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: 811-21178

BlackRock Insured Municipal Income Trust
(Exact name of Registrant as specified in charter)

 

 

 

 

100 Bellevue Parkway, Wilmington, DE

   19809




 

(Address of principal executive offices)

(Zip code)

Robert S. Kapito, President

BlackRock Insured Municipal Income Trust

 

40 East 52nd Street, New York, NY 10022


(Name and address of agent for service)

Registrant’s telephone number, including area code: 888-825-2257

Date of fiscal year end: August 31, 2007

Date of reporting period: February 28, 2007



Item 1. Reports to Shareholders.

The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

 

ALTERNATIVES   BLACKROCK SOLUTIONS   EQUITIES   FIXED INCOME   LIQUIDITY   REAL ESTATE


 

 

 

 

 

 

 

 

 

BlackRock

 

(BLACKROCK LOGO)

 

Closed-End Funds

 

 

 

 

 

 

 

 

SEMI-ANNUAL REPORT | FEBRUARY 28, 2007 (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Insured Municipal Income Trust (BYM)

 

 

 

 

 

BlackRock Municipal Bond Trust (BBK)

 

 

 

 

 

BlackRock Municipal Income Trust II (BLE)

 

 

 

 

 

BlackRock California Insured Municipal Income Trust (BCK)

 

 

 

 

 

BlackRock California Municipal Bond Trust (BZA)

 

 

 

 

 

BlackRock California Municipal Income Trust II (BCL)

 

 

 

 

 

BlackRock Florida Insured Municipal Income Trust (BAF)

 

 

 

 

 

BlackRock Florida Municipal Bond Trust (BIE)

 

 

 

 

 

BlackRock Maryland Municipal Bond Trust (BZM)

 

 

 

 

 

BlackRock New Jersey Municipal Bond Trust (BLJ)

 

 

 

 

 

BlackRock New York Insured Municipal Income Trust (BSE)

 

 

 

 

 

BlackRock New York Municipal Bond Trust (BQH)

 

 

 

 

 

BlackRock New York Municipal Income Trust II (BFY)

 

 

 

 

 

BlackRock Virginia Municipal Bond Trust (BHV)

 

 

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE


TABLE OF CONTENTS

 

 

 

Letter to Shareholders

 

1

 

 

 

Trusts’ Summaries

 

2

 

 

 

Financial Statements

 

 

 

 

 

Portfolios of Investments

 

16

 

 

 

Statements of Assets and Liabilities

 

52

 

 

 

Statements of Operations

 

55

 

 

 

Statements of Changes in Net Assets

 

58

 

 

 

Financial Highlights

 

64

 

 

 

Notes to Financial Statements

 

78

 

 

 

Dividend Reinvestment Plans

 

85

 

 

 

Additional Information

 

86





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 website.

          BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic 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.



LETTER TO SHAREHOLDERS

February 28, 2007

Dear Shareholder:

          We are pleased to report that during the semi-annual period, the Trusts provided monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited and audited financial statements and a listing of the portfolios’ holdings.

          The portfolio management team continuously monitors the municipal bond market and adjusts the Trust investments in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.

          The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of February 28, 2007.

 

 

 

 

 

 

 

 

 

 

 

 

 

 











Trust (Ticker)

 

Current
Yield1

 

Tax-
Equivalent
Yield2

 

Closing
Market
Price

 

NAV

 











BlackRock Insured Municipal Income Trust (BYM)

 

4.86

%

 

7.48

%

 

$

15.06

 

$

15.79

 















BlackRock Municipal Bond Trust (BBK)

 

5.53

 

 

8.51

 

 

 

18.76

 

 

16.65

 















BlackRock Municipal Income Trust II (BLE)

 

5.26

 

 

8.09

 

 

 

17.35

 

 

16.13

 















BlackRock California Insured Municipal Income Trust (BCK)

 

4.65

 

 

7.15

 

 

 

14.97

 

 

15.57

 















BlackRock California Municipal Bond Trust (BZA)

 

5.31

 

 

8.17

 

 

 

18.00

 

 

16.37

 















BlackRock California Municipal Income Trust II (BCL)

 

4.94

 

 

7.60

 

 

 

15.90

 

 

16.08

 















BlackRock Florida Insured Municipal Income Trust (BAF)

 

4.89

 

 

7.52

 

 

 

14.24

 

 

15.32

 















BlackRock Florida Municipal Bond Trust (BIE)

 

5.57

 

 

8.57

 

 

 

16.75

 

 

16.12

 















BlackRock Maryland Municipal Bond Trust (BZM)

 

4.64

 

 

7.14

 

 

 

18.45

 

 

15.98

 















BlackRock New Jersey Municipal Bond Trust (BLJ)

 

4.98

 

 

7.66

 

 

 

18.95

 

 

16.61

 















BlackRock New York Insured Municipal Income Trust (BSE)

 

4.66

 

 

7.17

 

 

 

14.92

 

 

15.48

 















BlackRock New York Municipal Bond Trust (BQH)

 

5.11

 

 

7.86

 

 

 

18.11

 

 

16.14

 















BlackRock New York Municipal Income Trust II (BFY)

 

4.75

 

 

7.31

 

 

 

14.98

 

 

15.70

 















BlackRock Virginia Municipal Bond Trust (BHV)

 

4.51

 

 

6.94

 

 

 

19.26

 

 

16.41

 















 

 

1

Yields are based on closing market price. These yields may increase/decrease due to an increase/decrease in the monthly distribution per common share. Past performance does not guarantee future results.

2

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

          On September 29, 2006, BlackRock, Inc. (“BlackRock”) and Merrill Lynch Investment Managers, L.P. united to form one of the largest asset management firms in the world. Now with more than $1 trillion in assets under management, over 4,500 employees in 18 countries and representation in key markets worldwide, BlackRock’s global presence means greater depth and scale to serve you.

          BlackRock, a world leader in asset management, has a proven commitment to the municipal bond market. As of February 28, 2007, BlackRock and its affiliates managed over $37 billion in municipal bonds, including 14 open-end and 68 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, LLC, and its affiliates, BlackRock Financial Management, Inc. and BlackRock Investment Management, LLC, which manage the Trusts, are wholly owned subsidiaries of BlackRock.

          On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.

Sincerely,

 

 

-s- Laurence D. Fink

-s- Ralph L. Schlosstein

Laurence D. Fink

Ralph L. Schlosstein

Chief Executive Officer

President

BlackRock Advisors, LLC

BlackRock Advisors, LLC

1


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock Insured Municipal Income Trust (BYM)

 


Trust Information

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BYM

 





Initial Offering Date:

 

October 31, 2002

 





Closing Market Price as of 2/28/07:

 

$

15.06

 






Net Asset Value as of 2/28/07:

 

$

15.79

 






Yield on Closing Market Price as of 2/28/07 ($15.06):1

 

 

4.86

%






Current Monthly Distribution per Common Share:2

 

$

0.0610

 






Current Annualized Distribution per Common Share:2

 

$

0.7320

 






Leverage as of 2/28/07:3

 

 

36

%






 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
















 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 


















Market Price

 

$

15.06

 

$

14.65

 

 

2.80

%

$

15.14

 

$

14.37

 


















NAV

 

$

15.79

 

$

15.54

 

 

1.61

%

$

15.96

 

$

15.45

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

February 28, 2007

 

August 31, 2006

 







Transportation

 

 

 

24

%

 

 

 

24

%

 













Water & Sewer

 

 

 

20

 

 

 

 

22

 

 













City, County & State

 

 

 

11

 

 

 

 

8

 

 













Education

 

 

 

10

 

 

 

 

10

 

 













Tax Revenue

 

 

 

10

 

 

 

 

10

 

 













Power

 

 

 

9

 

 

 

 

10

 

 













Hospitals

 

 

 

6

 

 

 

 

5

 

 













Tobacco

 

 

 

5

 

 

 

 

6

 

 













Industrial & Pollution Control

 

 

 

3

 

 

 

 

3

 

 













Lease Revenue

 

 

 

2

 

 

 

 

2

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 









Credit Rating

 

February 28, 2007

 

August 31, 2006

 







AAA/Aaa

 

 

 

88

%

 

 

 

90

%

 












 

AA/Aa

 

 

 

2

 

 

 

 

2

 

 












 

A

 

 

 

3

 

 

 

 

 

 












 

BBB/Baa

 

 

 

7

 

 

 

 

8

 

 












 


 

 

4

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

2


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock Municipal Bond Trust (BBK)

 


Trust Information

 

 

 

 

 






Symbol on New York Stock Exchange:

 

BBK

 





Initial Offering Date:

 

April 30, 2002

 





Closing Market Price as of 2/28/07:

 

$

18.76

 






Net Asset Value as of 2/28/07:

 

$

16.65

 






Yield on Closing Market Price as of 2/28/07($18.76):1

 

 

5.53

%






Current Monthly Distribution per Common Share:2

 

$

0.086375

 






Current Annualized Distribution per Common Share:2

 

$

1.036500

 






Leverage as of 2/28/07:3

 

 

35

%






 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

18.76

 

$

17.89

 

 

4.86

%

$

19.50

 

$

17.03

 


















NAV

 

$

16.65

 

$

16.35

 

 

1.83

%

$

16.78

 

$

16.31

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 

 

 

 

 









Sector

 

February 28, 2007

 

August 31, 2006

 







Hospitals

 

 

 

22

%

 

 

 

22

%

 













City, County & State

 

 

 

16

 

 

 

 

15

 

 













Industrial & Pollution Control

 

 

 

14

 

 

 

 

17

 

 













Housing

 

 

 

13

 

 

 

 

13

 

 













Transportation

 

 

 

9

 

 

 

 

7

 

 













Tax Revenue

 

 

 

7

 

 

 

 

7

 

 













Education

 

 

 

6

 

 

 

 

6

 

 













Power

 

 

 

5

 

 

 

 

5

 

 













Water & Sewer

 

 

 

5

 

 

 

 

5

 

 













Tobacco

 

 

 

3

 

 

 

 

3

 

 














Credit Breakdown4

 

 

 

 

 

 

 

 

 

 

 

 









Credit Rating

 

February 28, 2007

 

August 31, 2006

 







AAA/Aaa

 

 

 

36

%

 

 

 

35

%

 













AA/Aa

 

 

 

7

 

 

 

 

8

 

 













A

 

 

 

18

 

 

 

 

18

 

 













BBB/Baa

 

 

 

22

 

 

 

 

21

 

 













BB/Ba

 

 

 

6

 

 

 

 

6

 

 













B

 

 

 

5

 

 

 

 

6

 

 













Not Rated

 

 

 

6

5

 

 

 

6

 

 














 

 

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 February 28, 2007, the market value of these securities was $3,173,679 representing 1.3% of the Trust’s long-term investments.

3



TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock Municipal Income Trust II (BLE)


 

 

 

 

 

Trust Information






Symbol on American Stock Exchange:

 

BLE




Initial Offering Date:

 

July 30, 2002




Closing Market Price as of 2/28/07:

 

$

17.35

 






Net Asset Value as of 2/28/07:

 

$

16.13

 






Yield on Closing Market Price as of 2/28/07 ($17.35):1

 

 

5.26

%






Current Monthly Distribution per Common Share:2

 

$

0.0760

 






Current Annualized Distribution per Common Share:2

 

$

0.9120

 






Leverage as of 2/28/07:3

 

 

36

%






 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

17.35

 

$

17.22

 

0.75

%

 

$

17.95

 

$

 16.39

 


















NAV

 

$

16.13

 

$

15.82

 

1.96

%

 

$

16.24

 

$

15.77

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown









Sector

 

February 28, 2007

 

August 31, 2006

 







Hospitals

 

24

%

 

23

%

 









Industrial & Pollution Control

 

18

 

 

20

 

 









City, County & State

 

14

 

 

14

 

 









Transportation

 

10

 

 

9

 

 









Tax Revenue

 

8

 

 

8

 

 









Housing

 

7

 

 

7

 

 









Water & Sewer

 

7

 

 

6

 

 









Education

 

4

 

 

3

 

 









Tobacco

 

4

 

 

4

 

 









Power

 

3

 

 

5

 

 









Lease Revenue

 

1

 

 

1

 

 









 

 

 

 

 

 

 

 

Credit Breakdown4







Credit Rating

 

February 28, 2007

 

August 31, 2006

 







AAA/Aaa

 

33

%

 

32

%

 









AA/Aa

 

10

 

 

11

 

 









A

 

14

 

 

14

 

 









BBB/Baa

 

25

 

 

24

 

 









BB/Ba

 

3

 

 

3

 

 









B

 

4

 

 

4

 

 









CCC/Caa

 

1

 

 

2

 

 









Not Rated5

 

10

 

 

10

 

 









 

 


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 February 28, 2007 and August 31, 2006, the market value of these securities was $25,040,351 representing 4.4% and $15,978,589 representing 2.8%, respectively, of the Trust’s long-term investments.

4



TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock California Insured Municipal Income Trust (BCK)


 

 

 

 

 

Trust Information






Symbol on the New York Stock Exchange:

 

BCK





Initial Offering Date:

 

October 31, 2002




Closing Market Price as of 2/28/07:

 

$

14.97

 






Net Asset Value as of 2/28/07:

 

$

15.57

 






Yield on Closing Market Price as of 2/28/07 ($14.97):1

 

 

4.65

%






Current Monthly Distribution per Common Share:2

 

$

0.058

 






Current Annualized Distribution per Common Share:2

 

$

0.696

 






Leverage as of 2/28/07:3

 

 

36

%






 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

















 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

14.97

 

$

14.61

 

2.46

%

 

$

 15.42

 

$

 14.51

 


















NAV

 

$

15.57

 

$

15.24

 

2.17

%

 

$

15.68

 

$

15.14

 


















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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sector Breakdown







Sector

 

February 28, 2007

 

August 31, 2006

 







Water & Sewer

 

29

%

 

29

%

 









Education

 

24

 

 

25

 

 









City, County & State

 

13

 

 

15

 

 









Lease Revenue

 

11

 

 

9

 

 









Power

 

10

 

 

10

 

 









Transportation

 

6

 

 

7

 

 









Hospitals

 

2

 

 

3

 

 









Housing

 

2

 

 

2

 

 









Industrial & Pollution Control

 

2

 

 

 

 









Tax Revenue

 

1

 

 

 

 









 

 

 

 

 

 

 

 

Credit Breakdown4







Credit Rating

 

February 28, 2007

 

August 31, 2006

 









AAA/Aaa

 

98

%

 

98

%

 









A

 

2

 

 

2

 

 









 

 


4

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

5



TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock California Municipal Bond Trust (BZA)


 

 

 

 

 

Trust Information

 






Symbol on New York Stock Exchange:

 

BZA




Initial Offering Date:

 

April 30, 2002




Closing Market Price as of 2/28/07:

 

$

18.00

 






Net Asset Value as of 2/28/07:

 

$

16.37

 






Yield on Closing Market Price as of 2/28/07 ($18.00):1

 

 

5.31

%






Current Monthly Distribution per Common Share:2

 

$

0.079656

 






Current Annualized Distribution per Common Share:2

 

$

  0.955872

 






Leverage as of 2/28/07:3

 

 

35

%






 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

18.00

 

$

18.05

 

(0.28)%

 

$

18.69

 

$

17.25

 


















NAV

 

$

16.37

 

$

16.28

 

0.55%

 

$

  16.48

 

$

  16.10

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown







Sector

 

February 28, 2007

 

August 31, 2006

 







Education

 

28

%

 

26

%

 









Hospitals

 

21

 

 

21

 

 









Housing

 

15

 

 

14

 

 









City, County & State

 

11

 

 

12

 

 









Tobacco

 

9

 

 

4

 

 









Transportation

 

6

 

 

9

 

 









Industrial & Pollution Control

 

5

 

 

4

 

 









Water & Sewer

 

3

 

 

3

 

 









Lease Revenue

 

2

 

 

7

 

 









 

 

 

 

 

 

 

 

Credit Breakdown4







Credit Rating

 

February 28, 2007

 

August 31, 2006

 







AAA/Aaa

 

30

%

 

37

%

 









AA/Aa

 

10

 

 

10

 

 









A

 

33

 

 

26

 

 









BBB/Baa

 

19

 

 

20

 

 









B

 

2

 

 

2

 

 









Not Rated

 

6

 

 

5

 

 









 

 


4

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

6



TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock California Municipal Income Trust II (BCL)


 

 

 

 

 

Trust Information





Symbol on American Stock Exchange:

 

BCL





Initial Offering Date:

 

July 30, 2002





Closing Market Price as of 2/28/07:

 

$

15.90

 






Net Asset Value as of 2/28/07:

 

$

16.08

 






Yield on Closing Market Price as of 2/28/07 ($15.90):1

 

 

4.94

%






Current Monthly Distribution per Common Share:2

 

$

0.0655

 






Current Annualized Distribution per Common Share:2

 

$

  0.7860

 






Leverage as of 2/28/07:3

 

 

36

%






 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

15.90

 

$

15.40

 

3.25%

 

$

 16.18

 

$

 15.00

 


















NAV

 

$

16.08

 

$

15.72

 

2.29%

 

$

16.22

 

$

15.66

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown







Sector

 

February 28, 2007

 

August 31, 2006

 







City, County & State

 

21

%

 

23

%









Tobacco

 

14

 

 

9

 

 









Transportation

 

12

 

 

14

 

 









Education

 

11

 

 

13

 

 









Hospitals

 

11

 

 

12

 

 









Housing

 

10

 

 

5

 

 









Lease Revenue

 

6

 

 

11

 

 









Industrial & Pollution Control

 

5

 

 

4

 

 









Power

 

4

 

 

5

 

 









Water & Sewer

 

4

 

 

4

 

 









Tax Revenue

 

2

 

 

 

 









 

 

 

 

 

 

 

 

Credit Breakdown4







Credit Rating

 

February 28, 2007

 

August 31, 2006

 







AAA/Aaa

 

46

%

 

51

%

 









AA/Aa

 

4

 

 

4

 

 









A

 

20

 

 

19

 

 









BBB/Baa

 

16

 

 

12

 

 









B

 

1

 

 

1

 

 









Not Rated

 

13

 

 

13

 

 









 

 


4

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

7



TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock Florida Insured Municipal Income Trust (BAF)


 

 

 

 

 

Trust Information




Symbol on New York Stock Exchange:

 

BAF




Initial Offering Date:

 

October 31, 2002




Closing Market Price as of 2/28/07:

 

$

14.24

 






Net Asset Value as of 2/28/07:

 

$

15.32

 






Yield on Closing Market Price as of 2/28/07 ($14.24):1

 

 

4.89

%






Current Monthly Distribution per Common Share:2

 

$

0.058

 






Current Annualized Distribution per Common Share:2

 

$

  0.696

 






Leverage as of 2/28/07:3

 

 

36

%






 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 












 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

14.24

 

$

13.88

 

2.59%

 

$

 14.25

 

$

 13.61

 


















NAV

 

$

15.32

 

$

15.24

 

0.52%

 

$

15.44

 

$

15.11

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown







Sector

 

February 28, 2007

 

August 31, 2006

 







Tax Revenue

 

24

%

 

24

%

 









City, County & State

 

19

 

 

20

 

 









Education

 

16

 

 

16

 

 









Power

 

12

 

 

12

 

 









Hospitals

 

8

 

 

7

 

 









Transportation

 

8

 

 

8

 

 









Water & Sewer

 

7

 

 

7

 

 









Tobacco

 

5

 

 

5

 

 









Industrial & Pollution Control

 

1

 

 

 

 









Housing

 

 

 

1

 

 









 

 

 

 

 

 

 

 

Credit Breakdown4







Credit Rating

 

February 28, 2007

 

August 31, 2006

 







AAA/Aaa

 

83

%

 

83

%

 









AA/Aa

 

3

 

 

3

 

 









A

 

5

 

 

5

 

 









BBB/Baa

 

5

 

 

5

 

 









Not Rated5

 

4

 

 

4

 

 









 

 


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 February 28, 2007 and August 31, 2006, the market value of these securities was $4,135,155 representing 2.0% and $4,363,040 representing 2.1%, respectively, of the Trust’s long-term investments.

8



TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock Florida Municipal Bond Trust (BIE)

 


 

 

 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BIE

 








Initial Offering Date:

 

April 30, 2002

 








Closing Market Price as of 2/28/07:

 

 

$

16.75

 

 








Net Asset Value as of 2/28/07:

 

 

$

16.12

 

 








Yield on Closing Market Price as of 2/28/07 ($16.75):1

 

 

 

5.57

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.077808

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.933696

 

 








Leverage as of 2/28/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
















 

 

 

2/28/07

 

 

8/31/06

 

Change

 

 

High

 

 

Low

 


















Market Price

 

$

16.75

 

$

16.70

 

0.30% 

 

$

17.50

 

$

16.03

 


















NAV

 

$

16.12

 

$

16.22

 

(0.62)%

 

$

16.31

 

$

15.99

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

 

February 28, 2007

 

August 31, 2006


Hospitals

 

 

30

%

 

27

%









Tax Revenue

 

 

17

 

 

17

 









City, County & State

 

 

15

 

 

15

 









Education

 

 

7

 

 

7

 









Power

 

 

7

 

 

10

 









Water & Sewer

 

 

7

 

 

8

 









Housing

 

 

6

 

 

7

 









Lease Revenue

 

 

5

 

 

4

 









Industrial & Pollution Control

 

 

3

 

 

2

 









Transportation

 

 

3

 

 

3

 










 

 

 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

 

February 28, 2007

 

August 31, 2006


AAA/Aaa

 

 

39

%

 

39

%









AA/Aa

 

 

15

 

 

17

 









A

 

 

20

 

 

18

 









BBB/Baa

 

 

11

 

 

11

 









BB/Ba

 

 

2

 

 

2

 









Not Rated5

 

 

13

 

 

13

 










 

 

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 February 28, 2007 and August 31, 2006, the market value of these securities was $1,577,104 representing 1.9% and $1,661,600 representing 2.0%, respectively, of the Trust’s long-term investments.

9


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock Maryland Municipal Bond Trust (BZM)

 


 

 

 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

BZM

 








Initial Offering Date:

 

April 30, 2002

 








Closing Market Price as of 2/28/07:

 

 

$

18.45

 

 








Net Asset Value as of 2/28/07:

 

 

$

15.98

 

 








Yield on Closing Market Price as of 2/28/07 ($18.45):1

 

 

 

4.64

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.07135

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.85620

 

 








Leverage as of 2/28/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

18.45

 

$

17.45

 

5.73%  

 

$

18.64

 

$

17.00

 


















NAV

 

$

15.98

 

$

15.98

 

—%  

 

$

16.13

 

$

15.82

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

 

February 28, 2007

 

August 31, 2006


City, County & State

 

 

21

%

 

21

%









Education

 

 

21

 

 

21

 









Hospitals

 

 

18

 

 

17

 









Water & Sewer

 

 

12

 

 

12

 









Transportation

 

 

8

 

 

9

 









Lease Revenue

 

 

7

 

 

7

 









Housing

 

 

5

 

 

5

 









Power

 

 

4

 

 

4

 









Tobacco

 

 

4

 

 

4

 










 

 

 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

 

February 28, 2007

 

August 31, 2006


AAA/Aaa

 

 

37

%

 

38

%









AA/Aa

 

 

8

 

 

8

 









A

 

 

27

 

 

27

 









BBB/Baa

 

 

16

 

 

16

 









Not Rated

 

 

12

 

 

11

 










 

 

4

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

10


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock New Jersey Municipal Bond Trust (BLJ)

 


 

 

 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

BLJ

 






Initial Offering Date:

 

April 30, 2002

 






Closing Market Price as of 2/28/07:

 

 

$

18.95

 

 








Net Asset Value as of 2/28/07:

 

 

$

16.61

 

 








Yield on Closing Market Price as of 2/28/07 ($18.95):1

 

 

 

4.98

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.078582

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.942984

 

 








Leverage as of 2/28/07:3

 

 

 

35

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

18.95

 

$

18.30

 

3.55%  

 

$

19.75

 

$

17.11

 


















NAV

 

$

16.61

 

$

16.33

 

1.71%  

 

$

16.68

 

$

16.31

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown







Sector

 

 

February 28, 2007

 

August 31, 2006







Hospitals

 

 

32

%

 

28

%









Transportation

 

 

11

 

 

11

 









City, County & State

 

 

9

 

 

10

 









Housing

 

 

9

 

 

13

 









Tobacco

 

 

9

 

 

8

 









Education

 

 

8

 

 

9

 









Industrial & Pollution Control

 

 

7

 

 

6

 









Tax Revenue

 

 

7

 

 

7

 









Power

 

 

4

 

 

4

 









Lease Revenue

 

 

2

 

 

4

 









Water & Sewer

 

 

2

 

 

 










 

 

 

 

 

 

 

 

Credit Breakdown4







Credit Rating

 

 

February 28, 2007

 

August 31, 2006







AAA/Aaa

 

 

35

%

 

29

%









A

 

 

15

 

 

16

 









BBB/Baa

 

 

40

 

 

46

 









B

 

 

4

 

 

4

 









Not Rated

 

 

6

 

 

5

 










 

 

4

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

11


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock New York Insured Municipal Income Trust (BSE)

 


Trust Information

 

 

 

 

 

 

 




Symbol on New York Stock Exchange:

 

BSE

 








Initial Offering Date:

 

October 31, 2002

 








Closing Market Price as of 2/28/07:

 

 

$

14.92

 

 








Net Asset Value as of 2/28/07:

 

 

$

15.48

 

 








Yield on Closing Market Price as of 2/28/07 ($14.92):1

 

 

 

4.66

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.058

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.696

 

 








Leverage as of 2/28/07:3

 

 

 

36

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

14.92

 

$

14.70

 

1.50%  

 

$

15.25

 

$

14.38

 


















NAV

 

$

15.48

 

$

15.34

 

0.91%  

 

$

15.66

 

$

15.24

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

 

February 28, 2007

 

August 31, 2006


Transportation

 

 

32

%

 

30

%









Education

 

 

29

 

 

30

 









Hospitals

 

 

14

 

 

14

 









Tax Revenue

 

 

8

 

 

8

 









Tobacco

 

 

6

 

 

12

 









City, County & State

 

 

4

 

 

3

 









Water & Sewer

 

 

4

 

 

2

 









Power

 

 

2

 

 

 









Housing

 

 

1

 

 

1

 










 

 

 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

 

February 28, 2007

 

August 31, 2006


AAA/Aaa

 

 

92

%

 

85

%









AA/Aa

 

 

 

 

2

 









A

 

 

5

 

 

5

 









BBB/Baa

 

 

3

 

 

8

 










 

 

4

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

12


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock New York Municipal Bond Trust (BQH)

 


 

 

 

 

 

 

 

Trust Information


Symbol on New York Stock Exchange:

 

BQH

 








Initial Offering Date:

 

April 30, 2002

 








Closing Market Price as of 2/28/07:

 

 

$

18.11

 

 








Net Asset Value as of 2/28/07:

 

 

$

16.14

 

 








Yield on Closing Market Price as of 2/28/07 ($18.11):1

 

 

 

5.11

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.077099

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.925188

 

 








Leverage as of 2/28/07:3

 

 

 

35

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

18.11

 

$

16.81

 

7.73%  

 

$

18.59

 

$

16.56

 


















NAV

 

$

16.14

 

$

16.02

 

0.75%  

 

$

16.28

 

$

15.99

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

 

February 28, 2007

 

August 31, 2006







Transportation

 

 

15

%

 

12

%









Housing

 

 

13

 

 

13

 









Education

 

 

12

 

 

14

 









Hospitals

 

 

10

 

 

7

 









Water & Sewer

 

 

10

 

 

8

 









Industrial & Pollution Control

 

 

9

 

 

9

 









Tobacco

 

 

9

 

 

13

 









Tax Revenue

 

 

8

 

 

8

 









City, County & State

 

 

6

 

 

9

 









Lease Revenue

 

 

4

 

 

4

 









Power

 

 

3

 

 

3

 









Other

 

 

1

 

 

 










 

 

 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

 

February 28, 2007

 

August 31, 2006







AAA/Aaa

 

 

40

%

 

38

%









AA/Aa

 

 

24

 

 

22

 









A

 

 

10

 

 

10

 









BBB/Baa

 

 

17

 

 

20

 









BB/Ba

 

 

 

 

1

 









B

 

 

5

 

 

4

 









CCC/Caa

 

 

4

 

 

4

 









Not Rated

 

 

 

 

1

 










 

 

4

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

13


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock New York Municipal Income Trust II (BFY)

 


 

 

 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

BFY

 








Initial Offering Date:

 

July 30, 2002

 








Closing Market Price as of 2/28/07:

 

 

$

14.98

 

 








Net Asset Value as of 2/28/07:

 

 

$

15.70

 

 








Yield on Closing Market Price as of 2/28/07 ($14.98):1

 

 

 

4.75

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.05925

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.71100

 

 








Leverage as of 2/28/07:3

 

 

 

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

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

14.98

 

$

14.38

 

4.17%  

 

$

15.25

 

$

14.19

 


















NAV

 

$

15.70

 

$

15.47

 

1.49%  

 

$

15.81

 

$

15.45

 


















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

Sector Breakdown

 

 

 

 

 

 

 

 







Sector

 

 

February 28, 2007

 

August 31, 2006







Transportation

 

 

21

%

 

18

%









Industrial & Pollution Control

 

 

19

 

 

18

 









Education

 

 

15

 

 

16

 









Tobacco

 

 

12

 

 

12

 









Housing

 

 

9

 

 

9

 









Hospitals

 

 

7

 

 

10

 









City, County & State

 

 

5

 

 

7

 









Water & Sewer

 

 

5

 

 

5

 









Tax Revenue

 

 

4

 

 

4

 









Other

 

 

2

 

 

 









Power

 

 

1

 

 

1

 










 

 

 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

 

February 28, 2007

 

August 31, 2006







AAA/Aaa

 

 

41

%

 

35

%









AA/Aa

 

 

31

 

 

37

 









A

 

 

12

 

 

12

 









BBB/Baa

 

 

9

 

 

8

 









BB/Ba

 

 

 

 

1

 









B

 

 

4

 

 

4

 









CCC/Caa

 

 

3

 

 

3

 










 

 

4

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

14


TRUST SUMMARIES (unaudited)
FEBRUARY 28, 2007

BlackRock Virginia Municipal Bond Trust (BHV)

 


 

 

 

 

 

 

 

Trust Information


Symbol on American Stock Exchange:

 

BHV

 








Initial Offering Date:

 

April 30, 2002

 








Closing Market Price as of 2/28/07:

 

 

$

19.26

 

 








Net Asset Value as of 2/28/07:

 

 

$

16.41

 

 








Yield on Closing Market Price as of 2/28/07 ($19.26):1

 

 

 

4.51

%

 








Current Monthly Distribution per Common Share:2

 

 

$

0.072428

 

 








Current Annualized Distribution per Common Share:2

 

 

$

0.869136

 

 








Leverage as of 2/28/07:3

 

 

 

35

%

 








 

 

1

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

2

The distribution is not constant and is subject to change.

3

As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).

The table below summarizes the changes in the Trust’s market price and NAV:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 











 

 

2/28/07

 

8/31/06

 

Change

 

High

 

Low

 













Market Price

 

$

19.26

 

$

18.45

 

4.39%  

 

$

20.76

 

$

18.27

 


















NAV

 

$

16.41

 

$

16.35

 

0.37%  

 

$

16.64

 

$

16.25

 


















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

 

 

 

 

 

 

 

 

Sector Breakdown


Sector

 

 

February 28, 2007

 

August 31, 2006


Transportation

 

 

20

%

 

18

%









Hospitals

 

 

19

 

 

17

 









Housing

 

 

17

 

 

16

 









Water & Sewer

 

 

17

 

 

18

 









City, County & State

 

 

10

 

 

14

 









Industrial & Pollution Control

 

 

5

 

 

4

 









Education

 

 

4

 

 

5

 









Lease Revenue

 

 

4

 

 

3

 









Tobacco

 

 

4

 

 

5

 










 

 

 

 

 

 

 

 

Credit Breakdown4


Credit Rating

 

 

February 28, 2007

 

August 31, 2006


AAA/Aaa

 

 

44

%

 

45

%









AA/Aa

 

 

12

 

 

12

 









A

 

 

19

 

 

16

 









BBB/Baa

 

 

12

 

 

13

 









Not Rated5

 

 

13

 

 

14

 










 

 

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 February 28, 2007 and August 31, 2006, the market value of these securities was $1,499,357 representing 3.9% and $1,417,827 representing 3.8%, respectively, of the Trust’s long-term investments.

15



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock Insured Municipal Income Trust (BYM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

LONG-TERM INVESTMENTS—153.6%

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—0.7%

 

 

 

 

 

 

A+

 

 

$

2,800

 

Cnty. of Jefferson, Sch.. Impvts. Sales Tax RB, Ser. A, 4.75%, 1/01/25

 

01/14 @ 100

 

$

2,875,516

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Arizona—2.6%

 

 

 

 

 

 

AAA

 

 

 

10,000

 

Phoenix Civic Impvt. Corp., Pub. Impvts. Sales Tax RB, Civic Plaza Expansion Proj., 5.00%, 7/01/41, FGIC

 

07/15 @ 100

 

 

10,600,900

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

California—32.4%

 

 

 

 

 

 

AAA

 

 

 

2,000

 

Arcadia Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/01/28

 

02/17 @ 33.207

 

 

417,520

 

AAA

 

 

 

3,380

 

Chabot-Las Positas Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem GO, Election 2004B Proj., Zero Coupon, 8/01/25, AMBAC

 

08/16 @ 64.511

 

 

1,432,174

 

Aaa

 

 

 

14,000

3

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

 

N/A

 

 

15,307,180

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

BBB

 

 

 

6,500

 

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/40

 

06/13 @ 100

 

 

7,405,060

 

BBB

 

 

 

14,500

 

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.75%, 6/01/39

 

06/13 @ 100

 

 

16,618,160

 

AAA

 

 

 

10,100

3

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

 

N/A

 

 

11,565,005

 

AAA

 

 

 

17,500

 

Met. Wtr. Dist. of Southern California, Wtr. Util. Impvts. RB, Ser. B-1, 5.00%, 10/01/33, FGIC

.

10/13 @ 100

 

 

18,494,175

 

AAA

 

 

 

2,700

 

Sacramento City Unified Sch. Dist., Sch. Impvts. Ad Valorem GO, Election of 2002 Proj., 5.00%, 7/01/30, MBIA

 

07/15 @ 100

 

 

2,891,754

 

AAA

 

 

 

15,000

 

San Francisco City & Cnty. Pub. Utils. Comm., Wtr. Util. Impvts. RB, Ser. A, 5.00%, 11/01/31, FSA

 

11/11 @ 100

 

 

15,633,000

 

AAA

 

 

 

53,000

 

San Joaquin Hills Transp. Corridor Agcy., Hwy. Tolls RB, Ser. A, Zero Coupon, 1/15/31, MBIA

 

No Opt. Call

 

 

18,833,020

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

 

10,000

 

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

 

05/13 @ 101

 

 

10,357,500

 

AAA

 

 

 

3,330

 

Ser. G, 4.75%, 5/15/31, MBIA

 

05/13 @ 101

 

 

3,455,374

 

AAA

 

 

 

10,910

3

Ser. O, 5.00%, 9/01/10, FGIC

 

N/A

 

 

11,505,468

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

133,915,390

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

District of Columbia—2.5%

 

 

 

 

 

 

BBB

 

 

 

9,500

 

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

 

05/11 @ 101

 

 

10,462,730

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Florida—7.0%

 

 

 

 

 

 

AAA

 

 

 

3,600

 

City of Tampa, Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA

 

10/16 @ 100

 

 

3,671,172

 

 

 

 

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

 

AAA

 

 

 

9,500

 

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

 

10/14 @ 100

 

 

10,020,885

 

AAA

 

 

 

25,520

 

Recreational Fac. Impvts. Misc. RB, Ser. A, Zero Coupon, 10/01/38, MBIA

 

10/15 @ 30.363

 

 

5,259,927

 

AAA

 

 

 

5,485

 

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

 

10/16 @ 100

 

 

5,674,068

 

A+

 

 

 

2,300

 

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

 

11/16 @ 100

 

 

2,428,639

 

AAA

 

 

 

1,880

 

JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

1,919,856

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

28,974,547

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Georgia—3.9%

 

 

 

 

 

 

 

 

 

 

 

 

City of Atlanta,

 

 

 

 

 

 

AAA

 

 

 

800

 

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

 

01/15 @ 100

 

 

844,528

 

AAA

 

 

 

9,555

 

Wtr. RB, Ser. A, 5.00%, 11/01/38, FGIC

 

05/09 @ 101

 

 

9,782,982

 

AAA

 

 

 

2,000

 

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

 

11/14 @ 100

 

 

2,120,100

 

AAA

 

 

 

3,235

 

Wtr. Util. Impvts. RB, 5.00%, 11/01/37, FSA

 

11/14 @ 100

 

 

3,429,262

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

16,176,872

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Illinois—15.7%

 

 

 

 

 

 

AAA

 

 

 

11,550

 

City of Chicago, Hwy. Impvts. RB, 5.25%, 1/01/27, AMBAC

 

01/11 @ 101

 

 

12,225,675

 

 

 

 

 

 

 

Met. Pier & Exposition Auth.,

 

 

 

 

 

 

AAA

 

 

 

24,010

 

Pub. Impvts. Sales Tax RB, McCormick Place Expansion Proj., Ser. A, 5.00%, 12/15/28, MBIA

 

06/12 @ 101

 

 

25,251,557

 

AAA

 

 

 

15,000

 

Sales Tax RB, McCormick Place Expansion Proj., Ser. B, Zero Coupon, 6/15/28, MBIA

 

No Opt. Call

 

 

6,061,650

 

AAA

 

 

 

6,165

 

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

 

02/16 @ 100

 

 

6,205,381

 

See Notes to Financial Statements.

