SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number: | 811-10339 |
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BlackRock Municipal Income Trust 40 East 52nd Street, New York, NY 10022 |
| Registrant's telephone number, including area code: | 888-825-2257 |
| Date of fiscal year end: | October 31, 2005 |
| Date of reporting period: | October 31, 2005 |
Item 1. Reports to Shareholders.
The Registrant’s annual report to shareholders
is as follows:
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FIXED INCOME |
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LIQUIDITY |
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EQUITIES |
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ALTERNATIVES |
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BLACKROCK SOLUTIONS |
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BlackRock |
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Closed-End Funds |
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Annual Report |
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OCTOBER 31, 2005 |
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BlackRock Investment Quality Municipal Trust (BKN) |
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BlackRock Municipal Income Trust (BFK) |
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BlackRock California Investment Quality Municipal Trust (RAA) |
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BlackRock California Municipal Income Trust (BFZ) |
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BlackRock Florida Investment Quality Municipal Trust (RFA) |
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BlackRock Florida Municipal Income Trust (BBF) |
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BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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BlackRock New York Investment Quality Municipal Trust (RNY) |
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BlackRock New York Municipal Income Trust (BNY) |
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NOT FDIC INSURED |
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MAY LOSE VALUE |
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NO BANK GUARANTEE |
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TABLE OF CONTENTS
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1 |
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2 |
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12 |
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Financial Statements |
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36 |
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38 |
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40 |
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44 |
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54 |
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60 |
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61 |
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62 |
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65 |
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68 |
Privacy Principles of the Trusts
The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.
Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
October 31, 2005
Dear Shareholder:
We are pleased to report that during the annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ audited financial statements and a listing of the portfolios’ holdings.
The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.
The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of October 31, 2005.
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Tax- |
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Closing |
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Current |
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Equivalent |
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Market |
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Trust (Ticker) |
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Yield1 |
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Yield1 |
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Price |
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NAV |
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BlackRock Investment Quality Municipal Trust (BKN) |
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6.37 |
% |
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9.80 |
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$ |
16.62 |
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$ |
15.59 |
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BlackRock Municipal Income Trust (BFK) |
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6.32 |
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9.72 |
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15.69 |
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14.71 |
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BlackRock California Investment Quality Municipal Trust (RAA) |
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5.38 |
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8.28 |
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15.75 |
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14.20 |
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BlackRock California Municipal Income Trust (BFZ) |
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6.12 |
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9.42 |
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14.92 |
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15.18 |
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BlackRock Florida Investment Quality Municipal Trust (RFA) |
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5.72 |
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8.80 |
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14.85 |
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14.39 |
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BlackRock Florida Municipal Income Trust (BBF) |
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5.93 |
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9.12 |
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15.25 |
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15.48 |
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BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
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5.72 |
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8.80 |
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14.70 |
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14.48 |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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6.01 |
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9.25 |
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15.91 |
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15.87 |
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BlackRock New York Investment Quality Municipal Trust (RNY) |
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5.95 |
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9.15 |
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14.75 |
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15.03 |
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BlackRock New York Municipal Income Trust (BNY) |
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5.95 |
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9.15 |
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15.19 |
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15.44 |
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1 |
Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. Past performance does not guarantee future results. |
BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of September 30, 2005, BlackRock managed over $26 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manages the Trusts, are wholly owned subsidiaries of BlackRock.
On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.
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Sincerely, |
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Laurence D. Fink |
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Ralph L. Schlosstein |
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Chief Executive Officer |
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President |
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BlackRock Advisors, Inc. |
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BlackRock Advisors, Inc. |
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OCTOBER 31, 2005 |
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BlackRock Investment Quality Municipal Trust (BKN) |
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Trust Information |
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Symbol on New York Stock Exchange: |
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BKN |
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Initial Offering Date: |
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February 19, 1993 |
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Closing Market Price as of 10/31/05: |
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$ |
16.62 |
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Net Asset Value as of 10/31/05: |
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$ |
15.59 |
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Yield on Closing Market Price as of 10/31/05 ($16.62):1 |
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6.37 |
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Current Monthly Distribution per Common Share:2 |
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$ |
0.088250 |
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Current Annualized Distribution per Common Share:2 |
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$ |
1.05900 |
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Leverage as of 10/31/05:3 |
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36 |
% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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The distribution is not constant and is subject to change. |
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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:
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10/31/05 |
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10/31/04 |
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Change |
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High |
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Low |
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Market Price |
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$ |
16.62 |
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$ |
15.12 |
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9.92 |
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$ |
17.28 |
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$ |
14.31 |
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NAV |
