SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10339
Name of Fund: BlackRock Municipal Income Trust (BFK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 – 04/30/2008
Item 1 – Report to Stockholders
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EQUITIES |
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FIXED INCOME |
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REAL ESTATE |
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LIQUIDITY |
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ALTERNATIVES |
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BLACKROCK SOLUTIONS |
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Semi-Annual Report |
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APRIL 30, 2008 | (UNAUDITED) |
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BlackRock Investment Quality Municipal Trust Inc. (BKN) |
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BlackRock Municipal Income Trust (BFK) |
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BlackRock Long-Term Municipal Advantage Trust (BTA) |
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BlackRock California Investment Quality Municipal Trust Inc. (RAA) |
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BlackRock California Municipal Income Trust (BFZ) |
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BlackRock Florida Investment Quality Municipal Trust (RFA) |
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BlackRock Florida Municipal Income Trust (BBF) |
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BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
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BlackRock New York Municipal Income Trust (BNY) |
NOT FDIC
INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents |
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Page |
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3 |
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Semi-Annual Report: |
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4 |
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15 |
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15 |
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Financial Statements: |
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16 |
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44 |
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46 |
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48 |
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50 |
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51 |
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62 |
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68 |
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69 |
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2 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Dear Shareholder
Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.
Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns.
The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. After hitting a low point on March 17 (coinciding with the collapse of Bear Stearns), equity markets found a welcome respite in April, when the S&P 500 Index of U.S. stocks posted positive monthly performance for the first time since October 2007. International markets, which outpaced those of the U.S. for much of 2007, saw a reversal in that trend, as effects of the credit crisis and downward pressures on growth were far-reaching.
In contrast to equity markets, Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.
Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.
Overall, the major benchmark indexes generated results that generally reflected heightened investor risk aversion:
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Total Returns as of April 30, 2008 |
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6-month |
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12-month |
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U.S. equities (S&P 500 Index) |
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-9.64 |
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-4.68 |
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Small cap U.S. equities (Russell 2000 Index) |
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-12.92 |
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-10.96 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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-9.21 |
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-1.78 |
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Fixed income (Lehman Brothers U.S. Aggregate Index) |
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+4.08 |
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+6.87 |
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Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) |
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+1.47 |
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+2.79 |
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High yield bonds |
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-0.73 |
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-0.80 |
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Past performance is no guarantee of future results. Index performance shown for illustrative purposes only.
You cannot invest directly in an index.
As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
THIS PAGE NOT PART OF YOUR FUND REPORT
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BlackRock Investment Quality Municipal Trust |
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Investment Objective |
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BlackRock Investment Quality Municipal Trust (BKN) (the “Trust”) seeks is to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax consistent with the preservation of capital.
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Performance |
For the six months ended April 30, 2008, the Trust returned -0.03% based on market price, with dividends reinvested. The Trust’s return based on net asset value (“NAV”) was -3.85%, with dividends reinvested. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of -2.54% on a NAV basis. Detracting from results for the period were the Trust’s holdings in longer-dated issues, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Positive contributors to performance included the Trust’s greater-than-average distribution rate and its largely neutral duration positioning during a period of municipal bond relative underperformance and increasing rates.
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Trust Information |
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Symbol on New York Stock Exchange |
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BKN |
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Initial Offering Date |
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February 19, 1993 |
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Yield on Closing Market Price as of April 30, 2008 ($15.81)1 |
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6.07% |
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Tax Equivalent Yield2 |
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9.34% |
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Current Monthly Distribution per Common Share3 |
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$0.08 |
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Current Annualized Distribution per Common Share3 |
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$0.96 |
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Leverage as of April 30, 20084 |
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39% |
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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. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.063. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
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As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Auction Market Preferred Shares (“Preferred Shares”)) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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4/30/08 |
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10/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$ |
15.81 |
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$ |
16.35 |
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(3.30 |
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$ |
17.20 |
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$ |
14.09 |
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Net Asset Value |
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$ |
13.70 |
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$ |
14.73 |
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(6.99 |
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$ |
14.76 |
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$ |
12.86 |
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The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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4/30/08 |
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10/31/07 |
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City, County & State |
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20 |
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21 |
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Hospitals |
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16 |
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16 |
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Transportation |
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12 |
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9 |
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Power |
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11 |
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10 |
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Education |
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10 |
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8 |
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Housing |
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9 |
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9 |
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Industrial & Pollution Control |
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8 |
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11 |
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Tax Revenue |
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5 |
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5 |
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Water & Sewer |
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4 |
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3 |
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Tobacco |
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3 |
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2 |
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Lease Revenue |
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2 |
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6 |
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Credit Quality Allocations1 |
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Credit Rating |
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4/30/08 |
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10/31/07 |
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AAA/Aaa |
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37 |
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49 |
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AA/Aa |
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20 |
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17 |
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A |
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15 |
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8 |
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BBB/Baa |
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13 |
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14 |
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BB/Ba |
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1 |
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3 |
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B |
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3 |
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2 |
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Not Rated2 |
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11 |
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7 |
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1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
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The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $16,453,046 representing 5% and $6,340,657 representing 2%, respectively, of the Trust’s long-term investments. |
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4 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Trust Summary as of April 30, 2008 |
BlackRock Municipal Income Trust |
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Investment Objective |
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BlackRock Municipal Income Trust (BFK) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax.
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Performance |
For the six months ended April 30, 2008, the Trust returned -2.40% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.94%, with dividends reinvested. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of -2.54% on a NAV basis. Detracting from the Trust’s performance was its effectively neutral duration positioning during a period of rising municipal bond yields. A greater exposure to lower-rated issues also hindered results, although the incremental income generated by these issues enabled the Trust to maintain a distribution yield above that of its Lipper peer average.
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Trust Information |
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Symbol on New York Stock Exchange |
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BFK |
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Initial Offering Date |
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July 27, 2001 |
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Yield on Closing Market Price as of April 30, 2008 ($15.01)1 |
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6.20% |
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Tax Equivalent Yield2 |
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9.54% |
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Current Monthly Distribution per Common Share3 |
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$0.0775 |
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Current Annualized Distribution per Common Share3 |
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$0.93 |
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Leverage as of April 30, 20084 |
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39% |
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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. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0686. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
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As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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4/30/08 |
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10/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$ |
15.01 |
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$ |
15.92 |
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(5.72 |
%) |
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$ |
16.00 |
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$ |
13.39 |
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Net Asset Value |
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$ |
13.36 |
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$ |
14.55 |
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(8.18 |
%) |
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$ |
14.58 |
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$ |
12.59 |
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The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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4/30/08 |
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10/31/07 |
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Hospitals |
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25 |
% |
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24 |
% |
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Industrial & Pollution Control |
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13 |
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17 |
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City, County & State |
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10 |
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10 |
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Transportation |
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10 |
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10 |
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Education |
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10 |
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8 |
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Power |
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9 |
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8 |
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Housing |
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9 |
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8 |
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Tobacco |
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5 |
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5 |
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Tax Revenue |
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4 |
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5 |
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Lease Revenue |
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3 |
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3 |
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Water & Sewer |
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2 |
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2 |
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Credit Quality Allocations1 |
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Credit Rating |
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4/30/08 |
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10/31/07 |
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AAA/Aaa |
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32 |
% |
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33 |
% |
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AA/Aa |
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12 |
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13 |
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A/A |
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19 |
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21 |
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BBB/Ba |
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16 |
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18 |
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BB/Ba |
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2 |
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4 |
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B |
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6 |
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6 |
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CCC/Caa |
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1 |
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— |
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Not Rated2 |
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12 |
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5 |
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1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
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2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $22,907,201 representing 2% and $12,328,689 representing 1%, respectively, of the Trust’s long-term investments. |
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SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Trust Summary as of April 30, 2008 |
BlackRock Long-Term Municipal Advantage Trust |
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Investment Objective |
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BlackRock Long-Term Municipal Advantage Trust (BTA) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax.
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Performance |
For the six months ended April 30, 2008, the Trust returned -1.49% based on market price, with dividends reinvested. The Trust’s return based on NAV was -7.21%, with dividends reinvested. For the same period, the closed-end Lipper General & Insured Municipal Funds (Unleveraged) category posted an average return of -0.70% on a NAV basis. Notably, the Lipper category contains a mix of both insured and uninsured funds that do not employ leverage. This stands in sharp contrast to the Trust, which utilizes a high degree of leverage. An emphasis on non-investment grade credits and long duration positioning further differentiates the Trust from its Lipper peers. Accordingly, the Trust’s relative performance will pale in times of rising interest rates and wider credit spreads, which we saw during this period.
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Trust Information |
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Symbol on New York Stock Exchange |
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BTA |
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Initial Offering Date |
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February 28, 2006 |
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Yield on Closing Market Price as of April 30, 2008 ($11.63)1 |
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5.67% |
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Tax Equivalent Yield2 |
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8.72% |
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Current Monthly Distribution per Common Share3 |
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$0.055 |
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Current Annualized Distribution per Common Share3 |
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$0.66 |
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Leverage as of April 30, 20084 |
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47% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Tender Option Bond Trusts (“TOBs”)) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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4/30/08 |
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10/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$ |
11.63 |
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$ |
12.14 |
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(4.20 |
%) |
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$ |
12.54 |
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$ |
10.78 |
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Net Asset Value |
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$ |
12.38 |
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$ |
13.72 |
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(9.77 |
%) |
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$ |
13.75 |
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$ |
11.18 |
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The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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4/30/08 |
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10/31/07 |
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Education |
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24 |
% |
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21 |
% |
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Hospital |
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18 |
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19 |
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Housing |
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12 |
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11 |
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Tobacco |
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10 |
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9 |
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Transportation |
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10 |
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9 |
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Industrial & Pollution Control |
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8 |
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8 |
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Power |
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7 |
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6 |
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Lease Revenue |
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5 |
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4 |
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Water & Sewer |
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2 |
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9 |
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City, County & State |
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2 |
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3 |
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Tax Revenue |
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2 |
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1 |
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Credit Quality Allocations1 |
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Credit Rating |
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4/30/08 |
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10/31/07 |
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AAA/Aaa |
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28 |
% |
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36 |
% |
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AA/Aa |
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38 |
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32 |
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A |
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4 |
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3 |
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BBB/Baa |
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18 |
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17 |
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BB/Ba |
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1 |
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1 |
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B/B |
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3 |
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3 |
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Not Rated2 |
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8 |
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8 |
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1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
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2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $2,618,490 representing 1% and $6,660,850 representing 2%, respectively, of the Trust’s long-term investments. |
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6 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Trust Summary as of April 30, 2008 |
BlackRock California Investment Quality Municipal Trust |
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Investment Objective |
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|
|
BlackRock California Investment Quality Municipal Trust (RAA) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal and California income tax consistent with preservation of capital. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended April 30, 2008, the Trust returned +4.16% based on market price, with dividends reinvested. The Trust’s return based on NAV was -1.77%, with dividends reinvested. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of -1.42% on a NAV basis. Widening credit spreads for lower-rated bonds and those insured by the monoline insurance companies contributed to the decline in the Trust’s NAV. Management’s effort to moderate the contribution of current yield to the total return was partially negated by higher short-term borrowing costs. The Trust’s duration remained neutral. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on American Stock Exchange |
|
RAA |
|
|
Initial Offering Date |
|
May 28, 1993 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($12.80)1 |
|
4.50% |
|
|
Tax Equivalent Yield2 |
|
6.92% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.048 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.576 |
|
|
Leverage as of April 30, 20084 |
|
36% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0465. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
12.80 |
|
$ |
12.57 |
|
1.83 |
% |
|
$ |
13.30 |
|
$ |
11.80 |
|
|
Net Asset Value |
|
$ |
13.31 |
|
$ |
13.86 |
|
(3.97 |
%) |
|
$ |
14.06 |
|
$ |
12.55 |
|
|
|
|
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
City, County & State |
|
31 |
% |
|
27 |
% |
|
|
Education |
|
15 |
|
|
15 |
|
|
|
Tobacco |
|
11 |
|
|
11 |
|
|
|
Industrial & Pollution Control |
|
10 |
|
|
10 |
|
|
|
Lease Revenue |
|
7 |
|
|
4 |
|
|
|
Water & Sewer |
|
6 |
|
|
6 |
|
|
|
Hospitals |
|
5 |
|
|
10 |
|
|
|
Housing |
|
5 |
|
|
5 |
|
|
|
Power |
|
4 |
|
|
6 |
|
|
|
Transportation |
|
3 |
|
|
3 |
|
|
|
Resource Recovery |
|
3 |
|
|
3 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
60 |
% |
|
50 |
% |
|
|
AA/Aa |
|
3 |
|
|
2 |
|
|
|
A |
|
16 |
|
|
24 |
|
|
|
BBB/Baa |
|
11 |
|
|
14 |
|
|
|
B |
|
5 |
|
|
5 |
|
|
|
Not Rated |
|
5 |
|
|
5 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
7 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock California Municipal Income Trust |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
BlackRock California Municipal Income Trust (BFZ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and California income taxes. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended April 30, 2008, the Trust returned +3.87% based on market price, with dividends reinvested. The Trust’s return based on NAV was -0.72%, with dividends reinvested. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of -1.42% on a NAV basis. A slightly defensive duration stance and a higher cash equivalent reserve position versus its Lipper peers provided the Trust’s NAV some cushion against volatility from widening credit spreads and rising long-term investment rates. Management’s strategy is to balance total return by opportunistically improving current yield, while maintaining a neutral duration. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BFZ |
|
|
Initial Offering Date |
|
July 27, 2001 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($15.91)1 |
|
5.74% |
|
|
Tax Equivalent Yield2 |
|
8.83% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.076074 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.912888 |
|
|
Leverage as of April 30, 20084 |
|
38% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0682. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
15.91 |
|
$ |
15.82 |
|
0.57 |
% |
|
$ |
16.51 |
|
$ |
14.32 |
|
|
Net Asset Value |
|
$ |
14.39 |
|
$ |
14.97 |
|
(3.87 |
%) |
|
$ |
15.16 |
|
$ |
13.62 |
|
|
|
|
|
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
City, County & State |
|
28 |
% |
|
23 |
% |
|
|
Hospitals |
|
14 |
|
|
15 |
|
|
|
Education |
|
12 |
|
|
12 |
|
|
|
Housing |
|
12 |
|
|
11 |
|
|
|
Transportation |
|
10 |
|
|
9 |
|
|
|
Tobacco |
|
7 |
|
|
7 |
|
|
|
Lease Revenue |
|
7 |
|
|
7 |
|
|
|
Power |
|
5 |
|
|
7 |
|
|
|
Industrial & Pollution Control |
|
4 |
|
|
6 |
|
|
|
Resource Recovery |
|
1 |
|
|
1 |
|
|
|
Water & Sewer |
|
— |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
45 |
% |
|
44 |
% |
|
|
AA/Aa |
|
6 |
|
|
3 |
|
|
|
A |
|
22 |
|
|
30 |
|
|
|
BBB/Baa |
|
9 |
|
|
13 |
|
|
|
B |
|
1 |
|
|
1 |
|
|
|
Not Rated |
|
17 |
2 |
|
9 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008, the market value of these securities was $2,247,492 representing 1% of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
8 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock Florida Investment Quality Municipal Trust |
|
|
|
|
|
Investment Objective |
||
|
|
||
|
|
BlackRock Florida Investment Quality Municipal Trust (RFA) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and to provide an exemption from Florida intangible personal property taxes consistent with preservation of capital. |
|
|
|
|
|
|
Performance |
|
|
|
|
|
|
|
|
For the six months ended April 30, 2008, the Trust returned -2.62% based on market price, with dividends reinvested. The Trust’s return based on NAV was -3.41%, with dividends reinvested. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of -1.18% on a NAV basis. Problems within the monoline insurance industry had a negative impact on the entire insured municipal market, detracting from the Trust’s performance for the period. Healthcare, tax increment financing, housing and corporate-backed bonds were the weakest performers. Conversely, an overweight in pre-refunded bonds benefited results, as the yield curve steepened and shorter-maturity issues outperformed. |
|
|
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
|
Symbol on American Stock Exchange |
|
RFA |
|
|
Initial Offering Date |
|
May 28, 1993 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($11.28)1 |
|
4.73% |
|
|
Tax Equivalent Yield2 |
|
7.28% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.0445 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.534 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
11.28 |
|
$ |
11.86 |
|
(4.89 |
%) |
|
$ |
12.07 |
|
$ |
10.69 |
|
|
Net Asset Value |
|
$ |
12.67 |
|
$ |
13.43 |
|
(5.66 |
%) |
|
$ |
13.45 |
|
$ |
11.85 |
|
|
|
|
|
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
19 |
% |
|
23 |
% |
|
|
City, County & State |
|
19 |
|
|
15 |
|
|
|
Water & Sewer |
|
14 |
|
|
13 |
|
|
|
Tax Revenue |
|
13 |
|
|
9 |
|
|
|
Housing |
|
11 |
|
|
11 |
|
|
|
Lease Revenue |
|
8 |
|
|
10 |
|
|
|
Transportation |
|
7 |
|
|
3 |
|
|
|
Education |
|
6 |
|
|
13 |
|
|
|
Industrial & Pollution Control |
|
2 |
|
|
2 |
|
|
|
Power |
|
1 |
|
|
1 |
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
62 |
% |
|
62 |
% |
|
|
AA/Aa |
|
11 |
|
|
10 |
|
|
|
A/A |
|
4 |
|
|
5 |
|
|
|
BBB/Baa |
|
10 |
|
|
9 |
|
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
|
Not Rated |
|
11 |
2 |
|
12 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008, the market value of these securities was $236,927 representing 1% of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
9 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock Florida Municipal Income Trust |
|
|
|
|
Investment Objective |
|
BlackRock Florida Municipal Income Trust (BBF) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and Florida intangible personal property tax.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned -0.04% based on market price, with dividends reinvested. The Trust’s return based on NAV was -0.80%, with dividends reinvested. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of -1.18% on a NAV basis. The Trust’s significant overweight in pre-refunded bonds, which tend to have intermediate maturities, benefited performance for the period, as the yield curve steepened and these issues outperformed. Conversely, problems within the monoline insurance industry had a negative impact on the entire insured municipal market, hampering the performance of the Trust and its peers.
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BBF |
|
|
Initial Offering Date |
|
July 27, 2001 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($14.64)1 |
|
5.97% |
|
|
Tax Equivalent Yield2 |
|
9.18% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.072875 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.8745 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
14.64 |
|
$ |
15.10 |
|
|
(3.05%) |
|
$ |
15.55 |
|
$ |
13.46 |
|
|
Net Asset Value |
|
$ |
14.48 |
|
$ |
15.05 |
|
|
(3.79%) |
|
$ |
15.11 |
|
$ |
13.70 |
|
|
|
||||||||||||||||
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
||||||||||||||||
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
33 |
% |
|
31 |
% |
|
|
City, County & State |
|
28 |
|
|
28 |
|
|
|
Water & Sewer |
|
9 |
|
|
11 |
|
|
|
Tax Revenue |
|
9 |
|
|
8 |
|
|
|
Education |
|
7 |
|
|
9 |
|
|
|
Transportation |
|
5 |
|
|
3 |
|
|
|
Lease Revenue |
|
4 |
|
|
5 |
|
|
|
Housing |
|
2 |
|
|
3 |
|
|
|
Industrial & Pollution Control |
|
2 |
|
|
1 |
|
|
|
Power |
|
1 |
|
|
1 |
|
|
|
|
||||||||||||||||
|
Credit Quality Allocations1 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
40 |
% |
|
45 |
% |
|
|
AA/Aa |
|
19 |
|
|
25 |
|
|
|
A/A |
|
11 |
|
|
3 |
|
|
|
BBB/Baa |
|
10 |
|
|
8 |
|
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
|
Not Rated2 |
|
18 |
|
|
17 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $14,853,000 representing 10% and $1,562,493 representing 1%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
10 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New Jersey Investment Quality Municipal Trust |
|
|
|
|
Investment Objective |
|
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax consistent with preservation of capital.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned +6.91% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.56%, with dividends reinvested. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of -1.91% on a NAV basis. The Trust’s relatively long duration posture and holdings in lower-rated issues hindered comparative performance for the period. The Trust’s BMA (a short-term municipal market benchmark rate) hedges also detracted as cash positions underperformed swap rates. Management has been unable to restructure the portfolio, as new issuance of New Jersey securities has declined significantly.
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on American Stock Exchange |
|
RNJ |
|
|
Initial Offering Date |
|
May 28, 1993 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($15.51)1 |
|
5.26% |
|
|
Tax Equivalent Yield2 |
|
8.09% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.068 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.816 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0514. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
15.51 |
|
$ |
14.96 |
|
|
3.68% |
|
$ |
17.44 |
|
$ |
13.00 |
|
|
Net Asset Value |
|
$ |
12.56 |
|
$ |
13.57 |
|
|
(7.44% |
) |
$ |
13.62 |
|
$ |
12.08 |
|
|
|
||||||||||||||||
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
||||||||||||||||
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
21 |
% |
|
19 |
% |
|
|
Transportation |
|
19 |
|
|
20 |
|
|
|
Education |
|
14 |
|
|
10 |
|
|
|
Tax Revenue |
|
8 |
|
|
10 |
|
|
|
Industrial & Pollution Control |
|
8 |
|
|
8 |
|
|
|
Water & Sewer |
|
8 |
|
|
7 |
|
|
|
Housing |
|
7 |
|
|
11 |
|
|
|
City, County & State |
|
6 |
|
|
6 |
|
|
|
Tobacco |
|
5 |
|
|
4 |
|
|
|
Power |
|
2 |
|
|
3 |
|
|
|
Lease Revenue |
|
2 |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
55 |
% |
|
49 |
% |
|
|
AA/Aa |
|
— |
|
|
3 |
|
|
|
A |
|
8 |
|
|
11 |
|
|
|
BBB/Baa |
|
19 |
|
|
29 |
|
|
|
B |
|
4 |
|
|
5 |
|
|
|
Not Rated |
|
14 |
|
|
3 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
11 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New Jersey Municipal Income Trust |
|
|
|
|
Investment Objective |
|
BlackRock New Jersey Municipal Income Trust (BNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned +1.87% based on market price, with dividends reinvested. The Trust’s return based on NAV was -2.14%, with dividends reinvested. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of -1.91% on a NAV basis. The Trust’s overweight in lower-rated issues was the primary detractor from comparative performance, as these securities underperformed amid continued widening in credit spreads. However, the incremental income these holdings generated continued to enhance the Trust’s above-average dividend yield. A relatively neutral duration posture during a period of rising interest rates in the municipal market also contributed positively.
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BNJ |
|
|
Initial Offering Date |
|
July 27, 2001 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($16.66)1 |
|
5.74% |
|
|
Tax Equivalent Yield2 |
|
8.83% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.079625 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.9555 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0776. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
16.66 |
|
$ |
16.90 |
|
|
(1.42%) |
|
$ |
18.34 |
|
$ |
15.13 |
|
|
Net Asset Value |
|
$ |
14.67 |
|
$ |
15.49 |
|
|
(5.29%) |
|
$ |
15.58 |
|
$ |
14.05 |
|
|
|
||||||||||||||||
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
||||||||||||||||
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
28 |
% |
|
26 |
% |
|
|
Housing |
|
18 |
|
|
19 |
|
|
|
Education |
|
9 |
|
|
8 |
|
|
|
City, County & State |
|
8 |
|
|
10 |
|
|
|
Transportation |
|
8 |
|
|
9 |
|
|
|
Lease Revenue |
|
8 |
|
|
5 |
|
|
|
Tobacco |
|
7 |
|
|
8 |
|
|
|
Tax Revenue |
|
7 |
|
|
7 |
|
|
|
Industrial & Pollution Control |
|
6 |
|
|
6 |
|
|
|
Water & Sewer |
|
1 |
|
|
1 |
|
|
|
Power |
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
38 |
% |
|
40 |
% |
|
|
A |
|
20 |
|
|
27 |
|
|
|
BBB/Baa |
|
21 |
|
|
27 |
|
|
|
B |
|
3 |
|
|
3 |
|
|
|
Not Rated |
|
18 |
|
|
3 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
12 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New York Investment Quality Municipal Trust |
|
|
|
|
Investment Objective |
|
BlackRock New York Investment Quality Municipal Trust (RNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal, New York State and New York City income tax consistent with preservation of capital.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned -3.85% based on market price, with dividends reinvested. The Trust’s return based on NAV was -1.12%, with dividends reinvested. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of -0.95% on a NAV basis. The relative return was hampered by the Trust’s longer-dated holdings, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Conversely, the Trust’s above-average distribution yield and neutral duration position during a period of rising interest rates in the municipal market benefited comparative performance.
|
|
|
|
Trust Information |
|
|
|
|
|
Symbol on American Stock Exchange |
RNY |
|
Initial Offering Date |
May 28, 1993 |
|
Yield on Closing Market Price as of April 30, 2008 ($14.28)1 |
5.63% |
|
Tax Equivalent Yield2 |
8.66% |
|
Current Monthly Distribution per Common Share3 |
$0.067 |
|
Current Annualized Distribution per Common Share3 |
$0.804 |
|
Leverage as of April 30, 20084 |
35% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0582. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
||||
|
Market Price |
|
$ |
14.28 |
|
$ |
15.39 |
|
(7.21% |
) |
$ |
16.26 |
|
$ |
13.85 |
|
|
Net Asset Value |
|
$ |
13.74 |
|
$ |
14.40 |
|
(4.58% |
) |
$ |
14.47 |
|
$ |
13.09 |
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Education |
|
23 |
% |
|
23 |
% |
|
|
Tax Revenue |
|
15 |
|
|
16 |
|
|
|
Water & Sewer |
|
12 |
|
|
13 |
|
|
|
Housing |
|
12 |
|
|
12 |
|
|
|
City, County & State |
|
11 |
|
|
12 |
|
|
|
Industrial & Pollution Control |
|
10 |
|
|
10 |
|
|
|
Transportation |
|
6 |
|
|
5 |
|
|
|
Hospitals |
|
6 |
|
|
4 |
|
|
|
Lease Revenue |
|
3 |
|
|
3 |
|
|
|
Tobacco |
|
2 |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
49 |
% |
|
50 |
% |
|
|
AA/Aa |
|
24 |
|
|
23 |
|
|
|
A |
|
5 |
|
|
5 |
|
|
|
BBB/Baa |
|
12 |
|
|
12 |
|
|
|
B |
|
8 |
|
|
9 |
|
|
|
Not Rated |
|
2 |
|
|
1 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
13 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New York Municipal Income Trust |
|
|
|
|
Investment Objective |
|
BlackRock New York Municipal Income Trust (BNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New York State and New York City personal income taxes.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned +7.00% based on market price, with dividends reinvested. The Trust’s return based on NAV was -1.36%, with dividends reinvested. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of -0.95% on a NAV basis. The relative return was hampered by the Trust’s longer-dated holdings, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Conversely, the Trust’s above-average distribution yield and neutral duration position during a period of rising interest rates in the municipal market benefited comparative performance.
|
|
|
|
Trust Information |
|
|
|
|
|
Symbol on New York Stock Exchange |
BNY |
|
Initial Offering Date |
July 27, 2001 |
|
Yield on Closing Market Price as of April 30, 2008 ($16.12)1 |
5.61% |
|
Tax Equivalent Yield2 |
8.63% |
|
Current Monthly Distribution per Common Share3 |
$0.075339 |
|
Current Annualized Distribution per Common Share3 |
$0.904068 |
|
Leverage as of April 30, 20084 |
38% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
16.12 |
|
$ |
15.55 |
|
3.67 |
% |
$ |
17.24 |
|
$ |
14.84 |
|
|
Net Asset Value |
|
$ |
14.44 |
|
$ |
15.11 |
|
(4.43 |
%) |
$ |
15.24 |
|
$ |
13.71 |
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Industrial & Pollution Control |
|
16 |
% |
|
16 |
% |
|
|
Housing |
|
15 |
|
|
15 |
|
|
|
Transportation |
|
14 |
|
|
14 |
|
|
|
Education |
|
13 |
|
|
12 |
|
|
|
City, County & State |
|
10 |
|
|
11 |
|
|
|
Tobacco |
|
9 |
|
|
8 |
|
|
|
Water & Sewer |
|
8 |
|
|
7 |
|
|
|
Lease Revenue |
|
7 |
|
|
7 |
|
|
|
Hospitals |
|
4 |
|
|
5 |
|
|
|
Power |
|
3 |
|
|
3 |
|
|
|
Tax Revenue |
|
1 |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
35 |
% |
|
42 |
% |
|
|
AA/Aa |
|
20 |
|
|
17 |
|
|
|
A/A |
|
14 |
|
|
17 |
|
|
|
BBB/Baa |
|
16 |
|
|
17 |
|
|
|
B/B |
|
6 |
|
|
6 |
|
|
|
Not Rated |
|
9 |
|
|
1 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
14 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
The Trusts utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.
To leverage, the Trusts may issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. The interest earned on these investments is paid to Common Shareholders in the form of dividends, and the value of these Portfolios’ holdings is reflected in the per share NAV of the Trusts’ Common Shares. However, in order to benefit Common Shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of these conditions change, then the risks of leveraging will begin to outweigh the benefits.
To illustrate these concepts, assume a fund’s Common Share capitalization of $100 million and the issuance of Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are approximately 3% and long-term interest rates are approximately 6%, then the yield curve has a strongly positive slope. The fund pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the fund’s total portfolio of $150 million earns the income based on long-term interest rates.
In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the fund’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield. However, if short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely. At the same time, the market value on the fund’s Common Shares (that is, its price as listed on the New York Stock Exchange or American Stock Exchange) may, as a result, decline. Furthermore, if long-term interest rates rise, the Common Shares’ NAV will reflect the full decline in the price of the portfolio’s investments, since the value of the fund’s Preferred Shares does not fluctuate. In addition to the decline in NAV, the market value of the fund’s Common Shares may also decline.
In addition, the Trusts may from time to time leverage their assets through the use of tender option bond (“TOB”) programs. In a typical TOB program, the Trust transfers one or more municipal bonds to a TOB trust, which issues short-term variable rate securities to third-party investors and a residual interest to the Trust. The cash received by the TOB trust from the issuance of the short-term securities (less transaction expenses) is paid to the Trust, which invests the cash in additional portfolio securities. The distribution rate on the short-term securities is reset periodically (typically every seven days) through a remarketing of the short-term securities. Any income earned on the bonds in the TOB trust, net of expenses incurred by the TOB trust, that is not paid to the holders of the short-term securities is paid to the Trust. In connection with managing the Trusts’ assets, the Trusts’ investment advisor may at any time retrieve the bonds out of the TOB trust typically within seven days. TOB investments generally will provide the Trust with economic benefits in periods of declining short-term interest rates, but expose the Trust to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trust, as described above. Additionally, fluctuations in the market value of municipal securities deposited into the TOB trust may adversely affect the Funds’ NAVs per share. (See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOB trusts.).
Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount of up to 50% of their managed assets at the time of issuance. Each Trust also anticipates that its total economic leverage will not exceed 50% of its total managed assets. Economic leverage includes Preferred Shares and TOBs. As of April 30, 2008, the Trusts had economic leverage amounts of managed assets as follows:
|
|
|
|
|
|
|
|
|
Percent of |
|
|
|
Investment Quality Municipal |
|
39 |
% |
|
|
Municipal Income |
|
39 |
% |
|
|
Long-Term Municipal |
|
47 |
% |
|
|
California Investment Quality |
|
36 |
% |
|
|
California Income |
|
38 |
% |
|
|
Florida Investment Quality |
|
37 |
% |
|
|
Florida Income |
|
37 |
% |
|
|
New Jersey Investment Quality |
|
37 |
% |
|
|
New Jersey Income |
|
37 |
% |
|
|
New York Income |
|
35 |
% |
|
|
New York Investment Quality |
|
38 |
% |
|
|
|
|
|
|
The Trusts may invest in swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified bond, basket of bonds, or index in return for periodic payments based on a fixed or variable interest rate or the change in market value of a different bond, basket of bonds or index. Swap agreements may be used to obtain exposure to a bond or market without owning or taking physical custody of securities. Swap agreements involve the risk that the party with whom each Trust has entered into a swap will default on its obligation to pay the Trusts and the risk that the Trusts will not be able to meet its obligation to pay the other party to the agreement.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
15 |
|
|
|
|
|
|
||
|
|
||
|
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama—6.6% |
|
|
|
|
|
|
|
|
University
of Alabama, Hospital Revenue Bonds, Series A, |
|
$ |
14,000 |
|
$ |
15,208,340 |
|
|
Arizona—4.1% |
|
|
|
|
|
|
|
|
Salt Verde
Financial Corporation, Arizona, Senior Gas |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
3,990 |
|
|
3,622,840 |
|
|
5%, 12/01/37 |
|
|
4,585 |
|
|
4,098,486 |
|
|
San Luis,
Arizona, Facilities Development Corporation, |
|
|
|
|
|
|
|
|
6.25%, 5/01/15 |
|
|
490 |
|
|
465,696 |
|
|
7%, 5/01/20 |
|
|
490 |
|
|
454,735 |
|
|
7.25%, 5/01/27 |
|
|
980 |
|
|
900,610 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,542,367 |
|
|
California—22.3% |
|
|
|
|
|
|
|
|
California
County Tobacco Securitization Agency, Tobacco |
|
|
|
|
|
|
|
|
Sub-Series C, 6.30%, 6/01/55 |
|
|
7,090 |
|
|
166,331 |
|
|
Sub-Series D, 7.251%, 6/01/55 |
|
|
9,060 |
|
|
179,026 |
|
|
California State, GO, 5%, 3/01/33 (d) |
|
|
10,000 |
|
|
10,126,400 |
|
|
California State, GO, Refunding: |
|
|
|
|
|
|
|
|
5.625%, 5/01/10 (q) |
|
|
1,595 |
|
|
1,712,153 |
|
|
5.625%, 5/01/18 |
|
|
290 |
|
|
306,823 |
|
|
5%, 2/01/32 |
|
|
10,345 |
|
|
10,362,221 |
|
|
5%, 6/01/34 |
|
|
3,485 |
|
|
3,487,161 |
|
|
Foothill/Eastern
Corridor Agency, California, Toll Road |
|
|
|
|
|
|
|
|
5.562%, 7/15/28 (a) |
|
|
7,000 |
|
|
6,506,850 |
|
|
5.75%, 1/15/40 |
|
|
3,495 |
|
|
3,424,261 |
|
|
Golden
State Tobacco Securitization Corporation of California, |
|
|
805 |
|
|
648,637 |
|
|
Los Altos,
California, School District, GO (Election of 1998), |
|
|
10,945 |
|
|
4,921,638 |
|
|
Sacramento
County, California, Airport System Revenue |
|
|
|
|
|
|
|
|
Senior Series A, 5%, 7/01/41 |
|
|
2,000 |
|
|
2,023,720 |
|
|
Senior Series B, 5.25%, 7/01/39 |
|
|
3,500 |
|
|
3,449,530 |
|
|
University
of California Revenue Bonds, Series B, 4.75%, |
|
|
4,185 |
|
|
4,132,102 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
51,446,853 |
|
|
Colorado—4.0% |
|
|
|
|
|
|
|
|
Colorado
Health Facilities Authority Revenue Bonds |
|
|
5,250 |
|
|
5,262,285 |
|
|
Colorado
Health Facilities Authority, Revenue Refunding |
|
|
2,000 |
|
|
2,028,900 |
|
|
Colorado
Springs, Colorado, Utilities System Improvement |
|
|
1,030 |
|
|
1,044,183 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Colorado—(concluded) |
|
|
|
|
|
|
|
|
Park Creek
Metropolitan District, Colorado, Senior Limited Tax |
|
$ |
1,020 |
|
$ |
948,396 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,283,764 |
|
|
Connecticut—1.2% |
|
|
|
|
|
|
|
|
Mashantucket
Western Pequot Tribe, Connecticut, Special |
|
|
3,000 |
|
|
2,739,480 |
|
|
District of Columbia—2.1% |
|
|
|
|
|
|
|
|
District of
Columbia Tobacco Settlement Financing |
|
|
4,960 |
|
|
4,905,440 |
|
|
Florida—18.1% |
|
|
|
|
|
|
|
|
FishHawk
Community Development District II, Florida, |
|
|
2,020 |
|
|
2,018,687 |
|
|
Halifax
Hospital Medical Center, Florida, Hospital Revenue |
|
|
2,415 |
|
|
2,141,405 |
|
|
Hillsborough
County, Florida, IDA, Exempt Facilities Revenue |
|
|
3,700 |
|
|
3,586,262 |
|
|
Jacksonville,
Florida, Health Facilities Authority, Hospital |
|
|
1,690 |
|
|
1,586,251 |
|
|
Miami
Beach, Florida, Health Facilities Authority, Hospital |
|
|
4,755 |
|
|
4,835,027 |
|
|
Miami-Dade
County, Florida, Special Obligation Revenue |
|
|
|
|
|
|
|
|
5.19%, 10/01/31 |
|
|
3,380 |
|
|
927,202 |
|
|
5.20%, 10/01/32 |
|
|
4,225 |
|
|
1,095,669 |
|
|
5.21%, 10/01/33 |
|
|
4,000 |
|
|
981,080 |
|
|
5.21%, 10/01/34 |
|
|
4,580 |
|
|
1,057,430 |
|
|
5.22%, 10/01/35 |
|
|
5,000 |
|
|
1,081,700 |
|
|
5.23%, 10/01/36 |
|
|
10,000 |
|
|
2,039,700 |
|
|
5.24%, 10/01/37 |
|
|
10,000 |
|
|
1,923,800 |
|
|
Orange
County, Florida, Tourist Development, Tax Revenue |
|
|
7,895 |
|
|
7,553,778 |
|
|
Sumter
Landing Community Development District, Florida, |
|
|
3,730 |
|
|
3,118,429 |
|
|
Village
Community Development District Number 5, Florida, |
|
|
7,980 |
|
|
7,824,869 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
41,771,289 |
|
|
Georgia—3.7% |
|
|
|
|
|
|
|
|
Atlanta,
Georgia, Airport Passenger Facility Charge and |
|
|
1,760 |
|
|
1,785,784 |
|
|
Atlanta,
Georgia, Water and Wastewater Revenue Bonds, |
|
|
4,000 |
|
|
4,057,600 |
|
|
Main Street
Natural Gas, Inc., Georgia, Gas Project Revenue |
|
|
1,000 |
|
|
1,000,550 |
|
|
|
|
|
|
|
|
|
Portfolio Abbreviations |
|||||
To simplify the listings of the Trusts’ portfolio holdings in each Trust’s Schedule of Investments, we have abbreviated the names of many securities according to the list on the right.
