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:

811-10337

 

 

       BlackRock New York Municipal Income Trust       

(Exact name of Registrant as specified in charter)


100 Bellevue Parkway, Wilmington, DE

19809

(Address of principal executive offices)

(Zip code)


Robert S. Kapito, President

BlackRock New York Municipal Income Trust

40 East 52nd Street, New York, NY 10022

(Name and address of agent for service)


Registrant's telephone number, including area code:

           888-825-2257           


Date of fiscal year end:

           October 31, 2007                       


Date of reporting period:

           April 30, 2007                             

 



Item 1. Reports to Shareholders.

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

 

ALTERNATIVES  BLACKROCK  SOLUTIONS  EQUITIES  FIXED  INCOME  LIQUIDITY  REAL  ESTATE


 

 

 

 

 

 

 

 

 

 

BlackRock
Closed-End Funds

(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT  |  APRIL 30, 2007 (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Investment Quality Municipal Trust (BKN)

 

 

 

 

BlackRock Municipal Income Trust (BFK)

 

 

 

 

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

 

 

 

BlackRock California Investment Quality Municipal Trust (RAA)

 

 

 

 

BlackRock California Municipal Income Trust (BFZ)

 

 

 

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

 

 

BlackRock Florida Municipal Income Trust (BBF)

 

 

 

 

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

 

 

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

 

 

BlackRock New York Investment Quality Municipal Trust (RNY)

 

 

 

 

BlackRock New York Municipal Income Trust (BNY)

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Financial Statements

 

 

 

 

 

Portfolios of Investments

 

13

 

 

 

Statements of Assets and Liabilities

 

44

 

 

 

Statements of Operations

 

47

 

 

 

Statement of Cash Flows

 

50

 

 

 

Statements of Changes in Net Assets

 

51

 

 

 

Financial Highlights

 

56

 

 

 

Notes to Financial Statements

 

67

 

 

 

Dividend Reinvestment Plans

 

74

 

 

 

Additional Information

 

75


BlackRock Privacy Principles

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

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

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

          BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

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



LETTER TO SHAREHOLDERS

April 30, 2007

Dear Shareholder:

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

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 











Trust (Ticker)

 

Current
Yield1

 

Tax-
Equivalent
Yield2

 

Closing
Market
Price

 

NAV

 











BlackRock Investment Quality Municipal Trust (BKN)

 

5.37

%

 

8.26

%

 

$

18.98

 

$

15.56

 















BlackRock Municipal Income Trust (BFK)

 

5.31

 

 

8.17

 

 

 

18.68

 

 

15.27

 















BlackRock Long-Term Municipal Advantage Trust (BTA)

 

4.79

 

 

7.37

 

 

 

13.79

 

 

14.76

 















BlackRock California Investment Quality Municipal Trust (RAA)

 

4.14

 

 

6.37

 

 

 

13.92

 

 

14.35

 















BlackRock California Municipal Income Trust (BFZ)

 

5.12

 

 

7.88

 

 

 

17.82

 

 

15.55

 















BlackRock Florida Investment Quality Municipal Trust (RFA)

 

4.20

 

 

6.46

 

 

 

13.70

 

 

14.03

 















BlackRock Florida Municipal Income Trust (BBF)

 

5.45

 

 

8.38

 

 

 

16.60

 

 

15.51

 















BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

4.75

 

 

7.31

 

 

 

17.19

 

 

14.29

 















BlackRock New Jersey Municipal Income Trust (BNJ)

 

4.96

 

 

7.63

 

 

 

19.28

 

 

16.21

 















BlackRock New York Investment Quality Municipal Trust (RNY)

 

4.99

 

 

7.68

 

 

 

16.85

 

 

14.95

 















BlackRock New York Municipal Income Trust (BNY)

 

5.14

 

 

7.91

 

 

 

17.59

 

 

15.73

 















 

 

1

Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share. Past performance does not guarantee future results.

2

Tax-equivalent yield assumes the maximum Federal tax rate of 35%.

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

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

 

 

Sincerely,

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

 

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Investment Quality Municipal Trust (BKN)

 


 

 

 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BKN

 





Initial Offering Date:

 

February 19, 1993

 





Closing Market Price as of 4/30/07:

 

 

$

18.98

 

 








Net Asset Value as of 4/30/07:

 

 

$

15.56

 

 








Yield on Closing Market Price as of 4/30/07 ($18.98):1

 

 

 

5.37

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0850

 

 








Current Annualized Distribution per Common Share:2

 

 

$

1.0200

 

 








Leverage as of 4/30/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

18.98

 

$

18.97

 

0.05

%

 

$

19.90

 

$

18.29

 



















NAV

 

 

$

15.56

 

$

15.79

 

(1.46

)%

 

$

15.96

 

$

15.44

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Sector

 

April 30, 2007

 

October 31, 2006

 







City, County & State

 

22

%

 

23

%

 









Hospitals

 

15

 

 

13

 

 









Industrial & Pollution Control

 

12

 

 

14

 

 









Housing

 

9

 

 

6

 

 









Education

 

9

 

 

9

 

 









Transportation

 

8

 

 

8

 

 









Power

 

8

 

 

10

 

 









Lease Revenue

 

6

 

 

6

 

 









Tax Revenue

 

5

 

 

4

 

 









Water & Sewer

 

4

 

 

5

 

 









Tobacco

 

2

 

 

2

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

52

%

 

51

%

 









AA/Aa

 

14

 

 

13

 

 









A

 

7

 

 

6

 

 









BBB/Baa

 

16

 

 

16

 

 









BB/Ba

 

3

 

 

4

 

 









B

 

1

 

 

2

 

 









Not Rated

 

7

5

 

8

 

 









 

 


4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007, the market value of these securities was $6,566,286, representing 1.6% of the Trust’s long-term investments.

2


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Municipal Income Trust (BFK)

 


 

 

 

 

 

 

 

Trust Information





Symbol on New York Stock Exchange:

 

BFK

 





Initial Offering Date:

 

July 27, 2001

 





Closing Market Price as of 4/30/07:

 

 

$

18.68

 

 








Net Asset Value as of 4/30/07:

 

 

$

15.27

 

 








Yield on Closing Market Price as of 4/30/07 ($18.68):1

 

 

 

5.31

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.082625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.991500

 

 








Leverage as of 4/30/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

18.68

 

$

17.30

 

7.98

%

 

$

18.73

 

$

16.96

 



















NAV

 

 

$

15.27

 

$

15.37

 

(0.65

)%

 

$

15.55

 

$

15.16

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Sector

 

April 30, 2007

 

October 31, 2006

 







Hospitals

 

22

%

 

21

%

 









Industrial & Pollution Control

 

18

 

 

22

 

 









City, County & State

 

11

 

 

11

 

 









Transportation

 

10

 

 

9

 

 









Housing

 

9

 

 

8

 

 









Education

 

8

 

 

8

 

 









Tobacco

 

6

 

 

4

 

 









Power

 

5

 

 

7

 

 









Tax Revenue

 

5

 

 

5

 

 









Lease Revenue

 

3

 

 

2

 

 









Water & Sewer

 

3

5

 

3

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

34

%

 

30

%

 









AA/Aa

 

9

 

 

9

 

 









A

 

21

 

 

21

 

 









BBB/Baa

 

20

 

 

21

 

 









BB/Ba

 

4

 

 

5

 

 









B

 

5

 

 

7

 

 









Not Rated

 

7

5

 

7

 

 









 

 


4

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

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007, the market value of these securities was $12,783,807, representing 1.2% of the Trust’s long-term investments.

3


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Long-Term Municipal Advantage Trust (BTA)

 


 

 

 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BTA

 





Initial Offering Date:

 

February 28, 2006

 





Closing Market Price as of 4/30/07:

 

 

$

13.79

 

 








Net Asset Value as of 4/30/07:

 

 

$

14.76

 

 








Yield on Closing Market Price as of 4/30/07 ($13.79):1

 

 

 

4.79

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0550

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.6600

 

 








 

 

1

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

2

The distribution is not constant and is subject to change.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

13.79

 

$

14.70

 

(6.19

)%

 

$

15.30

 

$

13.49

 



















NAV

 

 

$

14.76

 

$

14.89

 

(0.87

)%

 

$

15.22

 

$

14.60

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

April 30, 2007

 

October 31, 2006

 







Water & Sewer

 

19

%

 

10

%

 









Education

 

17

 

 

24

 

 









Hospital

 

17

 

 

12

 

 









Tobacco

 

15

 

 

14

 

 









Industrial & Pollution Control

 

9

 

 

14

 

 









Housing

 

7

 

 

1

 

 









Transportation

 

7

 

 

13

 

 









City, County & State

 

5

 

 

4

 

 









Power

 

3

 

 

4

 

 









Lease Revenue

 

1

 

 

4

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations3


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

43

%

 

33

%

 









AA/Aa

 

28

 

 

21

 

 









A

 

3

 

 

4

 

 









BBB/Baa

 

18

 

 

33

 

 









B

 

3

 

 

2

 

 









Not Rated4

 

5

 

 

7

 

 









 

 


3

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

4

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

4


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock California Investment Quality Municipal Trust (RAA)

 


 

 

 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

RAA

 





Initial Offering Date:

 

May 28, 1993

 





Closing Market Price as of 4/30/07:

 

 

$

13.92

 

 








Net Asset Value as of 4/30/07:

 

 

$

14.35

 

 








Yield on Closing Market Price as of 4/30/07 ($13.92):1

 

 

 

4.14

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0480

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.5760

 

 








Leverage as of 4/30/07:3

 

 

 

34

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

13.92

 

$

15.80

 

(11.90

)%

 

$

16.65

 

$

13.72

 



















NAV

 

 

$

14.35

 

$

14.51

 

(1.10

)%

 

$

14.68

 

$

14.23

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

April 30, 2007

 

October 31, 2006

 







City, County & State

 

29

%

 

26

%

 









Education

 

18

 

 

16

 

 









Tobacco

 

11

 

 

10

 

 









Industrial & Pollution Control

 

11

 

 

13

 

 









Hospitals

 

8

 

 

7

 

 









Housing

 

5

 

 

2

 

 









Power

 

4

 

 

3

 

 









Lease Revenue

 

4

 

 

4

 

 









Transportation

 

3

 

 

14

 

 









Resource Recovery

 

3

 

 

 

 









Other

 

2

 

 

 

 









Water & Sewer

 

2

 

 

5

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

49

%

 

62

%

 









AA/Aa

 

5

 

 

 

 









A

 

21

 

 

14

 

 









BBB/Baa

 

10

 

 

7

 

 









B

 

5

 

 

6

 

 









Not Rated

 

10

 

 

11

 

 









 

 


4

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

5


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock California Municipal Income Trust (BFZ)

 


 

 

 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BFZ

 





Initial Offering Date:

 

July 27, 2001

 





Closing Market Price as of 4/30/07:

 

 

$

17.82

 

 








Net Asset Value as of 4/30/07:

 

 

$

15.55

 

 








Yield on Closing Market Price as of 4/30/07 ($17.82):1

 

 

 

5.12

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.076074

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.912888

 

 








Leverage as of 4/30/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

17.82

 

$

17.12

 

4.09

%

 

$

17.92

 

$

16.60

 



















NAV

 

 

$

15.55

 

$

15.74

 

(1.21

)%

 

$

15.85

 

$

15.41

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Sector

 

April 30, 2007

 

October 31, 2006

 







City, County & State

 

22

%

 

22

%

 









Hospitals

 

13

 

 

13

 

 









Transportation

 

13

 

 

14

 

 









Housing

 

11

 

 

11

 

 









Education

 

11

 

 

12

 

 









Lease Revenue

 

8

 

 

9

 

 









Tobacco

 

8

 

 

7

 

 









Power

 

7

 

 

7

 

 









Industrial & Pollution Control

 

7

 

 

5

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

45

%

 

49

%

 









AA/Aa

 

3

 

 

3

 

 









A

 

27

 

 

26

 

 









BBB/Baa

 

14

 

 

12

 

 









B

 

1

 

 

1

 

 









Not Rated

 

10

 

 

9

 

 









 

 


4

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

6


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

 

 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

RFA

 





Initial Offering Date:

 

May 28, 1993

 





Closing Market Price as of 4/30/07:

 

 

$

13.70

 

 








Net Asset Value as of 4/30/07:

 

 

$

14.03

 

 








Yield on Closing Market Price as of 4/30/07 ($13.70):1

 

 

 

4.20

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0480

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.5760

 

 








Leverage as of 4/30/07:3

 

 

 

35

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

13.70

 

$

16.00

 

(14.38

)%

 

$

16.00

 

$

13.18

 



















NAV

 

 

$

14.03

 

$

14.24

 

(1.47

)%

 

$

14.40

 

$

13.92

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition







Sector

 

April 30, 2007

 

October 31, 2006

 







Hospitals

 

25

%

 

24

%

 









City, County & State

 

21

 

 

18

 

 









Water & Sewer

 

19

 

 

22

 

 









Lease Revenue

 

10

 

 

10

 

 









Tax Revenue

 

8

 

 

8

 

 









Industrial & Pollution Control

 

7

 

 

7

 

 









Education

 

5

 

 

5

 

 









Transportation

 

4

 

 

6

 

 









Tobacco

 

1

 

 

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

59

%

 

64

%

 









AA/Aa

 

5

 

 

5

 

 









A

 

12

 

 

8

 

 









BBB/Baa

 

12

 

 

8

 

 









BB/Ba

 

2

 

 

3

 

 









Not Rated

 

10

 

 

12

 

 









 

 


4

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

7


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock Florida Municipal Income Trust (BBF)

 

 

 

 

 

 

 

 

Trust Information






Symbol on New York Stock Exchange:

 

BBF

 





Initial Offering Date:

 

July 27, 2001

 





Closing Market Price as of 4/30/07:

 

 

$

16.60

 

 








Net Asset Value as of 4/30/07:

 

 

$

15.51

 

 








Yield on Closing Market Price as of 4/30/07 ($16.60):1

 

 

 

5.45

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.075375

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.904500

 

 








Leverage as of 4/30/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

16.60

 

$

16.30

 

1.84

%

 

$

17.11

 

$

15.87

 



















NAV

 

 

$

15.51

 

$

15.68

 

(1.08

)%

 

$

15.76

 

$

15.37

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Sector

 

April 30, 2007

 

October 31, 2006

 







City, County & State

 

30

%

 

34

%

 









Hospitals

 

26

 

 

21

 

 









Water & Sewer

 

11

 

 

9

 

 









Tax Revenue

 

8

 

 

7

 

 









Education

 

7

 

 

7

 

 









Transportation

 

4

 

 

3

 

 









Lease Revenue

 

4

 

 

6

 

 









Tobacco

 

3

 

 

4

 

 









Housing

 

3

 

 

3

 

 









Power

 

2

 

 

4

 

 









Industrial & Pollution Control

 

1

 

 

2

 

 









Other

 

1

 

 

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

37

%

 

39

%

 









AA/Aa

 

26

 

 

29

 

 









A

 

9

 

 

6

 

 









BBB/Baa

 

11

 

 

10

 

 









BB/Ba

 

2

 

 

2

 

 









Not Rated5

 

15

 

 

14

 

 









 

 


4

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

5

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

8


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


 

 

 

 

 

 

 

Trust Information






Symbol on American Stock Exchange:

 

RNJ

 





Initial Offering Date:

 

May 28, 1993

 





Closing Market Price as of 4/30/07:

 

 

$

17.19

 

 








Net Asset Value as of 4/30/07:

 

 

$

14.29

 

 








Yield on Closing Market Price as of 4/30/07 ($17.19):1

 

 

 

4.75

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0680

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.8160

 

 








Leverage as of 4/30/07:3

 

 

 

34

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

17.19

 

$

15.95

 

7.77

%

 

$

18.85

 

$

15.95

 



















NAV

 

 

$

14.29

 

$

14.47

 

(1.24

)%

 

$

14.61

 

$

14.14

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition





Sector

 

April 30, 2007

 

October 31, 2006

 







Transportation

 

20

%

 

23

%

 









Hospitals

 

18

 

 

15

 

 









Housing

 

11

 

 

13

 

 









Education

 

10

 

 

11

 

 









Tax Revenue

 

10

 

 

10

 

 









Industrial & Pollution Control

 

7

 

 

10

 

 









Tobacco

 

6

 

 

5

 

 









Water & Sewer

 

6

 

 

5

 

 









Lease Revenue

 

4

 

 

3

 

 









City, County & State

 

4

 

 

3

 

 









Power

 

4

 

 

2

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

50

%

 

41

%

 









AA/Aa

 

2

 

 

3

 

 









A

 

6

 

 

6

 

 









BBB/Baa

 

30

 

 

33

 

 









B

 

5

 

 

6

 

 









Not Rated

 

7

 

 

11

 

 









 

 


4

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

9


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

 

 

 

 

 

 

Trust Information






Symbol on New York Stock Exchange:

 

BNJ

 





Initial Offering Date:

 

July 27, 2001

 





Closing Market Price as of 4/30/07:

 

 

$

19.28

 

 








Net Asset Value as of 4/30/07:

 

 

$

16.21

 

 








Yield on Closing Market Price as of 4/30/07 ($19.28):1

 

 

 

4.96

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.079625

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.955500

 

 








Leverage as of 4/30/07:3

 

 

 

34

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

19.28

 

$

18.40

 

4.78

%

 

$

19.70

 

$

18.15

 



















NAV

 

 

$

16.21

 

$

16.35

 

(0.86

)%

 

$

16.46

 

$

16.05

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Sector

 

April 30, 2007

 

October 31, 2006

 







Hospitals

 

26

%

 

24

%

 









Housing

 

20

 

 

20

 

 









City, County & State

 

12

 

 

11

 

 









Transportation

 

9

 

 

10

 

 









Tobacco

 

8

 

 

8

 

 









Tax Revenue

 

6

 

 

6

 

 









Industrial & Pollution Control

 

6

 

 

6

 

 









Education

 

6

 

 

5

 

 









Lease Revenue

 

4

 

 

10

 

 









Water & Sewer

 

2

 

 

 

 









Power

 

1

 

 

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

37

%

 

32

%

 









A

 

22

 

 

22

 

 









BBB/Baa

 

35

 

 

39

 

 









B

 

3

 

 

3

 

 









Not Rated

 

3

 

 

4

 

 









 

 


4

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

10


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New York Investment Quality Municipal Trust (RNY)

 


 

 

 

 

 

 

 

Trust Information






Symbol on American Stock Exchange:

 

RNY

 





Initial Offering Date:

 

May 28, 1993

 





Closing Market Price as of 4/30/07:

 

 

$

16.85

 

 








Net Asset Value as of 4/30/07:

 

 

$

14.95

 

 








Yield on Closing Market Price as of 4/30/07 ($16.85):1

 

 

 

4.99

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.0700

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.8400

 

 








Leverage as of 4/30/07:3

 

 

 

33

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

16.85

 

$

16.65

 

1.20

%

 

$

18.25

 

$

16.30

 



















NAV

 

 

$

14.95

 

$

15.18

 

(1.52

)%

 

$

15.32

 

$

14.85

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Sector

 

April 30, 2007

 

October 31, 2006

 







Education

 

23

%

 

24

%

 









Tax Revenue

 

15

 

 

15

 

 









Water & Sewer

 

12

 

 

11

 

 









City, County & State

 

12

 

 

12

 

 









Industrial & Pollution Control

 

12

 

 

14

 

 









Housing

 

10

 

 

8

 

 









Transportation

 

5

 

 

4

 

 









Hospitals

 

4

 

 

4

 

 









Lease Revenue

 

3

 

 

6

 

 









Tobacco

 

2

 

 

2

 

 









Other

 

2

 

 

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

49

%

 

46

%

 









AA/Aa

 

21

 

 

29

 

 









A

 

6

 

 

4

 

 









BBB/Baa

 

13

 

 

12

 

 









B

 

9

 

 

6

 

 









Caa

 

 

 

3

 

 









Not Rated

 

2

 

 

 

 









 

 


4

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

11


TRUST SUMMARIES (unaudited)
APRIL 30, 2007

BlackRock New York Municipal Income Trust (BNY)

 


 

 

 

 

 

 

 

Trust Information






Symbol on New York Stock Exchange:

 

BNY

 





Initial Offering Date:

 

July 27, 2001

 





Closing Market Price as of 4/30/07:

 

 

$

17.59

 

 








Net Asset Value as of 4/30/07:

 

 

$

15.73

 

 








Yield on Closing Market Price as of 4/30/07 ($17.59):1

 

 

 

5.14

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.075339

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.904068

 

 








Leverage as of 4/30/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

 

4/30/07

 

10/31/06

 

Change

 

High

 

Low

 














Market Price

 

 

$

17.59

 

$

17.35

 

1.38

%

 

$

18.00

 

$

16.70

 



















NAV

 

 

$

15.73

 

$

15.88

 

(0.94

)%

 

$

15.99

 

$

15.63

 



















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

 

 

 

 

 

 

 

 

Portfolio Composition


Sector

 

April 30, 2007

 

October 31, 2006

 







Industrial & Pollution Control

 

17

%

 

19

%

 









Transportation

 

15

 

 

13

 

 









Housing

 

14

 

 

15

 

 









Tobacco

 

12

 

 

12

 

 









Education

 

9

 

 

10

 

 









City, County & State

 

9

 

 

7

 

 









Water & Sewer

 

8

 

 

6

 

 









Lease Revenue

 

7

 

 

9

 

 









Hospitals

 

5

 

 

6

 

 









Power

 

3

 

 

2

 

 









Tax Revenue

 

1

 

 

1

 

 









 

 

 

 

 

 

 

 

Credit Quality Allocations4


Credit Rating

 

April 30, 2007

 

October 31, 2006

 







AAA/Aaa

 

41

%

 

37

%

 









AA/Aa

 

17

 

 

21

 

 









A

 

16

 

 

15

 

 









BBB/Baa

 

19

 

 

20

 

 









B

 

6

 

 

4

 

 









CCC/Caa

 

 

 

3

 

 









Not Rated

 

1

 

 

 

 









 

 


4

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

12



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Investment Quality Municipal Trust (BKN)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—155.6%

 

 

 

 

 

 

 

 

 

Alabama—7.0%

 

 

 

 

 

 

 

 

 

Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj.,

 

 

 

 

 

 

$

1,765

 

Ser. C-2, 5.00%, 11/15/36

 

11/16 @ 100

 

$

1,830,040

 

 

1,265

 

Ser. C-2, 5.00%, 11/15/39

 

11/16 @ 100

 

 

1,308,238

 

 

14,000

2

Univ. of Alabama Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.875%, 9/01/10, MBIA

 

N/A

 

 

15,070,440

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,208,718

 

 

 

 

 

 

 

 



 

 

 

 

Arizona—0.8%

 

 

 

 

 

 

 

 

 

San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj.,

 

 

 

 

 

 

 

490

 

6.25%, 5/01/15

 

05/10 @ 107

 

 

496,983

 

 

490

 

7.00%, 5/01/20

 

05/10 @ 107

 

 

497,345

 

 

980

 

7.25%, 5/01/27

 

05/10 @ 107

 

 

1,000,090

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

1,994,418

 

 

 

 

 

 

 

 



 

 

 

 

California—24.1%

 

 

 

 

 

 

 

 

 

California GO,

 

 

 

 

 

 

 

5,800

 

5.00%, 2/01/32

 

08/13 @ 100

 

 

6,019,820

 

 

3,485

 

5.00%, 6/01/34

 

12/14 @ 100

 

 

3,638,166

 

 

5,000

2

5.625%, 5/01/10

 

N/A

 

 

5,329,941

 

 

770

 

5.625%, 5/01/18

 

05/10 @ 101

 

 

821,829

 

 

10,000

 

California, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG

 

03/15 @ 100

 

 

10,515,300

 

 

 

 

Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,

 

 

 

 

 

 

 

1,340

 

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

 

06/16 @ 17.602

 

 

140,874

 

 

7,090

 

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

 

06/16 @ 8.9

 

 

363,292

 

 

9,060

 

Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55

 

06/16 @ 6.219

 

 

307,678

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,

 

 

 

 

 

 

 

3,495

 

5.75%, 1/15/40

 

01/10 @ 101

 

 

3,655,980

 

 

7,000

 

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

 

01/14 @ 101

 

 

6,545,910

 

 

805

 

Golden St. Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47

 

06/17 @ 100

 

 

806,538

 

 

10,945

2

Los Altos Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/13, MBIA

 

N/A

 

 

4,616,163

 

 

15,460

 

Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 3.80%, 12/01/07, AMBAC

 

No Opt. Call

 

 

15,662,990

 

 

4,185

 

Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38

 

05/13 @ 101

 

 

4,270,248

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

62,694,729

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

Colorado—0.8%

 

 

 

 

 

 

$

1,030

 

City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA

 

11/15 @ 100

 

$

1,081,067

 

 

1,020

 

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

 

12/15 @ 101

 

 

1,082,424

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,163,491

 

 

 

 

 

 

 

 



 

 

 

 

Connecticut—1.2%

 

 

 

 

 

 

 

3,000

3

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

 

09/09 @ 101

 

 

3,077,880

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—2.3%

 

 

 

 

 

 

 

4,960

 

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

 

No Opt. Call

 

 

5,911,725

 

 

 

 

 

 

 

 



 

 

 

 

Florida—17.8%

 

 

 

 

 

 

 

 

 

Cnty. of Miami-Dade, Recreational Fac. Impvts. Misc. SO,

 

 

 

 

 

 

 

3,380

 

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

 

10/15 @ 44.051

 

 

1,014,439

 

 

4,225

 

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

 

10/15 @ 41.782

 

 

1,201,717

 

 

4,000

 

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

 

10/15 @ 39.621

 

 

1,075,360

 

 

4,580

 

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

 

10/15 @ 37.635

 

 

1,168,587

 

 

5,000

 

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

 

10/15 @ 35.678

 

 

1,212,400

 

 

10,000

 

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

 

10/15 @ 33.817

 

 

2,290,800

 

 

10,000

 

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

 

10/15 @ 32.047

 

 

2,169,100

 

 

7,895

 

Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

8,095,533

 

 

2,050

 

Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. TA, Ser. A, 6.125%, 5/01/34

 

05/13 @ 101

 

 

2,184,665

 

 

2,415

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38

 

06/16 @ 100

 

 

2,450,138

 

 

3,700

 

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

 

10/10 @ 101

 

 

4,010,578

 

 

1,215

 

JEA Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

1,236,287

 

 

4,755

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

5,380,758

 

 

3,770

 

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

 

10/15 @ 100

 

 

3,868,585

 

See Notes to Financial Statements.

