 

 

Floating Rate Weekly Demand

 

ST

 

 

Special Tax

FSA

 

 

Financial Security Assurance

 

 

 

 

 

 

See Notes to Financial Statements.

15


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Municipal Income Trust (BFK)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—159.9%

 

 

 

 

 

 

 

 

 

 

 

Alabama—3.9%

 

 

 

 

 

 

 

 

 

 

 

Birmingham Wtr. Wks. & Swr. Brd. RB,

 

 

 

 

 

 

AAA

 

$

1,865

 

Ser. A, 4.50%, 1/01/35, FSA

 

01/16 @ 100

 

$

1,792,302

 

AAA

 

 

4,075

 

Ser. A, 5.00%, 1/01/40, FSA

 

01/16 @ 100

 

 

4,171,985

 

AAA

 

 

3,570

 

Ser. A, 5.00%, 1/01/43, FSA

 

01/16 @ 100

 

 

3,649,397

 

A2

 

 

15,000

 

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

 

06/12 @ 101

 

 

15,873,600

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

25,487,284

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Arizona—3.6%

 

 

 

 

 

 

AA

 

 

15,805

 

Salt River Proj. Agricultural Impvt. & Pwr. Dist. RB, Ser. A, 5.00%, 1/01/35

 

01/16 @ 100

 

 

16,342,528

 

A3

 

 

7,000

 

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

 

12/11 @ 101

 

 

7,420,630

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

23,763,158

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

California—16.3%

 

 

 

 

 

 

AA

 

 

3,855

 

Bay Area Toll Auth., RB, Ser. F, 5.00%, 4/01/31

 

04/16 @ 100

 

 

3,985,800

 

 

 

 

 

 

California Cnty. Tobacco RB,

 

 

 

 

 

 

BBB-

 

 

3,385

 

Sub. B, Zero Coupon, 6/01/46

 

06/16 @ 17.602

 

 

284,001

 

BB

 

 

17,855

 

Sub. C, Zero Coupon, 6/01/55

 

06/16 @ 8.9

 

 

677,062

 

NR

 

 

22,825

 

Sub. D, Zero Coupon, 6/01/55

 

06/16 @ 6.219

 

 

578,614

 

 

 

 

 

 

California St. GO,

 

 

 

 

 

 

A

 

 

11,700

 

5.00%, 2/01/32

 

08/13 @ 100

 

 

11,885,328

 

A

 

 

7,000

 

5.00%, 6/01/34

 

12/14 @ 100

 

 

7,121,870

 

 

 

 

 

 

Foothill/Eastn. Transp. Corridor Agcy. RB,

 

 

 

 

 

 

BBB

 

 

54,635

 

Toll Road, Zero Coupon, 1/15/32

 

01/10 @ 27.37

 

 

11,972,167

 

BBB

 

 

20,535

 

Toll Road, Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

3,979,683

 

BBB

 

 

75,000

 

Toll Road, Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

11,386,500

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp. RB,

 

 

 

 

 

 

AAA

 

 

10,180

 

5.00%, 6/01/45, AMBAC

 

06/15 @ 100

 

 

10,335,449

 

BBB

 

 

10,000

 

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

 

06/13 @ 100

 

 

11,052,300

 

NR

 

 

3,500

 

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

 

09/13 @ 102

 

 

3,695,825

 

AAA

 

 

13,320

 

Los Angeles Regl. Arpt. Impvt. Corp. Lease RB, Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC

 

01/12 @ 100

 

 

13,836,683

 

NR

 

 

5,000

 

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

 

09/14 @ 100

 

 

5,179,350

 

A+

 

 

5,000

 

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

 

04/13 @ 100

 

 

5,209,550

 

AAA

 

 

5,000

 

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

 

05/13 @ 101

 

 

5,006,550

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

106,186,732

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Colorado—1.3%

 

 

 

 

 

 

BBB

 

 

3,500

 

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

 

12/11 @ 100

 

 

3,628,765

 

Baa2

 

 

2,530

 

Park Creek Met. Dist. RB, Ppty. Tax, 5.50%, 12/01/37

 

12/15 @ 101

 

 

2,577,918

 

AAA

 

 

2,545

 

Springs Co. Utils. RB Sub., Ser. C, 5.00%, 11/15/45, FSA

 

11/15 @ 100

 

 

2,589,385

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

8,796,068

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

District of Columbia—6.3%

 

 

 

 

 

 

 

 

 

 

 

District of Columbia RB,

 

 

 

 

 

 

A

 

 

2,390

 

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

 

06/14 @ 100

 

 

2,402,380

 

AAA

 

 

15,600

 

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

 

04/11 @ 22.875

 

 

2,766,660

 

AAA

 

 

51,185

 

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

 

04/11 @ 21.546

 

 

8,546,359

 

BBB

 

 

25,535

 

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

 

05/11 @ 101

 

 

27,562,224

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

41,277,623

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Florida—10.1%

 

 

 

 

 

 

NR

 

 

3,945

 

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

 

05/14 @ 100

 

 

3,985,397

 

NR

 

 

1,980

 

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

 

05/14 @ 101

 

 

2,082,168

 

Baa3

 

 

4,600

 

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

 

09/06 @ 102

 

 

4,739,656

 

NR

 

 

1,975

 

Heritage Isle at Viera Cmnty. Dev. Dist. SA, Ser. A, 6.00%, 5/01/35

 

05/12 @ 101

 

 

2,010,688

 

A+

 

 

9,670

3

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

 

N/A

 

 

10,785,628

 

BB+

 

 

9,000

 

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

 

06/06 @ 101

 

 

9,243,180

 

BB+

 

 

11,685

 

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

 

11/14 @ 100

 

 

13,036,020

 

NR

 

 

6,000

 

New Port Tampa Bay Cmnty. Dev. SA, Ser. A, 5.875%, 5/01/38

 

05/16 @ 100

 

 

6,079,200

 

NR

 

 

3,925

 

Stevens Plantation Cmnty. Dev. Dist. SA, Ser. A, 7.10%, 5/01/35

 

05/14 @ 100

 

 

4,072,580

 

NR

 

 

9,545

 

Vlg. Cmnty. Dev. Dist. No. 6 SA, 5.625%, 5/01/22

 

05/13 @ 100

 

 

9,628,232

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

65,662,749

 

 

 

 

 

 

 

 

 

 



 


See Notes to Financial Statements.

16


BlackRock Municipal Income Trust (BFK) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

Georgia—0.6%

 

 

 

 

 

 

BBB

 

$

4,000

 

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

 

02/12 @ 101

 

$

4,154,360

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Idaho—2.7%

 

 

 

 

 

 

AAA

 

 

16,970

 

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

 

04/11 @ 100

 

 

17,627,927

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Illinois—14.5%

 

 

 

 

 

 

 

 

 

 

 

Bolingbrook GO,

 

 

 

 

 

 

AAA

 

 

7,120

 

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

 

No Opt. Call

 

 

1,908,374

 

AAA

 

 

14,085

 

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

 

No Opt. Call

 

 

3,573,928

 

NR

 

 

4,630

4

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

 

No Opt. Call

 

 

4,630,648

 

A+

 

 

7,145

3,5

Dev. Fin. Auth. Hosp. RB, Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09

 

N/A

 

 

7,630,860

 

 

 

 

 

 

Edl. Facs. Auth. RB,

 

 

 

 

 

 

Aa1

 

 

760

 

Bal Union Chicago Proj., Ser. A, 5.25%, 7/01/41

 

07/11 @ 101

 

 

789,914

 

BBB

 

 

10,000

 

Student Hsg., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30

 

05/12 @ 101

 

 

10,754,500

 

BBB

 

 

7,000

 

Student Hsg., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34

 

05/07 @ 100

 

 

7,144,410

 

 

 

 

 

 

Fin. Auth. RB,

 

 

 

 

 

 

BB+

 

 

1,685

 

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

 

02/15 @ 100

 

 

1,696,323

 

AA+

 

 

3,700

 

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

 

08/14 @ 100

 

 

3,890,513

 

Baa2

 

 

2,100

 

Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

2,101,134

 

Baa3

 

 

1,675

 

Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35

 

06/14 @ 100

 

 

1,675,636

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

5,000

 

5.50%, 1/01/22

 

01/13 @ 100

 

 

5,194,300

 

A

 

 

6,000

 

5.625%, 1/01/28

 

01/13 @ 100

 

 

6,226,980

 

AAA

 

 

40,000

 

Met. Pier & Exposition Auth. RB, Dedicated St. Tax, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 12/15/34, MBIA

 

No Opt. Call

 

 

9,954,000

 

 

 

 

 

 

 

 

 

 

 

 

O’Hare Intl. Arpt. RB,

 

 

 

 

 

 

AAA

 

 

3,000

 

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

 

01/15 @ 100

 

 

3,076,110

 

AAA

 

 

4,000

 

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

 

01/15 @ 100

 

 

4,098,640

 

AAA

 

 

12,235

 

Ser. A, 5.00%, 1/01/33, FGIC

 

01/16 @ 100

 

 

12,526,193

 

AAA

 

 

7,645

 

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

 

01/14 @ 100

 

 

7,872,745

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

94,745,208

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Indiana—6.0%

 

 

 

 

 

 

A1

 

 

9,000

 

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

 

09/11 @ 100

 

 

9,191,970

 

 

 

 

 

 

Petersburg, PCRB, Pwr. & Lt. Conv.,

 

 

 

 

 

 

BBB+

 

 

10,000

 

5.90%, 12/01/24

 

08/11 @ 102

 

 

10,572,500

 

BBB+

 

 

16,000

 

5.95%, 12/01/29

 

08/11 @ 102

 

 

16,914,400

 

NR

 

 

2,470

 

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

 

01/09 @ 102

 

 

2,434,975

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

39,113,845

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Kentucky—1.4%

 

 

 

 

 

 

AAA

 

 

9,060

 

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

 

07/11 @ 100

 

 

9,260,588

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Louisiana—1.8%

 

 

 

 

 

 

A

 

 

10,510

 

Local Gov’t. Env. Facs. & Cmnty. Dev. Auth. Cap. Projs. & Equip. Acquisition RB, 6.55%, 9/01/25, ACA

 

No Opt. Call

 

 

11,678,817

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Maryland—0.7%

 

 

 

 

 

 

BBB+

 

 

4,205

 

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

 

08/14 @ 100

 

 

4,345,825

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Massachusetts—0.8%

 

 

 

 

 

 

AA

 

 

4,955

 

Massachusetts St. Wtr. Res. Auth. Gen. RB, Ser. A, 5.00%, 8/01/41

 

08/16 @ 100

 

 

5,086,605

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Mississippi—2.9%

 

 

 

 

 

 

A

 

 

18,680

 

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

 

07/11 @ 100

 

 

19,053,787

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Multi-State—7.1%

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

1,000

4

Ser. A, 6.625%, 6/30/49

 

06/09 @ 100

 

 

1,062,140

 

A3

 

 

11,000

4

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

 

06/09 @ 100

 

 

11,579,370

 

A3

 

 

16,000

4

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

 

10/14 @ 100

 

 

17,903,040

 

Baa1

 

 

6,500

4

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

 

11/10 @ 100

 

 

6,931,860

 

A3

 

 

8,000

4

MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

06/09 @ 100

 

 

8,555,360

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

46,031,770

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Nevada—1.3%

 

 

 

 

 

 

AAA

 

 

5,000

 

Clark Cnty. Arpt. RB, Jet Aviation Fuel Tax, Ser. C, 5.00%, 7/01/40, AMBAC

 

07/15 @ 100

 

 

5,095,400

 

AAA

 

 

3,125

 

Clark Cnty. GO, 5.00%, 6/01/32, MBIA

 

12/12 @ 100

 

 

3,188,031

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

8,283,431

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

17


BlackRock Municipal Income Trust (BFK) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

New Hampshire—0.6%

 

 

 

 

 

 

A+

 

$

3,500

 

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

 

10/11 @ 101

 

$

3,668,385

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New Jersey—7.4%

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

18,500

 

RB, Cigarette Tax, 5.75%, 6/15/29

 

06/14 @ 100

 

 

19,607,410

 

B

 

 

15,410

 

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

 

11/10 @ 101

 

 

15,384,882

 

Baa3

 

 

8,000

 

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

 

No Opt. Call

 

 

9,408,080

 

NR

 

 

3,680

 

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

 

01/15 @ 100

 

 

3,729,385

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

48,129,757

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New York—19.0%

 

 

 

 

 

 

NR

 

 

1,820

 

Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35

 

05/15 @ 102

 

 

1,696,295

 

AAA

 

 

4,860

 

Convention Ctr. Dev. Hotel Unit Fee Secured RB, 5.00%, 11/15/44, AMBAC

 

11/15 @ 100

 

 

4,989,713

 

 

 

 

 

 

Dorm. Auth. RB,

 

 

 

 

 

 

AA+

 

 

4,230

 

Cornell Univ., Ser. A, 5.00%, 7/01/31

 

07/16 @ 100

 

 

4,390,232

 

AA+

 

 

4,230

 

Cornell Univ., Ser. A, 5.00%, 7/01/35

 

07/16 @ 100

 

 

4,376,273

 

AAA

 

 

5,375

 

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

 

06/12 @ 100

 

 

5,531,520

 

AA-

 

 

43,885

 

Liberty Dev. Corp. RB, 5.25%, 10/01/35

 

No Opt. Call

 

 

47,340,944

 

AAA

 

 

7,115

 

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

 

07/12 @ 100

 

 

7,308,030

 

 

 

 

 

 

New York City Indl. Dev. Agcy. RB,

 

 

 

 

 

 

B-

 

 

27,400

 

American Airlines, JFK Intl. Arpt., 7.75%, 8/01/31

 

08/16 @ 101

 

 

30,024,098

 

B-

 

 

5,000

 

American Airlines, JFK Intl. Arpt., 8.00%, 8/01/28

 

08/16 @ 101

 

 

5,603,350

 

 

 

 

 

 

Sales Tax Asset Receivable Corp. RB,

 

 

 

 

 

 

AAA

 

 

7,000

 

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

 

10/14 @ 100

 

 

7,263,550

 

AAA

 

 

5,075

 

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

 

10/14 @ 100

 

 

5,258,817

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

123,782,822

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

North Carolina—5.3%

 

 

 

 

 

 

NR

 

 

12,130

 

Gaston Cnty. Indl. Facs. PCRB Fin. Auth., 5.75%, 8/01/35

 

08/15 @ 100

 

 

12,669,421

 

AA+

 

 

21,460

 

Univ. of NC, Chapel Hill RB, Ser. A, 5.00%, 12/01/34

 

12/15 @ 100

 

 

22,235,994

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

34,905,415

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Ohio—9.5%

 

 

 

 

 

 

 

 

 

 

 

Air Qual. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

14,500

 

PCRB, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20

 

08/07 @ 102

 

 

15,064,050

 

AAA

 

 

23,820

 

RB, 4.80%, 1/01/34, FGIC

 

07/15 @ 100

 

 

23,835,959

 

AAA

 

 

10,000

 

Madeira City Sch. Dist. GO, 5.00%, 12/01/32, MBIA

 

12/14 @ 100

 

 

10,330,600

 

NR

 

 

3,760

 

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

 

12/14 @ 101

 

 

3,909,874

 

AAA

 

 

9,000

 

Wtr. Dev. Auth., PCRB Facs., Dayton Pwr. & Lt., Ser. A, 4.80%, 1/01/34, FGIC

 

07/15 @ 100

 

 

8,877,330

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

62,017,813

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Oklahoma—1.2%

 

 

 

 

 

 

B-

 

 

7,175

 

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

 

No Opt. Call

 

 

7,813,073

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Pennsylvania—4.9%

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth. RB,

 

 

 

 

 

 

A3

 

 

6,500

 

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

 

05/11 @ 101

 

 

6,900,075

 

BB-

 

 

19,750

 

Exempt Facs., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36

 

12/09 @ 103

 

 

21,029,405

 

BBB+

 

 

4,000

 

Higher Edl. Facs. Auth. RB, La Salle Univ. Proj., 5.50%, 5/01/34

 

05/13 @ 100

 

 

4,159,880

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

32,089,360

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

South Carolina—4.9%

 

 

 

 

 

 

 

 

 

 

 

Jobs Econ. Dev. Auth. Hosp., Facs. RB,

 

 

 

 

 

 

BBB+

 

 

8,010

3

Palmetto Hlth., 6.875%, 8/01/13

 

N/A

 

 

9,406,784

 

BBB+

 

 

990

 

Palmetto Hlth., 6.875%, 8/01/27

 

08/13 @ 100

 

 

1,124,076

 

BBB+

 

 

5,075

 

Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31

 

08/13 @ 100

 

 

5,440,197

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

5,000

 

5.50%, 11/01/32

 

11/13 @ 100

 

 

5,230,950

 

A

 

 

10,000

 

5.75%, 11/01/28

 

11/13 @ 100

 

 

10,656,800

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

31,858,807

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Tennessee—1.5%

 

 

 

 

 

 

AAA

 

 

20,825

 

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

 

01/13 @ 67.474

 

 

9,943,313

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

18


BlackRock Municipal Income Trust (BFK) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

Texas—16.5%

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

$

4,435

6

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

 

09/12 @ 102

 

$

665,250

 

BB-

 

 

6,375

6

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

 

09/12 @ 102

 

 

5,641,684

 

BBB

 

 

3,400

 

Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21

 

04/16 @ 100

 

 

3,367,836

 

Baa2

 

 

4,230

 

Brazos River Auth. PCRB, 5.00%, 3/01/41

 

03/11 @ 100

 

 

4,206,650

 

AAA

 

 

3,805

 

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

 

12/11 @ 100

 

 

3,877,105

 

 

 

 

 

 

