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

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-07354

Name of Fund: BlackRock Investment Quality Municipal Trust, Inc. (BKN)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Investment Quality Municipal Trust, Inc., 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


 

 

 

 

 

 

 

 

 

 

 

EQUITIES

 

FIXED INCOME

 

REAL ESTATE

 

LIQUIDITY

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

 


(BLACKROCK LOGO)

 

Semi-Annual Report

 

 

 

 

 

 

 

 

 

 

 

 

APRIL 30, 2008 | (UNAUDITED)

 

 

 

 

 

 

 


 

BlackRock Investment Quality Municipal Trust Inc. (BKN)

 

BlackRock Municipal Income Trust (BFK)

 

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

BlackRock California Investment Quality Municipal Trust Inc. (RAA)

 

BlackRock California Municipal Income Trust (BFZ)

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

BlackRock Florida Municipal Income Trust (BBF)

 

BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

 

BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


 

 


 

Table of Contents


 

 

 

 

       

 

 

Page

 

       

A Letter to Shareholders

 

3

 

Semi-Annual Report:

 

 

 

Trust Summaries

 

4

 

The Benefits and Risks of Leveraging

 

15

 

Swap Agreements

 

15

 

Financial Statements:

 

 

 

Schedules of Investments

 

16

 

Statements of Assets and Liabilities

 

44

 

Statements of Operations

 

46

 

Statements of Changes in Net Assets

 

48

 

Statements of Cash Flows

 

50

 

Financial Highlights

 

51

 

Notes to Financial Statements

 

62

 

Officers and Trustees

 

68

 

Additional Information

 

69

 


 

 

 

 

 

 

 

 

2

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

A Letter to Shareholders

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:

 

 

 

 

 

 

 

 

Total Returns as of April 30, 2008

 

6-month

 

12-month

 

 

U.S. equities (S&P 500 Index)

 

-9.64

%

 

-4.68

%

 

               

Small cap U.S. equities (Russell 2000 Index)

 

-12.92

 

 

-10.96

 

 

               

International equities (MSCI Europe, Australasia, Far East Index)

 

-9.21

 

 

-1.78

 

 

               

Fixed income (Lehman Brothers U.S. Aggregate Index)

 

+4.08

 

 

+6.87

 

 

               

Tax-exempt fixed income (Lehman Brothers Municipal Bond Index)

 

+1.47

 

 

+2.79

 

 

               

High yield bonds
(Lehman Brothers U.S. Corporate High Yield 2% Issuer Capped Index)

 

-0.73

 

 

-0.80

 

 

               

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,

-s- Rob Kapito

Rob Kapito
President, BlackRock Advisors, LLC

THIS PAGE NOT PART OF YOUR FUND REPORT


 

 

 

 

 

 

 

 

 

 

 

3




 

 


 

Trust Summary as of April 30, 2008

BlackRock Investment Quality Municipal Trust

 

 

Investment Objective

 

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.

 

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.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BKN

 

Initial Offering Date

 

February 19, 1993

 

Yield on Closing Market Price as of April 30, 2008 ($15.81)1

 

6.07%

 

Tax Equivalent Yield2

 

9.34%

 

Current Monthly Distribution per Common Share3

 

$0.08

 

Current Annualized Distribution per Common Share3

 

$0.96

 

Leverage as of April 30, 20084

 

39%

 

       
 

 

 

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 $0.063. 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.

4

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                       

Market Price

 

$

15.81

 

$

16.35

 

(3.30

%)

 

$

17.20

 

$

14.09

 

Net Asset Value

 

$

13.70

 

$

14.73

 

(6.99

%)

 

$

14.76

 

$

12.86

 

                                 

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

 

               

City, County & State

 

20

%

 

21

%

 

Hospitals

 

16

 

 

16

 

 

Transportation

 

12

 

 

9

 

 

Power

 

11

 

 

10

 

 

Education

 

10

 

 

8

 

 

Housing

 

9

 

 

9

 

 

Industrial & Pollution Control

 

8

 

 

11

 

 

Tax Revenue

 

5

 

 

5

 

 

Water & Sewer

 

4

 

 

3

 

 

Tobacco

 

3

 

 

2

 

 

Lease Revenue

 

2

 

 

6

 

 

               

 

Credit Quality Allocations1


 

 

 

 

 

 

 

 

Credit Rating

 

4/30/08

 

10/31/07

 

               

AAA/Aaa

 

37

%

 

49

%

 

AA/Aa

 

20

 

 

17

 

 

A

 

15

 

 

8

 

 

BBB/Baa

 

13

 

 

14

 

 

BB/Ba

 

1

 

 

3

 

 

B

 

3

 

 

2

 

 

Not Rated2

 

11

 

 

7

 

 

               
 

 

 

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 $16,453,046 representing 5% and $6,340,657 representing 2%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

4

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Trust Summary as of April 30, 2008

BlackRock Municipal Income Trust

 

 

Investment Objective

 

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.

 

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.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BFK

 

Initial Offering Date

 

July 27, 2001

 

Yield on Closing Market Price as of April 30, 2008 ($15.01)1

 

6.20%

 

Tax Equivalent Yield2

 

9.54%

 

Current Monthly Distribution per Common Share3

 

$0.0775

 

Current Annualized Distribution per Common Share3

 

$0.93

 

Leverage as of April 30, 20084

 

39%

 

       
 

 

 

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 $0.0686. 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.

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

 

$

15.01

 

$

15.92

 

(5.72

%)

 

$

16.00

 

$

13.39

 

Net Asset Value

 

$

13.36

 

$

14.55

 

(8.18

%)

 

$

14.58

 

$

12.59

 

                                 

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

 

25

%

 

24

%

 

Industrial & Pollution Control

 

13

 

 

17

 

 

City, County & State

 

10

 

 

10

 

 

Transportation

 

10

 

 

10

 

 

Education

 

10

 

 

8

 

 

Power

 

9

 

 

8

 

 

Housing

 

9

 

 

8

 

 

Tobacco

 

5

 

 

5

 

 

Tax Revenue

 

4

 

 

5

 

 

Lease Revenue

 

3

 

 

3

 

 

Water & Sewer

 

2

 

 

2

 

 

               

 

Credit Quality Allocations1


 

 

 

 

 

 

 

 

Credit Rating

 

4/30/08

 

10/31/07

 

               

AAA/Aaa

 

32

%

 

33

%

 

AA/Aa

 

12

 

 

13

 

 

A/A

 

19

 

 

21

 

 

BBB/Ba

 

16

 

 

18

 

 

BB/Ba

 

2

 

 

4

 

 

B

 

6

 

 

6

 

 

CCC/Caa

 

1

 

 

 

 

Not Rated2

 

12

 

 

5

 

 

               
 

 

 

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 $22,907,201 representing 2% and $12,328,689 representing 1%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

5




 

 


 

Trust Summary as of April 30, 2008

BlackRock Long-Term Municipal Advantage Trust

 

 

Investment Objective

 

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.

 

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.

 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange

 

BTA

 

Initial Offering Date

 

February 28, 2006

 

Yield on Closing Market Price as of April 30, 2008 ($11.63)1

 

5.67%

 

Tax Equivalent Yield2

 

8.72%

 

Current Monthly Distribution per Common Share3

 

$0.055

 

Current Annualized Distribution per Common Share3

 

$0.66

 

Leverage as of April 30, 20084

 

47%

 

       
 

 

 

   

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 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

4/30/08

 

10/31/07

 

Change

 

High

 

Low

 

                                 

Market Price

 

$

11.63

 

$

12.14

 

(4.20

%)

 

$

12.54

 

$

10.78

 

Net Asset Value

 

$

12.38

 

$

13.72

 

(9.77

%)

 

$

13.75

 

$

11.18

 

                                 

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

 

24

%

 

21

%

 

Hospital

 

18

 

 

19

 

 

Housing

 

12

 

 

11

 

 

Tobacco

 

10

 

 

9

 

 

Transportation

 

10

 

 

9

 

 

Industrial & Pollution Control

 

8

 

 

8

 

 

Power

 

7

 

 

6

 

 

Lease Revenue

 

5

 

 

4

 

 

Water & Sewer

 

2

 

 

9

 

 

City, County & State

 

2

 

 

3

 

 

Tax Revenue

 

2

 

 

1

 

 

               

 

Credit Quality Allocations1


 

 

 

 

 

 

 

 

Credit Rating

 

4/30/08

 

10/31/07

 

               

AAA/Aaa

 

28

%

 

36

%

 

AA/Aa

 

38

 

 

32

 

 

A

 

4

 

 

3

 

 

BBB/Baa

 

18

 

 

17

 

 

BB/Ba

 

1

 

 

1

 

 

B/B

 

3

 

 

3

 

 

Not Rated2

 

8

 

 

8

 

 

               
 

 

 

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 $2,618,490 representing 1% and $6,660,850 representing 2%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

6

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

 

Trust Summary as of April 30, 2008

BlackRock California Investment Quality Municipal Trust


 

 

Investment Objective

 

 

 

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 Benefits and Risks of Leveraging

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
Leverage

 

       

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

%

 

         

 

 

Swap Agreements

 

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




 

 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

 

BlackRock Investment Quality Municipal Trust (BKN)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Alabama—6.6%

 

 

 

 

 

 

 

University of Alabama, Hospital Revenue Bonds, Series A,
5.875%, 9/01/10 (a)(b)

 

$

14,000

 

$

15,208,340

 

               

Arizona—4.1%

 

 

 

 

 

 

 

Salt Verde Financial Corporation, Arizona, Senior Gas
Revenue Bonds:

 

 

 

 

 

 

 

5%, 12/01/32

 

 

3,990

 

 

3,622,840

 

5%, 12/01/37

 

 

4,585

 

 

4,098,486

 

San Luis, Arizona, Facilities Development Corporation,
Senior Lien Revenue Bonds (Regional Detention
Center Project):

 

 

 

 

 

 

 

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
Revenue Bonds (Stanislaus County Tobacco Funding
Corporation) (c):

 

 

 

 

 

 

 

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
Revenue Refunding Bonds:

 

 

 

 

 

 

 

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,
Tobacco Settlement Revenue Refunding Bonds, Senior
Series A-1, 5.125%, 6/01/47

 

 

805

 

 

648,637

 

Los Altos, California, School District, GO (Election of 1998),
Series B, 5.93%, 8/01/13 (a)(b)(c)

 

 

10,945

 

 

4,921,638

 

Sacramento County, California, Airport System Revenue
Bonds, AMT (e):

 

 

 

 

 

 

 

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%,
5/15/38

 

 

4,185

 

 

4,132,102

 

 

 

 

 

 

     

 

 

 

 

 

 

51,446,853

 

               

Colorado—4.0%

 

 

 

 

 

 

 

Colorado Health Facilities Authority Revenue Bonds
(Catholic Health), Series C-7, 5%, 9/01/36 (e)

 

 

5,250

 

 

5,262,285

 

Colorado Health Facilities Authority, Revenue Refunding
Bonds (Poudre Valley Health Care), Series B, 5.25%,
3/01/36 (e)

 

 

2,000

 

 

2,028,900

 

Colorado Springs, Colorado, Utilities System Improvement
Revenue Bonds, Subordinate Lien, Series C, 5%,
11/15/45 (e)

 

 

1,030

 

 

1,044,183

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Colorado—(concluded)

 

 

 

 

 

 

 

Park Creek Metropolitan District, Colorado, Senior Limited Tax
Supported Revenue Refunding Bonds, 5.50%, 12/01/37

 

$

1,020

 

$

948,396

 

 

 

 

 

 

     

 

 

 

 

 

 

9,283,764

 

               

Connecticut—1.2%

 

 

 

 

 

 

 

Mashantucket Western Pequot Tribe, Connecticut, Special
Revenue Refunding Bonds, Sub-Series A, 5.50%, 9/01/28

 

 

3,000

 

 

2,739,480

 

               

District of Columbia—2.1%

 

 

 

 

 

 

 

District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds,
6.50%, 5/15/33

 

 

4,960

 

 

4,905,440

 

               

Florida—18.1%

 

 

 

 

 

 

 

FishHawk Community Development District II, Florida,
Special Assessment and Tax Allocation Bonds,
Series A, 6.125%, 5/01/34

 

 

2,020

 

 

2,018,687

 

Halifax Hospital Medical Center, Florida, Hospital Revenue
Refunding Bonds, Series A, 5%, 6/01/38

 

 

2,415

 

 

2,141,405

 

Hillsborough County, Florida, IDA, Exempt Facilities Revenue
Bonds (National Gypsum Company), AMT, Series A,
7.125%, 4/01/30

 

 

3,700

 

 

3,586,262

 

Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project), Series A,
5%, 8/15/37

 

 

1,690

 

 

1,586,251

 

Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical Center
of Florida), 6.75%, 11/15/21

 

 

4,755

 

 

4,835,027

 

Miami-Dade County, Florida, Special Obligation Revenue
Bonds, Sub-Series A (b)(c):

 

 

 

 

 

 

 

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
Refunding Bonds, 4.75%, 10/01/32 (f)

 

 

7,895

 

 

7,553,778

 

Sumter Landing Community Development District, Florida,
Recreational Revenue Bonds, Sub-Series B, 5.70%,
10/01/38

 

 

3,730

 

 

3,118,429

 

Village Community Development District Number 5, Florida,
Special Assessment Bonds, 5.625%, 5/01/22

 

 

7,980

 

 

7,824,869

 

 

 

 

 

 

     

 

 

 

 

 

 

41,771,289

 

               

Georgia—3.7%

 

 

 

 

 

 

 

Atlanta, Georgia, Airport Passenger Facility Charge and
Subordinate Lien General Revenue Bonds, Series J,
5%, 1/01/34 (e)

 

 

1,760

 

 

1,785,784

 

Atlanta, Georgia, Water and Wastewater Revenue Bonds,
5%, 11/01/34 (e)

 

 

4,000

 

 

4,057,600

 

Main Street Natural Gas, Inc., Georgia, Gas Project Revenue
Bonds, Series A, 6.375%, 7/15/38

 

 

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
(000)

 

Value

 

           

Georgia—(concluded)

 

 

 

 

 

 

 

Milledgeville-Baldwin County, Georgia, Development Authority
Revenue Bonds (Georgia College and State University
Foundation), 6%, 9/01/14 (a)

 

$

1,500

 

$

1,742,535

 

 

 

 

 

 

     

 

 

 

 

 

 

8,586,469

 

               

Hawaii—1.1%

 

 

 

 

 

 

 

Hawaii State Department of Budget and Finance, Special
Purpose Revenue Refunding Bonds (Hawaiian Electric
Company, Inc.), AMT, Series D, 6.15%, 1/01/20 (g)

 

 

2,500

 

 

2,540,000

 

               

Illinois—13.7%

 

 

 

 

 

 

 

Bolingbrook, Illinois, GO, Refunding, Series A, 4.75%,
1/01/38 (b)

 

 

6,500

 

 

6,407,960

 

Centerpoint Intermodal Center Program Trust, Illinois, Tax
Allocation Bonds, Class A, 8%, 6/15/23 (h)

 

 

1,920

 

 

1,806,586

 

Chicago, Illinois, Housing Authority, Capital Program Revenue
Refunding Bonds, 5%, 7/01/24 (e)

 

 

3,210

 

 

3,316,283

 

Chicago, Illinois, O’Hare International Airport Revenue
Refunding Bonds, Third Lien, AMT, Series C-2, 5.25%,
1/01/30 (e)

 

 

3,540

 

 

3,472,386

 

Chicago, Illinois, Public Building Commission, Building Revenue
Bonds, Series A, 7%, 1/01/20 (b)(i)

 

 

5,000

 

 

6,213,650

 

Illinois Municipal Electric Agency, Power Supply Revenue
Bonds, 4.50%, 2/01/35 (j)

 

 

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
Bonds (MJH Education Assistance IV LLC), Sub-Series B,
5.375%, 6/01/35

 

 

700

 

 

338,072

 

 

 

 

 

 

     

 

 

 

 

 

 

31,709,271

 

               

Kentucky—2.6%

 

 

 

 

 

 

 

Kentucky Economic Development Finance Authority, Health
System Revenue Refunding Bonds (Norton Healthcare, Inc.),
Series B, 6.19%, 10/01/23 (b)(c)

 

 

13,500

 

 

5,936,220

 

               

Maryland—2.6%

 

 

 

 

 

 

 

Maryland State Community Development Administration,
Department of Housing and Community Development,
Residential Revenue Refunding Bonds, AMT, Series A,
4.80%, 9/01/42

 

 

5,000

 

 

4,384,350

 

Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds (MedStar Health, Inc.),
5.50%, 8/15/33

 

 

1,740

 

 

1,725,749

 

 

 

 

 

 

     

 

 

 

 

 

 

6,110,099

 

               

Massachusetts—1.3%

 

 

 

 

 

 

 

Massachusetts State Water Resource Authority, General
Revenue Refunding Bonds, Series A, 5%, 8/01/41

 

 

3,075

 

 

3,120,449

 

               

Michigan—0.7%

 

 

 

 

 

 

 

Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health System), Series A,
5.25%, 11/15/46

 

 

1,670

 

 

1,608,076

 

               

Mississippi—0.8%

 

 

 

 

 

 

 

Mississippi Business Finance Corporation Revenue Bonds
(Northrop Grumman Ship System), 4.55%, 12/01/28

 

 

1,900

 

 

1,738,234

 

               

Missouri—3.3%

 

 

 

 

 

 

 

Missouri Joint Municipal Electric Utility Commission,
Power Project Revenue Bonds (Plum Point Project),
4.60%, 1/01/36 (b)

 

 

2,820

 

 

2,611,969

 

Missouri State Housing Development Commission, S/F
Mortgage Revenue Refunding Bonds (Homeownership
Loan Program), AMT, Series B-1, 5.05%, 3/01/38 (k)(l)

 

 

5,125

 

 

5,009,124

 

 

 

 

 

 

     

 

 

 

 

 

 

7,621,093

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Nebraska—3.4%

 

 

 

 

 

 

 

Omaha Public Power District, Nebraska, Electric System
Revenue Bonds, Series A:

 

 

 

 

 

 

 

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
School of Nevada Project), 5%, 5/15/29

 

 

2,065

 

 

2,009,926

 

               

New Jersey—4.4%

 

 

 

 

 

 

 

Middlesex County, New Jersey, Improvement Authority,
Subordinate Revenue Bonds (Heldrich Center Hotel/
Conference Project), Series B, 6.25%, 1/01/37

 

 

1,510

 

 

1,292,379

 

New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%,
6/15/29

 

 

7,000

 

 

6,840,540

 

New Jersey State Housing and Mortgage Finance Agency,
S/F Housing Revenue Bonds, AMT, Series X, 5.375%,
4/01/30

 

 

2,000

 

 

1,995,820

 

 

 

 

 

 

     

 

 

 

 

 

 

10,128,739

 

               

New York—10.2%

 

 

 

 

 

 

 

Albany, New York, IDA, Civic Facility Revenue Bonds
(New Covenant Charter School Project), Series A,
7%, 5/01/35

 

 

725

 

 

567,610

 

Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Series A, 5%, 2/15/47 (j)

 

 

1,400

 

 

1,363,180

 

Metropolitan Transportation Authority, New York, Revenue
Refunding Bonds, Series A, 5%, 11/15/25 (j)

 

 

1,000

 

 

1,006,030

 

Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series F, 5%, 11/15/35

 

 

2,500

 

 

2,510,850

 

New York City, New York, City IDA, Special Facility Revenue
Bonds (American Airlines, Inc. - JFK International Airport),
AMT, 7.625%, 8/01/25

 

 

2,600

 

 

2,517,840

 

New York City, New York, City Municipal Water Finance
Authority, Water and Sewer System Revenue Bonds,
Series D, 5%, 6/15/38

 

 

2,500

 

 

2,541,600

 

New York City, New York, City Transitional Finance Authority,
Building Aid Revenue Bonds, Series S-1, 5%, 7/15/24 (j)

 

 

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
(Goldman Sachs Headquarters), 5.25%, 10/01/35

 

 

4,100

 

 

4,245,673

 

New York State Dormitory Authority, Revenue Refunding
Bonds (University of Rochester), Series A (a)(b)(q):

 

 

 

 

 

 

 

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
Pollution Control Financing Authority, Revenue Bonds
(National Gypsum Company Project), AMT, 5.75%,
8/01/35

 

 

2,425

 

 

1,923,486

 

North Carolina Medical Care Commission, Health Care
Facilities Revenue Bonds (Novant Health Obligation Group),
5%, 11/01/39

 

 

2,065

 

 

2,031,526

 

 

 

 

 

 

     

 

 

 

 

 

 

3,955,012

 

               

Ohio—8.2%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Bonds, Series A-2,
6.50%, 6/01/47

 

 

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
(000)

 

Value

 

           

Ohio—(concluded)

 

 

 

 

 

 

 

Montgomery County, Ohio, Revenue Bonds (Catholic Health
Initiatives), VRDN, Series C-1, 5%, 10/01/41 (e)(m)

 

$

1,750

 

$

1,766,450

 

Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and Light Company
Project), Series B, 4.80%, 1/01/34 (j)

 

 

6,000

 

 

6,006,840

 

 

 

 

 

 

     

 

 

 

 

 

 

18,865,586

 

               

Oklahoma—2.1%

 

 

 

 

 

 

 

Oklahoma State Development Finance Authority, Revenue
Refunding Bonds (Saint John Health System), 5%,
2/15/42

 

 

2,110

 

 

2,052,819

 

Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding
Bonds, Series A, 7.75%, 6/01/35

 

 

2,900

 

 

2,871,841

 

 

 

 

 

 

     

 

 

 

 

 

 

4,924,660

 

               

Pennsylvania—6.7%

 

 

 

 

 

 

 

Delaware River Port Authority of Pennsylvania and New
Jersey Revenue Bonds (Port District Project), Series B,
5.70%, 1/01/22 (e)

 

 

2,000

 

 

2,070,320

 

McKeesport, Pennsylvania, Area School District, GO,
Refunding (c)(j):

 

 

 

 

 

 

 

5.53%, 10/01/31

 

 

2,435

 

 

666,435

 

5.53%, 10/01/31 (i)

 

 

870

 

 

270,561

 

Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, AMT, Series A:

 

 

 

 

 

 

 

(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,
AMT, Series 97A, 4.60%, 10/01/27

 

 

980

 

 

884,176

 

 

 

 

 

 

     

 

 

 

 

 

 

15,481,373

 

               

Rhode Island—0.1%

 

 

 

 

 

 

 

Rhode Island State Health and Educational Building
Corporation, Hospital Revenue Refunding Bonds (Lifespan
Obligation Group), 5.50%, 5/15/16 (b)

 

 

200

 

 

202,432

 

               

South Carolina—5.0%

 

 

 

 

 

 

 

South Carolina Housing Finance and Development Authority,
Mortgage Revenue Refunding Bonds, AMT, Series A-2,
5.15%, 7/01/37 (g)

 

 

4,975

 

 

4,658,043

 

South Carolina Jobs EDA, Hospital Facilities Revenue
Refunding Bonds (Palmetto Health Alliance):

 

 

 

 

 

 

 

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,
Airport Revenue Bonds, AMT, Series D, 6%, 3/01/24 (g)

 

 

4,865

 

 

4,951,889

 

               

Texas—11.0%

 

 

 

 

 

 

 

Dallas-Fort Worth, Texas, International Airport, Joint Revenue
Bonds, AMT, Series C, 6.25%, 11/01/28 (b)

 

 

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
Refunding Bonds, Senior Lien, Series A, 6.146%,
11/15/38 (b)(c)

 

 

5,000

 

 

773,900

 

Lower Colorado River Authority, Texas, Revenue
Refunding Bonds:

 

 

 

 

 

 

 

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
46, Waterworks and Sewer System, GO, 4.75%,
3/01/30 (b)

 

 

675

 

 

664,139

 

Pearland, Texas, GO, Refunding, 4.75%, 3/01/29 (j)

 

 

2,010

 

 

1,945,278

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Texas—(concluded)

 

 

 

 

 

 

 

SA Energy Acquisition Public Facilities Corporation, Texas,
Gas Supply Revenue Bonds, 5.50%, 8/01/24

 

$

2,550

 

$

2,541,636

 

Texas State Turnpike Authority, Central Texas Turnpike
System Revenue Bonds (g):

 

 

 

 

 

 

 

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,
5.75%, 8/01/22

 

 

1,000

 

 

1,047,390

 

 

 

 

 

 

     

 

 

 

 

 

 

25,541,665

 

               

Utah—0.8%

 

 

 

 

 

 

 

Intermountain Power Agency, Utah, Power Supply
Revenue Refunding Bonds, 5%, 7/01/13 (g)(i)

 

 

1,950

 

 

1,953,451

 

               

Virginia—1.0%

 

 

 

 

 

 

 

Tobacco Settlement Financing Corporation of Virginia,
Revenue Refunding Bonds, Senior Series B-1, 5%,
6/01/47

 

 

2,900

 

 

2,285,519

 

               

Washington—0.6%

 

 

 

 

 

 

 

King County, Washington, Sewer Revenue Refunding
Bonds, 5%, 1/01/36 (e)

 

 

1,420

 

 

1,446,156

 

               

Wisconsin—1.4%

 

 

 

 

 

 

 

Wisconsin State Health and Educational Facilities Authority
Revenue Bonds (Aurora Health Care, Inc.), 6.40%,
4/15/33

 

 

3,220

 

 

3,302,657

 

               

Wyoming—0.8%

 

 

 

 

 

 

 

Wyoming Community Development Authority, Housing
Revenue Bonds, AMT, Series 3, 4.75%, 12/01/37

 

 

2,145

 

 

1,866,171

 

               

Puerto Rico—3.9%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Aqueduct and Sewer Authority,
Senior Lien Revenue Bonds, Series A, 6%, 7/01/38

 

 

2,500

 

 

2,614,000

 

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series N, 5.25%, 7/01/34 (n)

 

 

3,115

 

 

3,327,256

 

Puerto Rico Electric Power Authority, Power Revenue
Refunding Bonds, Series UU, 5%, 7/01/23 (e)

 

 

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
Activity

 

Dividend
Income

 

           

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
Amount
(000)

 

Unrealized
Depreciation

 

           

Pay a fixed rate of 4.498% and receive a floating rate
based on 3-month USD LIBOR

 

 

 

 

 

 

 

Broker, JPMorgan Chase
Expires August 2018

 

$

18,320

 

$

(152,972

)

Pay a fixed rate of 3.646% and receive a floating rate
based on 1-week SIFMA

 

 

 

 

 

 

 

Broker, JPMorgan Chase
Expires July 2023

 

$

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)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Alabama—3.6%

 

 

 

 

 

 

 

Birmingham, Alabama, Special Care Facilities Financing
Authority, Revenue Refunding Bonds (Ascension Health
Credit), Series C-2, 5%, 11/15/36

 

$

4,545

 

$

4,470,235

 

Huntsville, Alabama, Health Care Authority Revenue Bonds,
Series B, 5.75%, 6/01/12 (a)

 

 

15,000

 

 

16,653,750

 

 

 

 

 

 

     

 

 

 

 

 

 

21,123,985

 

               

Arizona—6.7%

 

 

 

 

 

 

 

Phoenix and Pima County, Arizona, IDA, S/F Mortgage
Revenue Refunding Bonds, AMT, Series 2007-1,
5.25%, 8/01/38 (b)(c)(m)

 

 

5,253

 

 

5,244,427

 

Pima County, Arizona, IDA, Education Revenue Bonds
(American Charter Schools Foundation), Series A,
5.625%, 7/01/38

 

 

4,590

 

 

4,142,154

 

Salt Verde Financial Corporation, Arizona, Senior
Gas Revenue Bonds:

 

 

 

 

 

 

 

5%, 12/01/32

 

 

10,280

 

 

9,334,034

 

5%, 12/01/37

 

 

14,395

 

 

12,867,547

 

Scottsdale, Arizona, IDA, Hospital Revenue Bonds
(Scottsdale Healthcare), 5.80%, 12/01/11 (a)

 

 

7,000

 

 

7,762,300

 

 

 

 

 

 

     

 

 

 

 

 

 

39,350,462

 

               

California—19.7%

 

 

 

 

 

 

 

California County Tobacco Securitization Agency,
Tobacco Revenue Bonds (Stanislaus County Tobacco
Funding Corporation) (d):

 

 

 

 

 

 

 

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,
Health Facility Revenue Bonds (Memorial Health
Services), Series A, 5.50%, 10/01/33

 

 

5,000

 

 

5,040,400

 

Foothill Eastern Corridor Agency, California, Toll Road
Revenue Refunding Bonds (d):

 

 

 

 

 

 

 

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
California, Tobacco Settlement Revenue Bonds,
Series A-1, 6.625%, 6/01/13 (a)

 

 

10,000

 

 

11,456,600

 

Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Refunding
Bonds, Series A, 5%, 6/01/45

 

 

5,000

 

 

4,695,900

 

Lincoln, California, Special Tax Bonds (Community Facilities
District Number 2003-1), 6%, 9/01/13 (a)

 

 

3,115

 

 

3,593,339

 

Los Angeles, California, Regional Airports Improvement
Corporation, Facilities Lease Revenue Refunding Bonds
(LAXFUEL Corporation - Los Angeles International Airport),
AMT, 5.50%, 1/01/32 (e)

 

 

13,320

 

 

13,349,570

 

Murrieta, California, Community Facilities District Number 2,
Special Tax Bonds (The Oaks Improvement Area Project),
Series A, 6%, 9/01/34

 

 

5,000

 

 

4,668,350

 

Sacramento County, California, Airport System Revenue
Bonds, AMT, Senior Series B, 5.25%, 7/01/39 (f)

 

 

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,
GO (Election of 2004), Series A, 4.75%, 8/01/30 (f)

 

 

4,015

 

 

4,025,600

 

 

 

 

 

 

     

 

 

 

 

 

 

116,334,796

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Colorado—5.2%

 

 

 

 

 

 

 

Colorado Health Facilities Authority Revenue Bonds
(Catholic Health) (f):

 

 

 

 

 

 

 

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
Bonds (Poudre Valley Health Care) (f):

 

 

 

 

 

 

 

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
Revenue Bonds, Subordinate Lien, Series C,
5%, 11/15/45 (f)

 

 

2,545

 

 

2,580,045

 

Denver, Colorado, Health and Hospital Authority, Healthcare
Revenue Bonds, Series A, 6%, 12/01/11 (a)

 

 

3,500

 

 

3,864,420

 

Park Creek Metropolitan District, Colorado, Senior Limited
Tax Supported Revenue Refunding Bonds,
5.50%, 12/01/37

 

 

2,530

 

 

2,352,394

 

 

 

 

 

 

     

 

 

 

 

 

 

30,736,684

 

               

Connecticut—3.2%

 

 

 

 

 

 

 

Connecticut State Health and Educational Facilities
Authority Revenue Bonds (Yale University):

 

 

 

 

 

 

 

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),
Series A (a)(d)(g):

 

 

 

 

 

 

 

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
Public Charter School, Inc.), 5.25%, 6/01/33 (h)

 

 

2,390

 

 

2,038,288

 

District of Columbia Tobacco Settlement Financing
Corporation, Asset-Backed Revenue Refunding Bonds,
6.75%, 5/15/40

 

 

25,535

 

 

25,641,992

 

 

 

 

 

 

     

 

 

 

 

 

 

41,043,161

 

               

Florida—9.4%

 

 

 

 

 

 

 

Heritage Isle at Viera Community Development District,
Florida, Special Assessment Bonds, Series A,
6%, 5/01/35

 

 

1,905

 

 

1,872,501

 

Highlands County, Florida, Health Facilities Authority,
Hospital Revenue Bonds (Adventist Health System),
Series A, 6%, 11/15/11 (a)

 

 

9,670

 

 

10,754,104

 

Martin County, Florida, IDA, IDR, Refunding (Indiantown
Cogeneration Project), AMT, Series A,
7.875%, 12/15/25

 

 

9,000

 

 

9,019,260

 

Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical Center
of Florida), 6.75%, 11/15/21

 

 

11,685

 

 

11,881,658

 

Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 4.75%, 10/01/32 (i)

 

 

10,830

 

 

10,361,927

 

Stevens Plantation Community Development District,
Florida, Special Assessment Revenue Bonds, Series A,
7.10%, 5/01/35

 

 

3,830

 

 

3,863,398

 

Village Community Development District Number 5, Florida,
Special Assessment Bonds, 5.625%, 5/01/22

 

 

7,975

 

 

7,819,966

 

 

 

 

 

 

     

 

 

 

 

 

 

55,572,814

 

               

Georgia—1.2%

 

 

 

 

 

 

 

Main Street Natural Gas, Inc., Georgia, Gas Project
Revenue Bonds, Series A, 6.375%, 7/15/38

 

 

3,500

 

 

3,501,925

 

Richmond County, Georgia, Development Authority,
Environmental Improvement Revenue Refunding Bonds
(International Paper Co. Projects), AMT, Series A,
6%, 2/01/25

 

 

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)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Idaho—3.1%

 

 

 

 

 

 

 

University of Idaho, Student Fee Revenue Bonds
(University Housing Improvement Projects), 5.40%,
4/01/11 (a)(j)

 

$

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
Allocation Bonds, Class A, 8%, 6/15/23 (k)

 

 

4,630

 

 

4,356,506

 

Chicago, Illinois, Housing Authority, Capital Program Revenue
Refunding Bonds, 5%, 7/01/24 (f)

 

 

8,225

 

 

8,497,330

 

Chicago, Illinois, O’Hare International Airport Revenue
Refunding Bonds, Third Lien, AMT, Series C-2,
5.25%, 1/01/30 (f)

 

 

7,645

 

 

7,498,980

 

Illinois Educational Facilities Authority, Revenue Refunding
Bonds (University of Chicago), Series A, 5.25%, 7/01/41

 

 

760

 

 

775,322

 

Illinois Educational Facilities Authority, Student Housing
Revenue Bonds (Education Advancement Fund - University
Center Project at DePaul), 6.25%, 5/01/12 (a)

