-- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-10331

Name of Fund: BlackRock California Municipal Income Trust (BFZ)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock California Municipal Income Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2007

Date of reporting period: 11/01/2006 – 10/31/2007

 



Item 1 – Report to Stockholders

 

 

 

 

 

 

 

 

 

 

 

 

EQUITIES

 

FIXED INCOME

 

REAL ESTATE

 

LIQUIDITY

 

ALTERNATIVES

 

BLACKROCK SOLUTIONS


 

 

 

 

Closed-End Funds


(BLACKROCK LOGO)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT | OCTOBER 31, 2007

 

 

 

 

 

 

 


 

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)

 

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)


 

NOT FDIC INSURED

MAY LOSE VALUE

NO BANK GUARANTEE





 

 

Table of Contents

Page

   

A Letter to Shareholders

1

Annual Report:

 

Trust Summaries

2

Financial Statements:

 

Portfolio of Investments

13

Statements of Assets and Liabilities

36

Statements of Operations

38

Statements of Changes in Net Assets

40

Statement of Cash Flows

42

Financial Highlights

43

Notes to Financial Statements

54

Report of Independent Registered Public Accounting Firm

61

The Benefits and Risks of Leveraging

62

Dividend Reinvestment Plans

63

BlackRock Privacy Principles

63

Additional Information

64

Section 19 Notices

67

Trustees Information

68




A Letter to Shareholders

THIS PAGE NOT PART OF YOUR FUND REPORT

Dear Shareholder

The October reporting period was fairly tumultuous for financial markets, but culminated in positive performance for most major benchmarks:

Total returns as of October 31, 2007

 

 

 

 

 

 

 

 

6-month

 

12-month

 

           

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

 

+5.49%

 

+14.56%

 

           

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

 

+2.25%

 

+9.27%

 

           

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

 

+8.19%

 

+24.91%

 

           

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

 

+2.68%

 

+5.38%

 

           

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

 

+1.30%

 

+2.91%

 

           

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

 

-0.07%

 

+6.89%

 

           

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

Subprime mortgage woes dominated headlines for much of 2007, but intensified in the summer and fall, spawning a widespread liquidity and credit crisis with ramifications across global markets. The Federal Reserve Board (Fed) and other countries’ central banks stepped in to inject liquidity into the markets and bolster investor confidence. The Fed cut the federal funds rate by 0.50% in September and another 0.25% on the final day of the reporting period, bringing its target rate to 4.50%. In taking action, the central bankers, who had long deemed themselves inflation fighters, were seeking to stem the fallout from the credit crunch and forestall a wider economic unraveling. By period-end, the Fed had cited the risks between slower economic growth and faster inflation as equally balanced.

Amid the volatility throughout the past year, equity markets have displayed surprising resilience. Most recently, the credit turmoil dampened corporate merger-and-acquisition (M&A) activity, a key source of strength for equity markets. Still, market fundamentals have held firm, dividend payouts and share buybacks have continued to grow, and valuations remain attractive. These tailwinds generally have prevailed over the headwinds created by the slowing U.S. economy, troubled housing market and, recently, a more difficult corporate earnings backdrop. International markets fared even better than U.S. equities, benefiting from robust M&A activity and generally stronger economies.

In fixed income markets, mixed economic signals and the credit woes resulted in a flight to quality. At the height of the uncertainty, investors shunned bonds associated with the housing and credit markets in favor of higher-quality Treasury issues. The yield on 10-year Treasury issues, which touched 5.30% in June (its highest level in five years), fell to 4.48% by period-end, while prices correspondingly rose. The tax-exempt bond market has been challenged by a combination of record-setting supply year-to-date, economic uncertainty and concerns around the credit worthiness of bond insurers. This has brought municipal bond prices to relatively attractive levels and, as such, demand generally has remained firm.

As you navigate market volatility, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more market insight and commentary from BlackRock investment professionals, 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- Robert C. Doll

-s- Peter J. Hayes

 

Robert C. Doll, Jr.

Peter J. Hayes

Vice Chairman, BlackRock, Inc.

Managing Director, BlackRock, Inc.


 

 

 

 

 

 

 

 

 

 

 

1



 

 


 

Trust Summary as of October 31, 2007

BlackRock Investment Quality Municipal Trust (BKN)


 

Investment Objective

 


 

 

 

The Trust’s investment objective 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.


 

Trust Information

 


 

 

Symbol on New York Stock Exchange:

BKN

Initial Offering Date:

February 19, 1993

Yield on Closing Market Price as of October 31, 2007 ($16.35):1

6.06%

Tax Equivalent Yield2

9.32%

Current Monthly Distribution per Common Share:3

$0.0825

Current Annualized Distribution per Common Share:3

$0.9900

Leverage as of October 31, 2007:4

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 December 5, 2007. The Monthly Distribution per Common Share decreased to $0.0800. 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 (as defined in Note 3 of the Notes to Financial Statements).


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

10/31/07

 

 

10/31/06

 

 

Change

 

 

High

 

 

Low

 

                                 

Market Price

 

 

$16.35

 

 

$18.97

 

 

(13.81)%

 

 

$19.90

 

 

$13.99

 

Net Asset Value

 

 

$14.73

 

 

$15.79

 

 

(6.71)%

 

 

$15.96

 

 

$14.22

 

                                 

 

The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition

 


 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

               

City, County & State

 

21

%

 

23

%

 

Hospitals

 

16

 

 

13

 

 

Industrial & Pollution Control

 

11

 

 

14

 

 

Power

 

10

 

 

10

 

 

Housing

 

9

 

 

6

 

 

Transportation

 

9

 

 

8

 

 

Education

 

8

 

 

9

 

 

Lease Revenue

 

6

 

 

6

 

 

Tax Revenue

 

5

 

 

4

 

 

Water & Sewer

 

3

 

 

5

 

 

Tobacco

 

2

 

 

2

 

 

               

 

 

Credit Quality Allocations5

 

 

 

 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

               

AAA/Aaa

 

49

%

 

51

%

 

AA/Aa

 

17

 

 

13

 

 

A

 

8

 

 

6

 

 

BBB/Baa

 

14

 

 

16

 

 

BB/Ba

 

3

 

 

4

 

 

B

 

2

 

 

2

 

 

Not Rated

 

76

 

 

8

 

 

               

 

 

5

Using the highest of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) ratings.

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2007, the market value of these securities was $6,340,657 representing 2% of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

2

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Trust Summary as of October 31, 2007

BlackRock Municipal Income Trust (BFK)

 

 

Investment Objective

 


 

 

 

The Trust’s investment objective is to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular Federal income tax.


 

 

Trust Information

 


 

 

Symbol on New York Stock Exchange:

BFK

Initial Offering Date:

July 27, 2001

Yield on Closing Market Price as of October 31, 2007 ($15.92):1

6.03%

Tax Equivalent Yield2

9.28%

Current Monthly Distribution per Common Share:3

$0.0800

Current Annualized Distribution per Common Share:3

$0.9600

Leverage as of October 31, 2007:4

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 December 5, 2007. The Monthly Distribution per Common Share was decreased to $0.077500. 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 (as defined in Note 3 of the Notes to Financial Statements).


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

10/31/07

 

 

10/31/06

 

 

Change

 

 

High

 

 

Low

 

                                 

Market Price

 

 

$15.92

 

 

$17.30

 

 

(7.98

)%

 

$18.74

 

 

$13.92

 

Net Asset Value

 

 

$14.55

 

 

$15.37

 

 

(5.34

)%

 

$15.55

 

 

$14.08

 

                                 

 

The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition

 


 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

               

Hospitals

 

24

%

 

21

%

 

Industrial & Pollution Control

 

17

 

 

22

 

 

City, County & State

 

10

 

 

11

 

 

Transportation

 

10

 

 

9

 

 

Housing

 

8

 

 

8

 

 

Power

 

8

 

 

7

 

 

Education

 

8

 

 

8

 

 

Tobacco

 

5

 

 

4

 

 

Tax Revenue

 

5

 

 

5

 

 

Lease Revenue

 

3

 

 

2

 

 

Water & Sewer

 

2

 

 

3

 

 

               

 

 

Credit Quality Allocations5

 


 

 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

               

AAA/Aaa

 

33

%

 

30

%

 

AA/Aa

 

13

 

 

9

 

 

A

 

21

 

 

21

 

 

BBB/Baa

 

18

 

 

21

 

 

BB/Ba

 

4

 

 

5

 

 

B

 

6

 

 

7

 

 

Not Rated

 

56

 

 

7

 

 

               

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2007, the market value of these securities was $12,328,689 representing 1% of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

3



 

 


 

Trust Summary as of October 31, 2007

BlackRock Long-Term Municipal Advantage Trust (BTA)

 

 

Investment Objective

 


 

 

 

The Trust’s investment objective is to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular Federal income tax.


 

 

 

 

Trust Information

 


 

 

Symbol on New York Stock Exchange:

BTA

Initial Offering Date:

February 28, 2006

Yield on Closing Market Price as of October 31, 2007 ($12.14):1

5.44%

Tax Equivalent Yield2

8.37%

Current Monthly Distribution per Common Share:3

$0.0550

Current Annualized Distribution per Common Share:3

$0.6600

   

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

Tax equivalent yield assumes the maximum Federal tax rate of 35%.

3

The distribution is not constant and is subject to change.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

 

 

 

10/31/07

 

 

10/31/06

 

 

Change

 

 

High

 

 

Low

 

                                 

Market Price

 

 

$12.14

 

 

$14.70

 

 

(17.41

)%

 

$15.30

 

 

$11.41

 

Net Asset Value

 

 

$13.72

 

 

$14.89

 

 

(7.86

)%

 

$15.22

 

 

$12.78

 

                                 

 

The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition

 


 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

               

Education

 

21

%

 

24

%

 

Hospital

 

19

 

 

12

 

 

Housing

 

11

 

 

1

 

 

Tobacco

 

9

 

 

14

 

 

Transportation

 

9

 

 

13

 

 

Water & Sewer

 

9

 

 

10

 

 

Industrial & Pollution Control

 

8

 

 

14

 

 

Power

 

6

 

 

4

 

 

Lease Revenue

 

4

 

 

4

 

 

City, County & State

 

3

 

 

4

 

 

Tax Revenue

 

1

 

 

 

 

               

 

Credit Quality Allocations4

 


 

 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

               

AAA/Aaa

 

36

%

 

33

%

 

AA/Aa

 

32

 

 

21

 

 

A

 

3

 

 

4

 

 

BBB/Baa

 

17

 

 

33

 

 

BB/Ba

 

1

 

 

 

 

B

 

3

 

 

2

 

 

Not Rated5

 

8

 

 

7

 

 

               

 

 

4

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

5

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2007 and October 31, 2006, the market value of these securities was $6,660,850 representing 2% and $7,110,320 representing 4%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

4

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock California Investment Quality Municipal
Trust (RAA)


 

Investment Objective

 


 

 

 

The Trust’s investment objective is 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.


 

Trust Information

 


 

 

 

 

Symbol on American Stock Exchange:

 

RAA

 

Initial Offering Date:

 

May 28, 1993

 

Yield on Closing Market Price as of October 31, 2007 ($12.57):1

 

4.58%

 

Tax Equivalent Yield2

 

7.05%

 

Current Monthly Distribution per Common Share:3

 

$ 0.0480

 

Current Annualized Distribution per Common Share:3

 

$ 0.5760

 

Leverage as of October 31, 2007:4

 

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

The distribution is not constant and is subject to change.

4

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

12.57

 

$

15.80

 

(20.44

)%

 

$

16.65

 

$

12.14

 

Net Asset Value

 

$

13.86

 

$

14.51

 

(4.48

)%

 

$

14.68

 

$

13.33

 

 

 

The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition

 


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

City, County & State

 

27

%

 

26

%

Education

 

15

 

 

16

 

Tobacco

 

11

 

 

10

 

Industrial & Pollution Control

 

10

 

 

13

 

Hospitals

 

10

 

 

7

 

Power

 

6

 

 

3

 

Water & Sewer

 

6

 

 

5

 

Housing

 

5

 

 

2

 

Lease Revenue

 

4

 

 

4

 

Transportation

 

3

 

 

14

 

Resource Recovery

 

3

 

 

 

 

 

Credit Quality Allocations5

 


 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

AAA/Aaa

 

50

%

 

62

%

AA/Aa

 

2

 

 

 

A

 

24

 

 

14

 

BBB/Baa

 

14

 

 

7

 

B

 

5

 

 

6

 

Not Rated

 

5

 

 

11

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

5




 

 


 

 

Trust Summary as of October 31, 2007

BlackRock California Municipal Income Trust (BFZ)


 

Investment Objective

 


 

 

 

The Trust’s investment objective is to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular Federal income tax and California income taxes.


 

Trust Information

 


 

 

 

 

Symbol on New York Stock Exchange:

 

BFZ

 

Initial Offering Date:

 

July 27, 2001

 

Yield on Closing Market Price as of October 31, 2007 ($15.82):1

 

5.77%

 

Tax Equivalent Yield2

 

8.88%

 

Current Monthly Distribution per Common Share:3

 

$ 0.076074

 

Current Annualized Distribution per Common Share:3

 

$ 0.912888

 

Leverage as of October 31, 2007:4

 

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 (as defined in Note 3 of the Notes to Financial Statements).

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

15.82

 

$

17.12

 

(7.59

)%

 

$

18.19

 

$

14.01

 

Net Asset Value

 

$

14.97

 

$

15.74

 

(4.89

)%

 

$

15.85

 

$

14.51

 

 

 

The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition

 


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

City, County & State

 

23

%

 

22

%

Hospitals

 

15

 

 

13

 

Education

 

12

 

 

12

 

Housing

 

11

 

 

11

 

Transportation

 

9

 

 

14

 

Lease Revenue

 

7

 

 

9

 

Power

 

7

 

 

7

 

Tobacco

 

7

 

 

7

 

Industrial & Pollution Control

 

6

 

 

5

 

Water & Sewer

 

2

 

 

 

Resource Recovery

 

1

 

 

 

 

 

Credit Quality Allocations5

 


 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

AAA/Aaa

 

44

%

 

49

%

AA/Aa

 

3

 

 

3

 

A

 

30

 

 

26

 

BBB/Baa

 

13

 

 

12

 

B

 

1

 

 

1

 

Not Rated

 

9

 

 

9

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

6

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 


 

 

Trust Summary as of October 31, 2007

BlackRock Florida Investment Quality Municipal
Trust (RFA)


 

Investment Objective

 


 

 

 

The Trust’s investment objective is 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.


 

Trust Information

 


 

 

 

 

Symbol on American Stock Exchange:

 

RFA

 

Initial Offering Date:

 

May 28, 1993

 

Yield on Closing Market Price as of October 31, 2007 ($11.86):1

 

4.86%

 

Tax Equivalent Yield2

 

7.48%

 

Current Monthly Distribution per Common Share:3

 

$ 0.0480

 

Current Annualized Distribution per Common Share:3

 

$ 0.5760

 

Leverage as of October 31, 2007:4

 

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 December 5, 2007. The Monthly Distribution per Common Share decreased to $0.044500. 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 (as defined in Note 3 of the Notes to Financial Statements).

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

11.86

 

$

16.00

 

 

(25.88%

)

$

16.00

 

$

11.33

 

Net Asset Value

 

$

13.43

 

$

14.24

 

 

(5.69%

)

$

14.40

 

$

12.93

 

 

 

The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition

 


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

Hospitals

 

23

%

 

24

%

City, County & State

 

15

 

 

18

 

Water & Sewer

 

13

 

 

22

 

Education

 

13

 

 

5

 

Housing

 

11

 

 

 

Lease Revenue

 

10

 

 

10

 

Tax Revenue

 

9

 

 

8

 

Transportation

 

3

 

 

6

 

Industrial & Pollution Control

 

2

 

 

7

 

Power

 

1

 

 

 

 

 

Credit Quality Allocations5

 


 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

AAA/Aaa

 

62

%

 

64

%

AA/Aa

 

10

 

 

5

 

A

 

5

 

 

8

 

BBB/Baa

 

9

 

 

8

 

BB/Ba

 

2

 

 

3

 

Not Rated

 

12

 

 

12

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

7



 

 


 

Trust Summary as of October 31, 2007

BlackRock Florida Municipal Income Trust (BBF)


 

 

Investment Objective


 

The Trust’s investment objective is to provide 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.


 

Trust Information


 

 

Symbol on New York Stock Exchange:

BBF

Initial Offering Date:

July 27, 2001

Yield on Closing Market Price as of October 31, 2007 ($15.10):1

5.99%

Tax Equivalent Yield2

9.22%

Current Monthly Distribution per Common Share:3

$0.075375

Current Annualized Distribution per Common Share:3

$0.904500

Leverage as of October 31, 2007:4

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 December 5, 2007. The Monthly Distribution per Common Share decreased to $0.072875. 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 (as defined in Note 3 of the Notes to Financial Statements).


The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                         

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

                         

Market Price

 

$

15.10

 

$

16.30

 

 

(7.36

)%

$

17.11

 

$

13.81

 

 

Net Asset Value

 

$

15.05

 

$

15.68

 

 

(4.02

)%

$

15.76

 

$

14.64

 

 

                                   

The following unaudited charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:


Portfolio Composition


 

 

 

 

 

 

 

 

Sector

10/31/07

10/31/06

 

       

Hospitals

 

31

%

 

21

%

 

City, County & State

 

28

 

 

34

 

 

Water & Sewer

 

11

 

 

9

 

 

Education

 

9

 

 

7

 

 

Tax Revenue

 

8

 

 

7

 

 

Lease Revenue

 

5

 

 

6

 

 

Transportation

 

3

 

 

3

 

 

Housing

 

3

 

 

3

 

 

Power

 

1

 

 

4

 

 

Industrial & Pollution Control

 

1

 

 

2

 

 

Tobacco

 

 

 

4

 

 

               

Credit Quality Allocations5


 

 

 

 

 

 

 

 

Credit Rating

10/31/07

 

10/31/06

 

               

AAA/Aaa

 

45

%

 

39

%

 

AA/Aa

 

25

 

 

29

 

 

A

 

3

 

 

6

 

 

BBB/Baa

 

8

 

 

10

 

 

BB/Ba

 

2

 

 

2

 

 

Not Rated6

 

17

 

 

14

 

 

               

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of October 31, 2007 and October 31, 2006, the market value of these securities was $1,562,493 representing 1% and $3,384,402 representing 2%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

8

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Trust Summary as of October 31, 2007

BlackRock New Jersey Investment Quality Municipal
Trust (RNJ)


 

Investment Objective

 


 

The Trust’s investment objective is 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.


 

Trust Information


 

 

Symbol on American Stock Exchange:

RNJ

Initial Offering Date:

May 28, 1993

Yield on Closing Market Price as of October 31, 2007 ($14.96):1

5.45%

Tax Equivalent Yield2

8.38%

Current Monthly Distribution per Common Share:3

$0.0680

Current Annualized Distribution per Common Share:3

$0.8160

Leverage as of October 31, 2007:4

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

The distribution is not constant and is subject to change.

4

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).


The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

14.96

 

$

15.95

 

 

(6.21

)%

$

18.85

 

$

14.20

 

Net Asset Value

 

$

13.57

 

$

14.47

 

 

(6.22

)%

$

14.61

 

$

13.08

 

                                 

The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:


Portfolio Composition


 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

               

Transportation

 

20

%

 

23

%

 

Hospitals

 

19

 

 

15

 

 

Housing

 

11

 

 

13

 

 

Tax Revenue

 

10

 

 

10

 

 

Education

 

10

 

 

11

 

 

Industrial & Pollution Control

 

8

 

 

10

 

 

Water & Sewer

 

7

 

 

5

 

 

City, County & State

 

6

 

 

3

 

 

Tobacco

 

4

 

 

5

 

 

Power

 

3

 

 

2

 

 

Lease Revenue

 

2

 

 

3

 

 

               

Credit Quality Allocations5


 

 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

           

AAA/Aaa

 

49

%

 

41

%

 

AA/Aa

 

3

 

 

3

 

 

A

 

11

 

 

6

 

 

BBB/Baa

 

29

 

 

33

 

 

B

 

5

 

 

6

 

 

Not Rated

 

3

 

 

11

 

 

               

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

9



 

 


 

Trust Summary as of October 31, 2007

BlackRock New Jersey Municipal Income Trust (BNJ)


 

Investment Objective


 

 

 

The Trust’s investment objective is to provide 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.


 

Trust Information

 


 

 

Symbol on New York Stock Exchange:

BNJ

Initial Offering Date:

July 27, 2001

Yield on Closing Market Price as of October 31, 2007 ($16.90):1

5.65%

Tax Equivalent Yield2

8.69%

Current Monthly Distribution per Common Share:3

$0.079625

Current Annualized Distribution per Common Share:3

$0.955500

Leverage as of October 31, 2007:4

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

The distribution is not constant and is subject to change.

4

As a percentage of managed assets (as defined in Note 3 of the Notes to Financial Statements).


The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

                       

Market Price

 

$

16.90

 

$

18.40

 

 

(8.15

)%

$

19.70

 

$

15.53

 

Net Asset Value

 

$

15.49

 

$

16.35

 

 

(5.26

)%

$

16.46

 

$

15.02

 

                                 

The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:


Portfolio Composition


 

 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

               

Hospitals

 

26

%

 

24

%

 

Housing

 

19

 

 

20

 

 

City, County & State

 

10

 

 

11

 

 

Transportation

 

9

 

 

10

 

 

Education

 

8

 

 

5

 

 

Tobacco

 

8

 

 

8

 

 

Tax Revenue

 

7

 

 

6

 

 

Industrial & Pollution Control

 

6

 

 

6

 

 

Lease Revenue

 

5

 

 

10

 

 

Water & Sewer

 

1

 

 

 

 

Power

 

1

 

 

 

 

               

Credit Quality Allocations5


 

 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

               

AAA/Aaa

 

40

%

 

32

%

 

A

 

27

 

 

22

 

 

BBB/Baa

 

27

 

 

39

 

 

B

 

3

 

 

3

 

 

Not Rated

 

3

 

 

4

 

 

               

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

10

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock New York Investment Quality Municipal
Trust (RNY)

 

 

Investment Objective

 


 

The Trust’s investment objective is to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular Federal, State and City income tax consistent with preservation of capital.


 

Trust Information


 

 

 

 

Symbol on American Stock Exchange:

 

RNY

 

Initial Offering Date:

 

May 28, 1993

 

Yield on Closing Market Price as of October 31, 2007 ($15.39):1

 

5.46%

 

Tax Equivalent Yield2

 

8.40%

 

Current Monthly Distribution per Common Share:3

 

$ 0.0700

 

Current Annualized Distribution per Common Share:3

 

$ 0.8400

 

Leverage as of October 31, 2007:4

 

34%

 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

2

Tax equivalent yield assumes the maximum Federal tax rate of 35%.

3

A change in the distribution rate was declared on December 5, 2007. The Monthly Distribution per Common Share was decreased to $0.0670. 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 (as defined in Note 3 of the Notes to Financial Statements).

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

15.39

 

$

16.65

 

(7.57

)%

 

$

19.00

 

$

13.91

 

Net Asset Value

 

$

14.40

 

$

15.18

 

(5.14

)%

 

$

15.32

 

$

13.98

 

 

 

The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

Education

 

23

%

 

24

%

Tax Revenue

 

16

 

 

15

 

Water & Sewer

 

13

 

 

11

 

City, County & State

 

12

 

 

12

 

Housing

 

12

 

 

8

 

Industrial & Pollution Control

 

10

 

 

14

 

Transportation

 

5

 

 

4

 

Hospitals

 

4

 

 

4

 

Lease Revenue

 

3

 

 

6

 

Tobacco

 

2

 

 

2

 

 

 

Credit Quality Allocations5


 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

AAA/Aaa

 

50

%

 

46

%

AA/Aa

 

23

 

 

29

 

A

 

5

 

 

4

 

BBB/Baa

 

12

 

 

12

 

B

 

9

 

 

6

 

Caa

 

 

 

3

 

Not Rated

 

1

 

 

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

11



 

 


 

 

Trust Summary as of October 31, 2007

BlackRock New York Municipal Income Trust (BNY)

 

 

Investment Objective

 


 

The Trust’s investment objective is to provide 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.


 

Trust Information


 

 

 

 

Symbol on New York Stock Exchange:

 

BNY

 

Initial Offering Date:

 

July 27, 2001

 

Yield on Closing Market Price as of October 31, 2007 ($15.55):1

 

5.81%

 

Tax Equivalent Yield2

 

8.94%

 

Current Monthly Distribution per Common Share:3

 

$ 0.075339

 

Current Annualized Distribution per Common Share:3

 

$ 0.904068

 

Leverage as of October 31, 2007:4

 

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 (as defined in Note 3 of the Notes to Financial Statements).

 

 

The table below summarizes the changes in the Trust’s market price and net asset value per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10/31/07

 

10/31/06

 

Change

 

High

 

Low

 

 

Market Price

 

$

15.55

 

$

17.35

 

(10.37

)%

 

$

18.00

 

$

14.81

 

Net Asset Value

 

$

15.11

 

$

15.88

 

(4.85

)%

 

$

15.99

 

$

14.66

 

 

 

The following unaudited charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:


 

Portfolio Composition


 

 

 

 

 

 

 

Sector

 

10/31/07

 

10/31/06

 

Industrial & Pollution Control

 

16

%

 

19

%

Housing

 

15

 

 

15

 

Transportation

 

14

 

 

13

 

Education

 

12

 

 

10

 

City, County & State

 

11

 

 

7

 

Tobacco

 

8

 

 

12

 

Lease Revenue

 

7

 

 

9

 

Water & Sewer

 

7

 

 

6

 

Hospitals

 

5

 

 

6

 

Power

 

3

 

 

2

 

Tax Revenue

 

2

 

 

1

 

 

 

Credit Quality Allocations5


 

 

 

 

 

 

 

Credit Rating

 

10/31/07

 

10/31/06

 

AAA/Aaa

 

42

%

 

37

%

AA/Aa

 

17

 

 

21

 

A

 

17

 

 

15

 

BBB/Baa

 

17

 

 

20

 

B

 

6

 

 

4

 

CCC/Caa

 

 

 

3

 

Not Rated

 

1

 

 

 

 

 

 

5

Using the highest of S&P’s, Moody’s or Fitch’s ratings.


 

 

 

 

 

 

 

 

12

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock Investment Quality Municipal Income
Trust (BKN)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—156.0%

 

 

 

 

Alabama—7.3%

 

 

 

 

 

 

 

Birmingham Spl. Care Facs. Fing. Auth.,
Hlth., Hosp. & Nursing Home RB,
Ascension Hlth. Proj.,

 

 

 

 

$

1,765

1

Ser. C-2, 5.00%, 11/15/36

 

$

1,772,607

 

 

1,265

 

Ser. C-2, 5.00%, 11/15/39

 

 

1,269,175

 

 

14,000

2

Univ. of Alabama Hosp., Hlth., Hosp. &
Nursing Home Impvts. RB, Ser. A,
5.875%, 9/01/10, MBIA

 

 

15,036,420

 

 

 

 

 

 

     

 

 

 

 

 

 

18,078,202

 

 

Arizona—4.5%

 

 

 

 

 

 

 

Salt Verde Financial Corp., Nat. Gas Util. Impvts. RB,

 

 

 

 

 

3,990

 

5.00%, 12/01/32

 

 

3,851,627

 

 

5,585

 

5.00%, 12/01/37

 

 

5,342,220

 

 

 

 

San Luis Fac. Dev. Corp., Correctional Fac. Impvts. Misc. RB,
Regl. Detention Ctr. Proj.,

 

 

 

 

 

490

 

6.25%, 5/01/15

 

 

487,026

 

 

490

 

7.00%, 5/01/20

 

 

484,747

 

 

980

 

7.25%, 5/01/27

 

 

974,747

 

 

 

 

 

 

     

 

 

 

 

 

 

11,140,367

 

 

California—25.1%

 

 

 

 

 

 

 

California GO,

 

 

 

 

 

5,800

 

5.00%, 2/01/32

 

 

5,862,176

 

 

3,485

 

5.00%, 6/01/34

 

 

3,523,370

 

 

1,595

2

5.625%, 5/01/10

 

 

1,695,214

 

 

290

 

5.625%, 5/01/18

 

 

305,008

 

 

 

 

Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,

 

 

 

 

 

1,340

 

Ser. B, Zero Coupon, 6/01/46

 

 

97,083

 

 

7,090

 

Ser. C, Zero Coupon, 6/01/55

 

 

227,518

 

 

9,060

 

Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55

 

 

233,295

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,

 

 

 

 

 

3,495

 

5.75%, 1/15/40

 

 

3,537,534

 

 

2,000

3

Conv. Cap. Apprec. Proj., 5.341%, 1/15/28

 

 

1,895,940

 

 

5,000

3

Conv. Cap. Apprec. Proj., 5.381%, 1/15/28

 

 

4,739,850

 

 

805

 

Golden St. Tobacco Sec. Corp., Misc. Purps.
Tobacco Settlement Funded RB, Ser. A-1,
5.125%, 6/01/47

 

 

706,492

 

 

10,945

2

Los Altos Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,
Zero Coupon, 8/01/13, MBIA

 

 

4,743,563

 

 

15,460

 

Los Angeles Cnty. Cap. Asset Leasing Corp.,
Lease Abatement RB, 5.95%, 12/01/07, AMBAC

 

 

15,491,384

 

 

4,545

 

Misc. Taxes GO, 5.00%, 6/01/32

 

 

4,616,447

 

 

10,000

 

Pub. Impvts. Ad Valorem Ppty. Tax GO,
5.00%, 3/01/33, CIFG

 

 

10,277,300

 

 

4,185

 

Univ. of California, Univ. & Coll. Impvts. RB,
Ser. B, 4.75%, 5/15/38

 

 

4,201,238

 

 

 

 

 

 

     

 

 

 

 

 

 

62,153,412

 

 

Colorado—0.8%

 

 

 

 

 

1,030

 

City of Colorado Springs, Mult. Util. Impvts. RB,
Ser. C, 5.00%, 11/15/45, FSA

 

 

1,055,317

 

 

1,020

 

Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37

 

 

1,000,824

 

 

 

 

 

 

     

 

 

 

 

 

 

2,056,141

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Connecticut—1.2%

 

 

 

 

$

3,000

4

Mashantucket Western Pequot Tribe, Casino RB,
Ser. A, 5.50%, 9/01/28

 

$

2,999,760

 

 

District of Columbia—2.1%

 

 

 

 

 

4,960

 

Tobacco Settlement Fing. Corp., Tobacco Settlement
Funded RB, 6.50%, 5/15/33

 

 

5,149,373

 

 

Florida—18.2%

 

 

 

 

 

 

 

Cnty. of Miami-Dade, Recreational Fac. Impvts. Misc. SO,

 

 

 

 

 

3,380

 

Ser. A, Zero Coupon, 10/01/31, MBIA

 

 

997,810

 

 

4,225

 

Ser. A, Zero Coupon, 10/01/32, MBIA

 

 

1,182,113

 

 

4,000

 

Ser. A, Zero Coupon, 10/01/33, MBIA

 

 

1,060,480

 

 

4,580

 

Ser. A, Zero Coupon, 10/01/34, MBIA

 

 

1,152,465

 

 

5,000

 

Ser. A, Zero Coupon, 10/01/35, MBIA

 

 

1,191,800

 

 

10,000

 

Ser. A, Zero Coupon, 10/01/36, MBIA

 

 

2,259,300

 

 

10,000

 

Ser. A, Zero Coupon, 10/01/37, MBIA

 

 

2,139,400

 

 

7,895

 

Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA

 

 

7,897,526

 

 

2,050

 

Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. TA,
Ser. A, 6.125%, 5/01/34

 

 

2,167,239

 

 

2,415

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB,
Ser. A, 5.00%, 6/01/38

 

 

2,329,147

 

 

3,700

 

Hillsborough Cnty. Indl. Dev. Auth. RB, Nat. Gypsum Proj.,
Ser. A, 7.125%, 4/01/30, AMT

 

 

3,875,935

 

 

1,690

 

Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37

 

 

1,684,677

 

 

4,755

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

 

5,231,689

 

 

3,730

 

Sumter Landing Cmnty. Dev. Dist., Retirement Facs. Misc. RB,
Ser. B, 5.70%, 10/01/38

 

 

3,431,451

 

 

8,340

 

Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA,
5.625%, 5/01/22

 

 

8,475,775

 

 

 

 

 

 

     

 

 

 

 

 

 

45,076,807

 

 

Georgia—3.1%

 

 

 

 

 

 

 

City of Atlanta,

 

 

 

 

 

1,760

 

Port, Arpt. & Marina Impvts. RB, Ser. J,
5.00%, 1/01/34, FSA

 

 

1,802,451

 

 

4,000

 

Wtr. Util. Impvts. RB, 5.00%, 11/01/34, FSA

 

 

4,102,040

 

 

1,500

2

Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll.
Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj.,
6.00%, 9/01/14

 

 

1,723,110

 

 

 

 

 

 

     

 

 

 

 

 

 

7,627,601

 

 

Hawaii—1.1%

 

 

 

 

 

2,500

 

Dept. of Budget & Fin., Elec., Pwr. & Lt. RB,
Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%,
1/01/20, AMBAC, AMT

 

 

2,583,675

 

 

Illinois—12.5%

 

 

 

 

 

1,920

4,5

Centerpoint Intermodal Ctr. Prog. Trust TA,
Ser. A, 8.00%, 6/15/23

 

 

1,917,523

 

 

3,210

 

Chicago Hsg. Auth., Local or Gtd. Hsg. RB,
5.00%, 7/01/24, FSA

 

 

3,342,637

 

 

3,540

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB,
Ser. C-2, 5.25%, 1/01/30, FSA, AMT

 

 

3,618,234

 

 

5,000

6

Chicago Pub. Bldg. Comm. Bldg., Sch. Impvts.
Ad Valorem Ppty. Tax RB, Ser. A, 7.00%, 1/01/20, MBIA

 

 

6,303,050

 


 

Portfolio Abbreviations


 

 

ACA

American Capital Access

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

CAPMAC

Capital Markets Assurance Co.

CIFG

CDC IXIS Financial Guaranty

CONNIE LEE

College Construction Loan Insurance Assoc.

COP

Certificate of Participation

FGIC

Financial Guaranty Insurance Co.

FSA

Financial Security Assurance

GO

General Obligation

MBIA

Municipal Bond Insurance Assoc.