13



BlackRock Investment Quality Municipal Trust (BKN) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

8,700

 

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

 

05/13 @ 100

 

$

9,029,208

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

46,388,155

 

 

 

 

 

 

 

 



 

 

 

 

Georgia—3.2%

 

 

 

 

 

 

 

 

 

City of Atlanta,

 

 

 

 

 

 

 

2,245

 

Port, Arpt. & Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA

 

01/15 @ 100

 

 

2,349,594

 

 

4,000

 

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

 

11/14 @ 100

 

 

4,204,120

 

 

1,500

 

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

 

09/14 @ 101

 

 

1,651,950

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,205,664

 

 

 

 

 

 

 

 



 

 

 

 

Hawaii—1.0%

 

 

 

 

 

 

 

2,500

 

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

 

01/09 @ 101

 

 

2,610,700

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—15.0%

 

 

 

 

 

 

 

1,920

3

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

 

No Opt. Call

 

 

1,988,083

 

 

1,040

2

Chicago Brd. of Ed., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.75%, 12/01/07, AMBAC

 

N/A

 

 

1,072,458

 

 

3,210

 

Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA

 

07/16 @ 100

 

 

3,398,556

 

 

3,540

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT

 

01/14 @ 100

 

 

3,733,001

 

 

5,000

4

Chicago Pub. Bldg. Comm. Bldg., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 7.00%, 1/01/20, MBIA

 

ETM

 

 

6,379,450

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

 

1,665

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25

 

11/16 @ 100

 

 

1,706,775

 

 

1,330

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30

 

11/16 @ 100

 

 

1,360,297

 

 

690

 

Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37

 

02/15 @ 100

 

 

712,101

 

 

5,800

 

Hlth., Hosp. & Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43

 

08/14 @ 100

 

 

6,303,150

 

 

875

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

897,155

 

 

700

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35

 

06/14 @ 100

 

 

717,570

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

3,980

 

Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC

 

02/16 @ 100

 

$

3,948,558

 

 

6,500

 

Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA

 

01/15 @ 100

 

 

6,654,895

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

38,872,049

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—1.2%

 

 

 

 

 

 

 

3,050

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

3,040,819

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—0.7%

 

 

 

 

 

 

 

1,690

 

Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys. Proj., 5.00%, 9/01/36

 

09/16 @ 100

 

 

1,729,140

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—2.4%

 

 

 

 

 

 

 

13,500

 

Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA

 

No Opt. Call

 

 

6,275,745

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—2.6%

 

 

 

 

 

 

 

5,000

 

Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A, 4.80%, 9/01/42, AMT

 

09/16 @ 100

 

 

4,957,600

 

 

1,740

 

Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33

 

08/14 @ 100

 

 

1,851,464

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,809,064

 

 

 

 

 

 

 

 



 

 

 

 

Massachusetts—1.2%

 

 

 

 

 

 

 

3,075

 

Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41

 

08/16 @ 100

 

 

3,235,300

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—0.7%

 

 

 

 

 

 

 

1,670

 

Hosp. Fin. Auth. Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46

 

11/16 @ 100

 

 

1,752,515

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—1.0%

 

 

 

 

 

 

 

2,535

 

Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28

 

12/16 @ 100

 

 

2,533,530

 

 

 

 

 

 

 

 



 

 

 

 

Missouri—3.2%

 

 

 

 

 

 

 

5,250

 

Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38, AMT

 

09/16 @ 103

 

 

5,452,020

 

 

2,820

 

Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA

 

01/16 @ 100

 

 

2,830,237

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,282,257

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

14



BlackRock Investment Quality Municipal Trust (BKN) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Multi-State—4.7%

 

 

 

 

 

 

$

7,000

3

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

 

11/10 @ 100

 

$

7,690,900

 

 

4,000

3

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

 

11/10 @ 100

 

 

4,404,520

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,095,420

 

 

 

 

 

 

 

 



 

 

 

 

Nebraska—3.1%

 

 

 

 

 

 

 

 

 

Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB,

 

 

 

 

 

 

 

2,765

 

Ser. A, 4.75%, 2/01/44

 

02/14 @ 100

 

 

2,807,913

 

 

5,000

 

Ser. A, 5.00%, 2/01/34

 

02/14 @ 100

 

 

5,220,800

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

8,028,713

 

 

 

 

 

 

 

 



 

 

 

 

Nevada—2.1%

 

 

 

 

 

 

 

2,065

 

Cnty. of Clark Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29

 

05/16 @ 100

 

 

2,147,187

 

 

3,200

 

Truckee Meadows Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA

 

07/16 @ 100

 

 

3,306,176

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,453,363

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—3.5%

 

 

 

 

 

 

 

7,000

 

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

 

06/14 @ 100

 

 

7,573,580

 

 

1,510

 

Middlesex Cnty. Impvt. Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

1,603,907

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,177,487

 

 

 

 

 

 

 

 



 

 

 

 

New York—5.6%

 

 

 

 

 

 

 

725

 

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

 

05/15 @ 102

 

 

722,354

 

 

3,895

2

Dorm. Auth., Univ. & Coll. Impvts. RB, Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA

 

N/A

 

 

3,494,788

 

 

4,100

 

Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

No Opt. Call

 

 

4,691,097

 

 

2,600

 

New York City Indl. Dev. Agcy. Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./ JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

3,132,298

 

 

2,500

 

New York City Mun. Wtr. Fin. Auth. Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38

 

06/16 @ 100

 

 

2,632,750

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

14,673,287

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

North Carolina—4.7%

 

 

 

 

 

 

$

5,000

 

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

 

No Opt. Call

 

$

5,106,100

 

 

2,425

 

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT

 

08/15 @ 100

 

 

2,555,708

 

 

4,315

 

Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39

 

11/16 @ 100

 

 

4,460,070

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,121,878

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—7.7%

 

 

 

 

 

 

 

10,475

 

Air Qual. Dev. Auth. Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC

 

07/15 @ 100

 

 

10,733,314

 

 

3,485

 

Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj., 6.00%, 1/01/20

 

07/13 @ 100

 

 

3,862,495

 

 

5,000

 

Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Hlth. Sys. Proj., 6.00%, 1/01/21

 

07/13 @ 100

 

 

5,535,850

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

20,131,659

 

 

 

 

 

 

 

 



 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

 

2,900

 

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

No Opt. Call

 

 

3,431,338

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—6.4%

 

 

 

 

 

 

 

2,000

 

Delaware River Port. Auth., Port, Arpt. & Marina RB, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA

 

01/10 @ 100

 

 

2,094,040

 

 

 

 

Econ. Dev. Fing. Auth.,

 

 

 

 

 

 

 

6,380

 

Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT

 

06/11 @ 103

 

 

7,017,808

 

 

2,000

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT

 

05/11 @ 101

 

 

2,139,100

 

 

3,100

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT

 

05/11 @ 101

 

 

3,314,954

 

 

980

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT

 

10/16 @ 100

 

 

963,399

 

 

 

 

McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

870

4

Zero Coupon, 10/01/31, FGIC

 

ETM

 

 

297,714

 

 

2,435

 

Zero Coupon, 10/01/31, FGIC

 

No Opt. Call

 

 

823,371

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,650,386

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

15



BlackRock Investment Quality Municipal Trust (BKN) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Puerto Rico—2.6%

 

 

 

 

 

 

$

2,900

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/23, FSA

 

07/17 @ 100

 

$

3,130,144

 

 

3,115

 

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34

 

No Opt. Call

 

 

3,597,358

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,727,502

 

 

 

 

 

 

 

 



 

 

 

 

Rhode Island—0.8%

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Lifespan Proj.,

 

 

 

 

 

 

 

1,800

2

5.50%, 5/15/07, MBIA

 

N/A

 

 

1,837,188

 

 

200

 

5.50%, 5/15/16, MBIA

 

05/07 @ 102

 

 

204,234

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,041,422

 

 

 

 

 

 

 

 



 

 

 

 

South Carolina—4.7%

 

 

 

 

 

 

 

5,000

 

Hsg. Fin. & Dev. Auth., Hsg. RB, Ser. A2, 5.15%, 7/01/37, AMBAC, AMT

 

07/15 @ 100

 

 

5,150,850

 

 

 

 

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj.,

 

 

 

 

 

 

 

4,000

2

6.875%, 8/01/13

 

N/A

 

 

4,671,283

 

 

2,185

 

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

 

08/13 @ 100

 

 

2,423,842

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,245,975

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—2.0%

 

 

 

 

 

 

 

4,865

 

Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D, 6.00%, 3/01/24, AMBAC, AMT

 

03/10 @ 101

 

 

5,158,554

 

 

 

 

 

 

 

 



 

 

 

 

Texas—14.3%

 

 

 

 

 

 

 

1,350

 

Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT

 

04/16 @ 100

 

 

1,377,392

 

 

6,000

2

Grapevine, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.875%, 8/15/10, FGIC

 

N/A

 

 

6,398,640

 

 

5,000

 

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

 

11/30 @ 61.166

 

 

1,026,850

 

 

2,480

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC

 

10/16 @ 100

 

 

2,444,685

 

 

9,495

 

La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF

 

02/14 @ 100

 

 

9,893,600

 

 

 

 

Lower Colorado River Auth., Misc. RB,

 

 

 

 

 

 

 

3,845

 

4.75%, 5/15/36, AMBAC

 

05/11 @ 100

 

 

3,889,986

 

 

5

2

Ser. A, 5.00%, 5/15/13, MBIA

 

N/A

 

 

5,335

 

 

945

 

Ser. A, 5.00%, 5/15/31, MBIA

 

05/13 @ 100

 

 

982,394

 

 

675

 

Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA

 

03/14 @ 100

 

 

687,184

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Texas—(cont’d)

 

 

 

 

 

 

$

2,010

 

Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC

 

03/16 @ 100

 

$

2,066,863

 

 

1,000

 

Texas, Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22

 

08/10 @ 100

 

 

1,057,820

 

 

 

 

Tpke. Auth., Hwy. Impvts. Tolls RB,

 

 

 

 

 

 

 

3,325

 

Ser. A, 5.00%, 8/15/42, AMBAC

 

08/12 @ 100

 

 

3,448,889

 

 

15,000

 

Zero Coupon, 8/15/31, AMBAC

 

08/12 @ 32.807

 

 

3,896,550

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

37,176,188

 

 

 

 

 

 

 

 



 

 

 

 

Utah—0.7%

 

 

 

 

 

 

 

1,950

4

Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.00%, 7/01/13, AMBAC

 

ETM

 

 

1,951,930

 

 

 

 

 

 

 

 



 

 

 

 

Virginia—1.1%

 

 

 

 

 

 

 

2,900

 

Tobacco Settlement Fing. Corp., Tobacco Settlelement Funded RB, Ser. B1, 5.00%, 6/01/47

 

06/17 @ 100

 

 

2,856,500

 

 

 

 

 

 

 

 



 

 

 

 

Washington—1.9%

 

 

 

 

 

 

 

1,420

 

Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA

 

01/16 @ 100

 

 

1,496,481

 

 

3,480

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC

 

10/16 @ 100

 

 

3,486,473

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

4,982,954

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—1.4%

 

 

 

 

 

 

 

3,220

 

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

 

04/13 @ 100

 

 

3,567,406

 

 

 

 

 

 

 

 



 

 

 

 

Wyoming—0.8%

 

 

 

 

 

 

 

2,145

 

Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.75%, 12/01/37, AMT

 

12/16 @ 100

 

 

2,131,208

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $381,319,733)

 

 

 

 

404,389,069

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.6%

 

 

 

 

 

 

 

4,300

5,6

Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $4,300,000)

 

N/A

 

 

4,300,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—157.2%
(cost $385,619,7337)

 

 

 

$

408,689,069

 

 

 

 

Liabilities in excess of other assets—(0.8)%

 

 

 

 

(2,064,139)

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.4)%

 

 

 

 

(146,682,337)

 

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

259,942,593

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

16



BlackRock Investment Quality Municipal Trust (BKN) (continued)

 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 6.6% of its net assets, with a current market value of $17,161,383, in securities restricted as to resale.

4

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

5

Represents an investment in an affiliate.

6

Represents current yield as of April 30, 2007.

7

Cost for federal income tax purposes is $386,204,280. The net unrealized appreciation on a tax basis is $22,484,789, consisting of $22,773,337 gross unrealized appreciation and $288,548 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

CAPMAC

Capital Markets Assurance Co.

CIFG-TCRS

CDC IXIS Financial Guaranty

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PSF

Public School Fund Guaranteed

RB

Revenue Bond

SA

Special Assessment

SO

Special Obligation

TA

Tax Allocation

XLCA

XL Capital Assurance

See Notes to Financial Statements.

17


PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Municipal Income Trust (BFK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—154.4%

 

 

 

 

 

 

 

 

 

Alabama—3.7%

 

 

 

 

 

 

$

15,000

2

Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. B, 5.75%, 6/01/12

 

N/A

 

$

16,486,500

 

 

 

 

Spl. Care Facs. Fing. Auth.- Birmingham, Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj.,

 

 

 

 

 

 

 

4,545

 

Ser. C-2, 5.00%, 11/15/36

 

11/16 @ 100

 

 

4,712,483

 

 

3,260

 

Ser. C-2, 5.00%, 11/15/39

 

11/16 @ 100

 

 

3,371,427

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

24,570,410

 

 

 

 

 

 

 

 



 

 

 

 

Arizona—2.0%

 

 

 

 

 

 

 

5,400

 

Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%, 8/01/38, AMT

 

03/17 @ 102.75

 

 

5,652,396

 

 

7,000

2

Scottsdale Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Scottsdale Hlth. Care Proj., 5.80%, 12/01/11

 

N/A

 

 

7,645,890

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,298,286

 

 

 

 

 

 

 

 



 

 

 

 

California—15.5%

 

 

 

 

 

 

 

7,000

 

California GO, 5.00%, 6/01/34

 

12/14 @ 100

 

 

7,307,650

 

 

3,175

 

City of Lincoln, Pub. Impvts. ST, 6.00%, 9/01/34

 

09/13 @ 102

 

 

3,299,079

 

 

 

 

Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,

 

 

 

 

 

 

 

3,385

 

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

 

06/16 @ 17.602

 

 

355,865

 

 

17,855

 

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

 

06/16 @ 8.9

 

 

914,890

 

 

22,825

 

Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55

 

06/16 @ 6.219

 

 

775,137

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,

 

 

 

 

 

 

 

54,635

 

Zero Coupon, 1/15/32

 

01/10 @ 27.37

 

 

13,108,576

 

 

20,535

 

Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

4,363,893

 

 

75,000

 

Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

12,485,250

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

 

10,000

2

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13

 

N/A

 

 

11,533,500

 

 

5,000

 

Tobacco Settlement Funded RB, Ser. A, 5.00%, 6/01/45

 

06/15 @ 100

 

 

5,178,000

 

 

13,320

 

Los Angeles Regl. Arpts. Impvt. Corp., Lease Facs. RB, LAXfuel Corp., Los Angeles Intl. Arpt. Proj., 5.50%, 1/01/32, AMBAC, AMT

 

01/12 @ 100

 

 

14,000,386

 

 

5,000

 

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

 

09/14 @ 100

 

 

5,347,850

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

California—(cont’d)

 

 

 

 

 

 

$

5,000

 

Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33

 

04/13 @ 100

 

$

5,281,050

 

 

 

 

Univ. of California, Univ. & Coll. Impvts. RB,

 

 

 

 

 

 

 

10,565

 

Ser. B, 4.75%, 5/15/38

 

05/13 @ 101

 

 

10,780,209

 

 

5,000

 

Ser. C, 4.75%, 5/15/37, MBIA

 

05/13 @ 101

 

 

5,129,250

 

 

4,015

 

West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 8/01/30, FSA

 

08/16 @ 100

 

 

4,154,561

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

104,015,146

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—1.3%

 

 

 

 

 

 

 

2,545

 

City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA

 

11/15 @ 100

 

 

2,671,181

 

 

3,500

 

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

 

12/11 @ 100

 

 

3,728,480

 

 

2,530

 

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

 

12/15 @ 101

 

 

2,684,836

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

9,084,497

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—6.4%

 

 

 

 

 

 

 

 

 

Dist. of Columbia,

 

 

 

 

 

 

 

2,390

 

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

 

06/14 @ 100

 

 

2,506,489

 

 

66,785

2

Univ. & Coll. Impvts. RB, Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/11, MBIA

 

N/A

 

 

12,551,409

 

 

25,535

 

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

 

05/11 @ 101

 

 

28,052,751

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

43,110,649

 

 

 

 

 

 

 

 



 

 

 

 

Florida—12.0%

 

 

 

 

 

 

 

3,890

 

Bellalago Edl. Facs. Benefit Dist., Sch. Impvts. SA, Ser. B, 5.80%, 5/01/34

 

05/14 @ 100

 

 

4,074,308

 

 

10,830

 

Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

11,105,082

 

 

1,905

 

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

 

05/12 @ 101

 

 

2,008,461

 

 

9,670

2

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

 

N/A

 

 

10,643,866

 

 

 

 

JEA,

 

 

 

 

 

 

 

11,035

 

Elec., Pwr. & Lt. Impvts. RB., Ser. 3A, 4.75%, 10/01/34, FSA

 

04/10 @ 100

 

 

11,136,963

 

See Notes to Financial Statements.

18



BlackRock Municipal Income Trust (BFK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

3,070

 

Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

$

3,123,786

 

 

2,900

 

Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA

 

04/11 @ 100

 

 

2,940,252

 

 

9,000

 

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

 

05/07 @ 100

 

 

9,091,260

 

 

11,685

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

13,222,746

 

 

3,880

 

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

 

05/14 @ 100

 

 

4,220,354

 

 

8,700

 

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

 

05/13 @ 100

 

 

9,029,208

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

80,596,286

 

 

 

 

 

 

 

 



 

 

 

 

Georgia—0.6%

 

 

 

 

 

 

 

4,000

 

Richmond Cnty. Dev. Auth., Rec. Recovery RB, Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25, AMT

 

02/12 @ 101

 

 

4,268,520

 

 

 

 

 

 

 

 



 

 

 

 

Idaho—2.7%

 

 

 

 

 

 

 

16,970

 

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

 

04/11 @ 100

 

 

17,866,186

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—15.7%

 

 

 

 

 

 

 

4,630

3

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

 

No Opt. Call

 

 

4,794,180

 

 

8,225

 

Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA

 

07/16 @ 100

 

 

8,708,136

 

 

7,645

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT

 

01/14 @ 100

 

 

8,061,805

 

 

 

 

Edl. Facs. Auth., Univ. & Coll. Impvts. RB,

 

 

 

 

 

 

 

760

 

Ser. A, 5.25%, 7/01/41

 

07/11 @ 101

 

 

797,172

 

 

7,000

2

Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/07

 

N/A

 

 

7,000,420

 

 

10,000

2

Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/12

 

N/A

 

 

11,238,100

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

 

7,145

2

Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09

 

N/A

 

 

7,544,977

 

 

4,235

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25

 

11/16 @ 100

 

 

4,341,256

 

 

3,395

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30

 

11/16 @ 100

 

 

3,472,338

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

1,685

 

Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37

 

02/15 @ 100

 

$

1,738,971

 

 

3,700

 

Hlth., Hosp. & Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43

 

08/14 @ 100

 

 

4,020,975

 

 

2,100

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

2,153,172

 

 

1,675

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35

 

06/14 @ 100

 

 

1,717,042

 

 

 

 

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj.,

 

 

 

 

 

 

 

5,000

 

5.50%, 1/01/22

 

01/13 @ 100

 

 

5,244,850

 

 

6,000

 

5.625%, 1/01/28

 

01/13 @ 100

 

 

6,340,200

 

 

40,000

 

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

 

No Opt. Call

 

 

11,794,400

 

 

10,090

 

Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC

 

02/16 @ 100

 

 

10,010,289

 

 

 

 

Vlg. of Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

7,120

 

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

 

No Opt. Call

 

 

2,283,242

 

 

14,085

 

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

 

No Opt. Call

 

 

4,309,869

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

105,571,394

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—7.0%

 

 

 

 

 

 

 

9,000

 

Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Methodist Hosp., Inc. Proj., 5.50%, 9/15/31

 

09/11 @ 100

 

 

9,115,110

 

 

7,750

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

7,726,673

 

 

 

 

Petersburg, Rec. Recovery Impvts. RB, Indianapolis Pwr. & Lt. Conv. Proj.,

 

 

 

 

 

 

 

10,000

 

5.90%, 12/01/24, AMT

 

08/11 @ 102

 

 

10,577,300

 

 

16,000

 

5.95%, 12/01/29, AMT

 

08/11 @ 102

 

 

17,046,560

 

 

2,390

 

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

 

01/09 @ 102

 

 

2,412,609

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

46,878,252

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—0.2%

 

 

 

 

 

 

 

1,365

 

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

 

07/11 @ 100

 

 

1,401,077

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19



BlackRock Municipal Income Trust (BFK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Louisiana—2.0%

 

 

 

 

 

 

$

9,215

 

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

 

No Opt. Call

 

$

10,292,049

 

 

3,260

 

St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39

 

12/16 @ 103

 

 

3,446,603

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

13,738,652

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—1.1%

 

 

 

 

 

 

 

2,665

 

Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A, 4.65%, 9/01/32, AMT

 

09/16 @ 100

 

 

2,629,689

 

 

4,205

 

Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33

 

08/14 @ 100

 

 

4,474,372

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,104,061

 

 

 

 

 

 

 

 



 

 

 

 

Massachusetts—1.1%

 

 

 

 

 

 

 

6,770

 

Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41

 

08/16 @ 100

 

 

7,122,920

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—0.7%

 

 

 

 

 

 

 

4,230

 

Hosp. Fin. Auth. Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46

 

11/16 @ 100

 

 

4,439,004

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—3.8%

 

 

 

 

 

 

 

6,460

 

Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28

 

12/16 @ 100

 

 

6,456,253

 

 

18,680

 

Gulfport, Hlth., Hosp. & Nursing Home Impvts. RB, Mem. Hosp. at Gulfport Proj., Ser. A, 5.75%, 7/01/31

 

07/11 @ 100

 

 

19,270,849

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

25,727,102

 

 

 

 

 

 

 

 



 

 

 

 

Missouri—0.1%

 

 

 

 

 

 

 

695

 

Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA

 

01/16 @ 100

 

 

697,523

 

 

 

 

 

 

 

 



 

 

 

 

Multi-State—6.9%

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

 

1,000

3

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

 

06/09 @ 100

 

 

1,044,200

 

 

11,000

3

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

 

06/09 @ 100

 

 

11,408,650

 

 

16,000

3

Ser. A-3, 6.80%, 10/31/52

 

10/14 @ 100

 

 

18,278,880

 

 

6,500

3

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

 

11/10 @ 100

 

 

6,955,130

 

 

8,000

3

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

 

06/09 @ 100

 

 

8,390,480

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

46,077,340

 

 

 

 

 

 

 

 



 

 

 

 

Nebraska—1.0%

 

 

 

 

 

 

 

6,990

 

Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.75%, 2/01/44

 

02/14 @ 100

 

 

7,098,485

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Nevada—2.5%

 

 

 

 

 

 

 

 

 

Cnty. of Clark,

 

 

 

 

 

 

$

5,000

 

Port, Arpt. & Marina RB, Jet Aviation Fuel Tax Proj., Ser. C, 5.00%, 7/01/40, AMBAC

 

07/15 @ 100

 

$

5,224,650

 

 

5,260

 

Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29

 

05/16 @ 100

 

 

5,469,348

 

 

6,000

 

Truckee Meadows Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA

 

07/16 @ 100

 

 

6,199,080

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

16,893,078

 

 

 

 

 

 

 

 



 

 

 

 

New Hampshire—1.2%

 

 

 

 

 

 

 

4,000

 

Bus. Fin. Auth. Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT

 

06/13 @ 102

 

 

4,086,480

 

 

3,500

 

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

 

10/11 @ 101

 

 

3,734,080

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,820,560

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—8.9%

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

 

18,500

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29

 

06/14 @ 100

 

 

20,015,890

 

 

15,410

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

11/10 @ 101

 

 

16,430,913

 

 

8,000

 

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

 

No Opt. Call

 

 

9,832,080

 

 

3,680

 

Middlesex Cnty. Impvt. Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

3,908,859

 

 

10,000

 

Tobacco Settlement Fing. Corp., Tobacco Settlement RB, Ser. 1A, 4.50%, 6/01/23

 

06/17 @ 100

 

 

9,864,500

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

60,052,242

 

 

 

 

 

 

 

 



 

 

 

 

New York—9.0%

 

 

 

 

 

 

 

1,820

 

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

 

05/15 @ 102

 

 

1,813,357

 

 

5,375

 

Env. Facs. Corp., Swr. Impvts. Misc. RB, NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31

 

06/12 @ 100

 

 

5,586,237

 

 

10,925

 

Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

No Opt. Call

 

 

12,500,057

 

 

7,115

 

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

 

07/12 @ 100

 

 

7,400,098

 

See Notes to Financial Statements.

20



BlackRock Municipal Income Trust (BFK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

New York—(cont’d)

 

 

 

 

 

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

 

$

22,140

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

$

26,718,331

 

 

5,000

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 8.00%, 8/01/28, AMT

 

08/16 @ 101

 

 

6,194,550

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

60,212,630

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—3.7%

 

 

 

 

 

 

 

12,550

 

Cap. Facs. Fin. Agcy., Coll. & Univ. RB, Duke Univ. Proj., Ser. B, 4.25%, 7/01/42

 

10/16 @ 100

 

 

11,870,919

 

 

12,130

 

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT

 

08/15 @ 100

 

 

12,783,807

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

24,654,726

 

 

 

 

 

 

 

 



 

 

 

 

Ohio—6.4%

 

 

 

 

 

 

 

 

 

Air Qual. Dev. Auth.,

 

 

 

 

 

 

 

14,500

 

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

 

08/07 @ 102

 

 

14,841,040

 

 

23,820

 

Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC

 

07/15 @ 100

 

 

24,407,401

 

 

3,760

 

Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ohio Facs. Proj., Ser. A, 6.25%, 12/01/36

 

12/14 @ 101

 

 

3,983,946

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

43,232,387

 

 

 

 

 

 

 

 



 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

 

7,175

 

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

No Opt. Call

 

 

8,489,603

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—4.6%

 

 

 

 

 

 

 

 

 

Econ. Dev. Fing. Auth.,

 

 

 

 

 

 

 

15,580

 

Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT

 

06/11 @ 103

 

 

17,137,533

 

 

6,500

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT

 

05/11 @ 101

 

 

6,950,710

 

 

4,000

 

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

 

05/13 @ 100

 

 

4,206,240

 

 

2,500

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT

 

10/16 @ 100

 

 

2,457,650

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

30,752,133

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Puerto Rico—3.5%

 

 

 

 

 

 

 

 

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

$

11,000

 

Ser. UU, 5.00%, 7/01/20, FSA

 

07/17 @ 100

 

$

11,949,410

 

 

1,800

 

Ser. UU, 5.00%, 7/01/22, FSA

 

07/17 @ 100

 

 

1,944,396

 

 

8,055

 

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/36

 

No Opt. Call

 

 

9,334,456

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

23,228,262

 

 

 

 

 

 

 

 



 

 

 

 

South Carolina—5.8%

 

 

 

 

 

 

 

 

 

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj.,

 

 

 

 

 

 

 

9,000

2

6.875%, 8/01/13

 

N/A

 

 

10,510,387

 

 

5,075

 

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

 

08/13 @ 100

 

 

5,629,748

 

 

 

 

Lexington Cnty., Hlth., Hosp. & Nursing Home RB, Lexington Med. Ctr. Proj.,

 

 

 

 

 

 

 

5,000

 

5.50%, 11/01/32

 

11/13 @ 100

 

 

5,279,200

 

 

10,000

 

5.75%, 11/01/28

 

11/13 @ 100

 

 

10,785,600

 

 

6,345

 

Scago Edl. Facs Corp. Colleton Sch. Dist., Lease RB, Chesterfield Cnty. Sch. Proj., 5.00%, 12/01/29

 

12/16 @ 100

 

 

6,634,840

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

38,839,775

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—2.2%

 

 

 

 

 

 

 

20,825

 

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

 

01/13 @ 67.474

 

 

10,972,901

 

 

3,475

 

Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, St. Jude’s Children’s Hosp. Proj., 5.00%, 7/01/25

 

07/16 @ 100

 

 

3,662,928

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

14,635,829

 

 

 

 

 

 

 

 



 

 

 

 

Texas—12.3%

 

 

 

 

 

 

 

4,435

4

Affordable Hsg. Corp., Multi-Fam. Hsg. RB Amer. Oppty. Hsg. Portfolio Proj., Ser. B, 8.00%, 3/01/32

 

No Opt. Call

 

 

663,831

 

 

3,805

2

Dallas Area Rapid Trans., Sales Tax RB, 5.00%, 12/01/11, AMBAC

 

N/A

 

 

4,008,491

 

 

 

 

Harris Cnty.-Houston Sports Auth.,

 

 

 

 

 

 

 

12,580

 

Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA

 

11/30 @ 61.166

 

 

2,583,555

 

 

5,000

 

Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/35, MBIA

 

11/31 @ 78.178

 

 

1,250,000

 

 

26,120

 

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

 

11/24 @ 46.545

 

 

5,417,027

 

 

 

 

Lower Colorado River Auth., Misc. RB,

 

 

 

 

 

 

 

5

2

Ser. A, 5.00%, 5/15/13, MBIA

 

N/A

 

 

5,335

 

See Notes to Financial Statements.