|
|
|
|
|
AMT |
|
Alternative Minimum Tax (subject to) |
|
ARS |
|
Auction Rate Securities |
|
CABS |
|
Capital Appreciation Bonds |
|
COP |
|
Certificates of Participation |
|
EDA |
|
Economic Development Authority |
|
EDR |
|
Economic Development Revenue Bonds |
|
GO |
|
General Obligation Bonds |
|
HFA |
|
Housing Finance Agency |
|
IDA |
|
Industrial Development Authority |
|
IDR |
|
Industrial Development Revenue Bonds |
|
LIBOR |
|
London InterBank Offer Rate |
|
M/F |
|
Multi-Family |
|
PCR |
|
Pollution Control Revenue Bonds |
|
PILOT |
|
Payment in Lieu of Taxes |
|
SIFMA |
|
Securities Industry and Financial Markets Association |
|
S/F |
|
Single-Family |
|
TFABS |
|
Tobacco Flexible Amortization Bonds |
|
VRDN |
|
Variable Rate Demand Notes |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
16 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Georgia—(concluded) |
|
|
|
|
|
|
|
|
Milledgeville-Baldwin
County, Georgia, Development Authority |
|
$ |
1,500 |
|
$ |
1,742,535 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,586,469 |
|
|
Hawaii—1.1% |
|
|
|
|
|
|
|
|
Hawaii
State Department of Budget and Finance, Special |
|
|
2,500 |
|
|
2,540,000 |
|
|
Illinois—13.7% |
|
|
|
|
|
|
|
|
Bolingbrook,
Illinois, GO, Refunding, Series A, 4.75%, |
|
|
6,500 |
|
|
6,407,960 |
|
|
Centerpoint
Intermodal Center Program Trust, Illinois, Tax |
|
|
1,920 |
|
|
1,806,586 |
|
|
Chicago,
Illinois, Housing Authority, Capital Program Revenue |
|
|
3,210 |
|
|
3,316,283 |
|
|
Chicago,
Illinois, O’Hare International Airport Revenue |
|
|
3,540 |
|
|
3,472,386 |
|
|
Chicago,
Illinois, Public Building Commission, Building Revenue |
|
|
5,000 |
|
|
6,213,650 |
|
|
Illinois
Municipal Electric Agency, Power Supply Revenue |
|
|
2,145 |
|
|
1,923,529 |
|
|
Illinois State Finance Authority Revenue Bonds, Series A: |
|
|
|
|
|
|
|
|
(Friendship Village of Schaumburg), 5.625%, 2/15/37 |
|
|
690 |
|
|
559,169 |
|
|
(Monarch Landing, Inc. Project), 7%, 12/01/37 |
|
|
1,155 |
|
|
1,133,702 |
|
|
(Northwestern Memorial Hospital), 5.50%, 8/15/14 (a) |
|
|
5,800 |
|
|
6,537,934 |
|
|
Illinois
State Financing Authority, Student Housing Revenue |
|
|
700 |
|
|
338,072 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
31,709,271 |
|
|
Kentucky—2.6% |
|
|
|
|
|
|
|
|
Kentucky
Economic Development Finance Authority, Health |
|
|
13,500 |
|
|
5,936,220 |
|
|
Maryland—2.6% |
|
|
|
|
|
|
|
|
Maryland
State Community Development Administration, |
|
|
5,000 |
|
|
4,384,350 |
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
1,740 |
|
|
1,725,749 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,110,099 |
|
|
Massachusetts—1.3% |
|
|
|
|
|
|
|
|
Massachusetts
State Water Resource Authority, General |
|
|
3,075 |
|
|
3,120,449 |
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
Michigan
State Hospital Finance Authority, Revenue |
|
|
1,670 |
|
|
1,608,076 |
|
|
Mississippi—0.8% |
|
|
|
|
|
|
|
|
Mississippi
Business Finance Corporation Revenue Bonds |
|
|
1,900 |
|
|
1,738,234 |
|
|
Missouri—3.3% |
|
|
|
|
|
|
|
|
Missouri
Joint Municipal Electric Utility Commission, |
|
|
2,820 |
|
|
2,611,969 |
|
|
Missouri
State Housing Development Commission, S/F |
|
|
5,125 |
|
|
5,009,124 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,621,093 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Nebraska—3.4% |
|
|
|
|
|
|
|
|
Omaha
Public Power District, Nebraska, Electric System |
|
|
|
|
|
|
|
|
5%, 2/01/34 |
|
$ |
5,000 |
|
$ |
5,071,950 |
|
|
4.75%, 2/01/44 |
|
|
2,765 |
|
|
2,690,594 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,762,544 |
|
|
Nevada—0.9% |
|
|
|
|
|
|
|
|
Clark
County, Nevada, EDR, Refunding (Alexander Dawson |
|
|
2,065 |
|
|
2,009,926 |
|
|
New Jersey—4.4% |
|
|
|
|
|
|
|
|
Middlesex
County, New Jersey, Improvement Authority, |
|
|
1,510 |
|
|
1,292,379 |
|
|
New Jersey
EDA, Cigarette Tax Revenue Bonds, 5.75%, |
|
|
7,000 |
|
|
6,840,540 |
|
|
New Jersey
State Housing and Mortgage Finance Agency, |
|
|
2,000 |
|
|
1,995,820 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,128,739 |
|
|
New York—10.2% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds |
|
|
725 |
|
|
567,610 |
|
|
Hudson
Yards Infrastructure Corporation, New York, Revenue |
|
|
1,400 |
|
|
1,363,180 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
1,000 |
|
|
1,006,030 |
|
|
Metropolitan
Transportation Authority, New York, Transportation |
|
|
2,500 |
|
|
2,510,850 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
2,600 |
|
|
2,517,840 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
2,500 |
|
|
2,541,600 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
3,000 |
|
|
3,122,250 |
|
|
New York City, New York, GO, Sub-Series F-1, 5%, 9/01/22 (f) |
|
|
2,000 |
|
|
2,059,260 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
4,100 |
|
|
4,245,673 |
|
|
New York
State Dormitory Authority, Revenue Refunding |
|
|
|
|
|
|
|
|
5.963%, 7/01/10 |
|
|
1,865 |
|
|
1,778,706 |
|
|
6.013%, 7/01/10 |
|
|
2,030 |
|
|
1,936,072 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,649,071 |
|
|
North Carolina—1.7% |
|
|
|
|
|
|
|
|
Gaston
County, North Carolina, Industrial Facilities and |
|
|
2,425 |
|
|
1,923,486 |
|
|
North
Carolina Medical Care Commission, Health Care |
|
|
2,065 |
|
|
2,031,526 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,955,012 |
|
|
Ohio—8.2% |
|
|
|
|
|
|
|
|
Buckeye
Tobacco Settlement Financing Authority, Ohio, |
|
|
1,870 |
|
|
1,818,276 |
|
|
Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A: |
|
|
|
|
|
|
|
|
6%, 1/01/20 |
|
|
3,485 |
|
|
3,809,070 |
|
|
6%, 1/01/21 |
|
|
5,000 |
|
|
5,464,950 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
17 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Ohio—(concluded) |
|
|
|
|
|
|
|
|
Montgomery
County, Ohio, Revenue Bonds (Catholic Health |
|
$ |
1,750 |
|
$ |
1,766,450 |
|
|
Ohio State
Air Quality Development Authority, Revenue |
|
|
6,000 |
|
|
6,006,840 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
18,865,586 |
|
|
Oklahoma—2.1% |
|
|
|
|
|
|
|
|
Oklahoma
State Development Finance Authority, Revenue |
|
|
2,110 |
|
|
2,052,819 |
|
|
Tulsa,
Oklahoma, Municipal Airport Trust, Revenue Refunding |
|
|
2,900 |
|
|
2,871,841 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,924,660 |
|
|
Pennsylvania—6.7% |
|
|
|
|
|
|
|
|
Delaware
River Port Authority of Pennsylvania and New |
|
|
2,000 |
|
|
2,070,320 |
|
|
McKeesport,
Pennsylvania, Area School District, GO, |
|
|
|
|
|
|
|
|
5.53%, 10/01/31 |
|
|
2,435 |
|
|
666,435 |
|
|
5.53%, 10/01/31 (i) |
|
|
870 |
|
|
270,561 |
|
|
Pennsylvania
Economic Development Financing Authority, |
|
|
|
|
|
|
|
|
(Amtrak Project), 6.25%, 11/01/31 |
|
|
2,000 |
|
|
2,009,800 |
|
|
(Amtrak Project), 6.375%, 11/01/41 |
|
|
3,100 |
|
|
3,146,872 |
|
|
(Reliant Energy), 6.75%, 12/01/36 |
|
|
6,380 |
|
|
6,433,209 |
|
|
Pennsylvania
HFA, S/F Mortgage Revenue Refunding Bonds, |
|
|
980 |
|
|
884,176 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
15,481,373 |
|
|
Rhode Island—0.1% |
|
|
|
|
|
|
|
|
Rhode
Island State Health and Educational Building |
|
|
200 |
|
|
202,432 |
|
|
South Carolina—5.0% |
|
|
|
|
|
|
|
|
South
Carolina Housing Finance and Development Authority, |
|
|
4,975 |
|
|
4,658,043 |
|
|
South
Carolina Jobs EDA, Hospital Facilities Revenue |
|
|
|
|
|
|
|
|
Series A, 6.25%, 8/01/31 |
|
|
2,185 |
|
|
2,215,918 |
|
|
Series C, 6.875%, 8/01/13 (a) |
|
|
4,000 |
|
|
4,711,118 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,585,079 |
|
|
Tennessee—2.1% |
|
|
|
|
|
|
|
|
Memphis-Shelby
County, Tennessee, Airport Authority, |
|
|
4,865 |
|
|
4,951,889 |
|
|
Texas—11.0% |
|
|
|
|
|
|
|
|
Dallas-Fort
Worth, Texas, International Airport, Joint Revenue |
|
|
550 |
|
|
556,556 |
|
|
Grapevine, Texas, GO, 5.875%, 8/15/10 (a)(j) |
|
|
6,000 |
|
|
6,454,440 |
|
|
Harris
County-Houston Sports Authority, Texas, Revenue |
|
|
5,000 |
|
|
773,900 |
|
|
Lower
Colorado River Authority, Texas, Revenue |
|
|
|
|
|
|
|
|
5%, 5/15/13 (a)(b) |
|
|
20 |
|
|
21,798 |
|
|
5%, 5/15/31 (b) |
|
|
925 |
|
|
931,531 |
|
|
4.75%, 5/15/36 (g) |
|
|
3,595 |
|
|
3,481,254 |
|
|
Series A, 5%, 5/15/13 (a)(b) |
|
|
5 |
|
|
5,449 |
|
|
Montgomery
County, Texas, Municipal Utility District Number |
|
|
675 |
|
|
664,139 |
|
|
Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (j) |
|
|
2,010 |
|
|
1,945,278 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Texas—(concluded) |
|
|
|
|
|
|
|
|
SA Energy
Acquisition Public Facilities Corporation, Texas, |
|
$ |
2,550 |
|
$ |
2,541,636 |
|
|
Texas State
Turnpike Authority, Central Texas Turnpike |
|
|
|
|
|
|
|
|
6.06%, 8/15/31 (c) |
|
|
15,000 |
|
|
3,824,250 |
|
|
First Tier, Series A, 5%, 8/15/42 |
|
|
3,325 |
|
|
3,294,044 |
|
|
Texas
State, Water Financial Assistance, GO, Refunding, |
|
|
1,000 |
|
|
1,047,390 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,541,665 |
|
|
Utah—0.8% |
|
|
|
|
|
|
|
|
Intermountain
Power Agency, Utah, Power Supply |
|
|
1,950 |
|
|
1,953,451 |
|
|
Virginia—1.0% |
|
|
|
|
|
|
|
|
Tobacco
Settlement Financing Corporation of Virginia, |
|
|
2,900 |
|
|
2,285,519 |
|
|
Washington—0.6% |
|
|
|
|
|
|
|
|
King
County, Washington, Sewer Revenue Refunding |
|
|
1,420 |
|
|
1,446,156 |
|
|
Wisconsin—1.4% |
|
|
|
|
|
|
|
|
Wisconsin
State Health and Educational Facilities Authority |
|
|
3,220 |
|
|
3,302,657 |
|
|
Wyoming—0.8% |
|
|
|
|
|
|
|
|
Wyoming
Community Development Authority, Housing |
|
|
2,145 |
|
|
1,866,171 |
|
|
Puerto Rico—3.9% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Aqueduct and Sewer Authority, |
|
|
2,500 |
|
|
2,614,000 |
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
3,115 |
|
|
3,327,256 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue |
|
|
2,900 |
|
|
3,009,997 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,951,253 |
|
|
Total Municipal Bonds (Cost—$354,019,586)—152.5% |
|
|
|
|
|
352,730,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (h) |
|
|
7,000 |
|
|
7,640,430 |
|
|
MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (h) |
|
|
4,000 |
|
|
4,315,920 |
|
|
Total Corporate Bonds (Cost—$11,000,000)—5.2% |
|
|
|
|
|
11,956,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
Merrill Lynch Institutional Tax-Exempt Fund, 2.49% (o)(p) |
|
|
19,300,000 |
|
|
19,300,000 |
|
|
Total Short-Term Securities (Cost—$19,300,000)—8.3% |
|
|
|
|
|
19,300,000 |
|
|
Total Investments (Cost—$384,319,586*)—166.0% |
|
|
|
|
|
383,986,977 |
|
|
Liabilities in Excess of Other Assets—(2.6%) |
|
|
|
|
|
(6,044,396 |
) |
|
Preferred Stock, at Redemption Value—(63.4%) |
|
|
|
|
|
(146,636,542 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Stock—100.0% |
|
|
|
|
$ |
231,306,039 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
18 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments, as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
383,578,903 |
|
|
|
|
|
||
|
Gross unrealized appreciation |
|
$ |
11,188,585 |
|
|
Gross unrealized depreciation |
|
|
(10,780,511 |
) |
|
|
|
|
||
|
Net unrealized appreciation |
|
$ |
408,074 |
|
|
|
|
|
|
|
|
|
(a) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(b) |
MBIA Insured. |
|
(c) |
Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(d) |
CIFG Insured. |
|
(e) |
FSA Insured. |
|
(f) |
XL Capital Insured. |
|
(g) |
AMBAC Insured. |
|
(h) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(i) |
Security is collateralized by municipal or U.S. Treasury obligations. |
|
(j) |
FGIC Insured. |
|
(k) |
FNMA/GNMA Collateralized. |
|
(l) |
FHLMC Collateralized. |
|
(m) |
Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
|
(n) |
Assured Guaranty Insured. |
|
(o) |
Represents the current yield as of report date. |
|
(p) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund |
|
$ |
13,800,000 |
|
$ |
364,012 |
|
|
|
|
|
(q) |
Represents a step up bond. Rate shown reflects the effective yield at the time of purchase. |
|
|
|
|
• |
Forward interest rate swaps outstanding as of April 30, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Notional |
|
Unrealized |
|
||
|
Pay a fixed
rate of 4.498% and receive a floating rate |
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase |
|
$ |
18,320 |
|
$ |
(152,972 |
) |
|
Pay a fixed
rate of 3.646% and receive a floating rate |
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase |
|
$ |
31,250 |
|
|
(422,500 |
) |
|
Total |
|
|
|
|
$ |
(575,472 |
) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
19 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock Municipal
Income Trust (BFK) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama—3.6% |
|
|
|
|
|
|
|
|
Birmingham,
Alabama, Special Care Facilities Financing |
|
$ |
4,545 |
|
$ |
4,470,235 |
|
|
Huntsville,
Alabama, Health Care Authority Revenue Bonds, |
|
|
15,000 |
|
|
16,653,750 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
21,123,985 |
|
|
Arizona—6.7% |
|
|
|
|
|
|
|
|
Phoenix and
Pima County, Arizona, IDA, S/F Mortgage |
|
|
5,253 |
|
|
5,244,427 |
|
|
Pima
County, Arizona, IDA, Education Revenue Bonds |
|
|
4,590 |
|
|
4,142,154 |
|
|
Salt Verde
Financial Corporation, Arizona, Senior |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
10,280 |
|
|
9,334,034 |
|
|
5%, 12/01/37 |
|
|
14,395 |
|
|
12,867,547 |
|
|
Scottsdale,
Arizona, IDA, Hospital Revenue Bonds |
|
|
7,000 |
|
|
7,762,300 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,350,462 |
|
|
California—19.7% |
|
|
|
|
|
|
|
|
California
County Tobacco Securitization Agency, |
|
|
|
|
|
|
|
|
Sub-Series C, 6.30%, 6/01/55 |
|
|
17,855 |
|
|
418,878 |
|
|
Sub-Series D, 7.251%, 6/01/55 |
|
|
22,825 |
|
|
451,022 |
|
|
California State, GO, Refunding: |
|
|
|
|
|
|
|
|
5%, 6/01/32 |
|
|
11,670 |
|
|
11,694,857 |
|
|
5%, 6/01/34 |
|
|
7,000 |
|
|
7,004,340 |
|
|
California
Statewide Communities Development Authority, |
|
|
5,000 |
|
|
5,040,400 |
|
|
Foothill
Eastern Corridor Agency, California, Toll Road |
|
|
|
|
|
|
|
|
6.09%, 1/15/32 |
|
|
54,635 |
|
|
12,758,365 |
|
|
6.019%, 1/15/34 |
|
|
20,535 |
|
|
4,241,504 |
|
|
6.093%, 1/15/38 |
|
|
75,000 |
|
|
11,442,000 |
|
|
Golden
State Tobacco Securitization Corporation of |
|
|
10,000 |
|
|
11,456,600 |
|
|
Golden
State Tobacco Securitization Corporation of |
|
|
5,000 |
|
|
4,695,900 |
|
|
Lincoln,
California, Special Tax Bonds (Community Facilities |
|
|
3,115 |
|
|
3,593,339 |
|
|
Los
Angeles, California, Regional Airports Improvement |
|
|
13,320 |
|
|
13,349,570 |
|
|
Murrieta,
California, Community Facilities District Number 2, |
|
|
5,000 |
|
|
4,668,350 |
|
|
Sacramento
County, California, Airport System Revenue |
|
|
6,230 |
|
|
6,140,163 |
|
|
University of California Revenue Bonds: |
|
|
|
|
|
|
|
|
Series B, 4.75%, 5/15/38 |
|
|
10,565 |
|
|
10,431,458 |
|
|
Series C, 4.75%, 5/15/37 (g) |
|
|
5,000 |
|
|
4,922,450 |
|
|
West Valley
Mission Community College District, California, |
|
|
4,015 |
|
|
4,025,600 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
116,334,796 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Colorado—5.2% |
|
|
|
|
|
|
|
|
Colorado
Health Facilities Authority Revenue Bonds |
|
|
|
|
|
|
|
|
Series C-3, 5.10%, 10/01/41 |
|
$ |
7,600 |
|
$ |
7,617,708 |
|
|
Series C-7, 5%, 9/01/36 |
|
|
4,865 |
|
|
4,876,384 |
|
|
Colorado
Health Facilities Authority, Revenue Refunding |
|
|
|
|
|
|
|
|
5.20%, 3/01/31 |
|
|
1,440 |
|
|
1,463,789 |
|
|
Series B, 5.25%, 3/01/36 |
|
|
2,875 |
|
|
2,916,544 |
|
|
Series C, 5.25%, 3/01/40 |
|
|
5,000 |
|
|
5,065,400 |
|
|
Colorado
Springs, Colorado, Utilities System Improvement |
|
|
2,545 |
|
|
2,580,045 |
|
|
Denver,
Colorado, Health and Hospital Authority, Healthcare |
|
|
3,500 |
|
|
3,864,420 |
|
|
Park Creek
Metropolitan District, Colorado, Senior Limited |
|
|
2,530 |
|
|
2,352,394 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
30,736,684 |
|
|
Connecticut—3.2% |
|
|
|
|
|
|
|
|
Connecticut
State Health and Educational Facilities |
|
|
|
|
|
|
|
|
Series T-1, 4.70%, 7/01/29 |
|
|
9,400 |
|
|
9,522,482 |
|
|
Series X-3, 4.85%, 7/01/37 |
|
|
9,360 |
|
|
9,497,873 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
19,020,355 |
|
|
District of Columbia—7.0% |
|
|
|
|
|
|
|
|
District of
Columbia Revenue Bonds (Georgetown University), |
|
|
|
|
|
|
|
|
6.013%, 4/01/11 |
|
|
15,600 |
|
|
3,266,640 |
|
|
6.015%, 4/01/11 |
|
|
51,185 |
|
|
10,096,241 |
|
|
District of
Columbia, Revenue Refunding Bonds (Friendship |
|
|
2,390 |
|
|
2,038,288 |
|
|
District of
Columbia Tobacco Settlement Financing |
|
|
25,535 |
|
|
25,641,992 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
41,043,161 |
|
|
Florida—9.4% |
|
|
|
|
|
|
|
|
Heritage
Isle at Viera Community Development District, |
|
|
1,905 |
|
|
1,872,501 |
|
|
Highlands
County, Florida, Health Facilities Authority, |
|
|
9,670 |
|
|
10,754,104 |
|
|
Martin
County, Florida, IDA, IDR, Refunding (Indiantown |
|
|
9,000 |
|
|
9,019,260 |
|
|
Miami
Beach, Florida, Health Facilities Authority, Hospital |
|
|
11,685 |
|
|
11,881,658 |
|
|
Orange
County, Florida, Tourist Development, Tax Revenue |
|
|
10,830 |
|
|
10,361,927 |
|
|
Stevens
Plantation Community Development District, |
|
|
3,830 |
|
|
3,863,398 |
|
|
Village
Community Development District Number 5, Florida, |
|
|
7,975 |
|
|
7,819,966 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
55,572,814 |
|
|
Georgia—1.2% |
|
|
|
|
|
|
|
|
Main Street
Natural Gas, Inc., Georgia, Gas Project |
|
|
3,500 |
|
|
3,501,925 |
|
|
Richmond
County, Georgia, Development Authority, |
|
|
4,000 |
|
|
3,758,400 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,260,325 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
20 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Municipal
Income Trust (BFK) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Idaho—3.1% |
|
|
|
|
|
|
|
|
University
of Idaho, Student Fee Revenue Bonds |
|
$ |
16,970 |
|
$ |
18,257,514 |
|
|
Illinois—11.0% |
|
|
|
|
|
|
|
|
Bolingbrook, Illinois, GO, Refunding, Series B (d)(j): |
|
|
|
|
|
|
|
|
6%, 1/01/33 |
|
|
7,120 |
|
|
1,831,620 |
|
|
6%, 1/01/34 |
|
|
14,085 |
|
|
3,361,526 |
|
|
Centerpoint
Intermodal Center Program Trust, Illinois, Tax |
|
|
4,630 |
|
|
4,356,506 |
|
|
Chicago,
Illinois, Housing Authority, Capital Program Revenue |
|
|
8,225 |
|
|
8,497,330 |
|
|
Chicago,
Illinois, O’Hare International Airport Revenue |
|
|
7,645 |
|
|
7,498,980 |
|
|
Illinois
Educational Facilities Authority, Revenue Refunding |
|
|
760 |
|
|
775,322 |
|
|
Illinois
Educational Facilities Authority, Student Housing |
|
|
10,000 |
|
|
11,299,100 |
|
|
Illinois
Health Facilities Authority, Revenue Refunding Bonds |
|
|
|
|
|
|
|
|
5.50%, 1/01/22 |
|
|
5,000 |
|
|
5,090,100 |
|
|
5.625%, 1/01/28 |
|
|
6,000 |
|
|
6,081,720 |
|
|
Illinois
Municipal Electric Agency, Power Supply Revenue |
|
|
7,975 |
|
|
7,151,581 |
|
|
Illinois State Finance Authority Revenue Bonds, Series A: |
|
|
|
|
|
|
|
|
(Friendship Village of Schaumburg), 5.625%, 2/15/37 |
|
|
1,685 |
|
|
1,365,507 |
|
|
(Monarch Landing, Inc. Project), 7%, 12/01/37 |
|
|
2,885 |
|
|
2,831,801 |
|
|
(Northwestern Memorial Hospital), 5.50%, 8/15/14 (a) |
|
|
3,700 |
|
|
4,170,751 |
|
|
Illinois
State Financing Authority, Student Housing Revenue |
|
|
1,675 |
|
|
808,958 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
65,120,802 |
|
|
Indiana—6.0% |
|
|
|
|
|
|
|
|
Indiana Health
Facilities Financing Authority, Hospital |
|
|
9,000 |
|
|
7,944,660 |
|
|
Petersburg,
Indiana, PCR, Refunding (Indianapolis Power |
|
|
|
|
|
|
|
|
5.90%, 12/01/24 |
|
|
10,000 |
|
|
9,802,700 |
|
|
5.95%, 12/01/29 |
|
|
16,000 |
|
|
15,343,040 |
|
|
Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24 |
|
|
2,305 |
|
|
2,131,272 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
35,221,672 |
|
|
Kentucky—0.2% |
|
|
|
|
|
|
|
|
Kentucky
Housing Corporation, Housing Revenue Bonds, |
|
|
1,365 |
|
|
1,357,697 |
|
|
Louisiana—2.0% |
|
|
|
|
|
|
|
|
Louisiana
Local Government Environmental Facilities and |
|
|
9,215 |
|
|
8,917,724 |
|
|
Saint
Tammany Parish, Louisiana, Financing Authority, S/F |
|
|
3,211 |
|
|
3,164,178 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,081,902 |
|
|
Maryland—1.1% |
|
|
|
|
|
|
|
|
Maryland
State Community Development Administration, |
|
|
2,665 |
|
|
2,359,671 |
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
4,205 |
|
|
4,170,561 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,530,232 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Massachusetts—1.2% |
|
|
|
|
|
|
|
|
Massachusetts
State Water Resource Authority, General |
|
$ |
6,770 |
|
$ |
6,870,061 |
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
Michigan
State Hospital Finance Authority, Revenue |
|
|
4,230 |
|
|
4,073,152 |
|
|
Mississippi—3.5% |
|
|
|
|
|
|
|
|
Gulfport,
Mississippi, Hospital Facility Revenue Bonds |
|
|
18,680 |
|
|
18,726,513 |
|
|
Mississippi
Business Finance Corporation Revenue Bonds |
|
|
2,345 |
|
|
2,145,347 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,871,860 |
|
|
Missouri—0.1% |
|
|
|
|
|
|
|
|
Missouri
Joint Municipal Electric Utility Commission, Power |
|
|
695 |
|
|
643,730 |
|
|
Nebraska—1.2% |
|
|
|
|
|
|
|
|
Omaha
Public Power District, Nebraska, Electric System |
|
|
6,990 |
|
|
6,801,899 |
|
|
Nevada—0.9% |
|
|
|
|
|
|
|
|
Clark
County, Nevada, EDR, Refunding (Alexander Dawson |
|
|
5,260 |
|
|
5,119,716 |
|
|
New Hampshire—1.3% |
|
|
|
|
|
|
|
|
New
Hampshire Health and Education Facilities Authority |
|
|
3,500 |
|
|
3,556,700 |
|
|
New
Hampshire State Business Finance Authority, PCR, |
|
|
4,000 |
|
|
3,846,040 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,402,740 |
|
|
New Jersey—8.1% |
|
|
|
|
|
|
|
|
Middlesex
County, New Jersey, Improvement Authority, |
|
|
3,680 |
|
|
3,149,638 |
|
|
New Jersey
EDA, Cigarette Tax Revenue Bonds, |
|
|
18,500 |
|
|
18,078,570 |
|
|
New Jersey
EDA, EDR, Refunding (Kapkowski Road Landfill |
|
|
8,000 |
|
|
8,239,360 |
|
|
New Jersey
EDA, Special Facility Revenue Bonds |
|
|
15,410 |
|
|
14,064,861 |
|
|
Tobacco
Settlement Financing Corporation of New Jersey, |
|
|
4,960 |
|
|
4,488,850 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
48,021,279 |
|
|
New York—6.7% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds |
|
|
1,820 |
|
|
1,424,896 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK International Airport), |
|
|
|
|
|
|
|
|
8%, 8/01/28 |
|
|
5,000 |
|
|
4,985,100 |
|
|
(Continental Airlines Inc. Project), 7.75%, 8/01/31 |
|
|
22,140 |
|
|
21,605,762 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
6,025 |
|
|
6,239,068 |
|
|
New York
State Environmental Facilities Corporation, State |
|
|
5,375 |
|
|
5,450,626 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,705,452 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
21 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Municipal Income Trust (BFK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|||||||
|
North Carolina—3.6% |
|
|
|
|
|
|
|
|
Gaston
County, North Carolina, Industrial Facilities and |
|
$ |
12,130 |
|
$ |
9,621,395 |
|
|
North
Carolina Capital Facilities Finance Agency, Revenue |
|
|
12,550 |
|
|
11,364,401 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,985,796 |
|
|
Ohio—4.3% |
|
|
|
|
|
|
|
|
Buckeye
Tobacco Settlement Financing Authority, Ohio, |
|
|
3,120 |
|
|
3,033,701 |
|
|
Ohio State
Air Quality Development Authority, Revenue |
|
|
18,820 |
|
|
18,841,455 |
|
|
Pinnacle
Community Infrastructure Financing Authority, Ohio, |
|
|
3,760 |
|
|
3,527,444 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,402,600 |
|
|
Oklahoma—1.8% |
|
|
|
|
|
|
|
|
Oklahoma
State Development Finance Authority, Revenue |
|
|
3,505 |
|
|
3,410,014 |
|
|
Tulsa,
Oklahoma, Municipal Airport Trust, Revenue Refunding |
|
|
7,175 |
|
|
7,105,331 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,515,345 |
|
|
Pennsylvania—4.2% |
|
|
|
|
|
|
|
|
Pennsylvania
Economic Development Financing Authority, |
|
|
|
|
|
|
|
|
(Amtrak Project), 6.375%, 11/01/41 |
|
|
6,500 |
|
|
6,598,280 |
|
|
(Reliant Energy), 6.75%, 12/01/36 |
|
|
15,580 |
|
|
15,709,937 |
|
|
Pennsylvania
HFA, S/F Mortgage Revenue Refunding Bonds, |
|
|
2,500 |
|
|
2,255,550 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
24,563,767 |
|
|
South Carolina—6.6% |
|
|
|
|
|
|
|
|
Lexington
County, South Carolina, Health Services District Inc., |
|
|
|
|
|
|
|
|
5.50%, 11/01/13 |
|
|
5,000 |
|
|
5,531,650 |
|
|
5.75%, 11/01/13 |
|
|
10,000 |
|
|
11,187,900 |
|
|
Scago
Education Facilities Corporation for Chesterfield |
|
|
6,345 |
|
|
6,442,079 |
|
|
South
Carolina Jobs EDA, Hospital Facilities Revenue |
|
|
|
|
|
|
|
|
Series A, 6.25%, 8/01/31 |
|
|
5,075 |
|
|
5,146,811 |
|
|
Series C, 6.875%, 8/01/13 (a) |
|
|
9,000 |
|
|
10,600,017 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
38,908,457 |
|
|
Tennessee—2.5% |
|
|
|
|
|
|
|
|
Knox
County, Tennessee, Health, Educational and Housing |
|
|
20,825 |
|
|
11,203,433 |
|
|
Shelby
County, Tennessee, Health, Educational and Housing |
|
|
3,475 |
|
|
3,502,592 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,706,025 |
|
|
Texas—13.2% |
|
|
|
|
|
|
|
|
Harris
County-Houston Sports Authority, Texas, Revenue |
|
|
|
|
|
|
|
|
Junior Lien, Series H, 6.065%, 11/15/35 |
|
|
5,000 |
|
|
952,150 |
|
|
Senior Lien, Series A, 5.832%, 11/15/38 |
|
|
12,580 |
|
|
1,947,133 |
|
|
Third Lien, Series A-3, 5.97%, 11/15/37 |
|
|
26,120 |
|
|
4,426,557 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Texas—(concluded) |
|
|
|
|
|
|
|
|
Lower
Colorado River Authority, Texas, Revenue Refunding |
|
|
|
|
|
|
|
|
5%, 5/15/13 (a) |
|
$ |
50 |
|
$ |
54,494 |
|
|
5%, 5/15/31 |
|
|
2,345 |
|
|
2,361,556 |
|
|
Series A, 5%, 5/15/13 (a) |
|
|
5 |
|
|
5,449 |
|
|
Lower
Colorado River Authority, Texas, Transmission |
|
|
13,305 |
|
|
12,842,119 |
|
|
Montgomery
County, Texas, Municipal Utility District |
|
|
1,700 |
|
|
1,672,647 |
|
|
Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (j) |
|
|
2,060 |
|
|
1,993,668 |
|
|
SA Energy
Acquisition Public Facilities Corporation, Texas, |
|
|
6,540 |
|
|
6,496,182 |
|
|
Texas State
Affordable Housing Corporation, M/F Housing |
|
|
4,435 |
|
|
443,500 |
|
|
Texas State
Turnpike Authority, Central Texas Turnpike |
|
|
|
|
|
|
|
|
6.07%, 8/15/32 (d) |
|
|
35,000 |
|
|
8,391,250 |
|
|
6.08%, 8/15/33 (d) |
|
|
62,325 |
|
|
14,049,302 |
|
|
6.08%, 8/15/34 (d) |
|
|
65,040 |
|
|
13,792,382 |
|
|
First Tier, Series A, 5%, 8/15/42 |
|
|
8,390 |
|
|
8,311,889 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
77,740,278 |
|
|
Virginia—1.5% |
|
|
|
|
|
|
|
|
Virginia
Commonwealth Transportation Board, Transportation |
|
|
8,105 |
|
|
2,250,110 |
|
|
Virginia
State, HDA, Commonwealth Mortgage Revenue |
|
|
6,810 |
|
|
6,871,018 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,121,128 |
|
|
Washington—2.4% |
|
|
|
|
|
|
|
|
Central
Puget Sound Regional Transportation Authority, |
|
|
5,460 |
|
|
5,605,454 |
|
|
King
County, Washington, Sewer Revenue Refunding Bonds, |
|
|
3,615 |
|
|
3,681,588 |
|
|
Washington
State Health Care Facilities Authority, Revenue |
|
|
5,095 |
|
|
4,816,304 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,103,346 |
|
|
West Virginia—0.3% |
|
|
|
|
|
|
|
|
West
Virginia EDA, Lease Revenue Bonds (Correctional, |
|
|
2,070 |
|
|
2,090,452 |
|
|
Wisconsin—6.7% |
|
|
|
|
|
|
|
|
Wisconsin
State Health and Educational Facilities Authority |
|
|
7,500 |
|
|
7,692,525 |
|
|
Wisconsin
State Health and Educational Facilities Authority, |
|
|
|
|
|
|
|
|
(Froedtert and Community Health), |
|
|
|
|
|
|
|
|
5.375%, 10/01/11 (a) |
|
|
12,545 |
|
|
13,722,348 |
|
|
(Froedtert and Community Health), 5.375%, 10/01/30 |
|
|
1,205 |
|
|
1,234,655 |
|
|
(Wheaton Franciscan Services, Inc.), |
|
|
|
|
|
|
|
|
5.75%, 2/15/12 (a) |
|
|
15,000 |
|
|
16,611,450 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,260,978 |
|
|
Wyoming—0.8% |
|
|
|
|
|
|
|
|
Wyoming
Community Development Authority, Housing |
|
|
|
|
|
|
|
|
4.65%, 12/01/27 |
|
|
2,765 |
|
|
2,512,970 |
|
|
4.70%, 12/01/32 |
|
|
2,605 |
|
|
2,322,566 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,835,536 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
22 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Municipal Income Trust (BFK) |
|
|
(Percentages shown are based on Net Assets ) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Puerto Rico—2.9% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
$ |
5,000 |
|
$ |
5,337,150 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue |
|
|
11,000 |
|
|
11,582,010 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,919,160 |
|
|
Total Municipal Bonds (Cost—$911,991,689)—153.9% |
|
|
|
|
|
907,675,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
|
Multi-State—7.7% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (k): |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
|
11,000 |
|
|
11,395,340 |
|
|
6.625%, 6/30/49 |
|
|
1,000 |
|
|
1,039,280 |
|
|
6.80%, 11/30/50 |
|
|
6,500 |
|
|
6,997,315 |
|
|
6.80%, 10/31/52 |
|
|
16,000 |
|
|
17,931,680 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
37,363,615 |
|
|
MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (k) |
|
|
8,000 |
|
|
8,258,000 |
|
|
Total Corporate Bonds (Cost—$42,799,780)—7.7% |
|
|
|
|
|
45,621,615 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund, 2.49% (p)(q) |
|
|
4,838,909 |
|
$ |
4,838,909 |
|
|
Total Short-Term Securities (Cost—$4,838,909)—0.8% |
|
|
|
|
|
4,838,909 |
|
|
Total Investments (Cost—$959,630,378*)—162.4% |
|
|
|
|
|
958,135,682 |
|
|
Other Assets Less Liabilities—1.2% |
|
|
|
|
|
7,016,725 |
|
|
Preferred Shares, at Redemption Value—(63.6%) |
|
|
|
|
|
(375,264,208 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
589,888,199 |
|
|
|
|
|
|
|
|||
|
|
|||||||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments, as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