PSF

Public School Fund Guaranteed

RAA

Radian Asset Assurance

RB

Revenue Bond

SA

Special Assessment

SO

Special Obligation

ST

Special Tax

TA

Tax Allocation

XLCA

XL Capital Assurance


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

13



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Investment Quality Municipal Income
Trust (BKN) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Illinois—(cont’d)

 

 

 

 

 

 

 

Fin. Auth.,

 

 

 

 

$

690

 

Hlth., Hosp. & Nursing Home RB, Friendship Vlg.
Schaumburg Proj., Ser. A, 5.625%, 2/15/37

 

$

649,021

 

 

5,800

 

Hlth., Hosp. & Nursing Home RB, Northwestern Mem.
Hosp. Proj., Ser. A, 5.50%, 8/15/43

 

 

6,074,978

 

 

700

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj.,
Ser. B, 5.375%, 6/01/35

 

 

490,112

 

 

2,145

 

Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC

 

 

2,066,558

 

 

6,500

 

Vlg. of Bolingbrook, Ad Valorem Ppty. Tax GO, Ser. A,
4.75%, 1/01/38, MBIA

 

 

6,478,940

 

 

 

 

 

 

     

 

 

 

 

 

 

30,941,053

 

 

Kentucky—2.5%

 

 

 

 

 

13,500

 

Econ. Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB,
Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon,
10/01/23, MBIA

 

 

6,189,480

 

 

Maryland—2.6%

 

 

 

 

 

5,000

 

Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A,
4.80%, 9/01/42, AMT

 

 

4,694,650

 

 

1,740

 

Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33

 

 

1,777,375

 

 

 

 

 

 

     

 

 

 

 

 

 

6,472,025

 

 

Massachusetts—1.3%

 

 

 

 

 

3,075

 

Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41

 

 

3,153,658

 

 

Michigan—0.7%

 

 

 

 

 

1,670

 

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB,
Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46

 

 

1,685,280

 

 

Mississippi—0.7%

 

 

 

 

 

1,900

5

Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman
Ship Sys. Proj., 4.55%, 12/01/28

 

 

1,760,559

 

 

Missouri—3.2%

 

 

 

 

5,250

 

Hsg. Dev. Comm., Local or Gtd. Hsg. RB, Ser. B1,
5.05%, 3/01/38, AMT

 

 

5,276,880

 

 

2,820

 

Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB,
Plum Point Proj., 4.60%, 1/01/36, MBIA

 

 

2,737,459

 

 

 

 

 

 

     

 

 

 

 

 

 

8,014,339

 

 

Multi-State—4.8%

 

 

 

 

 

7,000

4,7

Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/10

 

 

7,594,860

 

 

4,000

4,7

MuniMae TE Bd. Subsidiary LLC, Ser. B, 7.75%, 6/30/50

 

 

4,346,880

 

 

 

 

 

 

     

 

 

 

 

 

 

11,941,740

 

 

Nebraska—3.2%

 

 

 

 

 

 

 

Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB,

 

 

 

 

 

2,765

 

Ser. A, 4.75%, 2/01/44

 

 

2,722,474

 

 

5,000

 

Ser. A, 5.00%, 2/01/34

 

 

5,120,850

 

 

 

 

 

 

     

 

 

 

 

 

 

7,843,324

 

 

Nevada—0.8%

 

 

 

 

 

2,065

 

Cnty. of Clark, Private Schs. RB, Alexander Dawson Sch.
Rainbow Proj., 5.00%, 5/15/29

 

 

2,066,384

 

 

New Jersey—3.6%

 

 

 

 

 

7,000

 

Econ. Dev. Auth., Econ. Impvts. Misc. RB,
Cigarette Tax Proj., 5.75%, 6/15/29

 

 

7,332,570

 

 

1,510

 

Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel
Occupancy Tax RB, Heldrich Associates LLC Proj.,

 

 

 

 

 

 

 

Ser. B, 6.25%, 1/01/37

 

 

1,497,829

 

 

 

 

 

 

     

 

 

 

 

 

 

8,830,399

 

 

New York—5.7%

 

 

 

 

 

725

 

Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB,
New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35

 

 

604,940

 

 

 

 

Dorm. Auth., Univ. & Coll. Impvts. RB,

 

 

 

 

 

1,865

2,3

Univ. of Rochester Proj., Ser. A, 5.963%, 7/01/10, MBIA

 

 

1,710,000

 

 

2,030

2,3

Univ. of Rochester Proj., Ser. A, 6.013%, 7/01/10, MBIA

 

 

1,861,287

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

New York—(cont’d)

 

 

 

 

$

4,100

 

Liberty Dev. Corp., Indl. Impvts. Misc. RB,
Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

$

4,355,758

 

 

2,600

5

New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB,
American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%,
8/01/25, AMT

 

 

2,928,666

 

 

2,500

 

New York City Mun. Wtr. Fin. Auth., Wtr. Util. Impvts. Wtr. RB,
Ser. D, 5.00%, 6/15/38

 

 

2,573,975

 

 

 

 

 

 

     

 

 

 

 

 

 

14,034,626

 

 

North Carolina—4.8%

 

 

 

 

 

5,000

 

Eastn. Mun. Pwr. Agcy., Elec., Pwr. & Lt. RB, Ser. B,
7.00%, 1/01/08, CAPMAC

 

 

5,028,000

 

 

2,425

 

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth.,
Indl. Impvts. RB, 5.75%, 8/01/35, AMT

 

 

2,464,722

 

 

4,315

 

Med. Care Comm., Hlth., Hosp. & Nursing Home RB,
Novant Hlth., Inc. Proj., 5.00%, 11/01/39

 

 

4,338,603

 

 

 

 

 

 

     

 

 

 

 

 

 

11,831,325

 

 

Ohio—8.4%

 

 

 

 

 

10,475

 

Air Qual. Dev. Auth., Rec. Recovery RB, Dayton Pwr. & Lt. Co.
Proj., 4.80%, 1/01/34, FGIC

 

 

10,507,682

 

 

925

 

Buckeye Tobacco Settlement Fin. Auth., Misc. Purpose
Tobacco Settlement Funded RB, Ser. A-2, 6.50%, 6/01/47

 

 

959,641

 

 

 

 

Cnty. of Cuyahoga, Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

3,485

 

Cleveland Clinic Fndtn. Proj., 6.00%, 1/01/20

 

 

3,836,916

 

 

5,000

 

Cleveland Clinic Hlth. Sys. Proj., 6.00%, 1/01/21

 

 

5,499,600

 

 

 

 

 

 

     

 

 

 

 

 

 

20,803,839

 

 

Oklahoma—2.2%

 

 

 

 

 

2,110

 

Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB,
Saint John Hlth. Sys., Inc. Proj., 5.00%, 2/15/42

 

 

2,109,831

 

 

2,900

5

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB,
AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

 

3,203,224

 

 

 

 

 

 

     

 

 

 

 

 

 

5,313,055

 

 

Pennsylvania—6.6%

 

 

 

 

 

2,000

 

Delaware River Port. Auth., Port, Arpt. & Marina RB,
Port Dist. Proj., Ser. B, 5.70%, 1/01/22, FSA

 

 

2,078,280

 

 

 

 

Econ. Dev. Fing. Auth.,

 

 

 

 

 

6,380

5

Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj.,
Ser. A, 6.75%, 12/01/36, AMT

 

 

6,834,447

 

 

2,000

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj.,
Ser. A, 6.25%, 11/01/31, AMT

 

 

2,063,900

 

 

3,100

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj.,
Ser. A, 6.375%, 11/01/41, AMT

 

 

3,217,459

 

 

980

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB, Ser. 97A,
4.60%, 10/01/27, AMT

 

 

925,679

 

 

 

 

McKeesport Area Sch. Dist., Ad Valorem Ppty. Tax GO,

 

 

 

 

 

870

6

Zero Coupon, 10/01/31, FGIC

 

 

281,106

 

 

2,435

 

Zero Coupon, 10/01/31, FGIC

 

 

775,815

 

 

 

 

 

 

     

 

 

 

 

 

 

16,176,686

 

 

Puerto Rico—2.6%

 

 

 

 

 

2,900

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. UU,
5.00%, 7/01/23, FSA

 

 

3,084,991

 

 

3,115

 

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N,
5.25%, 7/01/34

 

 

3,424,070

 

 

 

 

 

 

     

 

 

 

 

 

 

6,509,061

 

 

Rhode Island—0.1%

 

 

 

 

 

200

 

Hlth. & Edl. Bldg. Corp., Hlth., Hosp. & Nursing Home
Impvts. RB, Lifespan Proj., 5.50%, 5/15/16, MBIA

 

 

204,270

 

 

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

14

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Investment Quality Municipal Income
Trust (BKN) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

South Carolina—4.8%

 

 

 

 

$

5,000

 

Hsg. Fin. & Dev. Auth., Hsg. RB, Ser. A2,
5.15%, 7/01/37, AMBAC, AMT

 

$

4,999,650

 

 

 

 

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB,
Palmetto Hlth. Alliance Proj.,

 

 

 

 

 

4,000

2

6.875%, 8/01/13

 

 

4,654,701

 

 

2,185

 

Ser. A, 6.25%, 8/01/31

 

 

2,307,535

 

 

 

 

 

 

     

 

 

 

 

 

 

11,961,886

 

 

Tennessee—2.1%

 

 

 

 

 

4,865

 

Memphis-Shelby Cnty. Arpt. Auth., Port, Arpt. & Marina
Impvts. RB, Ser. D, 6.00%, 3/01/24, AMBAC, AMT

 

 

5,103,774

 

 

Texas—14.4%

 

 

 

 

 

6,000

2

Grapevine, Pub. Impvts. Ad Valorem Ppty. Tax GO,
5.875%, 8/15/10, FGIC

 

 

6,384,180

 

 

5,000

 

Harris Cnty.-Houston Sports Auth., Hotel Occupancy Tax RB
Ser. A, Zero Coupon, 11/15/38, MBIA

 

 

956,350

 

 

9,495

 

La Joya Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax
GO, 5.00%, 2/15/34, PSF

 

 

9,694,490

 

 

 

 

Lower Colorado River Auth., Misc. RB,

 

 

 

 

 

3,845

 

4.75%, 5/15/36, AMBAC

 

 

3,838,963

 

 

5

2

Ser. A, 5.00%, 5/15/13, MBIA

 

 

5,354

 

 

945

 

Ser. A, 5.00%, 5/15/31, MBIA

 

 

967,453

 

 

675

 

Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts.
Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA

 

 

678,260

 

 

2,010

 

Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC

 

 

2,025,015

 

 

2,550

 

San Antonio Energy Acquisition Pub. Fac. Corp.,
Natural Gas Util. Impvts. RB, 5.50%, 8/01/24

 

 

2,652,051

 

 

 

 

Tpke. Auth.,

 

 

 

 

 

3,325

 

Hwy. & Tolls Impvts. RB, Ser. A, 5.00%, 8/15/42, AMBAC

 

 

3,372,780

 

 

15,000

 

Hwy. & Tolls Impvts. RB, Zero Coupon, 8/15/31, AMBAC

 

 

3,989,550

 

 

1,000

 

Wtr. Util. Impvts. GO, Wtr. Fin. Asst. Proj., 5.75%, 8/01/22

 

 

1,049,600

 

 

 

 

 

 

     

 

 

 

 

 

 

35,614,046

 

 

Utah—0.8%

 

 

 

 

 

1,950

6

Intermountain Pwr. Agcy., Elec., Pwr. & Lt. RB,
5.00%, 7/01/13, AMBAC

 

 

1,952,164

 

 

Virginia—1.0%

 

 

 

 

 

2,900

 

Tobacco Settlement Fing. Corp., Tobacco Settlement
Funded RB, Ser. B1, 5.00%, 6/01/47

 

 

2,474,570

 

 

Washington—1.0%

 

 

 

 

 

1,420

 

Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA

 

 

1,461,137

 

 

980

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB,
Providence Hlth. Care Svcs. Proj., 4.50%, 10/01/35, FGIC

 

 

936,459

 

 

 

 

 

 

     

 

 

 

 

 

 

2,397,596

 

 

Wisconsin—1.4%

 

 

 

 

 

3,220

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,
Aurora Hlth. Care Proj., 6.40%, 4/15/33

 

 

3,403,604

 

 

Wyoming—0.8%

 

 

 

 

 

2,145

 

Cmnty. Dev. Auth., Local or Gtd. Hsg. RB,
Ser. 3, 4.75%, 12/01/37, AMT

 

 

2,014,392

 

 

 

 

 

Total Long-Term Investments
(cost $374,647,678)

 

 

385,558,473

 

 

 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—2.2%

 

 

 

 

5,500

8,9

Merrill Lynch Institutional Tax-Exempt Fund, 3.32%
(cost $5,500,000)

 

 

5,500,000

 

 

Total Investments—158.2% (cost $380,147,67810)

 

$

391,058,473

 

Other assets in excess of liabilities—1.1%

 

 

2,778,737

 

Preferred shares at redemption value, including
dividends payable—(59.3)%

 

 

(146,564,821

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

247,272,389

 

 

 

     

 

 

   

1

Security, or a portion thereof, with a market value of $1,069,590 has been pledged as collateral for swap contracts.

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

3

Represents a step up bond; the interest rate shown reflects the effective yield at the time of purchase.

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2007, the Trust held 6.8% of its net assets, with a current market value of $16,859,023, in securities restricted as to resale.

5

Variable rate security. Rate shown is interest rate as of October 31, 2007.

6

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

7

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

8

Represents an investment in an affiliate.

9

Represents current yield as of October 31, 2007.

10

Cost for federal income tax purposes is $378,826,582. The net unrealized appreciation on a tax basis is $12,231,891, consisting of $15,897,030 gross unrealized appreciation and $3,665,139 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

15



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock Municipal Income Trust (BFK)

 

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

             

LONG-TERM INVESTMENTS—156.8%

 

 

 

 

Alabama—3.8%

 

 

 

 

 

 

 

Birmingham Spl. Care Facs. Fing. Auth., Hlth., Hosp. &
Nursing Home RB, Ascension Hlth. Proj.,

 

 

 

 

$

4,545

 

Ser. C-2, 5.00%, 11/15/36

 

$

4,564,589

 

 

3,260

 

Ser. C-2, 5.00%, 11/15/39

 

 

3,270,758

 

 

15,000

1

Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Ser. B, 5.75%, 6/01/12

 

 

16,485,000

 

 

 

 

 

 

     

 

 

 

 

 

 

24,320,347

 

               

Arizona—6.4%

 

 

 

 

 

5,386

 

Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB,
Ser. 2007-1, 5.25%, 8/01/38, AMT

 

 

5,465,636

 

 

4,590

 

Pima Cnty. Indl. Dev. Auth., Sch. Impvts. Misc. RB,
American Charter Schs. Fdtn. Proj., 5.625%, 7/01/38

 

 

4,523,629

 

 

 

 

Salt Verde Financial Corp., Nat. Gas Util. Impvts. RB,

 

 

 

 

 

10,280

 

5.00%, 12/01/32

 

 

9,923,490

 

 

14,395

 

5.00%, 12/01/37

 

 

13,769,249

 

 

7,000

1

Scottsdale Indl. Dev. Auth., Hlth., Hosp. & Nursing Home
RB, Scottsdale Hlth. Care Proj., 5.80%, 12/01/11

 

 

7,648,620

 

 

 

 

 

 

     

 

 

 

 

 

 

41,330,624

 

               

California—17.8%

 

 

 

 

 

7,000

 

California GO, 5.00%, 6/01/34

 

 

7,077,070

 

 

3,115

1

City of Lincoln, Pub. Impvts. ST, 6.00%, 9/01/13

 

 

3,553,841

 

 

 

 

Cnty. Tobacco Sec. Agcy., Tobacco Settlement Funded RB,

 

 

 

 

 

3,385

 

Ser. B, Zero Coupon, 6/01/46

 

 

245,243

 

 

17,855

 

Ser. C, Zero Coupon, 6/01/55

 

 

572,967

 

 

22,825

 

Stanislaus Cnty. Proj., Ser. D, Zero Coupon, 6/01/55

 

 

587,744

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,

 

 

 

 

 

54,635

 

Zero Coupon, 1/15/32

 

 

13,270,295

 

 

20,535

 

Zero Coupon, 1/15/34

 

 

4,412,561

 

 

75,000

 

Zero Coupon, 1/15/38

 

 

12,619,500

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

10,000

1

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1,
6.625%, 6/01/13

 

 

11,511,900

 

 

5,000

 

Tobacco Settlement Funded RB, Ser. A, 5.00%, 6/01/45

 

 

5,012,300

 

 

13,320

 

Los Angeles Regl. Arpts. Impvt. Corp., Lease Facs. RB,
LAXfuel Corp., Los Angeles Intl. Arpt. Proj.,
    5.50%, 1/01/32, AMBAC, AMT

 

 

13,697,755

 

 

11,670

 

Misc. Taxes GO, 5.00%, 6/01/32

 

 

11,853,453

 

 

5,000

 

Murrieta Cmnty. Facs. Dist. No. 2, Econ. Impvts. ST,
The Oaks Impvt. Area A Proj., 6.00%, 9/01/34

 

 

5,091,950

 

 

5,000

 

Statewide Cmnty. Dev. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Mem. Hlth. Svcs. Proj., Ser. A,
    5.50%, 10/01/33

 

 

5,131,450

 

 

 

 

Univ. of California, Univ. & Coll. Impvts. RB,

 

 

 

 

 

10,565

 

Ser. B, 4.75%, 5/15/38

 

 

10,605,992

 

 

5,000

 

Ser. C, 4.75%, 5/15/37, MBIA

 

 

5,027,800

 

 

4,015

 

West Valley-Mission Cmnty. Coll. Dist., Univ. & Coll.
Impvts. Ad Valorem Ppty. Tax GO, 4.75%, 8/01/30, FSA

 

 

4,069,283

 

 

 

 

 

 

     

 

 

 

 

 

 

114,341,104

 

               

Colorado—1.4%

 

 

 

 

2,545

 

City of Colorado Springs, Mult. Util. Impvts. RB, Ser. C,
5.00%, 11/15/45, FSA

 

 

2,607,556

 

 

3,500

1

Denver Hlth. & Hosp. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Ser. A, 6.00%, 12/01/11

 

 

3,810,660

 

 

2,530

 

Pk. Creek Met. Dist., Ppty. Tax Misc. RB, 5.50%, 12/01/37

 

 

2,482,436

 

 

 

 

 

 

     

 

 

 

 

 

 

8,900,652

 

               

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

District of Columbia—6.5%

 

 

 

 

$

2,390

 

Misc. RB, Friendship Pub. Charter Sch. Proj.,
5.25%, 6/01/33, ACA

 

$

2,350,254

 

 

25,535

 

Tobacco Settlement Fing. Corp., Tobacco Settlement
Funded RB, 6.75%, 5/15/40

 

 

26,418,256

 

 

66,785

1

Univ. & Coll. Impvts. RB, Georgetown Univ. Proj.,
Ser. A, Zero Coupon, 4/01/11, MBIA

 

 

12,827,124

 

 

 

 

 

 

     

 

 

 

 

 

 

41,595,634

 

               

Florida—11.2%

 

 

 

 

 

10,830

 

Cnty. of Orange, Sales Tax RB, 4.75%, 10/01/32, XLCA

 

 

10,833,466

 

 

1,905

 

Heritage Isle at Viera Cmnty. Dev. Dist., Wtr. Util. Impvts.
SA, Ser. A, 6.00%, 5/01/35

 

 

1,992,839

 

 

9,670

1

Highlands Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing
Home RB, Adventist Hlth. Sys./Sunbelt Proj.,
Ser. A, 6.00%, 11/15/11

 

 

10,603,445

 

 

 

 

JEA,

 

 

 

 

 

11,035

2

Elec., Pwr. & Lt. Impvts. RB., Ser. 3A,
4.75%, 10/01/34, FSA

 

 

11,037,538

 

 

2,900

 

Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/41, MBIA

 

 

2,900,986

 

 

9,000

 

Martin Cnty. Indl. Dev. Auth., Indl. RB, Indiantown
Cogeneration Proj., Ser. A, 7.875%, 12/15/25, AMT

 

 

9,093,870

 

 

11,685

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

 

12,856,421

 

 

3,880

 

Stevens Plantation Cmnty. Dev. Dist., Pub. Impvts. SA,
Ser. A, 7.10%, 5/01/35

 

 

4,058,170

 

 

8,335

 

Vlg. Cmnty. Dev. Dist. No. 6, Pub. Impvts. SA,
5.625%, 5/01/22

 

 

8,470,694

 

 

 

 

 

 

     

 

 

 

 

 

 

71,847,429

 

               

Georgia—0.6%

 

 

 

 

 

4,000

 

Richmond Cnty. Dev. Auth., Rec. Recovery RB,
Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25, AMT

 

 

4,124,640

 

               

Idaho—2.8%

 

 

 

 

 

16,970

1

Univ. of Idaho, Univ. & Coll. Impvts. RB,
Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/11, FGIC

 

 

17,722,110

 

               

Illinois—13.0%

 

 

 

 

 

4,630

3,4

Centerpoint Intermodal Ctr. Prog. Trust TA, Ser. A,
8.00%, 6/15/23

 

 

4,624,027

 

 

8,225

 

Chicago Hsg. Auth., Local or Gtd. Hsg. RB,
5.00%, 7/01/24, FSA

 

 

8,564,857

 

 

7,645

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB,
Ser. C-2, 5.25%, 1/01/30, FSA, AMT

 

 

7,813,955

 

 

 

 

Edl. Facs. Auth., Univ. & Coll. Impvts. RB,

 

 

 

 

 

760

 

Ser. A, 5.25%, 7/01/41

 

 

795,074

 

 

10,000

1

Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj.,
6.25%, 5/01/12

 

 

11,194,800

 

 

 

 

Fin. Auth.,

 

 

 

 

 

7,145

1

Cash Flow Mgmt. Hlth., Hosp. & Nursing Home RB,
Adventist Hlth. Sys. Sunbelt Oblig. Proj.,
5.65%, 11/15/09

 

 

7,506,894

 

 

1,685

 

Hlth., Hosp. & Nursing Home RB, Friendship Vlg.
Schaumburg Proj., Ser. A, 5.625%, 2/15/37

 

 

1,584,928

 

 

3,700

 

Hlth., Hosp. & Nursing Home RB, Northwestern Mem.
Hosp. Proj., Ser. A, 5.50%, 8/15/43

 

 

3,875,417

 

 

1,675

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj.,
Ser. B, 5.375%, 6/01/35

 

 

1,172,768

 

 

 

 

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB
Elmhurst Mem. Hosp. Proj.,

 

 

 

 

 

5,000

 

5.50%, 1/01/22

 

 

5,183,550

 

 

6,000

 

5.625%, 1/01/28

 

 

6,209,820

 

 

40,000

 

Met. Pier & Exposition Auth., Pub. Impvts. Sales Tax RB,
McCormick Place Expansion Proj., Ser. A, Zero Coupon,
12/15/34, MBIA

 

 

10,904,000

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

16

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Municipal Income Trust (BFK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Illinois—(cont’d)

 

 

 

 

$

7,975

 

Mun. Elec. Agcy., Elec., Pwr. & Lt. RB, 4.50%, 2/01/35, FGIC

 

$

7,683,354

 

 

 

 

Vlg. of Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

7,120

 

Ser. B, Zero Coupon, 1/01/33, FGIC

 

 

2,126,388

 

 

14,085

 

Ser. B, Zero Coupon, 1/01/34, FGIC

 

 

3,999,013

 

 

 

 

 

 

     

 

 

 

 

 

 

83,238,845

 

               

Indiana—5.9%

 

 

 

 

 

9,000

 

Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB,
Methodist Hosp., Inc. Proj., 5.50%, 9/15/31

 

 

8,999,370

 

 

 

 

Petersburg, Rec. Recovery Impvts. RB,

 

 

 

 

 

 

 

Indianapolis Pwr. & Lt. Conv. Proj.,

 

 

 

 

 

10,000

 

5.90%, 12/01/24, AMT

 

 

10,350,700

 

 

16,000

 

5.95%, 12/01/29, AMT

 

 

16,356,640

 

 

2,390

 

Vincennes, Econ. Dev. RB, Southwest Indiana
Regl. Youth Proj., 6.25%, 1/01/24

 

 

2,364,379

 

 

 

 

 

 

     

 

 

 

 

 

 

38,071,089

 

               

Kentucky—0.2%

 

 

 

 

 

1,365

 

Hsg. Corp., St. Hsg. RB, Ser. F, 5.45%, 1/01/32, AMT

 

 

1,378,868

 

               

Louisiana—2.1%

 

 

 

 

 

9,215

 

Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., Pub. Impvts.
Misc. RB, Cap. Projs. & Equip. Acquisition Proj.,
6.55%, 9/01/25, ACA

 

 

10,103,510

 

 

3,257

 

Saint Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB,
Ser. A, 5.25%, 12/01/39

 

 

3,377,226

 

 

 

 

 

 

     

 

 

 

 

 

 

13,480,736

 

               

Maryland—1.6%

 

 

 

 

 

3,200

 

City of Baltimore, Swr. Impvts. RB, Ser. D,
5.00%, 7/01/37, AMBAC

 

 

3,324,096

 

 

2,665

 

Cmnty. Dev. Admin., Local or Gtd. Hsg. RB, Ser. A,
4.65%, 9/01/32, AMT

 

 

2,500,570

 

 

 

 

 

 

 

 

 

 

4,205

 

Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Medstar Hlth., Inc. Proj., 5.50%, 8/15/33

 

 

4,295,323

 

 

 

 

 

 

     

 

 

 

 

 

 

10,119,989

 

               

Massachusetts—1.1%

 

 

 

 

 

6,770

 

Wtr. Recs. Auth., Wtr. RB, Ser. A, 5.00%, 8/01/41

 

 

6,943,177

 

               

Michigan—0.7%

 

 

 

 

 

4,230

 

Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home RB,
Henry Ford Hlth. Sys. Proj., Ser. A, 5.25%, 11/15/46

 

 

4,268,705

 

               

Mississippi—3.7%

 

 

 

 

 

4,845

4

Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman
Ship Sys. Proj., 4.55%, 12/01/28

 

 

4,489,426

 

 

18,680

 

Gulfport, Hlth., Hosp. & Nursing Home Impvts. RB,
Mem. Hosp. at Gulfport Proj., Ser. A, 5.75%, 7/01/31

 

 

18,967,672

 

 

 

 

 

 

     

 

 

 

 

 

 

23,457,098

 

               

Missouri—0.1%

 

 

 

 

 

695

 

Joint Mun. Elec. Util. Comm., Elec., Pwr. & Lt. Impvts. RB,
Plum Point Proj., 4.60%, 1/01/36, MBIA

 

 

674,657

 

               

Multi-State—7.1%

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

1,000

3,5

Ser. A, 6.625%, 6/30/49

 

 

1,036,990

 

 

11,000

3,5

Ser. A-2, 6.30%, 6/30/49

 

 

11,346,390

 

 

16,000

3,5

Ser. A-3, 6.80%, 10/01/52

 

 

18,098,560

 

 

6,500

3,5

Ser. B-1, 6.80%, 11/30/50

 

 

6,899,880

 

 

8,000

3,5

MuniMae TE Bd. Subsidiary LLC, Ser. A, 6.875%, 6/30/49

 

 

8,324,560

 

 

 

 

 

 

     

 

 

 

 

 

 

45,706,380

 

               

Nebraska—1.1%

 

 

 

 

 

6,990

 

Omaha Pub. Pwr. Dist., Elec., Pwr. & Lt. Impvts. RB,
Ser. A, 4.75%, 2/01/44

 

 

6,882,494

 

               

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

               

Nevada—1.6%

 

 

 

 

 

 

 

Cnty. of Clark,

 

 

 

 

$

5,000

 

Port, Arpt. & Marina RB, Jet Aviation Fuel Tax Proj.,
Ser. C, 5.00%, 7/01/40, AMBAC

 

$

5,098,550

 

 

5,260

 

Private Schs. RB, Alexander Dawson Sch. Rainbow Proj.,
5.00%, 5/15/29

 

 

5,263,524

 

 

 

 

 

 

     

 

 

 

 

 

 

10,362,074

 

               

New Hampshire—1.2%

 

 

 

 

 

4,000

 

Bus. Fin. Auth., Indl. RB, Pub. Svc. Co. Proj., Ser. B,
4.75%, 5/01/21, MBIA, AMT

 

 

4,035,480

 

 

3,500

 

Hlth. & Ed. Facs. Auth., Hlth., Hosp. & Nursing Home RB,
Exeter Hosp. Proj., 5.75%, 10/01/31

 

 

3,633,665

 

 

 

 

 

 

   

 

 

 

 

 

 

 

7,669,145

 

               

New Jersey—8.2%

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

18,500

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj.,
5.75%, 6/15/29

 

 

19,378,935

 

 

15,410

4

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc. Proj.
7.00%, 11/15/30, AMT

 

 

15,977,242

 

 

8,000

 

SA, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28

 

 

9,080,080

 

 

3,680

 

Middlesex Cnty. Impvt. Auth., Pub. Impvts. Hotel Occupancy
Tax RB, Heldrich Associates LLC Proj.,
Ser. B, 6.25%, 1/01/37

 

 

3,650,339

 

 

5,000

 

Tobacco Settlement Fing. Corp., Tobacco Settlement RB,
Ser. 1A, 4.50%, 6/01/23

 

 

4,664,650

 

 

 

 

 

 

     

 

 

 

 

 

 

52,751,246

 

               

New York—8.0%

 

 

 

 

 

1,820

6

Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB,
New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/35

 

 

1,518,608

 

 

5,375

 

Env. Facs. Corp., Swr. Impvts. Misc. RB, NYC Mun. Wtr. Proj.,
Ser. B, 5.00%, 6/15/31

 

 

5,503,785

 

 

6,025

 

Liberty Dev. Corp., Indl. Impvts. Misc. RB,
Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

 

6,400,840

 

 

7,115

 

Met. Transp. Auth., Misc. RB, Ser. A,
5.00%, 7/01/30, AMBAC

 

 

7,295,934

 

 

 

 

New York City Indl. Dev. Agcy., Port, Arpt. & Marina
Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj.,

 

 

 

 

 

22,140

4

7.75%, 8/01/31, AMT

 

 

25,103,439

 

 

5,000

4

8.00%, 8/01/28, AMT

 

 

5,750,150

 

 

 

 

 

 

     

 

 

 

 

 

 

51,572,756

 

               

North Carolina—3.7%

 

 

 

 

 

12,550

 

Cap. Facs. Fin. Agcy., Coll. & Univ. RB, Duke Univ. Proj.,
Ser. B, 4.25%, 7/01/42

 

 

11,383,101

 

 

12,130

 

Gaston Cnty. Indl. Facs. & Poll. Ctrl. Fing. Auth.,
Indl. Impvts. RB, 5.75%, 8/01/35, AMT

 

 

12,328,689

 

 

 

 

 

 

     

 

 

 

 

 

 

23,711,790

 

               

Ohio—6.9%

 

 

 

 

 

 

 

Air Qual. Dev. Auth.,

 

 

 

 

 

14,500

 

Indl. RB, Cleveland Elec. Illuminating Co. Proj.,
Ser. B, 6.00%, 8/01/20

 

 

14,793,335

 

 

23,820

 

Rec. Recovery RB, Dayton Pwr. & Lt. Co. Proj.,
4.80%, 1/01/34, FGIC

 

 

23,894,318

 

 

1,540

 

Buckeye Tobacco Settlement Fin. Auth., Misc. Purpose
Tobacco Settlement Funded RB, Ser. A-2, 6.50%, 6/01/47

 

 

1,597,673

 

 

3,760

 

Pinnacle Cmnty. Infrastructure Fing. Auth., Hsg. Misc. RB,
Ohio Facs. Proj., Ser. A, 6.25%, 12/01/36

 

 

3,853,098

 

 

 

 

 

 

     

 

 

 

 

 

 

44,138,424

 

               

Oklahoma—2.1%

 

 

 

 

 

5,420

 

Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB,
Saint John Hlth. Sys., Inc. Proj., 5.00%, 2/15/42

 

 

5,419,566

 

 

7,175

4

Tulsa Mun. Arpt. Trust, Port, Arpt. & Marina Impvts. RB,
AMR Corp. Proj., Ser. A, 7.75%, 6/01/35, AMT

 

 

7,925,218

 

 

 

 

 

 

     

 

 

 

 

 

 

13,344,784

 

               

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

17



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Municipal Income Trust (BFK) (concluded)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

Pennsylvania—4.7%

 

 

 

 

 

 

 

Econ. Dev. Fing. Auth.,

 

 

 

 

$

15,580

4

Elec., Pwr. & Lt. Impvts. RB, Reliant Energy, Inc. Proj.,
Ser. A, 6.75%, 12/01/36, AMT

 

$

16,689,763

 

 

6,500

 

Trans. Impvts. Lease Renewal RB, Amtrak Proj.,
Ser. A, 6.375%, 11/01/41, AMT

 

 

6,746,285

 

 

4,000

 

Higher Edl. Facs. Auth., Univ. & Coll. Impvts. RB,
La Salle Univ. Proj., 5.50%, 5/01/34

 

 

4,070,160

 

 

2,500

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB,
Ser. 97A, 4.60%, 10/01/27, AMT

 

 

2,361,425

 

 

 

 

 

 

     

 

 

 

 

 

 

29,867,633

 

               

Puerto Rico—2.7%

 

 

 

 

 

11,000

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. RB,
Ser. UU, 5.00%, 7/01/20, FSA

 

 

11,801,130

 

 

5,000

 

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB,
Ser. N, 5.25%, 7/01/36

 

 

5,497,400

 

 

 

 

 

 

     

 

 

 

 

 

 

17,298,530

 

               

South Carolina—6.1%

 

 

 

 

 

 

 

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB,
Palmetto Hlth. Alliance Proj.,

 

 

 

 

 

9,000

1

6.875%, 8/01/13

 

 

10,473,077

 

 

5,075

 

Ser. A, 6.25%, 8/01/31

 

 

5,359,606

 

 

 

 

Lexington Cnty., Hlth., Hosp. & Nursing Home RB,
Lexington Med. Ctr. Proj.,

 

 

 

 

 

5,000

1

5.50%, 11/01/13

 

 

5,485,950

 

 

10,000

1

5.75%, 11/01/13

 

 

11,105,400

 

 

6,345

 

Scago Edl. Facs. Corp. for Colleton Sch. Dist., Lease RB,
Chesterfield Cnty. Sch. Proj., 5.00%, 12/01/29

 

 

6,560,032

 

 

 

 

 

 

     

 

 

 

 

 

 

38,984,065

 

               

Tennessee—2.3%

 

 

 

 

 

20,825

 

Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. &
Nursing Home RB, Covenant Hlth. Proj., Ser. A,
Zero Coupon, 1/01/20, FSA

 

 

11,086,605

 

 

3,475

 

Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. &
Nursing Home RB, Saint Jude’s Children’s Hosp. Proj.,
5.00%, 7/01/25

 

 

3,545,821

 

 

 

 

 

 

     

 

 

 

 

 

 

14,632,426

 

               

Texas—13.3%

 

 

 

 

 

4,435

6,7

Affordable Hsg. Corp., Multi-Fam. Hsg. RB, Amer. Oppty.
Hsg. Portfolio Proj., Ser. B, 8.00%, 3/01/32

 

 

659,174

 

 

 

 

Harris Cnty.-Houston Sports Auth.,

 

 

 

 

 

12,580

 

Hotel Occupancy Tax RB, Ser. A, Zero Coupon,
11/15/38, MBIA

 

 

2,406,177

 

 

5,000

 

Hotel Occupancy Tax RB, Ser. H, Zero Coupon,
11/15/35, MBIA

 

 

1,154,050

 

 

26,120

 

Lease RB, Ser. A-3, Zero Coupon, 11/15/37, MBIA

 

 

5,145,901

 

 

 

 

Lower Colorado River Auth., Misc. RB,

 

 

 

 

 

5

1

Ser. A, 5.00%, 5/15/13, MBIA

 

 

5,354

 

 

2,395

 

Ser. A, 5.00%, 5/15/31, MBIA

 

 

2,451,905

 

 

13,305

 

Transm. Svcs. Proj., 4.75%, 5/15/34, AMBAC

 

 

13,308,992

 

 

1,700

 

Montgomery Cnty. Mun. Util. Dist. No. 46, Pub. Impvts.
Ad Valorem Ppty. Tax GO, 4.75%, 3/01/30, MBIA

 

 

1,708,211

 

 

5,060

 

Pearland, Ad Valorem Ppty. Tax GO, 4.75%, 3/01/29, FGIC

 

 

5,097,798

 

 

6,540

 

San Antonio Energy Acquisition Pub. Corp., Nat. Gas Util.
Impvts. RB, 5.50%, 8/01/25

 

 

6,788,193

 

 

8,390

 

Tpke. Auth., Hwy. & Tolls Impvts. RB,
Ser. A, 5.00%, 8/15/42, AMBAC

 

 

8,510,564

 

 

 

 

Tpke. Auth., Hwy. & Toll Impvts. RB,

 

 

 

 

 

35,000

 

Zero Coupon, 8/15/32, AMBAC

 

 

8,744,400

 

 

62,325

 

Zero Coupon, 8/15/33, AMBAC

 

 

14,637,650

 

 

65,040

 

Zero Coupon, 8/15/34, AMBAC

 

 

14,387,498

 

 

 

 

 

 

     

 

 

 

 

 

 

85,005,867

 

               

Virginia—0.3%

 

 

 

 

 

8,105

 

Comnwlth. Transp. Brd., Hwy. Impvts. RB, Zero Coupon,
4/01/32, MBIA

 

 

2,280,180

 

               

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

Washington—1.4%

 

 

 

 

$

3,615

 

Cnty. of King, Swr. RB, 5.00%, 1/01/36, FSA

 

$

3,719,726

 

 

5,095

 

Hlth. Care Facs. Auth., Hlth., Hosp. & Nursing Home RB,
Providence Hlth. Sys. Proj., Ser. A,
4.625%, 10/01/34, FGIC

 

 

4,975,930

 

 

 

     

 

 

 

 

 

 

8,695,656

 

               

West Virginia—0.3%

 

 

 

 

 

2,070

 

Econ. Dev. Auth., Correctional Fac. Impvts. Lease RB,
Correctional Juvenile Safety Proj., Ser. A,
5.00%, 6/01/29, MBIA

 

 

2,131,893

 

               

Wisconsin—6.1%

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth., Hlth., Hosp. & Nursing Home RB,

 

 

 

 

 

7,500

 

Aurora Hlth. Care Proj., 6.40%, 4/15/33

 

 

7,927,650

 

 

12,545

1

Froedtert & Cmnty. Hlth. Oblig. Grp. Proj.,
5.375%, 10/01/11

 

 

13,474,710

 

 

1,205

 

Froedtert & Cmnty. Hlth. Oblig. Grp. Proj.,
5.375%, 10/01/30

 

 

1,269,455

 

 

15,000

1

Wheaton Franciscan Svcs. Proj., 5.75%, 2/15/12

 

 

16,405,200

 

 

 

     

 

 

 

 

 

 

39,077,015

 

               

Wyoming—0.8%

 

 

 

 

 

 

 

Cmnty. Dev. Auth., Local or Gtd. Hsg. RB,

 

 

 

 

 

2,765

 

Ser. 3, 4.65%, 12/01/27, AMT

 

 

2,629,681

 

 

2,605

 

Ser. 3, 4.70%, 12/01/32, AMT

 

 

2,454,822

 

 

 

     

 

 

 

 

 

 

5,084,503

 

               

 

 

 

Total Long-Term Investments
(cost $964,462,694)

 

 

1,005,012,565

 

               

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—0.4%

 

 

 

 

 

2,600

8,9

Merrill Lynch Institutional Tax-Exempt Fund, 3.32%
(cost $2,600,000)

 

 

2,600,000

 

               

Total Investments—157.2% (cost $967,062,69410)

 

$

1,007,612,565

 

Other assets in excess of liabilities—1.3%

 

 

8,630,029

 

Preferred shares at redemption value, including dividends
payable—(58.5)%

 

 

(375,261,855

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

640,980,739

 

 

 

     

 

 

 

1

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

2

Security, or a portion thereof, with a market value of $1,480,340 has been pledged as collateral for swap contracts.

3

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2007, the Trust held 7.9% of its net assets, with a current market value of $50,330,407, in securities restricted as to resale.

4

Variable rate security. Rate shown is interest rate as of October 31, 2007.

5

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

6

Illiquid security. As of October 31, 2007, the Trust held 0.3% of its net assets, with a current market value of $2,177,782, in these securities.

7

Issuer is in default and/or bankruptcy.

8

Represents an investment in an affiliate.

9

Represents current yield as of October 31, 2007.

10

Cost for federal income tax purposes is $964,443,827. The net unrealized appreciation on a tax basis is $43,168,738, consisting of $53,567,845 gross unrealized appreciation and $10,399,107 gross unrealized depreciation.


