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:
BlackRock California 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 California 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: 302-797-2449
Date of fiscal year end: 10-31-03
Date of reporting period: 4-30-03
ITEM 1. REPORTS TO STOCKHOLDERS.
The Trust's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
-------------------------------------------------------------
BlackRock
Closed-End Funds
Semi-Annual Report
APRIL 30, 2003 (UNAUDITED)
-------------------------------------------------------------
BlackRock Investment Quality Municipal Trust (BKN)
BlackRock Municipal Income Trust (BFK)
BlackRock California Investment Quality Municipal Trust (RAA)
BlackRock California Municipal Income Trust (BFZ)
BlackRock Florida Investment Quality Municipal Trust (RFA)
BlackRock Florida Municipal Income Trust (BBF)
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock New York Investment Quality Municipal Trust (RNY)
BlackRock New York Municipal Income Trust (BNY)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE [BLACKROCK LOGO]
TABLE OF CONTENTS
Letter to Shareholders ...................................................... 1
Trust Summaries ............................................................. 2
Portfolios of Investments ................................................... 12
Financial Statements
Statements of Assets and Liabilities ..................................... 31
Statements of Operations ................................................. 33
Statements of Changes in Net Assets ...................................... 35
Financial Highlights ........................................................ 39
Notes to Financial Statements ............................................... 49
Dividend Reinvestment Plans ................................................. 53
Additional Information ...................................................... 54
--------------------------------------------------------------------------------
PRIVACY PRINCIPLES OF THE TRUSTS
The Trusts are committed to maintaining the privacy of shareholders and to
safeguarding their non-public personal information. The following information is
provided to help you understand what personal information the Trusts collect,
how we protect that information and why, in certain cases, we may share
information with select other parties.
Generally, the Trusts do not receive any non-public personal information
relating to their shareholders, although certain non-public personal information
of shareholders may become available to the Trusts. The Trusts do not disclose
any non-public personal information about their shareholders or former
shareholders to anyone, except as permitted by law or as is necessary in order
to service shareholder accounts (for example, to a transfer agent or third party
administrator).
The Trusts restrict access to non-public personal information about their
shareholders to BlackRock employees with a legitimate business need for the
information. The Trusts maintain physical, electronic and procedural safeguards
designed to protect the non-public personal information of their shareholders.
--------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS
May 31, 2003
Dear Shareholder:
We are pleased to report that during the semi-annual period, the Trusts
continued to provide monthly income, as well as the opportunity to invest in
various portfolios of municipal bond securities. This report contains the
Trusts' unaudited financial statements and a listing of the portfolios'
holdings.
The portfolio management team continuously monitors the municipal bond
market and adjusts the portfolios 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' yields, tax-equivalent yields,
closing market prices per share and net asset values ("NAV") per share as of
April 30, 2003.
------------------------------------------------------------------------------------------------------------------
TAX-
EQUIVALENT MARKET
TRUST YIELD(1) YIELD(1) PRICE NAV
------------------------------------------------------------------------------------------------------------------
BlackRock Investment Quality Municipal Trust (BKN) 6.24% 9.60% $13.94 $15.25
------------------------------------------------------------------------------------------------------------------
BlackRock Municipal Income Trust (BFK) 7.10 10.93 13.20 13.47
------------------------------------------------------------------------------------------------------------------
BlackRock California Investment Quality Municipal Trust (RAA) 6.19 9.52 13.25 14.49
------------------------------------------------------------------------------------------------------------------
BlackRock California Municipal Income Trust (BFZ) 6.77 10.42 13.07 14.11
------------------------------------------------------------------------------------------------------------------
BlackRock Florida Investment Quality Municipal Trust (RFA) 5.38 8.27 15.36 15.63
------------------------------------------------------------------------------------------------------------------
BlackRock Florida Municipal Income Trust (BBF) 6.29 9.67 14.04 14.88
------------------------------------------------------------------------------------------------------------------
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) 5.55 8.54 14.25 14.88
------------------------------------------------------------------------------------------------------------------
BlackRock New Jersey Municipal Income Trust (BNJ) 6.22 9.57 13.99 14.58
------------------------------------------------------------------------------------------------------------------
BlackRock New York Investment Quality Municipal Trust (RNY) 6.16 9.47 14.25 15.43
------------------------------------------------------------------------------------------------------------------
BlackRock New York Municipal Income Trust (BNY) 6.55 10.08 13.39 14.73
------------------------------------------------------------------------------------------------------------------
(1) Yields are based on market price. Tax-equivalent yield assumes a Federal
tax rate of 35%.
BlackRock, Inc. ("BlackRock"), a world leader in asset management, has a
proven commitment to the municipal bond market. As of March 31, 2003, BlackRock
managed approximately $15 billion in municipal bonds, including six open-end and
35 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, Inc., which
manages the Trusts, is a wholly owned subsidiary 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, Inc. BlackRock Advisors, Inc.
1
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
--------------------------------------------
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BKN
--------------------------------------------------------------------------------
Initial Offering Date: February 19, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $13.94
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $15.25
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($13.94):(1) 6.24%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0725
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.8700
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 37%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.94 $13.48 3.41% $13.94 $13.31
--------------------------------------------------------------------------------
NAV $15.25 $15.19 0.39% $15.48 $15.03
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Education 15% 14%
--------------------------------------------------------------------------------
Industrial & Pollution Control 14 12
--------------------------------------------------------------------------------
Transportation 14 15
--------------------------------------------------------------------------------
City, County & State 13 11
--------------------------------------------------------------------------------
Hospital 11 10
--------------------------------------------------------------------------------
Power 8 7
--------------------------------------------------------------------------------
Lease Revenue 7 9
--------------------------------------------------------------------------------
Tobacco 5 6
--------------------------------------------------------------------------------
Housing 5 5
--------------------------------------------------------------------------------
Tax Revenue 4 5
--------------------------------------------------------------------------------
Resource Recovery 1 1
--------------------------------------------------------------------------------
Other 3 5
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 53% 55%
--------------------------------------------------------------------------------
AA/Aa 10 11
--------------------------------------------------------------------------------
A 22 21
--------------------------------------------------------------------------------
BBB/Baa 7 6
--------------------------------------------------------------------------------
BB/Ba 3 2
--------------------------------------------------------------------------------
Caa 1 --
--------------------------------------------------------------------------------
Not Rated 4 5
--------------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's ("S&P's"), Moody's Investors Service
("Moody's") or Fitch Ratings ("Fitch's") rating. Percentages based on
long-term investments.
2
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
--------------------------------
BLACKROCK MUNICIPAL INCOME TRUST
--------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BFK
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $13.20
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $13.47
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($13.20):(1) 7.10%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.078125
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.937500
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 39%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
---------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.20 $13.46 (1.93)% $13.49 $12.71
--------------------------------------------------------------------------------
NAV $13.47 $13.33 1.05% $13.85 $13.03
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Industrial & Pollution Control 25% 24%
--------------------------------------------------------------------------------
Hospital 22 20
--------------------------------------------------------------------------------
Tobacco 10 15
--------------------------------------------------------------------------------
City, County & State 10 7
--------------------------------------------------------------------------------
Housing 9 7
--------------------------------------------------------------------------------
Education 7 9
--------------------------------------------------------------------------------
Transportation 6 7
--------------------------------------------------------------------------------
Water & Sewer 2 3
--------------------------------------------------------------------------------
Lease Revenue 2 1
--------------------------------------------------------------------------------
Power 1 2
--------------------------------------------------------------------------------
Tax Revenue 1 1
--------------------------------------------------------------------------------
Other 5 4
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 16% 11%
--------------------------------------------------------------------------------
AA/Aa 4 12
--------------------------------------------------------------------------------
A 51 50
--------------------------------------------------------------------------------
BBB/Baa 23 18
--------------------------------------------------------------------------------
BB/Ba -- 2
--------------------------------------------------------------------------------
B 1 2
--------------------------------------------------------------------------------
CCC/Caa 2 --
--------------------------------------------------------------------------------
Not Rated 3 5
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
3
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
-------------------------------------------------------
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
-------------------------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RAA
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $13.25
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $14.49
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($13.25):(1) 6.19%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.068333
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.819996
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 34%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.25 $13.38 (0.97)% $13.87 $12.95
--------------------------------------------------------------------------------
NAV $14.49 $14.81 (2.16)% $15.02 $14.29
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
City, County & State 25% 15%
--------------------------------------------------------------------------------
Transportation 24 26
--------------------------------------------------------------------------------
Education 17 24
--------------------------------------------------------------------------------
Lease Revenue 10 12
--------------------------------------------------------------------------------
Tobacco 7 9
--------------------------------------------------------------------------------
Water & Sewer 7 5
--------------------------------------------------------------------------------
Power 5 5
--------------------------------------------------------------------------------
Industrial & Pollution Control 5 2
--------------------------------------------------------------------------------
Housing -- 2
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 49% 53%
--------------------------------------------------------------------------------
AA/Aa 17 17
--------------------------------------------------------------------------------
A 17 13
--------------------------------------------------------------------------------
BBB/Baa 5 5
--------------------------------------------------------------------------------
BB/Ba -- 3
--------------------------------------------------------------------------------
CCC/Caa 3 --
--------------------------------------------------------------------------------
Not Rated 9 9
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
4
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
-------------------------------------------
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
-------------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BFZ
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $13.07
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $14.11
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($13.07):(1) 6.77%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.07375
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.8850
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 38%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.07 $13.09 (0.15)% $13.45 $12.65
--------------------------------------------------------------------------------
NAV $14.11 $14.16 (0.35)% $14.48 $13.75
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
City, County & State 22% 19%
--------------------------------------------------------------------------------
Housing 14 13
--------------------------------------------------------------------------------
Tobacco 10 13
--------------------------------------------------------------------------------
Power 10 6
--------------------------------------------------------------------------------
Education 10 11
--------------------------------------------------------------------------------
Hospital 9 9
--------------------------------------------------------------------------------
Lease Revenue 9 12
--------------------------------------------------------------------------------
Transportation 7 8
--------------------------------------------------------------------------------
Industrial & Pollution Control 1 1
--------------------------------------------------------------------------------
Water & Sewer 1 1
--------------------------------------------------------------------------------
Tax Revenue -- 1
--------------------------------------------------------------------------------
Other 7 6
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 33% 35%
--------------------------------------------------------------------------------
AA/Aa -- --
--------------------------------------------------------------------------------
A 43 41
--------------------------------------------------------------------------------
BBB/Baa 9 9
--------------------------------------------------------------------------------
BB/Ba 1 1
--------------------------------------------------------------------------------
Not Rated 14 14
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
5
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
----------------------------------------------------
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
----------------------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RFA
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $15.36
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $15.63
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($15.36):(1) 5.38%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0688
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.8256
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 33%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $15.36 $14.50 5.93% $15.45 $14.05
--------------------------------------------------------------------------------
NAV $15.63 $15.65 (0.13)% $15.85 $15.52
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Education 21% 21%
--------------------------------------------------------------------------------
Tax Revenue 19 15
--------------------------------------------------------------------------------
Transportation 17 17
--------------------------------------------------------------------------------
Lease Revenue 14 15
--------------------------------------------------------------------------------
Power 13 13
--------------------------------------------------------------------------------
Hospital 8 4
--------------------------------------------------------------------------------
City, County & State 4 9
--------------------------------------------------------------------------------
Housing 2 2
--------------------------------------------------------------------------------
Water & Sewer 1 4
--------------------------------------------------------------------------------
Tobacco 1 --
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 66% 71%
--------------------------------------------------------------------------------
AA/Aa 4 --
--------------------------------------------------------------------------------
A 22 21
--------------------------------------------------------------------------------
BBB/Baa 8 8
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
6
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
----------------------------------------
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
----------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BBF
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $14.04
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $14.88
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($14.04):(1) 6.29%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.073542
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.882504
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 37%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.04 $13.65 2.86% $14.26 $13.37
--------------------------------------------------------------------------------
NAV $14.88 $14.57 2.13% $15.12 $14.35
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
City, County & State 25% 24%
--------------------------------------------------------------------------------
Hospital 22 15
--------------------------------------------------------------------------------
Water & Sewer 10 11
--------------------------------------------------------------------------------
Housing 8 2
--------------------------------------------------------------------------------
Power 8 8
--------------------------------------------------------------------------------
Education 7 17
--------------------------------------------------------------------------------
Tax Revenue 5 5
--------------------------------------------------------------------------------
Lease Revenue 5 5
--------------------------------------------------------------------------------
Transportation 5 5
--------------------------------------------------------------------------------
Tobacco 3 4
--------------------------------------------------------------------------------
Industrial & Pollution Control 2 2
--------------------------------------------------------------------------------
Other -- 2
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 20% 34%
--------------------------------------------------------------------------------
AA/Aa 45 35
--------------------------------------------------------------------------------
A 16 18
--------------------------------------------------------------------------------
BBB/Baa 8 6
--------------------------------------------------------------------------------
Not Rated 11 7
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
7
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
-------------------------------------------------------
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
-------------------------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RNJ
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $14.25
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $14.88
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($14.25):(1) 5.55%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0659
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.7908
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 33%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
---------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.25 $13.30 7.14% $14.30 $13.01
--------------------------------------------------------------------------------
NAV $14.88 $14.64 1.64% $15.03 $14.61
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Transportation 33% 38%
--------------------------------------------------------------------------------
Hospital 15 15
--------------------------------------------------------------------------------
Education 12 11
--------------------------------------------------------------------------------
Power 7 7
--------------------------------------------------------------------------------
City, County & State 5 5
--------------------------------------------------------------------------------
Resource Recovery 5 5
--------------------------------------------------------------------------------
Tax Revenue 5 10
--------------------------------------------------------------------------------
Tobacco 4 --
--------------------------------------------------------------------------------
Water & Sewer 3 5
--------------------------------------------------------------------------------
Industrial & Pollution Control 3 --
--------------------------------------------------------------------------------
Housing 3 4
--------------------------------------------------------------------------------
Other 5 --
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 66% 70%
--------------------------------------------------------------------------------
AA/Aa 10 5
--------------------------------------------------------------------------------
A 14 15
--------------------------------------------------------------------------------
BBB/Baa 2 2
--------------------------------------------------------------------------------
B 3 3
--------------------------------------------------------------------------------
Not Rated 5 5
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
8
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
-------------------------------------------
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
-------------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BNJ
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $13.99
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $14.58
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($13.99):(1) 6.22%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0725
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.8700
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 37%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.99 $13.64 2.57% $14.10 $13.45
--------------------------------------------------------------------------------
NAV $14.58 $14.29 2.03% $14.80 $14.22
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Hospital 22% 21%
--------------------------------------------------------------------------------
Lease Revenue 16 18
--------------------------------------------------------------------------------
Housing 15 12
--------------------------------------------------------------------------------
Transportation 14 18
--------------------------------------------------------------------------------
Tobacco 9 10
--------------------------------------------------------------------------------
City, County & State 8 8
--------------------------------------------------------------------------------
Industrial & Pollution Control 2 2
--------------------------------------------------------------------------------
Tax Revenue 2 --
--------------------------------------------------------------------------------
Education 2 1
--------------------------------------------------------------------------------
Water & Sewer 1 1
--------------------------------------------------------------------------------
Other 9 9
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 33% 32%
--------------------------------------------------------------------------------
AA/Aa 5 7
--------------------------------------------------------------------------------
A 29 31
--------------------------------------------------------------------------------
BBB/Baa 21 19
--------------------------------------------------------------------------------
B 3 2
--------------------------------------------------------------------------------
Not Rated 9 9
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
9
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
-----------------------------------------------------
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST
-----------------------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RNY
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $14.25
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $15.43
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($14.25):(1) 6.16%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.073125
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.877500
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 33%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.25 $14.40 (1.04)% $14.50 $13.69
--------------------------------------------------------------------------------
NAV $15.43 $15.47 (0.26)% $15.68 $15.32
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Education 32% 26%
--------------------------------------------------------------------------------
City, County & State 20 22
--------------------------------------------------------------------------------
Lease Revenue 11 11
--------------------------------------------------------------------------------
Industrial & Pollution Control 11 11
--------------------------------------------------------------------------------
Tax Revenue 9 12
--------------------------------------------------------------------------------
Transportation 4 3
--------------------------------------------------------------------------------
Water & Sewer 4 --
--------------------------------------------------------------------------------
Power 4 4
--------------------------------------------------------------------------------
Hospital 4 4
--------------------------------------------------------------------------------
Tobacco 1 --
--------------------------------------------------------------------------------
Housing -- 4
--------------------------------------------------------------------------------
Resource Recovery -- 3
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 44% 38%
--------------------------------------------------------------------------------
AA/Aa 16 22
--------------------------------------------------------------------------------
A 28 33
--------------------------------------------------------------------------------
BBB/Baa 8 7
--------------------------------------------------------------------------------
Caa 4 --
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
10
TRUST SUMMARIES (unaudited)
APRIL 30, 2003
-----------------------------------------
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
-----------------------------------------
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BNY
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 4/30/03: $13.39
--------------------------------------------------------------------------------
Net Asset Value as of 4/30/03: $14.73
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 4/30/03 ($13.39):(1) 6.55%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.073125
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.877500
--------------------------------------------------------------------------------
Leverage as of 4/30/03:(3) 37%
--------------------------------------------------------------------------------
(1) Yield on closing market price is calculated by dividing the current
annualized distribution per share by the closing market price.
