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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:_____811-10331________________________

     BlackRock California Municipal Income Trust     
(Exact name of Registrant as specified in charter)

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

Robert S. Kapito, President

BlackRock California Municipal Income Trust
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)
 
Registrant's telephone number, including area code: 888-825-2257                                   
 
Date of fiscal year end:          October 31, 2006                                                                
 
Date of reporting period:       October 31, 2006                                                               


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




 

 

 

 

 

 

 

 

 

 

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS

 

EQUITIES

 

FIXED INCOME

 

LIQUIDITY

 

REAL ESTATE


 

 

 

 

 

 

 

BlackRock
Closed-End Funds

(BLACKROCK LOGO)

 

 

 

 

ANNUAL REPORT | OCTOBER 31, 2006

 

 

 

 

 

 

 

BlackRock Investment Quality Municipal Trust (BKN)

BlackRock Municipal Income Trust (BFK)

BlackRock Long-Term Municipal Advantage Trust (BTA)

BlackRock California Investment Quality Municipal Trust (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Investment Quality Municipal Trust (RFA)

BlackRock Florida Municipal Income Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust (RNY)

BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE



TABLE OF CONTENTS

 

 

Letter to Shareholders

1

 

 

Trusts’ Summaries

2

 

 

Financial Statements

 

 

 

Portfolios of Investments

13

 

 

Statements of Assets and Liabilities

42

 

 

Statements of Operations

45

 

 

Statement of Cash Flows

48

 

 

Statements of Changes in Net Assets

49

 

 

Financial Highlights

54

 

 

Notes to Financial Statements

65

 

 

Report of Independent Registered Public Accounting Firm

73

 

 

Dividend Reinvestment Plans

74

 

 

Investment Management Agreements

75

 

 

Additional Information

80

 

 

Section 19 Notices

84

 

 

Directors/Trustees Information

85


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 Web sites.

          BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic personal information about its Clients, except as permitted by law or as is 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.



LETTER TO SHAREHOLDERS

October 31, 2006

Dear Shareholder:

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

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

          The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of October 31, 2006.

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Trust (Ticker)

 

Current
Yield1

 

Tax-
Equivalent
Yield2

 

Closing
Market
Price

 

NAV

 


BlackRock Investment Quality Municipal Trust (BKN)

 

5.58

%

 

8.58

%

 

$

18.97

 

$

15.79

 


BlackRock Municipal Income Trust (BFK)

 

5.73

 

 

8.82

 

 

 

17.30

 

 

15.37

 


BlackRock Long-Term Municipal Advantage Trust (BTA)

 

5.61

 

 

8.63

 

 

 

14.70

 

 

14.89

 


BlackRock California Investment Quality Municipal Trust (RAA)

 

5.36

 

 

8.25

 

 

 

15.80

 

 

14.51

 


BlackRock California Municipal Income Trust (BFZ)

 

5.33

 

 

8.20

 

 

 

17.12

 

 

15.74

 


BlackRock Florida Investment Quality Municipal Trust (RFA)

 

5.31

 

 

8.17

 

 

 

16.00

 

 

14.24

 


BlackRock Florida Municipal Income Trust (BBF)

 

5.55

 

 

8.54

 

 

 

16.30

 

 

15.68

 


BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

5.28

 

 

8.12

 

 

 

15.95

 

 

14.47

 


BlackRock New Jersey Municipal Income Trust (BNJ)

 

5.19

 

 

7.98

 

 

 

18.40

 

 

16.35

 


BlackRock New York Investment Quality Municipal Trust (RNY)

 

5.27

 

 

8.11

 

 

 

16.65

 

 

15.18

 


BlackRock New York Municipal Income Trust (BNY)

 

5.21

 

 

8.02

 

 

 

17.35

 

 

15.88

 


 

 

1

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

2

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

          On September 29, 2006, BlackRock, Inc. (“BlackRock”) and Merrill Lynch Investment Managers united to form one of the largest asset management firms in the world. Now with more than $1 trillion in assets under management, over 4,500 employees in 18 countries and representation in key markets worldwide, BlackRock’s global presence means greater depth and scale to serve you.

          BlackRock, a world leader in asset management, has a proven commitment to the municipal bond market. As of September 30, 2006, BlackRock managed over $40 billion in municipal bonds, including 14 open-end and 69 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.

          At a meeting that occurred on November 21, 2006, the Trusts’ Board of Trustees approved amendments to the respective Dividend Reinvestment Plans (each, a “Plan”) of BKN, RAA, RFA, and RNY. The amendments to the Plans are described under “Dividend Reinvestment Plans” in the attached annual report.

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

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

 

 

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1



 

 

TRUST SUMMARIES
OCTOBER 31, 2006

 

BlackRock Investment Quality Municipal Trust (BKN)

 


Trust Information

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BKN

 


Initial Offering Date:

 

February 19, 1993

 


Closing Market Price as of 10/31/06:

 

$

18.97

 

 


Net Asset Value as of 10/31/06:

 

$

15.79

 

 


Yield on Closing Market Price as of 10/31/06 ($18.97):1

 

 

5.58

%

 


Current Monthly Distribution per Common Share:2

 

$

0.088250

 

 


Current Annualized Distribution per Common Share:2

 

$

1.059000

 

 


Leverage as of 10/31/06:3

 

 

36

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$18.97

 

$16.62

 

14.14

%

 

$18.99

 

$16.50

 


NAV

 

$15.79

 

$15.59

 

1.28

%

 

$15.80

 

$15.16

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


City, County & State

 

23

%

 

17

%

 


Industrial & Pollution Control

 

14

 

 

17

 

 


Hospitals

 

13

 

 

11

 

 


Power

 

10

 

 

7

 

 


Education

 

9

 

 

11

 

 


Transportation

 

8

 

 

10

 

 


Housing

 

6

 

 

7

 

 


Lease Revenue

 

6

 

 

11

 

 


Water & Sewer

 

5

 

 

1

 

 


Tax Revenue

 

4

 

 

7

 

 


Tobacco

 

2

 

 

1

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

51

%

 

50

%

 


AA/Aa

 

13

 

 

10

 

 


A

 

6

 

 

12

 

 


BBB/Baa

 

16

 

 

9

 

 


BB/Ba

 

4

 

 

12

 

 


B

 

2

 

 

 

 


Not Rated

 

8

 

 

7

 

 




 

 

4

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

2



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock Municipal Income Trust (BFK)

 


Trust Information

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BFK

 


Initial Offering Date:

 

July 27, 2001

 


Closing Market Price as of 10/31/06:

 

$

17.30

 

 


Net Asset Value as of 10/31/06:

 

$

15.37

 

 


Yield on Closing Market Price as of 10/31/06 ($17.30):1

 

 

5.73

%

 


Current Monthly Distribution per Common Share:2

 

$

0.082625

 

 


Current Annualized Distribution per Common Share:2

 

$

0.991500

 

 


Leverage as of 10/31/06:3

 

 

36

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$17.30

 

$15.69

 

10.26

%

 

$17.33

 

$15.26

 


NAV

 

$15.37

 

$14.71

 

4.49

%

 

$15.37

 

$14.63

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


Industrial & Pollution Control

 

22

%

 

21

%

 


Hospitals

 

21

 

 

23

 

 


City, County & State

 

11

 

 

8

 

 


Transportation

 

9

 

 

11

 

 


Education

 

8

 

 

5

 

 


Housing

 

8

 

 

11

 

 


Power

 

7

 

 

3

 

 


Tax Revenue

 

5

 

 

6

 

 


Tobacco

 

4

 

 

4

 

 


Water & Sewer

 

3

 

 

1

 

 


Lease Revenue

 

2

 

 

7

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

30

%

 

26

%

 


AA/Aa

 

9

 

 

6

 

 


A

 

21

 

 

27

 

 


BBB/Baa

 

21

 

 

18

 

 


BB/Ba

 

5

 

 

5

 

 


B

 

7

 

 

10

 

 


Not Rated

 

7

 

 

8

 

 



 

 

4

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

3



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock Long-Term Municipal Advantage Trust (BTA)

 


Trust Information

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BTA

 


Initial Offering Date:

 

February 28, 2006

 


Closing Market Price as of 10/31/06:

 

$

14.70

 

 


Net Asset Value as of 10/31/06:

 

$

14.89

 

 


Yield on Closing Market Price as of 10/31/06 ($14.70):1

 

 

5.61

%

 


Current Monthly Distribution per Common Share:2

 

$

0.068750

 

 


Current Annualized Distribution per Common Share:2

 

$

0.825000

 

 


 

 

1

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

2

The distribution is not constant and is subject to change.

 

 

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


 

 

 

 

 

 

 

 

 








 

 

10/31/06

 

High

 

Low

 


Market Price

 

$14.70

 

$15.20

 

$12.87

 


NAV

 

$14.89

 

$14.88

 

$13.46

 


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

Portfolio Composition

 

 

 

 

 


Sector

 

October 31, 2006

 


Education

 

24

%

 


Industrial & Pollution Control

 

14

 

 


Tobacco

 

14

 

 


Transportation

 

13

 

 


Hospital

 

12

 

 


Water & Sewer

 

10

 

 


Power

 

4

 

 


City, County & State

 

4

 

 


Lease Revenue

 

4

 

 


Housing

 

1

 

 



Quality Allocations3

 

 

 

 

 


Credit Rating

 

October 31, 2006

 


AAA/Aaa

 

33

%

 


AA/Aa

 

21

 

 


A

 

4

 

 


BBB/Baa

 

33

 

 


B

 

2

 

 


Not Rated4

 

7

 

 


 

 

3

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

4

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

4



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock California Investment Quality Municipal Trust (RAA)

 


Trust Information

 

 

 

 

 

 


Symbol on American Stock Exchange:

 

RAA

 


Initial Offering Date:

 

May 28, 1993

 


Closing Market Price as of 10/31/06:

 

$

15.80

 

 


Net Asset Value as of 10/31/06:

 

$

14.51

 

 


Yield on Closing Market Price as of 10/31/06 ($15.80):1

 

 

5.36

%

 


Current Monthly Distribution per Common Share:2

 

$

0.0706

 

 


Current Annualized Distribution per Common Share:2

 

$

0.8472

 

 


Leverage as of 10/31/06:3

 

 

34

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$15.80

 

$15.75

 

0.32%

 

$17.00

 

$13.45

 


NAV

 

$14.51

 

$14.20

 

2.18%

 

$14.52

 

$14.02

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


City, County & State

 

26

%

 

18

%

 


Education

 

16

 

 

10

 

 


Transportation

 

14

 

 

18

 

 


Industrial & Pollution Control

 

13

 

 

7

 

 


Tobacco

 

10

 

 

4

 

 


Hospitals

 

7

 

 

11

 

 


Water & Sewer

 

5

 

 

7

 

 


Lease Revenue

 

4

 

 

20

 

 


Power

 

3

 

 

5

 

 


Housing

 

2

 

 

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

62

%

 

38

%

 


AA/Aa

 

 

 

7

 

 


A

 

14

 

 

18

 

 


BBB/Baa

 

7

 

 

21

 

 


B

 

6

 

 

5

 

 


Not Rated

 

11

 

 

11

 

 



 

 

4

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

5



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock California Municipal Income Trust (BFZ)

 


Trust Information

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BFZ

 


Initial Offering Date:

 

July 27, 2001

 


Closing Market Price as of 10/31/06:

 

$

17.12

 

 


Net Asset Value as of 10/31/06:

 

$

15.74

 

 


Yield on Closing Market Price as of 10/31/06 ($17.12):1

 

 

5.33

%

 


Current Monthly Distribution per Common Share:2

 

$

0.076074

 

 


Current Annualized Distribution per Common Share:2

 

$

0.912888

 

 


Leverage as of 10/31/06:3

 

 

36

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$17.12

 

$14.92

 

14.75

%

 

$17.31

 

$14.72

 


NAV

 

$15.74

 

$15.18

 

3.69

%

 

$15.74

 

$15.06

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


City, County & State

 

22

%

 

19

%

 


Transportation

 

14

 

 

16

 

 


Hospitals

 

13

 

 

13

 

 


Education

 

12

 

 

10

 

 


Housing

 

11

 

 

12

 

 


Lease Revenue

 

9

 

 

19

 

 


Power

 

7

 

 

7

 

 


Tobacco

 

7

 

 

2

 

 


Industrial & Pollution Control

 

5

 

 

2

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

49

%

 

38

%

 


AA/Aa

 

3

 

 

3

 

 


A

 

26

 

 

30

 

 


BBB/Baa

 

12

 

 

14

 

 


B

 

1

 

 

3

 

 


Not Rated

 

9

 

 

12

 

 



 

 

4

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

6



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 


Trust Information

 

 

 

 

 

 


Symbol on American Stock Exchange:

 

RFA

 


Initial Offering Date:

 

May 28, 1993

 


Closing Market Price as of 10/31/06:

 

$

16.00

 

 


Net Asset Value as of 10/31/06:

 

$

14.24

 

 


Yield on Closing Market Price as of 10/31/06 ($16.00):1

 

 

5.31

%

 


Current Monthly Distribution per Common Share:2

 

$

0.070781

 

 


Current Annualized Distribution per Common Share:2

 

$

0.849372

 

 


Leverage as of 10/31/06:3

 

 

35

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$16.00

 

$14.85

 

7.74

%

 

$16.75

 

$13.75

 


NAV

 

$14.24

 

$14.39

 

(1.04

%)

 

$14.39

 

$13.74

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


Hospitals

 

24

%

 

17

%

 


Water & Sewer

 

22

 

 

1

 

 


City, County & State

 

18

 

 

14

 

 


Lease Revenue

 

10

 

 

11

 

 


Tax Revenue

 

8

 

 

12

 

 


Industrial & Pollution Control

 

7

 

 

4

 

 


Transportation

 

6

 

 

16

 

 


Education

 

5

 

 

17

 

 


Housing

 

 

 

4

 

 


Power

 

 

 

4

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

64

%

 

47

%

 


AA/Aa

 

5

 

 

6

 

 


A

 

8

 

 

5

 

 


BBB/Baa

 

8

 

 

16

 

 


BB/Ba

 

3

 

 

3

 

 


B

 

 

 

6

 

 


Not Rated

 

12

 

 

17

 

 



 

 

4

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

7



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock Florida Municipal Income Trust (BBF)

 


Trust Information

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BBF

 


Initial Offering Date:

 

July 27, 2001

 


Closing Market Price as of 10/31/06:

 

$

16.30

 

 


Net Asset Value as of 10/31/06:

 

$

15.68

 

 


Yield on Closing Market Price as of 10/31/06 ($16.30):1

 

 

5.55

%

 


Current Monthly Distribution per Common Share:2

 

$

0.075375

 

 


Current Annualized Distribution per Common Share:2

 

$

0.904500

 

 


Leverage as of 10/31/06:3

 

 

36

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$16.30

 

$15.25

 

6.89%

 

$17.00

 

$14.70

 


NAV

 

$15.68

 

$15.48

 

1.29%

 

$15.73

 

$15.31

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


City, County & State

 

34

%

 

30

%

 


Hospitals

 

21

 

 

24

 

 


Water & Sewer

 

9

 

 

8

 

 


Education

 

7

 

 

7

 

 


Tax Revenue

 

7

 

 

6

 

 


Lease Revenue

 

6

 

 

5

 

 


Power

 

4

 

 

4

 

 


Tobacco

 

4

 

 

4

 

 


Housing

 

3

 

 

4

 

 


Transportation

 

3

 

 

7

 

 


Industrial & Pollution Control

 

2

 

 

1

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

39

%

 

28

%

 


AA/Aa

 

29

 

 

34

 

 


A

 

6

 

 

6

 

 


BBB/Baa

 

10

 

 

14

 

 


BB/Ba

 

2

 

 

2

 

 


Not Rated5

 

14

 

 

16

 

 



 

 

4

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

5

The investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of October 31, 2006 and October 31, 2005, the market value of these securities was $3,384,402, representing 2.2%, and $3,452,437, representing 2.3%, respectively, of the Trust’s long-term investments.

8



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


Trust Information

 

 

 

 

 

 


Symbol on American Stock Exchange:

 

RNJ

 


Initial Offering Date:

 

May 28, 1993

 


Closing Market Price as of 10/31/06:

 

$

15.95

 

 


Net Asset Value as of 10/31/06:

 

$

14.47

 

 


Yield on Closing Market Price as of 10/31/06 ($15.95):1

 

 

5.28

%

 


Current Monthly Distribution per Common Share:2

 

$

0.070125

 

 


Current Annualized Distribution per Common Share:2

 

$

0.841500

 

 


Leverage as of 10/31/06:3

 

 

34

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$15.95

 

$14.70

 

8.50

%

 

$17.58

 

$14.30

 


NAV

 

$14.47

 

$14.48

 

(0.07

%)

 

$14.58

 

$14.19

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


Transportation

 

23

%

 

26

%

 


Hospitals

 

15

 

 

10

 

 


Housing

 

13

 

 

9

 

 


Education

 

11

 

 

9

 

 


Industrial & Pollution Control

 

10

 

 

8

 

 


Tax Revenue

 

10

 

 

4

 

 


Tobacco

 

5

 

 

5

 

 


Water & Sewer

 

5

 

 

5

 

 


City, County & State

 

3

 

 

11

 

 


Lease Revenue

 

3

 

 

9

 

 


Power

 

2

 

 

 

 


Resource Recovery

 

 

 

4

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

41

%

 

51

%

 


AA/Aa

 

3

 

 

 

 


A

 

6

 

 

13

 

 


BBB/Baa

 

33

 

 

21

 

 


B

 

6

 

 

10

 

 


Not Rated

 

11

 

 

5

 

 



 

 

4

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

9



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 


Trust Information

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BNJ

 


Initial Offering Date:

 

July 27, 2001

 


Closing Market Price as of 10/31/06:

 

$

18.40

 

 


Net Asset Value as of 10/31/06:

 

$

16.35

 

 


Yield on Closing Market Price as of 10/31/06 ($18.40):1

 

 

5.19

%

 


Current Monthly Distribution per Common Share:2

 

$

0.079625

 

 


Current Annualized Distribution per Common Share:2

 

$

0.955500

 

 


Leverage as of 10/31/06:3

 

 

34

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$18.40

 

$15.91

 

15.65

%

 

$18.58

 

$15.71

 


NAV

 

$16.35

 

$15.87

 

3.02

%

 

$16.35

 

$15.77

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


Hospitals

 

24

%

 

24

%

 


Housing

 

20

 

 

17

 

 


City, County & State

 

11

 

 

14

 

 


Lease Revenue

 

10

 

 

10

 

 


Transportation

 

10

 

 

11

 

 


Tobacco

 

8

 

 

8

 

 


Industrial & Pollution Control

 

6

 

 

5

 

 


Tax Revenue

 

6

 

 

6

 

 


Education

 

5

 

 

5

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

32

%

 

31

%

 


AA/Aa

 

 

 

5

 

 


A

 

22

 

 

20

 

 


BBB/Baa

 

39

 

 

26

 

 


BB/Ba

 

 

 

3

 

 


B

 

3

 

 

12

 

 


Not Rated

 

4

 

 

3

 

 




 

 

4

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

10



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock New York Investment Quality Municipal Trust (RNY)

 


Trust Information

 

 

 

 

 

 


Symbol on American Stock Exchange:

 

RNY

 


Initial Offering Date:

 

May 28, 1993

 


Closing Market Price as of 10/31/06:

 

$

16.65

 

 


Net Asset Value as of 10/31/06:

 

$

15.18

 

 


Yield on Closing Market Price as of 10/31/06 ($16.65):1

 

 

5.27

%

 


Current Monthly Distribution per Common Share:2

 

$

0.073125

 

 


Current Annualized Distribution per Common Share:2

 

$

0.877500

 

 


Leverage as of 10/31/06:3

 

 

33

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$16.65

 

$14.75

 

12.88

%

 

$17.20

 

$14.50

 


NAV

 

$15.18

 

$15.03

 

1.00

%

 

$15.18

 

$14.67

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


Education

 

24

%

 

18

%

 


Tax Revenue

 

15

 

 

15

 

 


Industrial & Pollution Control

 

14

 

 

12

 

 


City, County & State

 

12

 

 

16

 

 


Water & Sewer

 

11

 

 

11

 

 


Housing

 

8

 

 

7

 

 


Lease Revenue

 

6

 

 

7

 

 


Hospitals

 

4

 

 

4

 

 


Transportation

 

4

 

 

8

 

 


Tobacco

 

2

 

 

2

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

46

%

 

43

%

 


AA/Aa

 

29

 

 

22

 

 


A

 

4

 

 

18

 

 


BBB/Baa

 

12

 

 

10

 

 


BB/Ba

 

 

 

3

 

 


B

 

6

 

 

 

 


Caa

 

3

 

 

3

 

 


Not Rated

 

 

 

1

 

 



 

 

4

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

11



 

 

TRUST SUMMARIES

 

OCTOBER 31, 2006

 

BlackRock New York Municipal Income Trust (BNY)

 


Trust Information

 

 

 

 

 

 


Symbol on New York Stock Exchange:

 

BNY

 


Initial Offering Date:

 

July 27, 2001

 


Closing Market Price as of 10/31/06:

 

$

17.35

 

 


Net Asset Value as of 10/31/06:

 

$

15.88

 

 


Yield on Closing Market Price as of 10/31/06 ($17.35):1

 

 

5.21

%

 


Current Monthly Distribution per Common Share:2

 

$

0.075339

 

 


Current Annualized Distribution per Common Share:2

 

$

0.904068

 

 


Leverage as of 10/31/06:3

 

 

35

%

 


 

 

1

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

2

The distribution is not constant and is subject to change.

3

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

 

 

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

10/31/06

 

10/31/05

 

Change

 

High

 

Low

 


Market Price

 

$17.35

 

$15.19

 

14.22

%

 

$17.45

 

$15.00

 


NAV

 

$15.88

 

$15.44

 

2.85

%

 

$15.88

 

$15.30

 


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

Portfolio Composition

 

 

 

 

 

 

 

 


Sector

 

October 31, 2006

 

October 31, 2005

 


Industrial & Pollution Control

 

19

%

 

15

%

 


Housing

 

15

 

 

15

 

 


Transportation

 

13

 

 

19

 

 


Tobacco

 

12

 

 

12

 

 


Education

 

10

 

 

8

 

 


Lease Revenue

 

9

 

 

12

 

 


City, County & State

 

7

 

 

5

 

 


Water & Sewer

 

6

 

 

6

 

 


Hospitals

 

6

 

 

7

 

 


Power

 

2

 

 

 

 


Tax Revenue

 

1

 

 

1

 

 



Credit Quality Allocations4

 

 

 

 

 

 

 

 


Credit Rating

 

October 31, 2006

 

October 31, 2005

 


AAA/Aaa

 

37

%

 

27

%

 


AA/Aa

 

21

 

 

18

 

 


A

 

15

 

 

20

 

 


BBB/Baa

 

20

 

 

26

 

 


BB/Ba

 

 

 

2

 

 


B

 

4

 

 

3

 

 


CCC/Caa

 

3

 

 

3

 

 


Not Rated

 

 

 

1

 

 



 

 

4

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

12



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Investment Quality Municipal Trust (BKN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

LONG-TERM INVESTMENTS—146.4%

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—6.5%

 

 

 

 

 

 

AAA

 

 

$

1,865

 

Birmingham Wtr. Wks. & Swr. Brd. RB, Ser. A, 4.50%, 1/01/35, FSA

 

01/16 @ 100

 

$

1,864,888

 

AAA

 

 

 

14,000

3

Univ. of Alabama Hosp. RB, Ser. A, 5.875%, 9/01/10, MBIA

 

N/A

 

 

15,270,640

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

17,135,528

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Arizona—0.7%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

490

 

6.25%, 5/01/15

 

05/10 @ 107

 

 

491,343

 

NR

 

 

 

490

 

7.00%, 5/01/20

 

05/10 @ 107

 

 

493,146

 

NR

 

 

 

980

 

7.25%, 5/01/27

 

05/10 @ 107

 

 

997,855

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

1,982,344

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

California—23.5%

 

 

 

 

 

 

 

 

 

 

 

 

California GO14,

 

 

 

 

 

 

A+

 

 

 

5,800

 

5.00%, 2/01/32

 

08/13 @ 100

 

 

6,055,316

 

AAA

 

 

 

10,000

 

5.00%, 3/01/33, CIFG-TCRS

 

03/15 @ 100

 

 

10,557,000

 

A+

 

 

 

3,485

 

5.00%, 6/01/34

 

12/14 @ 100

 

 

3,658,692

 

Aaa

 

 

 

1,515

3

5.625%, 5/01/10

 

N/A

 

 

1,636,579

 

A+

 

 

 

860

3

5.625%, 5/01/10

 

N/A

 

 

927,536

 

Aaa

 

 

 

2,625

3

5.625%, 5/01/10

 

N/A

 

 

2,831,141

 

A+

 

 

 

770

 

5.625%, 5/01/18

 

05/10 @ 101

 

 

822,476

 

 

 

 

 

 

 

Cnty. Tobacco Sec. Agcy. RB,

 

 

 

 

 

 

BBB-

 

 

 

1,340

 

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

 

06/16 @ 17.602

 

 

136,372

 

BB

 

 

 

7,090

 

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

 

06/16 @ 8.9

 

 

329,898

 

NR

 

 

 

9,060

 

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

 

06/16 @ 6.219

 

 

297,802

 

 

 

 

 

 

 

Foothill/Eastn. Transp. Corridor Agcy. RB,

 

 

 

 

 

 

BBB

 

 

 

7,000

 

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

 

01/14 @ 101

 

 

6,395,480

 

BBB

 

 

 

3,495

 

Toll Road Proj., 5.75%, 1/15/40

 

01/10 @ 101

 

 

3,634,031

 

AAA

 

 

 

10,945

3

Los Altos Sch. Dist. GO, Zero Coupon, 8/01/13, MBIA

 

N/A

 

 

4,555,966

 

AAA

 

 

 

15,460

 

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

 

No Opt. Call

 

 

15,852,684

 

AA-

 

 

 

4,185

 

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

 

05/13 @ 101

 

 

4,269,955

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

61,960,928

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Colorado—0.8%

 

 

 

 

 

 

Baa2

 

 

 

1,020

 

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

 

12/15 @ 101

 

 

1,074,111

 

AAA

 

 

 

1,030

 

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

 

11/15 @ 100

 

 

1,085,878

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

2,159,989

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Connecticut—1.2%

 

 

 

 

 

 

Baa3

 

 

 

3,000

4

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

 

09/09 @ 101

 

 

3,084,240

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

District of Columbia—2.2%

 

 

 

 

 

 

BBB

 

 

 

4,960

 

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

 

No Opt. Call

 

 

5,926,853

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Florida—18.7%

 

 

 

 

 

 

NR

 

 

 

2,080

 

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

 

05/13 @ 101

 

 

2,203,531

 

BBB+

 

 

 

2,415

 

Halifax Hosp. Med. Ctr. RB, Ser. A, 5.00%, 6/01/38

 

06/16 @ 100

 

 

2,479,674

 

NR

 

 

 

3,700

 

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

 

10/10 @ 101

 

 

4,070,333

 

AAA

 

 

 

1,215

 

JEA RB, Wtr. & Swr. Sys. Proj., Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

1,234,877

 

NR

 

 

 

2,220

 

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

 

05/12 @ 101

 

 

2,307,401

 

BB+

 

 

 

4,755

 

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

 

11/14 @ 100

 

 

5,490,694

 

 

 

 

 

 

 

Miami Dade Cnty. Cap. Apprec. SO,

 

 

 

 

 

 

AAA

 

 

 

3,380

 

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

 

10/15 @ 44.051

 

 

989,123

 

AAA

 

 

 

4,225

 

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

 

10/15 @ 41.782

 

 

1,171,677

 

AAA

 

 

 

4,000

 

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

 

10/15 @ 39.621

 

 

1,047,320

 

AAA

 

 

 

4,580

 

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

 

10/15 @ 37.635

 

 

1,138,084

 

AAA

 

 

 

5,000

 

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

 

10/15 @ 35.678

 

 

1,176,850

 

AAA

 

 

 

10,000

 

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

 

10/15 @ 33.817

 

 

2,228,900

 

AAA

 

 

 

10,000

 

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

 

10/15 @ 32.047

 

 

2,110,400

 

AAA

 

 

 

7,895

 

Orange Cnty. Tourist Dev. RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

8,110,376

 

NR

 

 

 

3,770

 

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

 

10/15 @ 100

 

 

3,854,373

 

NR

 

 

 

9,550

 

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

 

05/13 @ 100

 

 

9,734,601

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

49,348,214

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

13



BlackRock Investment Quality Municipal Trust (BKN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

Georgia—3.1%

 

 

 

 

 

 

AAA

 

 

$

2,245

 

 

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

 

01/15 @ 100

 

$

2,355,297

 

AAA

 

 

 

4,000

 

 

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

 

11/14 @ 100

 

 

4,215,520

 

BBB

 

 

 

1,500

 

 

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

 

09/14 @ 101

 

 

1,651,365

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,222,182

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Hawaii—1.0%

 

 

 

 

 

 

AAA

 

 

 

2,500

 

 

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

 

01/09 @ 101

 

 

2,645,050

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—13.5%

 

 

 

 

 

 

NR

 

 

 

1,920

4

 

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

 

No Opt. Call

 

 

1,972,685

 

AAA

 

 

 

1,040

3

 

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

 

N/A

 

 

1,084,325

 

AAA

 

 

 

3,540

 

 

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

 

01/14 @ 100

 

 

3,725,248

 

AAA

 

 

 

5,000

5

 

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

 

ETM

 

 

6,486,200

 

 

 

 

 

 

 

 

Fin. Auth. RB,

 

 

 

 

 

 

BB+

 

 

 

690

 

 

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

 

02/15 @ 100

 

 

704,821

 

AA+

 

 

 

5,800

 

 

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

 

08/14 @ 100

 

 

6,360,686

 

BBB

 

 

 

1,665

 

 

Student Hsg. Edl. Advancement Fd, Inc. Proj., Ser. B, 5.00%, 5/01/25

 

11/16 @ 100

 

 

1,719,262

 

BBB

 

 

 

1,330

 

 

Student Hsg. Edl. Advancement Fd, Inc. Proj., Ser. B, 5.00%, 5/01/30

 

11/16 @ 100

 

 

1,365,817

 

Baa2

 

 

 

875

 

 

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

 

06/14 @ 100

 

 

900,988

 

Baa3

 

 

 

700

 

 

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

 

06/14 @ 100

 

 

718,592

 

AAA

 

 

 

3,980

 

 

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

 

02/16 @ 100

 

 

3,948,279

 

AAA

 

 

 

6,500

 

 

Vlg. of Bolingbrook GO, Ser. A, 4.75%, 1/01/38, MBIA

 

01/15 @ 100

 

 

6,658,795

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

35,645,698

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—1.2%

 

 

 

 

 

 

AAA

 

 

 

3,050

 

 

Mun. Pwr. Agcy. Pwr. Sply. Sys. RB, Ser. A, 4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

3,049,817

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—2.3%

 

 

 

 

 

 

AAA

 

 

 

13,500

 

 

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

 

No Opt. Call

 

 

6,041,385

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—0.7%

 

 

 

 

 

 

BBB+

 

 

 

1,740

 

 

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

 

08/14 @ 100

 

 

1,859,033

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—1.2%

 

 

 

 

 

 

AA

 

 

 

3,075

 

 

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

 

08/16 @ 100

 

 

3,247,262

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—0.7%

 

 

 

 

 

 

A1

 

 

 

1,670

 

 

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

 

11/16 @ 100

 

 

1,768,580

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Missouri—1.1%

 

 

 

 

 

 

AAA

 

 

 

2,820

 

 

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

 

01/16 @ 100

 

 

2,840,417

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—4.6%

 

 

 

 

 

 

Baa1

 

 

 

7,000

4

 

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

 

11/10 @ 100

 

 

7,782,810

 

Baa1

 

 

 

4,000

4

 

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

 

11/10 @ 100

 

 

4,475,160

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,257,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nebraska—3.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Omaha Pub. Pwr. Dist. Elec. Sys. RB,

 

 

 

 

 

 

AA

 

 

 

2,765

 

 

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

 

02/14 @ 100

 

 

2,812,309

 

AA

 

 

 

5,000

 

 

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

 

02/14 @ 100

 

 

5,231,550

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

8,043,859

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—2.1%

 

 

 

 

 

 

A+

 

 

 

2,065

 

 

Clark Cnty. Econ. Dev. RB, Alexander Dawson Sch. Proj., 5.00%, 5/15/29

 

05/16 @ 100

 

 

2,155,715

 

AAA

 

 

 

3,200

 

 

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

 

07/16 @ 100

 

 

3,303,168

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,458,883

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—4.3%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

 

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

 

01/10 @ 100

 

 

2,120,960

 

BBB

 

 

 

7,000

 

 

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

 

06/14 @ 100

 

 

7,615,860

 

NR

 

 

 

1,510

 

 

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

 

01/15 @ 100

 

 

1,559,906

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,296,726

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

14



BlackRock Investment Quality Municipal Trust (BKN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

New York—9.2%

 

 

 

 

 

 

NR

 

 

$

725

 

 

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

 

05/15 @ 102

 

$

714,444

 

AAA

 

 

 

3,895

3

 

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

 

N/A

 

 

3,445,322

 

AA-

 

 

 

12,400

 

 

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

 

No Opt. Call

 

 

14,406,692

 

B

 

 

 

2,600

 

 

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

 

08/16 @ 101

 

 

3,131,778

 

AA+

 

 

 

2,500

 

 

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

 

06/16 @ 100

 

 

2,642,650

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

24,340,886

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—2.9%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,191,000

 

NR

 

 

 

2,425

 

 

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

 

08/15 @ 100

 

 

2,571,785

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,762,785

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—7.8%

 

 

 

 

 

 

AAA

 

 

 

10,475

 

 

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

 

07/15 @ 100

 

 

10,788,831

 

AAA

 

 

 

245

5

 

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

 

ETM

 

 

246,570

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

Aa3

 

 

 

3,485

 

 

6.00%, 1/01/20

 

07/13 @ 100

 

 

3,906,441

 

Aa3

 

 

 

5,000

 

 

6.00%, 1/01/21

 

07/13 @ 100

 

 

5,598,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

20,540,242

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

B

 

 

 

2,900

 

 

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

 

No Opt. Call

 

 

3,323,255

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—5.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth. RB,

 

 

 

 

 

 

A3

 

 

 

2,000

 

 

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

 

05/11 @ 101

 

 

2,147,380

 

A3

 

 

 

3,100

 

 

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

 

05/11 @ 101

 

 

3,328,997

 

BB-

 

 

 

8,235

 

 

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

 

12/09 @ 103

 

 

8,837,802

 

 

 

 

 

 

 

 

McKeesport Area Sch. Dist. GO,

 

 

 

 

 

 

AAA

 

 

 

870

5

 

Zero Coupon, 10/01/31, FGIC

 

ETM

 

 

293,425

 

AAA

 

 

 

2,435

 

 

Zero Coupon, 10/01/31, FGIC

 

No Opt. Call

 

 

801,456

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,409,060

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—1.7%

 

 

 

 

 

 

BBB

 

 

 

4,170

 

 

Comnwlth. Pub. Impvt. GO, Ser. B, 5.00%, 7/01/35

 

07/16 @ 100

 

 

4,381,794

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Rhode Island—0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Ed. Bldg. Corp. RB, Lifespan Proj.,

 

 

 

 

 

 

AAA

 

 

 

1,800

3

 

5.50%, 5/15/07, MBIA

 

N/A

 

 

1,854,162

 

AAA

 

 

 

200

 

 

5.50%, 5/15/16, MBIA

 

05/07 @ 102

 

 

205,712

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,059,874

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—4.7%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

07/15 @ 100

 

 

5,176,350

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB+

 

 

 

3,560

3

 

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

 

N/A

 

 

4,220,558

 

BBB+

 

 

 

440

 

 

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

 

08/13 @ 100

 

 

509,639

 

BBB+

 

 

 

2,185

 

 

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

 

08/13 @ 100

 

 

2,458,016

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,364,563

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—2.0%

 

 

 

 

 

 

AAA

 

 

 

4,865

 

 

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

 

03/10 @ 101

 

 

5,222,334

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—13.2%

 

 

 

 

 

 

BBB

 

 

 

1,350

 

 

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

 

04/16 @ 100

 

 

1,369,629

 

AAA

 

 

 

6,000

3

 

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

 

N/A

 

 

6,480,180

 

AAA

 

 

 

5,000

 

 

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

 

11/30 @ 61.166

 

 

1,003,200

 

AAA

 

 

 

9,495

 

 

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

 

02/14 @ 100

 

 

9,924,649

 

 

 

 

 

 

 

 

Lower Colorado River Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

3,845

 

 

4.75%, 5/15/36, AMBAC

 

05/11 @ 100

 

 

3,893,447

 

AAA

 

 

 

5

3

 

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

 

N/A

 

 

5,391

 

AAA

 

 

 

945

 

 

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

 

05/13 @ 100

 

 

985,626

 

AAA

 

 

 

675

 

 

Montgomery Cnty. Mun. Util. Dist. No. 46 Wtr. Wks. & Swr. Sys. GO, 4.75%, 3/01/30, MBIA

 

03/14 @ 100

 

 

688,358

 

AAA

 

 

 

2,010

 

 

Pearland GO, 4.75%, 3/01/29, FGIC

 

03/16 @ 100

 

 

2,066,360

 

See Notes to Financial Statements.