 

 

 

 

 

 

 

 

18

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

 

Portfolio of Investments as of October 31, 2007

BlackRock Long-Term Municipal Advantage
Trust (BTA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

LONG-TERM INVESTMENTS—192.1%

 

 

 

 

Municipal Bonds—95.4%

 

 

 

 

Arizona—5.0%

 

 

 

 

$

2,095

 

Phoenix & Pima Cnty. Indl. Dev. Auth., Local or Gtd. Hsg. RB,
Ser. 2007-1, 5.25%, 8/01/38, AMT

 

$

2,125,524

 

 

 

 

Pima Cnty. Indl. Dev. Auth.,

 

 

 

 

 

158

1

Local or Gtd. Hsg. RB, 4.89%, 2/04/12, AMT

 

 

158,000

 

 

1,700

 

Sch. Impvts. Misc. RB, American Charter Schs. Fdtn. Proj.,
5.625%, 7/01/38

 

 

1,675,418

 

 

1,000

 

Sch. Impvts. Misc. RB, Arizona Charter Schs. Proj.,
Ser. 0, 5.25%, 7/01/31

 

 

949,310

 

 

 

 

Salt Verde Financial Corp., Nat. Gas Util. Impvts. RB,

 

 

 

 

 

1,850

 

5.00%, 12/01/32

 

 

1,785,842

 

 

2,590

 

5.00%, 12/01/37

 

 

2,477,413

 

 

 

 

 

 

     

 

 

 

 

 

 

9,171,507

 

               

California—5.5%

 

 

 

 

 

 

7,000

 

Irvine Unified Sch. Dist. Fin. Grp. II, Sch. Impvts. ST,
Ser. A, 5.125%, 9/01/36

 

 

6,660,850

 

 

3,625

 

Statewide Cmntys. Dev. Auth., Hlth., Hosp. & Nursing Home
RB, Daughters of Charity Proj., Ser. A, 5.00%, 7/01/39

 

 

3,437,442

 

 

 

 

 

 

     

 

 

 

 

 

 

10,098,292

 

               

Colorado—2.0%

 

 

 

 

 

2,500

1

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB,
Adventist Hlth./Sunbelt Proj., 5.125%, 11/15/29

 

 

2,536,975

 

 

1,200

 

North Range Met. Dist. No 2, Pub. Impvts. Ad Valorem
Ppty. Tax GO, Shea Homes LP Proj., 5.50%, 12/15/37

 

 

1,096,584

 

 

 

 

 

 

     

 

 

 

 

 

 

3,633,559

 

               

Connecticut—1.6%

 

 

 

 

 

3,000

 

St. Hsg. Fin. Auth., Local or Gtd. Hsg. RB,
Ser. A-2, 5.15%, 5/15/38, AMT

 

 

3,004,590

 

               

District of Columbia—12.4%

 

 

 

 

 

 

 

Tobacco Settlement Fing. Corp., Tobacco Settlement
Funded RB,

 

 

 

 

 

6,470

 

6.25%, 5/15/24

 

 

6,700,655

 

 

15,415

 

6.50%, 5/15/33

 

 

16,003,545

 

 

 

 

 

 

     

 

 

 

 

 

 

22,704,200

 

               

Florida—5.5%

 

 

 

 

 

1,000

1

Highlands Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing
Home Impvts. RB, Adventist Bolingbrook Hlth. Sys. Proj.,
5.125%, 11/15/32

 

 

1,008,980

 

 

2,830

 

Hillsborough Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing
Home Impvts. RB, Tampa Gen. Hosp. Proj.,
5.00%, 10/01/36

 

 

2,783,107

 

 

845

 

Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Baptist Med. Ctr. Proj., Ser. A, 5.00%, 8/15/37

 

 

842,338

 

 

1,150

 

Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, 1st Mtg. Orlando Lutheran Tower Proj.,
5.50%, 7/01/38

 

 

1,092,833

 

 

 

 

Sarasota Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nurisng
Home RB, Vlg. On The Isle Proj.,

 

 

 

 

 

560

 

5.50%, 1/01/27

 

 

548,274

 

 

520

 

5.50%, 1/01/32

 

 

496,564

 

 

1,750

 

Tolomato Cmnty. Dev. Dist., Pub. & Recreational Fac.
Impvts. SA, 6.65%, 5/01/40

 

 

1,749,300

 

 

1,850

 

Watergrass Cmnty. Dev. Dist., Pub. Impvts. SA,
Ser. A, 5.375%, 5/01/39

 

 

1,585,598

 

 

 

 

 

 

     

 

 

 

 

 

 

10,106,994

 

               

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

Municipal Bonds—(cont’d)

 

 

 

 

Georgia—1.4%

 

 

 

 

$

1,000

 

Cobb Cnty. Dev. Auth., Rec. Recovery Impvts. RB,
Wst. Mgmt., Inc. Proj., Ser. A, 5.00%, 4/01/33, AMT

 

$

929,360

 

 

1,600

 

Rockdale Cnty. Dev. Auth., Indl. Impvts. RB, Visy Paper Proj.,
Ser. A, 6.125%, 1/01/34, AMT

 

 

1,598,384

 

 

 

 

 

 

     

 

 

 

 

 

 

2,527,744

 

               

Illinois—3.7%

 

 

 

 

 

 

 

Fin. Auth.,

 

 

 

 

 

3,000

 

Coll. & Univ. RB, Illinois Inst. of Technology Proj.,
Ser. A, 5.00%, 4/01/36

 

 

2,911,320

 

 

4,000

 

Hlth., Hosp. & Nursing Home RB, Proctor Hosp. Proj.,
5.125%, 1/01/25

 

 

3,908,200

 

 

 

 

 

 

     

 

 

 

 

 

 

6,819,520

 

               

Indiana—2.1%

 

 

 

 

 

2,000

 

Delaware Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home RB
Ball Mem. Hosp., Inc. Proj., 5.25%, 8/01/36

 

 

1,962,000

 

 

1,985

 

Hlth. & Edl. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB,
Cmnty. Fndtn. Northwest Ind. Proj., 5.50%, 3/01/37

 

 

1,976,246

 

 

 

 

 

 

     

 

 

 

 

 

 

3,938,246

 

               

Kansas—1.9%

 

 

 

 

 

3,650

 

Lenexa, Hlth., Hosp. & Nursing Home Impvts. RB,
Lakeview Vlg., Inc. Proj., 5.50%, 5/15/39

 

 

3,564,481

 

               

Louisiana—0.8%

 

 

 

 

 

1,424

 

Saint Tammany Parish Fin. Auth., Local Sngl. Fam. Hsg. RB
Ser. A, 5.25%, 12/01/39

 

 

1,476,242

 

               

Maryland—0.5%

 

 

 

 

 

1,000

 

Hlth. & Higher Edl. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, King Farm Presbyterian Cmnty. Proj.,
5.00%, 1/01/17

 

 

974,120

 

               

Michigan—0.7%

 

 

 

 

 

1,540

 

Garden City Hosp. Fin. Auth., Hlth., Hosp. & Nursing Home
RB, Garden City Hosp. Proj., Ser. A, 5.00%, 8/15/38

 

 

1,350,056

 

               

Minnesota—5.6%

 

 

 

 

 

6,460

 

Hsg. Fin. Agy., Local or Gtd. Hsg. RB, Residential Hsg. Proj.,
4.85%, 7/01/31, AMT

 

 

6,230,476

 

 

4,000

 

Mun. Pwr. Agy., Elec., Pwr. & Lt. Impvts. RB,
5.00%, 10/01/35

 

 

4,054,640

 

 

 

 

 

 

     

 

 

 

 

 

 

10,285,116

 

               

Mississippi—0.5%

 

 

 

 

 

915

1

Business Fin. Comm., Indl. Impvts. RB, Northrop Grumman
Ship Sys. Proj., 4.55%, 12/01/28

 

 

847,848

 

               

Missouri—1.4%

 

 

 

 

 

2,500

 

Hsg. Dev. Comm., Local or Gtd. Hsg. RB,
Ser. B1, 5.05%, 3/01/38, AMT

 

 

2,512,800

 

               

Montana—2.3%

 

 

 

 

 

 

 

Two Rivers Auth., Correctional Fac. Impvts. Misc. RB,

 

 

 

 

 

1,500

 

7.25%, 11/01/21

 

 

1,520,985

 

 

2,600

 

7.375%, 11/01/27

 

 

2,646,020

 

 

 

 

 

 

     

 

 

 

 

 

 

4,167,005

 

               

New Hampshire—2.7%

 

 

 

 

 

5,000

 

Business Fin. Auth., Indl. Impvts. RB, Wst. Mgmt., Inc. Proj.,
5.20%, 5/01/27, AMT

 

 

4,892,100

 

               

New Jersey—2.9%

 

 

 

 

 

5,000

 

Tobacco Settlement Fing. Corp., Pub. Impvts.
Tobacco Settlement Funded RB, 5.75%, 6/01/32

 

 

5,360,750

 

               

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

19



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Long-Term Municipal Advantage
Trust (BTA) (continued)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Municipal Bonds—(cont’d)

 

 

 

 

New Mexico—1.9%

 

 

 

 

$

3,750

 

Farmington Poll. Ctrl., Misc. RB, Pub. Svc. Co. of New Mexico
Proj., Ser. B, 4.875%, 4/01/33

 

$

3,548,700

 

 

New York—10.1%

 

 

 

 

 

5,000

 

Liberty Dev. Corp., Indl. Impvts. Misc. RB,
Goldman Sachs Grp., Inc. Proj., 5.25%, 10/01/35

 

 

5,311,900

 

 

5,000

2

Nassau Cnty. Tobacco Settlement Corp., Tobacco
Settlement Funded RB, Ser. A2, 5.25%, 6/01/26

 

 

4,538,850

 

 

7,600

1

New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts.
RB, American Airlines, Inc. Proj., 7.625%, 8/01/25, AMT

 

 

8,560,716

 

 

 

 

 

 

     

 

 

 

 

 

 

18,411,466

 

 

North Carolina—0.6%

 

 

 

 

 

1,160

 

Med. Care Comm., Hlth., Hosp. & Nursing Home RB,
Novant Hlth., Inc. Proj., 5.00%, 11/01/39

 

 

1,166,345

 

 

Oklahoma—0.6%

 

 

 

 

 

1,015

 

Dev. Fin. Auth., Hlth., Hosp. & Nursing Home RB,
Saint John Hlth. Sys., Inc. Proj., 5.00%, 2/15/42

 

 

1,014,919

 

 

Pennsylvania—1.9%

 

 

 

 

 

2,080

 

Allegheny Cnty. Hosp. Dev. Auth., Hlth., Hosp. & Nursing
Home RB, West Penn Allegheny Hlth. Sys. Proj.

 

 

 

 

 

 

 

5.375%, 11/15/40

 

 

1,997,778

 

 

1,000

 

Harrisburg Auth., Univ. & Coll. Impvts. RB, Harrisburg Univ.
of Science Proj., 5.40%, 9/01/16

 

 

1,009,010

 

 

450

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB,
Ser. 97A, 4.60%, 10/01/27, AMT

 

 

425,056

 

 

 

 

 

 

     

 

 

 

 

 

 

3,431,844

 

 

Puerto Rico—0.8%

 

 

 

 

 

1,500

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth.,
Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj.,

 

 

 

 

 

 

 

5.00%, 3/01/36

 

 

1,427,940

 

 

South Carolina—3.8%

 

 

 

 

 

1,040

 

Hlth. & Edl. Fac. Auth., Hlth., Hosp. & Nursing Home RB,
Sanford Hlth. Proj., 5.00%, 11/01/40

 

 

1,041,321

 

 

 

 

Jobs-Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB,
First Mtg. Lutheran Homes Proj.,

 

 

 

 

 

600

 

5.50%, 5/01/28

 

 

568,944

 

 

1,000

 

5.625%, 5/01/42

 

 

942,860

 

 

2,500

 

Jobs-Econ. Dev. Auth., Misc. RB, Burroughs & Chapin Proj.,
4.70%, 4/01/35, RAA

 

 

2,355,925

 

 

2,000

 

Scago Edl. Facs. Corp. for Colleton Sch. Dist., Sch. Impvts.
Lease Approp. RB, Williamsburg Cnty. Proj.,

 

 

 

 

 

 

 

5.00%, 12/01/31, RAA

 

 

1,991,600

 

 

 

 

 

 

     

 

 

 

 

 

 

6,900,650

 

 

Tennessee—1.3%

 

 

 

 

 

5,000

 

Knox Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. &
Nursing Home Impvts. RB, Covenant Hlth. Proj.,

 

 

 

 

 

 

 

Zero Coupon, 1/01/36

 

 

1,093,550

 

 

1,215

 

Shelby Cnty. Hlth., Edl. & Hsg. Facs. Brd., Hlth., Hosp. &
Nursing Home Impvts. RB, Saint Jude Children’s Research
Hosp. Proj., 5.00%, 7/01/31

 

 

1,229,410

 

 

 

 

 

 

     

 

 

 

 

 

 

2,322,960

 

 

Texas—6.8%

 

 

 

 

 

1,247

 

Affordable Hsg. Corp., Sngl. Fam. Hsg. RB, Professional
Educators Proj., 5.50%, 12/01/39, AMT

 

 

1,320,597

 

 

2,000

 

Brazos River Poll. Ctrl. Auth., Swr. Impvts. Misc. RB,
TXU Energy Co. LLC Proj., 5.00%, 3/01/41, AMT

 

 

1,663,300

 

 

 

1,150

 

HFDC of Central Texas, Inc. Retirement Fac., Hlth., Hosp. &
Nursing Home RB, Vlg. at Gleannloch Farms Proj.,
Ser. A, 5.50%, 2/15/27

 

 

1,089,717

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Municipal Bonds—(cont’d)

 

 

 

 

Texas—(cont’d)

 

 

 

 

$

34,560

 

Leander Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO,
Zero Coupon, 8/15/42, PSF

 

$

5,162,918

 

 

2,000

 

Mission Econ. Dev. Corp., Rec. Recvery RB, Allied Wst.
Ind. Proj., 5.20%, 4/01/18, AMT

 

 

1,967,420

 

 

1,250

 

West Central Regl. Hsg. Fin., Local or Gtd. Hsg. RB,
Ser. A, 5.35%, 12/01/39, AMT

 

 

1,300,913

 

 

 

 

 

 

     

 

 

 

 

 

 

12,504,865

 

 

Vermont—2.5%

 

 

 

 

 

4,670

1

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB,
4.90%, 5/01/38, FSA, AMT

 

 

4,491,373

 

 

Virginia—2.3%

 

 

 

 

 

850

 

Fairfax Cnty. Econ. Dev. Auth., Local or Gtd. Hsg. RB,
Goodwin House, Inc. Proj., 5.125%, 10/01/42

 

 

814,054

 

 

2,600

 

Peninsula Ports Auth., Hlth., Hosp. & Nursing Home RB,
Baptist Homes Proj., Ser. C, 5.375%, 12/01/26

 

 

2,505,256

 

 

1,000

 

Reynolds Crossing Cmnty. Dev. Auth., Pub. Impvts. SA,
Reynolds Crossing Proj., 5.10%, 3/01/21

 

 

963,760

 

 

 

 

 

 

     

 

 

 

 

 

 

4,283,070

 

 

Wisconsin—3.8%

 

 

 

 

 

 

 

Hlth. & Edl. Facs. Auth.,

 

 

 

 

 

5,335

 

Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth.
Proj., 5.00%, 11/15/31

 

 

5,392,885

 

 

1,535

 

Hlth., Hosp. & Nursing Home RB, Franciscan Sisters
Healthcare Proj., 5.00%, 9/01/26

 

 

1,494,706

 

 

 

 

 

 

   

 

 

 

 

 

 

 

6,887,591

 

 

Wyoming—0.5%

 

 

 

 

 

1,015

 

Cmnty. Dev. Auth., Local or Gtd. Hsg. RB,
Ser. 3, 4.70%, 12/01/32, AMT

 

 

956,484

 

 

 

 

 

Total Municipal Bonds

 

 

174,783,377

 

 

Municipal Bonds Held in Trust—96.7%3

 

 

 

 

California—19.4%

 

 

 

 

 

15,000

 

Golden St. Tobacco Sec. Corp., Tobacco Settlement Funded
RB, 5.00%, 6/01/45, AMBAC

 

 

15,255,000

 

 

5,000

 

Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home RB,
Sutter Hlth. Proj., Ser. A, 5.25%, 11/15/46

 

 

5,092,450

 

 

15,000

 

Univ. of California, Univ. & Coll. Impvts. RB,
Ser. B, 4.75%, 5/15/38, MBIA

 

 

15,083,400

 

 

 

 

 

 

   

 

 

 

 

 

 

 

35,430,850

 

 

Georgia—16.7%

 

 

 

 

 

 

 

City of Atlanta,

 

 

 

 

 

15,000

 

Port, Arpt. & Marina RB, Ser. C, 5.00%, 1/01/33, FSA

 

 

15,357,450

 

 

15,000

 

Wtr. Util. Impvts. Wtr. RB, 5.00%, 11/01/43, FSA

 

 

15,283,650

 

 

 

 

 

 

   

 

 

 

 

 

 

 

30,641,100

 

 

Illinois—8.4%

 

 

 

 

 

15,000

 

Chicago O’Hare Intl. Arpt., Port, Arpt. & Marina RB,
Ser. A, 5.00%, 1/01/33, FGIC

 

 

15,424,350

 

 

Indiana—7.6%

 

 

 

 

 

 

 

Carmel Redev. Auth., Econ. Impvts. Lease RB,
Performing Arts Ctr. Proj.,

 

 

 

 

 

7,230

 

4.75%, 2/01/33

 

 

7,122,779

 

 

6,580

 

5.00%, 2/01/33

 

 

6,704,230

 

 

 

 

 

 

     

 

 

 

 

 

 

13,827,009

 

 

Massachusetts—6.6%

 

 

 

 

 

11,855

 

Hsg. Fin. Agcy., Local or Gtd. Hsg. RB,
Ser. D, 5.45%, 6/01/37, AMT

 

 

12,036,381

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

20

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Long-Term Municipal Advantage
Trust (BTA) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Municipal Bonds Held in Trust3—(cont’d)

 

 

 

 

Nebraska—8.2%

 

 

 

 

$

15,000

 

Omaha Pub. Pwr. Dist., Elec., Lt. & Pwr. Impvts. RB,
Ser. B, 4.75%, 2/01/36, FGIC

 

$

15,080,400

 

 

New York—8.4%

 

 

 

 

 

15,000

 

New York City Mun. Wtr. Fin. Auth., Wtr. RB,
Ser. D, 5.00%, 6/15/39

 

 

15,410,400

 

 

North Carolina—16.3%

 

 

 

 

 

13,495

4

Charlotte-Mecklenburg Hosp. Auth., Hlth., Hosp. & Nursing
Home Impvts. RB, Carolinas Hlth. Care Sys. Proj.,
Ser. A, 5.00%, 1/15/15

 

 

14,559,620

 

 

15,170

 

Univ. of North Carolina, Univ. & Coll. Impvts. RB,
Ser. A, 4.75%, 12/01/34

 

 

15,291,057

 

 

 

 

 

 

     

 

 

 

 

 

 

29,850,677

 

 

Texas—5.1%

 

 

 

 

 

9,150

 

New Caney Indpt. Sch. Dist., Sch. Impvts. Ad Valorem
Ppty. Tax GO, 5.00%, 2/15/35, PSF

 

 

9,386,529

 

 

 

 

 

Total Municipal Bonds Held in Trust

 

 

177,087,696

 

 

 

 

 

Total Long-Term Investments (cost $358,802,970)

 

 

351,871,073

 

 

 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—1.4%

 

 

 

 

 

2,600

5,6

Merrill Lynch Institutional Tax-Exempt Fund, 3.32%
(cost $2,600,000)

 

 

2,600,000

 

 

Total Investments—193.5% (cost $361,402,9707)

 

$

354,471,073

 

Other assets in excess of liabilities—4.7%

 

 

8,552,377

 

Liability for trust certificates, including interest payable—(98.2)%

 

 

(179,862,120

)

 

 

     

Net Assets—100%

 

$

183,161,330

 

 

 

     

 

 

 

1

Variable rate security. Rate shown is interest rate as of October 31, 2007.

2

Represents a step up bond; the interest rate shown reflects the effective yield at the time of purchase.

3

Security represents underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Trust has acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2 to Financial Statements for details of municipal bonds held in trust.

4

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

5

Represents an investment in an affiliate.

6

Represents current yield as of October 31, 2007.

7

Cost for federal income tax purposes is $360,878,609. The net unrealized depreciation on a tax basis is $6,407,536, consisting of $2,238,052 gross unrealized appreciation and $8,645,588 gross unrealized depreciation.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

21



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock California Investment Quality Municipal
Trust (RAA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

LONG-TERM INVESTMENTS—148.4%

 

 

 

 

California—131.4%

 

 

 

 

$

1,000

 

Ad Valorem Ppty. Tax GO, 5.00%, 9/01/32

 

$

1,014,200

 

 

 

625

 

California St. Univ., Coll. & Univ. RB,
Ser. C, 5.00%, 11/01/38, MBIA

 

 

644,531

 

 

 

500

 

Chabot-Las Positas Cmnty. Coll. Dist., Univ. & Coll. Impvts.
Ad Valorem Ppty. Tax GO, 5.00%, 8/01/31, AMBAC

 

 

520,085

 

 

 

 

 

City of Chula Vista,

 

 

 

 

 

275

 

Nat. Gas Util. Impvts. Nat. Gas RB, 5.00%, 12/01/27, AMT

 

 

277,156

 

 

320

 

RB, San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT

 

 

322,509

 

 

 

1,000

 

Cnty. of San Bernardino, Pub. Impvts. ST, 5.90%, 9/01/33

 

 

1,013,350

 

 

 

600

 

Contra Costa Wtr. Dist., Wtr. RB,
Ser. 0, 5.00%, 10/01/24, AMBAC

 

 

635,586

 

 

 

 

 

Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco
Settlement Funded RB,

 

 

 

 

 

250

 

Ser. A-1, 5.125%, 6/01/47

 

 

219,407

 

 

600

1

Ser. B, 5.50%, 6/01/13

 

 

656,862

 

 

400

1

Ser. B, 5.625%, 6/01/13

 

 

440,416

 

 

 

1,040

 

Hlth. Facs. Fing. Auth., Hlth., Hosp. & Nursing Home RB,
Cedars Sinai Med. Ctr. Proj., 5.00%, 11/15/34

 

 

1,042,028

 

 

 

500

 

Infrastructure & Econ. Dev. Bank, Misc. RB,
Salvation Army Proj., 5.00%, 9/01/27, AMBAC

 

 

520,245

 

 

 

1,000

 

Los Angeles Cnty. Cmnty. Facs. Dist. No. 3 ST,
Ser. A, 5.50%, 9/01/14, FSA

 

 

1,026,420

 

               

 

510

 

Los Angeles Dept. of Arpts., Port, Arpt. & Marina RB,
Ontario Intl. Proj., Ser. A, 5.00%, 5/15/26, MBIA, AMT

 

 

520,292

 

               

 

500

 

Los Angeles Dept. of Wtr. & Pwr., Elec., Pwr. & Lt. RB,
Pwr. Sys. Proj., 5.00%, 7/01/35, FSA

 

 

516,030

 

               

 

945

2

Los Angeles Regl. Arpts. Impvt. Corp., Port, Arpt. & Marina
Impvts. RB, American Airlines, Inc. Proj.,
Ser. B, 7.50%, 12/01/24, AMT

 

 

1,026,308

 

               

 

500

 

Met. Wtr. Dist. of Southern California, Wtr. Util. Impvts. RB,
Ser A, 5.00%, 7/01/37

 

 

519,390

 

               

 

500

2

Poll. Ctrl. Fing. Auth., Rec. Recovery Impvts. RB,
Chemical Wst. Mgmt., Inc. Proj.,
Ser. C, 5.125%, 11/01/23, AMT

 

 

494,890

 

               

 

1,000

 

Poway Unified Sch. Dist., Pub. Impvts. ST, Cmnty. Facs.
Dist. No. 6 Proj., 5.60%, 9/01/33

 

 

1,006,000

 

               

 

40

 

Pub. Impvts. Misc. GO, 5.75%, 3/01/19

 

 

40,249

 

               

 

500

 

Pub. Wks. Brd., Correctional Fac. Impvts. Lease Abatement
RB, Dept. Corrections Rehab Proj.,
Ser. H, 5.00%, 11/01/31

 

 

507,605

 

               

 

500

 

Rural Home Mtg. Fin. Auth., Local Sngl. Fam. Hsg. RB,
5.40%, 12/01/36, AMT

 

 

528,065

 

               

 

40

 

Southern California Pub. Pwr. Auth., Elec., Pwr. & Lt. RB,
5.50%, 7/01/20, MBIA

 

 

40,062

 

               

 

500

 

Southern Home Fin. Auth., Local or Gtd. Hsg. RB,
Ser. A, 5.80%, 12/01/49, AMT

 

 

538,185

 

               

 

500

 

Southern Pub. Pwr. Auth., Nat. Gas Util. Impvts. RB,
Ser. A, 5.00%, 11/01/33

 

 

485,140

 

               

 

 

 

Statewide Cmntys. Dev. Auth., Hlth., Hosp. &
Nursing Home RB,

 

 

 

 

 

500

 

Kaiser Hosp. Asset Mgmt. Proj., 5.25%, 8/01/31

 

 

510,865

 

 

500

 

Kaiser Permanente Proj., Ser. A, 5.00%, 4/01/31

 

 

502,215

 

 

500

 

Kaiser Permanente Proj., Ser. B, 5.25%, 3/01/45

 

 

506,020

 

               

 

900

1

Tobacco Sec. Auth. of Southern California,
Misc. Purps. Tobacco Settlement Funded RB,
Ser. A, 5.625%, 6/01/12

 

 

981,504

 

               

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

California (cont’d)

 

 

 

 

$

750

 

Tustin Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax
ST, Cmnty. Facs. Dist. 97-1-A Proj., 5.00%, 9/01/32, FSA

 

$

765,757

 

               

 

500

 

Vacaville Unified Sch. Dist., Sch. Impvts. Ad Valorem
Ppty. Tax GO, 5.00%, 8/01/30, MBIA

 

 

519,155

 

               

 

 

 

 

 

 

18,340,527

 

 

Puerto Rico—17.0%

 

 

 

 

 

500

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO,
Ser. A, 5.00%, 7/01/34

 

 

503,910

 

               

 

255

1

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB,
Ser. NN, 5.125%, 7/01/13

 

 

275,984

 

               

 

85

 

Hwy. & Transp. Auth., Hwy. Tolls RB,
Ser. L, 5.25%, 7/01/38, AMBAC

 

 

94,932

 

               

 

700

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth.,
Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj.,
5.00%, 3/01/26

 

 

687,589

 

               

 

745

1

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB,
Ser. E, 5.50%, 2/01/12

 

 

801,799

 

               

 

 

 

 

 

 

2,364,214

 

 

 

 

 

Total Long-Term Investments
(cost $20,142,370)

 

 

20,704,741

 

 

 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—3.0%

 

 

 

 

 

418

3,4

CMA California Mun. Money Fund, 2.88%
(cost $417,505)

 

 

417,505

 

 

Total Investments—151.4% (cost $20,559,8755)

 

$

21,122,246

 

Other assets in excess of liabilities—2.4%

 

 

338,082

 

Preferred shares at redemption value, including dividends
payable—(53.8)%

 

 

(7,504,171

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

13,956,157

 

 

 

     

 

 

 

1

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

2

Variable rate security. Rate shown is interest rate as of October 31, 2007.

3

Represents an investment in an affiliate.

4

Represents current yield as of October 31, 2007.

5

Cost for federal income tax purposes is $20,555,268. The net unrealized appreciation on a tax basis is $566,978, consisting of $727,416 gross unrealized appreciation and $160,438 gross unrealized depreciation.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

22

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

LONG-TERM INVESTMENTS—153.7%

 

 

 

 

California—134.6%

 

 

 

 

 

 

 

Anaheim Pub. Fing. Auth., Recreational Fac. Impvts. Lease
Abatement RB, Pub. Impvt. Proj.,

 

 

 

 

$

24,500

 

Ser. C, Zero Coupon, 9/01/31, FSA

 

$

7,639,100

 

 

6,070

 

Ser. C, Zero Coupon, 9/01/32, FSA

 

 

1,797,934

 

 

 

 

 

California GO,

 

 

 

 

 

5,500

 

Ser. BZ, 5.35%, 12/01/21, MBIA, AMT

 

 

5,521,285

 

 

5,000

 

Ser. BZ, 5.375%, 12/01/24, MBIA, AMT

 

 

5,017,250

 

 

 

10,000

 

Cash Flow Mgmt. Ad Valorem Ppty. Tax GO,
5.50%, 11/01/33

 

 

10,569,200

 

 

 

 

 

City of Chula Vista,

 

 

 

 

 

4,395

 

Nat. Gas Util. Impvts. Nat. Gas RB, 5.00%, 12/01/27, AMT

 

 

4,429,457

 

 

5,065

 

RB, San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT

 

 

5,104,710

 

 

 

1,905

1

City of Richmond, Swr. Impvts. RB, Zero Coupon,
8/01/31, FGIC

 

 

616,077

 

 

 

 

 

City of San Jose, Local Multi-Fam. Hsg. RB,

 

 

 

 

 

2,880

 

Lenzen Hsg. Proj., Ser. B, 5.45%, 2/20/43, AMT

 

 

2,916,864

 

 

3,595

 

Vlgs. Pkwy. Sr. Apts. Proj., Ser. D, 5.50%, 4/01/34, AMT

 

 

3,637,169

 

 

 

2,000

2

City of Vernon, Elec., Pwr. & Lt. Impvts. RB,
Malburg Generating Station Proj., 5.50%, 4/01/08

 

 

2,017,380

 

 

 

5,000

 

Cnty. Tobacco Sec. Agcy., Misc. Purp. Tobacco Settlement
Funded RB, Stanislaus Fdg. Proj.,
Ser. A, 5.875%, 6/01/43

 

 

5,010,650

 

 

 

 

 

Dept. of Wtr. Recs.,

 

 

 

 

 

6,000

2

Cash Flow Mgmt., Elec., Pwr. & Lt. RB,
Ser. A, 5.375%, 5/01/12

 

 

6,529,080

 

 

4,000

2

Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12

 

 

4,352,720

 

 

 

10,000

 

Edl. Facs. Auth., Univ. & Coll. Impvts. RB,
Stanford Univ. Proj., Ser. Q, 5.25%, 12/01/32

 

 

10,350,200

 

 

 

6,000

 

El Monte, Pkg. Fac. Impvts. Lease Abatement COP,
Dept. of Pub. Svcs. Facs. Phase II Proj.,
5.25%, 1/01/34, AMBAC

 

 

6,118,620

 

 

 

 

 

Elk Grove Unified Sch. Dist., Sch. Impvts. ST,
Cmnty. Facs. Dist. 1 Proj.,

 

 

 

 

 

7,485

 

Zero Coupon, 12/01/29, AMBAC

 

 

2,291,907

 

 

7,485

 

Zero Coupon, 12/01/30, AMBAC

 

 

2,166,533

 

 

7,485

 

Zero Coupon, 12/01/31, AMBAC

 

 

2,048,121

 

 

 

 

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB,

 

 

 

 

 

5,000

 

Zero Coupon, 1/15/33

 

 

1,143,050

 

 

5,000

 

Zero Coupon, 1/15/34

 

 

1,074,400

 

 

13,445

 

Zero Coupon, 1/15/35

 

 

2,720,058

 

 

1,000

 

Zero Coupon, 1/15/38

 

 

168,260

 

 

5,000

3

5.064%, 1/15/26

 

 

4,758,450

 

 

10,030

 

5.75%, 1/15/40

 

 

10,152,065

 

 

 

 

 

Golden St. Tobacco Sec. Corp., Misc. Purps. Tobacco
Settlement Funded RB,

 

 

 

 

 

2,000

2

Ser. A-1, 6.625%, 6/01/13

 

 

2,302,380

 

 

8,500

2

Ser. B, 5.50%, 6/01/13

 

 

9,305,545

 

 

5,800

2

Ser. B, 5.625%, 6/01/13

 

 

6,386,032

 

 

 

 

 

Hlth. Facs. Fin. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB,

 

 

 

 

 

4,890

1

Kaiser Proj., Ser. A, 5.40%, 5/01/28

 

 

4,969,071

 

 

3,000

2

Valleycare Med. Ctr. Proj., Ser. A, 5.375%, 5/01/12

 

 

3,232,320

 

 

 

5,000

 

Huntington Beach Union High Sch. Dist., Sch. Impvts.
Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/33, FGIC

 

 

1,452,000

 

 

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

California—(cont’d)

 

 

 

 

 

 

 

Infrastructure & Econ. Dev. Bank,

 

 

 

 

$

13,500

 

Hlth., Hosp. & Nursing Home Impvts. RB,
Kaiser Asst. Corp. Proj., Ser. A, 5.55%, 8/01/31

 

$

13,932,675

 

 

15,250

 

Hlth., Hosp. & Nursing Home Impvts. RB,
The J. David Gladstone Proj., 5.25%, 10/01/34

 

 

15,460,145

 

 

5,000

2

Hwy. Impvts. Tolls RB, Bay Area Toll Brdgs. Proj.,
Ser. A, 5.00%, 1/01/28, AMBAC

 

 

5,440,200

 

 

 

4,965

 

Irvine, Local Sngl. Fam. Hsg. RB, Meadows Mobile Home Pk.
Proj., Ser. A, 5.70%, 3/01/28

 

 

4,994,045

 

 

 

7,700

2

Kaweah Delta Hlth. Care Dist., Hlth., Hosp. & Nursing Home
RB, 6.00%, 8/01/12

 

 

8,665,811

 

 

 

 

 

Lathrop Fing. Auth., Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

2,855

 

5.90%, 6/01/27

 

 

2,864,250

 

 

5,140

 

6.00%, 6/01/35

 

 

5,156,602

 

 

 

 

 

Live Oak Unified Sch. Dist., Sch. Impvts. Ad Valorem
Ppty. Tax GO, Cap. Apprec. Election 2004,

 

 

 

 

 

985

 

Zero Coupon, 8/01/35, XLCA

 

 

233,622

 

 

1,030

 

Zero Coupon, 8/01/36, XLCA

 

 

230,792

 

 

1,080

 

Zero Coupon, 8/01/37, XLCA

 

 

228,323

 

 

1,125

 

Zero Coupon, 8/01/38, XLCA

 

 

224,606

 

 

1,175

 

Zero Coupon, 8/01/39, XLCA

 

 

221,253

 

 

1,230

 

Zero Coupon, 8/01/40, XLCA

 

 

218,399

 

 

1,285

 

Zero Coupon, 8/01/41, XLCA

 

 

215,109

 

 

1,340

 

Zero Coupon, 8/01/42, XLCA

 

 

212,336

 

 

1,400

 

Zero Coupon, 8/01/43, XLCA

 

 

209,076

 

 

1,465

 

Zero Coupon, 8/01/44, XLCA

 

 

206,140

 

 

 

4,110

3

Los Angeles Regl. Arpts. Impvt. Corp., Port, Arpt. & Marina
Impvts. RB, American Airlines, Inc. Proj.,
Ser. C, 7.50%, 12/01/24, AMT

 

 

4,463,625

 

 

 

5,000

 

Los Angeles Unified Sch. Dist., Ad Valorem Ppty. Tax GO,
Ser. A-1, 4.50%, 1/01/28, MBIA

 

 

4,947,400

 

 

 

8,000

 

Met. Wtr. Dist. of Southern California, Wtr. Util. Impvts. RB,
Ser A, 5.00%, 7/01/37

 

 

8,310,240

 

 

 

5,000

 

Misc. Tax GO, 5.00%, 6/01/37

 

 

5,064,400

 

 

 

1,000

 

Palm Springs, Hsg. RB, Sahara Mobile Home Pk. Proj.,
5.625%, 5/15/26

 

 

1,021,340

 

 

 

 

 

Poll. Ctrl. Fing. Auth., Rec. Recovery Impvts. RB,

 

 

 

 

 

2,290

 

Central Valley Wst. Svc. Proj.,
Ser. A-2, 5.40%, 4/01/25, AMT

 

 

2,305,274

 

 

6,000

4

Chemical Wst. Mgmt., Inc. Proj.,
Ser. C, 5.125%, 11/01/23, AMT

 

 

5,938,680

 

 

 

4,000

 

Rancho Cucamonga Cmnty. Facs. Dist., Pub. Impvts. ST,
Ser. A, 6.50%, 9/01/33

 

 

4,209,120

 

 

 

15,500

 

Rancho Cucamonga Redev. Agcy., Econ. Impvts. TA,
Rancho Redev. Proj., 5.125%, 9/01/30, MBIA

 

 

15,858,515

 

 

 

9,000

 

San Diego Cmnty. Coll. Dist., Univ. & Coll. Impvts.
Ad Valorem Ppty. Tax GO, 5.00%, 8/01/32, FSA

 

 

9,382,410

 

 

 

6,500

 

San Francisco City & Cnty. Arpts. Comm., Port, Arpt. &
Marina RB, Ser. 27-A, 5.25%, 5/01/31, MBIA, AMT

 

 

6,586,970

 

 

 

 

 

San Francisco City & Cnty. Redev. Agcy., Pub. Impvts. ST,
Cmnty. Facs. Dist. No. 6, Mission Bay South Proj.,

 

 

 

 

 

1,775

 

6.125%, 8/01/31

 

 

1,808,051

 

 

7,500

 

6.25%, 8/01/33

 

 

7,696,950

 

 

 

 

 

Santa Clara Cnty. Hsg. Auth., Local Multi-Fam. Hsg. RB,

 

 

 

 

 

1,715

 

John Burns Gardens Apts. Proj.,
Ser. A, 5.85%, 8/01/31, AMT

 

 

1,779,827

 

 

1,235

 

River Town Apts. Proj., Ser. A, 6.00%, 8/01/41, AMT

 

 

1,288,982

 

 

 

3,075

 

Santa Clarita, Cmnty. Facs. Dist. ST, Valencia Town Ctr.
Proj., 5.85%, 11/15/32

 

 

3,101,568

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

23



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock California Municipal Income Trust (BFZ)
(concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

 

Value

 

 

California—(cont’d)

 

 

 

 

 

 

 

Statewide Cmnty. Dev. Auth.,

 

 

 

 

$

4,000

 

Hlth., Hosp. & Nursing Home Impvts. RB,
Daughters of Charity Proj., Ser. A, 5.25%, 7/01/30

 

$

4,009,720

 

 

10,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, Sutter Hlth.
Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42

 

 

10,387,400

 

 

7,000

 

Hlth., Hosp. & Nursing Home RB, Kaiser Permanente Proj.,
Ser. B, 5.25%, 3/01/45

 

 

7,084,280

 

 

 

2,000

 

Upland Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax
GO, Ser. B, 5.125%, 8/01/25, FSA

 

 

2,111,320

 

 

 

2,245

 

Val Verde Unified Sch. Dist. ST, 6.25%, 10/01/28

 

 

2,366,477

 

 

 

 

 

 

 

 

304,233,821

 

 

Multi-State—9.7%

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

7,000

5,6

Ser. A-2, 6.30%, 6/30/49

 

 

7,220,430

 

 

4,000

5,6

Ser. B-1, 6.80%, 11/30/50

 

 

4,246,080

 

 

 

 

 

MuniMae TE Bd. Subsidiary LLC,

 

 

 

 

 

7,000

5,6

Ser. A, 6.30%, 6/30/49

 

 

7,210,350

 

 

3,000

6

Ser. B, 6.80%, 6/30/50

 

 

3,180,330

 

 

 

 

 

 

 

 

21,857,190

 

 

Puerto Rico—9.4%

 

 

 

 

 

10,000

2

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB,
Ser. 2, 5.25%, 7/01/12

 

 

10,845,500

 

 

 

10,000

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB,
Ser. E, 5.70%, 2/01/10

 

 

10,486,900

 

 

 

 

 

 

 

 

21,332,400

 

 

 

 

 

Total Long-Term Investments
(cost $332,495,726)

 

 

347,423,411

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—3.1%

 

 

 

 

 

6,844

7,8

CMA California Mun. Money Fund, 2.88%
(cost $6,844,361)

 

 

6,844,361

 

 

Total Investments—156.8% (cost $339,340,0879)

 

$

354,267,772

 

Other assets in excess of liabilities—1.6%

 

 

3,664,983

 

Preferred shares at redemption value, including dividends
payable—(58.4)%

 

 

(131,993,468

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

225,939,287

 

 

 

     

 

 

 

1

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

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

3

Represents a step up bond; the interest rate shown reflects the effective yield at time of purchase.

4

Variable rate security. Rate shown is interest rate as of October 31, 2007.

5

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2007, the Trust held 8.3% of its net assets, with a current market value of $18,676,860, in securities restricted as to resale.