Harris Cnty. Houston Sports Auth. RB,

 

 

 

 

 

 

AAA

 

 

12,580

 

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

 

11/30 @ 61.166

 

 

2,086,896

 

AAA

 

 

26,120

 

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

 

11/24 @ 46.545

 

 

4,661,375

 

AAA

 

 

5,000

 

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

 

11/31 @ 78.178

 

 

987,900

 

AAA

 

 

2,400

 

Lower Co. River Auth. RB, 5.00%, 5/15/31, MBIA

 

05/13 @ 100

 

 

2,459,976

 

 

 

 

 

 

North Texas Mun. Wtr. Dist. RB,

 

 

 

 

 

 

AAA

 

 

7,850

 

5.00%, 9/01/31, MBIA

 

09/16 @ 100

 

 

8,097,275

 

AAA

 

 

18,690

 

5.00%, 9/01/35, MBIA

 

09/16 @ 100

 

 

19,247,896

 

AAA

 

 

9,085

 

North Texas Tollway Auth. RB, 5.00%, 1/01/40, FSA

 

01/15 @ 100

 

 

9,270,061

 

 

 

 

 

 

Tpke. Auth. RB, Central Sys.,

 

 

 

 

 

 

AAA

 

 

35,000

 

Zero Coupon, 8/15/32, AMBAC

 

08/12 @ 30.846

 

 

7,975,800

 

AAA

 

 

62,325

 

Zero Coupon, 8/15/33, AMBAC

 

08/12 @ 28.997

 

 

13,342,536

 

AAA

 

 

65,040

 

Zero Coupon, 8/15/34, AMBAC

 

08/12 @ 27.31

 

 

13,103,609

 

 

 

 

 

 

Transp. Commn St. Hwy. RB,

 

 

 

 

 

 

AAA

 

 

4,225

 

5.00%, 4/01/25

 

04/16 @ 100

 

 

4,388,846

 

AAA

 

 

4,225

 

5.00%, 4/01/26

 

04/16 @ 100

 

 

4,388,846

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

107,769,541

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Virginia—0.3%

 

 

 

 

 

 

AAA

 

 

8,105

 

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

 

04/12 @ 34.99

 

 

2,053,240

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Washington—0.3%

 

 

 

 

 

 

A-

 

 

2,190

 

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

 

N/A

 

 

2,285,856

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

West Virginia—1.0%

 

 

 

 

 

 

AAA

 

 

2,070

 

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

 

06/14 @ 100

 

 

2,137,958

 

AAA

 

 

4,085

 

St. Wtr. Dev. Auth. RB, Ser. A, 5.00%, 11/01/35, FSA

 

11/15 @ 100

 

 

4,193,743

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

6,331,701

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Wisconsin—6.2%

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth. RB,

 

 

 

 

 

 

A-

 

 

7,500

 

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

 

04/13 @ 100

 

 

8,192,550

 

AA-

 

 

13,750

 

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

 

10/11 @ 101

 

 

14,089,762

 

A

 

 

15,000

3

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

 

N/A

 

 

15,753,600

 

AAA

 

 

2,110

 

Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC

 

07/15 @ 100

 

 

2,162,877

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

40,198,789

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $1,001,362,128)

 

 

 

 

1,043,403,649

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

SHORT-TERM INVESTMENTS—2.0%

 

 

 

 

 

 

 

 

 

 

 

California—0.5%

 

 

 

 

 

 

A-1+

 

 

3,000

7

Met. Wtr. Dist. So. Ca. RB, Ser. C-3, 3.72%, 5/04/06, FRWD

 

N/A

 

 

3,000,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Illinois—0.1%

 

 

 

 

 

 

A-1+

 

 

390

7

Fin. Auth. RB, Resurrection Hlth Proj., Ser. B, 3.81%, 5/01/06, FRDD

 

N/A

 

 

390,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New York—0.8%

 

 

 

 

 

 

A-1+

 

 

2,000

7

New York St. Loc. Gov’t. Assist. RB, 3.74%, 5/03/06, FSA, FRWD

 

N/A

 

 

2,000,000

 

A-1+

 

 

3,500

7

Triborough Brdg. & Tunl. Auth. RB, 3.79%, 5/04/06, FRWD

 

 

 

 

3,500,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,500,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Pennsylvania—0.6%

 

 

 

 

 

 

A-1

 

 

3,900

7

Higher Edl. Fac. Auth. RB, 3.80%, 5/04/06, FRWD

 

N/A

 

 

3,900,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—0.0%

 

 

 

 

 

 

A-1

 

 

100

7

Gov’t. Dev. Bank RB, 3.65%, 5/03/06, MBIA, FRWD

 

N/A

 

 

100,000

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19


BlackRock Municipal Income Trust (BFK) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

 

 

Value

 











 

 

 

 

 

Texas—0.0%

 

 

 

 

 

 

A-1+

 

$

50

7

Wtr. Dev. Board RB, 3.75%, 5/01/06, FRDD

 

 

 

$

50,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Short-Term Investments (cost $12,940,000)

 

 

 

 

12,940,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—161.9% (cost $1,014,302,1288)

 

 

 

$

1,056,343,649

 

 

 

 

 

 

Liabilities in excess of other assets—(4.4)%

 

 

 

 

(28,569,117

)

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(57.5)%

 

 

 

 

(375,307,688

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

652,466,844

 

 

 

 

 

 

 

 

 

 



 



 

 

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 April 30, 2006, the Trust held 7.8% of its net assets, with a current market value of $50,662,418, in securities restricted as to resale.

5

Security pledged as collateral.

6

Illiquid security. As of April 30, 2006, the Trust held 1.0% of net assets, with a current market value of $6,306,934.

7

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006.

8

Cost for Federal income tax purposes is $1,014,116,006. The net unrealized appreciation on a tax basis is $42,227,643, consisting of $49,833,679 gross unrealized appreciation and $7,606,036 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

 

MBIA 

Municipal Bond Insurance Assoc.

AMBAC 

American Municipal Bond Assurance Corp.

 

PCRB

Pollution Control Revenue Bond

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FRDD

Floating Rate Daily Demand

 

SA

Special Assessment

FRWD

Floating Rate Weekly Demand

 

SO

Special Obligation

FSA

Financial Security Assurance

 

ST

Special Tax

GO

General Obligation

 

 

 

 

See Notes to Financial Statements.

20


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock California Investment Quality Municipal Trust (RAA)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—145.0%

 

 

 

 

 

 

 

 

 

 

 

California—130.2%

 

 

 

 

 

 

 

 

 

 

 

California GO,

 

 

 

 

 

 

A

 

$

700

 

4.75%, 3/01/34

 

03/16 @ 100

 

$

688,380

 

A

 

 

40

 

5.75%, 3/01/19

 

09/06 @ 100.5

 

 

40,456

 

A+

 

 

595

 

Chula Vista Indl. Dev. RB, 5.00%, 12/01/27

 

12/15 @ 102

 

 

605,984

 

 

 

 

 

 

Edl. Facs. Auth. RB,

 

 

 

 

 

 

AAA

 

 

760

3

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

 

N/A

 

 

778,521

 

AAA

 

 

75

 

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

 

03/07 @ 102

 

 

77,400

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp. RB,

 

 

 

 

 

 

AAA

 

 

1,015

 

5.00%, 6/01/45, AMBAC

 

06/15 @ 100

 

 

1,030,499

 

AAA

 

 

600

3

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

 

N/A

 

 

655,368

 

AAA

 

 

400

3

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

 

N/A

 

 

439,968

 

A3

 

 

1,040

 

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

 

11/15 @ 100

 

 

1,049,402

 

AAA

 

 

1,000

3

Infrastructure & Econ. Dev. RB, Bay Area Toll Brdgs., Ser. A, 5.00%, 1/01/28, AMBAC

 

N/A

 

 

1,070,110

 

 

 

 

 

 

Los Angeles Cnty.,

 

 

 

 

 

 

AAA

 

 

1,000

3

RB Met. Trans. Auth. Sales Tax, 6.00%, 7/01/06, MBIA

 

N/A

 

 

1,013,840

 

AAA

 

 

1,000

 

ST Cmnty. Facs., Ser. A, 5.50%, 9/01/14, FSA

 

09/07 @ 102

 

 

1,043,710

 

AAA

 

 

500

 

Los Angeles Dept. of Wtr. & Pwr. Sys. RB, 5.00%, 7/01/35, FSA

 

07/15 @ 100

 

 

515,160

 

AA

 

 

1,150

 

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

 

08/06 @ 101

 

 

1,167,790

 

B-

 

 

945

 

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

 

12/12 @ 102

 

 

1,003,959

 

NR

 

 

1,000

 

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

 

09/10 @ 102

 

 

1,012,570

 

A2

 

 

1,000

 

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

 

05/06 @ 101

 

 

1,010,870

 

BBB+

 

 

1,000

3

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

 

N/A

 

 

1,024,490

 

NR

 

 

1,000

 

San Bernardino Cnty. ST, Cmnty. Facs., 5.90%, 9/01/33

 

09/12 @ 102

 

 

1,049,070

 

AAA

 

 

750

 

San Carlos Sch. Dist. Election 2005 GO, Ser. A, 5.00%, 10/01/30, MBIA

 

10/16 @ 100

 

 

775,770

 

AAA

 

 

500

 

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

 

05/06 @ 100

 

 

500,715

 

AAA

 

 

150

 

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

 

05/06 @ 101

 

 

151,500

 

AAA

 

 

40

 

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

 

05/06 @ 100

 

 

40,050

 

AAA

 

 

500

3

Temecula Valley Unified Sch. Dist. GO, Ser. G, 5.75%, 8/01/07, FGIC

 

N/A

 

 

522,815

 

BBB

 

 

900

 

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

 

06/12 @ 100

 

 

919,017

 

AAA

 

 

370

 

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

 

08/07 @ 101

 

 

381,355

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

18,568,769

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—14.8%

 

 

 

 

 

 

AAA

 

 

85

 

Hwy. & Trans. Auth. RB, Ser. L, 5.25%, 7/01/38, AMBAC

 

No Opt. Call

 

 

94,223

 

Aaa

 

 

745

3

Pub. Fin. Corp. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

808,564

 

BBB

 

 

500

 

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

 

07/14 @ 100

 

 

504,300

 

BBB-

 

 

700

 

Puerto Rico Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

702,652

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,109,739

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $19,912,649)

 

 

 

 

20,678,508

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

21


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

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

SHORT-TERM INVESTMENTS—9.2%

 

 

 

 

 

 

 

 

 

California—5.0%

 

 

 

 

VMIG1

 

$

318

4

Irvine Impvt. Bond Act 1915, SA Dist. No 00-18, Ser. A, 3.75%, 5/01/06, FRDD

 

$

318,000

 

A-1+

 

 

400

4

Orange Cnty. San. Dist. COP, Ser. B, 3.75%, 5/01/06, FRDD

.

 

400,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

718,000

 

 

 

 

 

 

Puerto Rico—4.2%

 



 

A-1

 

 

600

4

Hwy. & Transp. Auth. RB, Ser. A, 3.75%, 5/03/06, AMBAC, FRWD

 

 

600,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Short-Term Investments (cost $1,318,000)

 

 

1,318,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—154.2% (cost $21,230,6495)

 

 

21,996,508

 

 

 

 

 

 

Liabilities in excess of other assets—(1.6)%

 

 

(232,736

)

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(52.6)%

 

 

(7,502,960

)

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

14,260,812

 

 

 

 

 

 

 

 



 


 

 


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

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006.

5

Cost for Federal income tax purposes is $21,226,539. The net unrealized appreciation on a tax basis is $769,969, consisting of $821,356 gross unrealized appreciation and $51,387 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

 — 

American Municipal Bond Assurance Corp.

GO

General Obligation

COP

Certificate of Participation

MBIA

 — 

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

RB

Revenue Bond

FRDD

Floating Rate Daily Demand

SA

Special Assesment

FRWD

Floating Rate Weekly Demand

SO

Special Obligation

FSA

Financial Security Assurance

ST

Special Tax

See Notes to Financial Statements.

22


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock California Municipal Income Trust (BFZ)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—156.3%

 

 

 

 

 

 

 

 

 

 

 

California—135.0%

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

$

24,500

 

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

 

No Opt. Call

 

$

6,927,620

 

AAA

 

 

6,070

 

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

 

No Opt. Call

 

 

1,628,642

 

 

 

 

 

 

California GO,

 

 

 

 

 

 

A

 

 

10,000

 

5.50%, 11/01/33

 

11/13 @ 100

 

 

10,702,400

 

AAA

 

 

5,500

 

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

 

06/07 @ 101

 

 

5,645,750

 

AAA

 

 

5,000

 

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

 

06/07 @ 101

 

 

5,128,650

 

 

 

 

 

 

Chula Vista Indl. Dev. RB,

 

 

 

 

 

 

A+

 

 

4,395

 

5.00%, 12/01/27

 

12/15 @ 102

 

 

4,476,132

 

A+

 

 

5,065

 

5.00%, 12/01/27

 

12/15 @ 102

 

 

5,158,500

 

BBB

 

 

5,000

 

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

 

06/12 @ 100

 

 

5,170,100

 

A

 

 

10,000

3,4

Dept. of Wtr. Res., Pwr. Sply. RB, Ser. A, 5.375%, 5/01/12

 

N/A

 

 

10,928,300

 

AAA

 

 

4,000

 

East Bay Mun. Util. Dist. Wtr. Sys. Sub. RB, Ser. A, 5.00%, 6/01/35, MBIA

 

06/15 @ 100

 

 

4,123,480

 

AAA

 

 

10,000

 

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

 

06/11 @ 101

 

 

10,497,600

 

AAA

 

 

6,000

 

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

 

01/11 @ 100

 

 

6,217,560

 

 

 

 

 

 

Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1 ST,

 

 

 

 

 

 

AAA

 

 

7,485

 

Zero Coupon, 12/01/29, AMBAC

 

12/11 @ 37.373

 

 

2,086,893

 

AAA

 

 

7,485

 

Zero Coupon, 12/01/30, AMBAC

 

12/11 @ 35.365

 

 

1,970,950

 

AAA

 

 

7,485

 

Zero Coupon, 12/01/31, AMBAC

 

12/11 @ 33.465

 

 

1,863,840

 

 

 

 

 

 

Foothill/Eastn. Transp. Corridor Agcy. RB,

 

 

 

 

 

 

BBB

 

 

5,000

 

Toll Road, Zero Coupon, 1/15/33

 

01/10 @ 25.78

 

 

1,031,200

 

BBB

 

 

5,000

 

Toll Road, Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

969,000

 

BBB

 

 

13,445

 

Toll Road, Zero Coupon, 1/15/35

 

01/10 @ 22.819

 

 

2,453,309

 

BBB

 

 

1,000

 

Toll Road, Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

151,820

 

BBB

 

 

5,000

 

Toll Road, Zero Coupon, 1/15/26

 

01/14 @ 101

 

 

4,335,750

 

BBB

 

 

10,030

 

Toll Road, 5.75%, 1/15/40

 

01/10 @ 101

 

 

10,154,673

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp. RB,

 

 

 

 

 

 

AAA

 

 

13,145

 

5.00%, 6/01/45, AMBAC

 

06/15 @ 100

 

 

13,345,724

 

BBB

 

 

2,000

 

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

 

06/13 @ 100

 

 

2,210,460

 

BBB

 

 

1,000

 

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

 

06/13 @ 100

 

 

1,112,650

 

AAA

 

 

10,200

3

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

 

N/A

 

 

11,141,256

 

AAA

 

 

5,800

3

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

 

N/A

 

 

6,379,536

 

 

 

 

 

 

Hlth. Facs. Fin. Auth. RB,

 

 

 

 

 

 

A

 

 

3,000

 

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

 

05/12 @ 100

 

 

3,128,580

 

AAA

 

 

4,890

5

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

 

ETM

 

 

4,997,238

 

 

 

 

 

 

Infrastructure & Econ. Dev. RB,

 

 

 

 

 

 

A

 

 

15,250

 

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

 

10/11 @ 101

 

 

15,472,955

 

A+

 

 

13,500

 

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

 

08/11 @ 102

 

 

14,129,100

 

AAA

 

 

22,435

3

Bay Area Toll Brdgs., Ser. A, 5.00%, 1/01/28, AMBAC

 

N/A

 

 

24,007,918

 

NR

 

 

4,965

 

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

 

03/08 @ 102

 

 

4,903,235

 

A3

 

 

7,700

 

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

 

08/12 @ 102

 

 

8,246,546

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

2,855

 

5.90%, 6/01/27

 

06/13 @ 100

 

 

2,986,130

 

NR

 

 

5,140

 

6.00%, 6/01/35

 

06/13 @ 100

 

 

5,404,761

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

985

 

Zero Coupon, 8/01/35, XLCA

 

08/18 @ 39.952

 

 

205,432

 

AAA

 

 

1,030

 

Zero Coupon, 8/01/36, XLCA

 

08/18 @ 37.743

 

 

202,694

 

AAA

 

 

1,080

 

Zero Coupon, 8/01/37, XLCA

 

08/18 @ 35.649

 

 

201,895

 

AAA

 

 

1,125

 

Zero Coupon, 8/01/38, XLCA

 

08/18 @ 33.665

 

 

196,301

 

AAA

 

 

1,175

 

Zero Coupon, 8/01/39, XLCA

 

08/18 @ 31.785

 

 

193,570

 

AAA

 

 

1,230

 

Zero Coupon, 8/01/40, XLCA

 

08/18 @ 30.004

 

 

191,056

 

AAA

 

 

1,285

 

Zero Coupon, 8/01/41, XLCA

 

08/18 @ 28.317

 

 

188,368

 

AAA

 

 

1,340

 

Zero Coupon, 8/01/42, XLCA

 

08/18 @ 26.72

 

 

185,349

 

AAA

 

 

1,400

 

Zero Coupon, 8/01/43, XLCA

 

08/18 @ 25.208

 

 

182,042

 

AAA

 

 

1,465

 

Zero Coupon, 8/01/44, XLCA

 

08/18 @ 23.777

 

 

179,682

 

AAA

 

 

4,000

 

Los Angeles Dept. of Wtr. & Pwr. Sys. RB, 5.00%, 7/01/35, FSA

 

07/15 @ 100

 

 

4,121,280

 

B-

 

 

4,110

 

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

 

12/12 @ 102

 

 

4,393,384

 

AAA

 

 

4,000

 

Los Angeles Unified Sch. Dist. GO, Election of 2004, Ser. F, 5.00%, 7/01/30, FGIC

 

07/16 @ 100

 

 

4,148,200

 

BBB+

 

 

1,000

 

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

 

05/12 @ 102

 

 

1,032,230

 

BBB

 

 

2,290

 

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

 

04/15 @ 101

 

 

2,369,852

 

See Notes to Financial Statements.