957,041,978 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
31,115,954 |
|
|
Gross unrealized depreciation |
|
|
(30,022,250 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
1,093,704 |
|
|
|
|
|
|
|
|
(a) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(b) |
FHLMC Collateralized. |
|
(c) |
GNMA Collateralized. |
|
(d) |
Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(e) |
AMBAC Insured. |
|
(f) |
FSA Insured. |
|
(g) |
MBIA Insured. |
|
(h) |
ACA Insured. |
|
(i) |
XL Capital Insured. |
|
(j) |
FGIC Insured. |
|
(k) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(l) |
FHA Insured. |
|
(m) |
FNMA Collateralized. |
|
(n) |
Assured Guaranty Insured. |
|
(o) |
Issuer filed for bankruptcy or is in default of interest payments. |
|
(p) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund |
|
2,239,909 |
|
$ |
189,425 |
|
|
|
|
|
|
(q) |
Represents the current yield as of report date. |
|
(r) |
Non-income producing security. |
|
(s) |
Illiquid securities. |
|
|
|
|
• |
Forward interest rate swaps outstanding as of April 30, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Notional |
|
Unrealized |
|
||
|
Pay a fixed
rate of 4.498% and receive a floating rate |
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase |
|
$ |
54,390 |
|
$ |
(454,156 |
) |
|
Pay a fixed
rate of 3.646% and receive a floating rate |
|||||||
|
Broker, JPMorgan Chase |
|
$ |
78,800 |
|
$ |
(1,065,376 |
) |
|
Pay a fixed
rate of 3.689% and receive a floating rate |
|||||||
|
Broker, Deutsche Bank AG |
|
$ |
17,160 |
|
$ |
(97,057 |
) |
|
Total |
|
|
|
|
$ |
(1,616,589 |
) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
23 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Arizona—5.1% |
|
|
|
|
|
|
|
|
Phoenix and
Pima County, Arizona, IDA, S/F Mortgage |
|
$ |
2,043 |
|
$ |
2,039,499 |
|
|
Pima
County, Arizona, IDA, Education Revenue Bonds |
|
|
1,700 |
|
|
1,534,131 |
|
|
Pima
County, Arizona, IDA, Education Revenue Refunding |
|
|
1,000 |
|
|
855,530 |
|
|
Salt Verde
Financial Corporation, Arizona, Senior Gas |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
1,850 |
|
|
1,679,763 |
|
|
5%, 12/01/37 |
|
|
2,590 |
|
|
2,315,175 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,424,098 |
|
|
California—3.5% |
|
|
|
|
|
|
|
|
California
Statewide Communities Development |
|
|
3,625 |
|
|
3,102,710 |
|
|
Irvine,
California, Unified School District Financing |
|
|
3,000 |
|
|
2,618,490 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,721,200 |
|
|
Colorado—3.0% |
|
|
|
|
|
|
|
|
Colorado
HFA, Revenue Refunding Bonds (Adventist |
|
|
2,500 |
|
|
2,434,750 |
|
|
Colorado
Health Facilities Authority, Revenue Refunding |
|
|
|
|
|
|
|
|
5.20%, 3/01/31 |
|
|
240 |
|
|
243,965 |
|
|
Series B, 5.25%, 3/01/36 |
|
|
485 |
|
|
492,008 |
|
|
Series C, 5.25%, 3/01/40 |
|
|
850 |
|
|
861,118 |
|
|
North Range
Metropolitan District Number 2, Colorado, |
|
|
1,200 |
|
|
994,248 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,026,089 |
|
|
Connecticut—3.7% |
|
|
|
|
|
|
|
|
Connecticut
State, HFA, Housing Mortgage Finance Program |
|
|
3,000 |
|
|
2,833,800 |
|
|
Connecticut
State Health and Educational Facilities Authority |
|
|
|
|
|
|
|
|
Series T-1, 4.70%, 7/01/29 |
|
|
1,730 |
|
|
1,752,542 |
|
|
Series X-3, 4.85%, 7/01/37 |
|
|
1,560 |
|
|
1,582,979 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,169,321 |
|
|
District of Columbia—12.9% |
|
|
|
|
|
|
|
|
District of
Columbia Tobacco Settlement Financing |
|
|
|
|
|
|
|
|
6.25%, 5/15/24 |
|
|
5,940 |
|
|
5,988,173 |
|
|
6.50%, 5/15/33 |
|
|
15,415 |
|
|
15,245,435 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
21,233,608 |
|
|
Florida—5.7% |
|
|
|
|
|
|
|
|
Highlands
County, Florida, Health Facilities Authority, |
|
|
1,000 |
|
|
964,140 |
|
|
Hillsborough
County, Florida, IDA, Hospital Revenue Bonds |
|
|
2,830 |
|
|
2,627,655 |
|
|
Jacksonville,
Florida, Health Facilities Authority, Hospital |
|
|
845 |
|
|
793,125 |
|
|
Orange
County, Florida, Health Facilities Authority, First |
|
|
1,150 |
|
|
965,655 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Florida—(concluded) |
|
|
|
|
|
|
|
|
Sarasota
County, Florida, Health Facilities Authority, |
|
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
$ |
560 |
|
$ |
508,889 |
|
|
5.50%, 1/01/32 |
|
|
520 |
|
|
457,548 |
|
|
Tolomato
Community Development District, Florida, Special |
|
|
1,750 |
|
|
1,702,610 |
|
|
Watergrass
Community Development District, Florida, |
|
|
1,850 |
|
|
1,457,929 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,477,551 |
|
|
Georgia—1.8% |
|
|
|
|
|
|
|
|
Cobb
County, Georgia, Development Authority, Solid Waste |
|
|
1,000 |
|
|
795,320 |
|
|
Main Street
Natural Gas, Inc., Georgia, Gas Project Revenue |
|
|
585 |
|
|
585,322 |
|
|
Rockdale
County, Georgia, Development Authority Revenue |
|
|
1,600 |
|
|
1,542,768 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,923,410 |
|
|
Illinois—4.2% |
|
|
|
|
|
|
|
|
Illinois
State Finance Authority Revenue Bonds (Monarch |
|
|
580 |
|
|
569,305 |
|
|
Illinois
State Finance Authority, Revenue Refunding Bonds: |
|
|
3,000 |
|
|
2,735,400 |
|
|
(Proctor Hospital), Series A, 5.125%, 1/01/25 |
|
|
4,000 |
|
|
3,626,240 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,930,945 |
|
|
Indiana—4.0% |
|
|
|
|
|
|
|
|
Daviess
County, Indiana, EDR (Daviess Community Hospital |
|
|
3,230 |
|
|
3,230,000 |
|
|
Delaware
County, Indiana, Hospital Authority, Hospital |
|
|
2,000 |
|
|
1,687,340 |
|
|
Indiana
Health and Educational Facilities Financing Authority, |
|
|
1,985 |
|
|
1,734,652 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,651,992 |
|
|
Kansas—1.9% |
|
|
|
|
|
|
|
|
Lenexa,
Kansas, Health Care Facility, Revenue Refunding |
|
|
3,650 |
|
|
3,060,050 |
|
|
Louisiana—2.0% |
|
|
|
|
|
|
|
|
Louisiana
Local Government Environmental Facilities and |
|
|
2,000 |
|
|
1,960,140 |
|
|
Saint
Tammany Parish, Louisiana, Financing Authority, |
|
|
1,404 |
|
|
1,383,115 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,343,255 |
|
|
Maryland—0.6% |
|
|
|
|
|
|
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
1,000 |
|
|
961,810 |
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
Garden
City, Michigan, Hospital Finance Authority, Hospital |
|
|
1,540 |
|
|
1,177,992 |
|
|
Minnesota—6.0% |
|
|
|
|
|
|
|
|
Minnesota
State, HFA, Residential Housing Finance |
|
|
6,460 |
|
|
5,936,998 |
|
|
Minnesota
State Municipal Power Agency, Electric |
|
|
4,000 |
|
|
3,906,480 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,843,478 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
||
|
|
|||
|
|
|
|
|
|
24 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Mississippi—0.5% |
|
|
|
|
|
|
|
|
Mississippi
Business Finance Corporation Revenue Bonds |
|
$ |
915 |
|
$ |
837,097 |
|
|
Missouri—1.4% |
|
|
|
|
|
|
|
|
Missouri
State Housing Development Commission, S/F |
|
|
2,440 |
|
|
2,384,832 |
|
|
Montana—1.7% |
|
|
|
|
|
|
|
|
Two Rivers
Authority Inc., Montana, Senior Lien Revenue |
|
|
|
|
|
|
|
|
7.25%, 11/01/21 |
|
|
1,500 |
|
|
1,040,445 |
|
|
7.375%, 11/01/27 |
|
|
2,600 |
|
|
1,801,228 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,841,673 |
|
|
New Hampshire—2.6% |
|
|
|
|
|
|
|
|
New
Hampshire State Business Financing Authority, Solid |
|
|
5,000 |
|
|
4,286,800 |
|
|
New Jersey—4.8% |
|
|
|
|
|
|
|
|
New Jersey
EDA, Cigarette Tax Revenue Bonds, |
|
|
2,670 |
|
|
2,581,196 |
|
|
Tobacco
Settlement Financing Corporation of New Jersey, |
|
|
5,000 |
|
|
5,418,800 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,999,996 |
|
|
New York—10.3% |
|
|
|
|
|
|
|
|
Nassau
County, New York, Tobacco Settlement Corporation, |
|
|
5,000 |
|
|
4,557,450 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
7,600 |
|
|
7,359,840 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
5,000 |
|
|
5,177,650 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
17,094,940 |
|
|
Oklahoma—0.6% |
|
|
|
|
|
|
|
|
Oklahoma
State Development Finance Authority, |
|
|
1,015 |
|
|
987,493 |
|
|
Pennsylvania—1.9% |
|
|
|
|
|
|
|
|
Allegheny
County, Pennsylvania, Hospital Development |
|
|
2,080 |
|
|
1,716,770 |
|
|
Harrisburg,
Pennsylvania, Authority, University Revenue |
|
|
1,000 |
|
|
980,880 |
|
|
Pennsylvania
HFA, S/F Mortgage Revenue Refunding |
|
|
450 |
|
|
405,999 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,103,649 |
|
|
Puerto Rico—0.8% |
|
|
|
|
|
|
|
|
Puerto Rico
Industrial, Tourist, Educational, Medical and |
|
|
1,500 |
|
|
1,269,585 |
|
|
South Carolina—3.3% |
|
|
|
|
|
|
|
|
Scago
Education Facilities Corporation for Williamsburg |
|
|
2,000 |
|
|
1,896,460 |
|
|
South
Carolina Jobs, EDA, Health Care Facilities, First |
|
|
|
|
|
|
|
|
5.50%, 5/01/28 |
|
|
600 |
|
|
506,166 |
|
|
5.625%, 5/01/42 |
|
|
1,000 |
|
|
821,070 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
South Carolina—(concluded) |
|
|
|
|
|
|
|
|
South
Carolina Jobs, EDA, Senior Lien Revenue Refunding |
|
$ |
2,500 |
|
$ |
2,206,625 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,430,321 |
|
|
South Dakota—0.6% |
|
|
|
|
|
|
|
|
South Dakota
State Health and Educational Facilities |
|
|
1,040 |
|
|
984,953 |
|
|
Tennessee—1.0% |
|
|
|
|
|
|
|
|
Knox
County, Tennessee, Health, Educational and Housing |
|
|
5,000 |
|
|
925,600 |
|
|
Shelby
County, Tennessee, Health, Educational and Housing |
|
|
695 |
|
|
700,053 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,625,653 |
|
|
Texas—7.0% |
|
|
|
|
|
|
|
|
Brazos
River Authority, Texas, PCR (TXU Energy Company LLC |
|
|
2,000 |
|
|
1,295,740 |
|
|
HFDC of
Central Texas, Inc., Retirement Facilities Revenue |
|
|
1,150 |
|
|
980,674 |
|
|
Leander,
Texas, Independent School District, Capital |
|
|
34,560 |
|
|
5,161,190 |
|
|
Mission,
Texas, Economic Development Corporation, Solid |
|
|
2,000 |
|
|
1,759,200 |
|
|
Texas State
Affordable Housing Corporation, S/F Mortgage |
|
|
1,240 |
|
|
1,197,380 |
|
|
West
Central Texas Regional Housing Finance Corporation, |
|
|
1,225 |
|
|
1,168,913 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,563,097 |
|
|
Vermont—2.6% |
|
|
|
|
|
|
|
|
Vermont
HFA, S/F Housing Revenue Bonds, AMT, |
|
|
4,670 |
|
|
4,222,614 |
|
|
Virginia—2.3% |
|
|
|
|
|
|
|
|
Fairfax
County, Virginia, EDA, Residential Care Facilities, |
|
|
850 |
|
|
729,436 |
|
|
Peninsula
Ports Authority, Virginia, Residential Care Facilities, |
|
|
2,600 |
|
|
2,201,784 |
|
|
Reynolds
Crossing Community Development Authority, |
|
|
1,000 |
|
|
894,050 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,825,270 |
|
|
Wisconsin—4.0% |
|
|
|
|
|
|
|
|
Wisconsin
State Health and Educational Facilities Authority |
|
|
5,335 |
|
|
5,298,402 |
|
|
Wisconsin
State Health and Educational Facilities Authority, |
|
|
1,535 |
|
|
1,382,943 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,681,345 |
|
|
Wyoming—0.5% |
|
|
|
|
|
|
|
|
Wyoming
Community Development Authority, Housing |
|
|
1,015 |
|
|
904,954 |
|
|
Total Municipal Bonds (Cost—$179,872,730)—101.2% |
|
|
|
|
|
166,989,071 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
25 |
|
|
|
|
|
|
||
|
|
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
California—17.5% |
|
|
|
|
|
|
|
|
Golden
State Tobacco Securitization Corporation |
|
$ |
15,000 |
|
$ |
14,156,550 |
|
|
University
of California Revenue Bonds, Series B, |
|
|
15,000 |
|
|
14,763,750 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
28,920,300 |
|
|
Georgia—9.2% |
|
|
|
|
|
|
|
|
Atlanta,
Georgia, Airport Passenger Facility Charge |
|
|
15,000 |
|
|
15,213,600 |
|
|
Illinois—8.8% |
|
|
|
|
|
|
|
|
Chicago,
Illinois, O’Hare International Airport, |
|
|
15,000 |
|
|
14,564,250 |
|
|
Indiana—8.2% |
|
|
|
|
|
|
|
|
Carmel,
Indiana, Lease Rental Revenue Bonds |
|
|
|
|
|
|
|
|
4.75%, 2/01/33 |
|
|
7,230 |
|
|
6,964,514 |
|
|
5%, 2/01/33 |
|
|
6,580 |
|
|
6,570,196 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
13,534,710 |
|
|
Massachusetts—7.1% |
|
|
|
|
|
|
|
|
Massachusetts
State, HFA, Housing Revenue |
|
|
11,855 |
|
|
11,667,454 |
|
|
Nebraska—8.2% |
|
|
|
|
|
|
|
|
Omaha
Public Power District, Nebraska, Electric |
|
|
14,000 |
|
|
13,517,560 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
New York—4.6% |
|
|
|
|
|
|
|
|
New York
City, New York, City Municipal Water |
|
$ |
7,500 |
|
$ |
7,609,575 |
|
|
North Carolina—15.7% |
|
|
|
|
|
|
|
|
Charlotte-Mecklenburg
Hospital Authority, North |
|
|
10,000 |
|
|
10,851,500 |
|
|
University
of North Carolina, University Revenue Refunding |
|
|
15,170 |
|
|
15,226,887 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
26,078,387 |
|
|
Texas—5.6% |
|
|
|
|
|
|
|
|
New Caney,
Texas, Independent School District, GO, |
|
|
9,150 |
|
|
9,290,910 |
|
|
Total Municipal Bonds Transferred to
Tender Option Bond |
|
|
|
|
|
140,396,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (j)(k) |
|
|
1,810,502 |
|
|
1,810,502 |
|
|
Total Short-Term Securities (Cost—$1,810,502)—1.1% |
|
|
|
|
|
1,810,502 |
|
|
Total Investments (Cost—$331,378,019*)—187.2% |
|
|
|
|
|
309,196,319 |
|
|
Other Assets Less Liabilities—1.1% |
|
|
|
|
|
1,768,291 |
|
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable—(88.3%) |
|
|
|
|
|
(145,783,380 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
165,181,230 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
330,538,502 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
1,561,013 |
|
|
Gross unrealized depreciation |
|
|
(22,903,196 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
(21,342,183 |
) |
|
|
|
|
|
|
|
(a) |
FHLMC Collateralized. |
|
(b) |
FNMA/GNMA Collateralized. |
|
(c) |
MBIA Insured. |
|
(d) |
FSA Insured. |
|
(e) |
Radian Insured. |
|
(f) |
Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
|
(g) |
FGIC Insured. |
|
(h) |
Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(i) |
Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
(j) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund |
|
|
(789) |
|
|
$ 51,646 |
|
|
|
|
|
(k) |
Represents the current yield as of report date. |
|
(l) |
Illiquid securities. |
|
|
|
|
• |
Forward interest rate swap outstanding as of April 30, 2008 was as follows: |
|
|
|
|
|
|
|
|
|
|
Description |
|
Notional |
|
Unrealized |
|
||
|
Pay a fixed
rate of 3.646% and receive a floating rate |
|
|
$ 10,100 |
|
|
$ (136,552) |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
26 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments April 30, 2008 (Unaudited) |
|
BlackRock California Investment Quality Municipal Trust, Inc. (RAA) |
|
(Percentages shown are based on Net Assets) |
||
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California—127.6% |
|
|
|
|
|
|
|
|
California
Health Facilities Financing Authority |
|
$ |
500 |
|
$ |
501,215 |
|
|
California
Infrastructure and Economic Development |
|
|
500 |
|
|
516,485 |
|
|
California
Pollution Control Financing Authority, Solid Waste |
|
|
500 |
|
|
440,590 |
|
|
California
Rural Home Mortgage Finance Authority, S/F |
|
|
500 |
|
|
496,510 |
|
|
California State, GO, 5.75%, 3/01/19 |
|
|
40 |
|
|
40,408 |
|
|
California State, GO, Refunding, 5%, 9/01/32 |
|
|
1,000 |
|
|
1,001,960 |
|
|
California
State Public Works Board, Lease Revenue Bonds |
|
|
500 |
|
|
497,265 |
|
|
California
State University, Systemwide Revenue Refunding |
|
|
625 |
|
|
632,012 |
|
|
California
Statewide Communities Development Authority, |
|
|
|
|
|
|
|
|
(Kaiser Hospital Asset Management, Inc.), Series C, |
|
|
500 |
|
|
496,640 |
|
|
(Kaiser Permanente), Series A, 5%, 4/01/31 |
|
|
500 |
|
|
486,025 |
|
|
Chabot-Las
Positas, California, Community College District, |
|
|
500 |
|
|
511,155 |
|
|
Chino
Basin, California, Regional Financing Authority, |
|
|
500 |
|
|
509,470 |
|
|
Chula
Vista, California, IDR (San Diego Gas and Electric |
|
|
|
|
|
|
|
|
Series B, 5%, 12/01/27 |
|
|
320 |
|
|
307,245 |
|
|
Series D, 5%, 12/01/27 |
|
|
275 |
|
|
264,038 |
|
|
Contra
Costa, California, Water District, Water Revenue |
|
|
600 |
|
|
629,382 |
|
|
Desert,
California, Community College District, GO, |
|
|
500 |
|
|
513,000 |
|
|
Golden
State Tobacco Securitization Corporation of |
|
|
|
|
|
|
|
|
5.50%, 6/01/13 |
|
|
600 |
|
|
656,178 |
|
|
5.625%, 6/01/13 |
|
|
400 |
|
|
439,764 |
|
|
Los
Angeles, California, Department of Airports, Airport |
|
|
510 |
|
$ |
495,817 |
|
|
Los
Angeles, California, Regional Airports Improvement |
|
|
945 |
|
|
901,587 |
|
|
Los
Angeles, California, Water and Power Revenue Bonds |
|
|
500 |
|
|
511,145 |
|
|
Los Angeles
County, California, Community Facilities District |
|
|
1,000 |
|
|
1,019,980 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
California—(concluded) |
|
|
|
|
|
|
|
|
Poway,
California, Unified School District, Special Tax Bonds |
|
$ |
1,000 |
|
$ |
987,910 |
|
|
San
Bernardino County, California, Special Tax Bonds |
|
|
1,000 |
|
|
936,420 |
|
|
Southern
California HFA, S/F Mortgage Revenue Bonds, |
|
|
500 |
|
|
499,660 |
|
|
Southern
California Public Power Authority, Transmission |
|
|
40 |
|
|
40,070 |
|
|
Stockton,
California, Unified School District, GO (Election of |
|
|
500 |
|
|
515,280 |
|
|
Tobacco
Securitization Authority of Southern California, |
|
|
900 |
|
|
992,088 |
|
|
Tustin,
California, Unified School District, Senior Lien Special |
|
|
750 |
|
|
759,570 |
|
|
Vacaville,
California, Unified School District, GO (Election |
|
|
500 |
|
|
507,865 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
17,106,734 |
|
|
Puerto Rico—17.3% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
85 |
|
|
88,967 |
|
|
Puerto Rico
Commonwealth, Public Improvement, GO, Series A,: |
|
|
315 |
|
|
346,503 |
|
|
5%, 7/01/34 |
|
|
185 |
|
|
174,435 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue Bonds, |
|
|
255 |
|
|
279,990 |
|
|
Puerto Rico
Industrial, Tourist, Educational, Medical and |
|
|
700 |
|
|
626,038 |
|
|
Puerto Rico
Public Finance Corporation, Commonwealth |
|
|
745 |
|
|
803,952 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,319,885 |
|
|
Total Municipal Bonds (Cost—$19,318,646)—144.9% |
|
|
|
|
|
19,426,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
CMA California Municipal Money Fund, 1.9% (g)(h) |
|
|
1,229,203 |
|
|
1,229,203 |
|
|
Total Short-Term Securities (Cost—$1,229,203)—9.2% |
|
|
|
|
|
1,229,203 |
|
|
Total Investments (Cost—$20,547,849*)—154.1% |
|
|
|
|
|
20,655,822 |
|
|
Other Assets Less Liabilities—1.9% |
|
|
|
|
|
255,750 |
|
|
Preferred Shares, at Redemption Value—(56.0%) |
|
|
|
|
|
(7,505,017 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
13,406,555 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
27 |
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock California Investment Quality Municipal Trust, Inc. (RAA) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
20,538,732 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
630,596 |
|
|
Gross unrealized depreciation |
|
|
(513,866 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
117,090 |
|
|
|
|
|
|
|
|
(a) |
AMBAC Insured. |
|
(b) |
FHLMC Collateralized. |
|
(c) |
FNMA/GNMA Collateralized. |
|
(d) |
MBIA Insured. |
|
(e) |
FSA Insured. |
|
(f) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(g) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
CMA California Municipal Money Fund |
|
812 |
|
$ |
12,814 |
|
|
|
|
|
|
(h) |
Represents the current yield as of report date. |
|
|
|
|
|
|
|
|
|
|
|
28 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments April 30, 2008 (Unaudited) |
|
BlackRock California Municipal Income Trust (BFZ) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Municipal Bonds |
|
(000) |
|
Value |
|
||
|
California—127.9% |
|
|
|
|
|
|
|
|
Anaheim,
California, Public Financing Authority, Lease |
|
|
|
|
|
|
|
|
5.67%, 9/01/31 |
|
$ |
24,500 |
|
$ |
6,782,580 |
|
|
5.58%, 9/01/32 |
|
|
6,070 |
|
|
1,582,935 |
|
|
California
County Tobacco Securitization Agency, Tobacco |
|
|
5,000 |
|
|
4,700,650 |
|
|
California
Educational Facilities Authority Revenue Bonds |
|
|
10,000 |
|
|
10,269,200 |
|
|
California
Health Facilities Financing Authority Revenue |
|
|
7,000 |
|
|
7,017,010 |
|
|
California
Infrastructure and Economic Development Bank |
|
|
|
|
|
|
|
|
(J. David Gladstone Institute Project), |
|
|
|
|
|
|
|
|
5.25%, 10/01/34 |
|
|
15,250 |
|
|
15,261,132 |
|
|
(Kaiser Hospital Assistance I-LLC), Series A, |
|
|
|
|
|
|
|
|
5.55%, 8/01/31 |
|
|
13,500 |
|
|
13,678,875 |
|
|
California
Pollution Control Financing Authority, Solid Waste |
|
|
2,290 |
|
|
2,070,641 |
|
|
California
State Department of Water Resources, Power |
|
|
10,000 |
|
|
11,031,300 |
|
|
California
State University, Systemwide Revenue Bonds, |
|
|
2,400 |
|
|
2,465,040 |
|
|
California State, Various Purpose, GO, 5.50%, 11/01/33 |
|
|
10,000 |
|
|
10,315,500 |
|
|
California
State, Veterans, GO, Refunding, AMT, Series BZ, |
|
|
5,000 |
|
|
5,000,200 |
|
|
California
Statewide Communities Development Authority |
|
|
|
|
|
|
|
|
(Daughters of Charity National Health System), |
|
|
|
|
|
|
|
|
Series A, 5.25%, 7/01/30 |
|
|
4,000 |
|
|
3,685,040 |
|
|
(Sutter Health), Series B, 5.625%, 8/15/42 |
|
|
10,000 |
|
|
10,199,200 |
|
|
Chula
Vista, California, IDR (San Diego Gas and Electric |
|
|
|
|
|
|
|
|
Series B, 5%, 12/01/27 |
|
|
5,065 |
|
|
4,863,109 |
|
|
Series D, 5%, 12/01/27 |
|
|
4,395 |
|
|
4,219,815 |
|
|
Elk Grove,
California, Unified School District, Special Tax |
|
|
|
|
|
|
|
|
5.6%, 12/01/29 |
|
|
7,485 |
|
|
2,224,841 |
|
|
5.599%, 12/01/30 |
|
|
7,485 |
|
|
2,089,438 |
|
|
5.601%, 12/01/31 |
|
|
7,485 |
|
|
1,965,636 |
|
|
Etiwanda
School District, California, Public Financing |
|
|
1,100 |
|
$ |
1,125,883 |
|
|
Foothill/Eastern
Corridor Agency, California, Toll Road |
|
|
|
|
|
|
|
|
5.374%, 7/15/26 (g) |
|
|
5,000 |
|
|
4,684,950 |
|
|
6.1%, 1/15/33 (b) |
|
|
5,000 |
|
|
1,098,100 |
|
|
6.106%, 1/15/34 (b) |
|
|
5,000 |
|
|
1,032,750 |
|
|
6.199%, 1/15/35 (b) |
|
|
13,445 |
|
|
2,578,213 |
|
|
6.101%, 1/15/38 (b) |
|
|
1,000 |
|
|
152,560 |
|
|
5.75%, 1/15/40 |
|
|
10,030 |
|
|
9,826,993 |
|
|
Golden
State Tobacco Securitization Corporation of |
|
|
|
|
|
|
|
|
Series A-1, 6.625%, 6/01/13 |
|
|
2,000 |
|
|
2,291,320 |
|
|
Series B, 5.50%, 6/01/13 |
|
|
8,500 |
|
|
9,295,855 |
|
|
Series B, 5.625%, 6/01/13 |
|
|
5,800 |
|
|
6,376,578 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Municipal Bonds |
|
(000) |
|
Value |
|
||
|
California—(continued) |
|
|
|
|
|
|
|
|
Huntington
Beach, California, Union High School District, |
|
$ |
5,000 |
|
$ |
1,219,000 |
|
|
Irvine,
California, Mobile Home Park Revenue Bonds |
|
|
4,965 |
|
|
4,857,309 |
|
|
Kaweah
Delta Health Care District, California, Revenue |
|
|
7,700 |
|
|
8,777,769 |
|
|
Lathrop,
California, Financing Authority Revenue Bonds |
|
|
|
|
|
|
|
|
5.90%, 6/01/27 |
|
|
2,855 |
|
|
2,741,257 |
|
|
6%, 6/01/35 |
|
|
5,140 |
|
|
4,857,814 |
|
|
Live Oak
Unified School District, California, GO (Election of |
|
|
|
|
|
|
|
|
5.589%, 8/01/35 |
|
|
985 |
|
|
236,006 |
|
|
5.598%, 8/01/36 |
|
|
1,030 |
|
|
232,904 |
|
|
5.61%, 8/01/37 |
|
|
1,080 |
|
|
230,429 |
|
|
5.62%, 8/01/38 |
|
|
1,125 |
|
|
226,620 |
|
|
5.631%, 8/01/39 |
|
|
1,175 |
|
|
223,391 |
|
|
5.641%, 8/01/40 |
|
|
1,230 |
|
|
220,650 |
|
|
5.651%, 8/01/41 |
|
|
1,285 |
|
|
217,499 |
|
|
5.661%, 8/01/42 |
|
|
1,340 |
|
|
213,931 |
|
|
5.669%, 8/01/43 |
|
|
1,400 |
|
|
210,770 |
|
|
5.68%, 8/01/44 |
|
|
1,465 |
|
|
207,957 |
|
|
Los
Angeles, California, Regional Airports Improvement |
|
|
4,110 |
|
|
3,915,761 |
|
|
Mount San
Antonio Community College District, California, |
|
|
10,770 |
|
|
11,072,314 |
|
|
Palm
Springs, California, Mobile Home Park Revenue |
|
|
1,000 |
|
|
984,390 |
|
|
Palomar
Pomerado Health Care District, California, GO |
|
|
5,550 |
|
|
5,712,337 |
|
|
Port of
Oakland, California, Revenue Refunding Bonds, |
|
|
5,950 |
|
|
5,720,627 |
|
|
Rancho
Cucamonga, California, Community Facilities |
|
|
4,000 |
|
$ |
4,028,160 |
|
|
Rancho
Cucamonga, California, Redevelopment Agency, |
|
|
15,500 |
|
|
15,579,050 |
|
|
Redding,
California, Electric System, COP, Series A, |
|
|
2,780 |
|
|
2,837,296 |
|
|
Richmond,
California, Wastewater Revenue Bonds, |
|
|
1,905 |
|
|
581,349 |
|
|
Sacramento
County, California, Airport System Revenue |
|
|
1,275 |
|
|
1,264,341 |
|
|
San Diego,
California, Community College District, GO |
|
|
9,000 |
|
|
9,275,040 |
|
|
San
Francisco, California, City and County Airport |
|
|
6,500 |
|
|
6,389,240 |
|
|
San
Francisco, California, City and County |
|
|
|
|
|
|
|
|
6.25%, 8/01/33 |
|
|
7,500 |
|
|
7,433,250 |
|
|
Series B, 6.125%, 8/01/31 |
|
|
1,775 |
|
|
1,733,962 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
29 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock California Municipal Income Trust (BFZ) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Municipal Bonds |
|
(000) |
|
Value |
|
||
|
California—(concluded) |
|
|
|
|
|
|
|
|
San Jose,
California, M/F Housing Revenue Bonds: |
|
|
|
|
|
|
|
|
5.45%, 2/20/43 (k)(l) |
|
$ |
2,880 |
|
$ |
2,822,515 |
|
|
(Villages Parkway Senior Apartments
Housing Project), |
|
|
3,595 |
|
|
3,597,696 |
|
|
Santa Clara
County, California, Housing Authority, M/F |
|
|
|
|
|
|
|
|
(John Burns Gardens Apartments Project), |
|
|
|
|
|
|
|
|
5.85%, 8/01/31 |
|
|
1,715 |
|
|
1,741,068 |
|
|
(Rivertown Apartments Project), 6%, 8/01/41 |
|
|
1,235 |
|
|
1,257,292 |
|
|
Santa
Clarita, California, Community Facilities District |
|
|
3,075 |
|
|
2,936,379 |
|
|
Stockton,
California, Unified School District, |
|
|
2,500 |
|
|
2,576,400 |
|
|
Upland,
California, Unified School District, GO, |
|
|
2,000 |
|
|
2,089,900 |
|
|
Val Verde,
California, Unified School District Financing |
|
|
2,245 |
|
|
2,247,492 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
278,354,509 |
|
|
Puerto Rico—7.3% |
|
|
|
|
|
|
|
|
Puerto Rico
Electric Power Authority, Power Revenue Bonds, |
|
|
5,000 |
|
|
5,517,000 |
|
|
Puerto Rico
Public Finance Corporation, Commonwealth |
|
|
10,000 |
|
|
10,499,200 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,016,200 |
|
|
Total Municipal Bonds (Cost—$288,200,152)—135.2% |
|
|
|
|
|
294,370,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Corporate Bonds |
|
(000) |
|
Value |
|
||
|
Multi-State—10.0% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (n): |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
$ |
7,000 |
|
$ |
7,251,580 |
|
|
6.80%, 11/30/50 |
|
|
4,000 |
|
|
4,306,040 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,557,620 |
|
|
MuniMae TE Bond Subsidiary LLC (k): |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
|
7,000 |
|
|
7,168,070 |
|
|
6.80%, 6/30/50 |
|
|
3,000 |
|
|
3,169,740 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,337,810 |
|
|
Total Corporate Bonds (Cost—$21,000,000)—10.0% |
|
|
|
|
|
21,895,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
Shares |
|
|
|
|
|
CMA California Municipal Money Fund, 2.08% (o)(p) |
|
|
28,238,069 |
|
|
28,238,069 |
|
|
Total Short-Term Securities (Cost—$28,238,069)—13.0% |
|
|
|
|
|
28,238,069 |
|
|
Total Investments (Cost—$337,438,221*)—158.2% |
|
|
|
|
|
344,504,208 |
|
|
Other Assets Less Liabilities—2.4% |
|
|
|
|
|
5,200,737 |
|
|
Preferred Shares, at Redemption Value—(60.6%) |
|
|
|
|
|
(131,995,802 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
217,709,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
337,258,425 |
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
$ |
10,304,284 |
|
|
|
Gross unrealized depreciation |
|
|
(3,058,501 |
) |
|
|
|
|
|||
|
|
Net unrealized appreciation |
|
$ |
7,245,783 |
|
|
|
|
|
|
|
|
|
(a) |
FSA Insured. |
|
(b) |
Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(c) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(d) |
MBIA Insured. |
|
(e) |
AMBAC Insured. |
|
(f) |
Assured Guaranty Insured. |
|
(g) |
Represents a step bond. Rate shown reflects the effective yield at the time of purchase. |
|
(h) |
FGIC Insured. |
|
(i) |
XL Capital Insured. |
|
(j) |
Security is collateralized by municipal or U.S. Treasury obligations. |
|
(k) |
GNMA Collateralized. |
|
(l) |
FHA Insured. |
|
(m) |
FNMA Collateralized. |
|
(n) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(o) |
Represents the current yield as of report date. |
|
(p) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
|
|
|
|
|
|
|
Activity |
|
Dividend |
|
||
|
Affiliate |
|
(000) |
|
Income |
|
||
|
CMA California Municipal Money Market Fund |
|
21,394 |
|
$ |
199,548 |
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
30 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments April 30, 2008 (Unaudited) |
|
BlackRock Florida Investment Quality Municipal Trust (RFA) |
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Municipal Bonds |
|
(000) |
|
Value |
|
||
|
Florida—141.2% |
|
|
|
|
|
|
|
|
Arborwood
Community Development District, Florida, |
|
$ |
230 |
|
$ |
206,894 |
|
|
Ave Maria
Stewardship Community District, Florida, Revenue |
|
|
500 |
|
|
459,945 |
|
|
Boynton
Beach, Florida, Utility System Revenue Refunding |
|
|
170 |
|
|
198,637 |
|
|
Brevard
County, Florida, Health Facilities Authority, Healthcare |
|
|
250 |
|
|
233,812 |
|
|
Broward County,
Florida, HFA, S/F Mortgage Revenue |
|
|
500 |
|
|
506,975 |
|
|
Broward
County, Florida, School Board, COP, Series A, |
|
|
700 |
|
|
707,938 |
|
|
Dade
County, Florida, Special Obligation Revenue Refunding |
|
|
1,000 |
|
|
713,070 |
|
|
Escambia
County, Florida, Environmental Improvement |
|
|
455 |
|
|
375,430 |
|
|
Florida
Higher Educational Facilities Financing Authority |
|
|
555 |
|
|
559,923 |
|
|
Florida
Housing Finance Corporation, Homeowner Mortgage |
|
|
200 |
|
|
202,510 |
|
|
Fort Myers,
Florida, Utility System Revenue Refunding Bonds, |
|
|
700 |
|
|
707,644 |
|
|
Halifax
Hospital Medical Center, Florida, Hospital Revenue |