21



BlackRock Municipal Income Trust (BFK) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Texas—(cont’d)

 

 

 

 

 

 

$

2,395

 

Ser. A, 5.00%, 5/15/31, MBIA

 

05/13 @ 100

 

$

2,489,770

 

 

13,305

 

Transm. Svcs. Proj., 4.75%, 5/15/34, AMBAC

 

05/11 @ 100

 

 

13,465,591

 

 

1,700

 

Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA

 

03/14 @ 100

 

 

1,730,685

 

 

5,060

 

Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC

 

03/16 @ 100

 

 

5,203,147

 

 

 

 

Tpke. Auth., Hwy. Impvts. Tolls RB,

 

 

 

 

 

 

 

8,390

 

Ser. A, 5.00%, 8/15/42, AMBAC

 

08/12 @ 100

 

 

8,702,612

 

 

35,000

 

Central Sys. Proj., Zero Coupon, 8/15/32, AMBAC

 

08/12 @ 30.846

 

 

8,539,650

 

 

62,325

 

Central Sys. Proj., Zero Coupon, 8/15/33, AMBAC

 

08/12 @ 28.997

 

 

14,295,485

 

 

65,040

 

Central Sys. Proj., Zero Coupon, 8/15/34, AMBAC

 

08/12 @ 27.31

 

 

14,050,591

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

82,405,770

 

 

 

 

 

 

 

 



 

 

 

 

Virginia—0.3%

 

 

 

 

 

 

 

8,105

 

Comnwlth. Transp. Brd., Hwy. Impvts. RB, Zero Coupon, 4/01/32, MBIA

 

04/12 @ 34.99

 

 

2,279,450

 

 

 

 

 

 

 

 



 

 

 

 

Washington—1.9%

 

 

 

 

 

 

 

3,615

 

Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA

 

01/16 @ 100

 

 

3,809,704

 

 

8,845

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC

 

10/16 @ 100

 

 

8,861,452

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

12,671,156

 

 

 

 

 

 

 

 



 

 

 

 

West Virginia—0.3%

 

 

 

 

 

 

 

2,070

 

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

 

06/14 @ 100

 

 

2,174,390

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—5.9%

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

7,500

 

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

 

04/13 @ 100

 

 

8,309,175

 

 

12,545

2

Froedtert & Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/11

 

N/A

 

 

13,453,007

 

 

1,205

 

Froedtert & Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/30

 

10/11 @ 101

 

 

1,279,565

 

 

15,000

2

Wheaton Franciscan Svcs. Proj., 5.75%, 2/15/12

 

N/A

 

 

16,436,100

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

39,477,847

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Wyoming—0.8%

 

 

 

 

 

 

 

 

 

Cmnty. Dev. Auth., Local or Gtd. Hsg. RB,

 

 

 

 

 

 

$

2,765

 

Ser. 3, 4.65%, 12/01/27, AMT

 

12/16 @ 100

 

$

2,718,133

 

 

2,605

 

Ser. 3, 4.70%, 12/01/32, AMT

 

12/16 @ 100

 

 

2,585,723

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,303,856

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $967,280,100)

 

 

 

 

1,035,789,484

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.9%

 

 

 

 

 

 

 

12,600

5,6

Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $12,600,000)

 

N/A

 

 

12,600,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—156.3%
(cost $979,880,1007)

 

 

 

$

1,048,389,484

 

 

 

 

Liabilities in excess of other assets—(0.3)%

 

 

 

 

(2,336,753)

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.0)%

 

 

 

 

(375,307,169)

 

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

670,745,562

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 7.6% of its net assets, with a current market value of $50,871,520, in securities restricted as to resale.

4

Issuer is in default and/or bankruptcy.

5

Represents an investment in an affiliate.

6

Represents current yield as of April 30, 2007.

7

Cost for federal income tax purposes is $980,030,172. The net unrealized appreciation on a tax basis is $68,359,312, consisting of $72,667,003 gross unrealized appreciation and $4,307,691 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

 

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

SA

Special Assessment

ST

Special Tax

TA

Tax Allocation

XLCA

XL Capital Assurance

See Notes to Financial Statements.

22



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—182.3%

 

 

 

 

 

 

 

 

 

Municipal Bonds—94.4%

 

 

 

 

 

 

 

 

 

Arizona—2.5%

 

 

 

 

 

 

$

2,100

 

Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%, 8/01/38, AMT

 

03/17 @ 102.75

 

$

2,198,154

 

 

 

 

Pima Cnty. Indl. Dev. Auth.,

 

 

 

 

 

 

 

1,703

 

Local or Gtd. Hsg. RB, 4.89%, 2/04/12, AMT

 

06/07 @ 100

 

 

1,703,000

 

 

1,000

 

Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj., Ser. 0, 5.25%, 7/01/31

 

07/16 @ 100

 

 

1,028,510

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

4,929,664

 

 

 

 

 

 

 

 



 

 

 

 

California—5.5%

 

 

 

 

 

 

 

7,000

 

Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts. ST, Ser. A, 5.125%, 9/01/36

 

09/07 @ 103

 

 

7,121,660

 

 

3,625

 

Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj., Ser. A, 5.00%, 7/01/39

 

07/15 @ 100

 

 

3,668,391

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,790,051

 

 

 

 

 

 

 

 



 

 

 

 

Colorado—1.3%

 

 

 

 

 

 

 

2,500

 

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Adventist Hlth./ Sunbelt Proj., 5.125%, 11/15/29

 

11/16 @ 100

 

 

2,614,150

 

 

 

 

 

 

 

 



 

 

 

 

District of Columbia—12.9%

 

 

 

 

 

 

 

 

 

Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB,

 

 

 

 

 

 

 

6,470

 

6.25%, 5/15/24

 

05/11 @ 101

 

 

6,939,269

 

 

15,415

 

6.50%, 5/15/33

 

No Opt. Call

 

 

18,372,830

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

25,312,099

 

 

 

 

 

 

 

 



 

 

 

 

Florida—0.4%

 

 

 

 

 

 

 

865

 

JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

880,155

 

 

 

 

 

 

 

 



 

 

 

 

Georgia—0.9%

 

 

 

 

 

 

 

1,000

 

Cobb Cnty. Dev. Auth., Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.00%, 4/01/33, AMT

 

04/16 @ 101

 

 

1,015,100

 

 

680

 

Gainesville Redev. Auth. Edl. Facs., Privite Schs. RB, Riverside Military Academy Proj., 5.125%, 3/01/27

 

03/17 @ 100

 

 

697,388

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

1,712,488

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—3.6%

 

 

 

 

 

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

 

3,000

 

Coll. & Univ. RB, Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36

 

04/16 @ 100

 

 

3,056,070

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

$

4,000

 

Hlth., Hosp. & Nursing Home RB, Proctor Hosp. Proj., 5.125%, 1/01/25

 

01/16 @ 100

 

$

4,085,360

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,141,430

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—1.1%

 

 

 

 

 

 

 

2,000

 

Delaware Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Ball Mem. Hosp., Inc. Proj., 5.25%, 8/01/36

 

08/16 @ 100

 

 

2,072,500

 

 

 

 

 

 

 

 



 

 

 

 

Kansas—0.4%

 

 

 

 

 

 

 

845

 

Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys. Proj., 5.00%, 9/01/36

 

09/16 @ 100

 

 

864,570

 

 

 

 

 

 

 

 



 

 

 

 

Kentucky—2.6%

 

 

 

 

 

 

 

5,175

 

Trimble Cnty., Indl. RB, Louisville Gas. & Elec. Co. Proj., 4.60%, 6/01/33, AMBAC

 

06/17 @ 100

 

 

5,179,761

 

 

 

 

 

 

 

 



 

 

 

 

Louisiana—0.8%

 

 

 

 

 

 

 

1,425

 

St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39

 

12/16 @ 103

 

 

1,506,567

 

 

 

 

 

 

 

 



 

 

 

 

Maryland—0.5%

 

 

 

 

 

 

 

1,000

 

Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, King Farm Presbyterian Cmnty. Proj., 5.00%, 1/01/17

 

01/09 @ 100

 

 

1,004,360

 

 

 

 

 

 

 

 



 

 

 

 

Michigan—0.8%

 

 

 

 

 

 

 

1,540

 

Garden City Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Garden City Hosp. Proj., Ser. A, 5.00%, 8/15/38

 

08/17 @ 100

 

 

1,535,057

 

 

 

 

 

 

 

 



 

 

 

 

Minnesota—5.4%

 

 

 

 

 

 

 

6,460

 

Hsg. Fin. Agy., Local or Gtd. Hsg. RB, Residential Hsg. Proj., 4.85%, 7/01/31, AMT

 

01/16 @ 100

 

 

6,509,613

 

 

 

 

 

 

 

 

 

 

 

 

4,000

 

Mun. Pwr. Agy., Elec., Pwr. & Lt. Impvts. RB, 5.00%, 10/01/35

 

10/15 @ 100

 

 

4,152,920

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

10,662,533

 

 

 

 

 

 

 

 



 

 

 

 

Mississippi—0.6%

 

 

 

 

 

 

 

1,215

 

Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28

 

12/16 @ 100

 

 

1,214,295

 

 

 

 

 

 

 

 



 

 

 

 

Montana—2.2%

 

 

 

 

 

 

 

 

 

Two Rivers Auth., Correctional Fac. Impvts. Misc. RB,

 

 

 

 

 

 

 

1,500

 

7.25%, 11/01/21

 

11/11 @ 107

 

 

1,545,420

 

 

2,600

 

7.375%, 11/01/27

 

11/11 @ 107

 

 

2,684,864

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

4,230,284

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

23



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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Nevada—2.3%

 

 

 

 

 

 

$

4,325

 

Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA

 

07/16 @ 100

 

$

4,468,503

 

 

 

 

 

 

 

 



 

 

 

 

New Hampshire—2.6%

 

 

 

 

 

 

 

5,000

 

Business Fin. Auth., Indl. Impvts. RB, Wst. Mgmt., Inc. Proj., 5.20%, 5/01/27, AMT

 

05/16 @ 101

 

 

5,200,650

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—4.0%

 

 

 

 

 

 

 

7,335

 

Tobacco Settlement Fing. Corp., Pub. Impvts. Tobacco Settlement Funded RB, 5.75%, 6/01/32

 

06/12 @ 100

 

 

7,836,641

 

 

 

 

 

 

 

 



 

 

 

 

New Mexico—1.9%

 

 

 

 

 

 

 

3,750

 

Farmington Poll. Ctrl., Misc. RB, Pub. Svc. Co. of New Mexico Proj., Ser. B, 4.875%, 4/01/33

 

04/16 @ 101

 

 

3,799,913

 

 

 

 

 

 

 

 



 

 

 

 

New York—9.9%

 

 

 

 

 

 

 

5,000

2

Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

No Opt. Call

 

 

5,720,850

 

 

5,000

 

Nassau Cnty. Tobacco Settlement Corp., Tobacco Settlement Funded RB, Ser. A2, Zero Coupon, 6/01/26

 

06/16 @ 100

 

 

4,630,650

 

 

 

 

 

 

 

 

 

 

 

 

7,600

 

New York City Indl. Dev. Agcy. Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

9,155,948

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

19,507,448

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—1.1%

 

 

 

 

 

 

 

2,160

 

Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39

 

11/16 @ 100

 

 

2,232,619

 

 

 

 

 

 

 

 



 

 

 

 

Pennsylvania—0.7%

 

 

 

 

 

 

 

1,000

 

Harrisburg Auth., Univ. & Coll. Impvts. RB, Harrisburg Univ. of Science Proj., 5.40%, 9/01/16

 

No Opt. Call

 

 

1,019,010

 

 

 

 

 

 

 

 

 

 

 

 

450

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT

 

10/16 @ 100

 

 

442,377

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

1,461,387

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—3.3%

 

 

 

 

 

 

 

1,380

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/21, FSA

 

07/17 @ 100

 

 

1,494,305

 

 

1,550

 

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/36

 

No Opt. Call

 

 

1,796,202

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Puerto Rico—(cont’d)

 

 

 

 

 

 

$

3,000

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/36

 

03/16 @ 100

 

$

3,108,180

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

6,398,687

 

 

 

 

 

 

 

 



 

 

 

 

South Carolina—2.9%

 

 

 

 

 

 

 

1,040

 

Hlth. & Edl. Fac. Auth., Hlth., Hosp. & Nursing Home RB, Sanford Hlth. Proj., 5.00%, 11/01/40

 

05/17 @ 100

 

 

1,073,894

 

 

2,500

 

Jobs-Econ. Dev. Auth., Misc. RB, Burroughs & Chapin Proj., 4.70%, 4/01/35, RAA

 

04/17 @ 100

 

 

2,511,325

 

 

2,000

 

Scago Edl. Facs. Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Approp. RB, Williamsburg Cnty. Proj., 5.00%, 12/01/31, RAA

 

12/16 @ 100

 

 

2,075,520

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

5,660,739

 

 

 

 

 

 

 

 



 

 

 

 

Tennessee—1.8%

 

 

 

 

 

 

 

5,000

 

Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, Covenant Hlth. Proj., Zero Coupon, 1/01/36

 

01/17 @ 38.983

 

 

1,196,750

 

 

2,215

 

Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home Impvts. RB, St. Jude Children’s Research Hosp. Proj., 5.00%, 7/01/31

 

07/16 @ 100

 

 

2,322,782

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

3,519,532

 

 

 

 

 

 

 

 



 

 

 

 

Texas—13.5%

 

 

 

 

 

 

 

1,250

 

Affordable Hsg. Corp., Sngl. Fam. Hsg. RB, Professional Educators Proj., 5.50%, 12/01/39, AMT

 

02/17 @ 102.5

 

 

1,337,287

 

 

5,000

 

Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT

 

04/16 @ 100

 

 

5,101,450

 

 

2,000

 

Brazos River Poll. Ctrl. Auth., Swr. Impvts. Misc. RB, TXU Energy Co. LLC Proj., 5.00%, 3/01/41, AMT

 

03/11 @ 100

 

 

1,936,160

 

 

7,000

 

Dallas-Fort Worth Intl. Arpt. Facs. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, Ser. A, 5.00%, 11/01/35, FSA, AMT

 

11/08 @ 100

 

 

7,054,320

 

 

1,150

 

HFDC of Central Texas, Inc. Retirement Fac., Hlth., Hosp. & Nursing Home RB, Vlg. at Gleannloch Farms Proj., Ser. A, 5.50%, 2/15/27

 

02/17 @ 100

 

 

1,187,697

 

See Notes to Financial Statements.

24



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Texas—(cont’d)

 

 

 

 

 

 

$

1,500

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC

 

10/16 @ 100

 

$

1,478,640

 

 

34,560

 

Leander Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/42, PSF

 

08/14 @ 21.126

 

 

5,198,515

 

 

2,000

 

Mission Econ. Dev. Corp. Rec. Recvery RB, Allied Waste Ind. Proj., 5.20%, 4/01/18, AMT

 

04/12 @ 100

 

 

2,015,700

 

 

1,250

 

West Central Regl. Hsg. Fin., Local or Gtd. Hsg. RB, Ser. A, 5.35%, 12/01/39, AMT

 

02/17 @ 103

 

 

1,314,013

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,623,782

 

 

 

 

 

 

 

 



 

 

 

 

Vermont—2.4%

 

 

 

 

 

 

 

4,670

 

Hsg. Fin. Agy., Local or Gtd. Hsg. RB, 4.90%, 5/01/38, FSA, AMT

 

11/16 @ 100

 

 

4,719,455

 

 

 

 

 

 

 

 



 

 

 

 

Virginia—1.4%

 

 

 

 

 

 

 

2,600

 

Peninsula Ports Auth., Hlth., Hosp. & Nursing Home RB, Baptist Homes Proj., Ser. C, 5.375%, 12/01/26

 

12/16 @ 100

 

 

2,695,472

 

 

 

 

 

 

 

 



 

 

 

 

Washington—1.0%

 

 

 

 

 

 

 

2,000

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC

 

10/16 @ 100

 

 

2,003,720

 

 

 

 

 

 

 

 



 

 

 

 

Wisconsin—3.6%

 

 

 

 

 

 

 

5,335

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj., 5.00%, 11/15/31

 

11/16 @ 100

 

 

5,539,970

 

 

1,535

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Franciscan Sisters Healthcare Proj., 5.00%, 9/01/26

 

09/17 @ 100

 

 

1,553,451

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

7,093,421

 

 

 

 

 

 

 

 



 

 

 

 

Wyoming—0.5%

 

 

 

 

 

 

 

1,015

 

Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.70%, 12/01/32, AMT

 

12/16 @ 100

 

 

1,007,489

 

 

 

 

 

 

 

 



 

 

 

 

Total Municipal Bonds

 

 

 

 

185,879,422

 

 

 

 

 

 

 

 



 

 

 

 

Tender Option Municipal Bonds—87.9%

 

 

 

 

 

 

 

 

 

California—21.1%

 

 

 

 

 

 

 

15,000

2

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

 

06/15 @ 100

 

 

15,637,350

 

 

10,000

2

Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Sutter Hlth. Proj., Ser. A, 5.25%, 11/15/46

 

11/16 @ 100

 

 

10,576,000

 

 

15,000

2

Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38, MBIA

 

05/13 @ 101

 

 

15,369,450

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

41,582,800

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Georgia—15.9%

 

 

 

 

 

 

 

 

 

City of Atlanta,

 

 

 

 

 

 

$

15,000

2

Port, Arpt. & Marina RB, Ser. C, 5.00%, 1/01/33, FSA

 

07/14 @ 100

 

$

15,669,300

 

 

15,000

2

Wtr. Util. Impvts. Wtr. RB, 5.00%, 11/01/43, FSA

 

11/14 @ 100

 

 

15,667,200

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

31,336,500

 

 

 

 

 

 

 

 



 

 

 

 

Illinois—8.0%

 

 

 

 

 

 

 

15,000

2

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. A, 5.00%, 1/01/33, FGIC

 

01/16 @ 100

 

 

15,763,350

 

 

 

 

 

 

 

 



 

 

 

 

Indiana—7.2%

 

 

 

 

 

 

 

 

 

Carmel Redev. Auth., Econ. Impvts. Lease RB, Performing Arts Ctr. Proj.,

 

 

 

 

 

 

 

7,230

2

4.75%, 2/01/33

 

02/16 @ 100

 

 

7,322,544

 

 

6,580

2

5.00%, 2/01/33

 

02/16 @ 100

 

 

6,858,926

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

14,181,470

 

 

 

 

 

 

 

 



 

 

 

 

Nebraska—7.8%

 

 

 

 

 

 

 

15,000

2

Omaha Pub. Pwr. Dist., Elec., Lt. & Pwr. Impvts. RB, Ser. B, 4.75%, 2/01/36, FGIC

 

02/16 @ 100

 

 

15,442,950

 

 

 

 

 

 

 

 



 

 

 

 

New York—8.0%

 

 

 

 

 

 

 

15,000

2

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

 

06/15 @ 100

 

 

15,722,400

 

 

 

 

 

 

 

 



 

 

 

 

North Carolina—15.0%

 

 

 

 

 

 

 

13,495

2

Charlotte-Mecklenburg Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Carolinas Hlth. Care Sys. Proj., Ser. A, 5.00%, 1/15/45

 

01/15 @ 100

 

 

13,938,446

 

 

15,170

2

Univ. of North Carolina, Univ. & Coll. Impvts. RB, Ser. A, 4.75%, 12/01/34

 

12/15 @ 100

 

 

15,644,215

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

29,582,661

 

 

 

 

 

 

 

 



 

 

 

 

Texas—4.9%

 

 

 

 

 

 

 

9,150

2

New Caney Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/35, PSF

 

02/16 @ 100

 

 

9,621,042

 

 

 

 

 

 

 

 



 

 

 

 

Total Tender Option Municipal Bonds

 

 

 

 

173,233,173

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Long-Term Investments

 

 

 

 

 

 

 

 

 

(cost $353,353,254)

 

 

 

 

359,112,595

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—3.8%

 

 

 

 

 

 

 

7,500

3,4

Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $7,500,000)

 

N/A

 

 

7,500,000

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—186.1%

 

 

 

 

 

 

 

 

 

(cost $360,853,2545)

 

 

 

$

366,612,595

 

 

 

 

Other assets in excess of liabilities—1.7%

 

 

 

 

3,293,238

 

 

 

 

Short-term floating rate certificates, including interest payable—(87.8)%

 

 

 

 

(172,943,596

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets—100%

 

 

 

$

196,962,237

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

25



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

 


 

 


1

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

2

Security represents underlying bond transferred to a separate securitization trust established in a tender option bond transaction in which the Trust acquired the residual interest certificates. These securities serve as collateral in a financing transaction. The aggregate value of the above mentioned underlying bonds and secured borrowings including interest were $173,233,173 and $172,943,596, respectively, at April 30, 2007. See Note 2 in the Notes to Financial Statements for details of tender option bonds.

3

Represents an investment in an affiliate.

4

Represents current yield as of April 30, 2007.

5

Cost for federal income tax purposes is $360,853,479. The net unrealized appreciation on a tax basis is $5,759,116, consisting of $6,173,958 gross unrealized appreciation and $414,842 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PSF

Public School Fund Guaranteed

RAA

Radian Asset Assurance

RB

Revenue Bond

ST

Special Tax

XLCA

XL Capital Assurance

See Notes to Financial Statements.

26



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock California Investment Quality Municipal Trust (RAA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—142.8%

 

 

 

 

 

 

 

 

 

California—125.6%

 

 

 

 

 

 

$

625

 

California St. Univ., Coll. & Univ. RB, Ser. C, 5.00%, 11/01/38, MBIA

 

11/15 @ 100

 

$

660,444

 

 

 

 

California,

 

 

 

 

 

 

 

700

 

Ad Valorem Ppty. Tax GO, 4.75%, 3/01/34

 

03/16 @ 100

 

 

713,524

 

 

40

 

Pub. Impvts. Misc. GO, 5.75%, 3/01/19

 

09/07 @ 100

 

 

40,222

 

 

500

 

Carson Pub. Fing. Auth., Pub. Impvts. SA, Ser. A, 5.00%, 9/02/31, RAA

 

03/17 @ 100

 

 

520,880

 

 

500

 

Chabot-Las Positas Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 8/01/31, AMBAC

 

08/16 @ 100

 

 

531,950

 

 

 

 

City of Chula Vista, Indl. Dev. RB,

 

 

 

 

 

 

 

275

 

5.00%, 12/01/27, AMT

 

12/15 @ 102

 

 

288,120

 

 

320

 

San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT

 

12/15 @ 102

 

 

334,442

 

 

1,000

 

Cnty. of San Bernardino, Pub. Impvts. ST, 5.90%, 9/01/33

 

09/12 @ 102

 

 

1,064,090

 

 

500

 

Dept. of Veterans Affairs, St. Hsg. RB, Ser. A-3, 4.60%, 12/01/28

 

11/11 @ 101

 

 

501,030

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

 

600

2

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13

 

N/A

 

 

655,620

 

 

400

2

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13

 

N/A

 

 

441,376

 

 

250

 

Misc. RB, Ser. A, 5.75%, 6/01/47

 

06/17 @ 100

 

 

267,357

 

 

1,040

 

Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Cedars Sinai Med. Ctr. Proj., 5.00%, 11/15/34

 

11/15 @ 100

 

 

1,066,874

 

 

500

 

Infrastructure & Econ. Dev. Bank, Misc. RB, Salvation Army Proj., 5.00%, 9/01/27, AMBAC

 

09/16 @ 100

 

 

532,195

 

 

500

 

Las Virgenes Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 5.00%, 8/01/28, FSA

 

08/16 @ 100

 

 

533,140

 

 

1,000

 

Los Angeles Cnty. Cmnty. Facs. Dist. No. 3 ST, Ser. A, 5.50%, 9/01/14, FSA

 

09/07 @ 102

 

 

1,025,830

 

 

510

 

Los Angeles Dept. of Arpts., Port, Arpt. & Marina RB, Ontario Intl. Proj., Ser. A, 5.00%, 5/15/26, MBIA, AMT

 

05/16 @ 100

 

 

534,551

 

 

500

 

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

 

07/15 @ 100

 

 

528,100

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

California—(cont’d)

 

 

 

 

 

 

$

945

 

Los Angeles Regl. Arpts. Impvt. Corp., Port, Arpt. & Marina RB, American Airlines, Inc. Proj., Ser. B, 7.50%, 12/01/24, AMT

 

12/12 @ 102

 

$

1,071,460

 

 

500

 

Los Angeles Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. B, 4.75%, 1/01/27, FGIC

 

07/16 @ 100

 

 

519,565

 

 

500

 

Poll. Ctl. Fing. Auth., Indl. RB, Sld. Wst. Mgt. Inc. Proj., Ser. B, 5.00%, 7/01/27, AMT

 

07/15 @ 101

 

 

508,340

 

 

1,000

 

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

 

09/10 @ 102

 

 

1,026,500

 

 

500

 

Pub. Wks. Brd., Correctional Fac. Impvts. Lease Abatement RB, Dept. Corrections Rehab Proj., Ser. H, 5.00%, 11/01/31

 

11/16 @ 100

 

 

525,075

 

 

500

 

Rural Home Mtg. Fin. Auth., Local Sngl. Fam. Hsg. RB, 5.40%, 12/01/36, AMT

 

06/16 @ 104

 

 

530,915

 

 

40

 

Southern California Pub. Pwr. Auth., Elec., Pwr. & Lt. RB, 5.50%, 7/01/20, MBIA

 

05/07 @ 100

 

 

40,059

 

 

 

 

Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

 

 

500

 

Kaiser Hosp. Asset Mgmt. Proj., 5.25%, 8/01/31

 

08/16 @ 100

 

 

529,255

 

 

500

 

Kaiser Permanente Proj., Ser. A, 5.00%, 4/01/31

 

04/17 @ 100

 

 

516,975

 

 

500

2

Temecula Valley Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. G, 5.75%, 8/01/07, FGIC

 

N/A

 

 

512,485

 

 

900

2

Tobacco Sec. Auth. of Southern California, Misc. Purps. Tobacco Settlement Funded RB, Ser. A, 5.625%, 6/01/12

 

N/A

 

 

980,496

 

 

750

 

Tustin Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax ST, Cmnty. Facs. Dist. 97-1-A Proj., 5.00%, 9/01/32, FSA

 

09/12 @ 100

 

 

777,757

 

 

370

 

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

 

08/07 @ 101

 

 

375,173

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,153,800

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—17.2%

 

 

 

 

 

 

 

500

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34

 

07/14 @ 100

 

 

518,870

 

 

325

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. NN, 5.125%, 7/01/29

 

07/13 @ 100

 

 

339,911

 

See Notes to Financial Statements.

27



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Puerto Rico—(cont’d)

 

 

 

 

 

 

$

85

 

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

 

No Opt. Call

 

$

100,097

 

 

700

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

731,479

 

 

745

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

802,670

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,493,027

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $19,718,940)

 

 

 

 

20,646,827

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—7.0%

 

 

 

 

 

 

 

1,007

3,4

CMA California Mun. Money Fund, 3.29% (cost $1,006,851)

 

N/A

 

 

1,006,851

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—149.8% (cost $20,725,7915)

 

 

 

$

21,653,678

 

 

 

 

Other assets in excess of liabilities—2.1%

 

 

 

 

302,199

 

 

 

 

Preferred shares at redemption value, including dividends payable—(51.9)%

 

 

 

 

(7,503,288

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

14,452,589

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Represents an investment in an affiliate.

4

Represents current yield as of April 30, 2007.

5

Cost for federal income tax purposes is $20,731,628. The net unrealized appreciation on a tax basis is $922,050, consisting of $948,184 gross unrealized appreciation and $26,134 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

COP

Certificate of Participation

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RAA

Radian Asset Assurance

RB

Revenue Bond

SA

Special Assessment

ST

Special Tax

 


See Notes to Financial Statements.