(2) The distribution is not constant and is subject to change.
(3) As a percentage of managed assets.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------
4/30/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.39 $13.42 (0.22)% $13.82 $12.99
--------------------------------------------------------------------------------
NAV $14.73 $14.47 1.80% $14.99 $14.26
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Transportation 17% 20%
--------------------------------------------------------------------------------
Education 15 14
--------------------------------------------------------------------------------
Lease Revenue 13 13
--------------------------------------------------------------------------------
Industrial & Pollution Control 10 7
--------------------------------------------------------------------------------
Tobacco 10 12
--------------------------------------------------------------------------------
Housing 8 9
--------------------------------------------------------------------------------
City, County & State 6 5
--------------------------------------------------------------------------------
Hospital 5 4
--------------------------------------------------------------------------------
Water & Sewer 4 4
--------------------------------------------------------------------------------
Tax Revenue 4 4
--------------------------------------------------------------------------------
Power 1 1
--------------------------------------------------------------------------------
Other 7 7
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING APRIL 30, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 24% 24%
--------------------------------------------------------------------------------
AA/Aa 22 26
--------------------------------------------------------------------------------
A 30 27
--------------------------------------------------------------------------------
BBB/Baa 13 13
--------------------------------------------------------------------------------
B -- 3
--------------------------------------------------------------------------------
CCC/Caa 3 --
--------------------------------------------------------------------------------
Not Rated 8 7
--------------------------------------------------------------------------------
----------
* Using the higher of S&P's, Moody's or Fitch's rating. Percentages based on
long-term investments.
11
PORTFOLIO OF INVESTMENTS (unaudited)
APRIL 30, 2003
--------------------------------------------
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--152.2%
ALABAMA--6.1%
AAA $14,000 Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA ....................... 09/10 @ 101 $ 15,512,420
-------------
ALASKA--2.4%
AAA 6,015 Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA ...................... 12/05 @ 102 6,205,194
-------------
CALIFORNIA--15.4%
A 5,770 California, GO, 5.625%, 5/01/18 ............................................. 05/10 @ 101 6,233,850
Aa2 1,005 California Hsg. Fin. Agcy., Home Mtge., Ser. C, 5.65%, 8/01/14 .............. 02/04 @ 102 1,033,341
BBB 3,000 Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40 ...... 01/10 @ 101 3,016,710
AAA 10,945 Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA ........................ 08/13 @ 53.632 3,381,458
AAA 15,460 Los Angeles Cnty., Asset Leasing Corp., 5.95%, 12/01/07, AMBAC .............. No Opt. Call 18,095,930
Univ. of California, Research Facs. Rev., Ser. B,
Aa2 2,000(3) 6.10%, 9/01/03 .......................................................... N/A 2,072,220
Aa2 3,305(3) 6.20%, 9/01/03 .......................................................... N/A 3,425,401
Aa2 2,000(3) 6.25%, 9/01/03 .......................................................... N/A 2,073,180
-------------
39,332,090
-------------
COLORADO--2.2%
AAA 3,100 Arapahoe Cnty., Cap. Impvt. Hwy. Trust Fund, Ser. E, Zero Coupon, 8/31/04 ... ETM 3,044,541
AAA 2,250(3) E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05 ............................... N/A 2,599,897
-------------
5,644,438
-------------
CONNECTICUT--1.2%
Baa3 3,000(4) Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28 ....... 09/09 @ 101 3,023,910
-------------
DELAWARE--3.1%
NR 7,000(4) Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 .................... 11/10 @ 100 7,771,750
-------------
DISTRICT OF COLUMBIA--0.8%
District of Columbia, GO, Ser. E, CAPMAC,
AAA 195(3) 6.00%, 6/01/03 .......................................................... N/A 199,590
AAA 1,705 6.00%, 6/01/09 .......................................................... ETM 1,744,914
-------------
1,944,504
-------------
FLORIDA--3.7%
AAA 1,305 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.55%, 7/01/14 ...... 01/05 @ 102 1,363,464
NR 3,700 Hillsborough Cnty. Ind. Dev. Auth., National Gypsum, Ser. A, 7.125%, 4/01/30 04/10 @ 101 3,713,394
BB- 4,000 Santa Rosa Bay Bridge Auth., 6.25%, 7/01/28 ................................. 07/06 @ 102 2,407,800
Aa3 2,000 So. Broward Hosp. Dist., 5.60%, 5/01/27 ..................................... 05/12 @ 101 2,056,700
-------------
9,541,358
-------------
HAWAII--1.1%
AAA 2,500 Hawaii Dept. Budget & Fin., Spec. Purp. Rev., Hawaiian Elec. Co. Inc.,
Ser. D, 6.15%, 1/01/20, AMBAC ........................................... 01/09 @ 101 2,810,675
-------------
ILLINOIS--10.5%
AAA 10,000 Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC .................... 12/07 @ 102 10,900,700
AAA 5,000 Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA ............................ ETM 6,594,300
Illinois Edl. Fac. Auth., Loyola Univ., FGIC,
AAA 4,000(3) 5.45%, 7/01/05 .......................................................... N/A 4,099,560
AAA 5,000(3) 5.70%, 7/01/05 .......................................................... N/A 5,126,800
-------------
26,721,360
-------------
INDIANA--3.1%
BBB 7,420 Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 7.10%, 1/15/17 .......... 07/04 @ 102 7,870,765
-------------
KENTUCKY--8.3%
AAA 15,715 Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon,
10/01/23, MBIA .......................................................... No Opt. Call 5,615,127
AAA 15,000(3) Kentucky Tpke. Auth., Econ. Dev. Road Rev., 5.75%, 7/01/03, AMBAC ........... N/A 15,408,450
-------------
21,023,577
-------------
LOUISIANA--7.9%
AAA 14,400(3) Louisiana Pub. Fac. Auth., Our Lady of the Lake Regl. Med. Ctr.,
5.90%, 12/01/03, FSA .................................................... N/A 15,083,568
AAA 4,640 New Orleans, GO, 5.875%, 11/01/29, FSA ...................................... 11/09 @ 100 5,146,688
-------------
20,230,256
-------------
See Notes to Financial Statements.
12
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
MARYLAND--4.4%
Aa2 $ 3,310 Maryland Dept. Hsg. & Cmnty. Dev. Admin., Sngl. Fam. Prog., Ser. 2,
6.55%, 4/01/26 .......................................................... 04/05 @ 102 $ 3,437,038
NR 4,000(4) MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 ..................... 11/10 @ 100 4,473,520
AAA 3,175(3) Northeast Wst. Disp. Auth., Sld. Wst., Montgomery Cnty. Res. Rec. Proj.,
Ser. A, 6.30%, 7/01/03, MBIA ............................................ N/A 3,263,392
-------------
11,173,950
-------------
MICHIGAN--2.4%
BB 4,000 Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 ........................... 07/07 @ 101 4,038,720
AAA 2,000(3) River Rouge Sch. Dist., 5.625%, 5/01/03, FSA ................................ N/A 2,030,000
-------------
6,068,720
-------------
MISSOURI--1.7%
Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,
BBB- 2,000 5.25%, 12/01/14 ......................................................... 12/08 @ 102 1,969,340
BBB- 2,500 5.25%, 12/01/26 ......................................................... 12/08 @ 102 2,379,900
-------------
4,349,240
-------------
NEVADA--1.5%
AAA 3,750(3) Washoe Cnty. Arpt. Auth., Arpt. Sys. Impvt., Ser. B, 5.80%, 7/01/03, MBIA ... N/A 3,852,413
-------------
NEW JERSEY--7.9%
AAA 2,000 Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., Ser. B,
5.70%, 1/01/22, FSA ..................................................... 01/10 @ 100 2,191,880
AA 7,000(3) New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/10 ... N/A 8,305,990
A- 12,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 .............................. 06/12 @ 100 9,657,840
-------------
20,155,710
-------------
NEW MEXICO--0.8%
AAA 1,945 Farmington, PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA ... 06/03 @ 102 1,988,743
-------------
NEW YORK--14.7%
New York City, GO,
A+ 4,140 Ser. A, 6.00%, 8/01/05 .................................................. No Opt. Call 4,481,674
A+ 7,000 Ser. E, 6.50%, 2/15/06 .................................................. No Opt. Call 7,746,550
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A- 4,000 6.00%, 1/01/08 .......................................................... 01/04 @ 102 4,130,000
A- 1,000 6.00%, 1/01/15 .......................................................... 01/04 @ 102 1,031,640
New York City Transl. Fin. Auth., Ser. B,
AA+ 8,145(3) 6.00%, 5/15/10 .......................................................... N/A 9,771,882
AA+ 1,855 6.00%, 11/15/21 ......................................................... 05/10 @ 101 2,089,602
New York Dorm. Auth.,
AAA 3,000(3) St. Univ. Edl. Fac., Ser. B, 6.10%, 5/15/04 ............................. N/A 3,214,800
AAA 1,865 Univ. of Rochester, Ser. A, Zero Coupon, 7/01/21 MBIA ................... 07/10 @ 101 1,359,454
AAA 2,030 Univ. of Rochester, Ser. A, Zero Coupon, 7/01/23 MBIA ................... 07/10 @ 101 1,468,401
A 1,955 New York Hsg. Fin. Agcy., Hlth. Fac. of New York City,
Ser. A, 6.375%, 11/01/04 No Opt. Call 2,101,137
-------------
37,395,140
-------------
NORTH CAROLINA--2.3%
AAA 5,000 No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev.,
Ser. B, 7.00%, 1/01/08, CAPMAC No Opt. Call 5,942,650
-------------
OHIO--3.7%
Cuyahoga Cnty.,
A1 3,485 Cleveland Clinic Health Sys., 6.00%, 1/01/20 ............................ 07/13 @ 100 3,759,548
A1 5,000 Cleveland Clinic Health Sys., 6.00%, 1/01/21 ............................ 07/13 @ 100 5,377,350
AAA 375 Port Dev. Proj., 6.00%, 3/01/07 ......................................... ETM 416,018
-------------
9,552,916
-------------
OREGON--2.2%
BB+ 5,600 Klamath Falls, Elec., Klamath Cogeneration Proj., 5.50%, 1/01/07 ............ No Opt. Call 5,601,400
-------------
PENNSYLVANIA--7.2%
AAA 10,100 Lehigh Cnty. Gen. Purp. Auth., St. Lukes Hosp. Bethlehem Proj.,
5.50%, 11/15/13, AMBAC .................................................. 11/03 @ 102 10,484,002
AAA 3,305 McKeesport Area Sch. Dist., Cap. Apprec., Zero Coupon, 10/01/31, FGIC ....... No Opt. Call 752,119
A 2,750 Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs.,
Ser. A, 5.875%, 1/01/15 ................................................. 01/06 @ 101 2,863,685
AAA 4,000 Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog.,
5.50%, 6/15/20, FGIC .................................................... 06/06 @ 100 4,309,600
-------------
18,409,406
-------------
RHODE ISLAND--0.9%
AAA 2,000 Rhode Island Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA ..... 05/07 @ 102 2,177,360
-------------
TENNESSEE--5.3%
A3 7,800 Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 ......... 09/04 @ 102 8,120,892
AAA 4,865 Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC ............. 03/10 @ 101 5,358,262
-------------
13,479,154
-------------
See Notes to Financial Statements.