|
|
500 |
|
|
487,440 |
|
|
Heritage
Harbour North Community Development District, |
|
|
250 |
|
|
223,667 |
|
|
Hillsborough
County, Florida, Aviation Authority Revenue Bonds, |
|
|
500 |
|
|
503,525 |
|
|
Hillsborough
County, Florida, HFA, S/F Mortgage Revenue |
|
|
250 |
|
|
241,170 |
|
|
Hillsborough
County, Florida, IDA, Hospital Revenue Bonds |
|
|
250 |
|
|
239,552 |
|
|
Hillsborough
County, Florida, IDA, PCR, Refunding (Tampa |
|
|
150 |
|
|
151,092 |
|
|
Jacksonville
Electric Authority, Florida, Saint John’s River Power |
|
|
200 |
|
|
202,844 |
|
|
Jacksonville,
Florida, HFA, Homeowner Mortgage Revenue |
|
|
250 |
|
|
248,722 |
|
|
Jacksonville,
Florida, Health Facilities Authority, Hospital |
|
|
500 |
|
|
502,175 |
|
|
Jacksonville,
Florida, Port Authority Revenue Bonds, AMT, |
|
|
200 |
|
|
206,188 |
|
|
Lee County,
Florida, HFA, S/F Mortgage Revenue Bonds |
|
|
500 |
|
|
519,305 |
|
|
Lee County,
Florida, IDA, Health Care Facilities, Revenue |
|
|
400 |
|
|
336,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Municipal Bonds |
|
(000) |
|
Value |
|
||
|
Florida—(concluded) |
|
|
|
|
|
|
|
|
Madison
County, Florida, First Mortgage Revenue Bonds |
|
$ |
265 |
|
$ |
251,673 |
|
|
Manatee
County, Florida, HFA, Homeowner Revenue Bonds, |
|
|
250 |
|
|
249,427 |
|
|
Miami
Beach, Florida, Health Facilities Authority, Hospital |
|
|
500 |
|
|
508,415 |
|
|
Miami,
Florida, Health Facilities Authority, Health System |
|
|
750 |
|
|
753,390 |
|
|
Miami,
Florida, Special Obligation Revenue Bonds (Street |
|
|
500 |
|
|
500,725 |
|
|
Miami-Dade
County, Florida, Aviation Revenue Bonds (Miami |
|
|
750 |
|
|
733,020 |
|
|
Miami-Dade
County, Florida, HFA, Home Ownership Mortgage |
|
|
500 |
|
|
494,700 |
|
|
Miami-Dade
County, Florida, Special Obligation Revenue |
|
|
5,000 |
|
|
1,382,400 |
|
|
New River
Community Development District, Florida, Capital |
|
|
250 |
|
|
228,213 |
|
|
Orange
County, Florida, Educational Facilities Authority, |
|
|
500 |
|
|
507,880 |
|
|
Orange
County, Florida, Health Facilities Authority, Health Care |
|
|
105 |
|
|
95,779 |
|
|
Orange
County, Florida, Health Facilities Authority, Hospital |
|
|
95 |
|
|
85,719 |
|
|
Orlando,
Florida, Senior Tourist Development Tax Revenue |
|
|
550 |
|
|
568,282 |
|
|
Peace
River/Manasota Regional Water Supply Authority, |
|
|
750 |
|
|
762,053 |
|
|
Pine Ridge
Plantation Community Development District, |
|
|
395 |
|
|
370,589 |
|
|
Pinellas
County, Florida, Health Facilities Authority Revenue |
|
|
1,000 |
|
|
1,112,100 |
|
|
Saint Johns
County, Florida, Ponte Vedra Utility System |
|
|
750 |
|
|
762,053 |
|
|
Saint Johns
County, Florida, Water and Sewer Revenue |
|
|
1,000 |
|
|
257,680 |
|
|
Stevens
Plantation Improvement Project Dependent Special |
|
|
585 |
|
|
574,119 |
|
|
Suncoast
Community Development District, Florida, Capital |
|
|
245 |
|
|
236,927 |
|
|
Tolomato
Community Development District, Florida, Special |
|
|
250 |
|
|
244,428 |
|
|
Village
Center Community Development District, Florida, |
|
|
750 |
|
|
759,675 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,174,041 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
31 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock Florida Investment Quality Municipal Trust (RFA) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|
|
|
|
Municipal Bonds |
|
(000) |
|
Value |
|
||
|
Puerto Rico—14.7% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Aqueduct and Sewer Authority, |
|
$ |
400 |
|
$ |
417,920 |
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
85 |
|
|
88,967 |
|
|
Puerto Rico Commonwealth, Public Improvement, GO, Series A: |
|
|
315 |
|
|
346,503 |
|
|
5%, 7/01/34 |
|
|
185 |
|
|
174,435 |
|
|
Puerto Rico
Industrial, Tourist, Educational, Medical and |
|
|
300 |
|
|
268,302 |
|
|
Puerto Rico
Public Finance Corporation, Commonwealth |
|
|
745 |
|
|
803,952 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,100,079 |
|
|
Total Municipal Bonds (Cost—$22,495,059)—155.9% |
|
|
|
|
$ |
22,274,120 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
|
CMA Florida Municipal Money Fund, 2.01% (m)(n) |
|
|
817,070 |
|
$ |
817,070 |
|
|
Total Short-Term Securities (Cost—$817,070)—5.7% |
|
|
|
|
|
817,070 |
|
|
Total Investments (Cost—$23,312,129*)—161.6% |
|
|
|
|
|
23,091,190 |
|
|
Liabilities in Excess of Other Assets—(2.1%) |
|
|
|
|
|
(301,364 |
) |
|
Preferred Shares, at Redemption Value—(59.5%) |
|
|
|
|
|
(8,504,943 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
14,284,883 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
23,312,150 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
|
440,706 |
|
|
Gross unrealized depreciation |
|
|
(661,666 |
) |
|
|
|
|||
|
Net unrealized depreciation |
|
$ |
(220,960 |
) |
|
|
|
|
|
|
|
(a) |
FGIC Insured. |
|
(b) |
Security is collateralized by municipal or U.S. Treasury obligations. |
|
(c) |
FHLMC Collateralized. |
|
(d) |
FNMA/GNMA Collateralized. |
|
(e) |
FSA Insured. |
|
(f) |
AMBAC Insured. |
|
(g) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(h) |
Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(i) |
XL Capital Insured. |
|
(j) |
MBIA Insured. |
|
(k) |
Assured Guaranty Insured. |
|
(l) |
Security is illiquid. |
|
(m) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a) (3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Net |
|
Dividend |
|
||
|
Affiliate |
|
Activity |
|
Income |
|
||
|
CMA Florida Municipal Money Fund |
|
|
606,570 |
|
$ |
6,645 |
|
|
|
|
|
(n) |
Represents the current yield as of report date. |
|
• |
Forward interest rate swap outstanding as of April 30, 2008 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Notional |
|
|
|
|
|
|
|
|
Amount |
|
Unrealized |
|
||
|
|
|
(000) |
|
Depreciation |
|
||
|
Pay a fixed
rate of 3.553% and receive a floating rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker,
Lehman Brothers Special Financing |
|
$ |
2,000 |
|
$ |
(4,156 |
) |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
32 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock Florida Municipal Income Trust (BBF) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Florida—144.6% |
|
|
|
|
|
|
|
|
Ave Maria Stewardship Community District, Florida, |
|
$ |
1,000 |
|
$ |
919,890 |
|
|
Beacon Tradeport Community Development District, Florida, |
|
|
7,705 |
|
|
7,722,490 |
|
|
Brevard County, Florida, Health Facilities Authority, |
|
|
2,000 |
|
|
1,863,440 |
|
|
Capital Projects Finance Authority, Florida, Student Housing |
|
|
2,800 |
|
|
2,655,576 |
|
|
Easton Park Community Development District, Florida, |
|
|
985 |
|
|
754,293 |
|
|
Escambia County, Florida, Health Facilities Authority, Health |
|
|
799 |
|
|
840,437 |
|
|
Florida State Board of Education, Public Education Capital |
|
|
5,550 |
|
|
5,907,475 |
|
|
Fort Myers, Florida, Utility System Revenue Refunding Bonds, |
|
|
1,355 |
|
|
1,369,797 |
|
|
Gateway Services Community Development District, Florida, |
|
|
35 |
|
|
34,971 |
|
|
Halifax Hospital Medical Center, Florida, Hospital Revenue |
|
|
2,500 |
|
|
2,437,200 |
|
|
Heritage Harbour North Community Development District, |
|
|
1,500 |
|
|
1,342,005 |
|
|
Heritage Harbour South Community Development District, |
|
|
1,610 |
|
|
1,639,543 |
|
|
Highlands County, Florida, Health Facilities Authority, Hospital |
|
|
|
|
|
|
|
|
ARS, VRDN, Series F, 4.25%, 11/15/35 (e)(f) |
|
|
1,800 |
|
|
1,800,000 |
|
|
Series A, 6%, 11/15/11 (d) |
|
|
6,500 |
|
|
7,228,715 |
|
|
Series C, 5.25%, 11/15/36 |
|
|
4,000 |
|
|
3,901,680 |
|
|
Hillsborough County, Florida, IDA, Hospital Revenue Bonds |
|
|
1,755 |
|
|
1,681,659 |
|
|
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa |
|
|
|
|
|
|
|
|
5.50%, 10/01/23 |
|
|
1,450 |
|
|
1,440,995 |
|
|
Series A, 5.65%, 5/15/18 |
|
|
900 |
|
|
906,552 |
|
|
Jacksonville Electric Authority, Florida, Saint John’s River |
|
|
1,100 |
|
|
1,115,642 |
|
|
Jacksonville, Florida, Economic Development Commission, |
|
|
7,500 |
|
|
7,600,950 |
|
|
Jacksonville, Florida, Health Facilities Authority, Hospital |
|
|
2,280 |
|
|
2,289,918 |
|
|
Jacksonville, Florida, Transit Revenue Bonds, 5%, |
|
|
4,000 |
|
|
4,049,960 |
|
|
Laguna Lakes Community Development District, Florida, |
|
|
1,575 |
|
|
1,802,430 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Florida—(continued) |
|
|
|
|
|
|
|
|
Lee County, Florida, IDA, Health Care Facilities, Revenue |
|
$ |
1,430 |
|
$ |
1,202,401 |
|
|
Lee Memorial Health System, Florida, Hospital Revenue |
|
|
1,000 |
|
|
1,001,380 |
|
|
Madison County, Florida, First Mortgage Revenue Bonds |
|
|
1,690 |
|
|
1,605,010 |
|
|
Melbourne, Florida, Water and Sewer Revenue Bonds, |
|
|
2,770 |
|
|
1,514,525 |
|
|
Miami Beach, Florida, Health Facilities Authority, Hospital |
|
|
3,000 |
|
|
3,050,490 |
|
|
Miami-Dade County, Florida, Expressway Authority, Toll |
|
|
1,000 |
|
|
1,021,550 |
|
|
Miami-Dade County, Florida, Special Obligation Revenue |
|
|
|
|
|
|
|
|
Sub-Series B, 5.596%, 10/01/33 |
|
|
9,700 |
|
|
2,391,341 |
|
|
Sub-Series C, 5.623%, 10/01/28 |
|
|
25,000 |
|
|
8,177,750 |
|
|
Miami-Dade County, Florida, Special Obligation Revenue |
|
|
2,595 |
|
|
1,445,311 |
|
|
New River Community Development District, Florida, Capital |
|
|
1,500 |
|
|
1,369,275 |
|
|
Northern Palm Beach County Improvement District, Florida, |
|
|
|
|
|
|
|
|
6.10%, 8/01/11 (d) |
|
|
1,155 |
|
|
1,272,833 |
|
|
6.125%, 8/01/11 (d) |
|
|
3,500 |
|
|
3,894,345 |
|
|
6.10%, 8/01/21 |
|
|
295 |
|
|
297,159 |
|
|
Orange County, Florida, Educational Facilities Authority, |
|
|
1,000 |
|
|
1,024,940 |
|
|
Orange County, Florida, Health Facilities Authority, Health |
|
|
655 |
|
|
597,478 |
|
|
Orange County, Florida, Health Facilities Authority, Hospital |
|
|
600 |
|
|
541,386 |
|
|
Orange County, Florida, Tourist Development, Tax Revenue |
|
|
1,300 |
|
|
1,307,150 |
|
|
Orlando, Florida, Senior Tourist Development Tax Revenue |
|
|
1,000 |
|
|
1,033,240 |
|
|
Orlando-Orange County Expressway Authority, Florida, |
|
|
2,000 |
|
|
2,000,000 |
|
|
Palm Beach County, Florida, School Board, COP, Refunding, |
|
|
2,500 |
|
|
2,535,150 |
|
|
Palm Beach County, Florida, School Board, COP, Series A, |
|
|
1,000 |
|
|
1,005,250 |
|
|
Pine Ridge Plantation Community Development District, |
|
|
590 |
|
|
553,538 |
|
|
Saint Johns County, Florida, Ponte Vedra Utility System |
|
|
1,000 |
|
|
1,016,070 |
|
|
Saint Johns County, Florida, Water and Sewer Revenue Bonds, |
|
|
3,945 |
|
|
1,140,144 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
33 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Florida Municipal Income Trust (BBF) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Florida—(concluded) |
|
|
|
|
|
|
|
|
South Miami Health Facilities Authority, Florida, Hospital |
|
$ |
12,000 |
|
$ |
13,128,600 |
|
|
South Miami Health Facilities Authority, Florida, Hospital |
|
|
1,000 |
|
|
985,540 |
|
|
Sumter County, Florida, IDA, IDR (North Sumter Utility |
|
|
2,700 |
|
|
2,708,100 |
|
|
Suncoast Community Development District, Florida, Capital |
|
|
985 |
|
|
952,544 |
|
|
Tampa, Florida, Revenue Bonds (University of Tampa Project), |
|
|
5,500 |
|
|
5,533,275 |
|
|
Tampa, Florida, Water and Sewer Revenue Refunding Bonds, |
|
|
4,000 |
|
|
4,077,600 |
|
|
Tolomato Community Development District, Florida, Special |
|
|
1,250 |
|
|
1,222,138 |
|
|
Village Center Community Development District, Florida, |
|
|
1,795 |
|
|
1,818,156 |
|
|
Village Community Development District Number 5, Florida, |
|
|
|
|
|
|
|
|
6%, 5/01/22 |
|
|
2,845 |
|
|
2,866,338 |
|
|
6.50%, 5/01/33 |
|
|
1,395 |
|
|
1,419,204 |
|
|
Volusia County, Florida, Educational Facility Authority, |
|
|
2,000 |
|
|
1,990,180 |
|
|
Watergrass Community Development District, Florida, |
|
|
1,000 |
|
|
904,350 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
139,909,359 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Puerto Rico—11.5% |
|
|
|
|
|
|
|
|
Puerto Rico Commonwealth Aqueduct and Sewer Authority, |
|
$ |
2,100 |
|
$ |
2,194,080 |
|
|
Puerto Rico Commonwealth, Public Improvement, GO, |
|
|
4,980 |
|
|
4,749,177 |
|
|
Puerto Rico Public Finance Corporation, Commonwealth |
|
|
4,000 |
|
|
4,199,680 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,142,937 |
|
|
Total Municipal Bonds (Cost—$148,355,909)—156.1% |
|
|
|
|
|
151,052,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
CMA Florida Municipal Money Fund, 2.01% (l)(m) |
|
|
1,291,137 |
|
|
1,291,137 |
|
|
Total Short-Term Securities (Cost—$1,291,137)—1.3% |
|
|
|
|
|
1,291,137 |
|
|
Total Investments (Cost—$149,647,046*)—157.4% |
|
|
|
|
|
152,343,433 |
|
|
Other Assets Less Liabilities—2.1% |
|
|
|
|
|
2,003,904 |
|
|
Preferred Shares, at Redemption Value—(59.5%) |
|
|
|
|
|
(57,555,953 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
96,791,384 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
|
|
|
$ |
149,646,807 |
|
|
|
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
|
|
|
$ |
4,948,993 |
|
|
|
Gross unrealized depreciation |
|
|
|
|
|
(2,252,367 |
) |
|
|
|
|
|
|
|
|||
|
|
Net unrealized appreciation |
|
|
|
|
$ |
2,696,626 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Radian Insured. |
|
(b) |
MBIA Insured. |
|
(c) |
AMBAC Insured. |
|
(d) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(e) |
FSA Insured. |
|
(f) |
Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
|
(g) |
Security is illiquid. |
|
(h) |
Security is collateralized by municipal or U.S. Treasury obligations. |
|
(i) |
FGIC Insured. |
|
(j) |
Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(k) |
Assured Guaranty Insured. |
|
(l) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(c) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
|
||||||||
|
|
CMA Florida Municipal Money Fund |
|
(471,860 |
) |
|
$ |
27,544 |
|
|
|
||||||||
|
(m) |
Represents the current yield as of report date. |
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
34 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New Jersey—129.0% |
|
|
|
|
|
||
|
Burlington County, New Jersey, Bridge Commission, EDR, |
|
$ |
150 |
|
$ |
136,410 |
|
|
Delaware River Port Authority of Pennsylvania and New Jersey |
|
|
1,000 |
|
|
1,031,520 |
|
|
Essex County, New Jersey, Improvement Authority, Airport |
|
|
250 |
|
|
242,900 |
|
|
Hudson County, New Jersey, Improvement Authority, Capital |
|
|
1,000 |
|
|
270,280 |
|
|
Middlesex County, New Jersey, Improvement Authority |
|
|
1,000 |
|
|
911,310 |
|
|
Middlesex County, New Jersey, Improvement Authority, |
|
|
200 |
|
|
171,176 |
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds, |
|
|
1,000 |
|
|
956,990 |
|
|
New Jersey EDA, First Mortgage Revenue Bonds |
|
|
|
|
|
|
|
|
5.75%, 1/01/25 |
|
|
60 |
|
|
54,998 |
|
|
5.875%, 1/01/37 |
|
|
110 |
|
|
95,898 |
|
|
New Jersey EDA, First Mortgage Revenue Refunding Bonds |
|
|
1,000 |
|
|
974,230 |
|
|
New Jersey EDA, Retirement Community Revenue Refunding |
|
|
140 |
|
|
123,007 |
|
|
New Jersey EDA, Revenue Bonds (Newark Downtown District |
|
|
100 |
|
|
87,645 |
|
|
New Jersey EDA, School Facilities Construction Revenue |
|
|
300 |
|
|
305,811 |
|
|
New Jersey EDA, Solid Waste Disposal Facilities Revenue |
|
|
500 |
|
|
499,720 |
|
|
New Jersey EDA, Special Facility Revenue Bonds (Continental |
|
|
925 |
|
|
844,257 |
|
|
New Jersey EDA, Transportation Project Sublease Revenue |
|
|
900 |
|
|
955,701 |
|
|
New Jersey EDA, Water Facilities Revenue Bonds (New Jersey- |
|
|
250 |
|
|
242,297 |
|
|
New Jersey Health Care Facilities Financing Authority |
|
|
|
|
|
|
|
|
(Hackensack
University Medical Center), 6%, |
|
|
1,000 |
|
|
1,024,870 |
|
|
(Meridian Health), Series I, 5%, 7/01/38 (d) |
|
|
100 |
|
|
100,707 |
|
|
New Jersey Health Care Facilities Financing Authority, Revenue |
|
|
|
|
|
|
|
|
(Hackensack
University Medical Center), |
|
|
250 |
|
|
257,240 |
|
|
(Saint
Barnabas Health Care System), Series A, |
|
|
250 |
|
|
231,222 |
|
|
(Saint
Barnabas Health Care System), Series B, |
|
|
500 |
|
|
107,480 |
|
|
(Saint
Barnabas Health Care System), Series B, |
|
|
840 |
|
|
115,786 |
|
|
(Saint
Barnabas Health Care System), Series B, |
|
|
900 |
|
|
114,651 |
|
|
(Saint
Joseph’s Hospital and Medical Center), Series A, |
|
|
1,000 |
|
|
1,003,300 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New Jersey—(concluded) |
|
|
|
|
|
|
|
|
New Jersey State Educational Facilities Authority, Revenue |
|
|
|
|
|
|
|
|
(College of New Jersey), 5%, 7/01/35 (a) |
|
$ |
380 |
|
$ |
389,728 |
|
|
(Georgian Court University), 5%, 7/01/33 |
|
|
100 |
|
|
94,391 |
|
|
New Jersey State Educational Facilities Authority, Revenue |
|
|
|
|
|
|
|
|
(Ramapo College), Series I, 4.25%, 7/01/31 (c) |
|
|
250 |
|
|
226,980 |
|
|
(Rowan University), Series B, 5%, 7/01/24 |
|
|
255 |
|
|
268,918 |
|
|
New Jersey State Turnpike Authority, Turnpike Revenue |
|
|
1,000 |
|
|
1,147,421 |
|
|
Newark, New Jersey, Housing Authority, Port Authority- |
|
|
375 |
|
|
349,912 |
|
|
Old Bridge Township, New Jersey, Board of Education, GO, |
|
|
500 |
|
|
478,575 |
|
|
Passaic Valley, New Jersey, Sewer Commissioner’s Revenue |
|
|
1,000 |
|
|
1,043,850 |
|
|
Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, |
|
|
100 |
|
|
81,873 |
|
|
Salem County, New Jersey, Improvement Authority Revenue |
|
|
100 |
|
|
104,478 |
|
|
South Jersey Transportation Authority, New Jersey, |
|
|
490 |
|
|
446,111 |
|
|
Tobacco Settlement Financing Corporation of New Jersey, |
|
|
|
|
|
|
|
|
6.125%, 6/01/12 (h) |
|
|
750 |
|
|
836,175 |
|
|
Series 1B, 5.65%, 6/01/41 |
|
|
600 |
|
|
53,010 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,380,828 |
|
|
Puerto Rico—11.9% |
|
|
|
|
|
|
|
|
Puerto Rico Commonwealth Highway and Transportation |
|
|
80 |
|
|
83,734 |
|
|
Puerto Rico Commonwealth Infrastructure Financing Authority, |
|
|
795 |
|
|
155,271 |
|
|
Puerto Rico Commonwealth, Public Improvement, GO, Series A, |
|
|
310 |
|
|
347,774 |
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, |
|
|
350 |
|
|
386,757 |
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and |
|
|
600 |
|
|
536,604 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,510,140 |
|
|
Total Municipal Bonds (Cost—$18,253,577)—140.9% |
|
|
|
|
|
17,890,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 6.625%, 6/30/49 (i) |
|
|
1,000 |
|
|
1,039,280 |
|
|
Total Corporate Bonds (Cost—$1,019,780)—8.2% |
|
|
|
|
|
1,039,280 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
35 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
|
CMA New Jersey Municipal Money Fund, 2.12% (j)(k) |
|
1,009,496 |
|
$ |
1,009,496 |
|
|
|
Total Short-Term Securities (Cost—$1,009,496)—7.9% |
|
|
|
|
|
1,009,496 |
|
|
Total Investments (Cost—$20,282,853*)—157.0% |
|
|
|
|
|
19,939,744 |
|
|
Other Assets Less Liabilities—2.1% |
|
|
|
|
|
262,573 |
|
|
Preferred Shares, at Redemption Value—(59.1%) |
|
|
|
|
|
(7,500,776 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
12,701,541 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments, as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
|
|
|
$ |
20,222,117 |
|
|
|
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
|
|
|
$ |
573,797 |
|
|
|
Gross unrealized depreciation |
|
|
|
|
|
(856,170 |
) |
|
|
|
|
|
|
|
|||
|
|
Net unrealized depreciation |
|
|
|
|
$ |
(282,373 |
) |
|
|
|
|
|
|
|
|
|
|
|
(a) |
FSA Insured. |
|
(b) |
MBIA Insured. |
|
(c) |
AMBAC Insured. |
|
(d) |
Assured Guaranty Insured. |
|
(e) |
Connie Lee Insured. |
|
(f) |
Security is collateralized by municipal or U.S. Treasury obligations. |
|
(g) |
FGIC Insured. |
|
(h) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(i) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(j) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
|
||||||||
|
|
CMA New Jersey Municipal Money Fund |
|
1,005,072 |
|
$ |
5,498 |
|
|
|
|
||||||||
|
|
||||||||
|
(k) |
Represents the current yield as of report date. |
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
36 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
|
Value |
|
|
|
New Jersey—120.7% |
|
|
|
|
|
|
|
|
Burlington County, New Jersey, Bridge Commission, EDR, |
|
|
|
|
|
|
|
|
Refunding (The Evergreens Project), 5.625%, 1/01/38 |
|
$ |
1,000 |
|
$ |
909,400 |
|
|
Cherry Hill Township, New Jersey, GO, 5%, 7/15/11 (a) |
|
|
2,775 |
|
|
2,971,026 |
|
|
Garden State Preservation Trust, New Jersey, Revenue Bonds, |
|
|
|
|
|
|
|
|
Series B, 5.22%, 11/01/26 (b)(j) |
|
|
12,600 |
|
|
5,034,582 |
|
|
Middlesex County, New Jersey, Improvement Authority AMT (c): |
|
|
|
|
|
|
|
|
(Administration Building Residential Project), |
|
|
|
|
|
|
|
|
5.35%, 7/01/34 |
|
|
1,400 |
|
|
1,401,708 |
|
|
(New Brunswick Apartments Rental Housing), |
|
|
|
|
|
|
|
|
5.30%, 8/01/35 |
|
|
4,390 |
|
|
4,284,508 |
|
|
Middlesex County, New Jersey, Improvement Authority, |
|
|
|
|
|
|
|
|
Subordinate Revenue Bonds (Heldrich Center Hotel/ |
|
|
|
|
|
|
|
|
Conference Project), Series B, 6.25%, 1/01/37 |
|
|
1,790 |
|
|
1,532,025 |
|
|
Middlesex County, New Jersey, Pollution Control Financing |
|
|
|
|
|
|
|
|
Authority, Revenue Refunding Bonds (Amerada Hess |
|
|
|
|
|
|
|
|
Corporation), 6.05%, 9/15/34 |
|
|
2,500 |
|
|
2,491,625 |
|
|
New Jersey EDA Cigarette Tax Revenue Bonds: |
|
|
|
|
|
|
|
|
5.75%, 6/15/29 (d) |
|
|
500 |
|
|
527,360 |
|
|
5.75%, 6/15/34 |
|
|
5,000 |
|
|
4,784,950 |
|
|
New Jersey EDA, EDR: |
|
|
|
|
|
|
|
|
(Kapkowski Road Landfill Reclamation |
|
|
|
|
|
|
|
|
Improvement District Project), AMT, Series B, |
|
|
|
|
|
|
|
|
6.50%, 4/01/31 |
|
|
5,000 |
|
|
5,083,500 |
|
|
(Masonic Charity Foundation Project), |
|
|
|
|
|
|
|
|
5.50%, 6/01/31 |
|
|
2,000 |
|
|
2,041,620 |
|
|
New Jersey EDA, EDR Refunding (Kapkowski Road Landfill |
|
|
|
|
|
|
|
|
Reclamation Improvement District Project), 6.50%, |
|
|
|
|
|
|
|
|
4/01/28 |
|
|
2,500 |
|
|
2,574,800 |
|
|
New Jersey EDA, First Mortgage Revenue Bonds: |
|
|
|
|
|
|
|
|
(Fellowship Village Project), Series C, 5.50%, 1/01/18 |
|
|
2,630 |
|
|
2,639,468 |
|
|
(Lions Gate Project), Series A, 5.75%, 1/01/25 |
|
|
500 |
|
|
458,315 |
|
|
(Lions Gate Project), Series A, 5.875%, 1/01/37 |
|
|
855 |
|
|
745,389 |
|
|
New Jersey EDA, First Mortgage Revenue Refunding Bonds |
|
|
|
|
|
|
|
|
(The Winchester Gardens at Ward Homestead Project), |
|
|
|
|
|
|
|
|
Series A, 5.75%, 11/01/24 |
|
|
4,050 |
|
|
4,071,789 |
|
|
New Jersey EDA, Mortgage Revenue Refunding Bonds |
|
|
|
|
|
|
|
|
(Victoria Health Corporation Project), Series A, |
|
|
|
|
|
|
|
|
5.20%, 12/20/36 (e) |
|
|
1,885 |
|
|
1,918,949 |
|
|
New Jersey EDA, Retirement Community Revenue Refunding |
|
|
|
|
|
|
|
|
Bonds (Seabrook Village, Inc.), 5.25%, 11/15/26 |
|
|
1,790 |
|
|
1,572,729 |
|
|
New Jersey EDA, School Facilities Construction Revenue Bonds, |
|
|
|
|
|
|
|
|
Series U, 5%, 9/01/37(f) |
|
|
700 |
|
|
713,559 |
|
|
New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds |
|
|
|
|
|
|
|
|
(Waste Management Inc.), AMT, Series A, 5.30%, 6/01/15 |
|
|
2,000 |
|
|
1,998,880 |
|
|
New Jersey EDA, Special Facility Revenue Bonds (Continental |
|
|
|
|
|
|
|
|
Airlines Inc. Project) AMT: |
|
|
|
|
|
|
|
|
7%, 11/15/30 |
|
|
3,450 |
|
|
3,148,849 |
|
|
7.20%, 11/15/30 |
|
|
2,000 |
|
|
1,867,460 |
|
|
New Jersey Health Care Facilities Financing Authority: |
|
|
|
|
|
|
|
|
Revenue Bonds: |
|
|
|
|
|
|
|
|
(Kennedy Health System), 5.625%, 7/01/31 |
|
|
10,000 |
|
|
10,075,500 |
|
|
(Meridian Health), Series I, 5%, 7/01/38 (d) |
|
|
750 |
|
|
755,303 |
|
|
(South Jersey Hospital System), 6%, 7/01/12 (a) |
|
|
5,500 |
|
|
6,128,210 |
|
|
(South Jersey Hospital), 6%, 7/01/12 (a) |
|
|
1,960 |
|
|
2,183,871 |
|
|
New Jersey Health Care Facilities Financing Authority |
|
|
|
|
|
|
|
|
Health System Revenue Bonds (Catholic Health East), |
|
|
|
|
|
|
|
|
Series A, 5.375%, 11/15/12 (a) |
|
|
3,000 |
|
|
3,309,750 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New Jersey—(concluded) |
|
|
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority |
|
|
|
|
|
|
|
|
Revenue Refunding Bonds: |
|
|
|
|
|
|
|
|
(Atlantic City Medical Center), 5.75%, 7/01/12 (a) |
|
$ |
1,995 |
|
$ |
2,203,478 |
|
|
(Atlantic City Medical Center), 5.75%, 7/01/25 |
|
|
2,505 |
|
|
2,569,980 |
|
|
(Saint Barnabas Health Care System), Series A, |
|
|
|
|
|
|
|
|
5%, 7/01/29 |
|
|
750 |
|
|
693,667 |
|
|
(Saint Barnabas Health Care System), Series B, |
|
|
|
|
|
|
|
|
5.798%, 7/01/30 (j) |
|
|
2,500 |
|
|
537,400 |
|
|
(Saint Barnabas Health Care System), Series B, |
|
|
|
|
|
|
|
|
5.721%, 7/01/36 (j) |
|
|
7,700 |
|
|
1,061,368 |
|
|
(Saint Barnabas Health Care System), Series B, |
|
|
|
|
|
|
|
|
5.791%, 7/01/37 (j) |
|
|
7,250 |
|
|
923,577 |
|
|
(South Jersey Hospital System), 5%, 7/01/46 |
|
|
1,650 |
|
|
1,571,493 |
|
|
New Jersey State Educational Facilities Authority: |
|
|
|
|
|
|
|
|
(Fairleigh Dickinson University), Series D, 6%, 7/01/25 |
|
|
3,000 |
|
|
3,054,300 |
|
|
(Georgian Court College Project), Series C, |
|
|
|
|
|
|
|
|
6.50%, 7/01/13 (a) |
|
|
2,120 |
|
|
2,467,235 |
|
|
New Jersey State Educational Facilities Authority Revenue |
|
|
|
|
|
|
|
|
Refunding Bonds: |
|
|
|
|
|
|
|
|
(College of New Jersey), Series D, 5%, 7/01/35 (b) |
|
|
3,230 |
|
|
3,312,688 |
|
|
(Fairleigh Dickinson University), Series C, 5.50%, 7/01/23 |
|
|
1,000 |
|
|
1,002,510 |
|
|
(Fairleigh Dickinson University), Series C, 6%, 7/01/20 |
|
|
2,000 |
|
|
2,074,820 |
|
|
(Georgian Court University), Series D, 5%, 7/01/33 |
|
|
250 |
|
|
235,978 |
|
|
(Ramapo College), Series I, 4.25%, 7/01/31 (f) |
|
|
500 |
|
|
453,960 |
|
|
(Rowan University), Series B, 5%, 7/01/24 (d) |
|
|
1,500 |
|
|
1,581,870 |
|
|
New Jersey State Housing and Mortgage Finance Agency, |
|
|
|
|
|
|
|
|
S/F Housing Revenue Refunding Bonds, AMT, Series T, |
|
|
|
|
|
|
|
|
4.70%, 10/01/37 |
|
|
700 |
|
|
616,014 |
|
|
New Jersey State Transportation Trust Fund Authority, |
|
|
|
|
|
|
|
|
Transportation System Revenue Bonds, Series C, |
|
|
|
|
|
|
|
|
4.83%, 12/15/32 (b)(j) |
|
|
4,000 |
|
|
1,104,720 |
|
|
Newark, New Jersey, Health Care Facility Revenue Refunding |
|
|
|
|
|
|
|
|
Bonds (New Community Urban Renewal), Series A, |
|
|
|
|
|
|
|
|
5.20%, 6/01/30 (e)(g) |
|
|
1,875 |
|
|
1,912,313 |
|
|
Newark, New Jersey, Housing Authority, Port Authority-Port |
|
|
|
|
|
|
|
|
Newark Marine Terminal, Additional Rent-Backed Revenue |
|
|
|
|
|
|
|
|
Refunding Bonds (City of Newark Redevelopment Projects), |
|
|
|
|
|
|
|
|
4.375%, 1/01/37 (h) |
|
|
3,000 |
|
|
2,799,300 |
|
|
Perth Amboy, New Jersey GO (Convertible CABS), Refunding (b)(j): |
|
|
|
|
|
|
|
|
5%, 7/01/34 |
|
|
1,075 |
|
|
880,135 |
|
|
5%, 7/01/35 |
|
|
175 |
|
|
143,157 |
|
|
Port Authority of New York and New Jersey, Special Obligation |
|
|
|
|
|
|
|
|
Revenue Bonds (JFK International Air Terminal), AMT, |
|
|
|
|
|
|
|
|
Series 6, 5.75%, 12/01/22 (h) |
|
|
6,000 |
|
|
6,017,640 |
|
|
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue |
|
|
|
|
|
|
|
|
Bonds, CABS, Series A, 4.36%, 9/01/33 (h)(j) |
|
|
2,000 |
|
|
524,920 |
|
|
Salem County, New Jersey, Improvement Authority Revenue |
|
|
|
|
|
|
|
|
Bonds (Finlaw State Office Building Project), |
|
|
|
|
|
|
|
|
5.25%, 8/15/38 (b) |
|
|
225 |
|
|
235,076 |
|
|
Tobacco Settlement Financing Corporation of New Jersey: |
|
|
|
|
|
|
|
|
Asset-Backed Revenue Refunding Bonds: |
|
|
|
|
|
|
|
|
6.125%, 6/01/12 (a) |
|
|
10,500 |
|
|
11,706,450 |
|
|
Series 1B, 5.65%, 6/01/41 (j) |
|
|
3,300 |
|
|
291,555 |
|
|
Trenton, New Jersey, Parking Authority Parking Revenue |
|
|
|
|
|
|
|
|
Refunding Bonds (i): |
|
|
|
|
|
|
|
|
5%, 4/01/25 |
|
|
3,465 |
|
|
3,507,065 |
|
|
5%, 4/01/30 |
|
|
1,500 |
|
|
1,510,455 |
|
|
Vineland, New Jersey, Electric Utility GO, Refunding, AMT (h): |
|
|
|
|
|
|
|
|
5.30%, 5/15/30 |
|
|
1,500 |
|
|
1,476,960 |
|
|
5.375%, 5/15/31 |
|
|
1,500 |
|
|
1,489,185 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
133,184,394 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
37 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par
|
|
Value |
|
||
|
Puerto Rico—15.9% |
|
|
|
|
|
|
|
|
Puerto Rico Commonwealth Highway and Transportation Authority, |
|
|
|
|
|
|
|
|
Transportation Revenue Refunding Bonds, Series D, |
|
|
|
|
|
|
|
|
5.25%, 7/01/12 (a) |
|
$ |
1,000 |
|
$ |
1,077,350 |
|
|
Puerto Rico Commonwealth Infrastructure Financing Authority, |
|
|
|
|
|
|
|
|
Special Tax and Capital Appreciation Revenue Bonds, |
|
|
|
|
|
|
|
|
Series A, 4.34%, 7/01/37 (f)(j) |
|
|
6,000 |
|
|
1,171,860 |
|
|
Puerto Rico Housing Financing Corporation: |
|
|
|
|
|
|
|
|
Home Mortgage Revenue Bonds (Mortgage-Backed |
|
|
|
|
|
|
|
|
Securities), AMT, Series B, 5.30%, 12/01/28 (k)(l) |
|
|
2,545 |
|
|
2,549,886 |
|
|
Puerto Rico Housing Financing Corporation: |
|
|
|
|
|
|
|
|
Home Mortgage Revenue Refunding Bonds (Mortgage- |
|
|
|
|
|
|
|
|
Backed Securities), Series A, 5.20%, 12/01/33 (k)(l) |
|
|
2,550 |
|
|
2,563,566 |
|
|
Puerto Rico Public Buildings Authority Revenue Bonds, |
|
|
|
|
|
|
|
|
CABS, Series D (f)(j): |
|
|
|
|
|
|
|
|
5.45%, 7/01/12 |
|
|
1,335 |
|
|
1,112,629 |
|
|
5.45%, 7/01/17 |
|
|
3,665 |
|
|
3,308,615 |
|
|
Puerto Rico Public Buildings Authority: Government Facilities |
|
|
|
|
|
|
|
|
Revenue Refunding Bonds, Series D: |
|
|
|
|
|
|
|
|
5.25%, 7/01/12 (a) |
|
|
3,765 |
|
|
4,039,506 |
|
|
5.25%, 7/01/36 |
|
|
1,735 |
|
|
1,675,507 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
17,498,919 |
|
|
Total Municipal Bonds (Cost—$148,570,021) 136.6% |
|
|
|
|
|
150,683,313 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par
|
|
Value |
|
||
|
Multi-State—13.7% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust: |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
$ |
7,000 |
|
$ |
7,251,580 |
|
|
6.80%, 11/30/50 |
|
|
2,500 |
|
|
2,691,275 |
|
|
MuniMae TE Bond Subsidiary LLC: |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 (m) |