23


BlackRock California Municipal Income Trust (BFZ) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

California—(cont’d)

 

 

 

 

 

 

NR

 

$

4,000

 

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

 

09/13 @ 100

 

$

4,168,400

 

AAA

 

 

15,500

 

Rancho Cucamonga Redev. Agcy. TA, Rancho Redev. Proj., 5.125%, 9/01/30, MBIA

 

09/11 @ 100

 

 

15,850,300

 

AAA

 

 

1,905

 

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

 

No Opt. Call

 

 

540,887

 

AAA

 

 

2,020

 

San Carlos Sch. Dist. Election 2005 GO, Ser. A, 5.00%, 10/01/30, MBIA

 

10/16 @ 100

 

 

2,089,407

 

AAA

 

 

1,000

 

San Diego Cmnty. Coll. GO, 5.00%, 5/01/30, FSA

 

05/15 @ 100

 

 

1,033,660

 

AAA

 

 

6,500

 

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

 

05/11 @ 100

 

 

6,701,240

 

 

 

 

 

 

San Francisco City & Cnty. Redev. Agcy. ST,

 

 

 

 

 

 

NR

 

 

1,775

 

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

 

08/09 @ 102

 

 

1,841,616

 

NR

 

 

7,500

 

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

 

08/11 @ 101

 

 

7,895,250

 

 

 

 

 

 

San Jose Multi-Fam. Hsg. RB,

 

 

 

 

 

 

AAA

 

 

2,880

 

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

 

08/11 @ 102

 

 

2,942,294

 

AAA

 

 

3,595

 

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

 

04/11 @ 100

 

 

3,659,710

 

 

 

 

 

 

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

 

 

 

 

 

 

A3

 

 

1,715

 

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

 

02/12 @ 101

 

 

1,737,672

 

A3

 

 

1,235

 

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

 

02/12 @ 101

 

 

1,258,761

 

NR

 

 

3,075

 

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

 

11/10 @ 102

 

 

3,134,102

 

 

 

 

 

 

Statewide Cmnty. Dev. Auth. RB,

 

 

 

 

 

 

BBB+

 

 

4,000

 

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

 

07/15 @ 100

 

 

4,066,600

 

AA-

 

 

10,000

 

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

 

08/12 @ 100

 

 

10,381,700

 

AAA

 

 

2,000

 

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

 

08/13 @ 100

 

 

2,088,980

 

NR

 

 

2,245

 

Val Verde Unified Sch. Dist. Fin. Auth. ST, 6.25%, 10/01/28

 

10/13 @ 102

 

 

2,333,206

 

AAA

 

 

2,000

3

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

 

N/A

 

 

2,071,380

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

310,874,758

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Multi-State—9.6%

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

7,000

6

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

 

06/09 @ 100

 

 

7,368,690

 

Baa1

 

 

4,000

6

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

 

11/10 @ 100

 

 

4,265,760

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

7,000

6

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

 

06/09 @ 100

 

 

7,368,690

 

Baa1

 

 

3,000

6

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

 

11/10 @ 100

 

 

3,219,960

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

22,223,100

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—11.7%

 

 

 

 

 

 

A3

 

 

10,000

 

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

 

07/12 @ 101

 

 

10,342,800

 

 

 

 

 

 

Pub. Fin. Corp. RB,

 

 

 

 

 

 

Aaa

 

 

10,000

3

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

 

N/A

 

 

10,692,700

 

Aaa

 

 

5,750

3

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

 

N/A

 

 

5,839,643

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

26,875,143

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—156.3% (cost $342,321,0707)

 

 

 

$

359,973,001

 

 

 

 

 

 

Other assets in excess of liabilities—1.0%

 

 

 

 

2,387,715

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(57.3)%

 

 

 

(132,002,565

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

230,358,151

 

 

 

 

 

 

 

 

 

 



 


 

 


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 pledged as collateral.

5

Security is collateralized by Municipal or 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 April 30, 2006, the Trust held 9.6% of its net assets, with a current market value of $22,223,100, in securities restricted as to resale.

7

Cost for Federal income tax purposes is $344,518,884. The net unrealized appreciation on a tax basis is $15,454,117, consisting of $15,927,101 gross unrealized appreciation and $472,984 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC 

— 

American Municipal Bond Assurance Corp.

GO

General Obligation

COP

Certificate of Participation

MBIA 

— 

Municipal Bond Insurance Assoc.

ETM

Escrowed to Maturity

RB

Revenue Bond

FGIC

Financial Guaranty Insurance Co.

ST

Special Tax

FSA

Financial Security Assurance

XLCA

XL Capital Assurance

See Notes to Financial Statements.

24


PORTFOLIO OF INVESTMENTS
APRIL 30, 2006

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—103.1%

 

 

 

 

 

 

 

 

 

 

 

Florida—90.1%

 

 

 

 

 

 

AAA

 

$

170

3

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

 

ETM

 

$

198,722

 

AAA

 

 

1,000

4

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

 

N/A

 

 

1,022,990

 

Baa2

 

 

1,000

4

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

 

N/A

 

 

951,080

 

AAA

 

 

1,000

4

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

 

N/A

 

 

656,520

 

AAA

 

 

1,000

4

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

 

N/A

 

 

1,013,440

 

NR

 

 

740

 

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

 

05/12 @ 101

 

 

745,750

 

NR

 

 

285

 

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

 

07/15 @ 100

 

 

290,828

 

BB+

 

 

500

 

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

 

11/14 @ 100

 

 

557,810

 

AAA

 

 

5,000

 

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

 

04/08 @ 28.079

 

 

1,256,500

 

A+

 

 

750

 

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

 

11/13 @ 100

 

 

769,538

 

 

 

 

 

 

Orange Cnty. Hlth. Facs. Auth. RB,

 

 

 

 

 

 

NR

 

 

105

 

Hlth. Care Orlando Lutheran Proj., 5.375%, 7/01/20

 

07/15 @ 100

 

 

102,550

 

NR

 

 

95

 

Hlth. Care Orlando Lutheran Proj., 5.70%, 7/01/26

 

07/15 @ 100

 

 

94,315

 

AAA

 

 

1,000

 

Palm Beach Cnty. Wtr. & Swr. RB, Ser. A, 5.00%, 10/01/36

 

10/16 @ 100

 

 

1,036,110

 

AA-

 

 

1,000

4

Pinellas Cnty. Hlth. Fac. Auth. RB, Baycare Hlth. Sys. Proj., 5.50%, 5/15/13

 

N/A

 

 

1,091,800

 

NR

 

 

660

 

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

 

No Opt. Call

 

 

673,259

 

NR

 

 

1,000

 

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

 

05/06 @ 100

 

 

1,000,000

 

AAA

 

 

1,000

4,5

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

 

N/A

 

 

1,018,700

 

AAA

 

 

750

 

Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. A, 5.00%, 11/01/32, MBIA

 

11/13 @ 101

 

 

766,665

 

BBB+

 

 

1,000

4

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

 

N/A

 

 

1,030,580

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

14,277,157

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—13.0%

 

 

 

 

 

 

AAA

 

 

85

 

Hwy. & Trans. Auth. RB, Ser. L, 5.25%, 7/01/38, AMBAC

 

No Opt. Call

 

 

94,223

 

Aaa

 

 

745

4

Pub. Fin. Corp. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

808,563

 

BBB

 

 

500

 

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

 

07/14 @ 100

 

 

504,300

 

BBB-

 

 

650

 

Puerto Rico Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

652,464

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,059,550

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $15,779,692)

 

 

 

 

16,336,707

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

SHORT-TERM INVESTMENTS—46.3%

 

 

 

 

 

 

 

 

 

 

 

Florida—34.6%

 

 

 

 

 

 

A-1+

 

 

1,300

6

Highlands Cnty. Hlth. Facs. Auth. RB, Adventist Hlth. Sys. Proj., Ser. B, 3.80%, 5/04/06, FGIC, FRWD

 

N/A

 

 

1,300,000

 

A-1

 

 

500

6

Jacksonville PCRB, Pwr. & Lt. Co. Proj., 3.80%, 5/01/06, FRDD

 

N/A

 

 

500,000

 

VMIG1

 

 

780

6

Orange Cnty. Sch. Brd. COP, Ser. B, 3.80%, 5/01/06, AMBAC, FRDD

 

N/A

 

 

780,000

 

A-1

 

 

600

6

Orlando & Orange Cnty. Expwy. Auth. RB, Ser. D, 3.78%, 5/04/06, FSA, FRWD

 

N/A

 

 

600,000

 

A-1+

 

 

800

6

Palm Beach Cnty. Sch. Brd. COP, Ser. B, 3.77%, 5/04/06, AMBAC, FRWD

 

N/A

 

 

800,000

 

A-1+

 

 

700

6

Pinellas Cnty. Hlth. Fac. Auth. RB, 3.78%, 5/01/06, AMBAC, FRDD

 

N/A

 

 

700,000

 

A-1

 

 

800

6

Putnam Cnty. Dev. PCRB, Pwr. & Lt. Co., 3.80%, 5/01/06, FRDD

 

N/A

 

 

800,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,480,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—10.7%

 

 

 

 

 

 

A-1

 

 

700

6

Gov’t. Dev. Bank RB, 3.65%, 5/03/06, MBIA, FRWD

 

N/A

 

 

700,000

 

A-1

 

 

1,000

6

Hwy. & Transp. Auth. RB, Ser. A, 3.75%, 5/03/06, AMBAC, FRWD

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,700,000

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

25


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 











 

 

 

 

 

Money Market Fund—1.0%

 

 

 

 

 

 

 

 

 

150

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

 

 

$

150,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Short-Term Investments (cost $7,330,000)

 

 

 

 

7,330,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—149.4% (cost $23,109,6927)

 

 

 

$

23,666,707

 

 

 

 

 

 

Other assets in excess of liabilities—4.3%

 

 

 

 

680,024

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(53.7)%

 

 

 

 

(8,502,585

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

15,844,146

 

 

 

 

 

 

 

 

 

 



 


 

 


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 Municipal or 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 pledged as collateral.

6

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006.

7

Cost for Federal income tax purposes is $23,100,159. The net unrealized appreciation on a tax basis is $566,548, consisting of $623,232 gross unrealized appreciation and $56,684 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC 

— 

American Municipal Bond Assurance Corp.

FSA

Financial Security Assurance

COP

Certificate of Participation

GO

General Obligation

ETM

Escrowed to Maturity

MBIA 

— 

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

PCRB

Pollution Control Revenue Bond

FRDD

Floating Rate Daily Demand

RB

Revenue Bond

FRWD

Floating Rate Weekly Demand

SA

Special Assessment

See Notes to Financial Statements.

26


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock Florida Municipal Income Trust (BBF)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

Amount

 

 

 

Option Call

 

 

 

Rating1

 

 

(000)

 

Description

 

Provisions2

 

Value

 












 

 

 

 

 

LONG-TERM INVESTMENTS—150.3%

 

 

 

 

 

 

 

 

 

 

 

Florida—129.8%

 

 

 

 

 

 

AA

 

$

7,715

 

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

 

05/12 @ 102

 

$

8,322,865

 

A

 

 

2,000

 

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

 

01/13 @ 100

 

 

2,036,700

 

 

 

 

 

 

Brd. of Ed. GO,

 

 

 

 

 

 

AAA

 

 

5,550

3

Ser. A, 5.125%, 6/01/10

 

N/A

 

 

5,894,433

 

AAA

 

 

1,000

4

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

 

06/13 @ 101

 

 

1,036,940

 

AAA

 

 

2,800

 

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

 

08/11 @ 102

 

 

2,824,024

 

Baa2

 

 

1,000

3

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

 

N/A

 

 

951,080

 

AAA

 

 

799

 

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

 

No Opt. Call

 

 

858,624

 

NR

 

 

1,475

 

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

 

No Opt. Call

 

 

1,479,425

 

NR

 

 

1,665

 

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

 

05/13 @ 101

 

 

1,744,321

 

A+

 

 

6,500

3

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

 

N/A

 

 

7,249,905

 

BBB+

 

 

1,450

 

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

 

10/12 @ 100

 

 

1,501,330

 

AA

 

 

7,500

 

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

 

11/11 @ 101

 

 

7,979,100

 

AAA

 

 

4,000

 

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

 

10/11 @ 100

 

 

4,114,280

 

 

 

 

 

 

JEA RB,

 

 

 

 

 

 

Aa2

 

 

5,000

3

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

 

N/A

 

 

5,129,400

 

AA

 

 

7,500

3

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

 

N/A

 

 

7,551,150

 

NR5

 

 

1,625

 

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

 

05/13 @ 101

 

 

1,689,984

 

NR

 

 

1,795

 

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

 

07/15 @ 100

 

 

1,831,708

 

AAA

 

 

2,770

6

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

 

ETM

 

 

1,370,208

 

BB+

 

 

3,000

 

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

 

11/14 @ 100

 

 

3,346,860

 

AAA

 

 

1,000

 

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

 

07/11 @ 101

 

 

1,043,630

 

 

 

 

 

 

Miami Dade Cnty., Spec. Oblig. RB,

 

 

 

 

 

 

AAA

 

 

2,595

 

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

 

04/08 @ 55.413

 

 

1,299,368

 

AAA

 

 

9,700

 

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

 

04/08 @ 25.056

 

 

2,170,569

 

AAA

 

 

25,000

 

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

 

04/08 @ 32.99

 

 

7,334,500

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

1,575

 

6.10%, 8/01/21

 

08/11 @ 101

 

 

1,626,156

 

NR

 

 

3,500

 

6.125%, 8/01/31

 

08/11 @ 101

 

 

3,599,610

 

 

 

 

 

 

Orange Cnty. Hlth. Facs. Auth. RB,

 

 

 

 

 

 

NR

 

 

655

 

Hlth. Care Orlando Lutheran Proj., 5.375%, 7/01/20

 

07/15 @ 100

 

 

639,719

 

NR

 

 

600

 

Hlth. Care Orlando Lutheran Proj., 5.70%, 7/01/26

 

07/15 @ 100

 

 

595,674

 

 

 

 

 

 

Palm Beach Cnty.,

 

 

 

 

 

 

AAA

 

 

2,500

 

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

 

08/11 @ 101

 

 

2,586,475

 

AAA

 

 

3,600

 

Wtr. & Swr. RB, Ser. A, 5.00%, 10/01/31

 

10/16 @ 100

 

 

3,742,092

 

AAA

 

 

3,000

 

Wtr. & Swr. RB, Ser. A, 5.00%, 10/01/36

 

10/16 @ 100

 

 

3,108,330

 

AA-

 

 

12,000

 

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

 

02/13 @ 100

 

 

12,307,080

 

AAA

 

 

1,500

 

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

 

10/09 @ 101

 

 

1,535,670

 

NR

 

 

2,780

 

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

 

10/09 @ 100

 

 

2,888,476

 

NR

 

 

2,000

 

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

 

05/06 @ 100

 

 

2,000,000

 

AA

 

 

5,500

 

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

 

04/12 @ 100

 

 

5,873,615

 

AA

 

 

4,000

 

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

 

10/11 @ 101

 

 

4,112,400

 

 

 

 

 

 

Vlg. Cmnty. Dev. Dist. Assmt., No. 5, SA,

 

 

 

 

 

 

NR

 

 

3,480

 

Ser. A, 6.00%, 5/01/22

 

05/13 @ 101

 

 

3,614,571

 

NR4

 

 

1,610

 

Ser. A, 6.50%, 5/01/33

 

05/13 @ 101

 

 

1,709,739

 

AAA

 

 

3,295

 

Vlg. Ctr. Cmnty. Dev. Dist. RB, Ser. A, 5.00%, 11/01/32, MBIA

 

11/13 @ 101

 

 

3,368,215

 

BBB+

 

 

2,000

 

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

 

10/09 @ 101

 

 

2,067,980

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

134,136,206

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—20.5%

 

 

 

 

 

 

BBB

 

 

6,000

 

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

 

05/12 @ 100

 

 

6,163,620

 

 

 

 

 

 

Pub. Fin. Corp. RB,

 

 

 

 

 

 

Aaa

 

 

4,000

3

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

 

N/A

 

 

4,277,080

 

Aaa

 

 

3,000

3

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

 

N/A

 

 

3,046,770

 

 

 

 

 

 

Pub. Impvt. GO,

 

 

 

 

 

 

AAA

 

 

2,520

3

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

 

N/A

 

 

2,689,621

 

BBB

 

 

4,980

 

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

 

07/11 @ 100

 

 

5,055,149

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

21,232,240

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $148,497,537)

 

 

 

 

155,368,446

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

27


BlackRock Florida Municipal Income Trust (BBF) (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

(000)

 

Description

 

 

 

 

Value

 













 

 

 

 

 

MONEY MARKET FUND—2.6%

 

 

 

 

 

 

 

 

 

2,650

 

AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,650,000)

 

 

 

$

2,650,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—152.9% (cost $151,147,5377)

 

 

 

$

158,018,446

 

 

 

 

 

 

Other assets in excess of liabilities—2.8%

 

 

 

 

2,921,613

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.7)%

 

 

 

 

(57,578,381

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

103,361,678

 

 

 

 

 

 

 

 

 

 



 


 

 


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 pledged as collateral.