13
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
TEXAS--12.2%
Dallas Cnty, Util. & Reclam. Dist., Ser. A, AMBAC
AAA $ 6,085 Zero Coupon, 2/15/19 .................................................... 02/05 @ 44.538 $ 2,506,229
AAA 3,800 Zero Coupon, 2/15/20 .................................................... 02/05 @ 41.799 1,466,762
Caa2 5,500 Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Amer. Airlines Inc., 6.375%,
5/01/35 ................................................................. 11/09 @ 101 1,801,085
AAA 6,000 Grapevine, GO, 5.875%, 8/15/24, FGIC ........................................ 08/10 @ 100 6,720,480
AAA 5,000 Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA ...... 11/30 @ 61.166 746,800
BBB 7,000 Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 .......... 05/12 @ 101 7,280,980
A3 6,320 Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev., 5.80%, 11/01/26 .......... 11/11 @ 102 6,444,314
AAA 15,000 Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC ........... 08/12 @ 32.807 2,907,000
AA+ 1,000 Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 ................................... 08/10 @ 100 1,118,400
-------------
30,992,050
-------------
UTAH--1.8%
Intermountain Pwr. Agcy., Sply.,
AAA 2,810 5.00%, 7/01/13, AMBAC ................................................... ETM 2,825,006
A+ 1,145 Ser. B, 5.00%, 7/01/16 .................................................. ETM 1,147,221
A+ 655 Ser. B, 5.00%, 7/01/16 .................................................. 05/03 @ 100 655,773
-------------
4,628,000
-------------
WASHINGTON--8.8%
Washington, GO,
AA+ 4,000 Ser. A, 5.375%, 7/01/21 ................................................. 07/06 @ 100 4,196,400
AA+ 1,000 Ser. B, 6.00%, 1/01/25 .................................................. 01/10 @ 100 1,122,620
Washington Pub. Pwr. Sply.,
AAA 13,395 Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA ............................... 07/06 @ 102 15,051,426
AAA 2,000 Nuclear Proj. No. 2, 5.55%, 7/01/10, FGIC ............................... 07/03 @ 102 2,052,640
-------------
22,423,086
-------------
WISCONSIN--4.6%
A- 13,995 Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 ............................ 06/12 @ 100 11,765,736
-------------
WYOMING--4.0%
A3 10,000 Sweetwater Cnty., PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26 ......... 07/06 @ 102 10,315,300
-------------
TOTAL LONG-TERM INVESTMENTS (COST $368,352,213) 387,903,271
-------------
SHORT-TERM INVESTMENTS5--2.4%
GEORGIA--0.7%
A-1+ 1,900 Mun. Elec. Auth., Proj. One, Ser. C, 1.25%, 5/07/03, MBIA, FRWD ............. N/A 1,900,000
MISSOURI--1.7%
A-1+ 4,200 Missouri Hlth. & Edl. Facs. Auth., Ser. C, 1.35%, 5/01/03, FRDD ............. N/A 4,200,000
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $6,100,000) 6,100,000
-------------
TOTAL INVESTMENTS--154.6% (COST $374,452,213) ............................... 394,003,271
Other assets in excess of liabilities--2.9% ................................. 7,342,101
Preferred shares at redemption value, including dividends payable--(57.5)% .. (146,566,697)
-------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... 254,778,675
=============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 principal and 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 April 30, 2003, the Trust
held 6.0% of its net assets, with a current market value of $15,269,180, in
securities restricted as to resale.
(5) For purposes of amortized cost valuation, the maturity date of these
instruments are considered to be the earlier of the next date on which the
securities can be redeemed at par, or the next date on which the rate of
interest is adjusted.
------------------------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation FRWD -- Floating Rate Weekly Demand
CAPMAC -- Capital Markets Assurance Company FSA -- Financial Security Assurance
ETM -- Escrowed to Maturity GO -- General Obligation
FGIC -- Financial Guaranty Insurance Company MBIA -- Municipal Bond Insurance Association
FRDD -- Floating Rate Daily Demand PCR -- Pollution Control Revenue
------------------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
14
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
----------------------------------
BLACKROCK MUNICIPAL INCOME TRUST
----------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--158.0%
ALABAMA--7.3%
Baa2 $12,000 Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 ... 06/05 @ 102 $ 12,211,080
A2 15,000 Huntsville Hlth. Care Auth., Ser. B, 5.75%, 6/01/32 ......................... 06/12 @ 101 15,295,350
BBB 15,000 Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35 ...... 05/12 @ 100 15,013,200
-------------
42,519,630
-------------
ARIZONA--1.2%
A3 7,000 Scottsdale Ind. Dev. Auth., Scottsdale Htlh. Care, 5.80%, 12/01/31 .......... 12/11 @ 101 7,168,280
-------------
CALIFORNIA--18.8%
A 25,000 California, GO, 5.00%, 2/01/32 .............................................. 08/13 @ 100 24,666,250
A- 19,000 California Infrastructure & Econ. Dev., J. David Gladstone Inst. Proj.,
5.25%, 10/1/34 .......................................................... 10/11 @ 101 19,257,070
A- 5,000 California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs.,
Ser. A, 5.50%, 10/01/33 ................................................. 04/13 @ 100 5,075,100
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB- 54,635 Zero Coupon, 1/15/32 .................................................... 01/10 @ 27.37 9,797,148
BBB- 20,535 Zero Coupon, 1/15/34 .................................................... 01/10 @ 24.228 3,257,467
BBB- 75,000 Zero Coupon, 1/15/38 .................................................... 01/10 @ 19.014 9,318,750
A- 10,000 Golden St. Tobacco Sec. Corp., Tobacco Settlement Rev.,
Ser. A-1, 6.75%, 6/01/39 ................................................ 06/13 @ 100 8,833,800
Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,
CCC 24,000 Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 ............................ 12/12 @ 102 16,260,960
AAA 13,320 Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC .................. 01/12 @ 100 13,718,535
-------------
110,185,080
-------------
COLORADO--0.6%
BBB+ 3,500 Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 ........ 12/11 @ 100 3,552,010
-------------
CONNECTICUT--9.0%
A3 29,340 Connecticut Dev. Auth., Connecticut Lt. & Pwr., PCR,
Ser. A, 5.85%, 9/01/28 .................................................. 10/08 @ 102 30,711,645
BBB- 20,940 Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 6.25%, 1/01/31 ........... 01/11 @ 101 21,838,535
-------------
52,550,180
-------------
DELAWARE--6.3%
Charter Mac Equity Issuer Trust,
NR 1,000(3) Ser. A, 6.625%, 6/30/49 ................................................. 06/09 @ 100 1,084,520
NR 11,000(3) Ser. A-2, 6.30%, 6/30/49 ................................................ 06/09 @ 100 11,742,500
NR 16,000(3) Ser. A-3, 6.80%, 10/01/52 ............................................... 10/14 @ 100 17,175,360
NR 6,500(3) Ser. B-1, 6.80%, 11/30/50 ............................................... 11/10 @ 100 6,901,505
-------------
36,903,885
-------------
DISTRICT OF COLUMBIA--3.7%
Dist. of Columbia, Georgetown Univ., Ser. A, MBIA,
AAA 15,600 Zero Coupon, 4/01/36 .................................................... 04/11 @ 22.875 2,295,384
AAA 51,185 Zero Coupon, 4/01/37 .................................................... 04/11 @ 21.546 7,076,326
A- 14,535 Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 ............................... 05/11 @ 101 12,520,595
-------------
21,892,305
-------------
FLORIDA--7.4%
Baa2 4,600 Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 ............. 09/06 @ 102 4,753,272
A- 9,670 Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt,
Ser. A, 6.00%, 11/15/31 ................................................. 11/11 @ 101 10,201,270
AA 18,410 JEA Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 ............................... 10/06 @ 100 18,817,413
BBB- 9,000 Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj.,
Ser. A, 7.875%, 12/15/25 ................................................ 12/04 @ 102 9,353,430
-------------
43,125,385
-------------
GEORGIA--0.7%
BBB 4,000 Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj.,
Ser. A, 6.00%, 2/1/25 ................................................... 02/12 @ 101 3,976,200
-------------
IDAHO--3.0%
AAA 16,970 Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC ......... 04/11 @ 100 17,862,283
-------------
See Notes to Financial Statements.
15
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
ILLINOIS--15.9%
Bolingbrook, Ser. B, FGIC,
AAA $14,085 Zero Coupon, 5/01/02 .................................................... No Opt. Call $ 2,699,954
AAA 7,120 Zero Coupon, 1/01/33 .................................................... No Opt. Call 1,440,589
Illinois Dev. Fin. Auth.,
A- 7,095 Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24 .................... 11/09 @ 101 7,197,097
A2 25,000 PCR, Ser. C, 5.95%, 8/15/26 ............................................. 12/06 @ 101 25,619,000
Illinois Edl. Facs. Auth.,
Baa2 10,000 Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj.,
6.25%, 5/01/30 ....................................................... 05/12 @ 101 10,148,200
Baa2 7,000 Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj.,
6.25%, 5/01/34 05/07 @ 100 7,024,360
Aa1 20,000 Univ. of Chicago, Ser. A, 5.25%, 7/01/41 ................................ 07/11 @ 101 20,619,200
Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,
A2 5,000 5.50%, 1/01/22 .......................................................... 01/13 @ 100 5,046,850
A2 6,000 5.625%, 1/01/28 ......................................................... 01/13 @ 100 6,076,020
AAA 40,000 Met. Pier & Exposition Auth., Dedicated St. Tax Rev.,
McCormick Place Expansion Proj., Ser. A, Zero Coupon,
12/15/34, MBIA ....................................................... No Opt. Call 7,281,600
-------------
93,152,870
-------------
INDIANA--5.8%
A+ 9,000 Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31 ......... 09/11 @ 100 9,121,500
Petersburg, PCR, Pwr. & Lt. Conv.,
Baa2 10,000 5.90%, 12/01/24 ......................................................... 08/11 @ 102 9,608,700
Baa2 16,000 5.95%, 12/01/29 ......................................................... 08/11 @ 102 15,320,800
-------------
34,051,000
-------------
KANSAS--2.1%
A3 11,500 Wyandotte Cnty., Gen. Motors Corp. Proj., 6.00%, 6/01/25 .................... 03/12 @ 101 12,152,740
-------------
KENTUCKY--1.6%
AAA 9,090 Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32 ...................... 07/11 @ 100 9,269,073
-------------
LOUISIANA--8.4%
Louisiana Local Gov't. Environ. Facs. & Cmnty. Dev. Auth.,
A 21,425 Cap. Projs. & Equip. Acquisition, 6.55%,
9/01/25, ACA ......................................................... No Opt. Call 24,267,883
Baa1 4,605 Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38 ........................... 06/13 @ 102 4,598,277
A3 20,000 Louisiana Pub. Facs. Auth., Ochsner Clinic Fndtn. Proj.,
Ser. B, 5.50%, 5/15/27 .................................................. 05/12 @ 101 20,118,400
-------------
48,984,560
-------------
MARYLAND--1.5%
NR 8,000(3) MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/09 .................... 06/09 @ 100 8,780,960
-------------
MICHIGAN--3.0%
AA 17,210 Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31 ............... 07/11 @ 101 17,755,213
-------------
MISSISSIPPI--3.3%
A2 18,680 Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 ...... 07/11 @ 100 19,083,301
-------------
NEW HAMPSHIRE--0.6%
A+ 3,500 New Hampshire Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31 . 10/11 @ 101 3,607,310
-------------
NEW JERSEY--9.5%
New Jersey Econ. Dev. Auth.,
B 34,435 Continental Airlines Inc. Proj., 7.00%, 11/15/30 ........................ 11/10 @ 101 23,329,713
Baa3 8,000 Kapkowski Road Landfill Proj., 6.50%, 4/01/28 ........................... No Opt. Call 9,045,600
Tobacco Settlement Fin. Corp.,
A- 12,500 6.125%, 6/01/42 ......................................................... 06/12 @ 100 10,060,250
A- 15,000 6.75%, 6/01/39 .......................................................... 06/13 @ 100 13,250,700
-------------
55,686,263
-------------
OHIO--2.5%
BBB 14,500 Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj.,
Ser. B, 6.00%, 8/01/20 .................................................. 08/07 @ 102 14,797,105
-------------
PENNSYLVANIA--4.0%
A3 6,500 Pennsylvania Econ. Dev. Fin. Auth., Exempt Facs. Rev., Amtrak Proj.,
Ser. A, 6.375%, 11/01/41 ................................................ 05/11 @ 101 5,709,340
A 17,250 Pennsylvania Higher Edl. Facs. Auth., Univ. of Pennsylvania Hlth. Svcs.,
Ser. A, 5.75%, 1/01/22 .................................................. 01/06 @ 101 17,674,695
-------------
23,384,035
-------------
RHODE ISLAND--1.4%
A- 10,000 Tobacco Settlement Fin. Corp., Ser. A, 6.25%, 6/01/42 ....................... 06/12 @ 100 8,254,100
-------------
See Notes to Financial Statements.
16
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
SOUTH CAROLINA--3.5%
Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,
A $ 5,000 5.50%, 11/01/32 ......................................................... 11/13 @ 100 $ 5,079,200
A 10,000 5.75%, 11/01/28 ......................................................... 11/13 @ 100 10,357,900
A- 5,000 So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs., Bon Secours Hlth. Sys. Inc.,
A, Ser. A 5.625%, 11/15/30 ................................................. 11/12 @ 100 5,107,750
-------------
20,544,850
-------------
SOUTH DAKOTA--2.8%
A 19,000 Edl. Enhancement Fdg. Corp., Tobacco Settlement Rev., Ser. B, 6.50%, 6/01/32 06/12 @ 101 16,440,700
-------------
TENNESSEE--1.4%
AAA 20,825 Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev.,
Ser. A, Zero Coupon, 1/01/20, FSA ....................................... 01/13 @ 67.474 8,477,441
-------------
TEXAS--17.0%
Caa2 26,310 Dallas Ft. Worth Intl. Arpt. Fac. Impvt., Amer. Airlines Inc.,
6.375%, 5/01/35 ......................................................... 11/09 @ 101 8,615,735
Harris Cnty. Houston Sports Auth., MBIA,
AAA 12,580 Ser. A, Zero Coupon, 11/15/38 ........................................... 11/30 @ 61.166 1,878,949
AAA 5,000 Ser. H, Zero Coupon, 11/15/35 ........................................... 11/31 @ 78.178 860,600
BBB 20,000 Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 .......... 05/12 @ 101 20,802,800
BBB 4,450 Sabine River Auth., PCR, TXU Elec. Co. Proj.,
Ser. B, Zero Coupon, 11/01/2011 ......................................... No Opt. Call 4,318,191
Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev.,
A3 6,010 5.80%, 11/01/26 ......................................................... 11/11 @ 102 6,128,217
A3 18,605 Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31 ....................... 11/11 @ 102 19,032,357
BBB- 6,575 So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 .......................... 09/12 @ 102 6,472,035
BBB- 4,435 Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 ..................... 09/12 @ 102 4,365,548
Texas Tpke. Auth., Central Sys. Rev., AMBAC,
AAA 35,000 Zero Coupon, 8/15/32 .................................................... 08/12 @ 30.846 6,369,300
AAA 62,325 Zero Coupon, 8/15/33 .................................................... 08/12 @ 28.997 10,646,980
AAA 65,040 Zero Coupon, 8/15/34 .................................................... 08/12 @ 27.31 10,460,383
-------------
99,951,095
-------------
VIRGINIA--4.2%
Arlington Cnty. Ind. Dev. Auth., Hosp. Fac. Rev.,
A2 10,000 Virginia Hosp. Ctr. Arlington Hlth. Sys., 5.25%, 7/01/25 ................ 07/11 @ 101 10,068,400
A2 13,000 Virginia Hosp. Ctr. Arlington Hlth. Sys., 5.25%, 7/01/31 ................ 07/11 @ 101 13,047,970
AAA 8,105 Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA ................. 04/12 @ 34.99 1,717,368
-------------
24,833,738
-------------
WASHINGTON--3.4%
A- 2,190 Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23 ......................... 01/07 @ 103 2,330,532
A- 20,000 Tobacco Settlement Auth., 6.625%, 6/01/32 ................................... 06/13 @ 100 17,491,600
-------------
19,822,132
-------------
WEST VIRGINIA--1.4%
BBB 8,000 Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25 ....... 04/05 @ 102 8,240,480
-------------
WISCONSIN 6.7%
A- 12,000 Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 ............................ 06/12 @ 100 10,088,520
Wisconsin Hlth. & Edl. Facs. Auth.,
A+ 13,750 Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30 ........................ 10/11 @ 101 13,777,363
A 15,000 Wheaton Franciscan Svcs., 5.75%, 8/15/30 ................................ 02/12 @ 101 15,333,000
-------------
39,198,883
-------------
TOTAL LONG-TERM INVESTMENTS (COST $946,580,686) ............................. 926,203,087
-------------
See Notes to Financial Statements.