6

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

7

Represents an investment in an affiliate.

8

Represents current yield as of October 31, 2007.

9

Cost for federal income tax purposes is $339,174,020. The net unrealized appreciation on a tax basis is $15,093,752, consisting of $15,855,772 gross unrealized appreciation and $762,020 gross unrealized depreciation.


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

24

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock Florida Investment Quality Municipal
Trust (RFA)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Value

 

               

LONG-TERM INVESTMENTS—158.7%

 

 

 

 

Arizona—1.7%

 

 

 

 

$

250

 

Salt Verde Financial Corp., Nat. Gas Util. Impvts. RB,
5.25%, 12/01/29

 

$

260,440

 

               

Florida—145.1%

 

 

 

 

 

240

 

Arborwood Cmnty. Dev. Dist., Pub. Impvts. SA, Master
Infrastructure Proj., Ser. B, 5.10%, 5/01/14

 

 

225,806

 

               

 

500

 

Ave Maria Stewardship Cmnty. Dev. Dist., Pub. Impvts. SA,
4.80%, 11/01/12

 

 

472,140

 

               

 

170

1

Boynton Beach, Util. Sys. RB, 6.25%, 11/01/20, FGIC

 

 

199,283

 

               

 

500

 

Broward Cnty. Hsg. Fin. Auth., Local or Gtd. Hsg. RB,
Ser. E, 5.90%, 10/01/39, AMT

 

 

530,280

 

               

 

700

 

Broward Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP,
Ser. A, 5.00%, 7/01/30, FSA

 

 

717,423

 

               

 

700

 

City of Fort Myers, Wtr. Util. Impvts. RB,
5.00%, 10/01/31, MBIA

 

 

722,848

 

               

 

455

 

Cnty. of Escambia, Indl. RB, Intl. Paper Co. Proj.,
Ser. A, 5.00%, 8/01/26, AMT

 

 

433,670

 

               

 

265

 

Cnty. of Madison, Correctional Fac. Impvts. RB, Twin Oaks
Juvenile Dev. Proj., Ser. A, 6.00%, 7/01/25

 

 

266,492

 

               

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

750

 

Florida Aviation, Port, Arpt. & Marina RB, Miami Intl. Arpt.
Proj., Ser. B, 5.00%, 10/01/37, FGIC

 

 

764,010

 

               

 

1,000

2

Misc. Tax RB, Ser. B, Zero Coupon, 10/01/08, AMBAC

 

 

696,210

 

               

 

5,000

 

Recreational Fac. Impvts. Misc. Taxes RB,
Ser. B, Zero Coupon, 10/01/31, MBIA

 

 

1,375,450

 

               

 

750

 

Cnty. of Saint Johns, Pub. Impvts. Wtr. RB,
5.00%, 10/01/35, FSA

 

 

770,287

 

               

 

500

 

Collier Cnty. Sch. Brd., Sch. Impvts. Lease COP,
5.00%, 2/15/27, FSA

 

 

517,625

 

               

 

500

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. & Nursing Home RB,
Ser. A, 5.25%, 6/01/26

 

 

508,965

 

               

 

250

 

Heritage Harbour North Cmnty. Dev. Dist., Pub. Impvts.
Wtr. Util. & Swr. Impvts. SA, 6.375%, 5/01/38

 

 

248,205

 

               

 

555

 

Higher Edl. Facs. Fing. Auth., Univ. & Coll. Impvts. RB,
Flagler Coll., Inc. Proj., 5.25%, 11/01/36, XLCA

 

 

580,924

 

               

 

750

 

Highlands Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home
RB, Adventist/Sunbelt Hosp. Proj., 5.00%, 11/15/30

 

 

751,463

 

               

 

250

 

Hillsborough Cnty. Hsg. Fin. Auth., Local or Gtd. Hsg. RB,
Ser. 1, 5.375%, 10/01/49, AMT

 

 

264,993

 

               

 

500

3

Hillsborough Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing
Home RB, H. Lee Moffitt Cancer Ctr. Proj., 5.25%, 7/01/37

 

 

504,110

 

               

 

240

 

Hsg. Fin. Corp., Local or Gtd. Hsg. RB,
Ser. 3, 5.15%, 7/01/38, AMT

 

 

239,616

 

               

 

500

 

Jacksonville Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Southern Baptist Hosp. Proj.,
Ser. A, 5.00%, 8/15/37, FSA

 

 

509,660

 

               

 

250

 

Jacksonville Hsg. Fin. Auth., Local or Gtd. Hsg. RB,
Ser. A-1, 5.625%, 10/01/39, AMT

 

 

259,368

 

               

 

500

 

Lee Cnty. Hsg. Fin. Auth., Local Sngl. Fam. Hsg. RB,
Mult. Cnty. Proj., Ser. A-2, 6.00%, 9/01/40, AMT

 

 

543,325

 

               

 

400

4

Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Alliance Cmnty. for Retirement Proj.,
5.00%, 11/15/32

 

 

371,436

 

               

 

250

 

Lee Mem. Hlth. Sys. Hosp., Hlth., Hosp. & Nursing Home
Impvts. RB, Ser. A, 5.00%, 4/01/32, AMBAC

 

 

255,835

 

               

 

250

3

Manatee Cnty. Hsg. Fin. Auth., Local or Gtd. Hsg. RB,
Ser. A, 5.90%, 9/01/40

 

 

265,490

 

               

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

Value

 

               

Florida—(cont’d)

 

 

 

 

$

500

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21

 

$

550,125

 

               

 

750

 

Miami Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts.
RB, Catholic Hlth. East Proj., Ser. C, 5.125%, 11/15/24

 

 

765,787

 

               

 

500

 

Miami-Dade Cnty. Hsg. Fin. Auth., Local or Gtd. Hsg. RB,
Home Ownership Mtg. Proj., Ser. A, 5.55%, 10/01/49, AMT

 

 

528,660

 

               

 

250

 

New River Cmnty. Dev. Dist., Pub. Impvts. SA,
Ser. B, 5.00%, 5/01/13

 

 

236,643

 

               

 

500

 

Orange Cnty. Edl. Facs. Auth., Univ. & Coll. Impvts. RB,
Rollins Coll. Proj., 5.25%, 12/01/37, AMBAC

 

 

527,205

 

               

 

 

 

Orange Cnty. Hlth. Facs. Auth.,

 

 

 

 

 

105

 

     Misc. RB, Orlando Lutheran Towers Proj. 5.375%, 7/01/20

 

 

102,126

 

 

95

 

     Misc. RB, Orlando Lutheran Towers Proj., 5.70%, 7/01/26

 

 

93,917

 

               

 

500

 

Orange Cnty. Sch. Brd., Sch. Impvts. Lease COP,
Ser. A, 5.00%, 8/01/32, FGIC

 

 

513,875

 

               

 

750

 

Peace River/Manasota Regl. Wtr. Sply. Auth., Wtr. Util.
Impvts. RB, Ser. A, 5.00%, 10/01/35, FSA

 

 

768,285

 

               

 

400

 

Pine Ridge Plantation Cmnty. Dev. Dist., Wtr. Util. Impvts. SA,
Ser. B, 5.00%, 5/01/11

 

 

384,012

 

               

 

1,000

2

Pinellas Cnty. Hlth. Fac. Auth., Hlth., Hosp. & Nursing Home
Impvts. RB, Baycare Hlth. Sys., Inc. Proj., 5.50%, 5/15/13

 

 

1,093,050

 

               

 

700

 

South Florida Wtr. Mgmt. Dist., Wtr. Util. Impvts. Lease
Approp. COP, 5.00%, 10/01/36, AMBAC

 

 

716,149

 

               

 

585

 

Stevens Plantation Impvt. Proj. Dependent Spl. Dist.,
Pub. Impvts. Misc. RB, 6.375%, 5/01/13

 

 

590,522

 

               

 

250

 

Tolomato Cmnty. Dev. Dist., Pub. Impvts. Recreational Fac.
Impvts. SA, 6.55%, 5/01/27

 

 

250,000

 

               

 

1,050

 

Univ. of North Florida Fing. Corp., Univ. & Coll. Impvts.
Lease RB, Hsg. Proj., 5.00%, 11/01/37, FGIC

 

 

1,078,276

 

               

 

750

 

Vlg. Ctr. Cmnty. Dev. Dist., Recreational Fac. Impvts. RB,
Ser. A, 5.00%, 11/01/32, MBIA

 

 

767,467

 

               

 

 

 

 

 

 

21,961,013

 

               

Puerto Rico—11.9%

 

 

 

 

 

500

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO,
Ser. A, 5.00%, 7/01/34

 

 

503,910

 

               

 

85

 

Hwy. & Transp. Auth., Hwy. Tolls RB,
Ser. L, 5.25%, 7/01/38, AMBAC

 

 

94,932

 

               

 

400

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth.,
Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys. Proj.,
5.00%, 3/01/26

 

 

392,908

 

               

 

745

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB,
Ser. E, 5.50%, 2/01/12

 

 

801,799

 

               

 

 

 

 

 

 

1,793,549

 

               

 

 

 

Total Long-Term Investments
(cost $23,738,791)

 

 

24,015,002

 

               

 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

               

MONEY MARKET FUND—1.4%

 

 

 

 

 

211

5,6

CMA Florida Mun. Money Fund, 2.81%
(cost $210,500)

 

 

210,500

 

               

Total Investments—160.1% (cost $23,949,2917)

 

$

24,225,502

 

Liabilities in excess of other assets—(3.9)%

 

 

(586,732

)

Preferred shares at redemption value, including dividends
payable—(56.2)%

 

 

(8,504,890

)

 

 

   

 

Net Assets Applicable to Common Shareholders—100%

 

$

15,133,880

 

 

 

   

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

25



 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock Florida Investment Quality Municipal
Trust (RFA) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

   

1

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

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

3

When-issued security.

4

Illiquid security. As of October 31, 2007, the Trust held 2.5% of its net assets, with a current market value of $371,436, in these securities.

5

Represents an investment in an affiliate.

6

Represents current yield as of October 31, 2007.

7

Cost for federal income tax purposes is $23,943,243. The net unrealized appreciation on a tax basis is $282,259, consisting of $515,587 gross unrealized appreciation and $233,328 gross unrealized depreciation


 

 

 

 

 

 

 

 

26

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock Florida Municipal Income Trust (BBF)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—155.3%

 

 

 

 

Arizona—1.2%

 

 

 

 

$

1,175

 

Salt Verde Financial Corp., Nat. Gas Util.
Impvts. RB, 5.25%, 12/01/29

 

$

1,224,068

 

 

Florida—143.9%

 

 

 

 

 

1,000

 

Ave Maria Stewardship Cmnty. Dev. Dist.,
Pub. Impvts. SA, 4.80%, 11/01/12

 

 

944,280

 

               

 

7,705

 

Beacon Tradeport Cmnty. Dev. Dist. SA,
Ser. A, 5.625%, 5/01/32, RAA

 

 

7,965,121

 

               

 

2,000

 

Boynton Beach, Hsg. RB, Clipper Cove
Apts. Proj., 5.45%, 1/01/33, ACA

 

 

2,006,980

 

               

 

5,550

1

Brd. of Ed., Sch. Impvts. Misc. GO, Ser. A,
5.125%, 6/01/10

 

 

5,829,942

 

               

 

2,000

 

Brevard Cnty. Hlth. Facs. Auth., Hlth.,
Hosp. & Nursing Home Impvts. RB, First
Hlth., Inc. Proj., 5.00%, 4/01/36

 

 

1,981,940

 

               

 

2,800

 

Cap. Projs. Fin. Auth., Univ. & Coll.
Impvts. RB, Cap. Projs. Loan Proj.,
Ser. F-1, 5.00%, 10/01/31, MBIA

 

 

2,851,576

 

               

 

1,355

 

City of Fort Myers, Wtr. Util. Impvts. RB,
5.00%, 10/01/31, MBIA

 

 

1,399,227

 

               

 

4,000

 

City of Jacksonville, Pub. Impvts. Sales Tax
RB, 5.00%, 10/01/26, MBIA

 

 

4,079,560

 

               

 

2,770

2

City of Melbourne, Wtr. Util. Impvts. RB,
Zero Coupon, 10/01/21, FGIC

 

 

1,501,312

 

               

 

 

 

City of Tampa,

 

 

 

 

 

5,500

 

Univ. & Coll. Impvts. RB, Univ. of
Tampa Proj., 5.625%, 4/01/32, RAA

 

 

5,632,275

 

 

4,000

 

Wtr. RB, Ser. A, 5.00%, 10/01/26

 

 

4,092,480

 

               

 

1,690

 

Cnty. of Madison, Correctional Fac. Impvts.
RB, Twin Oaks Juvenile Dev. Proj., Ser. A,
6.00%, 7/01/25

 

 

1,699,515

 

               

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

2,595

 

Misc. Taxes RB, Ser. A, Zero Coupon,
10/01/19, MBIA

 

 

1,411,810

 

 

25,000

 

Recreational Fac. Impvts. Misc. Tax SO,
Ser. C, Zero Coupon, 10/01/28, MBIA

 

 

8,082,250

 

 

9,700

 

Recreational Fac. Impvts. Misc. Tax SO,
Ser. B, Zero Coupon, 10/01/33, MBIA

 

 

2,380,962

 

               

 

1,300

 

Cnty. of Orange, Misc. Tax RB, 5.00%,
10/01/29, AMBAC

 

 

1,341,964

 

               

 

1,000

 

Cnty. of Saint Johns, Pub. Impvts. Wtr. RB,
5.00%, 10/01/35, FSA

 

 

1,027,050

 

               

 

1,200

 

Collier Cnty. Sch. Brd., Sch. Impvts. Lease
COP, 5.00%, 2/15/27, FSA

 

 

1,242,300

 

               

 

1,000

 

Easton Pk. Comm. Dev. Dist., Pub. Impvts.
SA, 5.20%, 5/01/37

 

 

837,130

 

               

 

799

 

Escambia Cnty. Hlth. Facs. Auth., Hlth.,
Hosp. & Nursing Home Impvts. RB,
5.95%, 7/01/20, AMBAC

 

 

829,949

 

               

 

65

 

Gateway Svcs. Cmnty. Dev. Dist., Pub.
Impvts. SA, Stoneybrook Proj., 5.50%,
7/01/08

 

 

64,992

 

               

 

2,500

 

Halifax Hosp. Med. Ctr., Hlth., Hosp. &
Nursing Home RB, Ser. A, 5.25%, 6/01/26

 

 

2,544,825

 

               

 

1,500

 

Heritage Harbour North Cmnty. Dev. Dist.,
Pub. Impvts. Wtr. Util. & Swr. Impvts. SA,
6.375%, 5/01/38

 

 

1,489,230

 

               

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Florida—(cont’d)

 

 

 

 

$

1,635

 

Heritage Harbour South Cmnty. Dev. Dist.,
Pub. Impvt. SA, Ser. A, 6.50%, 5/01/34

 

$

1,798,860

 

               

 

 

 

Highlands Cnty. Hlth. Facs. Auth.,

 

 

 

 

 

6,500

1

Hlth., Hosp. & Nursing Home RB,
Adventist Hlth. Sys./Sunbelt Proj., Ser. A,
6.00%, 11/15/11

 

 

7,127,445

 

 

4,000

3

Hlth., Hosp. & Nursing Home RB,
Adventist Hlth. Sys./Sunbelt Proj., Ser. C,
5.25%, 11/15/36

 

 

4,080,680

 

               

 

 

 

Hillsborough Cnty. Indl. Dev. Auth.,

 

 

 

 

 

1,450

 

Elec., Pwr. & Lt. RB, Tampa Elec. Co.
Proj., 5.50%, 10/01/23

 

 

1,478,666

 

 

1,700

4

Hlth., Hosp. & Nursing Home RB,
H. Lee Moffitt Cancer Ctr. Proj.,
5.25%, 7/01/37

 

 

1,713,974

 

               

 

7,500

 

Jacksonville Econ. Dev. Comm., Hlth.,
Hosp. & Nursing Home Impvts. RB,
Mayo Clinic Jacksonville Proj., Ser. B,
5.50%, 11/15/36

 

 

7,843,125

 

               

 

2,280

 

Jacksonville Hlth. Facs. Auth., Hlth.,
Hosp. & Nursing Home Impvts. RB,
Southern Baptist Hosp. Proj., Ser. A,
5.00%, 8/15/37, FSA

 

 

2,324,050

 

               

 

5,000

 

JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A,
4.75%, 10/01/41, MBIA

 

 

5,001,700

 

               

 

1,600

1

Laguna Lakes Cmnty. Dev. Dist., SA RB,
Ser. A, 6.40%, 5/01/13

 

 

1,804,992

 

               

 

1,430

5

Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. &
Nursing Home Impvts. RB, Alliance
Cmnty. for Retirement Proj., 5.00%, 11/15/32

 

 

1,327,884

 

               

 

1,000

 

Lee Mem. Hlth. Sys. Hosp., Hlth., Hosp. &
Nursing Home Impvts. RB, Ser. A,
5.00%, 4/01/32, AMBAC

 

 

1,023,340

 

               

 

3,000

 

Miami Beach Hlth. Facs. Auth., Hlth., Hosp.
& Nursing Home Impvts. RB, Mt. Sinai
Med. Ctr. Proj., 6.75%, 11/15/21

 

 

3,300,750

 

               

 

1,000

 

Miami-Dade Cnty. Expwy. Auth., Hwy.
Tolls RB, 5.125%, 7/01/25, FGIC

 

 

1,047,650

 

               

 

1,500

 

New River Cmnty. Dev. Dist., Pub. Impvts.
SA, Ser. B, 5.00%, 5/01/13

 

 

1,419,855

 

               

 

 

 

Northern Palm Beach Cnty. Impvt. Dist.,
Wtr. Util. Impvts. SA RB, Wtr. Ctrl. &
Impvt. Unit Dev. 43 Proj.,

 

 

 

 

 

1,155

1

6.10%, 8/01/11

 

 

1,253,602

 

 

295

 

6.10%, 8/01/21

 

 

304,269

 

 

3,500

1

6.125%, 8/01/11

 

 

3,844,295

 

               

 

1,000

 

Orange Cnty. Edl. Facs Auth., Univ. & Coll.
Impvts. RB, Rollins Coll. Proj., 5.25%,
12/01/27, AMBAC

 

 

1,066,070

 

               

 

 

 

Orange Cnty. Hlth. Facs. Auth., Misc. RB,
Orlando Lutheran Towers Proj.,

 

 

 

 

 

655

 

5.375%, 7/01/20

 

 

637,073

 

 

600

 

5.70%, 7/01/26

 

 

593,160

 

               

 

1,000

 

Orange Cnty. Sch. Brd., Sch. Impvts. Lease
COP, Ser. A, 5.00%, 8/01/32, FGIC

 

 

1,027,750

 

               

 

 

 

Palm Beach Cnty. Sch. Brd.,

 

 

 

 

 

2,500

 

Lease Approp. COP, Ser. B, 5.00%,
8/01/25, AMBAC

 

 

2,589,425

 

 

1,000

 

Sch. Impvts. Lease COP, Ser. A, 5.00%,
8/01/29, FGIC

 

 

1,023,500

 

               

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

27




 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock Florida Municipal Income Trust (BBF)
(concluded)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

Florida—(cont’d)

 

 

 

 

$

600

 

Pine Ridge Plantation Cmnty. Dev. Dist.,
Wtr. Util. Impvts. SA, Ser. B, 5.00%,
5/01/11

 

$

576,018

 

               

 

750

 

South Florida Wtr. Mgmt. Dist., Wtr. Util.
Impvts. Lease Approp. COP, 5.00%,
10/01/36, AMBAC

 

 

767,302

 

               

 

 

 

South Miami Hlth. Facs. Auth., Hlth., Hosp.
& Nursing Home RB, Baptist Hlth. Proj.,

 

 

 

 

 

1,000

 

5.00%, 8/15/32

 

 

1,006,850

 

 

12,000

1

5.25%, 2/01/13

 

 

12,921,000

 

               

 

2,700

 

Sumter Cnty. Indl. Dev. Auth., Indl. Impvts.
RB, North Sumter Util. Co. LLC Proj.,
6.80%, 10/01/32, AMT

 

 

2,742,768

 

               

 

1,250

 

Tolomato Cmnty. Dev. Dist., Pub. Impvts.
Recreational Fac. Impvts. SA, 6.55%, 5/01/27

 

 

1,250,000

 

               

 

1,000

 

Univ. of North Florida Fing. Corp., Univ. &
Coll. Impvts. Lease RB, Hsg. Proj., 5.00%,
11/01/32, FGIC

 

 

1,036,080

 

               

 

 

 

Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA,

 

 

 

 

 

2,955

 

Ser. A, 6.00%, 5/01/22

 

 

3,165,160

 

 

1,420

 

Ser. A, 6.50%, 5/01/33

 

 

1,562,312

 

               

 

1,795

 

Vlg. Ctr. Cmnty. Dev. Dist., Recreational
Fac. Impvts. RB, Ser. A, 5.00%, 11/01/32, MBIA

 

 

1,836,805

 

               

 

2,000

 

Volusia Cnty. Edl. Fac. Auth., Univ. & Coll.
Impvts. RB, Embry Riddle Aeronautical
Proj., Ser. A, 5.75%, 10/15/29

 

 

2,030,820

 

               

 

1,000

 

Watergrass Cmnty. Dev. Dist., Pub. Impvts. SA,
Ser. B, 5.125%, 11/01/14

 

 

937,000

 

               

 

 

 

 

 

 

144,700,900

 

 

Puerto Rico—10.2%

 

 

 

 

 

4,980

 

Comnwlth., Pub. Impvt. Fuel Sales Tax GO,
Ser. A, 5.125%, 7/01/31

 

 

5,045,188

 

               

 

1,000

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts.
RB, Ser. TT, 5.00%, 7/01/37

 

 

1,015,260

 

               

 

4,000

1

Pub. Fin. Corp., Cash Flow Mgmt. Misc.
RB, Ser. E, 5.70%, 2/01/10

 

 

4,194,760

 

               

 

 

 

 

 

 

10,255,208

 

 

 

 

 

Total Long-Term Investments
(cost $150,415,557)

 

 

156,180,176

 

 

 

 

 


 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—1.7%

 

 

 

 

 

1,763

6,7

CMA Florida Mun. Money Fund, 2.81%
(cost $1,762,997)

 

 

1,762,997

 

               

Total Investments—157.0% (cost $152,178,5548)

 

$

157,943,173

 

Other assets in excess of liabilities—0.2%

 

 

176,124

 

Preferred shares at redemption value, including
dividends payable—(57.2)%

 

 

(57,555,518

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

100,563,779

 

 

 

     

 

 

   

1

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

 

 

2

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

 

 

3

Variable rate security. Rate shown is interest rate as of October 31, 2007.

 

 

4

When-issued security.

 

 

5

Illiquid security. As of October 31, 2007, the Trust held 1.3% of its net assets, with a current market value of $1,327,884, in these securities.

 

 

6

Represents an investment in an affiliate.

 

 

7

Represents current yield as of October 31, 2007.

 

 

8

Cost for federal income tax purposes is $152,178,381. The net unrealized appreciation on a tax basis is $5,764,792, consisting of $6,495,883 gross unrealized appreciation and $731,091 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

28

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—152.4%

 

 

 

 

Multi-State—7.6%

 

 

 

 

 

$

1,000

1,2

Charter Mac Equity Issuer Trust, Ser. A,
6.625%, 6/30/49

 

$

1,036,990

 

 

New Jersey—126.4%

 

 

 

 

 

150

 

Burlington Cnty. Brdg. Comm., Hlth., Hosp.
& Nursing Home RB, The Evergreens Proj.,
5.625%, 1/01/38

 

 

147,950

 

 

 

1,000

 

Delaware River Port Auth. of Pennsylvania
& New Jersey, Hwy. Impvts. Hwy. Tolls RB,
5.75%, 1/01/26, FSA

 

 

1,038,020

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

1,000

 

Econ. Impvts. Misc. RB, Cigarette Tax
Proj., 5.75%, 6/15/34

 

 

1,050,970

 

 

60

 

Hlth., Hosp. & Nursing Home Impvts.
RB, Lions Gate Proj., Ser. A, 5.75%, 1/01/25

 

 

60,555

 

 

110

 

Hlth., Hosp. & Nursing Home Impvts.
RB, Lions Gate Proj., Ser. A, 5.875%, 1/01/37

 

 

110,085

 

 

140

 

Hlth., Hosp. & Nursing Home RB,
Seabrook Vlg., Inc. Proj., 5.25%, 11/15/26

 

 

132,423

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB,
Winchester Garden Proj., Ser. A, 5.80%, 11/01/31

 

 

1,017,820

 

 

925

3

Port, Arpt. & Marina Impvts. RB, Contl.
Airlines, Inc. Proj., 7.00%, 11/15/30, AMT

 

 

959,049

 

 

100

 

Pub. Impvts. Misc. RB, Newark Downtown
Dist. Mgt. Corp. Proj., 5.125%, 6/15/37

 

 

97,685

 

 

500

3

Rec. Recovery Impvts. RB, Wst. Mgmt.,
Inc. Proj., Ser. A, 5.30%, 6/01/15, AMT

 

 

514,515

 

 

300

 

Sch. Impvts. Misc. RB, Ser. U, 5.00%,
9/01/37, AMBAC

 

 

313,008

 

 

900

 

Trans. Impvts. RB, New Jersey Econ.
Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA

 

 

948,951

 

 

250

 

Wtr. Util. Impvts. RB, American Wtr. Co. Proj.,
Ser. A, 5.25%, 11/01/32, AMBAC

 

 

255,675

 

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

100

 

Coll. & Univ. RB, Georgian Court Univ. Proj.,
Ser. D, 5.00%, 7/01/33

 

 

98,430

 

 

200

 

Univ. & Coll. Impvts. RB, Richard Stockton Coll.
Proj., Ser. F, 5.00%, 7/01/31, MBIA

 

 

208,412

 

 

100

 

Univ. & Coll. Impvts. RB, Rowan Univ. Proj.,
Ser. G, 4.50%, 7/01/31, MBIA

 

 

99,850

 

 

250

 

Univ. & Coll. RB, Ramapo Coll. Proj., Ser. I,
4.25%, 7/01/31, AMBAC

 

 

240,520

 

 

100

 

Univ. & Coll. RB, Rowan Univ. Proj., Ser. B, 4.25%,
7/01/34, FGIC

 

 

94,810

 

 

 

250

 

Essex Cnty. Impvt. Auth., Port, Arpt. & Marina RB,
5.00%, 11/01/25, MBIA, AMT

 

 

256,330

 

 

 

 

 

Hlth. Care Facs. Fing. Auth.,

 

 

 

 

 

1,000

 

Hlth., Hosp. & Nursing Home Impvts. RB,
Hackensack Univ. Med. Ctr. Proj., 6.00%, 1/01/25

 

 

1,036,290

 

 

250

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas
Hlth. Care Sys. Proj., 5.00%, 7/01/29

 

 

241,010

 

 

500

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas
Hlth. Care Sys. Proj., Zero Coupon, 7/01/30

 

 

131,210

 

 

840

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas
Hlth. Care Sys. Proj., Zero Coupon, 7/01/36

 

 

152,141

 

 

900

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas
Hlth. Care Sys. Proj., Ser. B, Zero Coupon, 7/01/37

 

 

153,135

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Saint Joseph’s Hosp.
& Med. Ctr. Proj., 5.75%, 7/01/16, CONNIE LEE

 

 

1,011,400

 

 

 

1,000

 

Hudson Cnty. Impvt. Auth., Recreational Fac. Impvts.
Misc. RB, Ser. A-1, Zero Coupon, 12/15/32, MBIA

 

 

297,100

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

 

Middlesex Cnty. Impvt. Auth.,

 

 

 

 

$

200

 

Pub. Impvts. Hotel Occupancy Tax RB, Heldrich
Associates LLC Proj., Ser. B, 6.25%, 1/01/37

 

$

198,388

 

 

1,000

 

Univ. & Coll. Impvts. RB, Student Hsg.
Urban Renewal Proj., Ser. A, 5.00%, 8/15/35

 

 

988,080

 

 

 

375

 

Newark Hsg. Auth., Lease RB, Newark Redev. Proj.,
4.375%, 1/01/37, MBIA

 

 

363,262

 

 

 

500

 

Old Brdg. Twnshp. Brd. of Ed., Ad Valorem
Ppty. Tax GO, 4.375%, 7/15/32, MBIA

 

 

491,660

 

 

 

1,000

 

Passaic Valley Sewage Commissioners,
Swr. GO, Ser. E, 5.75%, 12/01/21, AMBAC

 

 

1,051,830

 

 

 

100

4

Perth Amboy, Ad Valorem Ppty. Tax GO,
4.50%, 7/01/34, FSA

 

 

81,721

 

 

 

500

 

Port Auth. of New York & New Jersey, Port,
Arpt. & Marina RB, Ser. 132, 5.00%, 9/01/33

 

 

515,985

 

 

 

300

 

Rutgers St. Univ., Univ. & Coll. Impvts. RB, Ser. E,
5.00%, 5/01/34, FGIC

 

 

310,029

 

 

 

100

 

Salem Cnty. Impvt. Auth., Econ. Impvts. Pkg. Fac.
Impvts. RB, Finlaw St. Off. Bldg. Proj.,
5.25%, 8/15/38, FSA

 

 

106,204

 

 

 

490

 

South Jersey Transp. Auth., Hwy. Impvts. Trans. RB,
Ser. A, 4.50%, 11/01/35, FGIC

 

 

486,913

 

 

 

 

 

Tobacco Settlement Fing. Corp.,

 

 

 

 

 

750

5

Pub. Impvts. Tobacco Settlement Funded
RB, 6.125%, 6/01/12

 

 

828,997

 

 

600

 

Tobacco Settlement Funded RB, Ser. 1B,
Zero Coupon, 6/01/41

 

 

66,036

 

 

 

 

 

Tpke. Auth., Hwy. Tolls RB,

 

 

 

 

 

840

6

Ser. C, 6.50%, 1/01/16, AMBAC

 

 

967,353

 

 

160

 

Ser. C, 6.50%, 1/01/16, AMBAC

 

 

183,766

 

 

 

 

 

 

 

 

17,307,568

 

 

Puerto Rico—18.4%

 

 

 

 

 

500

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty.
Tax GO, Ser. A, 5.25%, 7/01/30

 

 

518,275

 

 

 

 

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB,

 

 

 

 

 

350

5

Ser. RR, 5.00%, 7/01/15, FGIC

 

 

381,332

 

 

250

 

Ser. TT, 5.00%, 7/01/32

 

 

254,783

 

 

 

80

 

Hwy. & Transp. Auth., Hwy. Tolls RB, Ser. L,
5.25%, 7/01/38, AMBAC

 

 

89,348

 

 

 

600

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs.
Fing. Auth., Univ. & Coll. Impvts. RB,
Ana G. Mendez Univ. Sys. Proj., 5.00%,
3/01/26

 

 

589,362

 

 

 

 

 

Infrastructure Fing. Auth.,

 

 

 

 

 

500

 

Pub. Impvts. ST, Ser. B, 5.00%, 7/01/31

 

 

506,990

 

 

795

 

Swr. Impvts. Sales Tax RB, Ser. A, Zero Coupon,
7/01/37, AMBAC

 

 

188,757

 

 

 

 

 

 

 

 

2,528,847

 

 

 

 

 

Total Long-Term Investments
(cost $20,467,712)

 

 

20,873,405

 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

29




 

 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock New Jersey Investment Quality Municipal Trust (RNJ) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—0.1%

 

 

 

 

 

4

7,8

CMA New Jersey Mun. Money Fund, 2.88%
(cost $4,424)

 

 

4,424

 

 

Total Investments—152.5% (cost $20,472,1369)

 

$

20,877,829

 

Other assets in excess of liabilities—2.3%

 

 

317,011

 

Preferred shares at redemption value, including
dividends payable—(54.8)%

 

 

(7,500,618

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

13,694,222

 

 

 

     

 

 

 

1

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2007, the Trust held 7.6% of its net assets, with a current market value of $1,036,990, in securities restricted as to resale.

 

 

2

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

 

 

3

Variable rate security. Rate shown is interest rate as of October 31, 2007.

 

 

4

Represents a step up bond; the interst rate shown reflects the effective yield at the time of purchase.

 

 

5

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

 

 

6

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

 

 

7

Represents an investment in an affiliate.

 

 

8

Represents current yield as of October 31, 2007.

 

 

9

Cost for federal income tax purposes is $20,410,588. The net unrealized appreciation on a tax basis is $467,241, consisting of $724,973 gross unrealized appreciation and $257,732 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

30

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock New Jersey Municipal Income
Trust (BNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

 

LONG-TERM INVESTMENTS—153.0%

 

 

 

 

Multi-State—13.0%

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

$

7,000

1,2

Ser. A-2, 6.30%, 6/30/49

 

$

7,220,430

 

 

2,500

1,2

Ser. B-1, 6.80%, 11/30/50

 

 

2,653,800

 

 

 

 

 

MuniMae TE Bd. Subsidiary LLC,

 

 

 

 

 

3,000

1,2

Ser. A, 6.30%, 6/30/49

 

 

3,090,150

 

 

2,000

2

Ser. B, 6.80%, 6/30/50

 

 

2,120,220

 

 

 

 

 

 

 

 

15,084,600

 

 

New Jersey—121.5%

 

 

 

 

 

1,000

 

Burlington Cnty. Brdg. Comm., Hlth., Hosp.
& Nursing Home RB, The Evergreens Proj.,
5.625%, 1/01/38

 

 

986,330

 

 

 

5,340

3

Cherry Hill Twnshp., Pub. Impvts. Ad Valorem Ppty.
Tax GO, 5.00%, 7/15/11

 

 

5,615,811

 

 

 

 

 

City of Vineland, Elec., Pwr. & Lt. Impvts. Ad
Valorem Ppty. Tax GO,

 

 

 

 

 

1,500

 

5.30%, 5/15/30, MBIA, AMT

 

 

1,537,935

 

 

1,500

 

5.375%, 5/15/31, MBIA, AMT

 

 

1,541,475

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

5,000

 

Econ. Impvts. Elec., Pwr. & Lt. RB,
Kapkowski Rd. Landfill Proj., 6.50%,
4/01/31, AMT

 

 

5,582,800

 

 

5,000

 

Econ. Impvts. Misc. RB, Cigarette Tax Proj.,
5.75%, 6/15/34

 

 

5,254,850

 

 

500

 

Hlth., Hosp. & Nursing Home Impvts. RB,
Lions Gate Proj., Ser. A, 5.75%, 1/01/25

 

 

504,625

 

 

855

 

Hlth., Hosp. & Nursing Home Impvts. RB,
Lions Gate Proj., Ser. A, 5.875%, 1/01/37

 

 

855,658

 

 

2,630

 

Hlth., Hosp. & Nursing Home RB, Fellowship
Vlg., Inc. Proj., Ser. C., 5.50%, 1/01/18

 

 

2,667,109

 

 

2,000

 

Hlth., Hosp. & Nursing Home RB, Masonic Charity
Fndtn. Proj., 5.50%, 6/01/31

 

 

2,082,660

 

 

860

 

Hlth., Hosp. & Nursing Home RB, Seabrook Vlg.,
Inc. Proj., 5.25%, 11/15/26

 

 

813,457

 

 

930

 

Hlth., Hosp. & Nursing Home RB, Seabrook Vlg.,
Inc. Proj., 5.25%, 11/15/36

 

 

857,330

 

 

4,050

 

Hlth., Hosp. & Nursing Home RB, Winchester
Gardens Proj., Ser. A, 5.75%, 11/01/24

 

 

4,157,811

 

 

1,900

 

Local Hsg. RB, Victoria Hlth. Corp. Proj., Ser. A,
5.20%, 12/20/36

 

 

1,968,343

 

 

3,450

4

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc.
Proj., 7.00%, 11/15/30, AMT

 

 

3,576,994

 

 

2,000

4

Port, Arpt. & Marina Impvts. RB, Contl. Airlines, Inc.
Proj., 7.20%, 11/15/30, AMT

 

 

2,084,660

 

 

500

 

RB, Cigarette Tax Proj., 5.75%, 6/15/29

 

 

543,170

 

 

2,000

4

Rec. Recovery Impvts. RB, Wst. Mgmt., Inc. Proj.,
Ser. A, 5.30%, 6/01/15, AMT

 

 

2,058,060

 

 

2,500

 

SA, Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28

 

 

2,837,525

 

 

700

 

Sch. Impvts. Misc. RB, Ser. U, 5.00%, 9/01/37, AMBAC

 

 

730,352

 

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

250

 

Coll. & Univ. RB, Georgian Court Univ. Proj.,
Ser. D, 5.00%, 7/01/33

 

 

246,075

 

 

1,000

 

Local Hsg. RB, Fairleigh Dickinson Univ. Proj.,
Ser. C, 5.50%, 7/01/23

 

 

1,026,270

 

 

2,000

 

Local Hsg. RB, Fairleigh Dickinson Univ. Proj.,
Ser. C, 6.00%, 7/01/20

 

 

2,138,920

 

 

100

 

Univ. & Coll. Impvts. Lease RB, Kean Univ. Proj.,
Ser. D, 5.00%, 7/01/32, FGIC

 

 

104,517

 

 

500

 

Univ. & Coll. Impvts. Lease RB, Kean Univ. Proj.,
Ser. D, 5.00%, 7/01/39, FGIC

 

 

520,465

 

 

1,000

 

Univ. & Coll. Impvts. RB, Drew Univ. Proj.,
Ser. D, 5.00%, 7/01/37, MBIA

 

 

1,042,770

 


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

$

3,000

 

Univ. & Coll. Impvts. RB, Fairleigh Dickinson Univ.
Proj., Ser. D, 6.00%, 7/01/25

 

$

3,146,220

 

 

2,120

3

Univ. & Coll. Impvts. RB, Georgian
Court Coll. Proj., Ser. C, 6.50%, 7/01/13

 

 

2,424,305

 

 

1,250

 

Univ. & Coll. Impvts. RB, Richard Stockton
Coll. Proj., Ser. F, 5.00%, 7/01/31, MBIA

 

 

1,302,575

 

 

500

 

Univ. & Coll. RB, Ramapo Coll. Proj.,

 

 

 

 

 

 

 

Ser. I, 4.25%, 7/01/31, AMBAC

 

 

481,040

 

 

 

1,000

 

Egg Harbor Twnshp. Sch. Dist., Ad
Valorem Ppty. Tax GO, 4.125%, 4/01/30, FSA

 

 

949,260

 

 

 

12,600

 

Garden St. Presvtn. Trust, Recreational Fac.
Impvts. RB, Open Space & Farmland
Presvtn. Proj., Ser. B, Zero Coupon,
11/01/26, FSA