 

 

10,000

 

 

11,299,100

 

Illinois Health Facilities Authority, Revenue Refunding Bonds
(Elmhurst Memorial Healthcare):

 

 

 

 

 

 

 

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
Bonds, 4.50%, 2/01/35 (j)

 

 

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
Bonds (MJH Education Assistance IV LLC), Sub-Series B,
5.375%, 6/01/35 (r)

 

 

1,675

 

 

808,958

 

 

 

 

 

 

     

 

 

 

 

 

 

65,120,802

 

               

Indiana—6.0%

 

 

 

 

 

 

 

Indiana Health Facilities Financing Authority, Hospital
Revenue Refunding Bonds (Methodist Hospital, Inc.),
5.50%, 9/15/31

 

 

9,000

 

 

7,944,660

 

Petersburg, Indiana, PCR, Refunding (Indianapolis Power
& Light Co. Project), AMT:

 

 

 

 

 

 

 

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,
AMT, Series F, 5.45%, 1/01/32 (l)(m)

 

 

1,365

 

 

1,357,697

 

               

Louisiana—2.0%

 

 

 

 

 

 

 

Louisiana Local Government Environmental Facilities and
Community Development Authority, Revenue Bonds
(Capital Projects and Equipment Acquisition Program),
6.55%, 9/01/25(h)

 

 

9,215

 

 

8,917,724

 

Saint Tammany Parish, Louisiana, Financing Authority, S/F
Mortgage Revenue Bonds (Home Ownership Program),
Series A, 5.25%, 12/01/39 (b)(c)(m)

 

 

3,211

 

 

3,164,178

 

 

 

 

 

 

     

 

 

 

 

 

 

12,081,902

 

               

Maryland—1.1%

 

 

 

 

 

 

 

Maryland State Community Development Administration,
Department of Housing and Community Development,
Residential Revenue Refunding Bonds, AMT, Series A,
4.65%, 9/01/32

 

 

2,665

 

 

2,359,671

 

Maryland State Health and Higher Educational Facilities
Authority, Revenue Refunding Bonds (MedStar Health, Inc.),
5.50%, 8/15/33

 

 

4,205

 

 

4,170,561

 

 

 

 

 

 

     

 

 

 

 

 

 

6,530,232

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Massachusetts—1.2%

 

 

 

 

 

 

 

Massachusetts State Water Resource Authority, General
Revenue Refunding Bonds, Series A, 5%, 8/01/41

 

$

6,770

 

$

6,870,061

 

               

Michigan—0.7%

 

 

 

 

 

 

 

Michigan State Hospital Finance Authority, Revenue
Refunding Bonds (Henry Ford Health System),
Series A, 5.25%, 11/15/46

 

 

4,230

 

 

4,073,152

 

               

Mississippi—3.5%

 

 

 

 

 

 

 

Gulfport, Mississippi, Hospital Facility Revenue Bonds
(Memorial Hospital at Gulfport Project), Series A,
5.75%, 7/01/31

 

 

18,680

 

 

18,726,513

 

Mississippi Business Finance Corporation Revenue Bonds
(Northrop Grumman Ship System), 4.55%, 12/01/28

 

 

2,345

 

 

2,145,347

 

 

 

 

 

 

     

 

 

 

 

 

 

20,871,860

 

               

Missouri—0.1%

 

 

 

 

 

 

 

Missouri Joint Municipal Electric Utility Commission, Power
Project Revenue Bonds (Plum Point Project),
4.60%, 1/01/36 (g)

 

 

695

 

 

643,730

 

               

Nebraska—1.2%

 

 

 

 

 

 

 

Omaha Public Power District, Nebraska, Electric System
Revenue Bonds, Series A, 4.75%, 2/01/44

 

 

6,990

 

 

6,801,899

 

               

Nevada—0.9%

 

 

 

 

 

 

 

Clark County, Nevada, EDR, Refunding (Alexander Dawson
School of Nevada Project), 5%, 5/15/29

 

 

5,260

 

 

5,119,716

 

               

New Hampshire—1.3%

 

 

 

 

 

 

 

New Hampshire Health and Education Facilities Authority
Revenue Bonds (Exeter Hospital Obligated Group),
5.75%, 10/01/31

 

 

3,500

 

 

3,556,700

 

New Hampshire State Business Finance Authority, PCR,
Refunding (Public Service Company Project), AMT,
Series B, 4.75%, 5/01/21 (g)

 

 

4,000

 

 

3,846,040

 

 

 

 

 

 

     

 

 

 

 

 

 

7,402,740

 

               

New Jersey—8.1%

 

 

 

 

 

 

 

Middlesex County, New Jersey, Improvement Authority,
Subordinate Revenue Bonds (Heldrich Center Hotel/
Conference Project), Series B, 6.25%, 1/01/37

 

 

3,680

 

 

3,149,638

 

New Jersey EDA, Cigarette Tax Revenue Bonds,
5.75%, 6/15/29

 

 

18,500

 

 

18,078,570

 

New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill
Reclamation Improvement District Project),
6.50%, 4/01/28

 

 

8,000

 

 

8,239,360

 

New Jersey EDA, Special Facility Revenue Bonds
(Continental Airlines Inc. Project), AMT, 7%, 11/15/30

 

 

15,410

 

 

14,064,861

 

Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Refunding Bonds, Series 1A,
4.50%, 6/01/23

 

 

4,960

 

 

4,488,850

 

 

 

 

 

 

     

 

 

 

 

 

 

48,021,279

 

               

New York—6.7%

 

 

 

 

 

 

 

Albany, New York, IDA, Civic Facility Revenue Bonds
(New Covenant Charter School Project), Series A,
7%, 5/01/35 (s)

 

 

1,820

 

 

1,424,896

 

New York City, New York, City IDA, Special Facility Revenue
Bonds, AMT:

 

 

 

 

 

 

 

(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
(Goldman Sachs Headquarters), 5.25%, 10/01/35

 

 

6,025

 

 

6,239,068

 

New York State Environmental Facilities Corporation, State
Clean Water and Drinking Revenue Bonds (New York City
Water Project), Series B, 5%, 6/15/31

 

 

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
(000)

 

Value

 

 

 

North Carolina—3.6%

 

 

 

 

 

 

 

Gaston County, North Carolina, Industrial Facilities and
Pollution Control Financing Authority, Revenue Bonds
(National Gypsum Company Project), AMT,
5.75%, 8/01/35

 

$

12,130

 

$

9,621,395

 

North Carolina Capital Facilities Finance Agency, Revenue
Refunding Bonds (Duke University Project), Series B,
4.25%, 7/01/42

 

 

12,550

 

 

11,364,401

 

 

 

 

 

 

     

 

 

 

 

 

 

20,985,796

 

               

Ohio—4.3%

 

 

 

 

 

 

 

Buckeye Tobacco Settlement Financing Authority, Ohio,
Tobacco Settlement Asset-Backed Bonds, Series A-2,
6.50%, 6/01/47

 

 

3,120

 

 

3,033,701

 

Ohio State Air Quality Development Authority, Revenue
Refunding Bonds (Dayton Power and Light Company
Project), Series B, 4.80%, 1/01/34 (j)

 

 

18,820

 

 

18,841,455

 

Pinnacle Community Infrastructure Financing Authority, Ohio,
Revenue Bonds, Series A, 6.25%, 12/01/36

 

 

3,760

 

 

3,527,444

 

 

 

 

 

 

     

 

 

 

 

 

 

25,402,600

 

               

Oklahoma—1.8%

 

 

 

 

 

 

 

Oklahoma State Development Finance Authority, Revenue
Refunding Bonds (Saint John Health System),
5%, 2/15/42

 

 

3,505

 

 

3,410,014

 

Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding
Bonds, Series A, 7.75%, 6/01/35

 

 

7,175

 

 

7,105,331

 

 

 

 

 

 

     

 

 

 

 

 

 

10,515,345

 

               

Pennsylvania—4.2%

 

 

 

 

 

 

 

Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, AMT, Series A:

 

 

 

 

 

 

 

(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,
AMT, Series 97A, 4.60%, 10/01/27

 

 

2,500

 

 

2,255,550

 

 

 

 

 

 

     

 

 

 

 

 

 

24,563,767

 

               

South Carolina—6.6%

 

 

 

 

 

 

 

Lexington County, South Carolina, Health Services District Inc.,
Hospital Revenue Refunding and Improvement Bonds (a):

 

 

 

 

 

 

 

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
County School District, South Carolina, Revenue Refunding
Bonds, 5%, 12/01/29 (n)

 

 

6,345

 

 

6,442,079

 

South Carolina Jobs EDA, Hospital Facilities Revenue
Refunding Bonds (Palmetto Health Alliance):

 

 

 

 

 

 

 

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
Facilities Board, Hospital Facilities Revenue Refunding
Bonds (Covenant Health), Series A, 5.70%, 1/01/20 (d)(f)

 

 

20,825

 

 

11,203,433

 

Shelby County, Tennessee, Health, Educational and Housing
Facility Board, Hospital Revenue Refunding Bonds (Saint
Jude Children’s Research Hospital), 5%, 7/01/25

 

 

3,475

 

 

3,502,592

 

 

 

 

 

 

     

 

 

 

 

 

 

14,706,025

 

               

Texas—13.2%

 

 

 

 

 

 

 

Harris County-Houston Sports Authority, Texas, Revenue
Refunding Bonds (d)(g):

 

 

 

 

 

 

 

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
(000)

 

Value

 

           

Texas—(concluded)

 

 

 

 

 

 

 

Lower Colorado River Authority, Texas, Revenue Refunding
Bonds (g):

 

 

 

 

 

 

 

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
Contract Revenue Refunding Bonds (LCRA Transmission
Services Corp. Project), 4.75%, 5/15/34 (e)

 

 

13,305

 

 

12,842,119

 

Montgomery County, Texas, Municipal Utility District
Number 46, Waterworks and Sewer System, GO,
4.75%, 3/01/30 (g)

 

 

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,
Gas Supply Revenue Bonds, 5.50%, 8/01/25

 

 

6,540

 

 

6,496,182

 

Texas State Affordable Housing Corporation, M/F Housing
Revenue Bonds (Amern Opportunity Housing Portfolio),
Series B, 8%, 3/01/32 (o)(s)

 

 

4,435

 

 

443,500

 

Texas State Turnpike Authority, Central Texas Turnpike
System Revenue Bonds (e):

 

 

 

 

 

 

 

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
Contract Revenue Refunding Bonds (U.S. Route 28
Project), 5.287%, 4/01/32 (d)(g)

 

 

8,105

 

 

2,250,110

 

Virginia State, HDA, Commonwealth Mortgage Revenue
Bonds, Series H, Sub-Series H-1, 5.35%, 7/01/31 (g)

 

 

6,810

 

 

6,871,018

 

 

 

 

 

 

     

 

 

 

 

 

 

9,121,128

 

               

Washington—2.4%

 

 

 

 

 

 

 

Central Puget Sound Regional Transportation Authority,
Washington, Sales and Use Tax Revenue Bonds, Series A,
5%, 11/01/32 (f)

 

 

5,460

 

 

5,605,454

 

King County, Washington, Sewer Revenue Refunding Bonds,
5%, 1/01/36 (f)

 

 

3,615

 

 

3,681,588

 

Washington State Health Care Facilities Authority, Revenue
Refunding Bonds (Providence Health System), Series A,
4.625%, 10/01/34 (j)

 

 

5,095

 

 

4,816,304

 

 

 

 

 

 

     

 

 

 

 

 

 

14,103,346

 

               

West Virginia—0.3%

 

 

 

 

 

 

 

West Virginia EDA, Lease Revenue Bonds (Correctional,
Juvenile and Public Safety Facilities), Series A,
5%, 6/01/29 (g)

 

 

2,070

 

 

2,090,452

 

               

Wisconsin—6.7%

 

 

 

 

 

 

 

Wisconsin State Health and Educational Facilities Authority
Revenue Bonds (Aurora Health Care, Inc.),
6.40%, 4/15/33

 

 

7,500

 

 

7,692,525

 

Wisconsin State Health and Educational Facilities Authority,
Revenue Refunding Bonds:

 

 

 

 

 

 

 

(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
Revenue Bonds, AMT, Series 3:

 

 

 

 

 

 

 

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
(000)

 

Value

 

 

Puerto Rico—2.9%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series N, 5.25%, 7/01/36 (n)

 

$

5,000

 

$

5,337,150

 

Puerto Rico Electric Power Authority, Power Revenue
Refunding Bonds, Series UU, 5%, 7/01/20 (f)

 

 

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
Activity

 

Dividend
Income

 

           

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
Amount
(000)

 

Unrealized
Depreciation

 

           

Pay a fixed rate of 4.498% and receive a floating rate
based on 3-month USD LIBOR

 

 

 

 

 

 

 

Broker, JPMorgan Chase
Expires August 2018

 

$

54,390

 

$

(454,156

)

Pay a fixed rate of 3.646% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index Rate

Broker, JPMorgan Chase
Expires July 2023

 

$

78,800

 

$

(1,065,376

)

Pay a fixed rate of 3.689% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

Broker, Deutsche Bank AG
Expires June 2028

 

$

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
(000)

 

Value

 

           

Arizona—5.1%

 

 

 

 

 

 

 

Phoenix and Pima County, Arizona, IDA, S/F Mortgage
Revenue Refunding Bonds, AMT, Series 2007-1,
5.25%, 8/01/38 (a)(b)

 

$

2,043

 

$

2,039,499

 

Pima County, Arizona, IDA, Education Revenue Bonds
(American Charter Schools Foundation), Series A,
5.625%, 7/01/38

 

 

1,700

 

 

1,534,131

 

Pima County, Arizona, IDA, Education Revenue Refunding
Bonds (Arizona Charter Schools Project), Series O,
5.25%, 7/01/31

 

 

1,000

 

 

855,530

 

Salt Verde Financial Corporation, Arizona, Senior Gas
Revenue Bonds:

 

 

 

 

 

 

 

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
Authority, Revenue Refunding Bonds (Daughters of
Charity National Health System), Series A, 5%, 7/01/39

 

 

3,625

 

 

3,102,710

 

Irvine, California, Unified School District Financing
Authority, Special Tax Bonds, Series A, 5.125%,
9/01/36

 

 

3,000

 

 

2,618,490

 

 

 

 

 

 

     

 

 

 

 

 

 

5,721,200

 

               

Colorado—3.0%

 

 

 

 

 

 

 

Colorado HFA, Revenue Refunding Bonds (Adventist
Health System/Sunbelt Obligor Group), Series D,
5.125%, 11/15/29

 

 

2,500

 

 

2,434,750

 

Colorado Health Facilities Authority, Revenue Refunding
Bonds (Poudre Valley Health Care) (d):

 

 

 

 

 

 

 

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,
Limited Tax, GO, 5.50%, 12/15/37

 

 

1,200

 

 

994,248

 

 

 

 

 

 

     

 

 

 

 

 

 

5,026,089

 

               

Connecticut—3.7%

 

 

 

 

 

 

 

Connecticut State, HFA, Housing Mortgage Finance Program
Revenue Bonds, AMT, Sub-Series A-2, 5.15%, 5/15/38

 

 

3,000

 

 

2,833,800

 

Connecticut State Health and Educational Facilities Authority
Revenue Bonds (Yale University):

 

 

 

 

 

 

 

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
Corporation, Asset-Backed Revenue Refunding Bonds:

 

 

 

 

 

 

 

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,
Hospital Revenue Refunding Bonds (Adventist Health
System), Series G, 5.125%, 11/15/32

 

 

1,000

 

 

964,140

 

Hillsborough County, Florida, IDA, Hospital Revenue Bonds
(Tampa General Hospital Project), 5%, 10/01/36

 

 

2,830

 

 

2,627,655

 

Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project),
Series A, 5%, 8/15/37

 

 

845

 

 

793,125

 

Orange County, Florida, Health Facilities Authority, First
Mortgage Revenue Bonds (Orlando Lutheran Towers),
5.50%, 7/01/38

 

 

1,150

 

 

965,655

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Florida—(concluded)

 

 

 

 

 

 

 

Sarasota County, Florida, Health Facilities Authority,
Retirement Facility Revenue Refunding Bonds
(Village on the Isle Project):

 

 

 

 

 

 

 

5.50%, 1/01/27

 

$

560

 

$

508,889

 

5.50%, 1/01/32

 

 

520

 

 

457,548

 

Tolomato Community Development District, Florida, Special
Assessment Bonds, 6.65%, 5/01/40

 

 

1,750

 

 

1,702,610

 

Watergrass Community Development District, Florida,
Special Assessment Revenue Bonds, Series A,
5.375%, 5/01/39

 

 

1,850

 

 

1,457,929

 

 

 

 

 

 

     

 

 

 

 

 

 

9,477,551

 

               

Georgia—1.8%

 

 

 

 

 

 

 

Cobb County, Georgia, Development Authority, Solid Waste
Disposal Revenue Bonds (Waste Management of Georgia
Inc. Project), AMT, Series A, 5%, 4/01/33

 

 

1,000

 

 

795,320

 

Main Street Natural Gas, Inc., Georgia, Gas Project Revenue
Bonds, Series A, 6.375%, 7/15/38

 

 

585

 

 

585,322

 

Rockdale County, Georgia, Development Authority Revenue
Bonds (Visy Paper Project), AMT, Series A,
6.125%, 1/01/34

 

 

1,600

 

 

1,542,768

 

 

 

 

 

 

     

 

 

 

 

 

 

2,923,410

 

               

Illinois—4.2%

 

 

 

 

 

 

 

Illinois State Finance Authority Revenue Bonds (Monarch
Landing, Inc. Project), Series A, 7%, 12/01/37

 

 

580

 

 

569,305

 

Illinois State Finance Authority, Revenue Refunding Bonds:
(Illinois Institute of Technology), Series A, 5%, 4/01/36

 

 

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
Project), Refunding, VRDN, 8%, 1/01/29 (e)(f)

 

 

3,230

 

 

3,230,000

 

Delaware County, Indiana, Hospital Authority, Hospital
Revenue Bonds (Cardinal Health System Obligated
Group), 5.25%, 8/01/36

 

 

2,000

 

 

1,687,340

 

Indiana Health and Educational Facilities Financing Authority,
Hospital Revenue Bonds (Community Foundation of
Northwest Indiana), 5.50%, 3/01/37

 

 

1,985

 

 

1,734,652

 

 

 

 

 

 

     

 

 

 

 

 

 

6,651,992

 

               

Kansas—1.9%

 

 

 

 

 

 

 

Lenexa, Kansas, Health Care Facility, Revenue Refunding
Bonds, 5.50%, 5/15/39

 

 

3,650

 

 

3,060,050

 

               

Louisiana—2.0%

 

 

 

 

 

 

 

Louisiana Local Government Environmental Facilities and
Community Development Authority Revenue Bonds
(Westlake Chemical Corporation), 6.75%, 11/01/32

 

 

2,000

 

 

1,960,140

 

Saint Tammany Parish, Louisiana, Financing Authority,
S/F Mortgage Revenue Bonds (Home Ownership
Program), Series A, 5.25%, 12/01/39 (a)(b)

 

 

1,404

 

 

1,383,115

 

 

 

 

 

 

     

 

 

 

 

 

 

3,343,255

 

               

Maryland—0.6%

 

 

 

 

 

 

 

Maryland State Health and Higher Educational Facilities
Authority Revenue Bonds (King Farm Presbyterian
Community), Series B, 5%, 1/01/17

 

 

1,000

 

 

961,810

 

               

Michigan—0.7%

 

 

 

 

 

 

 

Garden City, Michigan, Hospital Finance Authority, Hospital
Revenue Refunding Bonds (Garden City Hospital
Obligation), Series A, 5%, 8/15/38

 

 

1,540

 

 

1,177,992

 

               

Minnesota—6.0%

 

 

 

 

 

 

 

Minnesota State, HFA, Residential Housing Finance
Revenue Bonds, AMT, Series M, 4.85%, 7/01/31

 

 

6,460

 

 

5,936,998

 

Minnesota State Municipal Power Agency, Electric
Revenue Bonds, 5%, 10/01/35

 

 

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
(000)

 

Value

 

           

Mississippi—0.5%

 

 

 

 

 

 

 

Mississippi Business Finance Corporation Revenue Bonds
(Northrop Grumman Ship System), 4.55%, 12/01/28

 

$

915

 

$

837,097

 

               

Missouri—1.4%

 

 

 

 

 

 

 

Missouri State Housing Development Commission, S/F
Mortgage Revenue Refunding Bonds (Homeownership
Loan Program), AMT, Series B-1, 5.05%, 3/01/38 (a)(b)

 

 

2,440

 

 

2,384,832

 

               

Montana—1.7%

 

 

 

 

 

 

 

Two Rivers Authority Inc., Montana, Senior Lien Revenue
Bonds (Correctional Facilities Project) (l):

 

 

 

 

 

 

 

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
Waste Disposal Revenue Bonds (Waste Management Inc.
Project), AMT, 5.20%, 5/01/27

 

 

5,000

 

 

4,286,800

 

               

New Jersey—4.8%

 

 

 

 

 

 

 

New Jersey EDA, Cigarette Tax Revenue Bonds,
5.50%, 6/15/24

 

 

2,670

 

 

2,581,196

 

Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Bonds, 5.75%, 6/01/32

 

 

5,000

 

 

5,418,800

 

 

 

 

 

 

     

 

 

 

 

 

 

7,999,996

 

               

New York—10.3%

 

 

 

 

 

 

 

Nassau County, New York, Tobacco Settlement Corporation,
Senior Asset-Backed Revenue Refunding Bonds, Series A-2,
5.25%, 6/01/26

 

 

5,000

 

 

4,557,450

 

New York City, New York, City IDA, Special Facility Revenue
Bonds (American Airlines, Inc. - JFK International Airport),
AMT, 7.625%, 8/01/25

 

 

7,600

 

 

7,359,840

 

New York Liberty Development Corporation Revenue Bonds
(Goldman Sachs Headquarters), 5.25%, 10/01/35

 

 

5,000

 

 

5,177,650

 

 

 

 

 

 

     

 

 

 

 

 

 

17,094,940

 

               

Oklahoma—0.6%

 

 

 

 

 

 

 

Oklahoma State Development Finance Authority,
Revenue Refunding Bonds (Saint John Health
System), 5%, 2/15/42

 

 

1,015

 

 

987,493

 

               

Pennsylvania—1.9%

 

 

 

 

 

 

 

Allegheny County, Pennsylvania, Hospital Development
Authority, Revenue Refunding Bonds (West Penn
Allegheny Health System), Series A, 5.375%, 11/15/40

 

 

2,080

 

 

1,716,770

 

Harrisburg, Pennsylvania, Authority, University Revenue
Bonds (Harrisburg University of Science), Series A,
5.40%, 9/01/16

 

 

1,000

 

 

980,880

 

Pennsylvania HFA, S/F Mortgage Revenue Refunding
Bonds, AMT, Series 97A, 4.60%, 10/01/27

 

 

450

 

 

405,999

 

 

 

 

 

 

     

 

 

 

 

 

 

3,103,649

 

               

Puerto Rico—0.8%

 

 

 

 

 

 

 

Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds
(Ana G. Mendez University System Project), 5%, 3/01/36

 

 

1,500

 

 

1,269,585

 

               

South Carolina—3.3%

 

 

 

 

 

 

 

Scago Education Facilities Corporation for Williamsburg
County School District, South Carolina, Revenue
Refunding Bonds, 5%, 12/01/31 (e)

 

 

2,000

 

 

1,896,460

 

South Carolina Jobs, EDA, Health Care Facilities, First
Mortgage Revenue Refunding Bonds (Lutheran Homes):

 

 

 

 

 

 

 

5.50%, 5/01/28

 

 

600

 

 

506,166

 

5.625%, 5/01/42

 

 

1,000

 

 

821,070

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

South Carolina—(concluded)

 

 

 

 

 

 

 

South Carolina Jobs, EDA, Senior Lien Revenue Refunding
Bonds (Burroughs and Chapin Company, Inc.), Series A,
4.70%, 4/01/35 (e)

 

$

2,500

 

$

2,206,625

 

 

 

 

 

 

     

 

 

 

 

 

 

5,430,321

 

               

South Dakota—0.6%

 

 

 

 

 

 

 

South Dakota State Health and Educational Facilities
Authority Revenue Bonds (Sanford Health), 5%, 11/01/40

 

 

1,040

 

 

984,953

 

               

Tennessee—1.0%

 

 

 

 

 

 

 

Knox County, Tennessee, Health, Educational and Housing
Facilities Board, Hospital Facilities Revenue Refunding
Bonds (Covenant Health), Series A, 5.02%, 1/01/36 (h)

 

 

5,000

 

 

925,600

 

Shelby County, Tennessee, Health, Educational and Housing
Facility Board, Hospital Revenue Refunding Bonds
(Saint Jude Children’s Research Hospital), 5%, 7/01/31

 

 

695

 

 

700,053

 

 

 

 

 

 

     

 

 

 

 

 

 

1,625,653

 

               

Texas—7.0%

 

 

 

 

 

 

 

Brazos River Authority, Texas, PCR (TXU Energy Company LLC
Project), AMT, 5%, 3/01/41

 

 

2,000

 

 

1,295,740

 

HFDC of Central Texas, Inc., Retirement Facilities Revenue
Bonds (Village at Gleannloch Farms), Series A,
5.50%, 2/15/27

 

 

1,150

 

 

980,674

 

Leander, Texas, Independent School District, Capital
Appreciation, GO, Refunding (School Building),
5.557%, 8/15/42 (h)

 

 

34,560

 

 

5,161,190

 

Mission, Texas, Economic Development Corporation, Solid
Waste Disposal Revenue Bonds (Allied Waste N.A. Inc
Project), Series A, 5.20%, 4/01/18

 

 

2,000

 

 

1,759,200

 

Texas State Affordable Housing Corporation, S/F Mortgage
Revenue Bonds (Professional Educators Home Loan
Program), AMT, Series A-1, 5.50%, 12/01/39 (a)(b)

 

 

1,240

 

 

1,197,380

 

West Central Texas Regional Housing Finance Corporation,
S/F Mortgage Revenue Bonds (Mortgage-Backed
Securities Program), AMT, Series A,
5.35%, 12/01/39 (a)(b)

 

 

1,225

 

 

1,168,913

 

 

 

 

 

 

     

 

 

 

 

 

 

11,563,097

 

               

Vermont—2.6%

 

 

 

 

 

 

 

Vermont HFA, S/F Housing Revenue Bonds, AMT,
Series 27, 4.90%, 5/01/38 (d)

 

 

4,670

 

 

4,222,614

 

               

Virginia—2.3%

 

 

 

 

 

 

 

Fairfax County, Virginia, EDA, Residential Care Facilities,
Mortgage Revenue Refunding Bonds (Goodwin House, Inc.),
5.125%, 10/01/42

 

 

850

 

 

729,436

 

Peninsula Ports Authority, Virginia, Residential Care Facilities,
Revenue Refunding Bonds (Baptist Homes), Series C,
5.375%, 12/01/26

 

 

2,600

 

 

2,201,784

 

Reynolds Crossing Community Development Authority,
Virginia, Special Assessment Revenue Bonds (Reynolds
Crossing Project), 5.10%, 3/01/21

 

 

1,000

 

 

894,050

 

 

 

 

 

 

     

 

 

 

 

 

 

3,825,270

 

               

Wisconsin—4.0%

 

 

 

 

 

 

 

Wisconsin State Health and Educational Facilities Authority
Revenue Bonds (Ascension Health), Series A,
5%, 11/15/31

 

 

5,335

 

 

5,298,402

 

Wisconsin State Health and Educational Facilities Authority,
Revenue Refunding Bonds (Franciscan Sisters Healthcare),
5%, 9/01/26

 

 

1,535

 

 

1,382,943

 

 

 

 

 

 

     

 

 

 

 

 

 

6,681,345

 

               

Wyoming—0.5%

 

 

 

 

 

 

 

Wyoming Community Development Authority, Housing
Revenue Bonds, AMT, Series 3, 4.70%, 12/01/32

 

 

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
Tender Option Bond Trusts (i)

 

Par
(000)

 

Value

 

           

California—17.5%

 

 

 

 

 

 

 

Golden State Tobacco Securitization Corporation
of California, Tobacco Settlement Revenue Bonds,
Custodial Receipts, Series 1271, 5%, 6/01/47

 

$

15,000

 

$

14,156,550

 

University of California Revenue Bonds, Series B,
4.75%, 5/15/38 (c)

 

 

15,000

 

 

14,763,750

 

 

 

 

 

 

     

 

 

 

 

 

 

28,920,300

 

               

Georgia—9.2%

 

 

 

 

 

 

 

Atlanta, Georgia, Airport Passenger Facility Charge
and Subordinate Lien General Revenue Refunding
Bonds, Series C, 5%, 1/01/35 (d)

 

 

15,000

 

 

15,213,600

 

               

Illinois—8.8%

 

 

 

 

 

 

 

Chicago, Illinois, O’Hare International Airport,
General Airport Revenue Bonds, Custodial Receipts,
Series 1284, 5%, 1/01/35

 

 

15,000

 

 

14,564,250

 

               

Indiana—8.2%

 

 

 

 

 

 

 

Carmel, Indiana, Lease Rental Revenue Bonds
(Performing Arts Center):

 

 

 

 

 

 

 

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
Refunding Bonds, AMT, Series D, 5.45%, 6/01/38

 

 

11,855

 

 

11,667,454

 

               

Nebraska—8.2%

 

 

 

 

 

 

 

Omaha Public Power District, Nebraska, Electric
System Revenue Bonds, Sub-Series B, 4.75%,
2/01/36 (a)

 

 

14,000

 

 

13,517,560

 

               

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (i)

 

Par
(000)

 

Value

 

           

New York—4.6%

 

 

 

 

 

 

 

New York City, New York, City Municipal Water
Finance Authority, Water and Sewer System,
Revenue Refunding Bonds, Series D, 5%, 6/15/41

 

$

7,500

 

$

7,609,575

 

               

North Carolina—15.7%

 

 

 

 

 

 

 

Charlotte-Mecklenburg Hospital Authority, North
Carolina, Health Care System Revenue Bonds
(Carolinas Medical Center), Series A, 5%, 1/15/17

 

 

10,000

 

 

10,851,500

 

University of North Carolina, University Revenue Refunding
Bonds, Series A, 4.75%, 12/01/34

 

 

15,170

 

 

15,226,887

 

 

 

 

 

 

     

 

 

 

 

 

 

26,078,387

 

               

Texas—5.6%

 

 

 

 

 

 

 

New Caney, Texas, Independent School District, GO,
5%, 2/15136

 

 

9,150

 

 

9,290,910

 

               

Total Municipal Bonds Transferred to Tender Option Bond
Trusts (Cost—$149,694,787)—84.9%

 

 

 

 

 

140,396,746

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

Shares

 

 

 

 

             

Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (j)(k)

 

 

1,810,502

 

 

1,810,502

 

               

Total Short-Term Securities (Cost—$1,810,502)—1.1%

 

 

 

 

 

1,810,502

 

               

Total Investments (Cost—$331,378,019*)—187.2%

 

 

 

 

 

309,196,319

 

Other Assets Less Liabilities—1.1%

 

 

 

 

 

1,768,291

 

Liability for Trust Certificates, Including Interest Expense and Fees Payable—(88.3%)

 

 

 

 

 

(145,783,380

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

165,181,230

 

 

 

 

 

 

     

 

 

 

 

*

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

 

$

330,538,502

 

 

 

     

Gross unrealized appreciation

 

$

1,561,013

 

Gross unrealized depreciation

 

 

(22,903,196

)

 

 

     

Net unrealized appreciation

 

$

(21,342,183

)

 

 

     

 

 

(a)

FHLMC Collateralized.

(b)

FNMA/GNMA Collateralized.

(c)

MBIA Insured.

(d)

FSA Insured.

(e)

Radian Insured.

(f)

Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.

(g)

FGIC Insured.

(h)

Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.

(i)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

(j)

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
Activity
(000)

 

Dividend
Income

 

           

Merrill Lynch Institutional Tax-Exempt Fund

 

 

(789)

 

 

$ 51,646

 

               

 

 

(k)

Represents the current yield as of report date.

(l)

Illiquid securities.