17
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
SHORT-TERM INVESTMENTS--7.9%
GEORGIA--0.5%
A-1+ $ 2,755 Mun. Elec. Auth., Proj. One, Ser. C, 1.25%, 5/07/03, MBIA, FRWD(4) .......... N/A $ 2,755,000
-------------
NEW YORK--1.5%
A-1+ 4,950 New York City, GO, Ser. H, 1.40%, 5/01/03, FSA, FRDD(4) ..................... N/A 4,950,000
A-1+ 4,000 New York City Mun. Wtr. Fin. Auth., Ser. G, 1.40%, 5/01/03, FGIC, FRDD(4) ... N/A 4,000,000
-------------
8,950,000
-------------
TEXAS--1.0%
A-1+ 5,785 Brownsville Util. Sys., Ser. A, 1.30%, 4/24/03, MBIA(4) ..................... N/A 5,785,000
-------------
MONEY MARKET FUND--4.9%
NR 29,000 AIM Tax Free Investment Co. Cash Reserve Portfolio .......................... N/A 29,000,000
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $46,490,000) ............................. 46,490,000
-------------
TOTAL INVESTMENTS--165.9% (COST $993,070,686) ............................... 972,693,087
Liabilities in excess of other assets--(1.9)% ............................... (11,276,611)
Preferred shares at redemption value, including dividends payable--(64.0)% .. (375,171,939)
-------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 586,244,537
=============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 April 30, 2003, the Trust
held 7.8% of its net assets, with a current market value of $45,684,845, in
securities restricted as to resale.
(4) 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.
------------------------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
ACA -- American Capital Access FSA -- Financial Security Assurance
AMBAC -- American Municipal Bond Assurance Corporation GO -- General Obligation
FGIC -- Financial Guaranty Insurance Company MBIA -- Municipal Bond Insurance Association
FRDD -- Floating Rate Daily Demand PCR -- Pollution Control Revenue
FRWD -- Floating Rate Weekly Demand
------------------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
18
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
---------------------------------------------------------
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
---------------------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--146.2%
California, GO,
A $ 960(3) 5.75%, 3/01/05 ............................................................ N/A $ 1,046,957
A 40 5.75%, 3/01/19 ............................................................ 03/05 @ 101 42,719
California Cnty. Tobacco Sec. Agcy.,
A- 1,000 Ser. B, 6.00%, 6/01/29 .................................................... 06/12 @ 100 855,550
A- 900 Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 .................................. 06/12 @ 100 695,835
California Edl. Facs. Auth., MBIA
AAA 760(3) Santa Clara Univ., 5.00%, 9/01/06 ......................................... N/A 863,542
AAA 835 Student Loan Prog., Ser. A, 6.00%, 3/01/16 ................................ 03/07 @ 102 891,037
AAA 270 California Hsg. Fin. Agcy., Home Mtge. Rev., Ser. I, Zero Coupon,
8/01/21, FSA .............................................................. 02/11 @ 53.209 91,028
California Pub. Wks. Brd., Lease Rev., Ser. A,
Aaa 1,000(3) Dept. of Corrections., 6.875%, 11/01/04 ................................... N/A 1,105,200
A2 1,000 St. Univ. Proj., 6.10%, 10/01/06 .......................................... 10/04 @ 102 1,079,780
AAA 1,385 Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., Ser. A, Zero
Coupon, 1/01/04 ........................................................... No Opt. Call 1,374,266
Los Angeles Cnty.,
AAA 1,000 Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA ....................... 09/07 @ 102 1,123,450
AAA 1,000(3) Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA .................... N/A 1,151,730
Aa3 1,000(3) Los Angeles Cnty. Pub. Wks. Fin. Auth., Regl. Park & Open Space, Dist. A,
6.00%, 10/01/04 ........................................................... N/A 1,088,280
AA 1,150 Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13 ............................ 08/06 @ 101 1,292,704
CCC 945 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc.,
Ser. B, 7.50%, 12/01/24 ................................................... 12/12 @ 102 640,275
NR 1,000 Poway Unified Sch. Dist., Spl. Tax, Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33 09/10 @ 102 961,870
BBB- 1,000 Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 .............. 07/06 @ 102 1,117,300
NR 1,000 San Bernardino Cnty., Spl. Tax, Cmnty. Facs., 5.90%, 9/01/33 ................ 09/12 @ 102 964,400
AAA 500 San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC .......................... 06/03 @ 102 511,515
AAA 1,000(3) San Francisco City & Cnty., Swr. Rev., Ser. A, 5.95%, 10/01/03, FGIC ........ N/A 1,039,680
San Francisco City & Cnty. Arpt. Comn., Intl. Arpt. Rev.,
AAA 1,000 Ser. 6, 6.125%, 5/01/09, AMBAC ............................................ 05/04 @ 102 1,058,280
AAA 150 Ser. 12-A, 5.90%, 5/01/26, MBIA ........................................... 05/06 @ 101 162,956
AAA 40 So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA .... 05/03 @ 100 40,150
AAA 500 Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC ........ 08/07 @ 102 556,775
Aa2 1,135(3) Univ. of California, Research Facs. Rev., Ser. B, 6.30%, 9/01/03 ............ N/A 1,176,711
AAA 370 West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC .............. 08/07 @ 101 401,169
------------
TOTAL LONG-TERM INVESTMENTS (COST $20,467,279) 21,333,159
------------
MONEY MARKET FUND--3.9%
NR 565 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $564,920) .......... N/A 564,920
------------
TOTAL INVESTMENTS--150.1% (COST $21,032,199) ................................ 21,898,079
Other assets in excess of liabilities--1.3% ................................. 195,676
Preferred shares at redemption value, including dividends payable--(51.4)% .. (7,501,437)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 14,592,318
============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 principal and interest on this security, as well as retire the
bond in full at the date indicated, typically at a premium to par.
------------------------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation FSA -- Financial Security Assurance
COP -- Certificate of Participation GO -- General Obligation
FGIC -- Financial Guaranty Insurance Company MBIA -- Municipal Bond Insurance Association
------------------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
19
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
---------------------------------------------
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
---------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--159.3%
CALIFORNIA--145.4%
Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,
AAA $24,500 Zero Coupon, 9/01/31 ..................................................... No Opt. Call $ 5,387,305
AAA 6,070 Zero Coupon, 9/01/32 ..................................................... No Opt. Call 1,265,231
California, GO,
A 4,000 5.125%, 6/01/27 .......................................................... 06/11 @ 100 4,014,520
A 25,000 5.20%, 11/01/31 .......................................................... 11/11 @ 100 25,190,500
AAA 5,500 Ser. BZ, 5.35%, 12/01/21, MBIA ........................................... 06/07 @ 101 5,616,930
AAA 5,000 Ser. BZ, 5.375%, 12/01/24, MBIA .......................................... 06/07 @ 101 5,057,250
California Cnty. Tobacco Sec. Agcy.,
A- 12,000 Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35 .................................. 06/12 @ 100 9,810,480
A- 5,000 Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 ................................. 06/12 @ 100 3,865,750
California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,
A3 4,000 5.375%, 5/01/21 .......................................................... 05/12 @ 101 4,172,560
A3 6,000 5.375%, 5/01/22 .......................................................... 05/12 @ 101 6,225,060
AAA 10,000 California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32 ........ 06/11 @ 101 10,502,700
California Hlth. Facs. Fin. Auth., Ser. A,
A 3,000 Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27 .......................... 05/12 @ 100 3,039,990
A 4,890 Kaiser Proj., 5.40%, 5/01/28 ............................................. 07/06 @ 102 4,952,739
California Hsg. Fin. Agcy.,
AAA 21,770 Ser. B, Zero Coupon, 8/01/31, FSA ........................................ 08/10 @ 31.194 4,601,307
AAA 28,395 Home Mtge. Rev., Ser. Q, Zero Coupon, 2/01/33, AMBAC ..................... 08/11 @ 29.558 5,337,408
AAA 19,185 Home Mtge. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA ...................... 08/11 @ 57.562 7,153,703
California Infrastructure & Econ. Dev.,
A- 15,250 J. David Gladstone Inst. Proj., 5.25%, 10/01/34 .......................... 10/11 @ 101 15,456,332
A 13,500 Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 ........................... 08/11 @ 102 13,879,755
A+ 10,000 California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B,
5.625%, 8/15/42 ........................................................... 08/12 @ 100 10,239,400
Charter Mac Equity Issuer Trust,
7,000(3) Ser. A-2, 6.30%, 6/30/49 ................................................. 06/09 @ 100 7,472,500
4,000(3) Ser. B-1, 6.80%, 11/30/50 ................................................ 11/10 @ 100 4,247,080
A- 5,000 Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A,
5.85%, 12/15/32 ........................................................... 12/13 @ 102 5,148,150
AAA 6,000 El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC . 01/11 @ 100 6,261,060
Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,
AAA 7,485 Zero Coupon, 12/01/29 .................................................... 12/11 @ 37.373 1,731,580
AAA 7,485 Zero Coupon, 12/01/30 .................................................... 12/11 @ 35.365 1,638,541
AAA 7,485 Zero Coupon, 12/01/31 .................................................... 12/11 @ 33.465 1,549,021
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB- 5,000 Zero Coupon, 1/15/33 ..................................................... 01/10 @ 25.78 844,200
BBB- 5,000 Zero Coupon, 1/15/34 ..................................................... 01/10 @ 24.228 793,150
BBB- 13,445 Zero Coupon, 1/15/35 ..................................................... 01/10 @ 22.819 2,007,742
BBB- 1,000 Zero Coupon, 1/15/38 ..................................................... 01/10 @ 19.014 124,250
BBB- 9,620 5.75%, 1/15/40 ........................................................... 01/10 @ 101 9,673,583
A- 3,000 Golden St. Tobacco Sec. Corp., Tobacco Settlement Rev., Ser. A-1, 6.75%,
6/01/39 ................................................................... 06/13 @ 100 2,650,140
NR 5,000 Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28 ... 03/08 @ 102 5,029,150
AAA 2,975 Los Angeles Dept. of Wtr. & Pwr., Wtr. Wks. Rev., Ser. A, 5.125%,
7/01/41, FGIC ............................................................. 07/11 @ 100 3,066,095
CCC 5,500 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc.,
Ser. C, 7.50%, 12/01/24 ................................................... 12/12 @ 102 3,726,470
NR 10,000 Monterey Cnty. Master Plan Fin., COP, 5.00%, 8/01/32, MBIA .................. 08/11 @ 100 10,258,500
MuniMae TE Bond Subsidiary, LLC,
7,000(3) Ser. A, 6.30%, 6/30/49 ................................................... 06/09 @ 100 7,499,870
3,000(3) Ser. B, 6.80%, 6/30/50 ................................................... 06/10 @ 100 3,185,310
BBB 1,000 Palm Springs Mobile Home Park., Sahara Mobile Home Park, 5.625%, 5/15/26 .... 05/12 @ 102 1,004,850
AAA 15,500 Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj.,
5.125%, 9/01/30, MBIA .................................................... 09/11 @ 100 16,102,175
AAA 1,905 Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC ............................ No Opt. Call 426,587
AAA 10,000 Sacramento Mun. Util. Dist., Elec. Rev., Ser. N, 5.00%, 8/15/28, MBIA ....... 08/11 @ 100 10,273,500
See Notes to Financial Statements.
20
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
CALIFORNIA--(CONT'D)
AAA $ 6,500 San Francisco City & Cnty. Arpt. Comn., Intl. Arpt. Rev., Ser. 27-A, 5.25%,
5/01/31, MBIA ............................................................ 05/11 @ 100 $ 6,662,370
San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South,
NR 1,775 6.125%, 8/01/31 .......................................................... 08/09 @ 102 1,771,237
NR 7,500 6.25%, 8/01/33 ........................................................... 08/11 @ 101 7,514,700
San Jose Mult. Fam. Hsg.,
AAA 2,880 Lenzen Hsg., Ser. B, 5.45%, 2/20/43 ...................................... 08/11 @ 102 2,948,112
AAA 4,225 Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34 ............................ 04/11 @ 100 4,322,555
Santa Clara Cnty. Hsg. Auth., Mult. Fam. Hsg., Ser. A,
NR 6,250 Blossom River Apts., 6.50%, 9/01/39 ...................................... 03/08 @ 102 5,963,125
A3 1,715 John Burns Gardens Apts. Proj., 5.85%, 8/01/31 ........................... 02/12 @ 101 1,735,134
A3 1,235 River Town Apts. Proj., 6.00%, 8/01/41 ................................... 02/12 @ 101 1,255,810
NR 3,075 Santa Clarita Facs. Dist., Valencia Town Center, 5.85%, 11/15/32 ............ 11/10 @ 102 3,074,938
A- 5,345 Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%,
6/01/41 .................................................................. 06/11 @ 100 3,814,994
Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,
A- 7,000 5.50%, 6/01/36 ........................................................... 06/12 @ 100 5,287,660
A- 11,500 5.625%, 6/01/43 .......................................................... 06/12 @ 100 8,535,875
AAA 2,000 Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA ................. 08/13 @ 100 1,989,280
A2 2,000 Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33 ......... 04/08 @ 100 2,017,900
-------------
307,376,114
-------------
PUERTO RICO--13.9%
A- 10,000 Puerto Rico Elec. Pwr. Auth., Ser. II, 5.25%, 7/01/31 ....................... 07/12 @ 101 10,232,000
A 2,500 Puerto Rico Hwy. & Transp. Auth., Series G, 5.00%, 7/01/42 .................. 07/13 @ 100 2,458,675
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 10,000 5.70%, 8/01/25 ........................................................... 02/10 @ 100 10,564,500
BBB+ 5,750 5.75%, 8/01/30 ........................................................... 02/07 @ 100 6,199,362
-------------
29,454,537
-------------
TOTAL LONG-TERM INVESTMENTS (COST $338,891,922) ............................. 336,830,651
-------------
MONEY MARKET FUND--1.0%
NR 2,000 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,000,000) ........ N/A 2,000,000
-------------
TOTAL INVESTMENTS--160.3% (COST $340,891,922) ............................... 338,830,651
Other assets in excess of liabilities--2.1% ................................. 4,549,249
Preferred shares at redemption value, including dividends payable--(62.4)% .. (131,964,541)
-------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 211,415,359
=============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 April 30, 2003, the Trust
held 10.6% of its net assets, with a current market value of $22,404,760, in
securities restricted as to resale.