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$ |
15.59 |
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$ |
15.71 |
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(0.76 |
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$ |
16.09 |
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$ |
15.53 |
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The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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October 31, 2005 |
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October 31, 2004 |
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City, County & State |
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17 |
% |
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18 |
% |
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Industrial & Pollution Control |
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17 |
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13 |
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Lease Revenue |
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11 |
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12 |
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Hospitals |
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11 |
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11 |
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Education |
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11 |
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11 |
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Transportation |
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10 |
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8 |
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Power |
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7 |
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8 |
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Tax Revenue |
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7 |
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6 |
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Housing |
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7 |
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3 |
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Water & Sewer |
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1 |
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3 |
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Tobacco |
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1 |
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3 |
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Other |
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— |
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4 |
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Credit Quality Allocations4 |
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Credit Rating |
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October 31, 2005 |
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October 31, 2004 |
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AAA/Aaa |
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50 |
% |
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44 |
% |
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AA/Aa |
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10 |
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6 |
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A |
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12 |
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19 |
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BBB/Baa |
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9 |
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21 |
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BB/Ba |
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12 |
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2 |
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Not Rated |
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7 |
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8 |
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4 |
Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating. |
2
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TRUST SUMMARIES |
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OCTOBER 31, 2005 |
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BlackRock Municipal Income Trust (BFK) |
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Trust Information |
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Symbol on New York Stock Exchange: |
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BFK |
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Initial Offering Date: |
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July 27, 2001 |
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Closing Market Price as of 10/31/05: |
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$ |
15.69 |
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Net Asset Value as of 10/31/05: |
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$ |
14.71 |
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Yield on Closing Market Price as of 10/31/05 ($15.69):1 |
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6.32 |
% |
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Current Monthly Distribution per Common Share:2 |
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$ |
0.082625 |
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Current Annualized Distribution per Common Share:2 |
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$ |
0.991500 |
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Leverage as of 10/31/05:3 |
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37 |
% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
The distribution is not constant and is subject to change. |
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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:
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10/31/05 |
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10/31/04 |
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Change |
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High |
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Low |
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Market Price |
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$ |
15.69 |
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$ |
14.05 |
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11.67 |
% |
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$ |
16.08 |
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$ |
13.59 |
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NAV |
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$ |
14.71 |
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$ |
14.26 |
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3.16 |
% |
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$ |
15.25 |
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$ |
14.10 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Hospitals |
|
|
|
23 |
% |
|
|
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
21 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
11 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
11 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
8 |
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
7 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
6 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
5 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
3 |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
1 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
26 |
% |
|
|
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
6 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
27 |
|
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
18 |
|
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
5 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
10 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
8 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
3
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock California Investment Quality Municipal Trust (RAA) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on American Stock Exchange: |
|
RAA |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
15.75 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
14.20 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($15.75):1 |
|
|
|
5.38 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.070600 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.847200 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
15.75 |
|
|
|
$ |
14.30 |
|
|
|
|
10.14 |
% |
|
|
$ |
16.15 |
|
|
|
$ |
13.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.20 |
|
|
|
$ |
14.43 |
|
|
|
|
(1.59 |
)% |
|
|
$ |
14.65 |
|
|
|
$ |
14.20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Lease Revenue |
|
|
|
20 |
% |
|
|
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
18 |
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
18 |
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
|
11 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
10 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
7 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
7 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
5 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
4 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Credit Quality Allocations4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
38 |
% |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
7 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
18 |
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
21 |
|
|
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
11 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
4
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock California Municipal Income Trust (BFZ) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on New York Stock Exchange: |
|
BFZ |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
14.92 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
15.18 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($14.92):1 |
|
|
|
6.12 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.076074 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.912888 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
14.92 |
|
|
|
$ |
13.65 |
|
|
|
|
9.30 |
% |
|
|
$ |
15.58 |
|
|
|
$ |
13.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.18 |
|
|
|
$ |
14.77 |
|
|
|
|
2.78 |
% |
|
|
$ |
15.56 |
|
|
|
$ |
14.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
City, County & State |
|
|
|
19 |
% |
|
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
19 |
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
16 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
|
13 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
12 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
10 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