15



BlackRock Investment Quality Municipal Trust (BKN) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

Texas—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Tpke. Auth. Central Sys. RB,

 

 

 

 

 

 

AAA

 

 

$

15,000

 

 

Zero Coupon, 8/15/31, AMBAC

 

08/12 @ 32.807

 

$

3,825,000

 

AAA

 

 

 

3,325

 

 

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

 

08/12 @ 100

 

 

3,439,513

 

AA+

 

 

 

1,000

 

 

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

 

08/10 @ 100

 

 

1,070,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

34,752,313

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Utah—0.7%

 

 

 

 

 

 

AAA

 

 

 

1,950

5

 

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

 

ETM

 

 

1,952,126

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—2.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. Care Facs. Auth. RB, Providence Hlth. Care Svcs. Proj.,

 

 

 

 

 

 

AAA

 

 

 

2,480

 

 

4.50%, 10/01/35, FGIC

 

10/16 @ 100

 

 

2,475,933

 

AAA

 

 

 

2,650

 

 

Ser. A, 4.625%, 10/01/34, FGIC

 

10/16 @ 100

 

 

2,676,791

 

AAA

 

 

 

1,420

 

 

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

 

01/16 @ 100

 

 

1,497,873

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,650,597

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—1.4%

 

 

 

 

 

 

A-

 

 

 

3,220

 

 

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

 

04/13 @ 100

 

 

3,606,046

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $360,621,059)

 

 

 

 

386,340,833

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—10.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Georgia—0.8%

 

 

 

 

 

 

A-1+

 

 

 

1,990

6

 

Atlanta Wtr. & Wstwtr. RB, Ser. C, 3.59%, 11/01/06, FSA, FRDD

 

N/A

 

 

1,990,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nebraska—4.5%

 

 

 

 

 

 

A-1+

 

 

 

12,000

6

 

American Pub. Energy Agcy. Gas Sply. RB, Ser. A, 3.56%, 11/02/06, FRWD

 

N/A

 

 

12,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—0.4%

 

 

 

 

 

 

A-1+

 

 

 

1,000

6

 

Kent St. Univ. RB, 3.55%, 11/01/06, MBIA, FRWD

 

N/A

 

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds—4.3%

 

 

 

 

 

 

NR

 

 

 

7,100

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class

 

N/A

 

 

7,100,000

 

NR

 

 

 

4,450

 

 

SSgA Tax Free Money Mkt. Fund

 

N/A

 

 

4,450,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,550,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $26,540,000)

 

 

 

 

26,540,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—156.4% (cost $387,161,0597)

 

 

 

$

412,880,833

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(0.8)%

 

 

 

 

(2,224,899

)

 

 

 

 

 

 

 

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

 

 

 

 

(146,777,682

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

263,878,252

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

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

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2006, the Trust held 6.6% of its net assets, with a current market value of $17,314,895, in securities restricted as to resale.

5

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

6

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of October 31, 2006.

7

Cost for federal income tax purposes is $386,625,718. The net unrealized appreciation on a tax basis is $26,255,115, consisting of $26,299,084 gross unrealized appreciation and $43,969 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

AMT

Subject to Alternative Minimum Tax

 

MBIA

Municipal Bond Insurance Assoc.

CAPMAC

Capital Markets Assurance Co.

 

PCRB

Pollution Control Revenue Bond

CIFG-TCRS

CDC IXIS Financial Guaranty

 

PSF

Public School Fund Guaranteed

ETM

Escrowed to Maturity

 

RB

Revenue Bond

FGIC

Financial Guaranty Insurance Co.

 

SA

Special Assessment

FRDD

Floating Rate Daily Demand

 

SO

Special Obligation

FRWD

Floating Rate Weekly Demand

 

TA

Tax Allocation

FSA

Financial Security Assurance

 

XLCA

XL Capital Assurance

 

 

 

 

 

 

 

See Notes to Financial Statements.

16



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

BlackRock Municipal Income Trust (BFK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—149.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—2.7%

 

 

 

 

 

 

AAA

 

 

$

1,865

 

 

Birmingham Wtr. Wks. & Swr. Brd. RB, Ser. A, 4.50%, 1/01/35, FSA

 

01/16 @ 100

 

$

1,864,888

 

A2

 

 

 

15,000

 

 

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

 

06/12 @ 101

 

 

16,207,200

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,072,088

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Arizona—1.2%

 

 

 

 

 

 

A3

 

 

 

7,000

3

 

Scottsdale Ind. Dev. Auth. RB, Scottsdale Hlth. Care Proj., 5.80%, 12/01/11

 

N/A

 

 

7,753,270

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

California—15.3%

 

 

 

 

 

 

A+

 

 

 

7,000

 

 

California GO, 5.00%, 6/01/34

 

12/14 @ 100

 

 

7,348,880

 

 

 

 

 

 

 

 

Cnty. Tobacco Sec. Agcy. RB,

 

 

 

 

 

 

BBB-

 

 

 

3,385

 

 

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

 

06/16 @ 17.602

 

 

344,491

 

BB

 

 

 

17,855

 

 

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

 

06/16 @ 8.90

 

 

830,793

 

NR

 

 

 

22,825

 

 

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

 

06/16 @ 6.219

 

 

750,258

 

 

 

 

 

 

 

 

Foothill/Eastn. Transp. Corridor Agcy. RB,

 

 

 

 

 

 

BBB

 

 

 

54,635

 

 

Toll Road Proj., Zero Coupon, 1/15/32

 

01/10 @ 27.37

 

 

12,793,878

 

BBB

 

 

 

20,535

 

 

Toll Road Proj., Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

4,256,906

 

BBB

 

 

 

75,000

 

 

Toll Road Proj., Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

12,168,000

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp. RB,

 

 

 

 

 

 

A

 

 

 

5,000

 

 

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

 

06/15 @ 100

 

 

5,166,450

 

BBB

 

 

 

10,000

 

 

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

 

06/13 @ 100

 

 

11,302,000

 

NR

 

 

 

3,175

 

 

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

 

09/13 @ 102

 

 

3,401,568

 

AAA

 

 

 

13,320

 

 

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

 

01/12 @ 100

 

 

13,952,034

 

NR

 

 

 

5,000

 

 

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

 

09/14 @ 100

 

 

5,340,450

 

A+

 

 

 

5,000

 

 

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

 

04/13 @ 100

 

 

5,318,750

 

 

 

 

 

 

 

 

Univ. of California RB,

 

 

 

 

 

 

AA-

 

 

 

10,565

 

 

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

 

05/13 @ 101

 

 

10,779,469

 

AAA

 

 

 

5,000

 

 

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

 

05/13 @ 101

 

 

5,130,200

 

AAA

 

 

 

4,015

 

 

West Valley-Mission Cmnty. Coll. Dist. GO, Election 2004 A, 4.75%, 8/01/30, FSA

 

08/16 @ 100

 

 

4,157,412

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

103,041,539

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Colorado—1.3%

 

 

 

 

 

 

BBB

 

 

 

3,500

 

 

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

 

12/11 @ 100

 

 

3,748,990

 

Baa2

 

 

 

2,530

 

 

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

 

12/15 @ 101

 

 

2,664,217

 

AAA

 

 

 

2,545

 

 

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

 

11/15 @ 100

 

 

2,683,066

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

9,096,273

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—6.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

District of Columbia RB,

 

 

 

 

 

 

A

 

 

 

2,390

 

 

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

 

06/14 @ 100

 

 

2,491,527

 

AAA

 

 

 

15,600

 

 

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

 

04/11 @ 22.875

 

 

2,952,144

 

AAA

 

 

 

51,185

 

 

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

 

04/11 @ 21.546

 

 

9,123,726

 

BBB

 

 

 

25,535

 

 

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

 

05/11 @ 101

 

 

28,089,011

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

42,656,408

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—12.1%

 

 

 

 

 

 

NR

 

 

 

3,945

 

 

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

 

05/14 @ 100

 

 

4,109,349

 

NR

 

 

 

1,975

 

 

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

 

05/12 @ 101

 

 

2,068,971

 

A+

 

 

 

9,670

3

 

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

 

N/A

 

 

10,787,755

 

 

 

 

 

 

 

 

JEA RB,

 

 

 

 

 

 

AAA

 

 

 

11,035

 

 

Elec. Sys. Proj., Ser. 3A, 4.75%, 10/01/34, FSA

 

04/10 @ 100

 

 

11,156,606

 

AAA

 

 

 

3,070

 

 

Wtr. & Swr. Sys. Proj., Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

3,120,225

 

AAA

 

 

 

2,900

 

 

Wtr. & Swr. Sys. Proj., Ser. A, 4.75%, 10/01/41, MBIA

 

04/11 @ 100

 

 

2,943,732

 

BB+

 

 

 

9,000

 

 

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

 

12/06 @ 101

 

 

9,032,850

 

BB+

 

 

 

11,685

 

 

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

 

11/14 @ 100

 

 

13,492,903

 

AAA

 

 

 

10,830

 

 

Orange Cnty. Tourist Dev. RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

11,125,442

 

NR

 

 

 

3,925

 

 

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

 

05/14 @ 100

 

 

4,271,538

 

NR

 

 

 

9,545

 

 

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

 

05/13 @ 100

 

 

9,729,505

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

81,838,876

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

17



BlackRock Municipal Income Trust (BFK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 


 

 

 

 

 

 

 

Georgia—0.6%

 

 

 

 

 

 

BBB

 

 

$

4,000

 

 

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

 

02/12 @ 101

 

$

4,278,160

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Idaho—2.7%

 

 

 

 

 

 

AAA

 

 

 

16,970

 

 

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

 

04/11 @ 100

 

 

18,061,001

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—14.4%

 

 

 

 

 

 

NR

 

 

 

4,630

4

 

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

 

No Opt. Call

 

 

4,757,047

 

AAA

 

 

 

7,645

 

 

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

 

01/14 @ 100

 

 

8,045,063

 

 

 

 

 

 

 

 

Edl. Facs. Auth. RB,

 

 

 

 

 

 

AA+

 

 

 

760

 

 

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

 

07/11 @ 101

 

 

800,705

 

NR

 

 

 

10,000

3

 

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

 

N/A

 

 

11,392,200

 

BBB

 

 

 

7,000

 

 

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

 

05/07 @ 100

 

 

7,087,290

 

 

 

 

 

 

 

 

Fin. Auth. RB,

 

 

 

 

 

 

A+

 

 

 

7,145

3

 

Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09

 

N/A

 

 

7,629,217

 

BB+

 

 

 

1,685

 

 

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

 

02/15 @ 100

 

 

1,721,194

 

AA+

 

 

 

3,700

 

 

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

 

08/14 @ 100

 

 

4,057,679

 

BBB

 

 

 

4,235

 

 

Student Hsg. Edl. Advancement Fd., Inc. Proj., Ser. B, 5.00%, 5/01/25

 

11/16 @ 100

 

 

4,373,019

 

BBB

 

 

 

3,395

 

 

Student Hsg. Edl. Advancement Fd., Inc. Proj., Ser. B, 5.00%, 5/01/30

 

11/16 @ 100

 

 

3,486,427

 

Baa2

 

 

 

2,100

 

 

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

 

06/14 @ 100

 

 

2,162,370

 

Baa3

 

 

 

1,675

 

 

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

 

06/14 @ 100

 

 

1,719,488

 

 

 

 

 

 

 

 

Hlth. Facs. Auth. RB, Elmhurst Mem. Hosp. Proj.,

 

 

 

 

 

 

A

 

 

 

5,000

 

 

5.50%, 1/01/22

 

01/13 @ 100

 

 

5,338,400

 

A

 

 

 

6,000

 

 

5.625%, 1/01/28

 

01/13 @ 100

 

 

6,399,480

 

AAA

 

 

 

40,000

 

 

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

 

No Opt. Call

 

 

11,733,600

 

AAA

 

 

 

10,090

 

 

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

 

02/16 @ 100

 

 

10,009,583

 

 

 

 

 

 

 

 

Vlg. of Bolingbrook GO,

 

 

 

 

 

 

AAA

 

 

 

7,120

 

 

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

 

No Opt. Call

 

 

2,234,683

 

AAA

 

 

 

14,085

 

 

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

 

No Opt. Call

 

 

4,217,894

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

97,165,339

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—7.0%

 

 

 

 

 

 

A-

 

 

 

9,000

 

 

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

 

09/11 @ 100

 

 

9,357,390

 

AAA

 

 

 

7,750

 

 

Mun. Pwr. Agcy. Pwr. Sply. Sys. RB, Ser. A, 4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

7,749,535

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB+

 

 

 

10,000

 

 

5.90%, 12/01/24, AMT

 

08/11 @ 102

 

 

10,588,200

 

BBB+

 

 

 

16,000

 

 

5.95%, 12/01/29, AMT

 

08/11 @ 102

 

 

17,076,640

 

NR

 

 

 

2,470

 

 

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

 

01/09 @ 102

 

 

2,488,056

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

47,259,821

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Kentucky—1.4%

 

 

 

 

 

 

AAA

 

 

 

9,060

 

 

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

 

07/11 @ 100

 

 

9,340,407

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Louisiana—1.5%

 

 

 

 

 

 

A

 

 

 

9,215

 

 

Local Gov’t. Env. Facs. & Cmnty. Dev. Auth. RB, Cap. Projs. & Equip. Acquisition Proj.,

 

 

 

 

 

 

 

 

 

 

 

 

 

6.55%, 9/01/25, ACA

 

No Opt. Call

 

 

10,247,817

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Maryland—0.7%

 

 

 

 

 

 

BBB+

 

 

 

4,205

 

 

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

 

08/14 @ 100

 

 

4,492,664

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—1.1%

 

 

 

 

 

 

AA

 

 

 

6,770

 

 

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

 

08/16 @ 100

 

 

7,149,256

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Michigan—0.7%

 

 

 

 

 

 

A1

 

 

 

4,230

 

 

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

 

11/16 @ 100

 

 

4,479,697

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Mississippi—2.9%

 

 

 

 

 

 

A

 

 

 

18,680

 

 

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

 

07/11 @ 100

 

 

19,286,727

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Missouri—0.1%

 

 

 

 

 

 

AAA

 

 

 

695

 

 

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

 

01/16 @ 100

 

 

700,032

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—6.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

1,000

4

 

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

 

06/09 @ 100

 

 

1,053,660

 

A3

 

 

 

11,000

4

 

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

 

06/09 @ 100

 

 

11,496,100

 

A3

 

 

 

16,000

4

 

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

 

10/14 @ 100

 

 

18,312,480

 

Baa1

 

 

 

6,500

4

 

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

 

11/10 @ 100

 

 

7,029,230

 

A3

 

 

 

8,000

4

 

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

 

06/09 @ 100

 

 

8,494,880

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,386,350

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

18



BlackRock Municipal Income Trust (BFK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 


 

 

 

 

 

 

 

Nebraska—1.1%

 

 

 

 

 

 

AA

 

 

$

6,990

 

 

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

 

02/14 @ 100

 

$

7,109,599

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—2.5%

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

07/15 @ 100

 

 

5,232,300

 

A+

 

 

 

5,260

 

 

Clark Cnty. Econ. Dev. RB, Alexander Dawson Sch. Proj., 5.00%, 5/15/29

 

05/16 @ 100

 

 

5,491,072

 

AAA

 

 

 

6,000

 

 

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

 

07/16 @ 100

 

 

6,193,440

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

16,916,812

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Hampshire—1.2%

 

 

 

 

 

 

Aaa

 

 

 

4,000

 

 

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

 

06/13 @ 102

 

 

4,111,080

 

A+

 

 

 

3,500

 

 

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

 

10/11 @ 101

 

 

3,742,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

7,854,050

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—7.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.

 

 

 

 

 

 

BBB

 

 

 

18,500

 

 

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

 

06/14 @ 100

 

 

20,127,630

 

B

 

 

 

15,410

 

 

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

 

11/10 @ 101

 

 

16,417,814

 

Baa3

 

 

 

8,000

 

 

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

 

No Opt. Call

 

 

9,753,280

 

NR

 

 

 

3,680

 

 

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

 

01/15 @ 100

 

 

3,801,624

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

50,100,348

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—14.4%

 

 

 

 

 

 

NR

 

 

 

1,820

 

 

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

 

05/15 @ 102

 

 

1,793,501

 

AAA

 

 

 

5,375

 

 

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

 

06/12 @ 100

 

 

5,609,995

 

AA-

 

 

 

36,725

 

 

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

 

No Opt. Call

 

 

42,668,206

 

AAA

 

 

 

7,115

 

 

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

 

07/12 @ 100

 

 

7,469,683

 

 

 

 

 

 

 

 

New York City Indl. Dev. Agcy. RB,

 

 

 

 

 

 

B

 

 

 

27,400

 

 

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

 

08/16 @ 101

 

 

33,088,240

 

B

 

 

 

5,000

 

 

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

 

08/16 @ 101

 

 

6,154,850

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

96,784,475

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—1.9%

 

 

 

 

 

 

NR

 

 

 

12,130

 

 

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

 

08/15 @ 100

 

 

12,864,229

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Ohio—6.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Qual. Dev. Auth. PCRB,

 

 

 

 

 

 

BBB

 

 

 

14,500

 

 

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

 

08/07 @ 102

 

 

14,942,685

 

AAA

 

 

 

23,820

 

 

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

 

07/15 @ 100

 

 

24,533,647

 

NR

 

 

 

3,760

 

 

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

 

12/14 @ 101

 

 

3,891,074

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

43,367,406

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Oklahoma—1.2%

 

 

 

 

 

 

B

 

 

 

7,175

 

 

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

 

No Opt. Call

 

 

8,222,191

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—4.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Fin. Auth. RB,

 

 

 

 

 

 

A3

 

 

 

6,500

 

 

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

 

05/11 @ 101

 

 

6,980,155

 

BB-

 

 

 

19,750

 

 

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

 

12/09 @ 103

 

 

21,195,700

 

BBB+

 

 

 

4,000

 

 

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

 

05/13 @ 100

 

 

4,194,120

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

32,369,975

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—1.7%

 

 

 

 

 

 

BBB

 

 

 

10,605

 

 

Comnwlth. Pub. Impvt. GO, Ser. B, 5.00%, 7/01/35

 

07/16 @ 100

 

 

11,143,628

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

South Carolina—4.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB+

 

 

 

8,010

3

 

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

 

N/A

 

 

9,496,256

 

BBB+

 

 

 

990

 

 

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

 

08/13 @ 100

 

 

1,146,687

 

BBB+

 

 

 

5,075

 

 

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

 

08/13 @ 100

 

 

5,709,121

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

 

5,000

 

 

5.50%, 11/01/32

 

11/13 @ 100

 

 

5,319,000

 

A

 

 

 

10,000

 

 

5.75%, 11/01/28

 

11/13 @ 100

 

 

10,843,400

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

32,514,464

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Tennessee—1.6%

 

 

 

 

 

 

AAA

 

 

 

20,825

 

 

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

 

01/13 @ 67.474

 

 

10,679,268

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

19



BlackRock Municipal Income Trust (BFK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 


 

 

 

 

 

 

 

Texas—12.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

$

4,435

5,6

 

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

 

No Opt. Call

 

$

664,674

 

B

 

 

 

6,335

6

 

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

 

09/12 @ 102

 

 

5,034,741

 

AAA

 

 

 

3,805

 

 

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

 

12/11 @ 100

 

 

3,939,393

 

 

 

 

 

 

 

 

Harris Cnty. Houston Sports Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

12,580

 

 

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

 

11/30 @ 61.166

 

 

2,524,051

 

AAA

 

 

 

26,120

 

 

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

 

11/24 @ 46.545

 

 

5,286,949

 

AAA

 

 

 

5,000

 

 

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

 

11/31 @ 78.178

 

 

1,224,450

 

 

 

 

 

 

 

 

Lower Colorado River Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

5

3

 

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

 

N/A

 

 

5,391

 

AAA

 

 

 

2,395

 

 

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

 

05/13 @ 100

 

 

2,497,961

 

AAA

 

 

 

13,305

 

 

Lower Colorado River Auth. RB, Transm. Svcs. Proj., 4.75%, 5/15/34, AMBAC

 

05/11 @ 100

 

 

13,478,098

 

AAA

 

 

 

1,700

 

 

Montgomery Cnty. Mun. Util. Dist. No. 46 Wtr. Wks. & Swr. Sys. GO, 4.75%, 3/01/30, MBIA

 

03/14 @ 100

 

 

1,733,643

 

AAA

 

 

 

5,060

 

 

Pearland GO, 4.75%, 3/01/29, FGIC

 

03/16 @ 100

 

 

5,201,882

 

 

 

 

 

 

 

 

St. Tpke. Auth. RB, Central Sys. Proj.,

 

 

 

 

 

 

AAA

 

 

 

35,000

 

 

Zero Coupon, 8/15/32, AMBAC

 

08/12 @ 30.846

 

 

8,382,150

 

AAA

 

 

 

62,325

 

 

Zero Coupon, 8/15/33, AMBAC

 

08/12 @ 28.997

 

 

14,031,227

 

AAA

 

 

 

65,040

 

 

Zero Coupon, 8/15/34, AMBAC

 

08/12 @ 27.31

 

 

13,791,082

 

AAA

 

 

 

8,390

 

 

Tpke. Auth. Central Sys. RB, Ser. A, 5.00%, 8/15/42, AMBAC

 

08/12 @ 100

 

 

8,678,952

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

86,474,644

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Virginia—0.3%

 

 

 

 

 

 

AAA

 

 

 

8,105

 

 

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

 

04/12 @ 34.99

 

 

2,227,335

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—1.9%

 

 

 

 

 

 

A-

 

 

 

2,190

3

 

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

 

N/A

 

 

2,264,066

 

AAA

 

 

 

6,730

 

 

Hlth. Care Facs. Auth. RB, Providence Hlth. Care Svcs. Proj., Ser. A, 4.625%, 10/01/34, FGIC

 

10/16 @ 100

 

 

6,798,040

 

AAA

 

 

 

3,615

 

 

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

 

01/16 @ 100

 

 

3,813,247

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

12,875,353

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

West Virginia—0.3%

 

 

 

 

 

 

AAA

 

 

 

2,070

 

 

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

 

06/14 @ 100

 

 

2,177,888

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Wisconsin—5.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth. RB,

 

 

 

 

 

 

A-

 

 

 

7,500

 

 

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

 

04/13 @ 100

 

 

8,399,175

 

AA-

 

 

 

1,205

 

 

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

 

10/11 @ 101

 

 

1,292,796

 

AA-

 

 

 

12,545

3

 

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

 

N/A

 

 

13,603,798

 

A-

 

 

 

15,000

3

 

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

 

N/A

 

 

16,197,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

39,492,769

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $931,429,501)

 

 

 

 

1,004,480,159

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—7.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky—1.5%

 

 

 

 

 

 

A-1+

 

 

 

9,900

7

 

Pub. Energy Auth. RB, Ser. A, 3.65%, 11/01/06, FRDD

 

N/A

 

 

9,900,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Massachusetts—1.4%

 

 

 

 

 

 

A-1+

 

 

 

9,400

7

 

Hlth. & Edl. Fac. Auth. RB, Harvard Univ. Proj., Ser. BB, 3.52%, 11/02/06, FRWD

 

N/A

 

 

9,400,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Pennsylvania—2.2%

 

 

 

 

 

 

A-1+

 

 

 

15,000

7

 

City of Philadelphia Gas Wks. RB, 3.57%, 11/02/06, FSA, FRWD

 

N/A

 

 

15,000,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—0.0%

 

 

 

 

 

 

A-1+

 

 

 

50

7

 

Wtr. Dev. Board RB, 3.69%, 11/01/06, FRDD

 

N/A

 

 

50,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

20



BlackRock Municipal Income Trust (BFK) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

 

Value

 












 

 

 

 

 

 

 

Money Market Fund—2.1%

 

 

 

 

 

 

 

 

 

 

14,450

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class

 

 

 

$

14,450,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $48,800,000)

 

 

 

 

48,800,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—156.3% (cost $980,229,5018)

 

 

 

$

1,053,280,159

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(0.6)%

 

 

 

 

(3,930,069

)

 

 

 

 

 

 

 

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

 

 

 

 

(375,270,501

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

674,079,589

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

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

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2006, the Trust held 7.6% of its net assets, with a current market value of $51,143,397, in securities restricted as to resale.

5

Issuer is in default and/or bankruptcy.

6

Illiquid security. As of October 31, 2006, the Trust held 0.8% of its net assets, with a current market value of $5,699,415, in these securities.

7

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of October 31, 2006.

8

Cost for federal income tax purposes is $980,139,735. The net unrealized appreciation on a tax basis is $73,140,424, consisting of $78,332,533 gross unrealized appreciation and $5,192,109 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

 

 

 

 

 

 

ACA

American Capital Access

 

MBIA

Municipal Bond Insurance Assoc.

AMBAC

American Municipal Bond Assurance Corp.

 

PCRB

Pollution Control Revenue Bond

AMT

Subject to Alternative Minimum Tax

 

RB

Revenue Bond

FGIC

Financial Guaranty Insurance Co.

 

SA

Special Assessment

FRDD

Floating Rate Daily Demand

 

ST

Special Tax

FRWD

Floating Rate Weekly Demand

 

TA

Tax Allocation

FSA

Financial Security Assurance

 

XLCA

XL Capital Assurance

GO

General Obligation

 

 

 

 

 

 

 

 

 

 

 

21



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock Long-Term Municipal Advantage Trust (BTA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—187.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—29.8%

 

 

 

 

 

 

NR3

 

 

$

7,000

 

 

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

 

03/07 @ 103

 

$

7,110,320

 

AAA

 

 

 

15,000

4

 

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

 

06/15 @ 100

 

 

15,708,000

 

BBB

 

 

 

72,945

 

 

Stanislaus Cnty. Tobacco Sec. Cap. Apprec. RB, Ser. A, Zero Coupon, 6/01/46

 

06/16 @ 18.256

 

 

7,854,718

 

BBB+

 

 

 

7,250

 

 

Statewide Cmntys. RB, Daughters of Charity Proj., Ser. A, 5.00%, 7/01/39

 

07/15 @ 100

 

 

7,439,225

 

BBB

 

 

 

60,000

 

 

Statewide Fin. Auth. Tobacco Settlement Cap. Apprec. RB, Turbo Pooled Proj., Ser. A, Zero Coupon, 6/01/46

 

06/16 @ 15.782

 

 

5,585,400

 

AAA

 

 

 

15,000

4

 

Univ. of California RB, 4.75%, 5/15/38, MBIA

 

05/13 @ 101

 

 

15,372,150

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

59,069,813

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

District of Columbia—13.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Tobacco Settlement Fin. Corp. Asset Bkd. RB,

 

 

 

 

 

 

BBB

 

 

 

6,880

 

 

6.25%, 5/15/24

 

05/11 @ 101

 

 

7,416,571

 

BBB

 

 

 

15,415

 

 

6.50%, 5/15/33

 

No Opt. Call

 

 

18,419,846

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

25,836,417

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Florida—1.0%

 

 

 

 

 

 

NR

 

 

 

1,150

 

 

Baywinds Cmnty. Dev. Dist. SA, Ser. A, 5.25%, 5/01/37

 

05/16 @ 100

 

 

1,152,553

 

AAA

 

 

 

865

 

 

JEA RB, Wtr. & Swr. Sys. Proj., Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

879,151

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,031,704

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Georgia—16.4%

 

 

 

 

 

 

AAA

 

 

 

15,000

4

 

Atlanta Arpt. Passenger Fac. Charge RB, 5.00%, 1/01/33, FSA

 

07/14 @ 100

 

 

15,708,600

 

AAA

 

 

 

15,000

4

 

Atlanta Wtr. & Wstwtr. RB, 5.00%, 11/01/43, FSA

 

11/14 @ 100

 

 

15,735,450

 

BBB

 

 

 

1,000

 

 

Cobb Cnty. Dev. Auth. RB, Wst. Mgt., Inc. Proj., Ser. A, 5.00%, 4/01/33, AMT

 

04/16 @ 101

 

 

1,013,870

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

32,457,920

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Idaho—2.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

Madison Cnty. Hosp. COP,

 

 

 

 

 

 

BBB-

 

 

 

2,145

 

 

5.25%, 9/01/26

 

09/16 @ 100

 

 

2,258,835

 

BBB-

 

 

 

1,000

 

 

5.25%, 9/01/30

 

09/16 @ 100

 

 

1,049,270

 

BBB-

 

 

 

2,000

 

 

5.25%, 9/01/37

 

09/16 @ 100

 

 

2,084,560

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

5,392,665

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Illinois—17.8%

 

 

 

 

 

 

AAA

 

 

 

15,000

4

 

Chicago O’Hare Intl. Arpt. RB, 5.00%, 1/01/33, FCIC

 

01/16 @ 100

 

 

15,822,600

 

 

 

 

 

 

 

 

Fin. Auth. RB,

 

 

 

 

 

 

A-

 

 

 

14,890

 

 

Illinois Inst. of Technology Proj., Ser. A, 5.00%, 4/01/36

 

04/16 @ 100

 

 

15,398,047

 

BBB-

 

 

 

4,000

 

 

Proctor Hosp. Proj., 5.125%, 1/01/25

 

01/16 @ 100

 

 

4,110,160

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

35,330,807

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Indiana—9.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

Carmel Ind. Redev. Auth. Lease Rent RB, Performing Arts Center Proj.