-----------------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation FSA -- Financial Security Assurance
COP -- Certificate of Participation GO -- General Obligation
FGIC -- Financial Guaranty Insurance Company MBIA -- Municipal Bond Insurance Association
-----------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
21
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
------------------------------------------------------
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
------------------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--145.8%
FLORIDA--113.9%
AAA $ 170 Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC ....................... ETM $ 209,664
A1 1,000 Brevard Cnty., Hlth. Fac. Auth. Rev., Holmes Regl. Med. Ctr. Proj., 5.75%,
10/01/13 ................................................................. 10/03 @ 102 1,025,060
AAA 1,000 Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC ................. 07/06 @ 102 1,074,640
AAA 1,000 Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA ........................... 02/06 @ 101 1,044,880
AAA 1,000 Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA .................... 10/05 @ 102 1,083,410
AAA 1,000(3) Dade Cnty., GO, Ser. B, Zero Coupon, 10/01/08, AMBAC ........................ N/A 613,980
AAA 1,000(3) Dade Cnty. Sch. Brd., COP, Ser. A, 6.00%, 5/01/04, MBIA ..................... N/A 1,058,260
AAA 1,000(3) First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC ....................... N/A 1,135,700
Aaa 1,000(3) Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05 ............................ N/A 1,101,880
AAA 500 Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%,
3/01/15, AMBAC ........................................................... 03/05 @ 102 548,035
AAA 1,000(3) Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Environ. Pres.,
Ser. A, 5.75%, 7/01/05, AMBAC ............................................ N/A 1,102,860
AAA 1,000(3) Florida Dept. of Trans., GO, 5.80%, 7/01/05 ................................. N/A 1,103,920
AAA 440 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.25%, 7/01/11 ...... 07/04 @ 102 457,310
AAA 1,000 Jacksonville Cap. Impvt., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC .......... 10/04 @ 101 1,063,610
AAA 1,000 Lee Cnty., Transp. Fac. Rev., 5.75%, 10/01/22, MBIA ......................... 10/05 @ 102 1,087,090
AAA 5,000 Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA .... 04/08 @ 28.079 1,056,300
A 1,000(3) Orlando & Orange Cnty., Expwy. Auth. Rev., 5.95%, 7/01/03 ................... N/A 1,007,500
AA- 1,000 Pinellas Cnty., Hlth. Fac. Auth. Rev., Baycare Hlth. Sys., 5.50%, 11/15/33 .. 05/13 @ 100 1,001,300
AAA 1,000(3) Seminole Cnty. Sch. Brd., COP, Ser. A, 6.125%, 7/01/04, MBIA ................ N/A 1,077,030
AAA 1,000(3) Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC .......................... N/A 1,145,390
BBB+ 1,000 Volusia Cnty. Edl. Fac. Auth. 6.125%, 10/15/16 .............................. 10/06 @ 102 1,070,100
------------
20,067,919
------------
PUERTO RICO--31.9%
A- 500 Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 ............. 05/12 @ 100 396,435
Puerto Rico Elec. Pwr. Auth.,
AAA 1,000(3) Ser. T, 6.375%, 7/01/04 .................................................. N/A 1,080,500
A- 1,000 Ser. U, 6.00%, 7/01/14 ................................................... 07/04 @ 102 1,057,120
Puerto Rico Pub. Bldg. Auth., Gtd. Pub. Ed. & Hlth. Fac. Rev., Ser. M,
A- 530(3) 5.50%, 7/01/03 ........................................................... N/A 541,406
A- 470 5.50%, 7/01/21 ........................................................... 07/03 @ 101.5 480,232
A- 1,000(3) 5.75%, 7/01/03 ........................................................... N/A 1,022,160
BBB+ 1,000 Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 ......................... 02/12 @ 100 1,045,970
------------
5,623,823
------------
TOTAL LONG-TERM INVESTMENTS (COST $23,579,762) .............................. 25,691,742
------------
MONEY MARKET FUND--1.2%
NR 205 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $204,915) .......... N/A 204,915
------------
TOTAL INVESTMENTS--147.0% (COST $23,784,677) ................................ 25,896,657
Other assets in excess of liabilities--1.3% ................................. 223,528
Preferred shares at redemption value, including dividends payable--(48.3)% .. (8,501,676)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 17,618,509
============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 principal and interest on this security, as well as retire the
bond in full at the date indicated, typically at a premium to par.
-----------------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation FSA -- Financial Security Assurance
COP -- Certificate of Participation GO -- General Obligation
ETM -- Escrowed to Maturity MBIA -- Municipal Bond Insurance Association
FGIC -- Financial Guaranty Insurance Company
-----------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
22
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
------------------------------------------
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--155.1%
FLORIDA--135.1%
AA $10,715 Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32 ... 05/12 @ 102 $ 11,459,049
A 2,000 Boynton Beach Mult. Fam. Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA ...... 01/13 @ 100 2,034,400
AAA 2,800 Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1,
5.00%,10/01/31, MBIA ..................................................... 08/11 @ 102 2,828,392
AAA 7,000 Escambia Cnty. Hlth. Facs. Auth., Hlth. Care Fac. Rev., 5.95%, 7/01/20,
AMBAC .................................................................... No Opt. Call 7,750,680
AA+ 5,550 Florida Brd. of Ed., GO, Ser. A, 5.125%, 6/01/30 ............................ 06/10 @ 101 5,718,609
A 3,000 Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29 ............ 10/09 @ 102 3,110,670
AA- 1,860 Florida Tpke. Auth., Dept. of Transp., Ser. B, 5.00%, 7/01/30 ............... 07/10 @ 101 1,901,329
NR 1,715 Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 ............ 05/13 @ 101 1,706,151
A- 6,500 Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%,
11/15/31 ................................................................. 11/11 @ 101 6,857,110
BBB+ 2,800 Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%,
10/01/23 ................................................................. 10/12 @ 100 2,686,628
AA 7,500 Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%,
11/15/36 ................................................................. 11/11 @ 101 7,821,600
AAA 4,000 Jacksonville Transp., 5.00%, 10/01/26, MBIA ................................. 10/11 @ 100 4,099,720
JEA Elec. Sys.,
AA 5,000 5.20%, 10/01/33 .......................................................... 10/03 @ 101 5,024,600
AA+ 5,000 Ser. A, 5.50%, 10/01/41 .................................................. 10/07 @ 100 5,229,950
AA 7,500 JEA Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 ............................... 10/06 @ 100 7,665,975
NR 1,695 Laguna Lakes Cmnty., Spec. Assessment, Ser. A, 6.40%, 5/01/33 ............... 05/13 @ 101 1,692,068
AAA 2,770 Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC .......................... No Opt. Call 1,152,819
Miami Dade Cnty., Spec. Oblig. Rev., MBIA,
AAA 2,595 Ser. A, Zero Coupon, 10/01/19 ............................................ 04/08 @ 55.413 1,133,781
AAA 9,700 Ser. B, Zero Coupon, 10/01/33 ............................................ 04/08 @ 25.056 1,842,612
AAA 25,000 Ser. C, Zero Coupon, 10/01/28 04/08 @ 32.99 6,241,000
AAA 1,000 Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC ........ 07/11 @ 101 1,038,320
No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,
NR 5,845 6.10%, 8/01/21 ........................................................... 08/11 @ 101 5,979,026
NR 3,500 6.125%, 8/01/31 .......................................................... 08/11 @ 101 3,538,885
AAA 2,500 Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC .............. 08/11 @ 101 2,573,175
Aa3 12,000 So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33 ................. 02/13 @ 100 12,023,520
AAA 1,500 St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA ..................... 10/09 @ 101 1,531,575
NR 2,850 Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32 .... 10/09 @ 100 2,863,167
AA 5,500 Tampa, Univ. Tampa Proj., 5.625%, 4/01/32, RAA .............................. 04/12 @ 100 5,859,590
AA 6,000 Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 .................................. 10/11 @ 101 6,159,960
NR 1,975 Village Cmnty. Dev., Assmt. Rev., Ser. A, 6.50%, 5/01/33 .................... 05/13 @ 101 1,996,804
BBB+ 2,000 Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%,
10/15/29 ................................................................. 10/09 @ 101 2,062,120
-------------
133,583,285
-------------
See Notes to Financial Statements.
23
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
PUERTO RICO--20.0%
A- $6,000 Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 ............. 05/12 @ 100 $ 4,757,220
A- 7,500 Puerto Rico, GO, Ser. A, 5.125%, 7/01/31 .................................... 07/11 @ 100 7,582,350
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 4,000 5.70%, 8/01/25 ........................................................... 02/10 @ 100 4,225,800
BBB+ 3,000 5.75%, 8/01/30 ........................................................... 02/07 @ 100 3,234,450
-------------
19,799,820
-------------
TOTAL INVESTMENTS--155.1% (COST $149,284,855) ............................... 153,383,105
Other assets in excess of liabilities--3.1% ................................. 3,091,193
Preferred shares at redemption value, including dividends payable--(58.2)% .. (57,551,970)
-------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 98,922,328
=============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest call or redemption. There may be
other call provisions at varying prices at later dates.
---------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
ACA -- American Capital Access GO -- General Obligation
AMBAC -- American Municipal Bond Assurance Corporation MBIA -- Municipal Bond Insurance Association
COP -- Certificate of Participation PCR -- Pollution Control Revenue
FGIC -- Financial Guaranty Insurance Company RAA -- Radian Asset Assurance
FSA -- Financial Security Assurance
---------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
24
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
---------------------------------------------------------
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
---------------------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--145.3%
NEW JERSEY--130.7%
NR $ 1,000(3) Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 .................... 06/09 @ 100 $ 1,084,520
AAA 1,000 Delaware River Port. Auth. of PA & NJ, 5.75%, 1/01/26, FSA .................. 01/10 @ 100 1,100,680
AAA 1,000(4) Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA .............. N/A 1,131,280
New Jersey Econ. Dev. Auth.,
B 1,000 Continental Airlines Inc. Proj., 7.00%, 11/15/30 ......................... 11/10 @ 101 677,500
AAA 1,000(4) Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/04, MBIA .......................... N/A 1,074,170
AAA 900 Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA ............................... No Opt. Call 1,046,475
BBB 500 Trigen-Trenton Proj. Ser. A, 6.20%, 12/01/10 ............................. 12/03 @ 102 512,725
AAA 1,000(4) New Jersey Edl. Fac. Auth., Rowan College, Ser. E, 5.875%, 7/01/06, AMBAC ... N/A 1,139,530
New Jersey Hlth. Care Fac. Fin. Auth.,
A2 1,000 Hackensack Univ. Med. Ctr., 6.00%, 1/01/25 ............................... 01/11 @ 101 1,053,870
AAA 1,000(4) Riverview Med. Ctr., 5.50%, 7/01/04, AMBAC ............................... N/A 1,069,870
AAA 1,000 St. Josephs Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE ................ 07/06 @ 102 1,096,230
AAA 610 New Jersey Hsg. & Mtge. Fin. Agcy., Home Buyer, Ser. O, 6.35%, 10/01/27, MBIA 10/05 @ 101.5 632,741
AAA 1,000 New Jersey Tpke. Auth., Ser. C, 6.50%, 1/01/16, AMBAC ....................... No Opt. Call 1,247,330
New Jersey Transp. Trust Fund Auth., Trans. Sys. Rev., Ser. B, MBIA
AAA 375(4) 5.50%, 6/15/05 ........................................................... N/A 414,566
AAA 625 5.50%, 6/15/15 ........................................................... 06/05 @ 102 682,794
AAA 375(4) 5.75%, 6/15/05 ........................................................... N/A 416,512
AAA 625 5.75%, 6/15/14 ........................................................... 06/05 @ 102 686,694
AA 1,000(4) North Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/15 ..................... N/A 1,084,760
AAA 1,000 Passaic Valley Sewage Com., Swr. Sys., Ser. E, GO, 5.75%, 12/01/21, AMBAC ... 12/09 @ 101 1,130,210
AA- 1,000 Port Auth. of NY & NJ, 5.75%, 12/15/20 ...................................... 06/05 @ 101 1,068,610
AAA 430 So. Jersey Transp. Auth., Transp. Sys. Rev., Ser. B, 6.00%, 11/01/12, MBIA .. 05/03 @ 102 438,832
A- 1,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 .............................. 06/12 @ 100 804,820
------------
19,594,719
------------
PUERTO RICO--14.6%
A- 1,000 Puerto Rico Elec. Pwr. Auth., Ser. U, 6.00%, 7/01/14 ........................ 07/04 @ 102 1,057,120
AAA 1,000 Puerto Rico, GO, 5.40%, 7/01/25, FSA ........................................ 07/06 @ 101 1,133,050
------------
2,190,170
------------
TOTAL LONG-TERM INVESTMENTS (COST $20,135,273) .............................. 21,784,889
------------
MONEY MARKET FUND--2.6%
NR 391 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $391,467) .......... N/A 391,467
------------
TOTAL INVESTMENTS--147.9% (COST $20,526,740) ................................ 22,176,356
Other assets in excess of liabilities--2.1% ................................. 314,089
Preferred shares at redemption value, including dividends payable--(50.0)% .. (7,500,154)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 14,990,291
============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 April 30, 2003, the Trust
held 7.2% of its net assets, with a current market value of $1,084,520 in
securities restricted as to resale.
(4) This bond is prerefunded. U.S. government securities, held in escrow, are
used to pay principal and interest on this security, as well as retire the
bond in full at the date indicated, typically at a premium to par.