7 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
2 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
38 |
% |
|
|
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
30 |
|
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
14 |
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
3 |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
12 |
|
|
|
|
11 |
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating.† |
|
5 |
The investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of October 31, 2004, the market value of these securities was $8,107,293, representing 2.3%, of the Trust’s long-term investments. |
5
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock Florida Investment Quality Municipal Trust (RFA) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on American Stock Exchange: |
|
RFA |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
14.85 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
14.39 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($14.85):1 |
|
|
|
5.72 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.070781 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.849372 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
14.85 |
|
|
|
$ |
14.30 |
|
|
|
|
3.85 |
% |
|
|
$ |
15.55 |
|
|
|
$ |
13.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.39 |
|
|
|
$ |
15.02 |
|
|
|
|
(4.19 |
)% |
|
|
$ |
15.01 |
|
|
|
$ |
14.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Education |
|
|
|
17 |
% |
|
|
|
16 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
|
17 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
16 |
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
14 |
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
12 |
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
11 |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
4 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
4 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
47 |
% |
|
|
|
61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
6 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
5 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
16 |
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
3 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
6 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
17 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
6
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock Florida Municipal Income Trust (BBF) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on New York Stock Exchange: |
|
BBF |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
15.25 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
15.48 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($15.25):1 |
|
|
|
5.93 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.075375 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.904500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
15.25 |
|
|
|
$ |
14.40 |
|
|
|
|
5.90 |
% |
|
|
$ |
15.96 |
|
|
|
$ |
13.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.48 |
|
|
|
$ |
15.27 |
|
|
|
|
1.38 |
% |
|
|
$ |
15.80 |
|
|
|
$ |
15.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
City, County & State |
|
|
|
30 |
% |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
|
24 |
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
8 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
7 |
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
7 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
6 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
4 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
|
4 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
4 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
1 |
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Credit Quality Allocations4 |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
28 |
% |
|
|
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
34 |
|
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
6 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
14 |
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
|
|
16 |
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
5 |
The investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of October 31, 2005 and October 31, 2004, the market value of these securities was $3,452,437, representing 2.3% and $1,745,869, representing 1.1% of the Trust’s long-term investments. |
7
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on American Stock Exchange: |
|
RNJ |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
14.70 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
14.48 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($14.70):1 |
|
|
|
5.72 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.070125 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.841500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
14.70 |
|
|
|
$ |
15.00 |
|
|
|
|
(2.00 |
)% |
|
|
$ |
16.25 |
|
|
|
$ |
13.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.48 |
|
|
|
$ |
14.79 |
|
|
|
|
(2.10 |
)% |
|
|
$ |
14.98 |
|
|
|
$ |
14.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Transportation |
|
|
|
26 |
% |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
11 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
|
10 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
9 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
9 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
9 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
8 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
5 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Resource Recovery |
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
4 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAA/Aaa |
|
|
|
51 |
% |
|
|
|
56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
— |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
13 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
21 |
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
10 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
5 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
8
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on New York Stock Exchange: |
|
BNJ |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
15.91 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
15.87 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($15.91):1 |
|
|
|
6.01 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.079625 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.955500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
15.91 |
|
|
|
$ |
14.45 |
|
|
|
|
10.10 |
% |
|
|
$ |
16.17 |
|
|
|
$ |
14.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.87 |
|
|
|
$ |
15.38 |
|
|
|
|
3.19 |
% |
|
|
$ |
16.26 |
|
|
|
$ |
15.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Hospitals |
|
|
|
24 |
% |
|
|
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
17 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
14 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
11 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
10 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
8 |
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
6 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
|
5 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
— |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
31 |
% |
|
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
5 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
20 |
|
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
26 |
|
|
|
|
44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
3 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
|
12 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
3 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
9
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock New York Investment Quality Municipal Trust (RNY) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on American Stock Exchange: |
|
RNY |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
14.75 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
15.03 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($14.75):1 |
|
|
|
5.95 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.073125 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.877500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
14.75 |
|
|
|
$ |
14.50 |
|
|
|
|
1.72 |
% |
|
|
$ |
15.18 |
|
|
|
$ |
13.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.03 |
|
|
|
$ |
15.35 |
|
|
|
|
(2.08 |
)% |
|
|
$ |
15.56 |
|
|
|
$ |
15.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||||||
|
|
|
|
|
|
|
||||||
|
Sector |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
Education |
|
|
|
18 |
% |
|
|
|
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
|
16 |
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
|
15 |
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
|
12 |
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
|
11 |
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
|
8 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
|
7 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
|
7 |
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
|
4 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
|
2 |
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||||||
|
|
|||||||||||
|
Credit Rating |
|
October 31, 2005 |
|
October 31, 2004 |
|
||||||
|
|
|
|
|
|
|
||||||
|
AAA/Aaa |
|
|
|
43 |
% |
|
|
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
|
22 |
|
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
|
18 |
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
|
10 |
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
|
3 |
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Caa |
|
|
|
3 |
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
|
1 |
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
10
|
|
|
TRUST SUMMARIES |
|
OCTOBER 31, 2005 |
|
BlackRock New York Municipal Income Trust (BNY) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|||
|
Symbol on New York Stock Exchange: |
|
BNY |
|
|||
|
|
|
|||||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|||||
|
Closing Market Price as of 10/31/05: |
|
|
$ |
15.19 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 10/31/05: |
|
|
$ |
15.44 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 10/31/05 ($15.19):1 |
|
|
|
5.95 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.075339 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.904068 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 10/31/05:3 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
10/31/05 |
|
10/31/04 |
|
Change |
|
High |
|
Low |
|
|||||||||||||||
|
|
|
|||||||||||||||||||||||||
|
Market Price |
|
|
$ |
15.19 |
|
|
|
$ |
13.99 |
|
|
|
|
8.58 |
% |
|
|
$ |
15.78 |
|
|
|
$ |
13.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.44 |
|
|
|
$ |
15.28 |
|
|
|
|
1.05 |
% |
|
|
$ |
15.77 |
|
|
|
$ |
15.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
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Portfolio Composition |
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Sector |
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October 31, 2005 |
