UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10339
____BlackRock Municipal Income Trust____
(Exact name of registrant as specified in charter)
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Robert S. Kapito, President
Black 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, 2006__________________________________
Date of reporting period:__ April
30, 2006____________________________________
Item 1. Reports to Stockholders.
The
Registrant’s semi-annual report transmitted to stockholders pursuant to
Rule 30e-1 under the Investment Company Act of 1940 is as follows:
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FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS |
BlackRock
Closed-End Funds
Semi-Annual Report
APRIL 30, 2006 (UNAUDITED)
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Municipal Income Trust (BFK)
BlackRock California Investment Quality Municipal Trust (RAA)
BlackRock California Municipal Income Trust (BFZ)
BlackRock Florida Investment Quality Municipal Trust (RFA)
BlackRock Florida Municipal Income Trust (BBF)
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock New York Investment Quality Municipal Trust (RNY)
BlackRock New York Municipal Income Trust (BNY)
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NOT FDIC INSURED |
TABLE OF CONTENTS
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1 |
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2 |
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Financial Statements |
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12 |
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37 |
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39 |
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41 |
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45 |
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55 |
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61 |
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62 |
Privacy Principles of the Trusts
The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.
Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
April 30, 2006
Dear Shareholder:
We are pleased to report that during the semi-annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited and audited financial statements and a listing of the portfolios’ holdings.
The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.
The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2006.
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Trust (Ticker) |
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Current |
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Tax- |
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Closing |
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NAV |
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BlackRock Investment Quality Municipal Trust (BKN) |
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5.92 |
% |
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9.11 |
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$ |
17.90 |
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$ |
15.45 |
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BlackRock Municipal Income Trust (BFK) |
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6.03 |
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9.28 |
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16.45 |
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14.91 |
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BlackRock California Investment Quality Municipal Trust (RAA) |
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5.41 |
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8.32 |
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15.65 |
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14.16 |
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BlackRock California Municipal Income Trust (BFZ) |
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5.77 |
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8.88 |
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15.82 |
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15.36 |
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BlackRock Florida Investment Quality Municipal Trust (RFA) |
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5.46 |
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8.40 |
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15.55 |
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14.06 |
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BlackRock Florida Municipal Income Trust (BBF) |
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5.67 |
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8.72 |
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15.95 |
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15.53 |
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BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
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5.26 |
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8.09 |
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16.00 |
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14.37 |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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5.65 |
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8.69 |
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16.90 |
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16.09 |
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BlackRock New York Investment Quality Municipal Trust (RNY) |
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5.74 |
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8.83 |
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15.30 |
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14.84 |
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BlackRock New York Municipal Income Trust (BNY) |
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5.57 |
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8.57 |
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16.22 |
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15.57 |
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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 March 31, 2006, BlackRock managed over $25 billion in municipal bonds, including seven open-end and 38 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manages the Trusts, are wholly owned subsidiaries of BlackRock.
On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.
Sincerely,
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Laurence D. Fink |
Ralph L. Schlosstein |
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Chief Executive Officer |
President |
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BlackRock Advisors, Inc. |
BlackRock Advisors, Inc. |
1
TRUST SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock Investment Quality Municipal Trust (BKN)
Trust Information
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Symbol on New York Stock Exchange: |
BKN |
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Initial Offering Date: |
February 19, 1993 |
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Closing Market Price as of 4/30/06: |
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17.90 |
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Net Asset Value as of 4/30/06: |
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15.45 |
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Yield on Closing Market Price as of 4/30/06 ($17.90):1 |
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5.92% |
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Current Monthly Distribution per Common Share:2 |
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0.088250 |
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Current Annualized Distribution per Common Share:2 |
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1.0590 |
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Leverage as of 4/30/06:3 |
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36% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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The distribution is not constant and is subject to change. |
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As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
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4/30/06 |
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10/31/05 |
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Change |
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High |
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Low |
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Market Price |
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$ |
17.90 |
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$ |
16.62 |
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7.70 |
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$ |
18.03 |
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$ |
16.55 |
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NAV |
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$ |
15.45 |
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$ |
15.59 |
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(0.90 |
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$ |
15.76 |
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$ |
15.42 |
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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
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Sector |
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April 30, 2006 |
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October 31, 2005 |
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City, County & State |
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20 |
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17 |
% |
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Industrial & Pollution Control |
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15 |
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17 |
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Education |
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13 |
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11 |
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Transportation |
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11 |
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10 |
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Hospitals |
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10 |
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11 |
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Water & Sewer |
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8 |
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1 |
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Lease Revenue |
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6 |
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11 |
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Tax Revenue |
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6 |
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7 |
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Housing |
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5 |
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7 |
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Power |
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5 |
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7 |
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Tobacco |
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1 |
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1 |
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Credit Quality Allocations4
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Credit Rating |
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April 30, 2006 |
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October 31, 2005 |
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AAA/Aaa |
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57 |
% |
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50 |
% |
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AA/Aa |
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12 |
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10 |
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A |
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5 |
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12 |
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BBB/Baa |
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13 |
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9 |
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BB/Ba |
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4 |
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12 |
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B |
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1 |
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— |
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Not Rated |
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8 |
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7 |
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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
TRUST SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock Municipal Income Trust (BFK)
Trust Information
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Symbol on New York Stock Exchange: |
BFK |
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Initial Offering Date: |
July 27, 2001 |
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Closing Market Price as of 4/30/06: |
$ |
16.45 |
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Net Asset Value as of 4/30/06: |
$ |
14.91 |
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Yield on Closing Market Price as of 4/30/06 ($16.45):1 |
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6.03% |
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Current Monthly Distribution per Common Share:2 |
$ |
0.082625 |
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Current Annualized Distribution per Common Share:2 |
$ |
0.9915 |
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Leverage as of 4/30/06:3 |
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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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4/30/06 |
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10/31/05 |
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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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$ |
16.45 |
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$ |
15.69 |
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4.84 |
% |
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$ |
16.78 |
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$ |
15.31 |
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NAV |
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$ |
14.91 |
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$ |
14.71 |
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1.36 |
% |
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$ |
15.12 |
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$ |
14.63 |
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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
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Sector |
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April 30, 2006 |
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October 31, 2005 |
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Industrial & Pollution Control |
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22 |
% |
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21 |
% |
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Hospitals |
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19 |
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23 |
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City, County & State |
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12 |
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8 |
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Transportation |
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11 |
