SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-10339
Name of Fund: BlackRock Municipal Income Trust (BFK)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 10/31/2008
Date of reporting period: 11/01/2007 – 04/30/2008
Item 1 – Report to Stockholders
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EQUITIES |
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FIXED INCOME |
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REAL ESTATE |
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LIQUIDITY |
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ALTERNATIVES |
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BLACKROCK SOLUTIONS |
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Semi-Annual Report |
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APRIL 30, 2008 | (UNAUDITED) |
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BlackRock Investment Quality Municipal Trust Inc. (BKN) |
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BlackRock Municipal Income Trust (BFK) |
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BlackRock Long-Term Municipal Advantage Trust (BTA) |
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BlackRock California Investment Quality Municipal Trust Inc. (RAA) |
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BlackRock California Municipal Income Trust (BFZ) |
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BlackRock Florida Investment Quality Municipal Trust (RFA) |
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BlackRock Florida Municipal Income Trust (BBF) |
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BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
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BlackRock New York Municipal Income Trust (BNY) |
NOT FDIC
INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents |
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Page |
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3 |
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Semi-Annual Report: |
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4 |
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15 |
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15 |
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Financial Statements: |
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16 |
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44 |
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46 |
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48 |
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50 |
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51 |
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62 |
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68 |
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69 |
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2 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Dear Shareholder
Over the past several months, financial markets have been buffeted by the housing recession, the credit market unraveling and related liquidity freeze and steadily rising commodity prices. Counterbalancing these difficulties were booming export activity, a robust non-financial corporate sector and, notably, aggressive and timely monetary and fiscal policy actions.
Amid the market tumult, the Federal Reserve Board (the “Fed”) intervened with a series of moves to bolster liquidity and ensure financial market stability. Since September 2007, the central bank slashed the target federal funds rate 325 basis points (3.25%), bringing the rate to 2.0% as of period-end. Of greater magnitude, however, were the Fed’s other policy decisions, which included opening the discount window directly to broker dealers and investment banks and backstopping the unprecedented rescue of Bear Stearns.
The Fed’s response to the financial crisis helped to improve credit conditions and investor mood. After hitting a low point on March 17 (coinciding with the collapse of Bear Stearns), equity markets found a welcome respite in April, when the S&P 500 Index of U.S. stocks posted positive monthly performance for the first time since October 2007. International markets, which outpaced those of the U.S. for much of 2007, saw a reversal in that trend, as effects of the credit crisis and downward pressures on growth were far-reaching.
In contrast to equity markets, Treasury securities rallied (yields fell as prices correspondingly rose), as a broad “flight-to–quality” theme persisted. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.77% by April 30. Treasury issues relinquished some of their gains in April, however, as investor appetite for risk returned and other high-quality fixed income sectors outperformed.
Problems within the monoline insurance industry and the failure of auctions for auction rate securities plagued the municipal bond market, driving yields higher and prices lower across the curve. However, in conjunction with the more recent shift in sentiment, the sector delivered strong performance in the final month of the reporting period.
Overall, the major benchmark indexes generated results that generally reflected heightened investor risk aversion:
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Total Returns as of April 30, 2008 |
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6-month |
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12-month |
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U.S. equities (S&P 500 Index) |
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-9.64 |
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-4.68 |
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Small cap U.S. equities (Russell 2000 Index) |
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-12.92 |
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-10.96 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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-9.21 |
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-1.78 |
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Fixed income (Lehman Brothers U.S. Aggregate Index) |
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+4.08 |
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+6.87 |
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Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) |
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+1.47 |
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+2.79 |
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High yield bonds |
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-0.73 |
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-0.80 |
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Past performance is no guarantee of future results. Index performance shown for illustrative purposes only.
You cannot invest directly in an index.
As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
THIS PAGE NOT PART OF YOUR FUND REPORT
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BlackRock Investment Quality Municipal Trust |
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Investment Objective |
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BlackRock Investment Quality Municipal Trust (BKN) (the “Trust”) seeks is to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax consistent with the preservation of capital.
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Performance |
For the six months ended April 30, 2008, the Trust returned -0.03% based on market price, with dividends reinvested. The Trust’s return based on net asset value (“NAV”) was -3.85%, with dividends reinvested. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of -2.54% on a NAV basis. Detracting from results for the period were the Trust’s holdings in longer-dated issues, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Positive contributors to performance included the Trust’s greater-than-average distribution rate and its largely neutral duration positioning during a period of municipal bond relative underperformance and increasing rates.
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Trust Information |
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Symbol on New York Stock Exchange |
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BKN |
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Initial Offering Date |
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February 19, 1993 |
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Yield on Closing Market Price as of April 30, 2008 ($15.81)1 |
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6.07% |
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Tax Equivalent Yield2 |
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9.34% |
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Current Monthly Distribution per Common Share3 |
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$0.08 |
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Current Annualized Distribution per Common Share3 |
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$0.96 |
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Leverage as of April 30, 20084 |
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39% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.063. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
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As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Auction Market Preferred Shares (“Preferred Shares”)) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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4/30/08 |
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10/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$ |
15.81 |
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$ |
16.35 |
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(3.30 |
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$ |
17.20 |
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$ |
14.09 |
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Net Asset Value |
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$ |
13.70 |
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$ |
14.73 |
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(6.99 |
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$ |
14.76 |
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$ |
12.86 |
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The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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4/30/08 |
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10/31/07 |
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City, County & State |
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20 |
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21 |
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Hospitals |
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16 |
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16 |
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Transportation |
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12 |
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9 |
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Power |
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11 |
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10 |
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Education |
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10 |
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8 |
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Housing |
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9 |
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9 |
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Industrial & Pollution Control |
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8 |
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11 |
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Tax Revenue |
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5 |
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5 |
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Water & Sewer |
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4 |
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3 |
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Tobacco |
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3 |
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2 |
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Lease Revenue |
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2 |
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6 |
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Credit Quality Allocations1 |
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Credit Rating |
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4/30/08 |
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10/31/07 |
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AAA/Aaa |
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37 |
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49 |
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AA/Aa |
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20 |
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17 |
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A |
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15 |
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8 |
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BBB/Baa |
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13 |
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14 |
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BB/Ba |
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1 |
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3 |
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B |
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3 |
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2 |
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Not Rated2 |
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11 |
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7 |
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1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
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The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $16,453,046 representing 5% and $6,340,657 representing 2%, respectively, of the Trust’s long-term investments. |
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4 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Trust Summary as of April 30, 2008 |
BlackRock Municipal Income Trust |
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Investment Objective |
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BlackRock Municipal Income Trust (BFK) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax.
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Performance |
For the six months ended April 30, 2008, the Trust returned -2.40% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.94%, with dividends reinvested. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of -2.54% on a NAV basis. Detracting from the Trust’s performance was its effectively neutral duration positioning during a period of rising municipal bond yields. A greater exposure to lower-rated issues also hindered results, although the incremental income generated by these issues enabled the Trust to maintain a distribution yield above that of its Lipper peer average.
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Trust Information |
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Symbol on New York Stock Exchange |
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BFK |
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Initial Offering Date |
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July 27, 2001 |
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Yield on Closing Market Price as of April 30, 2008 ($15.01)1 |
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6.20% |
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Tax Equivalent Yield2 |
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9.54% |
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Current Monthly Distribution per Common Share3 |
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$0.0775 |
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Current Annualized Distribution per Common Share3 |
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$0.93 |
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Leverage as of April 30, 20084 |
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39% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0686. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
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As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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4/30/08 |
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10/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$ |
15.01 |
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$ |
15.92 |
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(5.72 |
%) |
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$ |
16.00 |
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$ |
13.39 |
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Net Asset Value |
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$ |
13.36 |
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$ |
14.55 |
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(8.18 |
%) |
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$ |
14.58 |
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$ |
12.59 |
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The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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4/30/08 |
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10/31/07 |
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Hospitals |
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25 |
% |
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24 |
% |
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Industrial & Pollution Control |
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13 |
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17 |
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City, County & State |
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10 |
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10 |
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Transportation |
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10 |
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10 |
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Education |
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10 |
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8 |
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Power |
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9 |
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8 |
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Housing |
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9 |
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8 |
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Tobacco |
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5 |
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5 |
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Tax Revenue |
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4 |
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5 |
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Lease Revenue |
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3 |
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3 |
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Water & Sewer |
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2 |
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2 |
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Credit Quality Allocations1 |
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Credit Rating |
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4/30/08 |
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10/31/07 |
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AAA/Aaa |
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32 |
% |
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33 |
% |
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AA/Aa |
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12 |
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13 |
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A/A |
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19 |
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21 |
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BBB/Ba |
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16 |
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18 |
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BB/Ba |
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2 |
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4 |
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B |
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6 |
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6 |
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CCC/Caa |
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1 |
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— |
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Not Rated2 |
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12 |
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5 |
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1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
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2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $22,907,201 representing 2% and $12,328,689 representing 1%, respectively, of the Trust’s long-term investments. |
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SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Trust Summary as of April 30, 2008 |
BlackRock Long-Term Municipal Advantage Trust |
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Investment Objective |
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BlackRock Long-Term Municipal Advantage Trust (BTA) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax.
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Performance |
For the six months ended April 30, 2008, the Trust returned -1.49% based on market price, with dividends reinvested. The Trust’s return based on NAV was -7.21%, with dividends reinvested. For the same period, the closed-end Lipper General & Insured Municipal Funds (Unleveraged) category posted an average return of -0.70% on a NAV basis. Notably, the Lipper category contains a mix of both insured and uninsured funds that do not employ leverage. This stands in sharp contrast to the Trust, which utilizes a high degree of leverage. An emphasis on non-investment grade credits and long duration positioning further differentiates the Trust from its Lipper peers. Accordingly, the Trust’s relative performance will pale in times of rising interest rates and wider credit spreads, which we saw during this period.