 

 

Forward interest rate swap outstanding as of April 30, 2008 was as follows:


 

 

 

 

 

 

 

 

           

Description

 

Notional
Amount
(000)

 

Unrealized
Depreciation

 

           

Pay a fixed rate of 3.646% and receive a floating rate
based on 1-week Securities Industry and Financial
Markets Association Municipal Swap Index
Broker, JPMorgan Chase
Expires July 2023

 

 

$ 10,100

 

 

$ (136,552)

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

26

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

 

BlackRock California Investment Quality Municipal Trust, Inc. (RAA)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

California—127.6%

 

 

 

 

 

 

 

               

California Health Facilities Financing Authority
Revenue Bonds (Sutter Health), Series A,
5.25%, 11/15/46

 

$

500

 

$

501,215

 

               

California Infrastructure and Economic Development
Bank, Revenue Refunding Bonds (The Salvation Army -
Western Territory), 5%, 9/01/27 (a)

 

 

500

 

 

516,485

 

               

California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds (Waste Management Inc. Project),
AMT, Series C, 5.125%, 11/01/23

 

 

500

 

 

440,590

 

               

California Rural Home Mortgage Finance Authority, S/F
Mortgage Revenue Bonds (Mortgage-Backed Securities
Program), AMT, Series A, 5.40%, 12/01/36 (b)(c)

 

 

500

 

 

496,510

 

               

California State, GO, 5.75%, 3/01/19

 

 

40

 

 

40,408

 

               

California State, GO, Refunding, 5%, 9/01/32

 

 

1,000

 

 

1,001,960

 

               

California State Public Works Board, Lease Revenue Bonds
(Department of Corrections), Series H, 5%, 11/01/31

 

 

500

 

 

497,265

 

               

California State University, Systemwide Revenue Refunding
Bonds, Series C, 5%, 11/01/38 (d)

 

 

625

 

 

632,012

 

               

California Statewide Communities Development Authority,
Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Kaiser Hospital Asset Management, Inc.), Series C,
5.25%, 8/01/31

 

 

500

 

 

496,640

 

(Kaiser Permanente), Series A, 5%, 4/01/31

 

 

500

 

 

486,025

 

               

Chabot-Las Positas, California, Community College District,
GO (Election of 2004), Series B, 5%, 8/01/31 (a)

 

 

500

 

 

511,155

 

               

Chino Basin, California, Regional Financing Authority,
Revenue Refunding Bonds (Inland Empire Utility Agency),
Series A, 5%, 11/01/33 (a)

 

 

500

 

 

509,470

 

               

Chula Vista, California, IDR (San Diego Gas and Electric
Company), AMT:

 

 

 

 

 

 

 

Series B, 5%, 12/01/27

 

 

320

 

 

307,245

 

Series D, 5%, 12/01/27

 

 

275

 

 

264,038

 

               

Contra Costa, California, Water District, Water Revenue
Refunding Bonds, Series O, 5%, 10/01/24 (a)

 

 

600

 

 

629,382

 

               

Desert, California, Community College District, GO,
Series C, 5%, 8/01/37 (e)(f)

 

 

500

 

 

513,000

 

               

Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds, Series B (f):

 

 

 

 

 

 

 

5.50%, 6/01/13

 

 

600

 

 

656,178

 

5.625%, 6/01/13

 

 

400

 

 

439,764

 

               

Los Angeles, California, Department of Airports, Airport
Revenue Refunding Bonds (Ontario International Airport),
AMT, Series A, 5%, 5/15/26 (d)

 

 

510

 

$

495,817

 

               

Los Angeles, California, Regional Airports Improvement
Corporation, Lease Revenue Bonds (American Airlines Inc.),
AMT, Series B, 7.50%, 12/01/24

 

 

945

 

 

901,587

 

               

Los Angeles, California, Water and Power Revenue Bonds
(Power System), Sub-Series A-1, 5%, 7/01/35 (e)

 

 

500

 

 

511,145

 

               

Los Angeles County, California, Community Facilities District
Number 3, Special Tax Refunding Bonds (Improvement
Area A), Series A, 5.50%, 9/01/14 (e)

 

 

1,000

 

 

1,019,980

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

California—(concluded)

 

 

 

 

 

 

 

               

Poway, California, Unified School District, Special Tax Bonds
(Community Facilities District Number 6),
5.60%, 9/01/33

 

$

1,000

 

$

987,910

 

               

San Bernardino County, California, Special Tax Bonds
(Community Facilities District Number 2002-1),
5.90%, 9/01/33

 

 

1,000

 

 

936,420

 

               

Southern California HFA, S/F Mortgage Revenue Bonds,
AMT, Series A, 5.80%, 12/01/49 (b)(c)

 

 

500

 

 

499,660

 

               

Southern California Public Power Authority, Transmission
Project Revenue Refunding Bonds, 5.50%, 7/01/20 (d)

 

 

40

 

 

40,070

 

               

Stockton, California, Unified School District, GO (Election of
2005), 5%, 8/01/31 (e)

 

 

500

 

 

515,280

 

               

Tobacco Securitization Authority of Southern California,
Asset-Backed Revenue Bonds, Senior Series A,
5.625%, 6/01/12 (f)

 

 

900

 

 

992,088

 

               

Tustin, California, Unified School District, Senior Lien Special
Tax Bonds (Community Facilities District Number 97-1),
Series A, 5%, 9/01/32 (e)

 

 

750

 

 

759,570

 

               

Vacaville, California, Unified School District, GO (Election
of 2001), 5%, 8/01/30 (d)

 

 

500

 

 

507,865

 

 

 

 

 

 

     

 

 

 

 

 

 

17,106,734

 

               

Puerto Rico—17.3%

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds,
Series L, 5.25%, 7/01/38 (a)

 

 

85

 

 

88,967

 

               

Puerto Rico Commonwealth, Public Improvement, GO, Series A,:
5%, 7/01/14 (f)

 

 

315

 

 

346,503

 

5%, 7/01/34

 

 

185

 

 

174,435

 

               

Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series NN, 5.125%, 7/01/13 (f)

 

 

255

 

 

279,990

 

               

Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds
(Ana G. Mendez University System Project), 5%, 3/01/26

 

 

700

 

 

626,038

 

               

Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E,
5.50%, 2/01/12 (f)

 

 

745

 

 

803,952

 

 

 

 

 

 

     

 

 

 

 

 

 

2,319,885

 

               

Total Municipal Bonds (Cost—$19,318,646)—144.9%

 

 

 

 

 

19,426,619

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

   Shares

 

 

 

 

             

CMA California Municipal Money Fund, 1.9% (g)(h)

 

 

1,229,203

 

 

1,229,203

 

               

Total Short-Term Securities (Cost—$1,229,203)—9.2%

 

 

 

 

 

1,229,203

 

               

Total Investments (Cost—$20,547,849*)—154.1%

 

 

 

 

 

20,655,822

 

Other Assets Less Liabilities—1.9%

 

 

 

 

 

255,750

 

Preferred Shares, at Redemption Value—(56.0%)

 

 

 

 

 

(7,505,017

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

13,406,555

 

 

 

 

 

 

     

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

27




 

 


Schedule of Investments (concluded)

BlackRock California Investment Quality Municipal Trust, Inc. (RAA)


 

 

*

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

 

$

20,538,732

 

 

 

     

Gross unrealized appreciation

 

$

630,596

 

Gross unrealized depreciation

 

 

(513,866

)

 

 

     

Net unrealized appreciation

 

$

117,090

 

 

 

     

 

 

(a)

AMBAC Insured.

(b)

FHLMC Collateralized.

(c)

FNMA/GNMA Collateralized.

(d)

MBIA Insured.

(e)

FSA Insured.

(f)

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.

(g)

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
Activity
(000)

 

Dividend
Income

 

           

CMA California Municipal Money Fund

 

812

 

$

12,814

 

               

 

 

(h)

Represents the current yield as of report date.


 

 

 

 

 

 

 

28

SEMI-ANNUAL REPORT

APRIL 30, 2008




 

 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

 

BlackRock California Municipal Income Trust (BFZ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Municipal Bonds

 

(000)

 

Value

 

           

California—127.9%

 

 

 

 

 

 

 

               

Anaheim, California, Public Financing Authority, Lease
Revenue Bonds (Public Improvements Project),
Sub-Series C (a)(b):

 

 

 

 

 

 

 

5.67%, 9/01/31

 

$

24,500

 

$

6,782,580

 

5.58%, 9/01/32

 

 

6,070

 

 

1,582,935

 

               

California County Tobacco Securitization Agency, Tobacco
Revenue Bonds (Stanislaus County Tobacco Funding
Corporation), Series A, 5.875%, 6/01/43

 

 

5,000

 

 

4,700,650

 

               

California Educational Facilities Authority Revenue Bonds
(Stanford University), Series Q, 5.25%, 12/01/32

 

 

10,000

 

 

10,269,200

 

               

California Health Facilities Financing Authority Revenue
Bonds (Sutter Health), Series A, 5.25%, 11/15/46

 

 

7,000

 

 

7,017,010

 

               

California Infrastructure and Economic Development Bank
Revenue Bonds:

 

 

 

 

 

 

 

(J. David Gladstone Institute Project),

 

 

 

 

 

 

 

5.25%, 10/01/34

 

 

15,250

 

 

15,261,132

 

(Kaiser Hospital Assistance I-LLC), Series A,

 

 

 

 

 

 

 

5.55%, 8/01/31

 

 

13,500

 

 

13,678,875

 

               

California Pollution Control Financing Authority, Solid Waste
Disposal Revenue Bonds (Waste Management Inc.
Project), AMT, Series A-2, 5.40%, 4/01/25

 

 

2,290

 

 

2,070,641

 

               

California State Department of Water Resources, Power
Supply Revenue Bonds, Series A, 5.375% 5/01/12 (c)

 

 

10,000

 

 

11,031,300

 

               

California State University, Systemwide Revenue Bonds,
Series A, 5%, 11/01/39 (a)

 

 

2,400

 

 

2,465,040

 

               

California State, Various Purpose, GO, 5.50%, 11/01/33

 

 

10,000

 

 

10,315,500

 

               

California State, Veterans, GO, Refunding, AMT, Series BZ,
5.375%, 12/01/24 (d)

 

 

5,000

 

 

5,000,200

 

               

California Statewide Communities Development Authority
Revenue Bonds:

 

 

 

 

 

 

 

(Daughters of Charity National Health System),

 

 

 

 

 

 

 

Series A, 5.25%, 7/01/30

 

 

4,000

 

 

3,685,040

 

(Sutter Health), Series B, 5.625%, 8/15/42

 

 

10,000

 

 

10,199,200

 

               

Chula Vista, California, IDR (San Diego Gas and Electric
Company), AMT:

 

 

 

 

 

 

 

Series B, 5%, 12/01/27

 

 

5,065

 

 

4,863,109

 

Series D, 5%, 12/01/27

 

 

4,395

 

 

4,219,815

 

               

Elk Grove, California, Unified School District, Special Tax
Bonds (Community Facilities District Number 1) (b)(e):

 

 

 

 

 

 

 

5.6%, 12/01/29

 

 

7,485

 

 

2,224,841

 

5.599%, 12/01/30

 

 

7,485

 

 

2,089,438

 

5.601%, 12/01/31

 

 

7,485

 

 

1,965,636

 

               

Etiwanda School District, California, Public Financing
Authority, Local Agency Revenue Refunding Bonds,
5%, 9/15/32 (f)

 

 

1,100

 

$

1,125,883

 

               

Foothill/Eastern Corridor Agency, California, Toll Road
Revenue Refunding Bonds:

 

 

 

 

 

 

 

5.374%, 7/15/26 (g)

 

 

5,000

 

 

4,684,950

 

6.1%, 1/15/33 (b)

 

 

5,000

 

 

1,098,100

 

6.106%, 1/15/34 (b)

 

 

5,000

 

 

1,032,750

 

6.199%, 1/15/35 (b)

 

 

13,445

 

 

2,578,213

 

6.101%, 1/15/38 (b)

 

 

1,000

 

 

152,560

 

5.75%, 1/15/40

 

 

10,030

 

 

9,826,993

 

               

Golden State Tobacco Securitization Corporation of
California, Tobacco Settlement Revenue Bonds (c):

 

 

 

 

 

 

 

Series A-1, 6.625%, 6/01/13

 

 

2,000

 

 

2,291,320

 

Series B, 5.50%, 6/01/13

 

 

8,500

 

 

9,295,855

 

Series B, 5.625%, 6/01/13

 

 

5,800

 

 

6,376,578

 

               

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Municipal Bonds

 

(000)

 

Value

 

               

California—(continued)

 

 

 

 

 

 

 

               

Huntington Beach, California, Union High School District,
GO (Election of 2004), 5.02%, 8/01/33 (b)(h)

 

$

5,000

 

$

1,219,000

 

               

Irvine, California, Mobile Home Park Revenue Bonds
(Meadows Mobile Home Park), Series A,
5.70%, 3/01/28

 

 

4,965

 

 

4,857,309

 

               

Kaweah Delta Health Care District, California, Revenue
Refunding Bonds, 6%, 8/01/12 (c)

 

 

7,700

 

 

8,777,769

 

               

Lathrop, California, Financing Authority Revenue Bonds
(Water Supply Project):

 

 

 

 

 

 

 

5.90%, 6/01/27

 

 

2,855

 

 

2,741,257

 

6%, 6/01/35

 

 

5,140

 

 

4,857,814

 

               

Live Oak Unified School District, California, GO (Election of
2004), Series B (b)(i):

 

 

 

 

 

 

 

5.589%, 8/01/35

 

 

985

 

 

236,006

 

5.598%, 8/01/36

 

 

1,030

 

 

232,904

 

5.61%, 8/01/37

 

 

1,080

 

 

230,429

 

5.62%, 8/01/38

 

 

1,125

 

 

226,620

 

5.631%, 8/01/39

 

 

1,175

 

 

223,391

 

5.641%, 8/01/40

 

 

1,230

 

 

220,650

 

5.651%, 8/01/41

 

 

1,285

 

 

217,499

 

5.661%, 8/01/42

 

 

1,340

 

 

213,931

 

5.669%, 8/01/43

 

 

1,400

 

 

210,770

 

5.68%, 8/01/44

 

 

1,465

 

 

207,957

 

               

Los Angeles, California, Regional Airports Improvement
Corporation, Lease Revenue Bonds (American Airlines
Inc.), AMT, Series C, 7.50%, 12/01/24

 

 

4,110

 

 

3,915,761

 

               

Mount San Antonio Community College District, California,
GO (Election of 2001), Series C, 5%, 9/01/31 (a)

 

 

10,770

 

 

11,072,314

 

               

Palm Springs, California, Mobile Home Park Revenue
Bonds (Sahara Mobile Home Park), Series A,
5.625%, 5/15/26

 

 

1,000

 

 

984,390

 

               

Palomar Pomerado Health Care District, California, GO
(Election of 2004), Series A, 5.125%, 8/01/37 (d)

 

 

5,550

 

 

5,712,337

 

               

Port of Oakland, California, Revenue Refunding Bonds,
Intermediate Lien, AMT, Series A, 5%, 11/01/27 (d)

 

 

5,950

 

 

5,720,627

 

               

Rancho Cucamonga, California, Community Facilities
District, Special Tax Bonds, Series A, 6.50%, 9/01/33

 

 

4,000

 

$

4,028,160

 

               

Rancho Cucamonga, California, Redevelopment Agency,
Tax Allocation Bonds (Rancho Redevelopment Project),
5.125%, 9/01/30 (d)

 

 

15,500

 

 

15,579,050

 

               

Redding, California, Electric System, COP, Series A,
5%, 6/01/30 (a)

 

 

2,780

 

 

2,837,296

 

               

Richmond, California, Wastewater Revenue Bonds,
5.619%, 8/01/31 (b)(e)(j)

 

 

1,905

 

 

581,349

 

               

Sacramento County, California, Airport System Revenue
Bonds, AMT, Senior Series B, 5.25%, 7/01/33 (a)

 

 

1,275

 

 

1,264,341

 

               

San Diego, California, Community College District, GO
(Election of 2006), 5%, 8/01/32 (a)

 

 

9,000

 

 

9,275,040

 

               

San Francisco, California, City and County Airport
Commission, International Airport Revenue Refunding
Bonds, AMT, Second Series, Issue 27A,
5.25%, 5/01/31 (c)

 

 

6,500

 

 

6,389,240

 

               

San Francisco, California, City and County
Redevelopment Agency, Community Facilities District
Number 1, Special Tax Bonds (Mission Bay South
Public Improvements Project):

 

 

 

 

 

 

 

6.25%, 8/01/33

 

 

7,500

 

 

7,433,250

 

Series B, 6.125%, 8/01/31

 

 

1,775

 

 

1,733,962

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

29



 

 

 


 

Schedule of Investments (concluded)

 

BlackRock California Municipal Income Trust (BFZ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Municipal Bonds

 

(000)

 

Value

 

           

California—(concluded)

 

 

 

 

 

 

 

               

San Jose, California, M/F Housing Revenue Bonds:
(Lenzen Affordable Housing Project), AMT, Series B,

 

 

 

 

 

 

 

5.45%, 2/20/43 (k)(l)

 

$

2,880

 

$

2,822,515

 

(Villages Parkway Senior Apartments Housing Project),
AMT, Series D, 5.50%, 4/01/34 (m)

 

 

3,595

 

 

3,597,696

 

               

Santa Clara County, California, Housing Authority, M/F
Housing Revenue Bonds AMT, Series A:

 

 

 

 

 

 

 

(John Burns Gardens Apartments Project),

 

 

 

 

 

 

 

5.85%, 8/01/31

 

 

1,715

 

 

1,741,068

 

(Rivertown Apartments Project), 6%, 8/01/41

 

 

1,235

 

 

1,257,292

 

               

Santa Clarita, California, Community Facilities District
Number 02-1, Special Tax Refunding Bonds (Valencia
Town Center Project), 5.85%, 11/15/32

 

 

3,075

 

 

2,936,379

 

               

Stockton, California, Unified School District,
GO (Election of 2005), 5%, 8/01/31 (a)

 

 

2,500

 

 

2,576,400

 

               

Upland, California, Unified School District, GO,
5.125%, 8/01/25 (a)

 

 

2,000

 

 

2,089,900

 

               

Val Verde, California, Unified School District Financing
Authority, Special Tax Refunding Bonds, Junior Lien,
6.25%, 10/01/28

 

 

2,245

 

 

2,247,492

 

 

 

 

 

 

     

 

 

 

 

 

 

278,354,509

 

               

Puerto Rico—7.3%

 

 

 

 

 

 

 

               

Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series II, 5.25%, 7/01/12 (c)

 

 

5,000

 

 

5,517,000

 

               

Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E, 5.70%,
2/01/10 (c)

 

 

10,000

 

 

10,499,200

 

 

 

 

 

 

     

 

 

 

 

 

 

16,016,200

 

               

Total Municipal Bonds (Cost—$288,200,152)—135.2%

 

 

 

 

 

294,370,709

 

               

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Corporate Bonds

 

(000)

 

Value

 

           

Multi-State—10.0%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust (n):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

$

7,000

 

$

7,251,580

 

6.80%, 11/30/50

 

 

4,000

 

 

4,306,040

 

 

 

 

 

 

     

 

 

 

 

 

 

11,557,620

 

               

MuniMae TE Bond Subsidiary LLC (k):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

 

7,000

 

 

7,168,070

 

6.80%, 6/30/50

 

 

3,000

 

 

3,169,740

 

 

 

 

 

 

     

 

 

 

 

 

 

10,337,810

 

               

Total Corporate Bonds (Cost—$21,000,000)—10.0%

 

 

 

 

 

21,895,430

 

               

 

 

 

 

 

 

 

 









Short-Term Securities

 

 

Shares    

 

 

 

 

               

CMA California Municipal Money Fund, 2.08% (o)(p)

 

 

28,238,069

 

 

28,238,069

 

               

Total Short-Term Securities (Cost—$28,238,069)—13.0%

 

 

 

 

 

28,238,069

 

               

Total Investments (Cost—$337,438,221*)—158.2%

 

 

 

 

 

344,504,208

 

Other Assets Less Liabilities—2.4%

 

 

 

 

 

5,200,737

 

Preferred Shares, at Redemption Value—(60.6%)

 

 

 

 

 

(131,995,802

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

217,709,143

 

 

 

 

 

 

     

 

 

 

 

*

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

 

$

337,258,425

 

 

 

 

     

 

Gross unrealized appreciation

 

$

10,304,284

 

 

Gross unrealized depreciation

 

 

(3,058,501

)

 

 

 

     

 

Net unrealized appreciation

 

$

7,245,783

 

 

 

 

     

 

 

(a)

FSA Insured.

(b)

Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.

(c)

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.

(d)

MBIA Insured.

(e)

AMBAC Insured.

(f)

Assured Guaranty Insured.

(g)

Represents a step bond. Rate shown reflects the effective yield at the time of purchase.

(h)

FGIC Insured.

(i)

XL Capital Insured.

(j)

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

(k)

GNMA Collateralized.

(l)

FHA Insured.

(m)

FNMA Collateralized.

(n)

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.

(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:


 

 

 

 

 

 

 

 

               

 

 

Net

 

 

 

 

 

 

Activity

 

Dividend

 

Affiliate

 

(000)

 

Income

 

           

CMA California Municipal Money Market Fund

 

21,394

 

$

199,548

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

30

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

 

BlackRock Florida Investment Quality Municipal Trust (RFA)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Municipal Bonds

 

(000)

 

Value

 

           

Florida—141.2%

 

 

 

 

 

 

 

               

Arborwood Community Development District, Florida,
Capital Improvement Special Assessment Bonds (Master
Infrastructure Projects), Series B, 5.10%, 5/01/14

 

$

230

 

$

206,894

 

               

Ave Maria Stewardship Community District, Florida, Revenue
Bonds, 4.80%, 11/01/12

 

 

500

 

 

459,945

 

               

Boynton Beach, Florida, Utility System Revenue Refunding
Bonds, 6.25%, 11/01/20 (a)(b)

 

 

170

 

 

198,637

 

               

Brevard County, Florida, Health Facilities Authority, Healthcare
Facilities Revenue Bonds (Health First Inc. Project),
5%, 4/01/34

 

 

250

 

 

233,812

 

               

Broward County, Florida, HFA, S/F Mortgage Revenue
Refunding Bonds, AMT, Series E, 5.90%, 10/01/39 (c)(d)

 

 

500

 

 

506,975

 

               

Broward County, Florida, School Board, COP, Series A,
5%, 7/01/30 (e)

 

 

700

 

 

707,938

 

               

Dade County, Florida, Special Obligation Revenue Refunding
Bonds, Series B, 6.25%, 10/01/08 (f)(g)(h)

 

 

1,000

 

 

713,070

 

               

Escambia County, Florida, Environmental Improvement
Revenue Refunding Bonds (International Paper Company
Projects), AMT, Series A, 5%, 8/01/26

 

 

455

 

 

375,430

 

               

Florida Higher Educational Facilities Financing Authority
Revenue Bonds (Flagler College, Inc. Project),
5.25%, 11/01/36 (i)

 

 

555

 

 

559,923

 

               

Florida Housing Finance Corporation, Homeowner Mortgage
Revenue Bonds, AMT, Series 1, 6%, 7/01/39

 

 

200

 

 

202,510

 

               

Fort Myers, Florida, Utility System Revenue Refunding Bonds,
5%, 10/01/31 (j)

 

 

700

 

 

707,644

 

               

Halifax Hospital Medical Center, Florida, Hospital Revenue
Refunding and Improvement Bonds, Series A,
5.25%, 6/01/26

 

 

500

 

 

487,440

 

               

Heritage Harbour North Community Development District,
Florida, Capital Improvement Bonds, 6.375%, 5/01/38

 

 

250

 

 

223,667

 

               

Hillsborough County, Florida, Aviation Authority Revenue Bonds,
AMT, Series A, 5.50%, 10/01/38 (k)

 

 

500

 

 

503,525

 

               

Hillsborough County, Florida, HFA, S/F Mortgage Revenue
Bonds, AMT, Series 1, 5.375%, 10/01/49 (c)(d)

 

 

250

 

 

241,170

 

               

Hillsborough County, Florida, IDA, Hospital Revenue Bonds
(H. Lee Moffitt Cancer Center Project), Series A,
5.25%, 7/01/37

 

 

250

 

 

239,552

 

               

Hillsborough County, Florida, IDA, PCR, Refunding (Tampa
Electric Company Project), Series A, 5.65%, 5/15/18

 

 

150

 

 

151,092

 

               

Jacksonville Electric Authority, Florida, Saint John’s River Power
Park System Revenue Bonds, Issue Three, Series 2,
5%, 10/01/37

 

 

200

 

 

202,844

 

               

Jacksonville, Florida, HFA, Homeowner Mortgage Revenue
Refunding Bonds, AMT, Series A-1, 5.625%, 10/01/39 (c)(d)

 

 

250

 

 

248,722

 

               

Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project),
5%, 8/15/37 (e)

 

 

500

 

 

502,175

 

               

Jacksonville, Florida, Port Authority Revenue Bonds, AMT,
6% due 11/01/2038

 

 

200

 

 

206,188

 

               

Lee County, Florida, HFA, S/F Mortgage Revenue Bonds
(Multi-County Program), AMT, Series A-2, 6%, 9/01/40 (c)(d)

 

 

500

 

 

519,305

 

               

Lee County, Florida, IDA, Health Care Facilities, Revenue
Refunding Bonds (Shell Point/Alliance Obligor Group),
5%, 11/15/32 (l)

 

 

400

 

 

336,336

 

               

 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Municipal Bonds

 

(000)

 

Value

 

           

Florida—(concluded)

 

 

 

 

 

 

 

               

Madison County, Florida, First Mortgage Revenue Bonds
(Twin Oaks Project), Series A, 6%, 7/01/25

 

$

265

 

$

251,673

 

               

Manatee County, Florida, HFA, Homeowner Revenue Bonds,
AMT, Series A, 5.90%, 9/01/40 (c)(d)

 

 

250

 

 

249,427

 

               

Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical Center
of Florida), 6.75%, 11/15/21

 

 

500

 

 

508,415

 

               

Miami, Florida, Health Facilities Authority, Health System
Revenue Bonds (Catholic Health East), Series C, 5.125%,
11/15/24

 

 

750

 

 

753,390

 

               

Miami, Florida, Special Obligation Revenue Bonds (Street
and Sidewalk Improvement Program), 5%, 1/01/37 (j)

 

 

500

 

 

500,725

 

               

Miami-Dade County, Florida, Aviation Revenue Bonds (Miami
International Airport), Series B, 5%, 10/01/37 (a)

 

 

750

 

 

733,020

 

               

Miami-Dade County, Florida, HFA, Home Ownership Mortgage
Revenue Bonds, AMT, Series A, 5.55%, 10/01/49 (c)(d)

 

 

500

 

 

494,700

 

               

Miami-Dade County, Florida, Special Obligation Revenue
Bonds, Sub-Series B, 5.649%, 10/01/31 (h)(j)

 

 

5,000

 

 

1,382,400

 

               

New River Community Development District, Florida, Capital
Improvement Revenue Bonds, Series B, 5%, 5/01/13

 

 

250

 

 

228,213

 

               

Orange County, Florida, Educational Facilities Authority,
Educational Facilities Revenue Bonds (Rollins College
Project), 5.25%, 12/01/37 (f)

 

 

500

 

 

507,880

 

               

Orange County, Florida, Health Facilities Authority, Health Care
Revenue Refunding Bonds (Orlando Lutheran Towers),
5.375%, 7/01/20

 

 

105

 

 

95,779

 

               

Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Orlando Regional Healthcare),
5.70%, 7/01/26

 

 

95

 

 

85,719

 

               

Orlando, Florida, Senior Tourist Development Tax Revenue
Bonds (6th Cent Contract Payments), Series A,
5.25%, 11/01/38 (k)

 

 

550

 

 

568,282

 

               

Peace River/Manasota Regional Water Supply Authority,
Florida, Utility System Revenue Bonds, Series A,
5%, 10/01/35 (e)

 

 

750

 

 

762,053

 

               

Pine Ridge Plantation Community Development District,
Florida, Capital Improvement and Special Assessment
Bonds, Series B, 5%, 5/01/11

 

 

395

 

 

370,589

 

               

Pinellas County, Florida, Health Facilities Authority Revenue
Bonds (BayCare Health System Inc.), 5.50%, 5/15/13 (g)

 

 

1,000

 

 

1,112,100

 

               

Saint Johns County, Florida, Ponte Vedra Utility System
Revenue Bonds, 5%, 10/01/35 (e)

 

 

750

 

 

762,053

 

               

Saint Johns County, Florida, Water and Sewer Revenue
Bonds, CABS, 5.393%, 6/01/32 (f)(h)

 

 

1,000

 

 

257,680

 

               

Stevens Plantation Improvement Project Dependent Special
District, Florida, Revenue Bonds, 6.375%, 5/01/13

 

 

585

 

 

574,119

 

               

Suncoast Community Development District, Florida, Capital
Improvement Revenue Bonds, Series A, 5.875%, 5/01/34

 

 

245

 

 

236,927

 

               

Tolomato Community Development District, Florida, Special
Assessment Bonds, 6.55%, 5/01/27

 

 

250

 

 

244,428

 

               

Village Center Community Development District, Florida,
Recreational Revenue Bonds, Series A, 5%, 11/01/32 (j)

 

 

750

 

 

759,675

 

 

 

 

 

 

     

 

 

 

 

 

 

20,174,041

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

31



 

 

 


 

Schedule of Investments (concluded)

 

BlackRock Florida Investment Quality Municipal Trust (RFA)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

 

Par

 

 

 

 

Municipal Bonds

 

(000)

 

Value

 

           

Puerto Rico—14.7%

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Aqueduct and Sewer Authority,
Senior Lien Revenue Bonds, Series A, 6%, 7/01/44

 

$

400

 

$

417,920

 

               

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds, Series L,
5.25%, 7/01/38 (f)

 

 

85

 

 

88,967

 

               

Puerto Rico Commonwealth, Public Improvement, GO, Series A:
5%, 7/01/14 (g)

 

 

315

 

 

346,503

 

5%, 7/01/34

 

 

185

 

 

174,435

 

               

Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds
(Ana G. Mendez University System Project), 5%, 3/01/26

 

 

300

 

 

268,302

 

               

Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E, 5.50%, 2/01/12 (g)

 

 

745

 

 

803,952

 

 

 

 

 

 

     

 

 

 

 

 

 

2,100,079

 

               

Total Municipal Bonds (Cost—$22,495,059)—155.9%

 

 

 

 

$

22,274,120

 

               

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

           

CMA Florida Municipal Money Fund, 2.01% (m)(n)

 

 

817,070

 

$

817,070

 

               

Total Short-Term Securities (Cost—$817,070)—5.7%

 

 

 

 

 

817,070

 

               

Total Investments (Cost—$23,312,129*)—161.6%

 

 

 

 

 

23,091,190

 

Liabilities in Excess of Other Assets—(2.1%)

 

 

 

 

 

(301,364

)

Preferred Shares, at Redemption Value—(59.5%)

 

 

 

 

 

(8,504,943

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

14,284,883

 

 

 

 

 

 

     

 

 

 

 

*

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

 

$

23,312,150

 

 

 

     

Gross unrealized appreciation

 

 

440,706

 

Gross unrealized depreciation

 

 

(661,666

)

 

 

     

Net unrealized depreciation

 

$

(220,960

)

 

 

     

 

 

(a)

FGIC Insured.

(b)

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

(c)

FHLMC Collateralized.

(d)

FNMA/GNMA Collateralized.

(e)

FSA Insured.

(f)

AMBAC Insured.

(g)

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.

(h)

Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.

(i)

XL Capital Insured.

(j)

MBIA Insured.

(k)

Assured Guaranty Insured.

(l)

Security is illiquid.

(m)

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:


 

 

 

 

 

 

 

 

           

 

 

Net

 

Dividend

 

Affiliate

 

Activity

 

Income

 

           

CMA Florida Municipal Money Fund

 

 

606,570

 

$

6,645

 

               

 

 

(n)

Represents the current yield as of report date.