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11 |
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Education |
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8 |
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5 |
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Housing |
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8 |
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11 |
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Tax Revenue |
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5 |
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6 |
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Water & Sewer |
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5 |
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1 |
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Power |
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4 |
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3 |
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Tobacco |
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4 |
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4 |
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Lease Revenue |
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2 |
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7 |
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Credit Quality Allocations4
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Credit Rating |
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April 30, 2006 |
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October 31, 2005 |
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AAA/Aaa |
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31 |
% |
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26 |
% |
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AA/Aa |
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12 |
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6 |
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A |
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20 |
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27 |
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BBB/Baa |
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20 |
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18 |
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BB/Ba |
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5 |
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5 |
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B |
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6 |
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10 |
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Not Rated |
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6 |
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8 |
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4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
3
TRUST SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock California Investment Quality Municipal Trust (RAA)
Trust Information
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Symbol on American Stock Exchange: |
RAA |
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Initial Offering Date: |
May 28, 1993 |
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Closing Market Price as of 4/30/06: |
$ |
15.65 |
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Net Asset Value as of 4/30/06: |
$ |
14.16 |
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Yield on Closing Market Price as of 4/30/06 ($15.65):1 |
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5.41% |
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Current Monthly Distribution per Common Share:2 |
$ |
0.0706 |
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Current Annualized Distribution per Common Share:2 |
$ |
0.8472 |
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Leverage as of 4/30/06:3 |
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35% |
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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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|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
15.65 |
|
$ |
15.75 |
|
|
(0.63 |
)% |
|
$ |
16.60 |
|
$ |
13.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
14.16 |
|
$ |
14.20 |
|
|
(0.28 |
)% |
|
$ |
14.36 |
|
$ |
14.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sector |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
City, County & State |
|
|
25 |
% |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
19 |
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
14 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
13 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
10 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
7 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
5 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
4 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
3 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Credit Rating |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
|
48 |
% |
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
6 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
16 |
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
15 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
10 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
4
TRUST
SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock California Municipal Income Trust (BFZ)
Trust Information
|
|
|
|
|
|
|
|
|
Symbol on New York Stock Exchange: |
BFZ |
|
|
|
|
|
|
Initial Offering Date: |
July 27, 2001 |
|
|
|
|
|
|
Closing Market Price as of 4/30/06: |
$ |
15.82 |
|
|
|
|
|
Net Asset Value as of 4/30/06: |
$ |
15.36 |
|
|
|
|
|
Yield on Closing Market Price as of 4/30/06 ($15.82):1 |
|
5.77% |
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
$ |
0.076074 |
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
$ |
0.912888 |
|
|
|
|
|
Leverage as of 4/30/06:3 |
|
36% |
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
15.82 |
|
$ |
14.92 |
|
|
6.03 |
% |
|
$ |
15.84 |
|
$ |
14.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.36 |
|
$ |
15.18 |
|
|
1.19 |
% |
|
$ |
15.53 |
|
$ |
15.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sector |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
City, County & State |
|
|
19 |
% |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
Education |
|
|
15 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
14 |
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
14 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
12 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
10 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
8 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
5 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
2 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Credit Rating |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
|
46 |
% |
|
38 |
% |
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
28 |
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
12 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
1 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
10 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating.† |
5
TRUST
SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock Florida Investment Quality Municipal Trust (RFA)
Trust Information
|
|
|
|
|
|
|
|
|
Symbol on American Stock Exchange: |
RFA |
|
|
|
|
|
|
Initial Offering Date: |
May 28, 1993 |
|
|
|
|
|
|
Closing Market Price as of 4/30/06: |
$ |
15.55 |
|
|
|
|
|
Net Asset Value as of 4/30/06: |
$ |
14.06 |
|
|
|
|
|
Yield on Closing Market Price as of 4/30/06 ($15.55):1 |
|
5.46% |
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
$ |
0.070781 |
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
$ |
0.849372 |
|
|
|
|
|
Leverage as of 4/30/06:3 |
|
35% |
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
15.55 |
|
$ |
14.85 |
|
|
4.71 |
% |
|
$ |
15.85 |
|
$ |
14.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
14.06 |
|
$ |
14.39 |
|
|
(2.29 |
)% |
|
$ |
14.39 |
|
$ |
14.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sector |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
Hospitals |
|
|
20 |
% |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
16 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
15 |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
12 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
11 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
7 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
6 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
5 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Credit Rating |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
|
48 |
% |
|
47 |
% |
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
7 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
19 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
— |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
18 |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
6
TRUST
SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock Florida Municipal Income Trust (BBF)
Trust Information
|
|
|
|
|
|
|
|
|
Symbol on New York Stock Exchange: |
BBF |
|
|
|
|
|
|
Initial Offering Date: |
July 27, 2001 |
|
|
|
|
|
|
Closing Market Price as of 4/30/06: |
$ |
15.95 |
|
|
|
|
|
Net Asset Value as of 4/30/06: |
$ |
15.53 |
|
|
|
|
|
Yield on Closing Market Price as of 4/30/06 ($15.95):1 |
|
5.67% |
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
$ |
0.075375 |
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
$ |
0.9045 |
|
|
|
|
|
Leverage as of 4/30/06:3 |
|
36% |
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
15.95 |
|
$ |
15.25 |
|
|
4.59 |
% |
|
$ |
16.86 |
|
$ |
14.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.53 |
|
$ |
15.48 |
|
|
0.32 |
% |
|
$ |
15.72 |
|
$ |
15.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sector |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
City, County & State |
|
|
31 |
% |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
21 |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
13 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
7 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
6 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
6 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Power |
|
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
3 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Credit Rating |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
|
34 |
% |
|
28 |
% |
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
33 |
|
|
34 |
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
6 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
10 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
2 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
|
15 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
5 |
The investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of April 30, 2006, and October 31, 2005, the market value of these securities was $3,399,723, representing 2.2% and $3,452,437, representing 2.3% of the Trust’s long-term investments. |
7
TRUST
SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
Trust Information
|
|
|
|
|
|
|
|
|
Symbol on American Stock Exchange: |
RNJ |
|
|
|
|
|
|
Initial Offering Date: |
May 28, 1993 |
|
|
|
|
|
|
Closing Market Price as of 4/30/06: |
$ |
16.00 |
|
|
|
|
|
Net Asset Value as of 4/30/06: |
$ |
14.37 |
|
|
|
|
|
Yield on Closing Market Price as of 4/30/06 ($16.00):1 |
|
5.26% |
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
$ |
0.070125 |
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
$ |
0.8415 |
|
|
|
|
|
Leverage as of 4/30/06:3 |
|
34% |
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
16.00 |
|
$ |
14.70 |
|
|
8.84 |
% |
|
$ |
17.00 |
|
$ |
14.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
14.37 |
|
$ |
14.48 |
|
|
(0.76 |
)% |
|
$ |
14.58 |
|
$ |
14.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sector |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
Transportation |
|
|
23 |
% |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
Education |
|
|
15 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
12 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
12 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
10 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
7 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
6 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
5 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Resource Recovery |
|
|
— |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Credit Rating |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
|
47 |
% |
|
51 |
% |
|
|
|
|
|
|
|
|
|
|
A |
|
|
14 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
27 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
6 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
6 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
8
TRUST
SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock New Jersey Municipal Income Trust (BNJ)
Trust Information
|
|
|
|
|
|
|
|
|
Symbol on New York Stock Exchange: |
BNJ |
|
|
|
|
|
|
Initial Offering Date: |
July 27, 2001 |
|
|
|
|
|
|
Closing Market Price as of 4/30/06: |
$ |
16.90 |
|
|
|
|
|
Net Asset Value as of 4/30/06: |
$ |
16.09 |
|
|
|
|
|
Yield on Closing Market Price as of 4/30/06 ($16.90):1 |
|
5.65% |
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
$ |
0.079625 |
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
$ |
0.9555 |
|
|
|
|
|
Leverage as of 4/30/06:3 |
|
35% |
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
16.90 |
|
$ |
15.91 |
|
|
6.22 |
% |
|
$ |
17.04 |
|
$ |
15.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
16.09 |
|
$ |
15.87 |
|
|
1.39 |
% |
|
$ |
16.18 |
|
$ |
15.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sector |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
Hospitals |
|
|
24 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
20 |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
11 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
11 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
10 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
8 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
6 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Education |
|
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
5 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Credit Rating |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
|
32 |
% |
|
31 |
% |
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
— |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
25 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
36 |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
— |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
3 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
4 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
9
TRUST
SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock New York Investment Quality Municipal Trust (RNY)
Trust Information
|
|
|
|
|
|
|
|
|
Symbol on American Stock Exchange: |
RNY |
|
|
|
|
|
|
Initial Offering Date: |
May 28, 1993 |
|
|
|
|
|
|
Closing Market Price as of 4/30/06: |
$ |
15.30 |
|
|
|
|
|
Net Asset Value as of 4/30/06: |
$ |
14.84 |
|
|
|
|
|
Yield on Closing Market Price as of 4/30/06 ($15.30):1 |
|
5.74% |
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
$ |
0.073125 |
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
$ |
0.8775 |
|
|
|
|
|
Leverage as of 4/30/06:3 |
|
34% |
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
15.30 |
|
$ |
14.75 |
|
|
3.73 |
% |
|
$ |
16.15 |
|
$ |
14.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
14.84 |
|
$ |
15.03 |
|
|
(1.26 |
)% |
|
$ |
15.10 |
|
$ |
14.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Sector |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
Education |
|
|
21 |
% |
|
18 |
% |
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
|
16 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
|
15 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
|
14 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
|
11 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
|
7 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
|
6 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