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October 31, 2004 |
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Transportation |
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19 |
% |
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17 |
% |
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Housing |
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15 |
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7 |
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Industrial & Pollution Control |
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15 |
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12 |
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Lease Revenue |
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12 |
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13 |
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Tobacco |
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12 |
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10 |
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Education |
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8 |
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12 |
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Hospitals |
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7 |
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5 |
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Water & Sewer |
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6 |
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4 |
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City, County & State |
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5 |
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6 |
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Tax Revenue |
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1 |
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7 |
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Other |
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— |
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7 |
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Credit Quality Allocations4 |
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Credit Rating |
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October 31, 2005 |
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October 31, 2004 |
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AAA/Aaa |
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27 |
% |
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24 |
% |
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AA/Aa |
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18 |
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19 |
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A |
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20 |
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26 |
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BBB/Baa |
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26 |
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27 |
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BB/Ba |
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2 |
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1 |
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B |
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3 |
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— |
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Caa |
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3 |
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3 |
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Not Rated |
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1 |
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— |
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4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
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BlackRock Investment Quality Municipal Trust (BKN) |
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Rating1
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Principal
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Description |
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Option
Call |
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Value |
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LONG-TERM INVESTMENTS—154.5% |
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Alabama—5.8% |
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AAA |
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$ |
14,000 |
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Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA |
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09/10 @ 101 |
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$ |
15,218,280 |
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Alaska—2.4% |
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AAA |
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6,015 |
3 |
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Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/05, MBIA |
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N/A |
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6,150,037 |
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Arizona—0.7% |
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San. Luis Fac. Dev. Corp. Rev., Sr. Lien Proj. Regl. Detention Ctr., |
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NR |
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490 |
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6.25%, 5/01/15 |
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05/10 @ 107 |
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480,161 |
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NR |
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490 |
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7.00%, 5/01/20 |
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05/10 @ 107 |
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477,422 |
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NR |
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980 |
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7.25%, 5/01/27 |
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05/10 @ 107 |
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949,963 |
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1,907,546 |
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California—26.6% |
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California, GO, |
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AAA |
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10,000 |
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5.00%, 3/01/33 |
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03/15 @ 100 |
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10,269,400 |
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A |
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5,770 |
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5.625%, 5/01/18 |
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05/10 @ 101 |
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6,269,970 |
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BBB |
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7,000 |
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Foothill/Eastn. Transp. Corridor Agcy. Refdg. Conv. Cap. Apprec., Zero Coupon, 1/15/28 |
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01/14 @ 101 |
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5,940,550 |
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BBB |
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3,495 |
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Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40 |
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01/10 @ 101 |
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3,532,606 |
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A- |
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19,760 |
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Golden St. Tobacco Sec. Corp., Ser. A, 5.00%, 6/01/45 |
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06/15 @ 100 |
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19,764,347 |
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AAA |
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10,945 |
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Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA |
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08/13 @ 53.632 |
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3,983,323 |
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AAA |
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15,460 |
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Los Angeles Cnty., Asset Leasing Corp. Rev. Proj., 3.80%, 12/01/07, AMBAC |
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No Opt. Call |
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16,349,105 |
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AAA |
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3,150 |
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Univ. of California, Ser. C, 4.75%, 5/15/37, MBIA |
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05/13 @ 101 |
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3,114,374 |
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69,223,675 |
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Connecticut—1.2% |
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Baa3 |
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3,000 |
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Mashantucket Western Pequot Tribe Spec. Rev., Ser. A, 5.50%, 9/01/28 |
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09/09 @ 101 |
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3,079,380 |
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District of Columbia—2.2% |
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BBB |
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4,960 |
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Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 |
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No Opt. Call |
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5,614,621 |
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Florida—14.7% |
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AAA |
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5,705 |
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Brd. of Ed. Pub. Ed., Cap. Outlay, GO, Ser. A, 5.00%, 6/01/31 |
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06/14 @ 101 |
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5,911,293 |
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NR |
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2,110 |
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Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34 |
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05/13 @ 101 |