5

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

6

Security is collateralized by Municipal or U.S. Treasury obligations.

7

Cost for Federal income tax purposes is $151,147,385. The net unrealized appreciation on a tax basis is $6,871,061, consisting of $6,974,711 gross unrealized appreciation and $103,650 gross unrealized depreciation.


 

 

 

 

 

 


KEY TO ABBREVIATIONS

   ACA

American Capital Access

MBIA

Municipal Bond Insurance Assoc.

   AMBAC

 — 

American Municipal Bond Assurance Corp.

PCRB

 — 

Pollution Control Revenue Bond

   COP

Certificate of Participation

RAA

Radian Asset Assurance

   ETM

Escrowed to Maturity

RB

Revenue Bond

   FGIC

Financial Guaranty Insurance Co.

SA

Special Assessment

   FSA

Financial Security Assurance

SO

Special Obligation

   GO



General Obligation

ST



Special Tax

See Notes to Financial Statements.

28


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—107.8%

 

 

 

 

 

 

 

 

 

 

 

Multi-State—7.4%

 

 

 

 

 

 

A3

 

$

1,000

3

Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49

 

06/09 @ 100

 

$

1,062,140

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New Jersey—88.6%

 

 

 

 

 

 

AAA

 

 

1,000

 

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

 

01/10 @ 100

 

 

1,063,540

 

 

 

 

 

 

Econ. Dev. Auth. RB,

 

 

 

 

 

 

BBB

 

 

1,000

 

Cigarette Tax, 5.75%, 6/15/34

 

06/14 @ 100

 

 

1,053,680

 

B

 

 

925

 

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

 

11/10 @ 101

 

 

923,492

 

NR

 

 

60

 

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

 

01/13 @ 102

 

 

61,116

 

NR

 

 

110

 

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

 

01/13 @ 102

 

 

112,049

 

BBB

 

 

500

 

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

 

No Opt. Call

 

 

522,345

 

AAA

 

 

900

 

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

 

No Opt. Call

 

 

963,783

 

AAA

 

 

1,000

4

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

 

N/A

 

 

1,013,640

 

 

 

 

 

 

Hlth. Care Fac. Fin. Auth. RB,

 

 

 

 

 

 

A

 

 

1,000

 

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

 

01/10 @ 101

 

 

1,058,540

 

AAA

 

 

1,000

 

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

 

07/06 @ 102

 

 

1,022,900

 

 

 

 

 

 

Middlesex Cnty. Impvt. Auth. RB,

 

 

 

 

 

 

NR

 

 

750

 

Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

760,065

 

Baa1

 

 

1,000

 

Student Hsg. Proj., Ser. A, 5.00%, 8/15/35

 

08/14 @ 100

 

 

998,770

 

AAA

 

 

1,000

 

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

 

12/09 @ 101

 

 

1,073,710

 

BBB

 

 

1,000

 

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

 

06/12 @ 100

 

 

1,049,560

 

 

 

 

 

 

Tpke. Auth. RB,

 

 

 

 

 

 

AAA

 

 

840

5

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

 

ETM

 

 

968,587

 

AAA

 

 

160

 

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

 

No Opt. Call

 

 

184,048

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

12,829,825

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—11.8%

 

 

 

 

 

 

AAA

 

 

80

 

Hwy. & Trans. Auth. RB, Ser. L, 5.25%, 7/01/38, AMBAC

 

No Opt. Call

 

 

88,681

 

BBB-

 

 

600

 

Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

602,274

 

AAA

 

 

1,000

4,6

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

 

N/A

 

 

1,017,860

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,708,815

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $14,733,417)

 

 

 

 

15,600,780

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

29


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

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Value

 









 

 

 

 

 

SHORT-TERM INVESTMENTS—39.6%

 

 

 

 

 

 

 

 

 

New Jersey—30.0%

 

 

 

 

VMIG1

 

$

700

7

Econ. Dev. Auth. RB, Lawrence Sch. Proj., Ser. B, 3.25%, 5/01/06, FRDD

 

$

700,000

 

A-1+

 

 

285

7

Edl. Fac. Auth. RB, Princeton Univ. Proj., Ser. B, 3.43%, 5/01/06, FRDD

 

 

285,000

 

VMIG1

 

 

200

7

Essex Cnty. Impvt. Auth. RB, Aces Pooled Gov’t. Loan Prog., 3.78%, 5/03/06, FRWD

 

 

200,000

 

A-1+

 

 

500

7

Gloucester Cnty. Ind. PCRB, ExxonMobil Proj., 3.28%, 5/01/06, FRDD

 

 

500,000

 

A-1+

 

 

700

7

Mercer Cnty. Impvt. Auth. RB, Atlantic Fndtn. & Johnson, 3.75%, 5/04/06, MBIA, FRWD

 

 

700,000

 

A-1+

 

 

700

7

New Jersey St. Edl. Facs Auth. RB, Princeton Univ., Ser. F, 3.59%, 5/01/06, FRDD

 

 

700,000

 

A-1+

 

 

555

7

Sports & Expo. Auth. RB, Ser. B-2, 3.76%, 5/03/06, MBIA, FRWD

 

 

555,000

 

A-1+

 

 

700

7

Union Cnty. Indl. PCRB Auth., Exxon Proj., 3.59%, 5/01/06, FRDD

 

 

700,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

4,340,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—9.6%

 

 

 

 

A-1

 

 

700

7

Gov’t. Dev. Bank RB, 3.65%, 5/03/06, MBIA, FRWD

 

 

700,000

 

A-1

 

 

700

7

Hwy. & Transp. Auth. RB, Ser. A, 3.75%, 5/03/06, AMBAC, FRWD

 

 

700,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

1,400,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Short-Term Investments (cost $5,740,000)

 

 

5,740,000

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—147.4% (cost $20,473,4178)

 

$

21,340,780

 

 

 

 

 

 

Other assets in excess of liabilities—4.4%

 

 

638,921

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(51.8)%

 

 

(7,503,287

)

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

14,476,414

 

 

 

 

 

 

 

 



 


 

 


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 April 30, 2006, the Trust held 7.3% of its net assets, with a current market value of $1,062,140, 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 Municipal or U.S. Treasury obligations.

6

Security pledged as collateral.

7

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006.

8

Cost for Federal income tax purposes is $20,462,743. The net unrealized appreciation on a tax basis is $878,037, consisting of $882,064 gross unrealized appreciation and $4,027 gross unrealized depreciation.


 

 

 

 

 

 

KEY TO ABBREVIATIONS

   AMBAC

American Municipal Bond Assurance Corp.

GO

General Obligation

   CONNIE LEE

College Construction Loan Insurance Assoc.

MBIA

Municipal Bond Insurance Assoc.

   ETM

Escrowed to Maturity

PCRB

Pollution Control Revenue Bond

   FRDD

Floating Rate Daily Demand

RB

Revenue Bond

   FRWD

Floating Rate Weekly Demand

ST

Special Tax

   FSA

Financial Security Assurance

 

 

 

See Notes to Financial Statements.

30


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

Option Call

 

 

 

 

Rating1

 

(000)

 

Description

 

Provisions2

 

 

Value

 


 

 

 

 

 

 

LONG-TERM INVESTMENTS—149.3%

 

 

 

 

 

 

 

 

 

 

 

Multi-State—12.8%

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

$

7,000

3

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

 

06/09 @ 100

 

$

7,368,690

 

Baa1

 

 

2,500

3

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

 

11/10 @ 100

 

 

2,666,100

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

3,000

3

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

 

06/09 @ 100

 

 

3,158,010

 

Baa1

 

 

2,000

3

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

 

11/10 @ 100

 

 

2,146,640

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

15,339,440

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New Jersey—103.4%

 

 

 

 

 

 

A+

 

 

8,340

4

Cherry Hill Twnshp., GO, 5.00%, 7/15/11

 

N/A

 

 

8,795,698

 

 

 

 

 

 

Econ. Dev. Auth. RB,

 

 

 

 

 

 

BBB

 

 

5,000

 

Cigarette Tax, 5.75%, 6/15/34

 

06/14 @ 100

 

 

5,268,400

 

B

 

 

3,450

 

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

 

11/10 @ 101

 

 

3,444,377

 

NR

 

 

500

 

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

 

01/13 @ 102

 

 

509,300

 

NR

 

 

855

 

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

 

01/13 @ 102

 

 

870,929

 

BBB

 

 

2,000

 

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

 

No Opt. Call

 

 

2,089,380

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

B

 

 

2,000

 

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

 

11/10 @ 101

 

 

2,014,840

 

BBB-

 

 

2,630

 

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

 

01/09 @ 102

 

 

2,653,354

 

BBB-

 

 

4,050

 

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

 

11/14 @ 100

 

 

4,317,341

 

Baa3

 

 

5,000

 

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

 

No Opt. Call

 

 

5,717,450

 

A+

 

 

2,000

 

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

 

06/11 @ 102

 

 

2,127,360

 

Aaa

 

 

1,930

 

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

 

12/11 @ 103

 

 

2,034,104

 

Baa3

 

 

2,500

 

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

 

No Opt. Call

 

 

2,940,025

 

 

 

 

 

 

Edl. Facs. Auth. RB,

 

 

 

 

 

 

BBB-

 

 

1,000

 

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

 

07/14 @ 100

 

 

1,059,490

 

BBB-

 

 

2,000

 

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

 

07/14 @ 100

 

 

2,193,580

 

BBB-

 

 

3,000

 

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

 

07/13 @ 100

 

 

3,246,060

 

BBB+

 

 

2,120

 

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

 

07/13 @ 100

 

 

2,336,049

 

AAA

 

 

12,600

 

Garden St. Presvtn. Trust RB, Open Space & Farmland Presvtn. Proj., Ser. B, Zero Coupon, 11/01/26, FSA

 

No Opt. Call

 

 

4,728,402

 

 

 

 

 

 

Hlth. Care Fac. Fin. Auth. RB,

 

 

 

 

 

 

A

 

 

4,500

 

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

 

07/12 @ 100

 

 

4,715,595

 

A+

 

 

3,000

 

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

 

11/12 @ 100

 

 

3,109,320

 

A2

 

 

10,000

5

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

 

07/11 @ 100

 

 

10,465,500

 

Baa1

 

 

1,960

 

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

 

07/12 @ 100

 

 

2,054,217

 

Baa1

 

 

5,500

 

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

 

07/12 @ 100

 

 

5,761,415

 

BBB+

 

 

1,540

 

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

 

05/06 @ 100

 

 

1,543,865

 

 

 

 

 

 

Middlesex Cnty. Impvt. Auth. RB,

 

 

 

 

 

 

AAA

 

 

1,400

 

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

 

07/11 @ 100

 

 

1,457,442

 

NR

 

 

5,000

 

Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

5,067,100

 

AAA

 

 

4,470

 

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

 

08/12 @ 100

 

 

4,548,001

 

BBB-

 

 

2,500

 

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

 

09/14 @ 100

 

 

2,696,825

 

Aaa

 

 

1,930

 

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

 

06/12 @ 102

 

 

2,032,599

 

BBB

 

 

13,000

 

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

 

06/12 @ 100

 

 

13,644,280

 

 

 

 

 

 

Trenton Pkg. Auth. RB,

 

 

 

 

 

 

AAA

 

 

5,465

 

5.00%, 4/01/25, FGIC

 

04/11 @ 100

 

 

5,634,961

 

AAA

 

 

1,500

 

5.00%, 4/01/30, FGIC

 

04/11 @ 100

 

 

1,537,305

 

 

 

 

 

 

Vineland, GO,

 

 

 

 

 

 

AAA

 

 

1,500

 

5.30%, 5/15/30, MBIA

 

05/10 @ 101

 

 

1,561,710

 

AAA

 

 

1,500

 

5.375%, 5/15/31, MBIA

 

05/10 @ 101

 

 

1,565,370

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

123,741,644

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New York—7.0%

 

 

 

 

 

 

AAA

 

 

8,000

 

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

 

12/07 @ 102

 

 

8,367,040

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

31


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

 

 

 

 

 

 

 

Amount

 

 

 

Option Call

 

 

 

 

Rating1

 

(000)

 

Description

 

Provisions2

 

 

Value

 


 

 

 

 

 

 

Puerto Rico—26.1%

 

 

 

 

 

 

 

 

 

 

 

Hsg. Fin. Corp., Home Mtg. RB,

 

 

 

 

 

 

AAA

 

$

2,595

 

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

 

06/11 @ 100

 

$

2,623,234

 

AAA

 

 

2,595

 

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

 

06/11 @ 100

 

 

2,616,694

 

AAA

 

 

3,500

4

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

 

N/A

 

 

3,780,245

 

 

 

 

 

 

Pub. Bldgs. Auth. RB,

 

 

 

 

 

 

A-

 

 

4,765

4

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

 

N/A

 

 

5,119,421

 

BBB

 

 

1,735

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,790,104

 

AAA

 

 

5,000

 

Ser. D, Zero Coupon, 7/01/12

 

07/17 @ 100

 

 

3,879,700

 

 

 

 

 

 

Pub. Fin. Corp. RB,

 

 

 

 

 

 

Aaa

 

 

4,000

4

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

 

N/A

 

 

4,277,080

 

Aaa

 

 

7,040

4

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

 

N/A

 

 

7,149,754

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

31,236,232

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $168,192,259)

 

 

 

 

178,684,356

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.1%

 

 

 

 

 

 

NR

 

 

1,400

 

AIM Tax Free Investment Co. Cash Reserve Portfolio
(cost $1,400,000)

 

N/A

 

 

1,400,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—150.4% (cost $169,592,2596)

 

 

 

$

180,084,356

 

 

 

 

 

 

Other assets in excess of liabilities—2.9%

 

 

 

 

3,437,275

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(53.3)%

 

 

 

 

(63,817,620

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

119,704,011

 

 

 

 

 

 

 

 

 

 



 


 

 

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 April 30, 2006, the Trust held 12.8% of its net assets, with a current market value of $15,339,440, 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

Pledged as collateral.

6

Cost for Federal income tax purposes is $169,549,403. The net unrealized appreciation on a tax basis is $10,534,953, consisting of $10,534,953 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FSA

Financial Security Assurance

 

SA

Special Assessment

GO

General Obligation

 

ST

Special Tax


See Notes to Financial Statements.

32


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock New York Investment Quality Municipal Trust (RNY)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

LONG-TERM INVESTMENTS—145.6%

 

 

 

 

 

 

 

 

 

 

 

New York—133.0%

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

$

95

 

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

 

05/15 @ 102

 

$

90,453

 

NR

 

 

60

 

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

 

05/15 @ 102

 

 

55,922

 

AAA

 

 

1,000

 

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

 

06/08 @ 100

 

 

1,010,760

 

AAA

 

 

1,000

 

Convention Ctr. Dev. Hotel Unit Fee Secured RB, 5.00%, 11/15/44, AMBAC

 

11/15 @ 100

 

 

1,026,690

 

 

 

 

 

 

Dorm. Auth. RB,

 

 

 

 

 

 

AAA

 

 

750

 

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

 

02/13 @ 100

 

 

769,358

 

Aa3

 

 

1,000

 

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

 

07/13 @ 100

 

 

1,021,050

 

BB+

 

 

1,000

 

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

 

07/10 @ 101

 

 

1,066,180

 

AAA

 

 

1,005

 

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

 

No Opt. Call

 

 

1,082,797

 

A+

 

 

1,000

3

Univ. of Rochester Proj., Ser. B, 5.625%, 7/01/09

 

N/A

 

 

1,065,780

 

AA-

 

 

925

 

Liberty Dev. Corp. RB, 5.25%, 10/01/35

 

No Opt. Call

 

 

997,844

 

AA-

 

 

2,100

 

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

 

07/13 @ 100

 

 

2,183,097

 

AAA

 

 

1,000

3

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

 

N/A

 

 

1,027,910

 

AA

 

 

1,000

 

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

 

05/14 @ 100

 

 

1,031,590

 

 

 

 

 

 

New York City Indl. Dev. Agcy. RB,

 

 

 

 

 

 

B-

 

 

300

 

American Airlines, JFK Intl. Arpt., 7.75%, 8/01/31

 

08/16 @ 101

 

 

328,731

 

B-

 

 

950

 

American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25

 

08/16 @ 101

 

 

1,040,962

 

BBB-

 

 

500

 

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

 

09/15 @ 100

 

 

488,170

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

1,000

 

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

 

12/14 @ 100

 

 

1,032,450

 

AA+

 

 

1,000

 

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

 

06/11 @ 101

 

 

1,035,750

 

AAA

 

 

2,000

3,4

New York City Transl. Fin. Auth. RB, Ser. B, 6.00%, 5/15/10

 

N/A

 

 

2,192,040

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

A+

 

 

990

3

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

 

N/A

 

 

1,083,109

 

A+

 

 

10

 

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

 

05/10 @ 101

 

 

10,773

 

AAA

 

 

1,000

3

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

 

N/A

 

 

1,033,080

 

AA

 

 

1,000

 

New York, GO, Ser. B, 5.70%, 8/15/12

 

05/06 @ 101

 

 

1,011,120

 

Caa2

 

 

1,000

 

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

 

05/06 @ 100

 

 

1,002,470

 

AAA

 

 

2,000

 

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

 

10/14 @ 100

 

 

2,072,440

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

845

3

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

 

N/A

 

 

897,052

 

AAA

 

 

155

 

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

 

01/12 @ 100

 

 

159,294

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

25,816,872

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—12.6%

 

 

 

 

 

 

BBB

 

 

500

 

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

 

05/12 @ 100

 

 

513,635

 

Aaa

 

 

745

3

Pub. Fin. Corp. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

808,563

 

BBB

 

 

315

 

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

 

07/14 @ 100

 

 

317,709

 

BBB-

 

 

800

 

Puerto Rico Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

803,032

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

2,442,939

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $27,049,219)

 

 

 

 

28,259,811

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

33


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

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

 

 

Value

 










 

 

 

 

 

 

SHORT-TERM INVESTMENT—1.0%

 

 

 

 

 

 

 

 

 

 

 

New York—1.0%

 

 

 

 

 

 

A-1+

 

$

200

5

Triborough Brdg. & Tunl. Auth. RB, 3.79%, 5/04/06, FRWD (cost $200,000)

 

 

 

$

200,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—146.6% (cost $27,249,2206)

 

 

 

$

28,459,811

 

 

 

 

 

 

Other assets in excess of liabilities—3.9%

 

 

 

 

749,980

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(50.5)%

 

 

 

 

(9,806,578

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

19,403,213

 

 

 

 

 

 

 

 

 

 



 


 

 


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 pledged as collateral.