|
4 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
|
2 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
|
April 30, 2006 |
|
October 31, 2005 |
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
|
46 |
% |
|
43 |
% |
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
|
26 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
A |
|
|
8 |
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
|
7 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
|
4 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
B |
|
|
5 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Caa |
|
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
10
TRUST
SUMMARIES (unaudited)
APRIL 30, 2006
BlackRock New York Municipal Income Trust (BNY)
Trust Information
|
|
|
|
|
|
|
|
|
Symbol on New York Stock Exchange: |
BNY |
|
|
|
|
|
|
Initial Offering Date: |
July 27, 2001 |
|
|
|
|
|
|
Closing Market Price as of 4/30/06: |
$ |
16.22 |
|
|
|
|
|
Net Asset Value as of 4/30/06: |
$ |
15.57 |
|
|
|
|
|
Yield on Closing Market Price as of 4/30/06 ($16.22):1 |
|
5.57% |
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
$ |
0.075339 |
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
$ |
0.904068 |
|
|
|
|
|
Leverage as of 4/30/06:3 |
|
36% |
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/06 |
|
10/31/05 |
|
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
$ |
16.22 |
|
$ |
15.19 |
|
|
6.78 |
% |
|
$ |
16.43 |
|
$ |
15.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
$ |
15.57 |
|
$ |
15.44 |
|
|
0.84 |
% |
|
$ |
15.71 |
|
$ |
15.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
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Sector |
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April 30, 2006 |
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October 31, 2005 |
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Industrial & Pollution Control |
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19 |
% |
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15 |
% |
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Housing |
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15 |
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15 |
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Transportation |
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15 |
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19 |
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Tobacco |
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12 |
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12 |
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Lease Revenue |
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9 |
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12 |
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City, County & State |
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8 |
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5 |
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Education |
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8 |
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8 |
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Tax Revenue |
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5 |
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1 |
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Water & Sewer |
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5 |
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6 |
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Hospitals |
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4 |
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7 |
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Credit Quality Allocations4
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Credit Rating |
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April 30, 2006 |
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October 31, 2005 |
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AAA/Aaa |
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38 |
% |
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27 |
% |
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AA/Aa |
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19 |
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18 |
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A |
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18 |
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20 |
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BBB/Baa |
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16 |
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26 |
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BB/Ba |
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2 |
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2 |
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B |
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3 |
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3 |
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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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1 |
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4 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
11
PORTFOLIO
OF INVESTMENTS (unaudited)
APRIL 30, 2006
BlackRock Investment Quality Municipal Trust (BKN)
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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—156.2% |
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Alabama—8.6% |
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Birmingham Wtr. Wks. & Swr. Brd. RB, |
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AAA |
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$ |
1,865 |
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Ser. A, 4.50%, 1/01/35, FSA |
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01/16 @ 100 |
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$ |
1,792,302 |
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AAA |
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1,530 |
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Ser. A, 5.00%, 1/01/40, FSA |
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01/16 @ 100 |
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1,566,414 |
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AAA |
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3,560 |
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Ser. A, 5.00%, 1/01/43, FSA |
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01/16 @ 100 |
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3,639,175 |
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AAA |
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14,000 |
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Univ. of Alabama Hosp. RB, Ser. A, 5.875%, 9/01/31, MBIA |
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09/10 @ 101 |
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15,127,560 |
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22,125,451 |
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Arizona—0.8% |
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San. Luis Fac. Dev. Corp. RB, 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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488,437 |
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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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488,383 |
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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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984,175 |
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1,960,995 |
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California—29.3% |
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AA |
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8,595 |
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Bay Area Toll Auth., RB, Ser. F, 5.00%, 4/01/31 |
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04/16 @ 100 |
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8,886,628 |
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California Cnty. Tobacco RB, |
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BBB- |
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1,340 |
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Sub. B, Zero Coupon, 6/01/46 |
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06/16 @ 17.602 |
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112,426 |
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BB |
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7,090 |
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Sub. C, Zero Coupon, 6/01/55 |
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06/16 @ 8.9 |
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268,853 |
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NR |
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9,060 |
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Sub. D, Zero Coupon, 6/01/55 |
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06/16 @ 6.219 |
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229,671 |
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California St. GO, |
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A |
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5,800 |
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5.00%, 2/01/32 |
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08/13 @ 100 |
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5,891,872 |
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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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10,235,900 |
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A |
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3,485 |
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5.00%, 6/01/34 |
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12/14 @ 100 |
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3,545,674 |
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Aaa |
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2,625 |
3 |
5.625%, 5/01/10 |
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N/A |
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2,833,714 |
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Aaa |
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3,145 |
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5.625%, 5/01/18 |
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05/10 @ 101 |
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3,365,999 |
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Foothill/Eastn. Transp. Corridor Agcy. RB, |
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BBB |
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7,000 |
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Refdg. Conv. Cap. Apprec., Zero Coupon, 1/15/28 |
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01/14 @ 101 |
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6,070,050 |
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BBB |
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3,495 |
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Toll Road, 5.75%, 1/15/40 |
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01/10 @ 101 |
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3,538,443 |
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AAA |
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10,320 |
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Golden St. Tobacco Sec. Corp. RB, 5.00%, 6/01/45, AMBAC |
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06/15 @ 100 |
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10,477,586 |
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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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4,081,391 |
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AAA |
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15,460 |
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Los Angeles Cnty., Asset Leasing Corp. RB, 5.95%, 12/01/07, AMBAC |
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No Opt. Call |
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16,009,448 |
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75,547,655 |
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Colorado—0.8% |
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Baa2 |
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1,020 |
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Park Creek Met. Dist. RB, Ppty. Tax, 5.50%, 12/01/37 |
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12/15 @ 101 |
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1,039,319 |
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AAA |
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1,030 |
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Springs Co. Utils. RB Sub., Ser. C, 5.00%, 11/15/45, FSA |
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11/15 @ 100 |
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1,047,963 |
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2,087,282 |
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Connecticut—1.2% |
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Baa3 |
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3,000 |
4 |
Mashantucket Western Pequot Tribe Spec. RB, Ser. A, 5.50%, 9/01/28 |
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09/09 @ 101 |
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3,070,590 |
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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. RB, 6.50%, 5/15/33 |
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No Opt. Call |
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5,616,952 |
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Florida—14.0% |
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NR |
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2,080 |
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Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. RB, Ser. A, 6.125%, 5/01/34 |
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05/13 @ 101 |
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2,160,704 |
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NR |
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|
3,700 |
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Hillsborough Cnty. Ind. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30 |
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10/10 @ 101 |
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4,038,106 |
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NR |
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|
2,220 |
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Live Oak Cmnty. Dev. Dist. No. 2 SA, Ser. A, 5.85%, 5/01/35 |
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05/12 @ 101 |
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2,237,250 |
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BB+ |
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|
4,755 |
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Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 |
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11/14 @ 100 |
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5,304,773 |
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Miami Dade Cnty. Spl. Oblig. Cap. Apprec. RB, |
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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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|
908,003 |
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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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1,088,909 |
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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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974,120 |
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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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1,056,423 |