Forward interest rate swap outstanding as of April 30, 2008 was as follows:


 

 

 

 

 

 

 

 

               

 

 

Notional

 

 

 

 

 

 

Amount

 

Unrealized

 

 

 

(000)

 

Depreciation

 

           

Pay a fixed rate of 3.553% and receive a floating rate
based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, Lehman Brothers Special Financing
Expires June 2023

 

$

2,000

 

$

(4,156

)

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

32

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock Florida Municipal Income Trust (BBF)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

               

Florida—144.6%

 

 

 

 

 

 

 

               

Ave Maria Stewardship Community District, Florida,
Revenue Bonds, 4.80%, 11/01/12

 

$

1,000

 

$

919,890

 

               

Beacon Tradeport Community Development District, Florida,
Special Assessment Revenue Refunding Bonds
(Commercial Project), Series A, 5.625%, 5/01/32 (a)

 

 

7,705

 

 

7,722,490

 

               

Brevard County, Florida, Health Facilities Authority,
Healthcare Facilities Revenue Bonds (Health First Inc.
Project), 5%, 4/01/36

 

 

2,000

 

 

1,863,440

 

               

Capital Projects Finance Authority, Florida, Student Housing
Revenue Bonds (Capital Projects Loan Program),
Senior Series F-1, 5%, 10/01/31 (b)

 

 

2,800

 

 

2,655,576

 

               

Easton Park Community Development District, Florida,
Capital Improvement Revenue Bonds, 5.20%, 5/01/37

 

 

985

 

 

754,293

 

               

Escambia County, Florida, Health Facilities Authority, Health
Facility Revenue Bonds (Florida Health Care Facility Loan),
5.95%, 7/01/20 (c)

 

 

799

 

 

840,437

 

               

Florida State Board of Education, Public Education Capital
Outlay, GO, Series A, 5.125%, 6/01/10 (d)

 

 

5,550

 

 

5,907,475

 

               

Fort Myers, Florida, Utility System Revenue Refunding Bonds,
5%, 10/01/31 (b)

 

 

1,355

 

 

1,369,797

 

               

Gateway Services Community Development District, Florida,
Special Assessment Bonds (Stoneybrook Project),
5.50%, 7/01/08

 

 

35

 

 

34,971

 

               

Halifax Hospital Medical Center, Florida, Hospital Revenue
Refunding and Improvement Bonds, Series A,
5.25%, 6/01/26

 

 

2,500

 

 

2,437,200

 

               

Heritage Harbour North Community Development District,
Florida, Capital Improvement Bonds, 6.375%, 5/01/38

 

 

1,500

 

 

1,342,005

 

               

Heritage Harbour South Community Development District,
Florida, Capital Improvement Special Assessment Bonds,
Series A, 6.50%, 5/01/34

 

 

1,610

 

 

1,639,543

 

               

Highlands County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Adventist Health System):

 

 

 

 

 

 

 

ARS, VRDN, Series F, 4.25%, 11/15/35 (e)(f)

 

 

1,800

 

 

1,800,000

 

Series A, 6%, 11/15/11 (d)

 

 

6,500

 

 

7,228,715

 

Series C, 5.25%, 11/15/36

 

 

4,000

 

 

3,901,680

 

               

Hillsborough County, Florida, IDA, Hospital Revenue Bonds
(H. Lee Moffitt Cancer Center Project), Series A, 5.25%,
7/01/37

 

 

1,755

 

 

1,681,659

 

               

Hillsborough County, Florida, IDA, PCR, Refunding (Tampa
Electric Company Project):

 

 

 

 

 

 

 

5.50%, 10/01/23

 

 

1,450

 

 

1,440,995

 

Series A, 5.65%, 5/15/18

 

 

900

 

 

906,552

 

               

Jacksonville Electric Authority, Florida, Saint John’s River
Power Park System Revenue Bonds, Issue Three, Series 2,
5%, 10/01/37

 

 

1,100

 

 

1,115,642

 

               

Jacksonville, Florida, Economic Development Commission,
Health Care Facilities Revenue Bonds (Mayo Clinic-
Jacksonville), Series B, 5.50%, 11/15/36

 

 

7,500

 

 

7,600,950

 

               

Jacksonville, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Baptist Medical Center Project),
5%, 8/15/37 (e)

 

 

2,280

 

 

2,289,918

 

               

Jacksonville, Florida, Transit Revenue Bonds, 5%,
10/01/26 (b)

 

 

4,000

 

 

4,049,960

 

               

Laguna Lakes Community Development District, Florida,
Special Assessment Revenue Refunding Bonds, Series A,
6.40%, 5/01/13 (d)

 

 

1,575

 

 

1,802,430

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

               

Florida—(continued)

 

 

 

 

 

 

 

               

Lee County, Florida, IDA, Health Care Facilities, Revenue
Refunding Bonds (Shell Point/Alliance Obligor Group),
5%, 11/15/32 (g)

 

$

1,430

 

$

1,202,401

 

               

Lee Memorial Health System, Florida, Hospital Revenue
Bonds, Series A, 5%, 4/01/32 (c)

 

 

1,000

 

 

1,001,380

 

               

Madison County, Florida, First Mortgage Revenue Bonds
(Twin Oaks Project), Series A, 6%, 7/01/25

 

 

1,690

 

 

1,605,010

 

               

Melbourne, Florida, Water and Sewer Revenue Bonds,
5.23%, 10/01/21 (h)(i)(j)

 

 

2,770

 

 

1,514,525

 

               

Miami Beach, Florida, Health Facilities Authority, Hospital
Revenue Refunding Bonds (Mount Sinai Medical Center
of Florida), 6.75%, 11/15/21

 

 

3,000

 

 

3,050,490

 

               

Miami-Dade County, Florida, Expressway Authority, Toll
System Revenue Refunding Bonds, 5.125%, 7/01/25 (i)

 

 

1,000

 

 

1,021,550

 

               

Miami-Dade County, Florida, Special Obligation Revenue
Bonds (b)(j):

 

 

 

 

 

 

 

Sub-Series B, 5.596%, 10/01/33

 

 

9,700

 

 

2,391,341

 

Sub-Series C, 5.623%, 10/01/28

 

 

25,000

 

 

8,177,750

 

               

Miami-Dade County, Florida, Special Obligation Revenue
Refunding Bonds, Sub-Series A, 5.535%, 10/01/19 (b)(j)

 

 

2,595

 

 

1,445,311

 

               

New River Community Development District, Florida, Capital
Improvement Revenue Bonds, Series B, 5%, 5/01/13

 

 

1,500

 

 

1,369,275

 

               

Northern Palm Beach County Improvement District, Florida,
Water Control and Improvement Revenue Bonds (Unit of
Development Number 43):

 

 

 

 

 

 

 

6.10%, 8/01/11 (d)

 

 

1,155

 

 

1,272,833

 

6.125%, 8/01/11 (d)

 

 

3,500

 

 

3,894,345

 

6.10%, 8/01/21

 

 

295

 

 

297,159

 

               

Orange County, Florida, Educational Facilities Authority,
Educational Facilities Revenue Bonds (Rollins College
Project), 5.25%, 12/01/27 (c)

 

 

1,000

 

 

1,024,940

 

               

Orange County, Florida, Health Facilities Authority, Health
Care Revenue Refunding Bonds (Orlando Lutheran Towers),
5.375%, 7/01/20

 

 

655

 

 

597,478

 

               

Orange County, Florida, Health Facilities Authority, Hospital
Revenue Bonds (Orlando Regional Healthcare),
5.70%, 7/01/26

 

 

600

 

 

541,386

 

               

Orange County, Florida, Tourist Development, Tax Revenue
Refunding Bonds, 5%, 10/01/29 (c)

 

 

1,300

 

 

1,307,150

 

               

Orlando, Florida, Senior Tourist Development Tax Revenue
Bonds (6th Cent Contract Payments), Series A,
5.25%, 11/01/38 (k)

 

 

1,000

 

 

1,033,240

 

               

Orlando-Orange County Expressway Authority, Florida,
Expressway Revenue Bonds, VRDN, Sub-Series D,
3.34%, 7/01/40 (c)(f)

 

 

2,000

 

 

2,000,000

 

               

Palm Beach County, Florida, School Board, COP, Refunding,
Series B, 5%, 8/01/25 (c)

 

 

2,500

 

 

2,535,150

 

               

Palm Beach County, Florida, School Board, COP, Series A,
5%, 8/01/29 (b)(h)

 

 

1,000

 

 

1,005,250

 

               

Pine Ridge Plantation Community Development District,
Florida, Capital Improvement and Special Assessment
Bonds, Series B, 5%, 5/01/11

 

 

590

 

 

553,538

 

               

Saint Johns County, Florida, Ponte Vedra Utility System
Revenue Bonds, 5%, 10/01/35 (e)

 

 

1,000

 

 

1,016,070

 

               

Saint Johns County, Florida, Water and Sewer Revenue Bonds,
CABS, 5.335%, 6/01/30 (c)(j)

 

 

3,945

 

 

1,140,144

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

33



 

 


 

Schedule of Investments (concluded)

BlackRock Florida Municipal Income Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Florida—(concluded)

 

 

 

 

 

 

 

               

South Miami Health Facilities Authority, Florida, Hospital
Revenue Bonds (Baptist Health System Obligation Group),
5.25%, 2/01/13 (d)

 

$

12,000

 

$

13,128,600

 

               

South Miami Health Facilities Authority, Florida, Hospital
Revenue Refunding Bonds (Baptist Health System
Obligation Group), 5%, 8/15/32

 

 

1,000

 

 

985,540

 

               

Sumter County, Florida, IDA, IDR (North Sumter Utility
Company LLC), AMT, 6.80%, 10/01/32

 

 

2,700

 

 

2,708,100

 

               

Suncoast Community Development District, Florida, Capital
Improvement Revenue Bonds, Series A, 5.875%, 5/01/34

 

 

985

 

 

952,544

 

               

Tampa, Florida, Revenue Bonds (University of Tampa Project),
5.625%, 4/01/32 (a)

 

 

5,500

 

 

5,533,275

 

               

Tampa, Florida, Water and Sewer Revenue Refunding Bonds,
Series A, 5%, 10/01/26

 

 

4,000

 

 

4,077,600

 

               

Tolomato Community Development District, Florida, Special
Assessment Bonds, 6.55%, 5/01/27

 

 

1,250

 

 

1,222,138

 

               

Village Center Community Development District, Florida,
Recreational Revenue Bonds, Series A, 5%, 11/01/32 (b)

 

 

1,795

 

 

1,818,156

 

               

Village Community Development District Number 5, Florida,
Special Assessment Bonds, Series A:

 

 

 

 

 

 

 

6%, 5/01/22

 

 

2,845

 

 

2,866,338

 

6.50%, 5/01/33

 

 

1,395

 

 

1,419,204

 

               

Volusia County, Florida, Educational Facility Authority,
Educational Facilities Revenue Bonds (Embry-Riddle
Aeronautical University Project), Series A,
5.75%, 10/15/29

 

 

2,000

 

 

1,990,180

 

               

Watergrass Community Development District, Florida,
Special Assessment Revenue Bonds, Series B,
5.125%, 11/01/14

 

 

1,000

 

 

904,350

 

 

 

 

 

 

     

 

 

 

 

 

 

139,909,359

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Puerto Rico—11.5%

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Aqueduct and Sewer Authority,
Senior Lien Revenue Bonds, Series A, 6%, 7/01/44

 

$

2,100

 

$

2,194,080

 

               

Puerto Rico Commonwealth, Public Improvement, GO,
Series A, 5.125%, 7/01/31

 

 

4,980

 

 

4,749,177

 

               

Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E, 5.70%,
2/01/10 (d)

 

 

4,000

 

 

4,199,680

 

 

 

 

 

 

     

 

 

 

 

 

 

11,142,937

 

               

Total Municipal Bonds (Cost—$148,355,909)—156.1%

 

 

 

 

 

151,052,296

 

               

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

   Shares

 

 

 

 

             

CMA Florida Municipal Money Fund, 2.01% (l)(m)

 

 

1,291,137

 

 

1,291,137

 

               

Total Short-Term Securities (Cost—$1,291,137)—1.3%

 

 

 

 

 

1,291,137

 

               

Total Investments (Cost—$149,647,046*)—157.4%

 

 

 

 

 

152,343,433

 

Other Assets Less Liabilities—2.1%

 

 

 

 

 

2,003,904

 

Preferred Shares, at Redemption Value—(59.5%)

 

 

 

 

 

(57,555,953

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

96,791,384

 

 

 

 

 

 

     

 

 

 

 

*

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

 

 

 

 

$

149,646,807

 

 

 

 

 

 

 

     

 

Gross unrealized appreciation

 

 

 

 

$

4,948,993

 

 

Gross unrealized depreciation

 

 

 

 

 

(2,252,367

)

 

 

 

 

 

 

     

 

Net unrealized appreciation

 

 

 

 

$

2,696,626

 

 

 

 

 

 

 

     

 

 

(a)

Radian Insured.

(b)

MBIA Insured.

(c)

AMBAC Insured.

(d)

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.

(e)

FSA Insured.

(f)

Variable rate security. Rate shown is as of report date. Maturity shown is the final maturity date.

(g)

Security is illiquid.

(h)

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

(i)

FGIC Insured.

(j)

Represents a zero coupon bond. Rate shown reflects the effective yield at the time of purchase.

(k)

Assured Guaranty Insured.

(l)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(c) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 

 

 

           

 

Affiliate

 

Net
Activity

 

Dividend
Income

 

 

           

 

CMA Florida Municipal Money Fund

 

(471,860

)

 

$

27,544

 

 

               

(m)

Represents the current yield as of report date.

 

 

 

 

 

 

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

34

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New Jersey—129.0%

 

 

 

 

 

           

Burlington County, New Jersey, Bridge Commission, EDR,
Refunding (The Evergreens Project), 5.625%, 1/01/38

 

$

150

 

$

136,410

 

               

Delaware River Port Authority of Pennsylvania and New Jersey
Revenue Bonds, 5.75%, 1/01/26 (a)

 

 

1,000

 

 

1,031,520

 

               

Essex County, New Jersey, Improvement Authority, Airport
Revenue Refunding Bonds, AMT, 5%, 11/01/25 (b)

 

 

250

 

 

242,900

 

               

Hudson County, New Jersey, Improvement Authority, Capital
Appreciation Revenue Bonds, Series A-1,
4.46%, 12/15/32 (b)

 

 

1,000

 

 

270,280

 

               

Middlesex County, New Jersey, Improvement Authority
Revenue Bonds (George Street Student Housing Project),
Series A, 5%, 8/15/35

 

 

1,000

 

 

911,310

 

               

Middlesex County, New Jersey, Improvement Authority,
Subordinate Revenue Bonds (Heldrich Center Hotel/
Conference Project), Series B, 6.25%, 1/01/37

 

 

200

 

 

171,176

 

               

New Jersey EDA, Cigarette Tax Revenue Bonds,
5.75%, 6/15/34

 

 

1,000

 

 

956,990

 

               

New Jersey EDA, First Mortgage Revenue Bonds
(Lions Gate Project), Series A:

 

 

 

 

 

 

 

5.75%, 1/01/25

 

 

60

 

 

54,998

 

5.875%, 1/01/37

 

 

110

 

 

95,898

 

               

New Jersey EDA, First Mortgage Revenue Refunding Bonds
(The Winchester Gardens at Ward Homestead Project),
Series A, 5.80%, 11/01/31

 

 

1,000

 

 

974,230

 

               

New Jersey EDA, Retirement Community Revenue Refunding
Bonds (Seabrook Village, Inc.), 5.25%, 11/15/26

 

 

140

 

 

123,007

 

               

New Jersey EDA, Revenue Bonds (Newark Downtown District
Management Corporation), 5.125%, 6/15/37

 

 

100

 

 

87,645

 

               

New Jersey EDA, School Facilities Construction Revenue
Bonds, Series U, 5%, 9/01/37 (c)

 

 

300

 

 

305,811

 

               

New Jersey EDA, Solid Waste Disposal Facilities Revenue
Bonds (Waste Management Inc.), AMT, Series A,
5.30%, 6/01/15

 

 

500

 

 

499,720

 

               

New Jersey EDA, Special Facility Revenue Bonds (Continental
Airlines Inc. Project), AMT, 7%, 11/15/30

 

 

925

 

 

844,257

 

               

New Jersey EDA, Transportation Project Sublease Revenue
Bonds, Series A, 5.75%, 5/01/10 (a)

 

 

900

 

 

955,701

 

               

New Jersey EDA, Water Facilities Revenue Bonds (New Jersey-
American Water Company, Inc. Project), AMT, Series A,
5.25%, 11/01/32 (c)

 

 

250

 

 

242,297

 

               

New Jersey Health Care Facilities Financing Authority
Revenue Bonds:

 

 

 

 

 

 

 

(Hackensack University Medical Center), 6%,
1/01/25

 

 

1,000

 

 

1,024,870

 

(Meridian Health), Series I, 5%, 7/01/38 (d)

 

 

100

 

 

100,707

 

               

New Jersey Health Care Facilities Financing Authority, Revenue
Refunding Bonds:

 

 

 

 

 

 

 

(Hackensack University Medical Center),
5.25%, 1/01/36 (d)

 

 

250

 

 

257,240

 

(Saint Barnabas Health Care System), Series A,
5%, 7/01/29

 

 

250

 

 

231,222

 

(Saint Barnabas Health Care System), Series B,
5.92%, 7/01/30

 

 

500

 

 

107,480

 

(Saint Barnabas Health Care System), Series B,
5.72%, 7/01/36

 

 

840

 

 

115,786

 

(Saint Barnabas Health Care System), Series B,
5.79%, 7/01/37

 

 

900

 

 

114,651

 

(Saint Joseph’s Hospital and Medical Center), Series A,
5.75%, 7/01/16 (e)

 

 

1,000

 

 

1,003,300

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New Jersey—(concluded)

 

 

 

 

 

 

 

               

New Jersey State Educational Facilities Authority, Revenue
Refunding Bonds, Series D:

 

 

 

 

 

 

 

(College of New Jersey), 5%, 7/01/35 (a)

 

$

380

 

$

389,728

 

(Georgian Court University), 5%, 7/01/33

 

 

100

 

 

94,391

 

               

New Jersey State Educational Facilities Authority, Revenue
Refunding Bonds:

 

 

 

 

 

 

 

(Ramapo College), Series I, 4.25%, 7/01/31 (c)

 

 

250

 

 

226,980

 

(Rowan University), Series B, 5%, 7/01/24

 

 

255

 

 

268,918

 

               

New Jersey State Turnpike Authority, Turnpike Revenue
Refunding Bonds, Series C, 6.50%, 1/01/16 (f)

 

 

1,000

 

 

1,147,421

 

               

Newark, New Jersey, Housing Authority, Port Authority-
Port Newark Marine Terminal, Additional Rent-Backed
Revenue Refunding Bonds (City of Newark Redevelopment
Projects), 4.375%, 1/01/37 (b)

 

 

375

 

 

349,912

 

               

Old Bridge Township, New Jersey, Board of Education, GO,
Refunding, 4.375%, 7/15/32 (b)

 

 

500

 

 

478,575

 

               

Passaic Valley, New Jersey, Sewer Commissioner’s Revenue
Refunding Bonds (Sewer System), Series E,
5.75%, 12/01/21 (c)

 

 

1,000

 

 

1,043,850

 

               

Perth Amboy, New Jersey, GO (Convertible CABS), Refunding,
4.499%, 7/01/34 (a)

 

 

100

 

 

81,873

 

               

Salem County, New Jersey, Improvement Authority Revenue
Bonds (Finlaw State Office Building Project),
5.25%, 8/15/38 (a)

 

 

100

 

 

104,478

 

               

South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series A,
4.50%, 11/01/35 (g)

 

 

490

 

 

446,111

 

               

Tobacco Settlement Financing Corporation of New Jersey,
Asset-Backed Revenue Refunding Bonds:

 

 

 

 

 

 

 

6.125%, 6/01/12 (h)

 

 

750

 

 

836,175

 

Series 1B, 5.65%, 6/01/41

 

 

600

 

 

53,010

 

 

 

 

 

 

     

 

 

 

 

 

 

16,380,828

 

               

Puerto Rico—11.9%

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Highway and Transportation
Authority, Transportation Revenue Refunding Bonds, Series L,
5.25%, 7/01/38 (c)

 

 

80

 

 

83,734

 

               

Puerto Rico Commonwealth Infrastructure Financing Authority,
Special Tax and Capital Appreciation Revenue Bonds,
Series A, 4.34%, 7/01/37 (c)

 

 

795

 

 

155,271

 

               

Puerto Rico Commonwealth, Public Improvement, GO, Series A,
5.25%, 7/01/16 (h)

 

 

310

 

 

347,774

 

               

Puerto Rico Electric Power Authority, Power Revenue Bonds,
Series RR, 5%, 7/01/15 (g)(h)

 

 

350

 

 

386,757

 

               

Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds (Ana G.
Mendez University System Project), 5%, 3/01/26

 

 

600

 

 

536,604

 

 

 

 

 

 

     

 

 

 

 

 

 

1,510,140

 

               

Total Municipal Bonds (Cost—$18,253,577)—140.9%

 

 

 

 

 

17,890,968

 

               

 

 

 

 

 

 

 

 

               

 

 

 

 

 

 

 

 

Corporate Bonds

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust, 6.625%, 6/30/49 (i)

 

 

1,000

 

 

1,039,280

 

               

Total Corporate Bonds (Cost—$1,019,780)—8.2%

 

 

 

 

 

1,039,280

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

35



 

 


 

Schedule of Investments (concluded)

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

           

CMA New Jersey Municipal Money Fund, 2.12% (j)(k)

 

1,009,496

 

$

1,009,496

 

               

Total Short-Term Securities (Cost—$1,009,496)—7.9%

 

 

 

 

 

1,009,496

 

               

Total Investments (Cost—$20,282,853*)—157.0%

 

 

 

 

 

19,939,744

 

Other Assets Less Liabilities—2.1%

 

 

 

 

 

262,573

 

Preferred Shares, at Redemption Value—(59.1%)

 

 

 

 

 

(7,500,776

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

12,701,541

 

 

 

 

 

 

     

 

 

 

 

*

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

 

 

 

 

$

20,222,117

 

 

 

 

 

 

 

     

 

Gross unrealized appreciation

 

 

 

 

$

573,797

 

 

Gross unrealized depreciation

 

 

 

 

 

(856,170

)

 

 

 

 

 

 

     

 

Net unrealized depreciation

 

 

 

 

$

(282,373

)

 

 

 

 

 

 

     

 

 

(a)

FSA Insured.

(b)

MBIA Insured.

(c)

AMBAC Insured.

(d)

Assured Guaranty Insured.

(e)

Connie Lee Insured.

(f)

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

(g)

FGIC Insured.

(h)

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.

(i)

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.

(j)

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
Activity

 

Dividend
Income

 

 

               

 

CMA New Jersey Municipal Money Fund

 

1,005,072

 

$

5,498

 

 

               

 

(k)

Represents the current yield as of report date.

 

 

 

 

 

 

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

36

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

 

Value

 

               

New Jersey—120.7%

 

 

 

 

 

 

 

               

Burlington County, New Jersey, Bridge Commission, EDR,

 

 

 

 

 

 

 

Refunding (The Evergreens Project), 5.625%, 1/01/38

 

$

1,000

 

$

909,400

 

               

Cherry Hill Township, New Jersey, GO, 5%, 7/15/11 (a)

 

 

2,775

 

 

2,971,026

 

               

Garden State Preservation Trust, New Jersey, Revenue Bonds,

 

 

 

 

 

 

 

Series B, 5.22%, 11/01/26 (b)(j)

 

 

12,600

 

 

5,034,582

 

               

Middlesex County, New Jersey, Improvement Authority AMT (c):

 

 

 

 

 

 

 

(Administration Building Residential Project),

 

 

 

 

 

 

 

5.35%, 7/01/34

 

 

1,400

 

 

1,401,708

 

(New Brunswick Apartments Rental Housing),

 

 

 

 

 

 

 

5.30%, 8/01/35

 

 

4,390

 

 

4,284,508

 

               

Middlesex County, New Jersey, Improvement Authority,

 

 

 

 

 

 

 

Subordinate Revenue Bonds (Heldrich Center Hotel/

 

 

 

 

 

 

 

Conference Project), Series B, 6.25%, 1/01/37

 

 

1,790

 

 

1,532,025

 

               

Middlesex County, New Jersey, Pollution Control Financing

 

 

 

 

 

 

 

Authority, Revenue Refunding Bonds (Amerada Hess

 

 

 

 

 

 

 

Corporation), 6.05%, 9/15/34

 

 

2,500

 

 

2,491,625

 

               

New Jersey EDA Cigarette Tax Revenue Bonds:

 

 

 

 

 

 

 

5.75%, 6/15/29 (d)

 

 

500

 

 

527,360

 

5.75%, 6/15/34

 

 

5,000

 

 

4,784,950

 

               

New Jersey EDA, EDR:

 

 

 

 

 

 

 

(Kapkowski Road Landfill Reclamation

 

 

 

 

 

 

 

Improvement District Project), AMT, Series B,

 

 

 

 

 

 

 

6.50%, 4/01/31

 

 

5,000

 

 

5,083,500

 

(Masonic Charity Foundation Project),

 

 

 

 

 

 

 

5.50%, 6/01/31

 

 

2,000

 

 

2,041,620

 

               

New Jersey EDA, EDR Refunding (Kapkowski Road Landfill

 

 

 

 

 

 

 

Reclamation Improvement District Project), 6.50%,

 

 

 

 

 

 

 

4/01/28

 

 

2,500

 

 

2,574,800

 

               

New Jersey EDA, First Mortgage Revenue Bonds:

 

 

 

 

 

 

 

(Fellowship Village Project), Series C, 5.50%, 1/01/18

 

 

2,630

 

 

2,639,468

 

(Lions Gate Project), Series A, 5.75%, 1/01/25

 

 

500

 

 

458,315

 

(Lions Gate Project), Series A, 5.875%, 1/01/37

 

 

855

 

 

745,389

 

               

New Jersey EDA, First Mortgage Revenue Refunding Bonds

 

 

 

 

 

 

 

(The Winchester Gardens at Ward Homestead Project),

 

 

 

 

 

 

 

Series A, 5.75%, 11/01/24

 

 

4,050

 

 

4,071,789

 

               

New Jersey EDA, Mortgage Revenue Refunding Bonds

 

 

 

 

 

 

 

(Victoria Health Corporation Project), Series A,

 

 

 

 

 

 

 

5.20%, 12/20/36 (e)

 

 

1,885

 

 

1,918,949

 

               

New Jersey EDA, Retirement Community Revenue Refunding

 

 

 

 

 

 

 

Bonds (Seabrook Village, Inc.), 5.25%, 11/15/26

 

 

1,790

 

 

1,572,729

 

               

New Jersey EDA, School Facilities Construction Revenue Bonds,

 

 

 

 

 

 

 

Series U, 5%, 9/01/37(f)

 

 

700

 

 

713,559

 

               

New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds

 

 

 

 

 

 

 

(Waste Management Inc.), AMT, Series A, 5.30%, 6/01/15

 

 

2,000

 

 

1,998,880

 

               

New Jersey EDA, Special Facility Revenue Bonds (Continental

 

 

 

 

 

 

 

Airlines Inc. Project) AMT:

 

 

 

 

 

 

 

7%, 11/15/30

 

 

3,450

 

 

3,148,849

 

7.20%, 11/15/30

 

 

2,000

 

 

1,867,460

 

               

New Jersey Health Care Facilities Financing Authority:

 

 

 

 

 

 

 

Revenue Bonds:

 

 

 

 

 

 

 

(Kennedy Health System), 5.625%, 7/01/31

 

 

10,000

 

 

10,075,500

 

(Meridian Health), Series I, 5%, 7/01/38 (d)

 

 

750

 

 

755,303

 

(South Jersey Hospital System), 6%, 7/01/12 (a)

 

 

5,500

 

 

6,128,210

 

(South Jersey Hospital), 6%, 7/01/12 (a)

 

 

1,960

 

 

2,183,871

 

               

New Jersey Health Care Facilities Financing Authority

 

 

 

 

 

 

 

Health System Revenue Bonds (Catholic Health East),

 

 

 

 

 

 

 

Series A, 5.375%, 11/15/12 (a)

 

 

3,000

 

 

3,309,750

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

               

New Jersey—(concluded)

 

 

 

 

 

 

 

               

New Jersey Health Care Facilities Financing Authority

 

 

 

 

 

 

 

Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Atlantic City Medical Center), 5.75%, 7/01/12 (a)

 

$

1,995

 

$

2,203,478

 

(Atlantic City Medical Center), 5.75%, 7/01/25

 

 

2,505

 

 

2,569,980

 

(Saint Barnabas Health Care System), Series A,

 

 

 

 

 

 

 

5%, 7/01/29

 

 

750

 

 

693,667

 

(Saint Barnabas Health Care System), Series B,

 

 

 

 

 

 

 

5.798%, 7/01/30 (j)

 

 

2,500

 

 

537,400

 

(Saint Barnabas Health Care System), Series B,

 

 

 

 

 

 

 

5.721%, 7/01/36 (j)

 

 

7,700

 

 

1,061,368

 

(Saint Barnabas Health Care System), Series B,

 

 

 

 

 

 

 

5.791%, 7/01/37 (j)

 

 

7,250

 

 

923,577

 

(South Jersey Hospital System), 5%, 7/01/46

 

 

1,650

 

 

1,571,493

 

               

New Jersey State Educational Facilities Authority:

 

 

 

 

 

 

 

(Fairleigh Dickinson University), Series D, 6%, 7/01/25

 

 

3,000

 

 

3,054,300

 

(Georgian Court College Project), Series C,

 

 

 

 

 

 

 

6.50%, 7/01/13 (a)

 

 

2,120

 

 

2,467,235

 

               

New Jersey State Educational Facilities Authority Revenue

 

 

 

 

 

 

 

Refunding Bonds:

 

 

 

 

 

 

 

(College of New Jersey), Series D, 5%, 7/01/35 (b)

 

 

3,230

 

 

3,312,688

 

(Fairleigh Dickinson University), Series C, 5.50%, 7/01/23

 

 

1,000

 

 

1,002,510

 

(Fairleigh Dickinson University), Series C, 6%, 7/01/20

 

 

2,000

 

 

2,074,820

 

(Georgian Court University), Series D, 5%, 7/01/33

 

 

250

 

 

235,978

 

(Ramapo College), Series I, 4.25%, 7/01/31 (f)

 

 

500

 

 

453,960

 

(Rowan University), Series B, 5%, 7/01/24 (d)

 

 

1,500

 

 

1,581,870

 

               

New Jersey State Housing and Mortgage Finance Agency,

 

 

 

 

 

 

 

S/F Housing Revenue Refunding Bonds, AMT, Series T,

 

 

 

 

 

 

 

4.70%, 10/01/37

 

 

700

 

 

616,014

 

               

New Jersey State Transportation Trust Fund Authority,

 

 

 

 

 

 

 

Transportation System Revenue Bonds, Series C,

 

 

 

 

 

 

 

4.83%, 12/15/32 (b)(j)

 

 

4,000

 

 

1,104,720

 

               

Newark, New Jersey, Health Care Facility Revenue Refunding

 

 

 

 

 

 

 

Bonds (New Community Urban Renewal), Series A,

 

 

 

 

 

 

 

5.20%, 6/01/30 (e)(g)

 

 

1,875

 

 

1,912,313

 

               

Newark, New Jersey, Housing Authority, Port Authority-Port

 

 

 

 

 

 

 

Newark Marine Terminal, Additional Rent-Backed Revenue

 

 

 

 

 

 

 

Refunding Bonds (City of Newark Redevelopment Projects),

 

 

 

 

 

 

 

4.375%, 1/01/37 (h)

 

 

3,000

 

 

2,799,300

 

               

Perth Amboy, New Jersey GO (Convertible CABS), Refunding (b)(j):

 

 

 

 

 

 

 

5%, 7/01/34

 

 

1,075

 

 

880,135

 

5%, 7/01/35

 

 

175

 

 

143,157

 

               

Port Authority of New York and New Jersey, Special Obligation

 

 

 

 

 

 

 

Revenue Bonds (JFK International Air Terminal), AMT,

 

 

 

 

 

 

 

Series 6, 5.75%, 12/01/22 (h)

 

 

6,000

 

 

6,017,640

 

               

Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue

 

 

 

 

 

 

 

Bonds, CABS, Series A, 4.36%, 9/01/33 (h)(j)

 

 

2,000

 

 

524,920

 

               

Salem County, New Jersey, Improvement Authority Revenue

 

 

 

 

 

 

 

Bonds (Finlaw State Office Building Project),

 

 

 

 

 

 

 

5.25%, 8/15/38 (b)

 

 

225

 

 

235,076

 

               

Tobacco Settlement Financing Corporation of New Jersey:

 

 

 

 

 

 

 

Asset-Backed Revenue Refunding Bonds:

 

 

 

 

 

 

 

6.125%, 6/01/12 (a)

 

 

10,500

 

 

11,706,450

 

Series 1B, 5.65%, 6/01/41 (j)

 

 

3,300

 

 

291,555

 

               

Trenton, New Jersey, Parking Authority Parking Revenue

 

 

 

 

 

 

 

Refunding Bonds (i):

 

 

 

 

 

 

 

5%, 4/01/25

 

 

3,465

 

 

3,507,065

 

5%, 4/01/30

 

 

1,500

 

 

1,510,455

 

               

Vineland, New Jersey, Electric Utility GO, Refunding, AMT (h):

 

 

 

 

 

 

 

5.30%, 5/15/30

 

 

1,500

 

 

1,476,960

 

5.375%, 5/15/31

 

 

1,500

 

 

1,489,185

 

 

 

 

 

 

     

 

 

 

 

 

 

133,184,394

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

37




 

 

 


 

Schedule of Investments (concluded)

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

Puerto Rico—15.9%

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Highway and Transportation Authority,

 

 

 

 

 

 

 

Transportation Revenue Refunding Bonds, Series D,

 

 

 

 

 

 

 

5.25%, 7/01/12 (a)

 

$

1,000

 

$

1,077,350

 

               

Puerto Rico Commonwealth Infrastructure Financing Authority,

 

 

 

 

 

 

 

Special Tax and Capital Appreciation Revenue Bonds,

 

 

 

 

 

 

 

Series A, 4.34%, 7/01/37 (f)(j)

 

 

6,000

 

 

1,171,860

 

               

Puerto Rico Housing Financing Corporation:

 

 

 

 

 

 

 

Home Mortgage Revenue Bonds (Mortgage-Backed

 

 

 

 

 

 

 

Securities), AMT, Series B, 5.30%, 12/01/28 (k)(l)

 

 

2,545

 

 

2,549,886

 

               

Puerto Rico Housing Financing Corporation:

 

 

 

 

 

 

 

Home Mortgage Revenue Refunding Bonds (Mortgage-

 

 

 

 

 

 

 

Backed Securities), Series A, 5.20%, 12/01/33 (k)(l)

 

 

2,550

 

 

2,563,566

 

               

Puerto Rico Public Buildings Authority Revenue Bonds,

 

 

 

 

 

 

 

CABS, Series D (f)(j):

 

 

 

 

 

 

 

5.45%, 7/01/12

 

 

1,335

 

 

1,112,629

 

5.45%, 7/01/17

 

 

3,665

 

 

3,308,615

 

               

Puerto Rico Public Buildings Authority: Government Facilities

 

 

 

 

 

 

 

Revenue Refunding Bonds, Series D:

 

 

 

 

 

 

 

5.25%, 7/01/12 (a)

 

 

3,765

 

 

4,039,506

 

5.25%, 7/01/36

 

 

1,735

 

 

1,675,507

 

 

 

 

 

 

     

 

 

 

 

 

 

17,498,919

 

               

Total Municipal Bonds (Cost—$148,570,021) 136.6%

 

 

 

 

 

150,683,313

 

               

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

           

Multi-State—13.7%

 

 

 

 

 

 

 

               

Charter Mac Equity Issuer Trust:

 

 

 

 

 

 

 

6.30%, 6/30/49

 

$

7,000

 

$

7,251,580

 

6.80%, 11/30/50

 

 

2,500

 

 

2,691,275

 

MuniMae TE Bond Subsidiary LLC:

 

 

 

 

 

 

 

6.30%, 6/30/49 (m)

 

 

3,000

 

 

3,072,030

 

6.80%, 6/30/50 (j)

 

 

2,000

 

 

2,113,160

 

               

Total Corporate Bonds (Cost—$14,503,750)—13.7%

 

 

 

 

 

15,128,045

 

               

 

 

 

 

 

 

 

 


Short-Term Securities

 

Shares

 

 

 

 

             

CMA New Jersey Municipal Money Fund, 2.12% (n)(o)

 

6,557,212

 

 

6,557,212

 

             

Total Short-Term Securities (Cost—$6,557,212)—5.9%

 

 

 

 

 

6,557,212

 

               

Total Investments (Cost—$169,630,983*)—156.2%

 

 

 

 

 

172,368,570

 

Other Assets Less Liabilities—1.6%

 

 

 

 

 

1,826,554

 

Preferred Shares, at Redemption Value—(57.8%)

 

 

 

 

 

(63,837,693

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

110,357,431

 

 

 

 

 

 

     

 

 

 

 

*

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

 

$

168,746,183

 

 

 

     

Gross unrealized appreciation

 

$

7,342,187

 

Gross unrealized depreciation

 

 

(3,719,800

)

 

 

     

Net unrealized appreciation

 

$

3,622,387

 

 

 

     

 

 

(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)

FSA Insured.