 

 

5,241,474

 

 

 

 

 

Hlth. Care Facs. Fing. Auth.,

 

 

 

 

 

3,000

3

Hlth., Hosp. & Nursing Home Impvts. RB,
Catholic Hlth. East. Proj., Ser. A, 5.375%, 11/15/12

 

 

3,250,530

 

 

10,000

 

Hlth., Hosp. & Nursing Home Impvts. RB,
Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31

 

 

10,239,900

 

 

7,460

3

Hlth., Hosp. & Nursing Home Impvts. RB,
South Jersey Hosp. Sys. Proj., 6.00%, 7/01/12

 

 

8,202,195

 

 

1,995

3

Hlth., Hosp. & Nursing Home RB, Atlantic City
Med. Ctr. Proj., 5.75%, 7/01/12

 

 

2,179,418

 

 

2,505

 

Hlth., Hosp. & Nursing Home RB, Atlantic City
Med. Ctr. Proj., 5.75%, 7/01/25

 

 

2,617,099

 

 

750

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas
Hlth. Care Sys. Proj., 5.00%, 7/01/29

 

 

723,030

 

 

2,500

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas Hlth.
Care Sys. Proj., Zero Coupon, 7/01/30

 

 

656,050

 

 

7,700

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas Hlth.
Care Sys. Proj., Zero Coupon, 7/01/36

 

 

1,394,624

 

 

7,250

 

Hlth., Hosp. & Nursing Home RB, Saint Barnabas Hlth.
Care Sys. Proj., Ser. B, Zero Coupon, 7/01/37

 

 

1,233,588

 

 

1,650

 

Hlth., Hosp. & Nursing Home RB, South Jersey Hosp.,
Inc. Proj., 5.00%, 7/01/46

 

 

1,650,924

 

 

 

700

 

Hsg. & Mtg. Fin. Agcy., Local or Gtd. Hsg.
RB, 4.70%, 10/01/37, AMT

 

 

658,259

 

 

 

 

 

Middlesex Cnty. Impvt. Auth.,

 

 

 

 

 

4,400

 

Local Multi-Fam. Hsg. RB, New Brunswick Apts.
LLC Proj., 5.30%, 8/01/35, AMT

 

 

4,441,888

 

 

1,400

5

Local Multi-Fam. Hsg. RB, Skyline Tower Urban
Renewal Proj., 5.35%, 7/01/34, AMT

 

 

1,431,024

 

 

1,790

 

Pub. Impvts. Hotel Occupancy Tax RB, Heldrich
Associates LLC Proj., Ser. B, 6.25%, 1/01/37

 

 

1,775,573

 

 

 

2,500

 

Middlesex Cnty. Poll. Ctrl. Auth., Indl. Impvts. RB,
Hess Corp. Proj., 6.05%, 9/15/34

 

 

2,592,075

 

 

 

1,875

 

Newark Hlth. Care Fac., Hlth., Hosp. & Nursing Home
RB, New Cmnty. Urban Renewal Proj.,
Ser. A, 5.20%, 6/01/30

 

 

1,952,025

 

 

 

3,250

 

Newark Hsg. Auth., Lease RB, Newark Redev. Proj.,
4.375%, 1/01/37, MBIA

 

 

3,148,275

 

 

 

 

 

Perth Amboy, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

1,075

6

4.50%, 7/01/34, FSA

 

 

878,501

 

 

175

6

4.50%, 7/01/35, FSA

 

 

142,756

 

 

 

6,000

 

Port Auth. of New York & New Jersey, Port, Arpt. &
Marina Impvts. RB, JFK Intl. Air Term. LLC Proj.,
5.75%, 12/01/22, MBIA, AMT

 

 

6,128,160

 

 

 

2,000

 

Rahway Valley Swr. Auth., Swr. Impvts. RB, Cap. Apprec.
Proj., Ser. A, Zero Coupon, 9/01/33, MBIA

 

 

578,480

 

 

 

500

 

Rutgers St. Univ., Univ. & Coll. Impvts. RB, Ser. E,
5.00%, 5/01/34, FGIC

 

 

516,715

 

 

 

225

 

Salem Cnty. Impvt. Auth., Econ Impvts. Pkg. Fac.
Impvts. RB, Finlaw St. Off. Bldg. Proj., 5.25%,
8/15/38, FSA

 

 

238,959

 

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

31




 

 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock New Jersey Municipal Income Trust (BNJ) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

New Jersey—(cont’d)

 

 

 

 

 

 

 

Tobacco Settlement Fing. Corp.,

 

 

 

 

$

10,500

3

Pub. Impvts. Tobacco Settlement Funded RB,
6.125%, 6/01/12

 

$

11,605,965

 

 

1,500

 

Tobacco Settlement Funded RB, Ser. 1A,
5.00%, 6/01/41

 

 

1,284,255

 

 

3,300

 

Tobacco Settlement Funded RB, Ser. 1B,
Zero Coupon, 6/01/41

 

 

363,198

 

 

 

4,000

 

Transp. Trust Fund Auth., Trans. Impvts. RB, Ser. C,
Zero Coupon, 12/15/32, FSA

 

 

1,208,960

 

 

 

 

 

Trenton Pkg. Auth., Auto Pkg. RB,

 

 

 

 

 

3,465

 

5.00%, 4/01/25, FGIC

 

 

3,577,855

 

 

1,500

 

5.00%, 4/01/30, FGIC

 

 

1,528,680

 

 

 

 

 

 

 

 

141,079,807

 

 

Puerto Rico—18.5%

 

 

 

 

 

1,000

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts.
RB, Ser. TT, 5.00%, 7/01/32

 

 

1,019,130

 

 

 

 

 

Hsg. Fin. Corp.,

 

 

 

 

 

2,550

 

Local or Gtd. Hsg. RB, Ser. A, 5.20%, 12/01/33

 

 

2,591,489

 

 

2,545

 

St. Sngl. Fam. Hsg. RB, Ser. B, 5.30%, 12/01/28, AMT

 

 

2,580,477

 

 

3,500

3

Hwy. & Transp. Auth., Hwy. Impvts. Hwy. Tolls RB,
Ser. D, 5.25%, 7/01/12

 

 

3,758,300

 

 

 

6,000

 

Infrastructure Fing. Auth., Swr. Impvts. Sales Tax RB,
Ser. A, Zero Coupon, 7/01/37, AMBAC

 

 

1,424,580

 

 

 

 

 

Pub. Bldgs. Auth., Pub. Impvts. Lease RB,

 

 

 

 

 

3,765

3

Ser. D, 5.25%, 7/01/12

 

 

4,029,491

 

 

1,735

 

Ser. D, 5.25%, 7/01/36

 

 

1,768,624

 

 

5,000

4

Ser. D, 5.28%, 7/01/31, AMBAC

 

 

4,313,600

 

 

 

 

 

 

 

 

21,485,691

 

 

 

 

 

Total Long-Term Investments
(cost $169,517,291)

 

 

177,650,098

 

 

 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.2%

 

 

 

 

 

223

7,8

CMA New Jersey Mun. Money Fund, 2.88%
(cost $223,181)

 

 

223,181

 

 

Total Investments—153.2% (cost $169,740,4729)

 

$

177,873,279

 

Other assets in excess of liabilities—1.8%

 

 

2,113,533

 

Preferred shares at redemption value, including
dividends payable—(55.0)%

 

 

(63,834,605

)

 

 

 

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

116,152,207

 

 

 

 

 

 

     

 

 

 

1

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2007, the Trust held 11.2% of its net assets, with a current market value of $12,964,380, in securities restricted as to resale.

2

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

3

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

4

Variable rate security. Rate shown is interest rate as of October 31, 2007.

5

Security, or a portion thereof, with a market value of $265,762 has been pledged as collateral for swap contracts.

6

Represents a step up bond; the interest rate shown reflects the effective yield at the time of purchase.

7

Represents an investment in an affiliate.

8

Represents current yield as of October 31, 2007.

9

Cost for federal income tax purposes is $168,841,316. The net unrealized appreciation on a tax basis is $9,031,963, consisting of $10,407,066 gross unrealized appreciation and $1,375,103 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

32

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock New York Investment Quality Municipal Trust (RNY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—149.0%

 

 

 

 

New York—135.9%

 

 

 

 

 

 

 

Albany Indl. Dev. Agcy., Sch. Impvts. Lease
Approp. RB, New Covenant Charter Sch. Proj.,

 

 

 

 

$

95

1

Ser. A, 7.00%, 5/01/25

 

$

79,726

 

 

60

1

Ser. A, 7.00%, 5/01/35

 

 

50,064

 

 

 

1,000

 

Albany Mun. Wtr. Fin. Auth., Wtr. Util. Impvts.
Wtr. RB, Ser. B, 5.00%, 12/01/33, MBIA

 

 

1,005,910

 

 

 

 

 

City of New York, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

990

2

Ser. A, 6.00%, 5/15/10

 

 

1,061,171

 

 

10

 

Ser. A, 6.00%, 5/15/30

 

 

10,593

 

 

 

1,000

 

Convention Ctr. Operating Corp., Recreational Fac.
Impvts. Hotel Occupancy Tax RB, Hotel Unit Fee
Secured Proj., 5.00%, 11/15/44, AMBAC

 

 

1,022,160

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

750

 

Hlth., Hosp. & Nursing Home Impvts. RB,
Lutheran Med. Ctr. Proj., 5.00%, 8/01/31, MBIA

 

 

765,555

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Kateri Residence
Proj., 5.00%, 7/01/22

 

 

1,032,780

 

 

1,000

 

Hlth., Hosp. & Nursing Home RB, Mount Sinai
Hosp. Proj., Ser. A, 6.50%, 7/01/25

 

 

1,047,740

 

 

1,005

 

Misc. RB, St. Univ. Edl. Facs. Proj., 5.25%,
5/15/15, AMBAC

 

 

1,088,847

 

 

750

2

Univ. & Coll. Impvts. RB, Univ. of Rochester Proj.,
Ser. B, 5.625%, 7/01/09

 

 

783,367

 

 

 

100

 

Genesee Cnty. Indl. Dev. Agcy., Hlth., Hosp.
& Nursing Home RB, United Mem. Med. Ctr. Proj.,
5.00%, 12/01/27

 

 

93,157

 

 

 

150

 

Hsg. Fin. Agcy., St. Multi-Fam. Hsg. RB, Kensico Terrace
Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT

 

 

145,637

 

 

 

150

 

Hudson Yards Infrastructure Corp., Trans. Impvts. Misc.
RB, Ser. A, 4.50%, 2/15/47, MBIA

 

 

142,832

 

 

 

175

 

Liberty Dev. Corp., Recreational Fac. Impvts. RB, Nat.
Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

 

177,945

 

 

 

2,000

 

Madison Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB,
Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23

 

 

2,077,140

 

 

 

250

 

Met. Transp. Auth., Trans. RB, Ser. B, 4.50%,
11/15/32, FSA

 

 

245,935

 

 

 

100

 

Mtg. Agcy., Local or Gtd. Hsg. RB, Ser. 143, 4.90%,
10/01/37, AMT

 

 

96,349

 

 

 

 

 

New York City Hsg. Dev. Corp.,

 

 

 

 

 

250

 

Local or Gtd. Hsg. RB, Ser. B-1, 5.15%, 11/01/37, AMT

 

 

250,558

 

 

500

 

Local or Gtd. Hsg. RB, Ser. J-2, 4.75%, 11/01/27, AMT

 

 

482,470

 

 

1,000

 

St. Multi-Fam. Hsg. RB, Ser. A, 5.25%, 5/01/30

 

 

1,029,370

 

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

250

 

Coll. & Univ. RB, Polytechnic Univ. Proj., 5.25%,
11/01/37, ACA

 

 

244,823

 

 

500

 

Econ. Impvts. RB, IAC/Interactive Corp. Proj., 5.00%,
9/01/35

 

 

474,360

 

 

950

3

Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

 

1,070,089

 

 

300

3

Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

 

340,155

 

 

250

 

Recreational Fac. Impvts. RB, Queens Baseball Stad.
Pilot Proj., 5.00%, 1/01/39, AMBAC

 

 

258,150

 

 

600

 

Recreational Fac. Impvts. RB, Queens Baseball Stad.
Pilot Proj., 5.00%, 1/01/46, AMBAC

 

 

614,142

 

 

350

 

Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj.,
5.00%, 3/01/46, FGIC

 

 

358,004

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth.,

 

 

 

 

 

1,000

 

Cash Flow Mgmt. Wtr. RB, Ser. C, 5.125%, 6/15/33

 

 

1,035,550

 

 

250

 

Wtr. RB, Ser. A, 4.25%, 6/15/33

 

 

233,085

 

 

250

 

Wtr. RB, Ser. A, 4.25%, 6/15/39, FSA

 

 

231,483

 

 

1,000

 

Wtr. RB, Ser. B, 5.00%, 6/15/36, FSA

 

 

1,029,520

 

 

1,815

2

New York City Transl. Fin. Auth., Pub. Impvts.
Sales Tax RB, Ser. B, 6.00%, 5/15/10

 

 

1,945,480

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

New York—(cont’d)

 

 

 

 

$

955

 

Port Auth. of New York & New Jersey,
Port, Arpt. & Marina Impvts. RB, Contl. Airlines
Proj., 9.125%, 12/01/15, AMT

 

$

991,194

 

 

 

250

 

Rochester Hsg. Auth., Local Multi-Fam. Hsg. RB,
Andrews Terrace LLC Proj., 4.70%, 12/20/38, AMT

 

 

233,728

 

 

 

2,000

 

Sales Tax Asset Receivables Corp., Pub. Impvts. Sales
Tax RB, Ser. A, 5.00%, 10/15/32, AMBAC

 

 

2,077,260

 

 

 

500

 

Schenectady Indl. Dev. Agcy., Univ. & Coll. RB, Union
Coll. Proj., 5.00%, 7/01/31

 

 

517,020

 

 

 

115

 

Suffolk Cnty. Indl. Dev. Agcy., Hlth., Hosp. & Nursing
Home RB, Active Retirement Cmnty. Proj.,
5.00%, 11/01/28

 

 

108,437

 

 

 

 

 

Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB,

 

 

 

 

 

845

2

Ser. A, 5.00%, 1/01/12, MBIA

 

 

894,382

 

 

155

 

Ser. A, 5.00%, 1/01/32, MBIA

 

 

159,171

 

 

 

100

 

Twy. Auth., Hwy. Tolls Impvts. RB, Ser. H,
5.00%, 1/01/37, FGIC

 

 

104,203

 

 

 

 

 

 

 

 

25,609,542

 

 

Puerto Rico—13.1%

 

 

 

 

 

500

 

Children’s Trust Fund, Tobacco Settlement
Funded RB, 5.625%, 5/15/43

 

 

501,770

 

 

 

315

 

Comnwlth., Pub. Impvts. Ad Valorem Ppty. Tax GO,
Ser. A, 5.00%, 7/01/34

 

 

317,463

 

 

 

800

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth.,
Univ. & Coll. Impvts. RB, Ana G. Mendez Univ. Sys.
Proj., 5.00%, 3/01/26

 

 

785,816

 

 

 

395

 

Infrastructure Fing. Auth., Swr. & Wtr. Util. Impvts.
Sales Tax RB, Ser. A, Zero Coupon, 7/01/44, AMBAC

 

 

64,180

 

 

 

745

2

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB,
Ser. E, 5.50%, 2/01/12

 

 

801,799

 

 

 

 

 

 

 

 

2,471,028

 

 

 

 

 

Total Long-Term Investments
(cost $27,251,087)

 

 

28,080,570

 

 

 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—0.5%

 

 

 

 

 

107

4,5

CMA New York Mun. Money Fund, 2.88%
(cost $107,441)

 

 

107,441

 

 

Total Investments—149.5% (cost $27,358,5286)

 

$

28,188,011

 

Other assets in excess of liabilities—2.5%

 

 

463,142

 

Preferred shares at redemption value, including
dividends payable—(52.0)%

 

 

(9,802,738

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

18,848,415

 

 

 

     

 

 

 

 

1

Illiquid security. As of October 31, 2007, the Trust held 0.7% of its net assets, with a current market value of $129,790, in these securities.

 

 

2

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

 

 

3

Variable rate security. Rate shown is interest rate as of October 31, 2007.

 

 

4

Represents an investment in an affiliate.

 

 

5

Represents current yield as of October 31, 2007.

 

 

6

Cost for federal income tax purposes is $27,353,900. The net unrealized appreciation on a tax basis is $834,111, consisting of $1,016,364 gross unrealized appreciation and $182,253 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

33




 

 

 


 

Portfolio of Investments as of October 31, 2007

 

BlackRock New York Municipal Income Trust (BNY)

 

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

LONG-TERM INVESTMENTS—155.2%

 

 

 

 

Multi-State—11.2%

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

$

6,000

1,2

Ser. A-2, 6.30%, 6/30/49

 

$

6,188,940

 

 

5,500

1,2

Ser. B-1, 6.80%, 11/30/50

 

 

5,838,360

 

 

 

 

 

MuniMae TE Bd. Subsidiary LLC,

 

 

 

 

 

6,000

1,2

Ser. A, 6.30%, 6/30/49

 

 

6,180,300

 

 

3,000

2

Ser. B, 6.80%, 6/30/50

 

 

3,180,330

 

 

 

 

 

 

 

 

21,387,930

 

 

New York—132.6%

 

 

 

 

 

 

 

Albany Indl. Dev. Agcy., Sch. Impvts. Lease

 

 

 

 

 

 

 

Approp. RB, New Covenant Charter Sch. Proj.,

 

 

 

 

 

910

3

Ser. A, 7.00%, 5/01/25

 

 

763,690

 

 

590

3

Ser. A, 7.00%, 5/01/35

 

 

492,296

 

 

 

 

 

City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

6,000

4

Ser. C, 5.375%, 3/15/12

 

 

6,454,680

 

 

2,200

4

Ser. D, 5.375%, 6/01/12

 

 

2,374,174

 

 

4,000

 

Ser. D, 5.375%, 6/01/32

 

 

4,154,400

 

 

 

6,700

 

Cntys. Tobacco Trust III, Misc. Tobacco Settlement
Funded RB, 6.00%, 6/01/43

 

 

6,884,719

 

 

 

10,010

 

Convention Ctr. Operating Corp., Recreational Fac.
Impvts. Hotel Occupancy Tax RB, Hotel Unit Fee
Secured Proj., 5.00%, 11/15/44, AMBAC

 

 

10,231,822

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

1,000

 

Coll. & Univ. RB, Mt. Sinai Sch. Med. New York Univ.,
5.00%, 7/01/35, MBIA

 

 

1,038,780

 

 

4,855

 

Hlth., Hosp. & Nursing Home Impvts. RB, Mental
Hlth. Svcs. Facs. Proj., 5.00%, 2/15/35, AMBAC

 

 

4,973,802

 

 

2,000

4

Hlth., Hosp. & Nursing Home Impvts. RB, North Shore
Long Island Jewish Grp. Proj., 5.375%, 5/01/13

 

 

2,181,960

 

 

2,000

4

Hlth., Hosp. & Nursing Home Impvts. RB, North Shore
Long Island Jewish Grp. Proj., 5.50%, 5/01/13

 

 

2,194,360

 

 

3,000

 

Hlth., Hosp. & Nursing Home RB, Mt. Sinai NYU Hlth.
Proj., 5.50%, 7/01/26

 

 

3,022,830

 

 

9,000

 

Univ. & Coll. Impvts. RB, New Sch. Univ. Proj., 5.00%,
7/01/41, MBIA

 

 

9,134,820

 

 

5,000

 

Univ. & Coll. Impvts. RB, New York Univ. Proj., Ser. 2,
5.00%, 7/01/41, AMBAC

 

 

5,074,900

 

 

 

7,000

 

Dutchess Cnty. Indl. Dev. Agcy., Coll. & Univ. RB, Bard
Coll. Proj., Ser. A2, 4.50%, 8/01/36

 

 

6,590,710

 

 

 

500

 

Genesee Cnty. Indl. Dev. Agcy., Hlth., Hosp. & Nursing
Home RB, United Mem. Med. Ctr. Proj., 5.00%,
12/01/27

 

 

465,785

 

 

 

850

 

Hsg. Fin. Agcy., St. Multi-Fam. Hsg. RB, Kensico Terrace
Apts. Proj., Ser. B, 4.95%, 2/15/38, AMT

 

 

825,274

 

 

 

 

 

Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB,

 

 

 

 

 

4,900

 

Ser. A, 4.50%, 2/15/47, MBIA

 

 

4,665,829

 

 

1,000

 

Ser. A, 5.00%, 2/15/47

 

 

1,014,030

 

 

 

 

 

Liberty Dev. Corp.,

 

 

 

 

 

7,000

 

Indl. Impvts. Misc. RB, Goldman Sachs Grp., Inc.
Proj., 5.25%, 10/01/35

 

 

7,436,660

 

 

 

1,740

 

Recreational Fac. Impvts. RB, Nat. Sports Museum
Proj., Ser. A, 6.125%, 2/15/19

 

 

1,769,284

 

 

 

 

 

Long Island Pwr. Auth., Elec., Pwr. & Lt. RB,

 

 

 

 

 

2,500

 

Ser. B, 5.00%, 12/01/35, CIFG

 

 

2,579,100

 

 

5,000

 

Ser. B, 5.00%, 12/01/35

 

 

5,129,600

 

 

 

2,000

 

Madison Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB,
Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33

 

 

2,050,420

 

 

 

 

 

Met. Transp. Auth.,

 

 

 

 

 

12,000

 

Trans. RB, Ser. A, 5.00%, 11/15/30

 

 

12,267,600

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

New York—(cont’d)

 

 

 

 

$

12,000

 

Trans. RB, Ser. A, 5.125%, 11/15/31

 

$

12,323,640

 

 

 

 

 

Mtg. Agcy., Local or Gtd. Hsg. RB,

 

 

 

 

 

5,615

 

Ser. 101, 5.40%, 4/01/32, AMT

 

 

5,669,915

 

 

15,500

 

Ser. A, 5.30%, 10/01/31, AMT

 

 

15,595,325

 

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

750

 

Cash Flow Mgmt. Lease RB, Marymount Sch.
Proj., 5.125%, 9/01/21, ACA

 

 

756,263

 

 

2,000

 

Cash Flow Mgmt. Lease RB, Marymount Sch.
Proj., 5.25%, 9/01/31, ACA

 

 

1,986,400

 

 

3,000

 

Coll. & Univ. RB, Polytechnic Univ. Proj., 5.25%,
11/01/37, ACA

 

 

2,937,870

 

 

2,000

 

Econ. Impvts. RB, IAC/Interactive Corp. Proj.,
5.00%, 9/01/35

 

 

1,897,440

 

 

1,550

 

Indl. Impvts. RB, Royal Charter Presbyterian Proj.,
5.25%, 12/15/32, FSA

 

 

1,642,891

 

 

14,850

 

Port, Arpt. & Marina Impvts. Lease RB, Airis JFK I LLC
Proj., Ser. A, 5.50%, 7/01/28, AMT

 

 

14,650,416

 

 

3,200

5

Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

 

3,604,512

 

 

4,000

5

Port, Arpt. & Marina Impvts. RB, American Airlines,
Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

 

4,535,400

 

 

5,000

 

Recreational Fac. Impvts. RB, Queens Baseball Stad.
Pilot Proj., 5.00%, 1/01/36, AMBAC

 

 

5,163,000

 

 

1,500

 

Recreational Fac. Impvts. RB, Queens Baseball Stad.
Pilot Proj., 5.00%, 1/01/39, AMBAC

 

 

1,548,900

 

 

1,000

 

Recreational Fac. Impvts. RB, Queens Baseball Stad.
Pilot Proj., 5.00%, 1/01/46, AMBAC

 

 

1,023,570

 

 

1,000

 

Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj.,
5.00%, 3/01/36, MBIA

 

 

1,031,640

 

 

3,500

 

Recreational Fac. Impvts. RB, Yankee Stad. Pilot Proj.,
5.00%, 3/01/46, FGIC

 

 

3,580,045

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth.,

 

 

 

 

 

4,000

 

Cash Flow Mgmt. Wtr. RB, Ser. A, 5.00%, 6/15/32, FGIC

 

 

4,071,320

 

 

1,500

 

Wtr. RB, Ser. A, 4.25%, 6/15/39, FSA

 

 

1,388,895

 

 

6,500

 

Wtr. RB, Ser. C, 5.00%, 6/15/32

 

 

6,657,755

 

 

5,000

 

Wtr. RB, Ser. D, 5.00%, 6/15/39

 

 

5,136,800

 

 

2,750

 

Wtr. Util. Impvts. Wtr. RB, Second Gen. Resolution Proj.,
Ser. A, 4.50%, 6/15/37, MBIA

 

 

2,675,255

 

 

1,500

 

Wtr. Util. Impvts. Wtr. RB, Ser. D, 5.00%, 6/15/38

 

 

1,544,385

 

 

 

 

 

New York City Transl. Fin. Auth.,

 

 

 

 

 

1,495

4

Pub. Impvts. Income Tax RB, 5.00%, 5/01/09

 

 

1,543,901

 

 

500

 

Pub. Impvts. Misc. Tax RB, Ser. S-1, 5.00%,
7/15/31, FGIC

 

 

520,935

 

 

1,700

 

Sch. Impvts. Income Tax RB, Ser. S-2, 4.25%,
1/15/34, FGIC

 

 

1,591,149

 

 

 

 

 

Port Auth. of New York & New Jersey,

 

 

 

 

 

 

 

Port, Arpt. & Marina Impvts. RB,

 

 

 

 

 

8,815

 

Contl. Airlines Proj., 9.125%, 12/01/15, AMT

 

 

9,149,088

 

 

7,000

 

JFK Intl. Air Term. LLC Proj., 5.75%, 12/01/22,
MBIA, AMT

 

 

7,149,520

 

 

 

900

 

Rec. Recovery Impvts. GO., Ser. A, 4.125%,
3/01/37, FGIC

 

 

809,964

 

 

 

2,500

 

Rensselaer Tobacco Sec. Corp., Misc. Tobacco
Settlement Funded RB, Ser. A, 5.75%, 6/01/43

 

 

2,532,950

 

 

 

5,000

 

Rockland Tobacco Asset Sec. Corp., Misc. Tobacco
Settlement Funded RB, 5.75%, 8/15/43

 

 

5,068,300

 

 

 

 

 

Suffolk Cnty. Indl. Dev. Agcy.,

 

 

 

 

 

1,175

 

Hlth., Hosp. & Nursing Home RB, Active Retirement
Cmnty. Proj., 5.00%, 11/01/28

 

 

1,107,943

 

 

7,000

 

Indl. Impvts. RB, Keyspan-Port Jefferson Proj.,
5.25%, 6/01/27, AMT

 

 

7,104,440

 

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

34

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 

 


 

Portfolio of Investments as of October 31, 2007

BlackRock New York Municipal Income Trust (BNY) (concluded)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

Description

 

Value

 

 

New York—(cont’d)

 

 

 

 

 

 

 

TSASC, Inc.,

 

 

 

 

$

2,000

4

Cash Flow Mgmt. Tobacco Settlement Funded RB,
Ser. 1, 6.375%, 7/15/09

 

$

2,114,140

 

 

5,000

4

Rec. Recovery Impvts. Tobacco Settlement Funded
RB, Ser. 1, 5.75%, 7/15/12

 

 

5,470,250

 

 

 

1,175

 

Twy. Auth., Hwy. Tolls Impvts. RB, Ser. H, 5.00%,
1/01/37, FGIC

 

 

1,224,385

 

 

 

2,500

 

Westchester Cnty. Indl. Dev. Agcy., Private Primary
Schs. RB, Winward Sch. Civic Fac. Proj., 5.25%,
10/01/31, RAA

 

 

2,522,750

 

 

 

2,000

4

Westchester Tobacco Asset Sec., Cash Flow Mgmt.
Tobacco Settlement Funded RB, 6.75%, 7/15/10

 

 

2,188,720

 

 

 

 

 

 

 

 

253,291,597

 

 

Puerto Rico—11.4%

 

 

 

 

 

 

 

Pub. Bldgs. Auth., Pub. Impvts. Lease RB,

 

 

 

 

 

4,400

4

Ser. D, 5.25%, 7/01/12

 

 

4,709,100

 

 

1,600

 

Ser. D, 5.25%, 7/01/36

 

 

1,631,008

 

 

 

 

 

Pub. Fin. Corp., Cash Flow Mgmt. Misc. RB,

 

 

 

 

 

7,475

4

Ser. E, 5.50%, 2/01/12

 

 

8,044,894

 

 

7,000

4

Ser. E, 5.70%, 2/01/10

 

 

7,340,830

 

 

 

 

 

 

 

 

21,725,832

 

 

 

 

 

Total Long-Term Investments
(cost $288,605,274)

 

 

296,405,359

 

 

 

 

 

 

 

 

 

 


Shares
(000)

 

 

 

 

 

 

 

MONEY MARKET FUND—0.0%

 

 

 

 

 

46

6,7

CMA New York Mun. Money Fund, 2.88%
(cost $46,883)

 

 

46,883

 

 

Total Investments—155.2% (cost $288,652,1578)

 

$

296,452,242

 

Other assets in excess of liabilities—2.3%

 

 

4,304,408

 

Preferred shares at redemption value, including
dividends payable—(57.5)%

 

 

(109,795,091

)

 

 

     

Net Assets Applicable to Common Shareholders—100%

 

$

190,961,559

 

 

 

     

 

 

 

 

 

1

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2007, the Trust held 9.5% of its net assets, with a current market value of $18,207,600, in securities restricted as to resale.

 

 

2

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its respective stated maturity, and is subject to mandatory redemption at maturity.

 

 

3

Illiquid security. As of October 31, 2007, the Trust held 0.7% of its net assets, with a current market value of $1,255,986, in these securities.

 

 

4

This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par.

 

 

5

Variable rate security. Rate shown is interest rate as of October 31, 2007.

 

 

6

Represents an investment in an affiliate.

 

 

7

Represents current yield as of October 31, 2007.

 

 

8

Cost for federal income tax purposes is $287,872,904. The net unrealized appreciation on a tax basis is $8,579,338, consisting of $10,276,370 gross unrealized appreciation and $1,697,032 gross unrealized depreciation.


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

35



 

 


 

Statements of Assets and Liabilities

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2007

 

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

 

$

385,558,473

 

$

1,005,012,565

 

$

351,871,073

 

$

20,704,741

 

$

347,423,411

 

Investments at value, affiliated2

 

 

5,500,000

 

 

2,600,000

 

 

2,600,000

 

 

417,505

 

 

6,844,361

 

Investments in affiliates

 

 

96,876

 

 

142,801

 

 

916

 

 

20,497

 

 

53,495

 

Cash

 

 

4,587

 

 

67,046

 

 

 

 

128,689

 

 

17,019

 

Receivable from investments sold

 

 

360,000

 

 

371,010

 

 

3,677,401

 

 

 

 

 

Receivable from broker

 

 

 

 

 

 

 

 

 

 

100,000

 

Unrealized appreciation on forward starting swaps

 

 

13,591

 

 

52,945

 

 

 

 

 

 

 

Interest and dividend receivable

 

 

5,755,563

 

 

15,438,184

 

 

5,914,476

 

 

309,231

 

 

5,248,803

 

Prepaid expenses

 

 

 

 

 

 

94,125

 

 

 

 

 

Other assets

 

 

6,569

 

 

 

 

 

 

3,449

 

 

 

 

 

                             

 

 

 

397,295,659

 

 

1,023,684,551

 

 

364,157,991

 

 

21,584,112

 

 

359,687,089

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

 

 

 

 

2,415

 

 

 

 

 

Payable for investments purchased

 

 

1,251,526

 

 

2,717,561

 

 

 

 

 

 

184,963

 

Trust certificates

 

 

 

 

 

 

177,527,503

 

 

 

 

 

Interest expense and fees

 

 

 

 

 

 

2,334,617

 

 

 

 

 

Unrealized depreciation on forward starting swaps

 

 

343,531

 

 

294,613

 

 

111,029

 

 

 

 

 

Dividends payable - common shares

 

 

1,384,087

 

 

3,521,924

 

 

733,983

 

 

48,340

 

 

1,147,744

 

Investment advisory fees payable

 

 

117,310

 

 

389,126

 

 

93,766

 

 

6,248

 

 

136,197

 

Administration fees payable

 

 

50,325

 

 

 

 

 

 

1,826

 

 

 

Deferred Trustees’ fees

 

 

96,876

 

 

142,801

 

 

916

 

 

20,497

 

 

53,495

 

Payable to affiliates

 

 

38,630

 

 

33,916

 

 

1,923

 

 

808

 

 

26,462

 

Officers’ & Trustees’ fees

 

 

7,830

 

 

15,979

 

 

3,628

 

 

4,364

 

 

9,296

 

Other accrued expenses

 

 

168,334

 

 

326,037

 

 

186,881

 

 

41,701

 

 

196,177

 

 

 

                             

 

 

 

3,458,449

 

 

7,441,957

 

 

180,996,661

 

 

123,784

 

 

1,754,334

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                       

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 per value per share, $25,000 liquidation value per share, including dividends payable3

 

 

146,564,821

 

 

375,261,855

 

 

 

 

7,504,171

 

 

131,993,468

 

 

 

                             

 

 

   

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

247,272,389

 

$

640,980,739

 

$

183,161,330

 

$

13,956,157

 

$

225,939,287

 

 

 

                             

Composition of Net Assets Applicable to Common Shareholders:
Par value4

 

$

167,906

 

$

44,041

 

$

13,345

 

$

10,071

 

$

15,093

 

Paid-in capital in excess of par

 

 

233,113,254

 

 

625,689,119

 

 

190,776,233

 

 

13,392,714

 

 

214,319,627

 

Undistributed (distributions in excess of) net investment income

 

 

4,209,470

 

 

7,939,545

 

 

(536,602

)

 

(3,826

)

 

4,037,754

 

Accumulated net realized gain (loss)

 

 

(799,096

)

 

(33,000,169

)

 

(48,720

)

 

(5,173

)

 

(7,360,872

)

Net unrealized appreciation (depreciation)

 

 

10,580,855

 

 

40,308,203

 

 

(7,042,926

)

 

562,371

 

 

14,927,685

 

 

 

                             

Net assets applicable to common shareholders, October 31, 2007

 

$

247,272,389

 

$

640,980,739

 

$

183,161,330

 

$

13,956,157

 

$

225,939,287

 

 

 

                             

Net asset value per common share5

 

$

14.73

 

$

14.55

 

$

13.72

 

$

13.86

 

$

14.97

 

 

 

                             

1Investments at cost, unaffiliated

 

$

374,647,678

 

$

964,462,694

 

$

358,802,970

 

$

20,142,370

 

$

332,495,726

 

2Investments at cost, affiliated

 

$

5,500,000

 

$

2,600,000

 

$

2,600,000

 

$

417,505

 

$

6,844,361

 

3Preferred shares outstanding

 

 

5,862

 

 

15,005

 

 

 

 

300

 

 

5,278

 

4Par value per share

 

$

0.01

 

$

0.001

 

$

0.001

 

$

0.01

 

$

0.001

 

5Common shares outstanding

 

 

16,790,647

 

 

44,040,985

 

 

13,345,152

 

 

1,007,093

 

 

15,093,040

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

36

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

October 31, 2007

 

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

 

$

24,015,002

 

$

156,180,176

 

$

20,873,405

 

$

177,650,098

 

$

28,080,570

 

$

296,405,359

 

Investments at value, affiliated2

 

 

210,500

 

 

1,762,997

 

 

4,424

 

 

223,181

 

 

107,441

 

 

46,883

 

Investments in affiliates

 

 

20,490

 

 

19,776

 

 

22,536

 

 

23,431

 

 

20,443

 

 

45,820

 

Cash

 

 

 

 

16,580

 

 

57,217

 

 

19,414

 

 

42,608

 

 

132,029

 

Receivable from investments sold

 

 

5,000

 

 

205,000

 

 

 

 

15,000

 

 

45,000

 

 

528,426

 

Receivable from broker

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized appreciation on forward starting swaps

 

 

2,628

 

 

 

 

 

 

 

 

 

 

 

Interest and dividend receivable

 

 

312,994

 

 

2,368,732

 

 

364,813

 

 

2,869,095

 

 

508,155

 

 

4,907,533

 

Prepaid expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets

 

 

3,449

 

 

 

 

3,449

 

 

 

 

3,449

 

 

 

 

 

                                   

 

 

 

24,570,063

 

 

160,553,261

 

 

21,325,844

 

 

180,800,219

 

 

28,807,666

 

 

302,066,050

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable to custodian

 

 

5,807

 

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

770,665

 

 

1,719,108

 

 

 

 

 

 

 

 

 

Trust certificates

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized depreciation on forward starting swaps

 

 

21,886

 

 

 

 

 

 

729

 

 

 

 

2,826

 

Dividends payable - common shares

 

 

54,100

 

 

503,516

 

 

68,595

 

 

596,956

 

 

91,595

 

 

951,544

 

Investment advisory fees payable

 

 

6,952

 

 

59,144

 

 

6,272

 

 

68,685

 

 

8,502

 

 

114,696

 

Administration fees payable

 

 

2,010

 

 

 

 

1,803

 

 

 

 

2,438

 

 

 

Deferred Trustees’ fees

 

 

20,490

 

 

19,776

 

 

22,536

 

 

23,431

 

 

20,443

 

 

45,820

 

Payable to affiliates

 

 

625

 

 

12,588

 

 

456

 

 

8,010

 

 

665

 

 

17,121

 

Officers’ & Trustees’ fees

 

 

1,486

 

 

3,054

 

 

2,306

 

 

3,559

 

 

1,663

 

 

5,321

 

Other accrued expenses

 

 

47,272

 

 

116,778

 

 

29,036

 

 

112,037

 

 

31,207

 

 

172,072

 

 

 

                                   

 

 

 

931,293

 

 

2,433,964

 

 

131,004

 

 

813,407

 

 

156,513

 

 

1,309,400

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$0.001 per value per share, $25,000 liquidation value per share, including dividends payable3

 

 

8,504,890

 

 

57,555,518

 

 

7,500,618

 

 

63,834,605

 

 

9,802,738

 

 

109,795,091

 

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

15,133,880

 

$

100,563,779

 

$

13,694,222

 

$

116,152,207

 

$

18,848,415

 

$

190,961,559

 

 

 

                                   

Composition of Net Assets Applicable to Common Shareholders:
Par value4

 

$

11,271

 

$

6,680

 

$

10,091

 

$

7,501

 

$

13,088

 

$

12,635

 

Paid-in capital in excess of par

 

 

15,001,008

 

 

94,784,781

 

 

13,109,109

 

 

106,598,049

 

 

17,677,924

 

 

179,432,630

 