|
|
3,000 |
|
|
3,072,030 |
|
|
6.80%, 6/30/50 (j) |
|
|
2,000 |
|
|
2,113,160 |
|
|
Total Corporate Bonds (Cost—$14,503,750)—13.7% |
|
|
|
|
|
15,128,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
CMA New Jersey Municipal Money Fund, 2.12% (n)(o) |
|
6,557,212 |
|
|
6,557,212 |
|
|
|
Total Short-Term Securities (Cost—$6,557,212)—5.9% |
|
|
|
|
|
6,557,212 |
|
|
Total Investments (Cost—$169,630,983*)—156.2% |
|
|
|
|
|
172,368,570 |
|
|
Other Assets Less Liabilities—1.6% |
|
|
|
|
|
1,826,554 |
|
|
Preferred Shares, at Redemption Value—(57.8%) |
|
|
|
|
|
(63,837,693 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
110,357,431 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
168,746,183 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
7,342,187 |
|
|
Gross unrealized depreciation |
|
|
(3,719,800 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
3,622,387 |
|
|
|
|
|
|
|
|
(a) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(b) |
FSA Insured. |
|
(c) |
FNMA Collateralized. |
|
(d) |
Assured Guaranty Insured. |
|
(e) |
GNMA Collateralized. |
|
(f) |
AMBAC Insured. |
|
(g) |
FHA Insured. |
|
(h) |
MBIA Insured. |
|
(i) |
FGIC Insured. |
|
(j) |
Represents a zero coupon bond; the interest rate shown is the effective yield at the time of purchase. |
|
(k) |
FHLMC Collateralized. |
|
(l) |
FNMA/GNMA Collateralized. |
|
(m) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(n) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net
|
|
Dividend
|
|
||
|
CMA New Jersey Municipal Money Fund |
|
6,334,031 |
|
$ |
36,363 |
|
|
|
|
|
|
(o) |
Represents the current yield as of report date. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
38 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock
New York Investment Quality Municipal Trust (RNY) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—134.3% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds (New |
|
|
|
|
|
|
|
|
7%, 5/01/25 |
|
$ |
95 |
|
$ |
75,832 |
|
|
7%, 5/01/35 |
|
|
60 |
|
|
46,975 |
|
|
Albany, New
York, Municipal Water Finance Authority, Second |
|
|
1,000 |
|
|
1,000,070 |
|
|
Genesee
County, New York, IDA, Civic Facility Revenue |
|
|
100 |
|
|
85,283 |
|
|
Hudson
Yards Infrastructure Corporation, New York, Revenue |
|
|
|
|
|
|
|
|
4.50%, 2/15/47 (i) |
|
|
75 |
|
|
69,601 |
|
|
5%, 2/15/47 (b) |
|
|
100 |
|
|
97,370 |
|
|
Madison
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
2,000 |
|
|
2,064,440 |
|
|
Metropolitan
Transportation Authority, New York, Transportation |
|
|
250 |
|
|
251,085 |
|
|
New York
City, New York, City Housing Development Corporation, |
|
|
|
|
|
|
|
|
AMT, Series B-1, 5.15%, 11/01/37 |
|
|
250 |
|
|
241,365 |
|
|
AMT, Series J-2, 4.75%, 11/01/27 |
|
|
500 |
|
|
462,810 |
|
|
Series A, 5.25%, 5/01/30 (c)(e) |
|
|
1,000 |
|
|
1,010,240 |
|
|
New York City, New York, City IDA, PILOT Revenue Bonds: |
|
|
|
|
|
|
|
|
(Queens Baseball Stadium Project), 5%, 1/01/39 (h) |
|
|
250 |
|
|
251,030 |
|
|
(Queens Baseball Stadium Project), 5%, 1/01/46 (h) |
|
|
400 |
|
|
398,624 |
|
|
(Yankee Stadium Project), 5%, 3/01/46 (b) |
|
|
100 |
|
|
94,943 |
|
|
New York
City, New York, City IDA, Revenue Bonds |
|
|
500 |
|
|
427,475 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK
International Airport), |
|
|
950 |
|
|
919,980 |
|
|
(Continental Airlines Inc. Project), 7.75%, 8/01/31 |
|
|
300 |
|
|
292,761 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
|
Series A, 4.25%, 6/15/33 |
|
|
250 |
|
|
230,935 |
|
|
Series C, 5.125%, 6/15/33 |
|
|
1,000 |
|
|
1,017,960 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
|
Series B, 5%, 6/15/36 (a) |
|
|
1,000 |
|
|
1,018,560 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
|
|
|
|
|
|
6%, 5/15/10 (j) |
|
|
1,815 |
|
|
1,964,157 |
|
|
New York City, New York, GO, Refunding Series A (j): |
|
|
|
|
|
|
|
|
6%, 5/15/10 |
|
|
990 |
|
|
1,071,358 |
|
|
6%, 5/15/30 |
|
|
10 |
|
|
10,598 |
|
|
New York
City, New York, Sales Tax Asset Receivable Corporation |
|
|
2,000 |
|
|
2,038,620 |
|
|
New York
Convention Center Development Corporation, |
|
|
850 |
|
|
847,994 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
175 |
|
|
168,047 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—(concluded) |
|
|
|
|
|
|
|
|
New York
State Dormitory Authority, Hospital Revenue Bonds |
|
$ |
750 |
|
$ |
756,255 |
|
|
New York State
Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30%, 7/01/37 (l) |
|
|
150 |
|
|
151,508 |
|
|
(New York University Hospitals
Center), Series B, |
|
|
150 |
|
|
142,223 |
|
|
New York State
Dormitory Authority Revenue Bonds (University |
|
|
500 |
|
|
524,820 |
|
|
New York State Dormitory Authority, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
|
(Kateri Residence), 5%, 7/01/22 |
|
|
1,000 |
|
|
1,032,080 |
|
|
(Mount Sinai Health), Series A, 6.50%, 7/01/25 |
|
|
1,000 |
|
|
1,033,740 |
|
|
(State University Educational
Facilities), Series A, |
|
|
1,005 |
|
|
1,091,400 |
|
|
New York State, HFA, Housing Revenue Bonds AMT: |
|
|
|
|
|
|
|
|
(Kensico Terrace Apartments),
Series B, |
|
|
150 |
|
|
137,761 |
|
|
(Tri-Senior Development Project),
Series A, |
|
|
100 |
|
|
97,104 |
|
|
New York
State Mortgage Agency, Homeowner Mortgage |
|
|
100 |
|
|
91,162 |
|
|
Port
Authority of New York and New Jersey, Special Obligation |
|
|
955 |
|
|
969,133 |
|
|
Rochester,
New York, Housing Authority, Mortgage Revenue Bonds |
|
|
250 |
|
|
219,515 |
|
|
Saratoga
County, New York, IDA, Civic Facility Revenue Bonds |
|
|
100 |
|
|
95,352 |
|
|
Schenectady,
New York, IDA, Civic Facility Revenue Refunding |
|
|
500 |
|
|
510,385 |
|
|
Suffolk
County, New York, IDA, Continuing Care and Retirement, |
|
|
115 |
|
|
103,540 |
|
|
Triborough
Bridge and Tunnel Authority, New York, Revenue |
|
|
|
|
|
|
|
|
5%, 1/01/12 (j) |
|
|
845 |
|
|
906,617 |
|
|
5%, 1/01/32 |
|
|
155 |
|
|
156,697 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
24,177,405 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
39 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock
New York Investment Quality Municipal Trust (RNY) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Guam—0.5% |
|
|
|
|
|
|
|
|
Guam
Economic Development and Commerce Authority, |
|
$ |
100 |
|
$ |
96,701 |
|
|
Puerto Rico - 13.3% |
|
|
|
|
|
|
|
|
Children’s
Trust Fund Project of Puerto Rico, Tobacco |
|
|
500 |
|
|
489,870 |
|
|
Puerto Rico
Commonwealth Infrastructure Financing |
|
|
395 |
|
|
50,686 |
|
|
Puerto Rico
Commonwealth, Public Improvement, GO, |
|
|
|
|
|
|
|
|
5%, 7/01/14 (j) |
|
|
195 |
|
|
214,502 |
|
|
5%, 7/01/34 |
|
|
120 |
|
|
113,147 |
|
|
Puerto Rico
Industrial, Tourist, Educational, Medical and |
|
|
800 |
|
|
715,472 |
|
|
Puerto Rico
Public Finance Corporation, Commonwealth |
|
|
745 |
|
|
803,952 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,387,629 |
|
|
Total Municipal Bonds (Cost—$26,394,795)—148.0% |
|
|
|
|
|
26,661,735 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
|
CMA New York Municipal Money Fund, 1.93% (g)(k) |
|
|
711,154 |
|
$ |
711,154 |
|
|
Total Short-Term Securities (Cost—$711,154)—3.9% |
|
|
|
|
|
711,154 |
|
|
Total Investments (Cost—$27,105,949*)—152.0% |
|
|
|
|
|
27,372,889 |
|
|
Other Assets Less Liabilities—2.4% |
|
|
|
|
|
439,160 |
|
|
Preferred Shares, at Redemption Value—(54.4%) |
|
|
|
|
|
(9,802,896 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
18,009,153 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments, as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
27,105,993 |
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
|
807,067 |
|
|
|
Gross unrealized depreciation |
|
|
(540,171 |
) |
|
|
|
|
|||
|
|
Net unrealized appreciation |
|
$ |
266,896 |
|
|
|
|
|
|
(a) |
FSA Insured. |
|
(b) |
FGIC Insured. |
|
(c) |
FHA Insured. |
|
(d) |
SONYMA Insured. |
|
(e) |
GNMA Collateralized. |
|
(f) |
FNMA Collateralized. |
|
(g) |
Represents the current yield as of report date. |
|
(h) |
AMBAC Insured. |
|
(i) |
MBIA Insured. |
|
(j) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(k) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
CMA New York Municipal Money Fund |
|
$ |
603,713 |
|
$ |
3,922 |
|
|
|
|
|
(l) |
Radian Insured. |
|
(m) |
Illiquid security. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
40 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock New
York Municipal Income Trust (BNY) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—129.3% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds (New |
|
|
|
|
|
|
|
|
7%, 5/01/25 |
|
$ |
910 |
|
$ |
726,389 |
|
|
7%, 5/01/35 |
|
|
590 |
|
|
461,917 |
|
|
Dutchess
County, New York, IDA, Civic Facility Revenue Refunding |
|
|
7,000 |
|
|
6,335,700 |
|
|
Genesee
County, New York, IDA, Civic Facility Revenue Refunding |
|
|
500 |
|
|
426,415 |
|
|
Hudson Yards
Infrastructure Corporation, New York, Revenue |
|
|
|
|
|
|
|
|
4.50%, 2/15/47 (b) |
|
|
2,900 |
|
|
2,691,229 |
|
|
5%, 2/15/47 |
|
|
1,000 |
|
|
976,980 |
|
|
Long Island
Power Authority, New York, Electric System Revenue |
|
|
|
|
|
|
|
|
5%, 12/01/35 |
|
|
5,000 |
|
|
5,046,150 |
|
|
5%, 12/01/35 (c) |
|
|
2,500 |
|
|
2,513,100 |
|
|
Madison County, New York, IDA, Civic Facility Revenue Bonds: |
|
|
|
|
|
|
|
|
(Colgate University Project), Series B, 5%, 7/01/33 |
|
|
2,000 |
|
|
2,032,620 |
|
|
(Commons II LLC - Student Housing),
Series A, |
|
|
400 |
|
|
397,720 |
|
|
Metropolitan
Transportation Authority, New York, Dedicated Tax |
|
|
12,000 |
|
|
12,150,360 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
12,000 |
|
|
12,106,080 |
|
|
Metropolitan
Transportation Authority, New York, Transportation |
|
|
3,000 |
|
|
3,013,020 |
|
|
New York City, New York, City IDA, PILOT Revenue Bonds: |
|
|
|
|
|
|
|
|
(Queens Baseball Stadium Project), 5%, 1/01/36 (d) |
|
|
4,900 |
|
|
4,913,328 |
|
|
(Queens Baseball Stadium Project), 5%, 1/01/39 (d) |
|
|
1,500 |
|
|
1,506,180 |
|
|
(Queens Baseball Stadium Project), 5%, 1/01/46 (d) |
|
|
250 |
|
|
249,140 |
|
|
(Yankee Stadium Project), 5%, 3/01/36 (b) |
|
|
700 |
|
|
705,649 |
|
|
New York
City, New York, City IDA, Parking Facility Revenue |
|
|
1,550 |
|
|
1,603,320 |
|
|
New York
City, New York, City IDA, Revenue Bonds |
|
|
2,000 |
|
|
1,709,900 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
3,200 |
|
|
3,098,880 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
4,000 |
|
|
3,903,480 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
2,650 |
|
|
2,549,989 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
|
Series A, 4.25%, 6/15/39 (e) |
|
|
1,250 |
|
|
1,145,275 |
|
|
Series A, 5%, 6/15/32 (f) |
|
|
4,000 |
|
|
4,035,440 |
|
|
Series D, 5%, 6/15/38 |
|
|
1,500 |
|
|
1,524,960 |
|
|
New York
City, New York, City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
|
Series C, 5%, 6/15/32 |
|
|
6,500 |
|
|
6,568,900 |
|
|
Series D, 5%, 6/15/39 |
|
|
5,000 |
|
|
5,073,050 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
1,700 |
|
|
1,543,974 |
|
|
|
|
|
|
|
|
||
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—(continued) |
|
|
|
|
|
|
|
|
New York
City, New York, City Transitional Finance Authority, |
|
$ |
1,495 |
|
$ |
1,552,139 |
|
|
New York City, New York, GO: |
|
|
|
|
|
|
|
|
Series C, 5.375%, 3/15/12 (g) |
|
|
6,000 |
|
|
6,541,740 |
|
|
Series D, 5.375%, 6/01/12 (g) |
|
|
2,200 |
|
|
2,408,516 |
|
|
Series D, 5.375%, 6/01/32 |
|
|
4,000 |
|
|
4,092,280 |
|
|
New York
City, New York, IDA, Civic Facility Revenue Bonds |
|
|
|
|
|
|
|
|
5.125%, 9/01/21 |
|
|
750 |
|
|
687,697 |
|
|
5.25%, 9/01/31 |
|
|
2,000 |
|
|
1,699,520 |
|
|
New York
City, New York, IDA, Civic Facility Revenue Refunding |
|
|
2,400 |
|
|
2,134,320 |
|
|
New York
City, New York, IDA, Special Airport Facility Revenue |
|
|
14,850 |
|
|
13,207,887 |
|
|
New York
Convention Center Development Corporation, |
|
|
8,410 |
|
|
8,390,152 |
|
|
New York
Counties Tobacco Trust III, Tobacco Settlement |
|
|
6,700 |
|
|
6,781,405 |
|
|
New York Liberty Development Corporation Revenue Bonds: |
|
|
|
|
|
|
|
|
(Goldman Sachs Headquarters), 5.25%, 10/01/35 |
|
|
7,000 |
|
|
7,248,710 |
|
|
(National Sports Museum Project),
Series A, |
|
|
1,740 |
|
|
1,670,870 |
|
|
New York
State Dormitory Authority, Mental Health Services |
|
|
4,855 |
|
|
4,882,382 |
|
|
New York
State Dormitory Authority, Non-State Supported Debt |
|
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30%, 7/01/37 (i) |
|
|
500 |
|
|
505,025 |
|
|
(New York University Hospitals
Center), Series B, |
|
|
530 |
|
|
502,520 |
|
|
New York
State Dormitory Authority, Non-State Supported Debt, |
|
|
|
|
|
|
|
|
(Mount Sinai School of Medicine of
New York University), |
|
|
1,000 |
|
|
1,012,410 |
|
|
(Mount Sinai-NYU Medical Center
Health System), |
|
|
3,000 |
|
|
2,999,910 |
|
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
|
(New School University), 5%, 7/01/41 (b) |
|
|
9,000 |
|
|
9,027,090 |
|
|
(New York University), Series 2, 5%, 7/01/41 (d) |
|
|
5,000 |
|
|
5,036,050 |
|
|
(North Shore - Long Island Jewish
Health System), |
|
|
2,000 |
|
|
2,226,740 |
|
|
New York
State, HFA, M/F Housing Revenue Bonds (Kensico |
|
|
850 |
|
|
780,649 |
|
|
New York
State Mortgage Agency, Homeowner Mortgage |
|
|
15,500 |
|
|
15,254,170 |
|
|
New York
State Mortgage Agency Revenue Bonds, AMT, Series |
|
|
5,335 |
|
|
5,306,351 |
|
|
Port
Authority of New York and New Jersey, Special Obligation |
|
|
|
|
|
|
|
|
(Continental Airlines, Inc. -
LaGuardia Project), AMT, |
|
|
8,815 |
|
|
8,945,462 |
|
|
(JFK International Air Terminal),
AMT, Series 6, |
|
|
7,000 |
|
|
7,020,580 |
|
|
Rensselaer
Tobacco Asset Securitization Corporation, New York, |
|
|
2,500 |
|
|
2,502,550 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
41 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock New York Municipal Income Trust (BNY) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
New York—(concluded) |
|
|
|
|
|
|
|
|
Rockland
Tobacco Asset Securitization Corporation, New York, |
|
$ |
5,000 |
|
$ |
5,005,150 |
|
|
Suffolk
County, New York, IDA, Continuing Care and Retirement, |
|
|
1,175 |
|
|
1,057,911 |
|
|
Suffolk
County, New York, IDA, IDR (Keyspan-Port Jefferson), |
|
|
7,000 |
|
|
6,675,200 |
|
|
TSASC, Inc., New York, TFABS, Series 1 (g): |
|
|
|
|
|
|
|
|
5.75%, 7/15/12 |
|
|
5,000 |
|
|
5,550,000 |
|
|
6.375%, 7/15/09 |
|
|
2,000 |
|
|
2,118,300 |
|
|
Westchester
County, New York, IDA, Civic Facilities Revenue Bonds |
|
|
2,500 |
|
|
2,460,175 |
|
|
Westchester
Tobacco Asset Securitization Corporation, New York, |
|
|
2,000 |
|
|
2,205,320 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
$ |
236,498,326 |
|
|
Puerto Rico—12.7% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Aqueduct and Sewer Authority, |
|
|
2,000 |
|
|
2,091,200 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue Refunding |
|
|
500 |
|
|
525,570 |
|
|
Puerto Rico
Public Buildings Authority, Government Facilities |
|
|
|
|
|
|
|
|
5.25%, 7/01/12 (g) |
|
|
4,400 |
|
|
4,720,804 |
|
|
5.25%, 7/01/36 |
|
|
1,600 |
|
|
1,545,136 |
|
|
Puerto Rico
Public Finance Corporation, Commonwealth |
|
|
|
|
|
|
|
|
5.50%, 2/01/12 |
|
|
7,475 |
|
|
8,066,497 |
|
|
5.70%, 2/01/10 |
|
|
6,000 |
|
|
6,299,520 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,248,727 |
|
|
Total Municipal Bonds (Cost—$259,598,512)—142.0% |
|
|
|
|
|
259,747,053 |
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
Par |
|
Value |
|
||
|
Multi-State—10.0% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (j): |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
$ |
6,000 |
|
$ |
6,215,640 |
|
|
6.80%, 11/30/50 |
|
|
5,500 |
|
|
5,920,805 |
|
|
MuniMae TE Bond Subsidiary LLC (j): |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
|
6,000 |
|
|
6,144,060 |
|
|
6.80%, 6/30/50 |
|
|
3,000 |
|
|
3,169,740 |
|
|
Total Corporate Bonds (Cost—$20,502,500)—11.7% |
|
|
|
|
|
21,450,245 |
|
|
|
|||||||
|
|
|||||||
|
Short-Term Securities |
|
|
Shares |
|
|
|
|
|
CMA New York Municipal Money Fund, 1.93% (k)(l) |
|
7,882,541 |
|
|
7,882,541 |
|
|
|
Total Short-Term Securities (Cost—$7,882,541)—4.3% |
|
|
|
|
|
7,882,541 |
|
|
Total Investments (Cost—$287,983,553*)—158.0% |
|
|
|
|
|
289,079,839 |
|
|
Other Assets Less Liabilities—2.0% |
|
|
|
|
|
3,586,322 |
|
|
Preferred Shares, at Redemption Value—(60.0%) |
|
|
|
|
|
(109,802,918 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
182,863,243 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||||
|
* |
The cost and unrealized appreciation (depreciation) of investments as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
287,297,059 |
|
|
|
|
|
|||
|
|
Gross unrealized appreciation |
|
$ |
7,969,708 |
|
|
|
Gross unrealized depreciation |
|
|
(6,186,928 |
) |
|
|
|
|
|||
|
|
Net unrealized appreciation |
|
$ |
1,782,780 |
|
|
|
|
|
|
|
|
|
(a) |
Illiquid security. |
|
(b) |
MBIA Insured. |
|
(c) |
CIFG Insured. |
|
(d) |
AMBAC Insured. |
|
(e) |
FSA Insured. |
|
(f) |
FGIC Insured. |
|
(g) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(h) |
ACA Insured. |
|
(i) |
Radian Insured. |
|
(j) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(k) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
|
|
CMA New York Municipal Money Fund |
|
7,835,658 |
|
$ |
37,210 |
|
|
|
|
|
(l) |
Represents the current yield as of report date. |
|
(m) |
Illiquid securities. |
|
|
|
|
• |
Forward interest rate swap outstanding as of April 30, 2008 was as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Notional |
|
Unrealized |
|
||
|
Pay a fixed rate of 3.798% and receive a floating rate based on 1-week SIFMA Municipal Swap Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, Citibank NA |
|
$ |
6,000 |
|
$ |
(88,392 |
) |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
42 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
[This page intentionally left blank]
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2008 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
|||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value – unaffiliated1 |
|
$ |
364,686,977 |
|
$ |
953,296,773 |
|
$ |
307,385,817 |
|
$ |
19,426,619 |
|
$ |
316,266,139 |
|
|
Investments at value – affiliated2 |
|
|
19,300,000 |
|
|
4,838,909 |
|
|
1,810,502 |
|
|
1,229,203 |
|
|
28,238,069 |
|
|
Cash |
|
|
40,147 |
|
|
11,952 |
|
|
64,263 |
|
|
59,725 |
|
|
97,837 |
|
|
Investments sold receivable |
|
|
3,465,401 |
|
|
34,391,740 |
|
|
590,587 |
|
|
— |
|
|
6,120,455 |
|
|
Interest receivable |
|
|
5,204,108 |
|
|
14,474,274 |
|
|
5,331,149 |
|
|
295,231 |
|
|
4,427,194 |
|
|
Swaps receivable |
|
|
118,219 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Dividends receivable |
|
|
183 |
|
|
333 |
|
|
— |
|
|
— |
|
|
— |
|
|
Prepaid expenses |
|
|
6,569 |
|
|
— |
|
|
94,125 |
|
|
3,449 |
|
|
— |
|
|
Other assets |
|
|
54,512 |
|
|
458,227 |
|
|
13,082 |
|
|
5,152 |
|
|
36,635 |
|
|
|
|
|||||||||||||||
|
Total assets |
|
|
392,876,116 |
|
|
1,007,472,208 |
|
|
315,289,525 |
|
|
21,019,379 |
|
|
355,186,329 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized depreciation on forward interest rate swaps |
|
|
575,472 |
|
|
1,616,589 |
|
|
136,552 |
|
|
— |
|
|
— |
|
|
Bank overdraft |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Investments purchased payable |
|
|
12,668,810 |
|
|
36,711,053 |
|
|
3,290,000 |
|
|
— |
|
|
4,070,156 |
|
|
Income dividends payable – common shares |
|
|
1,350,230 |
|
|
3,421,177 |
|
|
733,983 |
|
|
48,344 |
|
|
1,150,874 |
|
|
Investment advisory fees payable |
|
|
151,003 |
|
|
358,323 |
|
|
79,820 |
|
|
5,623 |
|
|
118,321 |
|
|
Administration fees payable |
|
|
— |
|
|
— |
|
|
— |
|
|
1,710 |
|
|
— |
|
|
Officer’s and Trustees’ fees payable |
|
|
55,503 |
|
|
128,658 |
|
|
13,604 |
|
|
5,391 |
|
|
35,104 |
|
|
Other accrued expenses payable |
|
|
132,517 |
|
|
84,001 |
|
|
66,070 |
|
|
46,739 |
|
|
106,929 |
|
|
Other liabilities |
|
|
— |
|
|
— |
|
|
4,886 |
|
|
— |
|
|
— |
|
|
Interest expense payable |
|
|
— |
|
|
— |
|
|
1,313,380 |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
Total accrued liabilities |
|
|
14,933,535 |
|
|
41,319,801 |
|
|
5,638,295 |
|
|
107,807 |
|
|
5,481,384 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Libilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates payable3 |
|
|
— |
|
|
— |
|
|
144,470,000 |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
Total Liabilities |
|
|
14,933,535 |
|
|
41,319,801 |
|
|
150,108,295 |
|
|
107,807 |
|
|
5,481,384 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.001 par value per share4 at $25,000 per share liquidation preference |
|
|
146,636,542 |
|
|
375,264,208 |
|
|
— |
|
|
7,505,017 |
|
|
131,995,802 |
|
|
|
|
|||||||||||||||
|
Net Assets Applicable to Common Shares |
|
$ |
231,306,039 |
|
$ |
589,888,199 |
|
$ |
165,181,230 |
|
$ |
13,406,555 |
|
$ |
217,709,143 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares, par value5 |
|
$ |
168,779 |
|
$ |
44,144 |
|
$ |
13,345 |
|
$ |
10,072 |
|
$ |
15,128 |
|
|
Paid-in capital in excess of par |
|
|
234,412,917 |
|
|
627,167,124 |
|
|
190,776,233 |
|
|
13,393,656 |
|
|
214,843,313 |
|
|
Accumulated (distribuitions in excess of) net investment income |
|
|
2,188,706 |
|
|
5,021,791 |
|
|
703,958 |
|
|
(9,250 |
) |
|
2,821,975 |
|
|
Accumulated net realized losses |
|
|
(4,556,282 |
) |
|
(39,233,575 |
) |
|
(4,007,136 |
) |
|
(101,048 |
) |
|
(7,073,895 |
) |
|
Net unrealized appreciation/depreciation |
|
|
(908,081 |
) |
|
(3,111,285 |
) |
|
(22,305,170 |
) |
|
113,125 |
|
|
7,102,622 |
|
|
|
|
|||||||||||||||
|
Net Assets applicable to common shareholders |
|
$ |
231,306,039 |
|
$ |
589,888,199 |
|
$ |
165,181,230 |
|
$ |
13,406,555 |
|
$ |
217,709,143 |
|
|
|
|
|||||||||||||||
|
Net asset value per common share6 |
|
$ |
13.70 |
|
$ |
13.36 |
|
$ |
12.38 |
|
$ |
13.31 |
|
$ |
14.39 |
|
|
|
|
|||||||||||||||
|
1Investments at cost – unaffiliated |
|
$ |
365,019,586 |
|
$ |
954,791,469 |
|
$ |
329,567,517 |
|
$ |
19,318,646 |
|
$ |
309,200,152 |
|
|
|
|
|||||||||||||||
|
2Investments at cost – affiliated |
|
$ |
19,300,000 |
|
$ |
4,838,909 |
|
$ |
1,810,502 |
|
$ |
1,229,203 |
|
$ |
28,238,069 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Represents short-term floating rate certificates issued by tender option bond trusts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Preferred Shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M7 |
|
|
— |
|
|
3,001 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
T7 |
|
|
3,262 |
|
|
3,001 |
|
|
— |
|
|
— |
|
|
2,639 |
|
|
|
|
|||||||||||||||
|
T28 |
|
|
2,600 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
W7 |
|
|
— |
|
|
3,001 |
|
|
— |
|
|
300 |
|
|
— |
|
|
|
|
|||||||||||||||
|
R7 |
|
|
— |
|
|
3,001 |
|
|
— |
|
|
— |
|
|
2,639 |
|
|
|
|
|||||||||||||||
|
F7 |
|
|
— |
|
|
3,001 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
5Par value per share |
|
$ |
0.01 |
|
$ |
0.001 |
|
$ |
0.001 |
|
$ |
0.01 |
|
$ |
0.001 |
|
|
|
|
|||||||||||||||
|
6Common Shares outstanding |
|
|
16,877,877 |
|
|
44,144,225 |
|
|
13,345,152 |
|
|
1,007,166 |
|
|
15,128,360 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30, 2008 (Unaudited) |
|
|
BlackRock |
|
|
BlackRock |
|
|
BlackRock |
|
|
BlackRock |
|
|
BlackRock |
|
|
BlackRock |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value – unaffiliated1 |
|
$ |
22,274,120 |
|
$ |
151,052,296 |
|
$ |
18,930,248 |
|
$ |
165,811,358 |
|
$ |
26,661,735 |
|
$ |
281,197,298 |
|
|
Investments at value – affiliated2 |
|
|
817,070 |
|
|
1,291,137 |
|
|
1,009,496 |
|
|
6,557,212 |
|
|
711,154 |
|
|
7,882,541 |
|
|
Cash |
|
|
— |
|
|
— |
|
|
34,520 |
|
|
32,048 |
|
|
72,746 |
|
|
93,560 |
|
|
Investments sold receivable |
|
|
15,000 |
|
|
225,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
99,250 |
|
|
Interest receivable |
|
|
309,598 |
|
|
2,412,495 |
|
|
339,879 |
|
|
2,515,780 |
|
|
498,549 |
|
|
4,632,044 |
|
|
Swaps receivable |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Dividends receivable |
|
|
18 |
|
|
46 |
|
|
26 |
|
|
53 |
|
|
18 |
|
|
89 |
|
|
Prepaid expenses |
|
|
3,449 |
|
|
— |
|
|
3,449 |
|
|
— |
|
|
3,449 |
|
|
— |
|
|
Other assets |
|
|
5,403 |
|
|
13,689 |
|
|
7,597 |
|
|
15,668 |
|
|
5,255 |
|
|
25,862 |
|
|
|
|
||||||||||||||||||
|
Total assets |
|
|
23,424,658 |
|
|
154,994,663 |
|
|
20,325,215 |
|
|
174,932,119 |
|
|
27,952,906 |
|
|
293,930,644 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized depreciation on forward interest rate swaps |
|
|
4,156 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
88,392 |
|
|
Bank overdraft |
|
|
19,809 |
|
|
20,080 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Investments purchased payable |
|
|
500,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Income dividends payable – common shares |
|
|
50,156 |
|
|
487,177 |
|
|
68,762 |
|
|
598,980 |
|
|
87,846 |
|
|
954,208 |
|
|
Investment advisory fees payable |
|
|
6,028 |
|
|
55,889 |
|
|
5,245 |
|
|
60,646 |
|
|
7,713 |
|
|
105,219 |
|
|
Administration fees payable |
|
|
1,864 |
|
|
— |
|
|
1,659 |
|
|
— |
|
|
2,278 |
|
|
— |
|
|
Officer’s and Trustees’ fees payable |
|
|
5,214 |
|
|
14,065 |
|
|
7,268 |
|
|
15,113 |
|
|
5,093 |
|
|
24,762 |
|
|
Other accrued expenses payable |
|
|
47,605 |
|
|
70,115 |
|
|
39,964 |
|
|
62,256 |
|
|
37,927 |
|
|
91,902 |
|
|
Other liabilities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
Interest expense payable |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Total accrued liabilities |
|
|
634,832 |
|
|
647,326 |
|
|
122,898 |
|
|
736,995 |
|
|
140,857 |
|
|
1,264,483 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Libilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates payable3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Total Liabilities |
|
|
634,832 |
|
|
647,326 |
|
|
122,898 |
|
|
736,995 |
|
|
140,857 |
|
|
1,264,483 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
$0.001 par value per share4 at $25,000 per share liquidation preference |
|
|
8,504,943 |
|
|
57,555,953 |
|
|
7,500,776 |
|
|
63,837,693 |
|
|
9,802,896 |
|
|
109,802,918 |
|
|
|
|
||||||||||||||||||
|
Net Assets Applicable to Common Shares |
|
$ |
14,284,883 |
|
$ |
96,791,384 |
|
$ |
12,701,541 |
|
$ |
110,357,431 |
|
$ |
18,009,153 |
|
$ |
182,863,243 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Common Shares, par value5 |
|
$ |
11,271 |
|
$ |
6,685 |
|
$ |
10,112 |
|
$ |
7,523 |
|
$ |
13,111 |
|
$ |
12,666 |
|
|
Paid-in capital in excess of par |
|
|
15,001,008 |
|
|
94,857,182 |
|
|
13,139,333 |
|
|
106,947,504 |
|
|
17,711,073 |
|
|
179,894,075 |
|
|
Accumulated (distribuitions in excess of) net investment income |
|
|
1,806 |
|
|
812,598 |
|
|
119,252 |
|
|
2,094,700 |
|
|
80,150 |
|
|
3,861,248 |
|
|
Accumulated net realized losses |
|
|
(504,107 |
) |
|
(1,581,468 |
) |
|
(224,047 |
) |
|
(1,429,883 |
) |
|
(62,121 |
) |
|
(1,912,640 |
) |
|
Net unrealized appreciation/depreciation |
|
|
(225,095 |
) |
|
2,696,387 |
|
|
(343,109 |
) |
|
2,737,587 |
|
|
266,940 |
|
|
1,007,894 |
|
|
|
|
||||||||||||||||||
|
Net Assets applicable to common shareholders |
|
$ |
14,284,883 |
|
$ |
96,791,384 |
|
$ |
12,701,541 |
|
$ |
110,357,431 |
|
$ |
18,009,153 |
|
$ |
182,863,243 |
|
|
|
|
||||||||||||||||||
|
Net asset value per common share6 |
|
$ |
12.67 |
|
$ |
14.48 |
|
$ |
12.56 |
|
$ |
14.67 |
|
$ |
13.74 |
|
$ |
14.44 |
|
|
|
|
||||||||||||||||||
|
1Investments at cost – unaffiliated |
|
$ |
22,495,059 |
|
$ |
148,355,909 |
|
$ |
19,273,357 |
|
$ |
163,073,771 |
|
$ |
26,394,795 |
|
$ |
280,101,012 |
|
|
|
|
||||||||||||||||||
|
2Investments at cost – affiliated |
|
$ |
817,070 |
|
$ |
1,291,137 |
|
$ |
1,009,496 |
|
$ |
6,557,212 |
|
$ |
711,154 |
|
$ |
7,882,541 |
|
|
|
|
||||||||||||||||||
|
3Represents short-term floating rate certificates issued by tender option bond trusts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Preferred Shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
T7 |
|
|
— |
|
|
2,302 |
|
|
300 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
T28 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
W7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,195 |
|
|
|
|
||||||||||||||||||
|
R7 |
|
|
340 |
|
|
— |
|
|
— |
|
|
2,552 |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
F7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
392 |
|
|
2,195 |
|
|
|
|
||||||||||||||||||
|
5Par value per share |
|
$ |
0.01 |
|
$ |
0.001 |
|
$ |
0.01 |
|
$ |
0.001 |
|
$ |
0.01 |
|
$ |
0.001 |
|
|
|
|
||||||||||||||||||
|
6Common Shares outstanding |
|
|
1,127,093 |
|
|
6,685,098 |
|
|
1,011,203 |
|
|
7,522,511 |
|
|
1,311,140 |
|
|
12,665,522 |
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended April 30, 2008 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
|||||
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
9,692,968 |
|
$ |
26,926,201 |
|
$ |
8,860,716 |
|
$ |
502,218 |
|
$ |
8,774,113 |
|
|
Dividends from affiliates |
|
|
364,012 |
|
|
189,425 |
|
|
51,646 |
|
|
12,814 |
|
|
199,548 |
|
|
Income from affiliates |
|
|
883 |
|
|
1,661 |
|
|
212 |
|
|
84 |
|
|
593 |
|
|
|
|
|||||||||||||||
|
Total income |
|
|
10,057,863 |
|
|
27,117,287 |
|
|
8,912,574 |
|
|
515,116 |
|
|
8,974,254 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
|
668,612 |
|
|
2,946,909 |
|
|
855,815 |
|
|
36,809 |
|
|
1,054,480 |
|
|
Commissions for preferred shares |
|
|
178,291 |
|
|
478,540 |
|
|
— |
|
|
10,104 |
|
|
174,898 |
|
|
Accounting services |
|
|
13,062 |
|
|
29,297 |
|
|
19,336 |
|
|
3,197 |
|
|
10,105 |
|
|
Professional |
|
|
36,051 |
|
|
35,794 |
|
|
53,316 |
|
|
23,209 |
|
|
25,720 |
|
|
Transfer agent |
|
|
16,443 |
|
|
20,372 |
|
|
5,329 |
|
|
3,636 |
|
|
10,792 |
|
|
Printing |
|
|
16,749 |
|
|
37,003 |
|
|
11,948 |
|
|
3,782 |
|
|
8,330 |
|
|
Custodian |
|
|
10,912 |
|
|
26,156 |
|
|
9,746 |
|
|
1,939 |
|
|
10,879 |
|
|
Administration |