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2,193,261 |
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NR |
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3,700 |
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Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30 |
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10/10 @ 101 |
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4,079,065 |
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NR |
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2,250 |
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Live Oak Cmnty. Dev. Dist. No. 2, Ser. A, 5.85%, 5/01/35 |
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05/12 @ 101 |
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2,266,087 |
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BB+ |
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4,755 |
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Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 |
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11/14 @ 100 |
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5,283,423 |
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Miami Dade Cnty. Spl. Oblig. Cap. Apprec., |
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AAA |
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3,380 |
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Ser. A, Zero Coupon, 10/01/31, MBIA |
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10/15 @ 44.051 |
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843,378 |
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AAA |
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4,225 |
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Ser. A, Zero Coupon, 10/01/32, MBIA |
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10/15 @ 41.782 |
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996,635 |
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AAA |
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4,000 |
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Ser. A, Zero Coupon, 10/01/33, MBIA |
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10/15 @ 39.621 |
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891,800 |
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AAA |
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4,580 |
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Ser. A, Zero Coupon, 10/01/34, MBIA |
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10/15 @ 37.635 |
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967,662 |
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AAA |
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5,000 |
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Ser. A, Zero Coupon, 10/01/35, MBIA |
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10/15 @ 35.678 |
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1,001,100 |
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AAA |
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10,000 |
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Ser. A, Zero Coupon, 10/01/36, MBIA |
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10/15 @ 33.817 |
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1,891,700 |
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AAA |
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10,000 |
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Ser. A, Zero Coupon, 10/01/37, MBIA |
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10/15 @ 32.047 |
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1,792,500 |
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NR |
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9,975 |
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Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 |
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05/13 @ 100 |
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10,086,820 |
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38,204,724 |
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Georgia—6.1% |
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Atlanta Arpt. Passenger Fac., |
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AAA |
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5,000 |
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Ser. C, 5.00%, 1/01/33, FSA |
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07/14 @ 100 |
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5,130,450 |
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AAA |
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5,000 |
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Ser. J, 5.00%, 1/01/34, FSA |
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01/15 @ 100 |
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5,132,800 |
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AAA |
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4,000 |
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Atlanta Wtr. & Wstwtr. Rev., 5.00%, 11/01/34, FSA |
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11/14 @ 100 |
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4,116,760 |
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BBB |
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1,500 |
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Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 6.00%, 9/01/33 |
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09/14 @ 101 |
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1,579,335 |
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15,959,345 |
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Hawaii—1.0% |
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AAA |
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2,500 |
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Dept. of Budget & Fin., Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC |
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01/09 @ 101 |
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2,701,700 |
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See Notes to Financial Statements.
12
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BlackRock Investment Quality Municipal Trust (BKN) (continued) |
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Rating1
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Principal
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Description |
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Option
Call |
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Value |
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Illinois—11.0% |
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NR |
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$ |
1,920 |
4 |
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Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 |
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No Opt. Call |
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$ |
1,925,760 |
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AAA |
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1,040 |
3 |
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Chicago Brd. of Ed. Sch. Reform, 5.75%, 12/01/07, AMBAC |
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N/A |
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1,112,779 |
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AAA |
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5,000 |
5 |
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Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA |
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ETM |
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6,354,450 |
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Edl. Fac. Auth., |
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AAA |
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2,575 |
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4.10%, 7/01/13, FGIC |
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12/05 @ 100 |
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2,584,759 |
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AAA |
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2,070 |
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5.45%, 7/01/14, FGIC |
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12/05 @ 100 |
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2,076,790 |
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BB+ |
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690 |
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Fin. Auth. Rev., Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 |
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02/15 @ 100 |
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688,454 |
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Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj., |
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Baa2 |
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875 |
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Ser. A, 5.125%, 6/01/35 |
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06/14 @ 100 |
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854,770 |
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Baa3 |
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|
700 |
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Ser. B, 5.375%, 6/01/35 |
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06/14 @ 100 |
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684,257 |
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AA+ |
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5,800 |
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Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 |
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08/14 @ 100 |
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6,087,738 |
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O’Hare Intl. Arpt., |
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AAA |
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1,000 |
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Ser. A, 5.00%, 1/01/29, MBIA |
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01/15 @ 100 |
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1,025,060 |
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AAA |
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1,610 |
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Ser. A, 5.00%, 1/01/30, MBIA |
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01/15 @ 100 |
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1,647,932 |
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AAA |
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3,540 |
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Ser. C-2, 5.25%, 1/01/30, FSA |
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01/14 @ 100 |
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3,651,121 |
