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)
100 Bellevue Parkway, Wilmington, DE |
19809 |
(Address of principal executive offices) |
(Zip code) |
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Robert S. Kapito, President |
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BlackRock Municipal Income Trust |
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40 East 52nd Street, New York, NY 10022 |
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(Name and address of agent for service) |
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Registrant's telephone number, including area code: |
888-825-2257 |
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Date of fiscal year end: |
October 31, 2007 |
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Date of reporting period: |
April 30, 2007 |
Item 1. Reports to Shareholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
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ALTERNATIVES BLACKROCK SOLUTIONS EQUITIES FIXED INCOME LIQUIDITY REAL ESTATE |
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BlackRock |
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SEMI-ANNUAL REPORT | APRIL 30, 2007 (UNAUDITED) |
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BlackRock Investment Quality Municipal Trust (BKN) |
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BlackRock Municipal Income Trust (BFK) |
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BlackRock Long-Term Municipal Advantage Trust (BTA) |
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BlackRock California Investment Quality Municipal Trust (RAA) |
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BlackRock California Municipal Income Trust (BFZ) |
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BlackRock Florida Investment Quality Municipal Trust (RFA) |
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BlackRock Florida Municipal Income Trust (BBF) |
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BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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BlackRock New York Investment Quality Municipal Trust (RNY) |
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BlackRock New York Municipal Income Trust (BNY) |
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NOT FDIC
INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
TABLE OF CONTENTS
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1 |
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2 |
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Financial Statements |
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13 |
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44 |
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47 |
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50 |
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51 |
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56 |
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67 |
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74 |
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75 |
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our website.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
April 30, 2007
Dear Shareholder:
We are pleased to report that during the semi-annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.
The portfolio management team continuously monitors the municipal bond market and adjusts the Trusts’ investments in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credit ratings and coupon levels to capitalize on changing market conditions.
The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2007.
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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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5.37 |
% |
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8.26 |
% |
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$ |
18.98 |
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$ |
15.56 |
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BlackRock Municipal Income Trust (BFK) |
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5.31 |
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8.17 |
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18.68 |
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15.27 |
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BlackRock Long-Term Municipal Advantage Trust (BTA) |
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4.79 |
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7.37 |
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13.79 |
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14.76 |
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BlackRock California Investment Quality Municipal Trust (RAA) |
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4.14 |
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6.37 |
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13.92 |
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14.35 |
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BlackRock California Municipal Income Trust (BFZ) |
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5.12 |
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7.88 |
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17.82 |
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15.55 |
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BlackRock Florida Investment Quality Municipal Trust (RFA) |
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4.20 |
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6.46 |
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13.70 |
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14.03 |
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BlackRock Florida Municipal Income Trust (BBF) |
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5.45 |
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8.38 |
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16.60 |
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15.51 |
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BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
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4.75 |
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7.31 |
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17.19 |
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14.29 |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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4.96 |
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7.63 |
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19.28 |
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16.21 |
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BlackRock New York Investment Quality Municipal Trust (RNY) |
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4.99 |
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7.68 |
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16.85 |
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14.95 |
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BlackRock New York Municipal Income Trust (BNY) |
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5.14 |
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7.91 |
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17.59 |
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15.73 |
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1 |
Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share. Past performance does not guarantee future results. |
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Tax-equivalent yield assumes the maximum Federal tax rate of 35%. |
BlackRock, Inc. (“BlackRock”) a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2007, BlackRock managed over $37 billion in municipal bonds, including 14 open-end and 68 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, LLC, and its affiliate, BlackRock Financial Management, Inc., which manage the Trusts, are wholly owned subsidiaries of BlackRock.
On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.
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Sincerely, |
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Laurence D. Fink |
Ralph L. Schlosstein |
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Chief Executive Officer |
President |
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BlackRock Advisors, LLC |
BlackRock Advisors, LLC |
1
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
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BlackRock Investment Quality Municipal Trust (BKN) |
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Trust Information |
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Symbol on New York Stock Exchange: |
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BKN |
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Initial Offering Date: |
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February 19, 1993 |
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Closing Market Price as of 4/30/07: |
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$ |
18.98 |
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Net Asset Value as of 4/30/07: |
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$ |
15.56 |
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Yield on Closing Market Price as of 4/30/07 ($18.98):1 |
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5.37 |
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Current Monthly Distribution per Common Share:2 |
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$ |
0.0850 |
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Current Annualized Distribution per Common Share:2 |
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1.0200 |
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Leverage as of 4/30/07:3 |
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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 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
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4/30/07 |
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10/31/06 |
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Change |
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Low |
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Market Price |
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$ |
18.98 |
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$ |
18.97 |
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0.05 |
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$ |
19.90 |
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$ |
18.29 |
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NAV |
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$ |
15.56 |
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$ |
15.79 |
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(1.46 |
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$ |
15.96 |
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$ |
15.44 |
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The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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April 30, 2007 |
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October 31, 2006 |
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City, County & State |
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22 |
% |
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23 |
% |
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Hospitals |
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15 |
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13 |
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Industrial & Pollution Control |
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12 |
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14 |
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Housing |
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9 |
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6 |
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Education |
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9 |
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9 |
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Transportation |
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8 |
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8 |
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Power |
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8 |
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10 |
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Lease Revenue |
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6 |