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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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1,067,400 |
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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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2,080,300 |
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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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1,945,600 |
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NR |
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3,785 |
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Sumter Landing Cmnty. Dev. Dist. RB, Ser B, 5.70%, 10/01/38 |
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10/15 @ 100 |
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3,764,220 |
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NR |
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9,550 |
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Vlg. Cmnty. Dev. Dist. No. 6 SA, 5.625%, 5/01/22 |
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05/13 @ 100 |
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9,633,276 |
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36,259,084 |
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See Notes to Financial Statements.
12
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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Georgia—4.2% |
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AAA |
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$ |
5,000 |
|
Atlanta Arpt. Passenger Fac. RB, Ser. J, 5.00%, 1/01/34, FSA |
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01/15 @ 100 |
|
$ |
5,112,550 |
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AAA |
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4,000 |
|
Atlanta Wtr. & Wstwtr. RB, 5.00%, 11/01/34, FSA |
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11/14 @ 100 |
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4,094,480 |
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BBB |
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|
1,500 |
|
Milledgeville Baldwin Cnty. Dev. Auth. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 6.00%, 9/01/33 |
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09/14 @ 101 |
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1,618,620 |
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10,825,650 |
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Hawaii—1.0% |
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AAA |
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|
2,500 |
|
Dept. of Budget & Fin. RB, Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC |
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01/09 @ 101 |
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2,667,850 |
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Illinois—14.7% |
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NR |
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|
1,920 |
4 |
Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 |
|
|
No Opt. Call |
|
|
1,920,269 |
|
|
AAA |
|
|
1,040 |
3 |
Chicago Brd. of Ed. Sch. Reform GO, 5.75%, 12/01/07, AMBAC |
|
|
N/A |
|
|
1,093,622 |
|
|
AAA |
|
|
5,000 |
5 |
Chicago Pub. Bldg. RB, Ser. A, 7.00%, 1/01/20, MBIA |
|
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ETM |
|
|
6,271,400 |
|
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Edl. Fac. Auth. RB, |
|
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|
|
|
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AAA |
|
|
2,070 |
|
5.45%, 7/01/14, FGIC |
|
|
05/06 @ 100 |
|
|
2,071,532 |
|
|
AAA |
|
|
2,575 |
|
5.70%, 7/01/13, FGIC |
|
|
05/06 @ 100 |
|
|
2,577,163 |
|
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|
|
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Fin. Auth. RB, |
|
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|
|
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|
BB+ |
|
|
690 |
|
Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 |
|
|
02/15 @ 100 |
|
|
694,637 |
|
|
AA+ |
|
|
5,800 |
|
Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 |
|
|
08/14 @ 100 |
|
|
6,098,642 |
|
|
Baa2 |
|
|
875 |
|
Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35 |
|
|
06/14 @ 100 |
|
|
875,472 |
|
|
Baa3 |
|
|
700 |
|
Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35 |
|
|
06/14 @ 100 |
|
|
700,266 |
|
|
|
|
|
|
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O’Hare Intl. Arpt. RB, |
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|
|
|
|
|
|
|
AAA |
|
|
1,000 |
|
Ser. A, 5.00%, 1/01/29, MBIA |
|
|
01/15 @ 100 |
|
|
1,025,370 |
|
|
AAA |
|
|
1,610 |
|
Ser. A, 5.00%, 1/01/30, MBIA |
|
|
01/15 @ 100 |
|
|
1,649,703 |
|
|
AAA |
|
|
9,055 |
|
Ser. A, 5.00%, 1/01/33, FGIC |
|
|
01/16 @ 100 |
|
|
9,270,509 |
|
|
AAA |
|
|
3,540 |
|
Ser. C-2, 5.25%, 1/01/30, FSA |
|
|
01/14 @ 100 |
|
|
3,645,457 |
|
|
|
|
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|
|
|
|
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|
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|
|
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|
|
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|
|
37,894,042 |
|
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|
Kentucky—2.6% |
|
|
|
|
|
|
|
|
AAA |
|
|
15,715 |
|
Econ. Dev. Fin. Sys. RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA |
|
|
No Opt. Call |
|
|
6,834,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland—0.7% |
|
|
|
|
|
|
|
|
BBB+ |
|
|
1,740 |
|
Hlth. & Higher Edl. Facs. Auth. RB, Medstar Hlth. Proj., 5.50%, 8/15/33 |
|
|
08/14 @ 100 |
|
|
1,798,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts—0.9% |
|
|
|
|
|
|
|
|
AA |
|
|
2,375 |
|
Massachusetts St. Wtr. Res. Auth. Gen. RB, Ser. A, 5.00%, 8/01/41 |
|
|
08/16 @ 100 |
|
|
2,438,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-State—4.7% |
|
|
|
|
|
|
|
|
Baa1 |
|
|
7,000 |
4 |
Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 |
|
|
11/10 @ 100 |
|
|
7,805,280 |
|
|
Baa1 |
|
|
4,000 |
4 |
MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 |
|
|
11/10 @ 100 |
|
|
4,444,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,249,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada—0.7% |
|
|
|
|
|
|
|
|
AAA |
|
|
1,755 |
|
Clark Cnty. GO, 5.00%, 6/01/32, MBIA |
|
|
12/12 @ 100 |
|
|
1,790,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey—4.3% |
|
|
|
|
|
|
|
|
AAA |
|
|
2,000 |
|
Delaware River Port. Auth. of PA & NJ RB, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA |
|
|
01/10 @ 100 |
|
|
2,128,620 |
|
|
BBB |
|
|
7,000 |
|
Econ. Dev. Auth. RB, Cigarette Tax, 5.75%, 6/15/29 |
|
|
06/14 @ 100 |
|
|
7,419,020 |
|
|
NR |
|
|
1,510 |
|
Middlesex Cnty. Imprt. Auth. RB, Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 |
|
|
01/15 @ 100 |
|
|
1,530,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,077,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York—13.4% |
|
|
|
|
|
|
|
|
NR |
|
|
725 |
|
Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35 |
|
|
05/15 @ 102 |
|
|
675,722 |
|
|
AAA |
|
|
1,925 |
|
Convention Ctr. Dev. Hotel Unit Fee Secured RB, 5.00%, 11/15/44, AMBAC |
|
|
11/15 @ 100 |
|
|
1,976,378 |
|
|
|
|
|
|
|
Dorm. Auth. RB, |
|
|
|
|
|
|
|
|
AA+ |
|
|
1,675 |
|
Cornell Univ., Ser. A, 5.00%, 7/01/31 |
|
|
07/16 @ 100 |
|
|
1,738,449 |
|
|
AA+ |
|
|
1,675 |
|
Cornell Univ., Ser. A, 5.00%, 7/01/35 |
|
|
07/16 @ 100 |
|
|
1,732,921 |
|
|
AAA |
|
|
3,895 |
3 |
Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA |
|
|
N/A |
|
|
3,349,856 |
|
|
AA- |
|
|
16,095 |
|
Liberty Dev. Corp. RB, 5.25%, 10/01/35 |
|
|
No Opt. Call |
|
|
17,362,481 |
|
|
B- |
|
|
2,600 |
|
New York City Indl. Dev. Agcy. RB, American Airlines, JFK Intl. Arpt. Proj., 7.625%, 8/01/25 |
|
|
08/16 @ 101 |
|
|
2,848,950 |
|
|
|
|
|
|
|
Sales Tax Asset Receivable Corp. RB, |
|
|
|
|
|
|
|
|
AAA |
|
|
3,115 |
|
Ser. A, 5.00%, 10/15/29, AMBAC |
|
|
10/14 @ 100 |
|
|
3,232,280 |
|
|
AAA |
|
|
1,500 |
|
Ser. A, 5.00%, 10/15/32, AMBAC |
|
|
10/14 @ 100 |
|
|
1,554,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,471,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina—3.0% |
|
|
|
|
|
|
|
|
AAA |
|
|
5,000 |
|
Eastn. Mun. Pwr. Agcy. Sys. RB, Ser. B, 7.00%, 1/01/08, CAPMAC |
|
|
No Opt. Call |
|
|
5,272,250 |
|
|
NR |
|
|
2,425 |
|
Gaston Cnty. Indl. Facs. & PCRB Fin. Auth., 5.75%, 8/01/35 |
|
|
08/15 @ 100 |
|
|
2,532,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,805,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
13
BlackRock Investment Quality Municipal Trust (BKN) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Option Call |
|
Value |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio—7.8% |
|
|
|
|
|
|
|
|
AAA |
|
$ |
10,475 |
|
Air Qual. Dev. Auth. RB, 4.80%, 1/01/34, FGIC |
|
|
07/15 @ 100 |
|
$ |
10,482,018 |
|
|
AAA |
|
|
2455 |
|
Cuyahoga Cnty. Port Auth. RB, Port Dev. Proj., 6.00%, 3/01/07 |
|
|
ETM |
|
|
249,236 |
|
|
|
|
|
|
|
Cuyahoga Cnty. RB, Cleveland Clinic Hlth. Sys. Proj., |
|
|
|
|
|
|
|
|
Aa3 |
|
|
3,485 |
|
6.00%, 1/01/20 |
|
|
07/13 @ 100 |
|
|
3,826,356 |
|
|
Aa3 |
|
|
5,000 |
|
6.00%, 1/01/21 |
|
|
07/13 @ 100 |
|
|
5,486,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,044,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma—1.2% |
|
|
|
|
|
|
|
|
B- |
|
|
2,900 |
|
Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35 |
|
|
No Opt. Call |
|
|
3,157,897 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania—7.4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Econ. Dev. Fin. Auth. RB, |
|
|
|
|
|
|
|
|
A3 |
|
|
2,000 |
|
Amtrak Proj., Ser. A, 6.25%, 11/01/31 |
|
|
05/11 @ 101 |
|
|
2,116,740 |
|
|
A3 |
|
|
3,100 |
|
Amtrak Proj., Ser. A, 6.375%, 11/01/41 |
|
|
05/11 @ 101 |
|
|
3,290,805 |
|
|
BB- |
|
|
8,235 |
|
Exempt Facs., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36 |
|
|
12/09 @ 103 |
|
|
8,768,463 |
|
|
AAA |
|
|
4,000 |
|
Intergovtl. Coop. Auth. RB, Philadelphia Fdg. Proj., 5.50%, 6/15/20, FGIC |
|
|
06/06 @ 100 |
|
|
4,008,400 |
|
|
|
|
|
|
|
McKeesport Area Sch. Dist. GO, |
|
|
|
|
|
|
|
|
AAA |
|
|
870 |
6 |
Zero Coupon, 10/01/31, FGIC |
|
|
ETM |
|
|
254,258 |
|
|
AAA |
|
|
2,435 |
|
Zero Coupon, 10/01/31, FGIC |
|
|
No Opt. Call |
|
|
689,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,127,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island—0.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
St. Hlth. & Ed. Bldg. Corp. Hosp. Fin. RB, Lifespan Proj., |
|
|
|
|
|
|
|
|
AAA |
|
|
1800 |
3 |
5.50%, 5/15/07, MBIA |
|
|
N/A |
|
|
1,869,066 |
|
|
AAA |
|
|
200 |
|
5.50%, 5/15/16, MBIA |
|
|
05/07 @ 102 |
|
|
207,236 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,076,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina—2.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Jobs Econ. Dev. Auth. Hosp., Facs. RB, |
|
|
|
|
|
|
|
|
BBB+ |
|
|
3,560 |
3 |
Palmetto Hlth., 6.875%, 8/01/13 |
|
|
N/A |
|
|
4,180,793 |
|
|
BBB+ |
|
|
440 |
|
Palmetto Hlth., 6.875%, 8/01/27 |
|
|
08/13 @ 100 |
|
|
499,589 |
|
|
BBB+ |
|
|
2,185 |
|
Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31 |
|
|
08/13 @ 100 |
|
|
2,342,233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,022,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee—2.0% |
|
|
|
|
|
|
|
|
AAA |
|
|
4,865 |
|
Memphis Shelby Cnty. Arpt. Auth. RB, Ser. D, 6.00%, 3/01/24, AMBAC |
|
|
03/10 @ 101 |
|
|
5,164,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas—18.8% |
|
|
|
|
|
|
|
|
BBB |
|
|
1,350 |
|
Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21 |
|
|
04/16 @ 100 |
|
|
1,337,229 |
|
|
Baa2 |
|
|
1,680 |
|
Brazos River Auth. PCRB, 5.00%, 3/01/41 |
|
|
03/11 @ 100 |
|
|
1,670,726 |
|
|
AAA |
|
|
6,000 |
3 |
Grapevine GO, 5.875%, 8/15/10, FGIC |
|
|
N/A |
|
|
6,512,160 |
|
|
AAA |
|
|
5,000 |
|
Harris Cnty. Houston Sports Auth. RB, Ser. A, Zero Coupon, 11/15/38, MBIA |
|
|
11/30 @ 61.166 |
|
|
829,450 |
|
|
AAA |
|
|
8,375 |
|
Humble Indpt. Sch. Dist. Sch. Bldg. GO, Ser. B, 5.00%, 2/15/30, FGIC |
|
|
02/15 @ 100 |
|
|
8,626,417 |
|
|
AAA |
|
|
9,495 |
|
La Joya Indpt. Sch. Dist. GO, 5.00%, 2/15/34 |
|
|
02/14 @ 100 |
|
|
9,690,597 |
|
|
AAA |
|
|
950 |
|
Lower Co. River Auth. RB, 5.00%, 5/15/31, MBIA |
|
|
05/13 @ 100 |
|
|
973,741 |
|
|
|
|
|
|
|
North Texas Mun. Wtr. Dist. RB, |
|
|
|
|
|
|
|
|
AAA |
|
|
3,070 |
|
5.00%, 9/01/31, MBIA |
|
|
09/16 @ 100 |
|
|
3,166,705 |
|
|
AAA |
|
|
7,395 |
|
5.00%, 9/01/35, MBIA |
|
|
09/16 @ 100 |
|
|
7,615,741 |
|
|
AAA |
|
|
15,000 |
|
Tpke. Auth. Central Sys. RB, Zero Coupon, 8/15/31, AMBAC |
|
|
08/12 @ 32.807 |
|
|
3,637,650 |
|
|
|
|
|
|
|
Transp. Commn St. Hwy. RB, |
|
|
|
|
|
|
|
|
AAA |
|
|
1,675 |
|
5.00%, 4/01/25 |
|
|
04/16 @ 100 |
|
|
1,739,956 |
|
|
AAA |
|
|
1,675 |
|
5.00%, 4/01/26 |
|
|
04/16 @ 100 |
|
|
1,739,957 |
|
|
AA+ |
|
|
1,000 |
|
Wtr. Fin. Asst. GO, 5.75%, 8/01/22 |
|
|
08/10 @ 100 |
|
|
1,070,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,610,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah—0.8% |
|
|
|
|
|
|
|
|
AAA |
|
|
1,950 |
6 |
Intermountain Pwr. Agcy. Pwr. Sply. RB, 5.00%, 7/01/13, AMBAC |
|
|
ETM |
|
|
1,955,967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington—5.3% |
|
|
|
|
|
|
|
|
AAA |
|
|
13,395 |
3 |
Pub. Pwr. Sply. RB, Nuclear Proj. No. 1, 5.75%, 7/01/06, MBIA |
|
|
N/A |
|
|
13,708,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia—0.6% |
|
|
|
|
|
|
|
|
AAA |
|
|
1,615 |
|
St. Wtr. Dev. Auth. RB, Ser. A, 5.00%, 11/01/35, FSA |
|
|
11/15 @ 100 |
|
|
1,657,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin—1.7% |
|
|
|
|
|
|
|
|
A- |
|
|
3,220 |
|
Hlth. & Edl. Facs. Auth. RB, Aurora Hlth. Care Proj., 6.40%, 4/15/33 |
|
|
04/13 @ 100 |
|
|
3,517,335 |
|
|
AAA |
|
|
855 |
|
Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC |
|
|
07/15 @ 100 |
|
|
876,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,393,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments (cost $387,224,300) |
|
|
|
|
|
403,440,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
14
BlackRock Investment Quality Municipal Trust (BKN) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS—2.1% |
|
|
|
|
|
|
|
|
|
|
Delaware—0.4% |
|
|
|
|
|
A-1+ |
|
$ |
900 |
7 |
St. Econ. Dev. Auth. RB, Hosp. Billing Proj., Ser. B, 3.80%, 5/03/06, FRWD |
|
$ |
900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia—1.7% |
|
|
|
|
|
A-1+ |
|
|
4,490 |
7 |
Atlanta Wtr. & Wstwtr. RB, Ser. C, 3.80%, 5/01/06, FSA, FRDD |
|
|
4,490,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments (cost $5,390,000) |
|
|
5,390,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—158.3% (cost $392,614,3008) |
|
$ |
408,830,755 |
|
|
|
|
|
|
|
Liabilities in excess of other assets—(1.5)% |
|
|
(3,999,183 |
) |
|
|
|
|
|
|
Preferred shares at redemption value, including dividends payable—(56.8)% |
|
|
(146,662,020 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders—100% |
|
$ |
258,169,552 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
2 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
|
3 |
This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
|
4 |
Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2006, the Trust held 6.7% of its net assets, with a current market value of $17,240,819, in securities restricted as to resale. |
|
5 |
Security pledged as collateral. |
|
6 |
Security is collateralized by Municipal or U.S. Treasury obligations. |
|
7 |
For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006. |
|
8 |
Cost for Federal income tax purposes is $391,994,105. The net unrealized appreciation on a tax basis is $16,836,650, consisting of $18,194,468 gross unrealized appreciation and $1,357,818 gross unrealized depreciation. |
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY TO ABBREVIATIONS |
||||||||||
|
|
||||||||||
|
AMBAC |
|
— |
|
American Municipal Bond Assurance Corp. |
|
GO |
|
— |
|
General Obligation |
|
CAPMAC |
|
— |
|
Capital Markets Assurance Co. |
|
MBIA |
|
— |
|
Municipal Bond Insurance Assoc. |
|
ETM |
|
— |
|
Escrowed to Maturity |
|
PCRB |
|
— |
|
Pollution Control Revenue Bond |
|
FGIC |
|
— |
|
Financial Guaranty Insurance Co. |
|
RB |
|
— |
|
Revenue Bond |
|
FRDD |
|
— |
|
Floating Rate Daily Demand |
|
SA |
|
— |
|
Special Assesment |
|
FRWD |
|
— |
|
Floating Rate Weekly Demand |
|
ST |
|
— |
|
Special Tax |
|
FSA |
|
— |
|
Financial Security Assurance |
|
|
|
|
|
|
See Notes to Financial Statements.