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Trust Information |
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Symbol on New York Stock Exchange |
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BTA |
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Initial Offering Date |
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February 28, 2006 |
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Yield on Closing Market Price as of April 30, 2008 ($11.63)1 |
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5.67% |
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Tax Equivalent Yield2 |
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8.72% |
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Current Monthly Distribution per Common Share3 |
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$0.055 |
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Current Annualized Distribution per Common Share3 |
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$0.66 |
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Leverage as of April 30, 20084 |
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47% |
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1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
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2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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3 |
The distribution is not constant and is subject to change. |
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4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Tender Option Bond Trusts (“TOBs”)) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
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4/30/08 |
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10/31/07 |
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Change |
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High |
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Low |
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Market Price |
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$ |
11.63 |
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$ |
12.14 |
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(4.20 |
%) |
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$ |
12.54 |
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$ |
10.78 |
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Net Asset Value |
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$ |
12.38 |
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$ |
13.72 |
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(9.77 |
%) |
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$ |
13.75 |
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$ |
11.18 |
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The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
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Portfolio Composition |
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Sector |
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4/30/08 |
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10/31/07 |
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Education |
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24 |
% |
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21 |
% |
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Hospital |
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18 |
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19 |
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Housing |
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12 |
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11 |
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Tobacco |
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10 |
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9 |
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Transportation |
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10 |
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9 |
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Industrial & Pollution Control |
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8 |
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8 |
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Power |
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7 |
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6 |
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Lease Revenue |
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5 |
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4 |
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Water & Sewer |
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2 |
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9 |
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City, County & State |
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2 |
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3 |
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Tax Revenue |
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2 |
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1 |
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Credit Quality Allocations1 |
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Credit Rating |
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4/30/08 |
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10/31/07 |
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AAA/Aaa |
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28 |
% |
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36 |
% |
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AA/Aa |
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38 |
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32 |
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A |
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4 |
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3 |
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BBB/Baa |
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18 |
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17 |
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BB/Ba |
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1 |
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1 |
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B/B |
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3 |
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3 |
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Not Rated2 |
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8 |
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8 |
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1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
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2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $2,618,490 representing 1% and $6,660,850 representing 2%, respectively, of the Trust’s long-term investments. |
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6 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
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Trust Summary as of April 30, 2008 |
BlackRock California Investment Quality Municipal Trust |
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Investment Objective |
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|
|
BlackRock California Investment Quality Municipal Trust (RAA) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal and California income tax consistent with preservation of capital. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended April 30, 2008, the Trust returned +4.16% based on market price, with dividends reinvested. The Trust’s return based on NAV was -1.77%, with dividends reinvested. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of -1.42% on a NAV basis. Widening credit spreads for lower-rated bonds and those insured by the monoline insurance companies contributed to the decline in the Trust’s NAV. Management’s effort to moderate the contribution of current yield to the total return was partially negated by higher short-term borrowing costs. The Trust’s duration remained neutral. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on American Stock Exchange |
|
RAA |
|
|
Initial Offering Date |
|
May 28, 1993 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($12.80)1 |
|
4.50% |
|
|
Tax Equivalent Yield2 |
|
6.92% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.048 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.576 |
|
|
Leverage as of April 30, 20084 |
|
36% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0465. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
12.80 |
|
$ |
12.57 |
|
1.83 |
% |
|
$ |
13.30 |
|
$ |
11.80 |
|
|
Net Asset Value |
|
$ |
13.31 |
|
$ |
13.86 |
|
(3.97 |
%) |
|
$ |
14.06 |
|
$ |
12.55 |
|
|
|
|
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
City, County & State |
|
31 |
% |
|
27 |
% |
|
|
Education |
|
15 |
|
|
15 |
|
|
|
Tobacco |
|
11 |
|
|
11 |
|
|
|
Industrial & Pollution Control |
|
10 |
|
|
10 |
|
|
|
Lease Revenue |
|
7 |
|
|
4 |
|
|
|
Water & Sewer |
|
6 |
|
|
6 |
|
|
|
Hospitals |
|
5 |
|
|
10 |
|
|
|
Housing |
|
5 |
|
|
5 |
|
|
|
Power |
|
4 |
|
|
6 |
|
|
|
Transportation |
|
3 |
|
|
3 |
|
|
|
Resource Recovery |
|
3 |
|
|
3 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
60 |
% |
|
50 |
% |
|
|
AA/Aa |
|
3 |
|
|
2 |
|
|
|
A |
|
16 |
|
|
24 |
|
|
|
BBB/Baa |
|
11 |
|
|
14 |
|
|
|
B |
|
5 |
|
|
5 |
|
|
|
Not Rated |
|
5 |
|
|
5 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
7 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock California Municipal Income Trust |
|
|
|
|
Investment Objective |
|
|
|
|
|
|
BlackRock California Municipal Income Trust (BFZ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and California income taxes. |
|
|
|
|
Performance |
|
|
|
|
|
|
For the six months ended April 30, 2008, the Trust returned +3.87% based on market price, with dividends reinvested. The Trust’s return based on NAV was -0.72%, with dividends reinvested. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of -1.42% on a NAV basis. A slightly defensive duration stance and a higher cash equivalent reserve position versus its Lipper peers provided the Trust’s NAV some cushion against volatility from widening credit spreads and rising long-term investment rates. Management’s strategy is to balance total return by opportunistically improving current yield, while maintaining a neutral duration. |
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BFZ |
|
|
Initial Offering Date |
|
July 27, 2001 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($15.91)1 |
|
5.74% |
|
|
Tax Equivalent Yield2 |
|
8.83% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.076074 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.912888 |
|
|
Leverage as of April 30, 20084 |
|
38% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0682. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
15.91 |
|
$ |
15.82 |
|
0.57 |
% |
|
$ |
16.51 |
|
$ |
14.32 |
|
|
Net Asset Value |
|
$ |
14.39 |
|
$ |
14.97 |
|
(3.87 |
%) |
|
$ |
15.16 |
|
$ |
13.62 |
|
|
|
|
|
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
City, County & State |
|
28 |
% |
|
23 |
% |
|
|
Hospitals |
|
14 |
|
|
15 |
|
|
|
Education |
|
12 |
|
|
12 |
|
|
|
Housing |
|
12 |
|
|
11 |
|
|
|
Transportation |
|
10 |
|
|
9 |
|
|
|
Tobacco |
|
7 |
|
|
7 |
|
|
|
Lease Revenue |
|
7 |
|
|
7 |
|
|
|
Power |
|
5 |
|
|
7 |
|
|
|
Industrial & Pollution Control |
|
4 |
|
|
6 |
|
|
|
Resource Recovery |
|
1 |
|
|
1 |
|
|
|
Water & Sewer |
|
— |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
45 |
% |
|
44 |
% |
|
|
AA/Aa |
|
6 |
|
|
3 |
|
|
|
A |
|
22 |
|
|
30 |
|
|
|
BBB/Baa |
|
9 |
|
|
13 |
|
|
|
B |
|
1 |
|
|
1 |
|
|
|
Not Rated |
|
17 |
2 |
|
9 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008, the market value of these securities was $2,247,492 representing 1% of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
8 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock Florida Investment Quality Municipal Trust |
|
|
|
|
|
Investment Objective |
||
|
|
||
|
|
BlackRock Florida Investment Quality Municipal Trust (RFA) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and to provide an exemption from Florida intangible personal property taxes consistent with preservation of capital. |
|
|
|
|
|
|
Performance |
|
|
|
|
|
|
|
|
For the six months ended April 30, 2008, the Trust returned -2.62% based on market price, with dividends reinvested. The Trust’s return based on NAV was -3.41%, with dividends reinvested. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of -1.18% on a NAV basis. Problems within the monoline insurance industry had a negative impact on the entire insured municipal market, detracting from the Trust’s performance for the period. Healthcare, tax increment financing, housing and corporate-backed bonds were the weakest performers. Conversely, an overweight in pre-refunded bonds benefited results, as the yield curve steepened and shorter-maturity issues outperformed. |
|
|
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
|
Symbol on American Stock Exchange |
|
RFA |
|
|
Initial Offering Date |
|
May 28, 1993 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($11.28)1 |
|
4.73% |
|
|
Tax Equivalent Yield2 |
|
7.28% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.0445 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.534 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
11.28 |
|
$ |
11.86 |
|
(4.89 |
%) |
|
$ |
12.07 |
|
$ |
10.69 |
|
|
Net Asset Value |
|
$ |
12.67 |
|
$ |
13.43 |
|
(5.66 |
%) |
|
$ |
13.45 |
|
$ |
11.85 |
|
|
|
|
|
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
19 |
% |
|
23 |
% |
|
|
City, County & State |
|
19 |
|
|
15 |
|
|
|
Water & Sewer |
|
14 |
|
|
13 |
|
|
|
Tax Revenue |
|
13 |
|
|
9 |
|
|
|
Housing |
|
11 |
|
|
11 |
|
|
|
Lease Revenue |
|
8 |
|
|
10 |
|
|
|
Transportation |
|
7 |
|
|
3 |
|
|
|
Education |
|
6 |
|
|
13 |
|
|
|
Industrial & Pollution Control |
|
2 |
|
|
2 |
|
|
|
Power |
|
1 |
|
|
1 |
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
62 |
% |
|
62 |
% |
|
|
AA/Aa |
|
11 |
|
|
10 |
|
|
|
A/A |
|
4 |
|
|
5 |
|
|
|
BBB/Baa |
|
10 |
|
|
9 |
|
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
|
Not Rated |
|
11 |
2 |
|
12 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008, the market value of these securities was $236,927 representing 1% of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
9 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock Florida Municipal Income Trust |
|
|
|
|
Investment Objective |
|
BlackRock Florida Municipal Income Trust (BBF) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and Florida intangible personal property tax.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned -0.04% based on market price, with dividends reinvested. The Trust’s return based on NAV was -0.80%, with dividends reinvested. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of -1.18% on a NAV basis. The Trust’s significant overweight in pre-refunded bonds, which tend to have intermediate maturities, benefited performance for the period, as the yield curve steepened and these issues outperformed. Conversely, problems within the monoline insurance industry had a negative impact on the entire insured municipal market, hampering the performance of the Trust and its peers.
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BBF |
|
|
Initial Offering Date |
|
July 27, 2001 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($14.64)1 |
|
5.97% |
|
|
Tax Equivalent Yield2 |
|
9.18% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.072875 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.8745 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
14.64 |
|
$ |
15.10 |
|
|
(3.05%) |
|
$ |
15.55 |
|
$ |
13.46 |
|
|
Net Asset Value |
|
$ |
14.48 |
|
$ |
15.05 |
|
|
(3.79%) |
|
$ |
15.11 |
|
$ |
13.70 |
|
|
|
||||||||||||||||
|
The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments: |
||||||||||||||||
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
33 |
% |
|
31 |
% |
|
|
City, County & State |
|
28 |
|
|
28 |
|
|
|
Water & Sewer |
|
9 |
|
|
11 |
|
|
|
Tax Revenue |
|
9 |
|
|
8 |
|
|
|
Education |
|
7 |
|
|
9 |
|
|
|
Transportation |
|
5 |
|
|
3 |
|
|
|
Lease Revenue |
|
4 |
|
|
5 |
|
|
|
Housing |
|
2 |
|
|
3 |
|
|
|
Industrial & Pollution Control |
|
2 |
|
|
1 |
|
|
|
Power |
|
1 |
|
|
1 |
|
|
|
|
||||||||||||||||
|
Credit Quality Allocations1 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
40 |
% |
|
45 |
% |
|
|
AA/Aa |
|
19 |
|
|
25 |
|
|
|
A/A |
|
11 |
|
|
3 |
|
|
|
BBB/Baa |
|
10 |
|
|
8 |
|
|
|
BB/Ba |
|
2 |
|
|
2 |
|
|
|
Not Rated2 |
|
18 |
|
|
17 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
2 |
The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2008 and October 31, 2007, the market value of these securities was $14,853,000 representing 10% and $1,562,493 representing 1%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
|
|
|
10 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New Jersey Investment Quality Municipal Trust |
|
|
|
|
Investment Objective |
|
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax consistent with preservation of capital.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned +6.91% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.56%, with dividends reinvested. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of -1.91% on a NAV basis. The Trust’s relatively long duration posture and holdings in lower-rated issues hindered comparative performance for the period. The Trust’s BMA (a short-term municipal market benchmark rate) hedges also detracted as cash positions underperformed swap rates. Management has been unable to restructure the portfolio, as new issuance of New Jersey securities has declined significantly.
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on American Stock Exchange |
|
RNJ |
|
|
Initial Offering Date |
|
May 28, 1993 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($15.51)1 |
|
5.26% |
|
|
Tax Equivalent Yield2 |
|
8.09% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.068 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.816 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0514. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
15.51 |
|
$ |
14.96 |
|
|
3.68% |
|
$ |
17.44 |
|
$ |
13.00 |
|
|
Net Asset Value |
|
$ |
12.56 |
|
$ |
13.57 |
|
|
(7.44% |
) |
$ |
13.62 |
|
$ |
12.08 |
|
|
|
||||||||||||||||
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
||||||||||||||||
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
21 |
% |
|
19 |
% |
|
|
Transportation |
|
19 |
|
|
20 |
|
|
|
Education |
|
14 |
|
|
10 |
|
|
|
Tax Revenue |
|
8 |
|
|
10 |
|
|
|
Industrial & Pollution Control |
|
8 |
|
|
8 |
|
|
|
Water & Sewer |
|
8 |
|
|
7 |
|
|
|
Housing |
|
7 |
|
|
11 |
|
|
|
City, County & State |
|
6 |
|
|
6 |
|
|
|
Tobacco |
|
5 |
|
|
4 |
|
|
|
Power |
|
2 |
|
|
3 |
|
|
|
Lease Revenue |
|
2 |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
55 |
% |
|
49 |
% |
|
|
AA/Aa |
|
— |
|
|
3 |
|
|
|
A |
|
8 |
|
|
11 |
|
|
|
BBB/Baa |
|
19 |
|
|
29 |
|
|
|
B |
|
4 |
|
|
5 |
|
|
|
Not Rated |
|
14 |
|
|
3 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
11 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New Jersey Municipal Income Trust |
|
|
|
|
Investment Objective |
|
BlackRock New Jersey Municipal Income Trust (BNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned +1.87% based on market price, with dividends reinvested. The Trust’s return based on NAV was -2.14%, with dividends reinvested. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of -1.91% on a NAV basis. The Trust’s overweight in lower-rated issues was the primary detractor from comparative performance, as these securities underperformed amid continued widening in credit spreads. However, the incremental income these holdings generated continued to enhance the Trust’s above-average dividend yield. A relatively neutral duration posture during a period of rising interest rates in the municipal market also contributed positively.