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6 |
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Tax Revenue |
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5 |
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4 |
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Water & Sewer |
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4 |
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5 |
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Tobacco |
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2 |
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2 |
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Credit Quality Allocations4 |
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Credit Rating |
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April 30, 2007 |
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October 31, 2006 |
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AAA/Aaa |
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52 |
% |
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51 |
% |
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AA/Aa |
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14 |
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13 |
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A |
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7 |
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6 |
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BBB/Baa |
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16 |
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16 |
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BB/Ba |
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3 |
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4 |
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B |
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1 |
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2 |
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Not Rated |
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7 |
5 |
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8 |
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4 |
Using the highest of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) ratings. |
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The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007, the market value of these securities was $6,566,286, representing 1.6% of the Trust’s long-term investments. |
2
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
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BlackRock Municipal Income Trust (BFK) |
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Trust Information |
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Symbol on New York Stock Exchange: |
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BFK |
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Initial Offering Date: |
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July 27, 2001 |
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Closing Market Price as of 4/30/07: |
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$ |
18.68 |
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Net Asset Value as of 4/30/07: |
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$ |
15.27 |
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Yield on Closing Market Price as of 4/30/07 ($18.68):1 |
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5.31 |
% |
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Current Monthly Distribution per Common Share:2 |
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$ |
0.082625 |
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Current Annualized Distribution per Common Share:2 |
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$ |
0.991500 |
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Leverage as of 4/30/07:3 |
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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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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 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
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4/30/07 |
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10/31/06 |
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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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$ |
18.68 |
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$ |
17.30 |
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7.98 |
% |
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$ |
18.73 |
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$ |
16.96 |
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NAV |
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$ |
15.27 |
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$ |
15.37 |
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(0.65 |
)% |
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$ |
15.55 |
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$ |
15.16 |
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The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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April 30, 2007 |
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October 31, 2006 |
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Hospitals |
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22 |
% |
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21 |
% |
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Industrial & Pollution Control |
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18 |
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22 |
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City, County & State |
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11 |
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11 |
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Transportation |
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10 |
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9 |
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Housing |
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9 |
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8 |
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Education |
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8 |
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8 |
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Tobacco |
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6 |
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4 |
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Power |
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5 |
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7 |
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Tax Revenue |
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5 |
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5 |
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Lease Revenue |
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3 |
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2 |
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Water & Sewer |
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3 |
5 |
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3 |
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Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
34 |
% |
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
9 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
21 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
20 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
4 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
5 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
7 |
5 |
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
5 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007, the market value of these securities was $12,783,807, representing 1.2% of the Trust’s long-term investments. |
3
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BTA |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
February 28, 2006 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
13.79 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
14.76 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($13.79):1 |
|
|
|
4.79 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0550 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.6600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
The table below summarizes the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
13.79 |
|
$ |
14.70 |
|
(6.19 |
)% |
|
$ |
15.30 |
|
$ |
13.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.76 |
|
$ |
14.89 |
|
(0.87 |
)% |
|
$ |
15.22 |
|
$ |
14.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|
|
|
|
|
||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
Water & Sewer |
|
19 |
% |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
Education |
|
17 |
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
Hospital |
|
17 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
15 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
9 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
7 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
7 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
5 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
3 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
1 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations3 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
43 |
% |
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
28 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
3 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
18 |
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
3 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated4 |
|
5 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
4 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2007 and October 31, 2006, the market value of these securities was $7,121,660, representing 2.0%, and $7,110,320, representing 3.6%, respectively, of the Trust’s long-term investments. |
4
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock California Investment Quality Municipal Trust (RAA) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
||||||
|
Symbol on American Stock Exchange: |
|
RAA |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
13.92 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
14.35 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($13.92):1 |
|
|
|
4.14 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0480 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.5760 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
13.92 |
|
$ |
15.80 |
|
(11.90 |
)% |
|
$ |
16.65 |
|
$ |
13.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.35 |
|
$ |
14.51 |
|
(1.10 |
)% |
|
$ |
14.68 |
|
$ |
14.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|
|
|
|
|
||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
City, County & State |
|
29 |
% |
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
Education |
|
18 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
11 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
11 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
8 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
5 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
4 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
3 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
Resource Recovery |
|
3 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
2 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
2 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
49 |
% |
|
62 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
5 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
21 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
10 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
5 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
10 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
5
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock California Municipal Income Trust (BFZ) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
||||||
|
Symbol on New York Stock Exchange: |
|
BFZ |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
17.82 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
15.55 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($17.82):1 |
|
|
|
5.12 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.076074 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.912888 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
17.82 |
|
$ |
17.12 |
|
4.09 |
% |
|
$ |
17.92 |
|
$ |