28



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—149.1%

 

 

 

 

 

 

 

 

 

California—130.6%

 

 

 

 

 

 

 

 

 

Anaheim Pub. Fing. Auth., Recreational Fac. Impvts. Lease Abatement RB, Pub. Impvt. Proj.,

 

 

 

 

 

 

$

24,500

 

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

 

No Opt. Call

 

$

8,216,810

 

 

6,070

 

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

 

No Opt. Call

 

 

1,936,755

 

 

5,000

 

Ser. C, Zero Coupon, 9/01/35, FSA

 

No Opt. Call

 

 

1,389,650

 

 

 

 

California GO,

 

 

 

 

 

 

 

5,500

 

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

 

06/07 @ 101

 

 

5,529,535

 

 

5,000

 

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

 

06/07 @ 101

 

 

5,027,250

 

 

10,000

 

California, Cash Flow Mgmt. Ad Valorem Ppty. Tax GO, 5.50%, 11/01/33

 

11/13 @ 100

 

 

10,875,300

 

 

 

 

City of Chula Vista, Indl. Dev. RB,

 

 

 

 

 

 

 

4,395

 

5.00%, 12/01/27, AMT

 

12/15 @ 102

 

 

4,604,685

 

 

5,065

 

San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT

 

12/15 @ 102

 

 

5,293,583

 

 

1,905

2

City of Richmond, Swr. Impvts. RB, Zero Coupon, 8/01/31, FGIC

 

ETM

 

 

647,395

 

 

 

 

City of San Jose, Local Multi-Fam. Hsg. RB,

 

 

 

 

 

 

 

2,880

 

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

 

08/11 @ 102

 

 

2,975,702

 

 

3,595

 

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

 

04/11 @ 100

 

 

3,690,232

 

 

2,000

3

City of Vernon, Elec., Pwr. & Lt. Impvts. RB, Malburg Generating Station Proj., 5.50%, 4/01/08

 

N/A

 

 

2,036,360

 

 

5,000

 

Cnty. Tobacco Sec. Agcy., Misc. Purp. Tobacco Settlement Funded RB, Stanislaus Fdg. Proj., Ser. A, 5.875%, 6/01/43

 

06/12 @ 100

 

 

5,270,200

 

 

 

 

Dept. of Wtr. Recs.,

 

 

 

 

 

 

 

6,000

3

Cash Flow Mgmt., Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12

 

N/A

 

 

6,530,940

 

 

4,000

3

Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12

 

N/A

 

 

4,353,960

 

 

10,000

 

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

 

06/11 @ 101

 

 

10,548,100

 

 

6,000

 

El Monte, Pkg. Fac. Impvts. Lease Abatement COP, Dept. of Pub. Svcs. Facs. Phase II Proj., 5.25%, 1/01/34, AMBAC

 

01/11 @ 100

 

 

6,230,460

 

 

 

 

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

 

 

 

 

 

 

 

7,485

 

Zero Coupon, 12/01/29, AMBAC

 

12/11 @ 37.373

 

 

2,277,910

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

California—(cont’d)

 

 

 

 

 

 

$

7,485

 

Zero Coupon, 12/01/30, AMBAC

 

12/11 @ 35.365

 

$

2,154,557

 

 

7,485

 

Zero Coupon, 12/01/31, AMBAC

 

12/11 @ 33.465

 

 

2,037,866

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,

 

 

 

 

 

 

 

5,000

 

Zero Coupon, 1/15/26

 

01/14 @ 101

 

 

4,687,050

 

 

5,000

 

Zero Coupon, 1/15/33

 

01/10 @ 25.78

 

 

1,130,350

 

 

5,000

 

Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

1,062,550

 

 

13,445

 

Zero Coupon, 1/15/35

 

01/10 @ 22.819

 

 

2,690,345

 

 

1,000

 

Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

166,470

 

 

10,030

 

5.75%, 1/15/40

 

01/10 @ 101

 

 

10,491,982

 

 

8,560

 

Glendale Cmnty. Coll., Ad Valorem Ppty. Tax GO, Ser. D, 5.00%, 11/01/31, MBIA

 

11/16 @ 100

 

 

9,119,653

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

 

2,000

3

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13

 

N/A

 

 

2,306,700

 

 

10,200

3

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13

 

N/A

 

 

11,145,540

 

 

5,800

3

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13

 

N/A

 

 

6,399,952

 

 

2,400

 

Misc. RB, Ser. A, 5.75%, 6/01/47

 

06/17 @ 100

 

 

2,566,632

 

 

 

 

Hlth. Facs. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,

 

 

 

 

 

 

 

4,890

2

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

 

ETM

 

 

4,969,267

 

 

3,000

 

Valleycare Med. Ctr. Proj., Ser. A, 5.375%, 5/01/27

 

05/12 @ 100

 

 

3,148,590

 

 

 

 

Infrastructure & Econ. Dev. Bank,

 

 

 

 

 

 

 

13,500

 

Hlth., Hosp. & Nursing Home Impvts. RB, Kaiser Asst. Corp. Proj., Ser. A, 5.55%, 8/01/31

 

08/11 @ 102

 

 

14,270,985

 

 

15,250

 

Hlth., Hosp. & Nursing Home Impvts. RB, The J. David Gladstone Proj., 5.25%, 10/01/34

 

10/11 @ 101

 

 

15,928,167

 

 

17,175

3

Hwy. Impvts. Tolls RB, Bay Area Toll Brdgs. Proj., Ser. A, 5.00%, 1/01/28, AMBAC

 

N/A

 

 

19,212,298

 

 

4,965

 

Irvine, Local Sngl. Fam. Hsg. RB, Meadows Mobile Home Pk. Proj., Ser. A, 5.70%, 3/01/28

 

03/08 @ 102

 

 

5,113,007

 

 

7,7003

 

Kaweah Delta Hlth. Care Dist., Hlth., Hosp. & Nursing Home RB, 6.00%, 8/01/12

 

N/A

 

 

8,672,818

 

 

 

 

Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

 

2,855

 

5.90%, 6/01/27

 

06/13 @ 100

 

 

3,002,004

 

 

5,140

 

6.00%, 6/01/35

 

06/13 @ 100

 

 

5,442,489

 

See Notes to Financial Statements.

29



BlackRock California Municipal Income Trust (BFZ) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

California—(cont’d)

 

 

 

 

 

 

 

 

 

Live Oak Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Cap. Apprec. Election 2004,

 

 

 

 

 

 

$

985

 

Zero Coupon, 8/01/35, XLCA

 

08/18 @ 39.952

 

$

238,252

 

 

1,030

 

Zero Coupon, 8/01/36, XLCA

 

08/18 @ 37.743

 

 

235,098

 

 

1,080

 

Zero Coupon, 8/01/37, XLCA

 

08/18 @ 35.649

 

 

232,578

 

 

1,125

 

Zero Coupon, 8/01/38, XLCA

 

08/18 @ 33.665

 

 

228,780

 

 

1,175

 

Zero Coupon, 8/01/39, XLCA

 

08/18 @ 31.785

 

 

225,459

 

 

1,230

 

Zero Coupon, 8/01/40, XLCA

 

08/18 @ 30.004

 

 

222,692

 

 

1,285

 

Zero Coupon, 8/01/41, XLCA

 

08/18 @ 28.317

 

 

219,542

 

 

1,340

 

Zero Coupon, 8/01/42, XLCA

 

08/18 @ 26.72

 

 

215,981

 

 

1,400

 

Zero Coupon, 8/01/43, XLCA

 

08/18 @ 25.208

 

 

212,828

 

 

1,465

 

Zero Coupon, 8/01/44, XLCA

 

08/18 @ 23.777

 

 

210,022

 

 

4,110

 

Los Angeles Regl. Arpts. Impvt. Corp., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24, AMT

 

12/12 @ 102

 

 

4,660,000

 

 

3,400

 

Los Angeles Unified Sch. Dist., Ad Valorem Ppty. Tax GO, Ser. B, 4.75%, 1/01/27, FGIC

 

07/16 @ 100

 

 

3,533,042

 

 

1,000

 

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

 

05/12 @ 102

 

 

1,060,110

 

 

 

 

Poll. Ctrl. Fing. Auth.,

 

 

 

 

 

 

 

2,290

 

Rec. Recovery Impvts. RB, Central Valley Wst. Svc. Proj., Ser. A-2, 5.40%, 4/01/25, AMT

 

04/15 @ 101

 

 

2,412,423

 

 

6,000

 

Rec. Recovery Impvts. RB, Chemical Wst. Mgmt., Inc. Proj., Ser. C, 5.125%, 11/01/23, AMT

 

11/15 @ 101

 

 

6,229,620

 

 

4,000

 

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

 

09/13 @ 100

 

 

4,344,680

 

 

15,500

 

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

 

09/11 @ 100

 

 

16,068,230

 

 

6,500

 

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

 

05/11 @ 100

 

 

6,729,710

 

 

 

 

San Francisco City & Cnty. Redev. Agcy., Pub. Impvts. ST, Cmnty. Facs. Dist. No. 6, Mission Bay So. Proj.,

 

 

 

 

 

 

 

1,775

 

6.125%, 8/01/31

 

08/09 @ 102

 

 

1,851,929

 

 

7,500

 

6.25%, 8/01/33

 

08/11 @ 101

 

 

7,938,900

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

California—(cont’d)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

$

1,715

 

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

 

02/12 @ 101

 

$

1,808,142

 

 

1,235

 

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

 

02/12 @ 101

 

 

1,306,519

 

 

3,075

 

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

 

11/10 @ 102

 

 

3,237,114

 

 

 

 

Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB,

 

 

 

 

 

 

 

4,000

 

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

 

07/15 @ 100

 

 

4,153,040

 

 

10,000

 

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

 

08/12 @ 100

 

 

10,718,200

 

 

2,000

 

Upland Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, 5.125%, 8/01/25, FSA

 

08/13 @ 100

 

 

2,121,000

 

 

2,245

 

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

 

10/13 @ 102

 

 

2,366,410

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

305,934,400

 

 

 

 

 

 

 

 



 

 

 

 

Multi-State—9.4%

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

 

7,000

4

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

 

06/09 @ 100

 

 

7,260,050

 

 

4,000

4

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

 

11/10 @ 100

 

 

4,280,080

 

 

 

 

MuniMae TE Bond Subsidiary LLC,

 

 

 

 

 

 

 

7,000

4

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

 

06/09 @ 100

 

 

7,251,230

 

 

3,000

 

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

 

11/10 @ 100

 

 

3,206,190

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

21,997,550

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—9.1%

 

 

 

 

 

 

 

10,000

3

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. 2, 5.25%, 7/01/12

 

N/A

 

 

10,825,100

 

 

10,000

3

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10

 

N/A

 

 

10,518,200

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

21,343,300

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $325,838,817)

 

 

 

 

349,275,250

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUNDS—5.6%

 

 

 

 

 

 

 

13,173

5,6

CMA California Mun. Money Fund, 3.29% (cost $13,173,408)

 

N/A

 

 

13,173,408

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—154.7%
(cost $339,012,2257)

 

 

 

$

362,448,658

 

 

 

 

Other assets in excess of liabilities—1.7%

 

 

 

 

3,832,193

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.4)%

 

 

 

 

(132,019,232

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

234,261,619

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

30



BlackRock California Municipal Income Trust (BFZ) (continued)

 


 

 


1

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

2

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

3

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

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 8.0% of its net assets, with a current market value of $18,791,360, in securities restricted as to resale.

5

Represents an investment in an affiliate.

6

Represents current yield as of April 30, 2007.

7

Cost for federal income tax purposes is $339,042,508. The net unrealized appreciation on a tax basis is $23,406,150, consisting of $23,669,811 gross unrealized appreciation and $263,661 gross unrealized depreciation.


 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

COP

Certificate of Participation

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

SO

Special Obligation

ST

Special Tax

TA

Tax Allocation

XLCA

XL Capital Assurance

 


See Notes to Financial Statements.

31



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—153.0%

 

 

 

 

 

 

 

 

 

California—1.7%

 

 

 

 

 

 

$

250

 

Golden St. Tobacco Sec. Corp. Misc. RB, Ser. A, 5.75%, 6/01/47

 

06/17 @ 100

 

$

267,357

 

 

 

 

 

 

 

 



 

 

 

 

Florida—138.0%

 

 

 

 

 

 

 

250

 

Arborwood Cmnty. Dev. Dist., Pub. Impvts. SA, Master Infrastructure Proj., Ser. B, 5.10%, 5/01/14

 

No Opt. Call

 

 

249,273

 

 

500

 

Ave Maria Stewardship Cmnty. Dev. Dist., Pub Impvts. SA, 4.80%, 11/01/12

 

No Opt. Call

 

 

499,375

 

 

170

2

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

 

ETM

 

 

201,278

 

 

700

 

Broward Cnty. Sch. Brd., Sch. Impvts. Lease COP, Ser. A, 5.00%, 7/01/30, FSA

 

07/15 @ 100

 

 

733,908

 

 

750

 

City of Tampa Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA

 

10/16 @ 100

 

 

755,963

 

 

455

 

Cnty. of Escambia, Indl. RB, Intl. Paper Co. Proj., Ser. A, 5.00%, 8/01/26, AMT

 

08/11 @ 100

 

 

461,397

 

 

275

 

Cnty. of Madison, Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, 6.00%, 7/01/25

 

07/15 @ 100

 

 

285,153

 

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

 

 

750

 

Florida Aviation, Port, Arpt. & Marina RB, Miami Intl. Arpt. Proj., Ser. B, 5.00%, 10/01/37, FGIC

 

10/14 @ 100

 

 

784,478

 

 

725

 

Hlth., Hosp. & Nursing Home RB, Jackson Hlth. Sys. Proj., Ser. A, 5.00%, 6/01/29, MBIA

 

06/15 @ 100

 

 

762,359

 

 

1,000

3

Misc. Tax RB, Ser. B, Zero Coupon, 10/01/08, AMBAC

 

N/A

 

 

682,160

 

 

5,000

 

Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/31, MBIA

 

04/08 @ 28.079

 

 

1,346,800

 

 

1,000

 

Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

1,025,400

 

 

750

 

Cnty. of St. Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA

 

10/15 @ 100

 

 

790,087

 

 

535

 

Emerald Coast Utils. Auth. Wtr. RB, 5.00%, 1/01/24, FGIC

 

01/17 @ 100

 

 

572,648

 

 

500

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26

 

06/16 @ 100

 

 

523,895

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

555

 

Higher Edl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Flagler Coll., Inc. Proj., 5.25%, 11/01/36, XLCA

 

11/16 @ 100

 

$

599,372

 

 

750

 

Highlands Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home RB, Adventist/Sunbelt Hosp. Proj., 5.00%, 11/15/30

 

11/15 @ 100

 

 

768,315

 

 

100

 

Hsg. Fin. Corp., Local or Gtd. Hsg. RB, 4.80%, 7/01/32, AMT

 

01/17 @ 100

 

 

100,224

 

 

500

 

Jacksonville Econ. Dev. Comm., Indl. RB, Anheuser Busch Cos., Inc. Proj., Ser. B, 4.75%, 3/01/47, AMT

 

03/12 @ 100

 

 

490,325

 

 

500

 

Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37

 

08/17 @ 100

 

 

514,150

 

 

1,000

 

JEA Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA

 

04/11 @ 100

 

 

1,013,880

 

 

400

 

Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for Retirement Proj., 5.00%, 11/15/32

 

11/16 @ 100

 

 

403,312

 

 

250

 

Lee Mem. Hlth. Sys. Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.00%, 4/01/32, AMBAC

 

04/17 @ 100

 

 

264,148

 

 

200

 

Marion Cnty. Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. Proj., 5.00%, 10/01/29

 

10/17 @ 100

 

 

204,230

 

 

500

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

 

565,800

 

 

750

 

Miami Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. East Proj., Ser. C, 5.125%, 11/15/24

 

11/13 @ 100

 

 

780,600

 

 

250

 

New River Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.00%, 5/01/13

 

No Opt. Call

 

 

248,465

 

 

 

 

Orange Cnty. Hlth. Facs. Auth., Misc. RB, Orlando Lutheran Towers Proj.,

 

 

 

 

 

 

 

105

 

5.375%, 7/01/20

 

07/15 @ 100

 

 

105,612

 

 

95

 

5.70%, 7/01/26

 

07/15 @ 100

 

 

97,879

 

 

1,000

 

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

 

10/16 @ 100

 

 

1,061,670

 


See Notes to Financial Statements.

32



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

750

 

Peace River/Manasota Regl. Wtr. Sply. Auth., Wtr. Util. Impvts. RB, Ser. A, 5.00%, 10/01/35, FSA

 

10/15 @ 100

 

$

787,920

 

 

400

 

Pine Ridge Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11

 

No Opt. Call

 

 

398,280

 

 

1,000

3

Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baycare Hlth. Sys., Inc. Proj., 5.50%, 5/15/13

 

N/A

 

 

1,091,550

 

 

700

 

So. Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, AMBAC

 

10/16 @ 100

 

 

738,710

 

 

585

 

Stevens Plantation Impvt. Dependent Spl. Dist. Proj., Pub. Impvts. Misc. RB, 6.375%, 5/01/13

 

No Opt. Call

 

 

606,370

 

 

500

 

Univ. of Central Florida, Lease COP, Univ. of Central Florida Convocation Corp. Proj., Ser. A, 5.00%, 10/01/35, FGIC

 

10/15 @ 100

 

 

522,405

 

 

750

 

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

 

11/13 @ 101

 

 

785,423

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

21,822,814

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—13.3%

 

 

 

 

 

 

 

500

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34

 

07/14 @ 100

 

 

518,870

 

 

85

 

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

 

No Opt. Call

 

 

100,097

 

 

650

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

679,231

 

 

745

3

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

802,670

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,100,868

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $23,443,261)

 

 

 

 

24,191,039

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 









 

 

 

MONEY MARKET FUND—0.6%

 

 

 

 

 

 

 

101

4,5

CMA Florida Mun. Money Fund, 3.39% (cost $101,127)

 

 

 

$

101,127

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—153.6%
(cost $23,544,3896)

 

 

 

$

24,292,166

 

 

 

 

Other assets in excess of liabilities—0.2%

 

 

 

 

23,021

 

 

 

 

Preferred shares at redemption value, including dividends payable—(53.8)%

 

 

 

 

(8,503,680

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

15,811,507

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

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

4

Represents an investment in an affiliate.

5

Represents current yield as of April 30, 2007.

6

Cost for federal income tax purposes is $23,550,111. The net unrealized appreciation on a tax basis is $742,055, consisting of $772,570 gross unrealized appreciation and $30,515 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

COP

Certificate of Participation

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

SA

Special Assessment

XLCA

XL Capital Assurance

See Notes to Financial Statements.

33



PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

BlackRock Florida Municipal Income Trust (BBF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

LONG-TERM INVESTMENTS—152.4%

 

 

 

 

 

 

 

 

 

Florida—134.9%

 

 

 

 

 

 

$

1,000

 

Ave Maria Stewardship Cmnty. Dev. Dist., Pub Impvts. SA, 4.80%, 11/01/12

 

No Opt. Call

 

$

998,750

 

 

7,705

 

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

 

05/12 @ 102

 

 

8,328,257

 

 

2,000

 

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

 

01/13 @ 100

 

 

2,104,640

 

 

5,550

2

Brd. of Ed., Sch. Impvts. Misc. GO, Ser. A, 5.125%, 6/01/10

 

N/A

 

 

5,828,055

 

 

2,800

 

Cap. Projs. Fin. Auth., Univ. & Coll. Impvts. RB, Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA

 

08/11 @ 102

 

 

2,907,828

 

 

4,000

 

City of Jacksonville, Pub. Impvts. Sales Tax RB, 5.00%, 10/01/26, MBIA

 

10/11 @ 100

 

 

4,129,360

 

 

2,770

3

City of Melbourne, Wtr. Util. Impvts. RB, Zero Coupon, 10/01/21, FGIC

 

ETM

 

 

1,536,325

 

 

 

 

City of Tampa,

 

 

 

 

 

 

 

5,500

 

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

 

04/12 @ 100

 

 

5,849,910

 

 

4,000

 

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

 

10/11 @ 101

 

 

4,149,600

 

 

2,750

 

Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA

 

10/16 @ 100

 

 

2,771,862

 

 

1,750

 

Cnty. of Madison, Correctional Fac. Impvts. RB, Twin Oaks Juvenile Dev. Proj., Ser. A, 6.00%, 7/01/25

 

07/15 @ 100

 

 

1,814,610

 

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

 

 

2,595

 

Misc. Taxes RB, Ser. A, Zero Coupon, 10/01/19, MBIA

 

04/08 @ 55.413

 

 

1,383,446

 

 

9,700

 

Recreational Fac. Impvts. Misc. Tax SO, Ser. B, Zero Coupon, 10/01/33, MBIA

 

04/08 @ 25.056

 

 

2,331,104

 

 

25,000

 

Recreational Fac. Impvts. Misc. Tax SO, Ser. C, Zero Coupon, 10/01/28, MBIA

 

04/08 @ 32.99

 

 

7,914,000

 

 

6,000

 

Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

6,152,400

 

 

1,000

 

Cnty. of St. Johns, Pub. Impvts. Wtr. RB, 5.00%, 10/01/35, FSA

 

10/15 @ 100

 

 

1,053,450

 

 

1,000

 

Easton Pk. Comm. Dev. Dist., Pub. Impvts. SA, 5.20%, 5/01/37

 

05/17 @ 100

 

 

993,530

 

 

799

 

Escambia Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, 5.95%, 7/01/20, AMBAC

 

No Opt. Call

 

 

827,449

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

310

 

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

 

No Opt. Call

 

$

310,676

 

 

1,500

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.25%, 6/01/26

 

06/16 @ 100

 

 

1,571,685

 

 

1,635

 

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

 

05/13 @ 101

 

 

1,782,739

 

 

 

 

Highlands Cnty. Hlth. Facs. Auth.,

 

 

 

 

 

 

 

1,500

 

Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Bolingbrook Hlth. Sys. Proj., 5.125%, 11/15/32

 

11/16 @ 100

 

 

1,552,035

 

 

6,500

2

Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./Sunbelt Proj., Ser. A, 6.00%, 11/15/11

 

N/A

 

 

7,154,615

 

 

1,450

 

Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj., 5.50%, 10/01/23

 

10/12 @ 100

 

 

1,533,274

 

 

7,500

 

Jacksonville Econ. Dev. Comm., Hlth., Hosp. & Nursing Home Impvts. RB, Mayo Clinic Jacksonville Proj., Ser. B, 5.50%, 11/15/36

 

11/11 @ 101

 

 

7,992,675

 

 

1,600

 

Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37

 

08/17 @ 100

 

 

1,645,280

 

 

 

 

JEA,

 

 

 

 

 

 

 

2,000

2

Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%, 10/01/07

 

N/A

 

 

2,014,660

 

 

5,000

 

Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA

 

04/11 @ 100

 

 

5,069,400

 

 

1,600

 

Laguna Lakes Cmnty. Dev. Dist., Spl. Assmt. RB, Ser. A, 6.40%, 5/01/33

 

05/13 @ 101

 

 

1,727,680

 

 

1,430

 

Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Alliance Cmnty. for Retirement Proj., 5.00%, 11/15/32

 

11/16 @ 100

 

 

1,441,840

 

 

1,000

 

Lee Mem. Hlth. Sys. Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.00%, 4/01/32, AMBAC

 

04/17 @ 100

 

 

1,056,590

 

 

1,100

 

Marion Cnty. Hosp. Dist., Hlth., Hosp. & Nursing Home RB, Munroe Regl. Hlth. Sys. Proj., 5.00%, 10/01/29

 

10/17 @ 100

 

 

1,123,265

 

See Notes to Financial Statements.

34



BlackRock Florida Municipal Income Trust (BBF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Florida—(cont’d)

 

 

 

 

 

 

$

3,000

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

11/14 @ 100

 

$

3,394,800

 

 

1,000

 

Miami-Dade Cnty. Expwy. Auth., Hwy. Tolls RB, 5.125%, 7/01/25, FGIC

 

07/11 @ 101

 

 

1,053,920

 

 

1,500

 

New River Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. B, 5.00%, 5/01/13

 

No Opt. Call

 

 

1,490,790

 

 

 

 

Northern Palm Beach Cnty. Impvt. Dist., Wtr. Util. Impvts. Spl. Assmt. RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj.,

 

 

 

 

 

 

 

1,155

2

6.10%, 8/01/11

 

N/A

 

 

1,255,358

 

 

360

 

6.10%, 8/01/21

 

08/11 @ 101

 

 

381,719

 

 

3,500

2

6.125%, 8/01/11

 

N/A

 

 

3,837,680

 

 

 

 

Orange Cnty. Hlth. Facs. Auth., Misc. RB, Orlando Lutheran Towers Proj.,

 

 

 

 

 

 

 

655

 

5.375%, 7/01/20

 

07/15 @ 100

 

 

658,819

 

 

600

 

5.70%, 7/01/26

 

07/15 @ 100

 

 

618,186

 

 

2,500

 

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

 

08/11 @ 101

 

 

2,617,225

 

 

600

 

Pine Ridge Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. B, 5.00%, 5/01/11

 

No Opt. Call

 

 

597,420

 

 

750

 

So. Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease Approp. COP, 5.00%, 10/01/36, AMBAC

 

10/16 @ 100

 

 

791,475

 

 

12,000

 

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

 

02/13 @ 100

 

 

12,556,080

 

 

1,500

2

St. Petersburg, Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.00%, 10/01/09, FSA

 

N/A

 

 

1,559,835

 

 

2,740

 

Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, North Sumter Util. Co. LLC Proj., 6.80%, 10/01/32, AMT

 

10/09 @ 100

 

 

2,837,681

 

 

 

 

Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA,

 

 

 

 

 

 

 

3,100

 

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

 

05/13 @ 101

 

 

3,317,031

 

 

1,480

 

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

 

05/13 @ 101

 

 

1,609,722

 

 

1,795

 

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

 

11/13 @ 101

 

 

1,879,778

 

 

2,000

 

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

 

10/09 @ 101

 

 

2,077,340

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

139,585,849

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 









 

 

 

Puerto Rico—17.5%

 

 

 

 

 

 

$

4,850

 

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

 

05/12 @ 100

 

$

5,105,401

 

 

 

 

Comnwlth., Pub. Impvt. Fuel Sales Tax GO,

 

 

 

 

 

 

 

2,520

2

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

 

N/A

 

 

2,660,440

 

 

4,980

 

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

 

07/11 @ 100

 

 

5,129,250

 

 

1,000

 

Hwy. & Transp. Auth., Hwy. Tolls RB, Ser. M, 5.00%, 7/01/37

 

07/17 @ 100

 

 

1,048,710

 

 

4,000

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.70%, 2/01/10

 

N/A

 

 

4,207,280

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

18,151,081

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $149,325,150)

 

 

 

 

157,736,930

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—2.4%

 

 

 

 

 

 

 

2,517

4,5

CMA Florida Mun. Money Fund, 3.39% (cost $2,517,166)

 

N/A

 

 

2,517,166

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—154.8%
(cost $151,842,3166)

 

 

 

$

160,254,096

 

 

 

 

Other assets in excess of liabilities—0.8%

 

 

 

 

822,444

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.6)%

 

 

 

 

(57,584,057

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

103,492,483

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

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

4

Represents an investment in an affiliate.

5

Represents current yield as of April 30, 2007.

6

Cost for federal income tax purposes is $151,842,432. The net unrealized appreciation on a tax basis is $8,411,664, consisting of $8,533,713 gross unrealized appreciation and $122,049 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

 

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

COP

Certificate of Participation

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RAA

Radian Asset Assurance

RB

Revenue Bond

SA

Special Assessment

SO

Special Obligation

XLCA

XL Capital Assurance

See Notes to Financial Statements.