|
|
|
|
Trust Information |
|
|
|
|
|
|
|
Symbol on New York Stock Exchange |
|
BNJ |
|
|
Initial Offering Date |
|
July 27, 2001 |
|
|
Yield on Closing Market Price as of April 30, 2008 ($16.66)1 |
|
5.74% |
|
|
Tax Equivalent Yield2 |
|
8.83% |
|
|
Current Monthly Distribution per Common Share3 |
|
$0.079625 |
|
|
Current Annualized Distribution per Common Share3 |
|
$0.9555 |
|
|
Leverage as of April 30, 20084 |
|
37% |
|
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0776. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
16.66 |
|
$ |
16.90 |
|
|
(1.42%) |
|
$ |
18.34 |
|
$ |
15.13 |
|
|
Net Asset Value |
|
$ |
14.67 |
|
$ |
15.49 |
|
|
(5.29%) |
|
$ |
15.58 |
|
$ |
14.05 |
|
|
|
||||||||||||||||
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
||||||||||||||||
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Hospitals |
|
28 |
% |
|
26 |
% |
|
|
Housing |
|
18 |
|
|
19 |
|
|
|
Education |
|
9 |
|
|
8 |
|
|
|
City, County & State |
|
8 |
|
|
10 |
|
|
|
Transportation |
|
8 |
|
|
9 |
|
|
|
Lease Revenue |
|
8 |
|
|
5 |
|
|
|
Tobacco |
|
7 |
|
|
8 |
|
|
|
Tax Revenue |
|
7 |
|
|
7 |
|
|
|
Industrial & Pollution Control |
|
6 |
|
|
6 |
|
|
|
Water & Sewer |
|
1 |
|
|
1 |
|
|
|
Power |
|
— |
|
|
1 |
|
|
|
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
38 |
% |
|
40 |
% |
|
|
A |
|
20 |
|
|
27 |
|
|
|
BBB/Baa |
|
21 |
|
|
27 |
|
|
|
B |
|
3 |
|
|
3 |
|
|
|
Not Rated |
|
18 |
|
|
3 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
12 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New York Investment Quality Municipal Trust |
|
|
|
|
Investment Objective |
|
BlackRock New York Investment Quality Municipal Trust (RNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal, New York State and New York City income tax consistent with preservation of capital.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned -3.85% based on market price, with dividends reinvested. The Trust’s return based on NAV was -1.12%, with dividends reinvested. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of -0.95% on a NAV basis. The relative return was hampered by the Trust’s longer-dated holdings, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Conversely, the Trust’s above-average distribution yield and neutral duration position during a period of rising interest rates in the municipal market benefited comparative performance.
|
|
|
|
Trust Information |
|
|
|
|
|
Symbol on American Stock Exchange |
RNY |
|
Initial Offering Date |
May 28, 1993 |
|
Yield on Closing Market Price as of April 30, 2008 ($14.28)1 |
5.63% |
|
Tax Equivalent Yield2 |
8.66% |
|
Current Monthly Distribution per Common Share3 |
$0.067 |
|
Current Annualized Distribution per Common Share3 |
$0.804 |
|
Leverage as of April 30, 20084 |
35% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
A change in the distribution rate was declared on June 2, 2008. The Monthly Distribution per Common Share was decreased to $0.0582. The Yield on Closing Market Price, Current Monthly Distribution and Current Annualized Distribution do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
|
High |
|
Low |
|
||||
|
Market Price |
|
$ |
14.28 |
|
$ |
15.39 |
|
(7.21% |
) |
$ |
16.26 |
|
$ |
13.85 |
|
|
Net Asset Value |
|
$ |
13.74 |
|
$ |
14.40 |
|
(4.58% |
) |
$ |
14.47 |
|
$ |
13.09 |
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Education |
|
23 |
% |
|
23 |
% |
|
|
Tax Revenue |
|
15 |
|
|
16 |
|
|
|
Water & Sewer |
|
12 |
|
|
13 |
|
|
|
Housing |
|
12 |
|
|
12 |
|
|
|
City, County & State |
|
11 |
|
|
12 |
|
|
|
Industrial & Pollution Control |
|
10 |
|
|
10 |
|
|
|
Transportation |
|
6 |
|
|
5 |
|
|
|
Hospitals |
|
6 |
|
|
4 |
|
|
|
Lease Revenue |
|
3 |
|
|
3 |
|
|
|
Tobacco |
|
2 |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
49 |
% |
|
50 |
% |
|
|
AA/Aa |
|
24 |
|
|
23 |
|
|
|
A |
|
5 |
|
|
5 |
|
|
|
BBB/Baa |
|
12 |
|
|
12 |
|
|
|
B |
|
8 |
|
|
9 |
|
|
|
Not Rated |
|
2 |
|
|
1 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
13 |
|
|
|
|
|
|
|
|
|
|
Trust Summary as of April 30, 2008 |
BlackRock New York Municipal Income Trust |
|
|
|
|
Investment Objective |
|
BlackRock New York Municipal Income Trust (BNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New York State and New York City personal income taxes.
|
|
|
|
Performance |
|
For the six months ended April 30, 2008, the Trust returned +7.00% based on market price, with dividends reinvested. The Trust’s return based on NAV was -1.36%, with dividends reinvested. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of -0.95% on a NAV basis. The relative return was hampered by the Trust’s longer-dated holdings, which proved more volatile as risk spreads increased and the municipal yield curve steepened. Conversely, the Trust’s above-average distribution yield and neutral duration position during a period of rising interest rates in the municipal market benefited comparative performance.
|
|
|
|
Trust Information |
|
|
|
|
|
Symbol on New York Stock Exchange |
BNY |
|
Initial Offering Date |
July 27, 2001 |
|
Yield on Closing Market Price as of April 30, 2008 ($16.12)1 |
5.61% |
|
Tax Equivalent Yield2 |
8.63% |
|
Current Monthly Distribution per Common Share3 |
$0.075339 |
|
Current Annualized Distribution per Common Share3 |
$0.904068 |
|
Leverage as of April 30, 20084 |
38% |
|
|
|
|
1 |
Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
2 |
Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
3 |
The distribution is not constant and is subject to change. |
|
4 |
As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4/30/08 |
|
10/31/07 |
|
Change |
High |
|
Low |
|
|||||
|
Market Price |
|
$ |
16.12 |
|
$ |
15.55 |
|
3.67 |
% |
$ |
17.24 |
|
$ |
14.84 |
|
|
Net Asset Value |
|
$ |
14.44 |
|
$ |
15.11 |
|
(4.43 |
%) |
$ |
15.24 |
|
$ |
13.71 |
|
The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
4/30/08 |
|
10/31/07 |
|
||
|
Industrial & Pollution Control |
|
16 |
% |
|
16 |
% |
|
|
Housing |
|
15 |
|
|
15 |
|
|
|
Transportation |
|
14 |
|
|
14 |
|
|
|
Education |
|
13 |
|
|
12 |
|
|
|
City, County & State |
|
10 |
|
|
11 |
|
|
|
Tobacco |
|
9 |
|
|
8 |
|
|
|
Water & Sewer |
|
8 |
|
|
7 |
|
|
|
Lease Revenue |
|
7 |
|
|
7 |
|
|
|
Hospitals |
|
4 |
|
|
5 |
|
|
|
Power |
|
3 |
|
|
3 |
|
|
|
Tax Revenue |
|
1 |
|
|
2 |
|
|
|
|
|
|
Credit Quality Allocations1 |
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
4/30/08 |
|
10/31/07 |
|
||
|
AAA/Aaa |
|
35 |
% |
|
42 |
% |
|
|
AA/Aa |
|
20 |
|
|
17 |
|
|
|
A/A |
|
14 |
|
|
17 |
|
|
|
BBB/Baa |
|
16 |
|
|
17 |
|
|
|
B/B |
|
6 |
|
|
6 |
|
|
|
Not Rated |
|
9 |
|
|
1 |
|
|
|
|
|
|
1 |
Using the higher of Standard & Poor’s or Moody’s Investors ratings. |
|
|
|
|
|
|
|
|
|
|
|
14 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
The Trusts utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.
To leverage, the Trusts may issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. The interest earned on these investments is paid to Common Shareholders in the form of dividends, and the value of these Portfolios’ holdings is reflected in the per share NAV of the Trusts’ Common Shares. However, in order to benefit Common Shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of these conditions change, then the risks of leveraging will begin to outweigh the benefits.
To illustrate these concepts, assume a fund’s Common Share capitalization of $100 million and the issuance of Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are approximately 3% and long-term interest rates are approximately 6%, then the yield curve has a strongly positive slope. The fund pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the fund’s total portfolio of $150 million earns the income based on long-term interest rates.
In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the fund’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield. However, if short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely. At the same time, the market value on the fund’s Common Shares (that is, its price as listed on the New York Stock Exchange or American Stock Exchange) may, as a result, decline. Furthermore, if long-term interest rates rise, the Common Shares’ NAV will reflect the full decline in the price of the portfolio’s investments, since the value of the fund’s Preferred Shares does not fluctuate. In addition to the decline in NAV, the market value of the fund’s Common Shares may also decline.
In addition, the Trusts may from time to time leverage their assets through the use of tender option bond (“TOB”) programs. In a typical TOB program, the Trust transfers one or more municipal bonds to a TOB trust, which issues short-term variable rate securities to third-party investors and a residual interest to the Trust. The cash received by the TOB trust from the issuance of the short-term securities (less transaction expenses) is paid to the Trust, which invests the cash in additional portfolio securities. The distribution rate on the short-term securities is reset periodically (typically every seven days) through a remarketing of the short-term securities. Any income earned on the bonds in the TOB trust, net of expenses incurred by the TOB trust, that is not paid to the holders of the short-term securities is paid to the Trust. In connection with managing the Trusts’ assets, the Trusts’ investment advisor may at any time retrieve the bonds out of the TOB trust typically within seven days. TOB investments generally will provide the Trust with economic benefits in periods of declining short-term interest rates, but expose the Trust to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trust, as described above. Additionally, fluctuations in the market value of municipal securities deposited into the TOB trust may adversely affect the Funds’ NAVs per share. (See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOB trusts.).
Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount of up to 50% of their managed assets at the time of issuance. Each Trust also anticipates that its total economic leverage will not exceed 50% of its total managed assets. Economic leverage includes Preferred Shares and TOBs. As of April 30, 2008, the Trusts had economic leverage amounts of managed assets as follows:
|
|
|
|
|
|
|
|
|
Percent of |
|
|
|
Investment Quality Municipal |
|
39 |
% |
|
|
Municipal Income |
|
39 |
% |
|
|
Long-Term Municipal |
|
47 |
% |
|
|
California Investment Quality |
|
36 |
% |
|
|
California Income |
|
38 |
% |
|
|
Florida Investment Quality |
|
37 |
% |
|
|
Florida Income |
|
37 |
% |
|
|
New Jersey Investment Quality |
|
37 |
% |
|
|
New Jersey Income |
|
37 |
% |
|
|
New York Income |
|
35 |
% |
|
|
New York Investment Quality |
|
38 |
% |
|
|
|
|
|
|
The Trusts may invest in swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified bond, basket of bonds, or index in return for periodic payments based on a fixed or variable interest rate or the change in market value of a different bond, basket of bonds or index. Swap agreements may be used to obtain exposure to a bond or market without owning or taking physical custody of securities. Swap agreements involve the risk that the party with whom each Trust has entered into a swap will default on its obligation to pay the Trusts and the risk that the Trusts will not be able to meet its obligation to pay the other party to the agreement.