(c)

FNMA Collateralized.

(d)

Assured Guaranty Insured.

(e)

GNMA Collateralized.

(f)

AMBAC Insured.

(g)

FHA Insured.

(h)

MBIA Insured.

(i)

FGIC Insured.

(j)

Represents a zero coupon bond; the interest rate shown is the effective yield at the time of purchase.

(k)

FHLMC Collateralized.

(l)

FNMA/GNMA Collateralized.

(m)

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.

(n)

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
Activity

 

Dividend
Income

 

           

CMA New Jersey Municipal Money Fund

 

6,334,031

 

$

36,363

 

               

 

 

(o)

Represents the current yield as of report date.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

38

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock New York Investment Quality Municipal Trust (RNY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—134.3%

 

 

 

 

 

 

 

               

Albany, New York, IDA, Civic Facility Revenue Bonds (New
Covenant Charter School Project) Series A (m):

 

 

 

 

 

 

 

7%, 5/01/25

 

$

95

 

$

75,832

 

7%, 5/01/35

 

 

60

 

 

46,975

 

               

Albany, New York, Municipal Water Finance Authority, Second
Resolution Revenue Bonds, Series B, 5%, 12/01/33 (i)

 

 

1,000

 

 

1,000,070

 

               

Genesee County, New York, IDA, Civic Facility Revenue
Refunding Bonds (United Memorial Medical Center Project),
5%, 12/01/27

 

 

100

 

 

85,283

 

               

Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds Series A:

 

 

 

 

 

 

 

4.50%, 2/15/47 (i)

 

 

75

 

 

69,601

 

5%, 2/15/47 (b)

 

 

100

 

 

97,370

 

               

Madison County, New York, IDA, Civic Facility Revenue Bonds
(Colgate University Project), Series B, 5%, 7/01/23

 

 

2,000

 

 

2,064,440

 

               

Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series F, 5%, 11/15/35

 

 

250

 

 

251,085

 

               

New York City, New York, City Housing Development Corporation,
M/F Housing Revenue Bonds:

 

 

 

 

 

 

 

AMT, Series B-1, 5.15%, 11/01/37

 

 

250

 

 

241,365

 

AMT, Series J-2, 4.75%, 11/01/27

 

 

500

 

 

462,810

 

Series A, 5.25%, 5/01/30 (c)(e)

 

 

1,000

 

 

1,010,240

 

               

New York City, New York, City IDA, PILOT Revenue Bonds:

 

 

 

 

 

 

 

(Queens Baseball Stadium Project), 5%, 1/01/39 (h)

 

 

250

 

 

251,030

 

(Queens Baseball Stadium Project), 5%, 1/01/46 (h)

 

 

400

 

 

398,624

 

(Yankee Stadium Project), 5%, 3/01/46 (b)

 

 

100

 

 

94,943

 

               

New York City, New York, City IDA, Revenue Bonds
(IAC/InterActiveCorp Project), 5%, 9/01/35

 

 

500

 

 

427,475

 

               

New York City, New York, City IDA, Special Facility Revenue
Bonds, AMT:

 

 

 

 

 

 

 

(American Airlines, Inc. - JFK International Airport),
7.625%, 8/01/25

 

 

950

 

 

919,980

 

(Continental Airlines Inc. Project), 7.75%, 8/01/31

 

 

300

 

 

292,761

 

               

New York City, New York, City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds:

 

 

 

 

 

 

 

Series A, 4.25%, 6/15/33

 

 

250

 

 

230,935

 

Series C, 5.125%, 6/15/33

 

 

1,000

 

 

1,017,960

 

               

New York City, New York, City Municipal Water Finance Authority,
Water and Sewer System, Revenue Refunding Bonds,

 

 

 

 

 

 

 

Series B, 5%, 6/15/36 (a)

 

 

1,000

 

 

1,018,560

 

               

New York City, New York, City Transitional Finance Authority,
Future Tax Secured Revenue Bonds Series B,

 

 

 

 

 

 

 

6%, 5/15/10 (j)

 

 

1,815

 

 

1,964,157

 

               

New York City, New York, GO, Refunding Series A (j):

 

 

 

 

 

 

 

6%, 5/15/10

 

 

990

 

 

1,071,358

 

6%, 5/15/30

 

 

10

 

 

10,598

 

               

New York City, New York, Sales Tax Asset Receivable Corporation
Revenue Bonds, Series A, 5%, 10/15/32 (h)

 

 

2,000

 

 

2,038,620

 

               

New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured), 5%,
11/15/44 (h)

 

 

850

 

 

847,994

 

               

New York Liberty Development Corporation Revenue Bonds
(National Sports Museum Project), Series A, 6.125%,
2/15/19

 

 

175

 

 

168,047

 

               

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—(concluded)

 

 

 

 

 

 

 

               

New York State Dormitory Authority, Hospital Revenue Bonds
(Lutheran Medical Center), 5%, 8/01/31 (c)(i)

 

$

750

 

$

756,255

 

               

New York State Dormitory Authority, Non-State Supported
Debt Revenue Bonds:

 

 

 

 

 

 

 

(Manhattan College), Series B, 5.30%, 7/01/37 (l)

 

 

150

 

 

151,508

 

(New York University Hospitals Center), Series B,
5.625%, 7/01/37

 

 

150

 

 

142,223

 

               

New York State Dormitory Authority Revenue Bonds (University
of Rochester), Series B, 5.625%, 7/01/09 (j)

 

 

500

 

 

524,820

 

               

New York State Dormitory Authority, Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Kateri Residence), 5%, 7/01/22

 

 

1,000

 

 

1,032,080

 

(Mount Sinai Health), Series A, 6.50%, 7/01/25

 

 

1,000

 

 

1,033,740

 

(State University Educational Facilities), Series A,
5.25%, 5/15/15 (h)

 

 

1,005

 

 

1,091,400

 

               

New York State, HFA, Housing Revenue Bonds AMT:

 

 

 

 

 

 

 

(Kensico Terrace Apartments), Series B,
4.95%, 2/15/38 (d)

 

 

150

 

 

137,761

 

(Tri-Senior Development Project), Series A,
5.40%, 11/15/42 (f)

 

 

100

 

 

97,104

 

               

New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, AMT, Series 143, 4.90%, 10/01/37

 

 

100

 

 

91,162

 

               

Port Authority of New York and New Jersey, Special Obligation
Revenue Bonds (Continental Airlines, Inc. – LaGuardia Project),
AMT, 9.125%, 12/01/15

 

 

955

 

 

969,133

 

               

Rochester, New York, Housing Authority, Mortgage Revenue Bonds
(Andrews Terrace Apartments Project), AMT,
4.70%, 12/20/38 (e)

 

 

250

 

 

219,515

 

               

Saratoga County, New York, IDA, Civic Facility Revenue Bonds
(The Saratoga Hospital Project), Series B, 5.25%, 12/01/32

 

 

100

 

 

95,352

 

               

Schenectady, New York, IDA, Civic Facility Revenue Refunding
Bonds (Union College Project), 5%, 7/01/31

 

 

500

 

 

510,385

 

               

Suffolk County, New York, IDA, Continuing Care and Retirement,
Revenue Refunding Bonds (Jeffersons Ferry Project),
5%, 11/01/28

 

 

115

 

 

103,540

 

               

Triborough Bridge and Tunnel Authority, New York, Revenue
Refunding Bonds Series A (i):

 

 

 

 

 

 

 

5%, 1/01/12 (j)

 

 

845

 

 

906,617

 

5%, 1/01/32

 

 

155

 

 

156,697

 

 

 

 

 

 

   

 

 

 

 

 

 

 

24,177,405

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

39



 

 


 

Schedule of Investments (concluded)

BlackRock New York Investment Quality Municipal Trust (RNY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

               

Guam—0.5%

 

 

 

 

 

 

 

               

Guam Economic Development and Commerce Authority,
Tobacco Settlement Asset Backed Revenue Refunding
Bonds, 5.625%, 6/01/47

 

$

100

 

$

96,701

 

               

Puerto Rico - 13.3%

 

 

 

 

 

 

 

               

Children’s Trust Fund Project of Puerto Rico, Tobacco
Settlement Revenue Refunding Bonds, 5.625%, 5/15/43

 

 

500

 

 

489,870

 

               

Puerto Rico Commonwealth Infrastructure Financing
Authority, Special Tax and Capital Appreciation Revenue
Bonds, Series A, 5.16%, 7/01/44 (h)

 

 

395

 

 

50,686

 

               

Puerto Rico Commonwealth, Public Improvement, GO,
Series A:

 

 

 

 

 

 

 

5%, 7/01/14 (j)

 

 

195

 

 

214,502

 

5%, 7/01/34

 

 

120

 

 

113,147

 

               

Puerto Rico Industrial, Tourist, Educational, Medical and
Environmental Control Facilities Revenue Bonds (Ana G.
Mendez University System Project), 5%, 3/01/26

 

 

800

 

 

715,472

 

               

Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E, 5.50%, 2/01/12 (j)

 

 

745

 

 

803,952

 

 

 

 

 

 

     

 

 

 

 

 

 

2,387,629

 

               

Total Municipal Bonds (Cost—$26,394,795)—148.0%

 

 

 

 

 

26,661,735

 

               

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

               

CMA New York Municipal Money Fund, 1.93% (g)(k)

 

 

711,154

 

$

711,154

 

               

Total Short-Term Securities (Cost—$711,154)—3.9%

 

 

 

 

 

711,154

 

               

Total Investments (Cost—$27,105,949*)—152.0%

 

 

 

 

 

27,372,889

 

Other Assets Less Liabilities—2.4%

 

 

 

 

 

439,160

 

Preferred Shares, at Redemption Value—(54.4%)

 

 

 

 

 

(9,802,896

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

18,009,153

 

 

 

 

 

 

     

 

 

 

 

*

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

 

$

27,105,993

 

 

 

 

     

 

Gross unrealized appreciation

 

 

807,067

 

 

Gross unrealized depreciation

 

 

(540,171

)

 

 

 

     

 

Net unrealized appreciation

 

$

266,896

 

 

 

 

     

(a)

FSA Insured.

(b)

FGIC Insured.

(c)

FHA Insured.

(d)

SONYMA Insured.

(e)

GNMA Collateralized.

(f)

FNMA Collateralized.

(g)

Represents the current yield as of report date.

(h)

AMBAC Insured.

(i)

MBIA Insured.

(j)

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.

(k)

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
Activity

 

Dividend
Income

 

               

CMA New York Municipal Money Fund

 

$

603,713

 

$

3,922

 

               

 

 

(l)

Radian Insured.

(m)

Illiquid security.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

40

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Schedule of Investments April 30, 2008 (Unaudited)

BlackRock New York Municipal Income Trust (BNY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—129.3%

 

 

 

 

 

 

 

               

Albany, New York, IDA, Civic Facility Revenue Bonds (New
Covenant Charter School Project), Series A (a) (m):

 

 

 

 

 

 

 

7%, 5/01/25

 

$

910

 

$

726,389

 

7%, 5/01/35

 

 

590

 

 

461,917

 

               

Dutchess County, New York, IDA, Civic Facility Revenue Refunding
Bonds (Bard College), Series A-2, 4.50%, 8/01/36

 

 

7,000

 

 

6,335,700

 

               

Genesee County, New York, IDA, Civic Facility Revenue Refunding
Bonds (United Memorial Medical Center Project),
5%, 12/01/27

 

 

500

 

 

426,415

 

               

Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Series A:

 

 

 

 

 

 

 

4.50%, 2/15/47 (b)

 

 

2,900

 

 

2,691,229

 

5%, 2/15/47

 

 

1,000

 

 

976,980

 

               

Long Island Power Authority, New York, Electric System Revenue
Refunding Bonds, Series B:

 

 

 

 

 

 

 

5%, 12/01/35

 

 

5,000

 

 

5,046,150

 

5%, 12/01/35 (c)

 

 

2,500

 

 

2,513,100

 

               

Madison County, New York, IDA, Civic Facility Revenue Bonds:

 

 

 

 

 

 

 

(Colgate University Project), Series B, 5%, 7/01/33

 

 

2,000

 

 

2,032,620

 

(Commons II LLC - Student Housing), Series A,
5%, 6/01/33 (c)

 

 

400

 

 

397,720

 

               

Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Revenue Refunding Bonds, Series A, 5%, 11/15/30

 

 

12,000

 

 

12,150,360

 

               

Metropolitan Transportation Authority, New York, Revenue
Refunding Bonds, Series A, 5.125%, 11/15/31

 

 

12,000

 

 

12,106,080

 

               

Metropolitan Transportation Authority, New York, Transportation
Revenue Refunding Bonds, Series F, 5%, 11/15/35

 

 

3,000

 

 

3,013,020

 

               

New York City, New York, City IDA, PILOT Revenue Bonds:

 

 

 

 

 

 

 

(Queens Baseball Stadium Project), 5%, 1/01/36 (d)

 

 

4,900

 

 

4,913,328

 

(Queens Baseball Stadium Project), 5%, 1/01/39 (d)

 

 

1,500

 

 

1,506,180

 

(Queens Baseball Stadium Project), 5%, 1/01/46 (d)

 

 

250

 

 

249,140

 

(Yankee Stadium Project), 5%, 3/01/36 (b)

 

 

700

 

 

705,649

 

               

New York City, New York, City IDA, Parking Facility Revenue
Bonds (Royal Charter Properties Inc.-The New York and
Pennsylvania Hospital Leasehold Project),
5.25%, 12/15/32 (e)

 

 

1,550

 

 

1,603,320

 

               

New York City, New York, City IDA, Revenue Bonds
(IAC/InterActiveCorp Project), 5%, 9/01/35

 

 

2,000

 

 

1,709,900

 

               

New York City, New York, City IDA, Special Facility Revenue
Bonds (American Airlines, Inc. - JFK International Airport),
AMT, 7.625%, 8/01/25

 

 

3,200

 

 

3,098,880

 

               

New York City, New York, City IDA, Special Facility Revenue
Bonds (Continental Airlines Inc. Project), AMT,
7.75%, 8/01/31

 

 

4,000

 

 

3,903,480

 

               

New York City, New York, City Municipal Water Finance Authority,
Second General Resolution, Water and Sewer System Revenue
Bonds, Series AA, 4.50%, 6/15/37 (b)

 

 

2,650

 

 

2,549,989

 

               

New York City, New York, City Municipal Water Finance Authority,
Water and Sewer System Revenue Bonds:

 

 

 

 

 

 

 

Series A, 4.25%, 6/15/39 (e)

 

 

1,250

 

 

1,145,275

 

Series A, 5%, 6/15/32 (f)

 

 

4,000

 

 

4,035,440

 

Series D, 5%, 6/15/38

 

 

1,500

 

 

1,524,960

 

               

New York City, New York, City Municipal Water Finance Authority,
Water and Sewer System, Revenue Refunding Bonds:

 

 

 

 

 

 

 

Series C, 5%, 6/15/32

 

 

6,500

 

 

6,568,900

 

Series D, 5%, 6/15/39

 

 

5,000

 

 

5,073,050

 

               

New York City, New York, City Transitional Finance Authority,
Building Aid Revenue Bonds, Series S-2,
4.25%, 1/15/34 (f)

 

 

1,700

 

 

1,543,974

 

               

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—(continued)

 

 

 

 

 

 

 

               

New York City, New York, City Transitional Finance Authority,
Future Tax Secured Revenue Bonds, Series C,
5%, 5/01/09 (g)

 

$

1,495

 

$

1,552,139

 

               

New York City, New York, GO:

 

 

 

 

 

 

 

Series C, 5.375%, 3/15/12 (g)

 

 

6,000

 

 

6,541,740

 

Series D, 5.375%, 6/01/12 (g)

 

 

2,200

 

 

2,408,516

 

Series D, 5.375%, 6/01/32

 

 

4,000

 

 

4,092,280

 

               

New York City, New York, IDA, Civic Facility Revenue Bonds
(Marymount School of New York Project) (h):

 

 

 

 

 

 

 

5.125%, 9/01/21

 

 

750

 

 

687,697

 

5.25%, 9/01/31

 

 

2,000

 

 

1,699,520

 

               

New York City, New York, IDA, Civic Facility Revenue Refunding
Bonds (Polytechnic University), 5.25%, 11/01/37 (h)

 

 

2,400

 

 

2,134,320

 

               

New York City, New York, IDA, Special Airport Facility Revenue
Bonds (Aero JFK I, LLC Project), AMT, Series A,
5.50%, 7/01/28

 

 

14,850

 

 

13,207,887

 

               

New York Convention Center Development Corporation,
New York, Revenue Bonds (Hotel Unit Fee Secured),
5%, 11/15/44 (d)

 

 

8,410

 

 

8,390,152

 

               

New York Counties Tobacco Trust III, Tobacco Settlement
Pass-Through Bonds, 6%, 6/01/43

 

 

6,700

 

 

6,781,405

 

               

New York Liberty Development Corporation Revenue Bonds:

 

 

 

 

 

 

 

(Goldman Sachs Headquarters), 5.25%, 10/01/35

 

 

7,000

 

 

7,248,710

 

(National Sports Museum Project), Series A,
6.125%, 2/15/19

 

 

1,740

 

 

1,670,870

 

               

New York State Dormitory Authority, Mental Health Services
Facilities Improvement, Revenue Bonds, Series B,
5%, 2/15/35 (d)

 

 

4,855

 

 

4,882,382

 

               

New York State Dormitory Authority, Non-State Supported Debt
Revenue Bonds:

 

 

 

 

 

 

 

(Manhattan College), Series B, 5.30%, 7/01/37 (i)

 

 

500

 

 

505,025

 

(New York University Hospitals Center), Series B,
5.625%, 7/01/37

 

 

530

 

 

502,520

 

               

New York State Dormitory Authority, Non-State Supported Debt,
Revenue Refunding Bonds:

 

 

 

 

 

 

 

(Mount Sinai School of Medicine of New York University),
5%, 7/01/35 (b)

 

 

1,000

 

 

1,012,410

 

(Mount Sinai-NYU Medical Center Health System),
Series C, 5.50%, 7/01/26

 

 

3,000

 

 

2,999,910

 

               

New York State Dormitory Authority Revenue Bonds:

 

 

 

 

 

 

 

(New School University), 5%, 7/01/41 (b)

 

 

9,000

 

 

9,027,090

 

(New York University), Series 2, 5%, 7/01/41 (d)

 

 

5,000

 

 

5,036,050

 

(North Shore - Long Island Jewish Health System),
5.50%, 5/01/13 (g)

 

 

2,000

 

 

2,226,740

 

               

New York State, HFA, M/F Housing Revenue Bonds (Kensico
Terrace Apartments), AMT, Series B, 4.95%, 2/15/38

 

 

850

 

 

780,649

 

               

New York State Mortgage Agency, Homeowner Mortgage
Revenue Bonds, AMT, 31st Series A, 5.30%, 10/01/31

 

 

15,500

 

 

15,254,170

 

               

New York State Mortgage Agency Revenue Bonds, AMT, Series
101, 5.40%, 4/01/32

 

 

5,335

 

 

5,306,351

 

               

Port Authority of New York and New Jersey, Special Obligation
Revenue Bonds:

 

 

 

 

 

 

 

(Continental Airlines, Inc. - LaGuardia Project), AMT,
9.125%, 12/01/15

 

 

8,815

 

 

8,945,462

 

(JFK International Air Terminal), AMT, Series 6,
5.75%, 12/01/22 (b)

 

 

7,000

 

 

7,020,580

 

               

Rensselaer Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Revenue Bonds, Series A,
5.75%, 6/01/43

 

 

2,500

 

 

2,502,550

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

41




 

 

 


 

Schedule of Investments (concluded)

 

BlackRock New York Municipal Income Trust (BNY)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

           

New York—(concluded)

 

 

 

 

 

 

 

               

Rockland Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Revenue Bonds,
5.75%, 8/15/43

 

$

5,000

 

$

5,005,150

 

               

Suffolk County, New York, IDA, Continuing Care and Retirement,
Revenue Refunding Bonds (Jeffersons Ferry Project), 5%,
11/01/28

 

 

1,175

 

 

1,057,911

 

               

Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson),
AMT, 5.25%, 6/01/27

 

 

7,000

 

 

6,675,200

 

               

TSASC, Inc., New York, TFABS, Series 1 (g):

 

 

 

 

 

 

 

5.75%, 7/15/12

 

 

5,000

 

 

5,550,000

 

6.375%, 7/15/09

 

 

2,000

 

 

2,118,300

 

               

Westchester County, New York, IDA, Civic Facilities Revenue Bonds
(Windward School Civic Facility), 5.25%, 10/01/31 (i)

 

 

2,500

 

 

2,460,175

 

               

Westchester Tobacco Asset Securitization Corporation, New York,
Revenue Bonds, 6.75%, 7/15/10 (g)

 

 

2,000

 

 

2,205,320

 

 

 

 

 

 

     

 

 

 

 

 

$

236,498,326

 

               

Puerto Rico—12.7%

 

 

 

 

 

 

 

               

Puerto Rico Commonwealth Aqueduct and Sewer Authority,
Senior Lien Revenue Bonds, Series A, 6%, 7/01/38

 

 

2,000

 

 

2,091,200

 

               

Puerto Rico Electric Power Authority, Power Revenue Refunding
Bonds, Series VV, 5.25%, 7/01/29 (b)

 

 

500

 

 

525,570

 

               

Puerto Rico Public Buildings Authority, Government Facilities
Revenue Refunding Bonds, Series D:

 

 

 

 

 

 

 

5.25%, 7/01/12 (g)

 

 

4,400

 

 

4,720,804

 

5.25%, 7/01/36

 

 

1,600

 

 

1,545,136

 

               

Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Revenue Bonds, Series E (g):

 

 

 

 

 

 

 

5.50%, 2/01/12

 

 

7,475

 

 

8,066,497

 

5.70%, 2/01/10

 

 

6,000

 

 

6,299,520

 

 

 

 

 

 

     

 

 

 

 

 

 

23,248,727

 

               

Total Municipal Bonds (Cost—$259,598,512)—142.0%

 

 

 

 

 

259,747,053

 

               

 

 

 

 

 

 

 

 

Corporate Bonds

 

Par
(000)

 

Value

 

               

Multi-State—10.0%

 

 

 

 

 

 

 

           

Charter Mac Equity Issuer Trust (j):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

$

6,000

 

$

6,215,640

 

6.80%, 11/30/50

 

 

5,500

 

 

5,920,805

 

               

MuniMae TE Bond Subsidiary LLC (j):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

 

6,000

 

 

6,144,060

 

6.80%, 6/30/50

 

 

3,000

 

 

3,169,740

 

               

Total Corporate Bonds (Cost—$20,502,500)—11.7%

 

 

 

 

 

21,450,245

 

               

 


Short-Term Securities

 

 

Shares

 

 

 

 

               

CMA New York Municipal Money Fund, 1.93% (k)(l)

 

7,882,541

 

 

7,882,541

 

               

Total Short-Term Securities (Cost—$7,882,541)—4.3%

 

 

 

 

 

7,882,541

 

               

Total Investments (Cost—$287,983,553*)—158.0%

 

 

 

 

 

289,079,839

 

Other Assets Less Liabilities—2.0%

 

 

 

 

 

3,586,322

 

Preferred Shares, at Redemption Value—(60.0%)

 

 

 

 

 

(109,802,918

)

 

 

 

 

 

     

Net Assets Applicable to Common Shares—100.0%

 

 

 

 

$

182,863,243

 

 

 

 

 

 

     

 

 

 

 

 

 

           

 

*

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

 

$

287,297,059

 

 

 

 

     

 

Gross unrealized appreciation

 

$

7,969,708

 

 

Gross unrealized depreciation

 

 

(6,186,928

)

 

 

 

     

 

Net unrealized appreciation

 

$

1,782,780

 

 

 

 

     

 

 

(a)

Illiquid security.

(b)

MBIA Insured.

(c)

CIFG Insured.

(d)

AMBAC Insured.

(e)

FSA Insured.

(f)

FGIC Insured.

(g)

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.

(h)

ACA Insured.

(i)

Radian Insured.

(j)

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.

(k)

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
Activity

 

Dividend
Income

 

           

CMA New York Municipal Money Fund

 

7,835,658

 

$

37,210

 

             
 

 

 

(l)

Represents the current yield as of report date.

(m)

Illiquid securities.

 

Forward interest rate swap outstanding as of April 30, 2008 was as follows:


 

 

 

 

 

 

 

 

 

 

 

Notional
Amount
(000)

 

Unrealized
Depreciation

 

           

Pay a fixed rate of 3.798% and receive a floating rate based on 1-week SIFMA Municipal Swap Index

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broker, Citibank NA
Expires June 2033

 

$

6,000

 

$

(88,392

)

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

42

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



[This page intentionally left blank]



 

 


 

Statements of Assets and Liabilities

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2008 (Unaudited)

 

BlackRock
Investment
Quality
Municipal Trust
(BKN)

 

BlackRock
Municipal
Income Trust
(BFK)

 

BlackRock
Long-Term
Municipal
Advantage Trust
(BTA)

 

BlackRock
California
Investment Quality
Municipal Trust
(RAA)

 

BlackRock
California
Municipal
Income Trust
(BFZ)

 

                       

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value – unaffiliated1

 

$

364,686,977

 

$

953,296,773

 

$

307,385,817

 

$

19,426,619

 

$

316,266,139

 

Investments at value – affiliated2

 

 

19,300,000

 

 

4,838,909

 

 

1,810,502

 

 

1,229,203

 

 

28,238,069

 

Cash

 

 

40,147

 

 

11,952

 

 

64,263

 

 

59,725

 

 

97,837

 

Investments sold receivable

 

 

3,465,401

 

 

34,391,740

 

 

590,587

 

 

 

 

6,120,455

 

Interest receivable

 

 

5,204,108

 

 

14,474,274

 

 

5,331,149

 

 

295,231

 

 

4,427,194

 

Swaps receivable

 

 

118,219

 

 

 

 

 

 

 

 

 

Dividends receivable

 

 

183

 

 

333

 

 

 

 

 

 

 

Prepaid expenses

 

 

6,569

 

 

 

 

94,125

 

 

3,449

 

 

 

Other assets

 

 

54,512

 

 

458,227

 

 

13,082

 

 

5,152

 

 

36,635

 

 

 

                             

Total assets

 

 

392,876,116

 

 

1,007,472,208

 

 

315,289,525

 

 

21,019,379

 

 

355,186,329

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on forward interest rate swaps

 

 

575,472

 

 

1,616,589

 

 

136,552

 

 

 

 

 

Bank overdraft

 

 

 

 

 

 

 

 

 

 

 

Investments purchased payable

 

 

12,668,810

 

 

36,711,053

 

 

3,290,000

 

 

 

 

4,070,156

 

Income dividends payable – common shares

 

 

1,350,230

 

 

3,421,177

 

 

733,983

 

 

48,344

 

 

1,150,874

 

Investment advisory fees payable

 

 

151,003

 

 

358,323

 

 

79,820

 

 

5,623

 

 

118,321

 

Administration fees payable

 

 

 

 

 

 

 

 

1,710

 

 

 

Officer’s and Trustees’ fees payable

 

 

55,503

 

 

128,658

 

 

13,604

 

 

5,391

 

 

35,104

 

Other accrued expenses payable

 

 

132,517

 

 

84,001

 

 

66,070

 

 

46,739

 

 

106,929

 

Other liabilities

 

 

 

 

 

 

4,886

 

 

 

 

 

Interest expense payable

 

 

 

 

 

 

1,313,380

 

 

 

 

 

 

 

                             

Total accrued liabilities

 

 

14,933,535

 

 

41,319,801

 

 

5,638,295

 

 

107,807

 

 

5,481,384

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Libilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust certificates payable3

 

 

 

 

 

 

144,470,000

 

 

 

 

 

 

 

                             

Total Liabilities

 

 

14,933,535

 

 

41,319,801

 

 

150,108,295

 

 

107,807

 

 

5,481,384

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value per share4 at $25,000 per share liquidation preference

 

 

146,636,542

 

 

375,264,208

 

 

 

 

7,505,017

 

 

131,995,802

 

 

 

                             

Net Assets Applicable to Common Shares

 

$

231,306,039

 

$

589,888,199

 

$

165,181,230

 

$

13,406,555

 

$

217,709,143

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares, par value5

 

$

168,779

 

$

44,144

 

$

13,345

 

$

10,072

 

$

15,128

 

Paid-in capital in excess of par

 

 

234,412,917

 

 

627,167,124

 

 

190,776,233

 

 

13,393,656

 

 

214,843,313

 

Accumulated (distribuitions in excess of) net investment income

 

 

2,188,706

 

 

5,021,791

 

 

703,958

 

 

(9,250

)

 

2,821,975

 

Accumulated net realized losses

 

 

(4,556,282

)

 

(39,233,575

)

 

(4,007,136

)

 

(101,048

)

 

(7,073,895

)

Net unrealized appreciation/depreciation

 

 

(908,081

)

 

(3,111,285

)

 

(22,305,170

)

 

113,125

 

 

7,102,622

 

 

 

                             

Net Assets applicable to common shareholders

 

$

231,306,039

 

$

589,888,199

 

$

165,181,230

 

$

13,406,555

 

$

217,709,143

 

 

 

                             

Net asset value per common share6

 

$

13.70

 

$

13.36

 

$

12.38

 

$

13.31

 

$

14.39

 

 

 

                             

1Investments at cost – unaffiliated

 

$

365,019,586

 

$

954,791,469

 

$

329,567,517

 

$

19,318,646

 

$

309,200,152

 

 

 

                             

2Investments at cost – affiliated

 

$

19,300,000

 

$

4,838,909

 

$

1,810,502

 

$

1,229,203

 

$

28,238,069

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3Represents short-term floating rate certificates issued by tender option bond trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Preferred Shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M7

 

 

 

 

3,001

 

 

 

 

 

 

 

 

 

                             

T7

 

 

3,262

 

 

3,001

 

 

 

 

 

 

2,639

 

 

 

                             

T28

 

 

2,600

 

 

 

 

 

 

 

 

 

 

 

                             

W7

 

 

 

 

3,001

 

 

 

 

300

 

 

 

 

 

                             

R7

 

 

 

 

3,001

 

 

 

 

 

 

2,639

 

 

 

                             

F7

 

 

 

 

3,001

 

 

 

 

 

 

 

 

 

                             

5Par value per share

 

$

0.01

 

$

0.001

 

$

0.001

 

$

0.01

 

$

0.001

 

 

 

                             

6Common Shares outstanding

 

 

16,877,877

 

 

44,144,225

 

 

13,345,152

 

 

1,007,166

 

 

15,128,360

 

 

 

                             

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

44

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

April 30, 2008 (Unaudited)

 

 

BlackRock
Florida
Investment Quality
Municipal Trust
(RFA)

 

 

BlackRock
Florida
Municipal
Income Trust
(BBF)

 

 

BlackRock
New Jersey
Investment Quality
Municipal Trust
(RNJ)

 

 

BlackRock
New Jersey
Municipal
Income Trust
(BNJ)

 

 

BlackRock
New York
Investment Quality
Municipal Trust
(RNY)

 

 

BlackRock
New York
Municipal
Income Trust
(BNY)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value – unaffiliated1

 

$

22,274,120

 

$

151,052,296

 

$

18,930,248

 

$

165,811,358

 

$

26,661,735

 

$

281,197,298

 

Investments at value – affiliated2

 

 

817,070

 

 

1,291,137

 

 

1,009,496

 

 

6,557,212

 

 

711,154

 

 

7,882,541

 

Cash

 

 

 

 

 

 

34,520

 

 

32,048

 

 

72,746

 

 

93,560

 

Investments sold receivable

 

 

15,000

 

 

225,000

 

 

 

 

 

 

 

 

99,250

 

Interest receivable

 

 

309,598

 

 

2,412,495

 

 

339,879

 

 

2,515,780

 

 

498,549

 

 

4,632,044

 

Swaps receivable

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends receivable

 

 

18

 

 

46

 

 

26

 

 

53

 

 

18

 

 

89

 

Prepaid expenses

 

 

3,449

 

 

 

 

3,449

 

 

 

 

3,449

 

 

 

Other assets

 

 

5,403

 

 

13,689

 

 

7,597

 

 

15,668

 

 

5,255

 

 

25,862

 

 

 

                                   

Total assets

 

 

23,424,658

 

 

154,994,663

 

 

20,325,215

 

 

174,932,119

 

 

27,952,906

 

 

293,930,644

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on forward interest rate swaps

 

 

4,156

 

 

 

 

 

 

 

 

 

 

88,392

 

Bank overdraft

 

 

19,809

 

 

20,080

 

 

 

 

 

 

 

 

 

Investments purchased payable

 

 

500,000

 

 

 

 

 

 

 

 

 

 

 

Income dividends payable – common shares

 

 

50,156

 

 

487,177

 

 

68,762

 

 

598,980

 

 

87,846

 

 

954,208

 

Investment advisory fees payable

 

 

6,028

 

 

55,889

 

 

5,245

 

 

60,646

 

 

7,713

 

 

105,219

 

Administration fees payable

 

 

1,864

 

 

 

 

1,659

 

 

 

 

2,278

 

 

 

Officer’s and Trustees’ fees payable

 

 

5,214

 

 

14,065

 

 

7,268

 

 

15,113

 

 

5,093

 

 

24,762

 

Other accrued expenses payable

 

 

47,605

 

 

70,115

 

 

39,964

 

 

62,256

 

 

37,927

 

 

91,902

 

Other liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense payable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Total accrued liabilities

 

 

634,832

 

 

647,326

 

 

122,898

 

 

736,995

 

 

140,857

 

 

1,264,483

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Libilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust certificates payable3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Total Liabilities

 

 

634,832

 

 

647,326

 

 

122,898

 

 

736,995

 

 

140,857

 

 

1,264,483

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 par value per share4 at $25,000 per share liquidation preference

 

 

8,504,943

 

 

57,555,953

 

 

7,500,776

 