-----------------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation GO -- General Obligation
CONNIE LEE -- College Construction Loan Insurance Association MBIA -- Municipal Bond Insurance Association
FSA -- Financial Security Assurance
-----------------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
25
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
---------------------------------------------
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
---------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--154.4%
NEW JERSEY--122.1%
Charter Mac Equity Issuer Trust,
NR $ 7,000(3) Ser. A-2, 6.30%, 6/30/49 ................................................. 06/09 @ 100 $ 7,472,500
NR 2,500(3) Ser. B-1, 6.80%, 11/30/50 ................................................ 11/10 @ 100 2,654,425
Cherry Hill Twnshp., GO,
Aa2 4,065 5.00%, 7/15/22 ........................................................... 07/11 @ 100 4,214,592
Aa2 4,275 5.00%, 7/15/23 ........................................................... 07/11 @ 100 4,417,486
AAA 12,600 Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon,
11/01/26, FSA ............................................................ No Opt. Call 3,943,170
AAA 7,750 Middlesex Cnty., COP, 5.00%, 8/01/31, MBIA .................................. 08/11 @ 100 7,944,990
Middlesex Cnty. Impvt. Auth.,
AAA 1,400 Admin. Bldg. Res. Proj., 5.35%, 7/01/34 .................................. 07/11 @ 100 1,441,986
AAA 4,470 New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35 .......................... 08/12 @ 100 4,557,925
AAA 1,450 Util. Sys. Rev., Perth Amboy Franchise Proj., Ser. A, 5.00%, 9/01/29,
AMBAC .................................................................... 09/09 @ 101 1,482,900
MuniMae TE Bond Subsidiary, LLC,
NR 3,000(3) Ser. A, 6.30%, 6/30/49 ................................................... 06/09 @ 100 3,214,230
NR 2,000(3) Ser. B, 6.80%, 6/30/50 ................................................... 06/10 @ 100 2,123,540
New Jersey Econ. Dev. Auth.,
B 4,000 Continental Airlines Inc. Proj., 7.00%, 11/15/30 ......................... 11/10 @ 101 2,710,000
B 2,000 Continental Airlines Inc. Proj., 7.20%, 11/15/30 ......................... 11/10 @ 101 1,295,180
BBB- 2,630 First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 ................ 01/09 @ 102 2,546,024
Baa3 2,500 Kapkowski Road Landfill Proj., 6.50%, 4/01/28 ............................ No Opt. Call 2,826,750
Baa3 5,000 Kapkowski Road Landfill Proj., 6.50%, 4/01/31 ............................ No Opt. Call 5,638,850
A+ 2,000 Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 ............................. 06/11 @ 102 2,122,980
NR 1,990 Victoria Hlth., Ser. A, 5.20%, 12/20/36 .................................. 12/11 @ 103 2,057,003
BBB- 3,000 New Jersey Edl. Fac. Auth., Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25 07/13 @ 100 3,092,670
New Jersey Hlth. Care Fac. Fin. Auth.,
A- 4,500 Atlantic City Med. Ctr., 5.75%, 7/01/25 .................................. 07/12 @ 100 4,683,555
A 3,000 Catholic Hlth. East, Ser. A, 5.375%, 11/15/33 ............................ 11/12 @ 100 3,038,250
A3 10,000 Kennedy Hlth. Sys., 5.625%, 7/01/31 ...................................... 07/11 @ 100 10,187,200
Baa1 1,960 So. Jersey Hosp., 6.00%, 7/01/26 ......................................... 07/12 @ 100 2,007,667
Baa1 5,500 So. Jersey Hosp., 6.00%, 7/01/32 ......................................... 07/12 @ 100 5,594,325
Baa1 1,540 So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23 ............................ 07/03 @ 102 1,568,352
AAA 3,000 New Jersey Hsg. & Mtg. Fin. Agcy., Mult. Fam. Hsg. Rev., Ser. A, 5.05%,
5/01/34, FSA ............................................................. 05/11 @ 100 3,066,480
NR 1,990 Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30 06/12 @ 102 2,063,113
AAA 8,000 Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%,
12/01/22, MBIA ........................................................... 12/07 @ 102 8,724,080
A- 18,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 .............................. 06/12 @ 100 14,486,760
Trenton Pkg. Auth., FGIC,
NR 5,465 5.00%, 4/01/25 ........................................................... 04/11 @ 100 5,612,391
NR 2,000 5.00%, 4/01/30 ........................................................... 04/11 @ 100 2,048,600
Vineland, GO, MBIA,
NR 1,500 5.30%, 5/15/30 ........................................................... 05/10 @ 101 1,564,845
NR 1,500 5.375%, 5/15/31 .......................................................... 05/10 @ 101 1,568,220
------------
131,971,039
------------
PUERTO RICO--32.2%
Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,
AAA 3,000 Ser. A, 5.20%, 12/01/33 .................................................. 06/11 @ 100 3,078,600
AAA 3,000 Ser. B, 5.30%, 12/01/28 .................................................. 06/11 @ 100 3,059,070
A 7,000 Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 .................... 07/12 @ 100 7,123,200
Puerto Rico Pub. Bldgs. Auth., Ser. D,
AAA 5,000 Zero Coupon, 7/01/31, AMBAC .............................................. 07/17 @ 100 3,226,750
A- 6,500 Govt. Facs., 5.25%, 7/01/36 .............................................. 07/12 @ 100 6,638,385
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 4,000 5.70%, 8/01/25 ........................................................... 02/10 @ 100 4,225,800
BBB+ 7,040 5.75%, 8/01/30 ........................................................... 02/07 @ 100 7,590,176
------------
34,941,981
------------
Total Long-Term Investments (cost $164,572,429) ............................. $166,913,020
------------
See Notes to Financial Statements.
26
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
MONEY MARKET FUND--1.9%
NR $2,000 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,000,000) ........ N/A $ 2,000,000
------------
TOTAL INVESTMENTS--156.3% (COST $166,572,429) ............................... 168,913,020
Other assets in excess of liabilities--2.8% ................................. 2,989,505
Preferred shares at redemption value, including dividends payable--(59.0)% .. (63,813,103)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $108,089,422
============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 April 30, 2003, the Trust
held 14.3% of its net assets, with a current market value of $15,464,695, in
securities restricted as to resale.
---------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation FSA -- Financial Security Assurance
COP -- Certificate of Participation GO -- General Obligation
FGIC -- Financial Guaranty Insurance Company MBIA -- Municipal Bond Insurance Association
---------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
27
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
---------------------------------------------------------
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
---------------------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--135.9%
NEW YORK--123.4%
AAA $ 1,000(3) Met. Transp. Auth., Commuter Fac. Rev., Ser. M, 6.00%, 7/01/14, AMBAC ....... N/A $ 1,022,630
AAA 1,000 Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC ............................ 11/06 @ 102 1,091,330
AA 1,000 New York, GO, Ser. B, 5.70%, 8/15/12 ........................................ 08/05 @ 101 1,091,740
New York City, GO,
A 1,000 Ser. A, 6.00%, 5/15/30 ................................................... 05/10 @ 101 1,079,870
A 290(3) Ser. D, 6.60%, 2/01/04 ................................................... ETM 301,875
A 710 Ser. D, 6.60%, 2/01/04 ................................................... No Opt. Call 738,102
A 1,000 Ser. I, 5.875%, 3/15/18 .................................................. 03/06 @ 101.5 1,057,420
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A- 1,000 6.00%, 1/01/08 ........................................................... 01/04 @ 102 1,032,500
A3 1,000 6.10%, 1/01/09 ........................................................... 01/04 @ 102 1,032,750
AAA 1,000(3) New York City Mun. Wtr. Fin. Auth., Ser. A, 6.00%, 6/15/05 .................. N/A 1,108,390
New York City Transl. Fin. Auth., Ser. B,
AA+ 815(3) 6.00%, 5/15/10 ........................................................... N/A 977,788
AA+ 1,000(3) 6.00%, 11/15/10 .......................................................... N/A 1,199,740
AA+ 185 6.00%, 11/15/21 .......................................................... 05/10 @ 101 208,397
New York Dorm. Auth.,
AAA 1,250(3) City Univ., 6.125%, 7/01/04, AMBAC ....................................... N/A 1,347,050
AAA 1,000(3) City Univ., 6.20%, 7/01/04, AMBAC ........................................ N/A 1,078,500
AA 1,000 Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA ................................ 02/13@100 1,025,050
Baa3 1,000 Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25 ................................ 07/10 @ 101 1,009,360
AAA 1,005 St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC ............................... No Opt. Call 1,141,288
AAA 1,000(3) St. Univ. Edl. Fac., Ser. A, 6.25%, 5/15/03 .............................. N/A 1,021,430
AAA 1,000(3) St. Univ. Edl. Fac., Ser. B, 6.00%, 5/15/04 .............................. N/A 1,070,580
AAA 1,000(3) St. Univ. Edl. Fac., Ser. B, 6.25%, 5/15/04 .............................. N/A 1,073,120
A+ 1,000 Univ. of Rochester, Ser. B, 5.625%, 7/01/24 .............................. 07/09 @ 101 1,068,970
New York Urban Dev. Corp.,
AAA 1,000(3) Correctional Facs., 5.70%, 1/01/07, MBIA ................................. N/A 1,149,140
AA- 900(3) Youth Fac., 5.875%, 4/01/04 .............................................. N/A 957,114
Caa2 1,000 Port Auth. of NY & NJ, Spec. Oblig., Cont'l./Eastern Proj. LaGuardia,
9.125%, 12/01/15 ......................................................... 06/03 @ 100 1,002,620
-------------
24,886,754
-------------
PUERTO RICO--12.5%
A- 500 Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 ............. 05/12 @ 100 396,435
A- 1,000(3) Puerto Rico Elec. Pwr. Auth., Ser. T, 6.00%, 7/01/04 ........................ N/A 1,075,600
BBB+ 1,000 Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 ......................... 02/12 @ 100 1,045,970
-------------
2,518,005
-------------
TOTAL LONG-TERM INVESTMENTS (COST $25,220,413) .............................. 27,404,759
-------------
MONEY MARKET FUND--10.6%
NR 2,149 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $2,148,887) ........ N/A 2,148,887
-------------
TOTAL INVESTMENTS--146.5% (COST $27,369,300) ................................ 29,553,646
Other assets in excess of liabilities--2.1% ................................. 415,449
Preferred shares at redemption value, including dividends payable--(48.6)% .. (9,800,805)
-------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 20,168,290
=============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 principal and interest on this security, as well as retire the
bond in full at the date indicated, typically at a premium to par.
--------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation MBIA -- Municipal Bond Insurance Association
GO -- General Obligation
--------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
28
PORTFOLIO OF INVESTMENTS (UNAUDITED)
APRIL 30, 2003
------------------------------------------
BLACKROCK NEW YORK MUNICIPAL INOME TRUST
------------------------------------------
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
LONG-TERM INVESTMENTS--157.1%
NEW YORK--134.5%
Charter Mac Equity Issuer Trust,
NR $ 6,000(3) Ser. A-2, 6.30%, 6/30/49 ................................................. 06/09 @ 100 $ 6,405,000
NR 5,500(3) Ser. B-1, 6.80%, 11/30/50 ................................................ 11/10 @ 100 5,839,735
NR 2,750 Columbia Cnty. Ind. Dev. Agcy., Civic Fac. Rev., Hudson Valley Care,
Ser. A, 6.875%, 3/20/37 .................................................. 03/12 @ 105 3,186,673
AAA 1,355 East Rochester Hsg. Auth., Gates Sr. Hsg. Inc. Proj., 6.13%, 4/20/43 ........ 10/11 @ 105 1,482,736
A- 2,590 Long Island Pwr. Auth., Elec. Sys. Rev., Ser. A, 5.50%, 12/01/29 ............ 06/03 @ 101 2,623,463
Met. Transp. Auth., Dedicated Tax Fund, Ser. A,
AA- 12,000 5.00%, 11/15/30 .......................................................... 11/12 @ 100 12,157,440
A 12,000 5.125%, 11/15/31 ......................................................... 11/12 @ 100 12,261,840
MuniMae TE Bond Subsidiary, LLC,
NR 6,000(3) Ser. A, 6.30%, 6/30/49 ................................................... 06/09 @ 100 6,428,460
NR 3,000(3) Ser. B, 6.80%, 6/30/50 ................................................... 06/10 @ 100 3,185,310
A 6,000 New York, GO, Ser. C, 5.375%, 3/15/28 ....................................... 03/12 @ 100 6,173,220
A 7,000 New York City, GO, Ser. D, 5.375%, 6/01/32 .................................. 06/12 @ 100 7,206,290
New York City Ind. Dev. Agcy.,
A 750 Marymount Sch. Proj., 5.125%, 9/01/21, ACA ............................... 09/11 @ 102 776,708
A 2,000 Marymount Sch. Proj., 5.25%, 9/01/31, ACA ................................ 09/11 @ 102 2,029,220
AAA 1,550 Royal Charter Presbyterian, 5.25%, 12/15/32, FSA ......................... 12/11 @ 102 1,622,540
BBB- 14,850 Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 ................ 07/11 @ 100 14,710,261
A3 6,000 Term. One Grp. Assoc. Proj., 6.00%, 1/01/19 .............................. 01/04 @ 102 6,181,140
New York City Mun. Wtr. Fin. Auth.,
AAA 4,500 Ser. A, 5.00%, 6/15/32, FGIC ............................................. 06/11 @ 100 4,596,525
AA 7,000 Ser. C, 5.00%, 6/15/32 ................................................... 06/11 @ 100 7,126,420
New York City Transl. Fin. Auth., Ser. C,
AA+ 5,940(4) 5.00%, 5/01/09 ........................................................... N/A 6,755,503
AA+ 3,660 5.00%, 5/01/29 ........................................................... 05/09 @ 101 3,715,632
New York Dorm. Auth.,
AAA 500 Ser. A, 5.00%, 3/15/32, FGIC ............................................. 03/13 @ 100 512,265
AA- 17,000 City Univ., Ser. A, 5.25%, 7/01/31 ....................................... 07/11 @ 100 19,242,980
A3 10,780 Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30 ............................. 07/11 @ 101 11,112,347
AAA 9,000 New Sch. Univ., 5.00%, 7/01/41, MBIA ..................................... 07/11 @ 100 9,169,380
AAA 9,000 New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC ............................ 07/11 @ 100 9,169,380
AAA 500 St. Barnabas, Ser. A, 5.00%, 2/01/31, AMBAC .............................. 08/12 @ 100 512,360
New York Mtg. Agcy.,
Aa1 5,985 Ser. 101, 5.40%, 4/01/32 ................................................. 10/11 @ 100 6,106,196
NR 15,500 Ser. A, 5.30%, 10/01/31 .................................................. 04/11 @ 100 15,769,390
AA- 6,290(4) New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06 ...... N/A 7,037,692
Port Auth. of NY & NJ,
AAA 9,500 Ser. 124, 5.00%, 8/01/36, FGIC ........................................... 08/08 @ 101 9,648,960
AAA 13,000 Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA ............... 12/07 @ 102 14,176,630
NR 9,250 Spec. Oblig., Cont'l./Eastern Proj. LaGuardia, 9.125%, 12/01/15 .......... 06/03 @ 100 9,274,235
A- 2,500 Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A,
5.75%, 6/1/43 ............................................................ 06/12 @ 100 1,984,425
A- 5,000 Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 .. 08/12 @ 100 3,968,500
TSASC Inc., Ser. 1,
A 8,000 6.375%, 7/15/39 .......................................................... 07/09 @ 101 7,237,440
A2 5,000 Tobacco Settlement Rev., 5.75%, 7/15/32 .................................. 07/12 @ 100 4,243,200
AA 2,500 Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%,
10/01/31, RAA ............................................................ 10/11 @ 100 2,580,800
A 2,000 Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%,
7/15/29 .................................................................. 07/10 @ 101 1,956,500
------------
$248,166,796
------------
See Notes to Financial Statements.
29
PRINCIPAL
AMOUNT OPTION CALL
RATING(1) (000) DESCRIPTION PROVISIONS(2) VALUE
====================================================================================================================================
PUERTO RICO--22.6%
A- $10,750 Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 ............. 05/12 @ 100 $ 8,523,353
A- 3,000 Puerto Rico, GO, Ser. A, 5.125%, 7/01/31 .................................... 07/11 @ 100 3,032,940
A- 6,000 Puerto Rico Pub. Bldgs. Auth., Govt. Facs., Ser. D, 5.25%, 7/01/36 .......... 07/12 @ 100 6,127,740
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 10,000 5.50%, 8/01/29 ........................................................... 02/12 @ 100 10,459,700
BBB+ 7,000 5.70%, 8/01/25 ........................................................... 02/10 @ 100 7,395,150
BBB+ 5,750 5.75%, 8/01/30 ........................................................... 02/07 @ 100 6,199,362
-------------
41,738,245
-------------
TOTAL INVESTMENTS--157.1% (COST $282,637,951) ............................... 289,905,041
Other assets in excess of liabilities--2.4% ................................. 4,354,465
Preferred shares at redemption value, including dividends payable--(59.5%) .. (109,768,181)
-------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 184,491,325
=============
----------
(1) Using the higher of S&P's, Moody's or Fitch's rating.