|
|
|
|
|
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
15 |
|
|
|
|
|
|
||
|
|
||
|
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama—6.6% |
|
|
|
|
|
|
|
|
University
of Alabama, Hospital Revenue Bonds, Series A, |
|
$ |
14,000 |
|
$ |
15,208,340 |
|
|
Arizona—4.1% |
|
|
|
|
|
|
|
|
Salt Verde
Financial Corporation, Arizona, Senior Gas |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
3,990 |
|
|
3,622,840 |
|
|
5%, 12/01/37 |
|
|
4,585 |
|
|
4,098,486 |
|
|
San Luis,
Arizona, Facilities Development Corporation, |
|
|
|
|
|
|
|
|
6.25%, 5/01/15 |
|
|
490 |
|
|
465,696 |
|
|
7%, 5/01/20 |
|
|
490 |
|
|
454,735 |
|
|
7.25%, 5/01/27 |
|
|
980 |
|
|
900,610 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,542,367 |
|
|
California—22.3% |
|
|
|
|
|
|
|
|
California
County Tobacco Securitization Agency, Tobacco |
|
|
|
|
|
|
|
|
Sub-Series C, 6.30%, 6/01/55 |
|
|
7,090 |
|
|
166,331 |
|
|
Sub-Series D, 7.251%, 6/01/55 |
|
|
9,060 |
|
|
179,026 |
|
|
California State, GO, 5%, 3/01/33 (d) |
|
|
10,000 |
|
|
10,126,400 |
|
|
California State, GO, Refunding: |
|
|
|
|
|
|
|
|
5.625%, 5/01/10 (q) |
|
|
1,595 |
|
|
1,712,153 |
|
|
5.625%, 5/01/18 |
|
|
290 |
|
|
306,823 |
|
|
5%, 2/01/32 |
|
|
10,345 |
|
|
10,362,221 |
|
|
5%, 6/01/34 |
|
|
3,485 |
|
|
3,487,161 |
|
|
Foothill/Eastern
Corridor Agency, California, Toll Road |
|
|
|
|
|
|
|
|
5.562%, 7/15/28 (a) |
|
|
7,000 |
|
|
6,506,850 |
|
|
5.75%, 1/15/40 |
|
|
3,495 |
|
|
3,424,261 |
|
|
Golden
State Tobacco Securitization Corporation of California, |
|
|
805 |
|
|
648,637 |
|
|
Los Altos,
California, School District, GO (Election of 1998), |
|
|
10,945 |
|
|
4,921,638 |
|
|
Sacramento
County, California, Airport System Revenue |
|
|
|
|
|
|
|
|
Senior Series A, 5%, 7/01/41 |
|
|
2,000 |
|
|
2,023,720 |
|
|
Senior Series B, 5.25%, 7/01/39 |
|
|
3,500 |
|
|
3,449,530 |
|
|
University
of California Revenue Bonds, Series B, 4.75%, |
|
|
4,185 |
|
|
4,132,102 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
51,446,853 |
|
|
Colorado—4.0% |
|
|
|
|
|
|
|
|
Colorado
Health Facilities Authority Revenue Bonds |
|
|
5,250 |
|
|
5,262,285 |
|
|
Colorado
Health Facilities Authority, Revenue Refunding |
|
|
2,000 |
|
|
2,028,900 |
|
|
Colorado
Springs, Colorado, Utilities System Improvement |
|
|
1,030 |
|
|
1,044,183 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Colorado—(concluded) |
|
|
|
|
|
|
|
|
Park Creek
Metropolitan District, Colorado, Senior Limited Tax |
|
$ |
1,020 |
|
$ |
948,396 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,283,764 |
|
|
Connecticut—1.2% |
|
|
|
|
|
|
|
|
Mashantucket
Western Pequot Tribe, Connecticut, Special |
|
|
3,000 |
|
|
2,739,480 |
|
|
District of Columbia—2.1% |
|
|
|
|
|
|
|
|
District of
Columbia Tobacco Settlement Financing |
|
|
4,960 |
|
|
4,905,440 |
|
|
Florida—18.1% |
|
|
|
|
|
|
|
|
FishHawk
Community Development District II, Florida, |
|
|
2,020 |
|
|
2,018,687 |
|
|
Halifax
Hospital Medical Center, Florida, Hospital Revenue |
|
|
2,415 |
|
|
2,141,405 |
|
|
Hillsborough
County, Florida, IDA, Exempt Facilities Revenue |
|
|
3,700 |
|
|
3,586,262 |
|
|
Jacksonville,
Florida, Health Facilities Authority, Hospital |
|
|
1,690 |
|
|
1,586,251 |
|
|
Miami
Beach, Florida, Health Facilities Authority, Hospital |
|
|
4,755 |
|
|
4,835,027 |
|
|
Miami-Dade
County, Florida, Special Obligation Revenue |
|
|
|
|
|
|
|
|
5.19%, 10/01/31 |
|
|
3,380 |
|
|
927,202 |
|
|
5.20%, 10/01/32 |
|
|
4,225 |
|
|
1,095,669 |
|
|
5.21%, 10/01/33 |
|
|
4,000 |
|
|
981,080 |
|
|
5.21%, 10/01/34 |
|
|
4,580 |
|
|
1,057,430 |
|
|
5.22%, 10/01/35 |
|
|
5,000 |
|
|
1,081,700 |
|
|
5.23%, 10/01/36 |
|
|
10,000 |
|
|
2,039,700 |
|
|
5.24%, 10/01/37 |
|
|
10,000 |
|
|
1,923,800 |
|
|
Orange
County, Florida, Tourist Development, Tax Revenue |
|
|
7,895 |
|
|
7,553,778 |
|
|
Sumter
Landing Community Development District, Florida, |
|
|
3,730 |
|
|
3,118,429 |
|
|
Village
Community Development District Number 5, Florida, |
|
|
7,980 |
|
|
7,824,869 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
41,771,289 |
|
|
Georgia—3.7% |
|
|
|
|
|
|
|
|
Atlanta,
Georgia, Airport Passenger Facility Charge and |
|
|
1,760 |
|
|
1,785,784 |
|
|
Atlanta,
Georgia, Water and Wastewater Revenue Bonds, |
|
|
4,000 |
|
|
4,057,600 |
|
|
Main Street
Natural Gas, Inc., Georgia, Gas Project Revenue |
|
|
1,000 |
|
|
1,000,550 |
|
|
|
|
|
|
|
|
|
Portfolio Abbreviations |
|||||
To simplify the listings of the Trusts’ portfolio holdings in each Trust’s Schedule of Investments, we have abbreviated the names of many securities according to the list on the right.
|
|
|
|
|
AMT |
|
Alternative Minimum Tax (subject to) |
|
ARS |
|
Auction Rate Securities |
|
CABS |
|
Capital Appreciation Bonds |
|
COP |
|
Certificates of Participation |
|
EDA |
|
Economic Development Authority |
|
EDR |
|
Economic Development Revenue Bonds |
|
GO |
|
General Obligation Bonds |
|
HFA |
|
Housing Finance Agency |
|
IDA |
|
Industrial Development Authority |
|
IDR |
|
Industrial Development Revenue Bonds |
|
LIBOR |
|
London InterBank Offer Rate |
|
M/F |
|
Multi-Family |
|
PCR |
|
Pollution Control Revenue Bonds |
|
PILOT |
|
Payment in Lieu of Taxes |
|
SIFMA |
|
Securities Industry and Financial Markets Association |
|
S/F |
|
Single-Family |
|
TFABS |
|
Tobacco Flexible Amortization Bonds |
|
VRDN |
|
Variable Rate Demand Notes |
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
16 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Georgia—(concluded) |
|
|
|
|
|
|
|
|
Milledgeville-Baldwin
County, Georgia, Development Authority |
|
$ |
1,500 |
|
$ |
1,742,535 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,586,469 |
|
|
Hawaii—1.1% |
|
|
|
|
|
|
|
|
Hawaii
State Department of Budget and Finance, Special |
|
|
2,500 |
|
|
2,540,000 |
|
|
Illinois—13.7% |
|
|
|
|
|
|
|
|
Bolingbrook,
Illinois, GO, Refunding, Series A, 4.75%, |
|
|
6,500 |
|
|
6,407,960 |
|
|
Centerpoint
Intermodal Center Program Trust, Illinois, Tax |
|
|
1,920 |
|
|
1,806,586 |
|
|
Chicago,
Illinois, Housing Authority, Capital Program Revenue |
|
|
3,210 |
|
|
3,316,283 |
|
|
Chicago,
Illinois, O’Hare International Airport Revenue |
|
|
3,540 |
|
|
3,472,386 |
|
|
Chicago,
Illinois, Public Building Commission, Building Revenue |
|
|
5,000 |
|
|
6,213,650 |
|
|
Illinois
Municipal Electric Agency, Power Supply Revenue |
|
|
2,145 |
|
|
1,923,529 |
|
|
Illinois State Finance Authority Revenue Bonds, Series A: |
|
|
|
|
|
|
|
|
(Friendship Village of Schaumburg), 5.625%, 2/15/37 |
|
|
690 |
|
|
559,169 |
|
|
(Monarch Landing, Inc. Project), 7%, 12/01/37 |
|
|
1,155 |
|
|
1,133,702 |
|
|
(Northwestern Memorial Hospital), 5.50%, 8/15/14 (a) |
|
|
5,800 |
|
|
6,537,934 |
|
|
Illinois
State Financing Authority, Student Housing Revenue |
|
|
700 |
|
|
338,072 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
31,709,271 |
|
|
Kentucky—2.6% |
|
|
|
|
|
|
|
|
Kentucky
Economic Development Finance Authority, Health |
|
|
13,500 |
|
|
5,936,220 |
|
|
Maryland—2.6% |
|
|
|
|
|
|
|
|
Maryland
State Community Development Administration, |
|
|
5,000 |
|
|
4,384,350 |
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
1,740 |
|
|
1,725,749 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,110,099 |
|
|
Massachusetts—1.3% |
|
|
|
|
|
|
|
|
Massachusetts
State Water Resource Authority, General |
|
|
3,075 |
|
|
3,120,449 |
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
Michigan
State Hospital Finance Authority, Revenue |
|
|
1,670 |
|
|
1,608,076 |
|
|
Mississippi—0.8% |
|
|
|
|
|
|
|
|
Mississippi
Business Finance Corporation Revenue Bonds |
|
|
1,900 |
|
|
1,738,234 |
|
|
Missouri—3.3% |
|
|
|
|
|
|
|
|
Missouri
Joint Municipal Electric Utility Commission, |
|
|
2,820 |
|
|
2,611,969 |
|
|
Missouri
State Housing Development Commission, S/F |
|
|
5,125 |
|
|
5,009,124 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,621,093 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Nebraska—3.4% |
|
|
|
|
|
|
|
|
Omaha
Public Power District, Nebraska, Electric System |
|
|
|
|
|
|
|
|
5%, 2/01/34 |
|
$ |
5,000 |
|
$ |
5,071,950 |
|
|
4.75%, 2/01/44 |
|
|
2,765 |
|
|
2,690,594 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,762,544 |
|
|
Nevada—0.9% |
|
|
|
|
|
|
|
|
Clark
County, Nevada, EDR, Refunding (Alexander Dawson |
|
|
2,065 |
|
|
2,009,926 |
|
|
New Jersey—4.4% |
|
|
|
|
|
|
|
|
Middlesex
County, New Jersey, Improvement Authority, |
|
|
1,510 |
|
|
1,292,379 |
|
|
New Jersey
EDA, Cigarette Tax Revenue Bonds, 5.75%, |
|
|
7,000 |
|
|
6,840,540 |
|
|
New Jersey
State Housing and Mortgage Finance Agency, |
|
|
2,000 |
|
|
1,995,820 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,128,739 |
|
|
New York—10.2% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds |
|
|
725 |
|
|
567,610 |
|
|
Hudson
Yards Infrastructure Corporation, New York, Revenue |
|
|
1,400 |
|
|
1,363,180 |
|
|
Metropolitan
Transportation Authority, New York, Revenue |
|
|
1,000 |
|
|
1,006,030 |
|
|
Metropolitan
Transportation Authority, New York, Transportation |
|
|
2,500 |
|
|
2,510,850 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
2,600 |
|
|
2,517,840 |
|
|
New York
City, New York, City Municipal Water Finance |
|
|
2,500 |
|
|
2,541,600 |
|
|
New York
City, New York, City Transitional Finance Authority, |
|
|
3,000 |
|
|
3,122,250 |
|
|
New York City, New York, GO, Sub-Series F-1, 5%, 9/01/22 (f) |
|
|
2,000 |
|
|
2,059,260 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
4,100 |
|
|
4,245,673 |
|
|
New York
State Dormitory Authority, Revenue Refunding |
|
|
|
|
|
|
|
|
5.963%, 7/01/10 |
|
|
1,865 |
|
|
1,778,706 |