5

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006.

6

Cost for Federal income tax purposes is $27,243,617. The net unrealized appreciation on a tax basis is $1,216,194, consisting of $1,256,855 gross unrealized appreciation and $40,661 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

 — 

American Municipal Bond Assurance Corp.

 

GO

General Obligation

FRWD

Floating Rate Weekly Demand

 

MBIA

 — 

Municipal Bond Insurance Assoc.

FSA

Financial Security Assurance

 

RB

Revenue Bond

See Notes to Financial Statements.

34


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2006

BlackRock New York Municipal Income Trust (BNY)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—150.6%

 

 

 

 

 

 

 

 

 

 

 

Multi-State—11.1%

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

$

6,000

3

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

 

06/09 @ 100

 

$

6,316,020

 

Baa1

 

 

5,500

3

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

 

11/10 @ 100

 

 

5,865,420

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

6,000

3

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

 

06/09 @ 100

 

 

6,316,020

 

Baa1

 

 

3,000

3

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

 

11/10 @ 100

 

 

3,219,960

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

21,717,420

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New York—123.1%

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

910

 

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

 

05/15 @ 102

 

 

866,447

 

NR

 

 

590

 

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

 

05/15 @ 102

 

 

549,898

 

AAA

 

 

11,000

 

Convention Ctr. Dev. Hotel Unit Fee Secured RB, 5.00%, 11/15/44, AMBAC

 

11/15 @ 100

 

 

11,293,590

 

 

 

 

 

 

Dorm. Auth. RB,

 

 

 

 

 

 

AA-

 

 

1,765

4

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

 

N/A

 

 

1,889,803

 

BB+

 

 

6,000

 

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

 

07/08 @ 100

 

 

6,087,300

 

AAA

 

 

9,000

 

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

 

07/11 @ 100

 

 

9,150,750

 

AAA

 

 

5,000

 

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

 

07/11 @ 100

 

 

5,083,750

 

A-

 

 

2,000

 

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

 

05/13 @ 100

 

 

2,085,740

 

A-

 

 

2,000

 

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

 

05/13 @ 100

 

 

2,095,640

 

AA-

 

 

13,025

 

Liberty Dev. Corp. RB, 5.25%, 10/01/35

 

No Opt. Call

 

 

14,050,719

 

AA-

 

 

2,000

 

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

 

07/13 @ 100

 

 

2,054,360

 

 

 

 

 

 

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

 

 

 

 

 

 

AA-

 

 

12,000

 

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

 

11/12 @ 100

 

 

12,274,800

 

A

 

 

12,000

 

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

 

11/12 @ 100

 

 

12,427,080

 

 

 

 

 

 

Mtg. Agcy. RB,

 

 

 

 

 

 

Aa1

 

 

5,950

 

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

 

10/11 @ 100

 

 

6,066,977

 

Aaa

 

 

15,500

 

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

 

04/11 @ 100

 

 

15,773,730

 

 

 

 

 

 

New York City Indl. Dev. Agcy. RB,

 

 

 

 

 

 

B-

 

 

4,000

 

American Airlines, JFK Intl. Arpt., 7.75%, 8/01/31

 

08/16 @ 101

 

 

4,383,080

 

B-

 

 

3,200

 

American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25

 

08/16 @ 101

 

 

3,506,400

 

BBB-

 

 

2,000

 

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

 

09/15 @ 100

 

 

1,952,680

 

A

 

 

750

 

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

 

09/11 @ 102

 

 

760,695

 

A

 

 

2,000

 

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

 

09/11 @ 102

 

 

2,030,220

 

AAA

 

 

1,550

 

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

 

12/11 @ 102

 

 

1,632,352

 

BBB-

 

 

14,850

 

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

 

07/11 @ 100

 

 

15,152,643

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

4,000

 

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

 

06/11 @ 100

 

 

4,101,320

 

AA+

 

 

6,500

 

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

 

06/11 @ 100

 

 

6,634,810

 

AA+

 

 

5,000

 

Ser. D, 5.00%, 6/15/39

 

06/15 @ 100

 

 

5,124,850

 

 

 

 

 

 

New York City Transl. Fin. Auth. RB,

 

 

 

 

 

 

AAA

 

 

1,140

4

5.00%, 5/01/09

 

N/A

 

 

1,193,512

 

AAA

 

 

2,520

 

5.00%, 5/01/29

 

05/09 @ 101

 

 

2,584,814

 

 

 

 

 

 

New York City, GO,

 

 

 

 

 

 

AAA

 

 

3,290

4

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

 

N/A

 

 

3,563,629

 

A+

 

 

2,710

 

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

 

03/12 @ 100

 

 

2,856,611

 

A+

 

 

7,000

 

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

 

06/12 @ 100

 

 

7,371,700

 

BBB

 

 

6,700

 

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

 

06/13 @ 100

 

 

6,989,172

 

 

 

 

 

 

Port Auth. of NY & NJ RB,

 

 

 

 

 

 

AA-

 

 

5,000

 

Consolidated 132nd Ser, 5.00%, 9/01/38

 

09/13 @ 101

 

 

5,130,900

 

Caa2

 

 

9,250

 

Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15

 

05/06 @ 100

 

 

9,272,847

 

AAA

 

 

13,000

5

Spec. Oblig. JFK Intl. Air Terminal, 5.75%, 12/01/22, MBIA

 

12/07 @ 102

 

 

13,596,440

 

BBB

 

 

2,500

 

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

 

06/12 @ 100

 

 

2,546,750

 

BBB

 

 

5,000

 

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

 

08/12 @ 100

 

 

5,093,500

 

AAA

 

 

7,000

 

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

 

10/14 @ 100

 

 

7,253,540

 

A

 

 

7,000

 

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

 

06/13 @ 100

 

 

7,157,360

 

 

 

 

 

 

TSASC, Inc., Tobacco Settlement RB,

 

 

 

 

 

 

AAA

 

 

5,000

4

Ser. 1, 5.75%, 7/15/12

 

N/A

 

 

5,513,450

 

AAA

 

 

8,000

4

Ser. 1, 6.375%, 7/15/09

 

N/A

 

 

8,705,760

 

AA

 

 

2,500

 

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

 

10/11 @ 100

 

 

2,575,750

 

AAA

 

 

2,000

4

Westchester Tobacco Asset Sec. Corp., Tobacco Settlement RB., 6.75%, 7/15/10

 

N/A

 

 

2,252,280

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

240,687,649

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

35


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

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

Puerto Rico—16.4%

 

 

 

 

 

 

BBB

 

$

4,060

 

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

 

05/12 @ 100

 

$

4,170,716

 

 

 

 

 

 

Pub. Bldgs. Auth. RB,

 

 

 

 

 

 

BBB

 

 

1,600

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,650,816

 

A-

 

 

4,400

4

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

 

N/A

 

 

4,727,272

 

 

 

 

 

 

Pub. Fin. Corp. RB,

 

 

 

 

 

 

Aaa

 

 

7,475

4

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

 

N/A

 

 

8,112,767

 

Aaa

 

 

7,000

4

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

 

N/A

 

 

7,484,890

 

Aaa

 

 

5,750

4

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

 

N/A

 

 

5,839,643

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

31,986,104

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $283,340,598)

 

 

 

 

294,391,173

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

SHORT-TERM INVESTMENTS—3.2%

 

 

 

 

 

 

 

 

 

 

 

New York—1.6%

 

 

 

 

 

 

A-1+

 

 

3,200

6

New York St. Loc. Gov’t. Assist. RB, 3.57%, 5/10/06, FSA, FRWD

 

N/A

 

 

3,200,000

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—1.6%

 

 

 

 

 

 

NR

 

 

3,050

 

AIM Tax Free Investment Co. Cash Reserve Portfolio

 

N/A

 

 

3,050,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Short-Term Investments (cost $6,250,000)

 

 

 

 

6,250,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—153.8% (cost $289,590,5987)

 

 

 

$

300,641,173

 

 

 

 

 

 

Other assets in excess of liabilities—2.4%

 

 

 

 

4,626,809

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.2)%

 

 

 

 

(109,805,997

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

195,461,985

 

 

 

 

 

 

 

 

 

 



 



 

 

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 April 30, 2006, the Trust held 11.1% of its net assets, with a current market value of $21,717,420, 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 pledged as collateral.

6

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006.

7

Cost for Federal income tax purposes is $289,584,752. The net unrealized appreciation on a tax basis is $11,056,421, consisting of $11,698,884 gross unrealized appreciation and $642,463 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

 

American Capital Access

 

GO

 

General Obligation

AMBAC

 — 

 

American Municipal Bond Assurance Corp.

 

MBIA

 — 

 

Municipal Bond Insurance Assoc.

FGIC

 

Financial Guaranty Insurance Co.

 

RAA

 

Radian Asset Assurance

FRWD

 

Floating Rate Weekly Demand

 

RB

 

Revenue Bond

FSA

 

Financial Security Assurance

 

ST

 

Special Tax

See Notes to Financial Statements.

36



 

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)
April 30, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Quality
Municipal Trust
(BKN)

 

Municipal
Income Trust
(BFK)

 

California
Investment Quality
Municipal Trust
(RAA)

 

California
Municipal
Income Trust
(BFZ)

 

 

 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

408,830,755

 

$

1,056,343,649

 

$

21,996,508

 

$

359,973,001

 

Investment in affiliates

 

 

90,735

 

 

134,416

 

 

19,939

 

 

49,960

 

Cash

 

 

44,497

 

 

79,593

 

 

345,331

 

 

 

Receivable from investments sold

 

 

28,322,524

 

 

44,480,095

 

 

 

 

 

Interest receivable

 

 

5,773,753

 

 

15,978,381

 

 

318,339

 

 

5,683,823

 

Unrealized appreciation on interest rate swaps

 

 

803,915

 

 

3,050,326

 

 

 

 

1,142,933

 

Other assets

 

 

2,380

 

 

5,979

 

 

1,413

 

 

2,109

 

 

 



 



 



 



 

 

 

 

443,868,559

 

 

1,120,072,439

 

 

22,681,530

 

 

366,851,826

 

 

 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

 

 

118,243

 

Payable for investments purchased

 

 

36,637,522

 

 

85,322,606

 

 

775,770

 

 

2,089,407

 

Cash with brokers as collateral

 

 

501,389

 

 

2,672,993

 

 

 

 

802,222

 

Dividends payable — common shares

 

 

1,474,401

 

 

3,613,616

 

 

71,101

 

 

1,140,940

 

Investment advisory fee payable

 

 

116,587

 

 

295,767

 

 

7,088

 

 

104,139

 

Administration fee payable

 

 

49,966

 

 

 

 

2,872

 

 

 

Deferred Trustees’ fees

 

 

90,735

 

 

134,416

 

 

19,939

 

 

49,961

 

Payable to affiliates

 

 

43,469

 

 

43,491

 

 

6,637

 

 

24,795

 

Other accrued expenses

 

 

122,918

 

 

215,018

 

 

34,351

 

 

161,403

 

 

 



 



 



 



 

 

 

 

39,036,987

 

 

92,297,907

 

 

917,758

 

 

4,491,110

 

 

 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

146,662,020

 

 

375,307,688

 

 

7,502,960

 

 

132,002,565

 

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

$

258,169,552

 

$

652,466,844

 

$

14,260,812

 

$

230,358,151

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value3

 

$

167,071

 

$

43,751

 

$

10,071

 

$

15,002

 

Paid-in capital in excess of par

 

 

231,766,743

 

 

621,051,052

 

 

13,392,714

 

 

212,879,976

 

Undistributed net investment income

 

 

10,961,627

 

 

18,705,887

 

 

118,466

 

 

6,463,589

 

Accumulated net realized gain (loss)

 

 

(1,746,259

)

 

(32,425,693

)

 

(26,298

)

 

(7,795,280

)

Net unrealized appreciation

 

 

17,020,370

 

 

45,091,847

 

 

765,859

 

 

18,794,864

 

 

 



 



 



 



 

Net assets applicable to common shareholders, April 30, 2006

 

$

258,169,552

 

$

652,466,844

 

$

14,260,812

 

$

230,358,151

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share4

 

$

15.45

 

$

14.91

 

$

14.16

 

$

15.36

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost

 

$

392,614,300

 

$

1,014,302,128

 

$

21,230,649

 

$

342,321,070

 

2Preferred shares outstanding

 

 

5,862

 

 

15,005

 

 

300

 

 

5,278

 

3Par value per share

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

4Common shares outstanding

 

 

16,707,093

 

 

43,750,599

 

 

1,007,093

 

 

15,001,940

 

See Notes to Financial Statements.

37



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida
Investment Quality
Municipal Trust
(RFA)

 

Florida
Municipal
Income Trust
(BBF)

 

New Jersey
Investment Quality
Municipal Trust
(RNJ)

 

New Jersey
Municipal
Income Trust
(BNJ)

 

New York
Investment Quality
Municipal Trust
(RNY)

 

New York
Municipal
Income Trust
(BNY)

 


 


 


 


 


 


 

$

23,666,707

 

$

158,018,446

 

$

21,340,780

 

$

180,084,356

 

$

28,459,811

 

$

300,641,173

 

 

19,757

 

 

18,589

 

 

21,584

 

 

22,107

 

 

19,722

 

 

42,822

 

 

511,224

 

 

516,105

 

 

418,596

 

 

527,659

 

 

382,797

 

 

536,581

 

 

10,000

 

 

220,000

 

 

 

 

 

 

 

 

 

 

289,118

 

 

2,400,608

 

 

327,011

 

 

3,113,539

 

 

502,837

 

 

5,030,383

 

 

 

 

426,676

 

 

 

 

521,956

 

 

 

 

738,452

 

 

1,429

 

 

936

 

 

1,414

 

 

1,062

 

 

1,457

 

 

1,768

 



 



 



 



 



 



 

 

24,498,235

 

 

161,601,360

 

 

22,109,385

 

 

184,270,679

 

 

29,366,624

 

 

306,991,179

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

501,389

 

 

79,776

 

 

501,492

 

 

70,622

 

 

592,124

 

 

95,581

 

 

945,104

 

 

7,006

 

 

46,263

 

 

6,321

 

 

52,727

 

 

8,407

 

 

87,793

 

 

3,267

 

 

 

 

2,910

 

 

 

 

3,777

 

 

 

 

19,757

 

 

18,589

 

 

21,584

 

 

22,107

 

 

19,722

 

 

42,822

 

 

3,373

 

 

10,988

 

 

5,587

 

 

13,500

 

 

3,931

 

 

18,673

 

 

38,325

 

 

83,969

 

 

22,660

 

 

68,590

 

 

25,415

 

 

127,416

 



 



 



 



 



 



 

 

151,504

 

 

661,301

 

 

129,684

 

 

749,048

 

 

156,833

 

 

1,723,197

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,502,585

 

 

57,578,381

 

 

7,503,287

 

 

63,817,620

 

 

9,806,578

 

 

109,805,997

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

15,844,146

 

$

103,361,678

 

$

14,476,414

 

$

119,704,011

 

$

19,403,213

 

$

195,461,985

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

11,271

 

$

6,655

 

$

10,071

 

$

7,440

 

$

13,071

 

$

12,550

 

 

15,001,008

 

 

94,390,375

 

 

13,079,455

 

 

105,571,837

 

 

17,651,717

 

 

178,061,434

 

 

174,628

 

 

2,500,005

 

 

496,372

 

 

3,683,637

 

 

461,805

 

 

5,652,711

 

 

100,224

 

 

(832,942

)

 

23,153

 

 

(572,956

)

 

66,029

 

 

(53,737

)

 

557,015

 

 

7,297,585

 

 

867,363

 

 

11,014,053

 

 

1,210,591

 

 

11,789,027

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

15,844,146

 

$

103,361,678

 

$

14,476,414

 

$

119,704,011

 

$

19,403,213

 

$

195,461,985

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

14.06

 

$

15.53

 

$

14.37

 

$

16.09

 

$

14.84

 

$

15.57

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

23,109,692

 

$

151,147,537

 

$

20,473,417

 

$

169,592,259

 

$

27,249,220

 

$

289,590,598

 

 

340

 

 

2,302

 

 

300

 

 

2,552

 

 

392

 

 

4,390

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

1,127,093

 

 

6,654,681

 

 

1,007,093

 

 

7,440,089

 

 

1,307,093

 

 