 

 

 

 

 

 

AA

 

 

 

7,230

4

 

4.75%, 2/01/33

 

02/16 @ 100

 

 

7,370,551

 

AA

 

 

 

6,580

4

 

5.00%, 2/01/33

 

02/16 @ 100

 

 

6,892,221

 

Baa2

 

 

 

5,000

 

 

Delaware Cnty. Hosp. Auth. RB, Ball Memorial Hosp., Inc. Proj., 5.25%, 8/01/36

 

08/16 @ 100

 

 

5,220,700

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

19,483,472

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Montana—2.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

RB, Two Rivers Auth., Inc Proj.,

 

 

 

 

 

 

NR

 

 

 

1,500

 

 

7.25%, 11/01/21

 

11/11 @ 107

 

 

1,487,985

 

NR

 

 

 

2,600

 

 

7.375%, 11/01/27

 

11/11 @ 107

 

 

2,569,424

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,057,409

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nebraska—7.8%

 

 

 

 

 

 

AAA

 

 

 

15,000

4

 

Omaha Pub. Pwr. Dist. Elec. Sys. RB, 4.75%, 2/01/36, FGIC

 

02/16 @ 100

 

 

15,429,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Nevada—5.7%

 

 

 

 

 

 

NR

 

 

 

6,600

 

 

Henderson Local Impvt. Dists. No. T-18 SA, 5.30%, 9/01/35

 

03/07 @ 103

 

 

6,733,122

 

AAA

 

 

 

4,325

 

 

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

 

07/16 @ 100

 

 

4,464,438

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

11,197,560

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Hampshire—2.6%

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

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

 

05/16 @ 101

 

 

5,116,550

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—3.9%

 

 

 

 

 

 

BBB

 

 

 

7,335

 

 

Tobacco Settlement Fin. Corp. Asset Bkd. RB, 5.75%, 6/01/32

 

06/12 @ 100

 

 

7,790,357

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

22



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

New Mexico—7.8%

 

 

 

 

 

 

BBB

 

 

$

15,000

 

 

Farmington PCRB, Public Service Co. Proj., Ser. B, 4.875%, 4/01/33

 

04/16 @ 101

 

$

15,375,300

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—23.7%

 

 

 

 

 

 

AA-

 

 

 

15,000

4

 

Liberty Dev. Corp. RB, Goldman Sachs Headquarters Proj. 5.25%, 10/01/35

 

No Opt. Call

 

 

17,427,450

 

BBB

 

 

 

5,000

 

 

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

 

06/16 @ 100

 

 

4,529,200

 

B

 

 

 

7,600

 

 

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

 

08/16 @ 101

 

 

9,154,428

 

AA+

 

 

 

15,000

4

 

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

 

06/15 @ 100

 

 

15,783,300

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

46,894,378

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

North Carolina—15.0%

 

 

 

 

 

 

AA

 

 

 

13,495

4

 

Charlotte-Mecklenburg Hosp. Auth. Hlth. Care System RB, Carolina Hlth. Care Sys. Proj., 5.00%, 1/15/45

 

01/15 @ 100

 

 

14,049,644

 

AA+

 

 

 

15,170

4

 

Univ. of North Carolina RB, 4.75%, 12/01/34

 

12/15 @ 100

 

 

15,689,876

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

29,739,520

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—3.6%

 

 

 

 

 

 

BBB-

 

 

 

6,825

 

 

Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/36

 

03/16 @ 100

 

 

7,161,950

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Texas—21.2%

 

 

 

 

 

 

BBB

 

 

 

10,000

 

 

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

 

04/16 @ 100

 

 

10,145,400

 

Baa2

 

 

 

10,000

 

 

Brazos River Auth. PCRB, TXU Energy Co. LLC Proj., 5.00%, 3/01/41, AMT

 

03/11 @ 100

 

 

10,036,800

 

AAA

 

 

 

7,000

 

 

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

 

11/08 @ 100

 

 

7,066,220

 

AAA

 

 

 

34,560

 

 

Leander Indpt. Sch. Dist. GO, Zero Coupon, 8/15/42, PSF

 

08/14 @ 21.126

 

 

5,039,885

 

AAA

 

 

 

9,150

4

 

New Caney Indpt. Sch. Dist. Sch. Bldg. GO, 5.00%, 2/15/35, PSF

 

02/15 @ 100

 

 

9,650,048

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

41,938,353

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Virginia—3.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Peninsula Ports Auth. RB, Baptist Homes Proj.,

 

 

 

 

 

 

NR

 

 

 

3,250

 

 

Ser. C, 5.375%, 12/01/26

 

12/16 @ 100

 

 

3,347,793

 

NR

 

 

 

3,000

 

 

Ser. C, 5.40%, 12/01/33

 

12/16 @ 100

 

 

3,077,250

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

6,425,043

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Washington—0.8%

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

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

 

10/16 @ 100

 

 

1,497,540

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $363,727,386)

 

 

 

 

372,225,758

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—0.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Nebraska—0.1%

 

 

 

 

 

 

A-1+

 

 

 

140

5

 

American Pub. Energy Agcy. Gas Sply. RB, Ser. A, 3.56%, 11/02/06, FRWD

 

N/A

 

 

141,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—0.3%

 

 

 

 

 

 

NR

 

 

 

599

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class

 

N/A

 

 

600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $741,000)

 

 

 

 

741,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—188.2% (cost $364,468,3866)

 

 

 

$

372,966,758

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.4%

 

 

 

 

4,657,385

 

 

 

 

 

 

 

 

Short-term floating rate certificates, including interest payable—(90.6)%

 

 

 

 

(179,487,019

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets—100%

 

 

 

$

198,137,124

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

23



 

 

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

 



 

 

1

Using the highest of Standard & Poor’s, Moody’s Investor Services or Fitch Ratings.

2

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

3

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

4

Security represents underlying bond transferred to a separate securitization trust established in a tender option bond transaction in which the Trust acquired the residual interest certificates. These securities serve as collateral in a financing transaction. The aggregate value of the above underlying bonds and secured borrowings including accrued interest were $180,638,890 and $179,487,019, respectively at October 31, 2006. See Note 2 to Financial Statements for details of tender option bonds.

5

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of October 31, 2006.

6

Cost for federal income tax purposes is $186,631,560. The net unrealized appreciation on a tax basis is $8,990,198, consisting of $8,990,198 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

MBIA

Municipal Bond Insurance Assoc.

AMT

Subject to Alternative Minimum Tax

 

PCRB

Pollution Control Revenue Bond

COP

Certificate of Participation

 

PSF

Public School Fund Guaranteed

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FRWD

Floating Rate Weekly Demand

 

SA

Special Assessment

FSA

Financial Security Assurance

 

ST

Special Tax

GO

General Obligation

 

XLCA

XL Capital Assurance

 

 

 

 

 

 

 

24



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock California Investment Quality Municipal Trust (RAA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—123.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—108.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

California GO,

 

 

 

 

 

 

A+

 

 

$

700

 

 

4.75%, 3/01/34

 

03/16 @ 100

 

$

715,211

 

A+

 

 

 

40

 

 

5.75%, 3/01/19

 

03/07 @ 100

 

 

40,244

 

AAA

 

 

 

625

 

 

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

 

11/15 @ 100

 

 

662,150

 

AAA

 

 

 

500

 

 

Chabot Las Positas Cmnty. Coll. Dist. GO, 5.00%, 8/01/31, AMBAC

 

08/16 @ 100

 

 

534,175

 

A+

 

 

 

275

 

 

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

 

12/15 @ 102

 

 

290,826

 

A+

 

 

 

320

 

 

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

 

12/15 @ 102

 

 

338,416

 

AAA

 

 

 

75

 

 

Edl. Facs. Auth. RB, Student Loan Prog., Ser. A, 6.00%, 3/01/16, MBIA

 

03/07 @ 102

 

 

76,940

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp. RB,

 

 

 

 

 

 

AAA

 

 

 

600

3

 

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

 

N/A

 

 

666,756

 

AAA

 

 

 

400

3

 

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

 

N/A

 

 

447,412

 

A3

 

 

 

1,040

 

 

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

 

11/15 @ 100

 

 

1,082,723

 

AAA

 

 

 

1,000

3

 

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

 

N/A

 

 

1,135,660

 

AAA

 

 

 

1,000

 

 

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

 

09/07 @ 102

 

 

1,035,070

 

AAA

 

 

 

510

 

 

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

 

05/16 @ 100

 

 

538,504

 

AAA

 

 

 

500

 

 

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

 

07/15 @ 100

 

 

529,900

 

B

 

 

 

945

 

 

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

 

12/12 @ 102

 

 

1,061,396

 

AAA

 

 

 

200

 

 

Murrieta Valley Univ. Sch. Dist. Pub. Fin. Auth. ST, Ser. A, 4.75%, 9/01/36

 

09/16 @ 100

 

 

205,528

 

AAA

 

 

 

700

 

 

Palm Springs Univ. Sch. Dist. GO, Election 2004, Ser. A, 4.50%, 8/01/35, FSA

 

08/14 @ 102

 

 

702,702

 

NR

 

 

 

1,000

 

 

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

 

09/10 @ 102

 

 

1,030,070

 

Aaa

 

 

 

500

 

 

Rural Home Mtg. Fin. Auth. RB, 5.40%, 12/01/36, AMT

 

06/16 @ 104

 

 

535,735

 

NR

 

 

 

1,000

 

 

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

 

09/12 @ 102

 

 

1,058,990

 

AAA

 

 

 

500

 

 

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

 

11/06 @ 100

 

 

500,165

 

AAA

 

 

 

40

 

 

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

 

12/06 @ 100

 

 

40,060

 

AAA

 

 

 

500

3

 

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

 

N/A

 

 

518,400

 

AAA

 

 

 

900

3

 

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

 

N/A

 

 

992,844

 

AAA

 

 

 

750

 

 

Tustin Univ. Sch. Dist. ST, Cmnty. Facs. Dist. 97-1-A Proj., 5.00%, 9/01/32, FSA

 

09/12 @ 100

 

 

780,990

 

AAA

 

 

 

370

 

 

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

 

08/07 @ 101

 

 

378,488

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,899,355

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—14.8%

 

 

 

 

 

 

AAA

 

 

 

85

 

 

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

 

No Opt. Call

 

 

100,882

 

BBB-

 

 

 

700

 

 

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

 

03/16 @ 100

 

 

734,559

 

Aaa

 

 

 

745

3

 

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

 

N/A

 

 

813,347

 

BBB

 

 

 

500

 

 

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

 

07/14 @ 100

 

 

521,130

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,169,918

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $16,924,807)

 

 

 

 

18,069,273

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

25



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

 

Value

 










 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—36.9%

 

 

 

 

 

 

 

 

 

 

 

California—27.3%

 

 

 

 

 

 

 

 

 

 

 

Bay Area Toll Auth. Toll Bridge RB,

 

 

 

 

A-1+

 

 

$

700

4

 

San Francisco Bay Area A Proj., 3.35%, 11/02/06, AMBAC, FRWD

 

$

700,000

 

A-1+

 

 

 

700

4

 

San Francisco Bay Area A2 Proj., 3.35%, 11/02/06, XLCA, FRWD

 

 

700,000

 

A-1+

 

 

 

700

4

 

California GO, Ser. B-1, 3.40%, 11/01/06, FRWD

 

 

700,000

 

A-1+

 

 

 

700

4

 

Fin. Auth. PCRB, Pacific Gas & Elec. Proj., 3.50%, 11/01/06, FRDD

 

 

700,000

 

A-1+

 

 

 

500

4

 

Hlth. Facs. Fin. Auth. RB, Hosp. Adventist Proj., Ser. A, 3.47%, 11/01/06, MBIA, FRDD

 

 

500,000

 

A-1+

 

 

 

700

4

 

Met. Wtr. Dist. RB, Wtr. Wks. Proj., 3.36%, 11/01/06, FRDD

 

 

700,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

4,000,000

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Funds—9.6%

 

 

 

 

NR

 

 

 

700

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class

 

 

700,000

 

NR

 

 

 

700

 

 

SSgA Tax Free Money Mkt. Fund

 

 

700,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

1,400,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $5,400,000)

 

 

5,400,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—160.5% (cost $22,324,8075)

 

$

23,469,273

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(9.2)%

 

 

(1,349,858

)

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(51.3)%

 

 

(7,504,131

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

14,615,284

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

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

4

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date in which the rate of interest is adjusted. Rate shown is rate as of October 31, 2006

5

Cost for Federal income tax purposes is $22,318,970. The net unrealized appreciation on a tax basis is $1,150,303, consisting of $1,150,303 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

AMT

Subject to Alternative Minimum Tax

 

MBIA

Municipal Bond Insurance Assoc.

COP

Certificate of Participation

 

PCRB

Pollution Control Revenue Bond

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FRDD

Floating Rate Daily Demand

 

ST

Special Tax

FRWD

Floating Rate Weekly Demand

 

XLCA

XL Capital Assurance

FSA

Financial Security Assurance

 

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

26



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock California Municipal Income Trust (BFZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—152.1%

 

 

 

 

 

 

 

 

 

 

 

 

 

California—131.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

$

24,500

 

 

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

 

No Opt. Call

 

$

8,220,975

 

AAA

 

 

 

6,070

 

 

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

 

No Opt. Call

 

 

1,940,276

 

 

 

 

 

 

 

 

California GO,

 

 

 

 

 

 

A+

 

 

 

10,000

 

 

5.50%, 11/01/33

 

11/13 @ 100

 

 

10,997,600

 

AAA

 

 

 

5,500

 

 

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

 

06/07 @ 101

 

 

5,583,930

 

AAA

 

 

 

5,000

 

 

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

 

06/07 @ 101

 

 

5,077,300

 

AAA

 

 

 

1,000

 

 

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

 

11/15 @ 100

 

 

1,059,440

 

AAA

 

 

 

4,700

 

 

Chabot Las Positas Cmnty. Coll. Dist. Election 2004B GO, 5.00%, 8/01/30, AMBAC

 

08/16 @ 100

 

 

5,025,146

 

 

 

 

 

 

 

 

City of Chula Vista Indl. Dev. RB,

 

 

 

 

 

 

A+

 

 

 

4,395

 

 

5.00%, 12/01/27, AMT

 

12/15 @ 102

 

 

4,647,932

 

A+

 

 

 

5,065

 

 

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

 

12/15 @ 102

 

 

5,356,491

 

BBB

 

 

 

5,000

 

 

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

 

06/12 @ 100

 

 

5,294,150

 

Aaa

 

 

 

10,000

3

 

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

 

 

 

 

11,018,600

 

AAA

 

 

 

10,000

 

 

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

 

06/11 @ 101

 

 

10,598,800

 

AAA

 

 

 

6,000

 

 

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

 

01/11 @ 100

 

 

6,261,480

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

7,485

 

 

Zero Coupon, 12/01/29, AMBAC

 

12/11 @ 37.373

 

 

2,225,515

 

AAA

 

 

 

7,485

 

 

Zero Coupon, 12/01/30, AMBAC

 

12/11 @ 35.365

 

 

2,105,905

 

AAA

 

 

 

7,485

 

 

Zero Coupon, 12/01/31, AMBAC

 

12/11 @ 33.465

 

 

1,992,806

 

 

 

 

 

 

 

 

Foothill/Eastn. Transp. Corridor Agcy. RB,

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

Toll Road Proj., Zero Coupon, 1/15/26

 

01/14 @ 101

 

 

4,580,250

 

BBB

 

 

 

5,000

 

 

Toll Road Proj., Zero Coupon, 1/15/33

 

01/10 @ 25.78

 

 

1,102,950

 

BBB

 

 

 

5,000

 

 

Toll Road Proj., Zero Coupon, 1/15/34

 

01/10 @ 24.228

 

 

1,036,500

 

BBB

 

 

 

13,445

 

 

Toll Road Proj., Zero Coupon, 1/15/35

 

01/10 @ 22.819

 

 

2,624,195

 

BBB

 

 

 

1,000

 

 

Toll Road Proj., Zero Coupon, 1/15/38

 

01/10 @ 19.014

 

 

162,240

 

BBB

 

 

 

10,030

 

 

Toll Road Proj., 5.75%, 1/15/40

 

01/10 @ 101

 

 

10,428,994

 

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp. RB,

 

 

 

 

 

 

BBB

 

 

 

2,000

 

 

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

 

06/13 @ 100

 

 

2,260,400

 

BBB

 

 

 

1,000

 

 

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

 

06/13 @ 100

 

 

1,140,360

 

AAA

 

 

 

10,200

3

 

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

 

N/A

 

 

11,334,852

 

AAA

 

 

 

5,800

3

 

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

 

N/A

 

 

6,487,474

 

 

 

 

 

 

 

 

Hlth. Facs. Fin. Auth. RB,

 

 

 

 

 

 

A+

 

 

 

3,000

 

 

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

 

05/12 @ 100

 

 

3,163,230

 

AAA

 

 

 

4,890

4

 

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

 

ETM

 

 

4,994,646

 

 

 

 

 

 

 

 

Infrastructure & Econ. Dev. Bank RB,

 

 

 

 

 

 

AAA

 

 

 

22,435

3

 

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

 

N/A

 

 

25,478,532

 

A

 

 

 

15,250

 

 

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

 

10/11 @ 101

 

 

15,938,385

 

A+

 

 

 

13,500

 

 

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

 

08/11 @ 102

 

 

14,363,190

 

NR

 

 

 

4,965

 

 

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

 

03/08 @ 102

 

 

5,138,725

 

A3

 

 

 

7,700

 

 

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

 

08/12 @ 102

 

 

8,443,743

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

2,855

 

 

5.90%, 6/01/27

 

06/13 @ 100

 

 

3,002,404

 

NR

 

 

 

5,140

 

 

6.00%, 6/01/35

 

06/13 @ 100

 

 

5,425,064

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

985

 

 

Zero Coupon, 8/01/35, XLCA

 

08/18 @ 39.952

 

 

233,287

 

AAA

 

 

 

1,030

 

 

Zero Coupon, 8/01/36, XLCA

 

08/18 @ 37.743

 

 

229,927

 

AAA

 

 

 

1,080

 

 

Zero Coupon, 8/01/37, XLCA

 

08/18 @ 35.649

 

 

227,448

 

AAA

 

 

 

1,125

 

 

Zero Coupon, 8/01/38, XLCA

 

08/18 @ 33.665

 

 

223,481

 

AAA

 

 

 

1,175

 

 

Zero Coupon, 8/01/39, XLCA

 

08/18 @ 31.785

 

 

220,078

 

AAA

 

 

 

1,230

 

 

Zero Coupon, 8/01/40, XLCA

 

08/18 @ 30.004

 

 

217,267

 

AAA

 

 

 

1,285

 

 

Zero Coupon, 8/01/41, XLCA

 

08/18 @ 28.317

 

 

214,171

 

AAA

 

 

 

1,340

 

 

Zero Coupon, 8/01/42, XLCA

 

08/18 @ 26.72

 

 

210,648

 

AAA

 

 

 

1,400

 

 

Zero Coupon, 8/01/43, XLCA

 

08/18 @ 25.208

 

 

207,536

 

AAA

 

 

 

1,465

 

 

Zero Coupon, 8/01/44, XLCA

 

08/18 @ 23.777

 

 

204,748

 

AAA

 

 

 

2,920

 

 

Los Angeles Dept. Arpts RB, Ontario Intl. Proj., Ser. A, 5.00%, 5/15/24, MBIA, AMT

 

05/16 @ 100

 

 

3,090,236

 

See Notes to Financial Statements.

27



 

 

BlackRock California Municipal Income Trust (BFZ) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

California—(cont’d)

 

 

 

 

 

 

B

 

 

$

4,110

 

 

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

 

12/12 @ 102

 

$

4,616,229

 

AAA

 

 

 

3,230

 

 

Murrieta Valley Univ. Sch. Dist. Pub. Fin. Auth. ST, Ser. A, 4.75%, 9/01/36

 

09/16 @ 100

 

 

3,319,277

 

BBB+

 

 

 

1,000

 

 

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

 

05/12 @ 102

 

 

1,059,760

 

AAA

 

 

 

4,900

 

 

Palm Springs Univ. Sch. Dist. GO, Election 2004, Ser. A, 4.50%, 8/01/35, FSA

 

08/14 @ 102

 

 

4,918,914

 

NR

 

 

 

4,000

 

 

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

 

09/13 @ 100

 

 

4,336,120

 

AAA

 

 

 

15,500

 

 

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

 

09/11 @ 100

 

 

16,120,465

 

AAA

 

 

 

1,905

4

 

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

 

ETM

 

 

644,042

 

AAA

 

 

 

6,500

 

 

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

 

05/11 @ 100

 

 

6,744,855

 

 

 

 

 

 

 

 

San Francisco City & Cnty. Redev. Agcy. Cmnty. Facs. Dist. ST,

 

 

 

 

 

 

NR

 

 

 

1,775

 

 

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

 

08/09 @ 102

 

 

1,854,911

 

NR

 

 

 

7,500

 

 

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

 

08/11 @ 101

 

 

7,966,950

 

 

 

 

 

 

 

 

San Jose Multi-Fam. Hsg. RB,

 

 

 

 

 

 

AAA

 

 

 

2,880

 

 

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

 

08/11 @ 102

 

 

2,994,106

 

AAA

 

 

 

3,595

 

 

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

 

04/11 @ 100

 

 

3,708,350

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A3

 

 

 

1,715

 

 

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

 

02/12 @ 101

 

 

1,818,449

 

A3

 

 

 

1,235

 

 

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

 

02/12 @ 101

 

 

1,316,362

 

NR

 

 

 

3,075

 

 

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

 

11/10 @ 102

 

 

3,198,369

 

BBB

 

 

 

2,290

 

 

Sld. Wst. Mgmt. PCRB, Central Valley Wst. Svc. Proj., Ser. A-2, 5.40%, 4/01/25, AMT

 

04/15 @ 101

 

 

2,426,850

 

 

 

 

 

 

 

 

Statewide Cmnty. Dev. Auth. RB,

 

 

 

 

 

 

BBB+

 

 

 

4,000

 

 

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

 

07/15 @ 100

 

 

4,221,880

 

AA-

 

 

 

10,000

 

 

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

 

08/12 @ 100

 

 

10,810,200

 

AAA

 

 

 

2,000

 

 

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

 

08/13 @ 100

 

 

2,147,740

 

NR

 

 

 

2,245

 

 

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

 

10/13 @ 102

 

 

2,370,383

 

AAA

 

 

 

2,000

3

 

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

 

N/A

 

 

2,056,700

 

AAA

 

 

 

2,000

 

 

West Valley-Mission Cmnty. Coll. Dist. GO, Election 2004 A, 4.75%, 8/01/30, FSA

 

08/16 @ 100

 

 

2,070,940

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

310,513,159

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Multi-State—9.4%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

7,000

5

 

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

 

06/09 @ 100

 

 

7,315,700

 

Baa1

 

 

 

4,000

5

 

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

 

11/10 @ 100

 

 

4,325,680

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

 

7,000

5

 

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

 

06/09 @ 100

 

 

7,324,380

 

Baa1

 

 

 

3,000

 

 

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

 

11/10 @ 100

 

 

3,251,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

22,217,730

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—11.4%

 

 

 

 

 

 

A3

 

 

 

10,000

 

 

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

 

07/12 @ 101

 

 

10,618,600

 

 

 

 

 

 

 

 

Pub. Fin. Corp. RB,

 

 

 

 

 

 

Aaa

 

 

 

10,000

3

 

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

 

N/A

 

 

10,658,000

 

Aaa

 

 

 

5,750

3

 

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

 

N/A

 

 

5,781,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

27,058,570

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $332,845,193)

 

 

 

 

359,789,459

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

28



 

 

BlackRock California Municipal Income Trust (BFZ) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

Value

 











 

 

 

 

 

 

 

MONEY MARKET FUNDS—6.2%

 

 

 

 

 

 

 

 

11,750

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class

 

$

11,750,000

 

 

 

 

 

2,850

 

 

SSgA Tax Free Money Mkt. Fund

 

 

2,850,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Money Market Funds (cost $14,600,000)

 

 

14,600,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—158.3% (cost $347,445,1936)

 

$

374,389,459

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(2.5)%

 

 

(5,796,988

)

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.8)%

 

 

(132,019,760

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

236,572,711

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

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

4

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

5

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2006, the Trust held 8.0% of its net assets, with a current market value of $18,965,760, in securities restricted as to resale.

6

Cost for Federal income tax purposes is $348,474,285. The net unrealized appreciation on a tax basis is $25,915,174, consisting of $25,915,174 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

MBIA

Municipal Bond Insurance Assoc.

AMT

Subject to Alternative Minimum Tax

 

PCRB

Pollution Control Revenue Bond

COP

Certificate of Participation

 

RB

Revenue Bond

ETM

Escrowed to Maturity

 

ST

Special Tax

FGIC

Financial Guaranty Insurance Co.

 

TA

Tax Allocation

FSA

Financial Security Assurance

 

XLCA

XL Capital Assurance

GO

General Obligation

 

 

 

 

 

 

 

 

 

 

 

29



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—128.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—115.1%

 

 

 

 

 

 

NR

 

 

$

250

 

 

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

 

No Opt. Call

 

$

252,325

 

AAA

 

 

 

170

3

 

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

 

ETM

 

 

203,805

 

AAA

 

 

 

700

 

 

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

 

07/15 @ 100

 

 

738,206

 

AAA

 

 

 

700

 

 

Cape Coral Wtr. & Swr. RB, 5.00%, 10/01/36, AMBAC

 

10/16 @ 100

 

 

747,355

 

AAA

 

 

 

1,000

4

 

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

 

N/A

 

 

671,380

 

BBB

 

 

 

455

 

 

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

 

08/11 @ 100

 

 

459,755

 

A+

 

 

 

750

 

 

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

 

11/15 @ 100

 

 

778,710

 

AAA

 

 

 

1,000

 

 

JEA RB, Wtr. & Swr. Sys. Proj., Ser. A, 4.75%, 10/01/41, MBIA

 

04/11 @ 100

 

 

1,015,080

 

NR

 

 

 

740

 

 

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

 

05/12 @ 101

 

 

769,134

 

NR

 

 

 

275

 

 

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

 

07/15 @ 100

 

 

284,873

 

BB+

 

 

 

500

 

 

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

 

11/14 @ 100

 

 

577,360

 

AAA

 

 

 

750

 

 

Miami Dade Cnty. Aviation RB, Miami Intl. Arpt. Proj., Ser. B, 5.00%, 10/01/37, FGIC

 

10/14 @ 100

 

 

787,350

 

AAA

 

 

 

725

 

 

Miami Dade Cnty. Pub. Facs. RB, Jackson Hlth. Sys. Proj., Ser. A, 5.00%, 6/01/29, MBIA

 

06/15 @ 100

 

 

765,875

 

AAA

 

 

 

5,000

 

 

Miami Dade Cnty. SO, Ser. B, Zero Coupon, 10/01/31, MBIA

 

04/08 @ 28.079

 

 

1,315,600

 

A+

 

 

 

750

 

 

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

 

11/13 @ 100

 

 

784,440

 

 

 

 

 

 

 

 

Orange Cnty. Hlth. Facs. Auth. RB,

 

 

 

 

 

 

NR

 

 

 

105

 

 

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

 

07/15 @ 100

 

 

106,517

 

NR

 

 

 

95

 

 

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

 

07/15 @ 100

 

 

98,185

 

AAA

 

 

 

1,000

 

 

Orange Cnty. Tourist Dev. RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

1,027,280

 

AAA

 

 

 

1,000

 

 

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

 

10/16 @ 100

 

 

1,067,650

 

AAA

 

 

 

750

 

 

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

 

10/15 @ 100

 

 

793,530

 

NR

 

 

 

400

 

 

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

 

No. Opt. Call

 

 

402,112

 

AA-

 

 

 

1,000

4

 

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

 

N/A

 

 

1,100,940

 

AAA

 

 

 

700

 

 

South Florida Wtr. Mgmt. Dist. COP, 5.00%, 10/01/36, AMBAC

 

10/16 @ 100

 

 

743,267

 

AAA

 

 

 

750

 

 

St. Johns Cnty. RB, 5.00%, 10/01/35, FSA

 

10/15 @ 100

 

 

794,212

 

NR

 

 

 

620

 

 

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

 

No Opt. Call

 

 

641,142

 

AAA

 

 

 

750

 

 

Tampa Wtr. & Swr. RB, 4.625%, 10/01/36, MBIA

 

10/16 @ 100

 

 

760,403

 

AAA

 

 

 

750

 

 

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

 

11/13 @ 101

 

 

788,955

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

18,475,441

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—13.2%

 

 

 

 

 

 

AAA

 

 

 

85

 

 

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

 

No Opt. Call

 

 

100,882

 

BBB-

 

 

 

650

 

 

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

 

03/16 @ 100

 

 

682,091

 

Aaa

 

 

 

745

4

 

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

 

N/A

 

 

813,346

 

BBB

 

 

 

500

 

 

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

 

07/14 @ 100

 

 

521,130

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,117,449

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $19,676,485)

 

 

 

 

20,592,890

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—29.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—26.2%

 

 

 

 

 

 

VMIG1

 

 

 

500

5

 

Gulf Coast Univ. Fin. Corp. RB, 3.61%, 11/02/06, FRWD

 

N/A

 

 

500,000

 

A-1

 

 

 

600

5

 

Orlando & Orange Cnty. Expwy. Auth. RB, Ser. D, 3.52%, 11/02/06, FSA, FRWD

 

N/A

 

 

600,000

 

A-1+

 

 

 

800

5

 

Palm Beach Cnty. Sch. Brd. COP, Ser. B, 3.55%, 11/02/06, AMBAC, FRWD

 

N/A

 

 

800,000

 

A-1+

 

 

 

1,200

5

 

Pinellas Cnty. Hlth. Fac. Auth. RB, All Children’s Hosp. Proj., 3.64%, 11/01/06, AMBAC, FRDD

 

N/A

 

 

1,200,000

 

A-1

 

 

 

500

5

 

Putnam Cnty. Dev. PCRB, Pwr. & Lt. Co. Proj., 3.62%, 11/01/06, FRDD

 

N/A

 

 

500,000

 

VMIG1

 

 

 

600

5

 

Sarasota Cnty. Pub. Hosp. Brd. RB, Sarasota Mem. Hosp., Ser. A, 3.65%, 11/01/06, AMBAC, FRDD

 

N/A

 

 

600,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

4,200,000

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

30



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

Value

 













 

 

 

 

 

 

 

Money Market Fund—3.4%

 

 

 

 

 

 

 

 

550

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class

 

$

550,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $4,750,000)

 

 

4,750,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—157.9% (cost $24,426,4856)

 

$

25,342,890

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(4.9)%

 

 

(784,926

)

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(53.0)%

 

 

(8,504,133

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

16,053,831

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

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

4

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

5

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of October 31, 2006.

6

Cost for Federal income tax purposes is $24,420,763. The net unrealized appreciation on a tax basis is $922,127, consisting of $922,127 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

FSA

Financial Security Assurance

AMT

Subject to Alternative Minimum Tax

 

GO

General Obligation

COP

Certificate of Participation

 

MBIA

Municipal Bond Insurance Assoc.

ETM

Escrowed to Maturity

 

PCRB

Pollution Control Revenue Bond

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FRDD

Floating Rate Daily Demand

 

SA

Special Assessment

FRWD

Floating Rate Weekly Demand

 

SO

Special Obligation

 

 

 

 

XLCA

XL Capital Assurance

 

 

 

 

 

 

 

See Notes to Financial Statements.