|
|
286,548 |
|
|
— |
|
|
— |
|
|
10,517 |
|
|
— |
|
|
Registration |
|
|
2,134 |
|
|
3,518 |
|
|
2,260 |
|
|
1,992 |
|
|
2,028 |
|
|
Officer and Trustees |
|
|
12,128 |
|
|
38,545 |
|
|
8,789 |
|
|
326 |
|
|
7,906 |
|
|
Miscellaneous |
|
|
28,295 |
|
|
35,729 |
|
|
68,337 |
|
|
11,528 |
|
|
10,927 |
|
|
|
|
|||||||||||||||
|
Total expenses excluding interest expense and fees |
|
|
1,269,225 |
|
|
3,651,863 |
|
|
1,034,876 |
|
|
107,039 |
|
|
1,316,065 |
|
|
Interest expense and fees1 |
|
|
— |
|
|
— |
|
|
2,578,555 |
|
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
Total Expenses |
|
|
1,269,225 |
|
|
3,651,863 |
|
|
3,613,431 |
|
|
107,039 |
|
|
1,316,065 |
|
|
Less fees waived by advisor |
|
|
(16,544 |
) |
|
(749,935 |
) |
|
(345,251 |
) |
|
(2,012 |
) |
|
(301,076 |
) |
|
Less fees paid indirectly |
|
|
(57 |
) |
|
(136 |
) |
|
(66 |
) |
|
— |
|
|
(35 |
) |
|
|
|
|||||||||||||||
|
Total expenses after fees waived and paid indirectly |
|
|
1,252,624 |
|
|
2,901,792 |
|
|
3,268,114 |
|
|
105,027 |
|
|
1,014,954 |
|
|
|
|
|||||||||||||||
|
Net investment income |
|
|
8,805,239 |
|
|
24,215,495 |
|
|
5,644,460 |
|
|
410,089 |
|
|
7,959,300 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(934,215 |
) |
|
843,154 |
|
|
(2,848,506 |
) |
|
(95,875 |
) |
|
772,674 |
|
|
Futures and swaps |
|
|
(2,560,247 |
) |
|
(5,537,911 |
) |
|
(1,109,910 |
) |
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
|
|
|
(3,494,462 |
) |
|
(4,694,757 |
) |
|
(3,958,416 |
) |
|
(95,875 |
) |
|
772,674 |
|
|
|
|
|||||||||||||||
|
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
|
(11,243,404 |
) |
|
(42,044,567 |
) |
|
(15,236,721 |
) |
|
(449,246 |
) |
|
(7,825,063 |
) |
|
Swaps |
|
|
(245,532 |
) |
|
(1,374,921 |
) |
|
(25,523 |
) |
|
— |
|
|
— |
|
|
|
|
|||||||||||||||
|
|
|
|
(11,488,936 |
) |
|
(43,419,488 |
) |
|
(15,262,244 |
) |
|
(449,246 |
) |
|
(7,825,063 |
) |
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total realized and unrealized loss |
|
|
(14,983,398 |
) |
|
(48,114,245 |
) |
|
(19,220,660 |
) |
|
(545,121 |
) |
|
(7,052,389 |
) |
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(2,699,675 |
) |
|
(6,516,118 |
) |
|
— |
|
|
(125,463 |
) |
|
(2,276,420 |
) |
|
Net realized gain |
|
|
(50,339 |
) |
|
(423,677 |
) |
|
— |
|
|
— |
|
|
(136,878 |
) |
|
|
|
|||||||||||||||
|
Total dividends and distributions to Preferred Shareholders |
|
|
(2,750,014 |
) |
|
(6,939,795 |
) |
|
— |
|
|
(125,463 |
) |
|
(2,413,298 |
) |
|
|
|
|||||||||||||||
|
Net Decrease in Net Assets Resulting from Operations |
|
$ |
(8,928,173 |
) |
$ |
(30,838,545 |
) |
$ |
(13,576,200 |
) |
$ |
(260,495 |
) |
$ |
(1,506,387 |
) |
|
|
|
|||||||||||||||
|
|
|
|
1 |
Related to tender option bond trusts. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
46 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Six Months Ended April 30, 2008 (Unaudited) |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
BlackRock |
|
||||||||||
|
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest |
|
$ |
574,646 |
|
$ |
4,041,168 |
|
$ |
537,382 |
|
$ |
4,646,608 |
|
$ |
723,722 |
|
$ |
7,777,041 |
|
||||
|
Dividends from affiliates |
|
|
6,645 |
|
|
27,544 |
|
|
5,498 |
|
|
36,363 |
|
|
3,922 |
|
|
37,210 |
|
||||
|
Income from affiliates |
|
|
87 |
|
|
222 |
|
|
123 |
|
|
254 |
|
|
85 |
|
|
421 |
|
||||
|
|
|
||||||||||||||||||||||
|
Total income |
|
|
581,378 |
|
|
4,068,934 |
|
|
543,003 |
|
|
4,683,225 |
|
|
727,729 |
|
|
7,814,672 |
|
||||
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Investment advisory |
|
|
40,194 |
|
|
464,224 |
|
|
36,002 |
|
|
527,838 |
|
|
49,039 |
|
|
883,788 |
|
||||
|
Commissions for preferred shares |
|
|
11,952 |
|
|
77,014 |
|
|
9,431 |
|
|
81,032 |
|
|
12,626 |
|
|
142,749 |
|
||||
|
Accounting services |
|
|
3,458 |
|
|
8,523 |
|
|
3,167 |
|
|
16,358 |
|
|
3,337 |
|
|
23,313 |
|
||||
|
Professional |
|
|
22,928 |
|
|
25,031 |
|
|
22,497 |
|
|
31,462 |
|
|
23,152 |
|
|
22,388 |
|
||||
|
Transfer agent |
|
|
6,354 |
|
|
9,417 |
|
|
6,874 |
|
|
8,032 |
|
|
6,970 |
|
|
7,812 |
|
||||
|
Printing |
|
|
3,527 |
|
|
2,971 |
|
|
5,791 |
|
|
10,542 |
|
|
4,735 |
|
|
14,446 |
|
||||
|
Custodian |
|
|
1,805 |
|
|
6,698 |
|
|
1,838 |
|
|
6,663 |
|
|
3,681 |
|
|
10,875 |
|
||||
|
Administration |
|
|
11,484 |
|
|
— |
|
|
10,286 |
|
|
— |
|
|
14,011 |
|
|
— |
|
||||
|
Registration |
|
|
66 |
|
|
2,138 |
|
|
39 |
|
|
2,072 |
|
|
64 |
|
|
2,148 |
|
||||
|
Officer and Trustees |
|
|
374 |
|
|
6,056 |
|
|
— |
|
|
4,473 |
|
|
226 |
|
|
10,977 |
|
||||
|
Miscellaneous |
|
|
10,257 |
|
|
11,828 |
|
|
19,851 |
|
|
11,765 |
|
|
15,875 |
|
|
3,204 |
|
||||
|
|
|
||||||||||||||||||||||
|
Total expenses excluding interest expense and fees |
|
|
112,399 |
|
|
613,900 |
|
|
115,776 |
|
|
700,237 |
|
|
133,716 |
|
|
1,121,700 |
|
||||
|
Interest expense and fees1 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
|
|
|
||||||||||||||||||||||
|
Total Expenses |
|
|
112,399 |
|
|
613,900 |
|
|
115,776 |
|
|
700,237 |
|
|
133,716 |
|
|
1,121,700 |
|
||||
|
Less fees waived by advisor |
|
|
(1,567 |
) |
|
(122,867 |
) |
|
(1,298 |
) |
|
(140,580 |
) |
|
(788 |
) |
|
(228,370 |
) |
||||
|
Less fees paid indirectly |
|
|
(21 |
) |
|
(192 |
) |
|
(25 |
) |
|
(46 |
) |
|
— |
|
|
(14 |
) |
||||
|
|
|
||||||||||||||||||||||
|
Total expenses after fees waived and paid indirectly |
|
|
110,811 |
|
|
490,841 |
|
|
114,453 |
|
|
559,611 |
|
|
132,928 |
|
|
893,316 |
|
||||
|
|
|
||||||||||||||||||||||
|
Net investment income |
|
|
470,567 |
|
|
3,578,093 |
|
|
428,550 |
|
|
4,123,614 |
|
|
594,801 |
|
|
6,921,356 |
|
||||
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Realized gain (loss) from: |
|||||||||||||||||||||||
|
Investments |
|
|
(207,705 |
) |
|
(358,475 |
) |
|
(92,850 |
) |
|
262,076 |
|
|
(60,583 |
) |
|
87,668 |
|
||||
|
Futures and swaps |
|
|
(159,135 |
) |
|
— |
|
|
(36,212 |
) |
|
(49,288 |
) |
|
(1,539 |
) |
|
(763,535 |
) |
||||
|
|
|
||||||||||||||||||||||
|
|
|
|
(366,840 |
) |
|
(358,475 |
) |
|
(129,062 |
) |
|
212,788 |
|
|
(62,122 |
) |
|
(675,867 |
) |
||||
|
|
|
||||||||||||||||||||||
|
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Investments |
|
|
(497,150 |
) |
|
(3,068,232 |
) |
|
(748,802 |
) |
|
(5,395,220 |
) |
|
(562,543 |
) |
|
(6,703,799 |
) |
||||
|
Swaps |
|
|
15,102 |
|
|
— |
|
|
— |
|
|
729 |
|
|
— |
|
|
(85,566 |
) |
||||
|
|
|
||||||||||||||||||||||
|
|
|
|
(482,048 |
) |
|
(3,068,232 |
) |
|
(748,802 |
) |
|
(5,394,491 |
) |
|
(562,543 |
) |
|
(6,789,365 |
) |
||||
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total realized and unrealized loss |
|
|
(848,888 |
) |
|
(3,426,707 |
) |
|
(877,864 |
) |
|
(5,181,703 |
) |
|
(624,665 |
) |
|
(7,465,232 |
) |
||||
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Dividends and Distributions to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net investment income |
|
|
(165,797 |
) |
|
(1,057,260 |
) |
|
(121,514 |
) |
|
(1,079,230 |
) |
|
(130,118 |
) |
|
(1,788,554 |
) |
||||
|
Net realized gain |
|
|
— |
|
|
— |
|
|
(10,479 |
) |
|
(108,292 |
) |
|
(48,505 |
) |
|
(121,547 |
) |
||||
|
|
|
||||||||||||||||||||||
|
Total dividends and distributions to Preferred Shareholders |
|
|
(165,797 |
) |
|
(1,057,260 |
) |
|
(131,993 |
) |
|
(1,187,522 |
) |
|
(178,623 |
) |
|
(1,910,101 |
) |
||||
|
|
|
||||||||||||||||||||||
|
Net Decrease in Net Assets Resulting from Operations |
|
$ |
(544,118 |
) |
$ |
(905,874 |
) |
$ |
(581,307 |
) |
$ |
(2,245,611 |
) |
$ |
(208,487 |
) |
$ |
(2,453,977 |
) |
||||
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock |
|
BlackRock
Municipal |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
Increase (Decrease) in Net Assets |
|
|
Six
Months Ended |
|
Year
Ended |
|
Six
Months Ended |
|
Year
Ended |
|
|||||||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
$ |
8,805,239 |
|
|
|
$ |
18,111,477 |
|
|
$ |
|
24,215,495 |
|
|
|
$ |
49,131,354 |
|
|
|
Net realized gain (loss) |
|
|
|
(3,494,462 |
) |
|
|
|
288,808 |
|
|
|
|
(4,694,757 |
) |
|
|
|
(674,035 |
) |
|
|
Net change in unrealized appreciation/depreciation |
|
|
|
(11,488,936 |
) |
|
|
|
(13,839,313 |
) |
|
|
|
(43,419,488 |
) |
|
|
|
(27,798,820 |
) |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(2,699,675 |
) |
|
|
|
(5,316,266 |
) |
|
|
|
(6,516,118 |
) |
|
|
|
(13,506,034 |
) |
|
|
Net realized gain |
|
|
|
(50,339 |
) |
|
|
|
— |
|
|
|
|
(423,677 |
) |
|
|
|
(18,029 |
) |
|
|
|
|
|
|
||||||||||||||||||
|
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
|
|
(8,928,173 |
) |
|
|
|
(755,294 |
) |
|
|
|
(30,838,545 |
) |
|
|
|
7,134,436 |
|
|
|
|
|
|
|||||||||||||||||||
|
|
|||||||||||||||||||||
|
Dividends and Distributions to Common Shareholders From |
|||||||||||||||||||||
|
Net investment income |
|
|
|
(8,126,328 |
) |
|
|
|
(17,197,915 |
) |
|
|
|
(20,617,131 |
) |
|
|
|
(43,341,822 |
) |
|
|
Net realized gain |
|
|
|
(212,385 |
) |
|
|
|
— |
|
|
|
|
(1,114,972 |
) |
|
|
|
(57,432 |
) |
|
|
|
|
|
|
||||||||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
|
(8,338,713 |
) |
|
|
|
(17,197,915 |
) |
|
|
|
(21,732,103 |
) |
|
|
|
(43,399,254 |
) |
|
|
|
|
|
|||||||||||||||||||
|
|
|||||||||||||||||||||
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
|
1,300,536 |
|
|
|
|
1,347,346 |
|
|
|
|
1,478,108 |
|
|
|
|
3,165,968 |
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||
|
Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shares |
|
|
|
(15,966,350 |
) |
|
|
|
(16,605,863 |
) |
|
|
|
(51,092,540 |
) |
|
|
|
(33,098,850 |
) |
|
|
Beginning of period |
|
|
|
247,272,389 |
|
|
|
|
263,878,252 |
|
|
|
|
640,980,739 |
|
|
|
|
674,079,589 |
|
|
|
|
|
|
|
||||||||||||||||||
|
End of period |
|
|
$ |
231,306,039 |
|
|
|
$ |
247,272,389 |
|
|
$ |
|
589,888,199 |
|
|
|
$ |
640,980,739 |
|
|
|
|
|
|
|
||||||||||||||||||
|
End of period undistributed net (distributions in excess of) investment income |
|
|
$ |
2,188,706 |
|
|
|
$ |
4,209,470 |
|
|
$ |
|
5,021,791 |
|
|
|
$ |
7,939,545 |
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock
Florida |
|
BlackRock
New Jersey Investment |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
Increase (Decrease) in Net Assets |
|
|
Six
Months Ended |
|
Year
Ended |
|
Six
Months Ended |
|
Year
Ended |
|
|||||||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
$ |
3,578,093 |
|
|
|
$ |
7,189,178 |
|
|
$ |
|
428,550 |
|
|
|
$ |
917,642 |
|
|
|
Net realized gain (loss) |
|
|
|
(358,475 |
) |
|
|
|
(426,708 |
) |
|
|
|
(129,062 |
) |
|
|
|
(55,198 |
) |
|
|
Net change in unrealized appreciation/depreciation |
|
|
|
(3,068,232 |
) |
|
|
|
(2,783,039 |
) |
|
|
|
(748,802 |
) |
|
|
|
(650,877 |
) |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(1,057,260 |
) |
|
|
|
(2,093,225 |
) |
|
|
|
(121,514 |
) |
|
|
|
(236,547 |
) |
|
|
Net realized gain |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(10,479 |
) |
|
|
|
(17,621 |
) |
|
|
|
|
|
|
||||||||||||||||||
|
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
|
|
(905,874 |
) |
|
|
|
1,886,206 |
|
|
|
|
(581,307 |
) |
|
|
|
(42,601 |
) |
|
|
Dividends and Distributions to Common Shareholders From |
|||||||||||||||||||||
|
Net investment income |
|
|
|
(2,938,927 |
) |
|
|
|
(6,035,745 |
) |
|
|
|
(412,179 |
) |
|
|
|
(830,797 |
) |
|
|
Net realized gain |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(29,440 |
) |
|
|
|
(38,111 |
) |
|
|
|
|
|
|
||||||||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
|
(2,938,927 |
) |
|
|
|
(6,035,745 |
) |
|
|
|
(441,619 |
) |
|
|
|
(868,908 |
) |
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
|
72,406 |
|
|
|
|
262,307 |
|
|
|
|
30,245 |
|
|
|
|
29,674 |
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||||
|
Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shares |
|
|
|
(3,772,395 |
) |
|
|
|
(3,887,232 |
) |
|
|
|
(992,681 |
) |
|
|
|
(881,835 |
) |
|
|
Beginning of period |
|
|
|
100,563,779 |
|
|
|
|
104,451,011 |
|
|
|
|
13,694,222 |
|
|
|
|
14,576,057 |
|
|
|
|
|
|
|
||||||||||||||||||
|
End of period |
|
|
$ |
96,791,384 |
|
|
|
$ |
100,563,779 |
|
|
$ |
|
12,701,541 |
|
|
|
$ |
13,694,222 |
|
|
|
|
|
|
|
||||||||||||||||||
|
End of period undistributed net investment income |
|
|
$ |
812,598 |
|
|
|
$ |
1,230,692 |
|
|
$ |
|
119,252 |
|
|
|
$ |
224,395 |
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
48 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
BlackRock |
|
BlackRock California |
|
BlackRock |
|
BlackRock Florida |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Increase (Decrease) in Net Assets |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
||||||||||||||||||||||||||||||||||||||||||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Net investment income |
|
$ |
|
5,644,460 |
|
|
|
$ |
9,344,930 |
|
|
|
$ |
410,089 |
|
|
|
$ |
842,673 |
|
|
$ |
|
7,959,300 |
|
|
|
$ |
16,381,853 |
|
|
|
$ |
470,567 |
|
|
|
$ |
940,777 |
|
|
||||||||||||||||||||||
|
Net realized gain (loss) |
|
|
|
(3,958,416 |
) |
|
|
|
217,217 |
|
|
|
|
(95,875 |
) |
|
|
|
(7,880 |
) |
|
|
|
772,674 |
|
|
|
|
506,163 |
|
|
|
|
(366,840 |
) |
|
|
|
(137,267 |
) |
|
||||||||||||||||||||||
|
Net change in unrealized appreciation/depreciation |
|
|
|
(15,262,244 |
) |
|
|
|
(15,541,298 |
) |
|
|
|
(449,246 |
) |
|
|
|
(582,095 |
) |
|
|
|
(7,825,063 |
) |
|
|
|
(10,163,939 |
) |
|
|
|
(482,048 |
) |
|
|
|
(659,452 |
) |
|
||||||||||||||||||||||
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Net investment income |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(125,463 |
) |
|
|
|
(240,350 |
) |
|
|
|
(2,276,420 |
) |
|
|
|
(4,587,525 |
) |
|
|
|
(165,797 |
) |
|
|
|
(292,680 |
) |
|
||||||||||||||||||||||
|
Net realized gain |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(16,752 |
) |
|
|
|
(136,878 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(42,977 |
) |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
|
|
(13,576,200 |
) |
|
|
|
(5,979,151 |
) |
|
|
|
(260,495 |
) |
|
|
|
(4,404 |
) |
|
|
|
(1,506,387 |
) |
|
|
|
2,136,552 |
|
|
|
|
(544,118 |
) |
|
|
|
(191,599 |
) |
|
||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Dividends and Distributions to Common Shareholders From |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net investment income |
|
|
|
(4,403,900 |
) |
|
|
|
(9,535,364 |
) |
|
|
|
(290,050 |
) |
|
|
|
(602,846 |
) |
|
|
|
(6,898,659 |
) |
|
|
|
(13,751,528 |
) |
|
|
|
(304,879 |
) |
|
|
|
(674,882 |
) |
|
||||||||||||||||||||||
|
Net realized gain |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(51,877 |
) |
|
|
|
(348,819 |
) |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(53,470 |
) |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
|
(4,403,900 |
) |
|
|
|
(9,535,364 |
) |
|
|
|
(290,050 |
) |
|
|
|
(654,723 |
) |
|
|
|
(7,247,478 |
) |
|
|
|
(13,751,528 |
) |
|
|
|
(304,879 |
) |
|
|
|
(728,352 |
) |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Capital Share Transactions |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Reinvestment of common dividends |
|
|
|
— |
|
|
|
|
538,721 |
|
|
|
|
943 |
|
|
|
|
— |
|
|
|
|
523,721 |
|
|
|
|
981,552 |
|
|
|
|
— |
|
|
|
|
— |
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Net Assets Applicable to Common Shares |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Total decrease in net assets applicable to Common Shares |
|
|
|
(17,980,100 |
) |
|
|
|
(14,975,794 |
) |
|
|
|
(549,602 |
) |
|
|
|
(659,127 |
) |
|
|
|
(8,230,144 |
) |
|
|
|
(10,633,424 |
) |
|
|
|
(848,997 |
) |
|
|
|
(919,951 |
) |
|
||||||||||||||||||||||
|
Beginning of period |
|
|
|
183,161,330 |
|
|
|
|
198,137,124 |
|
|
|
|
13,956,157 |
|
|
|
|
14,615,284 |
|
|
|
|
225,939,287 |
|
|
|
|
236,572,711 |
|
|
|
|
15,133,880 |
|
|
|
|
16,053,831 |
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
End of period |
|
$ |
|
165,181,230 |
|
|
|
$ |
183,161,330 |
|
|
|
$ |
13,406,555 |
|
|
|
$ |
13,956,157 |
|
|
$ |
|
217,709,143 |
|
|
|
$ |
225,939,287 |
|
|
|
$ |
14,284,883 |
|
|
|
$ |
15,133,880 |
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
End of period undistributed net (distributions in excess of) investment income |
|
$ |
|
703,958 |
|
|
|
$ |
(536,602 |
) |
|
|
$ |
(9,250 |
) |
|
|
$ |
(3,826 |
) |
|
$ |
|
2,821,975 |
|
|
|
$ |
4,037,754 |
|
|
|
$ |
1,806 |
|
|
|
$ |
1,915 |
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BlackRock New Jersey |
|
BlackRock New York Investment |
|
BlackRock New York |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Increase (Decrease) in Net Assets |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
Six Months Ended |
|
Year Ended |
|
||||||||||||||||||
|
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
$ |
4,123,614 |
|
|
|
$ |
8,571,202 |
|
|
|
$ |
594,801 |
|
|
|
$ |
1,241,769 |
|
|
|
$ |
6,921,356 |
|
|
|
$ |
14,157,520 |
|
|
|
Net realized gain (loss) |
|
|
|
212,788 |
|
|
|
|
(615,269 |
) |
|
|
|
(62,122 |
) |
|
|
|
174,369 |
|
|
|
|
(675,867 |
) |
|
|
|
(532,770 |
) |
|
|
Net change in unrealized appreciation/depreciation |
|
|
|
(5,394,491 |
) |
|
|
|
(5,097,663 |
) |
|
|
|
(562,543 |
) |
|
|
|
(959,807 |
) |
|
|
|
(6,789,365 |
) |
|
|
|
(8,294,012 |
) |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(1,079,230 |
) |
|
|
|
(2,223,503 |
) |
|
|
|
(130,118 |
) |
|
|
|
(332,059 |
) |
|
|
|
(1,788,554 |
) |
|
|
|
(3,596,912 |
) |
|
|
Net realized gain |
|
|
|
(108,292 |
) |
|
|
|
— |
|
|
|
|
(48,505 |
) |
|
|
|
(8,495 |
) |
|
|
|
(121,547 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
|
|
(2,245,611 |
) |
|
|
|
634,767 |
|
|
|
|
(208,487 |
) |
|
|
|
115,777 |
|
|
|
|
(2,453,977 |
) |
|
|
|
1,733,826 |
|
|
|
Dividends and Distributions to Common Shareholders From |
|||||||||||||||||||||||||||||||
|
Net investment income |
|
|
|
(3,589,575 |
) |
|
|
|
(7,148,582 |
) |
|
|
|
(530,640 |
) |
|
|
|
(1,114,664 |
) |
|
|
|
(5,719,662 |
) |
|
|
|
(11,399,449 |
) |
|
|
Net realized gain |
|
|
|
(309,067 |
) |
|
|
|
— |
|
|
|
|
(133,307 |
) |
|
|
|
(17,872 |
) |
|
|
|
(386,153 |
) |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
|
(3,898,642 |
) |
|
|
|
(7,148,582 |
) |
|
|
|
(663,947 |
) |
|
|
|
(1,132,536 |
) |
|
|
|
(6,105,815 |
) |
|
|
|
(11,399,449 |
) |
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
|
|
349,477 |
|
|
|
|
679,024 |
|
|
|
|
33,172 |
|
|
|
|
26,224 |
|
|
|
|
461,476 |
|
|
|
|
910,003 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Net Assets Applicable to Common Shares |
|||||||||||||||||||||||||||||||
|
Total decrease in net assets applicable to Common Shares |
|
|
|
(5,794,776 |
) |
|
|
|
(5,834,791 |
) |
|
|
|
(839,262 |
) |
|
|
|
(990,535 |
) |
|
|
|
(8,098,316 |
) |
|
|
|
(8,755,620 |
) |
|
|
Beginning of period |
|
|
|
116,152,207 |
|
|
|
|
121,986,998 |
|
|
|
|
18,848,415 |
|
|
|
|
19,838,950 |
|
|
|
|
190,961,559 |
|
|
|
|
199,717,179 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
End of period |
|
|
$ |
110,357,431 |
|
|
|
$ |
116,152,207 |
|
|
|
$ |
18,009,153 |
|
|
|
$ |
18,848,415 |
|
|
|
$ |
182,863,243 |
|
|
|
$ |
190,961,559 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
End of period undistributed net investment income |
|
|
$ |
2,094,700 |
|
|
|
$ |
2,639,891 |
|
|
|
$ |
80,150 |
|
|
|
$ |
146,107 |
|
|
|
$ |
3,861,248 |
|
|
|
$ |
4,448,108 |
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended April 30, 2008 |
|
BlackRock |
|
|
|
Cash Provided by Operating Activities |
|
|
|
|
|
Net decrease in net assets resulting from operations |
|
$ |
(13,576,200 |
) |
|
|
|
|
||
|
|
|
|
|
|
|
Adjustments to Reconcile Net Decrease
in Net Assets Resulting |
|
|
|
|
|
Increase in receivables |
|
|
583,327 |
|
|
Decrease in other liabilities |
|
|
(1,143,971 |
) |
|
Net realized and unrealized loss |
|
|
16,988,087 |
|
|
Amortization of premium and discount on investments |
|
|
(210,999 |
) |
|
Proceeds from sales and paydowns of long-term securities |
|
|
77,992,701 |
|
|
Purchases of long-term securities |
|
|
(38,164,363 |
) |
|
Net purchases of short-term investments |
|
|
(4,940,501 |
) |
|
|
|
|
||
|
Cash provided by operating activities |
|
$ |
37,528,081 |
|
|
|
|
|
||
|
Cash Provided by Financing Activities: |
|
|
|
|
|
Repayments from trust certificates |
|
|
(33,057,503 |
) |
|
Cash dividends paid to shareholders |
|
|
(4,403,900 |
) |
|
Decrease in custodian bank payable |
|
|
(2,415 |
) |
|
|
|
|
||
|
Cash used for financing activities |
|
$ |
(37,463,818 |
) |
|
|
|
|
||
|
Cash: |
|
|
|
|
|
Net increase in cash |
|
|
64,263 |
|
|
Cash at beginning of period |
|
|
— |
|
|
|
|
|
||
|
Cash at end of period |
|
$ |
64,263 |
|
|
|
|
|
||
|
Cash Flow Information: |
|
|
|
|
|
|
||||
|
Cash paid for interest |
|
$ |
(1,195,810 |
) |
|
|
|
|
||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
50 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended October 31, |
|
||||||||||||||
|
|
|
|
|||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
14.73 |
|
$ |
15.79 |
|
$ |
15.59 |
|
$ |
15.71 |
|
$ |
15.28 |
|
$ |
15.19 |
|
|
|
|
||||||||||||||||||
|
Net investment income |
|
|
0.52 |
1 |
|
1.08 |
|
|
1.10 |
|
|
1.14 |
|
|
1.17 |
|
|
1.16 |
|
|
Net realized and unrealized gain (loss) |
|
|
(0.90 |
) |
|
(0.79 |
) |
|
0.44 |
|
|
(0.11 |
) |
|
0.26 |
|
|
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.16 |
) |
|
(0.32 |
) |
|
(0.28 |
) |
|
(0.19 |
) |
|
(0.09 |
) |
|
(0.09 |
) |
|
Net realized gain |
|
|
— |
2 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
(0.54 |
) |
|
(0.03 |
) |
|
1.26 |
|
|
0.84 |
|
|
1.34 |
|
|
0.98 |
|
|
|
|
||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.48 |
) |
|
(1.03 |
) |
|
(1.06 |
) |
|
(0.96 |
) |
|
(0.91 |
) |
|
(0.89 |
) |
|
Net realized gain |
|
|
(0.01 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Total dividends and distributions |
|
|
(0.49 |
) |
|
(1.03 |
) |
|
(1.06 |
) |
|
(0.96 |
) |
|
(0.91 |
) |
|
(0.89 |
) |
|
|
|
||||||||||||||||||
|
Net asset value, end of period |
|
$ |
13.70 |
|
$ |
14.73 |
|
$ |
15.79 |
|
$ |
15.59 |
|
$ |
15.71 |
|
$ |
15.28 |
|
|
|
|
||||||||||||||||||
|
Market price, end of period |
|
$ |
15.81 |
|
$ |
16.35 |
|
$ |
18.97 |
|
$ |
16.62 |
|
$ |
15.12 |
|
$ |
14.26 |
|
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
(3.85 |
)%4 |
|
(0.95 |
)% |
|
7.38 |
% |
|
5.34 |
% |
|
9.48 |
% |
|
7.14 |
% |
|
|
|
||||||||||||||||||
|
Based on market price |
|
|
(0.03 |
)%4 |
|
(8.49 |
)% |
|
21.06 |
% |
|
16.68 |
% |
|
12.91 |
% |
|
12.67 |
% |
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total expenses after fees waived and paid indirectly5 |
|
|
1.06 |
%6 |
|
1.07 |
% |
|
1.09 |
% |
|
1.08 |
% |
|
1.08 |
% |
|
1.10 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver5 |
|
|
1.06 |
%6 |
|
1.08 |
% |
|
1.09 |
% |
|
1.08 |
% |
|
1.08 |
% |
|
1.10 |
% |
|
|
|
||||||||||||||||||
|
Total expenses5 |
|
|
1.07 |
%6 |
|
1.08 |
% |
|
1.09 |
% |
|
1.08 |
% |
|
1.08 |
% |
|
1.10 |
% |
|
|
|
||||||||||||||||||
|
Net investment income5 |
|
|
7.43 |
%6 |
|
7.06 |
% |
|
7.09 |
% |
|
7.21 |
% |
|
7.59 |
% |
|
7.62 |
% |
|
|
|
||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
2.28 |
%6 |
|
2.07 |
% |
|
1.81 |
% |
|
1.17 |
% |
|
0.60 |
% |
|
0.59 |
% |
|
|
|
||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
5.15 |
%6 |
|
4.99 |
% |
|
5.28 |
% |
|
6.04 |
% |
|
9.66 |
% |
|
7.03 |
% |
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
applicable to Common Shares, |
|
$ |
231,306 |
|
$ |
247,272 |
|
$ |
263,878 |
|
$ |
260,494 |
|
$ |
262,474 |
|
$ |
255,315 |
|
|
|
|
||||||||||||||||||
|
Preferred
Shares outstanding at liquidation |
|
$ |
146,550 |
|
$ |
146,550 |
|
$ |
146,550 |
|
$ |
146,550 |
|
$ |
146,550 |
|
$ |
146,550 |
|
|
|
|
||||||||||||||||||
|
Portfolio turnover |
|
|
7 |
% |
|
17 |
% |
|
82 |
% |
|
77 |
% |
|
52 |
% |
|
36 |
% |
|
|
|
||||||||||||||||||
|
Asset coverage per $1,000 |
|
$ |
64,473 |
|
$ |
67,185 |
|
$ |
70,054 |
|
$ |
69,465 |
|
$ |
69,790 |
|
$ |
68,561 |
|
|
|
|
||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Amount is less than $(0.01) per share. |
|
3 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
4 |
Aggregate total investment return. |
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
6 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
51 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Municipal Income Trust (BFK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended October 31, |
|
||||||||||||||
|
|
|
|
|
||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
14.55 |
|
$ |
15.37 |
|
$ |
14.71 |
|
$ |
14.26 |
|
$ |
13.87 |
|
$ |
13.33 |
|
|
|
|
||||||||||||||||||
|
Net investment income |
|
|
0.55 |
1 |
|
1.11 |
|
|
1.14 |
|
|
1.18 |
|
|
1.19 |
|
|
1.23 |
|
|
Net realized and unrealized gain (loss) |
|
|
(1.08 |
) |
|
(0.63 |
) |
|
0.78 |
|
|
0.43 |
|
|
0.26 |
|
|
0.35 |
|
|
Dividends
and distributions to Preferred Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.15 |
) |
|
(0.31 |
) |
|
(0.27 |
) |
|
(0.18 |
) |
|
(0.09 |
) |
|
(0.09 |
) |
|
Net realized gain |
|
|
(0.01 |
) |
|
— |
2 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
(0.69 |
) |
|
0.17 |
|
|
1.65 |
|
|
1.43 |
|
|
1.36 |
|
|
1.49 |
|
|
|
|
||||||||||||||||||
|
Dividends
and distributions to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
(0.47 |
) |
|
(0.99 |
) |
|
(0.99 |
) |
|
(0.98 |
) |
|
(0.97 |
) |
|
(0.95 |
) |
|
Net realized gain |
|
|
(0.03 |
) |
|
— |
2 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||
|
Total dividends and distributions |
|
|
(0.50 |
) |
|
(0.99 |
) |
|
(0.99 |
) |
|
(0.98 |
) |
|
(0.97 |
) |
|
(0.95 |
) |
|
|
|
||||||||||||||||||
|
Net asset value, end of period |
|
$ |
13.36 |
|
$ |
14.55 |
|
$ |
15.37 |
|
$ |
14.71 |
|
$ |
14.26 |
|
$ |
13.87 |
|
|
|
|
||||||||||||||||||
|
Market price per share, end of period |
|
$ |
15.01 |
|
$ |
15.92 |
|
$ |
17.30 |
|
$ |
15.69 |
|
$ |
14.05 |
|
$ |
13.70 |
|
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
(4.94 |
)%4 |
|
0.70 |
% |
|
11.24 |
% |
|
10.21 |
% |
|
10.29 |
% |
|
11.63 |
% |
|
|
|
||||||||||||||||||
|
Based on market price |
|
|
(2.40 |
)%4 |
|
(2.11 |
)% |
|
17.39 |
% |
|
19.31 |
% |
|
10.01 |
% |
|
9.21 |
% |
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly5 |
|
|
0.95 |
%6 |
|
0.88 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
0.84 |
% |
|
|
|
||||||||||||||||||
|
Total expenses after waiver5 |
|
|
0.95 |
%6 |
|
0.88 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
0.83 |
% |
|
0.84 |
% |
|
|
|
||||||||||||||||||
|
Total expenses5 |
|
|
1.20 |
%6 |
|
1.18 |
% |
|
1.21 |
% |
|
1.22 |
% |
|
1.23 |
% |
|
1.25 |
% |
|
|
|
||||||||||||||||||
|
Total net investment income5 |
|
|
7.93 |
%6 |
|
7.43 |
% |
|
7.65 |
% |
|
7.97 |
% |
|
8.44 |
% |
|
8.96 |
% |
|
|
|
||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
2.13 |
%6 |
|
2.04 |
% |
|
1.83 |
% |
|
1.23 |
% |
|
0.63 |
% |
|
0.65 |
% |
|
|
|
||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
5.80 |
%6 |
|
5.39 |
% |
|
5.82 |
% |
|
6.74 |
% |
|
7.81 |
% |
|
0.31 |
% |
|
|
|
||||||||||||||||||
|
|
|||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
applicable to Common Shares, |
|
$ |
589,888 |
|
$ |
640,981 |
|
$ |
674,080 |
|
$ |
642,047 |
|
$ |
621,648 |
|
$ |
603,943 |
|
|
|
|
||||||||||||||||||
|
Preferred
Shares outstanding at liquidation |
|
$ |
375,125 |
|
$ |
375,125 |
|
$ |
375,125 |
|
$ |
375,125 |
|
$ |
375,125 |
|
$ |
375,125 |
|
|
|
|
||||||||||||||||||
|
Portfolio turnover |
|
|
9 |
% |
|
17 |
% |
|
77 |
% |
|
68 |
% |
|
59 |
% |
|
56 |
% |
|
|
|
||||||||||||||||||
|
Asset coverage per $1,000 |
|
$ |
64,322 |
|
$ |
67,727 |
|
$ |
69,933 |
|
$ |
67,797 |
|
$ |
66,435 |
|
$ |
65,251 |
|
|
|
|
||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Amount is less than $(0.01) per share. |
|
3 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
4 |
Aggregate total investment return. |
|
5 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
6 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
52 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year
Ended |
|
Period |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net asset value, beginning of period |
|
|
$ |
13.72 |
|
|
|
$ |
14.89 |
|
|
|
$ |
14.33 |
2 |
|
|
|
|
|||||||||||||||
|
Net investment income |
|
|
|
0.42 |
3 |
|
|
|
0.70 |
|
|
|
|
0.45 |
|
|
|
Net realized and unrealized gain (loss) |
|
|
|
(1.43 |
) |
|
|
|
(1.15 |
) |
|
|
|
0.62 |
|
|
|
|
|
|||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(1.01 |
) |
|
|
|
(0.45 |
) |
|
|
|
1.07 |
|
|
|
|
|
|||||||||||||||
|
Dividends and distributions from net investment income |
|
|
|
(0.33 |
) |
|
|
|
(0.72 |
) |
|
|
|
(0.48 |
) |
|
|
Capital charges with respect to issuance of Common Shares |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(0.03 |
) |
|
|
|
|
|||||||||||||||
|
Net asset value, end of period |
|
|
$ |
12.38 |
|
|
|
$ |
13.72 |
|
|
|
$ |
14.89 |
|
|
|
|
|
|||||||||||||||
|
Market price, end of period |
|
|
$ |
11.63 |
|
|
|
$ |
12.14 |
|
|
|
$ |
14.70 |
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(7.21 |
)%5 |
|
|
|
(2.93 |
)% |
|
|
|
7.48 |
%5 |
|
|
|
|
|||||||||||||||
|
Based on market price |
|
|
|
(1.49 |
)%5 |
|
|
|
(13.00 |
)% |
|
|
|
1.40 |
%5 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses after fees waived and paid indirectly |
|
|
|
3.87 |
%6 |
|
|
|
4.29 |
% |
|
|
|
4.11 |
%6 |
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived and before fees paid indirectly |
|
|
|
3.87 |
%6 |
|
|
|
4.29 |
% |
|
|
|
4.14 |
%6 |
|
|
|
|
|||||||||||||||
|
Total expenses before fees waived and paid indirectly |
|
|
|
4.28 |
%6 |
|
|
|
4.69 |
% |
|
|
|
4.55 |
%6 |
|
|
|
|
|||||||||||||||
|
Total expenses after fees waived and paid indirectly excluding interest expense and fees7 |
|
|
|
0.82 |
%6 |
|
|
|
0.89 |
% |
|
|
|
0.97 |
%6 |
|
|
|
|
|||||||||||||||
|
Net investment income |
|
|
|
6.69 |
%6 |
|
|
|
4.87 |
% |
|
|
|
4.79 |
%6 |
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable, end of period (000) |
|
|
$ |