16



BlackRock Insured Municipal Income Trust (BYM) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

Illinois—(cont’d)

 

 

 

 

 

 

AAA

 

 

$

14,875

 

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

 

01/15 @ 100

 

$

15,335,827

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

65,080,090

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Indiana—1.2%

 

 

 

 

 

 

AAA

 

 

 

4,725

 

Mun. Pwr. Agcy. Pwr. Sply. Sys., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

4,769,415

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Kansas—0.4%

 

 

 

 

 

 

A

 

 

 

1,750

 

Univ. of Kansas Hosp. Auth., Hlth., Hosp. & Nursing Home RB, Univ. of Kansas Hlth. Sys. Proj., 5.00%, 9/01/36

 

09/16 @ 100

 

 

1,825,338

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Louisiana—3.9%

 

 

 

 

 

 

 

 

 

 

 

 

State of Louisiana,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

Hwy. Impvts. Fuel Sales Tax RB, Ser. A, 4.75%, 5/01/39, FSA

 

05/16 @ 100

 

 

10,345,300

 

AAA

 

 

 

5,450

 

Hwy. Impvts. Sales Tax RB, Ser. A, 5.00%, 5/01/35, FGIC

 

05/15 @ 100

 

 

5,787,464

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

16,132,764

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Massachusetts—7.5%

 

 

 

 

 

 

AAA

 

 

 

24,000

 

Tpke. Auth. Met. Hwy. Sys., Hwy. Tolls RB, Ser. A, 5.00%, 1/01/39, AMBAC

 

01/09 @ 101

 

 

24,572,640

 

AA

 

 

 

5,985

 

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

 

08/16 @ 100

 

 

6,373,486

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

30,946,126

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Michigan—0.4%

 

 

 

 

 

 

AAA

 

 

 

1,415

 

Detroit, Swr. Impvts. Swr. RB, 5.00%, 7/01/32, FSA

 

07/13 @ 100

 

 

1,488,637

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Missouri—1.0%

 

 

 

 

 

 

AAA

 

 

 

4,100

 

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

 

01/16 @ 100

 

 

4,176,752

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Nebraska—1.1%

 

 

 

 

 

 

AA

 

 

 

4,280

 

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

 

02/14 @ 100

 

 

4,383,876

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Nevada—9.6%

 

 

 

 

 

 

AAA

 

 

 

6,000

3

Reno, Misc. Taxes RB, Reno Transp. Proj., 5.125%, 6/01/12, AMBAC

 

N/A

 

 

6,401,880

 

 

 

 

 

 

 

Truckee Meadows Wtr. Auth.,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

Wtr. RB, 4.875%, 7/01/34, XLCA

 

07/16 @ 100

 

 

10,414,500

 

AAA

 

 

 

10,000

3

Wtr. Util. Impvts. RB, Ser. A, 5.00%, 7/01/11, FSA

 

N/A

 

 

10,532,900

 

AAA

 

 

 

6,500

3

Wtr. Util. Impvts. RB, Ser. A, 5.125%, 7/01/11, FSA

 

N/A

 

 

6,878,755

 

AAA

 

 

 

5,000

3

Wtr. Util. Impvts. RB, Ser. A, 5.25%, 7/01/11, FSA

 

N/A

 

 

5,316,200

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

39,544,235

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

New York—4.4%

 

 

 

 

 

 

AAA

 

 

 

7,305

 

New York City Mun. Wtr. Fin. Auth., Wtr. RB, Ser. C, 5.00%, 6/15/35, AMBAC

 

06/14 @ 100

 

 

7,743,957

 

AAA

 

 

 

10,000

 

New York City Trust for Cultural Recs., Recreational RB, American Museum of Natural History Proj., Ser. A, 5.00%, 7/01/44, MBIA

 

07/14 @ 100

 

 

10,548,200

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

18,292,157

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Ohio—2.5%

 

 

 

 

 

 

AAA

 

 

 

10,000

 

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

 

07/15 @ 100

 

 

10,371,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Pennsylvania—2.0%

 

 

 

 

 

 

BBB

 

 

 

2,500

 

Lebanon Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Good Samaritan Hosp. Proj., 6.00%, 11/15/35

 

11/12 @ 101

 

 

2,730,050

 

AAA

 

 

 

5,200

3

City of Philadelphia, Natural Gas Util. Impvts. RB, Ser. 3, 5.125%, 8/01/11, FSA

 

N/A

 

 

5,499,780

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

8,229,830

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—0.5%

 

 

 

 

 

 

A-

 

 

 

1,750

 

Comnwlth. Hwy. & Transp. Auth., Hwy. Tolls RB, Ser. CC, 5.50%, 7/01/31

 

No Opt. Call

 

 

2,073,750

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

South Carolina—8.8%

 

 

 

 

 

 

AAA

 

 

 

5,000

3

Pub. Svc. Auth., Elec., Pwr. & Lt. RB, Ser. B, 5.50%, 1/01/12, FSA

 

N/A

 

 

5,402,250

 

AAA

 

 

 

4,000

 

Scago Edl. Facs. Corp. for Colleton Sch. Dist., Sch. Impvts. Lease Appropriation RB,Pickens Cnty. Proj., 5.00%, 12/01/31, FSA

 

12/16 @ 100

 

 

4,250,480

 

 

 

 

 

 

 

Transp. Infrastructure Bank,

 

 

 

 

 

 

AAA

 

 

 

12,750

 

Fuel Sales Tax RB, Ser. A, 5.00%, 10/01/33, AMBAC

 

10/12 @ 100

 

 

13,382,783

 

AAA

 

 

 

12,660

3

Trans. Impvts. RB, Ser. B, 5.125%, 10/01/11, AMBAC

 

N/A

 

 

13,436,944

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

36,472,457

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

17



BlackRock Insured Municipal Income Trust (BYM) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

Tennessee—4.6%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A

 

 

$

10,000

 

Zero Coupon, 1/01/41

 

01/17 @ 30.07

 

$

1,851,300

 

AAA

 

 

 

11,705

 

Ser. A, Zero Coupon, 1/01/22, FSA

 

01/13 @ 59.566

 

 

5,419,298

 

AAA

 

 

 

9,260

 

Ser. A, Zero Coupon, 1/01/23, FSA

 

01/13 @ 56.016

 

 

4,024,859

 

AAA

 

 

 

8,500

 

Ser. A, Zero Coupon, 1/01/24, FSA

 

01/13 @ 52.749

 

 

3,475,055

 

AAA

 

 

 

6,850

 

Ser. A, Zero Coupon, 1/01/25, FSA

 

01/13 @ 49.712

 

 

2,636,291

 

AAA

 

 

 

5,000

 

Ser. A, Zero Coupon, 1/01/26, FSA

 

01/13 @ 46.781

 

 

1,804,650

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

19,211,453

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Texas—27.2%

 

 

 

 

 

 

 

 

 

 

 

 

City of San Antonio, Wtr. RB,

 

 

 

 

 

 

AAA

 

 

 

9,350

 

5.125%, 5/15/29, FGIC

 

05/14 @ 100

 

 

9,950,457

 

AAA

 

 

 

10,000

 

5.125%, 5/15/34, FGIC

 

05/14 @ 100

 

 

10,610,200

 

 

 

 

 

 

 

Cnty. of Harris,

 

 

 

 

 

 

AAA

 

 

 

7,485

 

Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/25, MBIA

 

No Opt. Call

 

 

3,412,262

 

AAA

 

 

 

10,915

 

Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/28, MBIA

 

No Opt. Call

 

 

4,342,969

 

AAA

 

 

 

5,510

 

Hwy. Tolls RB, 5.00%, 8/15/30, FSA

 

08/12 @ 100

 

 

5,777,951

 

AAA

 

 

 

10,030

 

Coppell Indpt. Sch. Dist., Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/30, PSF

 

No Opt. Call

 

 

3,654,029

 

AAA

 

 

 

2,350

3

Dallas Area Rapid Trans., Sales Tax RB, 5.00%, 12/01/11, AMBAC

 

N/A

 

 

2,484,138

 

 

 

 

 

 

 

Harris Cnty. Houston Sports Auth.,

 

 

 

 

 

 

AAA

 

 

 

5,785

 

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

 

11/31 @ 64.91

 

 

1,220,924

 

AAA

 

 

 

6,160

 

Hotel Occupancy Tax RB, Ser. H, Zero Coupon, 11/15/39, MBIA

 

11/31 @ 60.976

 

 

1,218,633

 

AAA

 

 

 

26,890

 

Lease RB, Ser. A-3, Zero Coupon, 11/15/38, MBIA

 

11/24 @ 43.826

 

 

5,311,313

 

AAA

 

 

 

27,675

 

Lease RB, Ser. A-3, Zero Coupon, 11/15/39, MBIA

 

11/24 @ 41.258

 

 

5,138,141

 

AAA

 

 

 

2,000

 

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

 

10/16 @ 100

 

 

2,003,020

 

AAA

 

 

 

5,315

 

Lewisville Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Zero Coupon, 8/15/24, FGIC

 

08/15 @ 66.003

 

 

2,388,614

 

AAA

 

 

 

6,000

 

Lower Colorado River Auth., Misc. RB, 4.75%, 5/15/36, AMBAC

 

05/11 @ 100

 

 

6,100,380

 

AAA

 

 

 

1,045

 

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

 

03/14 @ 100

 

 

1,071,282

 

AAA

 

 

 

9,500

 

Northside Indpt. Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 5.125%, 6/15/29, PSF

 

06/14 @ 100

 

 

10,116,170

 

AAA

 

 

 

3,000

 

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

 

03/16 @ 100

 

 

3,111,300

 

AAA

 

 

 

30,145

 

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

 

08/12 @ 100

 

 

31,520,516

 

BBB+

 

 

 

3,000

 

Tyler Hlth. Facs. Dev. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Mother Frances Hosp. Proj., 6.00%, 7/01/31

 

07/12 @ 100

 

 

3,214,290

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

112,646,589

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Virginia—3.4%

 

 

 

 

 

 

 

 

 

 

 

 

Chesterfield Cnty. Indl. Dev. Auth.,

 

 

 

 

 

 

Baa1

 

 

 

3,000

 

Indl. Impvts. RB, Elec. & Pwr. Co. Proj., Ser. A, 5.875%, 6/01/17

 

11/10 @ 102

 

 

3,225,840

 

Baa1

 

 

 

4,000

 

Indl. RB, Elec. & Pwr. Co. Proj., Ser. B, 5.875%, 6/01/17

 

11/10 @ 102

 

 

4,321,200

 

A-

 

 

 

6,000

 

Stafford Cnty. Econ. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Medicorp Hlth. Sys. Oblig. Proj., 5.25%, 6/15/37

 

06/16 @ 100

 

 

6,380,580

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

13,927,620

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Washington—10.0%

 

 

 

 

 

 

AAA

 

 

 

9,610

 

Central Washington Univ., Coll. & Univ. RB, 5.00%, 5/01/34, FGIC

 

05/14 @ 100

 

 

10,130,189

 

AAA

 

 

 

3,655

 

Chelan Cnty. Pub. Util. Dist. No. 1, Elec., Pwr. & Lt. RB, Chelan Hydro Sys. Proj., Ser. C, 5.125%, 7/01/33, AMBAC

 

07/12 @ 100

 

 

3,828,064

 

AAA

 

 

 

9,500

 

City of Seattle, Pkg. Fac. Impvts. Ad Valorem Ppty. Tax GO, Ser. F, 5.125%, 12/15/28, MBIA

 

12/08 @ 100

 

 

9,686,295

 

AAA

 

 

 

2,200

 

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

 

01/16 @ 100

 

 

2,342,120

 

AAA

 

 

 

4,110

 

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

 

10/16 @ 100

 

 

4,152,703

 

AAA

 

 

 

4,500

 

Port of Seattle, Port, Arpt. & Marina RB, Ser. A, 5.00%, 4/01/31, FGIC

 

10/11 @ 100

 

 

4,675,410

 

AAA

 

 

 

6,380

 

Pub. Impvts. Misc. GO, Ser. A, 5.00%, 7/01/25, FSA

 

07/11 @ 100

 

 

6,647,131

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

41,461,912

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

18



BlackRock Insured Municipal Income Trust (BYM) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

West Virginia—0.3%

 

 

 

 

 

 

AAA

 

 

$

1,295

 

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

 

06/14 @ 100

 

$

1,372,454

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $590,119,678)

 

 

 

 

635,412,410

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.5%

 

 

 

 

 

 

NR

 

 

 

6,300

4,5

Merrill Lynch Institutional Tax Exempt Fund, 3.49%
(cost $6,300,000)

 

N/A

 

 

6,300,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments—155.1% (cost $596,419,6786)

 

 

 

$

641,712,410

 

 

 

 

 

 

 

Other assets in excess of liabilities—0.3%

 

 

 

 

1,124,868

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.4)%

.

 

 

 

(229,050,251

)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

413,787,027

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

Represents an investment in an affiliate.

5

Represents current yield as of February 28, 2007.

6

Cost for federal income tax purposes is $596,397,483. The net unrealized appreciation on a tax basis is $45,314,927, consisting of $45,336,969 gross unrealized appreciation and $22,042 gross unrealized depreciation.

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represents approximately 86.5% of the Trust’s managed assets.

 

 

 

 

 

 

AMBAC

21.9

%

 

FGIC

20.5

%

 

FSA

16.4

%

 

MBIA

22.0

%

 

PSF

2.2

%

 

XCLA

2.5

%

 

Other

1.0

%



 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

PSF

Public School Fund Guaranteed

FSA

Financial Security Assurance

 

RB

Revenue Bond

GO

General Obligation

 

XLCA

XL Capital Assurance


See Notes to Financial Statements.

19


PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock Municipal Bond Trust (BBK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

LONG-TERM INVESTMENTS—148.3%

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—6.2%

 

 

 

 

 

 

AAA

 

 

$

470

 

Birmingham Wtr. Wks. & Swr. Brd., Wtr. Util. Impvt. Wtr. RB, Ser. A, 4.50%, 1/01/35, FSA

 

01/16 @ 100

 

$

474,418

 

A2

 

 

 

7,500

 

Huntsville Hlth. Care Auth., Hlth., Hosp. & Nursing Home RB, Ser. A, 5.75%, 6/01/31

 

06/11 @ 101

 

 

8,014,275

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AA+

 

 

 

1,135

 

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

 

11/16 @ 100

 

 

1,191,035

 

AA+

 

 

 

815

 

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

 

11/16 @ 100

 

 

853,003

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

10,532,731

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Arizona—0.7%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

300

 

6.25%, 5/01/15

 

05/10 @ 107

 

 

305,088

 

NR

 

 

 

300

 

7.00%, 5/01/20

 

05/10 @ 107

 

 

305,394

 

NR

 

 

 

600

 

7.25%, 5/01/27

 

05/10 @ 107

 

 

614,118

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

1,224,600

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

California—4.0%

 

 

 

 

 

 

A+

 

 

 

1,800

 

California GO, 5.00%, 6/01/34

 

12/14 @ 100

 

 

1,900,494

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB-

 

 

 

850

 

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

 

06/16 @ 17.602

 

 

87,610

 

BB

 

 

 

4,500

 

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

 

06/16 @ 8.9

 

 

226,305

 

NR

 

 

 

5,750

 

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

 

06/16 @ 6.219

 

 

191,417

 

AA-

 

 

 

2,660

 

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

 

05/13 @ 101

 

 

2,741,715

 

NR

 

 

 

1,585

 

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

 

10/13 @ 102

 

 

1,683,254

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

6,830,795

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Colorado—0.8%

 

 

 

 

 

 

AAA

 

 

 

635

 

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

 

11/15 @ 100

 

 

674,091

 

Baa2

 

 

 

635

 

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

 

12/15 @ 101

 

 

679,558

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

1,353,649

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

District of Columbia—11.0%

 

 

 

 

 

 

 

 

 

 

 

 

Dist. of Columbia,

 

 

 

 

 

 

AAA

 

 

 

6,000

 

Econ. Impvts. TA, Gallary Place Proj., 5.40%, 7/01/31, FSA

 

07/12 @ 100

 

 

6,398,280

 

A

 

 

 

595

 

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

 

06/14 @ 100

 

 

628,742

 

AAA

 

 

 

33,450

 

Univ. & Coll. Impvts. RB, Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/38, MBIA

 

04/11 @ 20.243

 

 

5,655,392

 

BBB

 

 

 

5,580

 

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

 

05/11 @ 101

 

 

6,145,477

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

18,827,891

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Florida—19.6%

 

 

 

 

 

 

AAA

 

 

 

1,845

 

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

 

10/16 @ 100

 

 

1,908,597

 

BBB+

 

 

 

1,535

 

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

 

06/16 @ 100

 

 

1,578,425

 

AAA

 

 

 

770

 

JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

786,324

 

BB+

 

 

 

6,200

 

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

 

04/07 @ 100

 

 

6,265,472

 

BB+

 

 

 

2,810

 

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

 

11/14 @ 100

 

 

3,217,984

 

A+

 

 

 

10,000

3

Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Hlth. Sys. Proj., 5.625%, 11/15/12

 

N/A

 

 

11,042,000

 

AAA

 

 

 

7,255

 

Palm Beach Cnty. Hsg. Fin. Auth., Multi-Fam. Hsg. RB, Indian Trace Apts. Proj., Ser. A, 5.625%, 1/01/44, FSA, AMT

 

01/12 @ 100

 

 

7,503,991

 

NR

 

 

 

990

 

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

 

05/14 @ 100

 

 

1,080,922

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

33,383,715

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Georgia—3.9%

 

 

 

 

 

 

 

 

 

 

 

 

City of Atlanta,

 

 

 

 

 

 

AAA

 

 

 

1,250

 

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

 

01/15 @ 100

 

 

1,319,575

 

AAA

 

 

 

5,000

 

Wtr. Util. Impvts. RB, 5.00%, 11/01/37, FSA

 

11/14 @ 100

 

 

5,300,250

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

6,619,825

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

20


BlackRock Municipal Bond Trust (BBK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

Illinois—22.6%

 

 

 

 

 

 

NR

 

 

$

1,150

4

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

 

No Opt. Call

 

$

1,194,781

 

 

 

 

 

 

 

City of Chicago, Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

AAA

 

 

 

4,285

3

5.50%, 1/01/11, MBIA

 

N/A

 

 

4,602,219

 

AAA

 

 

 

1,540

 

5.50%, 1/01/38, MBIA

 

01/11 @ 101

 

 

1,639,746

 

AAA

 

 

 

55

3

Ser. A, 5.50%, 1/01/11, MBIA

 

N/A

 

 

59,072

 

BBB

 

 

 

6,000

3

Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Student Hsg. Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/07

 

N/A

 

 

6,024,720

 

 

 

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

BBB

 

 

 

1,065

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25

 

11/16 @ 100

 

 

1,095,384

 

BBB

 

 

 

850

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30

 

11/16 @ 100

 

 

870,918

 

BB+

 

 

 

420

 

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

 

02/15 @ 100

 

 

434,553

 

Baa2

 

 

 

525

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

542,462

 

Baa3

 

 

 

425

 

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

 

06/14 @ 100

 

 

439,008

 

A

 

 

 

6,000

 

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Lake Forest Hosp. Proj., Ser. A, 5.75%, 7/01/29

 

07/12 @ 100

 

 

6,458,340

 

 

 

 

 

 

 

Met. Pier & Exposition Auth., Pub. Impvts. Sales Tax RB, McCormick Place Expansion Proj.,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

Ser. A, Zero Coupon, 6/15/35, MBIA

 

No Opt. Call

 

 

2,959,000

 

AAA

 

 

 

10,000

 

Ser. A, Zero Coupon, 12/15/36, MBIA

 

No Opt. Call

 

 

2,774,000

 

AAA

 

 

 

10,000

 

Ser. A, Zero Coupon, 12/15/37, MBIA

 

No Opt. Call

 

 

2,649,200

 

AAA

 

 

 

2,535

 

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

 

02/16 @ 100

 

 

2,551,604

 

AAA

 

 

 

23,065

 

Vlg. of Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, 1/01/36, FGIC

 

01/12 @ 23.018

 

 

4,302,314

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

38,597,321

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Indiana—2.3%

 

 

 

 

 

 

Aa2

 

 

 

1,955

 

Multi-Fam. Hsg., Loc. Hsg. RB, Canterbury House Apts. Proj., Ser. 1, 5.90%, 12/01/34, AMT

 

12/11 @ 100

 

 

2,022,663

 

AAA

 

 

 

1,950

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

1,968,330

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

3,990,993

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Kansas—3.1%

 

 

 

 

 

 

A-

 

 

 

5,000

 

Wichita Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Cessna Citation Svc. Ctr. Proj., Ser. A, 6.25%, 6/15/32, AMT

 

06/12 @ 101

 

 

5,363,850

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Maryland—3.3%

 

 

 

 

 

 

NR

 

 

 

1,250

 

City of Baltimore, Pub. Impvts. Tax Incr./Alloc. ST, Harborview Lot No. 2 Proj., 6.50%, 7/01/31

 

07/13 @ 101

 

 

1,367,700

 

NR

 

 

 

3,000

 

Frederick Cnty., Pub. Impvt. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. B, 6.25%, 7/01/30

 

07/07 @ 102

 

 

3,074,430

 

A3

 

 

 

1,040

 

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

 

08/14 @ 100

 

 

1,116,201

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

5,558,331

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Massachusetts—0.9%

 

 

 

 

 

 

AA

 

 

 

1,450

 

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

 

08/16 @ 100

 

 

1,544,120

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Michigan—0.7%

 

 

 

 

 

 

A1

 

 

 

1,065

 

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

 

11/16 @ 100

 

 

1,133,778

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Mississippi—0.9%

 

 

 

 

 

 

BBB+

 

 

 

1,605

 

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

 

12/16 @ 100

 

 

1,619,525

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Multi-State—7.1%

 

 

 

 

 

 

Baa1

 

 

 

10,500

4

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

 

10/14 @ 100

 

 

12,169,185

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Nebraska—1.1%

 

 

 

 

 

 

AA

 

 

 

1,760

 

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

 

02/14 @ 100

 

 

1,802,715

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Nevada—2.9%

 

 

 

 

 

 

A+

 

 

 

1,325

 

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

 

05/16 @ 100

 

 

1,391,780

 

NR

 

 

 

1,395

 

Las Vegas Spl. Dist. No. 809, Pub. Impvts. SA, Summerlin Area Proj., 5.65%, 6/01/23

 

06/07 @ 103

 

 

1,440,589

 

AAA

 

 

 

2,000

 

Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA

 

07/16 @ 100

 

 

2,082,900

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

4,915,269

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

21



BlackRock Municipal Bond Trust (BBK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

New Jersey—9.8%

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

$

1,500

 

Econ. Impvts. Cigarette Tax RB, 5.50%, 6/15/31

 

06/14 @ 100

 

$

1,594,515

 

BBB-

 

 

 

1,500

 

Hlth., Hosp. & Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.80%, 11/01/31

 

11/14 @ 100

 

 

1,634,205

 

B

 

 

 

3,000

 

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

 

11/10 @ 101

 

 

3,267,660

 

Baa3

 

 

 

7,500

 

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

 

No Opt. Call

 

 

9,266,025

 

NR

 

 

 

915

 

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

 

01/15 @ 100

 

 

951,307

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

16,713,712

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

New York—10.2%

 

 

 

 

 

 

NR

 

 

 

455

 

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

 

05/15 @ 102

 

 

454,936

 

AAA

 

 

 

1,330

 

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

 

06/12 @ 100

 

 

1,392,204

 

AA-

 

 

 

2,610

 

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

 

No Opt. Call

 

 

3,063,566

 

AAA

 

 

 

1,760

 

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

 

07/12 @ 100

 

 

1,843,811

 

 

 

 

 

 

 

Nanuet Union Free Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO.,

 

 

 

 

 

 

AAA

 

 

 

1,085

 

4.30%, 6/15/29, FSA

 

06/15 @ 100

 

 

1,092,476

 

AAA

 

 

 

1,130

 

4.30%, 6/15/30, FSA

 

06/15 @ 100

 

 

1,136,215

 

B

 

 

 

6,165

 

New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

7,491,215

 

AAA

 

 

 

820

 

Syracuse Indl. Dev. Agcy., Indl. Impvts. RB, Crousel Ctr. Proj., Ser. A, 5.00%, 1/01/36

 

01/17@ 100

 

 

864,944

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

17,339,367

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

North Carolina—1.9%

 

 

 

 

 

 

NR5

 

 

 

2,945

 

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

 

08/15 @ 100

 

 

3,173,679

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Ohio—2.6%

 

 

 

 

 

 

AAA

 

 

 

4,220

 

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

 

07/15 @ 100

 

 

4,376,562

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Oklahoma—1.2%

 

 

 

 

 

 

B

 

 

 

1,725

 

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

 

No Opt. Call

 

 

2,059,236

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Oregon—0.3%

 

 

 

 

 

 

Aa2

 

 

 

550

 

Multi-Fam. Hsg., Local Hsg. RB, Pacific Tower Apts. Proj., Ser. 6, 6.05%, 11/01/34, AMT

 

12/11 @ 100

 

 

570,856

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Pennsylvania—2.5%

 

 

 

 

 

 

BB-

 

 

 

3,870

 

Econ. Dev. Fing. Auth., Elec., Pwr. & Lt. Impvts. RB, Reliant Energy Conv. Proj., Ser. A,6.75%, 12/01/36, AMT

 

06/11 @ 103

 

 

4,274,222

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—3.0%

 

 

 

 

 

 

 

 

 

 

 

 

Comnwlth.,

 

 

 

 

 

 

BBB

 

 

 

2,650

 

Ad Valorem Ppty. Tax GO, Ser. B, 5.00%, 7/01/35

 

07/16 @ 100

 

 

2,805,979

 

AAA

 

 

 

1,070

 

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

 

No Opt. Call

 

 

1,255,452

 

AAA

 

 

 

900

 

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

 

No Opt. Call

 

 

1,061,046

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

5,122,477

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

South Carolina—0.7%

 

 

 

 

 

 

BBB+

 

 

 

1,000

3

Jobs Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Proj., Ser. C, 7.00%, 8/01/13

 

N/A

 

 

1,183,313

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Texas—17.4%

 

 

 

 

 

 

 

 

 

 

 

 

Dallas Area Rapid Trans., Sales Tax RB,

 

 

 

 

 

 

AAA

 

 

 

1,200

 

4.50%, 12/01/26, AMBAC

 

12/16 @ 100

 

 

1,223,688

 

AAA

 

 

 

940

3

5.00%, 12/01/11, AMBAC

 

N/A

 

 

993,655

 

AAA

 

 

 

11,690

 

Harris Cnty. Houston Sports Auth., Hotel Occupancy Tax RB, Ser. G, Zero Coupon, 11/15/41, MBIA

 

11/31 @ 53.779

 

 

2,039,204

 

AAA

 

 

 

605

 

Lower Colorado River Auth., Misc. RB, Ser. A, 5.00%, 5/15/31, MBIA

 

05/13 @ 100

 

 

633,550

 

AAA

 

 

 

430

 

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

 

03/14 @ 100

 

 

440,815

 

Aa2

 

 

 

2,590

 

Multi-Fam. Hsg., Local Hsg. RB, Copperwood Ranch Apts. Proj., Ser. 9, 5.95%, 11/01/35, AMT

 

12/11 @ 100

 

 

2,690,777

 

 

 

 

 

 

 

Tpke. Auth.,

 

 

 

 

 

 

AAA

 

 

 

60,000

 

Central Sys. RB, Zero Coupon, 8/15/35, AMBAC

 

08/12 @ 25.665

 

 

12,088,800

 

AAA

 

 

 

2,115

 

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

 

08/12 @ 100

 

 

2,211,507

 

BBB+

 

 

 

6,840

 

Tyler Hlth. Facs. Dev. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Mother Frances Hosp. Proj., 6.00%, 7/01/31

 

07/12 @ 100

 

 

7,328,581

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

29,650,577

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

22


BlackRock Municipal Bond Trust (BBK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

Washington—1.9%

 

 

 

 

 

 

AAA

 

 

$

905

 

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

 

01/16 @ 100

 

$

963,463

 

AAA

 

 

 

2,220

 

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

 

10/16 @ 100

 

 

2,243,066

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

3,206,529

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

West Virginia—0.3%

 

 

 

 

 

 

AAA

 

 

 

520

 

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

 

06/14 @ 100

 

 

551,101

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Wisconsin—5.4%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A-

 

 

 

1,350

 

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

 

04/13 @ 100

 

 

1,509,286

 

A-

 

 

 

7,000

3

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

 

N/A

 

 

7,700,210

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

9,209,496

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $229,723,040)

 

 

 

 

252,899,420

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—5.5%

 

 

 

 

 

 

NR

 

 

 

9,300

6,7

Merrill Lynch Institutional Tax Exempt Fund, 3.46%
(cost $9,300,000)

 

N/A

 

 

9,300,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments—153.8% (cost $239,023,0408)

 

 

 

$

262,199,420

 

 

 

 

 

 

 

Liabilities in excess of other assets—(0.7)%

 

 

 

 

(1,184,377

)

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(53.1)%

 

 

 

 

(90,530,248

)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

170,484,795

 

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of February 28, 2007, the Trust held 7.8% of its net assets, with a current market value of $13,363,966, in securities restricted as to resale.

5

Security is deemed to be of investment grade quality by the investment advisor.

6

Represents an investment in an affiliate.

7

Represents current yield as of February 28, 2007.

8

Cost for federal income tax purposes is $239,027,520. The net unrealized appreciation on a tax basis is $23,171,900, consisting of $23,177,442 gross unrealized appreciation and $5,542 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

 

MBIA

Municipal Bond Insurance Assoc.

AMBAC

American Municipal Bond Assurance Corp.

 

RB

Revenue Bond

AMT

Subject to Alternative Minimum Tax

 

SA

Special Assessment

FGIC

Financial Guaranty Insurance Co.

 

ST

Special Tax

FSA

Financial Security Assurance

 

TA

Tax Allocation

GO

General Obligation

 

XLCA

XL Capital Assurance

See Notes to Financial Statements.

23



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock Municipal Income Trust II (BLE)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

LONG-TERM INVESTMENTS—153.2%

 

 

 

 

 

 

 

 

 

 

 

 

Alabama—1.5%

 

 

 

 

 

 

AAA

 

 

$

1,010

 

Birmingham Wtr. Wks. & Swr. Brd., Wtr. Util. Impvt. Wtr. RB, Ser. A, 4.50%, 1/01/35, FSA

 

01/16 @ 100

 

$

1,019,494

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AA+

 

 

 

2,525

 

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

 

11/16 @ 100

 

 

2,649,659

 

AA+

 

 

 

1,825

 

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

 

11/16 @ 100

 

 

1,910,100

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

5,579,253

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

California—7.1%

 

 

 

 

 

 

A

 

 

 

2,250

 

Agua Caliente Band of Cahuilla Indians, Casinos Parimutuel Betting RB, 6.00%, 7/01/18

 

07/13 @ 100

 

 

2,447,437

 

A+

 

 

 

2,700

 

California GO, 5.00%, 6/01/34

 

12/14 @ 100

 

 

2,850,741

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB-

 

 

 

1,840

 

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

 

06/16 @ 17.602

 

 

189,649

 

BB

 

 

 

9,710

 

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

 

06/16 @ 8.9

 

 

488,316

 

NR

 

 

 

12,410

 

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

 

06/16 @ 6.219

 

 

413,129

 

A

 

 

 

3,500

 

Mobilehome Park Fing. Auth., St. Single-Fam. Hsg. RB, Millenium Hsg. Corp. Proj., Ser. A, 5.25%, 3/15/34, ACA

 

03/13 @ 102

 

 

3,726,555

 

NR

 

 

 

4,620

 

San Francisco City & Cnty. Redev. Agcy., Pub. Impvts. ST, Mission Bay South Pub. Proj., 6.625%, 8/01/27

 

08/11 @ 101

 

 

4,998,979

 

A+

 

 

 

5,000

 

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

 

04/13 @ 100

 

 

5,321,100

 

AA-

 

 

 

5,755

 

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

 

05/13 @ 101

 

 

5,931,793

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

26,367,699

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Colorado—4.8%

 

 

 

 

 

 

AAA

 

 

 

1,375

 

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

 

11/15 @ 100

 

 

1,459,645

 

AA

 

 

 

10,000

3

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. Initiatives Proj., Ser. A, 5.50%, 3/01/32

 

ETM

 

 

10,768,600

 

AAA

 

 

 

4,000

 

Northwest Pkwy. Pub. Hwy. Auth., Hwy. Tolls RB, Ser. A, 5.25%, 6/15/41, FSA

 

06/11 @ 102

 

 

4,257,920

 

Baa2

 

 

 

1,375

 

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

 

12/15 @ 101

 

 

1,471,484

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

17,957,649

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

District of Columbia—6.2%

 

 

 

 

 

 

A

 

 

 

1,265

 

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

 

06/14 @ 100

 

 

1,336,738

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB

 

 

 

7,500

 

6.50%, 5/15/33

 

No Opt. Call

 

 

8,938,275

 

BBB

 

 

 

11,500

 

6.75%, 5/15/40

 

05/11 @ 101

 

 

12,665,410

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

22,940,423

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Florida—14.6%

 

 

 

 

 

 

BBB+

 

 

 

2,650

 

City of Leesburg, Hlth., Hosp. & Nursing Home Impvts. RB, Leesburg Regl. Med. Ctr. Proj., 5.50%, 7/01/32

 

07/12 @ 100

 

 

2,771,847

 

AAA

 

 

 

3,990

 

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

 

10/16 @ 100

 

 

4,127,535

 

NR

 

 

 

15

 

Fishhawk Cmnty. Dev. Dist. II, Pub. Impvts. SA TA, Ser. B, 5.00%, 11/01/07

 

No Opt. Call

 

 

15,001

 

AAA

 

 

 

1,670

 

JEA, Wtr. Util. Impvts. Wtr. RB, Ser. A, 4.75%, 10/01/36, MBIA

 

04/11 @ 100

 

 

1,705,404

 

NR

 

 

 

4,735

 

Lakes by the Bay South Cmnty. Dev. Dist., Pub. Impvts. SA RB, Ser. A, 6.25%, 5/01/34

 

05/14 @ 101

 

 

5,109,112

 

NR4

 

 

 

3,125

 

Live Oak Comm. Dev. Dist. No. 1, Pub. Impvts. SA, Ser. A, 6.30%, 5/01/34

 

05/13 @ 101

 

 

3,354,437

 

BB+

 

 

 

6,230

 

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

 

11/14 @ 100

 

 

7,134,534

 

A+

 

 

 

6,850

5

Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Adventist Hlth. Sys. Proj., 5.625%, 11/15/12

 

N/A

 

 

7,563,770

 

AA-

 

 

 

14,000

5

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

 

N/A

 

 

15,354,080

 

NR

 

 

 

2,065

 

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

 

05/14 @ 100

 

 

2,254,650

 

NR

 

 

 

4,520

 

Sumter Cnty. Indl. Dev. Auth., Indl. Impvts. RB, No. Sumter Util. Co. LLC Proj., 6.90%, 10/01/34, AMT

 

10/09 @ 100

 

 

4,727,197

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

54,117,567

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

24



BlackRock Municipal Income Trust II (BLE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

Georgia—1.5%

 

 

 

 

 

 

AAA

 

 

$

205

 

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

 

01/15 @ 100

 

$

216,410

 

BBB

 

 

 

5,000

 

Milledgeville & Baldwin Cnty. Dev. Auth., Univ. & Coll. Impvts. RB, Georgia Coll. & St. Univ. Fndtn. Proj., 5.625%, 9/01/30

 

09/14 @ 101

 

 

5,447,500

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

5,663,910

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Illinois—19.6%

 

 

 

 

 

 

NR

 

 

 

2,470

6

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

 

No Opt. Call

 

 

2,566,182

 

AAA

 

 

 

4,290

 

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

 

01/14 @ 100

 

 

4,539,506

 

 

 

 

 

 

 

Fin. Auth.,

 

 

 

 

 

 

A+

 

 

 

7,500

5

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

 

N/A

 

 

7,947,750

 

BBB

 

 

 

2,310

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/25

 

11/16 @ 100

 

 

2,375,904

 

BBB

 

 

 

1,845

 

Coll. & Univ. RB, Edl. Advancement Proj., Ser. B, 5.00%, 5/01/30

 

11/16 @ 100

 

 

1,890,405

 

BB+

 

 

 

910

 

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

 

02/15 @ 100

 

 

941,532

 

AA+

 

 

 

1,880

 

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

 

08/14 @ 100

 

 

2,055,310

 

Baa2

 

 

 

1,125

 

Univ. & Coll. Impvts. RB, MJH Ed. Asst. LLC Proj., Ser. A, 5.125%, 6/01/35

 

06/14 @ 100

 

 

1,162,418

 

Baa3

 

 

 

900

 

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

 

06/14 @ 100

 

 

929,664

 

A

 

 

 

8,000

 

Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home RB, Elmhurst Mem. Hosp. Proj., 5.50%, 1/01/22

 

01/13 @ 100

 

 

8,541,840

 

 

 

 

 

 

 

Met. Pier & Exposition Auth., Pub. Impvts. St. Tax RB, McCormick Place Expansion Proj.,

 

 

 

 

 

 

AAA

 

 

 

45,190

 

Ser. A, Zero Coupon, 6/15/33, MBIA

 

No Opt. Call

 

 

14,648,790

 

AAA

 

 

 

5,000

 

Ser. A, Zero Coupon, 6/15/40, MBIA

 

No Opt. Call

 

 

1,185,350

 

AAA

 

 

 

5,490

 

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

 

02/16 @ 100

 

 

5,525,960

 

AAA

 

 

 

15,000

 

Sports Facs. Auth., Ded. St. Tax Supported RB, Zero Coupon, 6/15/30, AMBAC

 

06/15 @ 101

 

 

14,104,800

 

AAA

 

 

 

4,000

5

Vlg. of Bolingbrook, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.375%, 1/01/12, FGIC

 

N/A

 

 

4,299,800

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

72,715,211

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Indiana—8.3%

 

 

 

 

 

 

AA+

 

 

 

5,000

 

Hlth. Fac. Fing. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Ascension Hlth. Proj., Ser. F, 5.375%, 11/15/25

 

No Opt. Call

 

 

5,451,850

 

AAA

 

 

 

19,735

5

Indianapolis Local Pub. Impvt. Bond Bank, Wtr. Util. Impvts. RB, Wtr. Wks. Proj., Ser. A, 5.25%, 7/01/12, MBIA

 

N/A

 

 

21,214,336

 

AAA

 

 

 

4,200

 

Mun. Pwr. Agcy., Elec., Pwr. & Lt. Impvts. RB, Ser. A, 4.50%, 1/01/32, AMBAC

 

01/16 @ 100

 

 

4,239,480

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

30,905,666

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Maryland—1.8%

 

 

 

 

 

 

NR

 

 

 

3,000

 

Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj., Ser. A, 5.95%, 7/01/30

 

07/07 @ 102

 

 

3,073,830

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A3

 

 

 

2,240

 

Medstar Hlth., Inc. Proj., 5.50%, 8/15/33

 

08/14 @ 100

 

 

2,404,125

 

A

 

 

 

1,000

 

Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32

 

07/12 @ 100

 

 

1,070,950

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

6,548,905

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Massachusetts—0.9%

 

 

 

 

 

 

AA

 

 

 

3,145

 

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

 

08/16 @ 100

 

 

3,349,142

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Michigan—0.7%

 

 

 

 

 

 

A1

 

 

 

2,305

 

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

 

11/16 @ 100

 

 

2,453,857

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Mississippi—1.6%

 

 

 

 

 

 

BBB

 

 

 

4,950

 

Lowndes Cnty., Indl. RB, Weyerhaeuser Co. Proj., Ser. A, 6.80%, 4/01/22

 

No Opt. Call

 

 

6,071,621

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Missouri—1.8%

 

 

 

 

 

 

NR

 

 

 

6,000

 

370 Missouri Bottom Rd. Taussig Rd. Transp. Dev. Dist. Hazelwood, Pub. Impvts. Sales Tax RB, 7.20%, 5/01/33

 

05/13 @ 100

 

 

6,690,600

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Multi-State—3.7%

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

1,000

6

Ser. A, 5.75%, 10/31/15

 

No Opt. Call

 

 

1,078,800

 

A3

 

 

 

3,500

6

Ser. A, 6.00%, 4/30/19

 

No Opt. Call

 

 

3,906,035

 

Baa1

 

 

 

5,000

6

Ser. B, 6.00%, 4/30/15

 

No Opt. Call

 

 

5,437,800

 

Baa1

 

 

 

3,000

6

Ser. B, 6.30%, 4/30/19

 

No Opt. Call

 

 

3,395,100

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

13,817,735

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

25



BlackRock Municipal Income Trust II (BLE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

Nevada—2.8%

 

 

 

 

 

 

A+

 

 

$

2,855

 

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

 

05/16 @ 100

 

$

2,998,892

 

NR

 

 

 

2,565

 

Henderson Local Impvt. Dist. No. T-14, Pub. Impvts. SA, 5.80%, 3/01/23

 

09/07 @ 103

 

 

2,652,698

 

AAA

 

 

 

4,400

 

Truckee Meadows Wtr. Auth., Wtr. RB, 4.875%, 7/01/34, XLCA

 

07/16 @ 100

 

 

4,582,380

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

10,233,970

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

New Jersey—12.4%

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

 

9,000

 

Econ. Impvts. Cigarette Tax RB, 5.50%, 6/15/31

 

06/14 @ 100

 

 

9,567,090

 

Baa3

 

 

 

10,000

 

Econ. Impvts. Elec., Pwr. & Lt. RB, New Jersey Metromall Urban Renewal Proj., 6.50%, 4/01/31, AMT

 

No Opt. Call

 

 

12,038,800

 

BBB

 

 

 

4,000

 

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

 

06/14 @ 100

 

 

4,313,720

 

B

 

 

 

10,100

 

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

 

11/10 @ 101

 

 

11,001,122

 

Baa3

 

 

 

7,475

 

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

 

No Opt. Call

 

 

9,235,138

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

46,155,870

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

New Mexico—1.5%

 

 

 

 

 

 

Baa1

 

 

 

5,200

 

Hsg. Auth., St. Multi-Fam. Hsg. RB, Villa Delaware Oso Apts. Proj., Ser. A, 6.00%, 1/01/38

.