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28,693,870 |
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Kentucky—2.6% |
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AAA |
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15,715 |
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Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA |
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No Opt. Call |
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6,637,859 |
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Maryland—0.7% |
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Baa1 |
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1,740 |
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Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33 |
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08/14 @ 100 |
|
|
1,784,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts—0.6% |
|
|
|
|
|
|
|
AAA |
|
|
|
1,460 |
|
|
Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA |
|
01/07 @ 102 |
|
|
1,479,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan—1.6% |
|
|
|
|
|
|
|
BB+ |
|
|
|
4,000 |
|
|
Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 |
|
07/07 @ 101 |
|
|
4,165,640 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-State—4.8% |
|
|
|
|
|
|
|
Baa1 |
|
|
|
7,000 |
4 |
|
Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 |
|
11/10 @ 100 |
|
|
7,937,160 |
|
|
Baa1 |
|
|
|
4,000 |
4 |
|
MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 |
|
11/10 @ 100 |
|
|
4,529,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,466,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey—4.2% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,000 |
|
|
Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA |
|
01/10 @ 100 |
|
|
2,154,440 |
|
|
BBB |
|
|
|
7,000 |
|
|
Econ. Dev. Auth. Cigarette Tax Rev., 5.75%, 6/15/29 |
|
06/14 @ 100 |
|
|
7,339,710 |
|
|
NR |
|
|
|
1,510 |
|
|
Middlesex Cnty. Imprt. Auth. Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 |
|
01/15 @ 100 |
|
|
1,479,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,973,799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York—14.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dorm. Auth., |
|
|
|
|
|
|
|
AAA |
|
|
|
2,030 |
|
|
Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/23, MBIA |
|
07/10 @ 101 |
|
|
1,707,027 |
|
|
AAA |
|
|
|
1,865 |
|
|
Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/21, MBIA |
|
07/10 @ 101 |
|
|
1,566,843 |
|
|
AA- |
|
|
|
17,960 |
|
|
Liberty Dev. Corp. Rev. Proj., 5.25%, 10/01/35 |
|
No Opt. Call |
|
|
19,659,914 |
|
|
|
|
|
|
|
|
|
New York City Ind. Dev. Agcy., |
|
|
|
|
|
|
|
A- |
|
|
|
4,000 |
|
|
Term. One Grp. Assoc. Proj., 6.00%, 1/01/08 |
|
12/05 @ 101 |
|
|
4,022,120 |
|
|
A- |
|
|
|
1,000 |
|
|
Term. One Grp. Assoc. Proj., 6.00%, 1/01/15 |
|
12/05 @ 101 |
|
|
1,005,530 |
|
|
|
|
|
|
|
|
|
New York City, GO, |
|
|
|
|
|
|
|
A+ |
|
|
|
4,805 |
5,6 |
|
Ser. E, 6.50%, 2/15/06 |
|
ETM |
|
|
4,852,377 |
|
|
A+ |
|
|
|
2,195 |
6 |
|
Ser. E, 6.50%, 2/15/06 |
|
No Opt. Call |
|
|
2,216,774 |
|
|
AAA |
|
|
|
3,115 |
|
|
Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC |
|
10/14 @ 100 |
|
|
3,240,285 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,270,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina—4.3% |
|
|
|
|
|
|
|
AA+ |
|
|
|
3,280 |
|
|
Cap. Fac. Fin. Agcy., Ser. A, 5.00%, 10/01/41 |
|
10/15 @ 100 |
|
|
3,357,113 |
|
|
AAA |
|
|
|
5,000 |
|
|
Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC |
|
No Opt. Call |
|
|
5,381,450 |
|
|
NR |
|
|
|
2,425 |
|
|
Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fin. Auth., 5.75%, 8/01/35 |
|
08/15 @ 100 |
|
|
2,495,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,233,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio—7.8% |
|
|
|
|
|
|
|
AAA |
|
|
|
10,475 |
|
|
Air Qual. Dev. Auth., 4.80%, 1/01/34, FGIC |
|
07/15 @ 100 |
|
|
10,458,240 |
|
|
|
|
|
|
|
|
|
Cuyahoga Cnty. Cleveland Clinic Hlth. Sys. Proj., |
|
|
|
|
|
|
|
Aa3 |
|
|
|
3,485 |
|
|
6.00%, 1/01/20 |
|
07/13 @ 100 |
|
|
3,896,927 |
|
|
Aa3 |
|
|
|
5,000 |
|
|
6.00%, 1/01/21 |
|
07/13 @ 100 |
|
|
5,580,600 |
|
|
AAA |
|
|
|
290 |
5 |
|
Cuyahoga Cnty. Port Auth., Port Dev. Proj., 6.00%, 3/01/07 |
|
ETM |
|
|
296,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,232,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
13
|
|
|
|
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1
|
|
Principal
|
|
Description |
|
Option
Call |
|
Value |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Oklahoma—1.1% |
|
|
|
|
|
|
|
B- |
|
|
$ |
2,900 |
|
|
Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 |
|
No Opt. Call |
|
$ |
2,899,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oregon—1.1% |
|
|
|
|
|
|
|
BB+ |
|
|
|
2,930 |
|
|
Klamath Falls Elec., Klamath Cogen Proj., 5.50%, 1/01/07 |
|
No Opt. Call |
|
|
2,915,291 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania—8.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Econ. Dev. Fin. Auth., Amtrak Proj., |
|
|
|
|
|
|
|
A3 |
|
|
|
2,000 |
|
|
Ser. A, 6.25%, 11/01/31 |
|
05/11 @ 101 |
|
|
2,127,140 |
|
|
A3 |
|
|
|
3,100 |
|
|
Ser. A, 6.375%, 11/01/41 |
|
05/11 @ 101 |
|
|
3,307,762 |
|
|
BB- |
|
|
|
8,235 |
|
|
Econ. Dev. Fin. Auth., Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36 |
|
12/09 @ 103 |
|
|
8,805,356 |
|
|
A |
|
|
|
2,750 |
3 |
|
Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.875%, 1/01/06 |
|
N/A |
|
|
2,790,013 |
|
|
AAA |
|
|
|
4,000 |
|
|
Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC |
|
06/06 @ 100 |
|
|
4,057,800 |
|
|
|
|
|
|
|
|
|
McKeesport Area Sch. Dist., |
|
|
|
|
|
|
|
AAA |
|
|
|
870 |
5 |
|
Zero Coupon, 10/01/31, FGIC |
|
ETM |
|
|
247,550 |
|
|
AAA |
|
|
|
2,435 |
|
|
Zero Coupon, 10/01/31, FGIC |
|
No Opt. Call |
|
|
643,911 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,979,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island—0.8% |
|
|
|
|
|
|
|
AAA |
|
|
|
2,000 |
|
|
Hlth. & Edl. Bldg. Corp. Hosp. Fin., 5.50%, 5/15/16, MBIA |
|
05/07 @ 102 |
|
|
2,086,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina—2.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jobs Econ. Dev. Auth. Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj., |
|
|
|
|
|
|
|
BBB+ |
|
|
|
2,185 |
|
|
Ser. A, 6.25%, 8/01/31 |
|
08/13 @ 100 |
|
|
2,354,032 |
|
|
BBB+ |
|
|
|
4,000 |
|
|
Ser. C, 6.875%, 8/01/27 |
|
08/13 @ 100 |
|
|
4,629,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,983,232 |
|
|
|
|
|
|
|
|
|
Tennessee—2.0% |
|
|
|
|
|
|
|
AAA |
|
|
|
4,865 |
|
|
Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC |
|
03/10 @ 101 |
|
|
5,218,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas—15.3% |
|
|
|
|
|
|
|
B2 |
|
|
|
6,320 |
7 |
|
Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26 |
|
11/11 @ 102 |
|
|
4,817,609 |
|
|
BBB |
|
|
|
4,300 |
|
|
Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 |
|
10/13 @ 101 |
|
|
4,718,992 |
|
|
AAA |
|
|
|
6,000 |
3 |
|
Grapevine, GO, 5.875%, 8/15/10, FGIC |
|
N/A |
|
|
6,625,020 |
|
|
AAA |
|
|
|
5,000 |
|
|
Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA |
|
11/30 @ 61.166 |
|
|
790,150 |
|
|
AAA |
|
|
|
8,375 |
|
|
Humble Indpt. Sch. Dist. Sch. Bldg., Ser. B, 5.00%, 2/15/30, FGIC |
|
02/15 @ 100 |
|
|
8,618,880 |
|
|
AAA |
|
|
|
9,495 |
|
|
La Joya Indpt. Sch. Dist., 5.00%, 2/15/34, PSF-GTD |
|
02/14 @ 100 |
|
|
9,714,050 |
|
|
AAA |
|
|
|
15,000 |
|
|
Tpke. Auth. Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC |
|
08/12 @ 32.807 |
|
|
3,541,350 |
|
|
AA+ |
|
|
|
1,000 |
|
|
Wtr. Fin. Asst., GO, 5.75%, 8/01/22 |
|
08/10 @ 100 |
|
|
1,082,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,909,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah—2.9% |
|
|
|
|
|
|
|
AAA |
|
|
|
1,950 |
5 |
|
Intermountain Pwr. Agcy. Pwr. Sply. Rev., 5.00%, 7/01/13, AMBAC |
|
ETM |
|
|
1,956,610 |
|
|
AAA |
|
|
|
5,560 |
|
|
Trans. Auth., 4.75%, 6/15/35, FSA |
|
12/15 @ 100 |
|
|
5,507,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,463,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington—5.3% |
|
|
|
|
|
|
|
AAA |
|
|
|
13,395 |
|
|
Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA |
|
07/06 @ 102 |
|
|
13,881,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin—1.9% |
|
|
|
|
|
|
|
A- |
|
|
|
3,220 |
|
|
Hlth. & Edl. Facs. Auth. Aurora Hlth. Care Proj., 6.40%, 4/15/33 |
|
04/13 @ 100 |
|
|
3,522,551 |
|
|
AAA |
|
|
|
1,500 |
|
|
Pub. Pwr, Inc. Sys., Ser. A, 5.00%, 7/01/35, AMBAC |
|
07/15 @ 100 |
|
|
1,542,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,065,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments (cost $386,408,712) |
|
|
|
|
402,401,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
14
|
|
|
|
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
Description |
|
Option
Call |
|
Value |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
MONEY MARKET FUND—0.6% |
|
|
|
|
|
|
|
|
|
1,750 |
|
AIM Tax Free
Investment Co. Cash Reserve Portfolio |
|
N/A |
|
$ |
1,750,000 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—155.1% (cost $388,158,7128) |
. |
|
|
|
404,151,876 |
|
|
|
|
|
|
|
|
|
Other assets in excess of liabilities—1.2% |
|
|
|
|
3,053,018 |
|
|
|
|
|
|
|
|
|
Preferred shares at redemption value, including dividends payable—(56.3)% |
|
|
|
|
(146,711,021 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders—100% |
. |
|
|
$ |
260,493,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
2 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
|
3 |
This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
|
4 |
Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2005, the Trust held 5.53% of its net assets, with a current market value of $14,392,440, in securities restricted as to resale. |
|
5 |
Security is collateralized by U.S. Treasury obligations. |
|
6 |
Security, or a portion thereof, pledged as collateral with a value of $1,211,832 on 362 short U.S. Treasury Note futures contracts expiring December 2005 and 138 short U.S. Treasury Bond futures contracts expiring December 2005. The value of such contracts on October 31, 2005, was $54,711,719, with an unrealized gain of $1,675,893. |
|
7 |
Illiquid Security. As of October 31, 2005, the Trust held 1.8% of its net assets, with a current market value of $4,817,609. |
|
8 |
Cost for Federal income tax purposes is $387,601,352. The net unrealized appreciation/depreciation on a tax basis is $16,550,524, consisting of $20,074,480 gross unrealized appreciation and $3,523,956 gross unrealized depreciation. |
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KEY TO ABBREVIATIONS |
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|
AMBAC |
— |
American Municipal Bond Assurance Corporation |
|
FSA |
— |
Financial Security Assurance |
|
CAPMAC |
— |
Capital Markets Assurance Company |
|
GO |
— |
General Obligation |
|
ETM |
— |
Escrowed to Maturity |
|
MBIA |
— |
Municipal Bond Insurance Association |
|
FGIC |
— |
Financial Guaranty Insurance Company |
|
PCR |
— |
Pollution Control Revenue |
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|
See Notes to Financial Statements.