Undistributed (distributions in excess of) net investment income

 

 

1,915

 

 

1,230,692

 

 

224,395

 

 

2,639,891

 

 

146,107

 

 

4,448,108

 

Accumulated net realized gain (loss)

 

 

(137,267

)

 

(1,222,993

)

 

(55,066

)

 

(1,225,312

)

 

181,813

 

 

(729,073

)

Net unrealized appreciation (depreciation)

 

 

256,953

 

 

5,764,619

 

 

405,693

 

 

8,132,078

 

 

829,483

 

 

7,797,259

 

 

 

                                   

Net assets applicable to common shareholders, October 31, 2007

 

$

15,133,880

 

$

100,563,779

 

$

13,694,222

 

$

116,152,207

 

$

18,848,415

 

$

190,961,559

 

 

 

                                   

Net asset value per common share5

 

$

13.43

 

$

15.05

 

$

13.57

 

$

15.49

 

$

14.40

 

$

15.11

 

 

 

                                   

1Investments at cost, unaffiliated

 

$

23,738,791

 

$

150,415,557

 

$

20,467,712

 

$

169,517,291

 

$

27,251,087

 

$

288,605,274

 

2Investments at cost, affiliated

 

$

210,500

 

$

1,762,997

 

$

4,424

 

$

223,181

 

$

107,441

 

$

46,883

 

3Preferred shares outstanding

 

 

340

 

 

2,302

 

 

300

 

 

2,552

 

 

392

 

 

4,390

 

4Par value per share

 

$

0.01

 

$

0.001

 

$

0.01

 

$

0.001

 

$

0.010

 

$

0.001

 

5Common shares outstanding

 

 

1,127,093

 

 

6,680,144

 

 

1,009,065

 

 

7,500,546

 

 

1,308,817

 

 

12,635,107

 


 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

37




 

 

 


Statements of Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended October 31, 2007

 

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 and dividend income

 

$

20,744,315

 

$

54,822,778

 

$

17,498,486

 

$

1,023,350

 

$

18,329,741

 

Dividend income from investments in affiliates

 

 

111,947

 

 

134,765

 

 

79,642

 

 

17,741

 

 

146,193

 

Income from affiliates

 

 

4,406

 

 

5,698

 

 

724

 

 

326

 

 

2,493

 

 

 

                             

Total investment income

 

 

20,860,668

 

 

54,963,241

 

 

17,578,852

 

 

1,041,417

 

 

18,478,427

 

 

 

                             

 

 

                                 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

1,410,546

 

 

6,217,100

 

 

1,920,421

 

 

76,208

 

 

2,178,998

 

Administration

 

 

604,520

 

 

 

 

 

 

21,774

 

 

 

Transfer agent

 

 

19,471

 

 

15,514

 

 

11,753

 

 

11,786

 

 

13,554

 

Custodian

 

 

100,049

 

 

151,398

 

 

30,162

 

 

16,649

 

 

71,487

 

Reports to shareholders

 

 

51,548

 

 

123,525

 

 

37,865

 

 

5,461

 

 

35,657

 

Directors/Trustees

 

 

27,974

 

 

41,586

 

 

19,072

 

 

4,978

 

 

25,081

 

Registration

 

 

9,431

 

 

12,709

 

 

8,298

 

 

310

 

 

5,251

 

Independent accountants

 

 

38,617

 

 

43,339

 

 

38,724

 

 

24,169

 

 

38,255

 

Legal

 

 

40,226

 

 

80,592

 

 

22,054

 

 

6,637

 

 

31,878

 

Officers’ fees

 

 

5,978

 

 

15,506

 

 

4,365

 

 

336

 

 

5,449

 

Insurance

 

 

20,715

 

 

53,099

 

 

9,912

 

 

1,118

 

 

18,611

 

Auction agent

 

 

379,583

 

 

953,351

 

 

 

 

23,265

 

 

335,151

 

Deferred Trustees’ fees

 

 

4,406

 

 

5,698

 

 

724

 

 

326

 

 

2,493

 

Remarketing and liquiditiy fees

 

 

 

 

 

 

365,813

 

 

 

 

 

Miscellaneous

 

 

41,272

 

 

72,779

 

 

20,193

 

 

17,463

 

 

36,711

 

 

 

                             

Total expenses excluding interest expense

 

 

2,754,336

 

 

7,786,196

 

 

2,489,356

 

 

210,480

 

 

2,798,576

 

Interest expense and fees

 

 

4,884

 

 

 

 

6,523,501

 

 

 

 

1,206

 

 

 

                             

Total expenses

 

 

2,759,220

 

 

7,786,196

 

 

9,012,857

 

 

210,480

 

 

2,799,782

 

Less Investment Advisory fees waived

 

 

 

 

(1,944,415

)

 

(768,168

)

 

 

 

(681,363

)

Less fees reimbursed by Advisor

 

 

(1,523

)

 

(1,707

)

 

(1,084

)

 

(1,749

)

 

(12,751

)

Less fees paid indirectly

 

 

(8,506

)

 

(8,187

)

 

(9,683

)

 

(9,987

)

 

(9,094

)

 

 

                             

Net expenses

 

 

2,749,191

 

 

5,831,887

 

 

8,233,922

 

 

198,744

 

 

2,096,574

 

 

 

                             

Net investment income

 

 

18,111,477

 

 

49,131,354

 

 

9,344,930

 

 

842,673

 

 

16,381,853

 

 

 

                             

 

                                 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

1,085,770

 

 

3,181,780

 

 

354,029

 

 

(29,611

)

 

2,333,242

 

Futures and swaps

 

 

(796,962

)

 

(3,855,815

)

 

(136,812

)

 

21,731

 

 

(1,827,079

)

 

 

                             

 

 

 

288,808

 

 

(674,035

)

 

217,217

 

 

(7,880

)

 

506,163

 

 

 

                             

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(14,808,979

)

 

(32,500,787

)

 

(15,430,269

)

 

(582,095

)

 

(12,016,581

)

Swaps

 

 

969,666

 

 

4,701,967

 

 

(111,029

)

 

 

 

1,852,642

 

 

 

                             

 

 

 

(13,839,313

)

 

(27,798,820

)

 

(15,541,298

)

 

(582,095

)

 

(10,163,939

)

 

 

                             

Net loss

 

 

(13,550,505

)

 

(28,472,855

)

 

(15,324,081

)

 

(589,975

)

 

(9,657,776

)

 

 

                             

 

                                 

Dividends and Distributions to Preferred Shareholders From:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(5,316,266

)

 

(13,506,034

)

 

 

 

(240,350

)

 

(4,587,525

)

Net realized gains

 

 

 

 

(18,029

)

 

 

 

(16,752

)

 

 

 

 

                             

 

 

 

(5,316,266

)

 

(13,524,063

)

 

 

 

(257,102

)

 

(4,587,525

)

 

 

                             

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(755,294

)

$

7,134,436

 

$

(5,979,151

)

$

(4,404

)

$

2,136,552

 

 

 

                             

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

38

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended October 31, 2007

 

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 and dividend income

 

$

1,145,830

 

$

8,112,052

 

$

1,110,861

 

$

9,661,951

 

$

1,474,103

 

$

15,904,487

 

Dividend income from investments in affiliates

 

 

10,580

 

 

63,692

 

 

4,441

 

 

23,253

 

 

7,516

 

 

47,163

 

Income from affiliates

 

 

467

 

 

811

 

 

627

 

 

881

 

 

454

 

 

2,043

 

 

 

                                   

Total investment income

 

 

1,156,877

 

 

8,176,555

 

 

1,115,929

 

 

9,686,085

 

 

1,482,073

 

 

15,953,693

 

 

 

                                   

 

                                       

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

84,313

 

 

959,889

 

 

75,762

 

 

1,098,989

 

 

101,953

 

 

1,833,107

 

Administration

 

 

24,090

 

 

 

 

21,646

 

 

 

 

29,130

 

 

 

Transfer agent

 

 

9,102

 

 

13,078

 

 

9,406

 

 

13,426

 

 

9,544

 

 

13,817

 

Custodian

 

 

18,606

 

 

56,145

 

 

15,619

 

 

58,705

 

 

16,834

 

 

65,581

 

Reports to shareholders

 

 

6,201

 

 

19,887

 

 

7,287

 

 

24,248

 

 

9,103

 

 

38,856

 

Directors/Trustees

 

 

5,003

 

 

11,081

 

 

5,974

 

 

12,942

 

 

5,078

 

 

21,212

 

Registration

 

 

348

 

 

8,202

 

 

310

 

 

8,498

 

 

404

 

 

5,841

 

Independent accountants

 

 

24,189

 

 

36,728

 

 

24,171

 

 

36,923

 

 

24,231

 

 

37,839

 

Legal

 

 

6,659

 

 

16,588

 

 

6,148

 

 

16,687

 

 

6,676

 

 

31,670

 

Officers’ fees

 

 

365

 

 

2,425

 

 

329

 

 

2,800

 

 

455

 

 

4,610

 

Insurance

 

 

1,239

 

 

8,200

 

 

1,114

 

 

9,382

 

 

1,493

 

 

15,651

 

Auction agent

 

 

25,765

 

 

147,633

 

 

23,265

 

 

162,829

 

 

29,004

 

 

281,541

 

Deferred Trustees’ fees

 

 

467

 

 

811

 

 

627

 

 

881

 

 

454

 

 

2,043

 

Remarketing and liquiditiy fees

 

 

 

 

 

 

 

 

 

 

 

 

 

Miscellaneous

 

 

17,572

 

 

26,899

 

 

17,471

 

 

27,815

 

 

15,701

 

 

33,670

 

 

 

                                   

Total expenses excluding interest expense

 

 

223,919

 

 

1,307,566

 

 

209,129

 

 

1,474,125

 

 

250,060

 

 

2,385,438

 

Interest expense and fees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Total expenses

 

 

223,919

 

 

1,307,566

 

 

209,129

 

 

1,474,125

 

 

250,060

 

 

2,385,438

 

Less Investment Advisory fees waived

 

 

 

 

(300,075

)

 

 

 

(343,709

)

 

 

 

(573,208

)

Less fees reimbursed by Advisor

 

 

(1,608

)

 

(9,553

)

 

(634

)

 

(3,322

)

 

(917

)

 

(5,675

)

Less fees paid indirectly

 

 

(6,211

)

 

(10,561

)

 

(10,208

)

 

(12,211

)

 

(8,839

)

 

(10,382

)

 

 

                                   

Net expenses

 

 

216,100

 

 

987,377

 

 

198,287

 

 

1,114,883

 

 

240,304

 

 

1,796,173

 

 

 

                                   

Net investment income

 

 

940,777

 

 

7,189,178

 

 

917,642

 

 

8,571,202

 

 

1,241,769

 

 

14,157,520

 

 

 

                                   

 

                                       

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(155,767

)

 

322,068

 

 

(55,198

)

 

368,596

 

 

174,369

 

 

754,099

 

Futures and swaps

 

 

18,500

 

 

(748,776

)

 

 

 

(983,865

)

 

 

 

(1,286,869

)

 

 

                                   

 

 

 

(137,267

)

 

(426,708

)

 

(55,198

)

 

(615,269

)

 

174,369

 

 

(532,770

)

 

 

                                   

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(640,194

)

 

(3,477,675

)

 

(650,877

)

 

(5,941,834

)

 

(959,807

)

 

(9,487,198

)

Swaps

 

 

(19,258

)

 

694,636

 

 

 

 

844,171

 

 

 

 

1,193,186

 

 

 

                                   

 

 

 

(659,452

)

 

(2,783,039

)

 

(650,877

)

 

(5,097,663

)

 

(959,807

)

 

(8,294,012

)

 

 

                                   

Net loss

 

 

(796,719

)

 

(3,209,747

)

 

(706,075

)

 

(5,712,932

)

 

(785,438

)

 

(8,826,782

)

 

 

                                   

 

                                       

Dividends and Distributions to Preferred Shareholders From:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(292,680

)

 

(2,093,225

)

 

(236,547

)

 

(2,223,503

)

 

(332,059

)

 

(3,596,912

)

Net realized gains

 

 

(42,977

)

 

 

 

(17,621

)

 

 

 

(8,495

)

 

 

 

 

                                   

 

 

 

(335,657

)

 

(2,093,225

)

 

(254,168

)

 

(2,223,503

)

 

(340,554

)

 

(3,596,912

)

 

 

                                   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(191,599

)

$

1,886,206

 

$

(42,601

)

$

634,767

 

$

115,777

 

$

1,733,826

 

 

 

                                   

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

39




 


 

Statements of Changes in Net Assets

For the years ended October 31, 2007 and 2006


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock
Investment Quality
Municipal Trust (BKN)

 

BlackRock Municipal
Income Trust (BFK)

 

 

 

   

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

2007

 

2006

 

2007

 

2006

 

                   

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

18,111,477

 

$

18,419,051

 

$

49,131,354

 

$

50,095,286

 

Net realized gain (loss)

 

 

288,808

 

 

607,295

 

 

(674,035

)

 

1,390,886

 

Net change in unrealized appreciation/depreciation

 

 

(13,839,313

)

 

6,751,110

 

 

(27,798,820

)

 

33,062,215

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(5,316,266

)

 

(4,700,264

)

 

(13,506,034

)

 

(12,001,964

)

Net realized gains

 

 

 

 

 

 

(18,029

)

 

 

 

 

         
 
           

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

 

 

(755,294

)

 

21,077,192

 

 

7,134,436

 

 

72,546,423

 

 

 

         
 
           

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(17,197,915

)

 

(17,692,813

)

 

(43,341,822

)

 

(43,385,755

)

Net realized gains

 

 

 

 

 

 

(57,432

)

 

 

 

 

         
 
           

Total dividends and distributions

 

 

(17,197,915

)

 

(17,692,813

)

 

(43,399,254

)

 

(43,385,755

)

 

 

         
 
           

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of common shares

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

1,347,346

 

 

 

 

3,165,968

 

 

2,871,527

 

 

 

         
 
           

Net proceeds from capital share transactions

 

 

1,347,346

 

 

 

 

3,165,968

 

 

2,871,527

 

 

 

         
 
           

Total increase (decrease)

 

 

(16,605,863

)

 

3,384,379

 

 

(33,098,850

)

 

32,032,195

 

 

 

         
 
           

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

263,878,252

 

 

260,493,873

 

 

674,079,589

 

 

642,047,394

 

 

 

         
 
           

End of period

 

$

247,272,389

 

$

263,878,252

 

$

640,980,739

 

$

674,079,589

 

 

 

         
 
           

End of period undistributed net investment income

 

$

4,209,470

 

$

8,636,759

 

$

7,939,545

 

$

15,656,056

 

 

 

         
 
           

 

 

1

Commencement of operations for Long-Term Municipal Advantage was February 28, 2006. This information includes the initial investment by BlackRock Funding, Inc.


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Florida
Municipal Income Trust (BBF)

BlackRock New Jersey Investment
Quality Municipal Trust (RNJ)

 

 

 

     

 

Increase (Decrease) in Net Assets Applicable to Common Shareholders

 

2007

 

2006

 

2007

 

2006

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

7,189,178

 

$

7,369,362

 

$

917,642

 

$

856,791

 

Net realized gain (loss)

 

 

(426,708

)

 

1,156,069

 

 

(55,198

)

 

120,175

 

Net change in unrealized appreciation/depreciation

 

 

(2,783,039

)

 

591,321

 

 

(650,877

)

 

222,494

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,093,225

)

 

(1,810,602

)

 

(236,547

)

 

(204,250

)

Net realized gains

 

 

 

 

 

 

(17,621

)

 

(25,877

)

 

 

         
 
           

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

 

 

1,886,206

 

 

7,306,150

 

 

(42,601

)

 

969,333

 

 

 

         
 
           

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(6,035,745

)

 

(6,019,766

)

 

(830,797

)

 

(847,505

)

Net realized gains

 

 

 

 

 

 

(38,111

)

 

(126,529

)

 

 

         
 
           

Total dividends and distributions

 

 

(6,035,745

)

 

(6,019,766

)

 

(868,908

)

 

(974,034

)

 

 

         
 
           

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

262,307

 

 

221,091

 

 

29,674

 

 

 

 

 

         
 
           

Total increase (decrease)

 

 

(3,887,232

)

 

1,507,475

 

 

(881,835

)

 

(4,701

)

 

 

         
 
           

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

104,451,011

 

 

102,943,536

 

 

14,576,057

 

 

14,580,758

 

 

 

         
 
           

End of year

 

$

100,563,779

 

$

104,451,011

 

$

13,694,222

 

$

14,576,057

 

 

 

         
 
           

End of year undistributed net investment income

 

$

1,230,692

 

$

2,170,518

 

$

224,395

 

$

374,229

 

 

 

         
 
           

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

40

ANNUAL REPORT

OCTOBER 31, 2007

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Applicable to Common Shareholders

 

2007

 

20061

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

                                   

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

9,344,930

 

$

6,007,001

 

$

842,673

 

$

877,154

 

$

16,381,853

 

$

16,761,247

 

$

940,777

 

$

923,461

 

Net realized gain (loss)

 

 

217,217

 

 

(264,829

)

 

(7,880

)

 

78,405

 

 

506,163

 

 

2,216,392

 

 

(137,267

)

 

265,765

 

Net change in unrealized appreciation/depreciation

 

 

(15,541,298

)

 

8,498,372

 

 

(582,095

)

 

430,243

 

 

(10,163,939

)

 

7,064,059

 

 

(659,452

)

 

186,488

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

(240,350

)

 

(215,916

)

 

(4,587,525

)

 

(3,954,681

)

 

(292,680

)

 

(236,669

)

Net realized gains

 

 

 

 

 

 

(16,752

)

 

 

 

 

 

 

 

(42,977

)

 

(54,375

)

 

 

         
 
         
 
         
 
           

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

 

 

(5,979,151

)

 

14,240,544

 

 

(4,404

)

 

1,169,886

 

 

2,136,552

 

 

22,087,017

 

 

(191,599

)

 

1,084,670

 

 

 

         
 
         
 
         
 
           

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(9,535,364

)

 

(6,393,277

)

 

(602,846

)

 

(853,209

)

 

(13,751,528

)

 

(13,697,832

)

 

(674,882

)

 

(957,322

)

Net realized gains

 

 

 

 

 

 

(51,877

)

 

 

 

 

 

 

 

(53,470

)

 

(287,688

)

 

 

         
 
         
 
         
 
           

Total dividends and distributions

 

 

(9,535,364

)

 

(6,393,277

)

 

(654,723

)

 

(853,209

)

 

(13,751,528

)

 

(13,697,832

)

 

(728,352

)

 

(1,245,010

)

 

 

         
 
         
 
         
 
           

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the issuance of common shares

 

 

 

 

186,584,810

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from the underwriters’ over-allotment option exercised

 

 

 

 

3,216,375

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

538,721

 

 

488,672

 

 

 

 

 

 

981,552

 

 

711,184

 

 

 

 

 

 

 

         
 
         
 
         
 
           

Net proceeds from capital share transactions

 

 

538,721

 

 

190,289,857

 

 

 

 

 

 

981,552

 

 

711,184

 

 

 

 

 

 

 

         
 
         
 
         
 
           

Total increase (decrease)

 

 

(14,975,794

)

 

198,137,124

 

 

(659,127

)

 

316,677

 

 

(10,633,424

)

 

9,100,369

 

 

(919,951

)

 

(160,340

)

 

 

         
 
         
 
         
 
           

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

198,137,124

 

 

 

 

14,615,284

 

 

14,298,607

 

 

236,572,711

 

 

227,472,342

 

 

16,053,831

 

 

16,214,171

 

 

 

         
 
         
 
         
 
           

End 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 undistributed net investment income

 

$

(536,602

)

$

(347,276

)

$

(3,826

)

$

(596

)

$

4,037,754

 

$

5,994,975

 

$

1,915

 

$

28,700

 

 

 

         
 
         
 
         
 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Applicable to Common Shareholders

 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 

                         

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

8,571,202

 

$

8,743,414

 

$

1,241,769

 

$

1,265,857

 

$

14,157,520

 

$

14,267,470

 

Net realized gain (loss)

 

 

(615,269

)

 

1,477,938

 

 

174,369

 

 

87,630

 

 

(532,770

)

 

1,763,256

 

Net change in unrealized appreciation/depreciation

 

 

(5,097,663

)

 

2,392,840

 

 

(959,807

)

 

395,405

 

 

(8,294,012

)

 

4,045,210

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,223,503

)

 

(1,946,877

)

 

(332,059

)

 

(276,400

)

 

(3,596,912

)

 

(3,294,504

)

Net realized gains

 

 

 

 

 

 

(8,495

)

 

(20,219

)

 

 

 

 

 

 

         
 
         
 
           

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

 

 

634,767

 

 

10,667,315

 

 

115,777

 

 

1,452,273

 

 

1,733,826

 

 

16,781,432

 

 

 

         
 
         
 
           

 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(7,148,582

)

 

(7,110,417

)

 

(1,114,664

)

 

(1,146,975

)

 

(11,399,449

)

 

(11,347,915

)

Net realized gains

 

 

 

 

 

 

(17,872

)

 

(109,330

)

 

 

 

 

 

 

         
 
         
 
           

Total dividends and distributions

 

 

(7,148,582

)

 

(7,110,417

)

 

(1,132,536

)

 

(1,256,305

)

 

(11,399,449

)

 

(11,347,915

)

 

 

         
 
         
 
           

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

679,024

 

 

690,656

 

 

26,224

 

 

 

 

910,003

 

 

826,411

 

 

 

         
 
         
 
           

Total increase (decrease)

 

 

(5,834,791

)

 

4,247,554

 

 

(990,535

)

 

195,968

 

 

(8,755,620

)

 

6,259,928

 

 

 

         
 
         
 
           

 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of year

 

 

121,986,998

 

 

117,739,444

 

 

19,838,950

 

 

19,642,982

 

 

199,717,179

 

 

193,457,251

 

 

 

         
 
         
 
           

End of year

 

$

116,152,207

 

$

121,986,998

 

$

18,848,415

 

$

19,838,950

 

$

190,961,559

 

$

199,717,179

 

 

 

         
 
         
 
           

End of year undistributed net investment income

 

$

2,639,891

 

$

3,440,789

 

$

146,107

 

$

358,505

 

$

4,448,108

 

$

5,287,790

 

 

 

         
 
         
 
           

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

41




 


 

Statement of Cash Flows


 

 

 

 

 

Year Ended October 31, 2007

 

BlackRock
Long-Term
Municipal
Advantage Trust
(BTA)

 

Cash Flows provided by Operating Activities

 

 

 

 

 

Net decrease in net assets resulting from operations

 

$

(5,979,151

)

 

 

   

 

 

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

 

 

 

 

 

Purchases of long-term investments

 

 

(142,851,650

)

Proceeds from sales of long-term investments

 

 

148,116,196

 

Net purchases of short-term investments

 

 

(1,859,000

)

Amortization of premium and discount on investments

 

 

13,899

 

Net realized gain on investments

 

 

(354,029

)

Decrease in unrealized appreciation/depreciation on investments

 

 

15,430,269

 

Increase in unrealized depreciation on swaps

 

 

111,029

 

Increase in investments in affiliates

 

 

(723

)

Increase in receivable for investments sold

 

 

(3,677,401

)

Increase in interest receivable

 

 

(636,082

)

Increase in prepaid expenses

 

 

(5,874

)

Decrease in other assets

 

 

11,178

 

Increase in interest payable

 

 

192,601

 

Decrease in investment advisory fee payable

 

 

(4,920

)

Increase in Deferred Directors/Trustees’ fees

 

 

723

 

Decrease in payable to affiliates

 

 

(3,132

)

Decrease in Officers’ & Trustees’ fees

 

 

(2,572

)

Decrease in accrued expenses

 

 

(42,992

)

 

 

   

 

Total adjustments

 

 

14,437,520

 

 

 

   

 

Net cash provided by operating activities

 

$

8,458,369

 

 

 

   

 

Cash from financing activities:

 

 

 

 

Increase in payable to custodian

 

$

2,415

 

Proceeds from trust certificates

 

 

22,650,000

 

Repayments of trust certificates

 

 

(22,467,500

)

Cash dividends paid

 

 

(9,176,690

)

 

 

   

 

Net cash used for financing activities

 

$

(8,991,775

)

 

 

   

 

Net decrease in cash

 

 

(533,406

)

Cash beginning of year

 

 

533,406

 

 

 

   

 

Cash end of year

 

$

 

 

 

   

 

Cash paid for interest

 

$

6,330,903

 

 

 

   

 

Non cash financing activities not included herein consist of reinvestment of dividends of $538,721.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

42

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 


 

Financial Highlights

BlackRock Investment Quality Municipal Trust (BKN)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.79

 

$

15.59

 

$

15.71

 

$

15.28

 

$

15.19

 

 

 

                             

 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.08

 

 

1.10

 

 

1.14

 

 

1.17

 

 

1.16

 

Net realized and unrealized gain (loss)

 

 

(0.79

)

 

0.44

 

 

(0.11

)

 

0.26

 

 

(0.09

)

Dividends to preferred shareholders from net investment income

 

 

(0.32

)

 

(0.28

)

 

(0.19

)

 

(0.09

)

 

(0.09

)

 

 

                             

Net increase (decrease) from investment operations

 

 

(0.03

)

 

1.26

 

 

0.84

 

 

1.34

 

 

0.98

 

 

 

                             

Dividends to common shareholders from net investment income

 

 

(1.03

)

 

(1.06

)

 

(0.96

)

 

(0.91

)

 

(0.89

)

 

 

                             

Net asset value, end of year

 

$

14.73

 

$

15.79

 

$

15.59

 

$

15.71

 

$

15.28

 

 

 

                             

Market price, end of year

 

$

16.35

 

$

18.97

 

$

16.62

 

$

15.12

 

$

14.26

 

 

 

                             

 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(0.95

)%

 

7.38

%

 

5.34

%

 

9.48

%

 

7.14

%

 

 

                             

At market value

 

 

(8.49

)%

 

21.06

%

 

16.68

%

 

12.91

%

 

12.67

%

 

 

                             

 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.07

%

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

Expenses after fees waived and before fees paid indirectly

 

 

1.08

%

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

Expenses before fees waived and paid indirectly

 

 

1.08

%

 

1.09

%

 

1.08

%

 

1.08

%

 

1.10

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

7.06

%

 

7.09

%

 

7.21

%

 

7.59

%

 

7.62

%

Preferred share dividends from net investment income

 

 

2.07

%

 

1.81

%

 

1.17

%

 

0.60

%

 

0.59

%

Net investment income available to common shareholders

 

 

4.99

%

 

5.28

%

 

6.04

%

 

6.99

%

 

7.03

%

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

256,463

 

$

259,862

 

$

264,490

 

$

259,470

 

$

254,890

 

Portfolio turnover

 

 

17

%

 

82

%

 

77

%

 

52

%

 

36

%

Net assets applicable to common shareholders, end of year (000)

 

$

247,272

 

$

263,878

 

$

260,494

 

$

262,475

 

$

255,315

 

Preferred shares value outstanding, end of year (000)

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

$

146,550

 

Asset coverage per preferred share, end of year

 

$

67,185

 

$

70,054

 

$

69,465

 

$

69,790

 

$

68,561

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

43




 

 


 

Financial Highlights

BlackRock Municipal Income Trust (BFK)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.37

 

$

14.71

 

$

14.26

 

$

13.87

 

$

13.33

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.11

 

 

1.14

 

 

1.18

 

 

1.19

 

 

1.23

 

Net realized and unrealized gain (loss)

 

 

(0.63

)

 

0.78

 

 

0.43

 

 

0.26

 

 

0.35

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.31

)

 

(0.27

)

 

(0.18

)

 

(0.09

)

 

(0.09

)

Net realized gains

 

 

1

 

 

 

 

 

 

 

 

 

 

                             

Net increase from investment operations

 

 

0.17

 

 

1.65

 

 

1.43

 

 

1.36

 

 

1.49

 

 

 

                             

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.99

)

 

(0.99

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

Net realized gains

 

 

1

 

 

 

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

(0.99

)

 

(0.99

)

 

(0.98

)

 

(0.97

)

 

(0.95

)

 

 

                             

Net asset value, end of year

 

$

14.55

 

$

15.37

 

$

14.71

 

$

14.26

 

$

13.87

 

 

 

                             

Market price, end of year

 

$

15.92

 

$

17.30

 

$

15.69

 

$

14.05

 

$

13.70

 

 

 

                             

 

Total Investment Returns2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

0.70

%

 

11.24

%

 

10.21

%

 

10.29

%

 

11.63

%

 

 

                             

At market value

 

 

(2.11%

)

 

17.39

%

 

19.31

%

 

10.01

%

 

9.21

%

 

 

                             

 

Ratios to Average Net Assets of Common Shareholders3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.88

%

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

Expenses after fees waived and before fees paid indirectly

 

 

0.88

%

 

0.83

%

 

0.83

%

 

0.83

%

 

0.84

%

Expenses before fees waived and paid indirectly

 

 

1.18

%

 

1.21

%

 

1.22

%

 

1.23

%

 

1.25

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

7.43

%

 

7.65

%

 

7.97

%

 

8.44

%

 

8.96

%

Preferred share dividends from net investment income

 

 

2.04

%

 

1.83

%

 

1.23

%

 

0.63

%

 

0.65

%

Net investment income available to common shareholders

 

 

5.39

%

 

5.82

%

 

6.74

%

 

7.81

%

 

.31

%

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

661,058

 

$

654,691

 

$

644,680

 

$

618,076

 

$

594,192

 

Portfolio turnover

 

 

17

%

 

77

%

 

68

%

 

59

%

 

56

%

Net assets applicable to common shareholders, end of year (000)

 

$

640,981

 

$

674,080

 

$

642,047

 

$

621,648

 

$

603,943

 

Preferred shares value outstanding, end of year (000)

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

$

375,125

 

Asset coverage per preferred share, end of year

 

$

67,727

 

$

69,933

 

$

67,797

 

$

66,435

 

$

65,251

 


 

 

1

Amounted to less than $0.01 per common share outstanding.

2

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

3

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

44

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock Long-Term Municipal Advantage Trust (BTA)


 

 

 

 

 

 

 

 

 

 

Year ended
October 31, 2007

 

For the period
February 28, 20061
through
October 31, 2006

 

               

Per Share Operating Performance

 

 

 

 

 

 

 

               

Net asset value, beginning of period

 

$

14.89

 

$

14.33

2

 

 

           

Investment operations:

 

 

 

 

 

 

 

Net investment income

 

 

0.70

 

 

0.45

 

Net realized and unrealized gain (loss)

 

 

(1.15

)

 

0.62

 

 

 

           

Net increase (decrease) from investment operations

 

 

(0.45

)

 

1.07

 

 

 

           

Dividends to common shareholders from net investment income

 

 

(0.72

)

 

(0.48

)

 

 

           

Capital charges with respect to issuance of Common shares

 

 

 

 

(0.03

)

 

 

           

Net asset value, end of period

 

$

13.72

 

$

14.89

 

 

 

           

Market price, end of period

 

$

12.14

 

$

14.70

 

 

 

           

 

               

Total Investment Returns3

 

 

 

 

 

 

 

               

At net asset value

 

 

(2.93

)%

 

7.48

%

 

 

           

At market value

 

 

(13.00

)%

 

1.40

%

 

 

           

 

               

Ratios to Average Net Assets

 

 

 

 

 

 

 

               

Expenses after fees waived and paid indirectly

 

 

4.29

%

 

4.11

%4

Expenses after fees waived and before fees paid indirectly

 

 

4.29

%

 

4.14

%

Expenses before fees waived and paid indirectly

 

 

4.69

%

 

4.55

%4

Expenses after fees waived and paid indirectly excluding interest expense

 

 

0.89

%

 

0.97

%4

Net investment income

 

 

4.87

%

 

4.79

%4

 

               

Supplemental Data

 

 

 

 

 

 

 

               

Average net assets (000)

 

$

192,042

 

$

186,998

 

Portfolio turnover

 

 

39

%

 

20

%

Net assets, end of period (000)

 

$

183,161

 

 

198,137

 

Trust certificates, end of period

 

$

177,528

 

$

177,345

 

Asset coverage, end of period5

 

$

2,032

 

$

2,177

 

Trust certificates average daily balance (000)

 

$

181,212

 

$

183,026

 

Trust certificates weighted average interest rate

 

 

3.71

%

 

3.57

%


 

 

1

Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc.

 

 

2

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

 

 

3

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

 

 

4

Annualized.

 

 

5

Per $1,000 of certificates outstanding.

 

 

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

45



 

 


 

Financial Highlights

BlackRock California Investment Quality Municipal Trust (RAA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                       

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of year

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

$

14.81

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.84

 

 

0.87

 

 

0.78

 

 

0.92

 

 

1.05

 

Net realized and unrealized gain (loss)

 

 

(0.58

)

 

0.50

 

 

(0.03

)

 

(0.09

)

 

(0.41

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.24

)

 

(0.21

)

 

(0.13

)

 

(0.06

)

 

(0.06

)

Net realized gains

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

                             

Net increase from investment operations

 

 

 

 

1.16

 

 

0.62

 

 

0.77

 

 

0.58

 

 

 

                             

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.60

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

Net realized gains

 

 

(0.05

)

 

 

 

 

 

(0.05

)

 

 

 

 

                             

Total dividends and distributions

 

 

(0.65

)

 

(0.85

)

 

(0.85

)

 

(0.90

)

 

(0.83

)

 

 

                             

Net asset value, end of year

 

$

13.86

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

 

 

                             

Market price, end of year

 

$

12.57

 

$

15.80

 

$

15.75

 

$

14.30

 

$

14.03

 

 

 

                             

 

                                 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

At net asset value

 

 

0.01

%

 

7.87

%

 

4.32

%

 

5.77

%

 

4.43

%

 

 

                             

At market value

 

 

(16.71

) %

 

5.90

%

 

16.76

%

 

8.78

%

 

11.38

%

 

 

                             

 

                                 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Expenses after fees waived and paid indirectly

 

 

1.39

%

 

1.41

%

 

1.35

%

 

1.35

%

 

1.40

%

Expenses after fees waived and before fees paid indirectly

 

 

1.46

%

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

Expenses before fees waived and paid indirectly

 

 

1.47

%

 

1.50

%

 

1.39

%

 

1.40

%

 

1.40

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

5.90

%

 

6.11

%

 

5.38

%

 

6.37

%

 

7.17

%

Preferred share dividends from net investment income

 

 

1.68

%

 

1.50

%

 

0.88

%

 

0.42

%

 

0.44

%

Net investment income available to common shareholders

 

 

4.22

%

 

4.61

%

 

4.50

%

 

5.95

%

 

6.73

%

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Average net assets of common shareholders (000)

 

$

14,274

 

$

14,358

 

$

14,569

 

$

14,553

 

$

14,752

 

Portfolio turnover

 

 

38

%

 

49

%

 

20

%

 

15

%

 

6

%

Net assets applicable to common shareholders, end of year (000)

 

$

13,956

 

$

14,615

 

$

14,299

 

$

14,529

 

$

14,665

 

Preferred shares value outstanding, end of year (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of year

 

$

71,534

 

$

73,731

 

$

72,671

 

$

73,433

 

$

73,886

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

46

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock California Municipal Income Trust (BFZ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

                                 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Net asset value, beginning of year

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

$

14.16

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.08

 

 

1.11

 

 

1.12

 

 

1.15

 

 

1.12

 

Net realized and unrealized gain (loss)

 

 

(0.64

)

 

0.62

 

 

0.36

 

 

0.65

 

 

(0.34

)

Dividends to preferred shareholders from net investment income

 

 

(0.30

)

 

(0.26

)

 

(0.16

)

 

(0.09

)

 

(0.08

)

 

 

                             

Net increase from investment operations

 

 

0.14

 

 

1.47

 

 

1.32

 

 

1.71

 

 

0.70

 

 

 

                             

Dividends to common shareholders from net investment income

 

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

(0.89

)

 

 

                             

Net asset value, end of year

 

$

14.97

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

 

 

                             

Market price, end of year

 

$

15.82

 

$

17.12

 

$

14.92

 

$

13.65

 

$

13.21

 

 

 

                             

 

                                 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

At net asset value

 

 

0.77

%

 

9.93

%

 

9.47

%

 

13.14

%

 

5.49

%

 

 

                             

At market value

 

 

(2.09

) %

 

21.65

%

 

16.42

%

 

10.58

%

 

7.92

%

 

 

                             

 

                                 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Expenses after fees waived and paid indirectly

 

 

0.91

%

 

0.87

%

 

0.85

%

 

0.87

%

 

0.89

%

Expenses after fees waived and before fees paid indirectly

 

 

0.91

%

 

0.87

%

 

0.86

%

 

0.88

%

 

0.89

%

Expenses before fees waived and paid indirectly

 

 

1.21

%

 

1.25

%

 

1.25

%

 

1.28

%

 

1.30

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

7.09

%

 

7.26

%

 

7.35

%

 

7.96

%

 

8.01

%

Preferred share dividends from net investment income

 

 

1.98

%

 

1.71

%

 

1.04

%

 

0.59

%

 

0.57

%

Net investment income available to common shareholders

 

 

5.11

%

 

5.55

%

 

6.31

%

 

7.37

%

 

7.44

%

 

                                 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                 

Average net assets of common shareholders (000)

 

$

231,216

 

$

230,845

 

$

227,738

 

$

216,238

 

$

211,275

 

Portfolio turnover

 

 

26

%

 

17

%

 

28

%

 

15

%

 

34

%

Net assets applicable to common shareholders, end of year (000)

 

$

225,939

 

$

236,573

 

$

227,472

 

$

221,371

 

$

209,397

 

Preferred shares value outstanding, end of year (000)

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

Asset coverage per preferred share, end of year

 

$

67,816

 

$

69,836

 

$

68,107

 

$

66,945

 

$

64,675

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

47



 

 


 

Financial Highlights

BlackRock Florida Investment Quality Municipal Trust (RFA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

$

15.65

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.83

 

 

0.82

 

 

0.84

 

 

0.98

 

 

1.04

 

Net realized and unrealized gain (loss)

 

 

(0.69

)

 

0.40

 

 

(0.35

)

 

(0.18

)

 

(0.39

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.26

)

 

(0.21

)

 

(0.15

)

 

(0.07

)

 

(0.08

)

Net realized gains

 

 

(0.04

)

 

(0.05

)

 

(0.01

)

 

(0.02

)

 

 

 

 

                             

Net increase (decrease) from investment operations

 

 

(0.16

)

 

0.96

 

 

0.33

 

 

0.71

 

 

0.57

 

 

 

                             

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.60

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

 

(0.83

)

Net realized gains

 

 

(0.05

)

 

(0.26

)

 

(0.11

)

 

(0.23

)

 

 

 