35



 

PORTFOLIO OF INVESTMENTS (unaudited)

APRIL 30, 2007

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—149.3%

 

 

 

 

 

 

 

 

 

Multi-State—7.3%

 

 

 

 

 

 

$

1,000

2

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

 

06/09 @ 100

 

$

1,044,200

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—122.7%

 

 

 

 

 

 

 

1,000

 

Delaware River Port Auth. of Pennsylvania & New Jersey, Hwy. Impvts. Hwy. Tolls RB, 5.75%, 1/01/26, FSA

 

01/10 @ 100

 

 

1,048,220

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

 

1,000

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/34

 

06/14 @ 100

 

 

1,076,240

 

 

60

 

Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.75%, 1/01/25

 

01/13 @ 102

 

 

62,368

 

 

110

 

Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.875%, 1/01/37

 

01/13 @ 102

 

 

115,155

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.80%, 11/01/31

 

11/14 @ 100

 

 

1,083,860

 

 

140

 

Hlth., Hosp. & Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/26

 

11/16 @ 100

 

 

141,673

 

 

925

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

11/10 @ 101

 

 

986,281

 

 

500

 

Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT

 

No Opt. Call

 

 

525,845

 

 

900

 

Trans. Impvts. RB, New Jersey Econ. Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA

 

No Opt. Call

 

 

951,714

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

 

 

640

 

Univ. & Coll. Impvts. Lease RB, Kean Univ. Proj., Ser. D, 5.00%, 7/01/26, FGIC

 

07/17 @ 100

 

 

686,368

 

 

500

 

Univ. & Coll. Impvts. RB, Rowan Univ. Proj., Ser. G, 4.50%, 7/01/31, MBIA

 

07/16 @ 100

 

 

500,345

 

 

250

 

Univ. & Coll. RB, Ramapo Coll. Proj., Ser. I, 4.25%, 7/01/31, AMBAC

 

07/17 @ 100

 

 

244,440

 

 

100

 

Univ. & Coll. RB, Rowan Univ. Proj., Ser. B, 4.25%, 7/01/34, FGIC

 

07/17 @ 100

 

 

97,398

 

 

 

 

Hlth. Care Facs. Fing. Auth.,

 

 

 

 

 

 

 

1,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, Hackensack Univ. Med. Ctr. Proj., 6.00%, 1/01/25

 

01/10 @ 101

 

 

1,055,190

 

 

1,725

 

Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., Zero Coupon, 7/01/38

 

01/17 @ 33.653

 

 

350,365

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

$

250

 

Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., 5.00%, 7/01/29

 

01/17 @ 100

 

$

255,952

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, St. Joseph’s Hosp. & Med. Ctr. Proj., 5.75%, 7/01/16, CONNIE LEE

 

05/07 @ 102

 

 

1,019,740

 

 

1,000

 

Hudson Cnty. Impvt. Auth., Recreational Fac. Impvts. Misc. RB, Ser. A-1, Zero Coupon, 12/15/32, MBIA

 

No Opt. Call

 

 

318,910

 

 

 

 

Middlesex Cnty. Impvt. Auth.,

 

 

 

 

 

 

 

200

 

Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

212,438

 

 

1,000

 

Univ. & Coll. Impvts. RB, Student Hsg. Urban Renewal Proj., Ser. A, 5.00%, 8/15/35

 

08/14 @ 100

 

 

1,034,680

 

 

900

 

Newark Hsg. Auth., Lease RB, Newark Redev. Proj., 4.375%, 1/01/37, MBIA

 

01/17 @ 100

 

 

888,894

 

 

500

 

Old Brdg. Twnshp. Brd. of Ed., Ad Valorem Ppty. Tax GO, 4.375%, 7/15/32, MBIA

 

07/16 @ 100

 

 

499,215

 

 

1,000

 

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

 

12/09 @ 101

 

 

1,058,670

 

 

500

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina RB, Ser. 132, 5.00%, 9/01/33

 

09/13 @ 101

 

 

525,865

 

 

490

 

So. Jersey Transp. Auth., Hwy. Impvts. Trans. RB, Ser. A, 4.50%, 11/01/35, FGIC

 

11/15 @ 100

 

 

491,372

 

 

 

 

Tobacco Settlement Fing. Corp.,

 

 

 

 

 

 

 

750

3

Pub. Impvts. Tobacco Settlement Funded RB, 6.125%, 6/01/12

 

N/A

 

 

833,220

 

 

350

 

Tobacco Settlement Funded RB, Ser. 1A, 5.00%, 6/01/41

 

06/17 @ 100

 

 

344,298

 

 

600

 

Tobacco Settlement Funded RB, Ser. 1B, Zero Coupon, 6/01/41

 

06/17 @ 26.257

 

 

91,746

 

 

 

 

Tpke. Auth., Hwy. Tolls RB,

 

 

 

 

 

 

 

840

4

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

 

ETM

 

 

972,183

 

 

160

 

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

 

No Opt. Call

 

 

184,338

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

17,656,983

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—19.3%

 

 

 

 

 

 

 

500

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.25%, 7/01/30

 

07/16 @ 100

 

 

537,220

 

See Notes to Financial Statements.

36



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

Puerto Rico—(cont’d)

 

 

 

 

 

 

 

 

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB,

 

 

 

 

 

 

$

500

 

Ser. RR, 5.00%, 7/01/35, FGIC

 

07/15 @ 100

 

$

529,520

 

 

250

 

Ser. TT, 5.00%, 7/01/32

 

07/17 @ 100

 

 

263,015

 

 

80

 

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

 

No Opt. Call

 

 

94,209

 

 

600

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

626,982

 

 

795

 

Infrastructure Fing. Auth., Pub. Impvts. Sales Tax RB, Ser. A, Zero Coupon, 7/01/37, AMBAC

 

No Opt. Call

 

 

208,123

 

 

500

 

Infrastructure Fing. Auth., Pub. Impvts. ST, Ser. B, 5.00%, 7/01/31

 

07/16 @ 100

 

 

523,175

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,782,244

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $20,576,633)

 

 

 

 

21,483,427

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 


 

 

 

MONEY MARKET FUND—7.6%

 

 

 

 

 

 

 

1,101

5,6

CMA New Jersey Muni. Money Fund, 3.29% (cost $1,100,994)

 

 

 

$

1,100,994

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—156.9%
(cost $21,677,6277)

 

 

 

$

22,584,421

 

 

 

 

Liabilities in excess of other assets—(4.8)%

 

 

 

 

(689,640

)

 

 

 

Preferred shares at redemption value, including dividends payable—(52.2)%

 

 

 

 

(7,504,562

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

14,390,219

 

 

 

 

 

 

 

 



 


 

 


1

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

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 7.3% of its net assets, with a current market value of $1,044,200, in securities restricted as to resale.

3

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

4

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

5

Represents an investment in an affiliate.

6

Represents current yield as of April 30, 2007.

7

Cost for federal income tax purposes is $21,680,472. The net unrealized appreciation on a tax basis is $903,949, consisting of $936,026 gross unrealized appreciation and $32,077 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

CONNIE LEE

College Construction Loan Insurance Assoc.

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

ST

Special Tax

See Notes to Financial Statements.

37



 

PORTFOLIO OF INVESTMENTS (unaudited)

APRIL 30, 2007

BlackRock New Jersey Municipal Income Trust (BNJ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

LONG-TERM INVESTMENTS—148.0%

 

 

 

 

 

 

 

 

 

Multi-State—12.5%

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

$

7,000

2

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

 

06/09 @ 100

 

$

7,260,050

 

 

2,500

2

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

 

11/10 @ 100

 

 

2,675,050

 

 

 

 

MuniMae TE Bond Subsidiary LLC,

 

 

 

 

 

 

 

3,000

2

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

 

06/09 @ 100

 

 

3,107,670

 

 

2,000

 

Ser. B-1, 6.80%, 6/30/49

 

11/10 @ 100

 

 

2,137,460

 

 

 

 

 

 

 

 



 

 

 

 

Total Multi-State

 

 

 

 

15,180,230

 

 

 

 

 

 

 

 



 

 

 

 

New Jersey—117.6%

 

 

 

 

 

 

 

 

 

Cherry Hill Twnshp., Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

3,065

3

5.00%, 7/15/11

 

N/A

 

 

3,222,449

 

 

4,275

3

5.00%, 7/15/11

 

N/A

 

 

4,494,607

 

 

 

 

City of Vineland, Elec., Pwr. & Lt. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

1,500

 

5.30%, 5/15/30, MBIA, AMT

 

05/10 @ 101

 

 

1,558,710

 

 

1,500

 

5.375%, 5/15/31, MBIA, AMT

 

05/10 @ 101

 

 

1,562,580

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

 

5,000

 

Econ. Impvts. Elec., Pwr. & Lt. RB, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/31, AMT

 

No Opt. Call

 

 

5,988,100

 

 

5,000

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/34

 

06/14 @ 100

 

 

5,381,200

 

 

500

 

Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.75%, 1/01/25

 

01/13 @ 102

 

 

519,735

 

 

855

 

Hlth., Hosp. & Nursing Home Impvts. RB, Lions Gate Proj., Ser. A, 5.875%, 1/01/37

 

01/13 @ 102

 

 

895,065

 

 

2,630

 

Hlth., Hosp. & Nursing Home RB, Fellowship Vlg., Inc. Proj., Ser. C., 5.50%, 1/01/18

 

01/09 @ 102

 

 

2,689,306

 

 

4,050

 

Hlth., Hosp. & Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.75%, 11/01/24

 

11/14 @ 100

 

 

4,355,977

 

 

2,000

 

Hlth., Hosp. & Nursing Home RB, Masonic Charity Fndtn. Proj., 5.50%, 6/01/31

 

06/11 @ 102

 

 

2,125,700

 

 

860

 

Hlth., Hosp. & Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/26

 

11/16 @ 100

 

 

870,277

 

 

930

 

Hlth., Hosp. & Nursing Home RB, Seabrook Vlg., Inc. Proj., 5.25%, 11/15/36

 

11/16 @ 100

 

 

935,524

 

 

1,910

 

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

 

12/11 @ 103

 

 

2,032,584

 

 

3,450

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

11/10 @ 101

 

 

3,678,562

 


 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

$

2,000

 

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.20%, 11/15/30, AMT

 

11/10 @ 101

 

$

2,153,220

 

 

500

 

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

 

06/14 @ 100

 

 

558,350

 

 

2,000

 

Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT

 

No Opt. Call

 

 

2,103,380

 

 

2,500

 

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

 

No Opt. Call

 

 

3,072,525

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

 

 

1,000

 

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

 

07/14 @ 100

 

 

1,070,750

 

 

2,000

 

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

 

07/14 @ 100

 

 

2,214,220

 

 

3,000

 

Univ. & Coll. Impvts. RB, Fairleigh Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25

 

07/13 @ 100

 

 

3,266,820

 

 

2,120

 

Univ. & Coll. Impvts. RB, Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33

 

07/13 @ 100

 

 

2,372,662

 

 

500

 

Univ. & Coll. RB, Ramapo Coll. Proj., Ser. I, 4.25%, 7/01/31, AMBAC

 

07/17 @ 100

 

 

488,880

 

 

700

 

Univ. & Coll. RB, Rowan Univ. Proj., Ser. B, 4.25%, 7/01/34, FGIC

 

07/17 @ 100

 

 

681,786

 

 

1,000

 

Egg Harbor Twnshp. Sch. Dist., Ad Valorem Ppty. Tax GO, 4.125%, 4/01/30, FSA

 

04/16 @ 100

 

 

968,950

 

 

12,600

 

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

 

No Opt. Call

 

 

5,422,788

 

 

 

 

Hlth. Care Facs. Fing. Auth.,

 

 

 

 

 

 

 

3,000

3

Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. East. Proj., Ser. A, 5.375%, 11/15/12

 

N/A

 

 

3,243,390

 

 

10,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31

 

07/11 @ 100

 

 

10,527,500

 

 

1,960

3

Hlth., Hosp. & Nursing Home Impvts. RB, So. Jersey Hosp. Sys. Proj., 6.00%, 7/01/12

 

N/A

 

 

2,157,646

 

 

5,500

3

Hlth., Hosp. & Nursing Home Impvts. RB, So. Jersey Hosp. Sys. Proj., 6.00%, 7/01/12

 

N/A

 

 

6,054,620

 

 

4,500

 

Hlth., Hosp. & Nursing Home RB, Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25

 

07/12 @ 100

 

 

4,810,005

 

See Notes to Financial Statements.

38



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 


 

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

$

1,650

 

Hlth., Hosp. & Nursing Home RB, So. Jersey Hosp., Inc. Proj., 5.00%, 7/01/46

 

07/16 @ 100

 

$

1,678,793

 

 

14,905

 

Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., Zero Coupon, 7/01/38

 

01/17 @ 33.653

 

 

3,027,355

 

 

750

 

Hlth., Hosp. & Nursing Home RB, St. Barnabas Hlth. Care Sys. Proj., 5.00%, 7/01/29

 

01/17 @ 100

 

 

767,858

 

 

700

 

Hsg. & Mtg. Fin. Agcy., Local or Gtd. Hsg. RB, 4.70%, 10/01/37, AMT

 

04/17 @ 100

 

 

695,485

 

 

 

 

Middlesex Cnty. Impvt. Auth.,

 

 

 

 

 

 

 

4,400

 

Local Multi-Fam. Hsg. RB, New Brunswick Apts. LLC Proj., 5.30%, 8/01/35, AMT

 

08/12 @ 100

 

 

4,508,944

 

 

1,400

 

Local Multi-Fam. Hsg. RB, Skyline Tower Urban Renewal Proj., 5.35%, 7/01/34, AMT

 

07/11 @ 100

 

 

1,461,670

 

 

1,790

 

Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37

 

01/15 @ 100

 

 

1,901,320

 

 

2,500

 

Middlesex Cnty. Poll. Ctrl. Auth., Indl. Impvts. RB, Hess Corp. Proj., 6.05%, 9/15/34

 

09/14 @ 100

 

 

2,708,150

 

 

1,905

 

Newark Hlth. Care Fac., Hlth., Hosp. & Nursing Home RB, New Cmnty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30

 

06/12 @ 102

 

 

2,023,758

 

 

2,375

 

Newark Hsg. Auth., Lease RB, Newark Redev. Proj., 4.375%, 1/01/37, MBIA

 

01/17 @ 100

 

 

2,345,693

 

 

8,000

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB, JFK Intl. Air Term. LLC Proj., 5.75%, 12/01/22, MBIA, AMT

 

12/07 @ 102

 

 

8,241,520

 

 

 

 

Rahway Valley Swr. Auth., Swr. Impvts. RB, Cap. Apprec. Proj.,

 

 

 

 

 

 

 

4,000

 

Ser. A, Zero Coupon, 9/01/30, MBIA

 

No Opt. Call

 

 

1,435,480

 

 

2,000

 

Ser. A, Zero Coupon, 9/01/33, MBIA

 

No Opt. Call

 

 

624,300

 

 

 

 

Tobacco Settlement Fing. Corp.,

 

 

 

 

 

 

 

10,500

3

Pub. Impvts. Tobacco Settlement Funded RB, 6.125%, 6/01/12

 

N/A

 

 

11,665,080

 

 

2,500

 

Tobacco Settlement Funded RB, Ser. 1A, 5.00%, 6/01/41

 

06/17 @ 100

 

 

2,459,275

 

 

3,300

 

Tobacco Settlement Funded RB, Ser. 1B, Zero Coupon, 6/01/41

 

06/17 @ 26.257

 

 

504,603

 

 

 

 

Trenton Pkg. Auth., Auto Pkg. RB,

 

 

 

 

 

 

 

3,465

 

5.00%, 4/01/25, FGIC

 

04/11 @ 100

 

 

3,598,368

 

 

1,500

 

5.00%, 4/01/30, FGIC

 

04/11 @ 100

 

 

1,546,185

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

142,671,705

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

 

Value

 


 

 

 

Puerto Rico—17.9%

 

 

 

 

 

 

$

1,000

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. TT, 5.00%, 7/01/32

 

07/17 @ 100

 

$

1,052,060

 

 

2,590

 

Hsg. Fin. Corp., Local or Gtd. Hsg. RB, Ser. A, 5.20%, 12/01/33

 

06/11 @ 100

 

 

2,623,134

 

 

2,590

 

Hsg. Fin. Corp., St. Sngl. Fam. Hsg. RB, Ser. B, 5.30%, 12/01/28, AMT

 

06/11 @ 100

 

 

2,620,892

 

 

3,500

3

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

 

N/A

 

 

3,759,770

 

 

6,000

 

Infrastructure Fing. Auth., Pub. Impvts. Sales Tax RB, Ser. A, Zero Coupon, 7/01/37, AMBAC

 

No Opt. Call

 

 

1,570,740

 

 

 

 

Pub. Bldgs. Auth., Pub. Impvts. Lease RB,

 

 

 

 

 

 

 

5,000

 

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

 

07/17 @ 100

 

 

4,220,000

 

 

3,765

3

Ser. D, 5.25%, 7/01/12

 

N/A

 

 

4,038,941

 

 

1,735

 

Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,814,654

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

21,700,191

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $167,210,622)

 

 

 

 

179,552,126

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—3.8%

 

 

 

 

 

 

 

4,605

4,5

CMA New Jersey Muni. Money Fund, 3.29%
(cost $4,604,631)

 

N/A

 

 

4,604,631

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—151.8%
(cost $171,815,2536)

 

 

 

$

184,156,757

 

 

 

 

Other assets in excess of liabilities—0.8%

 

 

 

 

958,218

 

 

 

 

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

 

 

 

 

(63,826,570

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

121,288,405

 

 

 

 

 

 

 

 



 


 

 


1

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

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 10.8% of its net assets, with a current market value of $13,042,770, in securities restricted as to resale.

3

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

4

Represents an investment in an affiliate.

5

Represents current yield as of April 30, 2007.

6

Cost for federal income tax purposes is $171,882,396. The net unrealized appreciation on a tax basis is $12,274,361, consisting of $12,530,248 gross unrealized appreciation and $255,887 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

SA

Special Assessment

See Notes to Financial Statements.

39



 

 

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

 

BlackRock New York Investment Quality Municipal Trust (RNY)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

LONG-TERM INVESTMENTS—147.5%

 

 

 

 

 

 

 

 

 

New York—134.7%

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

$

95

 

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

 

05/15 @ 102

 

$

95,474

 

 

60

 

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

 

05/15 @ 102

 

 

59,781

 

 

1,000

 

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

 

06/08 @ 100

 

 

1,011,020

 

 

 

 

City of New York, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

990

2

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

 

N/A

 

 

1,065,547

 

 

10

 

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

 

05/10 @ 101

 

 

10,656

 

 

1,000

 

Convention Ctr. Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, Hotel Unit Fee Secured Proj., 5.00%, 11/15/44, AMBAC

 

11/15 @ 100

 

 

1,048,920

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

 

750

 

Hlth., Hosp. & Nursing Home Impvts. RB, Lutheran Med. Ctr. Proj., 5.00%, 8/01/31, MBIA

 

02/13 @ 100

 

 

783,060

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Kateri Residence Proj., 5.00%, 7/01/22

 

07/13 @ 100

 

 

1,043,580

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Mount Sinai Hosp. Proj., Ser. A, 6.50%, 7/01/25

 

07/10 @ 101

 

 

1,069,210

 

 

1,005

 

Misc. RB, St. Univ. Edl. Facs. Proj., 5.25%, 5/15/15, AMBAC

 

No Opt. Call

 

 

1,087,420

 

 

1,000

2

Univ. & Coll. Impvts. RB, Univ. of Rochester Proj., Ser. B, 5.625%, 7/01/09

 

N/A

 

 

1,050,240

 

 

250

 

Essex Cnty. Indl. Dev. Agcy., Indl. Impvts. RB, Intl. Paper Co. Proj., Ser. A, 4.60%, 12/01/30, AMT

 

12/11 @ 100

 

 

244,565

 

 

100

 

Genesee Cnty. Indl.Dev. Agcy., Hlth., Hosp. & Nursing Home RB, United Mem. Med. Ctr. Proj., 5.00%, 12/01/27

 

12/12 @ 100

 

 

99,360

 

 

150

 

Hsg. Fin. Agcy., St. Multi- Fam. Hsg. RB, Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT

 

02/08 @ 100

 

 

150,161

 

 

175

 

Liberty Dev. Corp. Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

02/16 @ 100

 

 

184,221

 

 

2,000

 

Madison Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23

 

07/13 @ 100

 

 

2,100,460

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

250

 

Met. Transp. Auth., Trans. RB, Ser. B, 4.50%, 11/15/36

 

11/16 @ 100

 

$

245,977

 

 

500

 

New York City Hsg. Dev. Corp., Local or Gtd. Hsg. RB, Ser. J-2, 4.75%, 11/01/27, AMT

 

05/17 @ 100

 

 

501,580

 

 

1,000

 

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

 

05/14 @ 100

 

 

1,042,790

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

 

 

500

 

Econ. Impvts. RB, IAC/ Interactive Corp. Proj., 5.00%, 9/01/35

 

09/15 @ 100

 

 

516,870

 

 

950

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

1,144,493

 

 

300

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

362,037

 

 

500

 

Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj., 5.00%, 3/01/36, MBIA

 

09/16 @ 100

 

 

529,810

 

 

500

 

New York City Indl. Dev. Agcy., Recreational Fac. Impvts. RB, Queens Baseball Stad. Proj., 5.00%, 1/01/46, AMBAC

 

01/17 @ 100

 

 

527,015

 

 

 

 

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

 

 

 

 

 

 

 

1,000

 

Cash Flow Mgmt. Wtr. RB, Ser. C, 5.125%, 6/15/33

 

06/11 @ 101

 

 

1,046,430

 

 

250

 

Wtr. RB, Ser. A, 4.25%, 6/15/33

 

06/17 @ 100

 

 

239,700

 

 

250

 

Wtr. RB, Ser. A, 4.25%, 6/15/39, FSA

 

06/17 @ 100

 

 

238,567

 

 

1,000

 

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

 

12/14 @ 100

 

 

1,051,690

 

 

2,000

2

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

 

N/A

 

 

2,152,620

 

 

1,000

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB, Contl. Airlines Proj., 9.125%, 12/01/15, AMT

 

05/07 @ 100

 

 

1,042,750

 

 

250

 

Rochester Hsg. Auth., Local Multi-Fam. Hsg. RB, Andrews Terrace LLC Proj., 4.70%, 12/20/38, AMT

 

12/16 @ 100

 

 

247,142

 

 

2,000

 

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

 

10/14 @ 100

 

 

2,114,620

 

See Notes to Financial Statements.

40



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

500

 

Schenectady Indl. Dev. Agcy., Univ. & Coll. RB, Union Coll. Proj., 5.00%, 7/01/31

 

07/16 @ 100

 

$

529,955

 

 

 

 

 

 

 

 

 

 

 

 

115

 

Suffolk Cnty. Indl. Dev. Agcy. Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28

 

11/16 @ 100

 

 

117,090

 

 

500

 

Syracuse Indl. Dev. Agcy., Indl. Impvts. RB, Crousel Ctr. Proj., Ser. A, 5.00%, 1/01/36, XLCA, AMT

 

01/17 @ 100

 

 

522,190

 

 

 

 

Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB,

 

 

 

 

 

 

 

845

2

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

 

N/A

 

 

894,272

 

 

155

 

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

 

01/12 @ 100

 

 

160,932

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,332,205

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—12.8%

 

 

 

 

 

 

 

500

 

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

 

05/12 @ 100

 

 

526,330

 

 

315

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 7/01/34

 

07/14 @ 100

 

 

326,888

 

 

800

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26

 

03/16 @ 100

 

 

835,976

 

 

745

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB, Ser. E, 5.50%, 2/01/12

 

N/A

 

 

802,671

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

2,491,865

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $27,393,868)

 

 

 

 

28,824,070

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 











 

 

 

MONEY MARKET FUND—0.5%

 

 

 

 

 

 

 

104

3,4

CMA New York Mun. Money Fund, 3.32% (cost $104,404)

 

 

 

$

104,404

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—148.0%
(cost $27,498,2725)

 

 

 

$

28,928,474

 

 

 

 

Other assets in excess of liabilities—2.1%

 

 

 

 

414,764

 

 

 

 

Preferred shares at redemption value, including dividends payable—(50.2)%

 

 

 

 

(9,801,020

)

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

19,542,218

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Represents an investment in an affiliate.

4

Represents current yield as of April 30, 2007.

5

Cost for federal income tax purposes is $27,509,257. The net unrealized appreciation on a tax basis is $1,419,217, consisting of $1,437,515 gross unrealized appreciation and $18,298 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

XLCA

XL Capital Assurance

See Notes to Financial Statements.

41



 

 

PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007

 

BlackRock New York Municipal Income Trust (BNY)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

LONG-TERM INVESTMENTS—154.0%

 

 

 

 

 

 

 

 

 

Multi-State—10.9%

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

$

6,000

2

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

 

06/09 @ 100

 

$

6,222,900

 

 

5,500

2

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

 

11/10 @ 100

 

 

5,885,110

 

 

 

 

MuniMae TE Bond Subsidiary LLC,

 

 

 

 

 

 

 

6,000

2

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

 

06/09 @ 100

 

 

6,215,340

 

 

3,000

 

Ser. B-1, 6.80%, 6/30/49

 

11/10 @ 100

 

 

3,206,190

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

21,529,540

 

 

 

 

 

 

 

 



 

 

 

 

New York—130.0%

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

910

 

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

 

05/15 @ 102

 

 

914,541

 

 

590

 

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

 

05/15 @ 102

 

 

587,847

 

 

 

 

City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

 

6,000

3

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

 

N/A

 

 

6,460,920

 

 

2,200

3

Ser. D, 5.375%, 6/01/12

 

N/A

 

 

2,375,692

 

 

4,000

 

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

 

06/12 @ 100

 

 

4,235,600

 

 

6,700

 

Cntys. Tobacco Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43

 

06/13 @ 100

 

 

7,211,478

 

 

8,000

 

Convention Ctr. Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, Hotel Unit Fee Secured Proj., 5.00%, 11/15/44, AMBAC

 

11/15 @ 100

 

 

8,391,360

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

 

4,855

 

Hlth., Hosp. & Nursing Home Impvts. RB, Mental Hlth. Svcs. Facs. Proj., 5.00%, 2/15/35, AMBAC

 

02/15 @ 100

 

 

5,103,916

 

 

2,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, No. Shore Long Island Jewish Grp. Proj., 5.375%, 5/01/23

 

05/13 @ 100

 

 

2,123,540

 

 

2,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, No. Shore Long Island Jewish Grp. Proj., 5.50%, 5/01/33

 

05/13 @ 100

 

 

2,137,780

 

 

4,000

 

Hlth., Hosp. & Nursing Home RB, Mt. Sinai NYU Hlth. Proj., 5.50%, 7/01/26

 

07/08 @ 100

 

 

4,058,040

 

 

9,000

 

Univ. & Coll. Impvts. RB, New Sch. Univ. Proj., 5.00%, 7/01/41, MBIA

 

07/11 @ 100

 

 

9,247,950

 

 

5,000

 

Univ. & Coll. Impvts. RB, New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC

 

07/11 @ 100

 

 

5,137,750

 

 

3,500

 

Dutchess Cnty. Indl. Dev. Agy., Coll. & Univ. RB, Bard Coll. Proj., Ser. A2, 4.50%, 8/01/36

 

08/17 @ 100

 

 

3,443,790

 

 

500

 

Genesee Cnty. Indl.Dev. Agcy., Hlth., Hosp. & Nursing Home RB, United Mem. Med. Ctr. Proj., 5.00%, 12/01/27

 

12/12 @ 100

 

 

496,800

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

850

 

Hsg. Fin. Agcy., St. Multi-Fam. Hsg. RB, Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT

 

02/08 @ 100

 

$

850,910

 

 

 

 

Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB,

 

 

 

 

 

 

 

3,900

 

Ser. A, 4.50%, 2/15/47, MBIA

 

02/17 @ 100

 

 

3,835,845

 

 

1,000

 

Ser. A, 5.00%, 2/15/47

 

02/17 @ 100

 

 

1,048,060

 

 

 

 

Liberty Dev. Corp.,

 

 

 

 

 

 

 

7,000

 

Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

No Opt. Call

 

 

8,009,190

 

 

1,740

 

Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

02/16 @ 100

 

 

1,831,681

 

 

 

 

Long Island Pwr. Auth., Elec., Pwr. & Lt. RB,

 

 

 

 

 

 

 

5,000

 

Ser. B, 5.00%, 12/01/35, CIFG-TCRS

 

06/16 @ 100

 

 

5,283,900

 

 

5,000

 

Ser. B, 5.00%, 12/01/35

 

06/16 @ 100

 

 

5,264,600

 

 

2,000

 

Madison Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33

 

07/13 @ 100

 

 

2,088,260

 

 

 

 

Met. Transp. Auth.,

 

 

 

 

 

 

 

12,000

 

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

 

11/12 @ 100

 

 

12,452,040

 

 

12,000

 

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

 

11/12 @ 100

 

 

12,561,600

 

 

 

 

Mtg. Agcy., Local or Gtd. Hsg. RB,

 

 

 

 

 

 

 

5,915

 

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

 

10/11 @ 100

 

 

6,077,308

 

 

15,500

 

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

 

04/11 @ 100

 

 

15,868,900

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

 

 

750

 

Cash Flow Mgmt. Lease RB, Marymount Sch. Proj., 5.125%, 9/01/21, ACA

 

09/11 @ 102

 

 

777,638

 

 

2,000

 

Cash Flow Mgmt. Lease RB, Marymount Sch. Proj., 5.25%, 9/01/31, ACA

 

09/11 @ 102

 

 

2,119,840

 

 

2,000

 

Econ. Impvts. RB, IAC/ Interactive Corp. Proj., 5.00%, 9/01/35

 

09/15 @ 100

 

 

2,067,480

 

 

1,550

 

Indl. Impvts. RB, Royal Charter Presbyterian Proj., 5.25%, 12/15/32, FSA

 

12/11 @ 102

 

 

1,661,708

 

 

14,850

 

Port, Arpt. & Marina Impvts. Lease RB, Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28, AMT

 

07/11 @ 100

 

 

15,445,633

 

 

3,200

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

3,855,136

 

 

4,000

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

4,827,160

 

See Notes to Financial Statements.