16.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.55 |
|
$ |
15.74 |
|
(1.21 |
)% |
|
$ |
15.85 |
|
$ |
15.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|||||||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
City, County & State |
|
22 |
% |
|
22 |
% |
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
13 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
13 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
11 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
11 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
8 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
8 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
7 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
7 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
45 |
% |
|
49 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
27 |
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
14 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
10 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
6
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock Florida Investment Quality Municipal Trust (RFA) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
||||||
|
Symbol on American Stock Exchange: |
|
RFA |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
13.70 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
14.03 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($13.70):1 |
|
|
|
4.20 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0480 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.5760 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
13.70 |
|
$ |
16.00 |
|
(14.38 |
)% |
|
$ |
16.00 |
|
$ |
13.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.03 |
|
$ |
14.24 |
|
(1.47 |
)% |
|
$ |
14.40 |
|
$ |
13.92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|
|
|
|
|
||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
Hospitals |
|
25 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
21 |
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
19 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
10 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
8 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
7 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
4 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
59 |
% |
|
64 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
5 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
12 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
12 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
2 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
10 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
7
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock Florida Municipal Income Trust (BBF) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on New York Stock Exchange: |
|
BBF |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
16.60 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
15.51 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($16.60):1 |
|
|
|
5.45 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.075375 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.904500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
16.60 |
|
$ |
16.30 |
|
1.84 |
% |
|
$ |
17.11 |
|
$ |
15.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.51 |
|
$ |
15.68 |
|
(1.08 |
)% |
|
$ |
15.76 |
|
$ |
15.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|||||||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
City, County & State |
|
30 |
% |
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
26 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
11 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
8 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
7 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
4 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
4 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
3 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
2 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
1 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
37 |
% |
|
39 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
26 |
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
9 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
11 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated5 |
|
15 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
5 |
The investment advisor has deemed certain of these not-rated securities to be of investment grade quality. As of April 30, 2007 and October 31, 2006, the market value of these securities was $3,337,402, representing 2.1%, and $3,384,402, representing 2.2%, respectively, of the Trust’s long-term investments. |
8
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on American Stock Exchange: |
|
RNJ |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
17.19 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
14.29 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($17.19):1 |
|
|
|
4.75 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0680 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.8160 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
17.19 |
|
$ |
15.95 |
|
7.77 |
% |
|
$ |
18.85 |
|
$ |
15.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.29 |
|
$ |
14.47 |
|
(1.24 |
)% |
|
$ |
14.61 |
|
$ |
14.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|
|
|
||||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
Transportation |
|
20 |
% |
|
23 |
% |
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
18 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
11 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
10 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
10 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
7 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
6 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
6 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
4 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
4 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
4 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
50 |
% |
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
2 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
6 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
30 |
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
5 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
7 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
9
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on New York Stock Exchange: |
|
BNJ |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
19.28 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
16.21 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($19.28):1 |
|
|
|
4.96 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.079625 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.955500 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
19.28 |
|
$ |
18.40 |
|
4.78 |
% |
|
$ |
19.70 |
|
$ |
18.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
16.21 |
|
$ |
16.35 |
|
(0.86 |
)% |
|
$ |
16.46 |
|
$ |
16.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|||||||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
Hospitals |
|
26 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
20 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
12 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
9 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
8 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
6 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
6 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
6 |
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
4 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
2 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
37 |
% |
|
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
A |
|
22 |
|
|
22 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
35 |
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
3 |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
3 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
10
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock New York Investment Quality Municipal Trust (RNY) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on American Stock Exchange: |
|
RNY |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
May 28, 1993 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
16.85 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
14.95 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($16.85):1 |
|
|
|
4.99 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.0700 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.8400 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
16.85 |
|
$ |
16.65 |
|
1.20 |
% |
|
$ |
18.25 |
|
$ |
16.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
14.95 |
|
$ |
15.18 |
|
(1.52 |
)% |
|
$ |
15.32 |
|
$ |
14.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|||||||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
Education |
|
23 |
% |
|
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
15 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
12 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
12 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Industrial & Pollution Control |
|
12 |
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
10 |
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
5 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
3 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
2 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
2 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
49 |
% |
|
46 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
21 |
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
6 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
13 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
9 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Caa |
|
— |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
2 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
11
TRUST
SUMMARIES (unaudited)
APRIL 30, 2007
|
BlackRock New York Municipal Income Trust (BNY) |
|
|
|
|
|
|
|
|
|
|
Trust Information |
||||||
|
|
|
|
|
|
||
|
Symbol on New York Stock Exchange: |
|
BNY |
|
|||
|
|
|
|
|
|||
|
Initial Offering Date: |
|
July 27, 2001 |
|
|||
|
|
|
|
|
|||
|
Closing Market Price as of 4/30/07: |
|
|
$ |
17.59 |
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value as of 4/30/07: |
|
|
$ |
15.73 |
|
|
|
|
|
|
|
|
|
|
|
Yield on Closing Market Price as of 4/30/07 ($17.59):1 |
|
|
|
5.14 |
% |
|
|
|
|
|
|
|
|
|
|
Current Monthly Distribution per Common Share:2 |
|
|
$ |
0.075339 |
|
|
|
|
|
|
|
|
|
|
|
Current Annualized Distribution per Common Share:2 |
|
|
$ |
0.904068 |
|
|
|
|
|
|
|
|
|
|
|
Leverage as of 4/30/07:3 |
|
|
|
36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
The distribution is not constant and is subject to change. |
|
3 |
As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements). |
The table below summarizes the changes in the Trust’s market price and NAV:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
4/30/07 |
|
10/31/06 |
|
Change |
|
High |
|
Low |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Market Price |
|
|
$ |
17.59 |
|
$ |
17.35 |
|
1.38 |
% |
|
$ |
18.00 |
|
$ |
16.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAV |
|
|
$ |
15.73 |
|
$ |
15.88 |
|
(0.94 |
)% |
|
$ |
15.99 |
|
$ |
15.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|||||||
|
|
|||||||
|
Sector |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
Industrial & Pollution Control |
|
17 |
% |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
15 |
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
14 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco |
|
12 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Education |
|
9 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
City, County & State |
|
9 |
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
Water & Sewer |
|
8 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Lease Revenue |
|
7 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
Hospitals |
|
5 |
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
Power |
|
3 |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
Tax Revenue |
|
1 |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations4 |
|||||||
|
|
|||||||
|
Credit Rating |
|
April 30, 2007 |
|
October 31, 2006 |
|
||
|
|
|
|
|
|
|
||
|
AAA/Aaa |
|
41 |
% |
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
AA/Aa |
|
17 |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
A |
|
16 |
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
BBB/Baa |
|
19 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
B |
|
6 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