 

                             

Total dividends and distributions

 

 

(0.65

)

 

(1.11

)

 

(0.96

)

 

(1.08

)

 

(0.83

)

 

 

                             

Net asset value, end of year

 

$

13.43

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

 

 

                             

Market price, end of year

 

$

11.86

 

$

16.00

 

$

14.85

 

$

14.30

 

$

14.47

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(1.02

)%

 

6.46

%

 

2.19

%

 

5.00

%

 

3.98

%

 

 

                             

At market value

 

 

(22.21

)%

 

15.91

%

 

10.76

%

 

6.32

%

 

5.52

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.39

%

 

1.37

%

 

1.29

%

 

1.27

%

 

1.29

%

Expenses after fees waived and before fees paid indirectly

 

 

1.43

%

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

Expenses before fees waived and paid indirectly

 

 

1.44

%

 

1.43

%

 

1.32

%

 

1.31

%

 

1.29

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

6.03

%

 

5.80

%

 

5.69

%

 

6.48

%

 

6.69

%

Preferred share dividends from net investment income

 

 

1.88

%

 

1.49

%

 

1.05

%

 

0.46

%

 

0.51

%

Net investment income available to common shareholders

 

 

4.15

%

 

4.31

%

 

4.64

%

 

6.02

%

 

6.18

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

15,589

 

$

15,930

 

$

16,626

 

$

17,035

 

$

17,561

 

Portfolio turnover

 

 

40

%

 

57

%

 

15

%

 

13

%

 

17

%

Net assets applicable to common shareholders, end of year (000)

 

$

15,134

 

$

16,054

 

$

16,214

 

$

16,929

 

$

17,347

 

Preferred shares value outstanding, end of year (000)

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

Asset coverage per preferred share, end of year

 

$

69,526

 

$

72,229

 

$

72,696

 

$

74,795

 

$

76,021

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

48

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 


 

Financial Highlights

BlackRock Florida Municipal Income Trust (BBF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.68

 

$

15.48

 

$

15.27

 

$

14.68

 

$

14.57

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.07

 

 

1.11

 

 

1.11

 

 

1.12

 

 

1.11

 

Net realized and unrealized gain (loss)

 

 

(0.49

)

 

0.26

 

 

0.17

 

 

0.45

 

 

(0.03

)

Dividends to preferred shareholders from net investment income

 

 

(0.31

)

 

(0.27

)

 

(0.17

)

 

(0.08

)

 

(0.08

)

 

 

                             

Net increase from investment operations

 

 

0.27

 

 

1.10

 

 

1.11

 

 

1.49

 

 

1.00

 

 

 

                             

Dividends to common shareholders from net investment income

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

 

                             

Net asset value, end of year

 

$

15.05

 

$

15.68

 

$

15.48

 

$

15.27

 

$

14.68

 

 

 

                             

Market price, end of year

 

$

15.10

 

$

16.30

 

$

15.25

 

$

14.40

 

$

13.36

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

1.78

%

 

7.34

%

 

7.63

%

 

11.02

%

 

7.39

%

 

 

                             

At market value

 

 

(1.76

)%

 

13.26

%

 

12.44

%

 

15.04

%

 

4.30

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.96

%

 

0.92

%

 

0.90

%

 

0.93

%

 

0.94

%

Expenses after fees waived and before fees paid indirectly

 

 

0.97

%

 

0.93

%

 

0.91

%

 

0.93

%

 

0.95

%

Expenses before fees waived and paid indirectly

 

 

1.28

%

 

1.30

%

 

1.30

%

 

1.32

%

 

1.35

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

7.02

%

 

7.12

%

 

7.16

%

 

7.49

%

 

7.50

%

Preferred share dividends from net investment income

 

 

2.04

%

 

1.75

%

 

1.11

%

 

0.55

%

 

0.53

%

Net investment income available to common shareholders

 

 

4.98

%

 

5.37

%

 

6.05

%

 

6.94

%

 

6.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

102,424

 

$

103,431

 

$

103,432

 

$

100,002

 

$

98,081

 

Portfolio turnover

 

 

25

%

 

20

%

 

10

%

 

10

%

 

19

%

Net assets applicable to common shareholders, end of year (000)

 

$

100,564

 

$

104,451

 

$

102,944

 

$

101,512

 

$

97,589

 

Preferred shares value outstanding, end of year (000)

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

Asset coverage per preferred share, end of year

 

$

68,688

 

$

70,391

 

$

69,729

 

$

69,101

 

$

67,394

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

 

 

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

49




 

 


 

Financial Highlights

BlackRock New Jersey Investment Quality Municipal Trust (RNJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

$

14.64

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.91

 

 

0.85

 

 

0.87

 

 

0.97

 

 

1.00

 

Net realized and unrealized gain (loss)

 

 

(0.70

)

 

0.34

 

 

(0.21

)

 

(0.20

)

 

0.12

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.23

)

 

(0.20

)

 

(0.15

)

 

(0.07

)

 

(0.06

)

Net realized gains

 

 

(0.02

)

 

(0.03

)

 

 

 

 

 

 

 

 

                             

Net increase (decrease) from investment operations

 

 

(0.04

)

 

0.96

 

 

0.51

 

 

0.70

 

 

1.06

 

 

 

                             

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.82

)

 

(0.84

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

Net realized gains

 

 

(0.04

)

 

(0.13

)

 

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

(0.86

)

 

(0.97

)

 

(0.82

)

 

(0.81

)

 

(0.80

)

 

 

                             

Net asset value, end of year

 

$

13.57

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

 

 

                             

Market price, end of year

 

$

14.96

 

$

15.95

 

$

14.70

 

$

15.00

 

$

14.80

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

(1.03

)%

 

6.14

%

 

3.43

%

 

5.00

%

 

7.48

%

 

 

                             

At market value

 

 

(1.02

)%

 

15.25

%

 

3.53

%

 

7.14

%

 

17.59

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.40

%

 

1.41

%

 

1.34

%

 

1.34

%

 

1.39

%

Expenses after fees waived and before fees paid indirectly

 

 

1.47

%

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

Expenses before fees waived and paid indirectly

 

 

1.48

%

 

1.51

%

 

1.37

%

 

1.37

%

 

1.39

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

6.49

%

 

5.91

%

 

5.89

%

 

6.50

%

 

6.72

%

Preferred share dividends from net investment income

 

 

1.67

%

 

1.41

%

 

1.00

%

 

0.47

%

 

0.41

%

Net investment income available to common shareholders

 

 

4.82

%

 

4.50

%

 

4.89

%

 

6.03

%

 

6.31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

14,146

 

$

14,499

 

$

14,873

 

$

14,974

 

$

14,975

 

Portfolio turnover

 

 

31

%

 

27

%

 

19

%

 

12

%

 

4

%

Net assets applicable to common shareholders, end of year (000)

 

$

13,694

 

$

14,576

 

$

14,581

 

$

14,900

 

$

15,007

 

Preferred shares value outstanding, end of year (000)

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

Asset coverage per preferred share, end of year

 

$

70,649

 

$

73,603

 

$

73,612

 

$

74,670

 

$

75,026

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

50

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock New Jersey Municipal Income Trust (BNJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

$

14.29

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.14

 

 

1.17

 

 

1.17

 

 

1.16

 

 

1.15

 

Net realized and unrealized gain (loss)

 

 

(0.74

)

 

0.52

 

 

0.42

 

 

0.61

 

 

0.11

 

Dividends to preferred shareholders from net investment income

 

 

(0.30

)

 

(0.26

)

 

(0.18

)

 

(0.08

)

 

(0.08

)

 

 

                             

Net increase from investment operations

 

 

0.10

 

 

1.43

 

 

1.41

 

 

1.69

 

 

1.18

 

 

 

                             

Dividends to common shareholders from net investment income

 

 

(0.96

)

 

(0.95

)

 

(0.92

)

 

(0.90

)

 

(0.88

)

 

 

                             

Net asset value, end of year

 

$

15.49

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

 

 

   

Market price, end of year

 

$

16.90

 

$

18.40

 

$

15.91

 

$

14.45

 

$

14.04

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

0.17

%

 

9.18

%

 

9.60

%

 

12.29

%

 

8.68

%

 

 

   

At market value

 

 

(2.89

)%

 

22.56

%

 

16.95

%

 

9.63

%

 

9.59

%

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.93

%

 

0.89

%

 

0.89

%

 

0.91

%

 

0.93

%

Expenses after fees waived and before fees paid indirectly

 

 

0.94

%

 

0.91

%

 

0.90

%

 

0.91

%

 

0.94

%

Expenses before fees waived and paid indirectly

 

 

1.24

%

 

1.27

%

 

1.28

%

 

1.30

%

 

1.34

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

7.18

%

 

7.31

%

 

7.37

%

 

7.74

%

 

7.85

%

Preferred share dividends from net investment income

 

 

1.86

%

 

1.63

%

 

1.12

%

 

0.56

%

 

0.57

%

Net investment income available to common shareholders

 

 

5.32

%

 

5.68

%

 

6.25

%

 

7.18

%

 

7.28

%

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

119,365

 

$

119,542

 

$

117,596

 

$

111,263

 

$

107,900

 

Portfolio turnover

 

 

23

%

 

2

%

 

6

%

 

16

%

 

13

%

Net assets applicable to common shareholders,
end of year (000)

 

$

116,152

 

$

121,987

 

$

117,739

 

$

114,019

 

$

108,172

 

Preferred shares value outstanding, end of year (000)

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

Asset coverage per preferred share, end of year

 

$

70,528

 

$

72,812

 

$

71,142

 

$

69,682

 

$

67,387

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

     ANNUAL REPORT

     OCTOBER 31, 2007

51



 

 


 

Financial Highlights

BlackRock New York Investment Quality Municipal Trust (RNY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

$

15.47

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.95

 

 

0.97

 

 

0.96

 

 

0.96

 

 

1.03

 

Net realized and unrealized gain (loss)

 

 

(0.61

)

 

0.37

 

 

(0.26

)

 

 

 

(0.21

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.25

)

 

(0.21

)

 

(0.14

)

 

(0.07

)

 

(0.07

)

Net realized gains

 

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 

 

 

                             

Net increase from investment operations

 

 

0.08

 

 

1.11

 

 

0.56

 

 

0.89

 

 

0.75

 

 

 

                             

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.85

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

Net realized gains

 

 

(0.01

)

 

(0.08

)

 

 

 

 

 

 

 

 

                             

Total dividends and distributions

 

 

(0.86

)

 

(0.96

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

 

 

                             

Net asset value, end of year

 

$

14.40

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

 

 

                             

Market price, end of year

 

$

15.39

 

$

16.65

 

$

14.75

 

$

14.50

 

$

14.18

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

0.10

%

 

7.32

%

 

3.97

%

 

6.48

%

 

5.42

%

 

 

                             

At market value

 

 

(2.46

)%

 

19.95

%

 

8.01

%

 

8.81

%

 

4.69

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.24

%

 

1.25

%

 

1.20

%

 

1.21

%

 

1.24

%

Expenses after fees waived and before fees paid indirectly

 

 

1.29

%

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

Expenses before fees waived and paid indirectly

 

 

1.29

%

 

1.33

%

 

1.24

%

 

1.24

%

 

1.24

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

6.42

%

 

6.48

%

 

6.30

%

 

6.29

%

 

6.68

%

Preferred share dividends from net investment income

 

 

1.72

%

 

1.42

%

 

0.91

%

 

0.46

%

 

0.44

%

Net investment income available to common shareholders

 

 

4.70

%

 

5.06

%

 

5.39

%

 

5.83

%

 

6.24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

19,329

 

$

19,527

 

$

19,993

 

$

20,019

 

$

20,158

 

Portfolio turnover

 

 

37

%

 

24

%

 

10

%

 

23

%

 

36

%

Net assets applicable to common shareholders, end of year (000)

 

$

18,848

 

$

19,839

 

$

19,643

 

$

20,066

 

$

20,053

 

Preferred shares value outstanding, end of year (000)

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

Asset coverage per preferred share, end of year

 

$

73,090

 

$

75,614

 

$

75,111

 

$

76,195

 

$

76,159

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

52

     ANNUAL REPORT

     OCTOBER 31, 2007

 



 

 


 

Financial Highlights

BlackRock New York Municipal Income Trust (BNY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

   

 

 

2007

 

2006

 

2005

 

2004

 

2003

 

Per Common Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of year

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

$

14.47

 

 

 

                             

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

1.11

 

 

1.13

 

 

1.14

 

 

1.14

 

 

1.14

 

Net realized and unrealized gain (loss)

 

 

(0.70

)

 

0.47

 

 

0.09

 

 

0.36

 

 

0.13

 

Dividends to preferred shareholders from net investment income

 

 

(0.28

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

(0.09

)

 

 

                             

Net increase from investment operations

 

 

0.13

 

 

1.34

 

 

1.06

 

 

1.42

 

 

1.18

 

 

 

                             

Dividends to common shareholders from net investment income

 

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.89

)

 

 

                             

Net asset value, end of year

 

$

15.11

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

 

 

                             

Market price, end of year

 

$

15.55

 

$

17.35

 

$

15.19

 

$

13.99

 

$

13.45

 

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investment Returns1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value

 

 

0.64

%

 

8.91

%

 

7.38

%

 

10.46

%

 

8.84

%

 

 

                             

At market value

 

 

(5.20

)%

 

20.95

%

 

15.38

%

 

10.99

%

 

6.95

%

 

 

                             

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to Average Net Assets of Common Shareholders2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.92

%

 

0.87

%

 

0.86

%

 

0.87

%

 

0.88

%

Expenses after fees waived and before fees paid indirectly

 

 

0.92

%

 

0.88

%

 

0.87

%

 

0.87

%

 

0.89

%

Expenses before fees waived and paid indirectly

 

 

1.22

%

 

1.25

%

 

1.26

%

 

1.27

%

 

1.29

%

Net investment income after fees waived and paid indirectly and before preferred share dividends from net investment income

 

 

7.23

%

 

7.30

%

 

7.35

%

 

7.62

%

 

7.73

%

Preferred share dividends from net investment income

 

 

1.84

%

 

1.69

%

 

1.08

%

 

0.56

%

 

0.62

%

Net investment income available to common shareholders

 

 

5.39

%

 

5.61

%

 

6.27

%

 

7.06

%

 

7.11

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

195,754

 

$

195,439

 

$

194,038

 

$

188,476

 

$

183,648

 

Portfolio turnover

 

 

23

%

 

27

%

 

24

%

 

13

%

 

14

%

Net assets applicable to common shareholders,
end of year (000)

 

$

190,962

 

$

199,717

 

$

193,457

 

$

191,274

 

$

184,874

 

Preferred shares value outstanding, end of year (000)

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

Asset coverage per preferred share, end of year

 

$

68,509

 

$

70,502

 

$

69,073

 

$

68,575

 

$

67,115

 


 

 

1

Total investment returns at market price, which can be significantly greater or lesser then at net asset value, and may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results.

2

Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders.

The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares.

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

     ANNUAL REPORT

     OCTOBER 31, 2007

53



 


 

Notes to Financial Statements

Note 1. Organization & 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 as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). 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 as non-diversified, closed-end management investment companies under the 1940 Act.

Long-Term Municipal was organized on November 7, 2005 and had no capital transactions until January 4, 2006 when the Trust sold 9,704 common shares for $139,010 to BlackRock Funding, Inc. Investment operations for Long-Term Municipal commenced on February 28, 2006. Long-Term Municipal incurred organization costs which were deferred from the organization date until the commencement of operations.

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

Investments Valuation: 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 or Board of Directors, as appropriate (“Trustees” or a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments as appropriate, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. Swap quotations are provided by dealers selected under supervision of the Board. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value per share. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to the Board.

When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’slength transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

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. At this time, management is evaluating the implications of FAS 157 and its impact on the Trusts’ financial statements, if any, has not been determined.

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 as 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. At this time, management is evaluating the implications of FAS 159 and its impact on the Trust’s financial statements, if any, had not been determined.

Forward Commitments, When-Issued and Delayed Delivery Securities: The Portfolios 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 Portfolios 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 Portfolios may be required to pay more at settlement than the security is 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 forward commitment basis, the Portfolios will hold liquid assets worth at least the equivalent of the amount due.

Investment Transactions and Investment Income: Investment transactions are recorded on trade date. The cost of investments sold and the related gain or loss is determined by use of the specific identification method, generally first-in, first-out, for both financial reporting and federal income tax purposes. Dividend income is recorded on the ex-dividend dates. Each Trust

 

 

 

 

 

 

 

 

54

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Notes to Financial Statements (continued)

also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method.

Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records 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.

Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly.

Forward Starting Swaps: Forward starting swaps are an agreement for an interest rate swap asset or liability to be created or sold in the future. Interest rate swaps are an agreement in which one party pays a floating rate of interest on a notional principal amount and receives a fixed rate of interest on the same notional principal amount for a specified period of time. Alternatively, a party may pay a fixed rate and receive a floating rate. The Trusts close each forward starting swap before the accrual date specified in the agreement and therefore never enter into the interest rate swap underlying each forward starting swap.

During the term of the swap, changes in the value of the swap are recognized as unrealized gains or losses by “marking-to-market” daily based upon quotations from market makers to reflect the market value of the swap. When the swap is terminated, a Trust 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.

Entering into these agreements involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counter-party to the agreement may default on its obligation to perform and that there may be unfavorable changes in the fluctuation of interest and/or exchange rates. However, the investment advisor of the Trusts monitor swaps and do not anticipate non-performance by any counterparty.

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

Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax provisions have been recorded.

In July 2006, the Financial Accounting Standards Board issued Interpretation No. 48 (“FIN 48”) “Accounting for Uncertainty in Income Taxes — and interpretation of FAS Statement No. 109.” 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 mutual funds, before being measured and recognized in the financial statements. Adoption of FIN 48 is required for the last net asset value calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006. The impact on each of the Trust’s financial statements, if any, is currently being assessed.

Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed in accordance with the 1940 Act. Dividends and distributions are recorded on the ex-dividend date. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 6.

Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates and such differences may be material.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Independent Trustees. These amounts are shown on the Statement of Assets and Liabilities as “Investments in Affiliates.” This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts in such Trusts.

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

55



 


 

Notes to Financial Statements (continued)

Each Trust may, however, elect to invest in common shares of those Trusts selected by the Independent Trustees in order to match its deferred compensation obligations.

Other: Expenses that are directly related to one of the Trusts are charged directly to that Trust. Other operating expenses are generally pro-rated to the Trusts on the basis of relative net assets of all the BlackRock Closed-End Funds.

Note 2. Municipal Bonds Held in Trust

Long-Term Municipal invests in highly leveraged residual certificates (“TOB Residuals”) issued by tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which Long-Term Municipal, or an agent on behalf of Long-Term Municipal, transfers municipal 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, which are generally issued to Long-Term Municipal. The transfer of the municipal securities to a TOB does not qualify for sale treatment under Statement of Financial Accounting Standards No. 140, “Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities,” 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 for trust certificates of Long-Term Municipal. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by Long-Term Municipal on an accrual basis. Interest expense incurred on the secured borrowing and other expenses relating 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. The residual interests held by Long-Term Municipal include the right of Long-Term Municipal (1) to cause the holders of a proportional share of floating rate certificates to tender their certificates at par, and (2) to transfer a corresponding share of the municipal securities from the TOB to Long-Term Municipal. The proceeds received from the transaction are used by Long-Term Municipal to purchase additional municipal bonds or other investments permitted by Long-Term Municipal’s investment policies. At October 31, 2007, the aggregate value of the underlying municipal securities transferred to TOBs was $177,087,696, the related liability for the trust certificates was $177,527,503, and the range of interest rates was 4.07% to 3.39%.

Financial transactions executed through TOBs generally will under perform 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 TOB Residuals likely will adversely affect Long-Term Municipal’s net investment income and dividends 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. Long-Term Municipal invests in highly leveraged TOB Residuals and consequently may lose money in excess of the amount of its investment. Long-Term Municipal invests in residual certificates for the purpose of using economic leverage as a more flexible alternative to the issuance of preferred shares.

Note 3. Agreements and Other Transactions with Affiliates and Related Parties

Each Trust has an Investment Management Agreement with BlackRock Advisors, LLC (the “Advisor”), a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc. (“BFM”), a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to each Trust. Merrill Lynch & Co., Inc. and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc. The investment management agreement for each Income Trust and Long-Term Municipal covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor.

The Trust’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate, 0.35% for the Investment Quality Trusts and 0.60% for the Income Trusts, of the Trust’s average weekly managed assets. “Managed assets” means the total assets of a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). The Advisor has voluntarily agreed to waive a portion of the investment advisory fee or other expenses on the Income Trusts as a percentage of managed assets 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’s investment advisory fee paid to the Advisor is computed weekly and payable monthly based on an annual rate equal to 1.00% of the average weekly net assets. ‘‘Net Assets’’ means the total assets of the Trust minus the sum of accrued liabilities. The Advisor has voluntarily agreed to waive a portion of the investment advisory or other expenses of Long-Term Municipal in the amount of 0.40% of the average weekly value of the Long-Term Municipal’s Net Assets 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.

The administration fee paid to the Advisor is computed weekly and payable monthly based on an annual rate of 0.15% for the Municipal Investment Quality Trust and 0.10% for the California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality of the Trusts’ average weekly managed assets.

The Advisor has agreed to reimburse its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investments in affiliated money market funds, which is shown on the Statements of Operations as “fees reimbursed by Advisor.”

The Advisor pays BFM fees for its sub-advisory services.

Pursuant to the agreements, the Advisor provides continuous supervision of the investment portfolio and pays the compensation of officers of each Trust who are affiliated persons of the Advisor, as well as occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which include reimbursements to the Advisor for costs of employees that provide pricing and secondary market support to each Trust.

 

 

 

 

 

 

 

 

56

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Notes to Financial Statements (continued)

These expenses are generally pro-rated to the Trusts on the basis of relative net assets of all the BlackRock Closed-End Funds. For the year ended October 31, 2007, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statement of Operations:

 

 

 

 

 

         

Trust

 

Amount

 

       

Investment Quality Municipal

 

$

11,377

 

Municipal Income

 

 

25,403

 

Long-Term Municipal

 

 

4,520

 

California Investment Quality

 

 

653

 

California Income

 

 

9,666

 

Florida Investment Quality

 

 

762

 

Florida Income

 

 

4,435

 

New Jersey Investment Quality

 

 

660

 

New Jersey Income

 

 

4,936

 

New York Investment Quality

 

 

892

 

New York Income

 

 

8,321

 

         

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”.

Investments in companies considered to be an affiliate of the Trusts, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

 

 

 

 

 

 

 

 

 

                 

Trust

 

Portfolio Company

 

Net
Purchases
(000)

 

Dividend
Income

 

               

Investment Quality

 

 

 

 

 

 

 

 

Municipal

 

Merrill Lynch Institutional Tax-Exempt Fund

 

5,500

 

$

111,947

 

Municipal Income

 

Merrill Lynch Institutional Tax-Exempt Fund

 

2,600

 

 

134,765

 

Long-Term Municipal

 

Merrill Lynch Institutional Tax-Exempt Fund

 

2,600

 

 

79,642

 

California

 

 

 

 

 

 

 

 

Investment Quality

 

CMA California Mun. Money Fund

 

418

 

 

17,741

 

California Income

 

CMA California Mun. Money Fund

 

6,944

 

 

146,193

 

Florida Investment

 

 

 

 

 

 

 

 

Quality

 

CMA Florida Mun. Money Fund

 

211

 

 

10,580

 

Florida Income

 

CMA Florida Mun. Money Fund

 

1,763

 

 

63,692

 

New Jersey

 

 

 

 

 

 

 

 

Investment Quality

 

CMA New Jersey Mun. Money Fund

 

4

 

 

4,441

 

New Jersey Income

 

CMA New Jersey Mun. Money Fund

 

223

 

 

23,253

 

New York

 

 

 

 

 

 

 

 

Investment Quality

 

CMA New York Mun. Money Fund

 

107

 

 

7,516

 

New York Income

 

CMA New York Mun. Money Fund

 

47

 

 

47,163

 

                 

During the year ended October 31, 2007, Merrill Lynch & Co., Inc., through their affiliated broker dealer, Merrill Lynch, Pierce, Fenner & Smith, Inc., earned commissions on transactions of securities as follows:

 

 

 

 

 

         

Trust

 

Commission
Amount

 

       

Long-Term Municipal

 

$

1,320

 

California Investment Quality

 

 

66

 

         

Certain officers and/or directors of the Trusts are officers and/or directors of BlackRock, Inc., or its affiliates.

Note 4. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the year ended October 31, 2007, were as follows:

 

 

 

 

 

 

 

 

               

Trust

 

Purchases

 

Sales

 

           

Investment Quality Municipal

 

$

77,168,375

 

$

65,835,018

 

Municipal Income

 

 

191,700,172

 

 

167,846,528

 

Long-Term Municipal

 

 

142,851,650

 

 

148,116,196

 

California Investment Quality

 

 

11,104,253

 

 

7,823,079

 

California Income

 

 

92,386,284

 

 

96,318,080

 

Florida Investment Quality

 

 

13,548,302

 

 

9,411,023

 

Florida Income

 

 

43,263,431

 

 

38,130,102

 

New Jersey Investment Quality

 

 

9,961,956

 

 

6,369,742

 

New Jersey Income

 

 

42,569,982

 

 

43,047,179

 

New York Investment Quality

 

 

10,444,017

 

 

10,461,845

 

New York Income

 

 

71,420,649

 

 

70,232,607

 

               

Details of open forward starting swap agreements at October 31, 2007 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                   

Trust

 

Notional
Amount

 

Fixed
Rate(a)

 

Counter
Party

 

Effective
Date

 

Termination
Date

 

Unrealized
Appreciation
(Depreciation)

 

                                   

Investment Quality

 

$

31,250,000

 

 

3.977

%

 

JP Morgan

 

01/04/08

 

01/04/23

 

$

(343,531

)

Municipal

 

 

8,500,000

 

 

3.861

 

 

JP Morgan

 

01/31/08

 

01/31/23

 

 

13,591

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(329,940

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Municipal

 

$

26,800,000

 

 

3.977

%

 

JP Morgan

 

01/04/08

 

01/04/23

 

$

(294,613

)

Income

 

 

17,160,000

 

 

3.971

 

 

CitiBank

 

12/21/07

 

12/21/27

 

 

498

 

 

 

 

32,800,000

 

 

3.861

 

 

JP Morgan

 

01/31/08

 

01/31/23

 

 

52,447

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(241,668

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Long-Term

 

$

10,100,000

 

 

3.976

%

 

JP Morgan

 

01/04/08

 

01/04/23

 

$

(111,029

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Municipal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 

$

1,750,000

 

 

3.984

%

 

JP Morgan

 

11/30/07

 

11/30/22

 

$

(21,886

)

Investment

 

$

2,000,000

 

 

3.855

%

 

Lehman

 

12/21/07

 

12/21/22

 

 

2,628

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Quality

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(19,258

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

New Jersey

 

$

1,100,000

 

 

4.065

%

 

CitiBank

 

12/20/07

 

12/20/37

 

$

(729

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

$

6,000,000

 

 

4.026

%

 

CitiBank

 

12/21/07

 

12/21/32

 

$

(2,826

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

(a)

Trust pays fixed interest rate and receives 1-week BMA Municipal Swap Index floating interest rate beginning on the effective date.

BMA - Bond Market Association.

Note 5. Income Tax Information

No provision is made for U.S. federal taxes as it is the portfolios intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and to make the requisite distributions to its shareholders which will be sufficient to relieve it from federal income and excise taxes.

Reclassification of Capital Accounts: U.S. generally accepted accounting principles require that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. Accordingly, the table below summarizes the amounts reclassified per Trust during the current year between undistributed (distributions in excess of) net investment income and accumulated net realized gain (loss) as a result of permanent differences attributable to amortization methods on fixed income

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

57



 


 

Notes to Financial Statements (continued)

securities. These reclassifications have no effect on net assets or net asset values per share.

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Undistributed
Net Investment
Income/Distributions
in Excess of Net
Investment Income

 

Accumulated
Gain/(Loss)

 

 

Investment Quality Municipal

 

 

$

(24,585

)

 

 

$

24,585

 

 

Municipal Income

 

 

 

(9

)

 

 

 

9

 

 

Long-Term Municipal

 

 

 

1,108

 

 

 

 

(1,108

)

 

California Investment Quality

 

 

 

(2,707

)

 

 

 

2,707

 

 

California Income

 

 

 

(21

)

 

 

 

21

 

 

Florida Income

 

 

 

(34

)

 

 

 

34

 

 

New Jersey Investment Quality

 

 

 

(132

)

 

 

 

132

 

 

New Jersey Income

 

 

 

(15

)

 

 

 

15

 

 

New York Investment Quality

 

 

 

(7,444

)

 

 

 

7,444

 

 

New York Income

 

 

 

(841

)

 

 

 

841

 

 

The tax character of distributions paid during the years ended October 31, 2007 and October 31, 2006 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2007

 

 

Distributions
Paid From:

 

Tax-exempt
Income

 

Ordinary
Income

 

Long-term
Capital
Gains

 

Total
Distributions

 

 

Investment Municipal Quality

 

$

22,514,181

 

$

 

$

 

$

22,514,181

 

Municipal Income

 

 

56,847,893

 

 

75,424

 

 

 

 

56,923,317

 

Long-Term Municipal

 

 

9,535,364

 

 

 

 

 

 

9,535,364

 

California Investment Quality

 

 

843,196

 

 

 

 

68,629

 

 

911,825

 

California Income

 

 

18,339,053

 

 

 

 

 

 

18,339,053

 

Florida Investment Quality

 

 

967,562

 

 

 

 

96,447

 

 

1,064,009

 

Florida Income

 

 

8,128,970

 

 

 

 

 

 

8,128,970

 

New Jersey Investment Quality

 

 

1,067,344

 

 

 

 

55,732

 

 

1,123,076

 

New Jersey Income

 

 

9,372,085

 

 

 

 

 

 

9,372,085

 

New York Investment Quality

 

 

1,446,723

 

 

 

 

26,367

 

 

1,473,090

 

New York Income

 

 

14,996,361

 

 

 

 

 

 

14,996,361

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended October 31, 2006

 

 

Distributions
Paid From:

 

Tax-exempt
Income

 

Ordinary
Income

 

Long-term
Capital
Gains

 

Total
Distributions

 

 

Investment Municipal Quality

 

$

22,393,077

 

$

 

$

 

$

22,393,077

 

Municipal Income

 

 

55,387,719

 

 

 

 

 

 

55,387,719

 

Long-Term Municipal

 

 

6,393,277

 

 

 

 

 

 

6,393,277

 

California Investment Quality

 

 

1,069,125

 

 

 

 

 

 

1,069,125

 

California Income

 

 

17,652,513

 

 

 

 

 

 

17,652,513

 

Florida Investment Quality

 

 

1,193,991

 

 

2,626

 

 

339,437

 

 

1,536,054

 

Florida Income

 

 

7,830,368

 

 

 

 

 

 

7,830,368

 

New Jersey Investment Quality

 

 

1,051,755

 

 

 

 

152,406

 

 

1,204,161

 

New Jersey Income

 

 

9,057,294

 

 

 

 

 

 

9,057,294

 

New York Investment Quality

 

 

1,423,375

 

 

 

 

129,549

 

 

1,552,924

 

New York Income

 

 

14,642,419

 

 

 

 

 

 

14,642,419

 

As of October 31, 2007, the components of distributable earnings on a tax basis were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Undistributed
Tax-exempt
Income

 

Undistributed
Ordinary
Income

 

Undistributed
Long-term
Gain/(Loss)

 

Unrealized
Gain/(Loss)
Net

 

 

Investment Municipal Quality

 

$

2,966,144

 

$

 

$

(779,990

)

$

11,805,105

 

Municipal Income

 

 

5,342,158

 

 

 

 

(32,878,847

)

 

42,784,268

 

Long-Term Municipal

 

 

 

 

 

 

(652,595

)

 

(6,519,481

)

California Investment Quality

 

 

12,064

 

 

 

 

(5,173

)

 

546,481

 

California Income

 

 

2,865,807

 

 

 

 

(6,301,496

)

 

15,040,257

 

Florida Investment Quality

 

 

16,357

 

 

 

 

(137,267

)

 

242,511

 

Florida Income

 

 

1,250,295

 

 

 

 

(1,222,992

)

 

5,745,016

 

New Jersey Investment Quality

 

 

185,383

 

 

 

 

(55,066

)

 

444,705

 

New Jersey Income

 

 

1,764,166

 

 

 

 

(1,225,312

)

 

9,007,803

 

New York Investment Quality

 

 

161,923

 

 

14,189

 

 

167,624

 

 

813,667

 

New York Income

 

 

3,714,675

 

 

 

 

(729,073

)

 

8,530,692

 

The difference between book-basis and tax-basis unrealized gains/losses is attributable primarily to amortization methods of premiums and discounts on fixed income securities, the tax deferral of losses on wash sales, the timing of recognition of income from partnership investments, the difference between the book and tax treatment of residual interests in tender option bonds and other temporary differences.

For federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2007, the Trust’s last tax year-end except for New York Income which had its last tax year-end at July 31, 2007. These amounts may be used to offset future realized capital gains, if any:

 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward
Amount

 

Expires

 

 

Investment Quality Municipal

 

$

779,990

 

 

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

 

$

197,144

 

 

2012

 

 

 

   

 

 

 

 

Note 6. Capital

There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and Long-Term Municipal. Each Trust may classify or reclassify any unissued common shares into one or more series of Auction Market Preferred Shares (“preferred shares”). At October 31, 2007, the shares owned by an affiliate of the Advisor of Long-Term Municipal were 9,704.

 

 

 

 

 

 

 

 

58

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Notes to Financial Statements (continued)

During the years ended October 31, 2007 and 2006, the following Trusts issued additional shares under their respective dividend reinvestment plan:

 

 

 

 

 

 

 

 

 

Trust

 

October 31, 2007

 

October 31, 2006

 

 

Investment Quality Municipal

 

 

83,554

 

 

 

Municipal Income

 

 

197,269

 

 

183,235

 

Long-Term Municipal

 

 

36,210

 

 

34,238

 

California Income

 

 

61,958

 

 

45,581

 

Florida Income

 

 

16,959

 

 

14,192

 

New Jersey Investment Quality

 

 

1,972

 

 

 

New Jersey Income

 

 

39,482

 

 

42,417

 

New York Investment Quality

 

 

1,724

 

 

 

New York Income

 

 

56,191

 

 

52,616

 

 

Long-Term Municipal, which commenced operation on February 28, 2006, issued 13,049,704 common shares under the initial public offering. An additional 225,000 shares were issued by the underwriters’ exercising their over-allotment option. Offering costs incurred in connection with the offering of common shares have been charged against the proceeds from the initial common share offering in the amount of $381,825.

As of October 31, 2007, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Shares

 

 

Investment Quality Municipal

 

 

T7

 

 

3,262

 

 

 

 

T28

 

 

2,600

 

Municipal Income

 

 

M7

 

 

3,001

 

 

 

 

T7

 

 

3,001

 

 

 

 

W7

 

 

3,001

 

 

 

 

R7

 

 

3,001

 

 

 

 

F7

 

 

3,001

 

California Investment Quality

 

 

W7

 

 

300

 

California Income

 

 

T7

 

 

2,639

 

 

 

 

R7

 

 

2,639

 

Florida Investment Quality

 

 

R7

 

 

340

 

Florida Income

 

 

T7

 

 

2,302

 

New Jersey Investment Quality

 

 

T7

 

 

300

 

New Jersey Income

 

 

R7

 

 

2,552

 

New York Investment Quality

 

 

F7

 

 

392

 

New York Income

 

 

W7

 

 

2,195

 

 

 

 

F7

 

 

2,195

 

 

Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges and average on the preferred shares for each of the Trusts for the year ended October 31, 2007 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Low

 

High

 

Average

 

 

Investment Quality Municipal

 

 

T7

 

 

3.13

%

 

4.00

%

 

3.59

%

 

 

 

T28

 

 

3.35

 

 

4.30

 

 

3.71

 

Municipal Income

 

 

M7

 

 

3.10

 

 

4.05

 

 

3.63

 

 

 

 

T7

 

 

3.10

 

 

4.25

 

 

3.63

 

 

 

 

W7

 

 

3.16

 

 

4.02

 

 

3.60

 

 

 

 

R7

 

 

3.00

 

 

4.05

 

 

3.60

 

 

 

 

F7

 

 

3.10

 

 

4.00

 

 

3.58

 

California Investment Quality

 

 

W7

 

 

2.90

 

 

5.10

 

 

3.42

 

California Income

 

 

T7

 

 

2.50

 

 

4.00

 

 

3.53

 

 

 

 

R7

 

 

2.90

 

 

4.00

 

 

3.43

 

Florida Investment Quality

 

 

R7

 

 

3.50

 

 

5.40

 

 

3.95

 

Florida Income

 

 

T7

 

 

3.30

 

 

4.10

 

 

3.64

 

New Jersey Investment Quality

 

 

T7

 

 

2.00

 

 

5.11

 

 

3.39

 

New Jersey Income

 

 

R7

 

 

2.50

 

 

4.10

 

 

3.49

 

New York Investment Quality

 

 

F7

 

 

2.00

 

 

4.10

 

 

3.48

 

New York Income

 

 

W7

 

 

2.85

 

 

4.00

 

 

3.29

 

 

 

 

F7

 

 

2.89

 

 

4.00

 

 

3.27

 

 

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 would be 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 Declaration of Trust/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 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 subclassification as a closed-end investment company or change its fundamental investment restrictions and (c) change its business so as to cease to be an investment company.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

59



 


 

Notes to Financial Statements (concluded)

Note 7. Concentration Risk

The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states agencies, other governmental entities and U.S. Territories, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principal and interest payments and therefore could impact the value of the Trusts’ investments and net asset value per share, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Portfolios of Investments.