12,549,807

 

38



 

STATEMENTS OF OPERATIONS (unaudited)

For the six months ended April 30, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California

 

California

 

 

 

Investment Quality

 

Municipal

 

Investment Quality

 

Municipal

 

 

 

Municipal Trust

 

Income Trust

 

Municipal Trust

 

Income Trust

 

 

 

(BKN)

 

(BFK)

 

(RAA)

 

(BFZ)

 

 

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

10,631,865

 

$

27,587,460

 

$

546,206

 

$

9,201,075

 

Income from affiliates

 

 

3,648

 

 

4,477

 

 

595

 

 

2,333

 

 

 



 



 



 



 

Total investment income

 

 

10,635,513

 

 

27,591,937

 

 

546,801

 

 

9,203,408

 

 

 



 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

706,815

 

 

3,052,858

 

 

37,934

 

 

1,075,857

 

Administration

 

 

302,921

 

 

 

 

10,838

 

 

 

Transfer agent

 

 

9,231

 

 

8,679

 

 

5,249

 

 

7,964

 

Custodian

 

 

56,329

 

 

79,281

 

 

4,163

 

 

41,613

 

Reports to shareholders

 

 

28,903

 

 

66,664

 

 

3,595

 

 

18,089

 

Directors/Trustees

 

 

17,464

 

 

35,166

 

 

6,236

 

 

14,468

 

Registration

 

 

10,534

 

 

16,793

 

 

291

 

 

15,620

 

Independent accountants

 

 

20,156

 

 

21,289

 

 

9,153

 

 

19,189

 

Legal

 

 

26,435

 

 

55,938

 

 

2,938

 

 

21,454

 

Insurance

 

 

12,497

 

 

31,338

 

 

668

 

 

11,056

 

Deferrred Trustees’ fees

 

 

3,648

 

 

4,477

 

 

595

 

 

2,333

 

Auction agent

 

 

195,222

 

 

480,402

 

 

11,832

 

 

170,411

 

Miscellaneous

 

 

27,794

 

 

45,682

 

 

7,492

 

 

21,899

 

 

 



 



 



 



 

Total expenses excluding interest expense and excise tax

 

 

1,417,949

 

 

3,898,567

 

 

100,984

 

 

1,149,953

 

Interest Expense

 

 

1,389

 

 

8,099

 

 

 

 

2,222

 

Excise Tax

 

 

 

 

9,926

 

 

 

 

 

 

 



 



 



 



 

Total expenses

 

 

1,419,338

 

 

3,916,592

 

 

100,984

 

 

1,422,175

 

Less fees waived by Advisor

 

 

 

 

(1,272,024

)

 

 

 

(448,274

)

Less fees paid indirectly

 

 

(11,264

)

 

(12,811

)

 

(3,739

)

 

(8,574

)

 

 



 



 



 



 

Net expenses

 

 

1,408,074

 

 

2,631,757

 

 

97,245

 

 

965,327

 

 

 



 



 



 



 

Net investment income

 

 

9,227,439

 

 

24,960,180

 

 

449,556

 

 

8,238,081

 

 

 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

88,780

 

 

(7,547,582

)

 

(16,433

)

 

(992,827

)

Futures and swaps

 

 

 

 

8,764,059

 

 

 

 

3,280,995

 

 

 



 



 



 



 

 

 

 

88,780

 

 

1,216,477

 

 

(16,433

)

 

2,288,168

 

 

 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

1,027,206

 

 

16,490,534

 

 

52,475

 

 

3,179,757

 

Futures and swaps

 

 

(1,675,894

)

 

(6,443,495

)

 

(839

)

 

(2,412,458

)

 

 



 



 



 



 

 

 

 

(648,688

)

 

10,047,039

 

 

51,636

 

 

767,299

 

 

 



 



 



 



 

Net gain (loss)

 

 

(559,908

)

 

11,263,516

 

 

35,203

 

 

3,055,467

 

 

 



 



 



 



 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,145,446

)

 

(5,523,889

)

 

(95,949

)

 

(1,817,894

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(2,145,446

)

 

(5,523,889

)

 

(95,949

)

 

(1,817,894

)

 

 



 



 



 



 

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

 

$

6,522,085

 

$

30,699,807

 

$

388,810

 

$

9,475,654

 

 

 



 



 



 



 

See Notes to Financial Statements.

39



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

565,061

 

$

4,152,231

 

$

534,821

 

$

4,886,006

 

$

760,575

 

$

8,017,714

 

 

890

 

 

723

 

 

1,140

 

 

866

 

 

870

 

 

1,588

 



 



 



 



 



 



 

 

565,951

 

 

4,152,954

 

 

535,961

 

 

4,886,872

 

 

761,445

 

 

8,019,302

 



 



 



 



 



 



 

 

 

42,651

 

 

478,910

 

 

38,307

 

 

543,927

 

 

51,029

 

 

905,339

 

 

12,186

 

 

 

 

10,945

 

 

 

 

14,580

 

 

 

 

5,611

 

 

7,964

 

 

5,611

 

 

7,964

 

 

5,611

 

 

7,964

 

 

4,163

 

 

29,989

 

 

4,163

 

 

31,897

 

 

4,163

 

 

35,695

 

 

3,624

 

 

11,415

 

 

3,626

 

 

13,803

 

 

3,691

 

 

21,780

 

 

6,236

 

 

7,197

 

 

6,236

 

 

7,852

 

 

6,236

 

 

12,730

 

 

328

 

 

10,534

 

 

291

 

 

10,534

 

 

380

 

 

10,534

 

 

9,157

 

 

18,083

 

 

9,153

 

 

18,116

 

 

9,164

 

 

19,115

 

 

2,968

 

 

10,541

 

 

2,941

 

 

10,791

 

 

3,026

 

 

20,889

 

 

752

 

 

4,911

 

 

675

 

 

5,566

 

 

898

 

 

9,283

 

 

890

 

 

723

 

 

1,140

 

 

866

 

 

870

 

 

1,588

 

 

12,968

 

 

74,900

 

 

11,832

 

 

82,606

 

 

14,686

 

 

142,911

 

 

7,584

 

 

14,837

 

 

7,497

 

 

15,401

 

 

7,670

 

 

19,994

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

109,118

 

 

670,004

 

 

102,417

 

 

749,323

 

 

122,004

 

 

1,207,822

 

 

 

 

 

 

 

 

 

 

 

 

1,389

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

 

109,118

 

 

670,004

 

 

102,417

 

 

749,323

 

 

122,004

 

 

1,209,211

 

 

 

 

(199,546

)

 

 

 

(226,636

)

 

 

 

(377,224

)

 

(3,683

)

 

(9,716

)

 

(3,520

)

 

(9,643

)

 

(4,293

)

 

(9,115

)



 



 



 



 



 



 

 

105,435

 

 

460,742

 

 

98,897

 

 

513,044

 

 

117,711

 

 

822,872

 



 



 



 



 



 



 

 

460,516

 

 

3,692,212

 

 

437,064

 

 

4,373,828

 

 

643,734

 

 

7,196,430

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

98,561

 

 

(97,497

)

 

19,254

 

 

21,099

 

 

64,345

 

 

(203,691

)

 

 

 

1,217,190

 

 

 

 

1,493,941

 

 

 

 

2,110,358

 



 



 



 



 



 



 

 

98,561

 

 

1,119,693

 

 

19,254

 

 

1,515,040

 

 

64,345

 

 

1,906,667

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(174,581

)

 

233,385

 

 

29,090

 

 

1,276,688

 

 

(184,973

)

 

1,294,762

 

 

1,679

 

 

(892,137

)

 

4,197

 

 

(1,099,536

)

 

1,679

 

 

(1,551,796

)



 



 



 



 



 



 

 

(172,902

)

 

(658,752

)

 

33,287

 

 

177,152

 

 

(183,294

)

 

(257,034

)



 



 



 



 



 



 

 

(74,341

)

 

460,941

 

 

52,541

 

 

1,692,192

 

 

(118,949

)

 

1,649,633

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(106,500

)

 

(815,996

)

 

(93,860

)

 

(894,925

)

 

(126,293

)

 

(1,539,278

)

 

(24,903

)

 

 

 

(12,375

)

 

 

 

(8,904

)

 

 



 



 



 



 



 



 

 

(131,403

)

 

(815,996

)

 

(106,235

)

 

(894,925

)

 

(135,197

)

 

(1,539,278

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

254,772

 

$

3,337,157

 

$

383,370

 

$

5,171,095

 

$

398,588

 

$

7,306,785

 



 



 



 



 



 



 

40



 

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended April 30, 2006 (unaudited) and the year ended October 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment

 

Municipal

 

 

 

Quality Municipal Trust

 

Income Trust

 

 

 

(BKN)

 

(BFK)

 

 

 


 


 

 

 

2006

 

2005

 

2006

 

2005

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,227,439

 

$

19,080,763

 

$

24,960,180

 

$

51,367,505

 

Net realized gain (loss)

 

 

88,780

 

 

9,521,667

 

 

1,216,477

 

 

14,502,349

 

Net change in unrealized appreciation/depreciation

 

 

(648,688

)

 

(11,411,681

)

 

10,047,039

 

 

4,068,932

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,145,446

)

 

(3,091,066

)

 

(5,523,889

)

 

(7,913,843

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Net increase in net assets applicable to common shareholders resulting from operations

 

 

6,522,085

 

 

14,099,683

 

 

30,699,807

 

 

62,024,943

 

 

 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(8,846,406

)

 

(16,080,778

)

 

(21,669,569

)

 

(42,712,157

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(8,846,406

)

 

(16,080,778

)

 

(21,669,569

)

 

(42,712,157

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

1,389,212

 

 

1,086,467

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

1,389,212

 

 

1,086,467

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(2,324,321

)

 

(1,981,095

)

 

10,419,450

 

 

20,399,253

 

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

260,493,873

 

 

262,474,968

 

 

642,047,394

 

 

621,648,141

 

 

 



 



 



 



 

End of period

 

$

258,169,552

 

$

260,493,873

 

$

652,466,844

 

$

642,047,394

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

10,961,627

 

$

12,726,040

 

$

18,705,887

 

$

20,939,165

 

See Notes to Financial Statements.

41



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Investment

 

California

 

Florida Investment

 

Quality Municipal Trust

 

Municipal Income Trust

 

Quality Municipal Trust

 

(RAA)

 

(BFZ)

 

(RFA)

 


 


 


 

2006

 

2005

 

2006

 

2005

 

2006

 

2005

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

449,556

 

$

783,716

 

$

8,238,081

 

$

16,744,835

 

$

460,516

 

$

946,124

 

 

(16,433

)

 

111,480

 

 

2,288,168

 

 

(2,241,920

)

 

98,561

 

 

160,059

 

 

51,636

 

 

(143,365

)

 

767,299

 

 

7,640,066

 

 

(172,902

)

 

(551,267

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(95,949

)

 

(128,583

)

 

(1,817,894

)

 

(2,361,287

)

 

(106,500

)

 

(174,481

)

 

 

 

 

 

 

 

 

 

(24,903

)

 

(10,423

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

388,810

 

 

623,248

 

 

9,475,654

 

 

19,781,694

 

 

254,772

 

 

370,012

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(426,605

)

 

(853,209

)

 

(6,842,839

)

 

(13,680,084

)

 

(478,660

)

 

(957,322

)

 

 

 

 

 

 

 

 

 

(146,137

)

 

(127,609

)



 



 



 



 



 



 

 

(426,605

)

 

(853,209

)

 

(6,842,839

)

 

(13,680,084

)

 

(624,797

)

 

(1,084,931

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

252,994

 

 

 

 

 

 

 



 



 



 



 



 



 

 

 

 

 

 

252,994

 

 

 

 

 

 

 



 



 



 



 



 



 

 

(37,795

)

 

(229,961

)

 

2,885,809

 

 

6,101,610

 

 

(370,025

)

 

(714,919

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,298,607

 

 

14,528,568

 

 

227,472,342

 

 

221,370,732

 

 

16,214,171

 

 

16,929,090

 



 



 



 



 



 



 

$

14,260,812

 

$

14,298,607

 

$

230,358,151

 

$

227,472,342

 

$

15,844,146

 

$

16,214,171

 



 



 



 



 



 



 

$

118,466

 

$

191,464

 

$

6,463,589

 

$

6,886,241

 

$

174,628

 

$

299,272

 

42



 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the six months ended April 30, 2006 (unaudited) and the year ended October 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

New Jersey Investment

 

 

 

Municipal Income Trust

 

Quality Municipal Trust

 

 

 

(BBF)

 

(RNJ)

 

 

 


 


 

 

 

2006

 

2005

 

2006

 

2005

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

3,692,212

 

$

7,400,920

 

$

437,064

 

$

876,362

 

Net realized gain (loss)

 

 

1,119,693

 

 

(1,234,248

)

 

19,254

 

 

117,656

 

Net change in unrealized appreciation/depreciation

 

 

(658,752

)

 

2,386,133

 

 

33,287

 

 

(339,943

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(815,996

)

 

(1,150,882

)

 

(93,860

)

 

(149,372

)

Net realized gains

 

 

 

 

 

 

(12,375

)

 

 

 

 



 



 



 



 

Net increase in net assets applicable to common shareholders resulting from operations

 

 

3,337,157

 

 

7,401,923

 

 

383,370

 

 

504,703

 

 

 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,007,982

)

 

(6,011,917

)

 

(423,735

)

 

(823,484

)

Net realized gain

 

 

 

 

 

 

(63,979

)

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(3,007,982

)

 

(6,011,917

)

 

(487,714

)

 

(823,484

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

88,967

 

 

41,592

 

 

 

 

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

88,967

 

 

41,592

 

 

 

 

 

 

 



 



 



 



 

Total increase (decrease)

 

 

418,142

 

 

1,431,598

 

 

(104,344

)

 

(318,781

)

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

102,943,536

 

 

101,511,938

 

 

14,580,758

 

 

14,899,539

 

 

 



 



 



 



 

End of period

 

$

103,361,678

 

$

102,943,536

 

$

14,476,414

 

$

14,580,758

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

2,500,005

 

$

2,631,771

 

$

496,372

 

$

576,903

 

See Notes to Financial Statements.

43



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey

 

New York Investment

 

New York

 

Municipal Income Trust

 

Quality Municipal Trust

 

Municipal Income Trust

 

(BNJ)

 

(RNY)

 

(BNY)

 


 


 


 

2006

 

2005

 

2006

 

2005

 

2006

 

2005

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,373,828

 

$

8,666,540

 

$

643,734

 

$

1,259,631

 

$

7,196,430

 

$

14,254,822

 

 

1,515,040

 

 

(579,155

)

 

64,345

 

 

59,365

 

 

1,906,667

 

 

1,893,142

 

 

177,152

 

 

3,710,915

 

 

(183,294

)

 

(411,759

)

 

(257,034

)

 

(627,477

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(894,925

)

 

(1,322,793

)

 

(126,293

)

 

(182,787

)

 

(1,539,278

)

 

(2,091,682

)

 

 

 

 

 

(8,904

)

 

 

 

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,171,095

 

 

10,475,507

 

 

389,588

 

 

724,450

 

 

7,306,785

 

 

13,428,805

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,549,935

)

 

(6,817,201

)

 

(573,487

)

 

(1,146,975

)

 

(5,667,184

)

 

(11,321,006

)

 

 

 

 

 

(55,870

)

 

 

 

 

 

 



 



 



 



 



 



 

 

(3,549,935

)

 

(6,817,201

)

 

(629,357

)

 

(1,146,975

)

 

(5,667,184

)

 

(11,321,006

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

343,407

 

 

61,711

 

 

 

 

 

 

365,133

 

 

75,737

 



 



 



 



 



 



 

 

343,407

 

 

61,711

 

 

 

 

 

 

365,133

 

 

75,737

 



 



 



 



 



 



 

 

1,964,567

 

 

3,720,017

 

 

(239,769

)

 

(422,525

)

 

2,004,734

 

 

2,183,536

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117,739,444

 

 

114,019,427

 

 

19,642,982

 

 

20,065,507

 

 

193,457,251

 

 

191,273,715

 



 



 



 



 



 



 

$

119,704,011

 

$

117,739,444

 

$

19,403,213

 

$

19,642,982

 

$

195,461,985

 

$

193,457,251

 



 



 



 



 



 



 

$

3,683,637

 

$

3,754,669

 

$

461,805

 

$

517,851

 

$

5,652,711

 

$

5,662,743

 

44


FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended April 30, 2006 (unaudited)

 

 

 

 

 

 


Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

$

15.19

 

$

14.30

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.55

 

 

1.14

 

 

1.17

 

 

1.16

 

 

1.20

 

 

1.20

 

Net realized and unrealized gain (loss)

 

 

(0.03

)

 

(0.11

)

 

0.26

 

 

(0.09

)

 

(0.26

)

 

0.75

 

Dividends to preferred shareholders from net investment income

 

 

(0.13

)

 

(0.19

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

 

(0.29

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.39

 

 

0.84

 

 

1.34

 

 

0.98

 

 

0.81

 

 

1.66

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.53

)

 

(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 period

 

$

15.45

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

$

15.19

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

17.90

 

$

16.62

 

$

15.12

 

$

14.26

 

$

13.48

 

$

13.73

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

10.95

%

 

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

 

 

1.09

%3

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

 

1.14

%

Expenses after fees waived and before fees paid indirectly

 

 

1.10

%3

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

 

1.14

%

Expenses before fees waived and paid indirectly

 

 

1.10

%3

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

 

1.14

%

Net investment income after fees waived and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

paid indirectly and before preferred share dividends

 

 

7.14

%3

 

7.21

%

 

7.59

%

 

7.62

%

 

7.93

%

 

8.10

%

Preferred share dividends

 

 

1.66

%3

 

1.17

%

 

0.60

%

 

0.59

%

 

0.83

%

 

1.94

%

Net investment income available to common shareholders

 

 

5.48

%3

 

6.04

%

 

6.99

%

 

7.03

%

 

7.10

%

 

6.16

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

260,691

 

$

264,490

 

$

259,470

 

$

254,890

 

$

251,428

 

$

247,832

 

Portfolio turnover

 

 

43

%

 

77

%

 

52

%

 

36

%

 

19

%

 

4

%

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

 

$

258,170

 

$

260,494

 

$

262,475

 

$

255,315

 

$

253,710

 

$

253,777

 

Preferred shares value outstanding, end of period (000)

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

Asset coverage per preferred share, end of period

 

$

69,060

 

$

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.