 

63,837,693

 

 

9,802,896

 

 

109,802,918

 

 

 

                                   

Net Assets Applicable to Common Shares

 

$

14,284,883

 

$

96,791,384

 

$

12,701,541

 

$

110,357,431

 

$

18,009,153

 

$

182,863,243

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares, par value5

 

$

11,271

 

$

6,685

 

$

10,112

 

$

7,523

 

$

13,111

 

$

12,666

 

Paid-in capital in excess of par

 

 

15,001,008

 

 

94,857,182

 

 

13,139,333

 

 

106,947,504

 

 

17,711,073

 

 

179,894,075

 

Accumulated (distribuitions in excess of) net investment income

 

 

1,806

 

 

812,598

 

 

119,252

 

 

2,094,700

 

 

80,150

 

 

3,861,248

 

Accumulated net realized losses

 

 

(504,107

)

 

(1,581,468

)

 

(224,047

)

 

(1,429,883

)

 

(62,121

)

 

(1,912,640

)

Net unrealized appreciation/depreciation

 

 

(225,095

)

 

2,696,387

 

 

(343,109

)

 

2,737,587

 

 

266,940

 

 

1,007,894

 

 

 

                                   

Net Assets applicable to common shareholders

 

$

14,284,883

 

$

96,791,384

 

$

12,701,541

 

$

110,357,431

 

$

18,009,153

 

$

182,863,243

 

 

 

                                   

Net asset value per common share6

 

$

12.67

 

$

14.48

 

$

12.56

 

$

14.67

 

$

13.74

 

$

14.44

 

 

 

                                   

1Investments at cost – unaffiliated

 

$

22,495,059

 

$

148,355,909

 

$

19,273,357

 

$

163,073,771

 

$

26,394,795

 

$

280,101,012

 

 

 

                                   

2Investments at cost – affiliated

 

$

817,070

 

$

1,291,137

 

$

1,009,496

 

$

6,557,212

 

$

711,154

 

$

7,882,541

 

 

 

                                   

3Represents short-term floating rate certificates issued by tender option bond trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Preferred Shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

T7

 

 

 

 

2,302

 

 

300

 

 

 

 

 

 

 

 

 

                                   

T28

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

W7

 

 

 

 

 

 

 

 

 

 

 

 

2,195

 

 

 

                                   

R7

 

 

340

 

 

 

 

 

 

2,552

 

 

 

 

 

 

 

                                   

F7

 

 

 

 

 

 

 

 

 

 

392

 

 

2,195

 

 

 

                                   

5Par value per share

 

$

0.01

 

$

0.001

 

$

0.01

 

$

0.001

 

$

0.01

 

$

0.001

 

 

 

                                   

6Common Shares outstanding

 

 

1,127,093

 

 

6,685,098

 

 

1,011,203

 

 

7,522,511

 

 

1,311,140

 

 

12,665,522

 

 

 

                                   

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

45




 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended April 30, 2008 (Unaudited)

 

BlackRock
Investment
Quality
Municipal Trust
(BKN)

 

BlackRock
Municipal
Income Trust
(BFK)

 

BlackRock
Long-Term
Municipal
Advantage Trust
(BTA)

 

BlackRock
California
Investment Quality
Municipal Trust
(RAA)

 

BlackRock
California
Municipal
Income Trust
(BFZ)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

9,692,968

 

$

26,926,201

 

$

8,860,716

 

$

502,218

 

$

8,774,113

 

Dividends from affiliates

 

 

364,012

 

 

189,425

 

 

51,646

 

 

12,814

 

 

199,548

 

Income from affiliates

 

 

883

 

 

1,661

 

 

212

 

 

84

 

 

593

 

 

 

                             

Total income

 

 

10,057,863

 

 

27,117,287

 

 

8,912,574

 

 

515,116

 

 

8,974,254

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

668,612

 

 

2,946,909

 

 

855,815

 

 

36,809

 

 

1,054,480

 

Commissions for preferred shares

 

 

178,291

 

 

478,540

 

 

 

 

10,104

 

 

174,898

 

Accounting services

 

 

13,062

 

 

29,297

 

 

19,336

 

 

3,197

 

 

10,105

 

Professional

 

 

36,051

 

 

35,794

 

 

53,316

 

 

23,209

 

 

25,720

 

Transfer agent

 

 

16,443

 

 

20,372

 

 

5,329

 

 

3,636

 

 

10,792

 

Printing

 

 

16,749

 

 

37,003

 

 

11,948

 

 

3,782

 

 

8,330

 

Custodian

 

 

10,912

 

 

26,156

 

 

9,746

 

 

1,939

 

 

10,879

 

Administration

 

 

286,548

 

 

 

 

 

 

10,517

 

 

 

Registration

 

 

2,134

 

 

3,518

 

 

2,260

 

 

1,992

 

 

2,028

 

Officer and Trustees

 

 

12,128

 

 

38,545

 

 

8,789

 

 

326

 

 

7,906

 

Miscellaneous

 

 

28,295

 

 

35,729

 

 

68,337

 

 

11,528

 

 

10,927

 

 

 

                             

Total expenses excluding interest expense and fees

 

 

1,269,225

 

 

3,651,863

 

 

1,034,876

 

 

107,039

 

 

1,316,065

 

Interest expense and fees1

 

 

 

 

 

 

2,578,555

 

 

 

 

 

 

 

                             

Total Expenses

 

 

1,269,225

 

 

3,651,863

 

 

3,613,431

 

 

107,039

 

 

1,316,065

 

Less fees waived by advisor

 

 

(16,544

)

 

(749,935

)

 

(345,251

)

 

(2,012

)

 

(301,076

)

Less fees paid indirectly

 

 

(57

)

 

(136

)

 

(66

)

 

 

 

(35

)

 

 

                             

Total expenses after fees waived and paid indirectly

 

 

1,252,624

 

 

2,901,792

 

 

3,268,114

 

 

105,027

 

 

1,014,954

 

 

 

                             

Net investment income

 

 

8,805,239

 

 

24,215,495

 

 

5,644,460

 

 

410,089

 

 

7,959,300

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(934,215

)

 

843,154

 

 

(2,848,506

)

 

(95,875

)

 

772,674

 

Futures and swaps

 

 

(2,560,247

)

 

(5,537,911

)

 

(1,109,910

)

 

 

 

 

 

 

                             

 

 

 

(3,494,462

)

 

(4,694,757

)

 

(3,958,416

)

 

(95,875

)

 

772,674

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(11,243,404

)

 

(42,044,567

)

 

(15,236,721

)

 

(449,246

)

 

(7,825,063

)

Swaps

 

 

(245,532

)

 

(1,374,921

)

 

(25,523

)

 

 

 

 

 

 

                             

 

 

 

(11,488,936

)

 

(43,419,488

)

 

(15,262,244

)

 

(449,246

)

 

(7,825,063

)

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total realized and unrealized loss

 

 

(14,983,398

)

 

(48,114,245

)

 

(19,220,660

)

 

(545,121

)

 

(7,052,389

)

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Preferred Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,699,675

)

 

(6,516,118

)

 

 

 

(125,463

)

 

(2,276,420

)

Net realized gain

 

 

(50,339

)

 

(423,677

)

 

 

 

 

 

(136,878

)

 

 

                             

Total dividends and distributions to Preferred Shareholders

 

 

(2,750,014

)

 

(6,939,795

)

 

 

 

(125,463

)

 

(2,413,298

)

 

 

                             

Net Decrease in Net Assets Resulting from Operations

 

$

(8,928,173

)

$

(30,838,545

)

$

(13,576,200

)

$

(260,495

)

$

(1,506,387

)

 

 

                             

 

 

1

Related to tender option bond trusts.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

46

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended April 30, 2008 (Unaudited)

 

BlackRock
Florida
Investment Quality
Municipal Trust
(RFA)

 

BlackRock
Florida
Municipal
Income Trust
(BBF)

 

BlackRock
New Jersey
Investment Quality
Municipal Trust
(RNJ)

 

BlackRock
New Jersey
Municipal
Income Trust
(BNJ)

 

BlackRock
New York
Investment Quality
Municipal Trust
(RNY)

 

BlackRock
New York
Municipal
Income Trust
(BNY)

 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

$

574,646

 

$

4,041,168

 

$

537,382

 

$

4,646,608

 

$

723,722

 

$

7,777,041

 

Dividends from affiliates

 

 

6,645

 

 

27,544

 

 

5,498

 

 

36,363

 

 

3,922

 

 

37,210

 

Income from affiliates

 

 

87

 

 

222

 

 

123

 

 

254

 

 

85

 

 

421

 

 

 

                                   

Total income

 

 

581,378

 

 

4,068,934

 

 

543,003

 

 

4,683,225

 

 

727,729

 

 

7,814,672

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

40,194

 

 

464,224

 

 

36,002

 

 

527,838

 

 

49,039

 

 

883,788

 

Commissions for preferred shares

 

 

11,952

 

 

77,014

 

 

9,431

 

 

81,032

 

 

12,626

 

 

142,749

 

Accounting services

 

 

3,458

 

 

8,523

 

 

3,167

 

 

16,358

 

 

3,337

 

 

23,313

 

Professional

 

 

22,928

 

 

25,031

 

 

22,497

 

 

31,462

 

 

23,152

 

 

22,388

 

Transfer agent

 

 

6,354

 

 

9,417

 

 

6,874

 

 

8,032

 

 

6,970

 

 

7,812

 

Printing

 

 

3,527

 

 

2,971

 

 

5,791

 

 

10,542

 

 

4,735

 

 

14,446

 

Custodian

 

 

1,805

 

 

6,698

 

 

1,838

 

 

6,663

 

 

3,681

 

 

10,875

 

Administration

 

 

11,484

 

 

 

 

10,286

 

 

 

 

14,011

 

 

 

Registration

 

 

66

 

 

2,138

 

 

39

 

 

2,072

 

 

64

 

 

2,148

 

Officer and Trustees

 

 

374

 

 

6,056

 

 

 

 

4,473

 

 

226

 

 

10,977

 

Miscellaneous

 

 

10,257

 

 

11,828

 

 

19,851

 

 

11,765

 

 

15,875

 

 

3,204

 

 

 

                                   

Total expenses excluding interest expense and fees

 

 

112,399

 

 

613,900

 

 

115,776

 

 

700,237

 

 

133,716

 

 

1,121,700

 

Interest expense and fees1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Total Expenses

 

 

112,399

 

 

613,900

 

 

115,776

 

 

700,237

 

 

133,716

 

 

1,121,700

 

Less fees waived by advisor

 

 

(1,567

)

 

(122,867

)

 

(1,298

)

 

(140,580

)

 

(788

)

 

(228,370

)

Less fees paid indirectly

 

 

(21

)

 

(192

)

 

(25

)

 

(46

)

 

 

 

(14

)

 

 

                                   

Total expenses after fees waived and paid indirectly

 

 

110,811

 

 

490,841

 

 

114,453

 

 

559,611

 

 

132,928

 

 

893,316

 

 

 

                                   

Net investment income

 

 

470,567

 

 

3,578,093

 

 

428,550

 

 

4,123,614

 

 

594,801

 

 

6,921,356

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain (loss) from:

Investments

 

 

(207,705

)

 

(358,475

)

 

(92,850

)

 

262,076

 

 

(60,583

)

 

87,668

 

Futures and swaps

 

 

(159,135

)

 

 

 

(36,212

)

 

(49,288

)

 

(1,539

)

 

(763,535

)

 

 

                                   

 

 

 

(366,840

)

 

(358,475

)

 

(129,062

)

 

212,788

 

 

(62,122

)

 

(675,867

)

 

 

                                   

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(497,150

)

 

(3,068,232

)

 

(748,802

)

 

(5,395,220

)

 

(562,543

)

 

(6,703,799

)

Swaps

 

 

15,102

 

 

 

 

 

 

729

 

 

 

 

(85,566

)

 

 

                                   

 

 

 

(482,048

)

 

(3,068,232

)

 

(748,802

)

 

(5,394,491

)

 

(562,543

)

 

(6,789,365

)

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total realized and unrealized loss

 

 

(848,888

)

 

(3,426,707

)

 

(877,864

)

 

(5,181,703

)

 

(624,665

)

 

(7,465,232

)

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to Preferred Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(165,797

)

 

(1,057,260

)

 

(121,514

)

 

(1,079,230

)

 

(130,118

)

 

(1,788,554

)

Net realized gain

 

 

 

 

 

 

(10,479

)

 

(108,292

)

 

(48,505

)

 

(121,547

)

 

 

                                   

Total dividends and distributions to Preferred Shareholders

 

 

(165,797

)

 

(1,057,260

)

 

(131,993

)

 

(1,187,522

)

 

(178,623

)

 

(1,910,101

)

 

 

                                   

Net Decrease in Net Assets Resulting from Operations

 

$

(544,118

)

$

(905,874

)

$

(581,307

)

$

(2,245,611

)

$

(208,487

)

$

(2,453,977

)

 

 

                                   

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

47




 

 


 

Statements of Changes in Net Assets

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Investment Quality
Municipal Trust (BKN)

 

BlackRock Municipal
Income Trust (BFK)

 

 

 

 

       

Increase (Decrease) in Net Assets

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

                   

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net investment income

 

 

$

8,805,239

 

 

 

$

18,111,477

 

 

$

 

24,215,495

 

 

 

$

49,131,354

 

 

Net realized gain (loss)

 

 

 

(3,494,462

)

 

 

 

288,808

 

 

 

 

(4,694,757

)

 

 

 

(674,035

)

 

Net change in unrealized appreciation/depreciation

 

 

 

(11,488,936

)

 

 

 

(13,839,313

)

 

 

 

(43,419,488

)

 

 

 

(27,798,820

)

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(2,699,675

)

 

 

 

(5,316,266

)

 

 

 

(6,516,118

)

 

 

 

(13,506,034

)

 

Net realized gain

 

 

 

(50,339

)

 

 

 

 

 

 

 

(423,677

)

 

 

 

(18,029

)

 

 

 

 

               

 

                   

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

 

(8,928,173

)

 

 

 

(755,294

)

 

 

 

(30,838,545

)

 

 

 

7,134,436

 

 

 

 

 

                                     

 

                                           

Dividends and Distributions to Common Shareholders From

                                           

Net investment income

 

 

 

(8,126,328

)

 

 

 

(17,197,915

)

 

 

 

(20,617,131

)

 

 

 

(43,341,822

)

 

Net realized gain

 

 

 

(212,385

)

 

 

 

 

 

 

 

(1,114,972

)

 

 

 

(57,432

)

 

 

 

 

               

 

                   

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

 

(8,338,713

)

 

 

 

(17,197,915

)

 

 

 

(21,732,103

)

 

 

 

(43,399,254

)

 

 

 

 

                                     

 

                                           

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Reinvestment of common dividends

 

 

 

1,300,536

 

 

 

 

1,347,346

 

 

 

 

1,478,108

 

 

 

 

3,165,968

 

 

 

 

 

               

 

                   

 

                                           

Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total decrease in net assets applicable to Common Shares

 

 

 

(15,966,350

)

 

 

 

(16,605,863

)

 

 

 

(51,092,540

)

 

 

 

(33,098,850

)

 

Beginning of period

 

 

 

247,272,389

 

 

 

 

263,878,252

 

 

 

 

640,980,739

 

 

 

 

674,079,589

 

 

 

 

 

               

 

                   

End of period

 

 

$

231,306,039

 

 

 

$

247,272,389

 

 

$

 

589,888,199

 

 

 

$

640,980,739

 

 

 

 

 

               

 

                   

End of period undistributed net (distributions in excess of) investment income

 

 

$

2,188,706

 

 

 

$

4,209,470

 

 

$

 

5,021,791

 

 

 

$

7,939,545

 

 

 

 

 

               

 

                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Florida
Municipal Income Trust (BBF)

 

BlackRock New Jersey Investment
Quality Municipal Trust (RNJ)

 

 

 

 

       

Increase (Decrease) in Net Assets

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008

(Unaudited)

 

Year Ended
October 31, 2007

 

                   

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net investment income

 

 

$

3,578,093

 

 

 

$

7,189,178

 

 

$

 

428,550

 

 

 

$

917,642

 

 

Net realized gain (loss)

 

 

 

(358,475

)

 

 

 

(426,708

)

 

 

 

(129,062

)

 

 

 

(55,198

)

 

Net change in unrealized appreciation/depreciation

 

 

 

(3,068,232

)

 

 

 

(2,783,039

)

 

 

 

(748,802

)

 

 

 

(650,877

)

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(1,057,260

)

 

 

 

(2,093,225

)

 

 

 

(121,514

)

 

 

 

(236,547

)

 

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

(10,479

)

 

 

 

(17,621

)

 

 

 

 

               

 

                   

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

 

(905,874

)

 

 

 

1,886,206

 

 

 

 

(581,307

)

 

 

 

(42,601

)

 

                                           

Dividends and Distributions to Common Shareholders From

                                           

Net investment income

 

 

 

(2,938,927

)

 

 

 

(6,035,745

)

 

 

 

(412,179

)

 

 

 

(830,797

)

 

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

(29,440

)

 

 

 

(38,111

)

 

 

 

 

               

 

                   

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

 

(2,938,927

)

 

 

 

(6,035,745

)

 

 

 

(441,619

)

 

 

 

(868,908

)

 

                                           

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Reinvestment of common dividends

 

 

 

72,406

 

 

 

 

262,307

 

 

 

 

30,245

 

 

 

 

29,674

 

 

 

 

 

               

 

                   

 

                                           

Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total decrease in net assets applicable to Common Shares

 

 

 

(3,772,395

)

 

 

 

(3,887,232

)

 

 

 

(992,681

)

 

 

 

(881,835

)

 

Beginning of period

 

 

 

100,563,779

 

 

 

 

104,451,011

 

 

 

 

13,694,222

 

 

 

 

14,576,057

 

 

 

 

 

               

 

                   

End of period

 

 

$

96,791,384

 

 

 

$

100,563,779

 

 

$

 

12,701,541

 

 

 

$

13,694,222

 

 

 

 

 

               

 

                   

End of period undistributed net investment income

 

 

$

812,598

 

 

 

$

1,230,692

 

 

$

 

119,252

 

 

 

$

224,395

 

 

 

 

 

               

 

                   

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

48

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Long-Term Municipal
Advantage Trust (BTA)

 

BlackRock California
Investment Quality
Municipal Trust (RAA)

 

BlackRock
California Municipal
Income Trust (BFZ)

 

BlackRock Florida
Investment Quality
Municipal Trust (RFA)

 

                   

Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

                                   

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                                                   

Net investment income

 

$

 

5,644,460

 

 

 

$

9,344,930

 

 

 

$

410,089

 

 

 

$

842,673

 

 

$

 

7,959,300

 

 

 

$

16,381,853

 

 

 

$

470,567

 

 

 

$

940,777

 

 

Net realized gain (loss)

 

 

 

(3,958,416

)

 

 

 

217,217

 

 

 

 

(95,875

)

 

 

 

(7,880

)

 

 

 

772,674

 

 

 

 

506,163

 

 

 

 

(366,840

)

 

 

 

(137,267

)

 

Net change in unrealized appreciation/depreciation

 

 

 

(15,262,244

)

 

 

 

(15,541,298

)

 

 

 

(449,246

)

 

 

 

(582,095

)

 

 

 

(7,825,063

)

 

 

 

(10,163,939

)

 

 

 

(482,048

)

 

 

 

(659,452

)

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

 

(125,463

)

 

 

 

(240,350

)

 

 

 

(2,276,420

)

 

 

 

(4,587,525

)

 

 

 

(165,797

)

 

 

 

(292,680

)

 

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16,752

)

 

 

 

(136,878

)

 

 

 

 

 

 

 

 

 

 

 

(42,977

)

 

 

 

                 

 

 

               

 

                 

 

 

                 

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

 

(13,576,200

)

 

 

 

(5,979,151

)

 

 

 

(260,495

)

 

 

 

(4,404

)

 

 

 

(1,506,387

)

 

 

 

2,136,552

 

 

 

 

(544,118

)

 

 

 

(191,599

)

 

                                                                                   

 

                                                                                   

Dividends and Distributions to Common Shareholders From

                                                                                   

Net investment income

 

 

 

(4,403,900

)

 

 

 

(9,535,364

)

 

 

 

(290,050

)

 

 

 

(602,846

)

 

 

 

(6,898,659

)

 

 

 

(13,751,528

)

 

 

 

(304,879

)

 

 

 

(674,882

)

 

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(51,877

)

 

 

 

(348,819

)

 

 

 

 

 

 

 

 

 

 

 

(53,470

)

 

 

 

                 

 

 

               

 

                 

 

 

                 

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

 

(4,403,900

)

 

 

 

(9,535,364

)

 

 

 

(290,050

)

 

 

 

(654,723

)

 

 

 

(7,247,478

)

 

 

 

(13,751,528

)

 

 

 

(304,879

)

 

 

 

(728,352

)

 

 

 

                 

 

 

               

 

                 

 

 

                 

 

                                                                                   

Capital Share Transactions

                                                                                   

Reinvestment of common dividends

 

 

 

 

 

 

 

538,721

 

 

 

 

943

 

 

 

 

 

 

 

 

523,721

 

 

 

 

981,552

 

 

 

 

 

 

 

 

 

 

 

 

                 

 

 

               

 

                 

 

 

                 

 

                                                                                   

Net Assets Applicable to Common Shares

                                                                                   

Total decrease in net assets applicable to Common Shares

 

 

 

(17,980,100

)

 

 

 

(14,975,794

)

 

 

 

(549,602

)

 

 

 

(659,127

)

 

 

 

(8,230,144

)

 

 

 

(10,633,424

)

 

 

 

(848,997

)

 

 

 

(919,951

)

 

Beginning of period

 

 

 

183,161,330

 

 

 

 

198,137,124

 

 

 

 

13,956,157

 

 

 

 

14,615,284

 

 

 

 

225,939,287

 

 

 

 

236,572,711

 

 

 

 

15,133,880

 

 

 

 

16,053,831

 

 

 

 

                 

 

 

               

 

                 

 

 

                 

End of period

 

$

 

165,181,230

 

 

 

$

183,161,330

 

 

 

$

13,406,555

 

 

 

$

13,956,157

 

 

$

 

217,709,143

 

 

 

$

225,939,287

 

 

 

$

14,284,883

 

 

 

$

15,133,880

 

 

 

 

                 

 

 

               

 

                 

 

 

                 

End of period undistributed net (distributions in excess of) investment income

 

$

 

703,958

 

 

 

$

(536,602

)

 

 

$

(9,250

)

 

 

$

(3,826

)

 

$

 

2,821,975

 

 

 

$

4,037,754

 

 

 

$

1,806

 

 

 

$

1,915

 

 

 

 

                 

 

 

               

 

                 

 

 

                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock New Jersey
Municipal Income Trust (BNJ)

 

BlackRock New York Investment
Quality Municipal Trust (RNY)

 

BlackRock New York
Municipal Income Trust (BNY)

 

 

 

           

Increase (Decrease) in Net Assets

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

                           

Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                               

Net investment income

 

 

$

4,123,614

 

 

 

$

8,571,202

 

 

 

$

594,801

 

 

 

$

1,241,769

 

 

 

$

6,921,356

 

 

 

$

14,157,520

 

 

Net realized gain (loss)

 

 

 

212,788

 

 

 

 

(615,269

)

 

 

 

(62,122

)

 

 

 

174,369

 

 

 

 

(675,867

)

 

 

 

(532,770

)

 

Net change in unrealized appreciation/depreciation

 

 

 

(5,394,491

)

 

 

 

(5,097,663

)

 

 

 

(562,543

)

 

 

 

(959,807

)

 

 

 

(6,789,365

)

 

 

 

(8,294,012

)

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(1,079,230

)

 

 

 

(2,223,503

)

 

 

 

(130,118

)

 

 

 

(332,059

)

 

 

 

(1,788,554

)

 

 

 

(3,596,912

)

 

Net realized gain

 

 

 

(108,292

)

 

 

 

 

 

 

 

(48,505

)

 

 

 

(8,495

)

 

 

 

(121,547

)

 

 

 

 

 

 

 

 

               

 

 

               

 

 

                 

Net increase (decrease) in net assets applicable to common shareholders resulting from operations

 

 

 

(2,245,611

)

 

 

 

634,767

 

 

 

 

(208,487

)

 

 

 

115,777

 

 

 

 

(2,453,977

)

 

 

 

1,733,826

 

 

                                                               

Dividends and Distributions to Common Shareholders From

                                                               

Net investment income

 

 

 

(3,589,575

)

 

 

 

(7,148,582

)

 

 

 

(530,640

)

 

 

 

(1,114,664

)

 

 

 

(5,719,662

)

 

 

 

(11,399,449

)

 

Net realized gain

 

 

 

(309,067

)

 

 

 

 

 

 

 

(133,307

)

 

 

 

(17,872

)

 

 

 

(386,153

)

 

 

 

 

 

 

 

 

               

 

 

               

 

 

                 

Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

 

(3,898,642

)

 

 

 

(7,148,582

)

 

 

 

(663,947

)

 

 

 

(1,132,536

)

 

 

 

(6,105,815

)

 

 

 

(11,399,449

)

 

                                                               

Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                                               

Reinvestment of common dividends

 

 

 

349,477

 

 

 

 

679,024

 

 

 

 

33,172

 

 

 

 

26,224

 

 

 

 

461,476

 

 

 

 

910,003

 

 

 

 

 

               

 

 

               

 

 

                 

 

                                                               

Net Assets Applicable to Common Shares

                                                               

Total decrease in net assets applicable to Common Shares

 

 

 

(5,794,776

)

 

 

 

(5,834,791

)

 

 

 

(839,262

)

 

 

 

(990,535

)

 

 

 

(8,098,316

)

 

 

 

(8,755,620

)

 

Beginning of period

 

 

 

116,152,207

 

 

 

 

121,986,998

 

 

 

 

18,848,415

 

 

 

 

19,838,950

 

 

 

 

190,961,559

 

 

 

 

199,717,179

 

 

 

 

 

               

 

 

               

 

 

                 

End of period

 

 

$

110,357,431

 

 

 

$

116,152,207

 

 

 

$

18,009,153

 

 

 

$

18,848,415

 

 

 

$

182,863,243

 

 

 

$

190,961,559

 

 

 

 

 

               

 

 

               

 

 

                 

End of period undistributed net investment income

 

 

$

2,094,700

 

 

 

$

2,639,891

 

 

 

$

80,150

 

 

 

$

146,107

 

 

 

$

3,861,248

 

 

 

$

4,448,108

 

 

 

 

 

               

 

 

               

 

 

                 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

49




 


 

Statement of Cash Flows


 

 

 

 

 

Six Months Ended April 30, 2008

 

BlackRock
Long-Term
Municipal
Advantage Trust
(BTA)

 

         

Cash Provided by Operating Activities

 

 

 

 

         

Net decrease in net assets resulting from operations

 

$

(13,576,200

)

 

 

   

 

 

 

 

 

 

         

Adjustments to Reconcile Net Decrease in Net Assets Resulting
from Operations to Net Cash Provided by Operating Activities

 

 

 

 

         

Increase in receivables

 

 

583,327

 

Decrease in other liabilities

 

 

(1,143,971

)

Net realized and unrealized loss

 

 

16,988,087

 

Amortization of premium and discount on investments

 

 

(210,999

)

Proceeds from sales and paydowns of long-term securities

 

 

77,992,701

 

Purchases of long-term securities

 

 

(38,164,363

)

Net purchases of short-term investments

 

 

(4,940,501

)

 

 

   

 

Cash provided by operating activities

 

$

37,528,081

 

 

 

   

 

Cash Provided by Financing Activities:

 

 

 

 

Repayments from trust certificates

 

 

(33,057,503

)

Cash dividends paid to shareholders

 

 

(4,403,900

)

Decrease in custodian bank payable

 

 

(2,415

)

 

 

   

 

Cash used for financing activities

 

$

(37,463,818

)

 

 

   

 

Cash:

 

 

 

 

Net increase in cash

 

 

64,263

 

Cash at beginning of period

 

 

 

 

 

   

 

Cash at end of period

 

$

64,263

 

 

 

   

 

Cash Flow Information:

 

 

 

 

 

Cash paid for interest

 

$

(1,195,810

)

 

 

   

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Financial Highlights

BlackRock Investment Quality Municipal Trust (BKN)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

   

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

   

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.73

 

$

15.79

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

 

 

                                   

Net investment income

 

 

0.52

1

 

1.08

 

 

1.10

 

 

1.14

 

 

1.17

 

 

1.16

 

Net realized and unrealized gain (loss)

 

 

(0.90

)

 

(0.79

)

 

0.44

 

 

(0.11

)

 

0.26

 

 

(0.09

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.16

)

 

(0.32

)

 

(0.28

)

 

(0.19

)

 

(0.09

)

 

(0.09

)

Net realized gain

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Net increase (decrease) from investment operations

 

 

(0.54

)

 

(0.03

)

 

1.26

 

 

0.84

 

 

1.34

 

 

0.98

 

 

 

                                   

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.48

)

 

(1.03

)

 

(1.06

)

 

(0.96

)

 

(0.91

)

 

(0.89

)

Net realized gain

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Total dividends and distributions

 

 

(0.49

)

 

(1.03

)

 

(1.06

)

 

(0.96

)

 

(0.91

)

 

(0.89

)

 

 

                                   

Net asset value, end of period

 

$

13.70

 

$

14.73

 

$

15.79

 

$

15.59

 

$

15.71

 

$

15.28

 

 

 

                                   

Market price, end of period

 

$

15.81

 

$

16.35

 

$

18.97

 

$

16.62

 

$

15.12

 

$

14.26

 

 

 

                                   

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(3.85

)%4

 

(0.95

)%

 

7.38

%

 

5.34

%

 

9.48

%

 

7.14

%

 

 

                                   

Based on market price

 

 

(0.03

)%4

 

(8.49

)%

 

21.06

%

 

16.68

%

 

12.91

%

 

12.67

%

 

 

                                   

 

 

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses after fees waived and paid indirectly5

 

 

1.06

%6

 

1.07

%

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

 

                                   

Total expenses after waiver5

 

 

1.06

%6

 

1.08

%

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

 

                                   

Total expenses5

 

 

1.07

%6

 

1.08

%

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

 

 

                                   

Net investment income5

 

 

7.43

%6

 

7.06

%

 

7.09

%

 

7.21

%

 

7.59

%

 

7.62

%

 

 

                                   

Dividends to Preferred Shareholders

 

 

2.28

%6

 

2.07

%

 

1.81

%

 

1.17

%

 

0.60

%

 

0.59

%

 

 

                                   

Net investment income to Common Shareholders

 

 

5.15

%6

 

4.99

%

 

5.28

%

 

6.04

%

 

9.66

%

 

7.03

%

 

 

                                   

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets applicable to Common Shares,
end of period (000)

 

$

231,306

 

$

247,272

 

$

263,878

 

$

260,494

 

$

262,474

 

$

255,315

 

 

 

                                   

Preferred Shares outstanding at liquidation
preference, end of period (000)

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

 

 

                                   

Portfolio turnover

 

 

7

%

 

17

%

 

82

%

 

77

%

 

52

%

 

36

%

 

 

                                   

Asset coverage per $1,000

 

$

64,473

 

$

67,185

 

$

70,054

 

$

69,465

 

$

69,790

 

$

68,561

 

 

 

                                   

 

 

1

Based on average shares outstanding.

2

Amount is less than $(0.01) per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Do not reflect the effect of dividends to Preferred Shareholders.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

51



 

 


 

Financial Highlights

BlackRock Municipal Income Trust (BFK)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

14.55

 

$

15.37

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

 

 

                                   

Net investment income

 

 

0.55

1

 

1.11

 

 

1.14

 

 

1.18

 

 

1.19

 

 

1.23

 

Net realized and unrealized gain (loss)

 

 

(1.08

)

 

(0.63

)

 

0.78

 

 

0.43

 

 

0.26

 

 

0.35

 

Dividends and distributions to Preferred Shareholders
from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.31

)

 

(0.27

)

 

(0.18

)

 

(0.09

)

 

(0.09

)

Net realized gain

 

 

(0.01

)

 

2

 

 

 

 

 

 

 

 

 

 

                                   

Net increase (decrease) from investment operations

 

 

(0.69

)

 

0.17

 

 

1.65

 

 

1.43

 

 

1.36

 

 

1.49

 

 

 

                                   

Dividends and distributions to Common Shareholders
from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.47

)

 

(0.99

)

 

(0.99

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

Net realized gain

 

 

(0.03

)

 

2

 

 

 

 

 

 

 

 

 

 

                                   

Total dividends and distributions

 

 

(0.50

)

 

(0.99

)

 

(0.99

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

 

                                   

Net asset value, end of period

 

$

13.36

 

$

14.55

 

$

15.37

 

$

14.71

 

$

14.26

 

$

13.87

 

 

 

                                   

Market price per share, end of period

 

$

15.01

 

$

15.92

 

$

17.30

 

$

15.69

 

$

14.05

 

$

13.70

 

 

 

                                   

 

 

Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

(4.94

)%4

 

0.70

%

 

11.24

%

 

10.21

%

 

10.29

%

 

11.63

%

 

 

                                   

Based on market price

 

 

(2.40

)%4

 

(2.11

)%

 

17.39

%

 

19.31

%

 

10.01

%

 

9.21

%

 

 

                                   

 

 

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses after fees waived and paid indirectly5

 

 

0.95

%6

 

0.88

%

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

 

 

                                   

Total expenses after waiver5

 

 

0.95

%6

 

0.88

%

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

 

 

                                   

Total expenses5

 

 

1.20

%6

 

1.18

%

 

1.21

%

 

1.22

%

 

1.23

%

 

1.25

%

 

 

                                   

Total net investment income5

 

 

7.93

%6

 

7.43

%

 

7.65

%

 

7.97

%

 

8.44

%

 

8.96

%

 

 

                                   

Dividends to Preferred Shareholders

 

 

2.13

%6

 

2.04

%

 

1.83

%

 

1.23

%

 

0.63

%

 

0.65

%

 

 

                                   

Net investment income to Common Shareholders

 

 

5.80

%6

 

5.39

%

 

5.82

%

 

6.74

%

 

7.81

%

 

0.31

%

 

 

                                   

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets applicable to Common Shares,
end of period (000)

 

$

589,888

 

$

640,981

 

$

674,080

 

$

642,047

 

$

621,648

 

$

603,943

 

 

 

                                   

Preferred Shares outstanding at liquidation
preference, end of period (000)

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

 

 

                                   

Portfolio turnover

 

 

9

%

 

17

%

 

77

%

 

68

%

 

59

%

 

56

%

 

 

                                   

Asset coverage per $1,000

 

$

64,322

 

$

67,727

 

$

69,933

 

$

67,797

 

$

66,435

 

$

65,251

 

 

 

                                   

 

 

1

Based on average shares outstanding.