CCC/Caa |
|
— |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
Not Rated |
|
1 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
12
PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
LONG-TERM INVESTMENTS—155.6% |
|
|
|
|
|
|
|
|
|
|
Alabama—7.0% |
|
|
|
|
|
|
|
|
|
|
Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj., |
|
|
|
|
|
|
|
$ |
1,765 |
|
Ser. C-2, 5.00%, 11/15/36 |
|
11/16 @ 100 |
|
$ |
1,830,040 |
|
|
|
1,265 |
|
Ser. C-2, 5.00%, 11/15/39 |
|
11/16 @ 100 |
|
|
1,308,238 |
|
|
|
14,000 |
2 |
Univ. of Alabama Hosp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.875%, 9/01/10, MBIA |
|
N/A |
|
|
15,070,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,208,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona—0.8% |
|
|
|
|
|
|
|
|
|
|
San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB, Regl. Detention Ctr. Proj., |
|
|
|
|
|
|
|
|
490 |
|
6.25%, 5/01/15 |
|
05/10 @ 107 |
|
|
496,983 |
|
|
|
490 |
|
7.00%, 5/01/20 |
|
05/10 @ 107 |
|
|
497,345 |
|
|
|
980 |
|
7.25%, 5/01/27 |
|
05/10 @ 107 |
|
|
1,000,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,994,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California—24.1% |
|
|
|
|
|
|
|
|
|
|
California GO, |
|
|
|
|
|
|
|
|
5,800 |
|
5.00%, 2/01/32 |
|
08/13 @ 100 |
|
|
6,019,820 |
|
|
|
3,485 |
|
5.00%, 6/01/34 |
|
12/14 @ 100 |
|
|
3,638,166 |
|
|
|
5,000 |
2 |
5.625%, 5/01/10 |
|
N/A |
|
|
5,329,941 |
|
|
|
770 |
|
5.625%, 5/01/18 |
|
05/10 @ 101 |
|
|
821,829 |
|
|
|
10,000 |
|
California, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 3/01/33, CIFG |
|
03/15 @ 100 |
|
|
10,515,300 |
|
|
|
|
|
Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB, |
|
|
|
|
|
|
|
|
1,340 |
|
Ser. B, Zero Coupon, 6/01/46 |
|
06/16 @ 17.602 |
|
|
140,874 |
|
|
|
7,090 |
|
Ser. C, Zero Coupon, 6/01/55 |
|
06/16 @ 8.9 |
|
|
363,292 |
|
|
|
9,060 |
|
Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55 |
|
06/16 @ 6.219 |
|
|
307,678 |
|
|
|
|
|
Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, |
|
|
|
|
|
|
|
|
3,495 |
|
5.75%, 1/15/40 |
|
01/10 @ 101 |
|
|
3,655,980 |
|
|
|
7,000 |
|
Conv. Cap. Apprec. Proj., Zero Coupon, 1/15/28 |
|
01/14 @ 101 |
|
|
6,545,910 |
|
|
|
805 |
|
Golden St. Tobacco Sec. Corp., Misc. RB, Ser. A-1, 5.125%, 6/01/47 |
|
06/17 @ 100 |
|
|
806,538 |
|
|
|
10,945 |
2 |
Los Altos Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/13, MBIA |
|
N/A |
|
|
4,616,163 |
|
|
|
15,460 |
|
Los Angeles Cnty. Cap. Asset Leasing Corp., Lease Abatement RB, 3.80%, 12/01/07, AMBAC |
|
No Opt. Call |
|
|
15,662,990 |
|
|
|
4,185 |
|
Univ. of California, Univ. & Coll. Impvts. RB, Ser. B, 4.75%, 5/15/38 |
|
05/13 @ 101 |
|
|
4,270,248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,694,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado—0.8% |
|
|
|
|
|
|
|
$ |
1,030 |
|
City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA |
|
11/15 @ 100 |
|
$ |
1,081,067 |
|
|
|
1,020 |
|
Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37 |
|
12/15 @ 101 |
|
|
1,082,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,163,491 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connecticut—1.2% |
|
|
|
|
|
|
|
|
3,000 |
3 |
Mashantucket Western Pequot Tribe Casino RB, Ser. A, 5.50%, 9/01/28 |
|
09/09 @ 101 |
|
|
3,077,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia—2.3% |
|
|
|
|
|
|
|
|
4,960 |
|
Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.50%, 5/15/33 |
|
No Opt. Call |
|
|
5,911,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida—17.8% |
|
|
|
|
|
|
|
|
|
|
Cnty. of Miami-Dade, Recreational Fac. Impvts. Misc. SO, |
|
|
|
|
|
|
|
|
3,380 |
|
Ser. A, Zero Coupon, 10/01/31, MBIA |
|
10/15 @ 44.051 |
|
|
1,014,439 |
|
|
|
4,225 |
|
Ser. A, Zero Coupon, 10/01/32, MBIA |
|
10/15 @ 41.782 |
|
|
1,201,717 |
|
|
|
4,000 |
|
Ser. A, Zero Coupon, 10/01/33, MBIA |
|
10/15 @ 39.621 |
|
|
1,075,360 |
|
|
|
4,580 |
|
Ser. A, Zero Coupon, 10/01/34, MBIA |
|
10/15 @ 37.635 |
|
|
1,168,587 |
|
|
|
5,000 |
|
Ser. A, Zero Coupon, 10/01/35, MBIA |
|
10/15 @ 35.678 |
|
|
1,212,400 |
|
|
|
10,000 |
|
Ser. A, Zero Coupon, 10/01/36, MBIA |
|
10/15 @ 33.817 |
|
|
2,290,800 |
|
|
|
10,000 |
|
Ser. A, Zero Coupon, 10/01/37, MBIA |
|
10/15 @ 32.047 |
|
|
2,169,100 |
|
|
|
7,895 |
|
Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA |
|
10/16 @ 100 |
|
|
8,095,533 |
|
|
|
2,050 |
|
Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. TA, Ser. A, 6.125%, 5/01/34 |
|
05/13 @ 101 |
|
|
2,184,665 |
|
|
|
2,415 |
|
Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.00%, 6/01/38 |
|
06/16 @ 100 |
|
|
2,450,138 |
|
|
|
3,700 |
|
Hillsborough Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30, AMT |
|
10/10 @ 101 |
|
|
4,010,578 |
|
|
|
1,215 |
|
JEA Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA |
|
04/11 @ 100 |
|
|
1,236,287 |
|
|
|
4,755 |
|
Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 |
|
11/14 @ 100 |
|
|
5,380,758 |
|
|
|
3,770 |
|
Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB, Ser. B, 5.70%, 10/01/38 |
|
10/15 @ 100 |
|
|
3,868,585 |
|
See Notes to Financial Statements.
13
|
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Florida—(cont’d) |
|
|
|
|
|
|
|
$ |
8,700 |
|
Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22 |
|
05/13 @ 100 |
|
$ |
9,029,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,388,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia—3.2% |
|
|
|
|
|
|
|
|
|
|
City of Atlanta, |
|
|
|
|
|
|
|
|
2,245 |
|
Port, Arpt. & Marina Impvts. RB, Ser. J, 5.00%, 1/01/34, FSA |
|
01/15 @ 100 |
|
|
2,349,594 |
|
|
|
4,000 |
|
Wtr. & Wstwtr., Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA |
|
11/14 @ 100 |
|
|
4,204,120 |
|
|
|
1,500 |
|
Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 6.00%, 9/01/33 |
|
09/14 @ 101 |
|
|
1,651,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,205,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hawaii—1.0% |
|
|
|
|
|
|
|
|
2,500 |
|
Dept. of Budget & Fin., Elec., Pwr. & Lt. RB, Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC, AMT |
|
01/09 @ 101 |
|
|
2,610,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois—15.0% |
|
|
|
|
|
|
|
|
1,920 |
3 |
Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 |
|
No Opt. Call |
|
|
1,988,083 |
|
|
|
1,040 |
2 |
Chicago Brd. of Ed., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.75%, 12/01/07, AMBAC |
|
N/A |
|
|
1,072,458 |
|
|
|
3,210 |
|
Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA |
|
07/16 @ 100 |
|
|
3,398,556 |
|
|
|
3,540 |
|
Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT |
|
01/14 @ 100 |
|
|
3,733,001 |
|
|
|
5,000 |
4 |
Chicago Pub. Bldg. Comm. Bldg., Sch. Impvts. Ad Valorem Ppty. Tax RB, Ser. A, 7.00%, 1/01/20, MBIA |
|
ETM |
|
|
6,379,450 |
|
|
|
|
|
Fin. Auth., |
|
|
|
|
|
|
|
|
1,665 |
|
Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25 |
|
11/16 @ 100 |
|
|
1,706,775 |
|
|
|
1,330 |
|
Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30 |
|
11/16 @ 100 |
|
|
1,360,297 |
|
|
|
690 |
|
Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 |
|
02/15 @ 100 |
|
|
712,101 |
|
|
|
5,800 |
|
Hlth., Hosp. & Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 |
|
08/14 @ 100 |
|
|
6,303,150 |
|
|
|
875 |
|
Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35 |
|
06/14 @ 100 |
|
|
897,155 |
|
|
|
700 |
|
Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35 |
|
06/14 @ 100 |
|
|
717,570 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Illinois—(cont’d) |
|
|
|
|
|
|
|
$ |
3,980 |
|
Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC |
|
02/16 @ 100 |
|
$ |
3,948,558 |
|
|
|
6,500 |
|
Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A, 4.75%, 1/01/38, MBIA |
|
01/15 @ 100 |
|
|
6,654,895 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,872,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana—1.2% |
|
|
|
|
|
|
|
|
3,050 |
|
Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC |
|
01/16 @ 100 |
|
|
3,040,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kansas—0.7% |
|
|
|
|
|
|
|
|
1,690 |
|
Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys. Proj., 5.00%, 9/01/36 |
|
09/16 @ 100 |
|
|
1,729,140 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky—2.4% |
|
|
|
|
|
|
|
|
13,500 |
|
Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB, Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA |
|
No Opt. Call |
|
|
6,275,745 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland—2.6% |
|
|
|
|
|
|
|
|
5,000 |
|
Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A, 4.80%, 9/01/42, AMT |
|
09/16 @ 100 |
|
|
4,957,600 |
|
|
|
1,740 |
|
Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33 |
|
08/14 @ 100 |
|
|
1,851,464 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,809,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts—1.2% |
|
|
|
|
|
|
|
|
3,075 |
|
Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41 |
|
08/16 @ 100 |
|
|
3,235,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
1,670 |
|
Hosp. Fin. Auth. Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46 |
|
11/16 @ 100 |
|
|
1,752,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi—1.0% |
|
|
|
|
|
|
|
|
2,535 |
|
Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28 |
|
12/16 @ 100 |
|
|
2,533,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri—3.2% |
|
|
|
|
|
|
|
|
5,250 |
|
Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1, 5.05%, 3/01/38, AMT |
|
09/16 @ 103 |
|
|
5,452,020 |
|
|
|
2,820 |
|
Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA |
|
01/16 @ 100 |
|
|
2,830,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,282,257 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
14
|
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Multi-State—4.7% |
|
|
|
|
|
|
|
$ |
7,000 |
3 |
Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 |
|
11/10 @ 100 |
|
$ |
7,690,900 |
|
|
|
4,000 |
3 |
MuniMae TE Bond Subsidiary LLC, Ser. B, 7.75%, 6/30/50 |
|
11/10 @ 100 |
|
|
4,404,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,095,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska—3.1% |
|
|
|
|
|
|
|
|
|
|
Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB, |
|
|
|
|
|
|
|
|
2,765 |
|
Ser. A, 4.75%, 2/01/44 |
|
02/14 @ 100 |
|
|
2,807,913 |
|
|
|
5,000 |
|
Ser. A, 5.00%, 2/01/34 |
|
02/14 @ 100 |
|
|
5,220,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,028,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nevada—2.1% |
|
|
|
|
|
|
|
|
2,065 |
|
Cnty. of Clark Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29 |
|
05/16 @ 100 |
|
|
2,147,187 |
|
|
|
3,200 |
|
Truckee Meadows Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA |
|
07/16 @ 100 |
|
|
3,306,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,453,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey—3.5% |
|
|
|
|
|
|
|
|
7,000 |
|
Econ. Dev. Auth. Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29 |
|
06/14 @ 100 |
|
|
7,573,580 |
|
|
|
1,510 |
|
Middlesex Cnty. Impvt. Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37 |
|
01/15 @ 100 |
|
|
1,603,907 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,177,487 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York—5.6% |
|
|
|
|
|
|
|
|
725 |
|
Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35 |
|
05/15 @ 102 |
|
|
722,354 |
|
|
|
3,895 |
2 |
Dorm. Auth., Univ. & Coll. Impvts. RB, Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/10, MBIA |
|
N/A |
|
|
3,494,788 |
|
|
|
4,100 |
|
Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35 |
|
No Opt. Call |
|
|
4,691,097 |
|
|
|
2,600 |
|
New York City Indl. Dev. Agcy. Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./ JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT |
|
08/16 @ 101 |
|
|
3,132,298 |
|
|
|
2,500 |
|
New York City Mun. Wtr. Fin. Auth. Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38 |
|
06/16 @ 100 |
|
|
2,632,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,673,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
North Carolina—4.7% |
|
|
|
|
|
|
|
$ |
5,000 |
|
Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. B, 7.00%, 1/01/08, CAPMAC |
|
No Opt. Call |
|
$ |
5,106,100 |
|
|
|
2,425 |
|
Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT |
|
08/15 @ 100 |
|
|
2,555,708 |
|
|
|
4,315 |
|
Med. Care Comm., Hlth., Hosp. & Nursing Home RB, Novant Hlth., Inc. Proj., 5.00%, 11/01/39 |
|
11/16 @ 100 |
|
|
4,460,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,121,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio—7.7% |
|
|
|
|
|
|
|
|
10,475 |
|
Air Qual. Dev. Auth. Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC |
|
07/15 @ 100 |
|
|
10,733,314 |
|
|
|
3,485 |
|
Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Fndtn. Proj., 6.00%, 1/01/20 |
|
07/13 @ 100 |
|
|