15
|
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|
PORTFOLIO OF INVESTMENTS |
|
|
BlackRock Municipal Income Trust (BFK) |
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Rating1 |
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Principal |
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Description |
|
Option Call |
|
Value |
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LONG-TERM INVESTMENTS—152.0% |
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|
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Alabama—2.5% |
|
|
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|
|
|
A2 |
|
|
$ |
15,000 |
|
|
Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32 |
|
06/12 @ 101 |
|
$ |
15,944,700 |
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Arizona—1.2% |
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|
A3 |
|
|
|
7,000 |
|
|
Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care Proj., 5.80%, 12/01/31 |
|
12/11 @ 101 |
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|
7,455,490 |
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California—22.1% |
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Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., |
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BBB |
|
|
|
54,635 |
|
|
Zero Coupon, 1/15/32 |
|
01/10 @ 27.37 |
|
|
11,684,241 |
|
|
BBB |
|
|
|
20,535 |
|
|
Zero Coupon, 1/15/34 |
|
01/10 @ 24.228 |
|
|
3,883,579 |
|
|
BBB |
|
|
|
75,000 |
|
|
Zero Coupon, 1/15/38 |
|
01/10 @ 19.014 |
|
|
11,111,250 |
|
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|
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|
|
Golden St. Tobacco Sec. Corp., |
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|
A- |
|
|
|
50,355 |
|
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Ser. A, 5.00%, 6/01/45 |
|
06/15 @ 100 |
|
|
50,366,078 |
|
|
BBB |
|
|
|
10,000 |
|
|
Ser. A-1, 6.625%, 6/01/40 |
|
06/13 @ 100 |
|
|
11,236,300 |
|
|
NR |
|
|
|
3,500 |
|
|
Lincoln Spl. Tax, Cmnty. Facs. Dist., 6.00%, 9/01/34 |
|
09/13 @ 102 |
|
|
3,699,220 |
|
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|
|
Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., |
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|
B- |
|
|
|
14,805 |
|
|
Amer. Airlines, Inc. Proj., Ser. C, 7.50%, 12/01/24 |
|
12/12 @ 102 |
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|
14,589,439 |
|
|
AAA |
|
|
|
13,320 |
|
|
Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC |
|
01/12 @ 100 |
|
|
13,854,532 |
|
|
NR |
|
|
|
5,000 |
|
|
Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34 |
|
09/14 @ 100 |
|
|
5,183,150 |
|
|
A |
|
|
|
5,000 |
|
|
Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33 |
|
04/13 @ 100 |
|
|
5,228,550 |
|
|
AAA |
|
|
|
11,440 |
|
|
Univ. of California, Ser. C, 4.75%, 5/15/37, MBIA |
|
05/13 @ 101 |
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|
11,310,614 |
|
|
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|
|
|
|
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|
|
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|
|
142,146,953 |
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Colorado—0.6% |
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|
BBB |
|
|
|
3,500 |
|
|
Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 |
|
12/11 @ 100 |
|
|
3,642,310 |
|
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District of Columbia—6.4% |
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|
District of Columbia, |
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A |
|
|
|
2,390 |
|
|
Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA |
|
06/14 @ 100 |
|
|
2,404,651 |
|
|
AAA |
|
|
|
15,600 |
|
|
Georgetown Univ., Ser. A, Zero Coupon, 4/01/36, MBIA |
|
04/11 @ 22.875 |
|
|
2,681,640 |
|
|
AAA |
|
|
|
51,185 |
|
|
Georgetown Univ., Ser. A, Zero Coupon, 4/01/37, MBIA |
|
04/11 @ 21.546 |
|
|
8,283,780 |
|
|
BBB |
|
|
|
25,535 |
|
|
Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 |
|
05/11 @ 101 |
|
|
27,898,264 |
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|
|
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|
|
|
|
|
|
|
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|
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|
41,268,335 |
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Florida—11.8% |
|
|
|
|
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|
|
NR |
|
|
|
3,000 |
|
|
Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35 |
|
05/14 @ 101 |
|
|
3,076,590 |
|
|
NR |
|
|
|
4,000 |
|
|
Bellalago Edu. Fac. Benefits Dist., Ser. B, 5.80%, 5/01/34 |
|
05/14 @ 100 |
|
|
4,038,080 |
|
|
NR |
|
|
|
4,000 |
|
|
Bridgewater Cmnty. Dev. Dist., Florida Spl. Assmt., Ser. A, 6.00%, 5/01/35 |
|
05/12 @ 101 |
|
|
4,052,600 |
|
|
NR |
|
|
|
2,000 |
|
|
CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35 |
|
05/14 @ 101 |
|
|
2,088,220 |
|
|
NR |
|
|
|
3,000 |
|
|
City Ctr. Cmnty. Dev. Dist. Spec. Assmt. Rev., Ser. A, 6.125%, 5/01/36 |
|
05/15 @ 101 |
|
|
2,905,140 |
|
|
Baa2 |
|
|
|
4,600 |
|
|
Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 |
|
09/06 @ 102 |
|
|
4,734,550 |
|
|
NR |
|
|
|
2,000 |
|
|
Heritage Isle At Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35 |
|
05/12 @ 101 |
|
|
2,032,400 |
|
|
A+ |
|
|
|
9,670 |
|
|
Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31 |
|
11/11 @ 101 |
|
|
10,423,003 |
|
|
BB+ |
|
|
|
9,000 |
|
|
Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25 |
|
12/05 @ 102 |
|
|
9,299,520 |
|
|
BB+ |
|
|
|
11,685 |
|
|
Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 |
|
11/14 @ 100 |
|
|
12,983,554 |
|
|
NR |
|
|
|
3,970 |
|
|
Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35 |
|
05/14 @ 100 |
|
|
4,056,506 |
|
|
NR |
|
|
|
9,970 |
|
|
Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 |
|
05/13 @ 100 |
|
|
10,081,764 |
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|
|
|
|
|
|
|
|
World Commerce Cmnty. Dev. Dist., |
|
|
|
|
|
|
|
NR |
|
|
|
4,000 |
|
|
Ser. A-1, 6.50%, 5/01/36 |
|
05/14 @ 101 |
|
|
4,130,240 |
|
|
NR |
|
|
|
1,750 |
|
|
Ser. A-2, 6.125%, 5/01/35 |
|
05/14 @ 101 |
|
|
1,800,872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,703,039 |
|
|
|
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|
|
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|
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|
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|
|
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|
|
Georgia—2.2% |
|
|
|
|
|
|
|
AAA |
|
|
|
9,700 |
|
|
Atlanta Arpt. Passenger Fac., Ser. C, 5.00%, 1/01/33, FSA |
|
07/14 @ 100 |
|
|
9,953,073 |
|
|
BBB |
|
|
|
4,000 |
|
|
Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25 |
|
02/12 @ 101 |
|
|
4,205,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,158,593 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
|
Idaho—2.8% |
|
|
|
|
|
|
|
AAA |
|
|
|
16,970 |
|
|
Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC |
|
04/11 @ 100 |
|
|
17,679,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
16
|
BlackRock Municipal Income Trust (BFK) (continued) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Option Call |
|
Value |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
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|
|
Illinois—12.6% |
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|
|
|
|
|
|
|
|
Bolingbrook, |
|
|
|
|
|
|
|
AAA |
|
|
$ |
7,120 |
|
|
Ser. B, Zero Coupon, 1/01/33, FGIC |
|
No Opt. Call |
|
$ |
1,765,760 |
|
|
AAA |
|
|
|
14,085 |
|
|
Ser. B, Zero Coupon, 1/01/34, FGIC |
|
No Opt. Call |
|
|
3,318,285 |
|
|
NR |
|
|
|
4,630 |
3 |
|
Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 |
|
No Opt. Call |
|
|
4,643,890 |
|
|
A+ |
|
|
|
7,145 |
4 |
|
Dev. Fin. Auth. Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24 |
|
11/09 @ 101 |
|
|
7,448,162 |
|
|
Aa1 |
|
|
|
760 |
|
|
Edl. Facs Auth. Revs. Bal Union Chicago Proj., Ser. A, 5.25%, 7/01/41 |
|
07/11 @ 101 |
|
|
792,004 |
|
|
|
|
|
|
|
|
|
Edl. Facs. Auth., Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., |
|
|
|
|
|
|
|
BBB |
|
|
|
10,000 |
|
|
6.25%, 5/01/30 |
|
05/12 @ 101 |
|
|
10,613,000 |
|
|
BBB |
|
|
|
7,000 |
|
|
6.25%, 5/01/34 |
|
05/07 @ 100 |
|
|
7,175,140 |
|
|
BB+ |
|
|
|
1,685 |
|
|
Fin. Auth. Rev., Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 |
|
02/15 @ 100 |
|
|
1,681,226 |
|
|
|
|
|
|
|
|
|
Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj., |
|
|
|
|
|
|
|
Baa2 |
|
|
|
2,100 |
|
|
Ser. A, 5.125%, 6/01/35 |
|
06/14 @ 100 |
|
|
2,051,448 |
|
|
Baa3 |
|
|
|
1,675 |
|
|
Ser. B, 5.375%, 6/01/35 |
|
06/14 @ 100 |
|
|
1,637,329 |
|
|
AA+ |
|
|
|
3,700 |
|
|
Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 |
|
08/14 @ 100 |
|
|
3,883,557 |
|
|
|
|
|
|
|
|
|
Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care, |
|
|
|
|
|
|
|
A |
|
|
|
5,000 |
|
|
5.50%, 1/01/22 |
|
01/13 @ 100 |
|
|
5,225,050 |
|
|
A |
|
|
|
6,000 |
|
|
5.625%, 1/01/28 |
|
01/13 @ 100 |
|
|
6,267,000 |
|
|
AAA |
|
|
|
40,000 |
|
|
Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj., |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ser. A, Zero Coupon, 12/15/34, MBIA |
|
No Opt. Call |
|
|
9,416,000 |
|
|
|
|
|
|
|
|
|
O’Hare Intl. Arpt., |
|
|
|
|
|
|
|
AAA |
|
|
|
3,000 |
|
|
Ser. A, 5.00%, 1/01/29, MBIA |
|
01/15 @ 100 |
|
|
3,075,180 |
|
|
AAA |
|
|
|
4,000 |
|
|
Ser. A, 5.00%, 1/01/30, MBIA |
|
01/15 @ 100 |
|
|
4,094,240 |
|
|
AAA |
|
|
|
7,645 |
|
|
Ser. C-2, 5.25%, 1/01/30, FSA |
|
01/14 @ 100 |
|
|
7,884,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,972,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana—7.3% |
|
|
|
|
|
|
|
A+ |
|
|
|
9,000 |
|
|
Hlth. Fac. Fin. Auth., Methodist Hosp. Inc. Proj., 5.50%, 9/15/31 |
|
09/11 @ 100 |
|
|
9,216,630 |
|
|
BBB |
|
|
|
7,500 |
|
|
Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17 |
|
No Opt. Call |
|
|
7,660,050 |
|
|
|
|
|
|
|
|
|
Petersburg, PCR, Pwr. & Lt. Conv., |
|
|
|
|
|
|
|
BBB+ |
|
|
|
10,000 |
|
|
5.90%, 12/01/24 |
|
08/11 @ 102 |
|
|
10,471,900 |
|
|
BBB+ |
|
|
|
16,000 |
|
|
5.95%, 12/01/29 |
|
08/11 @ 102 |
|
|
16,704,640 |
|
|
NR |
|
|
|
2,545 |
|
|
Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 |
|
01/09 @ 102 |
|
|
2,519,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,572,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky—1.4% |
|
|
|
|
|
|
|
AAA |
|
|
|
9,060 |
|
|
Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32, FNMA |
|
07/11 @ 100 |
|
|
9,268,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana—2.5% |
|
|
|
|
|
|
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Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., |
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|
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A |
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10,510 |
|
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Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA |
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No Opt. Call |
|
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11,352,692 |
|