|
|
6.013%, 7/01/10 |
|
|
2,030 |
|
|
1,936,072 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
23,649,071 |
|
|
North Carolina—1.7% |
|
|
|
|
|
|
|
|
Gaston
County, North Carolina, Industrial Facilities and |
|
|
2,425 |
|
|
1,923,486 |
|
|
North
Carolina Medical Care Commission, Health Care |
|
|
2,065 |
|
|
2,031,526 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,955,012 |
|
|
Ohio—8.2% |
|
|
|
|
|
|
|
|
Buckeye
Tobacco Settlement Financing Authority, Ohio, |
|
|
1,870 |
|
|
1,818,276 |
|
|
Cuyahoga County, Ohio, Revenue Refunding Bonds, Series A: |
|
|
|
|
|
|
|
|
6%, 1/01/20 |
|
|
3,485 |
|
|
3,809,070 |
|
|
6%, 1/01/21 |
|
|
5,000 |
|
|
5,464,950 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
17 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (continued) |
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Ohio—(concluded) |
|
|
|
|
|
|
|
|
Montgomery
County, Ohio, Revenue Bonds (Catholic Health |
|
$ |
1,750 |
|
$ |
1,766,450 |
|
|
Ohio State
Air Quality Development Authority, Revenue |
|
|
6,000 |
|
|
6,006,840 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
18,865,586 |
|
|
Oklahoma—2.1% |
|
|
|
|
|
|
|
|
Oklahoma
State Development Finance Authority, Revenue |
|
|
2,110 |
|
|
2,052,819 |
|
|
Tulsa,
Oklahoma, Municipal Airport Trust, Revenue Refunding |
|
|
2,900 |
|
|
2,871,841 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,924,660 |
|
|
Pennsylvania—6.7% |
|
|
|
|
|
|
|
|
Delaware
River Port Authority of Pennsylvania and New |
|
|
2,000 |
|
|
2,070,320 |
|
|
McKeesport,
Pennsylvania, Area School District, GO, |
|
|
|
|
|
|
|
|
5.53%, 10/01/31 |
|
|
2,435 |
|
|
666,435 |
|
|
5.53%, 10/01/31 (i) |
|
|
870 |
|
|
270,561 |
|
|
Pennsylvania
Economic Development Financing Authority, |
|
|
|
|
|
|
|
|
(Amtrak Project), 6.25%, 11/01/31 |
|
|
2,000 |
|
|
2,009,800 |
|
|
(Amtrak Project), 6.375%, 11/01/41 |
|
|
3,100 |
|
|
3,146,872 |
|
|
(Reliant Energy), 6.75%, 12/01/36 |
|
|
6,380 |
|
|
6,433,209 |
|
|
Pennsylvania
HFA, S/F Mortgage Revenue Refunding Bonds, |
|
|
980 |
|
|
884,176 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
15,481,373 |
|
|
Rhode Island—0.1% |
|
|
|
|
|
|
|
|
Rhode
Island State Health and Educational Building |
|
|
200 |
|
|
202,432 |
|
|
South Carolina—5.0% |
|
|
|
|
|
|
|
|
South
Carolina Housing Finance and Development Authority, |
|
|
4,975 |
|
|
4,658,043 |
|
|
South
Carolina Jobs EDA, Hospital Facilities Revenue |
|
|
|
|
|
|
|
|
Series A, 6.25%, 8/01/31 |
|
|
2,185 |
|
|
2,215,918 |
|
|
Series C, 6.875%, 8/01/13 (a) |
|
|
4,000 |
|
|
4,711,118 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,585,079 |
|
|
Tennessee—2.1% |
|
|
|
|
|
|
|
|
Memphis-Shelby
County, Tennessee, Airport Authority, |
|
|
4,865 |
|
|
4,951,889 |
|
|
Texas—11.0% |
|
|
|
|
|
|
|
|
Dallas-Fort
Worth, Texas, International Airport, Joint Revenue |
|
|
550 |
|
|
556,556 |
|
|
Grapevine, Texas, GO, 5.875%, 8/15/10 (a)(j) |
|
|
6,000 |
|
|
6,454,440 |
|
|
Harris
County-Houston Sports Authority, Texas, Revenue |
|
|
5,000 |
|
|
773,900 |
|
|
Lower
Colorado River Authority, Texas, Revenue |
|
|
|
|
|
|
|
|
5%, 5/15/13 (a)(b) |
|
|
20 |
|
|
21,798 |
|
|
5%, 5/15/31 (b) |
|
|
925 |
|
|
931,531 |
|
|
4.75%, 5/15/36 (g) |
|
|
3,595 |
|
|
3,481,254 |
|
|
Series A, 5%, 5/15/13 (a)(b) |
|
|
5 |
|
|
5,449 |
|
|
Montgomery
County, Texas, Municipal Utility District Number |
|
|
675 |
|
|
664,139 |
|
|
Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (j) |
|
|
2,010 |
|
|
1,945,278 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Texas—(concluded) |
|
|
|
|
|
|
|
|
SA Energy
Acquisition Public Facilities Corporation, Texas, |
|
$ |
2,550 |
|
$ |
2,541,636 |
|
|
Texas State
Turnpike Authority, Central Texas Turnpike |
|
|
|
|
|
|
|
|
6.06%, 8/15/31 (c) |
|
|
15,000 |
|
|
3,824,250 |
|
|
First Tier, Series A, 5%, 8/15/42 |
|
|
3,325 |
|
|
3,294,044 |
|
|
Texas
State, Water Financial Assistance, GO, Refunding, |
|
|
1,000 |
|
|
1,047,390 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,541,665 |
|
|
Utah—0.8% |
|
|
|
|
|
|
|
|
Intermountain
Power Agency, Utah, Power Supply |
|
|
1,950 |
|
|
1,953,451 |
|
|
Virginia—1.0% |
|
|
|
|
|
|
|
|
Tobacco
Settlement Financing Corporation of Virginia, |
|
|
2,900 |
|
|
2,285,519 |
|
|
Washington—0.6% |
|
|
|
|
|
|
|
|
King
County, Washington, Sewer Revenue Refunding |
|
|
1,420 |
|
|
1,446,156 |
|
|
Wisconsin—1.4% |
|
|
|
|
|
|
|
|
Wisconsin
State Health and Educational Facilities Authority |
|
|
3,220 |
|
|
3,302,657 |
|
|
Wyoming—0.8% |
|
|
|
|
|
|
|
|
Wyoming
Community Development Authority, Housing |
|
|
2,145 |
|
|
1,866,171 |
|
|
Puerto Rico—3.9% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Aqueduct and Sewer Authority, |
|
|
2,500 |
|
|
2,614,000 |
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
|
3,115 |
|
|
3,327,256 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue |
|
|
2,900 |
|
|
3,009,997 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,951,253 |
|
|
Total Municipal Bonds (Cost—$354,019,586)—152.5% |
|
|
|
|
|
352,730,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.60%, 11/30/50 (h) |
|
|
7,000 |
|
|
7,640,430 |
|
|
MuniMae TE Bond Subsidiary LLC, 7.75%, 6/30/50 (h) |
|
|
4,000 |
|
|
4,315,920 |
|
|
Total Corporate Bonds (Cost—$11,000,000)—5.2% |
|
|
|
|
|
11,956,350 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Short-Term Securities |
|
Shares |
|
|
|
|
|
|
Merrill Lynch Institutional Tax-Exempt Fund, 2.49% (o)(p) |
|
|
19,300,000 |
|
|
19,300,000 |
|
|
Total Short-Term Securities (Cost—$19,300,000)—8.3% |
|
|
|
|
|
19,300,000 |
|
|
Total Investments (Cost—$384,319,586*)—166.0% |
|
|
|
|
|
383,986,977 |
|
|
Liabilities in Excess of Other Assets—(2.6%) |
|
|
|
|
|
(6,044,396 |
) |
|
Preferred Stock, at Redemption Value—(63.4%) |
|
|
|
|
|
(146,636,542 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Stock—100.0% |
|
|
|
|
$ |
231,306,039 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
18 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments (concluded) |
|
BlackRock Investment Quality Municipal Trust (BKN) |
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments, as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
383,578,903 |
|
|
|
|
|
||
|
Gross unrealized appreciation |
|
$ |
11,188,585 |
|
|
Gross unrealized depreciation |
|
|
(10,780,511 |
) |
|
|
|
|
||
|
Net unrealized appreciation |
|
$ |
408,074 |
|
|
|
|
|
|
|
|
|
(a) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(b) |
MBIA Insured. |
|
(c) |
Represents a zero-coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(d) |
CIFG Insured. |
|
(e) |
FSA Insured. |
|
(f) |
XL Capital Insured. |
|
(g) |
AMBAC Insured. |
|
(h) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(i) |
Security is collateralized by municipal or U.S. Treasury obligations. |
|
(j) |
FGIC Insured. |
|
(k) |
FNMA/GNMA Collateralized. |
|
(l) |
FHLMC Collateralized. |
|
(m) |
Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date. |
|
(n) |
Assured Guaranty Insured. |
|
(o) |
Represents the current yield as of report date. |
|
(p) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund |
|
$ |
13,800,000 |
|
$ |
364,012 |
|
|
|
|
|
(q) |
Represents a step up bond. Rate shown reflects the effective yield at the time of purchase. |
|
|
|
|
• |
Forward interest rate swaps outstanding as of April 30, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Notional |
|
Unrealized |
|
||
|
Pay a fixed
rate of 4.498% and receive a floating rate |
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase |
|
$ |
18,320 |
|
$ |
(152,972 |
) |
|
Pay a fixed
rate of 3.646% and receive a floating rate |
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase |
|
$ |
31,250 |
|
|
(422,500 |
) |
|
Total |
|
|
|
|
$ |
(575,472 |
) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
19 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock Municipal
Income Trust (BFK) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Alabama—3.6% |
|
|
|
|
|
|
|
|
Birmingham,
Alabama, Special Care Facilities Financing |
|
$ |
4,545 |
|
$ |
4,470,235 |
|
|
Huntsville,
Alabama, Health Care Authority Revenue Bonds, |
|
|
15,000 |
|
|
16,653,750 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
21,123,985 |
|
|
Arizona—6.7% |
|
|
|
|
|
|
|
|
Phoenix and
Pima County, Arizona, IDA, S/F Mortgage |
|
|
5,253 |
|
|
5,244,427 |
|
|
Pima
County, Arizona, IDA, Education Revenue Bonds |
|
|
4,590 |
|
|
4,142,154 |
|
|
Salt Verde
Financial Corporation, Arizona, Senior |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
10,280 |
|
|
9,334,034 |
|
|
5%, 12/01/37 |
|
|
14,395 |
|
|
12,867,547 |
|
|
Scottsdale,
Arizona, IDA, Hospital Revenue Bonds |
|
|
7,000 |
|
|
7,762,300 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,350,462 |
|
|
California—19.7% |
|
|
|
|
|
|
|
|
California
County Tobacco Securitization Agency, |
|
|
|
|
|
|
|
|
Sub-Series C, 6.30%, 6/01/55 |
|
|
17,855 |
|
|
418,878 |
|
|
Sub-Series D, 7.251%, 6/01/55 |
|
|
22,825 |
|
|
451,022 |
|
|
California State, GO, Refunding: |
|
|
|
|
|
|
|
|
5%, 6/01/32 |
|
|
11,670 |
|
|
11,694,857 |
|
|
5%, 6/01/34 |
|
|
7,000 |
|
|
7,004,340 |
|
|
California
Statewide Communities Development Authority, |
|
|
5,000 |
|
|
5,040,400 |
|
|
Foothill
Eastern Corridor Agency, California, Toll Road |
|
|
|
|
|
|
|
|
6.09%, 1/15/32 |
|
|
54,635 |
|
|
12,758,365 |
|
|
6.019%, 1/15/34 |
|
|
20,535 |
|
|
4,241,504 |
|
|
6.093%, 1/15/38 |
|
|
75,000 |
|
|
11,442,000 |
|
|
Golden
State Tobacco Securitization Corporation of |
|
|
10,000 |
|
|
11,456,600 |
|
|
Golden
State Tobacco Securitization Corporation of |
|
|
5,000 |
|
|
4,695,900 |
|
|
Lincoln,