3,862,495 |
|
|
|
5,000 |
|
Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB, Cleveland Clinic Hlth. Sys. Proj., 6.00%, 1/01/21 |
|
07/13 @ 100 |
|
|
5,535,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,131,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma—1.3% |
|
|
|
|
|
|
|
|
2,900 |
|
Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT |
|
No Opt. Call |
|
|
3,431,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania—6.4% |
|
|
|
|
|
|
|
|
2,000 |
|
Delaware River Port. Auth., Port, Arpt. & Marina RB, Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA |
|
01/10 @ 100 |
|
|
2,094,040 |
|
|
|
|
|
Econ. Dev. Fing. Auth., |
|
|
|
|
|
|
|
|
6,380 |
|
Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT |
|
06/11 @ 103 |
|
|
7,017,808 |
|
|
|
2,000 |
|
Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.25%, 11/01/31, AMT |
|
05/11 @ 101 |
|
|
2,139,100 |
|
|
|
3,100 |
|
Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT |
|
05/11 @ 101 |
|
|
3,314,954 |
|
|
|
980 |
|
Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT |
|
10/16 @ 100 |
|
|
963,399 |
|
|
|
|
|
McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO, |
|
|
|
|
|
|
|
|
870 |
4 |
Zero Coupon, 10/01/31, FGIC |
|
ETM |
|
|
297,714 |
|
|
|
2,435 |
|
Zero Coupon, 10/01/31, FGIC |
|
No Opt. Call |
|
|
823,371 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,650,386 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
15
|
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
|
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Puerto Rico—2.6% |
|
|
|
|
|
|
|
$ |
2,900 |
|
Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU, 5.00%, 7/01/23, FSA |
|
07/17 @ 100 |
|
$ |
3,130,144 |
|
|
|
3,115 |
|
Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/34 |
|
No Opt. Call |
|
|
3,597,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,727,502 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhode Island—0.8% |
|
|
|
|
|
|
|
|
|
|
Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Lifespan Proj., |
|
|
|
|
|
|
|
|
1,800 |
2 |
5.50%, 5/15/07, MBIA |
|
N/A |
|
|
1,837,188 |
|
|
|
200 |
|
5.50%, 5/15/16, MBIA |
|
05/07 @ 102 |
|
|
204,234 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,041,422 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina—4.7% |
|
|
|
|
|
|
|
|
5,000 |
|
Hsg. Fin. & Dev. Auth., Hsg. RB, Ser. A2, 5.15%, 7/01/37, AMBAC, AMT |
|
07/15 @ 100 |
|
|
5,150,850 |
|
|
|
|
|
Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., |
|
|
|
|
|
|
|
|
4,000 |
2 |
6.875%, 8/01/13 |
|
N/A |
|
|
4,671,283 |
|
|
|
2,185 |
|
Ser. A, 6.25%, 8/01/31 |
|
08/13 @ 100 |
|
|
2,423,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,245,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee—2.0% |
|
|
|
|
|
|
|
|
4,865 |
|
Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. D, 6.00%, 3/01/24, AMBAC, AMT |
|
03/10 @ 101 |
|
|
5,158,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas—14.3% |
|
|
|
|
|
|
|
|
1,350 |
|
Alliance Arpt. Auth., Indl. RB, FedEx Corp. Proj., 4.85%, 4/01/21, AMT |
|
04/16 @ 100 |
|
|
1,377,392 |
|
|
|
6,000 |
2 |
Grapevine, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.875%, 8/15/10, FGIC |
|
N/A |
|
|
6,398,640 |
|
|
|
5,000 |
|
Harris Cnty.-Houston Sports Auth. Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA |
|
11/30 @ 61.166 |
|
|
1,026,850 |
|
|
|
2,480 |
|
Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC |
|
10/16 @ 100 |
|
|
2,444,685 |
|
|
|
9,495 |
|
La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 2/15/34, PSF |
|
02/14 @ 100 |
|
|
9,893,600 |
|
|
|
|
|
Lower Colorado River Auth., Misc. RB, |
|
|
|
|
|
|
|
|
3,845 |
|
4.75%, 5/15/36, AMBAC |
|
05/11 @ 100 |
|
|
3,889,986 |
|
|
|
5 |
2 |
Ser. A, 5.00%, 5/15/13, MBIA |
|
N/A |
|
|
5,335 |
|
|
|
945 |
|
Ser. A, 5.00%, 5/15/31, MBIA |
|
05/13 @ 100 |
|
|
982,394 |
|
|
|
675 |
|
Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA |
|
03/14 @ 100 |
|
|
687,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Texas—(cont’d) |
|
|
|
|
|
|
|
$ |
2,010 |
|
Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC |
|
03/16 @ 100 |
|
$ |
2,066,863 |
|
|
|
1,000 |
|
Texas, Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22 |
|
08/10 @ 100 |
|
|
1,057,820 |
|
|
|
|
|
Tpke. Auth., Hwy. Impvts. Tolls RB, |
|
|
|
|
|
|
|
|
3,325 |
|
Ser. A, 5.00%, 8/15/42, AMBAC |
|
08/12 @ 100 |
|
|
3,448,889 |
|
|
|
15,000 |
|
Zero Coupon, 8/15/31, AMBAC |
|
08/12 @ 32.807 |
|
|
3,896,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37,176,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utah—0.7% |
|
|
|
|
|
|
|
|
1,950 |
4 |
Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB, 5.00%, 7/01/13, AMBAC |
|
ETM |
|
|
1,951,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia—1.1% |
|
|
|
|
|
|
|
|
2,900 |
|
Tobacco Settlement Fing. Corp., Tobacco Settlelement Funded RB, Ser. B1, 5.00%, 6/01/47 |
|
06/17 @ 100 |
|
|
2,856,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington—1.9% |
|
|
|
|
|
|
|
|
1,420 |
|
Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA |
|
01/16 @ 100 |
|
|
1,496,481 |
|
|
|
3,480 |
|
Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC |
|
10/16 @ 100 |
|
|
3,486,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,982,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin—1.4% |
|
|
|
|
|
|
|
|
3,220 |
|
Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB Aurora Hlth. Care Proj., 6.40%, 4/15/33 |
|
04/13 @ 100 |
|
|
3,567,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wyoming—0.8% |
|
|
|
|
|
|
|
|
2,145 |
|
Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 3, 4.75%, 12/01/37, AMT |
|
12/16 @ 100 |
|
|
2,131,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
404,389,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND—1.6% |
|
|
|
|
|
|
|
|
4,300 |
5,6 |
Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $4,300,000) |
|
N/A |
|
|
4,300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments—157.2% |
|
|
|
$ |
408,689,069 |
|
|
|
|
|
Liabilities in excess of other assets—(0.8)% |
|
|
|
|
(2,064,139) |
|
|
|
|
|
Preferred shares at redemption value, including dividends payable—(56.4)% |
|
|
|
|
(146,682,337) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders—100% |
|
|
|
$ |
259,942,593 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
16
|
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
|
|
|
|
|
|
|
|
1 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
|
2 |
This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
|
3 |
Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 6.6% of its net assets, with a current market value of $17,161,383, in securities restricted as to resale. |
|
4 |
Security is collateralized by Municipal or U.S. Treasury obligations. |
|
5 |
Represents an investment in an affiliate. |
|
6 |
Represents current yield as of April 30, 2007. |
|
7 |
Cost for federal income tax purposes is $386,204,280. The net unrealized appreciation on a tax basis is $22,484,789, consisting of $22,773,337 gross unrealized appreciation and $288,548 gross unrealized depreciation. |
|
|
|
|
|
KEY TO ABBREVIATIONS |
||
|
|
||
|
AMBAC |
— |
American Municipal Bond Assurance Corp. |
|
AMT |
— |
Subject to Alternative Minimum Tax |
|
CAPMAC |
— |
Capital Markets Assurance Co. |
|
CIFG-TCRS |
— |
CDC IXIS Financial Guaranty |
|
ETM |
— |
Escrowed to Maturity |
|
FGIC |
— |
Financial Guaranty Insurance Co. |
|
FSA |
— |
Financial Security Assurance |
|
GO |
— |
General Obligation |
|
MBIA |
— |
Municipal Bond Insurance Assoc. |
|
PSF |
— |
Public School Fund Guaranteed |
|
RB |
— |
Revenue Bond |
|
SA |
— |
Special Assessment |
|
SO |
— |
Special Obligation |
|
TA |
— |
Tax Allocation |
|
XLCA |
— |
XL Capital Assurance |
See Notes to Financial Statements.
17
PORTFOLIO OF
INVESTMENTS (unaudited)
APRIL 30, 2007
|
BlackRock Municipal Income Trust (BFK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
LONG-TERM INVESTMENTS—154.4% |
|
|
|
|
|
|
|
|
|
|
Alabama—3.7% |
|
|
|
|
|
|
|
$ |
15,000 |
2 |
Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. B, 5.75%, 6/01/12 |
|
N/A |
|
$ |
16,486,500 |
|
|
|
|
|
Spl. Care Facs. Fing. Auth.- Birmingham, Hlth., Hosp. & Nursing Home RB, Ascension Hlth. Proj., |
|
|
|
|
|
|
|
|
4,545 |
|
Ser. C-2, 5.00%, 11/15/36 |
|
11/16 @ 100 |
|
|
4,712,483 |
|
|
|
3,260 |
|
Ser. C-2, 5.00%, 11/15/39 |
|
11/16 @ 100 |
|
|
3,371,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,570,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona—2.0% |
|
|
|
|
|
|
|
|
5,400 |
|
Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%, 8/01/38, AMT |
|
03/17 @ 102.75 |
|
|
5,652,396 |
|
|
|
7,000 |
2 |
Scottsdale Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Scottsdale Hlth. Care Proj., 5.80%, 12/01/11 |
|
N/A |
|
|
7,645,890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,298,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California—15.5% |
|
|
|
|
|
|
|
|
7,000 |
|
California GO, 5.00%, 6/01/34 |
|
12/14 @ 100 |
|
|
7,307,650 |
|
|
|
3,175 |
|
City of Lincoln, Pub. Impvts. ST, 6.00%, 9/01/34 |
|
09/13 @ 102 |
|
|
3,299,079 |
|
|
|
|
|
Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB, |
|
|
|
|
|
|
|
|
3,385 |
|
Ser. B, Zero Coupon, 6/01/46 |
|
06/16 @ 17.602 |
|
|
355,865 |
|
|
|
17,855 |
|
Ser. C, Zero Coupon, 6/01/55 |
|
06/16 @ 8.9 |
|
|
914,890 |
|
|
|
22,825 |
|
Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55 |
|
06/16 @ 6.219 |
|
|
775,137 |
|
|
|
|
|
Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, |
|
|
|
|
|
|
|
|
54,635 |
|
Zero Coupon, 1/15/32 |
|
01/10 @ 27.37 |
|
|
13,108,576 |
|
|
|
20,535 |
|
Zero Coupon, 1/15/34 |
|
01/10 @ 24.228 |
|
|
4,363,893 |
|
|
|
75,000 |
|
Zero Coupon, 1/15/38 |
|
01/10 @ 19.014 |
|
|
12,485,250 |
|
|
|
|
|
Golden St. Tobacco Sec. Corp., |
|
|
|
|
|
|
|
|
10,000 |
2 |
Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/13 |
|
N/A |
|
|
11,533,500 |
|
|
|
5,000 |
|
Tobacco Settlement Funded RB, Ser. A, 5.00%, 6/01/45 |
|
06/15 @ 100 |
|
|
5,178,000 |
|
|
|
13,320 |
|
Los Angeles Regl. Arpts. Impvt. Corp., Lease Facs. RB, LAXfuel Corp., Los Angeles Intl. Arpt. Proj., 5.50%, 1/01/32, AMBAC, AMT |
|
01/12 @ 100 |
|
|
14,000,386 |
|
|
|
5,000 |
|
Murrieta Cmnty. Facs. Dist. No. 2, Econ. Impvts. ST, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34 |
|
09/14 @ 100 |
|
|
5,347,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
California—(cont’d) |
|
|
|
|
|
|
|
$ |
5,000 |
|
Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33 |
|
04/13 @ 100 |
|
$ |
5,281,050 |
|
|
|
|
|
Univ. of California, Univ. & Coll. Impvts. RB, |
|
|
|
|
|
|
|
|
10,565 |
|
Ser. B, 4.75%, 5/15/38 |
|
05/13 @ 101 |
|
|
10,780,209 |
|
|
|
5,000 |
|
Ser. C, 4.75%, 5/15/37, MBIA |
|
05/13 @ 101 |
|
|
5,129,250 |
|
|
|
4,015 |
|
West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 8/01/30, FSA |
|
08/16 @ 100 |
|
|
4,154,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
104,015,146 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado—1.3% |
|
|
|
|
|
|
|
|
2,545 |
|
City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C, 5.00%, 11/15/45, FSA |
|
11/15 @ 100 |
|
|
2,671,181 |
|
|
|
3,500 |
|
Denver Hlth. & Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 6.00%, 12/01/31 |
|
12/11 @ 100 |
|
|
3,728,480 |
|
|
|
2,530 |
|
Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37 |
|
12/15 @ 101 |
|
|
2,684,836 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,084,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
District of Columbia—6.4% |
|
|
|
|
|
|
|
|
|
|
Dist. of Columbia, |
|
|
|
|
|
|
|
|
2,390 |
|
Misc. RB, Friendship Pub. Charter Sch. Proj., 5.25%, 6/01/33, ACA |
|
06/14 @ 100 |
|
|
2,506,489 |
|
|
|
66,785 |
2 |
Univ. & Coll. Impvts. RB, Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/11, MBIA |
|
N/A |
|
|
12,551,409 |
|
|
|
25,535 |
|
Tobacco Settlement Fing. Corp., Tobacco Settlement Funded RB, 6.75%, 5/15/40 |
|
05/11 @ 101 |
|
|
28,052,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,110,649 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Florida—12.0% |
|
|
|
|
|
|
|
|
3,890 |
|
Bellalago Edl. Facs. Benefit Dist., Sch. Impvts. SA, Ser. B, 5.80%, 5/01/34 |
|
05/14 @ 100 |
|
|
4,074,308 |
|
|
|
10,830 |
|
Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA |
|
10/16 @ 100 |
|
|
11,105,082 |
|
|
|
1,905 |
|
Heritage Isle at Viera Cmnty. Dev. Dist., Wtr. Util. Impvts. SA, Ser. A, 6.00%, 5/01/35 |
|
05/12 @ 101 |
|
|
2,008,461 |
|
|
|
9,670 |
2 |
Highlands Cnty. Hlth. Facs. Auth. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys./ Sunbelt Proj., Ser. A, 6.00%, 11/15/11 |
|
N/A |
|
|
10,643,866 |
|
|
|
|
|
JEA, |
|
|
|
|
|
|
|
|
11,035 |
|
Elec., Pwr. & Lt. Impvts. RB., Ser. 3A, 4.75%, 10/01/34, FSA |
|
04/10 @ 100 |
|
|
11,136,963 |
|
See Notes to Financial Statements.