01/13 @ 102

 

 

5,464,680

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

New York—8.6%

 

 

 

 

 

 

NR

 

 

 

985

 

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

 

05/15 @ 102

 

 

984,862

 

AAA

 

 

 

2,845

 

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

 

06/12 @ 100

 

 

2,978,061

 

AA-

 

 

 

5,425

 

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

 

No Opt. Call

 

 

6,367,756

 

AAA

 

 

 

3,775

 

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

 

07/12 @ 100

 

 

3,954,766

 

B

 

 

 

6,700

 

New York City Indl. Dev. Agcy., Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

8,141,304

 

Caa1

 

 

 

7,325

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB, Contl./Eastn. LaGuardia Proj., 9.00%, 12/01/10, AMT

 

04/07 @ 100

 

 

7,483,879

 

AAA

 

 

 

1,810

 

Syracuse Indl. Dev. Agy., Indl. Impvts. RB, Crousel Ctr. Proj., Ser. A, 5.00%, 1/01/36

 

01/17@ 100

 

 

1,909,206

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

31,819,834

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

North Carolina—2.2%

 

 

 

 

 

 

NR4

 

 

 

7,500

 

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

.

08/15 @ 100

 

 

8,082,375

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Ohio—2.5%

 

 

 

 

 

 

AAA

 

 

 

9,140

 

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

.

07/15 @ 100

 

 

9,479,094

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Oklahoma—1.3%

 

 

 

 

 

 

B

 

 

 

3,925

 

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

 

No Opt. Call

 

 

4,685,508

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Pennsylvania—5.5%

 

 

 

 

 

 

 

 

 

 

 

 

Econ. Dev. Fing. Auth.,

 

 

 

 

 

 

BB-

 

 

 

8,425

 

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

.

06/11 @ 103

 

 

9,304,991

 

A3

 

 

 

5,175

 

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

 

05/11 @ 101

 

 

5,549,463

 

BBB+

 

 

 

5,000

 

Monroe Cnty. Hosp. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Pocono Med. Ctr. Proj., 6.00%, 1/01/43

 

01/14 @ 100

 

 

5,413,550

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

20,268,004

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—3.0%

 

 

 

 

 

 

 

 

 

 

 

 

Comnwlth.,

 

 

 

 

 

 

BBB

 

 

 

5,755

 

Ad Valorem Ppty. Tax GO, Ser. B, 5.00%, 7/01/35

 

07/16 @ 100

 

 

6,093,739

 

AAA

 

 

 

4,370

 

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

 

No Opt. Call

 

 

5,151,968

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

11,245,707

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

South Carolina—5.3%

 

 

 

 

 

 

 

 

 

 

 

 

Greenwood Cnty., Hlth., Hosp. & Nursing Home Impvts. RB, Self Mem. Hosp. Facs. Proj.,

 

 

 

 

 

 

A

 

 

 

3,280

 

5.50%, 10/01/26

 

10/11 @ 100

 

 

3,473,094

 

A

 

 

 

3,250

 

5.50%, 10/01/31

 

10/11 @ 100

 

 

3,432,975

 

 

 

 

 

 

 

Jobs-Econ. Dev. Auth.,

 

 

 

 

 

 

AA

 

 

 

3,750

 

Hlth., Hosp. & Nursing Home Impvts. RB, Georgetown Mem. Hosp. Proj., 5.375%, 2/01/30, RAA

 

08/11 @ 100

 

 

3,932,287

 

BBB+

 

 

 

5,000

5

Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., 6.875%, 8/01/13

 

N/A

 

 

5,882,729

 

BBB+

 

 

 

2,640

 

Hlth., Hosp. & Nursing Home RB, Palmetto Hlth. Alliance Proj., Ser. A, 6.25%, 8/01/31

.

08/13 @ 100

 

 

2,967,175

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

19,688,260

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

26



BlackRock Municipal Income Trust II (BLE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

Tennessee—2.7%

 

 

 

 

 

 

AAA

 

 

$

20,405

 

Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hlth., Hosp. & Nursing Home RB, Ser. A, Zero Coupon, 1/01/21, FSA

 

01/13 @ 63.44

 

$

10,073,336

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Texas—18.7%

 

 

 

 

 

 

 

 

 

 

 

 

Dallas Area Rapid Trans., Sales Tax RB,

 

 

 

 

 

 

AAA

 

 

 

2,600

 

4.50%, 12/01/26, AMBAC

 

12/16 @ 100

 

 

2,651,324

 

AAA

 

 

 

2,015

5

5.00%, 12/01/11, AMBAC

 

N/A

 

 

2,130,016

 

BBB

 

 

 

20,000

 

Gulf Coast Wst. Disp. Auth., Indl. RB, Intl. Paper Co. Proj., Ser. A, 6.10%, 8/01/24, AMT

 

08/12 @ 100

 

 

21,594,200

 

AAA

 

 

 

25,375

 

Harris Cnty. Houston Sports Auth., Lease RB, Ser. A-3, Zero Coupon, 11/15/36, MBIA

 

11/24 @ 49.423

 

 

5,662,177

 

 

 

 

 

 

 

Lower Colorado River Auth., Misc. RB,

 

 

 

 

 

 

AAA

 

 

 

5

5

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

 

N/A

 

 

5,358

 

AAA

 

 

 

1,300

 

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

 

05/13 @ 100

 

 

1,361,347

 

AAA

 

 

 

930

 

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

 

03/14 @ 100

 

 

953,390

 

 

 

 

 

 

 

Tpke. Auth., Hwy. Impvts. Tolls RB,

 

 

 

 

 

 

AAA

 

 

 

73,370

 

Zero Coupon, 8/15/36, AMBAC

 

08/12 @ 24.171

 

 

13,921,224

 

AAA

 

 

 

65,000

 

Zero Coupon, 8/15/37, AMBAC

 

08/12 @ 22.708

 

 

11,586,900

 

AAA

 

 

 

27,600

 

Zero Coupon, 8/15/38, AMBAC

 

08/12 @ 21.384

 

 

4,632,936

 

AAA

 

 

 

4,575

 

Ser. A, 5.00%, 8/15/42, AMBAC

 

08/12 @ 100

 

 

4,783,757

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

69,282,629

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Virginia—6.3%

 

 

 

 

 

 

NR4

 

 

 

13,065

 

Alexandria Redev. & Hsg. Auth., Local Hsg. RB, 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34

 

04/08 @ 103

 

 

13,603,539

 

AAA

 

 

 

9,000

 

Halifax Cnty. Indl. Dev. Auth., Indl. RB, Old Dominion Elec. Coop. Proj., 5.625%, 6/01/28, AMBAC, AMT

 

06/13 @ 101

 

 

9,892,260

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

23,495,799

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Washington—1.9%

 

 

 

 

 

 

AAA

 

 

 

1,960

 

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

 

01/16 @ 100

 

 

2,086,616

 

AAA

 

 

 

4,820

 

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

 

10/16 @ 100

 

 

4,870,080

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

6,956,696

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

West Virginia—1.7%

 

 

 

 

 

 

AAA

 

 

 

1,115

 

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

 

06/14 @ 100

 

 

1,181,688

 

BBB+

 

 

 

5,000

 

Mason Cnty., Rec. Recovery Impvts. RB, Appalachian Pwr. Co. Proj., Ser. L, 5.50%, 10/01/22

 

10/11 @ 100

 

 

5,175,750

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

6,357,438

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Wisconsin—2.7%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A-

 

 

 

3,930

 

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

 

04/13 @ 100

 

 

4,393,701

 

A-

 

 

 

5,000

5

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

 

N/A

 

 

5,471,550

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

9,865,251

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $517,020,409)

 

 

 

 

568,333,689

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—2.9%

 

 

 

 

 

 

NR

 

 

 

10,700

7,8

Merrill Lynch Institutional Tax Exempt Fund, 3.46% (cost $10,700,000)

 

N/A

 

 

10,700,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments—156.1% (cost $527,720,4099)

 

 

 

$

579,033,689

 

 

 

 

 

 

 

Liabilities in excess of other assets—(0.7)%

 

 

 

 

(2,558,059)

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(55.4)%

 

 

 

 

(205,629,717)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

370,845,913

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

27



BlackRock Municipal Income Trust II (BLE) (continued)

 


 

 


 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

Security is deemed to be of investment grade quality by the investment adviser.

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 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 February 28, 2007, the Trust held 4.4% of its net assets, with a current market value of $16,383,917, in securities restricted as to resale.

7

Represents an investment in an affiliate.

8

Represents current yield as of February 28, 2007.

9

Cost for federal income tax purposes is $527,699,504. The net unrealized appreciation on a tax basis is $51,334,185, consisting of $51,354,501 gross unrealized appreciation and $20,316 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

 

RAA

Radian Asset Assurance

AMBAC

American Municipal Bond Assurance Corp.

 

RB

Revenue Bond

AMT

Subject to Alternative Minimum Tax

 

SA

Special Assessment

FGIC

Financial Guaranty Insurance Co.

 

PSF

Public School Fund Guaranteed

FSA

Financial Security Assurance

 

ST

Special Tax

GO

General Obligation

 

TA

Tax Allocation

MBIA

Municipal Bond Insurance Assoc.

 

XLCA

XL Capital Assurance

See Notes to Financial Statements.

28



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock California Insured Municipal Income Trust (BCK)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 













 

 

 

 

 

LONG-TERM INVESTMENTS—153.6%

 

 

 

 

 

 

 

 

 

 

 

California—153.6%

 

 

 

 

 

 

AAA

 

$

6,500

 

Benicia Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. B, Zero Coupon, 8/01/23, MBIA

 

No Opt. Call

 

$

3,257,800

 

AAA

 

 

4,000

 

California GO, 5.00%, 6/01/31, AMBAC

 

12/14 @ 100

 

 

4,258,800

 

AAA

 

 

1,000

 

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

 

11/15 @ 100

 

 

1,068,850

 

 

 

 

 

 

Ceres Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

AAA

 

 

3,055

 

Ser. B, Zero Coupon, 8/01/30, FGIC

 

08/12 @ 34.887

 

 

843,883

 

AAA

 

 

3,180

 

Ser. B, Zero Coupon, 8/01/31, FGIC

 

08/12 @ 32.868

 

 

827,595

 

AAA

 

 

3,300

 

Ser. B, Zero Coupon, 8/01/32, FGIC

 

08/12 @ 30.966

 

 

809,127

 

AAA

 

 

3,440

 

Ser. B, Zero Coupon, 8/01/33, FGIC

 

08/12 @ 29.174

 

 

794,640

 

AAA

 

 

3,575

 

Ser. B, Zero Coupon, 8/01/34, FGIC

 

08/12 @ 27.782

 

 

786,393

 

AAA

 

 

3,275

 

Ser. B, Zero Coupon, 8/01/35, FGIC

 

08/12 @ 26.186

 

 

679,071

 

 

 

 

 

 

City of Los Angeles, Swr. RB,

 

 

 

 

 

 

AAA

 

 

5,000

 

Ser. A, 5.00%, 6/01/27, MBIA

 

06/13 @ 100

 

 

5,271,300

 

AAA

 

 

6,025

 

Ser. A, 5.00%, 6/01/32, FGIC

 

06/12 @ 100

 

 

6,319,442

 

AAA

 

 

11,125

 

City of Santa Rosa, Swr. Impvts. RB, Ser. B, Zero Coupon, 9/01/27, AMBAC

 

No Opt. Call

 

 

4,602,746

 

AAA

 

 

1,495

 

Contra Costa Cnty. Pub. Fing., Pub. Impvts. Lease RB, Ser. A, 4.50%, 6/01/27, MBIA

 

06/17 @ 100

 

 

1,524,481

 

Aaa

 

 

6,500

3

Dept. of Wtr. Recs., Elec., Pwr. & Lt. RB, Ser. A, 5.25%, 5/01/12

 

N/A

 

 

7,068,815

 

AAA

 

 

2,385

 

Edl. Facs. Auth., Univ. & Coll. Impvts. RB, Scripps Coll. Proj., 5.00%, 8/01/31, MBIA

 

08/11 @ 100

 

 

2,477,824

 

AAA

 

 

2,915

 

Eureka Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Election 2002 Proj., Zero Coupon, 8/01/34, MBIA

 

No Opt. Call

 

 

860,217

 

AAA

 

 

2,750

 

Hollister Joint Pwrs. Fing. Auth., Swr. Impvts. RB, Refing. & Impvt. Proj., Ser. 1, 5.00%, 6/01/32, FSA

 

06/16 @ 100

 

 

2,942,417

 

AAA

 

 

4,500

 

Infrastructure & Econ. Dev. Bank, Pub. Impvts. Misc. RB, Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC

 

04/12 @ 100

 

 

4,745,205

 

A3

 

 

2,600

3

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

 

N/A

 

 

2,943,668

 

AAA

 

 

2,000

 

Long Beach Unified Sch. Dist., Sch. Impvts. Ad Valorem Tax GO, Ser. D, 5.00%, 8/01/31, FSA

 

08/10 @ 101

 

 

2,080,320

 

 

 

 

 

 

Los Angeles Dept. of Wtr. & Pwr.,

 

 

 

 

 

 

AAA

 

 

5,000

 

Wtr. RB, Ser. A, 5.00%, 7/01/43, FGIC

 

07/12 @ 100

 

 

5,233,200

 

AAA

 

 

5,000

 

Wtr. Util. Impvts. RB, Ser. A, 5.125%, 7/01/41, FGIC

 

07/11 @ 100

 

 

5,211,150

 

AAA

 

 

5,000

3

Los Angeles Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. E, 5.125%, 7/01/12, MBIA

 

N/A

 

 

5,377,350

 

AAA

 

 

2,500

3

North Orange Cnty. Cmnty. Coll. Dist., Univ. & Coll. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 8/01/12, MBIA

 

N/A

 

 

2,691,625

 

AAA

 

 

5,000

 

Northern California Pwr. Agcy., Elec., Pwr. & Lt. RB, Hydroelec. Proj., Ser. A, 5.00%, 7/01/28, MBIA

 

07/08 @ 101

 

 

5,115,150

 

AAA

 

 

1,250

 

Poway Redev. Agcy. TA, 5.00%, 6/15/33, MBIA

 

06/17 @ 100

 

 

1,344,737

 

 

 

 

 

 

Pub. Wks. Brd.,

 

 

 

 

 

 

AAA

 

 

5,000

 

Pub. Impvts. Lease Abatement RB, Ser. A, 5.00%, 12/01/27, AMBAC

 

12/12 @ 100

 

 

5,251,950

 

AAA

 

 

1,000

 

Pub. Impvts. Lease RB, Off. Emergency Svc. Proj., Ser. A, 5.00%, 3/01/32, FGIC

 

03/17 @ 100

 

 

1,075,527

 

AAA

 

 

5,000

 

Riverside Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. A, 5.00%, 2/01/27, FGIC

 

02/12 @ 101

 

 

5,258,600

 

AAA

 

 

5,295

 

San Diego Cnty. Wtr. Auth., Wtr. Util. Impvts. Wtr. COP, Ser. A, 5.00%, 5/01/32, MBIA

 

05/12 @ 101

 

 

5,578,918

 

AAA

 

 

4,805

 

San Diego Redev. Agcy. TA, Ctr. City Proj., Ser. A, 5.00%, 9/01/28, MBIA

 

09/11 @ 101

 

 

5,033,478

 

AAA

 

 

4,000

 

San Diego St. Univ. RB, Ser. A, 5.00%, 3/01/37, MBIA

 

03/12 @ 100

 

 

4,187,280

 

AAA

 

 

20,000

 

San Joaquin Hills Transp. Corridor Agcy., Hwy. Tolls RB, Ser. A, Zero Coupon, 1/15/31, MBIA

 

No Opt. Call

 

 

7,106,800

 

AAA

 

 

6,000

 

San Jose Fing. Auth., Lease Abatement RB, Civic Ctr. Proj., Ser. B, 5.00%, 6/01/37, AMBAC

 

06/12 @ 100

 

 

6,258,480

 

AAA

 

 

3,000

 

Tustin Unified Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. 97-1 Proj., Ser. A, 5.00%, 9/01/38, FSA

 

09/12 @ 100

 

 

3,131,910

 

AAA

 

 

4,000

 

Westlands Wtr. Dist., Wtr. Util. Impvts. Wtr. COP, 5.00%, 9/01/34, MBIA

 

09/12 @ 101

 

 

4,199,840

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $117,922,719)

 

 

 

 

126,218,589

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

29


BlackRock Municipal Income Trust II (BCK) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

Description

 

 

 

Value

 












 

 

 

 

 

MONEY MARKET FUND—5.1%

 

 

 

 

 

 

 

 

 

4,200

4,5

CMA California Mun. Money Fund, 3.03% (cost $4,200,000)

 

 

 

$

4,200,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—158.7% (cost $122,122,7196)

 

 

 

$

130,418,589

 

 

 

 

 

 

Liabilities in excess of other assets—(2.1)%

 

 

 

 

(1,760,970

)

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.6)%

 

 

 

 

(46,511,846

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

82,145,773

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

Represents an investment in an affiliate.

5

Represents current yield as of February 28, 2007.

6

Cost for federal income tax purposes is $122,127,358. The net unrealized appreciation on a tax basis is $8,291,231, consisting of $8,291,231 gross unrealized appreciation and $0 gross unrealized depreciation.

 

 

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 94.5% of the Trust’s managed assets.


AMBAC  

—  19.7%

FGIC

—  21.8%

FSA

—  6.4%

MBIA

—  43.3%

Other

—  3.3%



 

 

 

 

KEY TO ABBREVIATIONS

AMBAC  

—  American Municipal Bond Assurance Corp.

MBIA  

—  Municipal Bond Insurance Assoc.

COP

—  Certificate of Participation

RB

—  Revenue Bond

FGIC

—  Financial Guaranty Insurance Co.

ST

—  Special Tax

FSA

—  Financial Security Assurance

TA

—  Tax Allocation

GO

—  General Obligation

 

 


See Notes to Financial Statements.

30


PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock California Municipal Bond Trust (BZA)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—148.9%

 

 

 

 

 

 

 

 

 

 

 

California—139.7%

 

 

 

 

 

 

AAA

 

$

5,000

 

Anaheim Pub. Fing. Auth., Recreational Fac. Impvts. Lease Abatement RB, Pub. Impvt. Proj., Ser. C, Zero Coupon, 9/01/32, FSA

 

No Opt. Call

 

$

1,614,900

 

A+

 

 

2,000

 

California, Pub. Impvts. GO, 5.00%, 12/01/25

 

12/16 @ 100

 

 

2,150,120

 

A+

 

 

1,175

 

City of Chula Vista, Indl. Dev. RB, San Diego Gas & Elec. Proj., 5.00%, 12/01/27, AMT

 

12/15 @ 102

 

 

1,247,251

 

 

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

 

Baa3

 

 

1,000

 

Univ. & Coll. Impvts. RB, Coll. & Univ. Fing Prog., 5.00%, 2/01/26

 

02/17 @ 100

 

 

1,043,710

 

A2

 

 

4,000

 

Univ. & Coll. Impvts. RB, Univ. of San Diego Proj., Ser. A, 5.25%, 10/01/30

 

10/12 @ 100

 

 

4,199,080

 

BBB

 

 

3,845

 

Foothill Eastn. Transp. Corridor Agcy., Hwy. Tolls RB, 5.75%, 1/15/40

 

01/10 @ 101

 

 

4,043,287

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

BBB

 

 

2,000

 

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/40

 

06/13 @ 100

 

 

2,278,480

 

BBB

 

 

1,000

 

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.75%, 6/01/39

 

06/13 @ 100

 

 

1,146,080

 

AAA

 

 

2,500

3

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13

 

N/A

 

 

2,747,725

 

AAA

 

 

1,300

3

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13

 

N/A

 

 

1,437,813

 

A+

 

 

3,270

 

Hlth. Facs. Fin. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Valleycare Medical Ctr. Proj., Ser. A, 5.375%, 5/01/27

 

05/12 @ 100

 

 

3,456,979

 

 

 

 

 

 

Infrastructure & Econ. Dev. Bank,

 

 

 

 

 

 

A

 

 

3,750

 

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

 

10/11 @ 101

 

 

3,943,725

 

AAA

 

 

3,500

 

Pub. Impvts. Misc. RB, Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC

 

04/12 @ 100

 

 

3,690,715

 

AAA

 

 

3,000

3

Rec. Facs. Impvts. Lease RB, Asian Museum Fndtn. of San Francisco Proj., 5.25%, 6/01/07, MBIA

 

N/A

 

 

3,042,630

 

A3

 

 

1,745

3

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

 

N/A

 

 

1,975,654

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

655

 

5.90%, 6/01/27

 

06/13 @ 100

 

 

693,134

 

NR

 

 

1,180

 

6.00%, 6/01/35

 

06/13 @ 100

 

 

1,256,322

 

 

 

 

 

 

Live Oak Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO,

 

 

 

 

 

 

AAA

 

 

705

 

Ser. B, Zero Coupon, 8/01/29, XLCA

 

08/18 @ 55.976

 

 

240,553

 

AAA

 

 

795

 

Ser. B, Zero Coupon, 8/01/30, XLCA

 

08/18 @ 52.942

 

 

256,268

 

AAA

 

 

830

 

Ser. B, Zero Coupon, 8/01/31, XLCA

 

08/18 @ 50.064

 

 

252,727

 

AAA

 

 

865

 

Ser. B, Zero Coupon, 8/01/32, XLCA

 

08/18 @ 47.332

 

 

248,731

 

AAA

 

 

905

 

Ser. B, Zero Coupon, 8/01/33, XLCA

 

08/18 @ 44.74

 

 

245,717

 

AAA

 

 

945

 

Ser. B, Zero Coupon, 8/01/34, XLCA

 

08/18 @ 42.283

 

 

242,204

 

B

 

 

1,680

 

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

 

12/12 @ 102

 

 

1,936,754

 

 

 

 

 

 

Multi-Fam. Hsg. Pass-Through Certs., Local Hsg. RB,

 

 

 

 

 

 

Aa2

 

 

2,180

 

San Lucas Apts. LP Proj., Ser. 5, 5.95%, 11/01/34, AMT

 

12/11 @ 100

 

 

2,253,575

 

Aa2

 

 

2,365

 

Westgate Courtyard Apts. LP Proj., Ser. 3, 5.80%, 11/01/34, AMT

 

12/11 @ 100

 

 

2,433,963

 

AAA

 

 

2,400

3

Orange Cnty. Cmnty. Facs. Dist., Pub. Impvts. ST, Ladera Ranch Proj., Ser. A, 6.00%, 8/15/10

 

N/A

 

 

2,610,456

 

A-

 

 

3,000

 

Palm Springs, Local Hsg. RB, Millenium Hsg. Corp. Proj., 5.75%, 5/15/37

 

05/12 @ 102

 

 

3,198,210

 

BBB

 

 

530

 

Poll. Ctrl. Fing. Agcy., Rec. Recovery Impvts. RB, Central Valley Wst. Svc. Proj., Ser. A-2, 5.40%, 4/01/25, AMT

 

04/15 @ 101

 

 

568,928

 

NR

 

 

2,500

 

San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist. No. 6 Pub. Impvts. ST, Mission Bay South Proj., 6.25%, 8/01/33

 

08/11 @ 101

 

 

2,669,300

 

AAA

 

 

15,000

 

Santa Ana Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax COP, Zero Coupon, 4/01/29, FSA

 

No Opt. Call

 

 

5,466,300

 

AAA

 

 

2,500

3

Santa Clara Valley Wtr. Dist., Wtr. Util. Impvts. RB, Ser. A, 5.125%, 6/01/10, FGIC

 

N/A

 

 

2,619,225

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB+

 

 

1,500

 

Daughters of Charity Proj., Ser. A, 5.25%, 7/01/30

 

07/15 @ 100

 

 

1,584,915

 

A+

 

 

5,000

 

Kaiser Hosp. Asset Mgmt. Proj., Ser. A, 5.50%, 11/01/32

 

11/12 @ 100

 

 

5,288,150

 

AA-

 

 

3,250

 

Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42

 

08/12 @ 100

 

 

3,515,135

 

A+

 

 

1,500

 

Torrance, Hlth., Hosp. & Nursing Home RB, Torrance Mem. Med. Ctr. Proj., Ser. A, 5.50%, 6/01/31

 

06/11 @ 101

 

 

1,586,700

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

77,185,416

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

31


BlackRock California Municipal Bond Trust (BZA) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

Multi-State—7.3%

 

 

 

 

 

 

Baa1

 

$

3,500

4

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

 

10/14 @ 100

 

$

4,056,395

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—1.9%

 

 

 

 

 

 

BBB+

 

 

1,000

 

Comnwlth. Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. M, 5.00%, 7/01/23

 

07/17 @ 100

 

 

1,063,900

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $74,667,299)

 

 

 

 

82,305,711

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—6.1%

 

 

 

 

 

 

NR

 

 

3,400

5,6

CMA California Mun. Money Fund, 3.03% (cost $3,400,000)

 

N/A

 

 

3,400,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments—155.0% (cost $78,067,2997)

 

 

 

$

85,705,711

 

 

 

 

 

 

Liabilities in excess of other assets—(0.8)%

 

 

 

 

(467,416

)

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(54.2)%

 

 

 

 

(29,977,215

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

55,261,080

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of February 28, 2007, the Trust held 7.3% of its net assets, with a current market value of $4,056,395, in securities restricted as to resale.

5

Represents an investment in an affiliate.

6

Represents current yield as of February 28, 2007.

7

Cost for federal income tax purposes is $78,059,375. The net unrealized appreciation on a tax basis is $7,646,336, consisting of $7,646,336 gross unrealized appreciation and $0 gross unrealized depreciation.



 

 

 

 

KEY TO ABBREVIATIONS

AMBAC  

—  American Municipal Bond Assurance Corp.

GO

—  General Obligation

AMT

—  Subject to Alternative Minimum Tax

MBIA  

—  Municipal Bond Insurance Assoc.

COP

—  Certificate of Participation

RB

—  Revenue Bond

FGIC

—  Financial Guaranty Insurance Co.

ST

—  Special Tax

FSA

—  Financial Security Assurance

XLCA

—  XL Capital Assurance


See Notes to Financial Statements.

32



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock California Municipal Income Trust II (BCL)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

LONG-TERM INVESTMENTS—150.5%

 

 

 

 

 

 

 

 

 

 

 

 

California—143.5%

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

$

15,000

 

Ser. C, Zero Coupon, 9/01/34, FSA

 

No Opt. Call

 

$

4,410,150

 

AAA

 

 

 

10,000

 

Ser. C, Zero Coupon, 9/01/36, FSA

 

No Opt. Call

 

 

2,697,500

 

AAA

 

 

 

4,500

 

Campbell Redev. Agcy., Pub. Impvts. Tax Incr./Alloc. TA, Campbell Redev. Proj., Ser. A, 5.00%, 10/01/32

 

10/15 @ 100

 

 

4,794,975

 

A+

 

 

 

8,000

 

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

 

11/13 @ 100

 

 

8,740,480

 

 

 

 

 

 

 

City of Chula Vista, Indl. Dev. RB,

 

 

 

 

 

 

A+

 

 

 

4,330

 

5.00%, 12/01/27, AMT

 

12/15 @ 102

 

 

4,596,252

 

A+

 

 

 

2,690

 

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

 

12/15 @ 102

 

 

2,855,408

 

AAA

 

 

 

2,685

 

City of Santa Rosa, Swr. Impvts. RB, Ser. B, Zero Coupon, 9/01/25, AMBAC

 

No Opt. Call

 

 

1,221,729

 

AAA

 

 

 

2,000

3

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

 

N/A

 

 

2,042,200

 

NR

 

 

 

6,000

 

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

 

09/12 @ 102

 

 

6,417,600

 

AAA

 

 

 

6,000

 

Corona-Norca Unified Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. No. 98-1 Proj., 5.10%, 9/01/32, AMBAC

 

09/12 @ 100

 

 

6,312,480

 

Aaa

 

 

 

6,000

3

Dept. of Wtr. Recs., Elec., Pwr. & Lt. RB, Ser. A, 5.375%, 5/01/12

 

N/A

 

 

6,560,220

 

Baa3

 

 

 

1,300

 

Edl. Facs Auth., Univ. & Coll. Impvts. RB, Coll. & Univ. Fing Prog., 5.00%, 2/01/26

 

02/17 @ 100

 

 

1,356,823

 

 

 

 

 

 

 

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

 

 

 

 

 

 

BBB

 

 

 

6,550

 

Zero Coupon, 1/15/30

 

01/10 @ 30.966

 

 

1,767,779

 

AAA

 

 

 

15,470

4

Ser. A, Zero Coupon, 1/01/26

 

ETM

 

 

6,978,517

 

AAA

 

 

 

4,890

4

Ser. A, Zero Coupon, 1/01/30

 

ETM

 

 

1,842,161

 

 

 

 

 

 

 

Golden St. Tobacco Sec. Corp.,

 

 

 

 

 

 

BBB

 

 

 

2,900

 

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.625%, 6/01/40

 

06/13 @ 100

 

 

3,303,796

 

BBB

 

 

 

11,100

 

Misc. Purps. Tobacco Settlement Funded RB, Ser. A-1, 6.75%, 6/01/39

 

06/13 @ 100

 

 

12,721,488

 

AAA

 

 

 

5,650

3

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.50%, 6/01/13

 

N/A

 

 

6,209,858

 

AAA

 

 

 

3,000

3

Misc. Purps. Tobacco Settlement Funded RB, Ser. B, 5.625%, 6/01/13

 

N/A

 

 

3,318,030

 

 

 

 

 

 

 

Infrastructure & Econ. Dev. Bank,

 

 

 

 

 

 

A+

 

 

 

1,735

 

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

 

08/11 @ 102

 

 

1,847,758

 

AAA

 

 

 

2,500

 

Pub. Impvts. Misc. RB, Rand Corp. Proj., Ser. A, 5.25%, 4/01/42, AMBAC

 

04/12 @ 100

 

 

2,636,225

 

AAA

 

 

 

5,000

 

La Quinta Redev. Agcy., Pub. Impvts. TA, Redev. Area No. 1 Proj., 5.125%, 9/01/32, AMBAC

 

09/12 @ 102

 

 

5,348,300

 

AAA

 

 

 

5,500

 

Los Angeles Dept. of Wtr. & Pwr., Wtr. Util. Impvts. RB, Ser. A, 5.125%, 7/01/41, FGIC

 

07/11 @ 100

 

 

5,732,265

 

B

 

 

 

1,785

 

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

 

12/12 @ 102

 

 

2,057,802

 

A

 

 

 

3,500

 

Mobilehome Park Fing. Auth., St. Sngl.-Fam. Hsg. RB, Millenium Hsg. Corp. Proj., Ser. A, 5.25%, 3/15/34, ACA

 

03/13 @ 102

 

 

3,726,555

 

 

 

 

 

 

 

Oxnard, Pub. Impvt. SA, 1 Rice Ave. Proj.,

 

 

 

 

 

 

NR

 

 

 

1,910

 

5.625%, 9/02/27

 

09/07 @ 103

 

 

1,974,080

 

NR

 

 

 

1,905

 

5.70%, 9/02/32

 

09/07 @ 103

 

 

1,969,675

 

BBB

 

 

 

1,180

 

Poll. Ctrl. Fing. Agcy., Rec. Recovery Impvts. RB, Central Valley Wst. Svc. Proj., Ser. A-2, 5.40%, 4/01/25, AMT

 

04/15 @ 101

 

 

1,266,671

 

 

 

 

 

 

 

Poway Unified Sch. Dist., Pub. Impvts. ST, Cmnty. Facs. Dist. No. 6 Proj.,

 

 

 

 

 

 

NR

 

 

 

1,500

 

5.50%, 9/01/25

 

09/10 @ 102

 

 

1,550,700

 

NR

 

 

 

1,700

 

5.60%, 9/01/33

 

09/10 @ 102

 

 

1,762,764

 

A+

 

 

 

2,470

 

Rohnert Park Fing. Auth., Local Hsg. RB, Millenium Hsg. Corp. Proj., Ser. A, 5.625%, 9/15/28

 

09/13 @ 100

 

 

2,651,323

 

AAA

 

 

 

5,000

3

Sacramento City Fing. Auth., Wtr. Util. Impvts. Lease Appropriation RB, Ser. A, 5.00%, 6/01/11, AMBAC

 

N/A

 

 

5,277,850

 

AAA

 

 

 

8,665

 

San Diego Unified Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, Ser. D, 5.25%, 7/01/23, FGIC

 

07/12 @ 101

 

 

9,394,506

 

NR

 

 

 

5,000

 

San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist. No. 6 Pub. Impvts. ST, Mission Bay South Proj., 6.25%, 8/01/33

 

08/11 @ 101

 

 

5,338,600

 

AAA

 

 

 

30,000

 

San Joaquin Hills Transp. Corridor Agcy., Hwy. Tolls RB, Ser. A, Zero Coupon, 1/15/34,MBIA

 

No Opt. Call

 

 

9,336,300

 

See Notes to Financial Statements.