165,181 |
|
|
|
$ |
183,161 |
|
|
|
$ |
198,137 |
|
|
|
|
|
|||||||||||||||
|
Portfolio turnover |
|
|
|
25 |
% |
|
|
|
39 |
% |
|
|
|
20 |
% |
|
|
|
|
|||||||||||||||
|
|
|
|
1 |
Commencement of operations. |
|
2 |
Net asset value, beginning of period reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share. |
|
3 |
Based on average shares outstanding. |
|
4 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
5 |
Aggregate total investment return. |
|
6 |
Annualized. |
|
7 |
Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
53 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock California Investment Quality Municipal Trust (RAA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Six
Months Ended |
|
Year Ended October 31, |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Net asset value, beginning of period |
|
|
$ |
13.86 |
|
|
$ |
14.51 |
|
$ |
14.20 |
|
$ |
14.43 |
|
$ |
14.56 |
|
$ |
14.81 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.41 |
1 |
|
|
0.84 |
|
|
0.87 |
|
|
0.78 |
|
|
0.92 |
|
|
1.05 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.57 |
) |
|
|
(0.58 |
) |
|
0.50 |
|
|
(0.03 |
) |
|
(0.09 |
) |
|
(0.41 |
) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.10 |
) |
|
|
(0.24 |
) |
|
(0.21 |
) |
|
(0.13 |
) |
|
(0.06 |
) |
|
(0.06 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.02 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.26 |
) |
|
|
— |
|
|
1.16 |
|
|
0.62 |
|
|
0.77 |
|
|
0.58 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.29 |
) |
|
|
(0.60 |
) |
|
(0.85 |
) |
|
(0.85 |
) |
|
(0.85 |
) |
|
(0.83 |
) |
|
Net realized gains |
|
|
|
— |
|
|
|
(0.05 |
) |
|
— |
|
|
— |
|
|
(0.05 |
) |
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.29 |
) |
|
|
(0.65 |
) |
|
(0.85 |
) |
|
(0.85 |
) |
|
(0.90 |
) |
|
(0.83 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
13.31 |
|
|
$ |
13.86 |
|
$ |
14.51 |
|
$ |
14.20 |
|
$ |
14.43 |
|
$ |
14.56 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market price, end of period |
|
|
$ |
12.80 |
|
|
$ |
12.57 |
|
$ |
15.80 |
|
$ |
15.75 |
|
$ |
14.30 |
|
$ |
14.03 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(1.77 |
)%3 |
|
|
0.01 |
% |
|
7.87 |
% |
|
4.32 |
% |
|
5.77 |
% |
|
4.43 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
4.16 |
%3 |
|
|
(16.71 |
)% |
|
5.90 |
% |
|
16.76 |
% |
|
8.78 |
% |
|
11.38 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total expenses after fees waived and paid indirectly |
|
|
|
1.54 |
%4 |
|
|
1.39 |
% |
|
1.41 |
% |
|
1.35 |
% |
|
1.35 |
% |
|
1.40 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses net of reimbursement |
|
|
|
1.54 |
%4 |
|
|
1.46 |
% |
|
1.50 |
% |
|
1.39 |
% |
|
1.40 |
% |
|
1.40 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses |
|
|
|
1.57 |
%4 |
|
|
1.47 |
% |
|
1.50 |
% |
|
1.39 |
% |
|
1.40 |
% |
|
1.40 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
6.02 |
%4 |
|
|
5.90 |
% |
|
6.11 |
% |
|
5.38 |
% |
|
6.37 |
% |
|
7.17 |
% |
|
|
|
||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
1.84 |
%4 |
|
|
1.68 |
% |
|
1.50 |
% |
|
0.88 |
% |
|
0.42 |
% |
|
0.44 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
4.18 |
%4 |
|
|
4.22 |
% |
|
4.61 |
% |
|
4.50 |
% |
|
5.95 |
% |
|
6.73 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
|
$ |
13,407 |
|
|
$ |
13,956 |
|
$ |
14,615 |
|
$ |
14,299 |
|
$ |
14,529 |
|
$ |
14,665 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
7,500 |
|
|
$ |
7,500 |
|
$ |
7,500 |
|
$ |
7,500 |
|
$ |
7,500 |
|
$ |
7,500 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
10 |
% |
|
|
38 |
% |
|
49 |
% |
|
20 |
% |
|
15 |
% |
|
6 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage per $1,000 |
|
|
$ |
69,689 |
|
|
$ |
71,534 |
|
$ |
73,731 |
|
$ |
72,671 |
|
$ |
73,433 |
|
$ |
73,886 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
54 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock California Municipal Income Trust (BFZ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Year Ended October 31, |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
14.97 |
|
|
$ |
15.74 |
|
$ |
15.18 |
|
$ |
14.77 |
|
$ |
13.97 |
|
$ |
14.16 |
|
|
|
|||||||||||||||||||||
|
Net investment income |
|
|
|
0.53 |
1 |
|
|
1.08 |
|
|
1.11 |
|
|
1.12 |
|
|
1.15 |
|
|
1.12 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.48 |
) |
|
|
(0.64 |
) |
|
0.62 |
|
|
0.36 |
|
|
0.65 |
|
|
(0.34 |
) |
|
Dividends and distributions to Preferred Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.14 |
) |
|
|
(0.30 |
) |
|
(0.26 |
) |
|
(0.16 |
) |
|
(0.09 |
) |
|
(0.08 |
) |
|
Net realized gain |
|
|
|
(0.03 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.12 |
) |
|
|
0.14 |
|
|
1.47 |
|
|
1.32 |
|
|
1.71 |
|
|
0.70 |
|
|
|
|||||||||||||||||||||
|
Dividends and distributions to Common Shareholders |
|
|
|
(0.46 |
) |
|
|
(0.91 |
) |
|
(0.91 |
) |
|
(0.91 |
) |
|
(0.91 |
) |
|
(0.89 |
) |
|
|
|||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
14.39 |
|
|
$ |
14.97 |
|
$ |
15.74 |
|
$ |
15.18 |
|
$ |
14.77 |
|
$ |
13.97 |
|
|
|
|||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
15.91 |
|
|
$ |
15.82 |
|
$ |
17.12 |
|
$ |
14.92 |
|
$ |
13.65 |
|
$ |
13.21 |
|
|
|
|||||||||||||||||||||
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(0.72 |
)%3 |
|
|
0.77 |
% |
|
9.93 |
% |
|
9.47 |
% |
|
13.14 |
% |
|
5.49 |
% |
|
|
|||||||||||||||||||||
|
Based on market price |
|
|
|
3.87 |
%3 |
|
|
(2.09 |
)% |
|
21.65 |
% |
|
16.42 |
% |
|
10.58 |
% |
|
7.92 |
% |
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total expenses after fees waived and paid indirectly |
|
|
|
0.92 |
%4 |
|
|
0.91 |
% |
|
0.87 |
% |
|
0.85 |
% |
|
0.87 |
% |
|
0.89 |
% |
|
|
|||||||||||||||||||||
|
Total expenses after waiver |
|
|
|
0.92 |
%4 |
|
|
0.91 |
% |
|
0.87 |
% |
|
0.86 |
% |
|
0.88 |
% |
|
0.89 |
% |
|
|
|||||||||||||||||||||
|
Total expenses |
|
|
|
1.19 |
%4 |
|
|
1.21 |
% |
|
1.25 |
% |
|
1.25 |
% |
|
1.28 |
% |
|
1.30 |
% |
|
|
|||||||||||||||||||||
|
Net investment income |
|
|
|
7.23 |
%4 |
|
|
7.09 |
% |
|
7.26 |
% |
|
7.35 |
% |
|
7.96 |
% |
|
8.01 |
% |
|
|
|||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
2.06 |
%4 |
|
|
1.98 |
% |
|
1.71 |
% |
|
1.04 |
% |
|
0.59 |
% |
|
0.57 |
% |
|
|
|||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.17 |
%4 |
|
|
5.11 |
% |
|
5.55 |
% |
|
6.31 |
% |
|
7.37 |
% |
|
7.44 |
% |
|
|
|||||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, |
|
|
$ |
217,709 |
|
|
$ |
225,939 |
|
$ |
236,573 |
|
$ |
227,472 |
|
$ |
221,371 |
|
$ |
209,397 |
|
|
|
|||||||||||||||||||||
|
Preferred Shares outstanding at liquidation |
|
|
$ |
131,950 |
|
|
$ |
131,950 |
|
$ |
131,950 |
|
$ |
131,950 |
|
$ |
131,950 |
|
$ |
131,950 |
|
|
|
|||||||||||||||||||||
|
Portfolio turnover |
|
|
|
14 |
% |
|
|
26 |
% |
|
17 |
% |
|
28 |
% |
|
15 |
% |
|
34 |
% |
|
|
|||||||||||||||||||||
|
Asset coverage per $1,000 |
|
|
$ |
66,248 |
|
|
$ |
67,816 |
|
$ |
69,836 |
|
$ |
68,107 |
|
$ |
66,945 |
|
$ |
64,675 |
|
|
|
|||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
55 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Florida Investment Quality Municipal Trust (RFA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
Year Ended October 31, |
|
|||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
13.43 |
|
|
$ |
14.24 |
|
$ |
14.39 |
|
$ |
15.02 |
|
$ |
15.39 |
|
$ |
15.65 |
|
|
|
|||||||||||||||||||||
|
Net investment income |
|
|
|
0.42 |
1 |
|
|
0.83 |
|
|
0.82 |
|
|
0.84 |
|
|
0.98 |
|
|
1.04 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.76 |
) |
|
|
(0.69 |
) |
|
0.40 |
|
|
(0.35 |
) |
|
(0.18 |
) |
|
(0.39 |
) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.15 |
) |
|
|
(0.26 |
) |
|
(0.21 |
) |
|
(0.15 |
) |
|
(0.07 |
) |
|
(0.08 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.04 |
) |
|
(0.05 |
) |
|
(0.01 |
) |
|
(0.02 |
) |
|
— |
|
|
|
|||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.49 |
) |
|
|
(0.16 |
) |
|
0.96 |
|
|
0.33 |
|
|
0.71 |
|
|
0.57 |
|
|
|
|||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.27 |
) |
|
|
(0.60 |
) |
|
(0.85 |
) |
|
(0.85 |
) |
|
(0.85 |
) |
|
(0.83 |
) |
|
Net realized gain |
|
|
|
— |
|
|
|
(0.05 |
) |
|
(0.26 |
) |
|
(0.11 |
) |
|
(0.23 |
) |
|
— |
|
|
|
|||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.27 |
) |
|
|
(0.65 |
) |
|
(1.11 |
) |
|
(0.96 |
) |
|
(1.08 |
) |
|
(0.83 |
) |
|
|
|||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
12.67 |
|
|
$ |
13.43 |
|
$ |
14.24 |
|
$ |
14.39 |
|
$ |
15.02 |
|
$ |
15.39 |
|
|
|
|||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
11.28 |
|
|
$ |
11.86 |
|
$ |
16.00 |
|
$ |
14.85 |
|
$ |
14.30 |
|
$ |
14.47 |
|
|
|
|||||||||||||||||||||
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(3.41 |
)%3 |
|
|
(1.02 |
)% |
|
6.46 |
% |
|
2.19 |
% |
|
5.00 |
% |
|
3.98 |
% |
|
|
|||||||||||||||||||||
|
Based on market price |
|
|
|
(2.62 |
)%3 |
|
|
(22.21 |
)% |
|
15.91 |
% |
|
10.76 |
% |
|
6.32 |
% |
|
5.52 |
% |
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total expenses after fees waived and paid indirectly4 |
|
|
|
1.52 |
%5 |
|
|
1.39 |
% |
|
1.37 |
% |
|
1.29 |
% |
|
1.27 |
% |
|
1.29 |
% |
|
|
|||||||||||||||||||||
|
Total expenses after waiver4 |
|
|
|
1.52 |
%5 |
|
|
1.43 |
% |
|
1.43 |
% |
|
1.32 |
% |
|
1.31 |
% |
|
1.29 |
% |
|
|
|||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.54 |
%5 |
|
|
1.44 |
% |
|
1.43 |
% |
|
1.32 |
% |
|
1.31 |
% |
|
1.29 |
% |
|
|
|||||||||||||||||||||
|
Net investment income4 |
|
|
|
6.47 |
%5 |
|
|
6.03 |
% |
|
5.80 |
% |
|
5.69 |
% |
|
6.48 |
% |
|
6.69 |
% |
|
|
|||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
2.28 |
%5 |
|
|
1.88 |
% |
|
1.49 |
% |
|
1.05 |
% |
|
0.46 |
% |
|
0.51 |
% |
|
|
|||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
4.19 |
%5 |
|
|
4.15 |
% |
|
4.31 |
% |
|
4.64 |
% |
|
6.02 |
% |
|
6.18 |
% |
|
|
|||||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
|
$ |
14,285 |
|
|
$ |
15,134 |
|
$ |
16,054 |
|
$ |
16,214 |
|
$ |
16,929 |
|
$ |
17,347 |
|
|
|
|||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
8,500 |
|
|
$ |
8,500 |
|
$ |
8,500 |
|
$ |
8,500 |
|
$ |
8,500 |
|
$ |
8,500 |
|
|
|
|||||||||||||||||||||
|
Portfolio turnover |
|
|
|
24 |
% |
|
|
40 |
% |
|
57 |
% |
|
15 |
% |
|
13 |
% |
|
17 |
% |
|
|
|||||||||||||||||||||
|
Asset coverage end of period (000) |
|
|
$ |
67,015 |
|
|
$ |
69,526 |
|
$ |
72,229 |
|
$ |
72,696 |
|
$ |
74,795 |
|
$ |
76,021 |
|
|
|
|||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
5 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
56 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock Florida Municipal Income Trust (BBF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended October 31, |
|||||||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||||||||||||
|
Per Share Operating Performance |
|||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
|
|
$ |
15.05 |
|
|
|
$ |
15.68 |
|
|
|
$ |
15.48 |
|
|
|
$ |
15.27 |
|
|
|
$ |
14.68 |
|
|
|
$ |
14.57 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net investment income |
|
|
|
0.54 |
1 |
|
|
|
1.07 |
|
|
|
|
1.11 |
|
|
|
|
1.11 |
|
|
|
|
1.12 |
|
|
|
|
1.11 |
|
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.51 |
) |
|
|
|
(0.49 |
) |
|
|
|
0.26 |
|
|
|
|
0.17 |
|
|
|
|
0.45 |
|
|
|
|
(0.03 |
) |
|
|
Dividends to Preferred Shareholders from net investment income |
|
|
|
(0.16 |
) |
|
|
|
(0.31 |
) |
|
|
|
(0.27 |
) |
|
|
|
(0.17 |
) |
|
|
|
(0.08 |
) |
|
|
|
(0.08 |
) |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net increase from investment operations |
|
|
|
(0.13 |
) |
|
|
|
0.27 |
|
|
|
|
1.10 |
|
|
|
|
1.11 |
|
|
|
|
1.49 |
|
|
|
|
1.00 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Dividends to Common Shareholders from net investment income |
|
|
|
(0.44 |
) |
|
|
|
(0.90 |
) |
|
|
|
(0.90 |
) |
|
|
|
(0.90 |
) |
|
|
|
(0.90 |
) |
|
|
|
(0.89 |
) |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
14.48 |
|
|
|
$ |
15.05 |
|
|
|
$ |
15.68 |
|
|
|
$ |
15.48 |
|
|
|
$ |
15.27 |
|
|
|
$ |
14.68 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
14.64 |
|
|
|
$ |
15.10 |
|
|
|
$ |
16.30 |
|
|
|
$ |
15.25 |
|
|
|
$ |
14.40 |
|
|
|
$ |
13.36 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Total Investment Return2 |
|||||||||||||||||||||||||||||||
|
Based on net asset value |
|
|
|
(0.80 |
)%3 |
|
|
|
1.78 |
% |
|
|
|
7.34 |
% |
|
|
|
7.63 |
% |
|
|
|
11.02 |
% |
|
|
|
7.39 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Based on market price |
|
|
|
(0.04 |
)%3 |
|
|
|
(1.76 |
)% |
|
|
|
13.26 |
% |
|
|
|
12.44 |
% |
|
|
|
15.04 |
% |
|
|
|
4.30 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|||||||||||||||||||||||||||||||
|
Total expenses after fees waived and paid indirectly4 |
|
|
|
1.00 |
%5 |
|
|
|
0.96 |
% |
|
|
|
0.92 |
% |
|
|
|
0.90 |
% |
|
|
|
0.93 |
% |
|
|
|
0.94 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Total expenses after waiver4 |
|
|
|
1.00 |
%5 |
|
|
|
0.97 |
% |
|
|
|
0.93 |
% |
|
|
|
0.91 |
% |
|
|
|
0.93 |
% |
|
|
|
0.95 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.26 |
%5 |
|
|
|
1.28 |
% |
|
|
|
1.30 |
% |
|
|
|
1.30 |
% |
|
|
|
1.32 |
% |
|
|
|
1.35 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net investment income4 |
|
|
|
7.32 |
%5 |
|
|
|
7.02 |
% |
|
|
|
7.12 |
% |
|
|
|
7.16 |
% |
|
|
|
7.49 |
% |
|
|
|
7.50 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
2.16 |
%5 |
|
|
|
2.04 |
% |
|
|
|
1.75 |
% |
|
|
|
1.11 |
% |
|
|
|
0.55 |
% |
|
|
|
0.53 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.16 |
%5 |
|
|
|
4.98 |
% |
|
|
|
5.37 |
% |
|
|
|
6.05 |
% |
|
|
|
6.94 |
% |
|
|
|
6.97 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
|
Supplemental Data |
|||||||||||||||||||||||||||||||
|
Net assets applicable to Common Shares, end of period (000) |
|
|
$ |
96,791 |
|
|
|
$ |
100,564 |
|
|
|
$ |
104,451 |
|
|
|
$ |
102,944 |
|
|
|
$ |
101,512 |
|
|
|
$ |
97,589 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
57,550 |
|
|
|
$ |
57,550 |
|
|
|
$ |
57,550 |
|
|
|
$ |
57,550 |
|
|
|
$ |
57,550 |
|
|
|
$ |
57,550 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Portfolio turnover |
|
|
|
9 |
% |
|
|
|
25 |
% |
|
|
|
20 |
% |
|
|
|
10 |
% |
|
|
|
10 |
% |
|
|
|
19 |
% |
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Asset coverage end of period (000) |
|
|
$ |
67,046 |
|
|
|
$ |
68,688 |
|
|
|
$ |
70,391 |
|
|
|
$ |
69,729 |
|
|
|
$ |
69,101 |
|
|
|
$ |
67,394 |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Shareholders. |
|
5 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
57 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Year Ended October 31, |
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
|
13.57 |
|
|
$ |
14.47 |
|
$ |
14.48 |
|
$ |
14.79 |
|
$ |
14.90 |
|
$ |
14.64 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.42 |
1 |
|
|
0.91 |
|
|
0.85 |
|
|
0.87 |
|
|
0.97 |
|
|
1.00 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.87 |
) |
|
|
(0.70 |
) |
|
0.34 |
|
|
(0.21 |
) |
|
(0.20 |
) |
|
0.12 |
|
|
Dividends and distributions to Preferred Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.11 |
) |
|
|
(0.23 |
) |
|
(0.20 |
) |
|
(0.15 |
) |
|
(0.07 |
) |
|
(0.06 |
) |
|
Net realized gain |
|
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
(0.03 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.57 |
) |
|
|
(0.04 |
) |
|
0.96 |
|
|
0.51 |
|
|
0.70 |
|
|
1.06 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.41 |
) |
|
|
(0.82 |
) |
|
(0.84 |
) |
|
(0.82 |
) |
|
(0.81 |
) |
|
(0.80 |
) |
|
Net realized gain |
|
|
|
(0.03 |
) |
|
|
(0.04 |
) |
|
(0.13 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.44 |
) |
|
|
(0.86 |
) |
|
(0.97 |
) |
|
(0.82 |
) |
|
(0.81 |
) |
|
(0.80 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
$ |
|
12.56 |
|
|
$ |
13.57 |
|
$ |
14.47 |
|
$ |
14.48 |
|
$ |
14.79 |
|
$ |
14.90 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
$ |
|
15.51 |
|
|
$ |
14.96 |
|
$ |
15.95 |
|
$ |
14.70 |
|
$ |
15.00 |
|
$ |
14.80 |
|
|
|
|
||||||||||||||||||||
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(4.56 |
)%3 |
|
|
(1.03 |
)% |
|
6.14 |
% |
|
3.43 |
% |
|
5.00 |
% |
|
7.48 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
6.91 |
%3 |
|
|
(1.02 |
)% |
|
15.25 |
% |
|
3.53 |
% |
|
7.14 |
% |
|
17.59 |
% |
|
|
|
||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total expenses after fees waived and paid indirectly4 |
|
|
|
1.74 |
%5 |
|
|
1.40 |
% |
|
1.41 |
% |
|
1.34 |
% |
|
1.34 |
% |
|
1.39 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver4 |
|
|
|
1.74 |
%5 |
|
|
1.47 |
% |
|
1.51 |
% |
|
1.37 |
% |
|
1.37 |
% |
|
1.39 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.76 |
%5 |
|
|
1.48 |
% |
|
1.51 |
% |
|
1.37 |
% |
|
1.37 |
% |
|
1.39 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income4 |
|
|
|
6.52 |
%5 |
|
|
6.49 |
% |
|
5.91 |
% |
|
5.89 |
% |
|
6.50 |
% |
|
6.72 |
% |
|
|
|
||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
1.85 |
%5 |
|
|
1.67 |
% |
|
1.41 |
% |
|
1.00 |
% |
|
0.47 |
% |
|
0.41 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
4.67 |
%5 |
|
|
4.82 |
% |
|
4.50 |
% |
|
4.89 |
% |
|
6.03 |
% |
|
6.31 |
% |
|
|
|
||||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, |
|
$ |
|
12,702 |
|
|
$ |
13,694 |
|
$ |
14,576 |
|
$ |
14,581 |
|
$ |
14,900 |
|
$ |
15,007 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation |
|
$ |
|
7,500 |
|
|
$ |
7,500 |
|
$ |
7,500 |
|
$ |
7,500 |
|
$ |
7,500 |
|
$ |
7,500 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
6 |
% |
|
|
31 |
% |
|
27 |
% |
|
19 |
% |
|
12 |
% |
|
4 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage end of period (000) |
|
$ |
|
67,340 |
|
|
$ |
70,649 |
|
$ |
73,603 |
|
$ |
73,612 |
|
$ |
74,670 |
|
$ |
75,026 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Stock Shareholders. |
|
5 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
58 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Year Ended October 31, |
|
||||||||||||||||
|
|
|
|
|
||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||
|
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
$ |
|
15.49 |
|
|
$ |
16.35 |
|
$ |
15.87 |
|
$ |
15.38 |
|
$ |
14.59 |
|
$ |
14.29 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.55 |
1 |
|
|
1.14 |
|
|
1.17 |
|
|
1.17 |
|
|
1.16 |
|
|
1.15 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.66 |
) |
|
|
(0.74 |
) |
|
0.52 |
|
|
0.42 |
|
|
0.61 |
|
|
0.11 |
|
|
Dividends and distributions to Preferred Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.18 |
) |
|
|
(0.30 |
) |
|
(0.26 |
) |
|
(0.18 |
) |
|
(0.08 |
) |
|
(0.08 |
) |
|
Net realized gain |
|
|
|
(0.01 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.30 |
) |
|
|
0.10 |
|
|
1.43 |
|
|
1.41 |
|
|
1.69 |
|
|
1.18 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.48 |
) |
|
|
(0.96 |
) |
|
(0.95 |
) |
|
(0.92 |
) |
|
(0.90 |
) |
|
(0.88 |
) |
|
Net realized gain |
|
|
|
(0.04 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.52 |
) |
|
|
(0.96 |
) |
|
(0.95 |
) |
|
(0.92 |
) |
|
(0.90 |
) |
|
(0.88 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
$ |
|
14.67 |
|
|
$ |
15.49 |
|
$ |
16.35 |
|
$ |
15.87 |
|
$ |
15.38 |
|
$ |
14.59 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
$ |
|
16.66 |
|
|
$ |
16.90 |
|
$ |
18.40 |
|
$ |
15.91 |
|
$ |
14.45 |
|
$ |
14.04 |
|
|
|
|
||||||||||||||||||||
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
|
(2.14 |
)%3 |
|
|
0.17 |
% |
|
9.18 |
% |
|
9.60 |
% |
|
12.29 |
% |
|
8.68 |
% |
|
Based on market price |
|
|
|
1.87 |
%3 |
|
|
(2.89 |
)% |
|
22.56 |
% |
|
16.95 |
% |
|
9.63 |
% |
|
9.59 |
% |
|
Ratios to Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total expenses after fees waived and paid indirectly4 |
|
|
|
0.99 |
%5 |
|
|
0.93 |
% |
|
0.89 |
% |
|
0.89 |
% |
|
0.91 |
% |
|
0.93 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver4 |
|
|
|
0.99 |
%5 |
|
|
0.94 |
% |
|
0.91 |
% |
|
0.90 |
% |
|
0.91 |
% |
|
0.94 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.24 |
%5 |
|
|
1.24 |
% |
|
1.27 |
% |
|
1.28 |
% |
|
1.30 |
% |
|
1.34 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income4 |
|
|
|
7.31 |
%5 |
|
|
7.18 |
% |
|
7.31 |
% |
|
7.37 |
% |
|
7.74 |
% |
|
7.85 |
% |
|
|
|
||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
1.91 |
%5 |
|
|
1.86 |
% |
|
1.63 |
% |
|
1.12 |
% |
|
0.56 |
% |
|
0.57 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.40 |
%5 |
|
|
5.32 |
% |
|
5.68 |
% |
|
6.25 |
% |
|
7.18 |
% |
|
7.28 |
% |
|
|
|
||||||||||||||||||||
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, |
|
$ |
|
110,357 |
|
|
$ |
116,152 |
|
$ |
121,987 |
|
$ |
117,739 |
|
$ |
114,019 |
|
$ |
108,172 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation |
|
$ |
|
63,800 |
|
|
$ |
63,800 |
|
$ |
63,800 |
|
$ |
63,800 |
|
$ |
63,800 |
|
$ |
63,800 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
5 |
% |
|
|
23 |
% |
|
2 |
% |
|
6 |
% |
|
16 |
% |
|
13 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage, end of period (000) |
|
$ |
|
68,243 |
|
|
$ |
70,528 |
|
$ |
72,812 |
|
$ |
71,142 |
|
$ |
69,682 |
|
$ |
67,387 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Stock Shareholders. |
|
5 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
59 |
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock New York Investment Quality Municipal Trust (RNY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended October 31, |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||
|
Per Share Operating Performance |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
14.40 |
|
|
$ |
15.18 |
|
$ |
15.03 |
|
$ |
15.35 |
|
$ |
15.34 |
|
$ |
15.47 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.45 |
1 |
|
|
0.95 |
|
|
0.97 |
|
|
0.96 |
|
|
0.96 |
|
|
1.03 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.47 |
) |
|
|
(0.61 |
) |
|
0.37 |
|
|
(0.26 |
) |
|
— |
|
|
(0.21 |
) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.10 |
) |
|
|
(0.25 |
) |
|
(0.21 |
) |
|
(0.14 |
) |
|
(0.07 |
) |
|
(0.07 |
) |
|
Net realized gain |
|
|
|
(0.04 |
) |
|
|
(0.01 |
) |
|
(0.02 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.16 |
) |
|
|
0.08 |
|
|
1.11 |
|
|
0.56 |
|
|
0.89 |
|
|
0.75 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.40 |
) |
|
|
(0.85 |
) |
|
(0.88 |
) |
|
(0.88 |
) |
|
(0.88 |
) |
|
(0.88 |
) |
|
Net realized gain |
|
|
|
(0.10 |
) |
|
|
(0.01 |
) |
|
(0.08 |
) |
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.50 |
) |
|
|
(0.86 |
) |
|
(0.96 |
) |
|
(0.88 |
) |
|
(0.88 |
) |
|
(0.88 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
13.74 |
|
|
$ |
14.40 |
|
$ |
15.18 |
|
$ |
15.03 |
|
$ |
15.35 |
|
$ |
15.34 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
14.28 |
|
|
$ |
15.39 |
|
$ |
16.65 |
|
$ |
14.75 |
|
$ |
14.50 |
|
$ |
14.18 |
|
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Total Investment Return2 |
|||||||||||||||||||||
|
Based on net asset value |
|
|
|
(1.12 |
)%3 |
|
|
0.10 |
% |
|
7.32 |
% |
|
3.97 |
% |
|
6.48 |
% |
|
5.42 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
(3.85 |
)%3 |
|
|
(2.46 |
)% |
|
19.95 |
% |
|
8.01 |
% |
|
8.81 |
% |
|
4.69 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Ratios to Average Net Assets Applicable to Common Shares |
|||||||||||||||||||||
|
Total expenses after fees waived and paid indirectly4 |
|
|
|
1.45 |
%5 |
|
|
1.24 |
% |
|
1.25 |
% |
|
1.20 |
% |
|
1.21 |
% |
|
1.24 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver4 |
|
|
|
1.45 |
%5 |
|
|
1.29 |
% |
|
1.33 |
% |
|
1.24 |
% |
|
1.24 |
% |
|
1.24 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.46 |
%5 |
|
|
1.29 |
% |
|
1.33 |
% |
|
1.24 |
% |
|
1.24 |
% |
|
1.24 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income4 |
|
|
|
6.49 |
%5 |
|
|
6.42 |
% |
|
6.48 |
% |
|
6.30 |
% |
|
6.29 |
% |
|
6.68 |
% |
|
|
|
||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
1.42 |
%5 |
|
|
1.72 |
% |
|
1.42 |
% |
|
0.91 |
% |
|
0.46 |
% |
|
0.44 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.07 |
%5 |
|
|
4.70 |
% |
|
5.06 |
% |
|
5.39 |
% |
|
5.83 |
% |
|
6.24 |
% |
|
|
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Supplemental Data |
|||||||||||||||||||||
|
Net assets applicable to Common Shares, end of period (000) |
|
|
$ |
18,009 |
|
|
$ |
18,848 |
|
$ |
19,839 |
|
$ |
19,643 |
|
$ |
20,066 |
|
$ |
20,053 |
|
|
|
|
||||||||||||||||||||
|
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
|
$ |
9,800 |
|
|
$ |
9,800 |
|
$ |
9,800 |
|
$ |
9,800 |
|
$ |
9,800 |
|
$ |
9,800 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
5 |
% |
|
|
37 |
% |
|
24 |
% |
|
10 |
% |
|
23 |
% |
|
36 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage, end of period (000) |
|
|
$ |
70,942 |
|
|
$ |
73,090 |
|
$ |
75,614 |
|
$ |
75,111 |
|
$ |
76,195 |
|
$ |
76,159 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Stock Shareholders. |
|
5 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
60 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Financial Highlights |
BlackRock New York Municipal Income Trust (BNY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year Ended October 31, |
|
||||||||||||||||
|
|
|
|
|||||||||||||||||||
|
|
|
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
2003 |
|
|||||||||
|
Per Share Operating Performance |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
|
$ |
15.11 |
|
|
$ |
15.88 |
|
$ |
15.44 |
|
$ |
15.28 |
|
$ |
14.76 |
|
$ |
14.47 |
|
|
|
|
||||||||||||||||||||
|
Net investment income |
|
|
|
0.55 |
1 |
|
|
1.11 |
|
|
1.13 |
|
|
1.14 |
|
|
1.14 |
|
|
1.14 |
|
|
Net realized and unrealized gain (loss) |
|
|
|
(0.59 |
) |
|
|
(0.70 |
) |
|
0.47 |
|
|
0.09 |
|
|
0.36 |
|
|
0.13 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.14 |
) |
|
|
(0.28 |
) |
|
(0.26 |
) |
|
(0.17 |
) |
|
(0.08 |
) |
|
(0.09 |
) |
|
Net realized gain |
|
|
|
(0.01 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Net increase (decrease) from investment operations |
|
|
|
(0.19 |
) |
|
|
0.13 |
|
|
1.34 |
|
|
1.06 |
|
|
1.42 |
|
|
1.18 |
|
|
|
|
||||||||||||||||||||
|
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
|
(0.45 |
) |
|
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.89 |
) |
|
Net realized gain |
|
|
|
(0.03 |
) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
||||||||||||||||||||
|
Total dividends and distributions |
|
|
|
(0.48 |
) |
|
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.90 |
) |
|
(0.89 |
) |
|
|
|
||||||||||||||||||||
|
Net asset value, end of period |
|
|
$ |
14.44 |
|
|
$ |
15.11 |
|
$ |
15.88 |
|
$ |
15.44 |
|
$ |
15.28 |
|
$ |
14.76 |
|
|
|
|
||||||||||||||||||||
|
Market price, end of period |
|
|
$ |
16.12 |
|
|
$ |
15.55 |
|
$ |
17.35 |
|
$ |
15.19 |
|
$ |
13.99 |
|
$ |
13.45 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|||||||||||||||||||||
|
Based on net asset value |
|
|
|
(1.36 |
)%3 |
|
|
0.64 |
% |
|
8.91 |
% |
|
7.38 |
% |
|
10.46 |
% |
|
8.84 |
% |
|
|
|
||||||||||||||||||||
|
Based on market price |
|
|
|
7.00 |
%3 |
|
|
(5.20 |
)% |
|
20.95 |
% |
|
15.38 |
% |
|
10.99 |
% |
|
6.95 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares |
|||||||||||||||||||||
|
Total expenses after fees waived and paid indirectly4 |
|
|
|
0.96 |
%5 |
|
|
0.92 |
% |
|
0.87 |
% |
|
0.86 |
% |
|
0.87 |
% |
|
0.88 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses after waiver4 |
|
|
|
0.96 |
%5 |
|
|
0.92 |
% |
|
0.88 |
% |
|
0.87 |
% |
|
0.87 |
% |
|
0.89 |
% |
|
|
|
||||||||||||||||||||
|
Total expenses4 |
|
|
|
1.21 |
%5 |
|
|
1.22 |
% |
|
1.25 |
% |
|
1.26 |
% |
|
1.27 |
% |
|
1.29 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income4 |
|
|
|
7.44 |
%5 |
|
|
7.23 |
% |
|
7.30 |
% |
|
7.35 |
% |
|
7.62 |
% |
|
7.73 |
% |
|
|
|
||||||||||||||||||||
|
Dividends to Preferred Shareholders |
|
|
|
1.92 |
%5 |
|
|
1.84 |
% |
|
1.69 |
% |
|
1.08 |
% |
|
0.56 |
% |
|
0.62 |
% |
|
|
|
||||||||||||||||||||
|
Net investment income to Common Shareholders |
|
|
|
5.52 |
%5 |
|
|
5.39 |
% |
|
5.61 |
% |
|
6.27 |
% |
|
7.06 |
% |
|
7.11 |
% |
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|||||||||||||||||||||
|
Net assets
applicable to Common Shares, |
|
|
$ |
182,863 |
|
|
$ |
190,962 |
|
$ |
199,717 |
|
$ |
193,457 |
|
$ |
191,274 |
|
$ |
184,874 |
|
|
|
|
||||||||||||||||||||
|
Preferred
Shares outstanding at liquidation |
|
|
$ |
109,750 |
|
|
$ |
109,750 |
|
$ |
109,750 |
|
$ |
109,750 |
|
$ |
109,750 |
|
$ |
109,750 |
|
|
|
|
||||||||||||||||||||
|
Portfolio turnover |
|
|
|
3 |
% |
|
|
23 |
% |
|
27 |
% |
|
24 |
% |
|
13 |
% |
|
14 |
% |
|
|
|
||||||||||||||||||||
|
Asset coverage, end of period (000) |
|
|
$ |
66,655 |
|
|
$ |
68,509 |
|
$ |
70,502 |
|
$ |
69,073 |
|
$ |
68,575 |
|
$ |
67,115 |
|
|
|
|
||||||||||||||||||||
|
|
|
|
1 |
Based on average shares outstanding. |
|
2 |
Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
|
3 |
Aggregate total investment return. |
|
4 |
Do not reflect the effect of dividends to Preferred Stock Shareholders. |
|
5 |
Annualized. |
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
61 |
|
|
|
|
|
|
|
|
|
|
|
|
1. Significant 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. Investment Quality Municipal, 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 under the Investment Company Act of 1940, as amended (the “1940 Act”), as diversified, closed-end management investment companies. California Investment Quality, California Income, Florida Investment Quality, Florida Income, Long-Term Municipal, New Jersey Investment Quality, New Jersey Income, New York Investment Quality and New York Income are registered under the 1940 Act, as non-diversified, closed-end management investment companies. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. Each Trust determines, and makes available for publication, the net asset value of its Common Shares on a daily basis.