18
|
BlackRock Municipal Income Trust (BFK) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Florida—(cont’d) |
|
|
|
|
|
|
|
$ |
3,070 |
|
Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA |
|
04/11 @ 100 |
|
$ |
3,123,786 |
|
|
|
2,900 |
|
Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA |
|
04/11 @ 100 |
|
|
2,940,252 |
|
|
|
9,000 |
|
Martin Cnty. Indl. Dev. Auth., Indl. RB, Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25, AMT |
|
05/07 @ 100 |
|
|
9,091,260 |
|
|
|
11,685 |
|
Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 |
|
11/14 @ 100 |
|
|
13,222,746 |
|
|
|
3,880 |
|
Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA, Ser. A, 7.10%, 5/01/35 |
|
05/14 @ 100 |
|
|
4,220,354 |
|
|
|
8,700 |
|
Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA, 5.625%, 5/01/22 |
|
05/13 @ 100 |
|
|
9,029,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,596,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia—0.6% |
|
|
|
|
|
|
|
|
4,000 |
|
Richmond Cnty. Dev. Auth., Rec. Recovery RB, Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25, AMT |
|
02/12 @ 101 |
|
|
4,268,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Idaho—2.7% |
|
|
|
|
|
|
|
|
16,970 |
|
Univ. of Idaho, Univ. & Coll. Impvts. RB, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC |
|
04/11 @ 100 |
|
|
17,866,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Illinois—15.7% |
|
|
|
|
|
|
|
|
4,630 |
3 |
Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A, 8.00%, 6/15/23 |
|
No Opt. Call |
|
|
4,794,180 |
|
|
|
8,225 |
|
Chicago Hsg. Auth., Local or Gtd. Hsg. RB, 5.00%, 7/01/24, FSA |
|
07/16 @ 100 |
|
|
8,708,136 |
|
|
|
7,645 |
|
Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB, Ser. C-2, 5.25%, 1/01/30, FSA, AMT |
|
01/14 @ 100 |
|
|
8,061,805 |
|
|
|
|
|
Edl. Facs. Auth., Univ. & Coll. Impvts. RB, |
|
|
|
|
|
|
|
|
760 |
|
Ser. A, 5.25%, 7/01/41 |
|
07/11 @ 101 |
|
|
797,172 |
|
|
|
7,000 |
2 |
Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/07 |
|
N/A |
|
|
7,000,420 |
|
|
|
10,000 |
2 |
Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/12 |
|
N/A |
|
|
11,238,100 |
|
|
|
|
|
Fin. Auth., |
|
|
|
|
|
|
|
|
7,145 |
2 |
Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB, Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/09 |
|
N/A |
|
|
7,544,977 |
|
|
|
4,235 |
|
Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25 |
|
11/16 @ 100 |
|
|
4,341,256 |
|
|
|
3,395 |
|
Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30 |
|
11/16 @ 100 |
|
|
3,472,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Illinois—(cont’d) |
|
|
|
|
|
|
|
$ |
1,685 |
|
Hlth., Hosp. & Nursing Home RB, Friendship Vlg. Schaumburg Proj., Ser. A, 5.625%, 2/15/37 |
|
02/15 @ 100 |
|
$ |
1,738,971 |
|
|
|
3,700 |
|
Hlth., Hosp. & Nursing Home RB, Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 |
|
08/14 @ 100 |
|
|
4,020,975 |
|
|
|
2,100 |
|
Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35 |
|
06/14 @ 100 |
|
|
2,153,172 |
|
|
|
1,675 |
|
Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. B, 5.375%, 6/01/35 |
|
06/14 @ 100 |
|
|
1,717,042 |
|
|
|
|
|
Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj., |
|
|
|
|
|
|
|
|
5,000 |
|
5.50%, 1/01/22 |
|
01/13 @ 100 |
|
|
5,244,850 |
|
|
|
6,000 |
|
5.625%, 1/01/28 |
|
01/13 @ 100 |
|
|
6,340,200 |
|
|
|
40,000 |
|
Met. Pier & Exposition Auth., Pub. Impvts. Sales Tax RB, McCormick Place Expansion Proj., Ser. A, Zero Coupon, 12/15/34, MBIA |
|
No Opt. Call |
|
|
11,794,400 |
|
|
|
10,090 |
|
Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC |
|
02/16 @ 100 |
|
|
10,010,289 |
|
|
|
|
|
Vlg. of Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO, |
|
|
|
|
|
|
|
|
7,120 |
|
Ser. B, Zero Coupon, 1/01/33, FGIC |
|
No Opt. Call |
|
|
2,283,242 |
|
|
|
14,085 |
|
Ser. B, Zero Coupon, 1/01/34, FGIC |
|
No Opt. Call |
|
|
4,309,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,571,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Indiana—7.0% |
|
|
|
|
|
|
|
|
9,000 |
|
Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB, Methodist Hosp., Inc. Proj., 5.50%, 9/15/31 |
|
09/11 @ 100 |
|
|
9,115,110 |
|
|
|
7,750 |
|
Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Pwr. Sply. Sys. Proj., Ser. A, 4.50%, 1/01/32, AMBAC |
|
01/16 @ 100 |
|
|
7,726,673 |
|
|
|
|
|
Petersburg, Rec. Recovery Impvts. RB, Indianapolis Pwr. & Lt. Conv. Proj., |
|
|
|
|
|
|
|
|
10,000 |
|
5.90%, 12/01/24, AMT |
|
08/11 @ 102 |
|
|
10,577,300 |
|
|
|
16,000 |
|
5.95%, 12/01/29, AMT |
|
08/11 @ 102 |
|
|
17,046,560 |
|
|
|
2,390 |
|
Vincennes, Econ. Dev. RB, Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 |
|
01/09 @ 102 |
|
|
2,412,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,878,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kentucky—0.2% |
|
|
|
|
|
|
|
|
1,365 |
|
Hsg. Corp., St. Hsg. RB, Ser. F, 5.45%, 1/01/32, AMT |
|
07/11 @ 100 |
|
|
1,401,077 |
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements.