33


BlackRock California Municipal Income Trust II (BCL) (continued)

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

California—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

Santa Clarita, Cmnty. Facs. Dist. ST, Valencia Town Ctr. Proj.,

 

 

 

 

 

 

NR

 

 

$

1,640

 

5.80%, 11/15/25

 

11/10 @ 102

 

$

1,717,638

 

NR

 

 

 

1,500

 

5.85%, 11/15/32

 

11/10 @ 102

 

 

1,585,395

 

BBB

 

 

 

2,200

 

South Tahoe, Joint Pwrs. Fing. Auth. TA, South Tahoe Redev. Proj., 5.45%, 10/01/33

 

10/13 @ 100

 

 

2,321,836

 

 

 

 

 

 

 

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

 

 

 

 

 

 

A+

 

 

 

5,000

 

Kaiser Hosp. Asset Mgmt. Proj., Ser. A, 5.50%, 11/01/32

 

11/12 @ 100

 

 

5,288,150

 

A+

 

 

 

7,000

 

Mem. Hlth. Svcs. Proj., Ser. A, 5.50%, 10/01/33

 

04/13 @ 100

 

 

7,449,540

 

AA-

 

 

 

8,000

 

Sutter Hlth. Oblig. Corp. Proj., Ser. B, 5.50%, 8/15/34

 

08/12 @ 100

 

 

8,616,160

 

AAA

 

 

 

1,600

3

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

 

N/A

 

 

1,751,456

 

NR

 

 

 

2,000

 

Tustin Unified Sch. Dist., Sch. Impvts. ST, Cmnty. Facs. Dist. 97-1 Proj., Ser. B, 5.60%, 9/01/29

 

09/12 @ 101

 

 

2,080,360

 

AAA

 

 

 

2,000

 

Univ. of California, Coll. & Univ. RB, Ser. A, 5.00%, 5/15/33, AMBAC

 

05/13 @ 100

 

 

2,107,840

 

NR

 

 

 

1,170

 

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

 

10/13 @ 102

 

 

1,242,528

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

184,179,723

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Multi-State—3.4%

 

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

 

 

500

5

Ser. A, 5.75%, 4/30/15

 

No Opt. Call

 

 

539,400

 

A3

 

 

 

1,000

5

Ser. A, 6.00%, 4/30/19

 

No Opt. Call

 

 

1,116,010

 

Baa1

 

 

 

1,500

5

Ser. B, 6.00%, 4/30/15

 

No Opt. Call

 

 

1,631,340

 

Baa1

 

 

 

1,000

5

Ser. B, 6.30%, 4/30/19

 

No Opt. Call

 

 

1,131,700

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

4,418,450

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—3.6%

 

 

 

 

 

 

BBB+

 

 

 

4,300

 

Comnwlth. Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. M, 5.00%, 7/01/23

 

07/17 @ 100

 

 

4,574,770

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $173,674,969)

 

 

 

 

193,172,943

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SHORT-TERM INVESTMENTS—8.0%

 

 

 

 

 

 

 

 

 

 

 

 

California—7.8%

 

 

 

 

 

 

 

 

 

 

 

 

Hsg. Fin. Agcy.,

 

 

 

 

 

 

A-1+

 

 

 

2,200

6

Multi-Fam. Local Hsg. RB, Home Mtg. Proj., Ser. M, 3.67%, 3/01/07, FRDD, AMT

 

N/A

 

 

2,200,000

 

A-1+

 

 

 

1,930

6

RB, Home Mtg. Proj., Ser. R, 3.67%, 3/01/07, AMBAC, FRDD

 

N/A

 

 

1,930,000

 

A-1+

 

 

 

2,440

6

Sngl.-Fam. Local Hsg. RB, Home Mtg. Proj., Ser. F, 3.62%, 3/01/07, FRDD, AMT

 

N/A

 

 

2,440,000

 

A-1+

 

 

 

3,500

6

Sngl.-Fam. Local Hsg. RB, Home Mtg. Proj., Ser. F, 3.62%, 3/01/07, AMBAC, FRDD

 

N/A

 

 

3,500,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

10,070,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

 

(000)

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Money Market Fund—0.2%

 

 

 

 

 

 

NR

 

 

 

200

7,8

CMA California Mun. Money Fund, 3.03%

 

N/A

 

 

200,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Short-Term Investments (cost $10,270,000)

 

 

 

 

10,270,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments—158.5% (cost $183,944,9699)

 

 

 

$

203,442,943

 

 

 

 

 

 

 

Liabilities in excess of other assets—(2.4)%

 

 

 

 

(3,082,757

)

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.1)%

 

 

 

 

(71,971,086

)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

128,389,100

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

34



BlackRock California Municipal Income Trust II (BCL) (continued)

 



 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

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

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 February 28, 2007, the Trust held 3.4% of its net assets, with a current market value of $4,418,450, in securities restricted as to resale.

6

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of February 28, 2007.

7

Represents an investment in an affiliate.

8

Represents current yield as of February 28, 2007.

9

Cost for federal income tax purposes is $183,922,685. The net unrealized appreciation on a tax basis is $19,520,258, consisting of $19,520,258 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

 

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

 

AMT

Subject to Alternative Minimum Tax

 

MBIA

Municipal Bond Insurance Assoc.

 

COP

Certificate of Participation

 

RB

Revenue Bond

 

FGIC

Financial Guaranty Insurance Co.

 

ST

Special Tax

 

FSA

Financial Security Assurance

 

XLCA

XL Capital Assurance

See Notes to Financial Statements.

35



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock Florida Insured Municipal Income Trust (BAF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

LONG-TERM INVESTMENTS—154.1%

 

 

 

 

 

 

 

 

 

 

 

 

Florida—146.7%

 

 

 

 

 

 

 

 

 

 

 

 

Brd. of Ed.,

 

 

 

 

 

 

AAA

 

 

$

8,640

 

Sch. Impvts. Misc. RB, Ser. C, 5.00%, 1/01/22, MBIA

 

01/13 @ 101

 

$

9,186,739

 

AAA

 

 

 

9,000

 

Sch. Impvts. Misc. Tax GO, Ser. A, 5.00%, 6/01/27, FSA

 

06/12 @ 101

 

 

9,488,340

 

AAA

 

 

 

8,695

3

City of Gainesville, Mult. Util. Impvts. RB, Ser. A, 5.00%, 10/01/13, FSA

 

N/A

 

 

9,361,124

 

 

 

 

 

 

 

City of Jacksonville,

 

 

 

 

 

 

AAA

 

 

 

9,500

 

Pub. Impvts. Sales Tax RB, 5.00%, 10/01/27, MBIA

 

10/13 @ 100

 

 

10,039,695

 

AAA

 

 

 

9,500

 

Pub. Impvts. Sales Tax RB, 5.00%, 10/01/31, MBIA

 

10/11 @ 100

 

 

9,846,180

 

AAA

 

 

 

8,000

 

Pub. Impvts. Sales Tax RB, Ser. B, 5.00%, 10/01/26, AMBAC

 

10/12 @ 100

 

 

8,380,640

 

AAA

 

 

 

2,865

 

Recreational Fac. Impvts. RB, Ser. A, 5.00%, 10/01/30, AMBAC

 

10/12 @ 100

 

 

2,991,117

 

 

 

 

 

 

 

City of Palm Bay, Wtr. Util. Impvts. Wtr. RB,

 

 

 

 

 

 

AAA

 

 

 

4,015

 

Zero Coupon, 10/01/28, FGIC

 

No Opt. Call

 

 

1,507,432

 

AAA

 

 

 

5,570

 

Zero Coupon, 10/01/31, FGIC

 

No Opt. Call

 

 

1,821,279

 

AAA

 

 

 

500

 

City of Tampa, Wtr. Util. Impvts. Wtr. RB, 4.625%, 10/01/36, MBIA

 

10/16 @ 100

 

 

509,885

 

 

 

 

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

Recreational Fac. Impvts. Misc. RB, Ser. A, Zero Coupon, 10/01/39, MBIA

 

10/15 @ 28.762

 

 

1,951,300

 

AAA

 

 

 

10,000

 

Recreational Fac. Impvts. Misc. RB, Ser. A, Zero Coupon, 10/01/40, MBIA

 

10/15 @ 27.307

 

 

1,855,200

 

AAA

 

 

 

26,935

 

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

 

04/08 @ 28.079

 

 

7,208,345

 

 

 

 

 

 

 

Cnty. of Orange,

 

 

 

 

 

 

AAA

 

 

 

9,250

 

Recreational Fac. Impvts. Misc. RB, 5.125%, 10/01/30, AMBAC

 

04/12 @ 100

 

 

9,724,802

 

AAA

 

 

 

7,975

 

Sales Tax RB, Ser. B, 5.125%, 1/01/32, FGIC

 

01/13 @ 100

 

 

8,433,562

 

AAA

 

 

 

9,500

 

Cnty. of Pinellas, Swr. Impvts. RB, 5.00%, 10/01/32, FSA

 

10/13 @ 100

 

 

10,039,695

 

AAA

 

 

 

5,000

 

Cnty. of Polk, Wtr. Util. Impvts. Wtr. RB, 5.00%, 10/01/29, FGIC

 

10/13 @ 100

 

 

5,284,050

 

AAA

 

 

 

2,945

 

Cnty. of Sarasota, Wtr. RB, Ser. C, 5.25%, 10/01/22, FGIC

 

10/12 @ 100

 

 

3,145,967

 

NR

 

 

 

3,830

 

Colonial Cntry. Club Cmnty. Dev. Dist., Econ. Impvts. SA, 6.40%, 5/01/33

 

05/13 @ 101

 

 

4,131,306

 

AAA

 

 

 

7,000

 

Fuel Sales Tax GO, 5.00%, 7/01/27, FSA

 

07/12 @ 101

 

 

7,384,300

 

A+

 

 

 

8,500

3

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

 

N/A

 

 

9,397,855

 

AAA

 

 

 

7,580

 

Hillsborough Cnty. Sch. Brd., Lease Renewal COP, Ser. A, 5.00%, 7/01/25, MBIA

 

07/10 @ 100

 

 

7,833,703

 

A+

 

 

 

1,000

 

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

 

08/17 @ 100

 

 

1,040,500

 

AAA

 

 

 

2,000

 

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

 

04/11 @ 100

 

 

2,042,400

 

AAA

 

 

 

1,480

 

Julington Creek Plantation, Cmnty. Dev. Dist. SA, 5.00%, 5/01/29, MBIA

 

05/12 @ 101

 

 

1,552,757

 

AAA

 

 

 

9,000

 

Lake Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP, Ser. A, 5.00%, 7/01/28, AMBAC

 

07/13 @ 100

 

 

9,442,710

 

AAA

 

 

 

2,000

 

Orange Cnty. Sch. Brd., Sch. Impvts. Lease Renewal COP, Ser. A, 5.00%, 8/01/27, MBIA

 

08/12 @ 100

 

 

2,088,680

 

AAA

 

 

 

4,000

 

Osceola Cnty. Sch. Brd., Sch. Impvts. Lease Appropriation COP, Ser. A, 5.25%, 6/01/27, AMBAC

 

06/12 @ 101

 

 

4,275,080

 

AAA

 

 

 

9,200

 

Palm Beach Cnty. Sch. Brd., Lease Renewal COP, Ser. D, 5.00%, 8/01/28, FSA

 

08/12 @ 100

 

 

9,594,220

 

AA-

 

 

 

5,000

3

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

 

N/A

 

 

5,483,600

 

AAA

 

 

 

825

3

Port St. Lucie, Swr. Impvts. Mult. Util. RB, 5.125%, 9/01/11, MBIA

 

N/A

 

 

874,813

 

AAA

 

 

 

950

 

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

 

10/16 @ 100

 

 

1,012,548

 

AAA

 

 

 

3,500

3

St. Petersburg, Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.00%, 10/01/09, FSA

 

N/A

 

 

3,649,345

 

AAA

 

 

 

1,000

 

Tohopekaliga Wtr. Auth., Wtr. Util. Impvts. Wtr. RB, Ser. B, 5.00%, 10/01/23, FSA

 

10/13 @ 100

 

 

1,059,190

 

NR4

 

 

 

3,815

 

Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.50%, 5/01/33

 

05/13 @ 101

 

 

4,135,155

 

AAA

 

 

 

10,000

 

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

 

11/13 @ 101

 

 

10,561,300

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

196,334,814

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—7.4%

 

 

 

 

 

 

BBB

 

 

 

9,405

 

Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43

 

05/12 @ 100

 

 

9,863,964

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $195,502,415)

 

 

 

 

206,198,778

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

36


BlackRock Florida Insured Municipal Income Trust (BAF) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

Description

 

 

 

Value

 










 

 

 

 

 

 

MONEY MARKET FUND—1.3%

 

 

 

 

 

 

 

 

 

 

1,800

5,6

CMA Florida Mun. Money Fund, 2.99% (cost $1,800,000)

 

$

1,800,000

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments—155.4% (cost $197,302,4157)

 

$

207,998,778

 

 

 

 

 

 

 

Other assets in excess of liabilities—1.4%

 

 

1,819,942

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable—(56.8)%.

 

 

(76,014,366

)

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

133,804,354

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

Security is deemed to be of investment grade quality by the investment advisor.

5

Represents an investment in an affiliate.

6

Represents yield as of February 28, 2007.

7

Cost for federal income tax purposes is $197,302,346. The net unrealized appreciation on a tax basis is $10,696,432, consisting of $10,696,432 gross unrealized appreciation and $0 gross unrealized depreciation.

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 84.0% of the Trust’s managed assets.

 

 

 

 

 

 

AMBAC

17.3

%

 

FGIC

9.8

%

 

FSA

24.4

%

 

MBIA

31.6

%

 

Other

0.9

%

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

American Municipal Bond Assurance Corp.

 

GO

General Obligation

COP

Certificate of Participation

 

MBIA

Municipal Bond Insurance Assoc.

FGIC

Financial Guaranty Insurance Co.

 

RB

Revenue Bond

FSA

Financial Security Assurance

 

SA

Special Assessment

See Notes to Financial Statements.

37



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock Florida Municipal Bond Trust (BIE)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

 

Value

 











 

 

 

 

 

 

LONG-TERM INVESTMENTS—152.4%

 

 

 

 

 

 

 

 

 

 

 

 

Florida—140.7%

 

 

 

 

 

 

A

 

 

$

1,000

 

Boynton Beach, Local Hsg. RB, C/HP Cove, Inc. Proj., 5.30%, 1/01/23, ACA

 

01/13 @ 100

 

$

1,054,390

 

A2

 

 

 

3,000

3

City of Lakeland, Hlth., Hosp. & Nursing Home RB, Lakeland Regl. Hlth. Sys. Proj., 5.50%, 11/15/12

 

N/A

 

 

3,293,460

 

AAA

 

 

 

3,630

 

City of Palm Bay, Wtr. Util. Impvts. Wtr. RB, Zero Coupon, 10/01/28, FGIC

 

No Opt. Call

 

 

1,362,883

 

AAA

 

 

 

1,250

 

Cnty. of Bay, Pub. Impvts. Sales Tax RB, 5.125%, 9/01/32, AMBAC

 

09/12 @ 100

 

 

1,318,900

 

NR

 

 

 

890

 

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

 

07/15 @ 100

 

 

925,831

 

 

 

 

 

 

 

Cnty. of Miami-Dade,

 

 

 

 

 

 

AAA

 

 

 

5,500

 

Misc. Tax RB, Ser. A, Zero Coupon, 10/01/26, MBIA

 

04/08 @ 37.301

 

 

1,957,835

 

AAA

 

 

 

10,000

 

Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/30, MBIA

 

04/08 @ 29.688

 

 

2,829,200

 

AAA

 

 

 

5,410

 

Recreational Fac. Impvts. Misc. Taxes RB, Ser. B, Zero Coupon, 10/01/32, MBIA

 

04/08 @ 26.494

 

 

1,365,809

 

AAA

 

 

 

3,350

 

Cnty. of Orange, Recreational Fac. Impvts. Misc. RB, 5.125%, 10/01/30, AMBAC

 

04/12 @ 100

 

 

3,521,955

 

AAA

 

 

 

3,105

 

Cnty. of Osceola, Recreational Fac. Impvts. RB, Ser. A, 5.00%, 10/01/32, FGIC

 

10/12 @ 100

 

 

3,239,012

 

NR

 

 

 

1,625

 

Colonial Cntry. Club Cmnty. Dev. Dist., Econ. Impvts. SA, 6.40%, 5/01/33

 

05/13 @ 101

 

 

1,752,839

 

NR

 

 

 

255

 

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

 

No Opt. Call

 

 

255,564

 

AAA

 

 

 

2,100

 

Greater Orlando Aviation Auth., Port, Arpt. & Marina RB, Orlando Arpt. Facs. Proj., Ser. A, 5.125%, 10/01/32, FSA

 

10/12 @ 100

 

 

2,197,965

 

A+

 

 

 

4,900

3

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

 

N/A

 

 

5,417,587

 

BBB+

 

 

 

1,810

 

Hillsborough Cnty. Indl. Dev. Auth., Elec., Pwr. & Lt. RB, Tampa Elec. Co. Proj., 5.50%, 10/01/23

 

10/12 @ 100

 

 

1,920,555

 

AA

 

 

 

3,500

 

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

 

11/11 @ 101

 

 

3,744,230

 

A+

 

 

 

1,000

 

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

 

08/17 @ 100

 

 

1,040,500

 

 

 

 

 

 

 

JEA,

 

 

 

 

 

 

Aa2

 

 

 

3,000

3

Elec., Pwr. & Lt. Impvts. RB, Ser. A, 5.50%, 10/01/07

 

N/A

 

 

3,032,970

 

AAA

 

 

 

5,425

 

Wtr. Util. Impvts. Wtr. RB, Ser. A, 5.375%, 10/01/30, MBIA

 

04/07 @ 100

 

 

5,432,269

 

BBB-

 

 

 

1,000

 

Lee Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Shell Point/Alliance Oblig. Grp. Proj., 5.125%, 11/15/36

 

11/16 @ 100

 

 

1,028,840

 

BB+

 

 

 

1,500

 

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

 

11/14 @ 100

 

 

1,717,785

 

AAA

 

 

 

3,150

 

Mun. Loan Council, Ad Valorem Ppty. Tax RB, Ser. A, 5.125%, 5/01/32, MBIA

 

05/12 @ 101

 

 

3,339,661

 

NR

 

 

 

750

 

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

 

No Opt. Call

 

 

750,735

 

A

 

 

 

5,000

3

Orange Cnty. Hlth. Facs. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Orlando Regl. Healthcare Proj., 5.75%, 12/01/12

 

N/A

 

 

5,491,550

 

 

 

 

 

 

 

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

 

 

 

 

 

 

NR

 

 

 

340

 

5.375%, 7/01/20

 

07/15 @ 100

 

 

345,457

 

NR

 

 

 

305

 

5.70%, 7/01/26

 

07/15 @ 100

 

 

317,118

 

AAA

 

 

 

3,000

 

Palm Beach Cnty. Sch. Brd., Sch. Impvts. Lease Appropriation COP, Ser. C, 5.00%, 8/01/27, FSA

 

08/12 @ 100

 

 

3,133,020

 

AAA

 

 

 

1,500

3

Port St. Lucie, Swr. Impvts. Mult. Util. RB, 5.125%, 9/01/11, MBIA

 

N/A

 

 

1,590,570

 

AA-

 

 

 

2,000

 

South Broward Hosp. Dist., Hlth., Hosp. & Nursing Home Impvts. RB, 5.60%, 5/01/27

 

05/12 @ 101

 

 

2,163,260

 

AAA

 

 

 

380

 

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

 

10/16 @ 100

 

 

405,019

 

NR

 

 

 

1,655

 

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

 

No Opt. Call

 

 

1,716,748

 

NR

 

 

 

2,740

 

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

 

10/09 @ 100

 

 

2,846,860

 

AAA

 

 

 

250

 

Univ. of Central Florida, Lease COP, Univ. of Central Florida Convocation Corp. Proj., Ser. A, 5.00%, 10/01/35, FGIC

 

10/15 @ 100

 

 

263,590

 

NR4

 

 

 

1,455

 

Vlg. Cmnty. Dev. Dist. No. 5, Pub. Impvts. SA, Ser. A, 6.50%, 5/01/33

 

05/13 @ 101

 

 

1,577,104

 

See Notes to Financial Statements.

38



BlackRock Florida Municipal Bond Trust (BIE) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

Florida—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

Volusia Cnty. Edl. Fac. Auth., Univ. & Coll. Impvts. RB, Embry-Riddle Aeronautical Proj.,

 

 

 

 

 

 

AA

 

 

$

1,250

 

5.20%, 10/15/26, RAA

 

10/13 @ 100

 

$

1,322,962

 

AA

 

 

 

1,610

 

5.20%, 10/15/33, RAA

 

10/13 @ 100

 

 

1,698,825

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

75,372,858

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Multi-State—6.5%

 

 

 

 

 

 

Baa1

 

 

 

3,000

5

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

 

10/14 @ 100

 

 

3,476,910

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—5.2%

 

 

 

 

 

 

BBB

 

 

 

2,565

3

Pub. Bldgs. Auth., Pub. Impvts. Lease RB, Ser. D, 5.25%, 7/01/12

 

N/A

 

 

2,758,555

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $75,604,638)

 

 

 

 

81,608,323

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.6%

 

 

 

 

 

 

NR

 

 

 

900

6,7

CMA Florida Mun. Money Fund, 2.99% (cost $900,000)

 

N/A

 

 

900,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments —154.0% (cost $76,504,6388)

 

 

 

$

82,508,323

 

 

 

 

 

 

 

Other assets in excess of liabilities —1.6%

 

 

 

 

842,335

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable —(55.6)%

 

 

 

 

(29,795,271)

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

53,555,387

 

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

4

Security is deemed to be of investment grade quality by the investment advisor.

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 February 28, 2007, the Trust held 6.5% of its net assets, with a current market value of $3,476,910, in securities restricted as to resale.

6

Represents and investment in an affiliate.

7

Represents current yield as of February 28, 2007.

8

Cost for federal income tax purposes is $76,454,239. The net unrealized appreciation on a tax basis is $6,054,084, consisting of $6,054,084 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

 

FSA

Financial Security Assurance

AMBAC  

American Municipal Bond Assurance Corp.

 

MBIA  

Municipal Bond Insurance Assoc.

AMT

Subject to Alternative Minimum Tax

 

RAA

Radian Asset Assurance

COP

Certificate of Participation

 

RB

Revenue Bond

FGIC

Financial Guaranty Insurance Co.

 

SA

Special Assessment

See Notes to Financial Statements.

39



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock Maryland Municipal Bond Trust (BZM)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

LONG-TERM INVESTMENTS—153.5%

 

 

 

 

 

 

 

 

 

 

 

 

Maryland—122.6%

 

 

 

 

 

 

NR

 

 

$

500

 

City of Annapolis, Pkg. Fac. Impvts. Tax Incr./Alloc. RB, Park Place Proj., Ser. A, 5.35%, 7/01/34

 

01/15 @ 101

 

$

517,040

 

 

 

 

 

 

 

City of Baltimore,

 

 

 

 

 

 

NR

 

 

 

1,000

 

Pub. Impvts. Tax Incr./Alloc. ST, Harborview Lot No. 2 Proj., 6.50%, 7/01/31

 

07/13 @ 101

 

 

1,094,160

 

AAA

 

 

 

2,000

 

Swr. RB, Wstwtr. Proj., Ser. A, 5.125%, 7/01/42, FGIC

 

07/12 @ 100

 

 

2,105,180

 

AAA

 

 

 

3,500

 

Swr. RB, Wstwtr. Proj., Ser. A, 5.20%, 7/01/32, FGIC

 

07/12 @ 100

 

 

3,710,385

 

A3

 

 

 

2,870

 

Cnty. of Anne Arundel, Univ. & Coll. Impvts. RB, Anne Arundel Cmnty. Coll. Proj., 5.25%, 9/01/28

 

09/12 @ 102

 

 

3,072,737

 

 

 

 

 

 

 

Cnty. of Baltimore,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

Ad Valorem Ppty. Tax GO, Met. 67th Dist., 5.00%, 6/01/22

 

06/11 @ 101

 

 

2,104,820

 

AAA

 

 

 

2,000

 

SA GO, Met 68th Dist. Proj., 5.00%, 8/01/28

 

08/12 @ 100

 

 

2,097,600

 

 

 

 

 

 

 

Cnty. of Montgomery, Trans. Impvts. Lease Abatement RB, Metrorail Garage Proj.,

 

 

 

 

 

 

AA

 

 

 

500

 

5.00%, 6/01/23

 

06/12 @ 100

 

 

524,195

 

AA

 

 

 

1,435

 

5.00%, 6/01/24

 

06/12 @ 100

 

 

1,504,439

 

NR

 

 

 

1,500

 

Cnty. of Prince Georges, Port, Arpt. & Marina Impvts. Spl. Tax SO, 5.20%, 7/01/34

 

07/15 @ 100

 

 

1,538,670

 

NR

 

 

 

1,000

 

Frederick Cnty., Pub. Impvts. ST, Urbana Cmnty. Dev. Auth. Proj., 6.625%, 7/01/25

 

07/07 @ 102

 

 

1,026,930

 

 

 

 

 

 

 

Hlth. & Higher Edl. Facs. Auth.,

 

 

 

 

 

 

AA

 

 

 

2,000

 

Coll. & Univ. RB, Johns Hopkins Univ. Proj., Ser. B, 5.00%, 7/01/41

 

07/11 @ 100

 

 

2,066,800

 

BBB+

 

 

 

1,990

 

Hlth., Hosp. & Nursing Home Impvts. RB, Carroll Cnty. Gen. Hosp. Proj., 6.00%, 7/01/37

 

07/12 @ 100

 

 

2,154,732

 

NR

 

 

 

500

 

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

 

01/09 @ 100

 

 

501,710

 

A

 

 

 

2,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, Union Hosp. of Cecil Cnty. Proj., 5.625%, 7/01/32

 

07/12 @ 100

 

 

2,141,900

 

A

 

 

 

2,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, Univ. of Maryland Med. Sys. Proj., 5.25%, 7/01/34

 

07/11 @ 100

 

 

2,083,240

 

A

 

 

 

2,000

 

Pub. Impvts. Misc. RB, Brd. of Child Care Proj., 5.375%, 7/01/32

 

07/12 @ 100

 

 

2,109,820

 

A

 

 

 

2,000

 

Univ. & Coll. Impvts. RB, Loyola Coll. Issue Proj., 5.00%, 10/01/39

 

10/09 @ 101

 

 

2,058,800

 

 

 

 

 

 

 

Indl. Dev. Fing. Auth.,

 

 

 

 

 

 

NR

 

 

 

1,000

 

Private Primary Sch. RB, Our Lady of Good Counsel Sch. Proj., Ser. A, 6.00%, 5/01/35

 

05/15 @ 100

 

 

1,076,770

 

A+

 

 

 

1,905

 

Recreational Fac. Impvts. RB, Nat. Aquarium Baltimore Fac. Proj., Ser. B, 5.20%, 11/01/26

 

11/12 @ 100

 

 

2,012,804

 

 

 

 

 

 

 

St. Mary’s Coll. of Maryland, Univ. & Coll. Impvts. RB, Academic & Auxil. Fees Proj.,

 

 

 

 

 

 

AAA

 

 

 

1,000

 

Ser. A, 5.00%, 9/01/27, AMBAC

 

09/12 @ 101

 

 

1,057,980

 

AAA

 

 

 

1,000

 

Ser. A, 5.00%, 9/01/32, AMBAC

 

09/12 @ 101

 

 

1,057,980

 

AAA

 

 

 

2,000

 

Transp. Auth., Port, Arpt. & Marina Impvts. Auto Pkg. RB, Baltimore/Washington Intl. Arpt. Proj., Ser. B, 5.125%, 3/01/24, AMBAC, AMT

 

03/12 @ 101

 

 

2,108,180

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

39,726,872

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Multi-State—7.1%

 

 

 

 

 

 

Baa1

 

 

 

2,000

3

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

 

10/14 @ 100

 

 

2,317,940

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—23.8%

 

 

 

 

 

 

BBB

 

 

 

1,750

 

Children’s Trust Fund, Tobacco Settlement Funded RB, 5.50%, 5/15/39

 

05/12 @ 100

 

 

1,827,840

 

AAA

 

 

 

2,060

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. HH, 5.25%, 7/01/29, FSA

 

07/10 @ 101

 

 

2,168,315

 

AAA

 

 

 

2,000

4

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. D, 5.25%, 7/01/12

 

N/A

 

 

2,157,960

 

 

 

 

 

 

 

Pub. Bldgs. Auth., Pub. Impvts. Lease RB,

 

 

 

 

 

 

BBB

 

 

 

1,100

4

Ser. D, 5.375%, 7/01/12

 

N/A

 

 

1,189,617

 

BBB

 

 

 

350

 

Ser. D, 5.375%, 7/01/33

 

07/12 @ 100

 

 

371,882

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

7,715,614

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $46,335,423)

 

 

 

 

49,760,426

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.0%

 

 

 

 

 

 

 

 

 

 

300

5,6

Merrill Lynch Institutional Tax Exempt Fund, 3.46%
(cost $300,000)

 

 

 

$

300,000

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments —154.5% (cost $46,635,4237)

 

 

 

$

50,060,426

 

 

 

 

 

 

 

Other assets in excess of liabilities —1.1%

 

 

 

 

361,673

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable —(55.6)%

 

 

 

 

(18,009,912

)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

32,412,187

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

40


BlackRock Maryland Municipal Bond Trust (BZM) (continued)

 




 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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 February 28, 2007, the Trust held 7.2% of its net assets, with a current market value of $2,317,607, in securities restricted as to resale.

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 February 28, 2007.

7

Cost for federal income tax purposes is $46,629,099. The net unrealized appreciation on a tax basis is $3,431,327, consisting of $3,431,327 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMBAC  

 

American Municipal Bond Assurance Corp.

 

RB

Revenue Bond

AMT

 

Subject to Alternative Minimum Tax

 

SA

Special Assessment

FGIC

 

Financial Guaranty Insurance Co.

 

SO

Special Obligation

FSA

 

Financial Security Assurance

 

ST

Special Tax

GO

 

General Obligation

 

 

 

 

See Notes to Financial Statements.

41



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock New Jersey Municipal Bond Trust (BLJ)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

LONG-TERM INVESTMENTS—152.3%

 

 

 

 

 

 

 

 

 

 

 

Multi-State—6.1%

 

 

 

 

 

 

Baa1

 

$

2,000

3

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

 

10/14 @ 100

 

$

2,317,940

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New Jersey—131.4%

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

AAA

 

 

1,000

 

5.30%, 5/15/29, MBIA, AMT

 

05/10 @ 101

 

 

1,044,810

 

AAA

 

 

1,500

 

5.375%, 5/15/32, MBIA, AMT

 

05/10 @ 101

 

 

1,570,380

 

 

 

 

 

 

Econ. Dev. Auth.,

 

 

 

 

 

 

BBB

 

 

2,000

 

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

 

06/14 @ 100

 

 

2,156,860

 

NR

 

 

150

 

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

 

01/13 @ 102

 

 

156,324

 

NR

 

 

265

 

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

 

01/13 @ 102

 

 

278,520

 

BBB-

 

 

2,500

 

Hlth., Hosp. & Nursing Home RB, Marcus L. Ward Home Proj., Ser. A, 5.80%, 11/01/31

 

11/14 @ 100

 

 

2,723,675

 

NR

 

 

470

 

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

 

11/16 @ 100

 

 

477,830

 

BBB-

 

 

2,000

 

Local Hsg. RB, Fellowship Vlg. Proj., Ser. A, 5.50%, 1/01/25

 

01/08 @ 102

 

 

2,037,700

 

Aaa

 

 

1,710

 

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

 

12/11 @ 103

 

 

1,835,035

 

B

 

 

2,335

 

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

 

11/10 @ 101

 

 

2,532,588

 

AAA

 

 

400

 

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

 

06/14 @ 100

 

 

446,308

 

BBB

 

 

1,000

 

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

 

No Opt. Call

 

 

1,062,480

 

Baa3

 

 

2,250

 

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

 

No Opt. Call

 

 

2,779,807

 

 

 

 

 

 

Edl. Facs. Auth.,

 

 

 

 

 

 

BBB-

 

 

500

 

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

 

07/14 @ 100

 

 

537,400

 

BBB-

 

 

1,000

 

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

 

07/14 @ 100

 

 

1,111,310

 

BBB-

 

 

1,000

 

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

 

07/13 @ 100

 

 

1,093,420

 

BBB+

 

 

630

 

Univ. & Coll. Impvts. RB, Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33

 

07/13 @ 100

 

 

711,768

 

AAA

 

 

4,000

 

Garden St. Presvtn. Trust, Recreational Fac. Impvts. RB, Ser. B, Zero Coupon, 11/01/27,

 

 

 

 

 

 

 

 

 

 

 

FSA

 

No Opt. Call

 

 

1,680,080

 

 

 

 

 

 

Hlth. Care Facs. Fing. Auth.,

 

 

 

 

 

 

A+

 

 

2,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, Catholic Hlth. East Proj., Ser. A, 5.375%, 11/15/33

 

11/12 @ 100

 

 

2,112,420

 

A2

 

 

2,000

 

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

 

07/11 @ 100

 

 

2,123,320

 

Baa1

 

 

2,500

4

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

 

N/A

 

 

2,763,500

 

A

 

 

2,000

 

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

 

07/12 @ 100

 

 

2,161,720

 

Baa1

 

 

500

 

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

 

07/16 @ 100

 

 

518,790

 

BBB

 

 

7,160

 

Hlth., Hosp. & Nursing Home RB, St. Barnabas Corp. Proj., Zero Coupon, 7/01/38

 

01/17 @ 33.653

 

 

1,477,752

 

NR

 

 

2,500

 

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

 

 

 

 

 

 

 

 

 

 

 

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

 

01/15 @ 100

 

 

2,599,200

 

AAA

 

 

725

 

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

 

01/17 @ 100

 

 

723,166

 

 

 

 

 

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB,

 

 

 

 

 

 

AAA

 

 

1,500

 

Ser. 125, 5.00%, 4/15/32, FSA

 

04/12 @ 101

 

 

1,584,705

 

AAA

 

 

2,250

 

Ser. 126, 5.25%, 5/15/37, FGIC, AMT

 

05/12 @ 101

 

 

2,385,158

 

Caa1

 

 

130

 

Contl. Airlines Proj., 9.125%, 12/01/15, AMT

 

04/07 @ 100

 

 

135,407

 

 

 

 

 

 

Rahway Valley Swr. Auth., Swr. Impvts. RB, Cap. Apprec. Proj.,

 

 

 

 

 

 

AAA

 

 

1,250

 

Ser. A, Zero Coupon, 9/01/30, MBIA

 

No Opt. Call

 

 

461,900

 

AAA

 

 

650

 

Ser. A, Zero Coupon, 9/01/33, MBIA

 

No Opt. Call

 

 

209,352

 

 

 

 

 

 

Tobacco Settlement Fing. Corp.,

 

 

 

 

 

 

AAA

 

 

4,000

4

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

 

N/A

 

 

4,463,440

 

BBB

 

 

750

 

Tobacco Settlement Funded RB, Ser. 1A, 5.00%, 6/01/41

 

06/17 @ 100

 

 

733,103

 

BBB

 

 

1,000

 

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

 

06/17 @ 26.257

 

 

148,360

 

AAA

 

 

1,000

 

Univ. of Medicine & Dentistry of New Jersey, Univ. & Coll. Impvts. RB, Ser. A, 5.00%,

 

 

 

 

 

 

 

 

 

 

 

12/01/31, AMBAC

 

12/12 @ 100

 

 

1,051,970

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

49,889,558

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—14.8%

 

 

 

 

 

 

BBB+

 

 

100

 

Comnwlth. Hwy. & Transp. Auth., Hwy. Toll Impvts. RB, Ser. M, 5.00%, 7/01/46

 

07/17 @ 100

 

 

105,866

 

A3

 

 

2,250

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. 2, 5.25%, 7/01/31

 

07/12 @ 101

 

 

2,392,110

 

AAA

 

 

2,100

4

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. D, 5.25%, 7/01/12

 

N/A

 

 

2,265,858

 

AAA

 

 

1,000

 

Infrastructure Fing. Auth., Swr. Impvts. Sales Tax RB, Ser. A, Zero Coupon, 7/01/43, AMBAC

 

No Opt. Call

 

 

205,990

 

See Notes to Financial Statements.