3

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 Municipal Income Trust (BFK)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

Six Months Ended
April 30, 2006
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Year Ended October 31,

 

 

 

 

 


 

 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

$

14.30

 

$

14.33

3

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.57

 

 

1.18

 

 

1.19

 

 

1.23

 

 

1.20

 

 

0.17

 

Net realized and unrealized gain (loss)

 

 

0.26

 

 

0.43

 

 

0.26

 

 

0.35

 

 

(1.11

)

 

0.12

 

Dividends to preferred shareholders from net investment income

 

 

(0.13

)

 

(0.18

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

 

(0.01

)

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.70

 

 

1.43

 

 

1.36

 

 

1.49

 

 

(0.04

)

 

0.28

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.50

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

(0.93

)

 

(0.16

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.50

)

 

(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

 

$

14.91

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

$

14.30

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.45

 

$

15.69

 

$

14.05

 

$

13.70

 

$

13.46

 

$

14.75

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

8.23

%

 

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

 

 

0.82

%6

 

0.83

%

 

0.83

%

 

0.84

%

 

0.81

%

 

0.61

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.82

%6

 

0.83

%

 

0.83

%

 

0.84

%

 

0.83

%

 

0.62

%6

Expenses before fees waived and paid indirectly

 

 

1.21

%6

 

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

 

 

7.73

%6

 

7.97

%

 

8.44

%

 

8.96

%

 

8.74

%

 

4.59

%6

Preferred share dividends

 

 

1.71

%6

 

1.23

%

 

0.63

%

 

0.65

%

 

0.92

%

 

0.38

%6

Net investment income available to common shareholders

 

 

6.02

%6

 

6.74

%

 

7.81

%

 

8.31

%

 

7.82

%

 

4.21

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

650,991

 

$

644,680

 

$

618,076

 

$

594,192

 

$

598,425

 

$

572,610

 

Portfolio turnover

 

 

46

%

 

68

%

 

59

%

 

56

%

 

70

%

 

27

%

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

 

$

652,467

 

$

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

 

$

375,125

 

Asset coverage per preferred share, end of period

 

$

68,495

 

$

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.

46


FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended April 30, 2006 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

$

15.30

 

$

14.62

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.45

 

 

0.78

 

 

0.92

 

 

1.05

 

 

1.04

 

 

1.05

 

Net realized and unrealized gain (loss)

 

 

0.03

 

 

(0.03

)

 

(0.09

)

 

(0.41

)

 

(0.64

)

 

0.63

 

Dividends to preferred shareholders from net investment income

 

 

(0.10

)

 

(0.13

)

 

(0.06

)

 

(0.06

)

 

(0.09

)

 

(0.21

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.38

 

 

0.62

 

 

0.77

 

 

0.58

 

 

0.31

 

 

1.47

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.42

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.80

)

 

(0.79

)

Net realized gains

 

 

 

 

 

 

(0.05

)

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.42

)

 

(0.85

)

 

(0.90

)

 

(0.83

)

 

(0.80

)

 

(0.79

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.16

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

$

15.30

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.65

 

$

15.75

 

$

14.30

 

$

14.03

 

$

13.38

 

$

15.55

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

2.13

%

 

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

 

 

1.37

%3

 

1.35

%

 

1.35

%

 

1.40

%

 

1.29

%

 

1.38

%

Expenses after fees waived and before fees paid indirectly

 

 

1.42

%3

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

 

1.38

%

Expenses before fees paid indirectly

 

 

1.42

%3

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

 

1.38

%

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

 

 

6.31

%3

 

5.38

%

 

6.37

%

 

7.17

%

 

6.86

%

 

7.04

%

Preferred share dividends

 

 

1.35

%3

 

0.88

%

 

0.42

%

 

0.44

%

 

0.59

%

 

1.39

%

Net investment income available to common shareholders

 

 

4.96

%3

 

4.50

%

 

5.95

%

 

6.73

%

 

6.27

%

 

5.65

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,356

 

$

14,569

 

$

14,553

 

$

14,752

 

$

15,221

 

$

15,072

 

Portfolio turnover

 

 

2

%

 

20

%

 

15

%

 

6

%

 

30

%

 

1

%

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

 

$

14,261

 

$

14,299

 

$

14,529

 

$

14,665

 

$

14,911

 

$

15,411

 

Preferred shares value outstanding, end of period (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of period

 

$

72,546

 

$

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.

3

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 California Municipal Income Trust (BFZ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 27, 20011
through

October 31, 20012

 

 

 

Six Months Ended April 30, 2006 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



Year Ended October 31,

 

 

 

 

 


 

 

 

 

 

2005

 

2004

 

2003

 

2002

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

$

14.50

 

$

14.33

3

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.55

 

 

1.12

 

 

1.15

 

 

1.12

 

 

1.11

 

 

0.16

 

Net realized and unrealized gain (loss)

 

 

0.21

 

 

0.36

 

 

0.65

 

 

(0.34

)

 

(0.46

)

 

0.32

 

Dividends to preferred shareholders from net investment income

 

 

(0.12

)

 

(0.16

)

 

(0.09

)

 

(0.08

)

 

(0.12

)

 

(0.01

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.64

 

 

1.32

 

 

1.71

 

 

0.70

 

 

0.53

 

 

0.47

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.46

)

 

(0.91

)

 

(0.91

)

 

(0.89

)

 

(0.87

)

 

(0.15

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.46

)

 

(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

 

$

15.36

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

$

14.50

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.82

 

$

14.92

 

$

13.65

 

$

13.21

 

$

13.09

 

$

14.75

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

9.23

%

 

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

%6

 

0.85

%

 

0.87

%

 

0.89

%

 

0.88

%

 

0.72

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.86

%6

 

0.86

%

 

0.88

%

 

0.89

%

 

0.90

%

 

0.73

%6

Expenses before fees waived and paid indirectly

 

 

1.25

%6

 

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

 

 

7.23

%6

 

7.35

%

 

7.96

%

 

8.01

%

 

7.96

%

 

4.06

%6

Preferred share dividends

 

 

1.60

%6

 

1.04

%

 

0.59

%

 

0.57

%

 

0.86

%

 

0.38

%6

Net investment income available to common shareholders

 

 

5.63

%6

 

6.31

%

 

7.37

%

 

7.44

%

 

7.10

%

 

3.68

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

229,641

 

$

227,738

 

$

216,238

 

$

211,275

 

$

209,965

 

$

199,356

 

Portfolio turnover

 

 

10

%

 

28

%

 

15

%

 

34

%

 

44

%

 

16

%

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

 

$

230,358

 

$

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

 

$

131,950

 

Asset coverage per preferred share, end of period

 

$

68,655

 

$

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.

48


FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2006
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

$

15.50

 

$

14.65

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.41

 

 

0.84

 

 

0.98

 

 

1.04

 

 

1.05

 

 

1.03

 

Net realized and unrealized gain (loss)

 

 

(0.08

)

 

(0.35

)

 

(0.18

)

 

(0.39

)

 

0.02

 

 

0.86

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.09

)

 

(0.15

)

 

(0.07

)

 

(0.08

)

 

(0.11

)

 

(0.24

)

Net realized gains

 

 

(0.02

)

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.22

 

 

0.33

 

 

0.71

 

 

0.57

 

 

0.96

 

 

1.65

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.42

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.81

)

 

(0.80

)

Net realized gains

 

 

(0.13

)

 

(0.11

)

 

(0.23

)

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.55

)

 

(0.96

)

 

(1.08

)

 

(0.83

)

 

(0.81

)

 

(0.80

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.06

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

$

15.50

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.55

 

$

14.85

 

$

14.30

 

$

14.47

 

$

14.50

 

$

14.36

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

8.57

%

 

10.76

%

 

6.32

%

 

5.52

%

 

6.52

%

 

15.65

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees paid indirectly

 

 

1.32

%3

 

1.29

%

 

1.27

%

 

1.29

%

 

1.20

%

 

1.38

%

Expenses after fees waived and before fees paid indirectly

 

 

1.37

%3

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

 

1.38

%

Expenses before fees paid indirectly

 

 

1.37

%3

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

 

1.38

%

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

 

 

5.78

%3

 

5.69

%

 

6.48

%

 

6.69

%

 

6.76

%

 

6.83

%

Preferred share dividends

 

 

1.34

%3

 

1.05

%

 

0.46

%

 

0.51

%

 

0.69

%

 

1.58

%

Net investment income available to common shareholders

 

 

4.44

%3

 

4.64

%

 

6.02

%

 

6.18

%

 

6.07

%

 

5.25

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

16,074

 

$

16,626

 

$

17,035

 

$

17,561

 

$

17,427

 

$

17,046

 

Portfolio turnover

 

 

19

%

 

15

%

 

13

%

 

17

%

 

8

%

 

%

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

 

$

15,844

 

$

16,214

 

$

16,929

 

$

17,347

 

$

17,639

 

$

17,472

 

Preferred shares value outstanding, end of period (000)

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

Asset coverage per preferred share, end of period

 

$

71,608

 

$

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.

3

Annualized.

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

See Notes to Financial Statements.

49


FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2006
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

$

14.37

 

$

14.33

3

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.55

 

 

1.11

 

 

1.12

 

 

1.11

 

 

1.07

 

 

0.17

 

Net realized and unrealized gain (loss)

 

 

0.07

 

 

0.17

 

 

0.45

 

 

(0.03

)

 

0.13

 

 

0.18

 

Dividends to preferred shareholders from net investment income

 

 

(0.12

)

 

(0.17

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

(0.01

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.50

 

 

1.11

 

 

1.49

 

 

1.00

 

 

1.08

 

 

0.34

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.45

)

 

(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

 

$

15.53

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

$

14.37

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.95

 

$

15.25

 

$

14.40

 

$

13.36

 

$

13.65

 

$

14.50

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

7.67

%

 

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

%6

 

0.90

%

 

0.93

%

 

0.94

%

 

0.96

%

 

0.87

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.92

%6

 

0.91

%

 

0.93

%

 

0.95

%

 

0.98

%

 

0.88

%6

Expenses before fees waived and paid indirectly

 

 

1.31

%6

 

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

 

 

7.20

%6

 

7.16

%

 

7.49

%

 

7.50

%

 

7.59

%

 

4.43

%6

Preferred share dividends

 

 

1.59

%6

 

1.11

%

 

0.55

%

 

0.53

%

 

0.82

%

 

0.37

%6

Net investment income available to common shareholders

 

 

5.61

%6

 

6.05

%

 

6.94

%

 

6.97

%

 

6.77

%

 

4.06

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

103,410

 

$

103,432

 

$

100,002

 

$

98,081

 

$

93,558

 

$

87,918

 

Portfolio turnover

 

 

7

%

 

10

%

 

10

%

 

19

%

 

35

%

 

28

%

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

 

$

103,362

 

$

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

 

$

57,550

 

Asset coverage per preferred share, end of period

 

$

69,913

 

$

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.

50


FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2006
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

$

14.85

 

$

13.96

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.43

 

 

0.87

 

 

0.97

 

 

1.00

 

 

1.02

 

 

0.96

 

Net realized and unrealized gain (loss)

 

 

0.04

 

 

(0.21

)

 

(0.20

)

 

0.12

 

 

(0.39

)

 

0.87

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.09

)

 

(0.15

)

 

(0.07

)

 

(0.06

)

 

(0.09

)

 

(0.21

)

Net realized gains

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.37

 

 

0.51

 

 

0.70

 

 

1.06

 

 

0.54

 

 

1.62

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.42

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

(0.75

)

 

(0.73

)

Net realized gains

 

 

(0.06

)

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.48

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

(0.75

)

 

(0.73

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.37

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

$

14.85

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.00

 

$

14.70

 

$

15.00

 

$

14.80

 

$

13.30

 

$

13.75

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

12.18

%

 

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

 

 

1.37

%3

 

1.34

%

 

1.34

%

 

1.39

%

 

1.31

%

 

1.54

%

Expenses after fees waived and before fees paid indirectly

 

 

1.42

%3

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

 

1.54

%

Expenses before fees waived and paid indirectly

 

 

1.42

%3

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

 

1.54

%

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

 

 

6.05

%3

 

5.89

%

 

6.50

%

 

6.72

%

 

6.93

%

 

6.64

%

Preferred share dividends

 

 

1.30

%3

 

1.00

%

 

0.47

%

 

0.41

%

 

0.61

%

 

1.47

%

Net investment income available to common shareholders

 

 

4.75

%3

 

4.89

%

 

6.03

%

 

6.31

%

 

6.32

%

 

5.17

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,571

 

$

14,873

 

$

14,974

 

$

14,975

 

$

14,791

 

$

14,570

 

Portfolio turnover

 

 

7

%

 

19

%

 

12

%

 

4

%

 

14

%

 

9

%

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

 

$

14,476

 

$

14,581

 

$

14,900

 

$

15,007

 

$

14,747

 

$

14,958

 

Preferred shares value outstanding, end of period (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of period

 

$

73,266

 

$

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.

3

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 Jersey Municipal Income Trust (BNJ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2006
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

$

14.26

 

$

14.33

3

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.59

 

 

1.17

 

 

1.16

 

 

1.15

 

 

1.10

 

 

0.14

 

Net realized and unrealized gain (loss)

 

 

0.23

 

 

0.42

 

 

0.61

 

 

0.11

 

 

(0.07

)

 

0.10

 

Dividends to preferred shareholders from net investment income

 

 

(0.12

)

 

(0.18

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

(0.01

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.70

 

 

1.41

 

 

1.69

 

 

1.18

 

 

0.91

 

 

0.23

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.48

)

 

(0.92

)

 

(0.90

)

 

(0.88

)

 

(0.87

)

 

(0.13

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.48

)

 

(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

 

$

16.09

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

$

14.26

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.90

 

$

15.91

 

$

14.45

 

$

14.04

 

$

13.64

 

$

14.84

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

9.42

%

 

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

 

 

0.87

%6

 

0.89

%

 

0.91

%

 

0.93

%

 

0.93

%

 

0.83

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.89

%6

 

0.90

%

 

0.91

%

 

0.94

%

 

0.97

%

 

0.84

%6

Expenses before fees waived and paid indirectly

 

 

1.27

%6

 

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

 

 

7.41

%6

 

7.37

%

 

7.74

%

 

7.85

%

 

7.81

%

 

3.67

%6

Preferred share dividends

 

 

1.52

%6

 

1.12

%

 

0.56

%

 

0.57

%

 

0.88

%

 

0.37

%6

Net investment income available to common shareholders

 

 

5.89

%6

 

6.25

%

 

7.18

%

 

7.28

%

 

6.93

%

 

3.30

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

119,012

 

$

117,596

 

$

111,263

 

$

107,900

 

$

104,241

 

$

97,050

 

Portfolio turnover

 

 

1

%

 

6

%

 

16

%

 

13

%

 

50

%

 

16

%

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

 

$

119,704

 

$

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

 

$

63,800

 

Asset coverage per preferred share, end of period

 

$

71,913

 

$

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.

52


FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2006 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2005

 

2004

 

2003

 

2002

 

2001

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

$

15.28

 

$

14.55

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.50

 

 

0.96

 

 

0.96

 

 

1.03

 

 

1.06

 

 

1.06

 

Net realized and unrealized gain (loss)

 

 

(0.10

)

 

(0.26

)

 

 

 

(0.21

)

 

0.06

 

 

0.70

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.10

)

 

(0.14

)

 

(0.07

)

 

(0.07

)

 

(0.09

)

 

(0.21

)

Net realized gains

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.29

 

 

0.56

 

 

0.89

 

 

0.75

 

 

1.03

 

 

1.55

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.44

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.84

)

 

(0.82

)

Net realized gains

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.48

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.84

)

 

(0.82

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.84

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

$

15.28

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

15.30

 

$

14.75

 

$

14.50

 

$

14.18

 

$

14.40

 

$

14.20

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

7.04

%

 

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

 

 

1.21

%3

 

1.20

%

 

1.21

%

 

1.24

%

 

1.17

%

 

1.31

%

Expenses after fees waived and before fees paid indirectly

 

 

1.26

%3

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

 

1.31

%

Expenses before fees paid indirectly

 

 

1.26

%3

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

 

1.31

%

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

 

 

6.62

%3

 

6.30

%

 

6.29

%

 

6.68

%

 

6.97

%

 

7.06

%

Preferred share dividends

 

 

1.30

%3

 

0.91

%

 

0.46

%

 

0.44

%

 

0.60

%

 

1.40

%

Net investment income available to common shareholders

 

 

5.32

%3

 

5.39

%

 

5.83

%

 

6.24

%

 

6.37

%

 

5.66

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

19,601

 

$

19,993

 

$

20,019

 

$

20,158

 

$

19,915

 

$

19,663

 

Portfolio turnover

 

 

20

%

 

10

%

 

23

%

 

36

%

 

7

%

 

%

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

 

$

19,403

 

$

19,643

 

$

20,066

 

$

20,053

 

$

20,222

 

$

19,973

 

Preferred shares value outstanding, end of period (000)

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

Asset coverage per preferred share, end of period

 

$

74,515

 

$

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.