(2) Date(month/year) and price of the earliest 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 April 30, 2003, the Trust
held 11.8% of its net assets, with a current market value of $21,858,505, in
securities restricted as to resale.
(4) This bond is prerefunded. U.S. government securities, held in escrow, are
used to pay principal and interest on this security, as well as retire the
bond in full at the date indicated, typically at a premium to par.
--------------------------------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
ACA -- American Capital Access GO -- General Obligation
AMBAC -- American Municipal Bond Assurance Corporation MBIA -- Municipal Bond Insurance Association
FGIC -- Financial Guaranty Insurance Company RAA -- Radian Asset Assurance
FSA -- Financial Security Assurance
--------------------------------------------------------------------------------------------------------
See Notes to Financial Statements.
30
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)
APRIL 30, 2003
--------------------------------------------------------------------------------
CALIFORNIA CALIFORNIA
INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY MUNICIPAL
ASSETS MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST INCOME TRUST
------------------ ------------- ------------------ ------------
Investments at value(1) .......................... $ 394,003,271 $ 972,693,087 $ 21,898,079 $ 338,830,651
Cash ............................................. 1,619,056 268,484 -- 642,039
Receivable from investments sold ................. -- 4,318,498 -- --
Interest receivable .............................. 7,196,908 17,029,019 310,225 5,221,759
Other assets ..................................... 64,304 43,382 8,516 12,047
-------------- -------------- -------------- --------------
402,883,539 994,352,470 22,216,820 344,706,496
-------------- -------------- -------------- --------------
LIABILITIES
Payable for investments purchased ................ -- 29,106,889 -- --
Dividends payable -- common shares ............... 1,211,264 3,400,731 68,818 1,105,181
Investment advisory fee payable .................. 114,885 273,720 6,330 98,100
Administration fee payable ....................... 49,236 -- 1,809 --
Deferred Directors/Trustees fees ................. 45,308 38,457 8,495 10,291
Other accrued expenses ........................... 117,474 116,197 37,613 113,024
-------------- -------------- -------------- --------------
1,538,167 32,935,994 123,065 1,326,596
-------------- -------------- -------------- --------------
PREFERRED SHARES AT REDEMPTION VALUE
$25,000 liquidation value per share, including
dividends payable(2,3) ......................... 146,566,697 375,171,939 7,501,437 131,964,541
-------------- -------------- -------------- --------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS ............................ $ 254,778,675 $ 586,244,537 $ 14,592,318 $ 211,415,359
============== ============== ============== ==============
Composition of Net Assets Applicable to
Common Shareholders:
Par value ...................................... $ 167,071 $ 43,529 $ 10,071 $ 14,986
Paid-in capital in excess of par ............... 231,766,743 617,749,883 13,392,714 212,626,998
Undistributed net investment income ............ 8,925,458 10,779,081 323,699 2,836,097
Accumulated net realized gain (loss) ........... (5,631,655) (21,950,357) (46) (2,001,451)
Net unrealized appreciation (depreciation) ..... 19,551,058 (20,377,599) 865,880 (2,061,271)
-------------- -------------- -------------- --------------
Net assets applicable to common shareholders,
April 30, 2003 ................................. $ 254,778,675 $ 586,244,537 $ 14,592,318 $ 211,415,359
============== ============== ============== ==============
Net asset value per common share(4) $15.25 $13.47 $14.49 $14.11
====== ====== ====== ======
(1)Investments at cost ........................... $ 374,452,213 $ 993,070,686 $ 21,032,199 $ 340,891,922
(2)Preferred shares outstanding .................. 5,862 15,005 300 5,278
(3)Par value per share ........................... 0.01 0.001 0.01 0.001
(4)Common shares outstanding ..................... 16,707,093 43,529,344 1,007,093 14,985,501
See Notes to Financial Statements.
31
FLORIDA FLORIDA NEW JERSEY NEW JERSEY
INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY MUNICIPAL
ASSETS MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST INCOME TRUST
------------------ ------------ ------------------ ------------
Investments at value(1) .......................... $ 25,896,657 $ 153,383,105 $ 22,176,356 $ 168,913,020
Cash ............................................. -- 1,562,487 -- 556,477
Receivable from investments sold ................. -- -- -- --
Interest receivable .............................. 346,810 2,130,073 418,649 3,085,972
Other assets ..................................... 8,507 5,280 8,503 5,905
-------------- -------------- -------------- --------------
26,251,974 157,080,945 22,603,508 172,561,374
-------------- -------------- -------------- --------------
LIABILITIES
Payable for investments purchased ................ -- -- -- --
Dividends payable -- common shares ............... 77,544 488,785 66,367 537,572
Investment advisory fee payable .................. 7,499 44,663 6,420 49,071
Administration fee payable ....................... 2,143 -- 1,834 --
Deferred Directors/Trustees fees ................. 8,481 4,503 8,481 4,971
Other accrued expenses ........................... 36,122 68,696 29,961 67,235
-------------- -------------- -------------- --------------
131,789 606,647 113,063 658,849
-------------- -------------- -------------- --------------
PREFERRED SHARES AT REDEMPTION VALUE
$25,000 liquidation value per share, including
dividends payable(2,3) ......................... 8,501,676 57,551,970 7,500,154 63,813,103
-------------- -------------- -------------- --------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS ............................ $ 17,618,509 $ 98,922,328 $ 14,990,291 $ 108,089,422
============== ============== ============== ==============
Composition of Net Assets Applicable to
Common Shareholders:
Par value ...................................... $ 11,271 $ 6,646 $ 10,071 $ 7,415
Paid-in capital in excess of par ............... 15,001,008 94,259,825 13,353,335 105,166,744
Undistributed net investment income ............ 387,272 962,507 487,851 1,260,603
Accumulated net realized gain (loss) ........... 106,978 (404,900) (510,582) (685,931
Net unrealized appreciation (depreciation) ..... 2,111,980 4,098,250 1,649,616 2,340,591
-------------- -------------- -------------- --------------
Net assets applicable to common shareholders,
April 30, 2003 ................................. $ 17,618,509 $ 98,922,328 $ 14,990,291 $ 108,089,422
============== ============== ============== ==============
Net asset value per common share(4) $15.63 $14.88 $14.88 $14.58
====== ====== ====== ======
(1)Investments at cost ........................... $ 23,784,677 $ 149,284,855 $ 20,526,740 $ 166,572,429
(2)Preferred shares outstanding .................. 340 2,302 300 2,552
(3)Par value per share ........................... 0.01 0.001 0.01 0.001
(4)Common shares outstanding ..................... 1,127,093 6,646,343 1,007,093 7,414,793
NEW YORK NEW YORK
INVESTMENT QUALITY MUNICIPAL
ASSETS MUNICIPAL TRUST INCOME TRUST
------------------ ------------
Investments at value(1) .......................... $ 29,553,646 $ 289,905,041
Cash ............................................. -- 540,452
Receivable from investments sold ................. -- --
Interest receivable .............................. 545,456 4,887,875
Other assets ..................................... 8,508 10,066
-------------- --------------
30,107,610 295,343,434
-------------- --------------
LIABILITIES
Payable for investments purchased ................ -- --
Dividends payable -- common shares ............... 95,581 915,634
Investment advisory fee payable .................. 8,606 83,912
Administration fee payable ....................... 2,459 --
Deferred Directors/Trustees fees ................. 8,476 8,426
Other accrued expenses ........................... 23,393 75,956
-------------- --------------
138,515 1,083,928
-------------- --------------
PREFERRED SHARES AT REDEMPTION VALUE
$25,000 liquidation value per share, including
dividends payable(2,3) ......................... 9,800,805 109,768,181
-------------- --------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS ............................ $ 20,168,290 $ 184,491,325
============== ==============
Composition of Net Assets Applicable to
Common Shareholders:
Par value ...................................... $ 13,071 $ 12,521
Paid-in capital in excess of par ............... 17,651,717 177,605,594
Undistributed net investment income ............ 553,455 1,860,345
Accumulated net realized gain (loss) ........... (234,299) (2,254,225)
Net unrealized appreciation (depreciation) ..... 2,184,346 7,267,090
-------------- --------------
Net assets applicable to common shareholders,
April 30, 2003 ................................. $ 20,168,290 $ 184,491,325
============== ==============
Net asset value per common share(4) $15.43 $14.73
====== ======
(1)Investments at cost ........................... $ 27,369,300 $ 282,637,951
(2)Preferred shares outstanding .................. 392 4,390
(3)Par value per share ........................... 0.01 0.001
(4)Common shares outstanding ..................... 1,307,093 12,521,494
See Notes to Financial Statements.
32
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE SIX MONTHS ENDED APRIL 30, 2003
--------------------------------------------------------------------------------
CALIFORNIA CALIFORNIA
INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY MUNICIPAL
INVESTMENT INCOME MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST INCOME TRUST
------------------ ------------ ------------------ ------------
Interest Income ................................ $ 11,221,372 $ 29,514,231 $ 638,640 $ 9,471,628
-------------- -------------- -------------- --------------
EXPENSES
Investment advisory ............................ 696,094 2,869,126 38,805 1,023,002
Administration ................................. 298,326 -- 11,087 --
Transfer agent ................................. 11,902 10,684 5,454 8,032
Custodian ...................................... 57,597 79,345 4,526 44,802
Reports to shareholders ........................ 28,419 53,238 8,429 21,908
Directors/Trustees ............................. 19,781 39,501 5,950 15,422
Registration ................................... 15,621 16,793 990 15,620
Independent accountants ........................ 24,622 27,135 4,457 21,324
Legal .......................................... 17,921 27,087 2,974 8,918
Insurance ...................................... 3,140 21,371 180 7,614
Auction agent .................................. 188,368 480,427 9,309 170,437
Miscellaneous .................................. 33,394 39,082 9,187 20,847
-------------- -------------- -------------- --------------
Total expenses ............................... 1,395,185 3,663,789 101,348 1,357,926
Less fees waived by Advisor .................. -- (1,195,469) -- (426,251)
Less fees paid indirectly .................... (6,604) (4,301) -- (6,392)
-------------- -------------- -------------- --------------
Net expenses ................................. 1,388,581 2,464,019 101,348 925,283
-------------- -------------- -------------- --------------
Net investment income ............................ 9,832,791 27,050,212 537,292 8,546,345
-------------- -------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) ....................... 288,266 (6,368,001) (46) 367,075
Net change in unrealized
appreciation/depreciation .................... (936,274) 7,837,696 (406,738) (2,410,194)
-------------- -------------- -------------- --------------
Net gain (loss) .................................. (648,008) 1,469,695 (406,784) (2,043,119)
-------------- -------------- -------------- --------------
DIVIDENDS TO PREFERRED SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (848,404) (2,176,097) (36,799) (671,965)
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS ...................... $ 8,336,379 $ 26,343,810 $ 93,709 $ 5,831,261
============== ============== ============== ==============
See Notes to Financial Statements.
33
FLORIDA FLORIDA NEW JERSEY NEW JERSEY
INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY MUNICIPAL
INVESTMENT INCOME MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST INCOME TRUST
------------------ ------------ ------------------ ------------
Interest Income ................................ $ 704,700 $ 4,084,221 $ 614,563 $ 4,727,344
-------------- -------------- -------------- --------------
EXPENSES
Investment advisory ............................ 45,388 461,576 38,885 508,762
Administration ................................. 12,968 -- 11,110 --
Transfer agent ................................. 5,454 8,162 5,454 8,162
Custodian ...................................... 5,052 35,007 4,477 37,939
Reports to shareholders ........................ 8,429 15,213 8,429 15,186
Directors/Trustees ............................. 5,949 7,319 5,949 7,810
Registration ................................... 990 12,828 990 12,828
Independent accountants ........................ 4,457 20,666 4,457 20,666
Legal .......................................... 2,974 5,623 2,974 6,008
Insurance ...................................... 225 3,321 188 3,930
Auction agent .................................. 10,547 74,900 9,309 82,631
Miscellaneous .................................. 9,179 13,041 9,177 13,791
-------------- -------------- -------------- --------------
Total expenses ............................... 111,612 657,656 101,399 717,713
Less fees waived by Advisor .................. -- (192,323) -- (211,984)
Less fees paid indirectly .................... -- (8,066) -- (6,620)
-------------- -------------- -------------- --------------
Net expenses ................................. 111,612 457,267 101,399 499,109
-------------- -------------- -------------- --------------
Net investment income ............................ 593,088 3,626,954 513,164 4,228,235
-------------- -------------- -------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) ....................... 106,978 435,487 9,388 (20,431)
Net change in unrealized
appreciation/depreciation .................... (207,517) 1,256,126 153,009 1,462,150
-------------- -------------- -------------- --------------
Net gain (loss) .................................. (100,539) 1,691,613 162,397 1,441,719
-------------- -------------- -------------- --------------
DIVIDENDS TO PREFERRED SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (47,688) (279,801) (34,300) (340,193)
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS ...................... $ 444,861 $ 5,038,766 $ 641,261 $ 5,329,761
============== ============== ============== ==============
NEW YORK NEW YORK
INVESTMENT QUALITY MUNICIPAL
INVESTMENT INCOME MUNICIPAL TRUST INCOME TRUST
------------------ ------------
Interest Income ................................ $ 805,632 $ 7,900,655
-------------- --------------
EXPENSES
Investment advisory ............................ 52,147 870,127
Administration ................................. 14,899 --
Transfer agent ................................. 5,454 8,046
Custodian ...................................... 4,358 40,271
Reports to shareholders ........................ 8,429 21,591
Directors/Trustees ............................. 5,949 13,312
Registration ................................... 990 15,620
Independent accountants ........................ 4,457 21,652
Legal .......................................... 2,974 8,753
Insurance ...................................... 257 6,693
Auction agent .................................. 12,125 142,912
Miscellaneous .................................. 9,182 18,519
-------------- --------------
Total expenses ............................... 121,221 1,167,496
Less fees waived by Advisor .................. -- (362,553)
Less fees paid indirectly .................... -- (5,444)
-------------- --------------
Net expenses ................................. 121,221 799,499
-------------- --------------
Net investment income ............................ 684,411 7,101,156
-------------- --------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) ....................... 225,023 (163,655)
Net change in unrealized
appreciation/depreciation .................... (339,389) 2,477,801
-------------- --------------
Net gain (loss) .................................. (114,366) 2,314,146
-------------- --------------
DIVIDENDS TO PREFERRED SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (50,122) (630,087)
-------------- --------------
NET INCREASE IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS ...................... $ 519,923 $ 8,785,215
============== ==============
See Notes to Financial Statements.