15
PORTFOLIO
OF INVESTMENTS (unaudited)
APRIL 30, 2006
BlackRock Municipal Income Trust (BFK)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Option Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
LONG-TERM INVESTMENTS—159.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Alabama—3.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Birmingham Wtr. Wks. & Swr. Brd. RB, |
|
|
|
|
|
|
|
AAA |
|
$ |
1,865 |
|
Ser. A, 4.50%, 1/01/35, FSA |
|
01/16 @ 100 |
|
$ |
1,792,302 |
|
|
AAA |
|
|
4,075 |
|
Ser. A, 5.00%, 1/01/40, FSA |
|
01/16 @ 100 |
|
|
4,171,985 |
|
|
AAA |
|
|
3,570 |
|
Ser. A, 5.00%, 1/01/43, FSA |
|
01/16 @ 100 |
|
|
3,649,397 |
|
|
A2 |
|
|
15,000 |
|
Huntsville Hlth. Care Auth. RB, Ser. B, 5.75%, 6/01/32 |
|
06/12 @ 101 |
|
|
15,873,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,487,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona—3.6% |
|
|
|
|
|
|
|
AA |
|
|
15,805 |
|
Salt River Proj. Agricultural Impvt. & Pwr. Dist. RB, Ser. A, 5.00%, 1/01/35 |
|
01/16 @ 100 |
|
|
16,342,528 |
|
|
A3 |
|
|
7,000 |
|
Scottsdale Ind. Dev. Auth. RB, Scottsdale Hlth. Care Proj., 5.80%, 12/01/31 |
|
12/11 @ 101 |
|
|
7,420,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,763,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California—16.3% |
|
|
|
|
|
|
|
AA |
|
|
3,855 |
|
Bay Area Toll Auth., RB, Ser. F, 5.00%, 4/01/31 |
|
04/16 @ 100 |
|
|
3,985,800 |
|
|
|
|
|
|
|
California Cnty. Tobacco RB, |
|
|
|
|
|
|
|
BBB- |
|
|
3,385 |
|
Sub. B, Zero Coupon, 6/01/46 |
|
06/16 @ 17.602 |
|
|
284,001 |
|
|
BB |
|
|
17,855 |
|
Sub. C, Zero Coupon, 6/01/55 |
|
06/16 @ 8.9 |
|
|
677,062 |
|
|
NR |
|
|
22,825 |
|
Sub. D, Zero Coupon, 6/01/55 |
|
06/16 @ 6.219 |
|
|
578,614 |
|
|
|
|
|
|
|
California St. GO, |
|
|
|
|
|
|
|
A |
|
|
11,700 |
|
5.00%, 2/01/32 |
|
08/13 @ 100 |
|
|
11,885,328 |
|
|
A |
|
|
7,000 |
|
5.00%, 6/01/34 |
|
12/14 @ 100 |
|
|
7,121,870 |
|
|
|
|
|
|
|
Foothill/Eastn. Transp. Corridor Agcy. RB, |
|
|
|
|
|
|
|
BBB |
|
|
54,635 |
|
Toll Road, Zero Coupon, 1/15/32 |
|
01/10 @ 27.37 |
|
|
11,972,167 |
|
|
BBB |
|
|
20,535 |
|
Toll Road, Zero Coupon, 1/15/34 |
|
01/10 @ 24.228 |
|
|
3,979,683 |
|
|
BBB |
|
|
75,000 |
|
Toll Road, Zero Coupon, 1/15/38 |
|
01/10 @ 19.014 |
|
|
11,386,500 |
|
|
|
|
|
|
|
Golden St. Tobacco Sec. Corp. RB, |
|
|
|
|
|
|
|
AAA |
|
|
10,180 |
|
5.00%, 6/01/45, AMBAC |
|
06/15 @ 100 |
|
|
10,335,449 |
|
|
BBB |
|
|
10,000 |
|
Ser. A-1, 6.625%, 6/01/40 |
|
06/13 @ 100 |
|
|
11,052,300 |
|
|
NR |
|
|
3,500 |
|
Lincoln ST, Cmnty. Facs. Dist., 6.00%, 9/01/34 |
|
09/13 @ 102 |
|
|
3,695,825 |
|
|
AAA |
|
|
13,320 |
|
Los Angeles Regl. Arpt. Impvt. Corp. Lease RB, Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC |
|
01/12 @ 100 |
|
|
13,836,683 |
|
|
NR |
|
|
5,000 |
|
Murrieta Cmnty. Facs. Dist., ST No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34 |
|
09/14 @ 100 |
|
|
5,179,350 |
|
|
A+ |
|
|
5,000 |
|
Statewide Cmnty. Dev. Auth. RB, Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33 |
|
04/13 @ 100 |
|
|
5,209,550 |
|
|
AAA |
|
|
5,000 |
|
Univ. of California RB, Ser. C, 4.75%, 5/15/37, MBIA |
|
05/13 @ 101 |
|
|
5,006,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
106,186,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado—1.3% |
|
|
|
|
|
|
|
BBB |
|
|
3,500 |
|
Denver Hlth. & Hosp. Auth., Hlth. Care RB, Ser. A, 6.00%, 12/01/31 |
|
12/11 @ 100 |
|
|
3,628,765 |
|
|
Baa2 |
|
|
2,530 |
|
Park Creek Met. Dist. RB, Ppty. Tax, 5.50%, 12/01/37 |
|
12/15 @ 101 |
|
|
2,577,918 |
|
|
AAA |
|
|
2,545 |
|
Springs Co. Utils. RB Sub., Ser. C, 5.00%, 11/15/45, FSA |
|
11/15 @ 100 |
|
|
2,589,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,796,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia—6.3% |
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia RB, |
|
|
|
|
|
|
|
A |
|
|
2,390 |
|
Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA |
|
06/14 @ 100 |
|
|
2,402,380 |
|
|
AAA |
|
|
15,600 |
|
Georgetown Univ., Ser. A, Zero Coupon, 4/01/36, MBIA |
|
04/11 @ 22.875 |
|
|
2,766,660 |
|
|
AAA |
|
|
51,185 |
|
Georgetown Univ., Ser. A, Zero Coupon, 4/01/37, MBIA |
|
04/11 @ 21.546 |
|
|
8,546,359 |
|
|
BBB |
|
|
25,535 |
|
Tobacco Settlement Fin. Corp. RB, 6.75%, 5/15/40 |
|
05/11 @ 101 |
|
|
27,562,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41,277,623 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida—10.1% |
|
|
|
|
|
|
|
NR |
|
|
3,945 |
|
Bellalago Edu. Fac. Benefits Dist. SA, Ser. B, 5.80%, 5/01/34 |
|
05/14 @ 100 |
|
|
3,985,397 |
|
|
NR |
|
|
1,980 |
|
CFM Cmnty. Dev. Dist., Cap. Impvt. RB, Ser. A, 6.25%, 5/01/35 |
|
05/14 @ 101 |
|
|
2,082,168 |
|
|
Baa3 |
|
|
4,600 |
|
Escambia Cnty. PCRB, Champion Intl. Corp. Proj., 6.40%, 9/01/30 |
|
09/06 @ 102 |
|
|
4,739,656 |
|
|
NR |
|
|
1,975 |
|
Heritage Isle at Viera Cmnty. Dev. Dist. SA, Ser. A, 6.00%, 5/01/35 |
|
05/12 @ 101 |
|
|
2,010,688 |
|
|
A+ |
|
|
9,670 |
3 |
Highlands Cnty. Hlth. Facs. Auth. RB, Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/11 |
|
N/A |
|
|
10,785,628 |
|
|
BB+ |
|
|
9,000 |
|
Martin Cnty. Indl. Dev. Auth. RB, Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25 |
|
06/06 @ 101 |
|
|
9,243,180 |
|
|
BB+ |
|
|
11,685 |
|
Miami Beach Hlth. Facs. Auth. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 |
|
11/14 @ 100 |
|
|
13,036,020 |
|
|
NR |
|
|
6,000 |
|
New Port Tampa Bay Cmnty. Dev. SA, Ser. A, 5.875%, 5/01/38 |
|
05/16 @ 100 |
|
|
6,079,200 |
|
|
NR |
|
|
3,925 |
|
Stevens Plantation Cmnty. Dev. Dist. SA, Ser. A, 7.10%, 5/01/35 |
|
05/14 @ 100 |
|
|
4,072,580 |
|
|
NR |
|
|
9,545 |
|
Vlg. Cmnty. Dev. Dist. No. 6 SA, 5.625%, 5/01/22 |
|
05/13 @ 100 |
|
|
9,628,232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
65,662,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
16
BlackRock Municipal Income Trust (BFK) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Option Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Georgia—0.6% |
|
|
|
|
|
|
|
BBB |
|
$ |
4,000 |
|
Richmond Cnty. Dev. Auth. RB, Env. Impvt., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25 |
|
02/12 @ 101 |
|
$ |
4,154,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho—2.7% |
|
|
|
|
|
|
|
AAA |
|
|
16,970 |
|
Univ. of Idaho RB, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC |
|
04/11 @ 100 |
|
|
17,627,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois—14.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Bolingbrook GO, |
|
|
|
|
|
|
|
AAA |
|
|
7,120 |
|
Ser. B, Zero Coupon, 1/01/33, FGIC |
|
No Opt. Call |
|
|
1,908,374 |
|
|
AAA |
|
|
14,085 |
|
Ser. B, Zero Coupon, 1/01/34, FGIC |
|
No Opt. Call |
|
|
3,573,928 |
|
|
NR |
|
|
4,630 |
4 |
Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 |
|
No Opt. Call |
|
|
4,630,648 |
|
|
A+ |
|
|
7,145 |
3,5 |
Dev. Fin. Auth. Hosp. RB, Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09 |
|
N/A |
|
|
7,630,860 |
|
|
|
|
|
|
|
Edl. Facs. Auth. RB, |
|