42



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

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

4,500

 

Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj., 5.00%, 3/01/36, MBIA

 

09/16 @ 100

 

$

4,768,290

 

 

 

 

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

 

 

 

 

 

 

 

4,000

 

Cash Flow Mgmt. Wtr. RB, Ser. A, 5.00%, 6/15/32, FGIC

 

06/11 @ 100

 

 

4,124,440

 

 

3,200

 

Wtr. RB, Ser. A, 4.25%, 6/15/39, FSA

 

06/17 @ 100

 

 

3,053,664

 

 

6,500

 

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

 

06/11 @ 100

 

 

6,722,105

 

 

5,000

 

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

 

06/15 @ 100

 

 

5,240,800

 

 

1,500

 

Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38

 

06/16 @ 100

 

 

1,579,650

 

 

2,750

 

New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys., Wtr. Swr. RB, Second Gen. Resolution Proj., Ser. A, 4.50%, 6/15/37, MBIA

 

06/16 @ 100

 

 

2,749,862

 

 

 

 

New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB,

 

 

 

 

 

 

 

1,495

3

5.00%, 5/01/09

 

N/A

 

 

1,548,715

 

 

1,025

 

5.00%, 5/01/29

 

05/09 @ 101

 

 

1,051,219

 

 

 

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB,

 

 

 

 

 

 

 

9,250

 

Contl. Airlines Proj., 9.125%, 12/01/15, AMT

 

05/07 @ 100

 

 

9,645,437

 

 

13,000

 

JFK Intl. Air Term. LLC Proj., 5.75%, 12/01/22, MBIA, AMT

 

12/07 @ 102

 

 

13,392,470

 

 

2,500

 

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

 

06/12 @ 100

 

 

2,626,875

 

 

5,000

 

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

 

08/12 @ 100

 

 

5,262,400

 

 

1,000

 

State of New York, Rec. Recovery Impvts. GO., Ser. A, 4.125%, 3/01/37, FGIC

 

03/17 @ 100

 

 

939,490

 

 

 

 

Suffolk Cnty. Indl. Dev. Agcy.,

 

 

 

 

 

 

 

1,175

 

Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28

 

11/16 @ 100

 

 

1,196,350

 

 

7,000

 

Indl. Impvts. RB, Keyspan-Port Jefferson Proj., 5.25%, 6/01/27, AMT

 

06/13 @ 100

 

 

7,344,890

 

 

 

 

TSASC, Inc.,

 

 

 

 

 

 

 

8,000

3

Cash Flow Mgmt. Tobacco Settlement Funded RB, Ser. 1, 6.375%, 7/15/09

 

N/A

 

 

8,528,320

 

 

5,000

3

Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, 7/15/12

 

N/A

 

 

5,476,250

 

 

2,500

 

Westchester Cnty. Indl. Dev. Agcy., Private Primary Schs. RB, Winward Sch. Civic Fac. Proj., 5.25%, 10/01/31, RAA

 

10/11 @ 100

 

 

2,598,650

 


 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions1

 

Value

 











 

 

 

New York—(cont’d)

 

 

 

 

 

 

$

2,000

3

Westchester Tobacco Asset Sec., Cash Flow Mgmt. Tobacco Settlement Funded RB, 6.75%, 7/15/10

 

N/A

 

$

2,201,860

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

257,905,630

 

 

 

 

 

 

 

 



 

 

 

 

Puerto Rico—13.1%

 

 

 

 

 

 

 

4,060

 

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

 

05/12 @ 100

 

 

4,273,799

 

 

 

 

Pub. Bldgs. Auth., Pub. Impvts. Lease RB,

 

 

 

 

 

 

 

4,400

3

Ser. D, 5.25%, 7/01/12

 

N/A

 

 

4,720,144

 

 

1,600

 

Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,673,456

 

 

 

 

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB,

 

 

 

 

 

 

 

7,475

3

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

 

N/A

 

 

8,053,640

 

 

7,000

3

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

 

N/A

 

 

7,362,740

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

26,083,779

 

 

 

 

 

 

 

 



 

 

 

 

Total Long-Term Investments
(cost $290,455,926)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

305,518,949

 

 

 

 

 

 

 

 



 


 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUNDS—0.6%

 

 

 

 

 

 

 

1,222

4,5

CMA New York Mun. Money Fund, 3.32% (cost $1,221,838)

 

N/A

 

 

1,221,838

 

 

 

 

 

 

 

 



 

 

 

 

Total Investments—154.6%
(cost $291,677,7646)

 

 

 

$

306,740,787

 

 

 

 

Other assets in excess of liabilities—0.7%

 

 

 

 

1,394,927

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.3)%

 

 

 

 

(109,782,310

)

 

 

 

 

 

 

 



 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

198,353,404

 

 

 

 

 

 

 

 



 


 

 

1

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

2

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 9.2% of its net assets, with a current market value of $18,323,350, in securities restricted as to resale.

3

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

4

Represents an investment in an affiliate.

5

Represents current yield as of April 30, 2007.

6

Cost for federal income tax purposes is $291,678,444. The net unrealized appreciation on a tax basis is $15,062,343, consisting of $15,232,631 gross unrealized appreciation and $170,288 gross unrealized depreciation.


 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

CIFG-TCRS

CDC IXIS Financial Guaranty

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

RAA

Radian Asset Assurance

RB

Revenue Bond

See Notes to Financial Statements.

43



 

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

April 30, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Quality
Municipal Trust
(BKN)

 

Municipal
Income Trust
(BFK)

 

Long-Term
Municipal
Advantage Trust
(BTA)

 

 

 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffliliated1

 

$

404,389,069

 

$

1,035,789,484

 

$

359,112,595

 

Investments at value, affliliated2

 

 

4,300,000

 

 

12,600,000

 

 

7,500,000

 

Investments in affiliates

 

 

95,215

 

 

139,904

 

 

530

 

Cash

 

 

 

 

 

 

16,503

 

Receivable from investments sold

 

 

445,000

 

 

580,000

 

 

410,000

 

Interest receivable

 

 

5,690,155

 

 

15,497,932

 

 

5,272,008

 

Prepaid expenses

 

 

 

 

 

 

82,125

 

Unrealized appreciation on interest rate swaps

 

 

276,989

 

 

775,442

 

 

29,770

 

Other assets

 

 

10,839

 

 

32,919

 

 

5,121

 

 

 



 



 



 

 

 

 

415,207,267

 

 

1,065,415,681

 

 

372,428,652

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

125,789

 

 

629,036

 

 

 

Payable for investments purchased

 

 

5,953,323

 

 

13,831,849

 

 

1,499,463

 

Unrealized depreciation on forward starting swaps

 

 

118,200

 

 

460,488

 

 

 

Trust Certificates3

 

 

 

 

 

 

170,860,000

 

Interest expense

 

 

 

 

 

 

2,083,596

 

Cash received from brokers as collateral

 

 

500,000

 

 

 

 

 

Dividends payable — common shares

 

 

1,420,102

 

 

3,630,383

 

 

733,983

 

Investment advisory fee payable

 

 

118,863

 

 

347,681

 

 

98,490

 

Administration fee payable

 

 

49,495

 

 

 

 

 

Deferred Trustees’ fees

 

 

95,215

 

 

139,904

 

 

530

 

Payable to affiliates

 

 

43,213

 

 

54,936

 

 

4,745

 

Other accrued expenses

 

 

158,137

 

 

268,673

 

 

185,608

 

 

 



 



 



 

 

 

 

8,582,337

 

 

19,362,950

 

 

175,466,415

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

$0.001 par value per share, $25,000 liquidation value per share, including dividends payable4

 

 

146,682,337

 

 

375,307,169

 

 

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

259,942,593

 

$

670,745,562

 

$

196,962,237

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

Par value5

 

$

167,071

 

$

43,938

 

$

13,345

 

Paid-in capital in excess of par

 

 

231,766,743

 

 

624,101,120

 

 

190,776,233

 

Undistributed (distributions in excess of) net investment income

 

 

6,446,406

 

 

11,913,897

 

 

(948,014

)

Accumulated net realized gain (loss)

 

 

(1,665,752

)

 

(34,137,731

)

 

1,331,562

 

Net unrealized appreciation

 

 

23,228,125

 

 

68,824,338

 

 

5,789,111

 

 

 



 



 



 

Net assets applicable to common shareholders, April 30, 2007

 

$

259,942,593

 

$

670,745,562

 

$

196,962,237

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share6

 

$

15.56

 

$

15.27

 

$

14.76

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost, unaffiliated

 

$

381,319,733

 

$

967,280,100

 

$

353,353,254

 

2Investments at cost, affiliated

 

$

4,300,000

 

$

12,600,000

 

$

7,500,000

 

3See Note 2 in the Notes to Financials

 

 

 

 

 

 

 

 

 

 

4Preferred shares outstanding

 

 

5,862

 

 

15,005

 

 

 

5Par value per share

 

$

0.01

 

$

0.001

 

$

0.001

 

6Common shares outstanding

 

 

16,707,093

 

 

43,938,061

 

 

13,345,152

 

See Notes to Financial Statements.

44



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California
Investment Quality
Municipal
Trust (RAA)

 

California
Municipal
Income Trust
(BFZ)

 

Florida
Investment Quality
Municipal
Trust (RFA)

 

Florida
Municipal
Income Trust
(BBF)

 

New Jersey
Investment Quality
Municipal
Trust (RNJ)

 

 

 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffliliated1

 

$

20,646,827

 

$

349,275,250

 

$

24,191,039

 

$

157,736,930

 

$

21,483,427

 

Investments at value, affliliated2

 

 

1,006,851

 

 

13,173,408

 

 

101,127

 

 

2,517,166

 

 

1,100,994

 

Investments in affiliates

 

 

20,350

 

 

52,360

 

 

20,340

 

 

19,327

 

 

22,309

 

Cash

 

 

78,029

 

 

 

 

89,607

 

 

63,553

 

 

 

Receivable from investments sold

 

 

 

 

 

 

35,000

 

 

230,000

 

 

 

Interest receivable

 

 

322,762

 

 

5,396,023

 

 

299,995

 

 

2,313,149

 

 

365,362

 

Prepaid expenses

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation on interest rate swaps

 

 

 

 

152,315

 

 

7,625

 

 

17,367

 

 

 

Other assets

 

 

1,912

 

 

9,978

 

 

1,977

 

 

4,284

 

 

1,909

 

 

 



 



 



 



 



 

 

 

 

22,076,731

 

 

368,059,334

 

 

24,746,710

 

 

162,901,776

 

 

22,974,001

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

260,947

 

 

 

 

 

 

4,582

 

Payable for investments purchased

 

 

 

 

 

 

303,396

 

 

1,118,678

 

 

946,833

 

Unrealized depreciation on forward starting swaps

 

 

 

 

 

 

 

 

27,489

 

 

 

Trust Certificates3

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

Cash received from brokers as collateral

 

 

 

 

 

 

 

 

 

 

 

Dividends payable — common shares

 

 

48,340

 

 

1,145,738

 

 

54,101

 

 

502,910

 

 

68,482

 

Investment advisory fee payable

 

 

6,753

 

 

115,830

 

 

6,871

 

 

51,253

 

 

6,148

 

Administration fee payable

 

 

2,904

 

 

 

 

3,279

 

 

 

 

2,919

 

Deferred Trustees’ fees

 

 

20,350

 

 

52,360

 

 

20,340

 

 

19,327

 

 

22,309

 

Payable to affiliates

 

 

6,950

 

 

30,263

 

 

3,784

 

 

13,619

 

 

5,899

 

Other accrued expenses

 

 

35,557

 

 

173,345

 

 

39,752

 

 

91,960

 

 

22,048

 

 

 



 



 



 



 



 

 

 

 

120,854

 

 

1,778,483

 

 

431,523

 

 

1,825,236

 

 

1,079,220

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value per share, $25,000 liquidation value per share, including dividends payable4

 

 

7,503,288

 

 

132,019,232

 

 

8,503,680

 

 

57,584,057

 

 

7,504,562

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

14,452,589

 

$

234,261,619

 

$

15,811,507

 

$

103,492,483

 

$

14,390,219

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value5

 

$

10,071

 

$

15,061

 

$

11,271

 

$

6,672

 

$

10,071

 

Paid-in capital in excess of par

 

 

13,392,714

 

 

213,823,732

 

 

15,001,008

 

 

94,662,411

 

 

13,079,455

 

Undistributed (distributions in excess of) net investment income

 

 

(6,837

)

 

5,066,268

 

 

24,802

 

 

1,766,705

 

 

300,908

 

Accumulated net realized gain (loss)

 

 

128,754

 

 

(8,232,190

)

 

19,024

 

 

(1,344,963

)

 

92,991

 

Net unrealized appreciation

 

 

927,887

 

 

23,588,748

 

 

755,402

 

 

8,401,658

 

 

906,794

 

 

 



 



 



 



 



 

Net assets applicable to common shareholders, April 30, 2007

 

$

14,452,589

 

$

234,261,619

 

$

15,811,507

 

$

103,492,483

 

$

14,390,219

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share6

 

$

14.35

 

$

15.55

 

$

14.03

 

$

15.51

 

$

14.29

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost, unaffiliated

 

$

19,718,940

 

$

325,838,817

 

$

23,443,262

 

$

149,325,150

 

$

20,576,633

 

2Investments at cost, affiliated

 

$

1,006,851

 

$

13,173,408

 

$

101,127

 

$

2,517,166

 

$

1,100,994

 

3See Note 2 in the Notes to Financials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Preferred shares outstanding

 

 

300

 

 

5,278

 

 

340

 

 

2,302

 

 

300

 

5Par value per share

 

$

0.01

 

$

0.001

 

$

0.01

 

$

0.001

 

$

0.01

 

6Common shares outstanding

 

 

1,007,093

 

 

15,060,847

 

 

1,127,093

 

 

6,672,121

 

 

1,007,093

 

45



 

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



 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey
Municipal
Income Trust
(BNJ)

 

New York
Investment Quality
Municipal Trust
(RNY)

 

New York
Municipal
Income Trust
(BNY)

 

 

 


 


 


 

Assets

 

 

 

 

 

 

 

Investments at value, unaffiliated1

 

$

179,552,126

 

$

28,824,070

 

$

305,518,949

 

Investments at value, affiliated2

 

 

4,604,631

 

 

104,404

 

 

1,221,838

 

Investments in affiliates

 

 

22,975

 

 

20,301

 

 

44,792

 

Cash

 

 

 

 

62,700

 

 

 

Receivable from investments sold

 

 

85,000

 

 

 

 

1,035,773

 

Interest receivable

 

 

2,882,784

 

 

490,409

 

 

5,146,008

 

Unrealized appreciation on interest rate swaps

 

 

20,625

 

 

 

 

122,142

 

Other assets

 

 

5,435

 

 

2,109

 

 

8,149

 

 

 



 



 



 

 

 

 

187,173,576

 

 

29,503,993

 

 

313,097,651

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

230,774

 

 

 

 

319,608

 

Payable for investments purchased

 

 

1,048,670

 

 

 

 

3,389,155

 

Dividends payable — common shares

 

 

595,607

 

 

91,497

 

 

949,774

 

Investment advisory fee payable

 

 

60,188

 

 

8,202

 

 

100,201

 

Administration fee payable

 

 

 

 

3,878

 

 

 

Deferred Trustees’ fees

 

 

22,975

 

 

20,301

 

 

44,792

 

Payable to affiliates

 

 

16,202

 

 

4,359

 

 

23,569

 

Other accrued expenses

 

 

84,185

 

 

32,518

 

 

134,838

 

 

 



 



 



 

 

 

 

2,058,601

 

 

160,755

 

 

4,961,937

 

 

 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

$0.001 par value per share, $25,000 liquidation value per share, including dividends payable3

 

 

63,826,570

 

 

9,801,020

 

 

109,782,310

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

121,288,405

 

$

19,542,218

 

$

198,353,404

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

Par value4

 

$

7,480

 

$

13,071

 

$

12,607

 

Paid-in capital in excess of par

 

 

106,257,131

 

 

17,651,717

 

 

178,980,198

 

Undistributed net investment income

 

 

3,115,027

 

 

256,894

 

 

4,989,357

 

Accumulated net realized gain (loss)

 

 

(453,362

)

 

190,334

 

 

(813,923

)

Net unrealized appreciation

 

 

12,362,129

 

 

1,430,202

 

 

15,185,165

 

 

 



 



 



 

Net assets applicable to common shareholders, April 30, 2007

 

$

121,288,405

 

$

19,542,218

 

$

198,353,404

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share5

 

$

16.21

 

$

14.95

 

$

15.73

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost, unaffiliated

 

$

167,210,622

 

$

27,393,868

 

$

290,455,926

 

2Investments at cost, affiliated

 

$

4,604,631

 

$

104,404

 

$

1,221,838

 

3Preferred shares outstanding

 

 

2,552

 

 

392

 

 

4,390

 

4Par value per share

 

$

0.001

 

$

0.010

 

$

0.001

 

5Common shares outstanding

 

 

7,480,159

 

 

1,307,093

 

 

12,606,676

 

See Notes to Financial Statements.

46



 

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



 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Quality
Municipal Trust
(BKN)

 

Municipal
Income Trust
(BFK)

 

Long-Term
Municipal
Advantage Trust
(BTA)

 

 

 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

10,426,752

 

$

27,314,870

 

$

8,569,572

 

Affiliated income

 

 

39,535

 

 

83,108

 

 

2,847

 

Income from affiliates

 

 

2,745

 

 

2,801

 

 

337

 

 

 



 



 



 

Total investment income

 

 

10,469,032

 

 

27,400,779

 

 

8,572,756

 

 

 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

709,332

 

 

3,120,169

 

 

981,939

 

Administration

 

 

302,314

 

 

 

 

 

Transfer agent

 

 

7,457

 

 

7,455

 

 

6,294

 

Custodian

 

 

50,897

 

 

79,165

 

 

9,535

 

Reports to shareholders

 

 

26,635

 

 

63,153

 

 

18,453

 

Directors/Trustees

 

 

8,899

 

 

12,853

 

 

6,629

 

Registration

 

 

4,702

 

 

4,668

 

 

4,092

 

Independent accountants

 

 

19,734

 

 

22,167

 

 

19,766

 

Legal

 

 

24,167

 

 

50,213

 

 

7,303

 

Officers fees

 

 

2,117

 

 

5,369

 

 

1,406

 

Insurance

 

 

12,820

 

 

32,678

 

 

6,056

 

Auction agent

 

 

188,157

 

 

476,413

 

 

 

Deferred Trustees’ fees

 

 

2,745

 

 

2,801

 

 

337

 

Remarketing and liquidity fees

 

 

 

 

 

 

179,995

 

Miscellaneous

 

 

23,439

 

 

43,549

 

 

12,841

 

 

 



 



 



 

Total expenses excluding interest expense

 

 

1,383,415

 

 

3,920,653

 

 

1,254,646

 

Interest expense

 

 

1,364

 

 

 

 

3,189,819

 

 

 



 



 



 

Total expenses

 

 

1,384,779

 

 

3,920,653

 

 

4,444,465

 

Less Advisory fees waived

 

 

 

 

(1,040,056

)

 

(392,776

)

Less fees waived by Advisor

 

 

(562

)

 

(1,124

)

 

(423

)

Less fees paid indirectly

 

 

(8,367

)

 

(9,787

)

 

(9,236

)

 

 



 



 



 

Net expenses

 

 

1,375,850

 

 

2,869,686

 

 

4,042,030

 

 

 



 



 



 

Net investment income

 

 

9,093,182

 

 

24,531,093

 

 

4,530,726

 

 

 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(702,865

)

 

(2,381,499

)

 

1,797,711

 

Swaps

 

 

149,602

 

 

569,911

 

 

(201,320

)

 

 



 



 



 

 

 

 

(553,263

)

 

(1,811,588

)

 

1,596,391

 

 

 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(2,650,438

)

 

(4,541,274

)

 

(2,739,031

)

Swaps

 

 

1,458,395

 

 

5,258,589

 

 

29,770

 

 

 



 



 



 

 

 

 

(1,192,043

)

 

717,315

 

 

(2,709,261

)

 

 



 



 



 

Net loss

 

 

(1,745,306

)

 

(1,094,273

)

 

(1,112,870

)

 

 



 



 



 

Dividends from Net Investment Income to Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,545,725

)

 

(6,510,493

)

 

 

Net realized gains

 

 

 

 

(18,029

)

 

 

 

 



 



 



 

Total dividends and distributions

 

 

(2,545,725

)

 

(6,528,522

)

 

 

 

 



 



 



 

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

 

$

4,802,151

 

$

16,908,298

 

$

3,417,856

 

 

 



 



 



 

See Notes to Financial Statements.

47



 

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



 

 

 

 

 

 

 

 

 

 

 

 

 

California
Investment Quality
Municipal Trust
(RAA)

 

California
Municipal
Income Trust
(BFZ)

 

Florida
Investment Quality
Municipal Trust
(RFA)

 

 

 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

507,624

 

$

9,141,153

 

$

574,323

 

Affiliated income

 

 

6,933

 

 

46,302

 

 

921

 

Income from affiliates

 

 

179

 

 

1,358

 

 

317

 

 

 



 



 



 

Total investment income

 

 

514,736

 

 

9,188,813

 

 

575,561

 

 

 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

38,248

 

 

1,092,918

 

 

42,385

 

Administration

 

 

10,928

 

 

 

 

12,110

 

Transfer agent

 

 

6,314

 

 

6,580

 

 

4,505

 

Custodian

 

 

13,862

 

 

41,424

 

 

10,256

 

Reports to shareholders

 

 

2,708

 

 

17,716

 

 

3,106

 

Directors/Trustees

 

 

1,721

 

 

7,966

 

 

1,726

 

Registration

 

 

189

 

 

523

 

 

211

 

Independent accountants

 

 

12,455

 

 

19,518

 

 

12,468

 

Legal

 

 

2,843

 

 

19,435

 

 

2,862

 

Officers fees

 

 

117

 

 

1,892

 

 

129

 

Insurance

 

 

690

 

 

11,479

 

 

764

 

Auction agent

 

 

11,922

 

 

167,514

 

 

13,161

 

Deferred Trustees’ fees

 

 

179

 

 

1,358

 

 

317

 

Miscellaneous

 

 

7,512

 

 

21,446

 

 

7,602

 

 

 



 



 



 

Total expenses excluding interest expense

 

 

109,688

 

 

1,409,769

 

 

111,602

 

Interest expense

 

 

 

 

1,206

 

 

 

 

 



 



 



 

Total expenses

 

 

109,688

 

 

1,410,975

 

 

111,602

 

Less Advisory fees waived

 

 

 

 

(364,306

)

 

 

Less fees waived by Advisor

 

 

(456

)

 

(4,276

)

 

(175

)

Less fees paid indirectly

 

 

(9,932

)

 

(16,215

)

 

(6,093

)

 

 



 



 



 

Net expenses

 

 

99,300

 

 

1,026,178

 

 

105,334

 

 

 



 



 



 

Net investment income

 

 

415,436

 

 

8,162,635

 

 

470,227

 

 

 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

107,023

 

 

(365,134

)

 

19,024

 

Swaps

 

 

21,731

 

 

 

 

 

 

 



 



 



 

 

 

 

128,754

 

 

(365,134

)

 

19,024

 

 

 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(216,579

)

 

(3,507,833

)

 

(168,628

)

Swaps

 

 

 

 

2,004,957

 

 

7,625

 

 

 



 



 



 

 

 

 

(216,579

)

 

(1,502,876

)

 

(161,003

)

 

 



 



 



 

Net loss

 

 

(87,825

)

 

(1,868,010

)

 

(141,979

)

 

 



 



 



 

Dividends from Net Investment Income to Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(108,874

)

 

(2,222,117

)

 

(123,846

)

Net realized gains

 

 

(16,752

)

 

 

 

(42,977

)

 

 



 



 



 

Total dividends and distributions

 

 

(125,626

)

 

(2,222,117

)

 

(166,823

)

 

 



 



 



 

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

 

$

201,985

 

$

4,072,508

 

$

161,425

 

 

 



 



 



 

See Notes to Financial Statements.

48



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida
Municipal
Income Trust
(BBF)

 

New Jersey
Investment Quality
Municipal Trust
(RNJ)

 

New Jersey
Municipal
Income Trust
(BNJ)

 

New York
Investment Quality
Municipal Trust
(RNY)

 

New York
Municipal
Income Trust
(BNY)

 

 

 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

4,087,683

 

$

548,242

 

$

4,852,327

 

$

732,957

 

$

7,982,045

 

Affiliated income

 

 

11,862

 

 

389

 

 

5,004

 

 

4,184

 

 

17,465

 

Income from affiliates

 

 

362

 

 

400

 

 

298

 

 

312

 

 

1,015

 

 

 



 



 



 



 



 

Total investment income

 

 

4,099,907

 

 

549,031

 

 

4,857,629

 

 

737,453

 

 

8,000,525

 

 

 



 



 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

481,125

 

 

38,137

 

 

551,893

 

 

51,204

 

 

919,098

 

Administration

 

 

 

 

10,896

 

 

 

 

14,631

 

 

 

Transfer agent

 

 

6,282

 

 

4,406

 

 

6,437

 

 

4,482

 

 

6,679

 

Custodian

 

 

28,036

 

 

12,861

 

 

29,640

 

 

12,866

 

 

31,033

 

Reports to shareholders

 

 

10,036

 

 

3,172

 

 

12,332

 

 

3,576

 

 

20,726

 

Directors/Trustees

 

 

3,531

 

 

1,718

 

 

4,106

 

 

1,740

 

 

6,728

 

Registration

 

 

3,474

 

 

189

 

 

3,769

 

 

245

 

 

1,113

 

Independent accountants

 

 

18,722

 

 

12,457

 

 

18,818

 

 

12,490

 

 

19,301

 

Legal

 

 

9,649

 

 

2,846

 

 

9,763

 

 

2,889

 

 

19,161

 

Officers fees

 

 

845

 

 

118

 

 

980

 

 

159

 

 

1,604

 

Insurance

 

 

5,066

 

 

688

 

 

5,783

 

 

921

 

 

9,637

 

Auction agent

 

 

71,499

 

 

11,922

 

 

81,327

 

 

14,665

 

 

136,276

 

Deferred Trustees’ fees

 

 

362

 

 

400

 

 

298

 

 

312

 

 

1,015

 

Miscellaneous

 

 

14,542

 

 

7,517

 

 

15,254

 

 

7,686

 

 

19,410

 

 

 



 



 



 



 



 

Total expenses excluding interest expense

 

 

653,169

 

 

107,327

 

 

740,400

 

 

127,866

 

 

1,191,781

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total expenses

 

 

653,169

 

 

107,327

 

 

740,400

 

 

127,866

 

 

1,191,781

 

Less Advisory fees waived

 

 

(160,946

)

 

 

 

(183,964

)

 

 

 

(306,339

)

Less fees waived by Advisor

 

 

(2,843

)

 

(204

)

 

(779

)

 

(556

)

 

(3,164

)

Less fees paid indirectly

 

 

(10,729

)

 

(10,182

)

 

(10,762

)

 

(8,703

)

 

(10,229

)

 

 



 



 



 



 



 

Net expenses

 

 

478,651

 

 

96,941

 

 

544,895

 

 

118,607

 

 

872,049

 

 

 



 



 



 



 



 

Net investment income

 

 

3,621,256

 

 

452,090

 

 

4,312,734

 

 

618,846

 

 

7,128,476

 

 

 



 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(548,644

)

 

92,991

 

 

156,696

 

 

190,334

 

 

(616,779

)

Swaps

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

 

 

 

(548,644

)

 

92,991

 

 

156,696

 

 

190,334

 

 

(616,779

)

 

 



 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(830,514

)

 

(149,776

)

 

(1,733,137

)

 

(359,088

)

 

(2,224,260

)

Swaps

 

 

684,514

 

 

 

 

865,525

 

 

 

 

1,318,154

 

 

 



 



 



 



 



 

 

 

 

(146,000

)

 

(149,776

)

 

(867,612

)

 

(359,088

)

 

(906,106

)

 

 



 



 



 



 



 

Net loss

 

 

(694,644

)

 

(56,785

)

 

(710,916

)

 

(168,754

)

 

(1,522,885

)

 

 



 



 



 



 



 

Dividends from Net Investment Income to Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,009,207

)

 

(105,957

)

 

(1,068,880

)

 

(155,139

)

 

(1,733,131

)

Net realized gains

 

 

 

 

(17,621

)

 

 

 

(8,495

)

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(1,009,207

)

 

(123,578

)

 

(1,068,880

)

 

(163,634

)

 

(1,733,131

)

 

 



 



 



 



 



 

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

 

$

1,917,405

 

$

271,727

 

$

2,532,938

 

$

286,458

 

$

3,872,460

 

 

 



 



 



 



 



 

49



 

STATEMENT OF CASH FLOWS (unaudited)

For the six months ended April 30, 2007



 

 

 

 

 

 

 

Long-Term
Municipal
Advantage
Trust (BTA)

 

 

 


 

Net Increase in Net Assets Resulting from Operations to Net Cash Used for Operating Activities

 

 

 

 

Net increase in net assets resulting from operations

 

$

3,417,856

 

 

 



 

Purchases of long-term investments

 

 

(82,509,101

)

Proceeds from sales of long-term investments

 

 

95,677,599

 

Net purchases of short-term investments

 

 

(6,759,000

)

Amortization of premium and discount on investments

 

 

92,808

 

Net realized gain on investments

 

 

(1,797,711

)

Decrease in unrealized appreciation/depreciation on investments

 

 

2,739,031

 

Increase in unrealized appreciation on swaps

 

 

(29,770

)

Increase in investments in affiliates

 

 

(337

)

Decrease in interest receivable

 

 

6,386

 

Decrease in prepaid expense

 

 

6,126

 

Decrease in other assets

 

 

6,057

 

Decrease in interest payable

 

 

(58,423

)

Decrease in investment advisory fee payable

 

 

(196

)

Increase in deferred Trustees’ fees

 

 

337

 

Decrease in payable to affiliates

 

 

(310

)

Decrease in other accrued expenses

 

 

(50,465

)

 

 



 

Total adjustments

 

 

7,323,031

 

 

 



 

Net cash provided by operating activities

 

 

10,740,887

 

 

 



 

Cash from financing activities:

 

 

 

 

Capital contributions

 

 

538,721

 

Proceeds from and repayments of trust certificates

 

 

(6,485,000

)

Cash dividends paid

 

 

(5,311,511

)

 

 



 

Net cash provided by financing activities

 

 

(11,257,790

)

 

 



 

Net decrease in cash

 

 

(516,903

)

Cash at beginning of period

 

 

533,406

 

 

 



 

Cash at end of period

 

$

16,503

 

 

 



 

Cash paid for interest

 

$

3,248,242

 

 

 



 

See Notes to Financial Statements.