31



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock Florida Municipal Income Trust (BBF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—147.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida—126.5%

 

 

 

 

 

 

AA

 

 

$

7,705

 

 

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

 

05/12 @ 102

 

$

8,384,504

 

A

 

 

 

2,000

 

 

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

 

01/13 @ 100

 

 

2,095,060

 

AAA

 

 

 

5,550

3

 

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

 

N/A

 

 

5,889,105

 

AAA

 

 

 

799

 

 

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

 

No Opt. Call

 

 

832,705

 

AAA

 

 

 

2,800

 

 

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

 

08/11 @ 102

 

 

2,920,260

 

NR

 

 

 

695

 

 

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

 

No Opt. Call

 

 

695,584

 

NR

 

 

 

1,660

 

 

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

 

05/13 @ 101

 

 

1,800,137

 

A+

 

 

 

6,500

3

 

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

 

N/A

 

 

7,251,335

 

BBB+

 

 

 

1,450

 

 

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

 

10/12 @ 100

 

 

1,511,074

 

AA

 

 

 

7,500

 

 

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

 

11/11 @ 101

 

 

8,080,050

 

AAA

 

 

 

4,000

 

 

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

 

10/11 @ 100

 

 

4,147,880

 

 

 

 

 

 

 

 

JEA RB,

 

 

 

 

 

 

Aa2

 

 

 

5,000

3

 

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

 

N/A

 

 

5,087,900

 

AAA

 

 

 

5,000

 

 

Wtr. & Swr. Sys. Proj, Ser. A, 4.75%, 10/01/41, MBIA

 

04/11 @ 100

 

 

5,075,400

 

NR4

 

 

 

1,625

 

 

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

 

05/13 @ 101

 

 

1,749,540

 

NR

 

 

 

1,750

 

 

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

 

07/15 @ 100

 

 

1,812,825

 

AAA

 

 

 

2,770

5

 

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

 

ETM

 

 

1,503,196

 

BB+

 

 

 

3,000

 

 

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

 

11/14 @ 100

 

 

3,464,160

 

AAA

 

 

 

1,000

 

 

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

 

07/11 @ 101

 

 

1,063,190

 

 

 

 

 

 

 

 

Miami Dade Cnty. SO,

 

 

 

 

 

 

AAA

 

 

 

2,595

 

 

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

 

04/08 @ 55.413

 

 

1,353,889

 

AAA

 

 

 

9,700

 

 

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

 

04/08 @ 25.056

 

 

2,277,172

 

AAA

 

 

 

25,000

 

 

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

 

04/08 @ 32.99

 

 

7,731,750

 

 

 

 

 

 

 

 

North Palm Beach Cnty. Impvt. Dist. RB, Wtr. Ctrl. & Impvt. Unit Dev. 43 Proj.,

 

 

 

 

 

 

NR

 

 

 

1,515

 

 

6.10%, 8/01/21

 

08/11 @ 101

 

 

1,599,825

 

NR

 

 

 

3,500

 

 

6.125%, 8/01/31

 

08/11 @ 101

 

 

3,651,725

 

 

 

 

 

 

 

 

Orange Cnty. Hlth. Facs. Auth. RB,

 

 

 

 

 

 

NR

 

 

 

655

 

 

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

 

07/15 @ 100

 

 

664,465

 

NR

 

 

 

600

 

 

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

 

07/15 @ 100

 

 

620,118

 

AAA

 

 

 

6,000

 

 

Orange Cnty. Tourist Dev. RB, 4.75%, 10/01/32, XLCA

 

10/16 @ 100

 

 

6,163,680

 

AAA

 

 

 

2,500

 

 

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

 

08/11 @ 101

 

 

2,640,275

 

NR

 

 

 

600

 

 

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

 

No. Opt. Call

 

 

603,168

 

 

 

 

 

 

 

 

South Florida Wtr. Mgmt. Dist. COP,

 

 

 

 

 

 

AAA

 

 

 

390

 

 

5.00%, 10/01/31, AMBAC

 

10/16 @ 100

 

 

414,753

 

AAA

 

 

 

750

 

 

5.00%, 10/01/36, AMBAC

 

10/16 @ 100

 

 

796,358

 

AA-

 

 

 

12,000

 

 

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

 

02/13 @ 100

 

 

12,557,880

 

AAA

 

 

 

1,000

 

 

St. Johns Cnty. RB, 5.00%, 10/01/35, FSA

 

10/15 @ 100

 

 

1,058,950

 

AAA

 

 

 

1,500

3

 

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

 

N/A

 

 

1,574,100

 

NR

 

 

 

2,740

 

 

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

 

10/09 @ 100

 

 

2,865,656

 

AA

 

 

 

5,500

 

 

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

 

04/12 @ 100

 

 

5,891,655

 

 

 

 

 

 

 

 

Tampa Wtr. & Swr. RB,

 

 

 

 

 

 

AAA

 

 

 

2,750

 

 

4.625%, 10/01/36, MBIA

 

10/16 @ 100

 

 

2,788,142

 

AA

 

 

 

4,000

 

 

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

 

10/11 @ 101

 

 

4,168,080

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

3,480

 

 

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

 

05/13 @ 101

 

 

3,690,958

 

NR4

 

 

 

1,510

 

 

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

 

05/13 @ 101

 

 

1,634,862

 

AAA

 

 

 

1,795

 

 

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

 

11/13 @ 101

 

 

1,888,232

 

BBB+

 

 

 

2,000

 

 

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

 

10/09 @ 101

 

 

2,085,960

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

132,085,558

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—20.5%

 

 

 

 

 

 

BBB

 

 

 

6,000

 

 

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

 

05/12 @ 100

 

 

6,318,540

 

 

 

 

 

 

 

 

Pub. Fin. Corp. RB,

 

 

 

 

 

 

Aaa

 

 

 

4,000

3

 

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

 

N/A

 

 

4,263,200

 

Aaa

 

 

 

3,000

3

 

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

 

N/A

 

 

3,016,680

 

See Notes to Financial Statements.

32



 

 

BlackRock Florida Municipal Income Trust (BBF) (continued)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

 

Value

 












 

 

 

 

 

 

 

Puerto Rico—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Pub. Impvt. GO,

 

 

 

 

 

 

AAA

 

 

$

2,520

3

 

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

 

N/A

 

$

2,700,382

 

BBB

 

 

 

4,980

 

 

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

 

07/11 @ 100

 

 

5,158,135

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,456,937

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $144,300,201)

 

 

 

 

153,542,495

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUNDS—6.8%

 

 

 

 

 

 

NR

 

 

 

5,200

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class

 

N/A

 

 

5,200,000

 

NR

 

 

 

1,900

 

 

SSgA Tax Free Money Mkt. Fund

 

N/A

 

 

1,900,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Money Market Funds (cost $7,100,000)

 

 

 

 

7,100,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—153.8% (cost $151,400,2016)

 

 

 

$

160,642,495

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.3%

 

 

 

 

1,397,144

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.1)%

 

 

 

 

(57,588,628

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets—100%

 

 

 

$

104,451,011

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

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

3

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

4

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

5

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

6

Cost for Federal income tax purposes is $151,400,085. The net unrealized appreciation on a tax basis is $9,242,410, consisting of $9,273,007 gross unrealized appreciation and $30,597 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

 

MBIA

Municipal Bond Insurance Assoc.

AMBAC

American Municipal Bond Assurance Corp.

 

PCRB

Pollution Control Revenue Bond

AMT

Subject to Alternative Minimum Tax

 

RAA

Radian Asset Assurance

COP

Certificate of Participation

 

RB

Revenue Bond

ETM

Escrowed to Maturity

 

SA

Special Assessment

FGIC

Financial Guaranty Insurance Co.

 

SO

Special Obligation

FSA

Financial Security Assurance

 

XLCA

XL Capital Assurance

GO

General Obligation

 

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

33



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—123.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—7.2%

 

 

 

 

 

 

A3

 

 

$

1,000

3

 

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

 

06/09 @ 100

 

$

1,053,660

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—100.2%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

01/10 @ 100

 

 

1,060,980

 

 

 

 

 

 

 

 

Econ. Dev. Auth. RB,

 

 

 

 

 

 

BBB

 

 

 

1,000

 

 

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

 

06/14 @ 100

 

 

1,081,250

 

NR

 

 

 

60

 

 

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

 

01/13 @ 102

 

 

61,886

 

NR

 

 

 

110

 

 

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

 

01/13 @ 102

 

 

113,573

 

AAA

 

 

 

900

 

 

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

 

No Opt. Call

 

 

963,099

 

BBB-

 

 

 

1,000

 

 

Winchester Proj., Ser. A, 5.80%, 11/01/31

 

11/14 @ 100

 

 

1,088,490

 

BBB

 

 

 

500

 

 

Wst. Mgmt., Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT

 

No Opt. Call

 

 

527,180

 

B

 

 

 

925

 

 

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

 

11/10 @ 101

 

 

985,495

 

AAA

 

 

 

500

 

 

Edl. Facs. Auth. RB, Rowan Univ. Proj., Ser. G, 4.50%, 7/01/31, MBIA

 

07/16 @ 100

 

 

501,530

 

 

 

 

 

 

 

 

Hlth. Care Fac. Fin. Auth. RB,

 

 

 

 

 

 

A-

 

 

 

1,000

 

 

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

 

01/10 @ 101

 

 

1,065,540

 

AAA

 

 

 

1,000

 

 

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

 

12/06 @ 102

 

 

1,021,490

 

 

 

 

 

 

 

 

Middlesex Cnty. Impvt. Auth. RB,

 

 

 

 

 

 

NR

 

 

 

750

 

 

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

 

01/15 @ 100

 

 

774,787

 

Baa1

 

 

 

1,000

 

 

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

 

08/14 @ 100

 

 

1,028,710

 

AAA

 

 

 

500

 

 

Old Brdg. Twpshp. Brd. of Ed. GO, 4.375%, 7/15/32, MBIA

 

07/16 @ 100

 

 

502,330

 

AAA

 

 

 

1,000

 

 

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

 

12/09 @ 101

 

 

1,069,630

 

AAA

 

 

 

490

 

 

South Jersey Trans. Auth. Sys. RB, Ser. A, 4.50%, 11/01/35, FGIC

 

11/15 @ 100

 

 

492,524

 

BBB

 

 

 

1,000

 

 

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

 

6/12 @ 100

 

 

1,085,040

 

 

 

 

 

 

 

 

Tpke. Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

840

4

 

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

 

ETM

 

 

985,698

 

AAA

 

 

 

160

 

 

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

 

No Opt. Call

 

 

188,091

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

14,597,323

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—3.6%

 

 

 

 

 

 

AA-

 

 

 

500

 

 

Port Auth. of New York & New Jersey RB, Consolidated 132nd Proj., 5.00%, 9/01/33

 

09/13 @ 101

 

 

527,285

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—12.2%

 

 

 

 

 

 

BBB+

 

 

 

500

 

 

Comnwlth. Infrastructure Fin. Auth. ST, Ser. B, 5.00%, 7/01/31

 

07/16 @ 100

 

 

526,205

 

AAA

 

 

 

500

 

 

Elec. Pwr. Auth. RB, Ser. RR, 5.00%, 7/01/35, FGIC

 

07/15 @ 100

 

 

531,770

 

AAA

 

 

 

80

 

 

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

 

No Opt. Call

 

 

94,948

 

BBB-

 

 

 

600

 

 

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

 

03/16 @ 100

 

 

629,622

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

1,782,545

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $16,904,243)

 

 

 

 

17,960,813

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—29.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey—24.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Edl. Facs. Auth. RB, Princeton Univ. Proj.,

 

 

 

 

 

 

A-1+

 

 

 

275

5

 

Ser. B, 3.54%, 11/01/06, FRDD

 

N/A

 

 

275,000

 

A-1+

 

 

 

1,200

5

 

Ser. B, 3.58%, 11/01/06, FRDD

 

N/A

 

 

1,200,000

 

VMIG1

 

 

 

200

5

 

Essex Cnty. Impvt. Auth. RB, Aces Pooled Gov’t. Loan Prog., 3.54%, 11/01/06, FRWD

 

N/A

 

 

200,000

 

A-1+

 

 

 

700

5

 

Gloucester Cnty. Ind. Auth. PCRB, ExxonMobil Proj., 3.25%, 11/01/06, FRDD

 

N/A

 

 

700,000

 

A-1+

 

 

 

700

5

 

Mercer Cnty. Impvt. Auth. RB, Atlantic Fndtn. & Johnson Proj., 3.51%, 11/02/06, MBIA, FRWD

 

N/A

 

 

700,000

 

A-1+

 

 

 

555

5

 

Sports & Expo. Auth. RB, Ser. B-2, 3.50%, 11/01/06, MBIA, FRWD

 

N/A

 

 

555,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

3,630,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—4.8%

 

 

 

 

 

 

A-1

 

 

 

700

5

 

Hwy. & Transp. Auth. RB, Ser. A, 3.41%, 11/01/06, AMBAC, FRWD

 

N/A

 

 

700,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Short-Term Investments (cost $4,330,000)

 

 

 

 

4,330,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—152.9% (cost $21,234,2436)

 

 

 

$

22,290,813

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(1.4)%

 

 

 

 

(209,937

)

 

 

 

 

 

 

 

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

 

 

 

 

(7,504,819

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

14,576,057

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

34



 

 

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

 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2006, the Trust held 7.2% of its net assets, with a current market value of $1,053,660, in securities restricted as to resale.

4

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

5

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of October 31, 2006.

 

Cost for Federal income tax purposes is $21,231,398. The net unrealized appreciation on a tax basis is $1,059,415, consisting of $1,059,415 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

FSA

Financial Security Assurance

AMT

Subject to Alternative Minimum Tax

 

GO

General Obligation

CONNIE LEE

College Construction Loan Insurance Assoc.

 

MBIA

Municipal Bond Insurance Assoc.

ETM

Escrowed to Maturity

 

PCRB

Pollution Control Revenue Bond

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FRDD

Floating Rate Daily Demand

 

ST

Special Tax

FRWD

Floating Rate Weekly Demand

 

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

35



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—150.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—12.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

$

7,000

3

 

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

 

06/09 @ 100

 

$

7,315,700

 

Baa1

 

 

 

2,500

3

 

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

 

11/10 @ 100

 

 

2,703,550

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

 

3,000

3

 

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

 

06/09 @ 100

 

 

3,139,020

 

Baa1

 

 

 

2,000

 

 

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

 

11/10 @ 100

 

 

2,167,980

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

15,326,250

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New Jersey—104.7%

 

 

 

 

 

 

A+

 

 

 

8,340

4

 

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

 

N/A

 

 

8,859,415

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

 

5,000

 

 

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

 

06/14 @ 100

 

 

5,406,250

 

B

 

 

 

3,450

 

 

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

 

11/10 @ 101

 

 

3,675,630

 

B

 

 

 

2,000

 

 

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

 

11/10 @ 101

 

 

2,145,140

 

BBB-

 

 

 

2,630

 

 

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

 

01/09 @ 102

 

 

2,709,610

 

NR

 

 

 

500

 

 

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

 

01/13 @ 102

 

 

515,720

 

NR

 

 

 

855

 

 

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

 

01/13 @ 102

 

 

882,771

 

BBB-

 

 

 

4,050

 

 

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

 

11/14 @ 100

 

 

4,398,300

 

Baa3

 

 

 

5,000

 

 

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

 

No Opt. Call

 

 

5,948,150

 

A-

 

 

 

2,000

 

 

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

 

06/11 @ 102

 

 

2,135,160

 

Aaa

 

 

 

1,920

 

 

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

 

12/11 @ 103

 

 

2,051,059

 

BBB

 

 

 

2,000

 

 

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

 

No Opt. Call

 

 

2,108,720

 

Baa3

 

 

 

2,500

 

 

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

 

No Opt. Call

 

 

3,047,900

 

 

 

 

 

 

 

 

Edl. Facs. Auth. RB,

 

 

 

 

 

 

BBB-

 

 

 

1,000

 

 

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

 

07/14 @ 100

 

 

1,071,530

 

BBB-

 

 

 

2,000

 

 

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

 

07/14 @ 100

 

 

2,224,060

 

BBB-

 

 

 

3,000

 

 

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

 

07/13 @ 100

 

 

3,274,530

 

BBB+

 

 

 

2,120

 

 

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

 

07/13 @ 100

 

 

2,377,262

 

AAA

 

 

 

400

 

 

Rowan Univ. Proj., Ser. G, 4.50%, 7/01/31, MBIA

 

07/16 @ 100

 

 

401,224

 

AAA

 

 

 

12,600

 

 

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

 

No Opt. Call

 

 

5,349,204

 

 

 

 

 

 

 

 

Hlth. Care Fac. Fin. Auth. RB,

 

 

 

 

 

 

A

 

 

 

4,500

 

 

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

 

07/12 @ 100

 

 

4,838,805

 

A+

 

 

 

3,000

 

 

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

 

11/12 @ 100

 

 

3,168,240

 

A2

 

 

 

10,000

 

 

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

 

07/11 @ 100

 

 

10,615,000

 

Baa1

 

 

 

1,650

 

 

South Jersey Hosp. Proj., 5.00%, 7/01/46

 

07/16 @ 100

 

 

1,704,714

 

Baa1

 

 

 

1,960

4

 

South Jersey Hosp. Proj., 6.00%, 7/01/12

 

N/A

 

 

2,181,029

 

Baa1

 

 

 

5,500

4

 

South Jersey Hosp. Proj., 6.00%, 7/01/12

 

N/A

 

 

6,120,235

 

 

 

 

 

 

 

 

Middlesex Cnty. Impvt. Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

1,400

 

 

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

 

07/11 @ 100

 

 

1,475,502

 

NR

 

 

 

5,000

 

 

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

 

01/15 @ 100

 

 

5,165,250

 

AAA

 

 

 

4,470

 

 

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

 

08/12 @ 100

 

 

4,598,870

 

BBB-

 

 

 

2,500

 

 

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

 

09/14 @ 100

 

 

2,699,300

 

Aaa

 

 

 

1,920

 

 

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

 

06/12 @ 102

 

 

2,047,891

 

BBB

 

 

 

13,000

 

 

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

 

06/12 @ 100

 

 

14,105,520

 

 

 

 

 

 

 

 

Trenton Pkg. Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

5,465

 

 

5.00%, 4/01/25, FGIC

 

04/11 @ 100

 

 

5,717,866

 

AAA

 

 

 

1,500

 

 

5.00%, 4/01/30, FGIC

 

04/11 @ 100

 

 

1,552,140

 

 

 

 

 

 

 

 

Vineland GO, MBIA, AMT

 

 

 

 

 

 

AAA

 

 

 

1,500

 

 

5.30%, 5/15/30

 

05/10 @ 101

 

 

1,565,355

 

AAA

 

 

 

1,500

 

 

5.375%, 5/15/31

 

05/10 @ 101

 

 

1,569,810

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

127,707,162

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—6.8%

 

 

 

 

 

 

AAA

 

 

 

8,000

 

 

Port Auth. of New York & New Jersey RB, JFK Intl. Air Terminal Proj., 5.75%, 12/01/22, MBIA, AMT

 

12/07 @ 102

 

 

8,326,960

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

36



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

Puerto Rico—25.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Hsg. Fin. Corp. Home Mtg. RB,

 

 

 

 

 

 

AAA

 

 

$

2,590

 

 

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

 

06/11 @ 100

 

$

2,669,202

 

AAA

 

 

 

2,590

 

 

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

 

06/11 @ 100

 

 

2,669,228

 

AAA

 

 

 

3,500

4

 

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

 

N/A

 

 

3,802,820

 

 

 

 

 

 

 

 

Pub. Bldgs. Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

5,000

 

 

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

 

07/17 @ 100

 

 

4,159,000

 

BBB

 

 

 

4,765

4

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

 

N/A

 

 

5,156,921

 

BBB

 

 

 

1,735

 

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,826,816

 

 

 

 

 

 

 

 

Pub. Fin. Corp. RB

 

 

 

 

 

 

Aaa

 

 

 

4,000

4

 

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

 

N/A

 

 

4,263,200

 

Aaa

 

 

 

7,040

4

 

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

 

N/A

 

 

7,079,143

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

31,626,330

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $168,912,061)

 

 

 

 

182,986,702

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—2.6%

 

 

 

 

 

 

NR

 

 

 

3,150

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class (cost $3,150,000)

 

N/A

 

 

3,150,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—152.6% (cost $172,062,0615)

 

 

 

$

186,136,702

 

 

 

 

 

 

 

 

Liabilities in excess of other assets—(0.3)%

 

 

 

 

(320,429

)

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(52.3)%

 

 

 

 

(63,829,275

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

121,986,998

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2006, the Trust held 10.8% of its net assets, with a current market value of $13,158,270, in securities restricted as to resale.

4

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

5

Cost for Federal income tax purposes is $171,994,918. The net unrealized appreciation on a tax basis is $14,141,784, consisting of $14,141,784 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

AMT

Subject to Alternative Minimum Tax

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FSA

Financial Security Assurance

 

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

37



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock New York Investment Quality Municipal Trust (RNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—145.7%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York—133.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

$

95

 

 

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

 

05/15 @ 102

 

$

94,805

 

NR

 

 

 

60

 

 

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

 

05/15 @ 102

 

 

59,126

 

AAA

 

 

 

1,000

 

 

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

 

06/08 @ 100

 

 

1,018,860

 

AAA

 

 

 

1,000

 

 

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

 

11/15 @ 100

 

 

1,054,790

 

 

 

 

 

 

 

 

Dorm. Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

750

 

 

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

 

02/13 @ 100

 

 

785,153

 

Aa3

 

 

 

1,000

 

 

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

 

07/13 @ 100

 

 

1,049,600

 

AA

 

 

 

500

 

 

Memorial Sloan Kettering Ctr. Proj., Ser. 1, 5.00%, 7/01/35

 

07/16 @ 100

 

 

529,850

 

BBB

 

 

 

1,000

 

 

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

 

07/10 @ 101

 

 

1,082,020

 

AAA

 

 

 

1,005

 

 

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

 

No Opt. Call

 

 

1,103,580

 

A+

 

 

 

1,000

3

 

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

 

N/A

 

 

1,061,930

 

 

 

 

 

 

 

 

Hsg. Fin. Agcy. Multi-Family Hsg. RB,

 

 

 

 

 

 

Aa1

 

 

 

100

 

 

Crotona Estates Apts. Proj., Ser. A, 4.95%, 8/15/38, AMT

 

08/16 @ 100

 

 

101,045

 

Aa1

 

 

 

150

 

 

Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT

 

02/08 @ 100

 

 

150,399

 

 

 

 

 

 

 

 

Liberty Dev. Corp. RB,

 

 

 

 

 

 

AA-

 

 

 

925

 

 

5.25%, 10/01/35

 

No Opt. Call

 

 

1,074,693

 

B3

 

 

 

175

 

 

Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

02/16 @ 100

 

 

180,926

 

AA-

 

 

 

2,100

 

 

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

 

07/13 @ 100

 

 

2,211,657

 

AAA

 

 

 

1,000

3

 

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

 

N/A

 

 

1,020,000

 

 

 

 

 

 

 

 

New York City GO,

 

 

 

 

 

 

AA-

 

 

 

990

3

 

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

 

N/A

 

 

1,079,932

 

AA-

 

 

 

10

 

 

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

 

05/10 @ 101

 

 

10,785

 

AA

 

 

 

1,000

 

 

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

 

05/14 @ 100

 

 

1,044,060

 

 

 

 

 

 

 

 

New York City Indl. Dev. Agcy. RB,

 

 

 

 

 

 

B

 

 

 

950

 

 

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

 

08/16 @ 101

 

 

1,144,304

 

B

 

 

 

300

 

 

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

 

08/16 @ 101

 

 

362,280

 

BBB-

 

 

 

500

 

 

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

 

09/15 @ 100

 

 

513,585

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

1,000

 

 

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

 

12/14 @ 100

 

 

1,055,940

 

AA+

 

 

 

1,000

 

 

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

 

06/11 @ 101

 

 

1,053,010

 

AAA

 

 

 

2,000

3

 

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

 

N/A

 

 

2,181,680

 

Caa1

 

 

 

1,000

 

 

Port Auth. of New York & New Jersey RB, Contl. Airlines/Eastn. LaGuardia Proj., 9.125%, 12/01/15, AMT

 

12/06 @ 100

 

 

1,042,700

 

AAA

 

 

 

2,000

 

 

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

 

10/14 @ 100

 

 

2,119,700

 

BBB-

 

 

 

115

 

 

Suffolk Cnty. Indl. Dev. Agcy. RB, Jeffersons Ferry Proj., 5.00%, 11/01/28

 

11/16 @ 100

 

 

119,120

 

 

 

 

 

 

 

 

Triborough Brdg. & Tunl. Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

845

3

 

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

 

N/A

 

 

903,567

 

AAA

 

 

 

155

 

 

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

 

01/12 @ 100

 

 

161,062

 

AAA

 

 

 

1,000

3

 

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

 

N/A

 

 

1,023,490

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

26,393,649

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—12.7%

 

 

 

 

 

 

BBB

 

 

 

500

 

 

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

 

05/12 @ 100

 

 

526,545

 

BBB-

 

 

 

800

 

 

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

 

03/16 @ 100

 

 

839,496

 

Aaa

 

 

 

745

3

 

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

 

N/A

 

 

813,346

 

BBB

 

 

 

315

 

 

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

 

07/14 @ 100

 

 

328,312

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

2,507,699

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $27,112,058)

 

 

 

 

28,901,348

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENT—1.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

New York—1.0%

 

 

 

 

 

 

A-1+

 

 

 

200

4

 

Triborough Brdg. & Tunl. Auth. RB, Ser. B-2, 3.56%, 11/02/06, FRWD (cost $200,000)

 

N/A

 

 

200,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—146.7% (cost $27,312,0585)

 

 

 

$

29,101,348

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—2.7%

 

 

 

 

539,401

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(49.4)%

 

 

 

 

(9,801,799

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

19,838,950

 

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

38



 

 

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

 


 

 


1

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

2

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

3

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

4

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of October 31, 2006.

5

Cost for Federal income tax purposes is $27,301,073. The net unrealized appreciation on a tax basis is $1,800,275, consisting of $1,800,275 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

AMT

Subject to Alternative Minimum Tax

 

MBIA

Municipal Bond Insurance Assoc.

FRWD

Floating Rate Weekly Demand

 

RB

Revenue Bond

FSA

Financial Security Assurance

 

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

39



 

PORTFOLIO OF INVESTMENTS

OCTOBER 31, 2006

 

 

BlackRock New York Municipal Income Trust (BNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

LONG-TERM INVESTMENTS—152.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—10.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

$

6,000

3

 

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

 

06/09 @ 100

 

$

6,270,600

 

Baa1

 

 

 

5,500

3

 

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

 

11/10 @ 100

 

 

5,947,810

 

 

 

 

 

 

 

 

MuniMae TE Bond Subsidiary, LLC,

 

 

 

 

 

 

A3

 

 

 

6,000

3

 

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

 

06/09 @ 100

 

 

6,278,040

 

Baa1

 

 

 

3,000

 

 

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

 

11/10 @ 100

 

 

3,251,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

21,748,420

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

New York—125.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

910

 

 

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

 

05/15 @ 102

 

 

908,135

 

NR

 

 

 

590

 

 

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

 

05/15 @ 102

 

 

581,410

 

AAA

 

 

 

8,000

 

 

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

 

11/15 @ 100

 

 

8,438,320

 

 

 

 

 

 

 

 

Dorm. Auth. RB,

 

 

 

 

 

 

AA

 

 

 

4,335

 

 

Memorial Sloan Kettering Ctr. Proj., Ser. 1, 5.00%, 7/01/35

 

07/16 @ 100

 

 

4,593,799

 

AAA

 

 

 

5,605

 

 

Mental Hlth. Svcs. Facs. Proj., 5.00%, 2/15/35, AMBAC

 

02/15 @ 100

 

 

5,911,762

 

BBB

 

 

 

6,000

 

 

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

 

07/08 @ 100

 

 

6,134,580

 

AAA

 

 

 

9,000

 

 

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

 

07/11 @ 100

 

 

9,286,380

 

AAA

 

 

 

5,000

 

 

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

 

07/11 @ 100

 

 

5,159,100

 

A-

 

 

 

2,000

 

 

North Shore Long Island Jewish Grp. Proj., 5.375%, 5/01/23

 

05/13 @ 100

 

 

2,132,460

 

A-

 

 

 

2,000

 

 

North Shore Long Island Jewish Grp. Proj., 5.50%, 5/01/33

 

05/13 @ 100

 

 

2,143,860

 

 

 

 

 

 

 

 

Hsg. Fin. Agcy. Multi-Family Hsg. RB,

 

 

 

 

 

 

Aa1

 

 

 

500

 

 

Crotona Estates Apts. Proj., Ser. A, 4.95%, 8/15/38, AMT

 

08/16 @ 100

 

 

505,225

 

Aa1

 

 

 

850

 

 

Kensico Terrace Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT

 

02/08 @ 100

 

 

852,261

 

 

 

 

 

 

 

 

Liberty Dev. Corp. RB,

 

 

 

 

 

 

AA-

 

 

 

13,025

 

 

5.25%, 10/01/35

 

No Opt. Call

 

 

15,132,836

 

B3

 

 

 

1,740

 

 

Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

02/16 @ 100

 

 

1,798,916

 

A-

 

 

 

5,000

 

 

Long Island Pwr. Auth. RB, Ser. B, 5.00%, 12/01/35

 

06/16 @ 100

 

 

5,268,350

 

AA-

 

 

 

2,000

 

 

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

 

07/13 @ 100

 

 

2,087,360

 

 

 

 

 

 

 

 

Met. Transp. Auth. RB,

 

 

 

 

 

 

AA

 

 

 

12,000

 

 

Ded. Tax Fund, Ser. A, 5.00%, 11/15/30

 

11/12 @ 100

 

 

12,500,640

 

A

 

 

 

12,000

 

 

Ded. Tax Fund, Ser. A, 5.125%, 11/15/31

 

11/12 @ 100

 

 

12,671,640

 

 

 

 

 

 

 

 

Mtg. Agcy. RB,

 

 

 

 

 

 

Aa1

 

 

 

5,950

 

 

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

 

10/11 @ 100

 

 

6,145,457

 

Aaa

 

 

 

15,500

 

 

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

 

04/11 @ 100

 

 

15,886,260

 

 

 

 

 

 

 

 

New York City GO,

 

 

 

 

 

 

AAA

 

 

 

6,000

4

 

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

 

N/A

 

 

6,535,320

 

AA-

 

 

 

2,240

4

 

Ser. D, 5.375%, 6/01/12

 

N/A

 

 

2,445,699

 

AA-

 

 

 

4,760

 

 

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

 

06/12 @ 100

 

 

5,062,403

 

 

 

 

 

 

 

 

New York City Indl. Dev. Agcy. RB,

 

 

 

 

 

 

B

 

 

 

3,200

 

 

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

 

08/16 @ 101

 

 

3,854,496

 

B

 

 

 

4,000

 

 

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

 

08/16 @ 101

 

 

4,830,400

 

BBB-

 

 

 

2,000

 

 

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

 

09/15 @ 100

 

 

2,054,340

 

A

 

 

 

750

 

 

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

 

09/11 @ 102

 

 

781,748

 

A

 

 

 

2,000

 

 

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

 

09/11 @ 102

 

 

2,138,140

 

AAA

 

 

 

1,550

 

 

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

 

12/11 @ 102

 

 

1,679,967

 

BBB-

 

 

 

14,850

 

 

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

 

07/11 @ 100

 

 

15,302,034

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

4,000

 

 

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

 

06/11 @ 100

 

 

4,141,480

 

AA+

 

 

 

6,500

 

 

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

 

06/11 @ 100

 

 

6,765,980

 

AA+

 

 

 

1,500

 

 

Ser. D, 5.00%, 6/15/38

 

06/16 @ 100

 

 

1,585,590

 

AA+

 

 

 

5,000

 

 

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

 

06/15 @ 100

 

 

5,261,100

 

 

 

 

 

 

 

 

New York City Transl. Fin. Auth. RB,

 

 

 

 

 

 

AAA

 

 

 

1,140

4

 

5.00%, 5/01/09

 

N/A

 

 

1,191,323

 

AAA

 

 

 

2,520

 

 

5.00%, 5/01/29

 

05/09 @ 101

 

 

2,593,710

 

BBB

 

 

 

6,700

 

 

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

 

06/13 @ 100

 

 

7,237,139

 

See Notes to Financial Statements.

40



 

 

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

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1
(unaudited)

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2
(unaudited)

 

Value

 


 

 

 

 

 

 

 

New York—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

 

Port Auth. of New York & New Jersey RB,

 

 

 

 

 

 

Caa1

 

 

$

9,250

 

 

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

 

12/06 @ 100

 

$

9,644,975

 

AAA

 

 

 

13,000

 

 

JFK Intl. Air Terminal Proj., 5.75%, 12/01/22, MBIA, AMT

 

12/07 @ 102

 

 

13,531,310

 

BBB

 

 

 

2,500

 

 

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

 

06/12 @ 100

 

 

2,634,375

 

BBB

 

 

 

5,000

 

 

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

 

08/12 @ 100

 

 

5,277,250

 

 

 

 

 

 

 

 

Suffolk Cnty. Indl. Dev. Agcy. RB,

 

 

 

 

 

 

BBB-

 

 

 

1,175

 

 

Jeffersons Ferry Proj., 5.00%, 11/01/28

 

11/16 @ 100

 

 

1,217,100

 

A

 

 

 

7,000

 

 

Keyspan Port Jefferson Proj., 5.25%, 6/01/27, AMT

 

06/13 @ 100

 

 

7,320,320

 

 

 

 

 

 

 

 

TSASC, Inc., Tobacco Settlement RB,

 

 

 

 

 

 

AAA

 

 

 

5,000

4

 

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

 

N/A

 

 

5,541,550

 

AAA

 

 

 

8,000

4

 

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

 

N/A

 

 

8,644,960

 

AA

 

 

 

2,500

 

 

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

 

10/11 @ 100

 

 

2,608,650

 

AAA

 

 

 

2,000

4

 

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

 

N/A

 

 

2,236,320

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

250,256,430

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Puerto Rico—16.1%

 

 

 

 

 

 

BBB

 

 

 

4,060

 

 

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

 

05/12 @ 100

 

 

4,275,545

 

 

 

 

 

 

 

 

Pub. Bldgs. Auth. RB,

 

 

 

 

 

 

BBB

 

 

 

4,400

4

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/12

 

N/A

 

 

4,761,900

 

BBB

 

 

 

1,600

 

 

Gov’t. Facs., Ser. D, 5.25%, 7/01/36

 

07/12 @ 100

 

 

1,684,672

 

 

 

 

 

 

 

 

Pub. Fin. Corp. RB,

 

 

 

 

 

 

Aaa

 

 

 

7,475

4

 

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

 

N/A

 

 

8,160,756

 

Aaa

 

 

 

7,000

4

 

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

 

N/A

 

 

7,460,600

 

Aaa

 

 

 

5,750

4

 

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

 

N/A

 

 

5,781,970

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

32,125,443

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Long-Term Investments (cost $286,843,010)

 

 

 

 

304,130,293

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.6%

 

 

 

 

 

 

NR

 

 

 

3,250

 

 

AIM Tax Free Cash Reserve Portfolio—Institutional Class
(cost $3,250,000)

 

N/A

 

 

3,250,000

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Total Investments—153.9% (cost $290,093,0105)

 

 

 

$

307,380,293

 

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.1%

 

 

 

 

2,121,849

 

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.0)%

 

 

 

 

(109,784,963

)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

199,717,179

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

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

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2006, the Trust held 9.3% of its net assets, with a current market value of $18,496,450, in securities restricted as to resale.