19
|
BlackRock Municipal Income Trust (BFK) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Louisiana—2.0% |
|
|
|
|
|
|
|
$ |
9,215 |
|
Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., Pub. Imvts. Misc. RB, Cap. Projs. & Equip. Acquisition Proj., 6.55%, 9/01/25, ACA |
|
No Opt. Call |
|
$ |
10,292,049 |
|
|
|
3,260 |
|
St. Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB, Ser. A, 5.25%, 12/01/39 |
|
12/16 @ 103 |
|
|
3,446,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,738,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland—1.1% |
|
|
|
|
|
|
|
|
2,665 |
|
Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A, 4.65%, 9/01/32, AMT |
|
09/16 @ 100 |
|
|
2,629,689 |
|
|
|
4,205 |
|
Hlth. & Higher Edl. Facs. Auth. Hlth., Hosp. & Nursing Home Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33 |
|
08/14 @ 100 |
|
|
4,474,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,104,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Massachusetts—1.1% |
|
|
|
|
|
|
|
|
6,770 |
|
Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41 |
|
08/16 @ 100 |
|
|
7,122,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
4,230 |
|
Hosp. Fin. Auth. Hlth., Hosp. & Nursing Home RB, Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46 |
|
11/16 @ 100 |
|
|
4,439,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi—3.8% |
|
|
|
|
|
|
|
|
6,460 |
|
Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman Ship Sys. Proj., 4.55%, 12/01/28 |
|
12/16 @ 100 |
|
|
6,456,253 |
|
|
|
18,680 |
|
Gulfport, Hlth., Hosp. & Nursing Home Impvts. RB, Mem. Hosp. at Gulfport Proj., Ser. A, 5.75%, 7/01/31 |
|
07/11 @ 100 |
|
|
19,270,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,727,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Missouri—0.1% |
|
|
|
|
|
|
|
|
695 |
|
Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB, Plum Point Proj., 4.60%, 1/01/36, MBIA |
|
01/16 @ 100 |
|
|
697,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-State—6.9% |
|
|
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, |
|
|
|
|
|
|
|
|
1,000 |
3 |
Ser. A, 6.625%, 6/30/49 |
|
06/09 @ 100 |
|
|
1,044,200 |
|
|
|
11,000 |
3 |
Ser. A-2, 6.30%, 6/30/49 |
|
06/09 @ 100 |
|
|
11,408,650 |
|
|
|
16,000 |
3 |
Ser. A-3, 6.80%, 10/31/52 |
|
10/14 @ 100 |
|
|
18,278,880 |
|
|
|
6,500 |
3 |
Ser. B-1, 6.80%, 11/30/50 |
|
11/10 @ 100 |
|
|
6,955,130 |
|
|
|
8,000 |
3 |
MuniMae TE Bond Subsidiary LLC, Ser. A, 6.875%, 6/30/49 |
|
06/09 @ 100 |
|
|
8,390,480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,077,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nebraska—1.0% |
|
|
|
|
|
|
|
|
6,990 |
|
Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.75%, 2/01/44 |
|
02/14 @ 100 |
|
|
7,098,485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Nevada—2.5% |
|
|
|
|
|
|
|
|
|
|
Cnty. of Clark, |
|
|
|
|
|
|
|
$ |
5,000 |
|
Port, Arpt. & Marina RB, Jet Aviation Fuel Tax Proj., Ser. C, 5.00%, 7/01/40, AMBAC |
|
07/15 @ 100 |
|
$ |
5,224,650 |
|
|
|
5,260 |
|
Private Schs. RB, Alexander Dawson Sch. Rainbow Proj., 5.00%, 5/15/29 |
|
05/16 @ 100 |
|
|
5,469,348 |
|
|
|
6,000 |
|
Truckee Meadows Wtr. Auth. Wtr. RB, 4.875%, 7/01/34, XLCA |
|
07/16 @ 100 |
|
|
6,199,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,893,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Hampshire—1.2% |
|
|
|
|
|
|
|
|
4,000 |
|
Bus. Fin. Auth. Indl. RB, Pub. Svc. Co. Proj., Ser. B, 4.75%, 5/01/21, MBIA, AMT |
|
06/13 @ 102 |
|
|
4,086,480 |
|
|
|
3,500 |
|
Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Exeter Hosp. Proj., 5.75%, 10/01/31 |
|
10/11 @ 101 |
|
|
3,734,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,820,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Jersey—8.9% |
|
|
|
|
|
|
|
|
|
|
Econ. Dev. Auth., |
|
|
|
|
|
|
|
|
18,500 |
|
Econ. Impvts. Misc. RB, Cigarette Tax Proj., 5.75%, 6/15/29 |
|
06/14 @ 100 |
|
|
20,015,890 |
|
|
|
15,410 |
|
Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj., 7.00%, 11/15/30, AMT |
|
11/10 @ 101 |
|
|
16,430,913 |
|
|
|
8,000 |
|
SA, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28 |
|
No Opt. Call |
|
|
9,832,080 |
|
|
|
3,680 |
|
Middlesex Cnty. Impvt. Auth. Pub. Impvts. Hotel Occupancy Tax RB, Heldrich Associates LLC Proj., Ser. B, 6.25%, 1/01/37 |
|
01/15 @ 100 |
|
|
3,908,859 |
|
|
|
10,000 |
|
Tobacco Settlement Fing. Corp., Tobacco Settlement RB, Ser. 1A, 4.50%, 6/01/23 |
|
06/17 @ 100 |
|
|
9,864,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,052,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New York—9.0% |
|
|
|
|
|
|
|
|
1,820 |
|
Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35 |
|
05/15 @ 102 |
|
|
1,813,357 |
|
|
|
5,375 |
|
Env. Facs. Corp., Swr. Impvts. Misc. RB, NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31 |
|
06/12 @ 100 |
|
|
5,586,237 |
|
|
|
10,925 |
|
Liberty Dev. Corp. Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35 |
|
No Opt. Call |
|
|
12,500,057 |
|
|
|
7,115 |
|
Met. Transp. Auth. Misc. RB, Ser. A, 5.00%, 7/01/30, AMBAC |
|
07/12 @ 100 |
|
|
7,400,098 |
|
See Notes to Financial Statements.
20
|
BlackRock Municipal Income Trust (BFK) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
New York—(cont’d) |
|
|
|
|
|
|
|
|
|
|
New York City Indl. Dev. Agcy., |
|
|
|
|
|
|
|
$ |
22,140 |
|
Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT |
|
08/16 @ 101 |
|
$ |
26,718,331 |
|
|
|
5,000 |
|
Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 8.00%, 8/01/28, AMT |
|
08/16 @ 101 |
|
|
6,194,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,212,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina—3.7% |
|
|
|
|
|
|
|
|
12,550 |
|
Cap. Facs. Fin. Agcy., Coll. & Univ. RB, Duke Univ. Proj., Ser. B, 4.25%, 7/01/42 |
|
10/16 @ 100 |
|
|
11,870,919 |
|
|
|
12,130 |
|
Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth., Indl. Impvts. RB, 5.75%, 8/01/35, AMT |
|
08/15 @ 100 |
|
|
12,783,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,654,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ohio—6.4% |
|
|
|
|
|
|
|
|
|
|
Air Qual. Dev. Auth., |
|
|
|
|
|
|
|
|
14,500 |
|
Indl. RB, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20 |
|
08/07 @ 102 |
|
|
14,841,040 |
|
|
|
23,820 |
|
Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj., 4.80%, 1/01/34, FGIC |
|
07/15 @ 100 |
|
|
24,407,401 |
|
|
|
3,760 |
|
Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB, Ohio Facs. Proj., Ser. A, 6.25%, 12/01/36 |
|
12/14 @ 101 |
|
|
3,983,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43,232,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oklahoma—1.3% |
|
|
|
|
|
|
|
|
7,175 |
|
Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB, AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT |
|
No Opt. Call |
|
|
8,489,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania—4.6% |
|
|
|
|
|
|
|
|
|
|
Econ. Dev. Fing. Auth., |
|
|
|
|
|
|
|
|
15,580 |
|
Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj., Ser. A, 6.75%, 12/01/36, AMT |
|
06/11 @ 103 |
|
|
17,137,533 |
|
|
|
6,500 |
|
Trans. Impvts. Lease Renewal RB, Amtrak Proj., Ser. A, 6.375%, 11/01/41, AMT |
|
05/11 @ 101 |
|
|
6,950,710 |
|
|
|
4,000 |
|
Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB, La Salle Univ. Proj., 5.50%, 5/01/34 |
|
05/13 @ 100 |
|
|
4,206,240 |
|
|
|
2,500 |
|
Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A, 4.60%, 10/01/27, AMT |
|
10/16 @ 100 |
|
|
2,457,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,752,133 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Puerto Rico—3.5% |
|
|
|
|
|
|
|
|
|
|
Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, |
|
|
|
|
|
|
|
$ |
11,000 |
|
Ser. UU, 5.00%, 7/01/20, FSA |
|
07/17 @ 100 |
|
$ |
11,949,410 |
|
|
|
1,800 |
|
Ser. UU, 5.00%, 7/01/22, FSA |
|
07/17 @ 100 |
|
|
1,944,396 |
|
|
|
8,055 |
|
Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/36 |
|
No Opt. Call |
|
|
9,334,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,228,262 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Carolina—5.8% |
|
|
|
|
|
|
|
|
|
|
Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., |
|
|
|
|
|
|
|
|
9,000 |
2 |
6.875%, 8/01/13 |
|
N/A |
|
|
10,510,387 |
|
|
|
5,075 |
|
Ser. A, 6.25%, 8/01/31 |
|
08/13 @ 100 |
|
|
5,629,748 |
|
|
|
|
|
Lexington Cnty., Hlth., Hosp. & Nursing Home RB, Lexington Med. Ctr. Proj., |
|
|
|
|
|
|
|
|
5,000 |
|
5.50%, 11/01/32 |
|
11/13 @ 100 |
|
|
5,279,200 |
|
|
|
10,000 |
|
5.75%, 11/01/28 |
|
11/13 @ 100 |
|
|
10,785,600 |
|
|
|
6,345 |
|
Scago Edl. Facs Corp. Colleton Sch. Dist., Lease RB, Chesterfield Cnty. Sch. Proj., 5.00%, 12/01/29 |
|
12/16 @ 100 |
|
|
6,634,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38,839,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee—2.2% |
|
|
|
|
|
|
|
|
20,825 |
|
Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, Convenant Hlth. Proj., Ser. A, Zero Coupon, 1/01/20, FSA |
|
01/13 @ 67.474 |
|
|
10,972,901 |
|
|
|
3,475 |
|
Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, St. Jude’s Children’s Hosp. Proj., 5.00%, 7/01/25 |
|
07/16 @ 100 |
|
|
3,662,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,635,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Texas—12.3% |
|
|
|
|
|
|
|
|
4,435 |
4 |
Affordable Hsg. Corp., Multi-Fam. Hsg. RB Amer. Oppty. Hsg. Portfolio Proj., Ser. B, 8.00%, 3/01/32 |
|
No Opt. Call |
|
|
663,831 |
|
|
|
3,805 |
2 |
Dallas Area Rapid Trans., Sales Tax RB, 5.00%, 12/01/11, AMBAC |
|
N/A |
|
|
4,008,491 |
|
|
|
|
|
Harris Cnty.-Houston Sports Auth., |
|
|
|
|
|
|
|
|
12,580 |
|
Hotel Occupancy Tax RB, Ser. A, Zero Coupon, 11/15/38, MBIA |
|
11/30 @ 61.166 |
|
|
2,583,555 |
|
|
|
5,000 |
|
Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/35, MBIA |
|
11/31 @ 78.178 |
|
|
1,250,000 |
|
|
|
26,120 |
|
Lease RB, Ser. A-3, Zero Coupon, 11/15/37, MBIA |
|
11/24 @ 46.545 |
|
|
5,417,027 |
|
|
|
|
|
Lower Colorado River Auth., Misc. RB, |
|
|
|
|
|
|
|
|
5 |
2 |
Ser. A, 5.00%, 5/15/13, MBIA |
|
N/A |
|
|
5,335 |
|
See Notes to Financial Statements.