50



 

STATEMENTS OF CHANGES IN NET ASSETS

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



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment
Quality Municipal Trust
(BKN)

 

Municipal
Income Trust
(BFK)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,093,182

 

$

18,419,051

 

$

24,531,093

 

$

50,095,286

 

Net realized gain (loss)

 

 

(553,263

)

 

607,295

 

 

(1,811,588

)

 

1,390,886

 

Net change in unrealized appreciation/depreciation

 

 

(1,192,043

)

 

6,751,110

 

 

717,315

 

 

33,062,215

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,545,725

)

 

(4,700,264

)

 

(6,510,493

)

 

(12,001,964

)

Net realized gains

 

 

 

 

 

 

(18,029

)

 

 

 

 



 



 



 



 

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

 

 

4,802,151

 

 

21,077,192

 

 

16,908,298

 

 

72,546,423

 

 

 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(8,737,810

)

 

(17,692,813

)

 

(21,762,759

)

 

(43,385,755

)

Net realized gains

 

 

 

 

 

 

(57,432

)

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(8,737,810

)

 

(17,692,813

)

 

(21,820,191

)

 

(43,385,755

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

1,577,866

 

 

2,871,527

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(3,935,659

)

 

3,384,379

 

 

(3,334,027

)

 

32,032,195

 

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

263,878,252

 

 

260,493,873

 

 

674,079,589

 

 

642,047,394

 

 

 



 



 



 



 

End of period

 

$

259,942,593

 

$

263,878,252

 

$

670,745,562

 

$

674,079,589

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

6,446,406

 

$

8,636,759

 

$

11,913,897

 

$

15,656,056

 

See Notes to Financial Statements.

51



 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

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



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Long-Term
Municipal Advantage Trust (BTA)

 

California Investment
Quality Municipal Trust (RAA)

 

 

 


 


 

 

 

2007

 

20061

 

2006

 

2005

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

4,530,726

 

$

6,007,001

 

$

415,436

 

$

877,154

 

Net realized gain (loss)

 

 

1,596,391

 

 

(264,829

)

 

128,754

 

 

78,405

 

Net change in unrealized appreciation/depreciation

 

 

(2,709,261

)

 

8,498,372

 

 

(216,579

)

 

430,243

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

(108,874

)

 

(215,916

)

Net realized gains

 

 

 

 

 

 

(16,752

)

 

 

 

 



 



 



 



 

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

 

 

3,417,856

 

 

14,240,544

 

 

201,985

 

 

1,169,886

 

 

 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(5,131,464

)

 

(6,393,277

)

 

(312,803

)

 

(853,209

)

Net realized gains

 

 

 

 

 

 

(51,877

)

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(5,131,464

)

 

(6,393,277

)

 

(364,680

)

 

(853,209

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of common shares

 

 

 

 

186,584,810

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

3,216,375

 

 

 

 

 

Reinvestment of common dividends

 

 

538,721

 

 

488,672

 

 

 

 

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

538,721

 

 

190,289,857

 

 

 

 

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(1,174,887

)

 

198,137,124

 

 

(162,695

)

 

316,677

 

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

198,137,124

 

 

 

 

14,615,284

 

 

14,298,607

 

 

 



 



 



 



 

End of period

 

$

196,962,237

 

$

198,137,124

 

$

14,452,589

 

$

14,615,284

 

 

 



 



 



 



 

End of period undistributed (distribution in excess of) net investment income

 

$

(948,014

)

$

(347,276

)

$

(6,837

)

$

(596

)


 

 

1

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

See Notes to Financial Statements.

52



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Municipal
Income Trust (BFZ)

 

Florida Investment
Quality Municipal Trust (RFA)

 

Florida Municipal
Income Trust (BBF)

 

 

 


 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

8,162,635

 

$

16,761,247

 

$

470,227

 

$

923,461

 

$

3,621,256

 

$

7,369,362

 

Net realized gain (loss)

 

 

(365,134

)

 

2,216,392

 

 

19,024

 

 

265,765

 

 

(548,644

)

 

1,156,069

 

Net change in unrealized appreciation/depreciation

 

 

(1,502,876

)

 

7,064,059

 

 

(161,003

)

 

186,488

 

 

(146,000

)

 

591,321

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,222,117

)

 

(3,954,681

)

 

(123,846

)

 

(236,669

)

 

(1,009,207

)

 

(1,810,602

)

Net realized gains

 

 

 

 

 

 

(42,977

)

 

(54,375

)

 

 

 

 

 

 



 



 



 



 



 



 

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

 

 

4,072,508

 

 

22,087,017

 

 

161,425

 

 

1,084,670

 

 

1,917,405

 

 

7,306,150

 

 

 



 



 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(6,869,225

)

 

(13,697,832

)

 

(350,279

)

 

(957,322

)

 

(3,015,862

)

 

(6,019,766

)

Net realized gains

 

 

 

 

 

 

(53,470

)

 

(287,688

)

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(6,869,225

)

 

(13,697,832

)

 

(403,749

)

 

(1,245,010

)

 

(3,015,862

)

 

(6,019,766

)

 

 



 



 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

485,625

 

 

711,184

 

 

 

 

 

 

139,929

 

 

221,091

 

 

 



 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

485,625

 

 

711,184

 

 

 

 

 

 

139,929

 

 

221,091

 

 

 



 



 



 



 



 



 

Total increase (decrease)

 

 

(2,311,092

)

 

9,100,369

 

 

(242,324

)

 

(160,340

)

 

(958,528

)

 

1,507,475

 

 

 



 



 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

236,572,711

 

 

227,472,342

 

 

16,053,831

 

 

16,214,171

 

 

104,451,011

 

 

102,943,536

 

 

 



 



 



 



 



 



 

End of period

 

$

234,261,619

 

$

236,572,711

 

$

15,811,507

 

$

16,053,831

 

$

103,492,483

 

$

104,451,011

 

 

 



 



 



 



 



 



 

End of period undistributed (distribution in excess of) net investment income

 

$

5,066,268

 

$

5,994,975

 

$

24,802

 

$

28,700

 

$

1,766,705

 

$

2,170,518

 

53



 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

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



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey Investment
Quality Municipal Trust (RNJ)

 

New Jersey Municipal
Income Trust (BNJ)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

452,090

 

$

856,791

 

$

4,312,734

 

$

8,743,414

 

Net realized gain

 

 

92,991

 

 

120,175

 

 

156,696

 

 

1,477,938

 

Net change in unrealized appreciation/depreciation

 

 

(149,776

)

 

222,494

 

 

(867,612

)

 

2,392,840

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(105,957

)

 

(204,250

)

 

(1,068,880

)

 

(1,946,877

)

Net realized gains

 

 

(17,621

)

 

(25,877

)

 

 

 

 

 

 



 



 



 



 

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

 

 

271,727

 

 

969,333

 

 

2,532,938

 

 

10,667,315

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(419,454

)

 

(847,505

)

 

(3,569,616

)

 

(7,110,417

)

Net realized gains

 

 

(38,111

)

 

(126,529

)

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(457,565

)

 

(974,034

)

 

(3,569,616

)

 

(7,110,417

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

338,085

 

 

690,656

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(185,838

)

 

(4,701

)

 

(698,593

)

 

4,247,554

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

14,576,057

 

 

14,580,758

 

 

121,986,998

 

 

117,739,444

 

 

 



 



 



 



 

End of period

 

$

14,390,219

 

$

14,576,057

 

$

121,288,405

 

$

121,986,998

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period undistributed net investment income

 

$

300,908

 

$

374,229

 

$

3,115,027

 

$

3,440,789

 

See Notes to Financial Statements.

54



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York Investment
Quality Municipal Trust (RNY)

 

New York Municipal
Income Trust (BNY)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

618,846

 

$

1,265,857

 

$

7,128,476

 

$

14,267,470

 

Net realized gain

 

 

190,334

 

 

87,630

 

 

(616,779

)

 

1,763,256

 

Net change in unrealized appreciation/depreciation

 

 

(359,088

)

 

395,405

 

 

(906,106

)

 

4,045,210

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(155,139

)

 

(276,400

)

 

(1,733,131

)

 

(3,294,504

)

Net realized gains

 

 

(8,495

)

 

(20,219

)

 

 

 

 

 

 



 



 



 



 

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

 

 

286,458

 

 

1,452,273

 

 

3,872,460

 

 

16,781,432

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(565,318

)

 

(1,146,975

)

 

(5,693,778

)

 

(11,347,915

)

Net realized gains

 

 

(17,872

)

 

(109,330

)

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(583,190

)

 

(1,256,305

)

 

(5,693,778

)

 

(11,347,915

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

457,543

 

 

826,411

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(296,732

)

 

195,968

 

 

(1,363,775

)

 

6,259,928

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

19,838,950

 

 

19,642,982

 

 

199,717,179

 

 

193,457,251

 

 

 



 



 



 



 

End of period

 

$

19,542,218

 

$

19,838,950

 

$

198,353,404

 

$

199,717,179

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period undistributed net investment income

 

$

256,894

 

$

358,505

 

$

4,989,357

 

$

5,287,790

 

55


FINANCIAL HIGHLIGHTS

BlackRock Investment Quality Municipal Trust (BKN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.79

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

$

15.19

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.54

 

 

1.10

 

 

1.14

 

 

1.17

 

 

1.16

 

 

1.20

 

Net realized and unrealized gain (loss)

 

 

(0.10

)

 

0.44

 

 

(0.11

)

 

0.26

 

 

(0.09

)

 

(0.26

)

Dividends to preferred shareholders from net investment income

 

 

(0.15

)

 

(0.28

)

 

(0.19

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.29

 

 

1.26

 

 

0.84

 

 

1.34

 

 

0.98

 

 

0.81

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.52

)

 

(1.06

)

 

(0.96

)

 

(0.91

)

 

(0.89

)

 

(0.81

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.56

 

$

15.79

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

18.98

 

$

18.97

 

$

16.62

 

$

15.12

 

$

14.26

 

$

13.48

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.33

%

 

7.38

%

 

5.34

%

 

9.48

%

 

7.14

%

 

6.40

%

 

 



 



 



 



 



 



 

At market value

 

 

2.88

%

 

21.06

%

 

16.68

%

 

12.91

%

 

12.67

%

 

4.14

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.06

%4

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

Expenses after fees waived and before fees paid indirectly

 

 

1.06

%4

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

Expenses before fees waived and paid indirectly

 

 

1.06

%4

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

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

 

 

7.00

%4

 

7.09

%

 

7.21

%

 

7.59

%

 

7.62

%

 

7.93

%

Preferred share dividends

 

 

1.96

%4

 

1.81

%

 

1.17

%

 

0.60

%

 

0.59

%

 

0.83

%

Net investment income available to common shareholders

 

 

5.04

%4

 

5.28

%

 

6.04

%

 

6.99

%

 

7.03

%

 

7.10

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

262,142

 

$

259,862

 

$

264,490

 

$

259,470

 

$

254,890

 

$

251,428

 

Portfolio turnover

 

 

8

%

 

82

%

 

77

%

 

52

%

 

36

%

 

19

%

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

 

$

259,943

 

$

263,878

 

$

260,494

 

$

262,475

 

$

255,315

 

$

253,710

 

Preferred shares value outstanding, end of period (000)

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

Asset coverage per preferred share, end of period

 

$

69,366

 

$

70,054

 

$

69,465

 

$

69,790

 

$

68,561

 

$

68,292

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

56



FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust (BFK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.37

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

$

14.30

 

 

 


 


 


 


 


 


 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.56

 

 

1.14

 

 

1.18

 

 

1.19

 

 

1.23

 

 

1.20

 

Net realized and unrealized gain (loss)

 

 

(0.01

)

 

0.78

 

 

0.43

 

 

0.26

 

 

0.35

 

 

(1.11

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.27

)

 

(0.18

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

Net realized gains

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 


 


 


 

Net increase (decrease) from investment operations

 

 

0.40

 

 

1.65

 

 

1.43

 

 

1.36

 

 

1.49

 

 

(0.04

)

 

 


 


 


 


 


 


 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.50

)

 

(0.99

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

(0.93

)

Net realized gains

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 


 


 


 


 


 


 

Total dividends and distributions

 

 

(0.50

)

 

(0.99

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

(0.93

)

 

 


 


 


 


 


 


 

Net asset value, end of period

 

$

15.27

 

$

15.37

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

 

 


 


 


 


 


 


 

Market price, end of period

 

$

18.68

 

$

17.30

 

$

15.69

 

$

14.05

 

$

13.70

 

$

13.46

 

 

 


 


 


 


 


 


 

TOTAL INVESTMENT RETURNS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value3

 

 

2.30

%

 

11.24

%

 

10.21

%

 

10.29

%

 

11.63

%

 

(0.29

)%

 

 


 


 


 


 


 


 

At market value

 

 

11.19

%

 

17.39

%

 

19.31

%

 

10.01

%

 

9.21

%

 

(2.40

)%

 

 


 


 


 


 


 


 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.86

%5

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

 

0.81

%

Expenses after fees waived and before fees paid indirectly

 

 

0.86

%5

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

 

0.83

%

Expenses before fees waived and paid indirectly

 

 

1.17

%5

 

1.21

%

 

1.22

%

 

1.23

%

 

1.25

%

 

1.23

%

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

 

 

7.34

%5

 

7.65

%

 

7.97

%

 

8.44

%

 

8.96

%

 

8.74

%

Preferred share dividends

 

 

1.95

%5

 

1.83

%

 

1.23

%

 

0.63

%

 

0.65

%

 

0.92

%

Net investment income available to common shareholders

 

 

5.39

%5

 

5.82

%

 

6.74

%

 

7.81

%

 

8.31

%

 

7.82

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

673,550

 

$

654,691

 

$

644,680

 

$

618,076

 

$

594,192

 

$

598,425

 

Portfolio turnover

 

 

9

%

 

77

%

 

68

%

 

59

%

 

56

%

 

70

%

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

 

$

670,746

 

$

674,080

 

$

642,047

 

$

621,648

 

$

603,943

 

$

579,681

 

Preferred shares value outstanding, end of period (000)

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

Asset coverage per preferred share, end of period

 

$

69,714

 

$

69,933

 

$

67,797

 

$

66,435

 

$

65,251

 

$

63,636

 


 

 


1

Amounted to less than $0.01 per common share outstanding.

2

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

3

Unaudited.

4

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

5

Annualized.

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

See Notes to Financial Statements.

57



FINANCIAL HIGHLIGHTS

BlackRock Long-Term Municipal Advantage Trust (BTA)

 


 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2007
(unaudited)

 

For the period
February 28, 20061
through
October 31, 2006

 

 

 


 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.89

 

$

14.33

2

 

 



 



 

Investment operations:

 

 

 

 

 

 

 

Net investment income

 

 

0.34

 

 

0.45

 

Net realized and unrealized gain (loss)

 

 

(0.09

)

 

0.62

 

 

 



 



 

Net increase from investment operations

 

 

0.25

 

 

1.07

 

 

 



 



 

Dividends to common shareholders from net investment income

 

 

(0.38

)

 

(0.48

)

 

 



 



 

Capital charges with respect to issuance of Common shares

 

 

 

 

(0.03

)

 

 



 



 

Net asset value, end of period

 

$

14.76

 

$

14.89

 

 

 



 



 

Market price, end of period

 

$

13.79

 

$

14.70

 

 

 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

At net asset value4

 

 

1.83

%

 

7.48

%

 

 



 



 

At market value

 

 

(3.70

)%

 

1.40

%

 

 



 



 

RATIOS TO AVERAGE NET ASSETS:5

 

 

 

 

 

 

 

Total expenses

 

 

4.52

%

 

4.55

%

Net expenses

 

 

4.12

%

 

4.11

%

Net expenses excluding interest expense

 

 

0.87

%

 

0.97

%

Net investment income

 

 

4.61

%

 

4.79

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

Average net assets (000)

 

$

198,015

 

$

186,998

 

Portfolio turnover

 

 

23

%

 

20

%

Net assets, end of period (000)

 

$

196,962

 

$

198,137

 

Short-term floating rate certificates, end of period

 

$

170,860

 

$

177,345

 

Asset coverage, end of period5

 

$

2,153

 

$

2,177

 

Short-term floating rate certificates average daily balances (000)

 

$

173,281

 

$

183,026

 

Short-term floating rate certificates weighted average interest rate

 

 

3.65

%

 

3.57

%


 

 


1

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

2

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

3

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

4

Unaudited.

5

Annualized.

6

Per $1,000 of certificates outstanding

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

See Notes to Financial Statements.

58



FINANCIAL HIGHLIGHTS

BlackRock California Investment Quality Municipal Trust (RAA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

$

15.30

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.41

 

 

0.87

 

 

0.78

 

 

0.92

 

 

1.05

 

 

1.04

 

Net realized and unrealized gain (loss)

 

 

(0.08

)

 

0.50

 

 

(0.03

)

 

(0.09

)

 

(0.41

)

 

(0.64

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.11

)

 

(0.21

)

 

(0.13

)

 

(0.06

)

 

(0.06

)

 

(0.09

)

Net realized gains

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.20

 

 

1.16

 

 

0.62

 

 

0.77

 

 

0.58

 

 

0.31

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.31

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.80

)

Net realized gains

 

 

(0.05

)

 

 

 

 

 

(0.05

)

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.36

)

 

(0.85

)

 

(0.85

)

 

(0.90

)

 

(0.83

)

 

(0.80

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.35

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

13.92

 

$

15.80

 

$

15.75

 

$

14.30

 

$

14.03

 

$

13.38

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.30

%

 

7.87

%

 

4.32

%

 

5.77

%

 

4.43

%

 

2.06

%

 

 



 



 



 



 



 



 

At market value

 

 

(9.75

)%

 

5.90

%

 

16.76

%

 

8.78

%

 

11.38

%

 

(9.26

)%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.38

%4

 

1.41

%

 

1.35

%

 

1.35

%

 

1.40

%

 

1.29

%

Expenses after fees waived and before fees paid indirectly

 

 

1.38

%4

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

Expenses before fees waived and paid indirectly

 

 

1.38

%4

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

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

 

 

5.76

%4

 

6.11

%

 

5.38

%

 

6.37

%

 

7.17

%

 

6.86

%

Preferred share dividends

 

 

1.51

%4

 

1.50

%

 

0.88

%

 

0.42

%

 

0.44

%

 

0.59

%

Net investment income available to common shareholders

 

 

4.25

%4

 

4.61

%

 

4.50

%

 

5.95

%

 

6.73

%

 

6.27

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,537

 

$

14,358

 

$

14,569

 

$

14,553

 

$

14,752

 

$

15,221

 

Portfolio turnover

 

 

15

%

 

49

%

 

20

%

 

15

%

 

6

%

 

30

%

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

 

$

14,453

 

$

14,615

 

$

14,299

 

$

14,529

 

$

14,665

 

$

14,911

 

Preferred shares value outstanding, end of period (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of period

 

$

73,186

 

$

73,731

 

$

72,671

 

$

73,433

 

$

73,886

 

$

74,706

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

59



FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust (BFZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

$

14.50

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.54

 

 

1.11

 

 

1.12

 

 

1.15

 

 

1.12

 

 

1.11

 

Net realized and unrealized gain (loss)

 

 

(0.12

)

 

0.62

 

 

0.36

 

 

0.65

 

 

(0.34

)

 

(0.46

)

Dividends to preferred shareholders from net investment income

 

 

(0.15

)

 

(0.26

)

 

(0.16

)

 

(0.09

)

 

(0.08

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.27

 

 

1.47

 

 

1.32

 

 

1.71

 

 

0.70

 

 

0.53

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.46

)

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

(0.89

)

 

(0.87

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.55

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

17.82

 

$

17.12

 

$

14.92

 

$

13.65

 

$

13.21

 

$

13.09

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.57

%

 

9.93

%

 

9.47

%

 

13.14

%

 

5.49

%

 

4.08

%

 

 



 



 



 



 



 



 

At market value

 

 

7.02

%

 

21.65

%

 

16.42

%

 

10.58

%

 

7.92

%

 

(5.49

)%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.88

%4

 

0.87

%

 

0.85

%

 

0.87

%

 

0.89

%

 

0.88

%

Expenses after fees waived and before fees paid indirectly

 

 

0.88

%4

 

0.87

%

 

0.86

%

 

0.88

%

 

0.89

%

 

0.90

%

Expenses before fees waived and paid indirectly

 

 

1.20

%4

 

1.25

%

 

1.25

%

 

1.28

%

 

1.30

%

 

1.31

%

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

 

 

6.99

%4

 

7.26

%

 

7.35

%

 

7.96

%

 

8.01

%

 

7.96

%

Preferred share dividends

 

 

1.90

%4

 

1.71

%

 

1.04

%

 

0.59

%

 

0.57

%

 

0.86

%

Net investment income available to common shareholders

 

 

5.09

%4

 

5.55

%

 

6.31

%

 

7.37

%

 

7.44

%

 

7.10

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

235,375

 

$

230,845

 

$

227,738

 

$

216,238

 

$

211,275

 

$

209,965

 

Portfolio turnover

 

 

14

%

 

17

%

 

28

%

 

15

%

 

34

%

 

44

%

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

 

$

234,262

 

$

236,573

 

$

227,472

 

$

221,371

 

$

209,397

 

$

212,215

 

Preferred shares value outstanding, end of period (000)

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

Asset coverage per preferred share, end of period

 

$

69,398

 

$

69,836

 

$

68,107

 

$

66,945

 

$

64,675

 

$

65,211

 



1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

60



FINANCIAL HIGHLIGHTS

BlackRock Florida Investment Quality Municipal Trust (RFA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

$

15.50

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.42

 

 

0.82

 

 

0.84

 

 

0.98

 

 

1.04

 

 

1.05

 

Net realized and unrealized gain (loss)

 

 

(0.12

)

 

0.40

 

 

(0.35

)

 

(0.18

)

 

(0.39

)

 

0.02

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.11

)

 

(0.21

)

 

(0.15

)

 

(0.07

)

 

(0.08

)

 

(0.11

)

Net realized gains

 

 

(0.04

)

 

(0.05

)

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.15

 

 

0.96

 

 

0.33

 

 

0.71

 

 

0.57

 

 

0.96

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.31

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.81

)

Net realized gains

 

 

(0.05

)

 

(0.26

)

 

(0.11

)

 

(0.23

)

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.36

)

 

(1.11

)

 

(0.96

)

 

(1.08

)

 

(0.83

)

 

(0.81

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.03

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

13.70

 

$

16.00

 

$

14.85

 

$

14.30

 

$

14.47

 

$

14.50

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.05

%

 

6.46

%

 

2.19

%

 

5.00

%

 

3.98

%

 

6.63

%

 

 



 



 



 



 



 



 

At market value

 

 

(12.18

)%

 

15.91

%

 

10.76

%

 

6.32

%

 

5.52

%

 

6.52

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.33

%4

 

1.37

%

 

1.29

%

 

1.27

%

 

1.29

%

 

1.20

%

Expenses after fees waived and before fees paid indirectly

 

 

1.33

%4

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

Expenses before fees waived and paid indirectly

 

 

1.34

%4

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

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

 

 

5.96

%4

 

5.80

%

 

5.69

%

 

6.48

%

 

6.69

%

 

6.76

%

Preferred share dividends

 

 

1.57

%4

 

1.49

%

 

1.05

%

 

0.46

%

 

0.51

%

 

0.69

%

Net investment income available to common shareholders

 

 

4.39

%4

 

4.31

%

 

4.64

%

 

6.02

%

 

6.18

%

 

6.07

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

15,921

 

$

15,930

 

$

16,626

 

$

17,035

 

$

17,561

 

$

17,427

 

Portfolio turnover

 

 

9

%

 

57

%

 

15

%

 

13

%

 

17

%

 

8

%

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

 

$

15,812

 

$

16,054

 

$

16,214

 

$

16,929

 

$

17,347

 

$

17,639

 

Preferred shares value outstanding, end of period (000)

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

Asset coverage per preferred share, end of period

 

$

71,515

 

$

72,229

 

$

72,696

 

$

74,795

 

$

76,021

 

$

76,886

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

61


FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Income Trust (BBF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.68

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

$

14.37

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.54

 

 

1.11

 

 

1.11

 

 

1.12

 

 

1.11

 

 

1.07

 

Net realized and unrealized gain (loss)

 

 

(0.11

)

 

0.26

 

 

0.17

 

 

0.45

 

 

(0.03

)

 

0.13

 

Dividends to preferred shareholders from net investment income

 

 

(0.15

)

 

(0.27

)

 

(0.17

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.28

 

 

1.10

 

 

1.11

 

 

1.49

 

 

1.00

 

 

1.08

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.45

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.51

 

$

15.68

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.60

 

$

16.30

 

$

15.25

 

$

14.40

 

$

13.36

 

$

13.65

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.81

%

 

7.34

%

 

7.63

%

 

11.02

%

 

7.39

%

 

7.86

%

 

 



 



 



 



 



 



 

At market value

 

 

4.82

%

 

13.26

%

 

12.44

%

 

15.04

%

 