4

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

5

Cost for Federal income tax purposes is $290,092,330. The net unrealized appreciation on a tax basis is $17,287,963, consisting of $17,287,963 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

ACA

American Capital Access

 

GO

General Obligation

AMBAC

American Municipal Bond Assurance Corp.

 

MBIA

Municipal Bond Insurance Assoc.

AMT

Subject to Alternative Minimum Tax

 

RAA

Radian Asset Assurance

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FSA

Financial Security Assurance

 

 

 

 

 

 

 

 

 

 

 

See Notes to Financial Statements.

41



 

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Quality
Municipal Trust
(BKN)

 

Municipal
Income Trust
(BFK)

 

Long-Term
Municipal
Advantage Trust
(BTA)

 

 

 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

412,880,833

 

$

1,053,280,159

 

$

372,966,758

 

Investments in affiliates

 

 

92,469

 

 

137,103

 

 

193

 

Cash

 

 

 

 

 

 

533,406

 

Receivable from investments sold

 

 

 

 

 

 

 

Interest receivable

 

 

5,689,568

 

 

15,315,241

 

 

5,278,394

 

Prepaid expenses

 

 

 

 

 

 

88,251

 

Other assets

 

 

37,160

 

 

60,301

 

 

11,178

 

 

 



 



 



 

 

 

 

418,700,030

 

 

1,068,792,804

 

 

378,878,180

 

 

 



 



 



 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

4,803,973

 

 

10,080,151

 

 

 

Payable for investments purchased

 

 

 

 

 

 

 

Unrealized depreciation on forward starting swaps

 

 

1,299,606

 

 

4,943,635

 

 

 

Short-term floating rate certificates, including interest payable2

 

 

 

 

 

 

179,487,019

 

Dividends payable — common shares

 

 

1,474,401

 

 

3,621,287

 

 

914,030

 

Investment advisory fee payable

 

 

121,366

 

 

354,267

 

 

98,686

 

Administration fee payable

 

 

52,014

 

 

 

 

 

Deferred Trustees’fees

 

 

92,469

 

 

137,103

 

 

193

 

Payable to affiliates

 

 

40,079

 

 

37,742

 

 

5,055

 

Other accrued expenses

 

 

160,188

 

 

268,529

 

 

236,073

 

 

 



 



 



 

 

 

 

8,044,096

 

 

19,442,714

 

 

180,741,056

 

 

 



 



 



 

 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable3

 

 

146,777,682

 

 

375,270,501

 

 

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

263,878,252

 

$

674,079,589

 

$

198,137,124

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

Par value4

 

$

167,071

 

$

43,844

 

$

13,309

 

Paid-in capital in excess of par

 

 

231,766,743

 

 

622,523,348

 

 

190,237,548

 

Undistributed net investment income

 

 

8,636,759

 

 

15,656,056

 

 

(347,276

)

Accumulated net realized gain (loss)

 

 

(1,112,489

)

 

(32,250,682

)

 

(264,829

)

Net unrealized appreciation

 

 

24,420,168

 

 

68,107,023

 

 

8,498,372

 

 

 



 



 



 

Net assets applicable to common shareholders, October 31, 2006

 

$

263,878,252

 

$

674,079,589

 

$

198,137,124

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share5

 

$

15.79

 

$

15.37

 

$

14.89

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost

 

$

387,161,059

 

$

980,229,501

 

$

364,468,386

 

2See Note 2 in the Notes to Financials

 

 

 

 

 

 

 

 

 

 

3Preferred shares outstanding

 

 

5,862

 

 

15,005

 

 

 

4Par value per share

 

 

0.01

 

 

0.001

 

 

0.001

 

5Common shares outstanding

 

 

16,707,093

 

 

43,843,716

 

 

13,308,942

 

See Notes to Financial Statements.

42



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California
Investment Quality
Municipal Trust
(RAA)

 

California
Municipal
Income Trust
(BFZ)

 

Florida
Investment Quality
Municipal Trust
(RFA)

 

Florida
Municipal
Income Trust
(BBF)

 

New Jersey
Investment Quality
Municipal Trust
(RNJ)

 

 

 


 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

23,469,273

 

$

374,389,459

 

$

25,342,890

 

$

160,642,495

 

$

22,290,813

 

Investments in affiliates

 

 

20,171

 

 

51,002

 

 

20,023

 

 

18,965

 

 

21,909

 

Cash

 

 

97,153

 

 

360,054

 

 

508,312

 

 

537,230

 

 

49,275

 

Receivable from investments sold

 

 

 

 

 

 

40,000

 

 

1,818,975

 

 

 

Interest receivable

 

 

270,446

 

 

5,190,429

 

 

263,324

 

 

2,249,722

 

 

347,352

 

Prepaid expenses

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

5,215

 

 

21,185

 

 

5,353

 

 

9,351

 

 

5,212

 

 

 



 



 



 



 



 

 

 

 

23,862,258

 

 

380,012,129

 

 

26,179,902

 

 

165,276,738

 

 

22,714,561

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

1,593,476

 

 

8,021,232

 

 

1,462,139

 

 

1,838,198

 

 

496,295

 

Unrealized depreciation on forward starting swaps

 

 

 

 

1,852,642

 

 

 

 

694,636

 

 

 

Short-term floating rate certificates, including interest payable2

 

 

 

 

 

 

 

 

 

 

 

Dividends payable — common shares

 

 

71,101

 

 

1,143,086

 

 

79,777

 

 

502,124

 

 

70,623

 

Investment advisory fee payable

 

 

7,362

 

 

124,600

 

 

7,247

 

 

54,886

 

 

6,530

 

Administration fee payable

 

 

2,951

 

 

 

 

3,336

 

 

 

 

2,969

 

Deferred Trustees’fees

 

 

20,171

 

 

51,002

 

 

20,023

 

 

18,965

 

 

21,909

 

Payable to affiliates

 

 

6,477

 

 

23,490

 

 

3,220

 

 

10,477

 

 

5,421

 

Other accrued expenses

 

 

41,305

 

 

203,606

 

 

46,196

 

 

117,813

 

 

29,938

 

 

 



 



 



 



 



 

 

 

 

1,742,843

 

 

11,419,658

 

 

1,621,938

 

 

3,237,099

 

 

633,685

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable3

 

 

7,504,131

 

 

132,019,760

 

 

8,504,133

 

 

57,588,628

 

 

7,504,819

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

14,615,284

 

$

236,572,711

 

$

16,053,831

 

$

104,451,011

 

$

14,576,057

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value4

 

$

10,071

 

$

15,031

 

$

11,271

 

$

6,663

 

$

10,071

 

Paid-in capital in excess of par

 

 

13,392,714

 

 

213,338,137

 

 

15,001,008

 

 

94,522,491

 

 

13,079,455

 

Undistributed net investment income

 

 

(596

)

 

5,994,975

 

 

28,700

 

 

2,170,518

 

 

374,229

 

Accumulated net realized gain (loss)

 

 

68,629

 

 

(7,867,056

)

 

96,447

 

 

(796,319

)

 

55,732

 

Net unrealized appreciation

 

 

1,144,466

 

 

25,091,624

 

 

916,405

 

 

8,547,658

 

 

1,056,570

 

 

 



 



 



 



 



 

Net assets applicable to common shareholders, October 31, 2006

 

$

14,615,284

 

$

236,572,711

 

$

16,053,831

 

$

104,451,011

 

$

14,576,057

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share5

 

$

14.51

 

$

15.74

 

$

14.24

 

$

15.68

 

$

14.47

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost

 

$

22,324,807

 

$

347,445,193

 

$

24,426,485

 

$

151,400,201

 

$

21,234,243

 

2See Note 2 in the Notes to Financials

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Preferred shares outstanding

 

 

300

 

 

5,278

 

 

340

 

 

2,302

 

 

300

 

4Par value per share

 

 

0.01

 

 

0.001

 

 

0.01

 

 

0.001

 

 

0.01

 

5Common shares outstanding

 

 

1,007,093

 

 

15,031,082

 

 

1,127,093

 

 

6,663,185

 

 

1,007,093

 

43



 

STATEMENTS OF ASSETS AND LIABILITIES (continued)

October 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey
Municipal
Income Trust
(BNJ)

 

New York
Investment Quality
Municipal Trust
(RNY)

 

New York
Municipal
Income Trust
(BNY)

 

 

 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

Investments at value1

 

$

186,136,702

 

$

29,101,348

 

$

307,380,293

 

Investment in affiliates

 

 

22,550

 

 

19,989

 

 

43,777

 

Cash

 

 

358,208

 

 

294,390

 

 

361,427

 

Receivable from investments sold

 

 

 

 

 

 

 

Interest receivable

 

 

3,004,211

 

 

508,324

 

 

5,022,961

 

Other assets

 

 

10,673

 

 

37,301

 

 

17,785

 

 

 



 



 



 

 

 

 

189,532,344

 

 

29,961,352

 

 

312,826,243

 

 

 



 



 



 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

2,074,723

 

 

150,021

 

 

850,117

 

Unrealized depreciation on forward starting swaps

 

 

844,900

 

 

 

 

1,196,012

 

Dividends payable — common shares

 

 

593,826

 

 

95,581

 

 

947,326

 

Investment advisory fee payable

 

 

62,833

 

 

8,749

 

 

104,588

 

Administration fee payable

 

 

 

 

3,875

 

 

 

Deferred Trustees’ fees

 

 

22,550

 

 

19,989

 

 

43,777

 

Payable to affiliates

 

 

12,763

 

 

3,711

 

 

17,696

 

Other accrued expenses

 

 

104,476

 

 

38,677

 

 

164,585

 

 

 



 



 



 

 

 

 

3,716,071

 

 

320,603

 

 

3,324,101

 

 

 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

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

 

 

63,829,275

 

 

9,801,799

 

 

109,784,963

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

121,986,998

 

$

19,838,950

 

$

199,717,179

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

Par value3

 

$

7,461

 

$

13,071

 

$

12,579

 

Paid-in capital in excess of par

 

 

105,919,065

 

 

17,651,717

 

 

178,522,683

 

Undistributed net investment income

 

 

3,440,789

 

 

358,505

 

 

5,287,790

 

Accumulated net realized gain (loss)

 

 

(610,058

)

 

26,367

 

 

(197,144

)

Net unrealized appreciation

 

 

13,229,741

 

 

1,789,290

 

 

16,091,271

 

 

 



 



 



 

Net assets applicable to common shareholders, October 31, 2006

 

$

121,986,998

 

$

19,838,950

 

$

199,717,179

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per common share4

 

$

16.35

 

$

15.18

 

$

15.88

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost

 

$

172,062,061

 

$

27,312,058

 

$

290,093,010

 

2Preferred shares outstanding

 

 

2,552

 

 

392

 

 

4,390

 

3Par value per share

 

 

0.001

 

 

0.01

 

 

0.001

 

4Common shares outstanding

 

 

7,461,064

 

 

1,307,093

 

 

12,578,916

 

See Notes to Financial Statements.

44



 

STATEMENTS OF OPERATIONS

For the period ended October 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Quality
Municipal Trust
(BKN)

 

Municipal
Income Trust
(BFK)

 

Long-Term
Municipal
Advantage Trust
(BTA)1

 

 

 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

21,233,709

 

$

55,535,420

 

$

11,171,496

 

Income from affiliates

 

 

5,383

 

 

7,163

 

 

193

 

 

 



 



 



 

Total investment income

 

 

21,239,092

 

 

55,542,583

 

 

11,171,689

 

 

 



 



 



 

 

Expenses

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

1,422,444

 

 

6,178,895

 

 

1,260,317

 

Administration

 

 

609,618

 

 

 

 

 

Transfer agent

 

 

18,114

 

 

17,161

 

 

10,599

 

Custodian

 

 

111,987

 

 

136,670

 

 

69,944

 

Reports to shareholders

 

 

56,028

 

 

130,950

 

 

25,060

 

Directors/Trustees

 

 

30,425

 

 

63,413

 

 

14,600

 

Registration

 

 

21,243

 

 

33,865

 

 

13,473

 

Independent accountants

 

 

40,243

 

 

43,855

 

 

26,942

 

Legal

 

 

53,308

 

 

112,803

 

 

25,611

 

Insurance

 

 

24,337

 

 

61,599

 

 

7,492

 

Organization

 

 

 

 

 

 

39,000

 

Auction agent

 

 

386,761

 

 

968,826

 

 

 

Deferred Trustees’ fees

 

 

5,383

 

 

7,163

 

 

193

 

Remarketing and liquidity fees

 

 

 

 

 

 

221,139

 

Miscellaneous

 

 

51,870

 

 

90,434

 

 

38,606

 

 

 



 



 



 

Total expenses excluding interest expense and excise tax

 

 

2,831,761

 

 

7,845,634

 

 

1,752,976

 

Interest Expense

 

 

9,389

 

 

42,536

 

 

3,952,420

2

Excise Tax

 

 

 

 

9,926

 

 

 

 

 



 



 



 

Total expenses

 

 

2,841,150

 

 

7,898,096

 

 

5,705,396

 

Less fees waived by Advisor

 

 

 

 

(2,443,432

)

 

(504,127

)

Less fees paid indirectly

 

 

(21,109

)

 

(7,367

)

 

(36,581

)

 

 



 



 



 

Net expenses

 

 

2,820,041

 

 

5,447,297

 

 

5,164,688

 

 

 



 



 



 

Net investment income

 

 

18,419,051

 

 

50,095,286

 

 

6,007,001

 

 

 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(1,676,067

)

 

(7,373,174

)

 

(264,829

)

Futures and swaps

 

 

2,283,362

 

 

8,764,060

 

 

 

 

 



 



 



 

 

 

 

607,295

 

 

1,390,886

 

 

(264,829

)

 

 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

9,726,610

 

 

44,449,345

 

 

8,498,372

 

Futures and swaps

 

 

(2,975,500

)

 

(11,387,130

)

 

 

 

 



 



 



 

 

 

 

6,751,110

 

 

33,062,215

 

 

8,498,372

 

 

 



 



 



 

Net gain

 

 

7,358,405

 

 

34,453,101

 

 

8,233,543

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(4,700,264

)

 

(12,001,964

)

 

 

Net realized gains

 

 

 

 

 

 

 

 

 



 



 



 

Total dividends and distributions

 

 

(4,700,264

)

 

(12,001,964

)

 

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

21,077,192

 

$

72,546,423

 

$

14,240,544

 

 

 



 



 



 


 

 


1

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

2

See Note 2 in the Notes to Financials.

See Notes to Financial Statements.

45



 

STATEMENTS OF OPERATIONS (continued)

For the year ended October 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

California
Investment Quality
Municipal Trust
(RAA)

 

California
Municipal
Income Trust
(BFZ)

 

Florida
Investment Quality
Municipal Trust
(RFA)

 

 

 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

1,078,454

 

$

18,755,759

 

$

1,139,846

 

Income from affiliates

 

 

827

 

 

3,374

 

 

1,156

 

 

 



 



 



 

Total investment income

 

 

1,079,281

 

 

18,759,133

 

 

1,141,002

 

 

 



 



 



 

 

Expenses

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

76,502

 

 

2,176,770

 

 

85,504

 

Administration

 

 

21,858

 

 

 

 

24,430

 

Transfer agent

 

 

10,885

 

 

15,676

 

 

11,010

 

Custodian

 

 

18,250

 

 

83,232

 

 

14,659

 

Reports to shareholders

 

 

6,347

 

 

36,101

 

 

6,783

 

Directors/Trustees

 

 

13,611

 

 

24,182

 

 

13,611

 

Registration

 

 

588

 

 

31,499

 

 

661

 

Independent accountants

 

 

21,836

 

 

39,056

 

 

21,853

 

Legal

 

 

5,924

 

 

43,263

 

 

5,986

 

Insurance

 

 

1,300

 

 

21,639

 

 

1,456

 

Organization

 

 

 

 

 

 

 

Deferrred Trustees’ fees

 

 

827

 

 

3,374

 

 

1,156

 

Auction agent

 

 

22,638

 

 

343,701

 

 

25,036

 

Miscellaneous

 

 

15,155

 

 

43,934

 

 

15,343

 

 

 



 



 



 

Total expenses excluding interest expense and excise tax

 

 

215,721

 

 

2,862,427

 

 

227,488

 

Interest Expense

 

 

 

 

13,976

 

 

 

Excise Tax

 

 

 

 

 

 

 

 

 



 



 



 

Total expenses

 

 

215,721

 

 

2,876,403

 

 

227,488

 

Less fees waived by Advisor

 

 

 

 

(860,860

)

 

 

Less fees paid indirectly

 

 

(13,594

)

 

(17,657

)

 

(9,947

)

 

 



 



 



 

Net expenses

 

 

202,127

 

 

1,997,886

 

 

217,541

 

 

 



 



 



 

Net investment income

 

 

877,154

 

 

16,761,247

 

 

923,461

 

 

 



 



 



 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

77,273

 

 

(1,064,603

)

 

267,606

 

Futures and swaps

 

 

1,132

 

 

3,280,995

 

 

(1,841

)

 

 



 



 



 

 

 

 

78,405

 

 

2,216,392

 

 

265,765

 

 

 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

431,082

 

 

11,329,159

 

 

184,809

 

Futures and swaps

 

 

(839

)

 

(4,265,100

)

 

1,679

 

 

 



 



 



 

 

 

 

430,243

 

 

7,064,059

 

 

186,488

 

 

 



 



 



 

Net gain

 

 

508,648

 

 

9,280,451

 

 

452,253

 

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(215,916

)

 

(3,954,681

)

 

(236,669

)

Net realized gains

 

 

 

 

 

 

(54,375

)

 

 



 



 



 

Total dividends and distributions

 

 

(215,916

)

 

(3,954,681

)

 

(291,044

)

 

 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

1,169,886

 

$

22,087,017

 

$

1,084,670

 

 

 



 



 



 

See Notes to Financial Statements.

46



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida
Municipal
Income Trust
(BBF)

 

New Jersey
Investment Quality
Municipal Trust
(RNJ)

 

New Jersey
Municipal
Income Trust
(BNJ)

 

New York
Investment Quality
Municipal Trust
(RNY)

 

New York
Municipal
Income Trust
(BNY)

 

 

 


 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

8,316,297

 

$

1,059,578

 

$

9,804,352

 

$

1,508,256

 

$

15,967,809

 

Income from affiliates

 

 

1,098

 

 

1,466

 

 

1,309

 

 

1,137

 

 

2,543

 

 

 



 



 



 



 



 

Total investment income

 

 

8,317,395

 

 

1,061,044

 

 

9,805,661

 

 

1,509,393

 

 

15,970,352

 

 

 



 



 



 



 



 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

965,889

 

 

76,996

 

 

1,100,053

 

 

102,646

 

 

1,831,132

 

Administration

 

 

 

 

21,999

 

 

 

 

29,327

 

 

 

Transfer agent

 

 

15,593

 

 

10,979

 

 

15,636

 

 

11,000

 

 

15,703

 

Custodian

 

 

59,087

 

 

18,965

 

 

64,675

 

 

19,336

 

 

75,252

 

Reports to shareholders

 

 

21,625

 

 

6,853

 

 

26,354

 

 

7,329

 

 

42,916

 

Directors/Trustees

 

 

15,389

 

 

13,611

 

 

16,257

 

 

13,611

 

 

22,365

 

Registration

 

 

21,243

 

 

588

 

 

21,243

 

 

766

 

 

21,243

 

Independent accountants

 

 

37,138

 

 

21,838

 

 

37,268

 

 

21,883

 

 

38,760

 

Legal

 

 

21,257

 

 

5,931

 

 

21,761

 

 

6,103

 

 

42,125

 

Insurance

 

 

9,604

 

 

1,313

 

 

10,926

 

 

1,746

 

 

18,195

 

Organization

 

 

 

 

 

 

 

 

 

 

 

Deferrred Trustees’ fees

 

 

1,098

 

 

1,466

 

 

1,309

 

 

1,137

 

 

2,543

 

Auction agent

 

 

151,041

 

 

22,639

 

 

166,633

 

 

28,372

 

 

288,192

 

Miscellaneous

 

 

29,756

 

 

15,166

 

 

31,058

 

 

15,513

 

 

39,935

 

 

 



 



 



 



 



 

Total expenses excluding interest expense and excise tax

 

 

1,348,720

 

 

218,344

 

 

1,513,173

 

 

258,769

 

 

2,438,361

 

Interest Expense

 

 

 

 

 

 

5,936

 

 

 

 

9,316

 

Excise Tax

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total expenses

 

 

1,348,720

 

 

218,344

 

 

1,519,109

 

 

258,769

 

 

2,447,677

 

Less fees waived by Advisor

 

 

(382,095

)

 

 

 

(435,097

)

 

 

 

(724,243

)

Less fees paid indirectly

 

 

(18,592

)

 

(14,091

)

 

(21,765

)

 

(15,233

)

 

(20,552

)

 

 



 



 



 



 



 

Net expenses

 

 

948,033

 

 

204,253

 

 

1,062,247

 

 

243,536

 

 

1,702,882

 

 

 



 



 



 



 



 

Net investment income

 

 

7,369,362

 

 

856,791

 

 

8,743,414

 

 

1,265,857

 

 

14,267,470

 

 

 



 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(61,121

)

 

124,989

 

 

(16,003

)

 

89,471

 

 

(347,102

)

Futures and swaps

 

 

1,217,190

 

 

(4,814

)

 

1,493,941

 

 

(1,841

)

 

2,110,358

 

 

 



 



 



 



 



 

 

 

 

1,156,069

 

 

120,175

 

 

1,477,938

 

 

87,630

 

 

1,763,256

 

 

 



 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

2,178,094

 

 

218,297

 

 

4,337,276

 

 

393,726

 

 

6,793,018

 

Futures and swaps

 

 

(1,586,773

)

 

4,197

 

 

(1,944,436

)

 

1,679

 

 

(2,747,808

)

 

 



 



 



 



 



 

 

 

 

591,321

 

 

222,494

 

 

2,392,840

 

 

395,405

 

 

4,045,210

 

 

 



 



 



 



 



 

Net gain

 

 

1,747,390

 

 

342,669

 

 

3,870,778

 

 

483,035

 

 

5,808,466

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,810,602

)

 

(204,250

)

 

(1,946,877

)

 

(276,400

)

 

(3,294,504

)

Net realized gains

 

 

 

 

(25,877

)

 

 

 

(20,219

)

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(1,810,602

)

 

(230,127

)

 

(1,946,877

)

 

(296,619

)

 

(3,294,504

)

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

7,306,150

 

$

969,333

 

$

10,667,315

 

$

1,452,273

 

$

16,781,432

 

 

 



 



 



 



 



 

47



 

STATEMENT OF CASH FLOWS

For the period ended October 31, 2006



 

 

 

 

 

 

 

BlackRock
Long-Term
Municipal
Advantage
Trust (BTA)

 

 

 


 

Net Increase in Net Assets Resulting from Operations to Net Cash Used for Operating Activities

 

 

 

 

Cash flows from operating activities:

 

 

 

 

Net increase in net assets resulting from operations

 

$

14,240,544

 

 

 



 

Purchases of long-term investments

 

 

(432,072,945

)

Proceeds from sales of long-term investments

 

 

68,275,472

 

Net purchases of short-term investments

 

 

(741,000

)

Amortization of premium and discount on investments

 

 

(194,742

)

Net realized loss on investments

 

 

264,829

 

Increase in unrealized appreciation/depreciation on investments

 

 

(8,498,372

)

Increase in investments in affiliates

 

 

(193

)

Increase in interest receivable

 

 

(5,278,394

)

Increase in prepaid expenses

 

 

(88,251

)

Increase in other assets

 

 

(11,178

)

Increase in interest payable

 

 

2,142,019

 

Increase in investment advisory fee payable

 

 

98,686

 

Increase in deferred Directors/Trustees’ fees

 

 

193

 

Increase in payable to affiliates

 

 

5,055

 

Increase in accrued expenses

 

 

236,073

 

 

 



 

Total adjustments

 

 

(375,862,748

)

 

 



 

Net cash used for operating activities

 

$

(361,622,204

)

 

 



 

Cash from financing activities:

 

 

 

 

Capital contributions

 

 

190,289,857

 

Proceeds from and repayments of short-term floating rate certificates

 

 

177,345,000

 

Cash dividends paid

 

 

(5,479,247

)

 

 



 

Net cash provided by financing activities

 

 

362,155,610

 

 

 



 

Net increase in cash

 

 

533,406

 

Cash at beginning of period

 

 

 

 

 



 

Cash at end of period

 

$

533,406

 

 

 



 

See Notes to Financial Statements.

48



 

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended October 31, 2006 and 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment Quality
Municipal Trust (BKN)

 

Municipal
Income Trust (BFK)

 

 

 


 


 

 

 

2006

 

2005

 

2006

 

2005

 

 

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

18,419,051

 

$

19,080,763

 

$

50,095,286

 

$

51,367,505

 

Net realized gain

 

 

607,295

 

 

9,521,667

 

 

1,390,886

 

 

14,502,349

 

Net change in unrealized appreciation/depreciation

 

 

6,751,110

 

 

(11,411,681

)

 

33,062,215

 

 

4,068,932

 

Dividends from net investment income to preferred shareholders:

 

 

(4,700,264

)

 

(3,091,066

)

 

(12,001,964

)

 

(7,913,843

)

 

 



 



 



 



 

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

 

 

21,077,192

 

 

14,099,683

 

 

72,546,423

 

 

62,024,943

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends from Investment Income to Common Shareholders from:

 

 

(17,692,813

)

 

(16,080,778

)

 

(43,385,755

)

 

(42,712,157

)

 

 



 



 



 



 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

2,871,527

 

 

1,086,467

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

2,871,527

 

 

1,086,467

 

 

 



 



 



 



 

Total increase (decrease)

 

 

3,384,379

 

 

(1,981,095

)

 

32,032,195

 

 

20,399,253

 

 

 



 



 



 



 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

260,493,873

 

 

262,474,968

 

 

642,047,394

 

 

621,648,141

 

 

 



 



 



 



 

End of year

 

$

263,878,252

 

$

260,493,873

 

$

674,079,589

 

$

642,047,394

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of year undistributed net investment income

 

$

8,636,759

 

$

12,726,040

 

$

15,656,056

 

$

20,939,165

 

See Notes to Financial Statements.

49



 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the period ended October 31, 2006 and for the year ended October 31, 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Long-Term
Municipal Advantage Trust (BTA)

 

California Investment
Quality Municipal Trust (RAA)

 

 

 


 


 

 

 

 

20061

 

 

2006

 

2005

 

 

 

 


 

 


 


 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

$

6,007,001

 

 

$

877,154

 

$

783,716

 

Net realized gain (loss)

 

 

 

(264,829

)

 

 

78,405

 

 

111,480

 

Net change in unrealized appreciation/depreciation

 

 

 

8,498,372

 

 

 

430,243

 

 

(143,365

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

(215,916

)

 

(128,583

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 



 

 



 



 

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

 

 

 

14,240,544

 

 

 

1,169,886

 

 

623,248

 

 

 

 



 

 



 



 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(6,393,277

)

 

 

(853,209

)

 

(853,209

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 

 



 

 



 



 

Total dividends and distributions

 

 

 

(6,393,277

)

 

 

(853,209

)

 

(853,209

)

 

 

 



 

 



 



 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of common shares

 

 

 

186,584,810

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

3,216,375

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

488,672

 

 

 

 

 

 

 

 

 



 

 



 



 

Net proceeds from capital share transactions

 

 

 

190,289,857

 

 

 

 

 

 

 

 

 



 

 



 



 

Total increase (decrease)

 

 

 

198,137,124

 

 

 

316,677

 

 

(229,961

)

 

 

 



 

 



 



 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

 

 

 

 

14,298,607

 

 

14,528,568

 

 

 

 



 

 



 



 

End of period

 

 

$

198,137,124

 

 

$

14,615,284

 

$

14,298,607

 

 

 

 



 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period undistributed (distribution in excess of) net investment income

 

 

$

(347,276

)

 

$

(596

)

$

191,464

 


 

 


1

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

See Notes to Financial Statements.

50



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Municipal
Income Trust (BFZ)

 

Florida Investment
Quality Municipal Trust (RFA)

 

Florida Municipal
Income Trust (BBF)

 

 

 


 


 


 

 

 

2006

 

2005

 

2006

 

2005

 

2006

 

2005

 

 

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

16,761,247

 

$

16,744,835

 

$

923,461

 

$

946,124

 

$

7,369,362

 

$

7,400,920

 

Net realized gain (loss)

 

 

2,216,392

 

 

(2,241,920

)

 

265,765

 

 

160,059

 

 

1,156,069

 

 

(1,234,248

)

Net change in unrealized appreciation/depreciation

 

 

7,064,059

 

 

7,640,066

 

 

186,488

 

 

(551,267

)

 

591,321

 

 

2,386,133

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,954,681

)

 

(2,361,287

)

 

(236,669

)

 

(174,481

)

 

(1,810,602

)

 

(1,150,882

)

Net realized gains

 

 

 

 

 

 

(54,375

)

 

(10,423

)

 

 

 

 

 

 



 



 



 



 



 



 

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

 

 

22,087,017

 

 

19,781,694

 

 

1,084,670

 

 

370,012

 

 

7,306,150

 

 

7,401,923

 

 

 



 



 



 



 



 



 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(13,697,832

)

 

(13,680,084

)

 

(957,322

)

 

(957,322

)

 

(6,019,766

)

 

(6,011,917

)

Net realized gains

 

 

 

 

 

 

(287,688

)

 

(127,609

)

 

 

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(13,697,832

)

 

(13,680,084

)

 

(1,245,010

)

 

(1,084,931

)

 

(6,019,766

)

 

(6,011,917

)

 

 



 



 



 



 



 



 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of common shares

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

711,184

 

 

 

 

 

 

 

 

221,091

 

 

41,592

 

 

 



 



 



 



 



 



 

Net proceeds from capital share transactions

 

 

711,184

 

 

 

 

 

 

 

 

221,091

 

 

41,592

 

 

 



 



 



 



 



 



 

Total increase (decrease)

 

 

9,100,369

 

 

6,101,610

 

 

(160,340

)

 

(714,919

)

 

1,507,475

 

 

1,431,598

 

 

 



 



 



 



 



 



 

 

Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

227,472,342

 

 

221,370,732

 

 

16,214,171

 

 

16,929,090

 

 

102,943,536

 

 

101,511,938

 

 

 



 



 



 



 



 



 

End of period

 

$

236,572,711

 

$

227,472,342

 

$

16,053,831

 

$

16,214,171

 

$

104,451,011

 

$

102,943,536

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period undistributed (distribution in excess of) net investment income

 

$

5,994,975

 

$

6,886,241

 

$

28,700

 

$

299,272

 

$

2,170,518

 

$

2,631,771

 

51



 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

For the years ended October 31, 2006 and 2005



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey Investment
Quality Municipal Trust (RNJ)

 

New Jersey Municipal
Income Trust (BNJ)

 

 

 


 


 

 

 

2006

 

2005

 

2006

 

2005

 

 

 


 


 


 


 

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

856,791

 

$

876,362

 

$

8,743,414

 

$

8,666,540

 

Net realized gain (loss)

 

 

120,175

 

 

117,656

 

 

1,477,938

 

 

(579,155

)

Net change in unrealized appreciation/depreciation

 

 

222,494

 

 

(339,943

)

 

2,392,840

 

 

3,710,915

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(204,250

)

 

(149,372

)

 

(1,946,877

)

 

(1,322,793

)

Net realized gains

 

 

(25,877

)

 

 

 

 

 

 

 

 



 



 



 



 

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

 

 

969,333

 

 

504,703

 

 

10,667,315

 

 

10,475,507

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(847,505

)

 

(823,484

)

 

(7,110,417

)

 

(6,817,201

)

Net realized gains

 

 

(126,529

)

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(974,034

)

 

(823,484

)

 

(7,110,417

)

 

(6,817,201

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

690,656

 

 

61,711

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

690,656

 

 

61,711

 

 

 



 



 



 



 

Total increase (decrease)

 

 

(4,701

)

 

(318,781

)

 

4,247,554

 

 

3,720,017

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

14,580,758

 

 

14,899,539

 

 

117,739,444

 

 

114,019,427

 

 

 



 



 



 



 

End of year

 

$

14,576,057

 

$

14,580,758

 

$

121,986,998

 

$

117,739,444

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of year undistributed net investment income

 

$

374,229

 

$

576,903

 

$

3,440,789

 

$

3,754,669

 

52



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York Investment
Quality Municipal Trust (RNY)

 

New York Municipal
Income Trust (BNY)

 

 

 


 


 

 

 

2006

 

2005

 

2006

 

2005

 

 

 


 


 


 


 

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

1,265,857

 

$

1,259,631

 

$

14,267,470

 

$

14,254,822

 

Net realized gain (loss)

 

 

87,630

 

 

59,365

 

 

1,763,256

 

 

1,893,142

 

Net change in unrealized appreciation/depreciation

 

 

395,405

 

 

(411,759

)

 

4,045,210

 

 

(627,477

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(276,400

)

 

(182,787

)

 

(3,294,504

)

 

(2,091,682

)

Net realized gains

 

 

(20,219

)

 

 

 

 

 

 

 

 



 



 



 



 

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

 

 

1,452,273

 

 

724,450

 

 

16,781,432

 

 

13,428,805

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,146,975

)

 

(1,146,975

)

 

(11,347,915

)

 

(11,321,006

)

Net realized gains

 

 

(109,330

)

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(1,256,305

)

 

(1,146,975

)

 

(11,347,915

)

 

(11,321,006

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

 

 

826,411

 

 

75,737

 

 

 



 



 



 



 

Net proceeds from capital share transactions

 

 

 

 

 

 

826,411

 

 

75,737

 

 

 



 



 



 



 

Total increase (decrease)

 

 

195,968

 

 

(422,525

)

 

6,259,928

 

 

2,183,536

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

19,642,982

 

 

20,065,507

 

 

193,457,251

 

 

191,273,715

 

 

 



 



 



 



 

End of year

 

$

19,838,950

 

$

19,642,982

 

$

199,717,179

 

$

193,457,251

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of year undistributed net investment income

 

$

358,505

 

$

517,851

 

$

5,287,790

 

$

5,662,743

 

53



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock Investment Quality Municipal Trust (BKN)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

$

15.19

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.10

 

 

1.14

 

 

1.17

 

 

1.16

 

 

1.20

 

Net realized and unrealized gain (loss)

 

 

0.44

 

 

(0.11

)

 

0.26

 

 

(0.09

)

 

(0.26

)

Dividends to preferred shareholders from net investment income

 

 

(0.28

)

 

(0.19

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.26

 

 

0.84

 

 

1.34

 

 

0.98

 

 

0.81

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(1.06

)

 

(0.96

)

 

(0.91

)

 

(0.89

)

 

(0.81

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.79

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

 

 



 



 



 



 



 

Market price, end of year

 

$

18.97

 

$

16.62

 

$

15.12

 

$

14.26

 

$

13.48

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

21.06

%

 

16.68

%

 

12.91

%

 

12.67

%

 

4.14

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

Expenses after fees waived and before fees paid indirectly

 

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

Expenses before fees waived and paid indirectly

 

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

1.09

%

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

 

 

7.09

%

 

7.21

%

 

7.59

%

 

7.62

%

 

7.93

%

Preferred share dividends

 

 

1.81

%

 

1.17

%

 

0.60

%

 

0.59

%

 

0.83

%

Net investment income available to common shareholders

 

 

5.28

%

 

6.04

%

 

6.99

%

 

7.03

%

 

7.10

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

259,862

 

$

264,490

 

$

259,470

 

$

254,890

 

$

251,428

 

Portfolio turnover

 

 

82

%

 

77

%

 

52

%

 

36

%

 

19

%

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

 

$

263,878

 

$

260,494

 

$

262,475

 

$

255,315

 

$

253,710

 

Preferred shares value outstanding, end of year (000)

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

Asset coverage per preferred share, end of year

 

$

70,054

 

$

69,465

 

$

69,790

 

$

68,561

 

$

68,292

 


 

 


1

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

2

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

 

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

See Notes to Financial Statements.