|
|
|
|
|
|
Aa1 |
|
|
760 |
|
Bal Union Chicago Proj., Ser. A, 5.25%, 7/01/41 |
|
07/11 @ 101 |
|
|
789,914 |
|
|
BBB |
|
|
10,000 |
|
Student Hsg., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30 |
|
05/12 @ 101 |
|
|
10,754,500 |
|
|
BBB |
|
|
7,000 |
|
Student Hsg., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34 |
|
05/07 @ 100 |
|
|
7,144,410 |
|
|
|
|
|
|
|
Fin. Auth. RB, |
|
|
|
|
|
|
|
BB+ |
|
|
1,685 |
|
Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 |
|
02/15 @ 100 |
|
|
1,696,323 |
|
|
AA+ |
|
|
3,700 |
|
Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 |
|
08/14 @ 100 |
|
|
3,890,513 |
|
|
Baa2 |
|
|
2,100 |
|
Student Hsg., MJH Ed. Asst. Living Proj., Ser. A, 5.125%, 6/01/35 |
|
06/14 @ 100 |
|
|
2,101,134 |
|
|
Baa3 |
|
|
1,675 |
|
Student Hsg., MJH Ed. Asst. Living Proj., Ser. B, 5.375%, 6/01/35 |
|
06/14 @ 100 |
|
|
1,675,636 |
|
|
|
|
|
|
|
Hlth. Facs. Auth. RB, Elmhurst Mem. Hlth. Care, |
|
|
|
|
|
|
|
A |
|
|
5,000 |
|
5.50%, 1/01/22 |
|
01/13 @ 100 |
|
|
5,194,300 |
|
|
A |
|
|
6,000 |
|
5.625%, 1/01/28 |
|
01/13 @ 100 |
|
|
6,226,980 |
|
|
AAA |
|
|
40,000 |
|
Met. Pier & Exposition Auth. RB, Dedicated St. Tax, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 12/15/34, MBIA |
|
No Opt. Call |
|
|
9,954,000 |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
O’Hare Intl. Arpt. RB, |
|
|
|
|
|
|
|
AAA |
|
|
3,000 |
|
Ser. A, 5.00%, 1/01/29, MBIA |
|
01/15 @ 100 |
|
|
3,076,110 |
|
|
AAA |
|
|
4,000 |
|
Ser. A, 5.00%, 1/01/30, MBIA |
|
01/15 @ 100 |
|
|
4,098,640 |
|
|
AAA |
|
|
12,235 |
|
Ser. A, 5.00%, 1/01/33, FGIC |
|
01/16 @ 100 |
|
|
12,526,193 |
|
|
AAA |
|
|
7,645 |
|
Ser. C-2, 5.25%, 1/01/30, FSA |
|
01/14 @ 100 |
|
|
7,872,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94,745,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana—6.0% |
|
|
|
|
|
|
|
A1 |
|
|
9,000 |
|
Hlth. Fac. Fin. Auth. RB, Methodist Hosp. Inc. Proj., 5.50%, 9/15/31 |
|
09/11 @ 100 |
|
|
9,191,970 |
|
|
|
|
|
|
|
Petersburg, PCRB, Pwr. & Lt. Conv., |
|
|
|
|
|
|
|
BBB+ |
|
|
10,000 |
|
5.90%, 12/01/24 |
|
08/11 @ 102 |
|
|
10,572,500 |
|
|
BBB+ |
|
|
16,000 |
|
5.95%, 12/01/29 |
|
08/11 @ 102 |
|
|
16,914,400 |
|
|
NR |
|
|
2,470 |
|
Vincennes Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 |
|
01/09 @ 102 |
|
|
2,434,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,113,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky—1.4% |
|
|
|
|
|
|
|
AAA |
|
|
9,060 |
|
Hsg. Corp. RB, Ser. F, 5.45%, 1/01/32 |
|
07/11 @ 100 |
|
|
9,260,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana—1.8% |
|
|
|
|
|
|
|
A |
|
|
10,510 |
|
Local Gov’t. Env. Facs. & Cmnty. Dev. Auth. Cap. Projs. & Equip. Acquisition RB, 6.55%, 9/01/25, ACA |
|
No Opt. Call |
|
|
11,678,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland—0.7% |
|
|
|
|
|
|
|
BBB+ |
|
|
4,205 |
|
Hlth. & Higher Edl. Facs. Auth. RB, Medstar Hlth. Proj., 5.50%, 8/15/33 |
|
08/14 @ 100 |
|
|
4,345,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts—0.8% |
|
|
|
|
|
|
|
AA |
|
|
4,955 |
|
Massachusetts St. Wtr. Res. Auth. Gen. RB, Ser. A, 5.00%, 8/01/41 |
|
08/16 @ 100 |
|
|
5,086,605 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi—2.9% |
|
|
|
|
|
|
|
A |
|
|
18,680 |
|
Gulfport Hosp. Fac. RB, Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 |
|
07/11 @ 100 |
|
|
19,053,787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-State—7.1% |
|
|
|
|
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, |
|
|
|
|
|
|
|
A3 |
|
|
1,000 |
4 |
Ser. A, 6.625%, 6/30/49 |
|
06/09 @ 100 |
|
|
1,062,140 |
|
|
A3 |
|
|
11,000 |
4 |
Ser. A-2, 6.30%, 6/30/49 |
|
06/09 @ 100 |
|
|
11,579,370 |
|
|
A3 |
|
|
16,000 |
4 |
Ser. A-3, 6.80%, 10/01/52 |
|
10/14 @ 100 |
|
|
17,903,040 |
|
|
Baa1 |
|
|
6,500 |
4 |
Ser. B-1, 6.80%, 11/30/50 |
|
11/10 @ 100 |
|
|
6,931,860 |
|
|
A3 |
|
|
8,000 |
4 |
MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49 |
|
06/09 @ 100 |
|
|
8,555,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,031,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada—1.3% |
|
|
|
|
|
|
|
AAA |
|
|
5,000 |
|
Clark Cnty. Arpt. RB, Jet Aviation Fuel Tax, Ser. C, 5.00%, 7/01/40, AMBAC |
|
07/15 @ 100 |
|
|
5,095,400 |
|
|
AAA |
|
|
3,125 |
|
Clark Cnty. GO, 5.00%, 6/01/32, MBIA |
|
12/12 @ 100 |
|
|
3,188,031 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,283,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
17
BlackRock Municipal Income Trust (BFK) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Option Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
New Hampshire—0.6% |
|
|
|
|
|
|
|
A+ |
|
$ |
3,500 |
|
Hlth. & Edl. Facs. Auth. RB, Exeter Hosp. Proj., 5.75%, 10/01/31 |
|
10/11 @ 101 |
|
$ |
3,668,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey—7.4% |
|
|
|
|
|
|
|
|
|
|
|
|
Econ. Dev. Auth., |
|
|
|
|
|
|
|
BBB |
|
|
18,500 |
|
RB, Cigarette Tax, 5.75%, 6/15/29 |
|
06/14 @ 100 |
|
|
19,607,410 |
|
|
B |
|
|
15,410 |
|
RB, Continental Airlines, Inc. Proj., 7.00%, 11/15/30 |
|
11/10 @ 101 |
|
|
15,384,882 |
|
|
Baa3 |
|
|
8,000 |
|
SA, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28 |
|
No Opt. Call |
|
|
9,408,080 |
|
|
NR |
|
|
3,680 |
|
Middlesex Cnty. Impvt. Auth. RB Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 |
|
01/15 @ 100 |
|
|
3,729,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
48,129,757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York—19.0% |
|
|
|
|
|
|
|
NR |
|
|
1,820 |
|
Albany Indl. Dev. Agcy. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35 |
|
05/15 @ 102 |
|
|
1,696,295 |
|
|
AAA |
|
|
4,860 |
|
Convention Ctr. Dev. Hotel Unit Fee Secured RB, 5.00%, 11/15/44, AMBAC |
|
11/15 @ 100 |
|
|
4,989,713 |
|
|
|
|
|
|
|
Dorm. Auth. RB, |
|
|
|
|
|
|
|
AA+ |
|
|
4,230 |
|
Cornell Univ., Ser. A, 5.00%, 7/01/31 |
|
07/16 @ 100 |
|
|
4,390,232 |
|
|
AA+ |
|
|
4,230 |
|
Cornell Univ., Ser. A, 5.00%, 7/01/35 |
|
07/16 @ 100 |
|
|
4,376,273 |
|
|
AAA |
|
|
5,375 |
|
Env. Facs. Corp., St. Clean Wtr. & Drinking Wtr. RB, NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31 |
|
06/12 @ 100 |
|
|
5,531,520 |
|
|
AA- |
|
|
43,885 |
|
Liberty Dev. Corp. RB, 5.25%, 10/01/35 |
|
No Opt. Call |
|
|
47,340,944 |
|
|
AAA |
|
|
7,115 |
|
Met. Transp. Auth. RB, Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC |
|
07/12 @ 100 |
|
|
7,308,030 |
|
|
|
|
|
|
|
New York City Indl. Dev. Agcy. RB, |
|
|
|
|
|
|
|
B- |
|
|
27,400 |
|
American Airlines, JFK Intl. Arpt., 7.75%, 8/01/31 |
|
08/16 @ 101 |
|
|
30,024,098 |
|
|
B- |
|
|
5,000 |
|
American Airlines, JFK Intl. Arpt., 8.00%, 8/01/28 |
|
08/16 @ 101 |
|
|
5,603,350 |
|
|
|
|
|
|
|
Sales Tax Asset Receivable Corp. RB, |
|
|
|
|
|
|
|
AAA |
|
|
7,000 |
|
Ser. A, 5.00%, 10/15/29, AMBAC |
|
10/14 @ 100 |
|
|
7,263,550 |
|
|
AAA |
|
|
5,075 |
|
Ser. A, 5.00%, 10/15/32, AMBAC |
|
10/14 @ 100 |
|
|
5,258,817 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123,782,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina—5.3% |