4.30

%

 

0.16

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.93

%4

 

0.92

%

 

0.90

%

 

0.93

%

 

0.94

%

 

0.96

%

Expenses after fees waived and before fees paid indirectly

 

 

0.93

%4

 

0.93

%

 

0.91

%

 

0.93

%

 

0.95

%

 

0.98

%

Expenses before fees waived and paid indirectly

 

 

1.25

%4

 

1.30

%

 

1.30

%

 

1.32

%

 

1.35

%

 

1.38

%

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

 

 

7.03

%4

 

7.12

%

 

7.16

%

 

7.49

%

 

7.50

%

 

7.59

%

Preferred share dividends

 

 

1.96

%4

 

1.75

%

 

1.11

%

 

0.55

%

 

0.53

%

 

0.82

%

Net investment income available to common shareholders

 

 

5.07

%4

 

5.37

%

 

6.05

%

 

6.94

%

 

6.97

%

 

6.77

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

103,843

 

$

103,431

 

$

103,432

 

$

100,002

 

$

98,081

 

$

93,558

 

Portfolio turnover

 

 

8

%

 

20

%

 

10

%

 

10

%

 

19

%

 

35

%

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

 

$

103,492

 

$

104,451

 

$

102,944

 

$

101,512

 

$

97,589

 

$

96,816

 

Preferred shares value outstanding, end of period (000)

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

Asset coverage per preferred share, end of period

 

$

69,972

 

$

70,391

 

$

69,729

 

$

69,101

 

$

67,394

 

$

67,060

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

62


FINANCIAL HIGHLIGHTS

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

$

14.85

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.45

 

 

0.85

 

 

0.87

 

 

0.97

 

 

1.00

 

 

1.02

 

Net realized and unrealized gain (loss)

 

 

(0.04

)

 

0.34

 

 

(0.21

)

 

(0.20

)

 

0.12

 

 

(0.39

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.11

)

 

(0.20

)

 

(0.15

)

 

(0.07

)

 

(0.06

)

 

(0.09

)

Net realized gains

 

 

(0.02

)

 

(0.03

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.28

 

 

0.96

 

 

0.51

 

 

0.70

 

 

1.06

 

 

0.54

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.42

)

 

(0.84

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

(0.75

)

Net realized gains

 

 

(0.04

)

 

(0.13

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.46

)

 

(0.97

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

(0.75

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.29

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

17.19

 

$

15.95

 

$

14.70

 

$

15.00

 

$

14.80

 

$

13.30

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.37

%

 

6.14

%

 

3.43

%

 

5.00

%

 

7.48

%

 

4.07

%

 

 



 



 



 



 



 



 

At market value

 

 

10.63

%

 

15.25

%

 

3.53

%

 

7.14

%

 

17.59

%

 

2.07

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.35

%4

 

1.41

%

 

1.34

%

 

1.34

%

 

1.39

%

 

1.31

%

Expenses after fees waived and before fees paid indirectly

 

 

1.35

%4

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

Expenses before fees waived and paid indirectly

 

 

1.35

%4

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

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

 

 

6.30

%4

 

5.91

%

 

5.89

%

 

6.50

%

 

6.72

%

 

6.93

%

Preferred share dividends

 

 

1.48

%4

 

1.41

%

 

1.00

%

 

0.47

%

 

0.41

%

 

0.61

%

Net investment income available to common shareholders

 

 

4.82

%4

 

4.50

%

 

4.89

%

 

6.03

%

 

6.31

%

 

6.32

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,473

 

$

14,499

 

$

14,873

 

$

14,974

 

$

14,975

 

$

14,791

 

Portfolio turnover

 

 

14

%

 

27

%

 

19

%

 

12

%

 

4

%

 

14

%

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

 

$

14,390

 

$

14,576

 

$

14,581

 

$

14,900

 

$

15,007

 

$

14,747

 

Preferred shares value outstanding, end of period (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of period

 

$

72,983

 

$

73,603

 

$

73,612

 

$

74,670

 

$

75,026

 

$

74,159

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

63


FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Income Trust (BNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

$

14.26

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.58

 

 

1.17

 

 

1.17

 

 

1.16

 

 

1.15

 

 

1.10

 

Net realized and unrealized gain (loss)

 

 

(0.10

)

 

0.52

 

 

0.42

 

 

0.61

 

 

0.11

 

 

(0.07

)

Dividends to preferred shareholders from net investment income

 

 

(0.14

)

 

(0.26

)

 

(0.18

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.34

 

 

1.43

 

 

1.41

 

 

1.69

 

 

1.18

 

 

0.91

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.48

)

 

(0.95

)

 

(0.92

)

 

(0.90

)

 

(0.88

)

 

(0.87

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of preferred shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.21

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

19.28

 

$

18.40

 

$

15.91

 

$

14.45

 

$

14.04

 

$

13.64

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.89

%

 

9.18

%

 

9.60

%

 

12.29

%

 

8.68

%

 

6.61

%

 

 



 



 



 



 



 



 

At market value

 

 

7.62

%

 

22.56

%

 

16.95

%

 

9.63

%

 

9.59

%

 

(2.25

) %

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.90

%4

 

0.89

%

 

0.89

%

 

0.91

%

 

0.93

%

 

0.93

%

Expenses after fees waived and before fees paid indirectly

 

 

0.90

%4

 

0.91

%

 

0.90

%

 

0.91

%

 

0.94

%

 

0.97

%

Expenses before fees waived and paid indirectly

 

 

1.21

%4

 

1.27

%

 

1.28

%

 

1.30

%

 

1.34

%

 

1.37

%

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

 

 

7.15

%4

 

7.31

%

 

7.37

%

 

7.74

%

 

7.85

%

 

7.81

%

Preferred share dividends

 

 

1.77

%4

 

1.63

%

 

1.12

%

 

0.56

%

 

0.57

%

 

0.88

%

Net investment income available to common shareholders

 

 

5.38

%4

 

5.68

%

 

6.25

%

 

7.18

%

 

7.28

%

 

6.93

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

121,688

 

$

119,542

 

$

117,596

 

$

111,263

 

$

107,900

 

$

104,241

 

Portfolio turnover

 

 

13

%

 

2

%

 

6

%

 

16

%

 

13

%

 

50

%

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

 

$

121,288

 

$

121,987

 

$

117,739

 

$

114,019

 

$

108,172

 

$

105,985

 

Preferred shares value outstanding, end of period (000)

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

Asset coverage per preferred share, end of period

 

$

72,537

 

$

72,812

 

$

71,142

 

$

69,682

 

$

67,387

 

$

66,538

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

 

 

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

See Notes to Financial Statements.

64


FINANCIAL HIGHLIGHTS

BlackRock New York Investment Quality Municipal Trust (RNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

$

15.28

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.47

 

 

0.97

 

 

0.96

 

 

0.96

 

 

1.03

 

 

1.06

 

Net realized and unrealized gain (loss)

 

 

(0.13

)

 

0.37

 

 

(0.26

)

 

 

 

(0.21

)

 

0.06

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.12

)

 

(0.21

)

 

(0.14

)

 

(0.07

)

 

(0.07

)

 

(0.09

)

Net realized gains

 

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.21

 

 

1.11

 

 

0.56

 

 

0.89

 

 

0.75

 

 

1.03

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.43

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.84

)

Net realized gains

 

 

(0.01

)

 

(0.08

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.44

)

 

(0.96

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.84

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

14.95

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.85

 

$

16.65

 

$

14.75

 

$

14.50

 

$

14.18

 

$

14.40

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.06

%

 

7.32

%

 

3.97

%

 

6.48

%

 

5.42

%

 

7.19

%

 

 



 



 



 



 



 



 

At market value

 

 

3.85

%

 

19.95

%

 

8.01

%

 

8.81

%

 

4.69

%

 

7.42

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.21

%4

 

1.25

%

 

1.20

%

 

1.21

%

 

1.24

%

 

1.17

%

Expenses after fees waived and before fees paid indirectly

 

 

1.21

%4

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

Expenses before fees waived and paid indirectly

 

 

1.22

%4

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

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

 

 

6.33

%4

 

6.48

%

 

6.30

%

 

6.29

%

 

6.68

%

 

6.97

%

Preferred share dividends

 

 

1.59

%4

 

1.42

%

 

0.91

%

 

0.46

%

 

0.44

%

 

0.60

%

Net investment income available to common shareholders

 

 

4.74

%4

 

5.06

%

 

5.39

%

 

5.83

%

 

6.24

%

 

6.37

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

19,704

 

$

19,527

 

$

19,993

 

$

20,019

 

$

20,158

 

$

19,915

 

Portfolio turnover

 

 

29

%

 

24

%

 

10

%

 

23

%

 

36

%

 

7

%

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

 

$

19,542

 

$

19,839

 

$

19,643

 

$

20,066

 

$

20,053

 

$

20,222

 

Preferred shares value outstanding, end of period (000)

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

Asset coverage per preferred share, end of period

 

$

74,855

 

$

75,614

 

$

75,111

 

$

76,195

 

$

76,159

 

$

76,590

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

65


FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust (BNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
April 30, 2007
(unaudited)

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 


 

 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

$

14.09

 

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.56

 

 

1.13

 

 

1.14

 

 

1.14

 

 

1.14

 

 

1.09

 

Net realized and unrealized gain (loss)

 

 

(0.12

)

 

0.47

 

 

0.09

 

 

0.36

 

 

0.13

 

 

0.29

 

Dividends to preferred shareholders from net investment income

 

 

(0.14

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

(0.09

)

 

(0.13

)

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.30

 

 

1.34

 

 

1.06

 

 

1.42

 

 

1.18

 

 

1.25

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.45

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.73

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

17.59

 

$

17.35

 

$

15.19

 

$

13.99

 

$

13.45

 

$

13.42

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value2

 

 

1.80

%

 

8.91

%

 

7.38

%

 

10.46

%

 

8.84

%

 

9.45

%

 

 



 



 



 



 



 



 

At market value

 

 

4.19

%

 

20.95

%

 

15.38

%

 

10.99

%

 

6.95

%

 

(2.25

)%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.88

%4

 

0.87

%

 

0.86

%

 

0.87

%

 

0.88

%

 

0.90

%

Expenses after fees waived and before fees paid indirectly

 

 

0.88

%4

 

0.88

%

 

0.87

%

 

0.87

%

 

0.89

%

 

0.92

%

Expenses before fees waived and paid indirectly

 

 

1.20

%4

 

1.25

%

 

1.26

%

 

1.27

%

 

1.29

%

 

1.33

%

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

 

 

7.22

%4

 

7.30

%

 

7.35

%

 

7.62

%

 

7.73

%

 

7.87

%

Preferred share dividends

 

 

1.76

%4

 

1.69

%

 

1.08

%

 

0.56

%

 

0.62

%

 

0.93

%

Net investment income available to common shareholders

 

 

5.46

%4

 

5.61

%

 

6.27

%

 

7.06

%

 

7.11

%

 

6.94

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

199,128

 

$

195,439

 

$

194,038

 

$

188,476

 

$

183,648

 

$

173,885

 

Portfolio turnover

 

 

12

%

 

27

%

 

24

%

 

13

%

 

14

%

 

57

%

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

 

$

198,353

 

$

199,717

 

$

193,457

 

$

191,274

 

$

184,874

 

$

181,200

 

Preferred shares value outstanding, end of period (000)

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

Asset coverage per preferred share, end of period

 

$

70,190

 

$

70,502

 

$

69,073

 

$

68,575

 

$

67,115

 

$

66,279

 


 

 


1

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

2

Unaudited.

3

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

4

Annualized.

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

See Notes to Financial Statements.

66



 

NOTES TO FINANCIAL STATEMENTS (unaudited)


Note 1. Organization & Accounting Policies

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

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

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

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

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

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

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

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

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

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

67


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

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

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

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

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

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

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

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

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

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

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

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

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

68


Note 2. Tender Option Bond Residuals

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

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

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

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

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

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

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

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

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

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

 

 

 

 

 

Trust

 

 

Amount

 


 


 

Investment Quality Municipal

 

$

8,134

 

Municipal Income

 

 

17,195

 

Long-Term Municipal

 

 

3,689

 

California Investment Quality

 

 

474

 

California Income

 

 

6,773

 

Florida Investment Quality

 

 

564

 

 

 

 

 

 

Trust

 

 

Amount

 


 


 

Florida Income

 

$

3,142

 

New Jersey Investment Quality

 

 

479

 

New Jersey Income

 

 

3,439

 

New York Investment Quality

 

 

649

 

New York Income

 

 

5,873

 



69


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

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

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Portfolio Company

 

Net Activity
(000)

 

Dividend/
Interest
Income

 


 


 


 



 

Investment Quality Municipal

 

Merrill Lynch Institutional Tax Exempt Fund

 

 

 

4,300

 

 

$

39,535

 

Municipal Income

 

Merrill Lynch Institutional Tax Exempt Fund

 

 

 

12,600

 

 

 

83,108

 

Long-Term Municipal

 

Merrill Lynch Institutional Tax Exempt Fund

 

 

 

7,500

 

 

 

2,847

 

California Investment Quality

 

CMA California Mun. Money Fund

 

 

 

1,004

 

 

 

6,933

 

California Income

 

CMA California Mun. Money Fund

 

 

 

13,143

 

 

 

46,302

 

Florida Investment Quality

 

CMA Florida Mun. Money Fund

 

 

 

101

 

 

 

921

 

Florida Income

 

CMA Florida Mun. Money Fund

 

 

 

2,510

 

 

 

11,862

 

New Jersey Investment Quality

 

CMA New Jersey Mun. Money Fund

 

 

 

1,100

 

 

 

689

 

New Jersey Income

 

CMA New Jersey Mun. Money Fund

 

 

 

4,602

 

 

 

5,004

 

New York Investment Quality

 

CMA New York Mun. Money Fund

 

 

 

103

 

 

 

4,184

 

New York Income

 

CMA New York Mun. Money Fund

 

 

 

1,215

 

 

 

17,465

 

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

 

 

 

 

 

Trust

 

Commission
Amount

 


 


 

Long-Term Municipal Advantage

 

 

$

1,320

 

 

California Investment Quality

 

 

 

66

 

 

Note 4. Portfolio Securities

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

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 


 


 


 

Investment Quality Municipal

 

$

52,997,461

 

$

32,442,458

 

Municipal Income

 

 

127,488,188

 

 

92,790,046

 

Long-Term Municipal

 

 

84,008,564

 

 

96,087,599

 

California Investment Quality

 

 

5,842,061

 

 

3,139,516

 

California Income

 

 

47,696,360

 

 

54,955,373

 

Florida Investment Quality

 

 

5,853,795

 

 

2,145,627

 

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 


 


 


 

Florida Income

 

$

17,357,532

 

$

12,112,229

 

New Jersey Investment Quality

 

 

6,574,803

 

 

2,996,764

 

New Jersey Income

 

 

23,889,086

 

 

26,055,078

 

New York Investment Quality

 

 

8,459,618

 

 

8,360,098

 

New York Income

 

 

41,465,000

 

 

37,155,581

 



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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Notional
Amount

 

Fixed
Rate(a)

 

Counter
Party

 

Floating Rate

 

Effective
Date

 

Termination
Date

 

Unrealized
Appreciation
(Depreciation)

 


 


 


 


 


 


 


 


 

Investment

 

$

12,000,000

 

3.756

%

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/16

 

 

$

(118,200

)

 

Quality

 

 

13,600,000

 

3.595

 

CitiBank

 

1-week BMA Municipal Swap Index

 

06/14/07

 

06/14/17

 

 

 

71,419

 

 

Municipal

 

 

40,250,000

 

3.636

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

06/27/07

 

06/27/17

 

 

 

92,173

 

 

 

 

 

8,500,000

 

3.878

 

CitiBank

 

1-week BMA Municipal Swap Index

 

06/21/07

 

06/21/32

 

 

 

113,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

158,789

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Municipal

 

 

46,750,000

 

3.756

%

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/16

 

 

$

(460,488

)

 

Income

 

 

34,500,000

 

3.636

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

06/27/07

 

06/27/17

 

 

 

79,005

 

 

 

 

 

51,325,000

 

3.595

 

CitiBank

 

1-week BMA Municipal Swap Index

 

06/14/07

 

06/14/17

 

 

 

269,528

 

 

 

 

 

32,000,000

 

3.878

 

CitiBank

 

1-week BMA Municipal Swap Index

 

06/21/07

 

06/21/32

 

 

 

426,909

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

314,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Long-Term

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal

 

 

13,000,000

 

3.636

%

JP Morgan

 

1-week BMA Municipal Swap Index

 

06/27/07

 

06/27/17

 

 

$

29,770

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

California

 

 

10,500,000

 

3.987

%

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

$

45,588

 

 

Income

 

 

8,000,000

 

3.878

 

CitiBank

 

1-week BMA Municipal Swap Index

 

06/21/07

 

06/21/32

 

 

 

106,727

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

152,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

70



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Notional
Amount

 

Fixed
Rate(a)

 

Counter
Party

 

Floating Rate

 

Effective
Date

 

Termination
Date

 

Unrealized
Appreciation
(Depreciation)

 


 


 


 


 


 


 


 


 

Florida Investment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quality

 

$

2,500,000

 

 

3.580

%

JP Morgan

 

1-week BMA Municipal Swap Index

 

06/04/07

 

06/04/14

 

 

$

7,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

Florida

 

 

4,000,000

 

 

3.987

%

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

 

17,367

 

 

Income

 

 

3,300,000

 

 

3.607

 

CitiBank

 

1-week BMA Municipal Swap Index

 

06/20/07

 

06/20/17

 

 

 

(27,489

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,122

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income

 

 

1,100,000

 

 

3.883

%

CitiBank

 

1-week BMA Municipal Swap Index

 

06/20/07

 

06/20/37

 

 

 

20,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

New York

 

 

1,000,000

 

 

3.883

%

CitiBank

 

1-week BMA Municipal Swap Index

 

06/20/07

 

06/20/37

 

 

 

18,750

 

 

Income

 

 

7,750,000

 

 

3.878

 

CitiBank

 

1-week BMA Municipal Swap Index

 

06/21/07

 

06/21/32

 

 

 

103,392

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

122,142

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 


(a)        Trust will pay fixed interest rate and receive floating interest rate beginning on the effective date.
BMA—Bond Market Association.

Note 5. Income Tax Information

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2006

 

 

 


 

Distributions Paid From:

 

Tax-exempt Income

 

Ordinary
Income

 

Long-term
Capital Gains

 

Total Distributions

 


 


 


 


 


 

Investment Quality Municipal

 

 

$

22,393,077

 

 

 

$

 

 

 

$

 

 

 

$

22,393,077

 

 

Municipal Income

 

 

 

55,312,288

 

 

 

 

75,431

 

 

 

 

 

 

 

 

55,387,719

 

 

Long-Term Municipal

 

 

 

6,393,277

 

 

 

 

 

 

 

 

 

 

 

 

6,393,277

 

 

California Investment Quality

 

 

 

1,069,125

 

 

 

 

 

 

 

 

 

 

 

 

1,069,125

 

 

California Income

 

 

 

17,652,513

 

 

 

 

 

 

 

 

 

 

 

 

17,652,513

 

 

Florida Investment Quality

 

 

 

1,193,991

 

 

 

 

2,626

 

 

 

 

339,437

 

 

 

 

1,536,054

 

 

Florida Income

 

 

 

7,830,368

 

 

 

 

 

 

 

 

 

 

 

 

7,830,368

 

 

New Jersey Investment Quality

 

 

 

1,051,755

 

 

 

 

 

 

 

 

152,406

 

 

 

 

1,204,161

 

 

New Jersey Income

 

 

 

9,057,294

 

 

 

 

 

 

 

 

 

 

 

 

9,057,294

 

 

New York Investment Quality

 

 

 

1,423,375

 

 

 

 

 

 

 

 

129,549

 

 

 

 

1,552,924

 

 

New York Income

 

 

 

14,642,419

 

 

 

 

 

 

 

 

 

 

 

 

14,642,419

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires

 


 


 


 


 


 


 

Investment Quality Municipal

 

 

$

159,146

 

 

 

 

2012

 

 

California Income

 

 

$

389,453

 

 

 

2010

 

 

 

 

 

904,137

 

 

 

 

2014

 

 

 

 

 

 

 

124,338

 

 

 

2011

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,063,283

 

 

 

 

 

 

 

 

 

 

 

 

4,943,577

 

 

 

2012

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Income

 

 

$

11,431,206

 

 

 

 

2011

 

 

 

 

 

 

 

1,350,312

 

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

15,767,388

 

 

 

 

2012

 

 

 

 

 

 

$

6,807,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

4,991,782

 

 

 

 

2014

 

 

 

Florida Income

 

 

$

796,318

 

 

 

2012

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

$

32,190,376

 

 

 

 

 

 

 

 

New Jersey Income

 

 

$

610,058

 

 

 

2012

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

Long-Term Municipal

 

 

$

1,005,040

 

 

 

 

2014

 

 

 

New York Income

 

 

$

276,399

 

 

 

2012

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

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

Note 6. Capital

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

71


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

 

 

 

 

 

 

Trust

 

April 30, 2007

 

October 31, 2006

 


 


 


 

Municipal Income

94,345

 

183,235

 

Long-Term Municipal

36,210

 

34,238

 

California Income

29,765

 

45,581

 

Florida Income

8,936

 

14,192

 

New Jersey Income

19,095

 

42,417

 

New York Income

27,760

 

52,616

 

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Shares

 

Trust

 

Series

 

Shares

 


 

 


 


 


 

 


 


 

Investment Quality Municipal

 

T7

 

 

3,262

 

 

California Income

 

T7

 

 

2,639

 

 

 

 

T28

 

 

2,600

 

 

 

 

R7

 

 

2,639

 

 

Municipal Income

 

M7

 

 

3,001

 

 

Florida Investment Quality

 

R7

 

 

340

 

 

 

 

T7

 

 

3,001

 

 

Florida Income

 

T7

 

 

2,302

 

 

 

 

W7

 

 

3,001

 

 

New Jersey Investment Quality

 

T7

 

 

300

 

 

 

 

R7

 

 

3,001

 

 

New Jersey Income

 

R7

 

 

2,552

 

 

 

 

F7

 

 

3,001

 

 

New York Investment Quality

 

F7

 

 

392

 

 

California Investment Quality

 

W7

 

 

300

 

 

New York Income

 

W7

 

 

2,195

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

2,195

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Low

 

High

 

Average

 

Trust

 

Series

 

Low

 

High

 

Average


 

 


 


 


 


 


 

 


 


 


 


Investment Quality Municipal

 

T7

 

 

3.13

%

 

3.90

%

 

3.48

%

 

California Income

 

T7

 

 

3.08

%

 

3.96

%

 

3.48

%

 

 

T28

 

 

3.35

 

 

3.65

 

 

3.55

 

 

 

 

R7

 

 

2.90

 

 

4.00

 

 

3.33

 

Municipal Income

 

M7

 

 

3.10

 

 

3.90

 

 

3.55

 

 

Florida Investment Quality

 

R7

 

 

3.50

 

 

5.40

 

 

3.96

 

 

 

T7

 

 

3.10

 

 

3.85

 

 

3.52

 

 

Florida Income

 

T7

 

 

3.30

 

 

3.90

 

 

3.55

 

 

 

W7

 

 

3.16

 

 

3.90

 

 

3.49

 

 

New Jersey Investment Quality

 

T7

 

 

2.95

 

 

5.11

 

 

3.33

 

 

 

R7

 

 

3.00

 

 

3.88

 

 

3.50

 

 

New Jersey Income

 

R7

 

 

3.00

 

 

3.80

 

 

3.39

 

 

 

F7

 

 

3.10

 

 

4.00

 

 

3.54

 

 

New York Investment Quality

 

F7

 

 

2.90

 

 

3.80

 

 

3.38

 

California Investment Quality

 

W7

 

 

3.00

 

 

5.10

 

 

3.38

 

 

New York Income

 

W7

 

 

2.85

 

 

3.95

 

 

3.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

2.89

 

 

4.00

 

 

3.19

 

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

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

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

Note 7. Concentration Risk

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

72


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

Note 8. Subsequent Events

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

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Common Dividend
Per Share

 

Trust

 

Common Dividend
Per Share

 


 


 


 


 

Investment Quality Municipal

$

0.085000

 

 

Florida Income

$

0.075375

 

 

Municipal Income

 

0.082625

 

 

New Jersey Investment Quality

 

0.068000

 

 

Long-Term Municipal

 

0.055000

 

 

New Jersey Income

 

0.079625

 

 

California Investment Quality

 

0.048000

 

 

New York Investment Quality

 

0.070000

 

 

California Income

 

0.076074

 

 

New York Income

 

0.075339

 

 

Florida Investment Quality

 

0.048000

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Dividends
Declared

 

Trust

 

Series

 

Dividends
Declared

 


 

 


 


 


 

 


 


 

Investment Quality Municipal

 

T7

 

 

$

293,091

 

 

California Income

 

 

T7

 

 

$

233,710

 

 

 

 

T28

 

 

 

180,492

 

 

 

 

 

R7

 

 

 

192,330

 

 

Municipal Income

 

M7

 

 

 

271,951

 

 

Florida Investment Quality

 

 

R7

 

 

 

25,432

 

 

 

 

T7

 

 

 

268,229

 

 

Florida Income

 

 

T7

 

 

 

203,635

 

 

 

 

W7

 

 

 

270,510

 

 

New Jersey Investment Quality

 

 

T7

 

 

 

25,746

 

 

 

 

R7

 

 

 

214,812

 

 

New Jersey Income

 

 

R7

 

 

 

179,252

 

 

 

 

F7

 

 

 

218,383

 

 

New York Investment Quality

 

 

F7

 

 

 

29,267

 

 

California Investment Quality

 

W7

 

 

 

25,083

 

 

New York Income

 

 

W7

 

 

 

188,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

 

138,746

 

 

73


DIVIDEND REINVESTMENT PLANS

 


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

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

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

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

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

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

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

74


ADDITIONAL INFORMATION

 


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

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

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

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

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

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

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

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

75


BlackRock Closed-End Funds

 

 

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer, Lead Trustee1
Richard E. Cavanagh, Lead Trustee2
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito3

Officers
Robert S. Kapito, President
Donald C. Burke, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Neal Andrews, Assistant Treasurer
Jay Fife, Assistant Treasurer
Spencer Fleming, Assistant Treasurer
James Kong, Assistant Treasurer
Robert Mahar, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

Sub-Advisor
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022

Accounting Agent and Custodian
State Street Bank and Trust Company
2 Avenue De Lafayette
Boston, MA 02111

Transfer Agent
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
(800) 699-1BFM

Auction Agent4
Bank of New York
101 Barclay Street, 7 West
New York, NY 10286

Auction Agent5
Deutsche Bank Trust Company Americas
60 Wall Street, 8th Floor
New York, NY 10005

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
4 Times Square
New York, NY 10036

Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022

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

BlackRock Closed-End Funds
c/o BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM


 

 

1

Retired, effective December 31, 2006.

2

Effective as of January 1, 2007.

3

Resigned, effective December 31, 2006.

4

For the Income Trusts.

5

For the Investment Quality Trusts.

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

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

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

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


 

 

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

CEF-SEMI-2-0407

(BLACKROCK LOGO)



Item 2. Code of Ethics.

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

 

Item 6. Schedule of Investments.

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

 

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

Not applicable for semi-annual reports.

 

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

(a) Not applicable for semi-annual reports.

(b) Not applicable.

 

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

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

 

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

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

 

Item 11. Controls and Procedures.

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

 



(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant's second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

Item 12. Exhibits.

 

(a) (1) Not applicable.

 

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

 

(a) (3) Not applicable.

 

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

 



SIGNATURES

 

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

 

(Registrant)        BlackRock New York Municipal Income Trust       

 


By:   /s/ Donald C. Burke  

Name:

 

Donald C. Burke

Title:

 

Treasurer

Date:

 

July 3, 2007

 

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


By:   /s/ Robert S. Kapito  

Name:

 

Robert S. Kapito

Title:

 

Principal Executive Officer

Date:

 

July 3, 2007

 

By:   /s/ Donald C. Burke  

Name:

 

Donald C. Burke

Title:

 

Principal Financial Officer

Date:

 

July 3, 2007