54



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock Municipal Income Trust (BFK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

$

14.30

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.14

 

 

1.18

 

 

1.19

 

 

1.23

 

 

1.20

 

Net realized and unrealized gain (loss)

 

 

0.78

 

 

0.43

 

 

0.26

 

 

0.35

 

 

(1.11

)

Dividends to preferred shareholders from net investment income

 

 

(0.27

)

 

(0.18

)

 

(0.09

)

 

(0.09

)

 

(0.13

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

1.65

 

 

1.43

 

 

1.36

 

 

1.49

 

 

(0.04

)

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.99

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

(0.93

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.37

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

 

 



 



 



 



 



 

Market price, end of year

 

$

17.30

 

$

15.69

 

$

14.05

 

$

13.70

 

$

13.46

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

17.39

%

 

19.31

%

 

10.01

%

 

9.21

%

 

(2.40

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

 

0.81

%

Expenses after fees waived and before fees paid indirectly

 

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

 

0.83

%

Expenses before fees waived and paid indirectly

 

 

1.21

%

 

1.22

%

 

1.23

%

 

1.25

%

 

1.23

%

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

 

 

7.65

%

 

7.97

%

 

8.44

%

 

8.96

%

 

8.74

%

Preferred share dividends

 

 

1.83

%

 

1.23

%

 

0.63

%

 

0.65

%

 

0.92

%

Net investment income available to common shareholders

 

 

5.82

%

 

6.74

%

 

7.81

%

 

8.31

%

 

7.82

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

654,691

 

$

644,680

 

$

618,076

 

$

594,192

 

$

598,425

 

Portfolio turnover

 

 

77

%

 

68

%

 

59

%

 

56

%

 

70

%

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

 

$

674,080

 

$

642,047

 

$

621,648

 

$

603,943

 

$

579,681

 

Preferred shares value outstanding, end of year (000)

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

Asset coverage per preferred share, end of year

 

$

69,933

 

$

67,797

 

$

66,435

 

$

65,251

 

$

63,636

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

55



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock Long-Term Municipal Advantage Trust (BTA)

 


 

 

 

 

 

 

 

For the period
February 28, 20061
through
October 31, 2006

 

 

 


 

PER SHARE OPERATING PERFORMANCE:

 

 

 

 

Net asset value, beginning of period

 

$

14.33

2

 

 



 

Investment operations:

 

 

 

 

Net investment income

 

 

0.45

 

Net realized and unrealized gain

 

 

0.62

 

 

 



 

Net increase from investment operations

 

 

1.07

 

 

 



 

Dividends to common shareholders from net investment income

 

 

(0.48

)

 

 



 

Capital charges with respect to issuance of share

 

 

(0.03

)

 

 



 

Net asset value, end of period

 

$

14.89

 

 

 



 

Market price, end of period

 

$

14.70

 

 

 



 

TOTAL INVESTMENT RETURN3

 

 

1.40

%

 

 



 

RATIOS TO AVERAGE NET ASSETS4

 

 

 

 

Total expenses

 

 

4.55

%

Net expenses

 

 

4.11

%

Net expenses excluding interest expense

 

 

0.97

%

Net investment income

 

 

4.79

%

SUPPLEMENTAL DATA:

 

 

 

 

Average net assets (000)

 

$

186,998

 

Portfolio turnover

 

 

20

%

Net assets, end of period (000)

 

$

198,137

 

Short-term floating rate certificates, end of period (000)

 

$

177,345

 

Asset coverage, end of period5

 

$

2,177

 

Short-term floating rate certificates average daily balance (000)

 

$

183,026

 

Short-term floating rate certificates weighted average interest rate

 

 

3.57

%


 

 


1

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

2

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

3

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

4

Annualized.

5

Per $1,000 of certificates outstanding.

 

 

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

See Notes to Financial Statements.

56



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock California Investment Quality Municipal Trust (RAA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

$

15.30

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.87

 

 

0.78

 

 

0.92

 

 

1.05

 

 

1.04

 

Net realized and unrealized gain (loss)

 

 

0.50

 

 

(0.03

)

 

(0.09

)

 

(0.41

)

 

(0.64

)

Dividends to preferred shareholders from net investment income

 

 

(0.21

)

 

(0.13

)

 

(0.06

)

 

(0.06

)

 

(0.09

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.16

 

 

0.62

 

 

0.77

 

 

0.58

 

 

0.31

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.80

)

Net realized gains

 

 

 

 

 

 

(0.05

)

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.85

)

 

(0.85

)

 

(0.90

)

 

(0.83

)

 

(0.80

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

 

 



 



 



 



 



 

Market price, end of year

 

$

15.80

 

$

15.75

 

$

14.30

 

$

14.03

 

$

13.38

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

5.90

%

 

16.76

%

 

8.78

%

 

11.38

%

 

(9.26

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.41

%

 

1.35

%

 

1.35

%

 

1.40

%

 

1.29

%

Expenses after fees waived and before fees paid indirectly

 

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

Expenses before fees waived and paid indirectly

 

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

 

1.29

%

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

 

 

6.11

%

 

5.38

%

 

6.37

%

 

7.17

%

 

6.86

%

Preferred share dividends

 

 

1.50

%

 

0.88

%

 

0.42

%

 

0.44

%

 

0.59

%

Net investment income available to common shareholders

 

 

4.61

%

 

4.50

%

 

5.95

%

 

6.73

%

 

6.27

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,358

 

$

14,569

 

$

14,553

 

$

14,752

 

$

15,221

 

Portfolio turnover

 

 

49

%

 

20

%

 

15

%

 

6

%

 

30

%

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

 

$

14,615

 

$

14,299

 

$

14,529

 

$

14,665

 

$

14,911

 

Preferred shares value outstanding, end of year (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of year

 

$

73,731

 

$

72,671

 

$

73,433

 

$

73,886

 

$

74,706

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

57



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock California Municipal Income Trust (BFZ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 


 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

$

14.50

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.11

 

 

1.12

 

 

1.15

 

 

1.12

 

 

1.11

 

Net realized and unrealized gain (loss)

 

 

0.62

 

 

0.36

 

 

0.65

 

 

(0.34

)

 

(0.46

)

Dividends to preferred shareholders from net investment income

 

 

(0.26

)

 

(0.16

)

 

(0.09

)

 

(0.08

)

 

(0.12

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.47

 

 

1.32

 

 

1.71

 

 

0.70

 

 

0.53

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

(0.89

)

 

(0.87

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

 

 



 



 



 



 



 

Market price, end of year

 

$

17.12

 

$

14.92

 

$

13.65

 

$

13.21

 

$

13.09

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

21.65

%

 

16.42

%

 

10.58

%

 

7.92

%

 

(5.49

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.87

%

 

0.85

%

 

0.87

%

 

0.89

%

 

0.88

%

Expenses after fees waived and before fees paid indirectly

 

 

0.87

%

 

0.86

%

 

0.88

%

 

0.89

%

 

0.90

%

Expenses before fees waived and paid indirectly

 

 

1.25

%

 

1.25

%

 

1.28

%

 

1.30

%

 

1.31

%

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

 

 

7.26

%

 

7.35

%

 

7.96

%

 

8.01

%

 

7.96

%

Preferred share dividends

 

 

1.71

%

 

1.04

%

 

0.59

%

 

0.57

%

 

0.86

%

Net investment income available to common shareholders

 

 

5.55

%

 

6.31

%

 

7.37

%

 

7.44

%

 

7.10

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

230,845

 

$

227,738

 

$

216,238

 

$

211,275

 

$

209,965

 

Portfolio turnover

 

 

17

%

 

28

%

 

15

%

 

34

%

 

44

%

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

 

$

236,573

 

$

227,472

 

$

221,371

 

$

209,397

 

$

212,215

 

Preferred shares value outstanding, end of year (000)

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

Asset coverage per preferred share, end of year

 

$

69,836

 

$

68,107

 

$

66,945

 

$

64,675

 

$

65,211

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

58



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

$

15.50

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.82

 

 

0.84

 

 

0.98

 

 

1.04

 

 

1.05

 

Net realized and unrealized gain (loss)

 

 

0.40

 

 

(0.35

)

 

(0.18

)

 

(0.39

)

 

0.02

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.21

)

 

(0.15

)

 

(0.07

)

 

(0.08

)

 

(0.11

)

Net realized gains

 

 

(0.05

)

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.96

 

 

0.33

 

 

0.71

 

 

0.57

 

 

0.96

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

 

(0.81

)

Net realized gains

 

 

(0.26

)

 

(0.11

)

 

(0.23

)

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(1.11

)

 

(0.96

)

 

(1.08

)

 

(0.83

)

 

(0.81

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

 

 



 



 



 



 



 

Market price, end of year

 

$

16.00

 

$

14.85

 

$

14.30

 

$

14.47

 

$

14.50

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

15.91

%

 

10.76

%

 

6.32

%

 

5.52

%

 

6.52

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.37

%

 

1.29

%

 

1.27

%

 

1.29

%

 

1.20

%

Expenses after fees waived and before fees paid indirectly

 

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

Expenses before fees waived and paid indirectly

 

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

 

1.20

%

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

 

 

5.80

%

 

5.69

%

 

6.48

%

 

6.69

%

 

6.76

%

Preferred share dividends

 

 

1.49

%

 

1.05

%

 

0.46

%

 

0.51

%

 

0.69

%

Net investment income available to common shareholders

 

 

4.31

%

 

4.64

%

 

6.02

%

 

6.18

%

 

6.07

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

15,930

 

$

16,626

 

$

17,035

 

$

17,561

 

$

17,427

 

Portfolio turnover

 

 

57

%

 

15

%

 

13

%

 

17

%

 

8

%

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

 

$

16,054

 

$

16,214

 

$

16,929

 

$

17,347

 

$

17,639

 

Preferred shares value outstanding, end of year (000)

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

Asset coverage per preferred share, end of year

 

$

72,229

 

$

72,696

 

$

74,795

 

$

76,021

 

$

76,886

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

59



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock Florida Municipal Income Trust (BBF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

$

14.37

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.11

 

 

1.11

 

 

1.12

 

 

1.11

 

 

1.07

 

Net realized and unrealized gain (loss)

 

 

0.26

 

 

0.17

 

 

0.45

 

 

(0.03

)

 

0.13

 

Dividends to preferred shareholders from net investment income

 

 

(0.27

)

 

(0.17

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.10

 

 

1.11

 

 

1.49

 

 

1.00

 

 

1.08

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of preferred shares

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.68

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

 

 



 



 



 



 



 

Market price, end of year

 

$

16.30

 

$

15.25

 

$

14.40

 

$

13.36

 

$

13.65

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

13.26

%

 

12.44

%

 

15.04

%

 

4.30

%

 

0.16

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.92

%

 

0.90

%

 

0.93

%

 

0.94

%

 

0.96

%

Expenses after fees waived and before fees paid indirectly

 

 

0.93

%

 

0.91

%

 

0.93

%

 

0.95

%

 

0.98

%

Expenses before fees waived and paid indirectly

 

 

1.30

%

 

1.30

%

 

1.32

%

 

1.35

%

 

1.38

%

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

 

 

7.12

%

 

7.16

%

 

7.49

%

 

7.50

%

 

7.59

%

Preferred share dividends

 

 

1.75

%

 

1.11

%

 

0.55

%

 

0.53

%

 

0.82

%

Net investment income available to common shareholders

 

 

5.37

%

 

6.05

%

 

6.94

%

 

6.97

%

 

6.77

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

103,431

 

$

103,432

 

$

100,002

 

$

98,081

 

$

93,558

 

Portfolio turnover

 

 

20

%

 

10

%

 

10

%

 

19

%

 

35

%

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

 

$

104,451

 

$

102,944

 

$

101,512

 

$

97,589

 

$

96,816

 

Preferred shares value outstanding, end of year (000)

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

Asset coverage per preferred share, end of year

 

$

70,391

 

$

69,729

 

$

69,101

 

$

67,394

 

$

67,060

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

60



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

$

14.85

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.85

 

 

0.87

 

 

0.97

 

 

1.00

 

 

1.02

 

Net realized and unrealized gain (loss)

 

 

0.34

 

 

(0.21

)

 

(0.20

)

 

0.12

 

 

(0.39

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.20

)

 

(0.15

)

 

(0.07

)

 

(0.06

)

 

(0.09

)

Net realized gains

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.96

 

 

0.51

 

 

0.70

 

 

1.06

 

 

0.54

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.84

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

(0.75

)

Net realized gains

 

 

(0.13

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.97

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

(0.75

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

 

 



 



 



 



 



 

Market price, end of year

 

$

15.95

 

$

14.70

 

$

15.00

 

$

14.80

 

$

13.30

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

15.25

%

 

3.53

%

 

7.14

%

 

17.59

%

 

2.07

%

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.41

%

 

1.34

%

 

1.34

%

 

1.39

%

 

1.31

%

Expenses after fees waived and before fees paid indirectly

 

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

Expenses before fees waived and paid indirectly

 

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

 

1.31

%

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

 

 

5.91

%

 

5.89

%

 

6.50

%

 

6.72

%

 

6.93

%

Preferred share dividends

 

 

1.41

%

 

1.00

%

 

0.47

%

 

0.41

%

 

0.61

%

Net investment income available to common shareholders

 

 

4.50

%

 

4.89

%

 

6.03

%

 

6.31

%

 

6.32

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,499

 

$

14,873

 

$

14,974

 

$

14,975

 

$

14,791

 

Portfolio turnover

 

 

27

%

 

19

%

 

12

%

 

4

%

 

14

%

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

 

$

14,576

 

$

14,581

 

$

14,900

 

$

15,007

 

$

14,747

 

Preferred shares value outstanding, end of year (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of year

 

$

73,603

 

$

73,612

 

$

74,670

 

$

75,026

 

$

74,159

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

61



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

$

14.26

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.17

 

 

1.17

 

 

1.16

 

 

1.15

 

 

1.10

 

Net realized and unrealized gain (loss)

 

 

0.52

 

 

0.42

 

 

0.61

 

 

0.11

 

 

(0.07

)

Dividends to preferred shareholders from net investment income

 

 

(0.26

)

 

(0.18

)

 

(0.08

)

 

(0.08

)

 

(0.12

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.43

 

 

1.41

 

 

1.69

 

 

1.18

 

 

0.91

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.95

)

 

(0.92

)

 

(0.90

)

 

(0.88

)

 

(0.87

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of preferred shares

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

 

 



 



 



 



 



 

Market price, end of year

 

$

18.40

 

$

15.91

 

$

14.45

 

$

14.04

 

$

13.64

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

22.56

%

 

16.95

%

 

9.63

%

 

9.59

%

 

(2.25

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.89

%

 

0.89

%

 

0.91

%

 

0.93

%

 

0.93

%

Expenses after fees waived and before fees paid indirectly

 

 

0.91

%

 

0.90

%

 

0.91

%

 

0.94

%

 

0.97

%

Expenses before fees waived and paid indirectly

 

 

1.27

%

 

1.28

%

 

1.30

%

 

1.34

%

 

1.37

%

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

 

 

7.31

%

 

7.37

%

 

7.74

%

 

7.85

%

 

7.81

%

Preferred share dividends

 

 

1.63

%

 

1.12

%

 

0.56

%

 

0.57

%

 

0.88

%

Net investment income available to common shareholders

 

 

5.68

%

 

6.25

%

 

7.18

%

 

7.28

%

 

6.93

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

119,542

 

$

117,596

 

$

111,263

 

$

107,900

 

$

104,241

 

Portfolio turnover

 

 

2

%

 

6

%

 

16

%

 

13

%

 

50

%

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

 

$

121,987

 

$

117,739

 

$

114,019

 

$

108,172

 

$

105,985

 

Preferred shares value outstanding, end of year (000)

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

Asset coverage per preferred share, end of year

 

$

72,812

 

$

71,142

 

$

69,682

 

$

67,387

 

$

66,538

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

62



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock New York Investment Quality Municipal Trust (RNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

$

15.28

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.97

 

 

0.96

 

 

0.96

 

 

1.03

 

 

1.06

 

Net realized and unrealized gain (loss)

 

 

0.37

 

 

(0.26

)

 

 

 

(0.21

)

 

0.06

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.21

)

 

(0.14

)

 

(0.07

)

 

(0.07

)

 

(0.09

)

Net realized gains

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.11

 

 

0.56

 

 

0.89

 

 

0.75

 

 

1.03

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.84

)

Net realized gains

 

 

(0.08

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.96

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.84

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

 

 



 



 



 



 



 

Market price, end of year

 

$

16.65

 

$

14.75

 

$

14.50

 

$

14.18

 

$

14.40

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

19.95

%

 

8.01

%

 

8.81

%

 

4.69

%

 

7.42

%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.25

%

 

1.20

%

 

1.21

%

 

1.24

%

 

1.17

%

Expenses after fees waived and before fees paid indirectly

 

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

Expenses before fees waived and paid indirectly

 

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

 

1.17

%

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

 

 

6.48

%

 

6.30

%

 

6.29

%

 

6.68

%

 

6.97

%

Preferred share dividends

 

 

1.42

%

 

0.91

%

 

0.46

%

 

0.44

%

 

0.60

%

Net investment income available to common shareholders

 

 

5.06

%

 

5.39

%

 

5.83

%

 

6.24

%

 

6.37

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

19,527

 

$

19,993

 

$

20,019

 

$

20,158

 

$

19,915

 

Portfolio turnover

 

 

24

%

 

10

%

 

23

%

 

36

%

 

7

%

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

 

$

19,839

 

$

19,643

 

$

20,066

 

$

20,053

 

$

20,222

 

Preferred shares value outstanding, end of year (000)

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

Asset coverage per preferred share, end of year

 

$

75,614

 

$

75,111

 

$

76,195

 

$

76,159

 

$

76,590

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

63



 

FINANCIAL HIGHLIGHTS

 

 

BlackRock New York Municipal Income Trust (BNY)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 


 

 

 

2006

 

2005

 

2004

 

2003

 

2002

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

$

14.09

 

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.13

 

 

1.14

 

 

1.14

 

 

1.14

 

 

1.09

 

Net realized and unrealized gain

 

 

0.47

 

 

0.09

 

 

0.36

 

 

0.13

 

 

0.29

 

Dividends to preferred shareholders from net investment income

 

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

(0.09

)

 

(0.13

)

 

 



 



 



 



 



 

Net increase from investment operations

 

 

1.34

 

 

1.06

 

 

1.42

 

 

1.18

 

 

1.25

 

 

 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

(0.87

)

 

 



 



 



 



 



 

Net asset value, end of year

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

 

 



 



 



 



 



 

Market price, end of year

 

$

17.35

 

$

15.19

 

$

13.99

 

$

13.45

 

$

13.42

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURN1

 

 

20.95

%

 

15.38

%

 

10.99

%

 

6.95

%

 

(2.25

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.87

%

 

0.86

%

 

0.87

%

 

0.88

%

 

0.90

%

Expenses after fees waived and before fees paid indirectly

 

 

0.88

%

 

0.87

%

 

0.87

%

 

0.89

%

 

0.92

%

Expenses before fees waived and paid indirectly

 

 

1.25

%

 

1.26

%

 

1.27

%

 

1.29

%

 

1.33

%

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

 

 

7.30

%

 

7.35

%

 

7.62

%

 

7.73

%

 

7.87

%

Preferred share dividends

 

 

1.69

%

 

1.08

%

 

0.56

%

 

0.62

%

 

0.93

%

Net investment income available to common shareholders

 

 

5.61

%

 

6.27

%

 

7.06

%

 

7.11

%

 

6.94

%

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

195,439

 

$

194,038

 

$

188,476

 

$

183,648

 

$

173,885

 

Portfolio turnover

 

 

27

%

 

24

%

 

13

%

 

14

%

 

57

%

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

 

$

199,717

 

$

193,457

 

$

191,274

 

$

184,874

 

$

181,200

 

Preferred shares value outstanding, end of year (000)

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

Asset coverage per preferred share, end of year

 

$

70,502

 

$

69,073

 

$

68,575

 

$

67,115

 

$

66,279

 


 

 


1

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

2

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

 

 

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

See Notes to Financial Statements.

64



 

NOTES TO FINANCIAL STATEMENTS


Note 1. Organization & Accounting Policies

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

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

          On September 29, 2006, BlackRock, Inc., the parent of BlackRock Advisors, LLC (formerly BlackRock Advisors, Inc.), and Merrill Lynch & Co., Inc. (“Merrill Lynch”) combined Merrill Lynch’s investment management business, Merrill Lynch Investment Managers (“MLIM”), with BlackRock, Inc. to create a new independent company. Merrill Lynch has a 49.8% economic interest and a 45% voting interest in the combined company and The PNC Financial Services Group, Inc. (“PNC”), has approximately a 34% economic and voting interest. The new company operates under the BlackRock name and is governed by a board of directors with a majority of independent members.

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

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

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

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

          In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”) which 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. Management is currently evaluating the implications of FAS 157. At this time, its impact on the Trusts’ financial statements has not been determined.

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

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

65


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

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

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

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

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

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

          On July 13, 2006, the Financial Accounting Standards Board (“FASB”) released FASB Interpretation No. 48 (“FIN 48”) “Accounting for Uncertainty in Income Taxes”. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006. At this time, management is evaluating the implications of FIN 48 and its impact on the financial statements has not yet been determined.

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

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

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

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

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

Note 2. Tender Option Bonds Residuals

          Long-Term Municipal invests in highly leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOB’s”). A third party sponsor forms a special purpose entity, into which municipal securities from Long-Term Municipal are transferred. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates, which are issued to Long-Term Municipal. The transfer of the municipal securities to a TOB does not qualify for sale treatment under Statement of Financial Accounting standards No. 140 “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of

66


Liabilities”, therefore the municipal securities deposited into a TOB are presented in Long-Term Municipal’s portfolio of investments and the proceeds from the transaction are reported as a secured borrowing of Long-Term Municipal. Interest income from the underlying security is recorded by the Long-Term Municipal on an accrual basis. Interest expense incurred on the secured borrowing and other expenses relating remarketing, administration and trustee services to a TOB are reported as expenses of Long-Term Municipal. The proceeds received from the transaction are used by Long-Term Municipal to purchase additional municipal bonds or other investments permitted by Long-Term Municipal’s investment policies. At October 31, 2006, the aggregate value of the underlying municipal securities transferred to TOB’s and the secured borrowings amounted to $180,638,890 and $179,487,019, respectively

          Financial transactions executed through TOB’s 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 TOB Residuals likely will adversely affect the Trust’s income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect the Trust’s net asset value per share. Long-Term Municipal invests in highly leveraged TOB Residuals and consequently may lose money in excess of the amount of its investment. Long-Term Municipal invests in residual certificates for the purpose of using economic leverage as a more flexible alternative to the issuance of preferred shares.

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

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

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

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

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

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

          Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support, and compliance services to each Trust. For the period ended October 31, 2006, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statements of Operations:

 

 

 

 

 

 

 

 

 

 

Trust

 

Amount

 

Trust

 

Amount

 


 


 


 


 

Investment Quality Municipal

 

$

16,608

 

Florida Income

 

$

6,413

 

Municipal Income

 

 

35,040

 

New Jersey Investment Quality

 

 

978

 

Long-Term Municipal

 

 

5,055

 

New Jersey Income

 

 

7,015

 

California Investment Quality

 

 

967

 

New York Investment Quality

 

 

1,325

 

California Income

 

 

13,819

 

New York Income

 

 

11,987

 

Florida Investment Quality

 

 

1,153

 

 

 

 

 

 

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

67


          During the period ended October 31, 2006, Merrill Lynch & Co., Inc., through its affiliated broker dealer, Merrill Lynch, Pierce, Fenner & Smith, Incorporated, earned commissions on transactions of securities as follows:

 

 

 

 

 

Trust

 

Amount

 


 


 

Investment Quality Municipal

 

$

5,489

 

Municipal Income

 

 

20,927

 

California Investment Quality

 

 

4

 

California Income

 

 

7,835

 

Florida Investment Quality

 

 

6

 

Florida Income

 

 

2,917

 

New Jersey Investment Quality

 

 

8

 

New Jersey Income

 

 

3,565

 

New York Investment Quality

 

 

6

 

New York Income

 

 

5,054

 

Note 4. Portfolio Securities

          Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the period ended October 31, 2006, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 

Trust

 

Purchases

 

Sales

 


 


 


 


 


 


 

Investment Quality Municipal

 

$

321,341,898

 

$

347,172,008

 

Florida Income

 

$

31,432,362

 

$

32,857,076

 

Municipal Income

 

 

769,892,333

 

 

784,151,106

 

New Jersey Investment Quality

 

 

5,220,858

 

 

4,461,766

 

Long-Term Municipal

 

 

432,072,945

 

 

68,275,472

 

New Jersey Income

 

 

3,530,625

 

 

3,205,818

 

California Investment Quality

 

 

9,257,239

 

 

9,307,459

 

New York Investment Quality

 

 

6,805,537

 

 

7,281,268

 

California Income

 

 

61,087,050

 

 

66,612,978

 

New York Income

 

 

81,069,755

 

 

79,096,580

 

Florida Investment Quality

 

 

12,983,370

 

 

10,144,558

 

 

 

 

 

 

 

 

 

There were no purchases or sales of U.S. government securities for the year ended October 31, 2006.

68


Details of open forward starting swap agreements at October 31, 2006 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Notional
Amount (000)

 

Fixed
Rate(a)

 

Counter
Party

 

Floating Rate

 

Effective
Date

 

Termination
Date

 

Unrealized
(Depreciation)

 


 


 


 


 


 


 


 


 

Investment

 

$

8,500,000

 

4.141

%

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/27/06

 

12/14/26

 

$

(276,781

)

Quality

 

 

6,300,000

 

4.258

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(272,952

)

Municipal

 

 

8,500,000

 

4.263

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/14/06

 

12/27/31

 

 

(385,132

)

 

 

 

7,250,000

 

4.266

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

11/03/06

 

04/03/26

 

 

(364,741

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,299,606

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Municipal

 

$

32,100,000

 

4.141

%

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/27/06

 

12/14/26

 

$

(1,045,256

)

Income

 

 

24,000,000

 

4.258

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(1,039,817

)

 

 

 

32,000,000

 

4.263

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/14/06

 

12/27/31

 

 

(1,449,907

)

 

 

 

28,000,000

 

4.266

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

11/03/06

 

04/03/26

 

 

(1,408,655

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(4,943,635

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

California

 

$

12,000,000

 

4.141

%

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/27/06

 

12/14/26

 

$

(390,750

)

Income

 

 

9,000,000

 

4.258

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(389,931

)

 

 

 

12,000,000

 

4.263

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/14/06

 

12/27/31

 

 

(543,715

)

 

 

 

10,500,000

 

4.266

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

11/03/06

 

04/03/26

 

 

(528,246

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,852,642

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Florida

 

$

4,500,000

 

4.141

%

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/27/06

 

12/14/26

 

$

(146,531

)

Income

 

 

3,300,000

 

4.258

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(142,975

)

 

 

 

4,500,000

 

4.263

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/14/06

 

12/27/31

 

 

(203,893

)

 

 

 

4,000,000

 

4.266

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

11/03/06

 

04/03/26

 

 

(201,237

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(694,636

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New Jersey

 

$

5,500,000

 

4.141

%

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/27/06

 

12/14/26

 

$

(179,094

)

Income

 

 

4,100,000

 

4.258

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(177,635

)

 

 

 

5,500,000

 

4.263

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/14/06

 

12/27/31

 

 

(249,203

)

 

 

 

4,750,000

 

4.266

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

11/03/06

 

04/03/26

 

 

(238,968

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(844,900

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New York

 

$

7,800,000

 

4.141

%

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/27/06

 

12/14/26

 

$

(253,988

)

Income

 

 

5,800,000

 

4.258

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(251,289

)

 

 

 

7,750,000

 

4.263

 

 

CitiBank

 

1-week BMA Municipal Swap Index

 

12/14/06

 

12/27/31

 

 

(351,149

)

 

 

 

6,750,000

 

4.266

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

11/03/06

 

04/03/26

 

 

(339,586

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,196,012

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 


 

 


(a)

Trust will pay fixed interest rate and receive floating interest rate beginning on the effective date.

BMA - Bond Market Association.