3

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


FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended April 30, 2006 (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

$

14.09

 

$

14.33

3

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.57

 

 

1.14

 

 

1.14

 

 

1.14

 

 

1.09

 

 

0.15

 

Net realized and unrealized gain (loss)

 

 

0.13

 

 

0.09

 

 

0.36

 

 

0.13

 

 

0.29

 

 

(0.08

)

Dividends to preferred shareholders from net investment income

 

 

(0.12

)

 

(0.17

)

 

(0.08

)

 

(0.09

)

 

(0.13

)

 

(0.01

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.58

 

 

1.06

 

 

1.42

 

 

1.18

 

 

1.25

 

 

0.06

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.45

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

(0.14

)

In excess of net investment income

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.45

)

 

(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

 

$

15.57

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

$

14.09

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.22

 

$

15.19

 

$

13.99

 

$

13.45

 

$

13.42

 

$

14.62

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURN4

 

 

9.93

%

 

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

 

 

0.85

%6

 

0.86

%

 

0.87

%

 

0.88

%

 

0.90

%

 

0.73

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.86

%6

 

0.87

%

 

0.87

%

 

0.89

%

 

0.92

%

 

0.74

%6

Expenses before fees waived and paid indirectly

 

 

1.25

%6

 

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

 

 

7.46

%6

 

7.35

%

 

7.62

%

 

7.73

%

 

7.87

%

 

3.93

%6

Preferred share dividends

 

 

1.60

%6

 

1.08

%

 

0.56

%

 

0.62

%

 

0.93

%

 

0.37

%6

Net investment income available to common shareholders

 

 

5.86

%6

 

6.27

%

 

7.06

%

 

7.11

%

 

6.94

%

 

3.56

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

194,531

 

$

194,038

 

$

188,746

 

$

183,648

 

$

173,885

 

$

163,077

 

Portfolio turnover

 

 

16

%

 

24

%

 

13

%

 

14

%

 

57

%

 

2

%

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

 

$

195,462

 

$

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

 

$

109,750

 

Asset coverage per preferred share, end of period

 

$

69,537

 

$

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.

54


 

NOTES TO FINANCIAL STATEMENTS (unaudited)



 

 

Note 1. Organization & Accounting Policies 

BlackRock Investment Quality Municipal Trust Inc. (“Municipal Investment Quality”) was organized as a Maryland corporation on November 19, 1992. BlackRock California Investment Quality Municipal Trust Inc. (“California Investment Quality”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“New Jersey Investment Quality”) and BlackRock New York Investment Quality Municipal Trust Inc. (“New York Investment Quality”) were organized as Maryland corporations on April 12, 1993. BlackRock Florida Investment Quality Municipal Trust (“Florida Investment Quality”) was organized as a Massachusetts business trust on April 15, 1993. 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.

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

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

Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees 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 per share. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets 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.

Interest Rate Swaps: Interest rate swaps are agreements in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. Interest rate swaps are efficient as asset/liability management tools. In more complex swaps, the notional principal amount may decline (or amortize) over time.

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

55


          The Trusts are exposed to credit loss in the event of non-performance by the other party to the swap. However, the Trusts closely monitor swaps and do not anticipate non-performance by any counterparty.

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, swap agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

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

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, if necessary, other sources. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed in accordance with the 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 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 and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees/Directors (“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. These amounts are shown on the Statements of Assets and Liabilities as “Investments in affiliates”. 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.

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

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. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to Municipal Income Trust, California Municipal Income Trust, Florida Municipal Income Trust, New Jersey Municipal Income Trust and New York Municipal Income 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 Advisor pays BFM fees for its sub-advisory services.

          The administration fee paid 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 six months ended April 30, 2006, 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

 

$

8,236

 

Florida Income

 

$

3,180

Municipal Income

 

 

17,376

 

New Jersey Investment Quality

 

 

480

California Investment Quality

 

 

480

 

New Jersey Income

 

 

3,479

California Income

 

 

6,853

 

New York Investment Quality

 

 

657

Florida Investment Quality

 

 

572

 

New York Income

 

 

5,944

56


          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. These credits are shown on the Statement of Operations as “fees paid indirectly”.

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2006, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 

Trust

 

Purchases

 

Sales


 


 


 


 


 


Municipal Investment Quality

 

$

170,471,071

 

$

168,265,590

 

Florida Income

 

$

14,405,471

 

$

11,235,567

Municipal Income

 

 

461,600,770

 

 

402,825,581

 

New Jersey Investment Quality

 

 

1,122,245

 

 

2,436,766

California Investment Quality

 

 

5,400,831

 

 

2,373,596

 

New Jersey Income

 

 

1,455,902

 

 

1,635,818

California Income

 

 

41,243,014

 

 

36,593,062

 

New York Investment Quality

 

 

5,495,186

 

 

6,015,085

Florida Investment Quality

 

 

3,178,466

 

 

4,018,578

 

New York Income

 

 

47,900,372

 

 

49,753,187

          There were no purchases or sales of U.S. government securities.

          Details of open interest rate swaps at April 30, 2006 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Notional
Amount

 

Fixed
Rate(a)

 

Floating Rate

 

Termination
Date

 

Unrealized
Appreciation
(Depreciation)

 


 


 


 


 


 


 

Investment Quality

 

$

8,500,000

 

4.180

%

 

1-week BMA Municipal Swap Index

 

09/14/06

 

$

212,865

 

Municipal Trust

 

 

6,300,000

 

4.258

 

 

1-week BMA Municipal Swap Index

 

03/20/07

 

 

240,150

 

 

 

 

8,500,000

 

4.263

 

 

1-week BMA Municipal Swap Index

 

12/27/06

 

 

242,456

 

 

 

 

7,250,000

 

4.266

 

 

1-week BMA Municipal Swap Index

 

11/03/06

 

 

108,444

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

803,915

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Municipal Income Trust

 

 

32,100,000

 

4.180

%

 

1-week BMA Municipal Swap Index

 

09/14/06

 

 

803,878

 

 

 

 

24,000,000

 

4.258

 

 

1-week BMA Municipal Swap Index

 

03/20/07

 

 

914,856

 

 

 

 

32,000,000

 

4.263

 

 

1-week BMA Municipal Swap Index

 

12/27/06

 

 

912,776

 

 

 

 

28,000,000

 

4.266

 

 

1-week BMA Municipal Swap Index

 

11/03/06

 

 

418,815

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,050,326

 

 

 

 

 

 

 

 

 

 

 

 

 



 

California Municipal

 

 

12,000,000

 

4.180

%

 

1-week BMA Municipal Swap Index

 

09/14/06

 

 

300,515

 

Income Trust

 

 

9,000,000

 

4.258

 

 

1-week BMA Municipal Swap Index

 

03/20/07

 

 

343,071

 

 

 

 

12,000,000

 

4.263

 

 

1-week BMA Municipal Swap Index

 

12/27/06

 

 

342,291

 

 

 

 

10,500,000

 

4.266

 

 

1-week BMA Municipal Swap Index

 

11/03/06

 

 

157,056

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,142,933

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Florida Municipal Income

 

 

4,500,000

 

4.180

%

 

1-week BMA Municipal Swap Index

 

09/14/06

 

 

112,693

 

Trust

 

 

3,300,000

 

4.258

 

 

1-week BMA Municipal Swap Index

 

03/20/07

 

 

125,793

 

 

 

 

4,500,000

 

4.263

 

 

1-week BMA Municipal Swap Index

 

12/27/06

 

 

128,359

 

 

 

 

4,000,000

 

4.266

 

 

1-week BMA Municipal Swap Index

 

11/03/06

 

 

59,831

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

426,676

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New Jersey Municipal

 

 

5,500,000

 

4.180

%

 

1-week BMA Municipal Swap Index

 

09/14/06

 

 

137,736

 

Income Trust

 

 

4,100,000

 

4.258

 

 

1-week BMA Municipal Swap Index

 

03/20/07

 

 

156,288

 

 

 

 

5,500,000

 

4.263

 

 

1-week BMA Municipal Swap Index

 

12/27/06

 

 

156,883

 

 

 

 

4,750,000

 

4.266

 

 

1-week BMA Municipal Swap Index

 

11/03/06

 

 

71,049

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

521,956

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New York Municipal

 

 

7,800,000

 

4.180

%

 

1-week BMA Municipal Swap Index

 

09/14/06

 

 

195,335

 

Income Trust

 

 

5,800,000

 

4.258

 

 

1-week BMA Municipal Swap Index

 

03/20/07

 

 

221,090

 

 

 

 

7,750,000

 

4.263

 

 

1-week BMA Municipal Swap Index

 

12/27/06

 

 

221,063

 

 

 

 

6,750,000

 

4.266

 

 

1-week BMA Municipal Swap Index

 

11/03/06

 

 

100,964

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

738,452

 

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

(a)

Trust pays fixed interest rate and receives floating rate.

57


Note 4. Income Tax Information

The tax character of distributions paid during the year ended October 31, 2005, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2005

 

 

 


 

Distributions Paid From:

 

Tax-exempt 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

 

 

          For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2005, the Trust’s most recent tax year-end except for New York Income which had its most recent 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


 


 


Municipal Investment Quality

 

$

159,146

 

2012

 

 



 

 

Municipal Income

 

$

11,431,206

 

2011

 

 

 

15,767,388

 

2012

 

 



 

 

 

 

$

27,198,594

 

 

 

 



 

 

California Investment Quality

 

$

9,026

 

2012

 

 



 

 

California Income

 

$

389,453

 

2010

 

 

 

124,338

 

2011

 

 

 

4,943,577

 

2012

 

 



 

 

 

 

$

5,457,368

 

 

 

 



 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires


 


 


Florida Income

 

$

1,060,497

 

2012

 

 



 

 

New Jersey Income

 

$

988,460

 

2012

 

 



 

 

New York Income

 

$

662,558

 

2011

 

 

 

485,438

 

2012

 

 



 

 

 

 

$

1,147,996

 

 

 

 



 

 



Note 5. Capital

There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares.

          During the six months ended April 30, 2006 and the year ended October 31, 2005, the following Trusts issued additional shares under its dividend reinvestment plan:

 

 

 

 

 

 

 

Trust

 

April 30, 2006

 

October 31, 2005


 


 


Municipal Income

 

90,118

 

 

72,096

 

California Income

 

16,439

 

 

 

Flordia Income

 

5,688

 

 

2,650

 

New Jersey Income

 

21,442

 

 

3,854

 

New York Income

 

23,507

 

 

4,806

 



58


          As of April 30, 2006, 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

 

          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 six months ended April 30, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

Low

 

High

 

Average

 

Trust

 

 

Series

 

Low

 

High

 

Average

 


 

 


 


 


 


 


 

 


 


 


 


 

Municipal Investment Quality

 

T7

 

 

2.12

%

3.60

%

2.89

%

 

California Income

 

T7

 

 

2.12

%

3.80

%

2.79

%

 

 

 

T28

 

 

2.78

 

3.36

 

3.08

 

 

 

 

R7

 

 

2.00

 

3.50

 

2.81

 

 

Municipal Income

 

M7

 

 

2.70

 

3.70

 

3.05

 

 

Florida Investment Quality

 

R7

 

 

2.59

 

4.10

 

3.14

 

 

 

 

T7

 

 

2.50

 

3.60

 

3.00

 

 

Florida Income

 

T7

 

 

2.20

 

3.60

 

2.87

 

 

 

 

W7

 

 

2.30

 

3.50

 

2.98

 

 

New Jersey Investment Quality

 

T7

 

 

2.20

 

3.95

 

2.86

 

 

 

 

R7

 

 

2.45

 

3.80

 

2.97

 

 

New Jersey Income

 

R7

 

 

2.00

 

3.71

 

2.86

 

 

 

 

F7

 

 

2.40

 

3.64

 

2.97

 

 

New York Investment Quality

 

F7

 

 

2.50

 

3.60

 

2.82

 

 

California Investment Quality

 

W7

 

 

2.00

 

3.60

 

2.60

 

 

New York Income

 

W7

 

 

2.40

 

3.70

 

2.86

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

2.20

 

3.55

 

2.84

 

 

          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 April 30, 2006, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2006, to shareholders of record on May 15, 2006. 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

 

59


          The dividends declared on preferred shares for the period May 1, 2006 to May 31, 2006, for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

 

Series

 

Dividends
Declared

 

Trust

 

 

Series

 

Dividends
Declared

 


 

 


 


 


 

 


 


 

Municipal Investment Quality

 

T7

 

 

$271,203

 

 

California Income

 

T7

 

 

$216,847

 

 

 

 

T28

 

 

167,544

 

 

 

 

R7

 

 

162,694

 

 

Municipal Income

 

M7

 

 

251,484

 

 

Florida Investment Quality

 

R7

 

 

23,800

 

 

 

 

T7

 

 

251,364

 

 

Florida Income

 

T7

 

 

190,398

 

 

 

 

W7

 

 

199,567

 

 

New Jersey Investment Quality

 

T7

 

 

20,784

 

 

 

 

R7

 

 

202,147

 

 

New Jersey Income

 

R7

 

 

168,840

 

 

 

 

F7

 

 

258,536

 

 

New York Investment Quality

 

F7

 

 

33,708

 

 

California Investment Quality

 

W7

 

 

19,509

 

 

New York Income

 

W7

 

 

138,790

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

187,453

 

 

 


 

 

Note 7. Concentration Risk

The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states, 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.

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 Computershare Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent.

          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 who request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or (800) 699-1BFM.

61


 

ADDITIONAL INFORMATION


          On February 15, 2006, BlackRock, Inc. (“BlackRock”) and Merrill Lynch & Co., Inc. (“Merrill Lynch”) announced that they had entered into an agreement pursuant to which Merrill Lynch would contribute its investment management business, Merrill Lynch Investment Managers, to BlackRock, one of the largest publicly traded investment management firms in the United States, to form a new asset management company that will be one of the world’s preeminent, diversified global money management organizations with approximately $1 trillion in assets under management. Based in New York, BlackRock currently manages assets for institutional and individual investors worldwide through a variety of equity, fixed income, cash management and alternative investment products. The new company will operate under the BlackRock name and be governed by a board of directors with a majority of independent members. The new company will offer a full range of equity, fixed income, cash management and alternative investment products with strong representation in both retail and institutional channels, in the U.S. and in non-U.S. markets. It will have over 4,500 employees in 18 countries and a major presence in most key markets, including the United States, the United Kingdom, Asia, Australia, the Middle East and Europe. Merrill Lynch will own no more than 49.8% of the total issued and outstanding capital stock of the new company and it will own no more than 45% of the new company’s common stock, and The PNC Financial Services Group, Inc. (“PNC”), which currently holds a majority interest in BlackRock, will retain approximately 34% of the new company’s common stock. Each of Merrill Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock’s board. Completion of the transaction is subject to various regulatory approvals, client consents, approval by BlackRock shareholders and customary conditions. The transaction has been approved by the boards of directors of Merrill Lynch, BlackRock and PNC and is expected to close at the end of the third quarter of 2006.

          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 it chief officer and chief financial officer required but section 302 of the Sarbanes-Oxley Act.

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

          During the period, there were no material changes in the Trusts’ investment objectives or policies or to their charter or by-laws that have not been 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.

          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 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 Sub-Advisor, James Kong and Vincent Tritto - Managing Directors of the Sub-Advisor, and Brian P. Kindelan - Managing Director of the Advisor.

62


 

SECTION 19 NOTICES


 

Set forth below is a summary of notices sent by each Trust, if any, pursuant to Section 19 of the Investment Company Act of 1940. Section 19 requires each Trust to accompany dividend payments with a notice if any part of that payment is from a source other than accumulated net investment income, not including profits or losses from the sale of securities or other properties. These notices are not for tax reporting purposes and were provided only for informational purposes in order to comply with the requirements of Section 19. In January 2007, after the completion of each Trust’s tax year, shareholders will receive a Form 1099-DIV which will reflect the amount of income, capital gain and return of capital paid by the Trust taxable in calendar year 2006 and reportable on your 2006 federal and other income tax returns.

 

 

 

 

 

 

 

 

 

 

 

 

 

Total
distributions

 

Net Investment
Income

 

Distributions
from proceeds
from the sale
of securities

 

Distributions
from return
of capital

 

 

 


 


 


 


 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

 

$0.12966

 

$—

 

$0.12966

 

$—

 

 

 

 

 

 

 

 

 

 

 

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

 

$0.06353

 

 

$0.06353

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock New York Investment Quality Municipal Trust (RNY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dec-05

 

 

$0.04274

 

 

$0.04274

 

 

63


BlackRock Closed-End Funds

 

 

 

 

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer, Lead Trustee
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito

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


1    For the Income Trusts.
2    For the Investment Quality Trusts.

 

 

Transfer Agent
Computershare Trust Company, N.A.
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

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

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

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

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


 

 

 

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

(BLACK ROCK LOGO)

 

 

 

CEF-SEMI-2

 

 



Item 2. Code of Ethics.
Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.

Item 6. Schedule of Investments.
The Registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable for semi-annual reports.

Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers.
No such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.
No matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures. (a) The Registrant's principal executive 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 principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a -3(d))) that occurred during the Registrant’s last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of the Principal Executive and Financial Officers pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.CERT.

(b) Certification of Principal Executive and Financial Officers pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906 CERT.

2


SIGNATURES

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

(Registrant)      BlackRock Municipal Income Trust

By:      /s/ Henry Gabbay               

Name: Henry Gabbay
Title: Treasurer
Date: July 6, 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: Principal Executive Officer
Date: July 6, 2006

By:      /s/ Henry Gabbay               
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 6, 2006

3