California, Special Tax Bonds (Community Facilities |
|
|
3,115 |
|
|
3,593,339 |
|
|
Los
Angeles, California, Regional Airports Improvement |
|
|
13,320 |
|
|
13,349,570 |
|
|
Murrieta,
California, Community Facilities District Number 2, |
|
|
5,000 |
|
|
4,668,350 |
|
|
Sacramento
County, California, Airport System Revenue |
|
|
6,230 |
|
|
6,140,163 |
|
|
University of California Revenue Bonds: |
|
|
|
|
|
|
|
|
Series B, 4.75%, 5/15/38 |
|
|
10,565 |
|
|
10,431,458 |
|
|
Series C, 4.75%, 5/15/37 (g) |
|
|
5,000 |
|
|
4,922,450 |
|
|
West Valley
Mission Community College District, California, |
|
|
4,015 |
|
|
4,025,600 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
116,334,796 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Colorado—5.2% |
|
|
|
|
|
|
|
|
Colorado
Health Facilities Authority Revenue Bonds |
|
|
|
|
|
|
|
|
Series C-3, 5.10%, 10/01/41 |
|
$ |
7,600 |
|
$ |
7,617,708 |
|
|
Series C-7, 5%, 9/01/36 |
|
|
4,865 |
|
|
4,876,384 |
|
|
Colorado
Health Facilities Authority, Revenue Refunding |
|
|
|
|
|
|
|
|
5.20%, 3/01/31 |
|
|
1,440 |
|
|
1,463,789 |
|
|
Series B, 5.25%, 3/01/36 |
|
|
2,875 |
|
|
2,916,544 |
|
|
Series C, 5.25%, 3/01/40 |
|
|
5,000 |
|
|
5,065,400 |
|
|
Colorado
Springs, Colorado, Utilities System Improvement |
|
|
2,545 |
|
|
2,580,045 |
|
|
Denver,
Colorado, Health and Hospital Authority, Healthcare |
|
|
3,500 |
|
|
3,864,420 |
|
|
Park Creek
Metropolitan District, Colorado, Senior Limited |
|
|
2,530 |
|
|
2,352,394 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
30,736,684 |
|
|
Connecticut—3.2% |
|
|
|
|
|
|
|
|
Connecticut
State Health and Educational Facilities |
|
|
|
|
|
|
|
|
Series T-1, 4.70%, 7/01/29 |
|
|
9,400 |
|
|
9,522,482 |
|
|
Series X-3, 4.85%, 7/01/37 |
|
|
9,360 |
|
|
9,497,873 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
19,020,355 |
|
|
District of Columbia—7.0% |
|
|
|
|
|
|
|
|
District of
Columbia Revenue Bonds (Georgetown University), |
|
|
|
|
|
|
|
|
6.013%, 4/01/11 |
|
|
15,600 |
|
|
3,266,640 |
|
|
6.015%, 4/01/11 |
|
|
51,185 |
|
|
10,096,241 |
|
|
District of
Columbia, Revenue Refunding Bonds (Friendship |
|
|
2,390 |
|
|
2,038,288 |
|
|
District of
Columbia Tobacco Settlement Financing |
|
|
25,535 |
|
|
25,641,992 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
41,043,161 |
|
|
Florida—9.4% |
|
|
|
|
|
|
|
|
Heritage
Isle at Viera Community Development District, |
|
|
1,905 |
|
|
1,872,501 |
|
|
Highlands
County, Florida, Health Facilities Authority, |
|
|
9,670 |
|
|
10,754,104 |
|
|
Martin
County, Florida, IDA, IDR, Refunding (Indiantown |
|
|
9,000 |
|
|
9,019,260 |
|
|
Miami
Beach, Florida, Health Facilities Authority, Hospital |
|
|
11,685 |
|
|
11,881,658 |
|
|
Orange
County, Florida, Tourist Development, Tax Revenue |
|
|
10,830 |
|
|
10,361,927 |
|
|
Stevens
Plantation Community Development District, |
|
|
3,830 |
|
|
3,863,398 |
|
|
Village
Community Development District Number 5, Florida, |
|
|
7,975 |
|
|
7,819,966 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
55,572,814 |
|
|
Georgia—1.2% |
|
|
|
|
|
|
|
|
Main Street
Natural Gas, Inc., Georgia, Gas Project |
|
|
3,500 |
|
|
3,501,925 |
|
|
Richmond
County, Georgia, Development Authority, |
|
|
4,000 |
|
|
3,758,400 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,260,325 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
20 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Municipal
Income Trust (BFK) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Idaho—3.1% |
|
|
|
|
|
|
|
|
University
of Idaho, Student Fee Revenue Bonds |
|
$ |
16,970 |
|
$ |
18,257,514 |
|
|
Illinois—11.0% |
|
|
|
|
|
|
|
|
Bolingbrook, Illinois, GO, Refunding, Series B (d)(j): |
|
|
|
|
|
|
|
|
6%, 1/01/33 |
|
|
7,120 |
|
|
1,831,620 |
|
|
6%, 1/01/34 |
|
|
14,085 |
|
|
3,361,526 |
|
|
Centerpoint
Intermodal Center Program Trust, Illinois, Tax |
|
|
4,630 |
|
|
4,356,506 |
|
|
Chicago,
Illinois, Housing Authority, Capital Program Revenue |
|
|
8,225 |
|
|
8,497,330 |
|
|
Chicago,
Illinois, O’Hare International Airport Revenue |
|
|
7,645 |
|
|
7,498,980 |
|
|
Illinois
Educational Facilities Authority, Revenue Refunding |
|
|
760 |
|
|
775,322 |
|
|
Illinois
Educational Facilities Authority, Student Housing |
|
|
10,000 |
|
|
11,299,100 |
|
|
Illinois
Health Facilities Authority, Revenue Refunding Bonds |
|
|
|
|
|
|
|
|
5.50%, 1/01/22 |
|
|
5,000 |
|
|
5,090,100 |
|
|
5.625%, 1/01/28 |
|
|
6,000 |
|
|
6,081,720 |
|
|
Illinois
Municipal Electric Agency, Power Supply Revenue |
|
|
7,975 |
|
|
7,151,581 |
|
|
Illinois State Finance Authority Revenue Bonds, Series A: |
|
|
|
|
|
|
|
|
(Friendship Village of Schaumburg), 5.625%, 2/15/37 |
|
|
1,685 |
|
|
1,365,507 |
|
|
(Monarch Landing, Inc. Project), 7%, 12/01/37 |
|
|
2,885 |
|
|
2,831,801 |
|
|
(Northwestern Memorial Hospital), 5.50%, 8/15/14 (a) |
|
|
3,700 |
|
|
4,170,751 |
|
|
Illinois
State Financing Authority, Student Housing Revenue |
|
|
1,675 |
|
|
808,958 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
65,120,802 |
|
|
Indiana—6.0% |
|
|
|
|
|
|
|
|
Indiana Health
Facilities Financing Authority, Hospital |
|
|
9,000 |
|
|
7,944,660 |
|
|
Petersburg,
Indiana, PCR, Refunding (Indianapolis Power |
|
|
|
|
|
|
|
|
5.90%, 12/01/24 |
|
|
10,000 |
|
|
9,802,700 |
|
|
5.95%, 12/01/29 |
|
|
16,000 |
|
|
15,343,040 |
|
|
Vincennes, Indiana, EDR, Refunding, 6.25%, 1/01/24 |
|
|
2,305 |
|
|
2,131,272 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
35,221,672 |
|
|
Kentucky—0.2% |
|
|
|
|
|
|
|
|
Kentucky
Housing Corporation, Housing Revenue Bonds, |
|
|
1,365 |
|
|
1,357,697 |
|
|
Louisiana—2.0% |
|
|
|
|
|
|
|
|
Louisiana
Local Government Environmental Facilities and |
|
|
9,215 |
|
|
8,917,724 |
|
|
Saint
Tammany Parish, Louisiana, Financing Authority, S/F |
|
|
3,211 |
|
|
3,164,178 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
12,081,902 |
|
|
Maryland—1.1% |
|
|
|
|
|
|
|
|
Maryland
State Community Development Administration, |
|
|
2,665 |
|
|
2,359,671 |
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
4,205 |
|
|
4,170,561 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,530,232 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Massachusetts—1.2% |
|
|
|
|
|
|
|
|
Massachusetts
State Water Resource Authority, General |
|
$ |
6,770 |
|
$ |
6,870,061 |
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
Michigan
State Hospital Finance Authority, Revenue |
|
|
4,230 |
|
|
4,073,152 |
|
|
Mississippi—3.5% |
|
|
|
|
|
|
|
|
Gulfport,
Mississippi, Hospital Facility Revenue Bonds |
|
|
18,680 |
|
|
18,726,513 |
|
|
Mississippi
Business Finance Corporation Revenue Bonds |
|
|
2,345 |
|
|
2,145,347 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,871,860 |
|
|
Missouri—0.1% |
|
|
|
|
|
|
|
|
Missouri
Joint Municipal Electric Utility Commission, Power |
|
|
695 |
|
|
643,730 |
|
|
Nebraska—1.2% |
|
|
|
|
|
|
|
|
Omaha
Public Power District, Nebraska, Electric System |
|
|
6,990 |
|
|
6,801,899 |
|
|
Nevada—0.9% |
|
|
|
|
|
|
|
|
Clark
County, Nevada, EDR, Refunding (Alexander Dawson |
|
|
5,260 |
|
|
5,119,716 |
|
|
New Hampshire—1.3% |
|
|
|
|
|
|
|
|
New
Hampshire Health and Education Facilities Authority |
|
|
3,500 |
|
|
3,556,700 |
|
|
New
Hampshire State Business Finance Authority, PCR, |
|
|
4,000 |
|
|
3,846,040 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,402,740 |
|
|
New Jersey—8.1% |
|
|
|
|
|
|
|
|
Middlesex
County, New Jersey, Improvement Authority, |
|
|
3,680 |
|
|
3,149,638 |
|
|
New Jersey
EDA, Cigarette Tax Revenue Bonds, |
|
|
18,500 |
|
|
18,078,570 |
|
|
New Jersey
EDA, EDR, Refunding (Kapkowski Road Landfill |
|
|
8,000 |
|
|
8,239,360 |
|
|
New Jersey
EDA, Special Facility Revenue Bonds |
|
|
15,410 |
|
|
14,064,861 |
|
|
Tobacco
Settlement Financing Corporation of New Jersey, |
|
|
4,960 |
|
|
4,488,850 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
48,021,279 |
|
|
New York—6.7% |
|
|
|
|
|
|
|
|
Albany, New
York, IDA, Civic Facility Revenue Bonds |
|
|
1,820 |
|
|
1,424,896 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK International Airport), |
|
|
|
|
|
|
|
|
8%, 8/01/28 |
|
|
5,000 |
|
|
4,985,100 |
|
|
(Continental Airlines Inc. Project), 7.75%, 8/01/31 |
|
|
22,140 |
|
|
21,605,762 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
6,025 |
|
|
6,239,068 |
|
|
New York
State Environmental Facilities Corporation, State |
|
|
5,375 |
|
|
5,450,626 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,705,452 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
21 |
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (continued) |
BlackRock Municipal Income Trust (BFK) |
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
|
|||||||
|
North Carolina—3.6% |
|
|
|
|
|
|
|
|
Gaston
County, North Carolina, Industrial Facilities and |
|
$ |
12,130 |
|
$ |
9,621,395 |
|
|
North
Carolina Capital Facilities Finance Agency, Revenue |
|
|
12,550 |
|
|
11,364,401 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
20,985,796 |
|
|
Ohio—4.3% |
|
|
|
|
|
|
|
|
Buckeye
Tobacco Settlement Financing Authority, Ohio, |
|
|
3,120 |
|
|
3,033,701 |
|
|
Ohio State
Air Quality Development Authority, Revenue |
|
|
18,820 |
|
|
18,841,455 |
|
|
Pinnacle
Community Infrastructure Financing Authority, Ohio, |
|
|
3,760 |
|
|
3,527,444 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
25,402,600 |
|
|
Oklahoma—1.8% |
|
|
|
|
|
|
|
|
Oklahoma
State Development Finance Authority, Revenue |
|
|
3,505 |
|
|
3,410,014 |
|
|
Tulsa,
Oklahoma, Municipal Airport Trust, Revenue Refunding |
|
|
7,175 |
|
|
7,105,331 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
10,515,345 |