Note 8. Subsequent Events

Subsequent to October 31, 2007, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2007, to shareholders of record on November 15, 2007. The per share common dividends declared were as follows:

 

 

 

 

 

 

Trust

 

Common
Dividend
Per Share

 

 

Investment Quality Municipal

 

$

0.082500

 

Municipal Income

 

 

0.080000

 

Long-Term Municipal

 

 

0.055000

 

California Investment Quality

 

 

0.048000

 

California Income

 

 

0.076074

 

Florida Investment Quality

 

 

0.048000

 

Florida Income

 

 

0.075375

 

New Jersey Investment Quality

 

 

0.068000

 

New Jersey Income

 

 

0.079625

 

New York Investment Quality

 

 

0.070000

 

New York Income

 

 

0.075339

 

The dividends declared on preferred shares for the period November 1, 2007 to November 30, 2007 for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Dividends
Declared

 

 

Investment Quality Municipal

 

 

T7

 

$

240,866

 

 

 

 

T28

 

 

236,860

 

Municipal Income

 

 

M7

 

 

207,129

 

 

 

 

T7

 

 

205,448

 

 

 

 

W7

 

 

222,854

 

 

 

 

R7

 

 

263,308

 

 

 

 

F7

 

 

243,081

 

California Investment Quality

 

 

W7

 

 

18,072

 

California Income

 

 

T7

 

 

191,064

 

 

 

 

R7

 

 

216,979

 

Florida Investment Quality

 

 

R7

 

 

33,092

 

Florida Income

 

 

T7

 

 

168,552

 

New Jersey Investment Quality

 

 

T7

 

 

19,332

 

New Jersey Income

 

 

R7

 

 

207,273

 

New York Investment Quality

 

 

F7

 

 

30,623

 

New York Income

 

 

W7

 

 

119,101

 

 

 

 

F7

 

 

165,876

 

 

 

 

 

 

 

 

 

 

60

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Report of Independent Registered Public Accounting Firm


 

To the Trustees and Shareholders of:

BlackRock Investment Quality Municipal Trust, Inc.

BlackRock Municipal Income Trust

BlackRock Long-Term Municipal Advantage Trust

BlackRock California Investment Quality Municipal Trust, Inc.

BlackRock California Municipal Income Trust

BlackRock Florida Investment Quality Municipal Trust, Inc.

BlackRock Florida Municipal Income Trust

BlackRock New Jersey Investment Quality Municipal Trust, Inc.

BlackRock New Jersey Municipal Income Trust

BlackRock New York Investment Quality Municipal Trust, Inc.

BlackRock New York Municipal Income Trust

(Collectively the “Trusts”)

We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2007, the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented and the statement of cash flows for BlackRock Long-Term Municipal Advantage Trust for the year ended October 31, 2007. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trusts are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Trusts as of October 31, 2007, the results of their operations and the cash flows for BlackRock Long-Term Municipal Advantage Trust for the year then ended, and the changes in their net assets and financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

-s- Deloitte & Touche LLP

Deloitte & Touche LLP

Boston, Massachusetts
December 24, 2007

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

61



 


 

The Benefits and Risks of Leveraging (unaudited)

The Trusts utilize leveraging to seek to enhance the yield and net asset value of its Common Stock. However, these objectives cannot be achieved in all interest rate environments. To leverage, the Trusts may issue Preferred Stock, which pays dividends at prevailing short-term interest rates, and invests the proceeds in long-term municipal bonds. The interest earned on these investments, net of dividends to Preferred Stock, is paid to Common Stock shareholders in the form of dividends, and the value of these Trusts holdings is reflected in the per share net asset value of the Trust’s Common Stock. However, in order to benefit Common Stock 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 Stock shareholders. If either of these conditions change, then the risks of leveraging will begin to outweigh the benefits.

To illustrate these concepts, assume a Trust’s Common Stock capitalization of $100 million and the issuance of Preferred Stock 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%, the yield curve has a strongly positive slope. The Trust pays dividends on the $50 million of Preferred Stock based on the lower short-term interest rates. At the same time, the Trust’s total portfolio of $150 million earns the income based on long-term interest rates. Of course, increases in short- term interest rates would reduce (and even eliminate) the dividends on the Common Stock.

In this case, the dividends paid to Preferred Stock shareholders are significantly lower than the income earned on the trust’s long-term investments and, therefore, the Common Stock 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 Stock will be reduced or eliminated completely. At the same time, the market value of the trust’s Common Stock (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 Stock’s net asset value will reflect the full decline in the price of the portfolio’s investments, since the value of the Trust’s Preferred Stock does not fluctuate. In addition to the decline in net asset value, the market value of the trust’s Common Stock may also decline.

As of October 31, 2007 the Trusts had the following leverage amounts, due to Auction Market Preferred Shares (“AMPS”), to total net assets before the deduction of AMPS of:

 

 

   

Trust

Leverage %

   

Investment Quality Municipal

37%

Municipal Income

37%

California Investment Quality

35%

California Income

37%

Florida Investment Quality

36%

Florida Income

36%

New Jersey Investment Quality

35%

New Jersey Income

35%

New York Income

34%

New York Investment Quality

37%

   

As a part of its investment strategy, the Trusts may invest in certain securities whose potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floaters may be characterized as derivative securities and may subject the Trusts to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market value of such securities will generally be more volatile than that of fixed rate, tax-exempt securities. To the extent a Trust invests in inverse floaters, the market value of the Trust’s portfolio and net asset value of the Trust’s shares may also be more volatile than if the Trust did not invest in these securities.

 

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 Fund has entered into a swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligation to pay the other party to the agreement.

 

 

 

 

 

 

 

 

62

ANNUAL REPORT

OCTOBER 31, 2007

 



 


 

Dividend Reinvestment Plans (unaudited)

Pursuant to each Trust’s Dividend Reinvestment Plan (the “Plan”), common shareholders are automatically enrolled to have all distributions of dividends and capital gains reinvested by Computershare Trust Company, N.A. (the “Plan Agent”) in the respective Trust’s shares pursuant to the Plan. Shareholders who elect not to participate in the Plan will receive all distributions in cash paid by check and mailed directly to the shareholders of record (or if the shares are held in street or other nominee name, then to the nominee) by the Plan Agent, which serves as agent for the shareholders in administering the Plan.

At present after an Investment Quality Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participant’s account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). The Investment Quality Trusts do not presently issue any new shares under the Plan, which serves as agent for the shareholders in administering the Plan.

After the Income Trusts and Long-Term Municipal declare a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases.

At a meeting of the Boards of Trustees of the Investment Quality Trusts on November 21, 2006, the Boards approved an amendment to the Dividend Reinvestment Plans of each Investment Quality Trust. Although the Plans presently permit shares to be purchases only the open market, as a result of the amendment, the Plans will permit purchases of newly issued shares on terms similar to the Income Trusts described in the preceding paragraph. The amendments took effect on April 1, 2007.

Participants in the Plan may withdraw from the Plan upon written notice to the Plan Agent and will receive certificates for whole Trust shares and a cash payment for any fraction of a Trust share.

The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions.

Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan, however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants who request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or (800) 699-1BFM.

 

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 Web sites.

BlackRock does not sell or disclose to nonaffiliated third parties any non-public personal information about its Clients, except as permitted by law or as is 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.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

63



 


 

Additional Information (unaudited)

60 Day Notice

All of the net investment income distributions paid by the BlackRock Closed-End Funds (Investment Quality Municipal Trust — BKN, Municipal Income Trust — BFK, Long-Term Advantage Trust — BTA, California Investment Quality Municipal Trust — RAA, California Municipal Income Trust — BFZ, Florida Investment Quality Municipal Trust — RFA, Florida Municipal Income Trust — BBF, New Jersey Investment Quality Municipal Trust — RNJ, New Jersey Municipal Income Trust — BNJ, and New York Investment Quality Municipal Trust — RNY) during the taxable year ended October 31, 2007 qualify as tax-exempt interest dividends for federal income tax purposes.

Additionally, the following summarizes the taxable per share distributions paid by the Fund during the year:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable
Date

 

Ordinary
Income

 

Long-Term
Capital Gains

 

 

 

Municipal Income Trust — BFK

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/29/2006

 

$

0.001309

 

 

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

Series M7

 

 

12/19/2006

 

$

1.24

 

 

 

Series T7

 

 

12/20/2006

 

$

1.20

 

 

 

Series W7

 

 

12/14/2006

 

$

1.19

 

 

 

Series R7

 

 

12/15/2006

 

$

1.19

 

 

 

Series F7

 

 

12/18/2006

 

$

1.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California Investment Quality Municipal Trust — RAA

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/29/2006

 

 

 

$

0.051512

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

Series W7

 

 

11/30/2006

 

 

 

$

13.97

 

Series W7

 

 

12/07/2006

 

 

 

$

15.82

 

Series W7

 

 

12/14/2006

 

 

 

$

24.45

 

Series W7

 

 

12/21/2006

 

 

 

$

16.06

 

Series W7

 

 

12/28/2006

 

 

 

$

1.60

 

 

 

 

 

 

 

 

 

 

 

 

Florida Investment Quality Municipal Trust — RFA

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/29/2006

 

 

 

$

0.047441

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

Series R7

 

 

12/01/2006

 

 

 

$

23.01

 

Series R7

 

 

12/08/2006

 

 

 

$

23.01

 

Series R7

 

 

12/15/2006

 

 

 

$

23.01

 

Series R7

 

 

12/22/2006

 

 

 

$

24.93

 

Series R7

 

 

12/29/2006

 

 

 

$

25.89

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey Investment Quality Municipal Trust — RNJ

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/29/2006

 

 

 

$

0.037843

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

Series T7

 

 

12/06/2006

 

 

 

$

24.50

 

Series T7

 

 

12/13/2006

 

 

 

$

14.38

 

Series T7

 

 

12/20/2006

 

 

 

$

20.14

 

Series T7

 

 

12/27/2006

 

 

 

$

16.54

 

 

 

 

 

 

 

 

 

 

 

 

New York Investment Quality Municipal Trust — RNY

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

12/29/2006

 

 

 

$

0.13673

 

Preferred Shareholders

 

 

 

 

 

 

 

 

 

 

Series R7

 

 

12/04/2006

 

 

 

$

16.30

 

Series R7

 

 

12/11/2006

 

 

 

$

5.37

 

The Joint Annual Meeting of Shareholders was held on August 16, 2007 for shareholders of record on June 20, 2007, to elect director or trustee nominees of each Trust. This proposal was part of the reorganization of the Trust’s Boards of Trustees (the “Boards”) to take effect on or about November 1, 2007. The Board is organized into three classes one class of which is elected annually. Each Trustee serves a three-year term concurrent with the class into which he or she is elected.

Approved the Class I Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

G. Nicholas Beckwith, III

 

Kent Dixon

 

R. Glenn Hubbard

 

 

 

 

 

 

 

   

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

 

Investment Quality Municipal

 

 

14,330,954

 

 

110,121

 

 

14,335,004

 

 

106,071

 

 

14,330,737

 

 

110,338

 

Municipal Income

 

 

41,486,450

 

 

431,045

 

 

41,488,590

 

 

428,905

 

 

41,477,739

 

 

439,756

 

Long-Term Municipal

 

 

11,772,697

 

 

618,809

 

 

11,773,022

 

 

618,484

 

 

11,772,697

 

 

618,809

 

California Investment Quality

 

 

910,803

 

 

20,371

 

 

910,803

 

 

20,371

 

 

911,229

 

 

19,945

 

California Income

 

 

13,251,599

 

 

106,933

 

 

13,249,099

 

 

109,433

 

 

13,251,599

 

 

106,933

 

Florida Investment Quality

 

 

977,356

 

 

55,236

 

 

973,856

 

 

58,736

 

 

977,356

 

 

55,236

 

Florida Income

 

 

6,322,811

 

 

7,050

 

 

6,320,011

 

 

9,850

 

 

6,321,411

 

 

8,450

 

New Jersey Investment Quality

 

 

924,350

 

 

23,781

 

 

924,350

 

 

23,781

 

 

924,350

 

 

23,781

 

New Jersey Income

 

 

6,950,946

 

 

84,083

 

 

6,950,946

 

 

84,083

 

 

6,950,946

 

 

84,083

 

New York Investment Quality

 

 

1,204,527

 

 

2,000

 

 

1,204,127

 

 

2,400

 

 

1,204,527

 

 

2,000

 

New York Income

 

 

11,531,240

 

 

121,172

 

 

11,531,425

 

 

120,987

 

 

11,531,092

 

 

121,320

 

 

 

 

 

 

 

 

 

 

64

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Additional Information (unaudited) (continued)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

W. Carl Kester

 

Robert S. Salomon, Jr.

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

                   

Investment Quality Municipal

 

 

4,843

1

 

4

1

 

14,330,854

 

 

110,221

 

Municipal Income

 

 

13,553

1

 

65

1

 

41,483,220

 

 

434,275

 

Long-Term Municipal

 

 

11,773,022

 

 

618,484

 

 

11,772,697

 

 

618,809

 

California Investment Quality

 

 

195

1

 

1

 

911,229

 

 

19,945

 

California Income

 

 

4,260

1

 

1

 

13,244,929

 

 

113,603

 

Florida Investment Quality

 

 

322

1

 

5

1

 

973,856

 

 

58,736

 

Florida Income

 

 

2,301

1

 

1

 

6,320,011

 

 

9,850

 

New Jersey Investment Quality

 

 

250

1

 

1

 

924,350

 

 

23,781

 

New Jersey Income

 

 

2,433

1

 

1

 

6,950,146

 

 

84,883

 

New York Investment Quality

 

 

386

1

 

1

 

1,204,527

 

 

2,000

 

New York Income

 

 

1,780

1

 

1

 

11,531,240

 

 

121,172

 

                           

Approved the Class II Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

 

 

Richard S. Davis

 

Frank J. Fabozzi

 

James T. Flynn

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

                           

Investment Quality Municipal

 

 

14,333,679

 

 

107,396

 

 

4,843

1

 

4

1

 

14,335,004

 

 

106,071

 

Municipal Income

 

 

41,497,942

 

 

419,553

 

 

13,553

1

 

65

1

 

41,492,473

 

 

425,022

 

Long-Term Municipal

 

 

11,773,022

 

 

618,484

 

 

11,773,022

 

 

618,484

 

 

11,773,022

 

 

618,484

 

California Investment Quality

 

 

911,229

 

 

19,945

 

 

195

1

 

1

 

910,803

 

 

20,371

 

California Income

 

 

13,251,599

 

 

106,933

 

 

4,260

1

 

1

 

13,250,099

 

 

108,433

 

Florida Investment Quality

 

 

977,356

 

 

55,236

 

 

322

1

 

5

1

 

977,356

 

 

55,236

 

Florida Income

 

 

6,322,811

 

 

7,050

 

 

2,301

1

 

1

 

6,322,807

 

 

7,054

 

New Jersey Investment Quality

 

 

924,350

 

 

23,781

 

 

250

1

 

1

 

924,350

 

 

23,781

 

New Jersey Income

 

 

6,950,946

 

 

84,083

 

 

2,433

1

 

1

 

6,950,946

 

 

84,083

 

New York Investment Quality

 

 

1,203,202

 

 

3,325

 

 

386

1

 

1

 

1,204,527

 

 

2,000

 

New York Income

 

 

11,531,425

 

 

120,987

 

 

1,780

1

 

1

 

11,531,425

 

 

120,987

 

                                       

 

 

1

Voted on by holders of preferred shares only.


 

 

 

 

 

 

 

 

               

 

 

Karen P. Robards

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

           

Investment Quality Municipal

 

 

14,336,322

 

 

104,753

 

Municipal Income

 

 

41,495,725

 

 

421,770

 

Long-Term Municipal

 

 

11,774,073

 

 

617,433

 

California Investment Quality

 

 

911,229

 

 

19,945

 

California Income

 

 

13,251,046

 

 

107,486

 

Florida Investment Quality

 

 

977,356

 

 

55,236

 

Florida Income

 

 

6,322,811

 

 

7,050

 

New Jersey Investment Quality

 

 

924,350

 

 

23,781

 

New Jersey Income

 

 

6,950,946

 

 

84,083

 

New York Investment Quality

 

 

1,204,527

 

 

2,000

 

New York Income

 

 

11,531,425

 

 

120,987

 

               

Approved the Class III Directors/Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

65



 

 


 

Additional Information (unaudited) (concluded)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                                       

 

 

Richard E. Cavanagh

 

Kathleen F. Feldstein

 

Henry Gabbay

 

 

 

 

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

                           

Investment Quality Municipal

 

 

14,329,430

 

 

111,645

 

 

14,333,423

 

 

107,652

 

 

14,330,949

 

 

110,126

 

Municipal Income

 

 

41,489,958

 

 

427,537

 

 

41,482,861

 

 

434,634

 

 

41,487,342

 

 

430,153

 

Long-Term Municipal

 

 

11,773,022

 

 

618,484

 

 

11,773,748

 

 

617,758

 

 

11,771,722

 

 

619,784

 

California Investment Quality

 

 

911,229

 

 

19,945

 

 

910,829

 

 

20,345

 

 

911,229

 

 

19,945

 

California Income

 

 

13,253,099

 

 

105,433

 

 

13,251,899

 

 

106,633

 

 

13,248,599

 

 

109,933

 

Florida Investment Quality

 

 

977,356

 

 

55,236

 

 

977,356

 

 

55,236

 

 

999,856

 

 

32,736

 

Florida Income

 

 

6,321,811

 

 

8,050

 

 

6,322,807

 

 

7,054

 

 

6,322,811

 

 

7,050

 

New Jersey Investment Quality

 

 

924,350

 

 

23,781

 

 

924,350

 

 

23,781

 

 

924,350

 

 

23,781

 

New Jersey Income

 

 

6,950,946

 

 

84,083

 

 

6,950,946

 

 

84,083

 

 

6,950,946

 

 

84,083

 

New York Investment Quality

 

 

1,204,527

 

 

2,000

 

 

1,204,527

 

 

2,000

 

 

1,203,202

 

 

3,325

 

New York Income

 

 

11,531,425

 

 

120,987

 

 

11,531,425

 

 

120,987

 

 

11,531,425

 

 

120,987

 

                                       

 

 

 

 

 

 

 

 

 

 

 

Jerrold B. Harris

 

 

 

 

 

 

 

Votes For

 

Votes
Withheld

 

           

Investment Quality Municipal

 

 

14,335,310

 

 

105,765

 

Municipal Income

 

 

41,489,636

 

 

427,859

 

Long-Term Municipal

 

 

11,773,022

 

 

618,484

 

California Investment Quality

 

 

911,229

 

 

19,945

 

California Income

 

 

13,250,099

 

 

108,433

 

Florida Investment Quality

 

 

977,356

 

 

55,236

 

Florida Income

 

 

6,322,811

 

 

7,050

 

New Jersey Investment Quality

 

 

924,350

 

 

23,781

 

New Jersey Income

 

 

6,950,946

 

 

84,083

 

New York Investment Quality

 

 

1,204,127

 

 

2,400

 

New York Income

 

 

11,530,907

 

 

121,505

 

               

The Trusts had an additional proposal (Proposal #2) to amend their respective Declarations of Trust to increase the maximum number of Board Members to 15:

 

 

 

 

 

 

 

 

 

 

 

                     

 

 

Votes For

 

Votes
Against

 

Votes
Abstain

 

               

Municipal Income

 

 

40,842,878

 

 

715,927

 

 

358,689

 

Long-Term Municipal

 

 

12,114,243

 

 

150,528

 

 

126,736

 

California Income

 

 

13,164,978

 

 

140,472

 

 

53,082

 

Florida Investment Quality

 

 

973,367

 

 

55,225

 

 

4,000

 

Florida Income

 

 

6,273,141

 

 

40,773

 

 

15,947

 

New Jersey Income

 

 

6,832,125

 

 

72,775

 

 

130,130

 

New York Income

 

 

11,447,012

 

 

123,050

 

 

82,350

 

                     

Each Trust listed for trading on the New York Stock Exchange (“NYSE”) has filed with the NYSE its annual chief executive officer certification regarding compliance with the NYSE’s listing standards and each Trust listed for trading on the American Stock Exchange (“AMEX”) has filed with the AMEX its corporate governance certification regarding compliance with the AMEX’s listing standards. All of the Trusts have filed with the Securities and Exchange Commission the certification of its chief executive officer and chief financial officer required by section 302 of the Sarbanes-Oxley Act.

The Trusts do not make available copies of their respective Statements of Additional Information because the Trusts’ shares are not continuously offered, which means that the Statement of Additional Information of each Trust has not been updated after completion of such Trust’s offering and the information contained in each Trust’s Statement of Additional Information may have become outdated.

During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts.

Quarterly performance, semi-annual and annual reports and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www1.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

 

 

 

 

 

 

 

 

 

 

66

ANNUAL REPORT

OCTOBER 31, 2007

 



 

 


 

Section 19 Notices (unaudited)

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

 

 

 

                     

 

                     

 

Trust

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return
of
Capital

 

Total Per
Common
Share

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return
of
Capital

 

Total Per
Common
Share

 

                                   

Long-Term Municipal

 

 

$

0.65

 

 

 

$

 

 

 

$

0.07

 

 

 

$

0.72

 

 

90

%

 

%

 

10

%

 

100

%

 

                                                                   

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

67



 

 


 

Trustees Information as of October 31, 2007 (unaudited)


 

 

 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Current Positions
Held With the
Trusts

 

Term of Office
and Length of
Time Served

 

Principal Occupations
During the Past Five Years

 

Number of
Portfolios
Overseen
Within the
Fund
Complex1

 

Other Directorships
Held Outside the
Fund Complex1

 

Events or Transactions by
Reason of Which the
Trustee is an Interested
Person as Defined in
Section 2(a) (19) of the
1940 Act

                         

Interested Trustee2

                         

 

Ralph L. Schlosstein

BlackRock, Inc.
40 East 52nd Street
New York, NY 10022



1951

 

Chairman of the Board3

 

3 years4/since
inception

 

Director from 1999 to 2007 and President of BlackRock, Inc. from 1998 to 2007. Chairman and President of the BlackRock Liquidity Funds.

 

70

 

None

 

Former Director and President of the Advisor until September 2007.

                         

 

 

1

The Fund Complex means two or more registered investment companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

Interested Director/Trustee as defined by Section 2(a)(19) of the Investment Company Act of 1940.

3

Director/Trustee since inception; appointed Chairman of the Board on August 22, 2002.

4

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.


 

 

 

 

 

 

 

 

68

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 


 

Trustees Information (unaudited) (continued)


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Current Positions Held
With the Trusts

 

Term of Office and
Length of Time
Served

 

Principal Occupations
During the Past Five Years

 

Number of
Portfolios Overseen
Within the Fund
Complex1

 

Other Directorships
Held Outside the
Fund Complex

 

Independent Trustees

 

 

Richard E. Cavanagh

P.O. Box 4546
New York, NY
10163-4546

1946

 

Lead Trustee Audit Committee Member2

 

3 years3/since inception

 

Trustee, Aircraft Finance Trust (AFT) from 1999 to the present; Director, The Guardian Life Insurance Company of America and The Mutual Life Insurance Company from 1998 to the present; Trustee, Educational Testing Service (ETS) from 1997 until the present; Director, the Freemont Group from 1996 until the present. President and Chief Executive Officer of The Conference Board, Inc. (a leading global business research organization) from 1995 to 2007.

 

60

 

Arch Chemical (Chemicals and Allied Products).

 

                     

 

Kent Dixon

P.O. Box 4546
New York, NY
10163-4546

1937

 

Trustee Audit Committee Member2

 

3 years3/since inception

 

Consultant/Investor since 1988.

 

60

 

None

 

                     

 

Frank J. Fabozzi

P.O. Box 4546
New York, NY
10163-4546

1948

 

Trustee Audit Committee Member2

 

3 years3/since inception

 

Consultant/Editor of, “The Journal of Portfolio Management”; Yale University, School of Management, Professor in the Practice of Finance and Becton Fellow from 2006 until present; Adjunct Professor of Finance and Becton Fellow from 2005 to 2006; Professor in the practice of Finance from 2003 to 2005; Adjunct Professor of Finance from 1994 to 2003; Author and Editor.

 

60

 

None

 

                     

 

Kathleen F. Feldstein

P.O. Box 4546
New York, NY
10163-4546

1941

 

Trustee

 

3 years3/since January 19, 2005

 

President of Economic Studies, Inc., (a Belmont MA-based private economic consulting firm) since 1987; Chair, Board of Trustees, McLean Hospital since 2000. Member of the Board of Partners Community Healthcare, Inc. from 2005 until the present; Member of the Board of Partners HealthCare and Sherrill House from 1990 to the present; Trustee, Museum of Fine Arts, Boston from 1992 until the present and a Member of the Visiting Committee to the Harvard University Art Museum from 2003 to the present; Trustee, The Committee for Economic Development (a research organization of business leaders and educators) from 1990 to the present; Member of the Advisory Board to the International School of Business, Brandeis University from 2002 to the present.

 

60

 

Director, The McClatchy Company.


 

 

1

The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Mr. Cavanagh, Mr. Dixon and Mr. Fabozzi, each of whom is independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

3

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

69




 

 


 

Trustees Information (unaudited) (concluded)


 

 

 

 

 

 

 

 

 

 

 

Name, Address and
Year of Birth

 

Current Positions Held
With the Trusts

 

Term of Office and
Length of Time
Served

 

Principal Occupations
During the Past Five Years

 

Number of
Portfolios Overseen
Within the Fund
Complex1

 

Other Directorships
Held Outside the
Fund Complex

 

Independent Trustees

 

 

R. Glenn Hubbard

P.O. Box 4546
New York, NY
10163-4546

1958

 

Trustee

 

3 years3/since November 16, 2004

 

Dean of Columbia Business School since 2004; Columbia faculty member since 1988; Co-director of Columbia Business School’s Entrepreneurship Program 1997 to 2004; Visiting Professor at the John F. Kennedy School of Government at Harvard University and the Harvard Business School from 1985, as well as the University of Chicago from 1994; Deputy Assistant Secretary of the U.S. Treasury Department for Tax Policy from 1991 to 1993; Chairman of the U.S. Council of Economic Advisers under the President of the United States from 2001 to 2003.

 

60

 

ADP, KKR Financial Corporation, Duke Realty, Metropolitan Life Insurance Company.


 

 

1

The Fund Complex means two or more registered investments companies that: (1) hold themselves out to investors as related companies for purposes of investment and investor services; or (2) have a common investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered investment companies.

2

The Board of each Trust has determined that each Trust has three Audit Committee financial experts serving on its Audit Committee, Mr. Cavanagh, Mr. Dixon and Mr. Fabozzi, each of whom is independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.

3

The Board is classified into three classes of which one class is elected annually. Each Director/Trustee serves a three-year term concurrent with the class from which they are elected.


 

 

 

 

 

 

 

 

70

ANNUAL REPORT

OCTOBER 31, 2007

 



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BlackRock Closed-End Funds

 

Officers

Robert S. Kapito, President

Donald C. Burke, Treasurer

Bartholomew Battista, Chief Compliance Officer

Anne Ackerley, Vice President

Vincent B. Tritto, Secretary

 

Investment Advisor

BlackRock Advisors, LLC

100 Bellevue Parkway

Wilmington, DE 19809

(800) 227-7BFM

 

Sub-Advisor

BlackRock Financial Management, Inc.

40 East 52nd Street

New York, NY 10022

 

Accounting Agent and Custodian

State Street Bank and Trust Company

2 Avenue De Lafayette

Boston, MA 02111

 

Transfer Agent

Computershare Trust Company, N.A.

250 Royall Street

Canton, MA 02021

(800) 699-1BFM

 

Auction Agent 1

Bank of New York

101 Barclay Street, 7 West

New York, NY 10286

 

Auction Agent 2

Deutsche Bank Trust Company Americas

60 Wall Street, 8th Floor

New York, NY 10286

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

Four Times Square

New York, NY 10036

 

Legal Counsel – Independent Trustees

Debevoise & Plimpton LLP

919 Third Avenue

New York, NY 10022

This report is for shareholder information. This is not a prospectus intended for use in the purchase or sale of Trust shares. Statements and other information contained in this report are as dated and are subject to change.

BlackRock Closed-End Funds
c/o BlackRock Advisors, LLC
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM

 


1 For the Income Trusts.

2 For the Investment Quality Trusts.

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 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) 699-1BFM.

The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov.

Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available without charge, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov.

The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q is available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Form N-Q may also be obtained, without charge, upon request, by calling (800) 699-1BFM.

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

OCTOBER 31, 2007

 




 

 

This report is for shareholder information. This is not a prospectus intended for
use in the purchase or sale of Trust shares. Statements and other information
contained in this report are as dated and are subject to change.

 

 

 

CEF-ANN-2-1007

(BLACKROCK LOGO)




Item 2 –    Code of Ethics – The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer and principal accounting officer, or persons performing similar functions. During the period covered by this report, there have been no amendments to or waivers granted under the code of ethics. A copy of the code of ethics is available without charge at www.blackrock.com.
   
Item 3 – Audit Committee Financial Expert – The registrant’s board of directors or trustees, as applicable (the “board of directors”) has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
 


Kent Dixon

Frank J. Fabozzi
Dr. Andrew F. Brimmer (retired as of December 31, 2006)
Robert S. Salomon, Jr. (term began effective November 1, 2007)
W. Carl Kester (term began effective November 1, 2007)
James T. Flynn (term began effective November 1, 2007)
Karen P. Robards (term began effective November 1, 2007)

The registrant’s board of directors has determined that W. Carl Kester and Karen P. Robards qualify as financial experts pursuant to Item 3(c)(4) of Form N-CSR.

Prof. Kester has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Prof. Kester has been involved in providing valuation and other financial consulting services to corporate clients since 1978. Prof. Kester’s financial consulting services present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the registrant’s financial statements.

Ms. Robards has a thorough understanding of generally accepted accounting principles, financial statements and internal control over financial reporting as well as audit committee functions. Ms. Robards has been President of Robards & Company, a financial advisory firm, since 1987. Ms. Robards was formerly an investment banker for more than 10 years where she was responsible for evaluating and assessing the performance of companies based on their financial results. Ms. Robards has over 30 years of experience analyzing financial statements. She also is the member of the Audit Committees of one publicly held company and a non-profit organization.

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

 



Item 4 – Principal Accountant Fees and Services

    (a) Audit Fees   (b) Audit-Related Fees1   (c) Tax Fees2   (d) All Other Fees3
    Current   Previous   Current   Previous   Current   Previous   Current   Previous
    Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year   Fiscal Year
     Entity Name   End   End   End   End   End   End   End   End
 
  BlackRock                                
  California Municipal   $26,500   $26,500   $1,975   $2,000   $6,100   $8,000   $1,042   $1,500
  Income Trust                                
1 The nature of the services include assurance and related services reasonably related to the performance of the audit of financial statements not included in Audit Fees.
2 The nature of the services include tax compliance, tax advice and tax planning.
3 The nature of the services include a review of compliance procedures and attestation thereto.

 

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

     The registrant has polices and procedures (the “Policy”) for the pre-approval by the registrant’s audit committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Fund’s independent auditor (the “Independent Auditor”) to the registrant and other “Covered Entities” (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the audit committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the “Service Pre-Approval Documents”). At its first meeting of each calendar year, the audit committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the audit committee. The audit committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.

     For the purposes of the Policy, “Covered Services” means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Fund and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Fund to be provided by the Independent Auditor to any Covered Entity, “Covered Entities” means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Fund.

     In the intervals between the scheduled meetings of the audit committee, the audit committee delegates pre-approval authority under this Policy to the Chairman of the audit committee (the “Chairman”). The Chairman shall report any pre-approval decisions under this Policy to the audit committee at its next scheduled meeting. At each scheduled meeting, the audit committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the audit committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the audit committee may modify or withdraw this delegated authority at any time the audit committee determines that it is appropriate to do so.

     Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the audit committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the audit committee (or the Chairman pursuant to delegated authority).

 



 

     The terms and fees of the annual Audit services engagement for the Fund are subject to the specific pre-approval of the audit committee. The audit committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Fund structure or other matters.

     In addition to the annual Audit services engagement specifically approved by the audit committee, any other Audit services for the Fund not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     The audit committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the audit committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the audit committee (or the Chairman pursuant to delegated authority).

     Requests or applications to provide Covered Services that require approval by the audit committee (or the Chairman pursuant to delegated authority) must be submitted to the audit committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission (“SEC”) on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the audit committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the audit committee.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) Affiliates’ Aggregate Non-Audit Fees:


    Current Fiscal Year   Previous Fiscal Year
               Entity Name     End   End
         
  BlackRock California        
  Municipal Income Trust   $293,617   $297,700



 

(h) The registrant’s audit committee has considered and determined that the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any non-affiliated sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by the registrant’s investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Regulation S-X Rule 2-01(c)(7)(ii) – $284,500, 0%

   
Item 5 –   

Audit Committee of Listed Registrants – The following individuals are members of the registrant’s separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)):

Dr. Andrew F. Brimmer (retired as of December 31, 2006)
Richard E. Cavanagh (not reappointed to Audit Committee as of November 1, 2007)
Kent Dixon
Frank J. Fabozzi
Robert S. Salomon, Jr. (term began effective November 1, 2007)
W. Carl Kester (term began effective November 1, 2007)
James T. Flynn (term began effective November 1, 2007)
Karen P. Robards (term began effective November 1, 2007)

   
Item 6 – Schedule of Investments – The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
   
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – The registrant has delegated the voting of proxies relating to Fund portfolio securities to its investment adviser, BlackRock Advisors, LLC and its sub-adviser, as applicable. The Proxy Voting Policies and Procedures of the adviser and sub-adviser are attached hereto as Exhibit 99.PROXYPOL.
   
  Information about how the Fund voted proxies relating to securities held in the Fund’s portfolio during the most recent 12 month period ended June 30 is available without charge (1) at www.blackrock.com and (2) on the Commission’s web site at http://www.sec.gov.
   
Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – as of October 31, 2007.

(a)(1) BlackRock California Municipal Income Trust is managed by a team of investment professionals comprised of 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 and Mr. O’Connor are responsible for setting the Fund’s overall investment strategy and overseeing the management of the Fund. Mr. O’Connor is also the Fund’s lead portfolio manager and is responsible for the day-to-day management of the Fund’s portfolio and the selection of its investments. Messrs. Jaeckel and O’Connor have been members of the Fund’s management team since 2006.

 



 

Mr. Jaeckel joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing Director (Municipal Tax-Exempt Fund Management) of Merrill Lynch Investment Managers, L.P. (“MLIM”) from 2005 to 2006 and a Director of MLIM from 1997 to 2005. He has been a portfolio manager with BlackRock or MLIM since 1991.

Mr. O’Connor joined BlackRock in 2006. Prior to joining BlackRock, he was a Managing Director (Municipal Tax-Exempt Fund Management) of MLIM from 2003 to 2006 and was a Director of MLIM from 1997 to 2002. He has been a portfolio manager with BlackRock or MLIM since 1991.

(a)(2) As of October 31, 2007:


                (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
                         
  Walter
  O’Connor
  80   0   0   0   0   0
    $28,572,075,032   $0   $0   $0   $0   $0
 
  Theodore R.
  Jaeckel, Jr.
  80   1   0   0   1   0
    $28,572,075,032   $26,763,472   $0   $0   $26,763,472   $0

 

(iv) Potential Material Conflicts of Interest

BlackRock, Inc. and its affiliates (collectively, herein “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 to the Fund. 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 and 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 the Fund. In this connection, it should be noted that certain portfolio managers currently manage certain accounts that are subject to performance fees. In addition, certain portfolio managers assist 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 October 31, 2007:

   
Portfolio Manager Compensation
   
 

     The portfolio manager compensation program of BlackRock is critical to BlackRock’s ability to attract and retain the most talented asset management professionals. This program ensures that compensation is aligned with maximizing investment returns and it provides a competitive pay opportunity for competitive performance.

Compensation Program

The elements of total compensation for BlackRock portfolio managers are: fixed base salary, annual performance-based cash and stock compensation (cash and stock bonus) and other benefits. BlackRock has balanced these components of pay to provide portfolio managers with a powerful incentive to achieve consistently superior investment performance. By design, portfolio manager compensation levels fluctuate — both up and down — with the relative investment performance of the portfolios that they manage.

Base Salary

Under the BlackRock approach, like that of many asset management firms, fixed base salaries represent a relatively small portion of a portfolio manager’s total compensation. This approach

 



 

serves to enhance the motivational value of the performance-based (and therefore variable) compensation elements of the compensation program.

Performance-Based Compensation

     BlackRock believes that the best interests of investors are served by recruiting and retaining exceptional asset management talent and managing their compensation within a consistent and disciplined framework that emphasizes pay for performance in the context of an intensely competitive market for talent. To that end, the portfolio manager incentive compensation is based on a formulaic compensation program.

     BlackRock’s formulaic portfolio manager compensation program includes: pre-tax investment performance relative to the appropriate competitors or benchmarks over 1-, 3- and 5-year performance periods and a measure of operational efficiency. If a portfolio manager’s tenure is less than 5 years, performance periods will reflect time in position. Portfolio managers are compensated based on products they manage. For these purposes, the performance of the Fund is compared to the Lipper Closed-end California Municipal Debt Funds classification. A smaller discretionary element of portfolio manager compensation may include consideration of: financial results, expense control, profit margins, strategic planning and implementation, quality of client service, market share, corporate reputation, capital allocation, compliance and risk control, leadership, workforce diversity, supervision, technology and innovation. All factors are considered collectively by BlackRock management.

Cash Bonus

     Performance-based compensation is distributed to portfolio managers in a combination of cash and stock. Typically, the cash bonus, when combined with base salary, represents more than 60% of total compensation for the portfolio managers.

Stock Bonus

     A portion of the dollar value of the total annual performance-based bonus is paid in restricted shares of stock of BlackRock, Inc. (the “Company”). Paying a portion of annual bonuses in stock puts compensation earned by a portfolio manager for a given year “at risk” based on the Company’s ability to sustain and improve its performance over future periods. The ultimate value of stock bonuses is dependent on future Company stock price performance. As such, the stock bonus aligns each portfolio manager’s financial interests with those of the Company’s shareholders and encourages a balance between short-term goals and long-term strategic objectives. Management strongly believes that providing a significant portion of competitive performance-based compensation in stock is in the best interests of investors and shareholders. This approach ensures that portfolio managers participate as shareholders in both the “downside risk” and “upside opportunity” of the Company’s performance. Portfolio managers, therefore, have a direct incentive to protect the Company’s reputation for integrity.

Other Benefits

     Portfolio managers are also eligible to participate in broad-based plans offered generally to BlackRock employees, including broad-based retirement, 401(k), health, and other employee benefit plans. For example, 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. Company contributions follow the investment direction set by participants for their own contributions or absent, employee investment direction, are invested into a stable value fund. 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 October 31, 2007, neither of Messrs. Jaeckel or O’Connor beneficially owned any stock issued by the Fund.

   
Item 9 –      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable due to no such purchases during the period covered by this report.
   
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 and 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 – See Item 2
   
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 California Municipal Income Trust
     
By:   /s/ Donald C. Burke  
  Donald C. Burke,
  Chief Executive Officer of
  BlackRock California Municipal Income Trust
     
Date: December 19, 2007  

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 California Municipal Income Trust  
     
Date: December 19, 2007  
     
By: /s/ Neal J. Andrews  
  Neal J. Andrews,  
  Chief Financial Officer (principal financial officer) of
  BlackRock California Municipal Income Trust  
     
Date: December 19, 2007