21
|
BlackRock Municipal Income Trust (BFK) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Texas—(cont’d) |
|
|
|
|
|
|
|
$ |
2,395 |
|
Ser. A, 5.00%, 5/15/31, MBIA |
|
05/13 @ 100 |
|
$ |
2,489,770 |
|
|
|
13,305 |
|
Transm. Svcs. Proj., 4.75%, 5/15/34, AMBAC |
|
05/11 @ 100 |
|
|
13,465,591 |
|
|
|
1,700 |
|
Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA |
|
03/14 @ 100 |
|
|
1,730,685 |
|
|
|
5,060 |
|
Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC |
|
03/16 @ 100 |
|
|
5,203,147 |
|
|
|
|
|
Tpke. Auth., Hwy. Impvts. Tolls RB, |
|
|
|
|
|
|
|
|
8,390 |
|
Ser. A, 5.00%, 8/15/42, AMBAC |
|
08/12 @ 100 |
|
|
8,702,612 |
|
|
|
35,000 |
|
Central Sys. Proj., Zero Coupon, 8/15/32, AMBAC |
|
08/12 @ 30.846 |
|
|
8,539,650 |
|
|
|
62,325 |
|
Central Sys. Proj., Zero Coupon, 8/15/33, AMBAC |
|
08/12 @ 28.997 |
|
|
14,295,485 |
|
|
|
65,040 |
|
Central Sys. Proj., Zero Coupon, 8/15/34, AMBAC |
|
08/12 @ 27.31 |
|
|
14,050,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,405,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia—0.3% |
|
|
|
|
|
|
|
|
8,105 |
|
Comnwlth. Transp. Brd., Hwy. Impvts. RB, Zero Coupon, 4/01/32, MBIA |
|
04/12 @ 34.99 |
|
|
2,279,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Washington—1.9% |
|
|
|
|
|
|
|
|
3,615 |
|
Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA |
|
01/16 @ 100 |
|
|
3,809,704 |
|
|
|
8,845 |
|
Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB, Providence Hlth. Sys. Proj., Ser. A, 4.625%, 10/01/34, FGIC |
|
10/16 @ 100 |
|
|
8,861,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,671,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
West Virginia—0.3% |
|
|
|
|
|
|
|
|
2,070 |
|
Econ. Dev. Auth., Correctional Fac. Impvts. Lease RB, Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA |
|
06/14 @ 100 |
|
|
2,174,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wisconsin—5.9% |
|
|
|
|
|
|
|
|
|
|
Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB, |
|
|
|
|
|
|
|
|
7,500 |
|
Aurora Hlth. Care Proj., 6.40%, 4/15/33 |
|
04/13 @ 100 |
|
|
8,309,175 |
|
|
|
12,545 |
2 |
Froedtert & Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/11 |
|
N/A |
|
|
13,453,007 |
|
|
|
1,205 |
|
Froedtert & Cmnty. Hlth. Oblig. Grp. Proj., 5.375%, 10/01/30 |
|
10/11 @ 101 |
|
|
1,279,565 |
|
|
|
15,000 |
2 |
Wheaton Franciscan Svcs. Proj., 5.75%, 2/15/12 |
|
N/A |
|
|
16,436,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39,477,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Wyoming—0.8% |
|
|
|
|
|
|
|
|
|
|
Cmnty. Dev. Auth., Local or Gtd. Hsg. RB, |
|
|
|
|
|
|
|
$ |
2,765 |
|
Ser. 3, 4.65%, 12/01/27, AMT |
|
12/16 @ 100 |
|
$ |
2,718,133 |
|
|
|
2,605 |
|
Ser. 3, 4.70%, 12/01/32, AMT |
|
12/16 @ 100 |
|
|
2,585,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,303,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Long-Term Investments |
|
|
|
|
1,035,789,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUND—1.9% |
|
|
|
|
|
|
|
|
12,600 |
5,6 |
Merrill Lynch Institutional Tax Exempt Fund, 3.70% (cost $12,600,000) |
|
N/A |
|
|
12,600,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Investments—156.3% |
|
|
|
$ |
1,048,389,484 |
|
|
|
|
|
Liabilities in excess of other assets—(0.3)% |
|
|
|
|
(2,336,753) |
|
|
|
|
|
Preferred shares at redemption value, including dividends payable—(56.0)% |
|
|
|
|
(375,307,169) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders—100% |
|
|
|
$ |
670,745,562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
|
2 |
This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
|
3 |
Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of April 30, 2007, the Trust held 7.6% of its net assets, with a current market value of $50,871,520, in securities restricted as to resale. |
|
4 |
Issuer is in default and/or bankruptcy. |
|
5 |
Represents an investment in an affiliate. |
|
6 |
Represents current yield as of April 30, 2007. |
|
7 |
Cost for federal income tax purposes is $980,030,172. The net unrealized appreciation on a tax basis is $68,359,312, consisting of $72,667,003 gross unrealized appreciation and $4,307,691 gross unrealized depreciation. |
|
|
|
|
|
KEY TO ABBREVIATIONS |
||
|
|
|
|
|
ACA |
— |
American Capital Access |
|
AMBAC |
— |
American Municipal Bond Assurance Corp. |
|
AMT |
— |
Subject to Alternative Minimum Tax |
|
FGIC |
— |
Financial Guaranty Insurance Co. |
|
FSA |
— |
Financial Security Assurance |
|
GO |
— |
General Obligation |
|
MBIA |
— |
Municipal Bond Insurance Assoc. |
|
RB |
— |
Revenue Bond |
|
SA |
— |
Special Assessment |
|
ST |
— |
Special Tax |
|
TA |
— |
Tax Allocation |
|
XLCA |
— |
XL Capital Assurance |
See Notes to Financial Statements.
22
PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2007
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
Description |
|
Option
Call |
|
Value |
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
LONG-TERM INVESTMENTS—182.3% |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds—94.4% |
|
|
|
|
|
|
|
|
|
|
Arizona—2.5% |
|
|
|
|
|
|
|
$ |
2,100 |
|
Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB, Ser. 2007-1, 5.25%, 8/01/38, AMT |
|
03/17 @ 102.75 |
|
$ |
2,198,154 |
|
|
|
|
|
Pima Cnty. Indl. Dev. Auth., |
|
|
|
|
|
|
|
|
1,703 |
|
Local or Gtd. Hsg. RB, 4.89%, 2/04/12, AMT |
|
06/07 @ 100 |
|
|
1,703,000 |
|
|
|
1,000 |
|
Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj., Ser. 0, 5.25%, 7/01/31 |
|
07/16 @ 100 |
|
|
1,028,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,929,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
California—5.5% |
|
|
|
|
|
|
|
|
7,000 |
|
Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts. ST, Ser. A, 5.125%, 9/01/36 |
|
09/07 @ 103 |
|
|
7,121,660 |
|
|
|
3,625 |
|
Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Daughters of Charity Proj., Ser. A, 5.00%, 7/01/39 |
|
07/15 @ 100 |
|
|
3,668,391 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,790,051 |
|
|
|
|
|
|
|
|
|
|
|
</ |