|
|
Pennsylvania—4.2% |
|
|
|
|
|
|
|
|
Pennsylvania
Economic Development Financing Authority, |
|
|
|
|
|
|
|
|
(Amtrak Project), 6.375%, 11/01/41 |
|
|
6,500 |
|
|
6,598,280 |
|
|
(Reliant Energy), 6.75%, 12/01/36 |
|
|
15,580 |
|
|
15,709,937 |
|
|
Pennsylvania
HFA, S/F Mortgage Revenue Refunding Bonds, |
|
|
2,500 |
|
|
2,255,550 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
24,563,767 |
|
|
South Carolina—6.6% |
|
|
|
|
|
|
|
|
Lexington
County, South Carolina, Health Services District Inc., |
|
|
|
|
|
|
|
|
5.50%, 11/01/13 |
|
|
5,000 |
|
|
5,531,650 |
|
|
5.75%, 11/01/13 |
|
|
10,000 |
|
|
11,187,900 |
|
|
Scago
Education Facilities Corporation for Chesterfield |
|
|
6,345 |
|
|
6,442,079 |
|
|
South
Carolina Jobs EDA, Hospital Facilities Revenue |
|
|
|
|
|
|
|
|
Series A, 6.25%, 8/01/31 |
|
|
5,075 |
|
|
5,146,811 |
|
|
Series C, 6.875%, 8/01/13 (a) |
|
|
9,000 |
|
|
10,600,017 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
38,908,457 |
|
|
Tennessee—2.5% |
|
|
|
|
|
|
|
|
Knox
County, Tennessee, Health, Educational and Housing |
|
|
20,825 |
|
|
11,203,433 |
|
|
Shelby
County, Tennessee, Health, Educational and Housing |
|
|
3,475 |
|
|
3,502,592 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,706,025 |
|
|
Texas—13.2% |
|
|
|
|
|
|
|
|
Harris
County-Houston Sports Authority, Texas, Revenue |
|
|
|
|
|
|
|
|
Junior Lien, Series H, 6.065%, 11/15/35 |
|
|
5,000 |
|
|
952,150 |
|
|
Senior Lien, Series A, 5.832%, 11/15/38 |
|
|
12,580 |
|
|
1,947,133 |
|
|
Third Lien, Series A-3, 5.97%, 11/15/37 |
|
|
26,120 |
|
|
4,426,557 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Texas—(concluded) |
|
|
|
|
|
|
|
|
Lower
Colorado River Authority, Texas, Revenue Refunding |
|
|
|
|
|
|
|
|
5%, 5/15/13 (a) |
|
$ |
50 |
|
$ |
54,494 |
|
|
5%, 5/15/31 |
|
|
2,345 |
|
|
2,361,556 |
|
|
Series A, 5%, 5/15/13 (a) |
|
|
5 |
|
|
5,449 |
|
|
Lower
Colorado River Authority, Texas, Transmission |
|
|
13,305 |
|
|
12,842,119 |
|
|
Montgomery
County, Texas, Municipal Utility District |
|
|
1,700 |
|
|
1,672,647 |
|
|
Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (j) |
|
|
2,060 |
|
|
1,993,668 |
|
|
SA Energy
Acquisition Public Facilities Corporation, Texas, |
|
|
6,540 |
|
|
6,496,182 |
|
|
Texas State
Affordable Housing Corporation, M/F Housing |
|
|
4,435 |
|
|
443,500 |
|
|
Texas State
Turnpike Authority, Central Texas Turnpike |
|
|
|
|
|
|
|
|
6.07%, 8/15/32 (d) |
|
|
35,000 |
|
|
8,391,250 |
|
|
6.08%, 8/15/33 (d) |
|
|
62,325 |
|
|
14,049,302 |
|
|
6.08%, 8/15/34 (d) |
|
|
65,040 |
|
|
13,792,382 |
|
|
First Tier, Series A, 5%, 8/15/42 |
|
|
8,390 |
|
|
8,311,889 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
77,740,278 |
|
|
Virginia—1.5% |
|
|
|
|
|
|
|
|
Virginia
Commonwealth Transportation Board, Transportation |
|
|
8,105 |
|
|
2,250,110 |
|
|
Virginia
State, HDA, Commonwealth Mortgage Revenue |
|
|
6,810 |
|
|
6,871,018 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,121,128 |
|
|
Washington—2.4% |
|
|
|
|
|
|
|
|
Central
Puget Sound Regional Transportation Authority, |
|
|
5,460 |
|
|
5,605,454 |
|
|
King
County, Washington, Sewer Revenue Refunding Bonds, |
|
|
3,615 |
|
|
3,681,588 |
|
|
Washington
State Health Care Facilities Authority, Revenue |
|
|
5,095 |
|
|
4,816,304 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
14,103,346 |
|
|
West Virginia—0.3% |
|
|
|
|
|
|
|
|
West
Virginia EDA, Lease Revenue Bonds (Correctional, |
|
|
2,070 |
|
|
2,090,452 |
|
|
Wisconsin—6.7% |
|
|
|
|
|
|
|
|
Wisconsin
State Health and Educational Facilities Authority |
|
|
7,500 |
|
|
7,692,525 |
|
|
Wisconsin
State Health and Educational Facilities Authority, |
|
|
|
|
|
|
|
|
(Froedtert and Community Health), |
|
|
|
|
|
|
|
|
5.375%, 10/01/11 (a) |
|
|
12,545 |
|
|
13,722,348 |
|
|
(Froedtert and Community Health), 5.375%, 10/01/30 |
|
|
1,205 |
|
|
1,234,655 |
|
|
(Wheaton Franciscan Services, Inc.), |
|
|
|
|
|
|
|
|
5.75%, 2/15/12 (a) |
|
|
15,000 |
|
|
16,611,450 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
39,260,978 |
|
|
Wyoming—0.8% |
|
|
|
|
|
|
|
|
Wyoming
Community Development Authority, Housing |
|
|
|
|
|
|
|
|
4.65%, 12/01/27 |
|
|
2,765 |
|
|
2,512,970 |
|
|
4.70%, 12/01/32 |
|
|
2,605 |
|
|
2,322,566 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
4,835,536 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
22 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
BlackRock Municipal Income Trust (BFK) |
|
|
(Percentages shown are based on Net Assets ) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Puerto Rico—2.9% |
|
|
|
|
|
|
|
|
Puerto Rico
Commonwealth Highway and Transportation |
|
$ |
5,000 |
|
$ |
5,337,150 |
|
|
Puerto Rico
Electric Power Authority, Power Revenue |
|
|
11,000 |
|
|
11,582,010 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
16,919,160 |
|
|
Total Municipal Bonds (Cost—$911,991,689)—153.9% |
|
|
|
|
|
907,675,158 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
|
Multi-State—7.7% |
|
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (k): |
|
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
|
11,000 |
|
|
11,395,340 |
|
|
6.625%, 6/30/49 |
|
|
1,000 |
|
|
1,039,280 |
|
|
6.80%, 11/30/50 |
|
|
6,500 |
|
|
6,997,315 |
|
|
6.80%, 10/31/52 |
|
|
16,000 |
|
|
17,931,680 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
37,363,615 |
|
|
MuniMae TE Bond Subsidiary LLC, 6.875%, 6/30/49 (k) |
|
|
8,000 |
|
|
8,258,000 |
|
|
Total Corporate Bonds (Cost—$42,799,780)—7.7% |
|
|
|
|
|
45,621,615 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
Shares |
|
Value |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund, 2.49% (p)(q) |
|
|
4,838,909 |
|
$ |
4,838,909 |
|
|
Total Short-Term Securities (Cost—$4,838,909)—0.8% |
|
|
|
|
|
4,838,909 |
|
|
Total Investments (Cost—$959,630,378*)—162.4% |
|
|
|
|
|
958,135,682 |
|
|
Other Assets Less Liabilities—1.2% |
|
|
|
|
|
7,016,725 |
|
|
Preferred Shares, at Redemption Value—(63.6%) |
|
|
|
|
|
(375,264,208 |
) |
|
|
|
|
|
|
|||
|
Net Assets Applicable to Common Shares—100.0% |
|
|
|
|
$ |
589,888,199 |
|
|
|
|
|
|
|
|||
|
|
|||||||
|
|
|
|
* |
The cost and unrealized appreciation (depreciation) of investments, as of April 30, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
Aggregate cost |
|
$ |
957,041,978 |
|
|
|
|
|||
|
Gross unrealized appreciation |
|
$ |
31,115,954 |
|
|
Gross unrealized depreciation |
|
|
(30,022,250 |
) |
|
|
|
|||
|
Net unrealized appreciation |
|
$ |
1,093,704 |
|
|
|
|
|
|
|
|
(a) |
U.S. government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
(b) |
FHLMC Collateralized. |
|
(c) |
GNMA Collateralized. |
|
(d) |
Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase. |
|
(e) |
AMBAC Insured. |
|
(f) |
FSA Insured. |
|
(g) |
MBIA Insured. |
|
(h) |
ACA Insured. |
|
(i) |
XL Capital Insured. |
|
(j) |
FGIC Insured. |
|
(k) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
|
(l) |
FHA Insured. |
|
(m) |
FNMA Collateralized. |
|
(n) |
Assured Guaranty Insured. |
|
(o) |
Issuer filed for bankruptcy or is in default of interest payments. |
|
(p) |
Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
|
Affiliate |
|
Net |
|
Dividend |
|
||
|
Merrill Lynch Institutional Tax-Exempt Fund |
|
2,239,909 |
|
$ |
189,425 |
|
|
|
|
|
|
(q) |
Represents the current yield as of report date. |
|
(r) |
Non-income producing security. |
|
(s) |
Illiquid securities. |
|
|
|
|
• |
Forward interest rate swaps outstanding as of April 30, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Notional |
|
Unrealized |
|
||
|
Pay a fixed
rate of 4.498% and receive a floating rate |
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase |
|
$ |
54,390 |
|
$ |
(454,156 |
) |
|
Pay a fixed
rate of 3.646% and receive a floating rate |
|||||||
|
Broker, JPMorgan Chase |
|
$ |
78,800 |
|
$ |
(1,065,376 |
) |
|
Pay a fixed
rate of 3.689% and receive a floating rate |
|||||||
|
Broker, Deutsche Bank AG |
|
$ |
17,160 |
|
$ |
(97,057 |
) |
|
Total |
|
|
|
|
$ |
(1,616,589 |
) |
|
|
|
|
|
|
|||
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
23 |
|
|
|
|
|
|
||
|
|
||
|
Schedule of Investments April 30, 2008 (Unaudited) |
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Arizona—5.1% |
|
|
|
|
|
|
|
|
Phoenix and
Pima County, Arizona, IDA, S/F Mortgage |
|
$ |
2,043 |
|
$ |
2,039,499 |
|
|
Pima
County, Arizona, IDA, Education Revenue Bonds |
|
|
1,700 |
|
|
1,534,131 |
|
|
Pima
County, Arizona, IDA, Education Revenue Refunding |
|
|
1,000 |
|
|
855,530 |
|
|
Salt Verde
Financial Corporation, Arizona, Senior Gas |
|
|
|
|
|
|
|
|
5%, 12/01/32 |
|
|
1,850 |
|
|
1,679,763 |
|
|
5%, 12/01/37 |
|
|
2,590 |
|
|
2,315,175 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
8,424,098 |
|
|
California—3.5% |
|
|
|
|
|
|
|
|
California
Statewide Communities Development |
|
|
3,625 |
|
|
3,102,710 |
|
|
Irvine,
California, Unified School District Financing |
|
|
3,000 |
|
|
2,618,490 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,721,200 |
|
|
Colorado—3.0% |
|
|
|
|
|
|
|
|
Colorado
HFA, Revenue Refunding Bonds (Adventist |
|
|
2,500 |
|
|
2,434,750 |
|
|
Colorado
Health Facilities Authority, Revenue Refunding |
|
|
|
|
|
|
|
|
5.20%, 3/01/31 |
|
|
240 |
|
|
243,965 |
|
|
Series B, 5.25%, 3/01/36 |
|
|
485 |
|
|
492,008 |
|
|
Series C, 5.25%, 3/01/40 |
|
|
850 |
|
|
861,118 |
|
|
North Range
Metropolitan District Number 2, Colorado, |
|
|
1,200 |
|
|
994,248 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,026,089 |
|
|
Connecticut—3.7% |
|
|
|
|
|
|
|
|
Connecticut
State, HFA, Housing Mortgage Finance Program |
|
|
3,000 |
|
|
2,833,800 |
|
|
Connecticut