42



BlackRock New Jersey Municipal Bond Trust (BLJ) (continued)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Puerto Rico—(cont’d)

 

 

 

 

 

 

BBB

 

$

615

 

Pub. Bldgs. Auth. Gov’t. Facs., Pub. Impvts. Lease RB, Ser. D, 5.25%, 7/01/27

 

07/12 @ 100

 

$

651,002

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

5,620,826

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $52,837,445)

 

 

 

 

57,828,324

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.5%

 

 

 

 

 

 

NR

 

 

200

5,6

CMA New Jersey Mun. Money Fund, 3.07% (cost $200,000)

 

N/A

 

 

200,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments —152.8% (cost $53,037,4457)

 

 

 

$

58,028,324

 

 

 

 

 

 

Other assets in excess of liabilities —0.5%

 

 

 

 

177,850

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable —(53.3)%

 

 

 

 

(20,228,213

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%.

 

 

 

$

37,977,961

 

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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 February 28, 2007, the Trust held 6.1% of its net assets, with a current market value of $2,317,940, in securities restricted as to resale.

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 February 28, 2007.

7

Cost for federal income tax purposes is $53,014,693. The net unrealized appreciation on a tax basis is $5,013,631, consisting of $5,029,033 gross unrealized appreciation and $15,402 gross unrealized depreciation.



 

 

 

 

KEY TO ABBREVIATIONS

AMBAC

—   American Municipal Bond Assurance Corp.

GO

—   General Obligation

AMT

—   Subject to Alternative Minimum Tax

MBIA

—   Municipal Bond Insurance Assoc.

FGIC

—   Financial Guaranty Insurance Co.

RB

—   Revenue Bond

FSA

—   Financial Security Assurance

SA

—   Special Assessment


See Notes to Financial Statements.

43



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock New York Municipal Bond Trust (BSE)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

LONG-TERM INVESTMENTS—155.0%

 

 

 

 

 

 

 

 

 

 

 

 

New York—148.7%

 

 

 

 

 

 

BBB

 

 

$

3,320

 

Cntys. Tobacco Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43

 

06/13 @ 100

 

$

3,577,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAA

 

 

 

5,000

 

Convention Ctr. Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, Hotel Unit Fee Secured Proj., 5.00%, 11/15/44, AMBAC

 

11/15 @ 100

 

 

5,309,300

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AAA

 

 

 

2,000

 

Ad Valorem Ppty. Tax RB, Sch. Dist. Fin. Proj., Ser. A, 5.00%, 4/01/31, MBIA

 

10/12 @ 100

 

 

2,104,360

 

AAA

 

 

 

1,000

 

Coll. & Univ. RB, Univ. of Rochester Proj., Ser. C, 4.25%, 7/01/39, AMBAC

 

01/17 @ 100

 

 

984,040

 

AAA

 

 

 

7,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, Lutheran Med. Ctr. Proj., 5.00%, 8/01/31, MBIA

 

02/13 @ 100

 

 

7,380,940

 

AAA

 

 

 

10,000

3

Hlth., Hosp. & Nursing Home Impvts. RB, Memorial Sloan Kettering Ctr. Proj., Ser. 1, Zero Coupon, 7/01/30, MBIA

 

ETM

 

 

3,755,600

 

AAA

 

 

 

5,000

 

Hlth., Hosp. & Nursing Home RB, New York & Presbyterian Hosp. Proj., 5.00%, 8/01/32, AMBAC

 

02/08 @ 101

 

 

5,097,150

 

AAA

 

 

 

7,000

 

Hlth., Hosp. & Nursing Home RB, St. Barnabas Hosp. Proj., Ser. A, 5.00%, 2/01/31, AMBAC

 

08/12 @ 100

 

 

7,355,530

 

AAA

 

 

 

2,000

 

Hlth., Hosp. & Nursing Home RB, Winthrop Univ. Hosp. Assoc. Proj., Ser. A, 5.25%, 7/01/31, AMBAC

 

07/11 @ 101

 

 

2,121,220

 

AAA

 

 

 

3,500

 

Sch. Impvts. Ad Valorem Ppty. Tax RB, Sch. Dist. Fin. Proj., Ser. D, 5.00%, 10/01/30, MBIA

 

10/12 @ 100

 

 

3,682,630

 

AAA

 

 

 

5,000

 

Univ. & Coll. Impvts. RB, Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA

 

07/13 @ 100

 

 

5,297,700

 

AAA

 

 

 

2,500

 

Univ. & Coll. Impvts. RB, Insured Fit Student Hsg. Corp. Proj., 5.125%, 7/01/34, FGIC

 

07/14 @ 100

 

 

2,674,800

 

AAA

 

 

 

3,160

 

Univ. & Coll. Impvts. RB, Iona Coll. Proj., 5.00%, 7/01/27, XLCA

 

07/12 @ 100

 

 

3,308,931

 

AAA

 

 

 

3,000

 

Univ. & Coll. Impvts. RB, Joachim & Ann Residence Proj., 5.25%, 7/01/27

 

07/12 @ 100

 

 

3,160,890

 

AAA

 

 

 

7,000

 

Univ. & Coll. Impvts. RB, New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC

 

07/11 @ 100

 

 

7,242,200

 

Aaa

 

 

 

250

 

Greece Central Sch. Dist., Sch. Impvts. Ad Valorem Ppty. Tax GO, 4.00%, 6/15/22, FSA

 

06/17 @ 100

 

 

249,420

 

BBB-

 

 

 

1,000

 

Herkimer Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Herkimer Coll. Fndtn. Proj., 6.25%, 8/01/34

 

08/13 @ 100

 

 

1,086,790

 

AAA

 

 

 

5,600

 

Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB, Ser. A, 4.50%, 2/15/47, MBIA

 

02/17 @ 100

 

 

5,635,224

 

AAA

 

 

 

4,000

 

Long Island Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. F, 4.25%, 5/01/33, MBIA

 

11/16 @ 100

 

 

3,974,760

 

 

 

 

 

 

 

Met. Transp. Auth.,

 

 

 

 

 

 

AAA

 

 

 

10,000

 

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

 

07/12 @ 100

 

 

10,476,200

 

AAA

 

 

 

4,000

4

Trans. Impvts. RB, Ser. A, 5.00%, 11/15/11, FGIC

 

N/A

 

 

4,242,360

 

AAA

 

 

 

1,085

 

Trans. RB, Ser. A, 5.00%, 11/15/25, FGIC

 

11/12 @ 100

 

 

1,146,107

 

AAA

 

 

 

8,470

 

Trans. RB, Ser. A, 5.00%, 11/15/30, FSA

 

11/12 @ 100

 

 

8,898,328

 

AAA

 

 

 

5,000

 

Trans. RB, Ser. A, 5.25%, 11/15/31, FGIC

 

11/12 @ 100

 

 

5,342,450

 

AAA

 

 

 

2,660

 

Trans. RB, Ser. E, 5.25%, 11/15/31, FGIC

 

11/12 @ 100

 

 

2,842,184

 

 

 

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

 

A

 

 

 

2,500

 

Private Primary Schs. Lease RB, Lycee Francais de New York Proj., Ser. A, 5.375%, 6/01/23, ACA

 

12/12 @ 100

 

 

2,648,700

 

AAA

 

 

 

500

 

Recreational Fac. Impvts. RB, Queens Baseball Stad. Proj., 5.00%, 1/01/46, AMBAC

 

01/17 @ 100

 

 

536,055

 

AAA

 

 

 

3,500

 

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

 

06/15 @ 100

 

 

3,724,244

 

AAA

 

 

 

6,000

 

New York City Transl. Fin. Auth., Pub. Impvts. Income Tax RB, Ser. B, 5.00%, 5/01/30, AMBAC

 

11/11 @ 101

 

 

6,295,380

 

AAA

 

 

 

5,000

 

New York City Trust for Cultural Recs., Recreational RB, American Museum of Natural History Proj., Ser. A, 5.00%, 7/01/44, MBIA

 

07/14 @ 100

 

 

5,274,100

 

AAA

 

 

 

6,000

 

Sales Tax Asset Receivables Corp., Pub. Impvts. Sales Tax RB, Ser. A, 5.00%, 10/15/32, AMBAC

 

10/14 @ 100

 

 

6,394,980

 

AAA

 

 

 

10,000

 

Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB, Ser. E, 5.00%, 11/15/32, MBIA

 

11/12 @ 100

 

 

10,531,800

 

AAA

 

 

 

6,000

4

TSASC, Inc., Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser.1, 5.75%, 7/15/12

 

N/A

 

 

6,604,080

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

148,955,952

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Puerto Rico—6.3%

 

 

 

 

 

 

AAA

 

 

 

1,000

 

Comnwlth. Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. N, 5.25%, 7/01/39, FGIC

 

No Opt. Call

 

 

1,202,900

 

A

 

 

 

5,000

 

Indl. Tourist Edl. Med. & Env. Ctrl. Facs. Fing. Auth., Coll. & Univ. RB, Polytechnic Univ.of Puerto Rico Proj., Ser. A, 5.00%, 8/01/32, ACA

 

08/12 @ 100

 

 

5,143,200

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

6,346,100

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

Total Long-Term Investments (cost $147,318,564)

 

 

 

 

155,302,052

 

 

 

 

 

 

 

 

 

 

 


 

See Notes to Financial Statements.

44


BlackRock New York Municipal Bond Trust (BSE) (continuted)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

 

Value

 


 

 

 

 

 

 

SHORT-TERM INVESTMENT—2.1%

 

 

 

 

 

 

 

 

 

 

New York—2.1%

 

 

 

 

A-1+

 

 

$

2,100

5

New York City Mun. Wtr. Fin. Auth., Mult. Util. Impvts. Wtr & Swr. RB, Ser. A, 3.60%, 3/01/07, FRDD (cost $2,100,000)

 

$

2,100,000

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments —157.1% (cost $149,418,5646)

 

$

157,402,052

 

 

 

 

 

 

 

Liabilities in excess of other assets —(1.2)%

 

 

(1,220,861

)

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable —(55.9)%

 

 

(56,026,688

)

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

$

100,154,503

 

 

 

 

 

 

 

 

 



 


 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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

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

For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. Rate shown is rate as of February 28, 2007.

6

Cost for federal income tax purposes is $149,428,500. The net unrealized appreciation on a tax basis is $7,973,552, consisting of $7,973,552 gross unrealized appreciation and $0 gross unrealized depreciation.

 

The value (market value plus accrued interest) of securities that are covered by insurance, which ensures the payment of principal and interest, represent approximately 92.3% of the Trust’s managed assets.


 

 

 

 

 

 

ACA

5.0

%

 

AMBAC

35.9

%

 

FGIC

12.6

%

 

FSA

5.9

%

 

MBIA

27.3

%

 

XLCA

5.6

%


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

 

AMBAC

American Municipal Bond Assurance Corp.

ETM

Escrowed to Maturity

 

FGIC

Financial Guaranty Insurance Co.

FRDD

Floating Rate Daily Demand

 

FSA

Financial Security Assurance

GO

General Obligation

 

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

 

XLCA

XL Capital Assurance

See Notes to Financial Statements.

45


PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock New York Municipal Bond Trust (BHQ)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

LONG-TERM INVESTMENTS—153.7%

 

 

 

 

 

 

 

 

 

 

 

 

Multi-State—6.6%

 

 

 

 

 

 

Baa1

 

 

$

2,500

3

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

 

10/14 @ 100

 

$

2,897,425

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

New York—123.0%

 

 

 

 

 

 

 

 

 

 

 

 

Albany Indl. Dev. Agcy., Sch. Impvts. Lease Approp. RB, New Covenant Charter Sch. Proj.,

 

 

 

 

 

 

NR

 

 

 

200

 

Ser. A, 7.00%, 5/01/25

 

05/15 @ 102

 

 

201,418

 

NR

 

 

 

130

 

Ser. A, 7.00%, 5/01/35

 

05/15 @ 102

 

 

129,982

 

AA-

 

 

 

2,040

 

City of New York, Pub. Impvts. Ad Valorem Ppty. Tax GO, Ser. D, 5.375%, 6/01/32

 

06/12 @ 100

 

 

2,174,681

 

BBB

 

 

 

1,445

 

Cntys. Tobacco Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43

 

06/13 @ 100

 

 

1,557,074

 

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AA

 

 

 

2,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, New York Hosp. Med. Ctr. Queens Proj., 4.75%, 2/15/37

 

02/17 @ 100

 

 

2,036,540

 

BBB

 

 

 

500

 

Hlth., Hosp. & Nursing Home RB, Mt. Sinai Hosp. Proj., 5.50%, 7/01/26

 

07/08 @ 100

 

 

508,560

 

AAA

 

 

 

2,500

 

Hlth., Hosp. & Nursing Home RB, Willow Towers, Inc. Proj., 5.40%, 2/01/34

 

08/12 @ 101

 

 

2,690,525

 

AA-

 

 

 

2,465

4

Univ. & Coll. Impvts. RB, City Univ. Proj., Ser. A, 5.25%, 7/01/11

 

N/A

 

 

2,628,035

 

AAA

 

 

 

2,500

 

Univ. & Coll. Impvts. RB, Iona Coll. Proj., 5.125%, 7/01/32, XLCA

 

07/12 @ 100

 

 

2,632,700

 

AA-

 

 

 

425

 

Univ. & Coll. Impvts. RB, Mental Hlth. Svcs. Facs. Proj., 5.00%, 2/15/37

 

02/17 @ 100

 

 

453,870

 

AA

 

 

 

2,000

 

Dutchess Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. Lease RB, Vassar Coll. Proj., 5.35%, 9/01/40

 

08/11 @ 101

 

 

2,129,760

 

AAA

 

 

 

2,750

 

Env. Facs. Corp., Misc. RB, Ser. D, 5.125%, 6/15/31

 

06/12 @ 100

 

 

2,897,538

 

AAA

 

 

 

1,600

 

Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB, Ser. A, 4.50%, 2/15/47, MBIA

 

02/17 @ 100

 

 

1,610,064

 

B3

 

 

 

385

 

Liberty Dev. Corp., Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

02/16 @ 100

 

 

406,606

 

A

 

 

 

3,000

 

Met. Transp. Auth., Trans. RB, Ser. A, 5.125%, 11/15/31

 

11/12 @ 100

 

 

3,159,720

 

Aa1

 

 

 

2,980

 

Mtg. Agcy., Local Hsg. RB, Ser. 101, 5.40%, 4/01/32, AMT

 

10/11 @ 100

 

 

3,083,257

 

A2

 

 

 

1,100

 

New York City Hlth. & Hosp. Corp., Hlth., Hosp. & Nursing Home Impvts. RB, Ser. A, 5.375%, 2/15/26

 

02/12 @ 100

 

 

1,158,608

 

AA

 

 

 

2,500

 

New York City Hsg. Dev. Corp., Multi-Fam. Hsg. Local Hsg. RB, Ser. A, 5.50%, 11/01/34, AMT

 

05/12 @ 100

 

 

2,603,575

 

 

 

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

 

B

 

 

 

1,250

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

1,502,000

 

B

 

 

 

1,000

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

1,215,120

 

 

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. RB, Second Gen. Resolution Proj.,

 

 

 

 

 

 

AAA

 

 

 

650

 

Ser. A, 4.50%, 6/15/37, MBIA

 

06/16 @ 100

 

 

657,852

 

AAA

 

 

 

2,500

 

Ser. A, 5.25%, 6/15/33, FGIC

 

06/11 @ 100

 

 

2,633,200

 

AA

 

 

 

1,000

 

Ser. AA, 4.50%, 6/15/37

 

06/16 @ 100

 

 

1,009,030

 

 

 

 

 

 

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB,

 

 

 

 

 

 

Caa1

 

 

 

2,600

 

Contl. Airlines Proj., 9.125%, 12/01/15, AMT

 

04/07 @ 100

 

 

2,708,193

 

AAA

 

 

 

2,750

 

Ser. 126, 5.25%, 5/15/37, FGIC, AMT

 

05/12 @ 101

 

 

2,915,134

 

 

 

 

 

 

 

Suffolk Cnty. Indl. Dev. Agcy.,

 

 

 

 

 

 

BBB-

 

 

 

260

 

Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28

 

11/16 @ 100

 

 

268,031

 

A

 

 

 

500

 

Indl. Impvts. RB, Keyspan-Port Jefferson Proj., 5.25%, 6/01/27, AMT

 

06/13 @ 100

 

 

528,595

 

AAA

 

 

 

3,000

4

TSASC, Inc., Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, 7/15/12

 

N/A

 

 

3,302,040

 

AAA

 

 

 

5,000

4

Urban Dev. Corp., Correctional Fac. Impvts. Income Tax RB, Ser. A, 5.25%, 3/15/12

 

N/A

 

 

5,377,550

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

54,179,258

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—24.1%

 

 

 

 

 

 

BBB

 

 

 

1,400

 

Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43

 

05/12 @ 100

 

 

1,468,320

 

 

 

 

 

 

 

Comnwlth.,

 

 

 

 

 

 

BBB+

 

 

 

100

 

Hwy. & Transp. Auth., Hwy. Toll Impvts. RB, Ser. M, 5.00%, 7/01/46

 

07/17 @ 100

 

 

105,866

 

BBB

 

 

 

1,825

 

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

 

07/11 @ 100

 

 

1,891,995

 

A3

 

 

 

2,000

 

Elec. Pwr. Auth., Elec., Pwr. & Lt. Impvts. RB, Ser. 2, 5.25%, 7/01/31

 

07/12 @ 101

 

 

2,126,320

 

AAA

 

 

 

2,000

4

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. D, 5.25%, 7/01/12

 

N/A

 

 

2,157,960

 

See Notes to Financial Statements.

46


BlackRock New York Municipal Bond Trust (BHQ) (continued)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 


 

 

 

 

 

 

Puerto Rico—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

 

Pub. Bldgs. Auth., Pub. Impvts. Lease RB,

 

 

 

 

 

 

BBB

 

$

 

1,980

4

Ser. D, 5.25%, 7/01/12

 

N/A

 

$

2,129,411

 

BBB

 

 

 

720

 

Ser. D, 5.25%, 7/01/27

 

07/12 @ 100

 

 

762,149

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

10,642,021

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Long-Term Investments (cost $62,848,865)

 

 

 

 

67,718,704

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—1.4%

 

N/A

 

 

600,000

 

 

 

 

 

 

 

 

 

 

 



 

NR

 

 

 

600

5,6

CMA New York Mun. Money Fund, 3.10% (cost $600,000)

 

 

 

$

68,318,704

 

 

 

 

 

 

 

Total Investments —155.1% (cost $63,448,8657)

 

 

 

 

(70,902

)

 

 

 

 

 

 

Liabilities in excess of other assets —(0.2)%

 

 

 

 

(24,201,989

)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable —(54.9)%

 

 

 

$

44,045,813

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

 

 

 


 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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 February 28, 2007, the Trust held 6.6% of its net assets, with a current market value of $2,897,425, in securities restricted as to resale.

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 February 28, 2007.

7

Cost for federal income tax purposes is $63,441,157. The net unrealized appreciation on a tax basis is $4,877,547, consisting of $4,877,547 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

AMT  

Subject to Alternative Minimum Tax

 

FGIC  

Financial Guaranty Insurance Co.

GO

General Obligation

 

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

 

XLCA

XL Capital Assurance

See Notes to Financial Statements.

47



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock New York Insured Municipal Income Trust II (BFY)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 













 

 

 

 

 

LONG-TERM INVESTMENTS—156.9%

 

 

 

 

 

 

 

 

 

 

 

Multi-State—5.7%

 

 

 

 

 

 

 

 

 

 

 

Charter Mac Equity Issuer Trust,

 

 

 

 

 

 

A3

 

$

500

3

Ser. A, 5.75%, 4/30/15

 

No Opt. Call

 

$

539,400

 

A3

 

 

1,000

3

Ser. A, 6.00%, 4/30/19

 

No Opt. Call

 

 

1,116,010

 

Baa1

 

 

1,500

3

Ser. B, 6.00%, 4/30/15

 

No Opt. Call

 

 

1,631,340

 

Baa1

 

 

1,000

3

Ser. B, 6.30%, 4/30/19

 

No Opt. Call

 

 

1,131,700

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

4,418,450

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

New York—146.3%

 

 

 

 

 

 

 

 

 

 

 

Albany Indl. Dev. Agcy., Sch. Impvts. Lease Appropriation RB, New Covenant Charter Sch. Proj.,

 

 

 

 

 

 

NR

 

 

345

 

Ser. A, 7.00%, 5/01/25

 

05/15 @ 102

 

 

347,446

 

NR

 

 

220

 

Ser. A, 7.00%, 5/01/35

 

05/15 @ 102

 

 

219,969

 

AA-

 

 

4,000

4

City of New York, Recreational Fac. Impvts. Hotel Occupancy Tax GO, Ser. B, 5.75%, 12/01/11

 

N/A

 

 

4,372,760

 

Aaa

 

 

1,715

 

Clarence Indl. Dev. Agcy., Indl. Impvts. RB, Bristol Vlg., Inc. Proj., 6.00%, 1/20/44

 

01/13 @ 102

 

 

1,916,770

 

BBB

 

 

2,535

 

Cntys. Tobacco Trust III, Misc. Tobacco Settlement Funded RB, 6.00%, 6/01/43

 

06/13 @ 100

 

 

2,731,615

 

 

 

 

 

 

Dorm. Auth.,

 

 

 

 

 

 

AA

 

 

1,000

 

Hlth., Hosp. & Nursing Home Impvts. RB, New York Hosp. Med. Ctr. Queens Proj., 4.75%, 2/15/37

 

02/17 @ 100

 

 

1,018,270

 

Aa3

 

 

2,000

 

Hlth., Hosp. & Nursing Home RB, Kateri Residence Proj., 5.00%, 7/01/22

 

07/13 @ 100

 

 

2,107,500

 

BBB

 

 

750

 

Hlth., Hosp. & Nursing Home RB, Mt. Sinai Hosp. Proj., 5.50%, 7/01/26

 

07/08 @ 100

 

 

762,840

 

AAA

 

 

2,500

 

Hlth., Hosp. & Nursing Home RB, St. Barnabas Hosp. Proj., Ser. A, 5.00%, 2/01/31, AMBAC

 

08/12 @ 100

 

 

2,626,975

 

AAA

 

 

2,500

 

Univ. & Coll. Impvts. RB, Brooklyn Law Sch. Proj., Ser. B, 5.125%, 7/01/30, XLCA

 

07/13 @ 100

 

 

2,648,850

 

AA-

 

 

750

 

Univ. & Coll. Impvts. RB, Mental Hlth. Svcs. Facs. Proj., 5.00%, 2/15/37

 

02/17 @ 100

 

 

797,722

 

AA

 

 

2,000

 

Univ. & Coll. Impvts. RB, Mount St. Mary Coll. Proj., 5.00%, 7/01/32, RAA

 

07/13 @ 100

 

 

2,094,960

 

AAA

 

 

2,425

 

Univ. & Coll. Impvts. RB, New Sch. Univ. Proj., 5.00%, 7/01/31, MBIA

 

07/11 @ 100

 

 

2,517,708

 

AA

 

 

4,000

 

Dutchess Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. Lease RB, Vassar Coll. Proj., 5.35%, 9/01/40

 

08/11 @ 101

 

 

4,259,520

 

A+

 

 

5,500

 

Energy Research. & Dev. Auth., Elec., Pwr. & Lt. Impvts. RB, Consolidated Edison Co. Proj., 4.70%, 6/01/36, AMT

 

04/07 @ 100

 

 

5,502,365

 

 

 

 

 

 

Essex Cnty. Indl. Dev. Agcy.,

 

 

 

 

 

 

BBB

 

 

650

 

Indl. Impvts. RB, Intl. Paper Co. Proj., Ser. A, 4.60%, 12/01/30, AMT

 

12/11 @ 100

 

 

646,796

 

BBB

 

 

625

 

Indl. RB, Intl. Paper Co. Proj., Ser. A, 5.50%, 10/01/26, AMT

 

10/12 @ 100

 

 

651,175

 

A

 

 

3,250

 

Geneva Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Hobart & Williams Smith Proj., Ser. A, 5.375%, 2/01/33

 

02/13 @ 100

 

 

3,480,035

 

BBB-

 

 

385

 

Herkimer Cnty. Indl. Dev. Agcy., Univ. & Coll. Impvts. RB, Herkimer Coll. Fndtn. Proj., 6.25%, 8/01/34

 

08/13 @ 100

 

 

418,414

 

AAA

 

 

4,500

 

Hudson Yards Infrastructure Corp., Trans. Impvts. Misc. RB, Ser. A, 4.50%, 2/15/47, MBIA

 

02/17 @ 100

 

 

4,528,305

 

 

 

 

 

 

Liberty Dev. Corp.,

 

 

 

 

 

 

AA-

 

 

4,000

 

Indl. Impvts. Misc. RB, Goldman Sachs Group, Inc. Proj., 5.25%, 10/01/35

 

No Opt. Call

 

 

4,695,120

 

B3

 

 

675

 

Recreational Fac. Impvts. RB, Nat. Sports Museum Proj., Ser. A, 6.125%, 2/15/19

 

02/16 @ 100

 

 

712,881

 

AAA

 

 

3,515

 

Long Island Pwr. Auth., Elec., Pwr. & Lt. RB, Ser. A, Zero Coupon, 6/01/28, FSA

 

No Opt. Call

 

 

1,449,691

 

 

 

 

 

 

Met. Transp. Auth.,

 

 

 

 

 

 

AA-

 

 

5,000

 

Misc. RB, Ser. A, 5.125%, 1/01/29

 

07/12 @ 100

 

 

5,267,850

 

AA

 

 

5,000

 

Trans. RB, Ser. A, 5.00%, 11/15/30

 

11/12 @ 100

 

 

5,226,850

 

AAA

 

 

2,000

 

Trans. RB, Ser. A, 5.25%, 11/15/31, FGIC

 

11/12 @ 100

 

 

2,136,980

 

 

 

 

 

 

New York City Indl. Dev. Agcy.,

 

 

 

 

 

 

BBB-

 

 

1,000

 

Econ. Impvts. RB, IAC/Interactive Corp. Proj., 5.00%, 9/01/35

 

09/15 @ 100

 

 

1,040,400

 

AA+

 

 

1,000

 

Local Hsg. RB, Eger Harbor House, Inc. Proj., Ser. A, 4.95%, 11/20/32

 

11/12 @ 101

 

 

1,044,510

 

AA+

 

 

1,000

 

Local Hsg. RB, Eger Harbor House, Inc. Proj., Ser. A, 5.875%, 5/20/44

 

11/12 @ 105

 

 

1,126,530

 

B

 

 

1,600

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.625%, 8/01/25, AMT

 

08/16 @ 101

 

 

1,922,560

 

B

 

 

1,500

 

Port, Arpt. & Marina Impvts. RB, American Airlines, Inc./JFK Intl. Arpt. Proj., 7.75%, 8/01/31, AMT

 

08/16 @ 101

 

 

1,822,680

 

A

 

 

1,500

 

Private Primary Schs. Lease RB, Lycee Francais de New York Proj., Ser. A, 5.375%, 6/01/23, ACA

 

12/12 @ 100

 

 

1,589,220

 

See Notes to Financial Statements.

48


BlackRock New York Insured Municipal Income Trust II (BFY)(continued)

 


(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

 

Description

 

Option Call
Provisions2

 

Value

 











 

 

 

 

 

New York—(cont’d)

 

 

 

 

 

 

 

 

 

 

 

New York City Mun. Wtr. Fin. Auth.,

 

 

 

 

 

 

AA+

 

$

5,000

 

Wtr. RB, Ser. A, 5.125%, 6/15/34

 

06/12 @ 100

 

$

5,260,950

 

AAA

 

 

1,100

 

Wtr. & Swr. Sys., RB, Second Gen. Resolution Proj., Ser. A, 4.50%, 6/15/37, MBIA

 

06/16 @ 100

 

 

1,113,288

 

AAA

 

 

5,000

4

New York City Trans. Auth. Met. Transp. Auth. Triborough Brdg. & Tunl., Trans. Impvts. COP, Ser. A, 5.25%, 1/01/10, AMBAC

 

N/A

 

 

5,270,050

 

AAA

 

 

5,000

 

New York City Transl. Fin. Auth., Income Tax RB, Ser. B, 5.00%, 11/01/27

 

11/12 @ 100

 

 

5,256,500

 

AAA

 

 

3,000

 

New York Convention Ctr. Operating Corp., Recreational Fac. Impvts. Hotel Occupancy Tax RB, 5.00%, 11/15/35, AMBAC

 

11/15 @ 100

 

 

3,202,770

 

Caa1

 

 

3,675

 

Port Auth. of New York & New Jersey, Port, Arpt. & Marina Impvts. RB, Contl. Airlines Proj., 9.125%, 12/01/15, AMT

 

04/07 @ 100

 

 

3,827,843

 

 

 

 

 

 

Suffolk Cnty. Indl. Dev. Agcy.,

 

 

 

 

 

 

BBB-

 

 

450

 

Hlth., Hosp. & Nursing Home RB, Active Retirement Cmnty. Proj., 5.00%, 11/01/28

 

11/16 @ 100

 

 

463,901

 

A

 

 

2,500

 

Indl. Impvts. RB, Keyspan-Port Jefferson Proj., 5.25%, 6/01/27, AMT

 

06/13 @ 100

 

 

2,642,975

 

AAA

 

 

1,500

 

Syracuse Indl. Dev. Agcy., Indl. Impvts. RB, Crousel Ctr. Proj., Ser. A, 5.00%, 1/01/36

 

01/17@ 100

 

 

1,582,215

 

 

 

 

 

 

Triborough Brdg. & Tunl. Auth., Hwy. Tolls RB,

 

 

 

 

 

 

AAA

 

 

850

4

Ser. A, 5.00%, 1/01/12

 

N/A

 

 

902,402

 

AA

 

 

150

 

Ser. A, 5.00%, 1/01/32

 

01/12 @ 100

 

 

156,335

 

AAA

 

 

9,000

4

TSASC, Inc., Rec. Recovery Impvts. Tobacco Settlement Funded RB, Ser. 1, 5.75%, 7/15/12

 

N/A

 

 

9,906,120

 

AAA

 

 

2,000

 

Urban Dev. Corp., Pub. Impvts. Income Tax RB, Ser. B, 5.00%, 3/15/35

 

03/15 @ 100

 

 

2,130,740

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

113,401,356

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Puerto Rico—4.9%

 

 

 

 

 

 

BBB

 

 

1,400

 

Children’s Trust Fund, Tobacco Settlement Funded RB, 5.625%, 5/15/43

 

05/12 @ 100

 

 

1,468,320

 

BBB+

 

 

200

 

Comnwlth. Hwy. & Transp. Auth., Hwy. Toll Impvts. RB, Ser. M, 5.00%, 7/01/46

 

07/17 @ 100

 

 

211,732

 

AAA

 

 

2,004

 

Hwy. & Transp. Auth., Hwy. Impvts. Tolls RB, Ser. D, 5.375%, 7/01/12

 

N/A

 

 

2,170,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

3,850,052

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Long-Term Investments (cost $114,511,210)

 

 

 

 

121,669,858

 

 

 

 

 

 

 

 

 

 



 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

Shares
(000)

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

MONEY MARKET FUND—0.8%

 

 

 

 

 

 

NR

 

 

600

5,6

CMA New York Mun. Money Fund, 3.10% (cost $600,000)

 

N/A

 

 

600,000

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Total Investments —157.7% (cost $115,111,2107)

 

 

 

$

122,269,858

 

 

 

 

 

 

Liabilities in excess of other assets —(0.1)%

 

 

 

 

(73,247

)

 

 

 

 

 

Preferred shares at redemption value, including dividends payable —(57.6)%

 

 

 

 

(44,675,433

)

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

77,521,178

 

 

 

 

 

 

 

 

 

 



 


 

 

1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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 February 28, 2007, the Trust held 5.7% of its net assets, with a current market value of $4,418,450, in securities restricted as to resale.

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 February 28, 2007.

7

Cost for federal income tax purposes is $115,106,473. The net unrealized appreciation on a tax basis is $7,163,385, consisting of $7,166,590 gross unrealized appreciation and $3,205 gross unrealized depreciation.



 

 

 

 

KEY TO ABBREVIATIONS

ACA

— American Capital Access

AMBAC

— American Municipal Bond Assurance Corp.

AMT

— Subject to Alternative Minimum Tax

COP

— Certificate of Participation

FGIC

— Financial Guaranty Insurance Co.

FSA

— Financial Security Assurance

GO

— General Obligation

MBIA

— Municipal Bond Insurance Assoc.

RAA

— Radian Asset Assurance

RB

— Revenue Bond

XLCA

— XL Capital Assurance

 

 


See Notes to Financial Statements.

49



PORTFOLIO OF INVESTMENTS (unaudited)
FEBRUARY 28, 2007

BlackRock Virginia Municipal Bond Trust (BHV)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

 

 

 

 

Rating1

 

Principal
Amount
(000)

Description

 

Option Call
Provisions2

 

Value

 










 

 

 

 

 

 

LONG-TERM INVESTMENTS—151.5%

 

 

 

 

 

 

 

 

 

 

 

 

District of Columbia—6.2%

 

 

 

 

 

 

AAA

 

 

$

1,500

 

Met. Washington Arpts. Auth., Port, Arpt. & Marina RB, Ser. A, 5.25%, 10/01/32, FGIC, AMT

 

10/12 @ 100

 

$

1,580,760

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Multi-State—6.9%

 

 

 

 

 

 

Baa1

 

 

 

1,500

3

Charter Mac Equity Issuer Trust, Ser. B-2, 7.20%, 10/31/52

 

10/14 @ 100

 

 

1,738,455

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Puerto Rico—5.7%

 

 

 

 

 

 

BBB

 

 

 

1,380

 

Children’s Trust Fund, Tobacco Settlement Funded RB, 5.375%, 5/15/33

 

05/12 @ 100

 

 

1,440,610

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Virginia—132.7%

 

 

 

 

 

 

NR4

 

 

 

1,440

 

Alexandria Redev. & Hsg. Auth., Local Hsg. RB, 3001 Park Ctr. Apts. Proj., Ser. A, 6.375%, 4/01/34

 

04/08 @ 103

 

 

1,499,357

 

A

 

 

 

2,150

5

Arlington Cnty. Indl. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Virginia Hosp. Ctr. Arlington Hlth. Sys. Proj., 5.25%, 7/01/11

 

N/A

 

 

2,298,974

 

NR

 

 

 

1,500

 

Celebrate North Cmnty. Dev. Auth., Wtr. Util. Impvts. SA, Ser. B, 6.75%, 3/01/34

 

03/14 @ 102

 

 

1,612,890

 

AA

 

 

 

1,000

 

City of Hampton, Pub. Impvts. Ad Valorem Ppty. Tax GO, 5.00%, 4/01/20

 

04/12 @ 101

 

 

1,061,390

 

AAA

 

 

 

3,000

 

City of Richmond, Natural Gas RB, 5.00%, 1/15/33, FSA

 

01/12 @ 100

 

 

3,131,700

 

AA+

 

 

 

1,275

 

Cnty. of Prince William, Pub. Impvts. Lease Approp. RB, 5.00%, 12/01/21

 

06/12 @ 100

 

 

1,336,697

 

AAA

 

 

 

1,500

6

Danville Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Danville Regl. Med. Ctr. Proj., 5.25%, 10/01/28, AMBAC

 

ETM

 

 

1,705,620

 

NR

 

 

 

990

 

Dulles Town Ctr. Cmnty. Dev. Auth., Pub. Impvts. SA, Dulles Town Ctr. Proj., 6.25%, 3/01/26

 

03/08 @ 102

 

 

1,026,422

 

AAA

 

 

 

1,205

 

Fairfax Cnty. Wtr. Auth., Wtr. RB, 5.00%, 4/01/27

 

04/12 @ 100

 

 

1,258,839

 

A-

 

 

 

1,500

 

Henrico Cnty. Econ. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Bon Secours Hlth. Sys., Inc. Proj., Ser. A, 5.60%, 11/15/30

 

11/12 @ 100

 

 

1,596,660

 

AAA

 

 

 

3,000

 

Hsg. Dev. Auth., Local Hsg. RB, Ser. H, 5.375%, 7/01/36, MBIA

 

07/11 @ 100

 

 

3,168,870

 

BBB

 

 

 

1,300

 

Isle Wight Cnty. Indl. Dev. Auth., Mult. Util. Impvts. Misc. RB, Int. Paper Co. Proj., Ser. A, 5.70%, 11/01/27, AMT

 

11/13 @ 100

 

 

1,377,922

 

AAA

 

 

 

185

 

James City Cnty. Econ. Dev. Auth., Sch. Impvts. Lease Appropriation RB, Pub. Fac. Proj., 5.00%, 6/15/26, FSA

 

06/17 @ 100

 

 

200,153

 

NR

 

 

 

500

 

Lynchburg Indl. Dev. Auth., Hlth., Hosp. & Nursing Home RB, Westminster Canterbury Proj., 5.00%, 7/01/31

 

07/17 @ 100

 

 

503,985

 

AAA

 

 

 

1,500

 

Norfolk Arpt. Auth., Port, Arpt. & Marina Impvts. RB, Ser. A, 5.125%, 7/01/31, FGIC

 

07/11 @ 100

 

 

1,561,890

 

NR

 

 

 

500

 

Peninsula Ports Auth., Hlth., Hosp. & Nursing Home RB, Baptist Homes Proj., Ser. C, 5.40%, 12/01/33

 

12/16 @ 100

 

 

519,170

 

A

 

 

 

5,000

5

Pocahontas Pkwy. Assoc., Highway Tolls RB, Ser. B, Zero Coupon, 8/15/08, ACA

 

N/A

 

 

2,152,400

 

AAA

 

 

 

1,000

 

Port Auth., Port, Arpt. & Marina Impvts. RB, 4.75%, 7/01/31, FGIC, AMT

 

07/13 @ 100

 

 

1,018,580

 

 

 

 

 

 

 

Recs. Auth., Wtr. Util. Impvts. Misc. RB,

 

 

 

 

 

 

AA

 

 

 

1,500

5

Frederick Cnty. San. Auth. Proj., 5.20%, 10/01/10

 

N/A

 

 

1,579,095

 

AA

 

 

 

635

 

Ser. A, 5.125%, 5/01/27

 

05/11 @ 101

 

 

668,141

 

AAA

 

 

 

1,250

 

Richmond Met. Auth., Hwy. Tolls RB, 5.25%, 7/15/22, FGIC

 

No Opt. Call

 

 

1,439,050

 

A-

 

 

 

1,000

 

Stafford Cnty. Econ. Dev. Auth., Hlth., Hosp. & Nursing Home Impvts. RB, Medicorp Hlth. Sys. Oblig. Proj., 5.25%, 6/15/37

 

06/16 @ 100

 

 

1,063,430

 

 

 

 

 

 

 

Virginia Coll. Bldg. Auth., Coll. & Univ. RB, Washington & Lee Univ. Proj.,

 

 

 

 

 

 

AAA

 

 

 

500

 

5.25%, 1/01/26, MBIA

 

No Opt. Call

 

 

577,710

 

AAA

 

 

 

1,000

 

5.25%, 1/01/31, MBIA

 

No Opt. Call

 

 

1,174,640

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

33,533,585

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Total Investments —151.5% (cost $35,290,5147)

 

 

 

$

38,293,410

 

 

 

 

 

 

 

Other assets in excess of liabilities —2.0%

 

 

 

 

511,594

 

 

 

 

 

 

 

Preferred shares at redemption value, including dividends payable —(53.5)%

 

 

 

 

(13,532,670

)

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders—100%

 

 

 

$

25,272,334

 

 

 

 

 

 

 

 

 

 

 



 

See Notes to Financial Statements.