|
|
|
|
|
|
|
NR |
|
|
12,130 |
|
Gaston Cnty. Indl. Facs. PCRB Fin. Auth., 5.75%, 8/01/35 |
|
08/15 @ 100 |
|
|
12,669,421 |
|
|
AA+ |
|
|
21,460 |
|
Univ. of NC, Chapel Hill RB, Ser. A, 5.00%, 12/01/34 |
|
12/15 @ 100 |
|
|
22,235,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,905,415 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio—9.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Air Qual. Dev. Auth., |
|
|
|
|
|
|
|
BBB |
|
|
14,500 |
|
PCRB, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20 |
|
08/07 @ 102 |
|
|
15,064,050 |
|
|
AAA |
|
|
23,820 |
|
RB, 4.80%, 1/01/34, FGIC |
|
07/15 @ 100 |
|
|
23,835,959 |
|
|
AAA |
|
|
10,000 |
|
Madeira City Sch. Dist. GO, 5.00%, 12/01/32, MBIA |
|
12/14 @ 100 |
|
|
10,330,600 |
|
|
NR |
|
|
3,760 |
|
Pinnacle Cmnty. Infrastructure, Fin. Auth. RB, Ohio Facs., Ser. A, 6.25%, 12/01/36 |
|
12/14 @ 101 |
|
|
3,909,874 |
|
|
AAA |
|
|
9,000 |
|
Wtr. Dev. Auth., PCRB Facs., Dayton Pwr. & Lt., Ser. A, 4.80%, 1/01/34, FGIC |
|
07/15 @ 100 |
|
|
8,877,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,017,813 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma—1.2% |
|
|
|
|
|
|
|
B- |
|
|
7,175 |
|
Tulsa Mun. Arpt. Trust RB, Ser. A, 7.75%, 6/01/35 |
|
No Opt. Call |
|
|
7,813,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania—4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Econ. Dev. Fin. Auth. RB, |
|
|
|
|
|
|
|
A3 |
|
|
6,500 |
|
Amtrak Proj., Ser. A, 6.375%, 11/01/41 |
|
05/11 @ 101 |
|
|
6,900,075 |
|
|
BB- |
|
|
19,750 |
|
Exempt Facs., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36 |
|
12/09 @ 103 |
|
|
21,029,405 |
|
|
BBB+ |
|
|
4,000 |
|
Higher Edl. Facs. Auth. RB, La Salle Univ. Proj., 5.50%, 5/01/34 |
|
05/13 @ 100 |
|
|
4,159,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,089,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina—4.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Jobs Econ. Dev. Auth. Hosp., Facs. RB, |
|
|
|
|
|
|
|
BBB+ |
|
|
8,010 |
3 |
Palmetto Hlth., 6.875%, 8/01/13 |
|
N/A |
|
|
9,406,784 |
|
|
BBB+ |
|
|
990 |
|
Palmetto Hlth., 6.875%, 8/01/27 |
|
08/13 @ 100 |
|
|
1,124,076 |
|
|
BBB+ |
|
|
5,075 |
|
Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31 |
|
08/13 @ 100 |
|
|
5,440,197 |
|
|
|
|
|
|
|
Lexington Cnty. Hlth. Svcs. Dist., Hosp. RB, |
|
|
|
|
|
|
|
A |
|
|
5,000 |
|
5.50%, 11/01/32 |
|
11/13 @ 100 |
|
|
5,230,950 |
|
|
A |
|
|
10,000 |
|
5.75%, 11/01/28 |
|
11/13 @ 100 |
|
|
10,656,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31,858,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee—1.5% |
|
|
|
|
|
|
|
AAA |
|
|
20,825 |
|
Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. RB, Ser. A, Zero Coupon, 1/01/20, FSA |
|
01/13 @ 67.474 |
|
|
9,943,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
18
BlackRock Municipal Income Trust (BFK) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Option Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Texas—16.5% |
|
|
|
|
|
|
|
|
|
|
|
|
Affordable Hsg. Corp., Multi-Fam. Hsg. RB, |
|
|
|
|
|
|
|
NR |
|
$ |
4,435 |
6 |
Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 |
|
09/12 @ 102 |
|
$ |
665,250 |
|
|
BB- |
|
|
6,375 |
6 |
So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 |
|
09/12 @ 102 |
|
|
5,641,684 |
|
|
BBB |
|
|
3,400 |
|
Alliance Arpt. Auth., Inc. Spl. Fac. RB, Fedex Corp. Proj., 4.85%, 4/01/21 |
|
04/16 @ 100 |
|
|
3,367,836 |
|
|
Baa2 |
|
|
4,230 |
|
Brazos River Auth. PCRB, 5.00%, 3/01/41 |
|
03/11 @ 100 |
|
|
4,206,650 |
|
|
AAA |
|
|
3,805 |
|
Dallas Area Rapid Trans. RB, 5.00%, 12/01/31, AMBAC |
|
12/11 @ 100 |
|
|
3,877,105 |
|
|
|
|
|
|
|
Harris Cnty. Houston Sports Auth. RB, |
|
|
|
|
|
|
|
AAA |
|
|
12,580 |
|
Ser. A, Zero Coupon, 11/15/38, MBIA |
|
11/30 @ 61.166 |
|
|
2,086,896 |
|
|
AAA |
|
|
26,120 |
|
Ser. A-3, Zero Coupon, 11/15/37, MBIA |
|
11/24 @ 46.545 |
|
|
4,661,375 |
|
|
AAA |
|
|
5,000 |
|
Ser. H, Zero Coupon, 11/15/35, MBIA |
|
11/31 @ 78.178 |
|
|
987,900 |
|
|
AAA |
|
|
2,400 |
|
Lower Co. River Auth. RB, 5.00%, 5/15/31, MBIA |
|
05/13 @ 100 |
|
|
2,459,976 |
|
|
|
|
|
|
|
North Texas Mun. Wtr. Dist. RB, |
|
|
|
|
|
|
|
AAA |
|
|
7,850 |
|
5.00%, 9/01/31, MBIA |
|
09/16 @ 100 |
|
|
8,097,275 |
|
|
AAA |
|
|
18,690 |
|
5.00%, 9/01/35, MBIA |
|
09/16 @ 100 |
|
|
19,247,896 |
|
|
AAA |
|
|
9,085 |
|
North Texas Tollway Auth. RB, 5.00%, 1/01/40, FSA |
|
01/15 @ 100 |
|
|
9,270,061 |
|
|
|
|
|
|
|
Tpke. Auth. RB, Central Sys., |
|
|
|
|
|
|
|
AAA |
|
|
35,000 |
|
Zero Coupon, 8/15/32, AMBAC |
|
08/12 @ 30.846 |
|
|
7,975,800 |
|
|
AAA |
|
|
62,325 |
|
Zero Coupon, 8/15/33, AMBAC |
|
08/12 @ 28.997 |
|
|
13,342,536 |
|
|
AAA |
|
|
65,040 |
|
Zero Coupon, 8/15/34, AMBAC |
|
08/12 @ 27.31 |
|
|
13,103,609 |
|
|
|
|
|
|
|
Transp. Commn St. Hwy. RB, |
|
|
|
|
|
|
|
AAA |
|
|
4,225 |
|
5.00%, 4/01/25 |
|
04/16 @ 100 |
|
|
4,388,846 |
|
|
AAA |
|
|
4,225 |
|
5.00%, 4/01/26 |
|
04/16 @ 100 |
|
|
4,388,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107,769,541 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia—0.3% |
|
|
|
|
|
|
|
AAA |
|
|
8,105 |
|
Transp. Brd. Trust RB, Zero Coupon, 4/01/32, MBIA |
|
04/12 @ 34.99 |
|
|
2,053,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington—0.3% |
|
|
|
|
|
|
|
A- |
|
|
2,190 |
|
Energy Northwest Wind Proj. RB, Ser. B, 6.00%, 1/01/07 |
|
N/A |
|
|
2,285,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia—1.0% |
|
|
|
|
|
|
|
AAA |
|
|
2,070 |
|
Econ. Dev. Auth. RB, Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA |
|
06/14 @ 100 |
|
|
2,137,958 |
|
|
AAA |
|
|
4,085 |
|
St. Wtr. Dev. Auth. RB, Ser. A, 5.00%, 11/01/35, FSA |
|
11/15 @ 100 |
|
|
4,193,743 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,331,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin—6.2% |
|
|
|
|
|
|
|
|
|
|
|
|
Hlth. & Edl. Facs. Auth. RB, |
|
|
|
|
|
|
|
A- |
|
|
7,500 |
|
Aurora Hlth. Care Proj., 6.40%, 4/15/33 |
|
04/13 @ 100 |
|
|
8,192,550 |
|
|
AA- |
|
|
13,750 |
|
Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30 |
|
10/11 @ 101 |
|
|
14,089,762 |
|
|
A |
|
|
15,000 |
3 |
Wheaton Franciscan Svcs., 5.75%, 8/15/30 |
|
N/A |
|
|
15,753,600 |
|
|
AAA |
|
|
2,110 |
|
Pub. Pwr, Inc. Sys. RB, Ser. A, 5.00%, 7/01/37, AMBAC |
|
07/15 @ 100 |
|
|
2,162,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,198,789 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Long-Term Investments (cost $1,001,362,128) |
|
|
|
|
1,043,403,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS—2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
California—0.5% |
|
|
|
|
|
|
|
A-1+ |
|
|
3,000 |
7 |
Met. Wtr. Dist. So. Ca. RB, Ser. C-3, 3.72%, 5/04/06, FRWD |
|
N/A |
|
|
3,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois—0.1% |
|
|
|
|
|
|
|
A-1+ |
|
|
390 |
7 |
Fin. Auth. RB, Resurrection Hlth Proj., Ser. B, 3.81%, 5/01/06, FRDD |
|
N/A |
|
|