The following is a summary of significant accounting policies followed by the Trusts:
Valuation of investments: 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 (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and various relationships between investments. Swaps are valued by quoted fair values received daily by the Trusts’ pricing service. Short-term securities are valued at amortized cost. Investments in open-end investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seek to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deem relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.
Derivative Financial Instruments: Each Trust may engage in various portfolio investment strategies to increase the return of the Trust and to hedge, or protect, its exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract.
|
|
|
|
• |
Financial Futures Contracts: The Trusts may purchase or sell financial futures contracts and options on such financial futures contracts. Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Upon entering into a contract, the Trust deposits, and maintains as collateral, such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Trust as unrealized gains or losses. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. |
|
|
|
|
• |
Forward Interest Rate Swaps: The Trusts may enter into forward interest rate swaps. In a forward interest rate swap, the Trust and the counterparty agree to make periodic net payments on a specified notional contract amount, commencing on a specified future effective date, unless terminated earlier. These periodic payments received or made by the Trust are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Gains or losses are also realized upon termination of the swap agreements. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When a swap is terminated, the Trusts 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. The Trusts generally intend to close each forward interest rate swap before the accrual date specified in the agreement and therefore avoid entering into the interest rate swap underlying each forward interest rate swap. |
Forward Commitments and When-Issued Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is
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62 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Notes to Financial Statements (continued) |
|
worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. Upon making a commitment to purchase a security on a when-issued basis, the Trust will hold liquid assets worth at least the equivalent of the amount due.
Municipal Bonds Transferred to Tender Option Bond Trusts: Long-Term Municipal leverages its assets through the use of tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal securities. Other funds managed by the investment advisor may also contribute municipal securities to a TOB into which Long-Term Municipal has contributed securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by Long-Term Municipal include the right of Long-Term Municipal (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal securities from the TOB to Long-Term Municipal. The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to Long-Term Municipal, which typically invests the cash in additional municipal securities. Long-Term Municipal’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, 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 of Long-Term Municipal.
Interest income from the underlying securities is recorded by Long-Term Municipal on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of 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. At April 30, 2008, the aggregate value of the underlying municipal securities transferred to TOBs was $140,396,746, the related liability for trust certificates was $144,470,000 and the range of interest rates on the liability for trust certificates was 2.41% to 3.84%.
Financial transactions executed through TOBs generally will underperform 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 TOBs likely will adversely affect Long-Term Municipal’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect Long-Term Municipal’s net asset value per share.
Zero-Coupon Bonds: The Trusts may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.
Segregation: In cases in which the 1940 Act, and the interpretive positions of the Securities and Exchange Commission (the “SEC”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, futures or forward starting swaps), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.
Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. The Trusts amortize all premiums and discounts on debt securities.
Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to holders of Preferred Shares are accrued and determined as described in Note 4.
Income Taxes: It is each of the Trust’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
Effective April 30, 2008, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evaluated the application of FIN 48 to each Trust, and has determined that the adoption of FIN 48 does not have a material impact on each Trust’s financial statements. Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ U.S. federal tax returns remains open for the years ended October 31, 2004 through October 31, 2006. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Bank Overdraft: Florida Investment Quality recorded a bank overdraft which resulted from a bank error. Florida Income recorded a bank overdraft which resulted from management estimates of available cash.
Recent Accounting Pronouncements: 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. The impact on the Trusts’ financial statements disclosures, if any, is currently being assessed.
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SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
63 |
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|
Notes to Financial Statements (continued) |
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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. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.
In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.
Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the Trusts’ Board, non-interested Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts have been invested in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.
The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability, are included in other assets on the Statement of Assets and Liabilities.
Other: Expenses directly related to each Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc.
The Advisor is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust pays the Advisor a monthly fee at an annual rate of 0.35% for the Investment Quality Trusts and 0.60% for the Income Trusts of the average weekly value of the Trust’s net assets including proceeds from the issuance of preferred shares and TOBs. The Advisor has voluntarily agreed to waive a portion of the investment advisory fee on the Income Trusts as a percentage of net assets including proceeds from the issuance of preferred shares and TOBs as follows: 0.25% for the first five years of each of the Trust’s operations from 2001 through July 31, 2006, 0.20% through July 31, 2007, 0.15% through July 31, 2008, 0.10% through July 31, 2009 and 0.05% through July 31, 2010.
Long-Term Municipal pays the Advisor a monthly fee at an annual rate of 1.00% of the average weekly value of the Trust’s net assets. The Advisor has voluntarily agreed to waive a portion of the investment advisory fee on Long-Term Municipal as a percentage of the average weekly value of the net assets of 0.40% 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.
For the six months ended April 30, 2008, the advisor waived the fees, which is shown on the Statements of Operations as fees waived by advisor, as follows:
|
|
|
|
|
|
|
|
|
Waived
by |
|
|
|
Municipal Income |
|
$ |
736,727 |
|
|
Long-Term Municipal |
|
$ |
342,326 |
|
|
California Income |
|
$ |
263,620 |
|
|
Florida Income |
|
$ |
116,056 |
|
|
New Jersey Income |
|
$ |
131,960 |
|
|
New York Income |
|
$ |
220,947 |
|
The administration fee to the Advisor is computed weekly and payable monthly based on an annual rate of 0.15% for Investment Quality Municipal and 0.10% for California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality of the Trusts’ average weekly value of the net assets including proceeds from the issuance of Preferred Shares and TOBs.
The Advisor has agreed to waive its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investment in affiliated money market funds. This amount is shown on the Statements of Operations as fees waived by advisor. For the six months ended April 30, 2008, the amounts were as follows:
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64 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Notes to Financial Statements (continued) |
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|
|
Waived
by |
|
|
|
Investment Quality Municipal |
|
$ |
16,544 |
|
|
Municipal Income |
|
$ |
13,208 |
|
|
Long-Term Municipal |
|
$ |
2,925 |
|
|
California Investment Quality |
|
$ |
2,012 |
|
|
California Income |
|
$ |
37,456 |
|
|
Florida Investment Quality |
|
$ |
1,567 |
|
|
Florida Income |
|
$ |
6,811 |
|
|
New Jersey Investment Quality |
|
$ |
1,298 |
|
|
New Jersey Income |
|
$ |
8,620 |
|
|
New York Investment Quality |
|
$ |
788 |
|
|
New York Income |
|
$ |
7,423 |
|
In addition, the Advisor has entered into a separate sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Advisor, with respect to each Trust, under which the Advisor pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.
Pursuant to the terms of their custody agreement, each Trust received earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These credits are shown on the Statements of Operations as fees paid indirectly.
Certain officers and/or trustees of the Trusts are officers and/or directors of BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six months ended April 30, 2008 were as follows:
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|
|
|
|
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|
|
Purchases |
|
|
Sales |
|
|
Investment Quality Municipal |
|
$ |
39,818,803 |
|
$ |
28,411,616 |
|
|
Municipal Income |
|
|
86,791,651 |
|
|
98,497,154 |
|
|
Long-Term Municipal |
|
|
41,454,363 |
|
|
74,905,887 |
|
|
California Investment Quality |
|
|
2,008,232 |
|
|
2,722,622 |
|
|
California Income |
|
|
46,085,598 |
|
|
70,237,413 |
|
|
Florida Investment Quality |
|
|
5,294,866 |
|
|
6,368,514 |
|
|
Florida Income |
|
|
12,756,335 |
|
|
18,602,450 |
|
|
New Jersey Investment Quality |
|
|
1,261,399 |
|
|
2,321,297 |
|
|
New Jersey Income |
|
|
8,237,035 |
|
|
14,829,560 |
|
|
New York Investment Quality |
|
|
1,382,751 |
|
|
2,158,870 |
|
|
New York Income |
|
|
8,028,297 |
|
|
15,909,610 |
|
4. Capital Share Transactions:
Each Investment Quality Trust is authorized to issue 200,000,000 shares of shares, including Preferred Shares, par value $0.01 per share, all of which were initially classified as Common Shares. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and Long-Term Municipal. The Board is authorized, however, to reclassify any unissued shares without the approval of the Common Shareholders. As of April 30, 2008, the shares owned by an affiliate of the Advisor of Long-Term Municipal were 9,704.
Shares issued and outstanding for the six months ended April 30, 2008 and the year ended October 31, 2007 increased by the following amounts as a result of dividend reinvestment:
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended |
|
Year
Ended |
|
||
|
Investment Quality Municipal |
|
|
87,230 |
|
|
83,554 |
|
|
Municipal Income |
|
|
103,240 |
|
|
197,269 |
|
|
Long-Term Municipal |
|
|
— |
|
|
36,210 |
|
|
California Investment Quality |
|
|
73 |
|
|
— |
|
|
California Income |
|
|
35,320 |
|
|
61,958 |
|
|
Florida Income |
|
|
4,954 |
|
|
16,959 |
|
|
New Jersey Investment Quality |
|
|
2,138 |
|
|
1,972 |
|
|
New Jersey Income |
|
|
21,965 |
|
|
39,482 |
|
|
New York Investment Quality |
|
|
2,323 |
|
|
1,724 |
|
|
New York Income |
|
|
30,415 |
|
|
56,191 |
|
Preferred Shares: Preferred Shares of the Trusts have a par value of $0.001 per share and a liquidation preference of $25,000 per share, plus accrued and unpaid dividends, that entitle their holders to receive cash dividends at an annual rate that may vary for the successive dividend periods. The yields in effect at April 30, 2008 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Yield |
|
||
|
Investment Quality Municipal |
|
|
T7 |
|
|
3.777 |
% |
|
|
|
|
T28 |
|
|
2.924 |
% |
|
Municipal Income |
|
|
M7 |
|
|
3.594 |
% |
|
|
|
|
T7 |
|
|
3.777 |
% |
|
|
|
|
W7 |
|
|
3.488 |
% |
|
|
|
|
R7 |
|
|
3.594 |
% |
|
|
|
|
F7 |
|
|
3.594 |
% |
|
California Investment Quality |
|
|
W7 |
|
|
3.488 |
% |
|
California Income |
|
|
T7 |
|
|
3.777 |
% |
|
|
|
|
R7 |
|
|
3.594 |
% |
|
Florida Investment Quality |
|
|
R7 |
|
|
3.595 |
% |
|
Florida Income |
|
|
T7 |
|
|
3.777 |
% |
|
New Jersey Investment Quality |
|
|
T7 |
|
|
3.777 |
% |
|
New Jersey Income |
|
|
R7 |
|
|
3.594 |
% |
|
New York Investment Quality |
|
|
F7 |
|
|
3.595 |
% |
|
New York Income |
|
|
W7 |
|
|
3.488 |
% |
|
|
|
|
F7 |
|
|
3.594 |
% |
Each Trust pays commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregate principal amount. For the six months ended April 30, 2008, Merrill Lynch, Pierce, Fenner & Smith Incorporated earned commissions as follows:
|
|
|
|
|
|
|
|
|
Commissions |
|
|
|
Investment Quality Municipal |
|
$ |
65,679 |
|
|
Municipal Income |
|
|
78,338 |
|
|
California Income |
|
|
27,699 |
|
|
Florida Income |
|
|
22,469 |
|
|
New Jersey Income |
|
|
10,888 |
|
|
New York Income |
|
|
34,877 |
|
Preferred Shares issued and outstanding for each of the Trusts during the six months ended April 30, 2008 and the year ended October 31, 2007 remained constant.
Dividends on seven-day Preferred Shares are cumulative at a rate which is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, each Trust is required to
|
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|
|
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SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
65 |
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|
|
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|
|
|
|
Notes to Financial Statements (continued) |
|
pay the maximum applicable rate on the Preferred Shares to holders of such shares for each successive dividend period until such time as the shares are successfully auctioned. The maximum applicable rate on the Preferred Shares is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. During the six months ended April 30, 2008, the Preferred Shares of each Trust was successfully auctioned at each auction date until February 13, 2008. The low, high and average dividend rates on the Preferred Shares for each Trust for the six months ended April 30, 2008 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Low |
|
High |
|
Average |
|
||||
|
Investment Quality Municipal |
|
|
T7 |
|
|
2.833 |
% |
|
4.600 |
% |
|
3.624 |
% |
|
|
|
|
T28 |
|
|
3.300 |
% |
|
4.751 |
% |
|
3.928 |
% |
|
Municipal Income |
|
|
M7 |
|
|
2.600 |
% |
|
4.810 |
% |
|
3.721 |
% |
|
|
|
|
T7 |
|
|
2.924 |
% |
|
4.600 |
% |
|
3.715 |
% |
|
|
|
|
W7 |
|
|
3.031 |
% |
|
4.590 |
% |
|
3.755 |
% |
|
|
|
|
R7 |
|
|
3.010 |
% |
|
4.508 |
% |
|
3.735 |
% |
|
|
|
|
F7 |
|
|
2.800 |
% |
|
4.508 |
% |
|
3.646 |
% |
|
California Investment Quality |
|
|
W7 |
|
|
2.350 |
% |
|
4.356 |
% |
|
3.352 |
% |
|
California Income |
|
|
T7 |
|
|
2.924 |
% |
|
4.810 |
% |
|
3.764 |
% |
|
|
|
|
R7 |
|
|
3.000 |
% |
|
4.810 |
% |
|
3.498 |
% |
|
Florida Investment Quality |
|
|
R7 |
|
|
2.818 |
% |
|
5.000 |
% |
|
3.912 |
% |
|
Florida Income |
|
|
T7 |
|
|
3.016 |
% |
|
4.600 |
% |
|
3.683 |
% |
|
New Jersey Investment Quality |
|
|
T7 |
|
|
2.853 |
% |
|
4.356 |
% |
|
3.555 |
% |
|
New Jersey Income |
|
|
R7 |
|
|
2.990 |
% |
|
4.910 |
% |
|
3.724 |
% |
|
New York Investment Quality |
|
|
F7 |
|
|
2.190 |
% |
|
5.750 |
% |
|
3.649 |
% |
|
New York Income |
|
|
W7 |
|
|
2.190 |
% |
|
4.780 |
% |
|
2.804 |
% |
|
|
|
|
F7 |
|
|
2.390 |
% |
|
4.508 |
% |
|
3.371 |
% |
Since February 13, 2008 the Preferred Shares of the Trusts failed to clear any of it auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate which ranged from 2.40% to 4.508%. A failed auction is not an event of default for the Trusts but it is a liquidity event for the holders of the Preferred Shares. A failed auction occurs when there are more sellers of a fund’s auction rate preferred shares than buyers. It is impossible to predict how long this imbalance will last. An auction for the Trusts’ Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, holders of the Preferred Shares may not have the ability to sell the Preferred Shares at its liquidation preference.
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 is 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 Statement of Preferences/Certificate of Designation/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 (one vote per share) 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 sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.
5. Capital Loss Carryforward:
As of October 31, 2007, the following Trusts had a capital loss carryforward available to offset future realized capital gains through the indicated expiration dates:
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Loss |
|
Expires |
|
||
|
Investment Quality Municipal |
|
$ |
728,359 |
|
|
2014 |
|
|
|
|
|
|
|
|
||
|
Municipal Income |
|
$ |
11,431,206 |
|
|
2011 |
|
|
|
|
|
15,767,388 |
|
|
2012 |
|
|
|
|
|
4,991,782 |
|
|
2014 |
|
|
|
|
|
688,471 |
|
|
2015 |
|
|
|
|
|
|
|
|
||
|
|
|
$ |
32,878,847 |
|
|
|
|
|
|
|
|
|
|
|
||
|
Long-Term Municipal |
|
$ |
701,315 |
|
|
2014 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
California Investment Quality |
|
$ |
5,173 |
|
|
2015 |
|
|
|
|
|
|
|
|
||
|
California Income |
|
$ |
7,607 |
|
|
2011 |
|
|
|
|
|
4,943,577 |
|
|
2012 |
|
|
|
|
|
1,350,312 |
|
|
2014 |
|
|
|
|
|
|
|
|
||
|
|
|
$ |
6,301,496 |
|
|
|
|
|
|
|
|
|
|
|
||
|
Florida Investment Quality |
|
$ |
137,267 |
|
|
2015 |
|
|
|
|
|
|
|
|
||
|
Florida Income |
|
$ |
796,318 |
|
|
2012 |
|
|
|
|
|
426,674 |
|
|
2015 |
|
|
|
|
|
|
|
|
||
|
|
|
$ |
1,222,992 |
|
|
|
|
|
|
|
|
|
|
|
||
|
New Jersey Investment Quality |
|
$ |
55,066 |
|
|
2015 |
|
|
|
|
|
|
|
|
||
|
New Jersey Income |
|
$ |
610,058 |
|
|
2012 |
|
|
|
|
|
615,254 |
|
|
2015 |
|
|
|
|
|
|
|
|
||
|
|
|
$ |
1,225,312 |
|
|
|
|
|
|
|
|
|
|
|
||
|
New York Income |
|
$ |
151,220 |
|
|
2012 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
6. Concentration Risk:
Each Trust’s investments are concentrated in certain states, which may be affected by adverse financial, social, environmental, economic, regulatory and political factors.
Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons and there is no assurance that the insurer will meet its obligation.
|
|
|
|
|
|
|
|
|
|
|
66 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Notes to Financial Statements (concluded) |
|
7. Subsequent Events:
The Trusts paid an ordinary income dividend in the following amounts per share on June 2, 2008 to shareholders of record on May 15, 2008:
|
|
|
|
|
|
|
|
|
Common |
|
|
|
Investment Quality Municipal |
|
$ |
0.080000 |
|
|
Municipal Income |
|
|
0.077500 |
|
|
Long-Term Municipal |
|
|
0.055000 |
|
|
California Investment Quality |
|
|
0.048000 |
|
|
California Income |
|
|
0.076074 |
|
|
Florida Investment Quality |
|
|
0.044500 |
|
|
Florida Income |
|
|
0.072875 |
|
|
New Jersey Investment Quality |
|
|
0.068000 |
|
|
New Jersey Income |
|
|
0.079625 |
|
|
New York Investment Quality |
|
|
0.067000 |
|
|
New York Income |
|
|
0.075339 |
|
The dividends declared on preferred shares for the period May 1, 2008 to May 31, 2008 for the Trusts were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Dividends |
|
||
|
Investment Quality Municipal |
|
|
T7 |
|
|
228,929 |
|
|
|
|
|
T28 |
|
|
143,525 |
|
|
Municipal Income |
|
|
M7 |
|
|
302,189 |
|
|
|
|
|
T7 |
|
|
296,992 |
|
|
|
|
|
W7 |
|
|
292,844 |
|
|
|
|
|
R7 |
|
|
292,680 |
|
|
|
|
|
F7 |
|
|
299,510 |
|
|
California Investment Quality |
|
|
W7 |
|
|
20,876 |
|
|
California Income |
|
|
T7 |
|
|
255,156 |
|
|
|
|
|
R7 |
|
|
250,062 |
|
|
Florida Investment Quality |
|
|
R7 |
|
|
25,072 |
|
|
Florida Income |
|
|
T7 |
|
|
133,953 |
|
|
New Jersey Investment Quality |
|
|
T7 |
|
|
10,575 |
|
|
New Jersey Income |
|
|
R7 |
|
|
285,415 |
|
|
New York Investment Quality |
|
|
F7 |
|
|
28,170 |
|
|
New York Income |
|
|
W7 |
|
|
213,789 |
|
|
|
|
|
F7 |
|
|
218,224 |
|
On June 2, 2008, the Trusts announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series |
|
Redemption |
|
Shares
to be |
|
Aggregate |
|
||||
|
Investment Quality Municipal |
|
|
T7 |
|
|
6/25/2008 |
|
|
436 |
|
$ |
10,900,000 |
|
|
|
|
|
T28 |
|
|
7/9/2008 |
|
|
348 |
|
$ |
8,700,000 |
|
|
Municipal Income |
|
|
M7 |
|
|
6/24/2008 |
|
|
656 |
|
$ |
16,400,000 |
|
|
|
|
|
T7 |
|
|
6/25/2008 |
|
|
656 |
|
$ |
16,400,000 |
|
|
|
|
|
W7 |
|
|
6/26/2008 |
|
|
656 |
|
$ |
16,400,000 |
|
|
|
|
|
R7 |
|
|
6/27/2008 |
|
|
656 |
|
$ |
16,400,000 |
|
|
|
|
|
F7 |
|
|
6/30/2008 |
|
|
656 |
|
$ |
16,400,000 |
|
|
California Investment Quality |
|
|
W7 |
|
|
6/26/2008 |
|
|
27 |
|
$ |
675,000 |
|
|
California Income |
|
|
T7 |
|
|
6/25/2008 |
|
|
621 |
|
$ |
15,525,000 |
|
|
|
|
|
R7 |
|
|
6/27/2008 |
|
|
621 |
|
$ |
15,525,000 |
|
|
Florida Investment Quality |
|
|
R7 |
|
|
6/27/2008 |
|
|
55 |
|
$ |
1,375,000 |
|
|
Florida Income |
|
|
T7 |
|
|
6/25/2008 |
|
|
320 |
|
$ |
8,000,000 |
|
|
New Jersey Investment Quality |
|
|
T7 |
|
|
6/25/2008 |
|
|
17 |
|
$ |
425,000 |
|
|
New Jersey Income |
|
|
R7 |
|
|
6/27/2008 |
|
|
133 |
|
$ |
3,325,000 |
|
|
New York Income |
|
|
W7 |
|
|
6/26/2008 |
|
|
278 |
|
$ |
6,950,000 |
|
|
|
|
|
F7 |
|
|
6/30/2008 |
|
|
278 |
|
$ |
6,950,000 |
|
The Trusts will finance the Preferred Share redemptions with cash received from TOB transactions.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
67 |
|
|
|
|
|
|
|
|
|
G. Nicholas Beckwith, III, Trustee |
|
Richard E. Cavanagh, Trustee |
|
Richard S. Davis, Trustee |
|
Kent Dixon, Trustee |
|
Frank J. Fabozzi, Trustee |
|
Kathleen F. Feldstein, Trustee |
|
James T. Flynn, Trustee |
|
Henry Gabbay, Trustee |
|
Jerrold B. Harris, Trustee |
|
R. Glenn Hubbard, Trustee |
|
W. Carl Kester, Trustee |
|
Karen P. Robards, Trustee |
|
Robert S. Salomon, Jr., Trustee |
|
Donald C. Burke, Trust President and Chief Executive Officer |
|
Anne F. Ackerley, Vice President |
|
Neal J. Andrews, Chief Financial Officer |
|
Jay M. Fife, Treasurer |
|
Brian P. Kindelan, Chief Compliance Officer of the Funds |
|
Howard Surloff, Secretary |
|
|
|
Custodian |
|
State Street Bank and Trust Company |
|
Boston, MA 02101 |
|
|
|
Transfer Agents |
|
Common Shares: |
|
Computershare Trust Companies, N.A. |
|
Canton, MA 02021 |
|
Preferred Shares: |
|
For the Income Trusts |
|
BNY Mellon Shareowner Services |
|
Jersey City, N.J. 07310 |
|
For the Investment Quality Trusts |
|
Deutsche Bank Trust Company Americas |
|
New York, NY 10005 |
|
|
|
Accounting Agent |
|
State Street Bank and Trust Company |
|
Princeton, NJ 08540 |
|
|
|
Independent Registered Public Accounting Firm |
|
Deloitte & Touche LLP |
|
Princeton, NJ 08540 |
|
|
|
Legal Counsel |
|
Skadden, Arps, Slate, Meagher & Flom LLP |
|
New York, NY 10036 |
|
|
|
Fund Address |
|
BlackRock Closed-End Funds |
|
c/o BlackRock Advisors, LLC |
|
100 Bellevue Parkway |
|
Wilmington, DE 19809 |
|
|
|
We are pleased to announce that, effective March 1, 2008, Timothy T. Browse, CFA assumed responsibility for the day-to-day management of BlackRock Investment Quality Municipal Trust’s portfolio. Mr. Browse is a Director of BlackRock, Inc. He joined the firm following the merger with Merrill Lynch Investment Managers (MLIM) in 2006. Previously, he was a Vice President in the Municipal Tax-Exempt Fund Management group of MLIM from 2004 to 2006. Prior to joining MLIM, Mr. Browse was a Vice President, Portfolio Manager and Team Leader of the Municipal Investments Team with Lord Abbett & Co. from 2000 to 2003, and Vice President and Portfolio Manager in the Municipal Fund Management group of Eaton Vance Management, Inc. from 1992 to 2000. |
|
We are pleased to announce that,
effective March 1, 2008, Fred Stuebe assumed responsibility for the
day-to-day management of BlackRock New Jersey Investment Quality Municipal
Trust’s portfolio and BlackRock New Jersey Municipal Income Trust’s
portfolio. Mr. Stuebe is a Director of BlackRock, Inc. He joined the firm
following the merger with Merrill Lynch Investment Managers (MLIM) in 2006.
Previously, he was a Director and Portfolio Manager in the Municipal
Tax-Exempt Fund Management group of MLIM from 1989 to 2006. Prior to joining
MLIM, Mr. Stuebe was a Portfolio Manager in the Municipal Tax-Exempt
Investments group of Old Republic Insurance Company in Chicago from 1984 to
1989. |
|
|
|
|
|
|
|
|
|
|
|
68 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Availability of Quarterly Schedule of Investments |
|
|
|
|
Each Trust files their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.
Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
|
|
|
|
|
Electronic Delivery |
|
|
Electronic copies of most financial reports are available on the Trusts’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.
|
|
|
|
|
General Information |
|
|
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 it 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) 441-7762
Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.
|
|
|
|
|
Section 19 Notices |
|
|
These amounts are sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and source for tax reporting purposes will depend upon the Trust’s investment experience during the remainder of its fiscal year end and may be subject to changes based on the tax regulations. The Trust will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Fiscal Year to Date |
|
Percentage
of Fiscal Year to Date |
|
||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Net |
|
Net |
|
Return |
|
Total
Per |
|
Net |
|
Net |
|
Return |
|
Total
Per |
|
||||||||||
|
New York Investment Quality Municipal Trust |
|
$ |
0.067 |
|
$ |
0.101803 |
|
|
$ |
— |
|
|
$ |
0.168803 |
|
|
40% |
|
|
60% |
|
|
— |
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
69 |
|
|
|
|
|
|
|
Additional Information (concluded) |
|
|
|
Deposit Securities |
Effective May 30, 2008, following approval by the Trusts’ Board and the applicable ratings agencies, the definition of “Deposited Securities” in the Trusts’ Statement of Preference/Certificate of Designation/Articles Supplementary was amended in order to facilitate the redemption of the Trusts’ Preferred Shares. The following phrase was added to the definition of “Deposit Securities” found in the Trusts’ Statement of Preference/Certificate of Designation/Articles Supplementary:
; provided, however, that solely in connection with any redemption of AMPS, the term Deposit Securities shall include (i) any committed financing pursuant to a credit agreement, reverse repurchase agreement facility or similar credit arrangement, in each case which makes available to the Corporation, no later than the day preceding the applicable redemption date, cash in an amount not less than the aggregate amount due to Holders by reason of the redemption of their shares of AMPS on such redemption date; and (ii) cash amounts due and payable to the Corporation out of a sale of its securities if such cash amount is not less than the aggregate amount due to Holders by reason of the redemption of their shares of AMPS on such redemption date and such sale will be settled not later than the day preceding the applicable redemption date.
|
|
|
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 nonpublic 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 nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated 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 nonpublic 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 nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
|
|
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|
|
|
|
|
|
|
|
70 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change.
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 411-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
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|
#CEF-SEMI-2-0408 |
|
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
Item 6 – Investments
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report
Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
Item 11 – Controls and Procedures
11(a) – The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
11(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12 – Exhibits attached hereto
12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report
12(a)(2) – Certifications – Attached hereto
12(a)(3) – Not Applicable
12(b) – Certifications – Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BlackRock Municipal Income Trust | ||
| By: | /s/ Donald C. Burke |
|
| Donald C. Burke | ||
| Chief Executive Officer of | ||
| BlackRock Municipal Income Trust | ||
Date: June 23, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Donald C. Burke |
|
| Donald C. Burke | ||
| Chief Executive Officer (principal executive officer) of | ||
| BlackRock Municipal Income Trust | ||
| Date: June 23, 2008 | ||
| By: | /s/ Neal J. Andrews |
|
| Neal J. Andrews | ||
| Chief Financial Officer (principal financial officer) of | ||
| BlackRock Municipal Income Trust | ||
| Date: June 23, 2008 | ||