2

Amount is less than $(0.01) per share.

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

4

Aggregate total investment return.

5

Do not reflect the effect of dividends to Preferred Shareholders.

6

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

52

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Financial Highlights

BlackRock Long-Term Municipal Advantage Trust (BTA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended
October 31, 2007

 

Period
February 28, 20061
through
October 31, 2006

 

               

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

                     

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

13.72

 

 

 

$

14.89

 

 

 

$

14.33

2

 

 

 

                             

Net investment income

 

 

 

0.42

3

 

 

 

0.70

 

 

 

 

0.45

 

 

Net realized and unrealized gain (loss)

 

 

 

(1.43

)

 

 

 

(1.15

)

 

 

 

0.62

 

 

 

 

                             

Net increase (decrease) from investment operations

 

 

 

(1.01

)

 

 

 

(0.45

)

 

 

 

1.07

 

 

 

 

                             

Dividends and distributions from net investment income

 

 

 

(0.33

)

 

 

 

(0.72

)

 

 

 

(0.48

)

 

Capital charges with respect to issuance of Common Shares

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

 

 

                             

Net asset value, end of period

 

 

$

12.38

 

 

 

$

13.72

 

 

 

$

14.89

 

 

 

 

                             

Market price, end of period

 

 

$

11.63

 

 

 

$

12.14

 

 

 

$

14.70

 

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total Investment Return4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Based on net asset value

 

 

 

(7.21

)%5

 

 

 

(2.93

)%

 

 

 

7.48

%5

 

 

 

                             

Based on market price

 

 

 

(1.49

)%5

 

 

 

(13.00

)%

 

 

 

1.40

%5

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Total expenses after fees waived and paid indirectly

 

 

 

3.87

%6

 

 

 

4.29

%

 

 

 

4.11

%6

 

 

 

                             

Total expenses after fees waived and before fees paid indirectly

 

 

 

3.87

%6

 

 

 

4.29

%

 

 

 

4.14

%6

 

 

 

                             

Total expenses before fees waived and paid indirectly

 

 

 

4.28

%6

 

 

 

4.69

%

 

 

 

4.55

%6

 

 

 

                             

Total expenses after fees waived and paid indirectly excluding interest expense and fees7

 

 

 

0.82

%6

 

 

 

0.89

%

 

 

 

0.97

%6

 

 

 

                             

Net investment income

 

 

 

6.69

%6

 

 

 

4.87

%

 

 

 

4.79

%6

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net assets applicable, end of period (000)

 

 

$

165,181

 

 

 

$

183,161

 

 

 

$

198,137

 

 

 

 

                             

Portfolio turnover

 

 

 

25

%

 

 

 

39

%

 

 

 

20

%

 

 

 

                             

 

 

1

Commencement of operations.

2

Net asset value, beginning of period reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share.

3

Based on average shares outstanding.

4

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

5

Aggregate total investment return.

6

Annualized.

7

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

53



 

 


 

Financial Highlights

BlackRock California Investment Quality Municipal Trust (RAA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

                   

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                           

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net asset value, beginning of period

 

 

$

13.86

 

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

 

 

                                       

Net investment income

 

 

 

0.41

1

 

 

0.84

 

 

0.87

 

 

0.78

 

 

0.92

 

 

1.05

 

Net realized and unrealized gain (loss)

 

 

 

(0.57

)

 

 

(0.58

)

 

0.50

 

 

(0.03

)

 

(0.09

)

 

(0.41

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.10

)

 

 

(0.24

)

 

(0.21

)

 

(0.13

)

 

(0.06

)

 

(0.06

)

Net realized gain

 

 

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.26

)

 

 

 

 

1.16

 

 

0.62

 

 

0.77

 

 

0.58

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.29

)

 

 

(0.60

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

Net realized gains

 

 

 

 

 

 

(0.05

)

 

 

 

 

 

(0.05

)

 

 

 

 

                                       

Total dividends and distributions

 

 

 

(0.29

)

 

 

(0.65

)

 

(0.85

)

 

(0.85

)

 

(0.90

)

 

(0.83

)

 

 

                                       

Net asset value, end of period

 

 

$

13.31

 

 

$

13.86

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price, end of period

 

 

$

12.80

 

 

$

12.57

 

$

15.80

 

$

15.75

 

$

14.30

 

$

14.03

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Based on net asset value

 

 

 

(1.77

)%3

 

 

0.01

%

 

7.87

%

 

4.32

%

 

5.77

%

 

4.43

%

 

 

                                       

Based on market price

 

 

 

4.16

%3

 

 

(16.71

)%

 

5.90

%

 

16.76

%

 

8.78

%

 

11.38

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Total expenses after fees waived and paid indirectly

 

 

 

1.54

%4

 

 

1.39

%

 

1.41

%

 

1.35

%

 

1.35

%

 

1.40

%

 

 

                                       

Total expenses net of reimbursement

 

 

 

1.54

%4

 

 

1.46

%

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

 

 

                                       

Total expenses

 

 

 

1.57

%4

 

 

1.47

%

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

 

 

                                       

Net investment income

 

 

 

6.02

%4

 

 

5.90

%

 

6.11

%

 

5.38

%

 

6.37

%

 

7.17

%

 

 

                                       

Dividends to Preferred Shareholders

 

 

 

1.84

%4

 

 

1.68

%

 

1.50

%

 

0.88

%

 

0.42

%

 

0.44

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

4.18

%4

 

 

4.22

%

 

4.61

%

 

4.50

%

 

5.95

%

 

6.73

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net assets applicable to Common Shares, end of period (000)

 

 

$

13,407

 

 

$

13,956

 

$

14,615

 

$

14,299

 

$

14,529

 

$

14,665

 

 

 

                                       

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

7,500

 

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

 

 

                                       

Portfolio turnover

 

 

 

10

%

 

 

38

%

 

49

%

 

20

%

 

15

%

 

6

%

 

 

                                       

Asset coverage per $1,000

 

 

$

69,689

 

 

$

71,534

 

$

73,731

 

$

72,671

 

$

73,433

 

$

73,886

 

 

 

                                       

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

54

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Financial Highlights

BlackRock California Municipal Income Trust (BFZ)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                           

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net asset value, beginning of period

 

 

$

14.97

 

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

 

                                         

Net investment income

 

 

 

0.53

1

 

 

1.08

 

 

1.11

 

 

1.12

 

 

1.15

 

 

1.12

 

Net realized and unrealized gain (loss)

 

 

 

(0.48

)

 

 

(0.64

)

 

0.62

 

 

0.36

 

 

0.65

 

 

(0.34

)

Dividends and distributions to Preferred Shareholders
from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.14

)

 

 

(0.30

)

 

(0.26

)

 

(0.16

)

 

(0.09

)

 

(0.08

)

Net realized gain

 

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

                                         

Net increase (decrease) from investment operations

 

 

 

(0.12

)

 

 

0.14

 

 

1.47

 

 

1.32

 

 

1.71

 

 

0.70

 

 

                                         

Dividends and distributions to Common Shareholders
from net investment income

 

 

 

(0.46

)

 

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

(0.89

)

 

                                         

Net asset value, end of period

 

 

$

14.39

 

 

$

14.97

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

 

                                         

Market price, end of period

 

 

$

15.91

 

 

$

15.82

 

$

17.12

 

$

14.92

 

$

13.65

 

$

13.21

 

 

                                         
                                           

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(0.72

)%3

 

 

0.77

%

 

9.93

%

 

9.47

%

 

13.14

%

 

5.49

%

 

                                         

Based on market price

 

 

 

3.87

%3

 

 

(2.09

)%

 

21.65

%

 

16.42

%

 

10.58

%

 

7.92

%

 

                                         
                                           

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total expenses after fees waived and paid indirectly

 

 

 

0.92

%4

 

 

0.91

%

 

0.87

%

 

0.85

%

 

0.87

%

 

0.89

%

 

                                         

Total expenses after waiver

 

 

 

0.92

%4

 

 

0.91

%

 

0.87

%

 

0.86

%

 

0.88

%

 

0.89

%

 

                                         

Total expenses

 

 

 

1.19

%4

 

 

1.21

%

 

1.25

%

 

1.25

%

 

1.28

%

 

1.30

%

 

                                         

Net investment income

 

 

 

7.23

%4

 

 

7.09

%

 

7.26

%

 

7.35

%

 

7.96

%

 

8.01

%

 

                                         

Dividends to Preferred Shareholders

 

 

 

2.06

%4

 

 

1.98

%

 

1.71

%

 

1.04

%

 

0.59

%

 

0.57

%

 

                                         

Net investment income to Common Shareholders

 

 

 

5.17

%4

 

 

5.11

%

 

5.55

%

 

6.31

%

 

7.37

%

 

7.44

%

 

                                         
                                           

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares,
end of period (000)

 

 

$

217,709

 

 

$

225,939

 

$

236,573

 

$

227,472

 

$

221,371

 

$

209,397

 

 

                                         

Preferred Shares outstanding at liquidation
preference, end of period (000)

 

 

$

131,950

 

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

 

                                         

Portfolio turnover

 

 

 

14

%

 

 

26

%

 

17

%

 

28

%

 

15

%

 

34

%

 

                                         

Asset coverage per $1,000

 

 

$

66,248

 

 

$

67,816

 

$

69,836

 

$

68,107

 

$

66,945

 

$

64,675

 

 

                                         

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Annualized.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

55



 

 


 

Financial Highlights

BlackRock Florida Investment Quality Municipal Trust (RFA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                           

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net asset value, beginning of period

 

 

$

13.43

 

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

 

                                         

Net investment income

 

 

 

0.42

1

 

 

0.83

 

 

0.82

 

 

0.84

 

 

0.98

 

 

1.04

 

Net realized and unrealized gain (loss)

 

 

 

(0.76

)

 

 

(0.69

)

 

0.40

 

 

(0.35

)

 

(0.18

)

 

(0.39

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.15

)

 

 

(0.26

)

 

(0.21

)

 

(0.15

)

 

(0.07

)

 

(0.08

)

Net realized gain

 

 

 

 

 

 

(0.04

)

 

(0.05

)

 

(0.01

)

 

(0.02

)

 

 

 

                                         

Net increase (decrease) from investment operations

 

 

 

(0.49

)

 

 

(0.16

)

 

0.96

 

 

0.33

 

 

0.71

 

 

0.57

 

 

                                         

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.27

)

 

 

(0.60

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

Net realized gain

 

 

 

 

 

 

(0.05

)

 

(0.26

)

 

(0.11

)

 

(0.23

)

 

 

 

                                         

Total dividends and distributions

 

 

 

(0.27

)

 

 

(0.65

)

 

(1.11

)

 

(0.96

)

 

(1.08

)

 

(0.83

)

 

                                         

Net asset value, end of period

 

 

$

12.67

 

 

$

13.43

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

 

                                         

Market price, end of period

 

 

$

11.28

 

 

$

11.86

 

$

16.00

 

$

14.85

 

$

14.30

 

$

14.47

 

 

                                         
                                           

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(3.41

)%3

 

 

(1.02

)%

 

6.46

%

 

2.19

%

 

5.00

%

 

3.98

%

 

                                         

Based on market price

 

 

 

(2.62

)%3

 

 

(22.21

)%

 

15.91

%

 

10.76

%

 

6.32

%

 

5.52

%

 

                                         
                                           

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total expenses after fees waived and paid indirectly4

 

 

 

1.52

%5

 

 

1.39

%

 

1.37

%

 

1.29

%

 

1.27

%

 

1.29

%

 

                                         

Total expenses after waiver4

 

 

 

1.52

%5

 

 

1.43

%

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

 

                                         

Total expenses4

 

 

 

1.54

%5

 

 

1.44

%

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

 

                                         

Net investment income4

 

 

 

6.47

%5

 

 

6.03

%

 

5.80

%

 

5.69

%

 

6.48

%

 

6.69

%

 

                                         

Dividends to Preferred Shareholders

 

 

 

2.28

%5

 

 

1.88

%

 

1.49

%

 

1.05

%

 

0.46

%

 

0.51

%

 

                                         

Net investment income to Common Shareholders

 

 

 

4.19

%5

 

 

4.15

%

 

4.31

%

 

4.64

%

 

6.02

%

 

6.18

%

 

                                         
                                           

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares, end of period (000)

 

 

$

14,285

 

 

$

15,134

 

$

16,054

 

$

16,214

 

$

16,929

 

$

17,347

 

 

                                         

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

8,500

 

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

 

                                         

Portfolio turnover

 

 

 

24

%

 

 

40

%

 

57

%

 

15

%

 

13

%

 

17

%

 

                                         

Asset coverage end of period (000)

 

 

$

67,015

 

 

$

69,526

 

$

72,229

 

$

72,696

 

$

74,795

 

$

76,021

 

 

                                         

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Do not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

56

SEMI-ANNUAL REPORT

APRIL 30, 2008

 




 

 


 

Financial Highlights

BlackRock Florida Municipal Income Trust (BBF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Share Operating Performance

Net asset value, beginning of period

 

 

$

15.05

 

 

 

$

15.68

 

 

 

$

15.48

 

 

 

$

15.27

 

 

 

$

14.68

 

 

 

$

14.57

 

 

 

 

 

                                                         

Net investment income

 

 

 

0.54

1

 

 

 

1.07

 

 

 

 

1.11

 

 

 

 

1.11

 

 

 

 

1.12

 

 

 

 

1.11

 

 

Net realized and unrealized gain (loss)

 

 

 

(0.51

)

 

 

 

(0.49

)

 

 

 

0.26

 

 

 

 

0.17

 

 

 

 

0.45

 

 

 

 

(0.03

)

 

Dividends to Preferred Shareholders from net investment income

 

 

 

(0.16

)

 

 

 

(0.31

)

 

 

 

(0.27

)

 

 

 

(0.17

)

 

 

 

(0.08

)

 

 

 

(0.08

)

 

 

 

 

                                                         

Net increase from investment operations

 

 

 

(0.13

)

 

 

 

0.27

 

 

 

 

1.10

 

 

 

 

1.11

 

 

 

 

1.49

 

 

 

 

1.00

 

 

 

 

 

                                                         

Dividends to Common Shareholders from net investment income

 

 

 

(0.44

)

 

 

 

(0.90

)

 

 

 

(0.90

)

 

 

 

(0.90

)

 

 

 

(0.90

)

 

 

 

(0.89

)

 

 

 

 

                                                         

Net asset value, end of period

 

 

$

14.48

 

 

 

$

15.05

 

 

 

$

15.68

 

 

 

$

15.48

 

 

 

$

15.27

 

 

 

$

14.68

 

 

 

 

 

                                                         

Market price, end of period

 

 

$

14.64

 

 

 

$

15.10

 

 

 

$

16.30

 

 

 

$

15.25

 

 

 

$

14.40

 

 

 

$

13.36

 

 

 

 

 

                                                         

 

Total Investment Return2

Based on net asset value

 

 

 

(0.80

)%3

 

 

 

1.78

%

 

 

 

7.34

%

 

 

 

7.63

%

 

 

 

11.02

%

 

 

 

7.39

%

 

 

 

 

                                                         

Based on market price

 

 

 

(0.04

)%3

 

 

 

(1.76

)%

 

 

 

13.26

%

 

 

 

12.44

%

 

 

 

15.04

%

 

 

 

4.30

%

 

 

 

 

                                                         

 

Ratios to Average Net Assets Applicable to Common Shares

Total expenses after fees waived and paid indirectly4

 

 

 

1.00

%5

 

 

 

0.96

%

 

 

 

0.92

%

 

 

 

0.90

%

 

 

 

0.93

%

 

 

 

0.94

%

 

 

 

 

                                                         

Total expenses after waiver4

 

 

 

1.00

%5

 

 

 

0.97

%

 

 

 

0.93

%

 

 

 

0.91

%

 

 

 

0.93

%

 

 

 

0.95

%

 

 

 

 

                                                         

Total expenses4

 

 

 

1.26

%5

 

 

 

1.28

%

 

 

 

1.30

%

 

 

 

1.30

%

 

 

 

1.32

%

 

 

 

1.35

%

 

 

 

 

                                                         

Net investment income4

 

 

 

7.32

%5

 

 

 

7.02

%

 

 

 

7.12

%

 

 

 

7.16

%

 

 

 

7.49

%

 

 

 

7.50

%

 

 

 

 

                                                         

Dividends to Preferred Shareholders

 

 

 

2.16

%5

 

 

 

2.04

%

 

 

 

1.75

%

 

 

 

1.11

%

 

 

 

0.55

%

 

 

 

0.53

%

 

 

 

 

                                                         

Net investment income to Common Shareholders

 

 

 

5.16

%5

 

 

 

4.98

%

 

 

 

5.37

%

 

 

 

6.05

%

 

 

 

6.94

%

 

 

 

6.97

%

 

 

 

 

                                                         

 

Supplemental Data

Net assets applicable to Common Shares, end of period (000)

 

 

$

96,791

 

 

 

$

100,564

 

 

 

$

104,451

 

 

 

$

102,944

 

 

 

$

101,512

 

 

 

$

97,589

 

 

 

 

 

                                                         

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

57,550

 

 

 

$

57,550

 

 

 

$

57,550

 

 

 

$

57,550

 

 

 

$

57,550

 

 

 

$

57,550

 

 

 

 

 

                                                         

Portfolio turnover

 

 

 

9

%

 

 

 

25

%

 

 

 

20

%

 

 

 

10

%

 

 

 

10

%

 

 

 

19

%

 

 

 

 

                                                         

Asset coverage end of period (000)

 

 

$

67,046

 

 

 

$

68,688

 

 

 

$

70,391

 

 

 

$

69,729

 

 

 

$

69,101

 

 

 

$

67,394

 

 

 

 

 

                                                         

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Do not reflect the effect of dividends to Preferred Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

57




 

 


 

Financial Highlights

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                           

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net asset value, beginning of period

 

$

 

13.57

 

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

 

 

                                       

Net investment income

 

 

 

0.42

1

 

 

0.91

 

 

0.85

 

 

0.87

 

 

0.97

 

 

1.00

 

Net realized and unrealized gain (loss)

 

 

 

(0.87

)

 

 

(0.70

)

 

0.34

 

 

(0.21

)

 

(0.20

)

 

0.12

 

Dividends and distributions to Preferred Shareholders
from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.11

)

 

 

(0.23

)

 

(0.20

)

 

(0.15

)

 

(0.07

)

 

(0.06

)

Net realized gain

 

 

 

(0.01

)

 

 

(0.02

)

 

(0.03

)

 

 

 

 

 

 

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.57

)

 

 

(0.04

)

 

0.96

 

 

0.51

 

 

0.70

 

 

1.06

 

 

 

                                       

Dividends and distributions to Common Shareholders
from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.41

)

 

 

(0.82

)

 

(0.84

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

Net realized gain

 

 

 

(0.03

)

 

 

(0.04

)

 

(0.13

)

 

 

 

 

 

 

 

 

                                       

Total dividends and distributions

 

 

 

(0.44

)

 

 

(0.86

)

 

(0.97

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

 

                                       

Net asset value, end of period

 

$

 

12.56

 

 

$

13.57

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

 

 

                                       

Market price, end of period

 

$

 

15.51

 

 

$

14.96

 

$

15.95

 

$

14.70

 

$

15.00

 

$

14.80

 

 

 

                                       
                                           

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(4.56

)%3

 

 

(1.03

)%

 

6.14

%

 

3.43

%

 

5.00

%

 

7.48

%

 

 

                                       

Based on market price

 

 

 

6.91

%3

 

 

(1.02

)%

 

15.25

%

 

3.53

%

 

7.14

%

 

17.59

%

 

 

                                       
                                           

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total expenses after fees waived and paid indirectly4

 

 

 

1.74

%5

 

 

1.40

%

 

1.41

%

 

1.34

%

 

1.34

%

 

1.39

%

 

 

                                       

Total expenses after waiver4

 

 

 

1.74

%5

 

 

1.47

%

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

 

 

                                       

Total expenses4

 

 

 

1.76

%5

 

 

1.48

%

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

 

 

                                       

Net investment income4

 

 

 

6.52

%5

 

 

6.49

%

 

5.91

%

 

5.89

%

 

6.50

%

 

6.72

%

 

 

                                       

Dividends to Preferred Shareholders

 

 

 

1.85

%5

 

 

1.67

%

 

1.41

%

 

1.00

%

 

0.47

%

 

0.41

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

4.67

%5

 

 

4.82

%

 

4.50

%

 

4.89

%

 

6.03

%

 

6.31

%

 

 

                                       
                                           

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares,
end of period (000)

 

$

 

12,702

 

 

$

13,694

 

$

14,576

 

$

14,581

 

$

14,900

 

$

15,007

 

 

 

                                       

Preferred Shares outstanding at liquidation
preference, end of period (000)

 

$

 

7,500

 

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

 

 

                                       

Portfolio turnover

 

 

 

6

%

 

 

31

%

 

27

%

 

19

%

 

12

%

 

4

%

 

 

                                       

Asset coverage end of period (000)

 

$

 

67,340

 

 

$

70,649

 

$

73,603

 

$

73,612

 

$

74,670

 

$

75,026

 

 

 

                                       

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Do not reflect the effect of dividends to Preferred Stock Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

58

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Financial Highlights

BlackRock New Jersey Municipal Income Trust (BNJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                           

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net asset value, beginning of period

 

$

 

15.49

 

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

 

 

                                       

Net investment income

 

 

 

0.55

1

 

 

1.14

 

 

1.17

 

 

1.17

 

 

1.16

 

 

1.15

 

Net realized and unrealized gain (loss)

 

 

 

(0.66

)

 

 

(0.74

)

 

0.52

 

 

0.42

 

 

0.61

 

 

0.11

 

Dividends and distributions to Preferred Shareholders
from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.18

)

 

 

(0.30

)

 

(0.26

)

 

(0.18

)

 

(0.08

)

 

(0.08

)

Net realized gain

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.30

)

 

 

0.10

 

 

1.43

 

 

1.41

 

 

1.69

 

 

1.18

 

 

 

                                       

Dividends and distributions to Common Shareholders
from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.48

)

 

 

(0.96

)

 

(0.95

)

 

(0.92

)

 

(0.90

)

 

(0.88

)

Net realized gain

 

 

 

(0.04

)

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Total dividends and distributions

 

 

 

(0.52

)

 

 

(0.96

)

 

(0.95

)

 

(0.92

)

 

(0.90

)

 

(0.88

)

 

 

                                       

Net asset value, end of period

 

$

 

14.67

 

 

$

15.49

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

 

 

                                       

Market price, end of period

 

$

 

16.66

 

 

$

16.90

 

$

18.40

 

$

15.91

 

$

14.45

 

$

14.04

 

 

 

                                       
                                           

Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Based on net asset value

 

 

 

(2.14

)%3

 

 

0.17

%

 

9.18

%

 

9.60

%

 

12.29

%

 

8.68

%

                                           

Based on market price

 

 

 

1.87

%3

 

 

(2.89

)%

 

22.56

%

 

16.95

%

 

9.63

%

 

9.59

%

                                           
                                           

Ratios to Average Net Assets Applicable to Common Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Total expenses after fees waived and paid indirectly4

 

 

 

0.99

%5

 

 

0.93

%

 

0.89

%

 

0.89

%

 

0.91

%

 

0.93

%

 

 

                                       

Total expenses after waiver4

 

 

 

0.99

%5

 

 

0.94

%

 

0.91

%

 

0.90

%

 

0.91

%

 

0.94

%

 

 

                                       

Total expenses4

 

 

 

1.24

%5

 

 

1.24

%

 

1.27

%

 

1.28

%

 

1.30

%

 

1.34

%

 

 

                                       

Net investment income4

 

 

 

7.31

%5

 

 

7.18

%

 

7.31

%

 

7.37

%

 

7.74

%

 

7.85

%

 

 

                                       

Dividends to Preferred Shareholders

 

 

 

1.91

%5

 

 

1.86

%

 

1.63

%

 

1.12

%

 

0.56

%

 

0.57

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.40

%5

 

 

5.32

%

 

5.68

%

 

6.25

%

 

7.18

%

 

7.28

%

 

 

                                       
                                           

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                           

Net assets applicable to Common Shares,
end of period (000)

 

$

 

110,357

 

 

$

116,152

 

$

121,987

 

$

117,739

 

$

114,019

 

$

108,172

 

 

 

                                       

Preferred Shares outstanding at liquidation
preference, end of period (000)

 

$

 

63,800

 

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

 

 

                                       

Portfolio turnover

 

 

 

5

%

 

 

23

%

 

2

%

 

6

%

 

16

%

 

13

%

 

 

                                       

Asset coverage, end of period (000)

 

$

 

68,243

 

 

$

70,528

 

$

72,812

 

$

71,142

 

$

69,682

 

$

67,387

 

 

 

                                       

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Do not reflect the effect of dividends to Preferred Stock Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

59




 

 


 

Financial Highlights

BlackRock New York Investment Quality Municipal Trust (RNY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

14.40

 

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

 

 

                                       

Net investment income

 

 

 

0.45

1

 

 

0.95

 

 

0.97

 

 

0.96

 

 

0.96

 

 

1.03

 

Net realized and unrealized gain (loss)

 

 

 

(0.47

)

 

 

(0.61

)

 

0.37

 

 

(0.26

)

 

 

 

(0.21

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.10

)

 

 

(0.25

)

 

(0.21

)

 

(0.14

)

 

(0.07

)

 

(0.07

)

Net realized gain

 

 

 

(0.04

)

 

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.16

)

 

 

0.08

 

 

1.11

 

 

0.56

 

 

0.89

 

 

0.75

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.40

)

 

 

(0.85

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

Net realized gain

 

 

 

(0.10

)

 

 

(0.01

)

 

(0.08

)

 

 

 

 

 

 

 

 

                                       

Total dividends and distributions

 

 

 

(0.50

)

 

 

(0.86

)

 

(0.96

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

 

                                       

Net asset value, end of period

 

 

$

13.74

 

 

$

14.40

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

 

 

                                       

Market price, end of period

 

 

$

14.28

 

 

$

15.39

 

$

16.65

 

$

14.75

 

$

14.50

 

$

14.18

 

 

 

                                       

 

Total Investment Return2

Based on net asset value

 

 

 

(1.12

)%3

 

 

0.10

%

 

7.32

%

 

3.97

%

 

6.48

%

 

5.42

%

 

 

                                       

Based on market price

 

 

 

(3.85

)%3

 

 

(2.46

)%

 

19.95

%

 

8.01

%

 

8.81

%

 

4.69

%

 

 

                                       

 

Ratios to Average Net Assets Applicable to Common Shares

Total expenses after fees waived and paid indirectly4

 

 

 

1.45

%5

 

 

1.24

%

 

1.25

%

 

1.20

%

 

1.21

%

 

1.24

%

 

 

                                       

Total expenses after waiver4

 

 

 

1.45

%5

 

 

1.29

%

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

 

 

                                       

Total expenses4

 

 

 

1.46

%5

 

 

1.29

%

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

 

 

                                       

Net investment income4

 

 

 

6.49

%5

 

 

6.42

%

 

6.48

%

 

6.30

%

 

6.29

%

 

6.68

%

 

 

                                       

Dividends to Preferred Shareholders

 

 

 

1.42

%5

 

 

1.72

%

 

1.42

%

 

0.91

%

 

0.46

%

 

0.44

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.07

%5

 

 

4.70

%

 

5.06

%

 

5.39

%

 

5.83

%

 

6.24

%

 

 

                                       

 

Supplemental Data

Net assets applicable to Common Shares, end of period (000)

 

 

$

18,009

 

 

$

18,848

 

$

19,839

 

$

19,643

 

$

20,066

 

$

20,053

 

 

 

                                       

Preferred Shares outstanding at liquidation preference, end of period (000)

 

 

$

9,800

 

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

 

 

                                       

Portfolio turnover

 

 

 

5

%

 

 

37

%

 

24

%

 

10

%

 

23

%

 

36

%

 

 

                                       

Asset coverage, end of period (000)

 

 

$

70,942

 

 

$

73,090

 

$

75,614

 

$

75,111

 

$

76,195

 

$

76,159

 

 

 

                                       

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Do not reflect the effect of dividends to Preferred Stock Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

60

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Financial Highlights

BlackRock New York Municipal Income Trust (BNY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
April 30, 2008
(Unaudited)

 

Year Ended October 31,

 

 

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

 

$

15.11

 

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

 

 

                                       

Net investment income

 

 

 

0.55

1

 

 

1.11

 

 

1.13

 

 

1.14

 

 

1.14

 

 

1.14

 

Net realized and unrealized gain (loss)

 

 

 

(0.59

)

 

 

(0.70

)

 

0.47

 

 

0.09

 

 

0.36

 

 

0.13

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.14

)

 

 

(0.28

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

(0.09

)

Net realized gain

 

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Net increase (decrease) from investment operations

 

 

 

(0.19

)

 

 

0.13

 

 

1.34

 

 

1.06

 

 

1.42

 

 

1.18

 

 

 

                                       

Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

(0.45

)

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

Net realized gain

 

 

 

(0.03

)

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

Total dividends and distributions

 

 

 

(0.48

)

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

 

                                       

Net asset value, end of period

 

 

$

14.44

 

 

$

15.11

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

 

 

                                       

Market price, end of period

 

 

$

16.12

 

 

$

15.55

 

$

17.35

 

$

15.19

 

$

13.99

 

$

13.45

 

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Return2

Based on net asset value

 

 

 

(1.36

)%3

 

 

0.64

%

 

8.91

%

 

7.38

%

 

10.46

%

 

8.84

%

 

 

                                       

Based on market price

 

 

 

7.00

%3

 

 

(5.20

)%

 

20.95

%

 

15.38

%

 

10.99

%

 

6.95

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets Applicable to Common Shares

Total expenses after fees waived and paid indirectly4

 

 

 

0.96

%5

 

 

0.92

%

 

0.87

%

 

0.86

%

 

0.87

%

 

0.88

%

 

 

                                       

Total expenses after waiver4

 

 

 

0.96

%5

 

 

0.92

%

 

0.88

%

 

0.87

%

 

0.87

%

 

0.89

%

 

 

                                       

Total expenses4

 

 

 

1.21

%5

 

 

1.22

%

 

1.25

%

 

1.26

%

 

1.27

%

 

1.29

%

 

 

                                       

Net investment income4

 

 

 

7.44

%5

 

 

7.23

%

 

7.30

%

 

7.35

%

 

7.62

%

 

7.73

%

 

 

                                       

Dividends to Preferred Shareholders

 

 

 

1.92

%5

 

 

1.84

%

 

1.69

%

 

1.08

%

 

0.56

%

 

0.62

%

 

 

                                       

Net investment income to Common Shareholders

 

 

 

5.52

%5

 

 

5.39

%

 

5.61

%

 

6.27

%

 

7.06

%

 

7.11

%

 

 

                                       

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

Net assets applicable to Common Shares,
end of period (000)

 

 

$

182,863

 

 

$

190,962

 

$

199,717

 

$

193,457

 

$

191,274

 

$

184,874

 

 

 

                                       

Preferred Shares outstanding at liquidation
preference, end of period (000)

 

 

$

109,750

 

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

 

 

                                       

Portfolio turnover

 

 

 

3

%

 

 

23

%

 

27

%

 

24

%

 

13

%

 

14

%

 

 

                                       

Asset coverage, end of period (000)

 

 

$

66,655

 

 

$

68,509

 

$

70,502

 

$

69,073

 

$

68,575

 

$

67,115

 

 

 

                                       

 

 

1

Based on average shares outstanding.

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges.

3

Aggregate total investment return.

4

Do not reflect the effect of dividends to Preferred Stock Shareholders.

5

Annualized.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

61




 

 


 

Notes to Financial Statements (Unaudited)

 

1. Significant Accounting Policies:

BlackRock Investment Quality Municipal Trust Inc. (“Investment Quality Municipal”), BlackRock California Investment Quality Municipal Trust Inc. (“California Investment Quality”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“New Jersey Investment Quality”) and BlackRock New York Investment Quality Municipal Trust Inc. (“New York Investment Quality”) were organized as Maryland corporations. BlackRock Florida Investment Quality Municipal Trust (“Florida Investment Quality”) was organized as a Massachusetts business trust. Investment Quality Municipal, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality are herein referred to as the Investment Quality Trusts. BlackRock Municipal Income Trust (“Municipal Income”), BlackRock California Municipal Income Trust (“California Income”), BlackRock Florida Municipal Income Trust (“Florida Income”), BlackRock New Jersey Municipal Income Trust (“New Jersey Income”), BlackRock New York Municipal Income Trust (“New York Income”) (collectively the “Income Trusts”) and BlackRock Long-Term Municipal Advantage Trust (“Long-Term Municipal”) were organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and Long-Term Municipal are referred to herein collectively as the “Trusts.” Investment Quality Municipal and Municipal Income are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as diversified, closed-end management investment companies. California Investment Quality, California Income, Florida Investment Quality, Florida Income, Long-Term Municipal, New Jersey Investment Quality, New Jersey Income, New York Investment Quality and New York Income are registered under the 1940 Act, as non-diversified, closed-end management investment companies. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. Each Trust determines, and makes available for publication, the net asset value of its Common Shares on a daily basis.