69


Note 5. Income Tax Information

          The tax character of distributions paid during the years ended October 31, 2006 and 2005 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2006

 

 

 


 

Distributions Paid From:

 

Tax-exempt Income

 

Ordinary Income

 

Long-term
Capital Gains

 

Total Distributions

 


 


 


 


 


 

Investment Quality Municipal

 

 

$

22,393,077

 

 

 

$

 

 

 

$

 

 

 

$

22,393,077

 

 

Municipal Income

 

 

 

55,312,288

 

 

 

 

75,431

 

 

 

 

 

 

 

 

55,387,719

 

 

Long-Term Municipal

 

 

 

6,393,277

 

 

 

 

 

 

 

 

 

 

 

 

6,393,277

 

 

California Investment Quality

 

 

 

1,069,125

 

 

 

 

 

 

 

 

 

 

 

 

1,069,125

 

 

California Income

 

 

 

17,652,513

 

 

 

 

 

 

 

 

 

 

 

 

17,652,513

 

 

Florida Investment Quality

 

 

 

1,193,991

 

 

 

 

2,626

 

 

 

 

339,437

 

 

 

 

1,536,054

 

 

Florida Income

 

 

 

7,830,368

 

 

 

 

 

 

 

 

 

 

 

 

7,830,368

 

 

New Jersey Investment Quality

 

 

 

1,051,755

 

 

 

 

 

 

 

 

152,406

 

 

 

 

1,204,161

 

 

New Jersey Income

 

 

 

9,057,294

 

 

 

 

 

 

 

 

 

 

 

 

9,057,294

 

 

New York Investment Quality

 

 

 

1,423,375

 

 

 

 

 

 

 

 

129,549

 

 

 

 

1,552,924

 

 

New York Income

 

 

 

14,642,419

 

 

 

 

 

 

 

 

 

 

 

 

14,642,419

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2005

 

 

 


 

Distributions Paid From:

 

Tax-exempt Income

 

Ordinary Income

 

Long-term
Capital Gains

 

Total Distributions

 


 


 


 


 


 

Investment Quality Municipal

 

 

$

19,171,844

 

 

 

$

 

 

 

$

 

 

 

$

19,171,844

 

 

Municipal Income

 

 

 

50,626,000

 

 

 

 

 

 

 

 

 

 

 

 

50,626,000

 

 

California Investment Quality

 

 

 

981,792

 

 

 

 

 

 

 

 

 

 

 

 

981,792

 

 

California Income

 

 

 

16,041,371

 

 

 

 

 

 

 

 

 

 

 

 

16,041,371

 

 

Florida Investment Quality

 

 

 

1,131,803

 

 

 

 

 

 

 

 

138,032

 

 

 

 

1,269,835

 

 

Florida Income

 

 

 

7,162,799

 

 

 

 

 

 

 

 

 

 

 

 

7,162,799

 

 

New Jersey Investment Quality

 

 

 

972,856

 

 

 

 

 

 

 

 

 

 

 

 

972,856

 

 

New Jersey Income

 

 

 

8,139,994

 

 

 

 

 

 

 

 

 

 

 

 

8,139,994

 

 

New York Investment Quality

 

 

 

1,329,762

 

 

 

 

 

 

 

 

 

 

 

 

1,329,762

 

 

New York Income

 

 

 

13,412,688

 

 

 

 

 

 

 

 

 

 

 

 

13,412,688

 

 

          As of October 31, 2006, the components of distributable earnings on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Undistributed
Tax-exempt
Income

 

Undistributed
Long-term
Gains

 

Unrealized
Net Appreciation

 

 

 


 


 


 


 

 

 

Investment Quality Municipal

 

 

$

9,145,098

 

 

 

$

 

 

 

$

24,863,040

 

 

 

 

 

 

 

Municipal Income

 

 

 

17,043,833

 

 

 

 

 

 

 

 

68,059,686

 

 

 

 

 

 

 

Long-Term Municipal

 

 

 

688,481

 

 

 

 

 

 

 

 

8,990,005

 

 

 

 

 

 

 

California Investment Quality

 

 

 

88,969

 

 

 

 

68,629

 

 

 

 

1,130,132

 

 

 

 

 

 

 

California Income

 

 

 

6,096,873

 

 

 

 

 

 

 

 

24,011,530

 

 

 

 

 

 

 

Florida Investment Quality

 

 

 

126,911

 

 

 

 

96,447

 

 

 

 

902,104

 

 

 

 

 

 

 

Florida Income

 

 

 

2,730,119

 

 

 

 

 

 

 

 

8,528,809

 

 

 

 

 

 

 

New Jersey Investment Quality

 

 

 

413,526

 

 

 

 

55,732

 

 

 

 

1,037,506

 

 

 

 

 

 

 

New Jersey Income

 

 

 

3,239,297

 

 

 

 

 

 

 

 

13,274,334

 

 

 

 

 

 

 

New York Investment Quality

 

 

 

464,889

 

 

 

 

26,367

 

 

 

 

1,780,286

 

 

 

 

 

 

 

New York Income

 

 

 

5,201,509

 

 

 

 

 

 

 

 

16,048,174

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires

 


 


 


 


 


 


 

Investment Quality Municipal

 

$

159,146

 

 

2012

 

California Income

 

$

389,453

 

 

2010

 

 

 

 

904,137

 

 

2014

 

 

 

 

 

124,338

 

 

2011

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,063,283

 

 

 

 

 

 

 

 

4,943,577

 

 

2012

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Income

 

$

11,431,206

 

 

2011

 

 

 

 

 

1,350,312

 

 

2014

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

15,767,388

 

 

2012

 

 

 

 

$

6,807,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

4,991,782

 

 

2014

 

Florida Income

 

$

796,318

 

 

2012

 

 

 



 

 

 

 

 

 

 



 

 

 

 

 

 

$

32,190,376

 

 

 

 

New Jersey Income

 

$

610,058

 

 

2012

 

 

 



 

 

 

 

 

 

 



 

 

 

 

Long-Term Municipal

 

$

1,005,040

 

 

2014

 

New York Income

 

$

276,399

 

 

2012

 

 

 



 

 

 

 

 

 

 



 

 

 

 

70


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

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

UNII

 

Accumulated
Gain

 

PIC

 

Trust

 

UNII

 

Accumulated
Gain

 


 


 


 


 


 


 


 

Investment Quality Municipal

 

$

(115,255

)

$

115,255

 

$

 

New Jersey Investment Quality

 

$

(7,710

)

$

7,710

 

Municipal Income

 

 

9,324

 

 

602

 

 

(9,926

)

New York Investment Quality

 

 

(4

)

 

4

 

Long-Term Municipal

 

 

39,000

 

 

 

 

(39,000

)

New York Income

 

 

(1,828

)

 

1,828

 

California Investment Quality

 

 

(89

)

 

89

 

 

 

 

 

 

 

 

 

 

 

 

Florida Investment Quality

 

 

(42

)

 

42

 

 

 

 

 

 

 

 

 

 

 

 

Florida Income

 

 

(247

)

 

247

 

 

 

 

 

 

 

 

 

 

 

 

Note 6. Capital

          There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and Long-Term Municipal. Each Trust may classify or reclassify any unissued common shares into one or more series of Auction Market Preferred Shares (“preferred shares”). At October 31, 2006, the shares owned by an affiliate of the Advisor of Long-Term Municipal were 9,704.

          During the years ended October 31, 2006 and 2005, the following Trusts issued additional shares under their respective dividend reinvestment plans:

 

 

 

 

 

 

 

 

Trust

 

October 31, 2006

 

October 31, 2005

 


 


 


 

Municipal Income

 

183,235

 

 

72,096

 

 

Long-Term Municipal

 

34,238

 

 

 

 

California Income

 

45,581

 

 

 

 

Florida Income

 

14,192

 

 

2,650

 

 

New Jersey Income

 

42,417

 

 

3,854

 

 

New York Income

 

52,616

 

 

4,806

 

 

          Long-Term Municipal, which commenced investment operations on February 28, 2006, issued 13,049,704 common shares under the initial public offering. An additional 225,000 shares were issued by the underwriters’ exercising their over-allotment option. Offering costs incurred in connection with the offering of common shares have been charged against the proceeds from the initial common share offering in the amount of $381,825.

          As of October 31, 2006, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Shares

 

 

Trust

 

Series

 

Shares

 


 


 


 

 


 


 


 

Investment Quality Municipal

 

T7

 

 

3,262

 

 

 

California Income

 

T7

 

 

2,639

 

 

 

 

T28

 

 

2,600

 

 

 

 

 

R7

 

 

2,639

 

 

Municipal Income

 

M7

 

 

3,001

 

 

 

Florida Investment Quality

 

R7

 

 

340

 

 

 

 

T7

 

 

3,001

 

 

 

Florida Income

 

T7

 

 

2,302

 

 

 

 

W7

 

 

3,001

 

 

 

New Jersey Investment Quality

 

T7

 

 

300

 

 

 

 

R7

 

 

3,001

 

 

 

New Jersey Income

 

R7

 

 

2,552

 

 

 

 

F7

 

 

3,001

 

 

 

New York Investment Quality

 

F7

 

 

392

 

 

California Investment Quality

 

W7

 

 

300

 

 

 

New York Income

 

W7

 

 

2,195

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

2,195

 

 

          Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges and average on the preferred shares for each of the Trusts for the year ended October 31, 2006 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Low

 

High

 

Average

 

Trust

 

Series

 

Low

 

High

 

Average

 


 


 


 


 


 


 


 


 


 


 

Investment Quality Municipal

 

T7

 

 

2.12

%

 

3.85

%

 

3.15

%

 

California Income

 

T7

 

 

2.12

%

 

3.98

%

 

3.05

%

 

 

 

T28

 

 

2.78

 

 

3.65

 

 

3.31

 

 

 

 

R7

 

 

2.00

 

 

3.50

 

 

2.97

 

 

Municipal Income

 

M7

 

 

2.70

 

 

3.82

 

 

3.27

 

 

Florida Investment Quality

 

R7

 

 

2.65

 

 

3.55

 

 

3.43

 

 

 

 

T7

 

 

2.50

 

 

3.93

 

 

3.22

 

 

Florida Income

 

T7

 

 

2.20

 

 

3.75

 

 

3.15

 

 

 

 

W7

 

 

2.30

 

 

3.99

 

 

3.18

 

 

New Jersey Investment Quality

 

T7

 

 

2.20

 

 

5.00

 

 

3.08

 

 

 

 

R7

 

 

2.45

 

 

3.80

 

 

3.20

 

 

New Jersey Income

 

R7

 

 

2.00

 

 

3.98

 

 

3.07

 

 

 

 

F7

 

 

2.40

 

 

3.70

 

 

3.18

 

 

New York Investment Quality

 

F7

 

 

2.25

 

 

5.00

 

 

3.04

 

 

California Investment Quality

 

W7

 

 

2.00

 

 

3.70

 

 

2.89

 

 

New York Income

 

W7

 

 

2.40

 

 

3.97

 

 

3.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

2.00

 

 

3.55

 

 

3.00

 

 

71


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

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

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

Note 7. Dividends

          Subsequent to October 31, 2006, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2006, to shareholders of record on November 15, 2006. The per share common dividends declared were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Common Dividend
Per Share

 

 

Trust

 

Common Dividend
Per Share

 


 


 

 


 


 

Investment Quality Municipal

 

 

$

0.088250

 

 

 

Florida Income

 

 

$

0.075375

 

 

Municipal Income II

 

 

 

0.082625

 

 

 

New Jersey Investment Quality

 

 

 

0.070125

 

 

Long-Term Municipal

 

 

 

0.068750

 

 

 

New Jersey Income

 

 

 

0.079625

 

 

California Investment Quality

 

 

 

0.070600

 

 

 

New York Investment Quality

 

 

 

0.073125

 

 

California Income

 

 

 

0.076074

 

 

 

New York Income

 

 

 

0.075339

 

 

Florida Investment Quality

 

 

 

0.070781

 

 

 

 

 

 

 

 

 

 

          The dividends declared on preferred shares for the period November 1, 2006 to November 30, 2006 for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Dividends
Declared

 

 

Trust

 

Series

 

Dividends
Declared

 


 


 


 

 


 


 


 

Investment Quality Municipal

 

T7

 

 

 

$

259,590

 

 

 

California Income

 

T7

 

 

 

$

209,774

 

 

 

 

T28

 

 

 

 

176,514

 

 

 

 

 

R7

 

 

 

 

158,129

 

 

Municipal Income

 

M7

 

 

 

 

194,075

 

 

 

Florida Investment Quality

 

R7

 

 

 

 

23,392

 

 

 

 

T7

 

 

 

 

237,949

 

 

 

Florida Income

 

T7

 

 

 

 

187,728

 

 

 

 

W7

 

 

 

 

236,929

 

 

 

New Jersey Investment Quality

 

T7

 

 

 

 

23,730

 

 

 

 

R7

 

 

 

 

194,525

 

 

 

New Jersey Income

 

R7

 

 

 

 

161,363

 

 

 

 

F7

 

 

 

 

197,676

 

 

 

New York Investment Quality

 

F7

 

 

 

 

24,880

 

 

California Investment Quality

 

W7

 

 

 

 

23,997

 

 

 

New York Income

 

W7

 

 

 

 

163,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F7

 

 

 

 

128,364

 

 

Note 8. Concentration Risk

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

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

72



 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



 

 

To the Trustees and Shareholders of:

 

BlackRock Investment Quality Municipal Trust, Inc.

 

BlackRock Municipal Income Trust

 

BlackRock Long-Term Advantage Trust

 

BlackRock California Investment Quality Municipal Trust, Inc.

 

BlackRock California Municipal Income Trust

 

BlackRock Florida Investment Quality Municipal Trust, Inc.

 

BlackRock Florida Municipal Income Trust

 

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

 

BlackRock New Jersey Municipal Income Trust

 

BlackRock New York Investment Quality Municipal Trust, Inc.

 

BlackRock New York Municipal Income Trust

 

(Collectively the “Trusts”)

          We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2006, and the related statements of operations for the period then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

          We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2006, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

          In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2006, the results of its operations for the period then ended, and the changes in its net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

-s- Deloitte & Touche LLP

January 2, 2007

73



 

DIVIDEND REINVESTMENT PLANS


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

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

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

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

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

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

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

74



 

INVESTMENT MANAGEMENT AGREEMENTS


          Under the 1940 Act, the continuation of each Trust’s investment management agreement generally is required to be approved annually by the Boards, including the Independent Trustees. At a meeting held on May 23, 2006, the Board of each Trust other than BTA, including the Independent Trustees, met to consider the annual continuation of each management agreement in effect prior to such date (the “Old Management Agreement”). The Old Management Agreement for BTA was not considered by the Trustees for annual continuation because it commenced operations in February of 2006, so such consideration was not required, and references to “each Trust” in the disclosure below relating the annual continuation of the Old Management Agreements should be read to mean each Trust other than BTA. The Trustees did, however, consider the New Management Agreement (defined below) for BTA for use following completion of the Transaction (defined Below). The Boards first considered the annual continuation of each Old Management Agreement without considering the impending acquisition by BlackRock, Inc. of the management business of Merrill Lynch & Co., Inc. (the “Transaction”). Because the Old Management Agreements needed to be reapproved whether or not the Transaction closes. Accordingly, it was appropriate to review each Old Management Agreement without considering the impending Transaction, and then to separately consider the impact of the Transaction on the Old Management Agreements.

          At the meeting on May 23, 2006, the Board of each Trust, including those trustees’/directors of each Trust who are not interested persons of the Trusts for purposes of the Investment Company Act of 1940, as amended, (the “Independent Trustees”), unanimously approved the continuance of each Old Management Agreement for each Trust with a contract considered for renewal and then approved a New Management Agreement for each Trust to take effect following the completion the Transaction (the “New Management Agreements”).

Information Received by the Boards

          To assist each Board in its evaluation of the Old Management Agreements, the Independent Trustees received information from BlackRock on or about April 22, 2006, which detailed, among other things: the organization, business lines and capabilities of BlackRock Advisors, LLC (formerly BlackRock Advisors, Inc., “BlackRock”) the sub-advisors, if any, for each Trust collectively the “Advisor,” including the responsibilities of various departments and key personnel and biographical information relating to key personnel; financial statements for BlackRock, PNC and each Trust; the advisory and/or administrative fees paid by each Trust to the Advisors, including comparisons, compiled by an independent third party, with the management fees of funds with similar investment objectives (“Peers”); the profitability of BlackRock and certain industry profitability analyses for advisors to registered investment companies; the expenses of BlackRock in providing the various services; non-investment advisory reimbursements and “fallout” benefits to BlackRock; the expenses of each Trust, including comparisons of the respective Trust’s expense ratios (both before and after any fee waivers) with the expense ratios of its Peers; and each Trust’s performance for the past one-, three-, five- and ten-year periods, when applicable, and each Trust’s performance compared to its Peers. This information supplemented the information received by each Board throughout the year regarding each Trust’s performance, expense ratios, portfolio composition, trade execution and compliance.

          In addition to the foregoing materials, independent legal counsel to the Independent Trustees provided a legal memorandum outlining, among other things, the duties of each Board under the 1940 Act, as well as the general principles of relevant law in reviewing and approving advisory contracts, the requirements of the 1940 Act in such matters, an advisor’s fiduciary duty with respect to advisory agreements and compensation, and the standards used by courts in determining whether investment company boards of trustees have fulfilled their duties as well as factors to be considered by the boards in voting on advisory agreements.

          The Independent Trustees reviewed this information and discussed it with independent counsel in executive session prior to the Board meeting. At the Board meeting on May 23, 2006, BlackRock made a presentation to and responded to additional questions from the Boards. After the presentations and after additional discussion, each Board considered each Old Management Agreement and, in consultation with independent counsel, reviewed the factors set out in judicial decisions and SEC statements relating to the renewal of the Old Management Agreements.

Matters Considered by the Boards

The Old Management Agreements

          In connection with their deliberations with respect to the Old Management Agreements, the Boards considered all factors they believed relevant with respect to each Trust, including the following: the nature, extent and quality of the services to be provided by the Advisors; the investment performance of each Trust; the costs of the services to be provided and profits to be realized by the Advisors and their affiliates from their relationship with the Trusts; the extent to which economies of scale would be realized as the BlackRock closed-end fund complex grows; and whether BlackRock realizes other benefits from its relationship with the Trusts.

          Nature and Quality of Investment Advisory and Sub-Advisory Services. In evaluating the nature, extent and quality of the Advisors’ services, each Board reviewed information concerning the types of services that the Advisors provide and are expected to provide to each Trust, including narrative and statistical information concerning each Trust’s performance record and how such performance compares to each Trust’s Peers, information describing BlackRock’s organization and its various departments, the experience and responsibilities of key personnel and available resources. The Boards noted the willingness of the personnel of BlackRock to engage in open, candid discussions with the Boards. Each Board further considered the quality of the Advisors’ investment process in making portfolio management decisions. Given the Boards’ experience with BlackRock, the Boards noted that they were familiar with and continue to have a good understanding of the organization, operations and personnel of BlackRock. The Boards also noted that the formation of Portfolio Review Committees and a Compliance Committee had helped each Board to continue to improve their understanding of BlackRock’s organization, operations and personnel.

          In addition to advisory services, the Independent Trustees considered the quality of the administrative or non-investment advisory services provided to the Trusts. In this regard, the Advisors provide each Trust with such administrative and other services (exclusive of, and in addition to, any such services provided by others for the Trusts) and officers and other personnel as are necessary for the operation of the respective Trust. In addition to investment management services, the Advisors and their affiliates provide each Trust with services such as:

75


preparing shareholder reports and communications, including annual and semi-annual financial statements and Trust websites; communications with analysts to support secondary market trading; assisting with daily accounting and pricing; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; providing legal and compliance support (such as helping to prepare proxy statements and responding to regulatory inquiries); and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). The Boards considered the Advisors’ policies and procedures for assuring compliance with applicable laws and regulations.

          Investment Performance of the Trusts. As previously noted, the Boards received performance information regarding each Trust and its Peers. Among other things, the Boards received materials reflecting each Trust’s historic performance and each Trust’s performance compared to its Peers. More specifically, each Trust’s one-, three-, five- and ten-year total returns (when applicable) were evaluated relative to its respective Peers (including the performance of individual Peers as well as the Peers’ median performance).

          The Boards reviewed a narrative analysis of the third-party Peer rankings, prepared by BlackRock at the Boards’ request. The summary placed the Peer rankings into context by analyzing various factors that affect these comparisons. In evaluating the performance information, in certain limited instances, the Boards noted that the Peers most similar to a given Trust still would not adequately reflect such Trust’s investment objectives and strategies, thereby limiting the usefulness of the comparisons of such Trust’s performance with that of its Peers. The Boards noted that each Trust other than RAA, RFA, RNJ and RNY had performed better than or equal to the median of their Peers and benchmarks in each of the past one-, three- and five-year periods (if applicable).

          With respect to BKN, RAA, RNJ and RNY, the Boards noted that each of these Trusts had out-performed its benchmark for at least two of the one- , three- and five-year periods, and that RFA had out-performed its benchmark for only the one-year period. The Boards further noted each of these Trusts had under performed its peers for at least one of the one-three-and five year periods and that the Advisors generally limited lengthening the duration of these Trusts in response to changes in interest rates because the shorter duration bonds held by these Trusts generally had yields higher than the coupons on longer duration bonds, the Advisors believed these Trusts were better able to maintain their dividend levels, albeit at the expense of a lower total return than the Trusts may have been able to achieve with a longer duration portfolio. In addition, RAA, RFA, RNJ and RNY are the smallest funds among each of their respective Peers and their small size negatively affects their performance relative to their Peers.

          After considering this information, the Boards concluded that the performance of each Trust, in light of and after considering the other facts and circumstances applicable to each Trust, supports a conclusion that each Trust’s Old Management Agreement should be renewed.

          Fees and Expenses. In evaluating the management fees and expenses that a Trust is expected to bear, the Boards considered each Trust’s management fee structure and the Trust’s expected expense ratios in absolute terms as well as relative to the fees and expense ratios of applicable Peers. In reviewing fees, each Board, among other things, reviewed comparisons of each Trust’s gross management fees before and after any applicable reimbursements and fee waivers and total expense ratios before and after any applicable waivers with those of the applicable Peers. The Boards also reviewed a narrative analysis of the Peer rankings that was prepared by an independent third party and summarized by BlackRock at the request of the Boards. This summary placed the rankings into context by analyzing various factors that affect these comparisons.

          The Boards, noted that, of the ten Trusts with Old Management Agreements subject to annual continuation, BKN, BFK, BFZ, BNJ and BNY pay fees lower than or equal to the median fees paid by their Peers in each of (i) contractual management fees payable by a Trust prior to any expense reimbursements or fee waivers (“contractual management fees”), (ii) actual management fees paid by a Trust after taking into consideration expense reimbursements and fee waivers (“actual management fees”) and (iii) total expenses. The remaining five Trusts are worse than the median of their Peers in at least one of (a) contractual management fees, (b) actual management fees or (c) total expenses. The Board noted the following reasons why these five Trusts have contractual or actual management fees or total expenses higher than the median of their Peers:

 

 

 

 

Small Trusts. The Boards of RAA, RFA and RNJ noted that each of these Trusts incurs total expenses that are worse than the median of their Peers (and that RFA also pays actual management fees that are worse than the median of its Peers by a de minimis amount). The Boards noted that because each of these Trusts are small relative to their Peers, the fixed costs associated with operating these Trusts adversely affect their expense ratios. Each of these Trusts pays contractual management fees that are better than or equal to the median of their respective Peers.

 

 

 

 

De minimis. The Boards of RNY noted that this Trust pays actual management fees no more than four basis points worse than the median of its Peers and has contractual management fees and incurs total expenses that are better than the median of its Peers. The Board of BBF noted that BBF pays actual management fees and incurs total expenses that are better than the median of it peers, but that it has contractual management fees less than three basis points worse than the median of its Peers.

          The Boards also compared the management fees charged to the Trusts by the Advisors to the management fees the Advisors charge other types of clients (such as open-end investment companies and separately managed institutional accounts). With respect to open-end investment companies, the management fees charged to the Trusts generally were higher than those charged to the open-end investment companies. The Boards also noted that the Advisors provide the Trusts with certain services not provided to open-end funds, such as leverage management in connection with the issuance of preferred shares, stock exchange listing compliance requirements, rating agency compliance with respect to the leverage employed by the Trusts and secondary market support and other services not provided to the Trusts, such as monitoring of subscriptions and redemptions. With respect to separately managed institutional accounts, the management fees for such accounts were generally lower than those charged to the comparable Trusts. The Boards noted, however, the various services that are provided and the costs incurred by the Advisors in managing and operating the Trusts. For instance, the Advisors and their affiliates provide numerous services to the Trusts that are not provided to institutional accounts including, but not limited to: preparing shareholder reports and

76


communications, including annual and semi-annual financial statements; preparing periodic filings with regulators and stock exchanges; overseeing and coordinating the activities of other service providers; administering and organizing Board meetings and preparing the Board materials for such meetings; income monitoring; expense budgeting; preparing proxy statements; and performing other Trust administrative tasks necessary for the operation of the respective Trust (such as tax reporting and fulfilling regulatory filing requirements). Further, the Boards noted the increased compliance requirements for the Trusts in light of new SEC regulations and other legislation. These services are generally not required to the same extent, if at all, for separate accounts.

          In connection with the Boards’ consideration of this information, the Boards reviewed the considerable investment management experience of the Advisors and considered the high level of investment management, administrative and other services provided by the Advisors. In light of these factors and the other facts and circumstances applicable to each Trust, the Boards concluded that the fees paid and expenses incurred by each Trust under its Old Management Agreements supports a conclusion that each Trust’s Old Management Agreements should be renewed.

          Profitability. The Trustees also considered BlackRock’s profitability in conjunction with their review of fees. The Trustees reviewed BlackRock’s revenues, expenses and profitability margins on an after-tax basis. In reviewing profitability, the Trustees recognized that one of the most difficult issues in determining profitability is establishing a method of allocating expenses. The Trustees also reviewed BlackRock’s assumptions and methodology of allocating expenses, noting the inherent limitations in allocating costs among various advisory products. The Boards also recognized that individual fund or product line profitability of other advisors is generally not publicly available.

          The Boards recognized that profitability may be affected by numerous factors including, among other things, the types of funds managed, expense allocations and business mix, and therefore comparability of profitability is somewhat limited. Nevertheless, to the extent available, the Boards considered BlackRock’s pre-tax profit margin compared to the pre-tax profitability of various publicly traded investment management companies and/or investment management companies that publicly disclose some or all of their financial results. The comparison indicated that BlackRock’s pre-tax profitability was in the second quartile of the fifteen companies compared (including BlackRock), with the most profitable quartile being ranked first and the least profitable quartile being ranked fourth.

          In evaluating the reasonableness of the Advisor” compensation, the Boards also considered any other revenues paid to the Advisors, including partial reimbursements paid to the Advisors for certain non-investment advisory services. The Boards noted that these payments were less than the Advisors’ costs for providing these services. The Boards also considered indirect benefits (such as soft dollar arrangements) that the Advisors and their affiliates are expected to receive that are attributable to their management of the Trusts.

          In reviewing each Trust’s fees and expenses, the Boards examined the potential benefits of economies of scale, and whether any economies of scale should be reflected in the Trusts’ fee structures, for example through the use of breakpoints. In this connection, the Boards reviewed information provided by BlackRock, noting that most closed-end fund complexes do not have fund-level breakpoints, as closed-end funds generally do not experience substantial growth after their initial public offering and each fund is managed independently, consistent with its own investment objectives. The Boards also noted that the one registered closed-end investment company managed by BlackRock has a breakpoint in its fee structure, but that fund that was inherited by BlackRock when it took over managing the fund from another manager and that BlackRock simply retained the structure it inherited. The information also revealed that only one closed-end fund complex used a complex-level breakpoint structure, and that this complex generally is homogeneous with regard to the types of funds managed and is about four times as large as the Trusts’ complex.

          The Boards concluded that BlackRock’s profitability, in light of all the other facts and circumstances applicable to each Trust, supports a conclusion that each Trust’s Old Management Agreements should be renewed.

          Other Benefits. In evaluating fees, the Boards also considered indirect benefits or profits the Advisors or their affiliates may receive as a result of their relationships with the Trusts. The Trustees, including the Independent Trustees, considered the intangible benefits that accrue to the Advisors and their affiliates by virtue of their relationships with the Trusts, including potential benefits accruing to the Advisors and their affiliates as a result of participating in offerings of the Trusts’ shares, potentially stronger relationships with members of the broker-dealer community, increased name recognition of the Advisors and their affiliates, enhanced sales of other investment funds and products sponsored by the Advisors and their affiliates and increased assets under management which may increase the benefits realized by the Advisors from soft dollar arrangements with broker-dealers. The Boards also considered the unquantifiable nature of these potential benefits.

          Miscellaneous. During the Boards’ deliberations in connection with the Old Management Agreements, the Boards were aware that the Advisor pays compensation, out of its own assets, to the lead underwriter and to certain qualifying underwriters of many of its closed-end funds, and to employees of the Advisors’ affiliates that participated in the offering of such funds. The Boards considered whether the management fee met applicable standards in light of the services provided by the Advisors, without regard to whether the Advisors ultimately pay any portion of the anticipated compensation to the underwriters.

          Conclusion with respect to the Old Management Agreements. In reviewing the Old Management Agreements without considering the impending Transaction, the Trustees did not identify any single factor discussed above as all-important or controlling. The Trustees, including the Independent Trustees, unanimously determined that each of the factors described above, in light of all the other factors and all of the facts and circumstances applicable to each respective Trust, was acceptable for each Trust and supported the Trustees’ conclusion that the terms of each Old Management Agreement were fair and reasonable, that the respective Trust’s fees are reasonable in light of the services provided to the respective Trust, and that each Old Management Agreement should be approved.

          The Transaction

          On September 29, 2006, Merrill Lynch contributed its investment management business, MLIM, to BlackRock, one of the largest publicly traded investment management firms in the United States and the parent company of the Advisor, to form a new asset management company that is one of the world’s preeminent, diversified global money management organizations with approximately $1 trillion in assets under

77


management. Based in New York, BlackRock manages assets for institutional and individual investors worldwide through a variety of equity, fixed income, cash management and alternative investment products. The new company operates under the BlackRock name and is governed by a board of directors with a majority of independent members. The new company offers a full range of equity, fixed income, cash management and alternative investment products with strong representation in both retail and institutional channels, in the United States and in non-U.S. markets. It has over 4,500 employees in 18 countries and a major presence in most key markets, including the United States, the United Kingdom, Asia, Australia, the Middle East and Europe. Merrill Lynch owns no more than 49.8% of the total capital stock of the new company on a fully diluted basis and it owns no more than 45% of the new company’s voting power, and The PNC Financial Services Group, LLC. (“PNC”), which previously held a majority interest in BlackRock, retains approximately 34% of the new company’s common stock. Each of Merrill Lynch and PNC has agreed that it will vote all of its shares on all matters in accordance with the recommendation of BlackRock’s board of directors.

The New Management Agreements

          Consequences of the Transaction. On February 23, 2006, April 21, 2006 and May 23, 2006 members of BlackRock management made presentations on the Transaction to the Trustees and the Trustees discussed with management and amongst themselves management’s general plans and intentions regarding the Trusts, including the preservation, strengthening and growth of BlackRock’s business and its combination with MLIM’s business. The Boards also inquired about the plans for and anticipated roles and responsibilities of certain BlackRock employees and officers after the Transaction. The Independent Trustees also met in executive session to discuss the Transaction. After these meetings, BlackRock continued to update the Boards with respect to its plans to integrate the operations of BlackRock and MLIM and the potential impact of those plans on the Trusts as those plans were further developed.

          At the Board meeting on May 23, 2006, after considering and approving the Old Management Agreements, the Boards (including the Independent Trustees) then considered the information received at or prior to the meeting and the consequences of the Transaction to each Trust, including, among other things:

 

 

 

          (i) that BlackRock, MLIM and their investment advisory subsidiaries are experienced and respected asset management firms, and that BlackRock advised the Boards that in connection with the completion of the Transaction, it intends to take steps to combine the investment management operations of BlackRock and MLIM, which, among other things, may involve sharing common systems and procedures, employees (including portfolio managers), investment and trading platforms, and other resources. Furthermore, these combination processes will result in changes to the portfolio management teams for each of the Trusts;

 

 

 

          (ii) that BlackRock advised the Boards that following the Transaction, there is not expected to be any diminution in the nature, quality and extent of services provided to the Trusts and their shareholders by the Advisors, including compliance services;

 

 

 

          (iii) that BlackRock advised the Boards that it has no present intention to alter the expense waivers and reimbursements currently in effect for certain of the Trusts;

 

 

 

          (iv) the experience, expertise, resources and performance of MLIM that will be contributed to BlackRock after the closing of the Transaction and their anticipated impact on BlackRock’s ability to manage the Trusts;

 

 

 

          (v) that BlackRock and MLIM would derive benefits from the Transaction and that as a result, they have a financial interest in the matters that were being considered;

 

 

 

          (vi) the potential effects of regulatory restrictions on the Trusts as a result of Merrill Lynch’s equity stake in BlackRock after the Transaction;

 

 

 

          (vii) the fact that each Trust’s aggregate investment advisory and sub-advisory fees payable under the New Management Agreements and the Old Management Agreements are identical;

 

 

 

          (viii) the terms of the New Management Agreements, including the differences from the Old Management Agreements (see “Comparison of the Old Management Agreements to the New Management Agreements” above);

 

 

 

          (ix) that the Trusts would not bear the costs of obtaining shareholder approval of the New Management Agreements; and

 

 

 

          (x) that BlackRock and Merrill Lynch have agreed to conduct their respective businesses (and use reasonable best efforts to cause their respective affiliates to conduct their respective businesses) to enable the conditions of Section 15(f) to be true in relation to any registered investment companies advised by MLIM and registered under the 1940 Act and have agreed to the same conduct in relation to the BlackRock registered investment companies to the extent it is determined the Transaction is an assignment under the 1940 Act.

          Nature and Quality of Investment Advisory and Sub-Advisory Services. The Boards considered the expected impact of the Transaction on the operations, facilities, organization and personnel of the Advisors, the potential implications of regulatory restrictions on the Trusts following the Transaction and the ability of the Advisors to perform their duties after the Transaction. The Boards considered that the services to be provided and the standard of care under the New Management Agreements are the same as under the Old Management Agreements. The Boards also considered statements by management of BlackRock that, in connection with integrating the operations of the Advisors and MLIM, the objective was to preserve the best of both organizations in order to enhance BlackRock’s ability to provide investment advisory services following completion of the Transaction.

          The Boards noted that it is impossible to predict with certainty the impact of the Transaction on the nature, quality and extent of the services provided by the Advisors to the Trusts, but concluded based on the information currently available and in light of all of the current facts and circumstances, that the Transaction is likely to provide the Advisors with additional resources with which to serve the Trusts and was not expected to adversely affect the nature, quality and extent of the services to be provided to the Trusts and their shareholders by the Advisors and was not expected to materially adversely affect the ability of the Advisors to provide those services.

78


          At the May 23, 2006 meeting of the Boards, BlackRock informed the Boards that, following completion of the Transaction, a team primarily comprised of MLIM professionals would manage the portfolios of those Trusts. BlackRock discussed with the Boards the reasons for this proposed change. BlackRock also informed the Boards that it intended to provide additional information to the Boards with respect to this proposed change at the August meetings of the Boards for the Boards’ consideration at that time. If the Boards did not object to this change, the following team members generally would oversee investment policies for those Trusts that invest primarily in municipal securities. This team is one of the largest managers of municipal debt with approximately $67.5 billion in assets under management as of March 31, 2006, including 31 closed-end investment companies with $16.2 billion in assets, $8 billion in retail separate accounts and nine open-end mutual funds with $4.1 billion in assets. The team members are:

 

 

 

 

Robert A. DiMella. Mr. DiMella has been a Managing Director of MLIM since 2004 and was a Director from 2002 to 2004. He has been a portfolio manager with MLIM since 1993.

 

 

 

 

William R. Bock. Mr. Bock has been a Director of MLIM since 2005, and was a Vice President from 1989 to 2005. Mr. Bock has been a portfolio manager with MLIM since 1989.

 

 

 

 

Timothy T. Browse. Mr. Browse has been a Vice President (Municipal Tax-Exempt Fund Management) of and portfolio manager with MLIM since 2004. He was also Vice President, Portfolio Manager and team leader of the Municipal Investments Team with Lord Abbett & Co. from 2000 to 2003.