50



BlackRock Virginia Municipal Bond Trust (BHV) (continued)

 




 

 


1

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

2

Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates.

3

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 February 28, 2007, the Trust held 6.9% of its net assets, with a current market value of $1,738,455, in securities restricted as to resale.

4

Security is deemed to be of investment grade quality by the investment advisor.

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

Cost for federal income tax purposes is $35,221,382. The net unrealized appreciation on a tax basis is $3,072,028, consisting of $3,072,028 gross unrealized appreciation and $0 gross unrealized depreciation.


 

 

 

 

 

 

 

KEY TO ABBREVIATIONS

ACA

American Capital Access

 

AMBAC

American Municipal Bond Assurance Corp.

AMT

Subject to Alternative Minimum Tax

 

ETM

Escrowed to Maturity

FGIC

Financial Guaranty Insurance Co.

 

FSA

Financial Security Assurance

GO

General Obligation

 

MBIA

Municipal Bond Insurance Assoc.

RB

Revenue Bond

 

SA

Special Assessment

See Notes to Financial Statements.

51



 

STATEMENTS OF ASSETS AND LIABILITIES (unaudited)

February 28, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal
Income Trust
(BYM)

 

Municipal
Bond Trust
(BBK)

 

Municipal
Income Trust II
(BLE)

 

California
Insured
Municipal
Income Trust
(BCK)

 

 

 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffiliated1

 

$

635,412,410

 

$

252,899,420

 

$

568,333,689

 

$

126,218,589

 

Investments at value, affiliated2

 

 

6,300,000

 

 

9,300,000

 

 

10,700,000

 

 

4,200,000

 

Investments in affiliates

 

 

65,865

 

 

28,537

 

 

59,553

 

 

11,196

 

Cash

 

 

1,438

 

 

229,090

 

 

64,530

 

 

40,652

 

Receivable from investments sold

 

 

4,833,763

 

 

1,354,935

 

 

1,715,627

 

 

 

Unrealized appreciation on forward starting swaps

 

 

5,339

 

 

 

 

4,477

 

 

1,149

 

Interest receivable

 

 

6,639,775

 

 

2,672,264

 

 

6,711,369

 

 

1,308,468

 

Other assets

 

 

46,569

 

 

16,341

 

 

49,300

 

 

17,186

 

 

 



 



 



 



 

 

 

 

653,305,159

 

 

266,500,587

 

 

587,638,545

 

 

131,797,240

 

 

 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

6,816,768

 

 

3,473,468

 

 

7,651,767

 

 

2,583,847

 

Unrealized depreciation on forward starting swaps

 

 

1,656,660

 

 

908,469

 

 

1,386,256

 

 

159,855

 

Dividends payable—common shares

 

 

1,598,438

 

 

883,722

 

 

1,746,974

 

 

306,017

 

Investment advisory fee payable

 

 

171,554

 

 

79,749

 

 

176,025

 

 

34,352

 

Deferred Trustees’fees

 

 

65,865

 

 

28,537

 

 

59,553

 

 

11,196

 

Payable to affiliates

 

 

34,040

 

 

15,289

 

 

28,367

 

 

6,362

 

Other accrued expenses

 

 

124,556

 

 

96,310

 

 

113,973

 

 

37,992

 

 

 



 



 



 



 

 

 

 

10,467,881

 

 

5,485,544

 

 

11,162,915

 

 

3,139,621

 

 

 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable3

 

 

229,050,251

 

 

90,530,248

 

 

205,629,717

 

 

46,511,846

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common Shareholders

 

$

413,787,027

 

$

170,484,795

 

$

370,845,913

 

$

82,145,773

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Composition of Net Assets Applicable to Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value4

 

$

26,204

 

$

10,236

 

$

22,998

 

$

5,276

 

Paid-in capital in excess of par

 

 

371,940,567

 

 

145,452,728

 

 

326,757,536

 

 

74,807,848

 

Undistributed net investment income

 

 

1,781,637

 

 

1,869,658

 

 

1,406,775

 

 

350,368

 

Accumulated net realized gain (loss)

 

 

(3,602,792

)

 

884,262

 

 

(7,272,897

)

 

(1,154,883

)

Net unrealized appreciation

 

 

43,641,411

 

 

22,267,911

 

 

49,931,501

 

 

8,137,164

 

 

 



 



 



 



 

Net assets applicable to common shareholders, February 28, 2007

 

$

413,787,027

 

$

170,484,795

 

$

370,845,913

 

$

82,145,773

 

 

 



 



 



 



 

Net asset value per common share5

 

$

15.79

 

$

16.65

 

$

16.13

 

$

15.57

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost, unaffiliated

 

$

590,119,678

 

$

229,723,040

 

$

517,020,409

 

$

117,922,719

 

2Investments at cost, affiliated

 

$

6,300,000

 

$

9,300,000

 

$

10,700,000

 

$

4,200,000

 

3Preferred shares outstanding

 

 

9,159

 

 

3,620

 

 

8,222

 

 

1,860

 

4Par value per share

 

$

0.001

 

$

0.001

 

$

0.001

 

$

0.001

 

5Common shares outstanding

 

 

26,203,900

 

 

10,236,360

 

 

22,997,796

 

 

5,276,156

 

See Notes to Financial Statements.

52



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California
Municipal
Bond Trust
(BZA)

 

California
Municipal
Income Trust II
(BCL)

 

Florida
Insured
Municipal
Income Trust
(BAF)

 

Florida
Municipal
Bond Trust
(BIE)

 

Maryland
Municipal
Bond Trust
(BZM)

 

New Jersey
Municipal
Bond Trust
(BLJ)

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

82,305,711

 

$

203,242,943

 

$

206,198,778

 

$

81,608,323

 

$

49,760,426

 

$

57,828,324

 

 

3,400,000

 

 

200,000

 

 

1,800,000

 

 

900,000

 

 

300,000

 

 

200,000

 

 

13,717

 

 

17,225

 

 

18,608

 

 

11,384

 

 

13,556

 

 

14,528

 

 

54,316

 

 

89,550

 

 

81,227

 

 

58,497

 

 

36,782

 

 

42,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,891

 

 

 

 

 

 

 

 

 

 

951,264

 

 

2,563,700

 

 

2,842,124

 

 

1,242,096

 

 

610,606

 

 

652,815

 

 

9,697

 

 

21,298

 

 

20,233

 

 

9,657

 

 

1,865

 

 

2,131

 



 



 



 



 



 



 

 

86,734,705

 

 

206,136,607

 

 

210,960,970

 

 

83,829,957

 

 

50,723,235

 

 

58,740,240

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,050,970

 

 

4,519,171

 

 

 

 

 

 

 

 

204,211

 

 

94,820

 

 

585,114

 

 

499,780

 

 

138,347

 

 

82,989

 

 

69,157

 

 

268,770

 

 

522,998

 

 

506,575

 

 

258,378

 

 

144,679

 

 

179,608

 

 

22,742

 

 

61,160

 

 

56,042

 

 

22,304

 

 

13,479

 

 

15,543

 

 

13,717

 

 

17,225

 

 

18,608

 

 

11,384

 

 

13,556

 

 

14,528

 

 

4,982

 

 

10,252

 

 

12,907

 

 

5,008

 

 

2,171

 

 

1,467

 

 

40,409

 

 

60,501

 

 

48,338

 

 

43,878

 

 

44,262

 

 

49,552

 



 



 



 



 



 



 

 

1,496,410

 

 

5,776,421

 

 

1,142,250

 

 

479,299

 

 

301,136

 

 

534,066

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,977,215

 

 

71,971,086

 

 

76,014,366

 

 

29,795,271

 

 

18,009,912

 

 

20,228,213

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

55,261,080

 

$

128,389,100

 

$

133,804,354

 

$

53,555,387

 

$

32,412,187

 

$

37,977,961

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

3,376

 

$

7,987

 

$

8,734

 

$

3,322

 

$

2,028

 

$

2,286

 

 

47,865,254

 

 

113,290,672

 

 

123,914,893

 

 

47,051,191

 

 

28,713,945

 

 

32,386,224

 

 

637,143

 

 

485,881

 

 

774,273

 

 

892,824

 

 

504,602

 

 

654,430

 

 

(788,285

)

 

(4,310,191

)

 

(1,090,129

)

 

(257,288

)

 

(150,402

)

 

13,299

 

 

7,543,592

 

 

18,914,751

 

 

10,196,583

 

 

5,865,338

 

 

3,342,014

 

 

4,921,722

 



 



 



 



 



 



 

 

$

55,261,080

 

$

128,389,100

 

$

133,804,354

 

$

53,555,387

 

$

32,412,187

 

$

37,977,961

 



 



 



 



 



 



 

$

16.37

 

$

16.08

 

$

15.32

 

$

16.12

 

$

15.98

 

$

16.61

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

74,667,299

 

$

183,744,969

 

$

195,502,415

 

$

75,604,638

 

$

46,335,423

 

$

52,837,445

 

$

3,400,000

 

$

200,000

 

$

1,800,000

 

$

900,000

 

$

300,000

 

$

200,000

 

 

1,199

 

 

2,878

 

 

3,040

 

 

1,191

 

 

720

 

 

809

 

$

0.001

 

$

0.001

 

$

0.001

 

$

0.001

 

$

0.001

 

$

0.001

 

 

3,375,895

 

 

7,986,765

 

 

8,734,048

 

 

3,321,574

 

 

2,028,454

 

 

2,286,445

 

See Notes to Financial Statements.

53


 

STATEMENTS OF ASSETS AND LIABILITIES (unaudited) (continued)
February 28, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York
Insured
Municipal
Income Trust
(BSE)

 

New York
Municipal
Bond Trust
(BQH)

 

New York
Municipal
Income Trust II
(BFY)

 

Virginia
Municipal
Bond Trust
(BHV)

 

 

 


 


 


 


 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments at value, unaffiliated1

 

$

157,402,052

 

$

67,718,704

 

$

121,669,858

 

$

38,293,410

 

Investments at value, affiliated2

 

 

 

 

600,000

 

 

600,000

 

 

 

Investments in affiliates

 

 

11,462

 

 

12,679

 

 

13,270

 

 

11,794

 

Cash

 

 

9,807

 

 

6,754

 

 

84,554

 

 

259,541

 

Unrealized appreciation on forward starting swaps

 

 

 

 

 

 

790

 

 

 

Interest receivable

 

 

1,547,261

 

 

821,605

 

 

1,405,152

 

 

506,364

 

Other assets

 

 

18,272

 

 

9,074

 

 

11,477

 

 

1,432

 

 

 



 



 



 



 

 

 

 

158,988,854

 

 

69,168,816

 

 

123,785,101

 

 

39,072,541

 

 

 



 



 



 



 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Payable for investments purchased

 

 

2,035,811

 

 

552,930

 

 

1,000,268

 

 

 

Unrealized depreciation on forward starting swaps

 

 

299,059

 

 

77,905

 

 

185,940

 

 

94,243

 

Dividends payable—common shares

 

 

375,247

 

 

210,291

 

 

292,556

 

 

111,485

 

Investment advisory fee payable

 

 

41,675

 

 

18,257

 

 

37,335

 

 

10,373

 

Deferred Trustees’fees

 

 

11,462

 

 

12,679

 

 

13,270

 

 

11,794

 

Payable to affiliates

 

 

1,728

 

 

3,401

 

 

6,040

 

 

1,989

 

Other accrued expenses

 

 

42,681

 

 

45,551

 

 

53,081

 

 

37,653

 

 

 



 



 



 



 

 

 

 

2,807,663

 

 

921,014

 

 

1,588,490

 

 

267,537

 

 

 



 



 



 



 

Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

$25,000 liquidation value per share, including dividends payable3

 

 

56,026,688

 

 

24,201,989

 

 

44,675,433

 

 

13,532,670

 

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

$

100,154,503

 

$

44,045,813

 

$

77,521,178

 

$

25,272,334

 

 

 



 



 



 



 

Composition of Net Assets Applicable to

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

Par value4

 

$

6,470

 

$

2,729

 

$

4,938

 

$

1,540

 

Paid-in capital in excess of par

 

 

91,773,953

 

 

38,685,976

 

 

70,007,203

 

 

21,814,794

 

Undistributed net investment income

 

 

686,703

 

 

609,160

 

 

567,996

 

 

600,615

 

Accumulated net realized gain (loss)

 

 

2,948

 

 

(43,986

)

 

(32,457

)

 

(53,268

)

Net unrealized appreciation

 

 

7,684,429

 

 

4,791,934

 

 

6,973,498

 

 

2,908,653

 

 

 



 



 



 



 

Net assets applicable to common shareholders, February 28, 2007

 

$

100,154,503

 

$

44,045,813

 

$

77,521,178

 

$

25,272,334

 

 

 



 



 



 



 

Net asset value per common share5

 

$

15.48

 

$

16.14

 

$

15.70

 

$

16.41

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Investments at cost, unaffiliated

 

$

149,418,564

 

$

62,848,865

 

$

114,511,210

 

$

35,290,514

 

2Investments at cost, affiliated

 

$

 

$

600,000

 

$

600,000

 

$

 

3Preferred shares outstanding

 

 

2,240

 

 

968

 

 

1,786

 

 

541

 

4Par value per share

 

$

0.001

 

$

0.001

 

$

0.001

 

$

0.001

 

5Common shares outstanding

 

 

6,469,766

 

 

2,729,277

 

 

4,937,652

 

 

1,539,999

 

See Notes to Financial Statements.

54


 

STATEMENTS OF OPERATIONS (unaudited)
For the six months ended February 28, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured
Municipal
Income Trust
(BYM)

 

Municipal
Bond Trust
(BBK)

 

Municipal
Income Trust II
(BLE)

 

California
Insured
Municipal
Income Trust
(BCK)

 

 

 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

15,136,423

 

$

6,893,714

 

$

15,145,631

 

$

2,974,174

 

Affiliated income

 

 

1,492

 

 

2,128

 

 

1,975

 

 

1,411

 

Income from affiliates

 

 

1,593

 

 

662

 

 

1,447

 

 

201

 

 

 



 



 



 



 

Total investment income

 

 

15,139,508

 

 

6,896,504

 

 

15,149,053

 

 

2,975,786

 

 

 



 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

1,743,458

 

 

803,529

 

 

1,562,427

 

 

348,379

 

Transfer agent

 

 

7,043

 

 

6,732

 

 

6,682

 

 

4,571

 

Custodian

 

 

45,474

 

 

34,668

 

 

50,918

 

 

19,841

 

Reports to shareholders

 

 

45,732

 

 

19,661

 

 

43,264

 

 

9,271

 

Directors/Trustees

 

 

15,856

 

 

7,635

 

 

14,750

 

 

4,745

 

Registration

 

 

10,677

 

 

10,692

 

 

5,486

 

 

10,611

 

Independent accountants

 

 

20,495

 

 

18,816

 

 

20,180

 

 

18,425

 

Legal

 

 

37,213

 

 

15,840

 

 

32,038

 

 

10,058

 

Insurance

 

 

17,351

 

 

7,039

 

 

15,523

 

 

3,456

 

Auction agent

 

 

292,974

 

 

118,997

 

 

264,660

 

 

60,864

 

Deferred Trustees’fees

 

 

1,593

 

 

662

 

 

1,447

 

 

201

 

Miscellaneous

 

 

33,336

 

 

24,363

 

 

26,494

 

 

13,580

 

 

 



 



 



 



 

Total expenses excluding interest expense

 

 

2,271,202

 

 

1,068,634

 

 

2,043,869

 

 

504,002

 

Interest expense

 

 

988

 

 

424

 

 

913

 

 

1,613

 

 

 



 



 



 



 

Total expenses

 

 

2,272,190

 

 

1,069,058

 

 

2,044,782

 

 

505,615

 

Less fees waived by Advisor

 

 

(633,985

)

 

(385,900

)

 

(426,112

)

 

(126,682

)

Less fees paid indirectly

 

 

(5,391

)

 

(10,658

)

 

(4,456

)

 

(11,165

)

 

 



 



 



 



 

Net expenses

 

 

1,632,814

 

 

672,500

 

 

1,614,214

 

 

367,768

 

 

 



 



 



 



 

Net investment income

 

 

13,506,694

 

 

6,224,004

 

 

13,534,839

 

 

2,608,018

 

 

 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(2,243,588

)

 

(137,257

)

 

(1,746,309

)

 

(341,510

)

Swaps

 

 

 

 

314,043

 

 

 

 

 

 

 



 



 



 



 

 

 

 

(2,243,588

)

 

176,786

 

 

(1,746,309

)

 

(341,510

)

 

 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

10,407,014

 

 

3,991,623

 

 

10,237,368

 

 

1,929,579

 

Swaps

 

 

(459,165

)

 

(485,105

)

 

(397,824

)

 

99,348

 

 

 



 



 



 



 

 

 

 

9,947,849

 

 

3,506,518

 

 

9,839,544

 

 

2,028,927

 

 

 



 



 



 



 

Net gain

 

 

7,704,261

 

 

3,683,304

 

 

8,093,235

 

 

1,687,417

 

 

 



 



 



 



 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,449,467

)

 

(1,571,584

)

 

(3,543,173

)

 

(731,584

)

Net realized gains

 

 

(372,156

)

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(3,821,623

)

 

(1,571,584

)

 

(3,543,173

)

 

(731,584

)

 

 



 



 



 



 

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

17,389,332

 

$

8,335,724

 

$

18,084,901

 

$

3,563,851

 

 

 



 



 



 



 

See Notes to Financial Statements.

55


 

STATEMENTS OF OPERATIONS (unaudited) (continued)
For the six months ended February 28, 2007



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California
Municipal
Bond Trust
(BZA)

 

California
Municipal
Income
Trust II
(BCL)

 

Florida
Insured
Municipal
Income Trust
(BAF)

 

Florida
Municipal
Bond Trust
(BIE)

 

 

 


 


 


 


 

Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

2,175,700

 

$

4,873,510

 

$

5,015,229

 

$

2,179,082

 

Affiliated income

 

 

1,021

 

 

67

 

 

451

 

 

221

 

Income from affiliates

 

 

225

 

 

360

 

 

487

 

 

131

 

 

 



 



 



 



 

Total investment income

 

 

2,176,946

 

 

4,873,937

 

 

5,016,167

 

 

2,179,434

 

 

 



 



 



 



 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

262,672

 

 

542,884

 

 

570,628

 

 

258,284

 

Transfer agent

 

 

6,334

 

 

6,441

 

 

6,589

 

 

6,275

 

Custodian

 

 

15,932

 

 

28,966

 

 

26,856

 

 

15,041

 

Reports to shareholders

 

 

6,981

 

 

13,535

 

 

15,832

 

 

7,212

 

Directors/Trustees

 

 

4,010

 

 

6,174

 

 

6,593

 

 

4,000

 

Registration

 

 

10,634

 

 

1,836

 

 

10,619

 

 

10,634

 

Independent accountants

 

 

18,231

 

 

18,703

 

 

18,759

 

 

18,234

 

Legal

 

 

5,290

 

 

15,116

 

 

15,287

 

 

5,263

 

Insurance

 

 

2,305

 

 

5,379

 

 

5,700

 

 

2,276

 

Auction agent

 

 

39,674

 

 

94,275

 

 

97,478

 

 

39,472

 

Deferred Trustees’fees

 

 

225

 

 

360

 

 

487

 

 

131

 

Miscellaneous

 

 

12,361

 

 

15,078

 

 

15,772

 

 

12,362

 

 

 



 



 



 



 

Total expenses excluding interest expense

 

 

384,649

 

 

748,747

 

 

790,600

 

 

379,184

 

Interest expense

 

 

 

 

424

 

 

596

 

 

 

 

 



 



 



 



 

Total expenses

 

 

384,649

 

 

749,171

 

 

791,196

 

 

379,184

 

Less fees waived by Advisor

 

 

(126,155

)

 

(148,057

)

 

(207,499

)

 

(124,062

)

Less fees paid indirectly

 

 

(10,748

)

 

(12,364

)

 

(11,850

)

 

(8,852

)

 

 



 



 



 



 

Net expenses

 

 

247,746

 

 

588,750

 

 

571,847

 

 

246,270

 

 

 



 



 



 



 

Net investment income

 

 

1,929,200

 

 

4,285,187

 

 

4,444,320

 

 

1,933,164

 

 

 



 



 



 



 

Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gain (loss) on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(70,569

)

 

257,040

 

 

(835,501

)

 

(186,970

)

Swaps

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

 

 

 

(70,569

)

 

257,040

 

 

(835,501

)

 

(186,970

)

 

 



 



 



 



 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

470,189

 

 

2,747,743

 

 

1,583,511

 

 

7,400

 

Swaps

 

 

58,625

 

 

(165,564

)

 

(141,590

)

 

(19,081

)

 

 



 



 



 



 

 

 

 

528,814

 

 

2,582,179

 

 

1,441,921

 

 

(11,681

)

 

 



 



 



 



 

Net gain (loss)

 

 

458,245

 

 

2,839,219

 

 

606,420

 

 

(198,651

)

 

 



 



 



 



 

Dividends and Distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(490,485

)

 

(1,155,073

)

 

(1,313,345

)

 

(511,247

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(490,485

)

 

(1,155,073

)

 

(1,313,345

)

 

(511,247

)

 

 



 



 



 



 

Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

1,896,960

 

$

5,969,333

 

$

3,737,395

 

$

1,223,266

 

 

 



 



 



 



 

See Notes to Financial Statements.

56


 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maryland
Municipal
Bond Trust
(BZM)

 

New Jersey
Municipal
Bond Trust
(BLJ)

 

New York
Insured
Municipal
Income Trust
(BSE)

 

New York
Municipal
Bond Trust
(BQH)

 

New York
Municipal
Income Trust II
(BFY)

 

Virginia
Municipal
Bond Trust
(BHV)

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,265,586

 

$

1,511,379

 

$

3,685,037

 

$

1,772,729

 

$

3,023,839

 

$

985,977

 

 

85

 

 

50

 

 

 

 

153

 

 

289

 

 

 

 

190

 

 

242

 

 

182

 

 

182

 

 

232

 

 

153

 



 



 



 



 



 



 

 

1,265,861

 

 

1,511,671

 

 

3,685,219

 

 

1,773,064

 

 

3,024,360

 

 

986,130

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

155,965

 

 

179,115

 

 

424,401

 

 

210,798

 

 

331,926

 

 

120,065

 

 

6,311

 

 

6,303

 

 

6,525

 

 

6,321

 

 

6,385

 

 

6,347

 

 

13,378

 

 

15,338

 

 

19,933

 

 

15,263

 

 

21,632

 

 

15,364

 

 

5,777

 

 

5,868

 

 

12,928

 

 

6,526

 

 

9,850

 

 

4,597

 

 

3,778

 

 

3,795

 

 

4,206

 

 

3,809

 

 

4,619

 

 

3,753

 

 

530

 

 

614

 

 

10,594

 

 

10,634

 

 

1,076

 

 

391

 

 

18,096

 

 

18,122

 

 

18,546

 

 

18,167

 

 

18,390

 

 

12,391

 

 

4,919

 

 

4,990

 

 

10,365

 

 

5,102

 

 

9,990

 

 

4,798

 

 

1,371

 

 

1,569

 

 

4,232

 

 

1,848

 

 

3,302

 

 

1,052

 

 

24,811

 

 

27,573

 

 

72,655

 

 

32,507

 

 

57,782

 

 

19,256

 

 

190

 

 

242

 

 

182

 

 

182

 

 

232

 

 

153

 

 

11,617

 

 

11,295

 

 

13,107

 

 

11,820

 

 

13,443

 

 

11,385

 



 



 



 



 



 



 

 

246,743

 

 

274,824

 

 

597,674

 

 

322,977

 

 

478,627

 

 

199,552

 

 

 

 

 

 

958

 

 

 

 

 

 

 



 



 



 



 



 



 

 

246,743

 

 

274,824

 

 

598,632

 

 

322,977

 

 

478,627

 

 

199,552

 

 

(74,912

)

 

(86,025

)

 

(154,326

)

 

(101,247

)

 

(90,525

)

 

(57,671

)

 

(10,211

)

 

(11,157

)

 

(9,343

)

 

(8,584

)

 

(9,484

)

 

(11,198

)



 



 



 



 



 



 

 

161,620

 

 

177,642

 

 

434,963

 

 

213,146

 

 

378,618

 

 

130,683

 



 



 



 



 



 



 

 

1,104,241

 

 

1,334,029

 

 

3,250,256

 

 

1,559,918

 

 

2,645,742

 

 

855,447

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(159,841

)

 

(181,104

)

 

(109,854

)

 

213,895

 

 

25,463

 

 

(19,091

)

 

 

 

47,480

 

 

89,476

 

 

 

 

 

 

 



 



 



 



 



 



 

 

(159,841

)

 

(133,624

)

 

(20,378

)

 

213,895

 

 

25,463

 

 

(19,091

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

223,046

 

 

791,404

 

 

1,218,759

 

 

169,347

 

 

919,886

 

 

256,841

 

 

(7,302

)

 

36,684

 

 

(105,978

)

 

16,583

 

 

(4,855

)

 

(29,069

)



 



 



 



 



 



 

 

215,744

 

 

828,088

 

 

1,112,781

 

 

185,930

 

 

915,031

 

 

227,772

 



 



 



 



 



 



 

 

55,903

 

 

694,464

 

 

1,092,403

 

 

399,825

 

 

940,494

 

 

208,681

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(303,415

)

 

(327,681

)

 

(754,115

)

 

(382,343

)

 

(702,980

)

 

(198,218

)

 

(724

)

 

 

 

(114,611

)

 

 

 

 

 

(26,231

)



 



 



 



 



 



 

 

(304,139

)

 

(327,681

)

 

(868,726

)

 

(382,343

)

 

(702,980

)

 

(224,449

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

856,005

 

$

1,700,812

 

$

3,473,933

 

$

1,577,400

 

$

2,883,256

 

$

839,679

 



 



 



 



 



 



 

See Notes to Financial Statements.

57



 

STATEMENTS OF CHANGES IN NET ASSETS

For the six months ended February 28, 2007 (unaudited) and for the year ended August 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insured Municipal Income Trust
(BYM)

 

Municipal Bond Trust
(BBK)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Increase in Net Assets Applicable to
Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

13,506,694

 

$

26,984,919

 

$

6,224,004

 

$

12,404,175

 

Net realized gain (loss)

 

 

(2,243,588

)

 

2,922,771

 

 

176,786

 

 

3,892,279

 

Net change in unrealized appreciation/depreciation

 

 

9,947,849

 

 

(5,245,337

)

 

3,506,518

 

 

(2,036,069

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,449,467

)

 

(6,755,122

)

 

(1,571,584

)

 

(2,574,142

)

Net realized gains

 

 

(372,156

)

 

 

 

 

 

(231,342

)

 

 



 



 



 



 

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

 

 

17,389,332

 

 

17,907,231

 

 

8,335,724

 

 

11,454,901

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends and Distributions to
Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(9,590,625

)

 

(19,628,929

)

 

(5,297,245

)

 

(10,542,723

)

Net realized gains

 

 

(1,349,789

)

 

 

 

 

 

(926,334

)

 

 



 



 



 



 

Total dividends and distributions

 

 

(10,940,414

)

 

(19,628,929

)

 

(5,297,245

)

 

(11,469,057

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

419,066

 

 

551,450

 

 

1,045,811

 

 

 



 



 



 



 

Total increase (decrease)

 

 

6,448,918

 

 

(1,302,632

)

 

3,589,929

 

 

1,031,655

 

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Assets Applicable to Common
Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

407,338,109

 

 

408,640,741

 

 

166,894,866

 

 

165,863,211

 

 

 



 



 



 



 

End of period

 

$

413,787,027

 

$

407,338,109

 

$

170,484,795

 

$

166,894,866

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

1,781,637

 

$

1,315,035

 

$

1,869,658

 

$

2,514,483

 

See Notes to Financial Statements.

58



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Income Trust II
(BLE)

 

California Insured
Municipal Income Trust
(BCK)

 

California Municipal
Bond Trust
(BZA)

 


 


 


 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

13,534,839

 

$

27,132,544

 

$

2,608,018

 

$

5,193,317

 

$

1,929,200

 

$

3,856,991

 

 

(1,746,309

)

 

7,808,346

 

 

(341,510

)

 

1,094,689

 

 

(70,569

)

 

579,065

 

 

9,839,544

 

 

(4,201,140

)

 

2,028,927

 

 

(1,142,339

)

 

528,814

 

 

(48,209

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,543,173

)

 

(6,317,513

)

 

(731,584

)

 

(1,289,460

)

 

(490,485

)

 

(876,737

)

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

 

 

18,084,901

 

 

24,422,237

 

 

3,563,851

 

 

3,856,207

 

 

1,896,960

 

 

3,511,110

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(11,006,518

)

 

(22,977,915

)

 

(1,836,100

)

 

(3,761,809

)

 

(1,611,287

)

 

(3,209,548

)

 

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 



 

 

(11,006,518

)

 

(22,977,915

)

 

(1,836,100

)

 

(3,761,809

)

 

(1,611,287

)

 

(3,209,548

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,159,987

 

 

2,143,077

 

 

 

 

34,661

 

 

174,116

 

 

234,330

 



 



 



 



 



 



 

 

8,238,370

 

 

3,587,399

 

 

1,727,751

 

 

129,059

 

 

459,789

 

 

535,892

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

362,607,543

 

 

359,020,144

 

 

80,418,022

 

 

80,288,963

 

 

54,801,291

 

 

54,265,399

 



 



 



 



 



 



 

$

370,845,913

 

$

362,607,543

 

$

82,145,773

 

$

80,418,022

 

$

55,261,080

 

$

54,801,291

 



 



 



 



 



 



 

$

1,406,775

 

$

2,421,627

 

$

350,368

 

$

310,034

 

$

637,143

 

$

809,715

 

59



 

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended February 28, 2007 (unaudited) and for the year ended August 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

California
Municipal Income Trust II
(BCL)

 

Florida Insured
Municipal Income Trust
(BAF)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

2006

 

 

 


 


 


 


 

Increase in Net Assets Applicable to

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

4,285,187

 

$

8,636,789

 

$

4,444,320

 

$

8,891,830

 

Net realized gain (loss)

 

 

257,040

 

 

1,752,542

 

 

(835,501

)

 

1,645,015

 

Net change in unrealized appreciation/depreciation

 

 

2,582,179

 

 

(525,041

)

 

1,441,921

 

 

(2,224,194

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(1,155,073

)

 

(1,983,073

)

 

(1,313,345

)

 

(2,277,559

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

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

 

 

5,969,333

 

 

7,881,217

 

 

3,737,395

 

 

6,035,092

 

 

 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(3,138,110

)

 

(6,275,960

)

 

(3,039,447

)

 

(6,227,177

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(3,138,110

)

 

(6,275,960

)

 

(3,039,447

)

 

(6,227,177

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

32,863

 

 

 

 

 

 

77,965

 

 

 



 



 



 



 

Total increase (decrease)

 

 

2,864,086

 

 

1,605,257

 

 

697,948

 

 

(114,120

)

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

125,525,014

 

 

123,919,757

 

 

133,106,406

 

 

133,220,526

 

 

 



 



 



 



 

End of period

 

$

128,389,100

 

$

125,525,014

 

$

133,804,354

 

$

133,106,406

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

485,881

 

$

493,877

 

$

774,273

 

$

682,745

 

See Notes to Financial Statements.

60



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida
Municipal Bond Trust
(BIE)

 

Maryland
Municipal Bond Trust
(BZM)

 

New Jersey
Municipal Bond Trust
(BLJ)

 


 


 


 

2007

 

2006

 

2007

 

2006

 

2007

 

2006

 


 


 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,933,164

 

$

3,875,241

 

$

1,104,241

 

$

2,169,137

 

$

1,334,029

 

$

2,654,971

 

 

(186,970

)

 

542,590

 

 

(159,841

)

 

364,521

 

 

(133,624

)

 

526,070

 

 

(11,681

)

 

(710,343

)

 

215,744

 

 

(524,780

)

 

828,088

 

 

(144,958

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(511,247

)

 

(906,591

)

 

(303,415

)

 

(533,685

)

 

(327,681

)

 

(548,600

)

 

 

 

 

 

(724

)

 

 

 

 

 

(37,909

)



 



 



 



 



 



 

 

 

1,223,266

 

 

2,800,897

 

 

856,005

 

 

1,475,193

 

 

1,700,812

 

 

2,449,574

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,549,606

)

 

(3,093,699

)

 

(867,561

)

 

(1,729,913

)

 

(1,076,978

)

 

(2,145,616

)

 

 

 

 

 

(2,108

)

 

 

 

 

 

(145,350

)



 



 



 



 



 



 

 

(1,549,606

)

 

(3,093,699

)

 

(869,669

)

 

(1,729,913

)

 

(1,076,978

)

 

(2,290,966

)



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83,346

 

 

101,681

 

 

72,188

 

 

116,586

 

 

91,393

 

 

176,459

 



 



 



 



 



 



 

 

(242,994

)

 

(191,121

)

 

58,524

 

 

(138,134

)

 

715,227

 

 

335,067

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

53,798,381

 

 

53,989,502

 

 

32,353,663

 

 

32,491,797

 

 

37,262,734

 

 

36,927,667

 



 



 



 



 



 



 

$

53,555,387

 

$

53,798,381

 

$

32,412,187

 

$

32,353,663

 

$

37,977,961

 

$

37,262,734

 



 



 



 



 



 



 

$

892,824

 

$

1,020,513

 

$

504,602

 

$

571,337

 

$

654,430

 

$

725,060

 

See Notes to Financial Statements.

61


 

STATEMENTS OF CHANGES IN NET ASSETS (continued)
For the six months ended February 28, 2007 (unaudited) and for the year ended August 31, 2006



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York Insured
Municipal Income Trust
(BSE)

 

New York
Municipal Bond Trust
(BQH)

 

 

 


 


 

 

 

2007

 

2006

 

2007

 

 

2006

 

 

 


 


 


 

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase in Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

$

3,250,256

 

$

6,480,361

 

$

1,559,918

 

$

3,079,389

 

Net realized gain (loss)

 

 

(20,378

)

 

1,038,354

 

 

213,895

 

 

401,202

 

Net change in unrealized appreciation/depreciation

 

 

1,112,781

 

 

(1,122,849

)

 

185,930

 

 

(478,013

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(754,115

)

 

(1,540,963

)

 

(382,343

)

 

(688,573

)

Net realized gains

 

 

(114,611

)

 

 

 

 

 

 

 

 



 



 



 



 

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

 

 

3,473,933

 

 

4,854,903

 

 

1,577,400

 

 

2,314,005

 

 

 



 



 



 



 

Dividends and Distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(2,251,477

)

 

(4,612,545

)

 

(1,260,174

)

 

(2,505,339

)

Net realized gains

 

 

(322,647

)

 

 

 

 

 

 

 

 



 



 



 



 

Total dividends and distributions

 

 

(2,574,124

)

 

(4,612,545

)

 

(1,260,174

)

 

(2,505,339

)

 

 



 



 



 



 

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

Reinvestment of common dividends

 

 

 

 

158,868

 

 

187,095

 

 

272,447

 

 

 



 



 



 



 

Total increase

 

 

899,809

 

 

401,226

 

 

504,321

 

 

81,113

 

 

 



 



 



 



 

Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

 

 

99,254,694

 

 

98,853,468

 

 

43,541,492

 

 

43,460,379

 

 

 



 



 



 



 

End of period

 

$

100,154,503

 

$

99,254,694

 

$

44,045,813

 

$

43,541,492

 

 

 



 



 



 



 

End of period undistributed net investment income

 

$

686,703

 

$

442,039

 

$

609,160

 

$

691,759

 

See Notes to Financial Statements.