State Health and Educational Facilities Authority |
|
|
|
|
|
|
|
|
Series T-1, 4.70%, 7/01/29 |
|
|
1,730 |
|
|
1,752,542 |
|
|
Series X-3, 4.85%, 7/01/37 |
|
|
1,560 |
|
|
1,582,979 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,169,321 |
|
|
District of Columbia—12.9% |
|
|
|
|
|
|
|
|
District of
Columbia Tobacco Settlement Financing |
|
|
|
|
|
|
|
|
6.25%, 5/15/24 |
|
|
5,940 |
|
|
5,988,173 |
|
|
6.50%, 5/15/33 |
|
|
15,415 |
|
|
15,245,435 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
21,233,608 |
|
|
Florida—5.7% |
|
|
|
|
|
|
|
|
Highlands
County, Florida, Health Facilities Authority, |
|
|
1,000 |
|
|
964,140 |
|
|
Hillsborough
County, Florida, IDA, Hospital Revenue Bonds |
|
|
2,830 |
|
|
2,627,655 |
|
|
Jacksonville,
Florida, Health Facilities Authority, Hospital |
|
|
845 |
|
|
793,125 |
|
|
Orange
County, Florida, Health Facilities Authority, First |
|
|
1,150 |
|
|
965,655 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Florida—(concluded) |
|
|
|
|
|
|
|
|
Sarasota
County, Florida, Health Facilities Authority, |
|
|
|
|
|
|
|
|
5.50%, 1/01/27 |
|
$ |
560 |
|
$ |
508,889 |
|
|
5.50%, 1/01/32 |
|
|
520 |
|
|
457,548 |
|
|
Tolomato
Community Development District, Florida, Special |
|
|
1,750 |
|
|
1,702,610 |
|
|
Watergrass
Community Development District, Florida, |
|
|
1,850 |
|
|
1,457,929 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,477,551 |
|
|
Georgia—1.8% |
|
|
|
|
|
|
|
|
Cobb
County, Georgia, Development Authority, Solid Waste |
|
|
1,000 |
|
|
795,320 |
|
|
Main Street
Natural Gas, Inc., Georgia, Gas Project Revenue |
|
|
585 |
|
|
585,322 |
|
|
Rockdale
County, Georgia, Development Authority Revenue |
|
|
1,600 |
|
|
1,542,768 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,923,410 |
|
|
Illinois—4.2% |
|
|
|
|
|
|
|
|
Illinois
State Finance Authority Revenue Bonds (Monarch |
|
|
580 |
|
|
569,305 |
|
|
Illinois
State Finance Authority, Revenue Refunding Bonds: |
|
|
3,000 |
|
|
2,735,400 |
|
|
(Proctor Hospital), Series A, 5.125%, 1/01/25 |
|
|
4,000 |
|
|
3,626,240 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,930,945 |
|
|
Indiana—4.0% |
|
|
|
|
|
|
|
|
Daviess
County, Indiana, EDR (Daviess Community Hospital |
|
|
3,230 |
|
|
3,230,000 |
|
|
Delaware
County, Indiana, Hospital Authority, Hospital |
|
|
2,000 |
|
|
1,687,340 |
|
|
Indiana
Health and Educational Facilities Financing Authority, |
|
|
1,985 |
|
|
1,734,652 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,651,992 |
|
|
Kansas—1.9% |
|
|
|
|
|
|
|
|
Lenexa,
Kansas, Health Care Facility, Revenue Refunding |
|
|
3,650 |
|
|
3,060,050 |
|
|
Louisiana—2.0% |
|
|
|
|
|
|
|
|
Louisiana
Local Government Environmental Facilities and |
|
|
2,000 |
|
|
1,960,140 |
|
|
Saint
Tammany Parish, Louisiana, Financing Authority, |
|
|
1,404 |
|
|
1,383,115 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,343,255 |
|
|
Maryland—0.6% |
|
|
|
|
|
|
|
|
Maryland
State Health and Higher Educational Facilities |
|
|
1,000 |
|
|
961,810 |
|
|
Michigan—0.7% |
|
|
|
|
|
|
|
|
Garden
City, Michigan, Hospital Finance Authority, Hospital |
|
|
1,540 |
|
|
1,177,992 |
|
|
Minnesota—6.0% |
|
|
|
|
|
|
|
|
Minnesota
State, HFA, Residential Housing Finance |
|
|
6,460 |
|
|
5,936,998 |
|
|
Minnesota
State Municipal Power Agency, Electric |
|
|
4,000 |
|
|
3,906,480 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
9,843,478 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
||
|
|
|||
|
|
|
|
|
|
24 |
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
|
|
|
|
|
|
|
||
|
|
|
|
|
Schedule of Investments (continued) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
Mississippi—0.5% |
|
|
|
|
|
|
|
|
Mississippi
Business Finance Corporation Revenue Bonds |
|
$ |
915 |
|
$ |
837,097 |
|
|
Missouri—1.4% |
|
|
|
|
|
|
|
|
Missouri
State Housing Development Commission, S/F |
|
|
2,440 |
|
|
2,384,832 |
|
|
Montana—1.7% |
|
|
|
|
|
|
|
|
Two Rivers
Authority Inc., Montana, Senior Lien Revenue |
|
|
|
|
|
|
|
|
7.25%, 11/01/21 |
|
|
1,500 |
|
|
1,040,445 |
|
|
7.375%, 11/01/27 |
|
|
2,600 |
|
|
1,801,228 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
2,841,673 |
|
|
New Hampshire—2.6% |
|
|
|
|
|
|
|
|
New
Hampshire State Business Financing Authority, Solid |
|
|
5,000 |
|
|
4,286,800 |
|
|
New Jersey—4.8% |
|
|
|
|
|
|
|
|
New Jersey
EDA, Cigarette Tax Revenue Bonds, |
|
|
2,670 |
|
|
2,581,196 |
|
|
Tobacco
Settlement Financing Corporation of New Jersey, |
|
|
5,000 |
|
|
5,418,800 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
7,999,996 |
|
|
New York—10.3% |
|
|
|
|
|
|
|
|
Nassau
County, New York, Tobacco Settlement Corporation, |
|
|
5,000 |
|
|
4,557,450 |
|
|
New York
City, New York, City IDA, Special Facility Revenue |
|
|
7,600 |
|
|
7,359,840 |
|
|
New York
Liberty Development Corporation Revenue Bonds |
|
|
5,000 |
|
|
5,177,650 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
17,094,940 |
|
|
Oklahoma—0.6% |
|
|
|
|
|
|
|
|
Oklahoma
State Development Finance Authority, |
|
|
1,015 |
|
|
987,493 |
|
|
Pennsylvania—1.9% |
|
|
|
|
|
|
|
|
Allegheny
County, Pennsylvania, Hospital Development |
|
|
2,080 |
|
|
1,716,770 |
|
|
Harrisburg,
Pennsylvania, Authority, University Revenue |
|
|
1,000 |
|
|
980,880 |
|
|
Pennsylvania
HFA, S/F Mortgage Revenue Refunding |
|
|
450 |
|
|
405,999 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,103,649 |
|
|
Puerto Rico—0.8% |
|
|
|
|
|
|
|
|
Puerto Rico
Industrial, Tourist, Educational, Medical and |
|
|
1,500 |
|
|
1,269,585 |
|
|
South Carolina—3.3% |
|
|
|
|
|
|
|
|
Scago
Education Facilities Corporation for Williamsburg |
|
|
2,000 |
|
|
1,896,460 |
|
|
South
Carolina Jobs, EDA, Health Care Facilities, First |
|
|
|
|
|
|
|
|
5.50%, 5/01/28 |
|
|
600 |
|
|
506,166 |
|
|
5.625%, 5/01/42 |
|
|
1,000 |
|
|
821,070 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
Par |
|
Value |
|
||
|
South Carolina—(concluded) |
|
|
|
|
|
|
|
|
South
Carolina Jobs, EDA, Senior Lien Revenue Refunding |
|
$ |
2,500 |
|
$ |
2,206,625 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
5,430,321 |
|
|
South Dakota—0.6% |
|
|
|
|
|
|
|
|
South Dakota
State Health and Educational Facilities |
|
|
1,040 |
|
|
984,953 |
|
|
Tennessee—1.0% |
|
|
|
|
|
|
|
|
Knox
County, Tennessee, Health, Educational and Housing |
|
|
5,000 |
|
|
925,600 |
|
|
Shelby
County, Tennessee, Health, Educational and Housing |
|
|
695 |
|
|
700,053 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
1,625,653 |
|
|
Texas—7.0% |
|
|
|
|
|
|
|
|
Brazos
River Authority, Texas, PCR (TXU Energy Company LLC |
|
|
2,000 |
|
|
1,295,740 |
|
|
HFDC of
Central Texas, Inc., Retirement Facilities Revenue |
|
|
1,150 |
|
|
980,674 |
|
|
Leander,
Texas, Independent School District, Capital |
|
|
34,560 |
|
|
5,161,190 |
|
|
Mission,
Texas, Economic Development Corporation, Solid |
|
|
2,000 |
|
|
1,759,200 |
|
|
Texas State
Affordable Housing Corporation, S/F Mortgage |
|
|
1,240 |
|
|
1,197,380 |
|
|
West
Central Texas Regional Housing Finance Corporation, |
|
|
1,225 |
|
|
1,168,913 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
11,563,097 |
|
|
Vermont—2.6% |
|
|
|
|
|
|
|
|
Vermont
HFA, S/F Housing Revenue Bonds, AMT, |
|
|
4,670 |
|
|
4,222,614 |
|
|
Virginia—2.3% |
|
|
|
|
|
|
|
|
Fairfax
County, Virginia, EDA, Residential Care Facilities, |
|
|
850 |
|
|
729,436 |
|
|
Peninsula
Ports Authority, Virginia, Residential Care Facilities, |
|
|
2,600 |
|
|
2,201,784 |
|
|
Reynolds
Crossing Community Development Authority, |
|
|
1,000 |
|
|
894,050 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
3,825,270 |
|
|
Wisconsin—4.0% |
|
|
|
|
|
|
|
|
Wisconsin
State Health and Educational Facilities Authority |
|
|
5,335 |
|
|
5,298,402 |
|
|
Wisconsin
State Health and Educational Facilities Authority, |
|
|
1,535 |
|
|
1,382,943 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
6,681,345 |
|
|
Wyoming—0.5% |
|
|
|
|
|
|
|
|
Wyoming
Community Development Authority, Housing |
|
|
1,015 |
|
|
904,954 |
|
|
Total Municipal Bonds (Cost—$179,872,730)—101.2% |
|
|
|
|
|
166,989,071 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|||
|
|
|||
|
|
|
|
|
|
|
SEMI-ANNUAL REPORT |
APRIL 30, 2008 |
25 |
|
|
|
|
|
|
||
|
|
|
|
|
Schedule of Investments (concluded) |
|
BlackRock Long-Term Municipal Advantage Trust (BTA) |
|
|
|
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
California—17.5% |
|
|
|
|
|
|
|
|
Golden
State Tobacco Securitization Corporation |
|
$ |
15,000 |
|
$ |
14,156,550 |
|
|
University
of California Revenue Bonds, Series B, |
|
|
15,000 |
|
|
14,763,750 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
28,920,300 |
|
|
Georgia—9.2% |
|
|
|
|
|
|
|
|
Atlanta,
Georgia, Airport Passenger Facility Charge |
|
|
15,000 |
|
|
15,213,600 |
|
|
Illinois—8.8% |
|
|
|
|
|
|
|
|
Chicago,
Illinois, O’Hare International Airport, |
|
|
15,000 |
|
|
14,564,250 |
|
|
Indiana—8.2% |
|
|
|
|
|
|
|
|
Carmel,
Indiana, Lease Rental Revenue Bonds |
|
|
|
|
|
|
|
|
4.75%, 2/01/33 |
|
|
7,230 |
|
|
6,964,514 |
|
|
5%, 2/01/33 |
|
|
6,580 |
|
|
6,570,196 |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
13,534,710 |
|
|
Massachusetts—7.1% |
|
|
|
|
|
|
|
|
Massachusetts
State, HFA, Housing Revenue |
|
|
11,855 |
|
|
11,667,454 |
|
|
Nebraska—8.2% |
|
|
|
|
|
|
|
|
Omaha
Public Power District, Nebraska, Electric |
|
|
14,000 |
|
|
13,517,560 |
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
Par |
|
Value |
|
||
|
New York—4.6% |
|
|
|
|
|
|
|
|
New York
City, New York, City Municipal Water |
|
$ |
7,500 |
|
$ |
7,609,575 |
|
|
North Carolina—15.7% |
|
|
|
|
|
|
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