390,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York—0.8% |
|
|
|
|
|
|
|
A-1+ |
|
|
2,000 |
7 |
New York St. Loc. Gov’t. Assist. RB, 3.74%, 5/03/06, FSA, FRWD |
|
N/A |
|
|
2,000,000 |
|
|
A-1+ |
|
|
3,500 |
7 |
Triborough Brdg. & Tunl. Auth. RB, 3.79%, 5/04/06, FRWD |
|
|
|
|
3,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania—0.6% |
|
|
|
|
|
|
|
A-1 |
|
|
3,900 |
7 |
Higher Edl. Fac. Auth. RB, 3.80%, 5/04/06, FRWD |
|
N/A |
|
|
3,900,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico—0.0% |
|
|
|
|
|
|
|
A-1 |
|
|
100 |
7 |
Gov’t. Dev. Bank RB, 3.65%, 5/03/06, MBIA, FRWD |
|
N/A |
|
|
100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
19
BlackRock Municipal Income Trust (BFK) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
|
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Texas—0.0% |
|
|
|
|
|
|
|
A-1+ |
|
$ |
50 |
7 |
Wtr. Dev. Board RB, 3.75%, 5/01/06, FRDD |
|
|
|
$ |
50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Short-Term Investments (cost $12,940,000) |
|
|
|
|
12,940,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments—161.9% (cost $1,014,302,1288) |
|
|
|
$ |
1,056,343,649 |
|
|
|
|
|
|
|
Liabilities in excess of other assets—(4.4)% |
|
|
|
|
(28,569,117 |
) |
|
|
|
|
|
|
Preferred shares at redemption value, including dividends payable—(57.5)% |
|
|
|
|
(375,307,688 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders—100% |
|
|
|
$ |
652,466,844 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Using the higher of S&P’s, Moody’s or Fitch’s rating. |
|
2 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
|
3 |
This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
|
4 |
Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2006, the Trust held 7.8% of its net assets, with a current market value of $50,662,418, in securities restricted as to resale. |
|
5 |
Security pledged as collateral. |
|
6 |
Illiquid security. As of April 30, 2006, the Trust held 1.0% of net assets, with a current market value of $6,306,934. |
|
7 |
For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of April 30, 2006. |
|
8 |
Cost for Federal income tax purposes is $1,014,116,006. The net unrealized appreciation on a tax basis is $42,227,643, consisting of $49,833,679 gross unrealized appreciation and $7,606,036 gross unrealized depreciation. |
|
|
|
|
|
|
|
|
|
KEY TO ABBREVIATIONS |
||||||
|
ACA |
— |
American Capital Access |
|
MBIA |
— |
Municipal Bond Insurance Assoc. |
|
AMBAC |
— |
American Municipal Bond Assurance Corp. |
|
PCRB |
— |
Pollution Control Revenue Bond |
|
FGIC |
— |
Financial Guaranty Insurance Co. |
|
RB |
— |
Revenue Bond |
|
FRDD |
— |
Floating Rate Daily Demand |
|
SA |
— |
Special Assessment |
|
FRWD |
— |
Floating Rate Weekly Demand |
|
SO |
— |
Special Obligation |
|
FSA |
— |
Financial Security Assurance |
|
ST |
— |
Special Tax |
|
GO |
— |
General Obligation |
|
|
|
|
See Notes to Financial Statements.
20
PORTFOLIO
OF INVESTMENTS (unaudited)
APRIL 30, 2006
BlackRock California Investment Quality Municipal Trust (RAA)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rating1 |
|
Principal |
|
Description |
|
Option Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
LONG-TERM INVESTMENTS—145.0% |
|
|
|
|
|
|
|
|
|
|
|
|
California—130.2% |
|
|
|
|
|
|
|
|
|
|
|
|
California GO, |
|
|
|
|
|
|
|
A |
|
$ |
700 |
|
4.75%, 3/01/34 |
|
03/16 @ 100 |
|
$ |
688,380 |
|
|
A |
|
|
40 |
|
5.75%, 3/01/19 |
|
09/06 @ 100.5 |
|
|
40,456 |
|
|
A+ |
|
|
595 |
|
Chula Vista Indl. Dev. RB, 5.00%, 12/01/27 |
|
12/15 @ 102 |
|
|
605,984 |
|
|
|
|
|
|
|
Edl. Facs. Auth. RB, |
|
|
|
|
|
|
|
AAA |
|
|
760 |
3 |
Santa Clara Univ., 5.00%, 9/01/06, MBIA |
|
N/A |
|
|
778,521 |
|
|
AAA |
|
|
75 |
|
Student Loan Prog., Ser. A, 6.00%, 3/01/16, MBIA |
|
03/07 @ 102 |
|
|
77,400 |
|
|
|
|
|
|
|
Golden St. Tobacco Sec. Corp. RB, |
|
|
|
|
|
|
|
AAA |
|
|
1,015 |
|
5.00%, 6/01/45, AMBAC |
|
06/15 @ 100 |
|
|
1,030,499 |
|
|
AAA |
|
|
600 |
3 |
Ser. B, 5.50%, 6/01/13 |
|
N/A |
|
|
655,368 |
|
|
AAA |
|
|
400 |
3 |
Ser. B, 5.625%, 6/01/13 |
|
N/A |
|
|
439,968 |
|
|
A3 |
|
|
1,040 |
|
Hlth. Facs. Fin. Auth. RB, Cedars Sinai Med. Ctr. Proj., 5.00%, 11/15/34 |
|
11/15 @ 100 |
|
|
1,049,402 |
|
|
AAA |
|
|
1,000 |
3 |
Infrastructure & Econ. Dev. RB, Bay Area Toll Brdgs., Ser. A, 5.00%, 1/01/28, AMBAC |
|
N/A |
|
|
1,070,110 |
|
|
|
|
|
|
|
Los Angeles Cnty., |
|
|
|
|
|
|
|
AAA |
|
|
1,000 |
3 |
RB Met. Trans. Auth. Sales Tax, 6.00%, 7/01/06, MBIA |
|
N/A |
|
|
1,013,840 |
|
|
AAA |
|
|
1,000 |
|
ST Cmnty. Facs., Ser. A, 5.50%, 9/01/14, FSA |
|
09/07 @ 102 |
|
|
1,043,710 |
|
|
AAA |
|
|
500 |
|
Los Angeles Dept. of Wtr. & Pwr. Sys. RB, 5.00%, 7/01/35, FSA |
|
07/15 @ 100 |
|
|
515,160 |
|
|
AA |
|
|
1,150 |
|
Los Angeles Harbor Dept. RB, Ser. B, 6.00%, 8/01/13 |
|
08/06 @ 101 |
|
|
1,167,790 |
|
|
B- |
|
|
945 |
|
Los Angeles Regl. Arpt. Impvt., Corp. Lease RB, Amer. Airlines, Inc. Proj., Ser. B, 7.50%, 12/01/24 |
|
12/12 @ 102 |
|
|
1,003,959 |
|
|
NR |
|
|
1,000 |
|
Poway Unified Sch. Dist. ST, Cmnty. Facs. Dist. No. 6 Proj., 5.60%, 9/01/33 |
|
09/10 @ 102 |
|
|
1,012,570 |
|
|
A2 |
|
|
1,000 |
|
Pub. Wks. Brd. Lease RB, St. Univ. Proj., Ser. A, 6.10%, 10/01/06 |
|
05/06 @ 101 |
|
|
1,010,870 |
|
|
BBB+ |
|
|
1,000 |
3 |
Sacramento Pwr. Auth. RB, Cogeneration Proj., 6.50%, 7/01/06 |
|
N/A |
|
|
1,024,490 |
|
|
NR |
|
|
1,000 |
|
San Bernardino Cnty. ST, Cmnty. Facs., 5.90%, 9/01/33 |
|
09/12 @ 102 |
|
|
1,049,070 |
|
|
AAA |
|
|
750 |
|
San Carlos Sch. Dist. Election 2005 GO, Ser. A, 5.00%, 10/01/30, MBIA |
|
10/16 @ 100 |
|
|
775,770 |
|
|
AAA |
|
|
500 |
|
San Diego Ind. Dev. RB, Ser. A, 5.90%, 6/01/18, AMBAC |
|
05/06 @ 100 |
|
|
500,715 |
|
|
AAA |
|
|
150 |
|
San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. RB, Ser. 12-A, 5.90%, 5/01/26, MBIA |
|
05/06 @ 101 |
|
|
151,500 |
|
|
AAA |
|
|
40 |
|
So. California Pub. Pwr. Auth. RB, Transm. Proj., 5.50%, 7/01/20, MBIA |
|
05/06 @ 100 |
|
|
40,050 |
|
|
AAA |
|
|
500 |
3 |
Temecula Valley Unified Sch. Dist. GO, Ser. G, 5.75%, 8/01/07, FGIC |
|
N/A |
|
|
522,815 |
|
|
BBB |
|
|
900 |
|
Tobacco Sec. Auth. So. California, Tobacco Settlement RB, Ser. A, 5.625%, 6/01/43 |
|
06/12 @ 100 |
|
|
919,017 |
|
|
AAA |
|
|
370 |
|
West Basin Mun. Wtr. Dist. COP, Ser. A, 5.50%, 8/01/22, AMBAC |
|
08/07 @ 101 |
|
|
381,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,568,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico—14.8% |
|
|
|
|
|
|
|
AAA |
|
|
85 |
|
Hwy. & Trans. Auth. RB, Ser. L, 5.25%, 7/01/38, AMBAC |
|
No Opt. Call |
|
|
94,223 |
|
|
Aaa |
|
|
745 |
3 |
Pub. Fin. Corp. RB, Ser. E, 5.50%, 2/01/12 |
|
N/A |
|
|
808,564 |
|
|
BBB |
|
|
500 |
|
Pub. Impvt. GO, Ser. A, 5.00%, 7/01/34 |
|
07/14 @ 100 |
|
|
504,300 |
|
|
BBB- |
|
|
700 |
|
Puerto Rico Indl. Tourist Edl. RB, Ana G. Mendez Univ. Sys. Proj., 5.00%, 3/01/26 |
|
03/16 @ 100 |
|
|
702,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,109,739 |
|