62



 



 

 

 

 

 

 

 

 

 

 

 

 

New York
Municipal Income Trust II
(BFY)

 

Virginia
Municipal Bond Trust
(BHV)

 


 


 

2007

 

2006

 

2007

 

2006

 


 


 


 


 

 

 

 

 

 

 

 

 

 

 

 

 

$

2,645,742

 

$

5,213,375

 

$

855,447

 

$

1,690,588

 

 

25,463

 

 

840,244

 

 

(19,091

)

 

372,142

 

 

915,031

 

 

(102,448

)

 

227,772

 

 

(334,498

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(702,980

)

 

(1,240,545

)

 

(198,218

)

 

(396,092

)

 

 

 

 

 

(26,231

)

 

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,883,256

 

 

4,710,626

 

 

839,679

 

 

1,332,140

 



 



 



 



 

 

(1,755,329

)

 

(3,510,658

)

 

(668,253

)

 

(1,331,262

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(80,656

)

 

 



 



 



 



 

 

(1,755,329

)

 

(3,510,658

)

 

(748,909

)

 

(1,331,262

)



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

84,575

 

 

130,321

 



 



 



 



 

 

1,127,927

 

 

1,199,968

 

 

175,345

 

 

131,199

 



 



 



 



 

 

76,393,251

 

 

75,193,283

 

 

25,096,989

 

 

24,965,790

 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

77,521,178

 

$

76,393,251

 

$

25,272,334

 

$

25,096,989

 



 



 



 



 

$

567,996

 

$

380,563

 

$

600,615

 

$

611,639

 

See Notes to Financial Statements.

63



FINANCIAL HIGHLIGHTS

BlackRock Insured Municipal Income Trust (BYM)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

Year Ended August 31,

 

For the period
October 31, 20021
through
August 31, 2003

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.54

 

$

15.61

 

$

14.62

 

$

13.64

 

$

14.33

2

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.52

 

 

1.03

 

 

1.03

 

 

1.06

 

 

0.83

 

Net realized and unrealized gain (loss)

 

 

0.29

 

 

(0.09

)

 

1.07

 

 

0.94

 

 

(0.62

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.13

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

(0.07

)

Net realized gains

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.67

 

 

0.68

 

 

1.93

 

 

1.92

 

 

0.14

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.37

)

 

(0.75

)

 

(0.94

)

 

(0.94

)

 

(0.70

)

Net realized gains

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.42

)

 

(0.75

)

 

(0.94

)

 

(0.94

)

 

(0.70

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.10

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.13

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.79

 

$

15.54

 

$

15.61

 

$

14.62

 

$

13.64

 

 

 



 



 



 



 



 

Market price, end of period

 

$

15.06

 

$

14.65

 

$

15.43

 

$

13.97

 

$

13.51

 

 

 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

4.47

%

 

4.92

%

 

13.77

%

 

14.61

%

 

0.03

%

 

 



 



 



 



 



 

At market price

 

 

5.70

%

 

0.07

%

 

17.69

%

 

10.57

%

 

(5.39

)%

 

 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.80

%6

 

0.84

%

 

0.83

%

 

0.84

%

 

0.77

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.81

%6

 

0.84

%

 

0.83

%

 

0.84

%

 

0.79

%6

Expenses before fees waived and paid indirectly

 

 

1.12

%6

 

1.18

%

 

1.15

%

 

1.16

%

 

1.10

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.64

%6

 

6.75

%

 

6.83

%

 

7.30

%

 

6.95

%6

Preferred share dividends

 

 

1.70

%6

 

1.69

%

 

1.09

%

 

0.57

%

 

0.55

%6

Net investment income available to common shareholders

 

 

4.94

%6

 

5.06

%

 

5.74

%

 

6.73

%

 

6.40

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

410,264

 

$

399,904

 

$

394,876

 

$

380,007

 

$

372,269

 

Portfolio turnover

 

 

7

%

 

60

%

 

57

%

 

57

%

 

46

%

Net assets applicable to common shareholders, end of period (000)

 

$

413,787

 

$

407,338

 

$

408,641

 

$

382,265

 

$

356,438

 

Preferred shares value outstanding, end of period (000)

 

$

228,975

 

$

228,975

 

$

228,975

 

$

228,975

 

$

228,975

 

Asset coverage per preferred share, end of period

 

$

70,186

 

$

69,485

 

$

69,622

 

$

66,739

 

$

63,919

 


 

 

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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

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.

64



FINANCIAL HIGHLIGHTS

BlackRock Municipal Bond Trust (BBK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

 

 

 

 

 

 

 

 

For the period
April 30, 20021
through
August 31, 2002

 

 

 

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.35

 

$

16.36

 

$

15.00

 

$

14.12

 

$

14.76

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.61

 

 

1.21

 

 

1.21

 

 

1.25

 

 

1.28

 

 

0.31

 

Net realized and unrealized gain (loss)

 

 

0.36

 

 

0.18

 

 

1.36

 

 

0.74

 

 

(0.74

)

 

0.52

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.25

)

 

(0.17

)

 

(0.08

)

 

(0.10

)

 

(0.03

)

Net realized gains

 

 

 

 

(0.02

)

 

 

 

 

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.82

 

 

1.12

 

 

2.40

 

 

1.91

 

 

0.43

 

 

0.80

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.52

)

 

(1.04

)

 

(1.04

)

 

(1.04

)

 

(1.02

)

 

(0.25

)

Net realized gains

 

 

 

 

(0.09

)

 

 

 

 

 

(0.05

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.52

)

 

(1.13

)

 

(1.04

)

 

(1.04

)

 

(1.07

)

 

(0.25

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

0.01

 

 

 

 

(0.09

)

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

0.01

 

 

 

 

(0.12

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.65

 

$

16.35

 

$

16.36

 

$

15.00

 

$

14.12

 

$

14.76

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

18.76

 

$

17.89

 

$

17.18

 

$

14.61

 

$

13.66

 

$

14.90

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

4.89

%

 

7.18

%

 

16.63

%

 

14.01

%

 

3.17

%

 

4.84

%

 

 



 



 



 



 



 



 

At market price

 

 

8.01

%

 

11.55

%

 

25.75

%

 

14.87

%

 

(1.20

)%

 

1.07

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.80

%6

 

0.86

%

 

0.87

%

 

0.89

%

 

0.91

%

 

0.90

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.82

%6

 

0.88

%

 

0.88

%

 

0.90

%

 

0.92

%

 

0.91

%6

Expenses before fees waived and paid indirectly

 

 

1.28

%6

 

1.37

%

 

1.35

%

 

1.37

%

 

1.41

%

 

1.32

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.43

%6

 

7.58

%

 

7.73

%

 

8.28

%

 

8.66

%

 

6.35

%6

Preferred share dividends

 

 

1.88

%6

 

1.57

%

 

1.08

%

 

0.55

%

 

0.67

%

 

0.53

%6

Net investment income available to common shareholders

 

 

5.55

%6

 

6.01

%

 

6.65

%

 

7.73

%

 

7.99

%

 

5.82

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

168,899

 

$

163,727

 

$

158,814

 

$

152,200

 

$

148,670

 

$

144,196

 

Portfolio turnover

 

 

7

%

 

85

%

 

70

%

 

65

%

 

21

%

 

22

%

Net assets applicable to common shareholders, end of period (000)

 

$

170,485

 

$

166,895

 

$

165,863

 

$

151,892

 

$

142,951

 

$

149,253

 

Preferred shares value outstanding, end of period (000)

 

$

90,500

 

$

90,500

 

$

90,500

 

$

90,500

 

$

90,500

 

$

90,500

 

Asset coverage per preferred share, end of period

 

$

72,104

 

$

71,114

 

$

70,824

 

$

66,963

 

$

64,491

 

$

66,233

 


 

 

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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

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.

65


FINANCIAL HIGHLIGHTS

BlackRock Municipal Income Trust II (BLE)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 30, 20021
through
August 31, 2002

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.82

 

$

15.75

 

$

14.34

 

$

13.28

 

$

14.40

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.59

 

 

1.18

 

 

1.20

 

 

1.20

 

 

1.14

 

 

0.03

 

Net realized and unrealized gain (loss)

 

 

0.35

 

 

0.18

 

 

1.38

 

 

0.95

 

 

(1.06

)

 

0.07

 

Dividends to preferred shareholders from net investment income

 

 

(0.15

)

 

(0.28

)

 

(0.17

)

 

(0.09

)

 

(0.10

)

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.79

 

 

1.08

 

 

2.41

 

 

2.06

 

 

(0.02

)

 

0.10

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.48

)

 

(1.01

)

 

(1.00

)

 

(1.00

)

 

(1.00

)

 

 

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.10

)

 

 

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.10

)

 

(0.03

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.13

 

$

15.82

 

$

15.75

 

$

14.34

 

$

13.28

 

$

14.40

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price, end of period

 

$

17.35

 

$

17.22

 

$

15.73

 

$

13.92

 

$

13.11

 

$

15.00

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

4.98

%

 

7.04

%

 

17.56

%

 

16.09

%

 

(0.81

)%

 

0.52

%

 

 



 



 



 



 



 



 

At market price

 

 

3.74

%

 

16.66

%

 

20.95

%

 

14.15

%

 

(6.00

)%

 

%

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.89

%6

 

0.94

%

 

0.93

%

 

0.95

%

 

0.92

%

 

0.65

%6,7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and before fees paid indirectly

 

 

0.89

%6

 

0.94

%

 

0.93

%

 

0.95

%

 

0.93

%

 

0.65

%6,7

Expenses before fees waived and paid indirectly

 

 

1.12

%6

 

1.18

%

 

1.17

%

 

1.20

%

 

1.17

%

 

0.80

%6,7

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.43

%6

 

7.66

%

 

8.00

%

 

8.37

%

 

8.15

%

 

2.82

%6,7

Preferred share dividends

 

 

1.95

%6

 

1.78

%

 

1.15

%

 

0.61

%

 

0.69

%

 

%6,7

Net investment income available to common shareholders

 

 

5.48

%6

 

5.88

%

 

6.85

%

 

7.76

%

 

7.46

%

 

2.82

%6,7

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

367,308

 

$

354,032

 

$

342,827

 

$

325,680

 

$

318,014

 

$

307,165

 

Portfolio turnover

 

 

5

%

 

68

%

 

49

%

 

64

%

 

118

%

 

%

Net assets applicable to common shareholders, end of period (000)

 

$

370,846

 

$

362,608

 

$

359,020

 

$

326,770

 

$

302,337

 

$

323,483

 

Preferred shares value outstanding, end of period (000)

 

$

205,550

 

$

205,550

 

$

205,550

 

$

205,550

 

$

205,550

 

$

 

Asset coverage per preferred share, end of period

 

$

70,114

 

$

69,110

 

$

68,672

 

$

64,747

 

$

61,774

 

$

 


 

 


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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

7

These annualized ratios are not indicative of future expense ratios, due to the short operating history of the Trust.

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.

66


FINANCIAL HIGHLIGHTS

BlackRock California Insured Municipal Income Trust (BCK)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
February 28, 2007
(unaudited)

 

 

 

 

 

 

 

For the period
October 31,
20021
through
August 31, 2003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.24

 

$

15.22

 

$

14.01

 

$

13.09

 

$

14.33

2

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.49

 

 

0.98

 

 

0.99

 

 

1.02

 

 

0.79

 

Net realized and unrealized gain (loss)

 

 

0.33

 

 

(0.01

)

 

1.27

 

 

0.89

 

 

(1.15

)

Dividends to preferred shareholders from net investment income

 

 

(0.14

)

 

(0.24

)

 

(0.15

)

 

(0.08

)

 

(0.06

)

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.68

 

 

0.73

 

 

2.11

 

 

1.83

 

 

(0.42

)

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.35

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.67

)

Net realized gains

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.35

)

 

(0.71

)

 

(0.90

)

 

(0.91

)

 

(0.67

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.12

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.15

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.57

 

$

15.24

 

$

15.22

 

$

14.01

 

$

13.09

 

 

 



 



 



 



 



 

Market price, end of period

 

$

14.97

 

$

14.61

 

$

16.08

 

$

14.00

 

$

13.01

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

4.55

%

 

5.22

%

 

15.62

%

 

14.34

%

 

(4.11

) %

 

 



 



 



 



 



 

At market price

 

 

4.86

%

 

(4.53

)%

 

22.24

%

 

14.97

%

 

(8.98

) %

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.91

%6

 

0.95

%

 

0.97

%

 

0.99

%

 

0.92

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.94

%6

 

0.97

%

 

0.98

%

 

0.99

%

 

0.96

%6

Expenses before fees waived and paid indirectly

 

 

1.26

%6

 

1.28

%

 

1.30

%

 

1.32

%

 

1.27

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.47

%6

 

6.58

%

 

6.72

%

 

7.26

%

 

6.69

%6

Preferred share dividends

 

 

1.82

%6

 

1.63

%

 

1.04

%

 

0.54

%

 

0.50

%6

Net investment income available to common shareholders

 

 

4.65

%6

 

4.95

%

 

5.68

%

 

6.72

%

 

6.19

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

81,231

 

$

78,877

 

$

77,283

 

$

73,679

 

$

74,302

 

Portfolio turnover

 

 

11

%

 

20

%

 

16

%

 

4

%

 

41

%

Net assets applicable to common shareholders, end of period (000)

 

$

82,146

 

$

80,418

 

$

80,289

 

$

73,823

 

$

68,910

 

Preferred shares value outstanding, end of period (000)

 

$

46,500

 

$

46,500

 

$

46,500

 

$

46,500

 

$

46,500

 

Asset coverage per preferred share, end of period

 

$

69,171

 

$

68,241

 

$

68,170

 

$

64,691

 

$

62,052

 


 

 


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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

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.

67


FINANCIAL HIGHLIGHTS

BlackRock California Municipal Bond Trust (BZA)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

Year Ended August 31,

 

For the period
April 30, 20021
through
August 31, 2002

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.28

 

$

16.19

 

$

14.67

 

$

13.71

 

$

14.87

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.57

 

 

1.14

 

 

1.13

 

 

1.15

 

 

1.18

 

 

0.28

 

Net realized and unrealized gain (loss)

 

 

0.15

 

 

0.17

 

 

1.50

 

 

0.92

 

 

(1.21

)

 

0.63

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.26

)

 

(0.15

)

 

(0.07

)

 

(0.09

)

 

(0.02

)

Net realized gains

 

 

 

 

 

 

 

 

(0.01

)

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.57

 

 

1.05

 

 

2.48

 

 

1.99

 

 

(0.13

)

 

0.89

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.48

)

 

(0.96

)

 

(0.96

)

 

(0.96

)

 

(0.94

)

 

(0.23

)

Net realized gains

 

 

 

 

 

 

 

 

(0.07

)

 

(0.08

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.48

)

 

(0.96

)

 

(0.96

)

 

(1.03

)

 

(1.02

)

 

(0.23

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

(0.09

)

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.37

 

$

16.28

 

$

16.19

 

$

14.67

 

$

13.71

 

$

14.87

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price, end of period

 

$

18.00

 

$

18.05

 

$

16.33

 

$

13.90

 

$

13.15

 

$

14.58

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

3.37

%

 

6.71

%

 

17.71

%

 

15.20

%

 

(0.76

)%

 

5.48

%

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At market price

 

 

2.51

%

 

17.30

%

 

25.31

%

 

13.80

%

 

(2.92

)%

 

(1.23

)%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.91

%6

 

0.96

%

 

1.00

%

 

1.06

%

 

1.06

%

 

1.12

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.95

%6

 

0.98

%

 

1.03

%

 

1.07

%

 

1.06

%

 

1.12

%6

Expenses before fees waived and paid indirectly

 

 

1.41

%6

 

1.45

%

 

1.50

%

 

1.55

%

 

1.54

%

 

1.53

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.10

%6

 

7.20

%

 

7.30

%

 

7.87

%

 

7.99

%

 

5.75

%6

Preferred share dividends

 

 

1.80

%6

 

1.64

%

 

0.98

%

 

0.49

%

 

0.58

%

 

0.49

%6

Net investment income available to common shareholders

 

 

5.30

%6

 

5.56

%

 

6.32

%

 

7.38

%

 

7.41

%

 

5.26

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

54,825

 

$

53,556

 

$

51,898

 

$

48,928

 

$

49,107

 

$

47,390

 

Portfolio turnover

 

 

7

%

 

16

%

 

22

%

 

24

%

 

22

%

 

18

%

Net assets applicable to common shareholders, end of period (000)

 

$

55,261

 

$

54,801

 

$

54,265

 

$

49,145

 

$

45,940

 

$

49,834

 

Preferred shares value outstanding, end of period (000)

 

$

29,975

 

$

29,975

 

$

29,975

 

$

29,975

 

$

29,975

 

$

29,975

 

Asset coverage per preferred share, end of period

 

$

71,091

 

$

70,714

 

$

70,263

 

$

65,990

 

$

63,318

 

$

66,569

 


 

 


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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

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.

68


FINANCIAL HIGHLIGHTS

BlackRock California Municipal Income Trust II (BCL)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

 

 

For the period
July 30, 20021
through
August 31, 2002

 

 

 

 

 

 

 

 

 

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.72

 

$

15.52

 

$

13.77

 

$

12.76

 

$

14.42

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.54

 

 

1.08

 

 

1.09

 

 

1.09

 

 

1.02

 

 

0.02

 

Net realized and unrealized gain (loss)

 

 

0.35

 

 

0.16

 

 

1.75

 

 

0.97

 

 

(1.51

)

 

0.10

 

Dividends to preferred shareholders from net investment income

 

 

(0.14

)

 

(0.25

)

 

(0.15

)

 

(0.08

)

 

(0.09

)

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.75

 

 

0.99

 

 

2.69

 

 

1.98

 

 

(0.58

)

 

0.12

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.39

)

 

(0.79

)

 

(0.94

)

 

(0.97

)

 

(0.97

)

 

 

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

(0.03

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.08

 

$

15.72

 

$

15.52

 

$

13.77

 

$

12.76

 

$

14.42

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price, end of period

 

$

15.90

 

$

15.40

 

$

14.26

 

$

13.71

 

$

13.01

 

$

15.01

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

4.86

%

 

6.93

%

 

20.38

%

 

15.94

%

 

(4.98

)%

 

0.66

%

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At market price

 

 

5.84

%

 

14.01

%

 

11.09

%

 

13.21

%

 

(6.94

)%

 

0.07

%

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.93

%6

 

0.98

%

 

1.01

%

 

1.05

%

 

0.97

%

 

1.05

%6,7

Expenses after fees waived and before fees paid indirectly

 

 

0.95

%6

 

1.00

%

 

1.02

%

 

1.05

%

 

0.99

%

 

1.05

%6,7

Expenses before fees waived and paid indirectly

 

 

1.19

%6

 

1.24

%

 

1.26

%

 

1.30

%

 

1.23

%

 

1.20

%6,7

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.80

%6

 

7.06

%

 

7.46

%

 

7.97

%

 

7.38

%

 

1.35

%6,7

Preferred share dividends

 

 

1.83

%6

 

1.62

%

 

1.00

%

 

0.58

%

 

0.63

%

 

%6,7

Net investment income available to common shareholders

 

 

4.97

%6

 

5.44

%

 

6.46

%

 

7.39

%

 

6.75

%

 

1.35

%6,7

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

127,095

 

$

122,402

 

$

116,754

 

$

109,252

 

$

110,286

 

$

105,895

 

Portfolio turnover

 

 

11

%

 

18

%

 

21

%

 

19

%

 

85

%

 

%

Net assets applicable to common shareholders, end of period (000)

 

$

128,389

 

$

125,525

 

$

123,920

 

$

109,952

 

$

101,738

 

$

112,576

 

Preferred shares value outstanding, end of period (000)

 

$

71,950

 

$

71,950

 

$

71,950

 

$

71,950

 

$

71,950

 

$

 

Asset coverage per preferred share, end of period

 

$

69,618

 

$

68,625

 

$

68,063

 

$

63,209

 

$

60,353

 

$

 


 

 


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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

7

These annualized ratios are not indicative of future expense ratios, due to the short operating history of the Trust.

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.

69


FINANCIAL HIGHLIGHTS

BlackRock Florida Insured Municipal Income Trust (BAF)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

 

 

For the period
October 31, 20021
through
August 31, 2003

 

 

 

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.24

 

$

15.26

 

$

14.34

 

$

13.74

 

$

14.33

2

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.51

 

 

1.02

 

 

1.02

 

 

1.02

 

 

0.75

 

Net realized and unrealized gain (loss)

 

 

0.07

 

 

(0.07

)

 

0.96

 

 

0.64

 

 

(0.47

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.26

)

 

(0.16

)

 

(0.07

)

 

(0.06

)

Net realized gains

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 



 



 



 



 



 

Net increase from investment operations

 

 

0.43

 

 

0.69

 

 

1.82

 

 

1.58

 

 

0.22

 

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.35

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.67

)

Net realized gains

 

 

 

 

 

 

 

 

(0.08

)

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.35

)

 

(0.71

)

 

(0.90

)

 

(0.98

)

 

(0.67

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.32

 

$

15.24

 

$

15.26

 

$

14.34

 

$

13.74

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market price, end of period

 

$

14.24

 

$

13.88

 

$

15.30

 

$

14.14

 

$

13.20

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

3.02

%

 

5.16

%

 

13.13

%

 

11.87

%

 

0.52

%

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At market price

 

 

5.14

%

 

(4.48

)%

 

15.03

%

 

14.82

%

 

(7.78

)%

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.87

%6

 

0.90

%

 

0.89

%

 

0.91

%

 

0.83

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.88

%6

 

0.92

%

 

0.90

%

 

0.93

%

 

0.87

%6

Expenses before fees waived and paid indirectly

 

 

1.20

%6

 

1.23

%

 

1.22

%

 

1.25

%

 

1.17

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.73

%6

 

6.79

%

 

6.85

%

 

7.13

%

 

6.39

%6

Preferred share dividends

 

 

1.99

%6

 

1.74

%

 

1.06

%

 

0.52

%

 

0.54

%6

Net investment income available to common shareholders

 

 

4.74

%6

 

5.05

%

 

5.79

%

 

6.61

%

 

5.85

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

133,219

 

$

131,041

 

$

129,413

 

$

125,315

 

$

124,543

 

Portfolio turnover

 

 

3

%

 

9

%

 

2

%

 

2

%

 

50

%

Net assets applicable to common shareholders, end of period (000)

 

$

133,804

 

$

133,106

 

$

133,221

 

$

125,054

 

$

119,778

 

Preferred shares value outstanding, end of period (000)

 

$

76,000

 

$

76,000

 

$

76,000

 

$

76,000

 

$

76,000

 

Asset coverage per preferred share, end of period

 

$

69,019

 

$

68,792

 

$

68,826

 

$

66,137

 

$

64,404

 


 

 


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 than the net asset value, 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.

4

Annualized.

5

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.

6

Annualized.

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.

70



FINANCIAL HIGHLIGHTS

BlackRock Florida Municipal Bond Trust (BIE)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
April 30, 20021
through

 

 

 

Six Months Ended
February 28, 2007

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

(unaudited)

 

2006

 

2005

 

2004

 

2003

 

August 31, 2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.22

 

$

16.31

 

$

15.53

 

$

14.52

 

$

14.90

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.58

 

 

1.17

 

 

1.16

 

 

1.16

 

 

1.14

 

 

0.26

 

Net realized and unrealized gain (loss)

 

 

(0.06

)

 

(0.06

)

 

0.71

 

 

0.88

 

 

(0.43

)

 

0.68

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.27

)

 

(0.16

)

 

(0.08

)

 

(0.09

)

 

(0.02

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.37

 

 

0.84

 

 

1.71

 

 

1.96

 

 

0.61

 

 

0.92

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.47

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.92

)

 

(0.23

)

Net realized gains

 

 

 

 

 

 

 

 

(0.02

)

 

(0.06

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.47

)

 

(0.93

)

 

(0.93

)

 

(0.95

)

 

(0.98

)

 

(0.23

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

(0.09

)

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.12

 

$

16.22

 

$

16.31

 

$

15.53

 

$

14.52

 

$

14.90

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

16.75

 

$

16.70

 

$

15.95

 

$

14.17

 

$

13.55

 

$

14.92

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

2.28

%

 

5.40

%

 

11.58

%

 

14.37

%

 

4.19

%

 

5.65

%

 

 



 



 



 



 



 



 

At market price

 

 

3.22

%

 

10.97

%

 

19.59

%

 

11.82

%

 

(2.90

)%

 

1.03

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.93

%6

 

0.98

%

 

1.00

%

 

1.02

%

 

1.05

%

 

1.12

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.96

%6

 

1.00

%

 

1.02

%

 

1.03

%

 

1.05

%

 

1.12

%6

Expenses before fees waived and paid indirectly

 

 

1.43

%6

 

1.47

%

 

1.49

%

 

1.50

%

 

1.53

%

 

1.54

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.27

%6

 

7.28

%

 

7.24

%

 

7.62

%

 

7.54

%

 

5.36

%6

Preferred share dividends

 

 

1.92

%6

 

1.70

%

 

1.01

%

 

0.53

%

 

0.59

%

 

0.49

%6

Net investment income available to common shareholders

 

 

5.35

%6

 

5.58

%

 

6.23

%

 

7.09

%

 

6.95

%

 

4.87

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

53,618

 

$

53,228

 

$

52,870

 

$

50,422

 

$

49,915

 

$

46,792

 

Portfolio turnover

 

 

7

%

 

6

%

 

2

%

 

10

%

 

19

%

 

%

Net assets applicable to common shareholders, end of period (000)

 

$

53,555

 

$

53,798

 

$

53,990

 

$

51,383

 

$

48,042

 

$

49,284

 

Preferred shares value outstanding, end of period (000)

 

$

29,775

 

$

29,775

 

$

29,775

 

$

29,775

 

$

29,775

 

$

29,775

 

Asset coverage per preferred share, end of period

 

$

69,984

 

$

70,173

 

$

70,343

 

$

68,147

 

$

65,340

 

$

66,383

 


 

 


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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

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.

71


FINANCIAL HIGHLIGHTS

BlackRock Maryland Municipal Bond Trust (BZM)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
April 30, 20021
through

 

 

 

Six Months Ended
February 28, 2007

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

(unaudited)

 

2006

 

2005

 

2004

 

2003

 

August 31, 2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.98

 

$

16.11

 

$

15.24

 

$

14.36

 

$

14.76

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.54

 

 

1.07

 

 

1.07

 

 

1.06

 

 

1.07

 

 

0.25

 

Net realized and unrealized gain (loss)

 

 

0.04

 

 

(0.08

)

 

0.83

 

 

0.76

 

 

(0.45

)

 

0.53

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.15

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

(0.10

)

 

(0.03

)

Net realized gains

 

 

3

 

 

 

 

 

 

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.43

 

 

0.73

 

 

1.73

 

 

1.74

 

 

0.51

 

 

0.75

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.43

)

 

(0.86

)

 

(0.86

)

 

(0.86

)

 

(0.84

)

 

(0.21

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.43

)

 

(0.86

)

 

(0.86

)

 

(0.86

)

 

(0.88

)

 

(0.21

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

(0.09

)

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.03

)

 

(0.11

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.98

 

$

15.98

 

$

16.11

 

$

15.24

 

$

14.36

 

$

14.76

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

18.45

 

$

17.45

 

$

15.96

 

$

14.99

 

$

13.90

 

$

14.95

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value5

 

 

2.58

%

 

4.57

%

 

11.73

%

 

12.50

%

 

3.26

%

 

4.52

%

 

 



 



 



 



 



 



 

At market price

 

 

8.46

%

 

15.26

%

 

12.53

%

 

14.31

%

 

(1.32

)%

 

1.10

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.01

%7

 

1.11

%

 

1.11

%

 

1.18

%

 

1.15

%

 

1.12

%7

Expenses after fees waived and before fees paid indirectly

 

 

1.07

%7

 

1.17

%

 

1.13

%

 

1.19

%

 

1.15

%

 

1.12

%7

Expenses before fees waived and paid indirectly

 

 

1.54

%7

 

1.64

%

 

1.60

%

 

1.67

%

 

1.63

%

 

1.54

%7

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.88

%7

 

6.76

%

 

6.82

%

 

7.05

%

 

7.18

%

 

5.30

%7

Preferred share dividends

 

 

1.89

%7

 

1.66

%

 

1.05

%

 

0.54

%

 

0.64

%

 

0.54

%7

Net investment income available to common shareholders

 

 

4.99

%7

 

5.10

%

 

5.77

%

 

6.51

%

 

6.54

%

 

4.76

%7

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

32,355

 

$

32,098

 

$

31,676

 

$

30,350

 

$

30,069

 

$

28,153

 

Portfolio turnover

 

 

1

%

 

%

 

4

%

 

12

%

 

14

%

 

1

%

Net assets applicable to common shareholders, end of period (000)

 

$

32,412

 

$

32,354

 

$

32,492

 

$

30,715

 

$

28,923

 

$

29,705

 

Preferred shares value outstanding, end of period (000)

 

$

18,000

 

$

18,000

 

$

18,000

 

$

18,000

 

$

18,000

 

$

18,000

 

Asset coverage per preferred share, end of period

 

$

70,031

 

$

69,950

 

$

70,138

 

$

67,662

 

$

65,172

 

$

66,259

 


 

 


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

Amounted to less than $0.01 per common share outstanding.

4

Total investment returns at market price, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of brokerage commissions. Total investment returns for less than a full year are not annualized.

5

Unaudited

6

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.

7

Annualized.

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.

72



FINANCIAL HIGHLIGHTS

BlackRock New Jersey Municipal Bond Trust (BLJ)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
April 30, 20021
through

 

 

 

Six Months Ended
February 28, 2007

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

(unaudited)

 

2006

 

2005

 

2004

 

2003

 

August 31, 2002

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.33

 

$

16.26

 

$

14.71

 

$

13.77

 

$

14.58

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.58

 

 

1.16

 

 

1.16

 

 

1.16

 

 

1.15

 

 

0.25

 

Net realized and unrealized gain (loss)

 

 

0.31

 

 

0.18

 

 

1.48

 

 

0.84

 

 

(0.85

)

 

0.37

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.14

)

 

(0.24

)

 

(0.15

)

 

(0.07

)

 

(0.09

)

 

(0.02

)

Net realized gains

 

 

 

 

(0.02

)

 

 

 

 

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.75

 

 

1.08

 

 

2.49

 

 

1.93

 

 

0.20

 

 

0.60

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.47

)

 

(0.95

)

 

(0.94

)

 

(0.94

)

 

(0.93

)

 

(0.23

)

Net realized gains

 

 

 

 

(0.06

)

 

 

 

(0.05

)

 

(0.06

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.47

)

 

(1.01

)

 

(0.94

)

 

(0.99

)

 

(0.99

)

 

(0.23

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

(0.09

)

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.61

 

$

16.33

 

$

16.26

 

$

14.71

 

$

13.77

 

$

14.58

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

18.95

 

$

18.30

 

$

15.98

 

$

13.91

 

$

13.64

 

$

14.65

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

4.44

%

 

6.77

%

 

17.60

%

 

14.56

%

 

1.34

%

 

3.43

%

 

 



 



 



 



 



 



 

At market price

 

 

6.33

%

 

21.74

%

 

22.22

%

 

9.32

%

 

(0.10

)%

 

(0.75

)%

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.95

%6

 

1.06

%

 

1.08

%

 

1.14

%

 

1.14

%

 

1.15

%6

Expenses after fees waived and before fees paid indirectly

 

 

1.01

%6

 

1.11

%

 

1.10

%

 

1.15

%

 

1.14

%

 

1.15

%6

Expenses before fees waived and paid indirectly

 

 

1.47

%6

 

1.59

%

 

1.57

%

 

1.63

%

 

1.62

%

 

1.57

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.15

%6

 

7.24

%

 

7.44

%

 

7.93

%

 

7.94

%

 

5.29

%6

Preferred share dividends

 

 

1.76

%6

 

1.50

%

 

0.98

%

 

0.49

%

 

0.60

%

 

0.45

%6

Net investment income available to common shareholders

 

 

5.39

%6

 

5.74

%

 

6.46

%

 

7.44

%

 

7.34

%

 

4.84

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

37,600

 

$

36,656

 

$

35,375

 

$

33,214

 

$

32,652

 

$

31,611

 

Portfolio turnover

 

 

12

%

 

%

 

12

%

 

20

%

 

20

%

 

17

%

Net assets applicable to common shareholders, end of period (000)

 

$

37,978

 

$

37,263

 

$

36,928

 

$

33,384

 

$

31,226

 

$

32,981

 

Preferred shares value outstanding, end of period (000)

 

$

20,225

 

$

20,225

 

$

20,225

 

$

20,225

 

$

20,225

 

$

20,225

 

Asset coverage per preferred share, end of period

 

$

71,948

 

$

71,067

 

$

70,649

 

$

66,266

 

$

63,602

 

$

65,771

 


 

 

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 than the net asset value, 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.

4

Annualized.

5

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.

6

Annualized.

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.

73



FINANCIAL HIGHLIGHTS

BlackRock New York Insured Municipal Income Trust (BSE)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
October 31, 20021
through

 

 

 

Six Months Ended
February 28, 2007

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

(unaudited)

 

2006

 

2005

 

2004

 

August 31, 2003

 

 

 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.34

 

$

15.30

 

$

14.18

 

$

13.45

 

$

14.33

2

 

 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.50

 

 

1.00

 

 

1.00

 

 

1.01

 

 

0.75

 

Net realized and unrealized gain (loss)

 

 

0.18

 

 

(0.01

)

 

1.16

 

 

0.69

 

 

(0.75

)

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.12

)

 

(0.24

)

 

(0.14

)

 

(0.07

)

 

(0.07

)

Net realized gains

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.54

 

 

0.75

 

 

2.02

 

 

1.63

 

 

(0.07

)

 

 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.35

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.67

)

Net realized gains

 

 

(0.05

)

 

 

 

 

 

 

 

 

 

 



 



 



 



 



 

Total dividends and distributions

 

 

(0.40

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.67

)

 

 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.14

)

 

 



 



 



 



 



 

Net asset value, end of period

 

$

15.48

 

$

15.34

 

$

15.30

 

$

14.18

 

$

13.45

 

 

 



 



 



 



 



 

Market price, end of period

 

$

14.92

 

$

14.70

 

$

15.35

 

$

14.08

 

$

13.28

 

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

3.65

%

 

5.43

%

 

14.72

%

 

12.40

%

 

(1.51

)%

 

 



 



 



 



 



 

At market price

 

 

4.25

%

 

0.73

%

 

15.92

%

 

13.04

%

 

(7.13

)%

 

 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.88

%6

 

0.90

%

 

0.92

%

 

0.93

%

 

0.87

%6

Expenses after fees waived and before fees paid indirectly

 

 

0.90

%6

 

0.92

%

 

0.93

%

 

0.95

%

 

0.91

%6

Expenses before fees waived and paid indirectly

 

 

1.21

%6

 

1.25

%

 

1.25

%

 

1.27

%

 

1.22

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.58

%6

 

6.63

%

 

6.77

%

 

7.14

%

 

6.35

%6

Preferred share dividends

 

 

1.53

%6

 

1.58

%

 

0.96

%

 

0.52

%

 

0.55

%6

Net investment income available to common shareholders

 

 

5.05

%6

 

5.05

%

 

5.81

%

 

6.62

%

 

5.80

%6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

99,605

 

$

97,719

 

$

95,400

 

$

91,808

 

$

90,967

 

Portfolio turnover

 

 

9

%

 

9

%

 

21

%

 

11

%

 

80

%

Net assets applicable to common shareholders, end of period (000)

 

$

100,155

 

$

99,255

 

$

98,853

 

$

91,260

 

$

86,431

 

Preferred shares value outstanding, end of period (000)

 

$

56,000

 

$

56,000

 

$

56,000

 

$

56,000

 

$

56,000

 

Asset coverage per preferred share, end of period

 

$

69,857

 

$

69,324

 

$

69,138

 

$

65,744

 

$

63,587

 


 

 

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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

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.