The following is a summary of significant accounting policies followed by the Trusts:

Valuation of investments: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees (the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and various relationships between investments. Swaps are valued by quoted fair values received daily by the Trusts’ pricing service. Short-term securities are valued at amortized cost. Investments in open-end investment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seek to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deem relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Derivative Financial Instruments: Each Trust may engage in various portfolio investment strategies to increase the return of the Trust and to hedge, or protect, its exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract.

 

 

Financial Futures Contracts: The Trusts may purchase or sell financial futures contracts and options on such financial futures contracts. Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Upon entering into a contract, the Trust deposits, and maintains as collateral, such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Trust agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Trust as unrealized gains or losses. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

 

 

Forward Interest Rate Swaps: The Trusts may enter into forward interest rate swaps. In a forward interest rate swap, the Trust and the counterparty agree to make periodic net payments on a specified notional contract amount, commencing on a specified future effective date, unless terminated earlier. These periodic payments received or made by the Trust are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Gains or losses are also realized upon termination of the swap agreements. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When a swap is terminated, the Trusts will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract, if any. The Trusts generally intend to close each forward interest rate swap before the accrual date specified in the agreement and therefore avoid entering into the interest rate swap underlying each forward interest rate swap.

Forward Commitments and When-Issued Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is

 

 

 

 

 

 

 

 

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Notes to Financial Statements (continued)

 

worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. Upon making a commitment to purchase a security on a when-issued basis, the Trust will hold liquid assets worth at least the equivalent of the amount due.

Municipal Bonds Transferred to Tender Option Bond Trusts: Long-Term Municipal leverages its assets through the use of tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal securities. Other funds managed by the investment advisor may also contribute municipal securities to a TOB into which Long-Term Municipal has contributed securities. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by Long-Term Municipal include the right of Long-Term Municipal (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal securities from the TOB to Long-Term Municipal. The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to Long-Term Municipal, which typically invests the cash in additional municipal securities. Long-Term Municipal’s transfer of the municipal securities to a TOB is accounted for as a secured borrowing, therefore the municipal securities deposited into a TOB are presented in Long-Term Municipal’s Schedule of Investments and the proceeds from the transaction are reported as a liability of Long-Term Municipal.

Interest income from the underlying securities is recorded by Long-Term Municipal on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of Long-Term Municipal. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At April 30, 2008, the aggregate value of the underlying municipal securities transferred to TOBs was $140,396,746, the related liability for trust certificates was $144,470,000 and the range of interest rates on the liability for trust certificates was 2.41% to 3.84%.

Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, Long-Term Municipal’s investment in TOBs likely will adversely affect Long-Term Municipal’s net investment income and distributions to shareholders. Fluctuations in the market value of municipal securities deposited into the TOB may adversely affect Long-Term Municipal’s net asset value per share.

Zero-Coupon Bonds: The Trusts may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.

Segregation: In cases in which the 1940 Act, and the interpretive positions of the Securities and Exchange Commission (the “SEC”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, futures or forward starting swaps), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.

Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. The Trusts amortize all premiums and discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to holders of Preferred Shares are accrued and determined as described in Note 4.

Income Taxes: It is each of the Trust’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

Effective April 30, 2008, the Fund implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The investment advisor has evaluated the application of FIN 48 to each Trust, and has determined that the adoption of FIN 48 does not have a material impact on each Trust’s financial statements. Each Trust files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ U.S. federal tax returns remains open for the years ended October 31, 2004 through October 31, 2006. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Bank Overdraft: Florida Investment Quality recorded a bank overdraft which resulted from a bank error. Florida Income recorded a bank overdraft which resulted from management estimates of available cash.

Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Trusts’ financial statements disclosures, if any, is currently being assessed.

 

 

 

 

 

 

 

 

 

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63



 

 


 

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In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities — an amendment of FASB Statement No. 133” (“FAS 161”) was issued and is effective for fiscal years beginning after November 15, 2008. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. The investment advisor is currently evaluating the implications of FAS 161 and the impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the Trusts’ Board, non-interested Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts have been invested in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability, are included in other assets on the Statement of Assets and Liabilities.

Other: Expenses directly related to each Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.

2. Investment Advisory Agreement and Other Transactions with Affiliates:

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc.

The Advisor is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust pays the Advisor a monthly fee at an annual rate of 0.35% for the Investment Quality Trusts and 0.60% for the Income Trusts of the average weekly value of the Trust’s net assets including proceeds from the issuance of preferred shares and TOBs. The Advisor has voluntarily agreed to waive a portion of the investment advisory fee on the Income Trusts as a percentage of net assets including proceeds from the issuance of preferred shares and TOBs as follows: 0.25% for the first five years of each of the Trust’s operations from 2001 through July 31, 2006, 0.20% through July 31, 2007, 0.15% through July 31, 2008, 0.10% through July 31, 2009 and 0.05% through July 31, 2010.

Long-Term Municipal pays the Advisor a monthly fee at an annual rate of 1.00% of the average weekly value of the Trust’s net assets. The Advisor has voluntarily agreed to waive a portion of the investment advisory fee on Long-Term Municipal as a percentage of the average weekly value of the net assets of 0.40% for the first five years of the Trust’s operations from 2006 through 2011 and for declining amounts for the following three years, 0.30% in 2012, 0.20% in 2013 and 0.10% in 2014.

For the six months ended April 30, 2008, the advisor waived the fees, which is shown on the Statements of Operations as fees waived by advisor, as follows:

 

 

 

 

 

       

 

 

Waived by
the Advisor

 

         

Municipal Income

 

$

736,727

 

Long-Term Municipal

 

$

342,326

 

California Income

 

$

263,620

 

Florida Income

 

$

116,056

 

New Jersey Income

 

$

131,960

 

New York Income

 

$

220,947

 

         

The administration fee to the Advisor is computed weekly and payable monthly based on an annual rate of 0.15% for Investment Quality Municipal and 0.10% for California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality of the Trusts’ average weekly value of the net assets including proceeds from the issuance of Preferred Shares and TOBs.

The Advisor has agreed to waive its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investment in affiliated money market funds. This amount is shown on the Statements of Operations as fees waived by advisor. For the six months ended April 30, 2008, the amounts were as follows:

 

 

 

 

 

 

 

 

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Notes to Financial Statements (continued)


 

 

 

 

 

       

 

 

Waived by
the Advisor

 

         

Investment Quality Municipal

 

$

16,544

 

Municipal Income

 

$

13,208

 

Long-Term Municipal

 

$

2,925

 

California Investment Quality

 

$

2,012

 

California Income

 

$

37,456

 

Florida Investment Quality

 

$

1,567

 

Florida Income

 

$

6,811

 

New Jersey Investment Quality

 

$

1,298

 

New Jersey Income

 

$

8,620

 

New York Investment Quality

 

$

788

 

New York Income

 

$

7,423

 

         

In addition, the Advisor has entered into a separate sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Advisor, with respect to each Trust, under which the Advisor pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.

Pursuant to the terms of their custody agreement, each Trust received earnings credits from its custodian for positive cash balances maintained, which are used to offset custody fees. These credits are shown on the Statements of Operations as fees paid indirectly.

Certain officers and/or trustees of the Trusts are officers and/or directors of BlackRock, Inc. or its affiliates.

3. Investments:

Purchases and sales of investments, excluding short-term securities, for the six months ended April 30, 2008 were as follows:

 

 

 

 

 

 

 

 

               

 

 

 

Purchases

 

 

Sales

 

               

Investment Quality Municipal

 

$

39,818,803

 

$

28,411,616

 

Municipal Income

 

 

86,791,651

 

 

98,497,154

 

Long-Term Municipal

 

 

41,454,363

 

 

74,905,887

 

California Investment Quality

 

 

2,008,232

 

 

2,722,622

 

California Income

 

 

46,085,598

 

 

70,237,413

 

Florida Investment Quality

 

 

5,294,866

 

 

6,368,514

 

Florida Income

 

 

12,756,335

 

 

18,602,450

 

New Jersey Investment Quality

 

 

1,261,399

 

 

2,321,297

 

New Jersey Income

 

 

8,237,035

 

 

14,829,560

 

New York Investment Quality

 

 

1,382,751

 

 

2,158,870

 

New York Income

 

 

8,028,297

 

 

15,909,610

 

               

4. Capital Share Transactions:

Each Investment Quality Trust is authorized to issue 200,000,000 shares of shares, including Preferred Shares, par value $0.01 per share, all of which were initially classified as Common Shares. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and Long-Term Municipal. The Board is authorized, however, to reclassify any unissued shares without the approval of the Common Shareholders. As of April 30, 2008, the shares owned by an affiliate of the Advisor of Long-Term Municipal were 9,704.

Shares issued and outstanding for the six months ended April 30, 2008 and the year ended October 31, 2007 increased by the following amounts as a result of dividend reinvestment:

 

 

 

 

 

 

 

 

           

 

 

Six Months Ended
April 30, 2008

 

Year Ended
October 31, 2007

 

               

Investment Quality Municipal

 

 

87,230

 

 

83,554

 

Municipal Income

 

 

103,240

 

 

197,269

 

Long-Term Municipal

 

 

 

 

36,210

 

California Investment Quality

 

 

73

 

 

 

California Income

 

 

35,320

 

 

61,958

 

Florida Income

 

 

4,954

 

 

16,959

 

New Jersey Investment Quality

 

 

2,138

 

 

1,972

 

New Jersey Income

 

 

21,965

 

 

39,482

 

New York Investment Quality

 

 

2,323

 

 

1,724

 

New York Income

 

 

30,415

 

 

56,191

 

               

Preferred Shares: Preferred Shares of the Trusts have a par value of $0.001 per share and a liquidation preference of $25,000 per share, plus accrued and unpaid dividends, that entitle their holders to receive cash dividends at an annual rate that may vary for the successive dividend periods. The yields in effect at April 30, 2008 were as follows:

 

 

 

 

 

 

 

 

           

 

 

Series

 

Yield

 

           

Investment Quality Municipal

 

 

T7

 

 

3.777

%

 

 

 

T28

 

 

2.924

%

               

Municipal Income

 

 

M7

 

 

3.594

%

 

 

 

T7

 

 

3.777

%

 

 

 

W7

 

 

3.488

%

 

 

 

R7

 

 

3.594

%

 

 

 

F7

 

 

3.594

%

               

California Investment Quality

 

 

W7

 

 

3.488

%

               

California Income

 

 

T7

 

 

3.777

%

 

 

 

R7

 

 

3.594

%

               

Florida Investment Quality

 

 

R7

 

 

3.595

%

               

Florida Income

 

 

T7

 

 

3.777

%

               

New Jersey Investment Quality

 

 

T7

 

 

3.777

%

               

New Jersey Income

 

 

R7

 

 

3.594

%

               

New York Investment Quality

 

 

F7

 

 

3.595

%

               

New York Income

 

 

W7

 

 

3.488

%

 

 

 

F7

 

 

3.594

%

               

Each Trust pays commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregate principal amount. For the six months ended April 30, 2008, Merrill Lynch, Pierce, Fenner & Smith Incorporated earned commissions as follows:

 

 

 

 

 

         

 

 

Commissions

 

         

Investment Quality Municipal

 

$

65,679

 

Municipal Income

 

 

78,338

 

California Income

 

 

27,699

 

Florida Income

 

 

22,469

 

New Jersey Income

 

 

10,888

 

New York Income

 

 

34,877

 

         

Preferred Shares issued and outstanding for each of the Trusts during the six months ended April 30, 2008 and the year ended October 31, 2007 remained constant.

Dividends on seven-day Preferred Shares are cumulative at a rate which is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, each Trust is required to

 

 

 

 

 

 

 

 

 

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Notes to Financial Statements (continued)

pay the maximum applicable rate on the Preferred Shares to holders of such shares for each successive dividend period until such time as the shares are successfully auctioned. The maximum applicable rate on the Preferred Shares is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. During the six months ended April 30, 2008, the Preferred Shares of each Trust was successfully auctioned at each auction date until February 13, 2008. The low, high and average dividend rates on the Preferred Shares for each Trust for the six months ended April 30, 2008 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

 

 

Series

 

Low

 

High

 

Average

 

                   

Investment Quality Municipal

 

 

T7

 

 

2.833

%

 

4.600

%

 

3.624

%

 

 

 

T28

 

 

3.300

%

 

4.751

%

 

3.928

%

                           

Municipal Income

 

 

M7

 

 

2.600

%

 

4.810

%

 

3.721

%

 

 

 

T7

 

 

2.924

%

 

4.600

%

 

3.715

%

 

 

 

W7

 

 

3.031

%

 

4.590

%

 

3.755

%

 

 

 

R7

 

 

3.010

%

 

4.508

%

 

3.735

%

 

 

 

F7

 

 

2.800

%

 

4.508

%

 

3.646

%

                           

California Investment Quality

 

 

W7

 

 

2.350

%

 

4.356

%

 

3.352

%

                           

California Income

 

 

T7

 

 

2.924

%

 

4.810

%

 

3.764

%

 

 

 

R7

 

 

3.000

%

 

4.810

%

 

3.498

%

                           

Florida Investment Quality

 

 

R7

 

 

2.818

%

 

5.000

%

 

3.912

%

                           

Florida Income

 

 

T7

 

 

3.016

%

 

4.600

%

 

3.683

%

                           

New Jersey Investment Quality

 

 

T7

 

 

2.853

%

 

4.356

%

 

3.555

%

                           

New Jersey Income

 

 

R7

 

 

2.990

%

 

4.910

%

 

3.724

%

                           

New York Investment Quality

 

 

F7

 

 

2.190

%

 

5.750

%

 

3.649

%

                           

New York Income

 

 

W7

 

 

2.190

%

 

4.780

%

 

2.804

%

 

 

 

F7

 

 

2.390

%

 

4.508

%

 

3.371

%

                           

Since February 13, 2008 the Preferred Shares of the Trusts failed to clear any of it auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate which ranged from 2.40% to 4.508%. A failed auction is not an event of default for the Trusts but it is a liquidity event for the holders of the Preferred Shares. A failed auction occurs when there are more sellers of a fund’s auction rate preferred shares than buyers. It is impossible to predict how long this imbalance will last. An auction for the Trusts’ Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, holders of the Preferred Shares may not have the ability to sell the Preferred Shares at its liquidation preference.

A Trust may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares is less than 200%.

The Preferred Shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Statement of Preferences/Certificate of Designation/Articles Supplementary, are not satisfied.

The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, holders of Preferred Shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

5. Capital Loss Carryforward:

As of October 31, 2007, the following Trusts had a capital loss carryforward available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

 

 

           

 

 

Capital Loss
Carryforward
Amount

 

Expires

 

           

Investment Quality Municipal

 

$

728,359

 

 

2014

 

 

 

   

 

 

 

 

               

Municipal Income

 

$

11,431,206

 

 

2011

 

 

 

 

15,767,388

 

 

2012

 

 

 

 

4,991,782

 

 

2014

 

 

 

 

688,471

 

 

2015

 

 

 

   

 

 

 

 

 

 

$

32,878,847

 

 

 

 

 

 

   

 

 

 

 

               

Long-Term Municipal

 

$

701,315

 

 

2014

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

               

California Investment Quality

 

$

5,173

 

 

2015

 

 

 

   

 

 

 

 

               

California Income

 

$

7,607

 

 

2011

 

 

 

 

4,943,577

 

 

2012

 

 

 

 

1,350,312

 

 

2014

 

 

 

   

 

 

 

 

 

 

$

6,301,496

 

 

 

 

 

 

   

 

 

 

 

               

Florida Investment Quality

 

$

137,267

 

 

2015

 

 

 

   

 

 

 

 

               

Florida Income

 

$

796,318

 

 

2012

 

 

 

 

426,674

 

 

2015

 

 

 

   

 

 

 

 

 

 

$

1,222,992

 

 

 

 

 

 

   

 

 

 

 

               

New Jersey Investment Quality

 

$

55,066

 

 

2015

 

 

 

   

 

 

 

 

               

New Jersey Income

 

$

610,058

 

 

2012

 

 

 

 

615,254

 

 

2015

 

 

 

   

 

 

 

 

 

 

$

1,225,312

 

 

 

 

 

 

   

 

 

 

 

               

New York Income

 

$

151,220

 

 

2012

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

               

6. Concentration Risk:

Each Trust’s investments are concentrated in certain states, which may be affected by adverse financial, social, environmental, economic, regulatory and political factors.

Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons and there is no assurance that the insurer will meet its obligation.

 

 

 

 

 

 

 

 

66

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 

 


 

Notes to Financial Statements (concluded)

7. Subsequent Events:

The Trusts paid an ordinary income dividend in the following amounts per share on June 2, 2008 to shareholders of record on May 15, 2008:

 

 

 

 

 

         

 

 

Common
Dividend
Per Share

 

         

Investment Quality Municipal

 

$

0.080000

 

Municipal Income

 

 

0.077500

 

Long-Term Municipal

 

 

0.055000

 

California Investment Quality

 

 

0.048000

 

California Income

 

 

0.076074

 

Florida Investment Quality

 

 

0.044500

 

Florida Income

 

 

0.072875

 

New Jersey Investment Quality

 

 

0.068000

 

New Jersey Income

 

 

0.079625

 

New York Investment Quality

 

 

0.067000

 

New York Income

 

 

0.075339

 

         

The dividends declared on preferred shares for the period May 1, 2008 to May 31, 2008 for the Trusts were as follows:

 

 

 

 

 

 

 

 

           

 

 

Series

 

Dividends
Declared

 

           

Investment Quality Municipal

 

 

T7

 

 

228,929

 

 

 

 

T28

 

 

143,525

 

               

Municipal Income

 

 

M7

 

 

302,189

 

 

 

 

T7

 

 

296,992

 

 

 

 

W7

 

 

292,844

 

 

 

 

R7

 

 

292,680

 

 

 

 

F7

 

 

299,510

 

               

California Investment Quality

 

 

W7

 

 

20,876

 

               

California Income

 

 

T7

 

 

255,156

 

 

 

 

R7

 

 

250,062

 

               

Florida Investment Quality

 

 

R7

 

 

25,072

 

               

Florida Income

 

 

T7

 

 

133,953

 

               

New Jersey Investment Quality

 

 

T7

 

 

10,575

 

               

New Jersey Income

 

 

R7

 

 

285,415

 

               

New York Investment Quality

 

 

F7

 

 

28,170

 

               

New York Income

 

 

W7

 

 

213,789

 

 

 

 

F7

 

 

218,224

 

               

On June 2, 2008, the Trusts announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                   

 

 

Series

 

Redemption
Date

 

Shares to be
Redeemed

 

Aggregate
Price

 

                   

Investment Quality Municipal

 

 

T7

 

 

6/25/2008

 

 

436

 

$

10,900,000

 

 

 

 

T28

 

 

7/9/2008

 

 

348

 

$

8,700,000

 

                           

Municipal Income

 

 

M7

 

 

6/24/2008

 

 

656

 

$

16,400,000

 

 

 

 

T7

 

 

6/25/2008

 

 

656

 

$

16,400,000

 

 

 

 

W7

 

 

6/26/2008

 

 

656

 

$

16,400,000

 

 

 

 

R7

 

 

6/27/2008

 

 

656

 

$

16,400,000

 

 

 

 

F7

 

 

6/30/2008

 

 

656

 

$

16,400,000

 

                           

California Investment Quality

 

 

W7

 

 

6/26/2008

 

 

27

 

$

675,000

 

                           

California Income

 

 

T7

 

 

6/25/2008

 

 

621

 

$

15,525,000

 

 

 

 

R7

 

 

6/27/2008

 

 

621

 

$

15,525,000

 

                           

Florida Investment Quality

 

 

R7

 

 

6/27/2008

 

 

55

 

$

1,375,000

 

                           

Florida Income

 

 

T7

 

 

6/25/2008

 

 

320

 

$

8,000,000

 

                           

New Jersey Investment Quality

 

 

T7

 

 

6/25/2008

 

 

17

 

$

425,000

 

                           

New Jersey Income

 

 

R7

 

 

6/27/2008

 

 

133

 

$

3,325,000

 

                           

New York Income

 

 

W7

 

 

6/26/2008

 

 

278

 

$

6,950,000

 

 

 

 

F7

 

 

6/30/2008

 

 

278

 

$

6,950,000

 

                           

The Trusts will finance the Preferred Share redemptions with cash received from TOB transactions.

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

67




 


 

Officers and Trustees


 

G. Nicholas Beckwith, III, Trustee

Richard E. Cavanagh, Trustee

Richard S. Davis, Trustee

Kent Dixon, Trustee

Frank J. Fabozzi, Trustee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee

Karen P. Robards, Trustee

Robert S. Salomon, Jr., Trustee

Donald C. Burke, Trust President and Chief Executive Officer

Anne F. Ackerley, Vice President

Neal J. Andrews, Chief Financial Officer

Jay M. Fife, Treasurer

Brian P. Kindelan, Chief Compliance Officer of the Funds

Howard Surloff, Secretary

 

Custodian

State Street Bank and Trust Company

Boston, MA 02101

 

Transfer Agents

Common Shares:

Computershare Trust Companies, N.A.

Canton, MA 02021

Preferred Shares:

For the Income Trusts

BNY Mellon Shareowner Services

Jersey City, N.J. 07310

For the Investment Quality Trusts

Deutsche Bank Trust Company Americas

New York, NY 10005

 

Accounting Agent

State Street Bank and Trust Company

Princeton, NJ 08540

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

 

Fund Address

BlackRock Closed-End Funds

c/o BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, DE 19809


 

We are pleased to announce that, effective March 1, 2008, Timothy T. Browse, CFA assumed responsibility for the day-to-day management of BlackRock Investment Quality Municipal Trust’s portfolio. Mr. Browse is a Director of BlackRock, Inc. He joined the firm following the merger with Merrill Lynch Investment Managers (MLIM) in 2006. Previously, he was a Vice President in the Municipal Tax-Exempt Fund Management group of MLIM from 2004 to 2006. Prior to joining MLIM, Mr. Browse was a Vice President, Portfolio Manager and Team Leader of the Municipal Investments Team with Lord Abbett & Co. from 2000 to 2003, and Vice President and Portfolio Manager in the Municipal Fund Management group of Eaton Vance Management, Inc. from 1992 to 2000.

We are pleased to announce that, effective March 1, 2008, Fred Stuebe assumed responsibility for the day-to-day management of BlackRock New Jersey Investment Quality Municipal Trust’s portfolio and BlackRock New Jersey Municipal Income Trust’s portfolio. Mr. Stuebe is a Director of BlackRock, Inc. He joined the firm following the merger with Merrill Lynch Investment Managers (MLIM) in 2006. Previously, he was a Director and Portfolio Manager in the Municipal Tax-Exempt Fund Management group of MLIM from 1989 to 2006. Prior to joining MLIM, Mr. Stuebe was a Portfolio Manager in the Municipal Tax-Exempt Investments group of Old Republic Insurance Company in Chicago from 1984 to 1989.


 

 

 

 

 

 

 

 

68

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



 


 

Additional Information

 

 

Availability of Quarterly Schedule of Investments

 

Each Trust files their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.

Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

 

 

Electronic Delivery

 

Electronic copies of most financial reports are available on the Trusts’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.

 

 

General Information

 

The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762

Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.

 

 

Section 19 Notices

 

These amounts are sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and source for tax reporting purposes will depend upon the Trust’s investment experience during the remainder of its fiscal year end and may be subject to changes based on the tax regulations. The Trust will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           

 

 

Total Fiscal Year to Date
Cumulative Distributions by Character

 

Percentage of Fiscal Year to Date
Cumulative Distributions by Character

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return
of
Capital

 

Total Per
Comman
Share

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return
of
Capital

 

Total Per
Common
Share

 

                                   

New York Investment Quality Municipal Trust

 

$

0.067

 

$

0.101803

 

 

$

 

 

$

0.168803

 

 

40%

 

 

60%

 

 

 

 

100%

 

                                                       

 

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT

APRIL 30, 2008

69



 


 

Additional Information (concluded)


 

 

Deposit Securities

 

Effective May 30, 2008, following approval by the Trusts’ Board and the applicable ratings agencies, the definition of “Deposited Securities” in the Trusts’ Statement of Preference/Certificate of Designation/Articles Supplementary was amended in order to facilitate the redemption of the Trusts’ Preferred Shares. The following phrase was added to the definition of “Deposit Securities” found in the Trusts’ Statement of Preference/Certificate of Designation/Articles Supplementary:

; provided, however, that solely in connection with any redemption of AMPS, the term Deposit Securities shall include (i) any committed financing pursuant to a credit agreement, reverse repurchase agreement facility or similar credit arrangement, in each case which makes available to the Corporation, no later than the day preceding the applicable redemption date, cash in an amount not less than the aggregate amount due to Holders by reason of the redemption of their shares of AMPS on such redemption date; and (ii) cash amounts due and payable to the Corporation out of a sale of its securities if such cash amount is not less than the aggregate amount due to Holders by reason of the redemption of their shares of AMPS on such redemption date and such sale will be settled not later than the day preceding the applicable redemption date.

 

 

BlackRock Privacy Principles

 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively,“Clients”) and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

 

 

 

 

 

 

 

 

70

SEMI-ANNUAL REPORT

APRIL 30, 2008

 



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change.

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 411-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

 

 

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#CEF-SEMI-2-0408




Item 2 –     Code of Ethics – Not Applicable to this semi-annual report
   
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report Item 5 – Audit Committee of Listed Registrants – Not Applicable to this semi-annual report
   
Item 6 – Investments
  (a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
  (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
   
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report
   
Item 8 – Portfolio Managers of Closed-End Management Investment Companies – As of April 30, 2008
(a) Not Applicable
(b) Effective March 1, 2008, Timothy T. Browse joined the Registrant’s portfolio management team. Messrs. Theodore R. Jaeckel, Jr. and Walter O’Connor, previously identified in response to paragraph (a) of this item in the Registrant’s most recent annual report, continue as members of the Registrant’s portfolio management team.
   
  (a)(1) BlackRock Investment Quality Municipal Trust, Inc. is managed by a team of investment professionals. As of March 1, 2008, the lead members of this team are Timothy T. Browse, Vice President at BlackRock, Theodore R. Jaeckel, Jr., CFA, Managing Director at BlackRock, and Walter O’Connor, Managing Director at BlackRock. Each is a member of BlackRock’s municipal tax-exempt management group. Mr. Jaeckel, Mr. O’Connor and Mr. Browse are responsible for the day-to-day management of the Fund’s portfolio, including setting the Fund’s overall investment strategy, overseeing the management of the Fund and/or selecting the Fund’s investments. Messrs. Jaeckel and O’Connor have been members of the Fund’s management team since 2006 and Mr. Browse has been the Fund’s portfolio manager since 2008.
   
  Mr. Browse joined BlackRock in 2006. Prior to joining BlackRock, he was a Vice President (Municipal Tax-Exempt Fund Management) of MLIM from 2004 to 2006. He has been a portfolio manager with BlackRock or MLIM since 2004. From 2000 to 2003, he was a Vice President, portfolio manager and team leader of the Municipal Investment Team with Lord Abbott & Co.
   
  (a)(2) As of April 30, 2008:
 
            (iii) Number of Other Accounts and
    (ii) Number of Other Accounts Managed   Assets for Which Advisory Fee is
    and Assets by Account Type   Performance-Based
    Other       Other    
(i) Name of   Registered Other Pooled     Registered Other Pooled  
Portfolio   Investment Investment Other   Investment Investment Other
Manager   Companies Vehicles Accounts   Companies Vehicles Accounts
   Timothy T.                
   Browse   12 0 0   0 0 0
    $3.98 Billion $0 $0   $0 $0 $0
 




(iv) Potential Material Conflicts of Interest

BlackRock has built a professional working environment, firm-wide compliance culture and compliance procedures and systems designed to protect against potential incentives that may favor one account over another. BlackRock has adopted policies and procedures that address the allocation of investment opportunities, execution of portfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to ensure that all client accounts are treated equitably over time. Nevertheless, BlackRock furnishes investment management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge funds or have performance or higher fees paid to BlackRock, or in which portfolio managers have a personal interest in the receipt of such fees), which may be the same as or different from those made for the Funds. In addition, BlackRock, its affiliates and any officer, director, stockholder or employee may or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or any of its affiliates, or any officer, director, stockholder, employee or any member of their families may take different actions than those recommended to the Fund by BlackRock with respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of companies of which any of BlackRock’s (or its affiliates’) officers, directors or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or the officers, directors or employees of any of them has any substantial economic interest or possesses material non-public information. Each portfolio manager also may manage accounts whose investment strategies may at times be opposed to the strategy utilized for a Fund. In this regard, it should be noted that Mr. Jaeckel currently manages certain accounts that are subject to performance fees. In addition, Mr. Jaeckel assists in managing certain hedge funds and may be entitled to receive a portion of any incentive fees earned on such funds and a portion of such incentive fees may be voluntarily or involuntarily deferred. Additional portfolio managers may in the future manage other such accounts or funds and may be entitled to receive incentive fees.

As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts, with no account receiving preferential treatment. To this end, BlackRock has adopted a policy that is intended to ensure that investment opportunities are allocated fairly and equitably among client accounts over time. This policy also seeks to achieve reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate investments in a manner that is consistent with the particular investment discipline and client base.

(a)(3) As of April 30, 2008:

Portfolio Manager Compensation Overview

BlackRock’s financial arrangements with its portfolio managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The principal components of compensation include a base salary, a performance-based discretionary bonus, participation in various benefits programs and one or more of the



incentive compensation programs established by BlackRock such as its Long-Term Retention and Incentive Plan.

Base compensation. Generally, portfolio managers receive base compensation based on their seniority and/or their position with the firm. Senior portfolio managers who perform additional management functions within the portfolio management group or within BlackRock may receive additional compensation for serving in these other capacities.

Discretionary Incentive Compensation

Discretionary incentive compensation is a function of several components: the performance of BlackRock, Inc., the performance of the portfolio manager’s group within BlackRock, the investment performance, including risk-adjusted returns, of the firm’s assets under management or supervision by that portfolio manager relative to predetermined benchmarks, and the individual’s seniority, role within the portfolio management team, teamwork and contribution to the overall performance of these portfolios and BlackRock. In most cases, including for the portfolio managers of the Fund, these benchmarks are the same as the benchmark or benchmarks against which the performance of the Fund or other accounts managed by the portfolio managers are measured. BlackRock’s Chief Investment Officers determine the benchmarks against which the performance of funds and other accounts managed by each portfolio manager is compared and the period of time over which performance is evaluated. With respect to the portfolio managers, such benchmarks for the Fund include a combination of market-based indices (e.g., Lehman Brothers Municipal Bond Index), certain customized indices and certain fund industry peer groups.

BlackRock’s Chief Investment Officers make a subjective determination with respect to the portfolio managers’ compensation based on the performance of the funds and other accounts managed by each portfolio manager relative to the various benchmarks noted above. Performance is measured on both a pre-tax and after-tax basis over various time periods including 1, 3, 5 and 10-year periods, as applicable.

Distribution of Discretionary Incentive Compensation

Discretionary incentive compensation is distributed to portfolio managers in a combination of cash and BlackRock, Inc. restricted stock units which vest ratably over a number of years. The BlackRock, Inc. restricted stock units, if properly vested, will be settled in BlackRock, Inc. common stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers. Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on the BlackRock’s ability to sustain and improve its performance over future periods.

          Long-Term Retention and Incentive Plan (“LTIP”) —The LTIP is a long-term incentive plan that seeks to reward certain key employees. Beginning in 2006, awards are granted under the LTIP in the form of BlackRock, Inc. restricted stock units that, if properly vested and subject to the attainment of certain performance goals, will be settled in BlackRock, Inc. common stock. Each portfolio manager has received awards under the LTIP.

          Deferred Compensation Program —A portion of the compensation paid to eligible BlackRock employees may be voluntarily deferred into an account that tracks the performance of certain of the firm’s investment products. Each participant in the deferred compensation program is



permitted to allocate his deferred amounts among the various investment options. Each portfolio manager has participated in the deferred compensation program.

Other compensation benefits. In addition to base compensation and discretionary incentive compensation, portfolio managers may be eligible to receive or participate in one or more of the following:

          Incentive Savings Plans — BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock employees are eligible to participate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a company match equal to 50% of the first 6% of eligible pay contributed to the plan capped at $4,000 per year, and a company retirement contribution equal to 3% of eligible compensation, plus an additional contribution of 2% for any year in which BlackRock has positive net operating income. The RSP offers a range of investment options, including registered investment companies managed by the firm. BlackRock contributions follow the investment direction set by participants for their own contributions or, absent employee investment direction, are invested into a balanced portfolio. The ESPP allows for investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date. Annual participation in the ESPP is limited to the purchase of 1,000 shares or a dollar value of $25,000. Each portfolio manager is eligible to participate in these plans.

(a)(4)   Beneficial Ownership of Securities. As of April 30, 2008, Mr. Browse did not beneficially own any stock issued by the Fund.

Item 9 –     Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable
   
Item 10 – Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.
   
Item 11 – Controls and Procedures
   
11(a) – The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.
   
11(b) – There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 



Item 12 – Exhibits attached hereto

12(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

12(a)(2) – Certifications – Attached hereto

12(a)(3) – Not Applicable

12(b) – Certifications – Attached hereto

 



Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Investment Quality Municipal Trust, Inc.  
     
By:     /s/ Donald C. Burke  
  Donald C. Burke  
  Chief Executive Officer of  
  BlackRock Investment Quality Municipal Trust, Inc.  

Date: June 23, 2008

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ Donald C. Burke  
  Donald C. Burke  
  Chief Executive Officer (principal executive officer) of  
  BlackRock Investment Quality Municipal Trust, Inc.  
     
Date: June 23, 2008  
     
By: /s/ Neal J. Andrews  
  Neal J. Andrews  
  Chief Financial Officer (principal financial officer) of  
  BlackRock Investment Quality Municipal Trust, Inc.  
     
Date: June 23, 2008