 

 

 

 

Theodore R. Jaeckel, Jr., CFA. Mr. Jaeckel has been a Director (Municipal Tax-Exempt Fund Management) of MLIM since 1997. Mr. Jaeckel has been a portfolio manager with MLIM since 1991.

 

 

 

 

Walter O’Connor. Mr. O’Connor has been a Managing Director of MLIM since 2003, was a Director of MLIM from 1998 to 2003 and was a Vice President of MLIM from 1992 to 1998. He has been a portfolio manager with MLIM since 1991.

 

 

 

 

Robert D. Sneeden. Mr. Sneeden has been a Vice President of MLIM since 1998 and was an Assistant Vice President from 1994 to 1998. Mr. Sneeden has been a portfolio manager with MLIM since 1994.

          Investment Performance of the Trusts. The Boards examined MLIM’s investment performance with respect to its closed-end funds. The Boards noted the Advisors’ and MLIM’s considerable investment management experience and capabilities. The Boards considered this information together with the level of services expected to be provided to the Trusts. Although the Boards noted that it is impossible to predict the effect, if any, that consummation of the Transaction would have on the future performance of the Trusts, the Boards concluded that the information currently available, in light of all of the current facts and circumstances, supported approving the New Management Agreements.

          Fees. The Boards noted that the fees payable by the Trusts under the New Management Agreements are identical to the fees payable under the Old Management Agreements. The Boards also considered the fees paid by the MLIM closed-end funds. In light of (i) the Boards’ approval of the fees paid by each Trust pursuant to the Old Management Agreements at the May 23, 2006 meeting, (ii) the fact that no change to the fees paid by any Trust was proposed solely as a result of the Transaction, and (iii) the Boards’ earlier conclusion with respect to the services expected to be provided to the Trusts under the New Management Agreements, the Boards concluded that the fee structure under the New Management Agreements was reasonable.

          Profitability. Management of the Advisors stated to the Boards that, following the Transaction, the current intention is to continue to determine profitability and report profitability to the Boards in the same way as they did prior to the Transaction, subject to management’s desire to preserve the best practices of MLIM. Management of the Advisors stated that any changes in the methods used to determine profitability and report profitability to the Boards would be discussed with the Boards. The Boards considered the potential for increased economies of scale as a result of the Transaction and whether any economies of scale should be reflected in the Trusts’ fee structures. The Boards also considered that the process of integrating the operations of the Advisors and MLIM was in the early stages and that considerable expense would be incurred in connection with integrating such operations, all of which made it difficult to conclude that economies of scale would be realized as a result of the Transaction. In light of the foregoing, the Boards concluded that, at this time, no changes were necessary to the fee structure of the Trusts as a result of the Transaction.

          Other Benefits. In evaluating ancillary benefits to be received by the Advisors and their affiliates under the New Management Agreements, the Boards considered whether the Transaction would have an impact on the ancillary benefits received by the Advisor by virtue of the Old Management Agreements. Based on its review of the materials provided, including materials received in connection with its approval of the continuance of each Old Management Agreement earlier at the May 23, 2006 meetings of the Boards and its discussions with the Advisors, the Boards noted that such benefits were difficult to quantify with certainty at this time and indicated that it would continue to evaluate them going forward.

          Conclusion with respect to the New Management Agreements. The Trustees did not identify any single consequence of the Transaction discussed above as all-important or controlling. The Boards determined that all of the factors referred to in their evaluation of the Old Management Agreements described above under “Matters Considered by the Boards – The Old Management Agreements” are applicable to the evaluation of the New Management Agreements and concluded that these factors, in light of all the other factors and all of the facts and circumstances applicable to each Trust, were acceptable for each Trust and supported the Trustees’ conclusion that the terms of each New Management Agreement were fair and reasonable, that the fees in each New Management Agreement are fair and reasonable in light of the services provided to the respective Trust and that each New Management Agreement should be approved.

Shareholder Meeting

          At the shareholder meeting for each Trust held on August 23, 2006, the shareholders of each Trust approved the New Management Agreement for each Trust.

79



 

ADDITIONAL INFORMATION


60 Day Notice

          We are required by the Internal Revenue Code to advise you within 60 days of a Trust’s tax year-end as to the federal tax status of dividends paid by the Trusts during such tax year. All of the net investment income distributions paid by the BlackRock Closed-End Funds (Municipal Bond Trust - BBK, California Municipal Bond Trust - BZA, Florida Municipal Bond Trust - BIE, Maryland Municipal Bond Trust - BZM, New Jersey Municipal Bond Trust - BLJ, New York Municipal Bond Trust - BQH, Virginia Municipal Bond Trust - BHV, Investment Quality Municipal Trust - BKN, Municipal Income Trust - BFK, Long-Term Advantage Trust - BTA, California Investment Quality Municipal Trust - RAA, California Municipal Income Trust - BFZ, Florida Investment Quality Municipal Trust - RFA, Florida Municipal Income Trust - BBF, New Jersey Investment Quality Municipal Trust - RNJ, New Jersey Municipal Income Trust - BNJ, and New York Investment Quality Municipal Trust - RNY) during the taxable year ended October 31, 2006 qualify as tax-exempt interest dividends for federal income tax purposes.

          Additionally, the following summarizes the taxable per share distributions paid by the Fund during the year:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable
Date

 

Long-Term
Capital Gains

 

Short-Term
Capital Gains

 

 

 


 


 


 

 

 

Florida Investment Quality Municipal Trust – RFA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/30/2005

 

$

0.129658

 

 

 

 

 

 

 

 

 

08/01/2006

 

$

0.123660

 

 

$

0.001930

 

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Series R7

 

 

11/25/2005

 

$

13.90

 

 

 

 

 

 

Series R7

 

 

12/02/2005

 

$

13.42

 

 

 

 

 

 

Series R7

 

 

12/09/2005

 

$

19.66

 

 

 

 

 

 

Series R7

 

 

12/16/2005

 

$

12.42

 

 

 

 

 

 

Series R7

 

 

12/23/2005

 

$

13.84

 

 

 

 

 

 

Series R7

 

 

07/21/2006

 

$

16.54

 

 

 

 

 

 

Series R7

 

 

07/28/2006

 

$

21.58

 

 

 

 

 

 

Series R7

 

 

08/04/2006

 

$

21.58

 

 

 

 

 

 

Series R7

 

 

08/11/2006

 

$

21.82

 

 

 

 

 

 

Series R7

 

 

08/18/2006

 

$

03.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey Investment Quality Municipal Trust – RNJ

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/30/2005

 

$

0.063528

 

 

 

 

 

 

 

 

 

08/01/2006

 

$

0.062110

 

 

 

 

 

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Series T7

 

 

11/30/2005

 

$

18.70

 

 

 

 

 

 

Series T7

 

 

12/07/2005

 

$

18.94

 

 

 

 

 

 

Series T7

 

 

12/14/2005

 

$

03.61

 

 

 

 

 

 

Series T7

 

 

07/18/2006

 

$

17.50

 

 

 

 

 

 

Series T7

 

 

07/25/2006

 

$

18.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York Investment Quality Municipal Trust – RNY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/30/2005

 

$

0.042744

 

 

 

 

 

 

 

 

 

08/01/2006

 

$

0.040900

 

 

 

 

 

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Series F7

 

 

11/28/2005

 

$

12.23

 

 

 

 

 

 

Series F7

 

 

12/05/2005

 

$

10.48

 

 

 

 

 

 

Series F7

 

 

07/17/2006

 

$

17.02

 

 

 

 

 

 

Series F7

 

 

07/24/2006

 

$

11.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bond Trust – BBK

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

08/01/2006

 

$

0.090870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Series R7

 

 

07/21/2006

 

$

17.74

 

 

 

 

 

 

Series R7

 

 

07/28/2006

 

$

21.58

 

 

 

 

 

 

Series R7

 

 

08/04/2006

 

$

21.58

 

 

 

 

 

 

Series R7

 

 

08/11/2006

 

$

03.67

 

 

 

 

 

 

80



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable
Date

 

Long-Term
Capital Gains

 

Short-Term
Capital Gains

 

 

 


 


 


 

 

 

New Jersey Municipal Bond Trust – BLJ

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

08/01/2006

 

$

0.063760

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

Series T7

 

 

07/19/2006

 

$

14.86

 

 

 

 

 

 

Series T7

 

 

07/26/2006

 

$

22.83

 

 

 

 

 

 

Series T7

 

 

08/02/2006

 

$

07.32

 

 

 

 

 

 

Shareholder Meetings

          A Special Meeting of Shareholders of the BlackRock Closed-End Funds was held on August 23, 2006 for shareholders of record as of June 5, 2006, to approve a new Investment Management Agreement and Sub-Advisory Agreement for each of the following Trusts:

          Approved the Investment/Management Agreement as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Abstain

 

 

 


 


 


 

Investment Quality Municipal

 

7,898,427

 

 

1,458,316

 

 

493,656

 

 

Municipal Income

 

22,568,024

 

 

1,005,859

 

 

1,335,448

 

 

California Investment Quality1

 

509,602

 

 

295,994

 

 

32,888

 

 

California Income

 

7,481,480

 

 

289,785

 

 

570,631

 

 

Florida Investment Quality

 

591,086

 

 

9,089

 

 

36,220

 

 

Florida Income

 

3,402,507

 

 

109,854

 

 

135,112

 

 

New Jersey Investment Quality

 

530,319

 

 

33,406

 

 

13,416

 

 

New Jersey Income

 

3,895,384

 

 

212,871

 

 

256,415

 

 

New York Investment Quality

 

614,395

 

 

17,748

 

 

74,270

 

 

New York Income

 

6,132,380

 

 

306,273

 

 

440,206

 

 

          Approved the Sub-Advisory Agreement as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Abstain

 

 

 


 


 


 

Municipal Income

 

22,552,347

 

 

1,022,928

 

 

1,334,056

 

 

California Income

 

7,507,133

 

 

276,055

 

 

558,708

 

 

Florida Income

 

3,383,336

 

 

122,244

 

 

141,893

 

 

New Jersey Income

 

3,893,372

 

 

231,097

 

 

240,201

 

 

New York Income

 

6,140,367

 

 

296,008

 

 

442,484

 

 


 

 


1

- The Special Meeting of Shareholders was adjourned until September 22, 2006.

          The Joint Annual Meeting of Shareholders was held on May 23, 2006 for shareholders of record as of February 28, 2006, to elect a certain number of Trustees for each of the following Trusts to three-year terms expiring in 2009:

          Approved the Class I Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard E. Cavanagh

 

R. Glenn Hubbard

 

 

 


 


 

 

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

 

 


 


 


 


 

Investment Quality Municipal

 

 

15,983,505

 

148,893

 

 

 

15,995,182

 

137,216

 

 

Municipal Income

 

 

41,676,653

 

458,678

 

 

 

N/A

 

N/A

 

 

California Investment Quality

 

 

701,497

 

272,014

 

 

 

N/A

 

N/A

 

 

California Income

 

 

14,703,616

 

99,682

 

 

 

N/A

 

N/A

 

 

Florida Investment Quality

 

 

1,049,448

 

2,508

 

 

 

N/A

 

N/A

 

 

Florida Income

 

 

6,358,106

 

70,819

 

 

 

N/A

 

N/A

 

 

New Jersey Investment Quality

 

 

919,674

 

12,568

 

 

 

N/A

 

N/A

 

 

New Jersey Income

 

 

7,336,349

 

50,283

 

 

 

N/A

 

N/A

 

 

New York Investment Quality

 

 

1,236,670

 

7,224

 

 

 

N/A

 

N/A

 

 

New York Income

 

 

12,188,221

 

121,464

 

 

 

N/A

 

N/A

 

 

81


          Approved the Class II Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Frank J. Fabozzi1

 

Kathleen F. Feldstein1

 

Ralph L. Schlosstein

 

 

 


 


 


 

 

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

 

 


 


 


 


 


 


 

Investment Quality Municipal

 

N/A

 

 

N/A

 

 

5,149

 

 

85

 

 

N/A

 

 

N/A

 

 

Municipal Income

 

14,156

 

 

184

 

 

14,156

 

 

184

 

 

41,674,170

 

 

461,161

 

 

California Investment Quality

 

N/A

 

 

N/A

 

 

253

 

 

 

 

N/A

 

 

N/A

 

 

California Income

 

4,344

 

 

 

 

4,343

 

 

1

 

 

14,699,161

 

 

104,137

 

 

Florida Investment Quality

 

N/A

 

 

N/A

 

 

340

 

 

 

 

N/A

 

 

N/A

 

 

Florida Income

 

2,301

 

 

 

 

2,290

 

 

11

 

 

6,360,306

 

 

68,619

 

 

New Jersey Investment Quality

 

N/A

 

 

N/A

 

 

300

 

 

 

 

N/A

 

 

N/A

 

 

New Jersey Income

 

2,466

 

 

 

 

2,466

 

 

 

 

7,333,579

 

 

53,053

 

 

New York Investment Quality

 

N/A

 

 

N/A

 

 

387

 

 

4

 

 

N/A

 

 

N/A

 

 

New York Income

 

4,365

 

 

17

 

 

4,365

 

 

17

 

 

12,188,221

 

 

121,464

 

 

          Elected the Class III Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Andrew F. Brimmer

 

Kent Dixon

 

Robert S. Kapito

 

 

 


 


 


 

 

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

Votes For

 

Votes Withheld

 

 

 


 


 


 


 


 


 

California Investment Quality

 

 

701,497 

 

272,014

 

 

 

701,497   

 

272,014

 

 

 

701,497

 

272,014

 

 

Florida Investment Quality

 

 

1,049,448 

 

2,508

 

 

 

1,049,448   

 

2,508

 

 

 

1,049,448

 

2,508

 

 

New Jersey Investment Quality

 

 

921,074 

 

11,168

 

 

 

921,074   

 

11,168

 

 

 

921,074

 

11,168

 

 

New York Investment Quality

 

 

1,236,645 

 

7,249

 

 

 

1,236,645   

 

7,249

 

 

 

1,233,656

 

10,238

 

 

          The following Trust had an additional proposal (Proposal #3) to amend its respective Certificate of Designation or Statement of Preferences, as appropriate, to revise the language regarding preferred shares to allow the Trusts to follow the most recent guidelines of S&P, Moody’s or Fitch ratings, as appropriate, for credit rating criteria in effect from time to time to maintain a “AAA” rating on preferred shares1:

 

 

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Withheld

 

 

 


 


 


 

Investment Quality Municipal

 

 

5,203

 

7

 

 

 

24

 

California Investment Quality

 

 

253

 

 

 

 

 

Florida Investment Quality

 

 

338

 

2

 

 

 

 

New Jersey Investment Quality

 

 

298

 

2

 

 

 

 

New York Investment Quality

 

 

381

 

10

 

 

 

 


 

 


1

Voted on by holders of preferred shares only.

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

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

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

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

82


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

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

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

          Historically, BlackRock provided this information in materials mailed with the Trusts’ Annual report. However, we believe that making this information available through BlackRock’s website allows us to communicate more fully and efficiently with the Trusts’ shareholders.

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

83



 

SECTION 19 NOTICES


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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date of
Distribution

 

Total
Distributions

 

Net
Investment
Income

 

Distributions
from proceeds
from the sale
of securities

 

Distributions
from return of
capital

 

 

 


 


 


 


 


 

Long-Term Municipal

 

 

September 2006

 

 

$

 0.06875

 

 

 

  $

  0.06424   

 

 

 

$

—  

 

 

 

 $

0.00451

 

 

 

 

 

October 2006

 

 

$

 0.06875

 

 

 

  $

0.05665   

 

 

 

$

—  

 

 

 

 $

0.01210

 

 

Florida Investment Quality

 

 

July 2006

 

 

$

  0.12559

 

 

 

  $

—   

 

 

 

$

  0.12559 

 

 

 

 $

 

 

New Jersey Investment Quality

 

 

July 2006

 

 

$

  0.06211

 

 

 

  $

—   

 

 

 

$

  0.06211 

 

 

 

 $

 

 

New York Investment Quality

 

 

July 2006

 

 

$

  0.04090

 

 

 

  $

—   

 

 

 

$

0.04090 

 

 

 

 $

 

 

84



 

DIRECTORS/TRUSTEES INFORMATION (Unaudited)



 

 

 

 

 

 

 

 

 

 

 

 

 

Name, address, age

 

Current positions
held with the Trusts

 

Term of office
and length of time
served

 

Principal occupations
during the past five years

 

Number of
portfolios
overseen within
the fund
complex1

 

Other Directorships held
outside the
fund complex1

 

Events or transactions by
reason of which the Trustee
is an interested person as
defined in Section 2(a)
(19) of the 1940 Act


Interested Directors/Trustees2


Ralph L. Schlosstein
BlackRock, Inc.
40 East 52nd Street
New York, NY
10022
Age: 55

 

Chairman of the
Board3

 

3 years4/since
inception

 

Director since 1999 and President of BlackRock, Inc. since its formation in 1998 and of BlackRock, Inc.’s predecessor entities since 1988. Member of the Management Committee and Investment Strategy Group of BlackRock, Inc. Formerly, Managing Director of Lehman Brothers, Inc. and Co-head of its Mortgage and Savings Institutions Group. Chairman and President of the BlackRock Liquidity Funds and Director of several of BlackRock’s alternative investment vehicles.

 

68

 

Member of the Visiting Board of Overseers of the John F. Kennedy School of Government at Harvard University, a member of the board of the Financial Institutions Center of The Wharton School of the University of Pennsylvania, a trustee of the American Museum of Natural History, a trustee of Trinity School in New York City, a member of the Board of Advisors of Marujupu LLC, and a trustee of New Visions for Public Education of The Public Theater in New York City and the James Beard Foundation. Formerly, a director of Pulte Corporation, the nation’s largest homebuilder, a Trustee of Denison University and a member of Fannie Mae’s Advisory Council.

 

Director and President of the Advisor.


Robert S. Kapito
BlackRock, Inc.
40 East 52nd Street
New York, NY
10022
Age: 49

 

President and
Trustee

 

3 years4/since
August 22,
2002

 

Vice Chairman of BlackRock, Inc. Head of the Portfolio Management Group. Also a member of the Management Committee, the Investment Strategy Group, the Fixed Income and Global Operating Committees and the Equity Investment Strategy Group. Responsible for the portfolio management of the Fixed Income, Domestic Equity and International Equity, Liquidity, and Alternative Investment Groups of BlackRock.

 

58

 

Chairman of the Hope and Heroes Children’s Cancer Fund. President of the Board of Directors of the Periwinkle National Theatre for Young Audiences.

 

Director and Vice
Chairman of the Advisor.

85



 

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 

 

 

 

 

 

Name, address, age

 

Current positions held
with the Trusts

 

Term of office and
length of time served

 

Principal occupations
during the past five years

 

Number of
portfolios overseen
within the fund
complex1

 

Other Directorships held
outside the fund complex


Independent Trustees


Andrew F. Brimmer
P.O. Box 4546
New York, NY
10163-4546
Age: 80

 

Lead Trustee
Audit Committee
Chairman5

 

3 years4/since
inception

 

President of Brimmer & Company, Inc., a Washington, D.C.-based economic and financial consulting firm, also Wilmer D. Barrett Professor of Economics, University of Massachusetts – Amherst. Formerly member of the Board of Governors of the Federal Reserve System. Former Chairman, District of Columbia Financial Control Board.

 

58

 

Former Director of CarrAmerica Realty Corporation and Borg- Warner Automotive, Airborne Express, BankAmerica Corporation (Bank of America), BellSouth Corporation, College Retirement Equities Fund (Trustee), Commodity Exchange, Inc. (Public Governor), Connecticut Mutual Life Insurance Company, E.I. du Pont de Nemours & Company, Equitable Life Assurance Society of the United States, Gannett Company, Mercedes-Benz of North America, MNC Financial Corporation (American Security Bank), NCM Capital Management, Navistar International Corporation, PHH Corp. and UAL Corporation (United Airlines).


Richard E. Cavanagh
P.O. Box 4546
New York, NY
10163-4546
Age: 60

 

Trustee
Audit Committee
Member

 

3 years4/since
inception

 

President and Chief Executive Officer of The Conference Board, Inc., a leading global business research organization, from 1995-present. Former Executive Dean of the John F. Kennedy School of Government at Harvard University from 1988-1995. Acting Director, Harvard Center for Business and Government (1991-1993). Formerly Partner (principal) of McKinsey & Company, Inc. (1980-1988). Former Executive Director of Federal Cash Management, White House Office of Management and Budget (1977-1979). Co-author, THE WINNING PERFORMANCE (best selling management book published in 13 national editions).

 

58

 

Trustee: Aircraft Finance Trust (AFT) and Chairman of the Board of Trustees, Educational Testing Service (ETS). Director, Arch Chemicals, Fremont Group and The Guardian Life Insurance Company of America.


Kent Dixon
P.O. Box 4546
New York, NY
10163-4546
Age: 69

 

Trustee
Audit Committee
Member5

 

3 years4/since
inception

 

Consultant/Investor. Former President and Chief Executive Officer of Empire Federal Savings Bank of America and Banc PLUS Savings Association, former Chairman of the Board, President and Chief Executive Officer of Northeast Savings.

 

58

 

Former Director of ISFA (the owner of INVEST, a national securities brokerage service designed for banks and thrift institutions).


Frank J. Fabozzi
P.O. Box 4546
New York, NY
10163-4546
Age: 58

 

Trustee
Audit Committee
Member5

 

3 years4/since
inception

 

Consultant. Editor of THE JOURNAL OF PORTFOLIO MANAGEMENT and Adjunct Professor of Finance at the School of Management at Yale University. Author and editor of several books on fixed income portfolio management.

 

58

 

Director, Guardian Mutual Funds Group (18 portfolios).

86



 

DIRECTORS/TRUSTEES INFORMATION (Unaudited) (Continued)



 

 

 

 

 

 

 

 

 

 

 

Name, address, age

 

Current positions
held with the Trusts

 

Term of office and
length of time served

 

Principal occupations
during the past five years

 

Number of
portfolios
overseen
within
the fund
complex1

 

Other Directorships held
outside the fund complex


Independent Trustees (continued)


Kathleen F. Feldstein
P.O. Box 4546
New York, NY
10163-4546
Age: 65

 

Trustee

 

3 years4/since
January 19, 2005

 

President of Economics Studies, Inc., a Belmont, MA-based private economic consulting firm, since 1987; Chair, Board of Trustees, McLean Hospital in Belmont, MA.

 

58

 

Director of BellSouth Inc. and McClatchy Company; Trustee of the Museum of Fine Arts, Boston, and of the Committee for Economic Development; Corporation Member, Partners HealthCare and Sherrill House; Member of the Visiting Committee of the Harvard University Art Museums and of the Advisory Board to the International School of Business at Brandeis University.


R. Glenn Hubbard
P.O. Box 4546
New York, NY
10163-4546
Age: 48

 

Trustee

 

3 years4/since
November 16,
2004

 

Dean of Columbia Business School since July 1, 2004. Columbia faculty member since 1988. Co-director of Columbia Business School’s Entrepreneurship Program 1994-1997. Visiting professor at the John F. Kennedy School of Government at Harvard and the Harvard Business School, as well as the University of Chicago. Visiting scholar at the American Enterprise Institute in Washington and member of International Advisory Board of the MBA Program of Ben-Gurion University. Deputy assistant secretary of the U.S. Treasury Department for Tax Policy 1991-1993. Chairman of the U.S. Council of Economic Advisers under the President of the United States 2001–2003.

 

58

 

Director of ADP, R.H. Donnelly, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings, the Council on Competitiveness, the American Council on Capital Formation, the Tax Foundation and the Center for Addiction and Substance Abuse. Trustee of Fifth Avenue Presbyterian Church of New York.


 

 

1

The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

Interested Director/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.

3

Director/Trustee since inception; appointed Chairman of the Board on August 22, 2002.

4

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.

5

The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer, Mr. Dixon and Mr. Fabozzi, each of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

87


[This Page Intentionally Left Blank]


[This Page Intentionally Left Blank]


BlackRock Closed-End Funds

 

 

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

Officers
Robert S. Kapito, President
Donald C. Burke, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Neal Andrews, Assistant Treasurer
Jay Fife, Assistant Treasurer
Spencer Fleming, Assistant Treasurer
James Kong, Assistant Treasurer
Robert Mahar, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

Sub-Advisor
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022

Accounting Agent and Custodian
State Street Bank and Trust Company
2 Avenue De Lafayette
Boston, MA 02111

Transfer Agent
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
(800) 699-1BFM

Auction Agent1
Bank of New York
101 Barclay Street, 7 West
New York, NY 10286

Auction Agent2
Deutsche Bank Trust Company Americas
60 Wall Street, 8th Floor
New York, NY 10286

Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116

Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036

Legal Counsel – Independent Trustees
Debevoise & Plimpton LLP
919 Third Avenue
New York, NY 10022

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

BlackRock Closed-End Funds
c/o BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM


 

 


1

For the Income Trusts.

2

For the Investment Quality Trusts.

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

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

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

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



 

 

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

(BLACKROCK LOGO)

CEF-ANN-2-1006


Item 2. Code of Ethics.
(a)           The Registrant has adopted a code of ethics (the “Code of Ethics”) that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

(b)           Not applicable.

(c)           The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(d)           The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.

(e)           Not applicable.

(f)           The Registrant’s Code of Ethics is available without charge at www.blackrock.com.

Item 3. Audit Committee Financial Expert.
The Registrant’s Board of Trustees has determined that it has three audit committee financial experts serving on its audit committee, each of whom is an “independent” Trustee: Dr. Andrew F. Brimmer, Kent Dixon and Frank Fabozzi. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification. Dr. Brimmer retired from the Board of Trustees as of December 31, 2006.

Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $26,500 for the fiscal year ended October 31, 2006 and $27,100 for the fiscal year ended October 31, 2005.


(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported above in Item 4(a) were $2,000 for the fiscal year ended October 31, 2006 and $2,400 for the fiscal year ended October 31, 2005. The nature of the service includes assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.

(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $8,000 for the fiscal year ended October 31, 2006 and $7,700 for the fiscal year ended October 31, 2005. The nature of the services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.

(d) All Other Fees. The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c) were $1,500 for the fiscal year ended October 31, 2006 and $1,500 for the fiscal year ended October 31, 2005. The nature of the service includes a review of compliance procedures and provide an attestation regarding such review.

(e) Audit Committee Pre-Approval Policies and Procedures.

          (1) The Registrant has polices and procedures (the “Policy”) for the pre-approval by the Registrant’s Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Trust’s independent auditor (the “Independent Auditor”) to the Registrant and other “Covered Entities” (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the “Service Pre-Approval Documents”). At its first meeting of each calendar year, the Audit Committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

          For the purposes of the Policy, “Covered Services” means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Trust to be provided by the Independent Auditor to any Covered Entity, “Covered Entities” means (1) the Adviser or (2) any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Trust.

          In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the “Chairman”). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the


Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.

          Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).

          The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.

          In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          The Audit Committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).

          Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must


include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission (“SEC”) on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.

          (2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, the Adviser (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant for each of the last two fiscal years were $286,200 for the fiscal year ended October 31, 2006 and $286,200 for the fiscal year ended October 31, 2005.

(h) The Registrant’s Audit Committee of the Board of Trustees has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.
The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The Audit Committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank Fabozzi. Dr. Brimmer retired from the Board of Trustees as of December 31, 2006.

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

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
The Registrant has delegated the voting of proxies relating to its voting securities to its investment adviser, BlackRock Advisers, LLC (the “Adviser”) and its sub-adviser,


BlackRock Financial Management, Inc. (the “Sub-Adviser”). The Proxy Voting Policies and Procedures of the Adviser and Sub-Adviser (the “Proxy Voting Policies”) are attached as an Exhibit 99.PROXYPOL hereto.

Item 8. Portfolio Managers of Closed-End Management Investment Companies
(a)(1) The Registrant is managed by a team of investment professionals comprised of Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock and Walter O’Connor, Managing Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Messrs. Jaeckel and O’Connor have been members of the Fund’s management team since 2006.

Mr. Jaeckel joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing Director (Municipal Tax-Exempt Fund Management) of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006 and a Director of MLIM from 1997 to 2005. He has been a portfolio manager with BlackRock or MLIM since 1991.

Mr. O’Connor joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing Director (Municipal Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and was a Director of MLIM from 1997 to 2002. He has been a portfolio manager with BlackRock or MLIM since 1991.

(a)(2) As of October 31, 2006, Theodore Jaeckel managed or was a member of the management team for the following client accounts:


Type of Account  Number of  Assets of  Number of  Assets Subject to 
  Accounts  Accounts  Accounts Subject  a Performance 
      to a Performance  Fee 
      Fee   





Registered  82  30,229,677,447  0  0 
Investment         
Companies         





Pooled Investment  0  0  0  0 
Vehicles Other         
Than Registered         
Investment         
Companies         





Other Accounts  0  0  0  0 






As of October 31, 2006, Walter O’Connor managed or was a member of the management team for the following client accounts:


Type of Account  Number of  Assets of  Number of  Assets Subject to 
  Accounts  Accounts  Accounts Subject  a Performance 
      to a Performance  Fee 
      Fee   





Registered  82  30,229,677,447  0  0 
Investment         
Companies         





Pooled Investment  0  0  0  0 
Vehicles Other         
Than Registered         
Investment         
Companies         





Other Accounts  0  0  0  0 






          BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisery services to numerous clients in addition to the Registrant, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made to the Registrant. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Registrant. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Registrant by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors and employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for the Registrant. In this connection, it should be noted that the portfolio management team may manage certain accounts that are subject to performance fees. In addition, the portfolio management team may assist in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

          As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable


efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

(a)(3) The elements of total compensation for portfolio managers on BlackRock’s municipal team include a fixed base salary, annual performance-based cash and stock compensation (cash and stock bonus) and other benefits. BlackRock has balanced these components of pay to provide these portfolio managers with a powerful incentive to achieve consistently superior investment performance. By design, compensation levels for these portfolio managers fluctuate—both up and down—with the relative investment performance of the portfolios that they manage.

          Base compensation. Like that of many asset management firms, base salaries represent a relatively small portion of a portfolio manager’s total compensation. This approach serves to enhance the motivational value of the performance-based (and therefore variable) compensation elements of the compensation program.

Performance-Based Compensation. BlackRock believes that the best interests of investors are served by recruiting and retaining exceptional asset management talent and managing their compensation within a consistent and disciplined framework that emphasizes pay for performance in the context of an intensely competitive market for talent. To that end, BlackRock and its affiliates portfolio manager incentive compensation is based on a formulaic compensation program. BlackRock’s formulaic portfolio manager compensation program includes: investment performance relative to a subset of general closed-end, leveraged, municipal debt funds over 1-, 3- and 5-year performance periods and a measure of operational efficiency. Portfolio managers are compensated based on the pre-tax performance of the products they manage. If a portfolio manager’s tenure is less than 5 years, performance periods will reflect time in position. Portfolio managers are compensated based on products they manage. A discretionary element of portfolio manager compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.

          Cash Bonus

          Performance-based compensation is distributed to portfolio managers in a combination of cash and stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for portfolio managers.

          Stock Bonus

          A portion of the dollar value of the total annual performance-based bonus is paid in restricted shares of BlackRock stock. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on the


company’s ability to sustain and improve its performance over future periods. The ultimate value of stock bonuses is dependent on future BlackRock stock price performance. As such, the stock bonus aligns each portfolio manager’s financial interests with those of the BlackRock shareholders and encourages a balance between short-term goals and long-term strategic objectives. Management strongly believes that providing a significant portion of competitive performance-based compensation in stock is in the best interests of investors and shareholders. This approach ensures that portfolio managers participate as shareholders in both the “downside risk” and “upside opportunity” of the company’s performance. Portfolio managers therefore have a direct incentive to protect BlackRock’s reputation for integrity.

          Other Compensation Programs

          Portfolio managers who meet relative investment performance and financial management objectives during a performance year are eligible to participate in a deferred cash program. Awards under this program are in the form of deferred cash that may be benchmarked to a menu of BlackRock mutual funds (including their own fund) during a five-year vesting period. The deferred cash program aligns the interests of participating portfolio managers with the investment results of BlackRock products and promotes continuity of successful portfolio management teams.

          Other Benefits

          Portfolio managers are also eligible to participate in broad-based plans offered generally to employees of BlackRock and its affiliates, including broad-based retirement, 401(k), health, and other employee benefit plans.

(a)(4) As of October 31, 2006, the end of the Registrant’s most recently completed fiscal year, the dollar range of securities beneficially owned by each portfolio manager in the Registrant is shown below:

          Theodore Jaeckel: None
          Walter O’Connor: None

(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.
Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.
The Registrant’s Governance Committee will consider nominees to the Board of Trustees recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical


information and sets forth the qualifications of the proposed nominee to the Registrant’s Secretary. There have been no material changes to these procedures.

Item 11. Controls and Procedures.
(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

Item 12. Exhibits.

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

(a) (3) Not applicable.

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

Proxy Voting Policies attached as EX-99.PROXYPOL.


SIGNATURES

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

(Registrant)          BlackRock California Municipal Income Trust          

By:     /s/ Donald C. Burke                                                                                               
Name: Donald C. Burke
Title: Treasurer
Date: January 11, 2007

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

By:     /s/ Robert S. Kapito                                                                                               
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: January 11, 2007

By:     /s/ Donald C. Burke                                                                                               
Name: Donald C. Burke
Title: Principal Financial Officer
Date: January 11, 2007