74



FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Bond Trust (BQH)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
April 30, 20021
through
August 31, 2002

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.02

 

$

16.09

 

$

15.09

 

$

14.15

 

$

14.83

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.57

 

 

1.13

 

 

1.13

 

 

1.13

 

 

1.12

 

 

0.25

 

Net realized and unrealized gain (loss)

 

 

0.15

 

 

(0.02

)

 

0.95

 

 

0.81

 

 

(0.71

)

 

0.62

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.14

)

 

(0.25

)

 

(0.15

)

 

(0.07

)

 

(0.09

)

 

(0.02

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.58

 

 

0.86

 

 

1.93

 

 

1.87

 

 

0.31

 

 

0.85

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.46

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.92

)

 

(0.23

)

Net realized gains

 

 

 

 

 

 

 

 

 

 

(0.06

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.46

)

 

(0.93

)

 

(0.93

)

 

(0.93

)

 

(0.98

)

 

(0.23

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

(0.09

)

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.01

)

 

(0.12

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.14

 

$

16.02

 

$

16.09

 

$

15.09

 

$

14.15

 

$

14.83

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

18.11

 

$

16.81

 

$

15.85

 

$

13.97

 

$

13.35

 

$

14.50

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

3.54

%

 

5.51

%

 

13.56

%

 

13.97

%

 

2.33

%

 

5.19

%

 

 



 



 



 



 



 



 

At market price

 

 

10.72

%

 

12.39

%

 

20.83

%

 

11.83

%

 

(1.26

)%

 

(1.78

)%

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.98

%6

 

1.06

%

 

1.06

%

 

1.11

%

 

1.12

%

 

1.12

%6

Expenses after fees waived and before fees paid indirectly

 

 

1.02

%6

 

1.09

%

 

1.08

%

 

1.12

%

 

1.12

%

 

1.12

%6

Expenses before fees waived and paid indirectly

 

 

1.49

%6

 

1.56

%

 

1.56

%

 

1.60

%

 

1.60

%

 

1.54

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

7.17

%6

 

7.16

%

 

7.20

%

 

7.57

%

 

7.57

%

 

5.24

%6

Preferred share dividends

 

 

1.76

%6

 

1.60

%

 

0.97

%

 

0.48

%

 

0.62

%

 

0.50

%6

Net investment income available to common shareholders

 

 

5.41

%6

 

5.56

%

 

6.23

%

 

7.09

%

 

6.95

%

 

4.74

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

43,857

 

$

43,030

 

$

42,217

 

$

40,396

 

$

40,072

 

$

38,183

 

Portfolio turnover

 

 

15

%

 

12

%

 

3

%

 

16

%

 

7

%

 

15

%

Net assets applicable to common shareholders, end of period (000)

 

$

44,046

 

$

43,541

 

$

43,460

 

$

40,757

 

$

38,207

 

$

40,062

 

Preferred shares value outstanding, end of period (000)

 

$

24,200

 

$

24,200

 

$

24,200

 

$

24,200

 

$

24,200

 

$

24,200

 

Asset coverage per preferred share, end of period

 

$

70,504

 

$

69,985

 

$

69,899

 

$

67,108

 

$

64,473

 

$

66,390

 


 

 


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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

 

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.

75



FINANCIAL HIGHLIGHTS

BlackRock New York Municipal Income Trust II (BFY)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
July 30, 20021
through
August 31, 2002

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

15.47

 

$

15.23

 

$

14.16

 

$

13.36

 

$

14.47

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.54

 

 

1.06

 

 

1.04

 

 

1.04

 

 

0.98

 

 

0.02

 

Net realized and unrealized gain (loss)

 

 

0.19

 

 

0.14

 

 

1.07

 

 

0.79

 

 

(0.94

)

 

0.15

 

Dividends to preferred shareholders from net investment income

 

 

(0.14

)

 

(0.25

)

 

(0.15

)

 

(0.08

)

 

(0.10

)

 

 

 

 



 



 



 



 



 



 

Net increase (decrease) from investment operations

 

 

0.59

 

 

0.95

 

 

1.96

 

 

1.75

 

 

(0.06

)

 

0.17

 

 

 



 



 



 



 



 



 

Dividends to common shareholders from net investment income

 

 

(0.36

)

 

(0.71

)

 

(0.89

)

 

(0.95

)

 

(0.94

)

 

 

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.03

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

 

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.11

)

 

(0.03

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

15.70

 

$

15.47

 

$

15.23

 

$

14.16

 

$

13.36

 

$

14.47

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

14.98

 

$

14.38

 

$

14.02

 

$

13.70

 

$

13.12

 

$

15.10

 

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

3.93

%

 

6.93

%

 

14.46

%

 

13.50

%

 

(1.10

)%

 

1.01

%

 

 



 



 



 



 



 



 

At market price

 

 

6.68

%

 

7.97

%

 

8.91

%

 

11.82

%

 

(6.93

)% 

 

0.67

%

 

 



 



 



 



 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

0.99

%6

 

1.02

%

 

1.04

%

 

1.07

%

 

1.00

%

 

1.43

%6,7

Expenses after fees waived and before fees paid indirectly

 

 

1.02

%6

 

1.05

%

 

1.05

%

 

1.08

%

 

1.03

%

 

1.43

%6,7

Expenses before fees waived and paid indirectly

 

 

1.25

%6

 

1.29

%

 

1.30

%

 

1.32

%

 

1.27

%

 

1.58

%6,7

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.92

%6

 

6.96

%

 

7.04

%

 

7.36

%

 

6.95

%

 

1.77

%6,7

Preferred share dividends

 

 

1.84

%6

 

1.66

%

 

0.99

%

 

0.59

%

 

0.68

%

 

%6,7

Net investment income available to common shareholders

 

 

5.08

%6

 

5.30

%

 

6.05

%

 

6.77

%

 

6.27

%

 

1.77

%6,7

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

77,050

 

$

74,860

 

$

72,767

 

$

70,018

 

$

69,863

 

$

64,673

 

Portfolio turnover

 

 

9

%

 

22

%

 

27

%

 

14

%

 

40

%

 

%

Net assets applicable to common shareholders, end of period (000)

 

$

77,521

 

$

76,393

 

$

75,193

 

$

69,903

 

$

65,953

 

$

70,276

 

Preferred shares value outstanding, end of period (000)

 

$

44,650

 

$

44,650

 

$

44,650

 

$

44,650

 

$

44,650

 

$

 

Asset coverage per preferred share, end of period

 

$

68,419

 

$

67,775

 

$

67,113

 

$

64,144

 

$

61,930

 

$

 


 

 


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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

7

These annualized ratios are not indicative of future expense ratios, due to the short operating history of the Trust.

 

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.

76



FINANCIAL HIGHLIGHTS

BlackRock Virginia Municipal Bond Trust (BHV)

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the period
April 30, 20021
through
August 31, 2002

 

 

 

Six Months Ended
February 28, 2007
(unaudited)

 

Year Ended August 31,

 

 

 

 

 


 

 

 

 

 

2006

 

2005

 

2004

 

2003

 

 

 

 


 


 


 


 


 


 

PER COMMON SHARE OPERATING PERFORMANCE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value, beginning of period

 

$

16.35

 

$

16.34

 

$

15.47

 

$

14.46

 

$

14.90

 

$

14.33

2

 

 



 



 



 



 



 



 

Investment operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

0.55

 

 

1.10

 

 

1.10

 

 

1.09

 

 

1.09

 

 

0.27

 

Net realized and unrealized gain (loss)

 

 

0.14

 

 

0.04

 

 

0.80

 

 

0.86

 

 

(0.44

)

 

0.65

 

Dividends and distributions to preferred shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.13

)

 

(0.26

)

 

(0.16

)

 

(0.07

)

 

(0.08

)

 

(0.03

)

Net realized gains

 

 

(0.02

)

 

 

 

 

 

 

 

(0.02

)

 

 

 

 



 



 



 



 



 



 

Net increase from investment operations

 

 

0.54

 

 

0.88

 

 

1.74

 

 

1.88

 

 

0.55

 

 

0.89

 

 

 



 



 



 



 



 



 

Dividends and distributions to common shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.43

)

 

(0.87

)

 

(0.87

)

 

(0.87

)

 

(0.85

)

 

(0.21

)

Net realized gains

 

 

(0.05

)

 

 

 

 

 

 

 

(0.10

)

 

 

 

 



 



 



 



 



 



 

Total dividends and distributions

 

 

(0.48

)

 

(0.87

)

 

(0.87

)

 

(0.87

)

 

(0.95

)

 

(0.21

)

 

 



 



 



 



 



 



 

Capital charges with respect to issuance of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

 

 

 

(0.02

)

Preferred shares

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

(0.09

)

 

 



 



 



 



 



 



 

Total capital charges

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

(0.11

)

 

 



 



 



 



 



 



 

Net asset value, end of period

 

$

16.41

 

$

16.35

 

$

16.34

 

$

15.47

 

$

14.46

 

$

14.90

 

 

 



 



 



 



 



 



 

Market price, end of period

 

$

19.26

 

$

18.45

 

$

17.30

 

$

15.34

 

$

14.40

 

$

15.20

 

 

 



 



 



 



 



 



 

TOTAL INVESTMENT RETURNS:3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At net asset value4

 

 

3.05

%

 

5.30

%

 

11.52

%

 

13.28

%

 

3.41

%

 

5.53

%

 

 



 



 



 



 



 



 

At market price

 

 

7.18

%

 

12.23

%

 

19.07

%

 

12.79

%

 

0.94

%

 

2.81

%

 

 



 



 



 



 



 



 

RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses after fees waived and paid indirectly

 

 

1.04

%6

 

1.15

%

 

1.18

%

 

1.25

%

 

1.17

%

 

1.12

%6

Expenses after fees waived and before fees paid indirectly

 

 

1.13

%6

 

1.22

%

 

1.20

%

 

1.26

%

 

1.17

%

 

1.12

%6

Expenses before fees waived and paid indirectly

 

 

1.59

%6

 

1.68

%

 

1.67

%

 

1.73

%

 

1.64

%

 

1.54

%6

Net investment income after fees waived and paid indirectly and before preferred share dividends

 

 

6.83

%6

 

6.83

%

 

6.90

%

 

7.15

%

 

7.23

%

 

5.70

%6

Preferred share dividends

 

 

1.58

%6

 

1.60

%

 

1.00

%

 

0.47

%

 

0.53

%

 

0.54

%6

Net investment income available to common shareholders

 

 

5.25

%6

 

5.23

%

 

5.90

%

 

6.68

%

 

6.70

%

 

5.16

%6

SUPPLEMENTAL DATA:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average net assets of common shareholders (000)

 

$

25,241

 

$

24,769

 

$

24,303

 

$

23,273

 

$

22,896

 

$

21,321

 

Portfolio turnover

 

 

7

%

 

5

%

 

5

%

 

14

%

 

18

%

 

8

%

Net assets applicable to common shareholders, end of period (000)

 

$

25,272

 

$

25,097

 

$

24,966

 

$

23,527

 

$

21,944

 

$

22,545

 

Preferred shares value outstanding, end of period (000)

 

$

13,525

 

$

13,525

 

$

13,525

 

$

13,525

 

$

13,525

 

$

13,525

 

Asset coverage per preferred share, end of period

 

$

71,728

 

$

71,404

 

$

71,158

 

$

68,490

 

$

65,562

 

$

66,674

 


 

 

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 than the net asset value, 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.

4

Unaudited

5

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.

6

Annualized.

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.

77



 

NOTES TO FINANCIAL STATEMENTS (Unaudited)


Note 1. Organization & Accounting Policies

BlackRock Insured Municipal Income Trust (“Insured Municipal”), BlackRock California Insured Municipal Income Trust (“California Insured”), BlackRock Florida Insured Municipal Income Trust (“Florida Insured”), BlackRock New York Insured Municipal Income Trust (“New York Insured”) (collectively the “Insured Trusts”), BlackRock Municipal Bond Trust (“Municipal Bond”), BlackRock California Municipal Bond Trust (“California Bond”), BlackRock Florida Municipal Bond Trust (“Florida Bond”), BlackRock Maryland Municipal Bond Trust (“Maryland Bond”), BlackRock New Jersey Municipal Bond Trust (“New Jersey Bond”), BlackRock New York Municipal Bond Trust (“New York Bond”), BlackRock Virginia Municipal Bond Trust (“Virginia Bond”) (collectively the “Bond Trusts”), BlackRock Municipal Income Trust II (“Municipal Income II”), BlackRock California Municipal Income Trust II (“California Income II”) and BlackRock New York Municipal Income Trust II (“New York Income II”) (collectively the “Income II Trusts”) (all, collectively the “Trusts”) are organized as Delaware statutory trusts. Insured Municipal, Municipal Bond and Municipal Income II are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). California Insured, California Bond, California Income II, Florida Insured, Florida Bond, Maryland Bond, New Jersey Bond, New York Insured, New York Bond, New York Income II and Virginia Bond are registered as non-diversified, closed-end management investment companies under the 1940 Act.

          Under the Trusts’ organizational documents, their officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Trusts enter into contracts with their vendors and others that provide for general indemnifications. The Trusts’ maximum exposure under these arrangements are unknown as this would involve future claims that may be made against the Trusts. However, based on experience, the Trusts consider the risk of loss from such claims to be remote.

          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 (each, a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, 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. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. 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’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

          In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), which 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, FASB issued Statement of Financial Accounting Standard No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“FAS 159”), which is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. At this time, management is evaluating the implications of FAS 159 and its impact on the Trusts’ financial statements, if any, has not been determined.

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. Each Trust 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.

78


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 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, forward starting swaps or futures contracts), 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 the Internal Revenue Code and to distribute sufficient net income and net realized capital gains, if any, to shareholders. Therefore, no federal income tax or excise tax provisions have been recorded.

          On July 13, 2006, FASB released FASB Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes. FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Trusts’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be booked as a tax expense in the current year and recognized as: a liability for unrecognized tax benefits; a reduction of an income tax refund receivable; a reduction of deferred tax asset; an increase in deferred tax liability; or a combination thereof. 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. At this time, management is evaluating the implications of FIN 48 and its impact on the Trusts’ financial statements has not been determined.

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 5.

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”) are required to 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 Statements of Assets and Liabilities as “Investments in affiliates”. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in such Trusts.

          The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. 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 prorated to the Trusts on the basis of relative net assets of all the BlackRock Closed-End Funds.

Note 2. 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. BlackRock, Inc. may be presumed an affiliate of Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. (“PNC”). The investment management agreement covers both investment advisory and administration services.

79


          Each Trust’s investment advisory fee paid to the Advisor is computed weekly, accrued daily and payable monthly based on an annual rate, 0.55% for the Insured Trusts and Income II Trusts and 0.65% for the Bond Trusts, of each Trust’s average weekly managed assets. Investments in affiliated money market funds are excluded from the average weekly managed assets used to calculate the investment advisory fee. For the period September 30, 2006 through November 15, 2006, the Bond Trusts’ investment advisory fee was reduced to 0.55% of each Trust’s 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 of each Trust. With respect to the Insured Trusts, the waiver, as a percentage of managed assets, is as follows: 0.20% for the first 5 years of each Trust’s operations, 0.15% in year 6, 0.10% in year 7, and 0.05% in year 8. With respect to the Bond Trusts, the waiver, as a percentage of managed assets, is as follows: 0.30% for the first 5 years of each Trust’s operations, 0.25% in year 6, 0.20% in year 7, 0.15% in year 8, 0.10% in year 9 and 0.05% in year 10. With respect to the Income II Trusts, the waiver, as a percentage of managed assets, is as follows: 0.15% for the first 5 years of each Trust’s operations, 0.10% in year 6 through year 7, and 0.05% in year 8 through year 10.

          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, secondary market support, and compliance services to each Trust. For the six months ended February 28, 2007, the Trusts reimbursed the Advisor the following amounts, which are included in miscellaneous expenses in the Statements of Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Amount

 

Trust

 

Amount

 


 

 


 


 

 


 

Insured Municipal

 

 

$

11,976

 

 

Florida Bond

 

 

$

1,525

 

 

Municipal Bond

 

 

 

4,728

 

 

Maryland Bond

 

 

 

960

 

 

Municipal Income II

 

 

 

10,143

 

 

New Jersey Bond

 

 

 

638

 

 

California Insured

 

 

 

2,383

 

 

New York Insured

 

 

 

1,730

 

 

California Bond

 

 

 

1,525

 

 

New York Bond

 

 

 

982

 

 

California Income II

 

 

 

3,494

 

 

New York Income II

 

 

 

2,239

 

 

Florida Insured

 

 

 

4,007

 

 

Virginia Bond

 

 

 

732

 

 

          Pursuant to the terms of the 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
Activity
(000)

 

 

Dividend/
Interest
Income

 


 

 


 

 


 

 


 

Insured Municipal

 

Merrill Lynch Institutional Tax Exempt Fund

 

6,300

 

 

 

 

$

1,492

 

 

Municipal Bond

 

Merrill Lynch Institutional Tax Exempt Fund

 

9,300

 

 

 

 

 

2,128

 

 

Municipal Income II

 

Merrill Lynch Institutional Tax Exempt Fund

 

10,700

 

 

 

 

 

1,975

 

 

California Insured

 

CMA California Mun. Money Fund

 

4,200

 

 

 

 

 

1,411

 

 

California Bond

 

CMA California Mun. Money Fund

 

3,400

 

 

 

 

 

1,021

 

 

California Income II

 

CMA California Mun. Money Fund

 

200

 

 

 

 

 

67

 

 

Florida Insured

 

CMA Florida Mun. Money Fund

 

1,800

 

 

 

 

 

451

 

 

Florida Bond

 

CMA Florida Mun. Money Fund

 

900

 

 

 

 

 

221

 

 

Maryland Bond

 

Merrill Lynch Institutional Tax Exempt Fund

 

300

 

 

 

 

 

85

 

 

New Jersey Bond

 

CMA New Jersey Mun. Money Fund

 

200

 

 

 

 

 

50

 

 

New York Bond

 

CMA New York Mun. Money Fund

 

600

 

 

 

 

 

153

 

 

New York Income II

 

CMA New York Mun. Money Fund

 

600

 

 

 

 

 

289

 

 

Note 3. Portfolio Securities

Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended February 28, 2007 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Purchases

 

Sales

 

 

Trust

 

Purchases

 

Sales

 


 

 


 


 

 


 

 


 


 

Insured Municipal

 

$

64,563,811

 

$

40,574,364

 

 

Florida Bond

 

$

5,376,976

 

$

6,400,660

 

Municipal Bond

 

 

16,952,605

 

 

25,256,845

 

 

Maryland Bond

 

 

704,102

 

 

275,416

 

Municipal Income II

 

 

27,525,617

 

 

37,457,283

 

 

New Jersey Bond

 

 

7,886,823

 

 

7,040,401

 

California Insured

 

 

13,928,381

 

 

14,207,271

 

 

New York Insured

 

 

17,506,433

 

 

13,547,641

 

California Bond

 

 

6,075,156

 

 

8,650,857

 

 

New York Bond

 

 

10,395,846

 

 

10,083,931

 

California Income II

 

 

20,793,485

 

 

25,749,238

 

 

New York Income II

 

 

12,049,786

 

 

10,944,789

 

Florida Insured

 

 

6,433,156

 

 

5,803,309

 

 

Virginia Bond

 

 

2,934,456

 

 

2,674,697

 

          There were no purchases or sales of U.S. government securities for the six months ended February 28, 2007.

80


          Details of open forward starting swap agreements at February 28, 2007 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notional

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized

 

 

 

Amount

 

Fixed

 

Counter

 

 

 

Effective

 

Termination

 

Appreciation

 

Trust

 

(000)

 

Rate(a)

 

Party

 

Floating Rate

 

Date

 

Date

 

(Depreciation)

 


 


 


 


 


 


 


 


 

Insured Municipal

 

$

22,500,000

 

3.955

%

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

$

(301,010

)

 

 

 

20,000,000

 

3.988

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

(437,480

)

 

 

 

22,300,000

 

3.815

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/14/07

 

03/14/27

 

 

5,339

 

 

 

 

16,500,000

 

4.258

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(918,170

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,651,321

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Municipal Bond

 

$

48,700,000

 

3.847

%

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

04/27/07

 

04/27/17

 

$

(908,469

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(908,469

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Municipal Income II

 

$

27,000,000

 

3.757

%

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/16

 

$

(359,705

)

 

 

 

18,500,000

 

3.955

 

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

 

(247,497

)

 

 

 

18,700,000

 

3.815

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/14/07

 

03/14/27

 

 

4,477

 

 

 

 

14,000,000

 

4.258

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(779,054

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,381,779

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

California Insured

 

$

5,000,000

 

3.955

%

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

$

(66,890

)

 

 

 

4,250,000

 

3.988

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

(92,965

)

 

 

 

4,800,000

 

3.815

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/14/07

 

03/14/27

 

 

1,149

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(158,706

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

California Bond

 

$

3,000,000

 

3.955

%

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

$

(40,135

)

 

 

 

2,500,000

 

3.988

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

(54,685

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(94,820

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

California Income II

 

$

7,750,000

 

3.955

%

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

$

(103,680

)

 

 

 

7,000,000

 

3.988

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

(153,118

)

 

 

 

7,900,000

 

3.815

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/14/07

 

03/14/27

 

 

1,891

 

 

 

 

5,900,000

 

4.258

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(328,316

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(583,223

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Florida Insured

 

$

6,750,000

 

3.955

%

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

$

(90,302

)

 

 

 

6,000,000

 

3.988

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

(131,244

)

 

 

 

5,000,000

 

4.258

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(278,234

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(499,780

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Florida Bond

 

$

2,000,000

 

3.988

%

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

$

(43,748

)

 

 

 

1,700,000

 

4.258

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(94,599

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(138,347

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Maryland Bond

 

$

1,250,000

 

3.988

%

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

$

(27,343

)

 

 

 

1,000,000

 

4.258

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(55,646

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(82,989

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New Jersey Bond

 

$

1,850,000

 

4.123

%

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

04/27/07

 

04/27/37

 

$

(69,157

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(69,157

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New York Insured

 

$

10,000,000

 

4.123

%

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

04/27/07

 

04/27/37

 

$

(299,059

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(299,059

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New York Bond

 

$

1,400,000

 

4.258

%

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

$

(77,905

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(77,905

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

New York

 

$

3,500,000

 

3.955

%

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

$

(46,823

)

Income II

 

 

3,300,000

 

3.815

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/14/07

 

03/14/27

 

 

790

 

 

 

 

2,500,000

 

4.258

 

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

 

(139,117

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(185,150

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Virginia Bond

 

$

1,000,000

 

4.258

%

 

CITSW

 

1-week BMA Municipal Swap Index

 

03/20/07

 

03/20/37

 

$

(55,646

)

 

 

 

1,250,000

 

3.955

 

 

Citibank

 

1-week BMA Municipal Swap Index

 

03/21/07

 

03/21/32

 

 

(16,723

)

 

 

 

1,000,000

 

3.988

 

 

JP Morgan

 

1-week BMA Municipal Swap Index

 

05/04/07

 

05/04/27

 

 

(21,874

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(94,243

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 


(a) Trust pays fixed interest rate and receives floating interest rate.
BMA—Bond Market Association.

81


Note 4. Income Tax Information

The tax character of distributions paid during the year ended August 31, 2006 was as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended August 31, 2006

 

 

 


 

Distributions Paid From:

 

Tax-exempt
Income

 

Long-term
Capital Gains

 

Total
Distributions

 


 


 


 


 

Insured Municipal

 

$

26,384,051

 

 

$

 

 

 

$

26,384,051

 

 

Municipal Bond

 

 

13,118,892

 

 

 

1,155,649

 

 

 

 

14,274,541

 

 

Municipal Income II

 

 

29,295,428

 

 

 

 

 

 

 

29,295,428

 

 

California Insured

 

 

5,051,269

 

 

 

 

 

 

 

5,051,269

 

 

California Bond

 

 

4,086,285

 

 

 

 

 

 

 

4,086,285

 

 

California Income II

 

 

8,259,033

 

 

 

 

 

 

 

8,259,033

 

 

Florida Insured

 

 

8,504,736

 

 

 

 

 

 

 

8,504,736

 

 

Florida Bond

 

 

4,000,290

 

 

 

 

 

 

 

4,000,290

 

 

Maryland Bond

 

 

2,263,598

 

 

 

 

 

 

 

2,263,598

 

 

New Jersey Bond

 

 

2,694,470

 

 

 

183,005

 

 

 

 

2,877,475

 

 

New York Insured

 

 

6,153,508

 

 

 

 

 

 

 

6,153,508

 

 

New York Bond

 

 

3,193,912

 

 

 

 

 

 

 

3,193,912

 

 

New York Income II

 

 

4,751,203

 

 

 

 

 

 

 

4,751,203

 

 

Virginia Bond

 

 

1,727,354

 

 

 

 

 

 

 

1,727,354

 

 

          For Federal income tax purposes, the following Trusts had capital loss carryforwards as of their last respective tax year-end (the Bond Trusts have a tax year-end of October 31st, the Insured Trusts have a tax year-end of September 30th and the Income II Trusts have a tax year-end of June 30th). These amounts may be used to offset future realized capital gains, if any:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Capital Loss
Carryforward Amount

 

Expires

 

Trust

 

Capital Loss
Carryforward Amount

 

Expires


 


 


 


 


 


Insured Municipal

 

 

$

100,796

 

 

2012

 

Florida Insured

 

 

$

1,331,546

 

 

2013

 

 

 



 

 

 

 

 

 

 



 

 

 

Municipal Income II

 

 

$

5,770,550

 

 

2013

 

Florida Bond

 

 

$

215,418

 

 

2012

 

 

 



 

 

 

 

 

 

 



 

 

 

California Insured

 

 

$

8,282

 

 

2012

 

Maryland Bond

 

 

$

91,148

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

1,371,749

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

1,380,031

 

 

 

 

New York Insured

 

 

$

103

 

 

2012

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

140,352

 

 

2013

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

140,455

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

California Bond

 

 

$

789,872

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

California Income II

 

 

$

1,441

 

 

2011

 

New York Bond

 

 

$

273,288

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

1,163,822

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 

 

3,357,448

 

 

2013

 

New York Income II

 

 

$

59,598

 

 

2013

 

 

 



 

 

 

 

 

 

 



 

 

 

 

 

 

$

4,522,711

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia Bond

 

 

$

55,551

 

 

2012

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

          Accordingly, no capital gain distributions are expected to be paid to shareholders of a Trust until that Trust has net realized capital gains in excess of its capital loss carryforward amounts.

82


Note 5. Capital

          There are an unlimited number of $0.001 par value common shares of beneficial interest authorized for each Trust. Each Trust may classify or reclassify any unissued common shares into one or more series of Auction Market Preferred Shares (“preferred shares”).

          During the six months ended February 28, 2007 and the year ended August 31, 2006, the following Trusts issued additional shares under their respective dividend reinvestment plan:

 

 

 

 

 

 

 

 

Trust

 

February 28, 2007

 

August 31, 2006

 


 


 


 

Insured Municipal

 

 

 

27,142

 

 

Municipal Bond

 

31,733

 

 

64,035

 

 

Municipal Income II

 

70,719

 

 

136,465

 

 

California Insured

 

 

 

2,293

 

 

California Bond

 

10,136

 

 

14,609

 

 

California Income II

 

2,069

 

 

 

 

Florida Insured

 

 

 

5,166

 

 

Florida Bond

 

5,131

 

 

6,311

 

 

Maryland Bond

 

4,344

 

 

7,206

 

 

New Jersey Bond

 

5,175

 

 

10,753

 

 

New York Insured

 

 

 

10,476

 

 

New York Bond

 

11,231

 

 

17,055

 

 

Virginia Bond

 

4,612

 

 

7,680

 

 

          As of February 28, 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

 

Trust

 

Series

 

Shares

 


 


 


 


 


 


 

Insured Municipal

 

M7

 

 

3,053

 

 

California Income II

 

T7

 

 

1,439

 

 

 

 

R7

 

 

3,053

 

 

 

 

R7

 

 

1,439

 

 

 

 

F7

 

 

3,053

 

 

Florida Insured

 

M7

 

 

3,040

 

 

Municipal Bond

 

T7

 

 

1,810

 

 

Florida Bond

 

W7

 

 

1,191

 

 

 

 

R7

 

 

1,810

 

 

Maryland Bond

 

R7

 

 

720

 

 

Municipal Income II

 

M7

 

 

2,055

 

 

New Jersey Bond

 

M7

 

 

809

 

 

 

 

T7

 

 

2,056

 

 

New York Insured

 

R7

 

 

2,240

 

 

 

 

W7

 

 

2,055

 

 

New York Bond

 

T7

 

 

968

 

 

 

 

R7

 

 

2,056

 

 

New York Income II

 

W7

 

 

1,786

 

 

California Insured

 

F7

 

 

1,860

 

 

Virginia Bond

 

R7

 

 

541

 

 

California Bond

 

F7

 

 

1,199

 

 

 

 

 

 

 

 

 

 

          Dividends on seven-day preferred shares are cumulative at a rate which is reset every seven days based on the results of an auction. The dividend ranges and average on the preferred shares for each of the Trusts for the six months ended February 28, 2007 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Low

 

High

 

Average

 

Trust

 

Series

 

Low

 

High

 

Average

 


 


 


 


 


 


 


 


 


 


 

Insured Municipal

 

M7

 

 

3.00

%

 

3.90

%

 

3.42

%

 

California Income II

 

T7

 

 

2.90

%

 

3.95

%

 

3.28

%

 

 

 

R7

 

 

2.95

 

 

4.70

 

 

3.34

 

 

 

 

R7

 

 

2.90

 

 

4.00

 

 

3.21

 

 

 

 

F7

 

 

3.00

 

 

4.20

 

 

3.35

 

 

Florida Insured

 

M7

 

 

3.22

 

 

3.95

 

 

3.48

 

 

Municipal Bond

 

T7

 

 

3.09

 

 

3.90

 

 

3.49

 

 

Florida Bond

 

W7

 

 

3.14

 

 

3.95

 

 

3.46

 

 

 

 

R7

 

 

3.19

 

 

3.90

 

 

3.51

 

 

Maryland Bond

 

R7

 

 

2.00

 

 

3.90

 

 

3.41

 

 

Municipal Income II

 

M7

 

 

2.89

 

 

4.00

 

 

3.41

 

 

New Jersey Bond

 

M7

 

 

2.90

 

 

3.90

 

 

3.26

 

 

 

 

T7

 

 

3.25

 

 

3.75

 

 

3.50

 

 

New York Insured

 

R7

 

 

2.80

 

 

5.00

 

 

3.13

 

 

 

 

W7

 

 

3.24

 

 

4.00

 

 

3.51

 

 

New York Bond

 

T7

 

 

2.81

 

 

3.61

 

 

3.18

 

 

 

 

R7

 

 

3.29

 

 

3.58

 

 

3.50

 

 

New York Income II

 

W7

 

 

2.50

 

 

4.00

 

 

3.18

 

 

California Insured

 

F7

 

 

2.60

 

 

3.90

 

 

3.17

 

 

Virginia Bond

 

R7

 

 

2.50

 

 

4.50

 

 

3.36

 

 

California Bond

 

F7

 

 

2.89

 

 

3.90

 

 

3.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          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.

83


          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.

Note 6. 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 principle 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 7. Subsequent Events

          Subsequent to February 28, 2007, the Board of each Trust declared dividends from undistributed earnings per common share payable April 2, 2007, to shareholders of record on March 15, 2007. The per share common dividends declared were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Common Dividend
Per Share

 

 

Trust

 

Common Dividend
Per Share

 


 


 

 


 


 

Insured Municipal

 

 

$

0.061000

 

 

 

Florida Bond

 

 

$

0.077808

 

 

Municipal Bond

 

 

 

0.085000

 

 

 

Maryland Bond

 

 

 

0.071350

 

 

Municipal Income II

 

 

 

0.076000

 

 

 

New Jersey Bond

 

 

 

0.078582

 

 

California Insured

 

 

 

0.058000

 

 

 

New York Insured

 

 

 

0.058000

 

 

California Bond

 

 

 

0.077000

 

 

 

New York Bond

 

 

 

0.077099

 

 

California Income II

 

 

 

0.065500

 

 

 

New York Income II

 

 

 

0.062500

 

 

Florida Insured

 

 

 

0.058000

 

 

 

Virginia Bond

 

 

 

0.072428

 

 

          The dividends declared on preferred shares for the period March 1, 2007 to March 31, 2007 for each of the Trusts were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust

 

Series

 

Dividends
Declared

 

 

Trust

 

Series

 

Dividends
Declared

 


 


 


 

 


 


 


 

Insured Municipal

 

 

M7

 

 

$

201,529

 

 

 

California Income II

 

 

T7

 

 

$

88,642

 

 

 

 

 

R7

 

 

 

238,561

 

 

 

 

 

 

R7

 

 

 

104,774

 

 

 

 

 

F7

 

 

 

197,041

 

 

 

Florida Insured

 

 

M7

 

 

 

203,011

 

 

Municipal Bond

 

 

T7

 

 

 

120,184

 

 

 

Florida Bond

 

 

W7

 

 

 

99,008

 

 

 

 

 

R7

 

 

 

150,990

 

 

 

Maryland Bond

 

 

R7

 

 

 

55,224

 

 

Municipal Income II

 

 

M7

 

 

 

137,336

 

 

 

New Jersey Bond

 

 

M7

 

 

 

48,475

 

 

 

 

 

T7

 

 

 

137,505

 

 

 

New York Insured

 

 

R7

 

 

 

164,282

 

 

 

 

 

W7

 

 

 

171,038

 

 

 

New York Bond

 

 

T7

 

 

 

57,122

 

 

 

 

 

R7

 

 

 

171,799

 

 

 

New York Income II

 

 

W7

 

 

 

131,432

 

 

California Insured

 

 

F7

 

 

 

108,773

 

 

 

Virginia Bond

 

 

R7

 

 

 

40,099

 

 

California Bond

 

 

F7

 

 

 

71,844

 

 

 

 

 

 

 

 

 

 

 

 

 

84


 

DIVIDEND REINVESTMENT PLANS


          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 do not 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.

          After a Trust declares 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 purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“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.

          Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution.

          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 that 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 by calling (800) 699-1BFM.

85



 

ADDITIONAL INFORMATION


Shareholder Meetings

          A Joint Special Meeting of Shareholders was held on November 15, 2006 for shareholders of record as of September 29, 2006, to approve a new Investment Management Agreement for each of the following Trusts:

          Approved the Investment Management Agreement as follows:

 

 

 

 

 

 

 

 

 

Votes For

 

Votes Against

 

Votes Abstain

 


 


 


Municipal Bond

5,125,063

 

264,473

 

 

262,780

 

California Bond

1,607,321

 

47,428

 

 

192,723

 

Florida Bond

1,662,531

 

97,712

 

 

72,516

 

Maryland Bond

1,080,534

 

34,146

 

 

39,477

 

New Jersey Bond

1,238,651

 

51,222

 

 

41,940

 

New York Bond

1,359,572

 

60,892

 

 

86,967

 

Virginia Bond

876,831

 

18,148

 

 

59,756

 

          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 and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report.

          Certain officers of the Trusts listed on the inside back cover of this Report to Shareholders are also officers of the Advisor or Sub-Advisor. They serve in the following capacities for the Advisor or Sub-Advisor: Robert S. Kapito—Director and Vice Chairman of the Advisor and the Sub-Advisor, Donald Burke, Anne Ackerley, Bartholomew Battista, Vincent Tritto and Brian Kindelan—Managing Directors of the Advisor and the Sub-Advisor, Neal Andrews and James Kong—Managing Directors of the Sub-Advisor.

Important Information Regarding the BlackRock Closed-End Funds Semi-Annual Investor Update

          The Semi-Annual Investor Update (“Update”) is available on the Internet and may be accessed through BlackRock’s website at http://www1.blackrock.com. The Update provides information on the fixed income markets and summaries of BlackRock closed-end funds’ investment objectives and strategies. It also contains recent news regarding the BlackRock closed-end funds.

          Historically, BlackRock provided this information in materials mailed with the Funds’ semi-annual report. However, we believe that making this information available through BlackRock’s website allows us to communicate more fully and efficiently with the Funds’ shareholders.

          If you would like to receive a hard copy of the BlackRock Closed-End Funds Semi-Annual Investor Update, please call (800) 699-1BFM.

86


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[This page is intentionally left blank.]


BlackRock Closed-End Funds

 

 

Trustees
Ralph L. Schlosstein, Chairman
Andrew F. Brimmer, Lead Trustee1
Richard E. Cavanagh, Lead Trustee2
Kent Dixon
Frank J. Fabozzi
Kathleen F. Feldstein
R. Glenn Hubbard
Robert S. Kapito3

Officers
Robert S. Kapito, President
Donald C. Burke, Treasurer
Bartholomew Battista, Chief Compliance Officer
Anne Ackerley, Vice President
Neal Andrews, Assistant Treasurer
Jay Fife, Assistant Treasurer
Spencer Fleming, Assistant Treasurer
James Kong, Assistant Treasurer
Robert Mahar, Assistant Treasurer
Vincent B. Tritto, Secretary
Brian P. Kindelan, Assistant Secretary

Investment Advisor
BlackRock Advisors, Inc.
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 Agent4
Bank of New York
101 Barclay Street, 7 West
New York, NY 10286

Auction Agent5
Deutsche Bank Trust Company Americas
60 Wall Street, 27th 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

Retired, effective December 31, 2006

2

Effective as of January 1, 2007

3

Resigned, effective December 31, 2006

4

For the Insured Trusts and Bond Trusts.

5

For the Income II 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, 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 will be 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 upon request without charge by calling (800) 699-1BFM.



 

 

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 LOGO)

CEF-SEMI-1


Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Schedule of Investments.

The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable for semi-annual reports.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

(a) Not applicable for semi-annual reports.

(b) Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.

Not applicable because no such purchases were made during the period covered by this report.

Item 10. Submission of Matters to a Vote of Security Holders.

No matters were voted on by shareholders during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded, as of that date, that the Registrant’s disclosure controls and procedures were reasonably designed to ensure that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported within the required time periods and that information required to be disclosed by the Registrant in this Form N-CSR was accumulated and communicated to the Registrant’s management, including its principle executive and principle financial officers, as appropriate to allow timely decisions regarding required disclosure.


(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1) Not applicable.

(a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.

(a) (3) Not applicable.

(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.

2


SIGNATURES

          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.

(Registrant)___BlackRock Insured Municipal Income Trust__________

 

 

By:

/s/ Donald C. Burke

 


Name:

Donald C. Burke

Title:

Treasurer

Date:

May 3, 2007

          Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

 

By:

/s/ Robert S. Kapito

 


Name:

Robert S. Kapito

Title:

Principal Executive Officer

Date:

May 3, 2007

 

 

By:

/s/ Donald C. Burke

 


Name:

Donald C. Burke

Title:

Principal Financial Officer

Date:

May 3, 2007

3