34
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED APRIL 30, 2003 (UNAUDITED) AND FOR THE YEAR ENDED
OCTOBER 31, 2002
--------------------------------------------------------------------------------
INVESTMENT MUNICIPAL
QUALITY MUNICIPAL TRUST INCOME TRUST
----------------------------------- ----------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS ------------- ------------- ------------- ------------
OPERATIONS:
Net investment income ............................. $ 9,832,791 $ 19,938,757 $ 27,050,212 $ 52,287,209
Net realized gain (loss) .......................... 288,266 (369,453) (6,368,001) (15,056,085)
Net change in unrealized
appreciation/depreciation ....................... (936,274) (4,013,001) 7,837,696 (33,446,564)
Dividends to preferred shareholders from
net investment income ........................... (848,404) (2,091,204) (2,176,097) (5,491,070)
------------- ------------- ------------- ------------
Net increase (decrease) in net assets
resulting from operations ................... 8,336,379 13,465,099 26,343,810 (1,706,510)
------------- ------------- ------------- ------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME ........................... (7,267,220) (13,532,094) (20,395,684) (40,274,799)
------------- ------------- ------------- ------------
CAPITAL SHARE TRANSACTIONS:
Unused (additional) offering costs relating to
the issuance of preferred shares ................ -- -- -- 12,275
Reinvestment of common dividends .................. -- -- 615,532 2,401,296
------------- ------------- ------------- ------------
Net proceeds from capital share transactions .... -- -- -- 2,413,571
------------- ------------- ------------- ------------
Total increase (decrease) ..................... 1,069,159 (66,995) 6,563,658 (39,567,738)
------------- ------------- ------------- ------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of period ................................. 253,709,516 253,776,511 579,680,879 619,248,617
------------- ------------- ------------- ------------
End of period ....................................... $ 254,778,675 $ 253,709,516 $ 586,244,537 $579,680,879
============= ============= ============= ============
End of period undistributed
net investment income ............................. $ 8,925,458 $ 7,208,291 $ 10,779,081 $ 6,300,650
See Notes to Financial Statements.
35
CALIFORNIA INVESTMENT CALIFORNIA
QUALITY MUNICIPAL TRUST MUNICIPAL INCOME TRUST
--------------------------------- ----------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS ------------ ------------ ------------- -------------
OPERATIONS:
Net investment income .......................... $ 537,292 $ 1,044,347 $ 8,546,345 $ 16,706,357
Net realized gain (loss) ....................... (46) 247,705 367,075 (2,398,647)
Net change in unrealized
appreciation/depreciation .................... (406,738) (897,244) (2,410,194) (4,365,363)
Dividends to preferred shareholders from
net investment income ........................ (36,799) (90,269) (671,965) (1,808,646)
----------- ----------- ------------ ------------
Net increase (decrease) in net assets
resulting from operations ................ 93,709 304,539 5,831,261 8,133,701
----------- ----------- ------------ ------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME ........................ (412,846) (803,884) (6,631,084) (13,106,112)
----------- ----------- ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Unused (additional) offering costs relating to
the issuance of preferred shares ............. -- -- -- (21,042)
Reinvestment of common dividends ............... -- -- -- 380,015
----------- ----------- ------------ ------------
Net proceeds from capital share transactions . -- -- -- 358,973
----------- ----------- ------------ ------------
Total increase (decrease) .................. (319,137) (499,345) (799,823) (4,613,438)
----------- ----------- ------------ ------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of period .............................. 14,911,455 15,410,800 212,215,182 216,828,620
----------- ----------- ------------ ------------
End of period .................................... $14,592,318 $14,911,455 $211,415,359 $212,215,182
=========== =========== ============ ============
End of period undistributed
net investment income .......................... $ 323,699 $ 236,052 $ 2,836,097 $ 1,592,801
FLORIDA INVESTMENT
QUALITY MUNICIPAL TRUST
-----------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS -------------- --------------
OPERATIONS:
Net investment income .......................... $ 593,088 $ 1,178,050
Net realized gain (loss) ....................... 106,978 109,254
Net change in unrealized
appreciation/depreciation .................... (207,517) (92,970)
Dividends to preferred shareholders from
net investment income ........................ (47,688) (119,861)
-------------- --------------
Net increase (decrease) in net assets
resulting from operations ................ 444,861 1,074,473
-------------- --------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME ........................ (465,192) (907,851)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Unused (additional) offering costs relating to
the issuance of preferred shares ............. -- --
Reinvestment of common dividends ............... -- --
-------------- --------------
Net proceeds from capital share transactions . -- --
-------------- --------------
Total increase (decrease) .................. (20,331) 166,622
-------------- --------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of period .............................. 17,638,840 17,472,218
-------------- --------------
End of period .................................... $ 17,618,509 $ 17,638,840
============== ==============
End of period undistributed
net investment income .......................... $ 387,272 $ 307,064
See Notes to Financial Statements.
36
STATEMENTS OF CHANGES IN NET ASSETS (continued)
FOR THE SIX MONTHS ENDED APRIL 30, 2003 (UNAUDITED) AND FOR THE YEAR ENDED
OCTOBER 31, 2002
--------------------------------------------------------------------------------
FLORIDA NEW JERSEY INVESTMENT
MUNICIPAL INCOME TRUST QUALITY MUNICIPAL TRUST
----------------------------------- ----------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS ------------- ------------- ------------- ------------
OPERATIONS:
Net investment income ............................ $ 3,626,954 $ 7,102,195 $ 513,164 $ 1,025,469
Net realized gain (loss) ......................... 435,487 (711,143) 9,388 24,648
Net change in unrealized
appreciation/depreciation ...................... 1,256,126 1,525,829 153,009 (414,958)
Dividends to preferred shareholders from
net investment income .......................... (279,801) (764,896) (34,300) (90,295)
------------- ------------- ------------- ------------
Net increase in net assets resulting
from operations ............................ 5,038,766 7,151,985 641,261 544,864
------------- ------------- ------------- ------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (2,932,712) (5,799,995) (398,118) (755,976)
------------- ------------- ------------- ------------
CAPITAL SHARE TRANSACTIONS:
Unused (additional) offering costs relating to
the issuance of preferred shares ............... -- (53,160) -- --
Reinvestment of common dividends ................. -- 394,894 -- --
------------- ------------- ------------- ------------
Net proceeds from capital share transactions ... -- 341,734 -- --
------------- ------------- ------------- ------------
Total increase (decrease) .................... 2,106,054 1,693,724 243,143 (211,112)
------------- ------------- ------------- ------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS:
Beginning of period ................................ 96,816,274 95,122,550 14,747,148 14,958,260
------------- ------------- ------------- ------------
End of period ...................................... $ 98,922,328 $ 96,816,274 $ 14,990,291 $ 14,747,148
------------- ------------- ------------- ------------
End of period undistributed
net investment income ............................ $ 962,507 $ 548,066 $ 487,851 $ 407,105
See Notes to Financial Statements.
37
NEW JERSEY NEW YORK INVESTMENT
MUNICIPAL INCOME TRUST QUALITY MUNICIPAL TRUST
---------------------------------- ----------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS ------------- ------------- ------------- -------------
OPERATIONS:
Net investment income ............................ $ 4,228,235 $ 8,144,795 $ 684,411 $ 1,388,492
Net realized gain (loss) ......................... (20,431) (615,525) 225,023 17,396
Net change in unrealized
appreciation/depreciation ...................... 1,462,150 120,445 (339,389) 56,010
Dividends to preferred shareholders from
net investment income .......................... (340,193) (914,433) (50,122) (118,520)
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations ............................ 5,329,761 6,735,282 519,923 1,343,378
------------- ------------- ------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (3,225,435) (6,435,974) (573,398) (1,094,531)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Unused (additional) offering costs relating to
the issuance of preferred shares ............... -- (54,117) -- --
Reinvestment of common dividends ................. -- 651,099 -- --
------------- ------------- ------------- -------------
Net proceeds from capital share transactions ... -- 596,982 -- --
------------- ------------- ------------- -------------
Total increase (decrease) .................... 2,104,326 896,290 (53,475) 248,847
------------- ------------- ------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS:
Beginning of period ................................ 105,985,096 105,088,806 20,221,765 19,972,918
------------- ------------- ------------- -------------
End of period ...................................... $ 108,089,422 $ 105,985,096 $ 20,168,290 $ 20,221,765
------------- ------------- ------------- -------------
End of period undistributed
net investment income ............................ $ 1,260,603 $ 597,996 $ 553,455 $ 492,564
NEW YORK
MUNICIPAL INCOME TRUST
----------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS ------------- -------------
OPERATIONS:
Net investment income ............................ $ 7,101,156 $ 13,690,678
Net realized gain (loss) ......................... (163,655) (2,021,656)
Net change in unrealized
appreciation/depreciation ...................... 2,477,801 5,742,628
Dividends to preferred shareholders from
net investment income .......................... (630,087) (1,615,269)
------------- -------------
Net increase in net assets resulting
from operations ............................ 8,785,215 15,796,381
------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (5,493,806) (10,955,545)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Unused (additional) offering costs relating to
the issuance of preferred shares ............... -- (27,438)
Reinvestment of common dividends ................. -- 1,276,152
------------- -------------
Net proceeds from capital share transactions ... -- 1,248,714
------------- -------------
Total increase (decrease) .................... 3,291,409 6,089,550
------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS:
Beginning of period ................................ 181,199,916 175,110,366
------------- -------------
End of period ...................................... $ 184,491,325 $ 181,199,916
------------- -------------
End of period undistributed
net investment income ............................ $ 1,860,345 $ 883,082
See Notes to Financial Statements.
38
FINANCIAL HIGHLIGHTS
--------------------------------------------
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 ------------------------------------------------------------------
(UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1)
---------------- ---- ------- ------- ------- -------
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period(2) ..... $ 15.19 $ 15.19 $ 14.30 $ 13.95 $ 15.78 $ 15.32
-------- -------- -------- -------- -------- --------
Investment operations:
Net investment income .................... 0.58 1.20 1.20 1.13 1.09 1.08
Net realized and unrealized gain (loss) .. (0.04) (0.26) 0.75 0.43 (1.63) 0.70
Dividends and distributions to preferred
shareholders:
From net investment income ............. (0.05) (0.13) (0.29) (0.35) (0.24) (0.24)
Net realized gain ...................... -- -- -- -- (0.04) (0.07)
-------- -------- -------- -------- -------- --------
Net increase (decrease) from investment
operations ............................... 0.49 0.81 1.66 1.21 (0.82) 1.47
-------- -------- -------- -------- -------- --------
Dividends and distributions to
common shareholders:
From net investment income ............... (0.43) (0.81) (0.78) (0.83) (0.86) (0.81)
Net realized gain ........................ -- -- -- -- (0.15) (0.20)
-------- -------- -------- -------- -------- --------
Total dividends and distributions ........... (0.43) (0.81) (0.78) (0.83) (1.01) (1.01)
-------- -------- -------- -------- -------- --------
Capital change with respect to issuance
of preferred shares ...................... -- -- 0.01 (0.03) -- --
-------- -------- -------- -------- -------- --------
Net asset value, end of period(2) ........... $ 15.25 $ 15.19 $ 15.19 $ 14.30 $ 13.95 $ 15.78
======== ======== ======== ======== ======== ========
Market value, end of period(2) .............. $ 13.94 $ 13.48 $ 13.73 $ 12.13 $ 13.13 $ 15.44
======== ======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(3) .................. 6.72% 4.14% 20.03% (1.27)% (9.03)% 23.81%
======== ======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS
OF COMMON SHAREHOLDERS:(4)
Expenses after fees paid indirectly ......... 1.10%(5) 1.09% 1.14% 1.20% 1.05% 1.04%
Expenses before fees paid indirectly ........ 1.11%(5) 1.09% 1.14% 1.20% 1.05% 1.04%
Net investment income before preferred
share dividends .......................... 7.79%(5) 7.93% 8.10% 8.18% 7.21% 6.95%
Preferred share dividends ................... 0.67%(5) 0.83% 1.94% 2.53% 1.60% 1.53%
Net investment income available to
common shareholders ...................... 7.12%(5) 7.10% 6.16% 5.65% 5.61% 5.42%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000) ....................... $254,514 $251,428 $247,832 $230,746 $252,536 $259,280
Portfolio turnover .......................... 4% 19% 4% 35% 26% 46%
Net assets of common shareholders,
end of period (000) ...................... $254,779 $253,710 $253,777 $238,849 $233,085 $263,590
Preferred shares outstanding (000) .......... $146,550 $146,550 $146,550 $146,550 $130,000 $130,000
Asset coverage per preferred share,
end of period ............................ $ 68,466 $ 68,292 $ 68,308 $ 65,745 $ 69,824 $ 75,690
----------
(1) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(4) 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
common shareholders.
(5) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
39
FINANCIAL HIGHLIGHTS
--------------------------------
BLACKROCK MUNICIPAL INCOME TRUST
--------------------------------
SIX MONTHS FOR THE PERIOD
ENDED JULY 27, 2001(1)
APRIL 30, 2003 YEAR ENDED THROUGH
(UNAUDITED) OCTOBER 31, 2002 OCTOBER 31, 2001(2,3)
-------------- ---------------- ---------------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ......................... $ 13.33 $ 14.30 $ 14.33
-------- -------- --------
Investment operations:
Net investment income ........................................ 0.62 1.20 0.17
Net realized and unrealized gain (loss) ...................... 0.04 (1.11) 0.12
Dividends and distributions to preferred shareholders:
From net investment income ................................. (0.05) (0.13) (0.01)
In excess of net investment income ......................... -- -- (0.00)(5)
-------- -------- --------
Net increase (decrease) from investment operations .............. 0.61 (0.04) 0.28
-------- -------- --------
Dividends and distributions to common shareholders:
From net investment income ................................... (0.47) (0.93) (0.16)
In excess of net investment income ........................... -- -- (0.01)
-------- -------- --------
Total dividends and distributions ............................... (0.47) (0.93) (0.17)
-------- -------- --------
Capital change with respect to issuance of:
Common shares ................................................ -- -- (0.03)
Preferred shares ............................................. -- 0.005 (0.11)
-------- -------- --------
Total capital changes ........................................... -- 0.005 (0.14)
-------- -------- --------
Net asset value, end of period(4) ............................... $ 13.47 $ 13.33 $ 14.30
======== ======== ========
Market value, end of period(4) .................................. $ 13.20 $ 13.46 $ 14.75
======== ======== ========
TOTAL INVESTMENT RETURN(6) ...................................... 1.59% (2.40)% (1.13)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(7)
Expenses after expense offsets .................................. 0.84%(8) 0.81% 0.61%(8)
Expenses before expense offsets ................................. 1.25%(8) 1.23% 0.91%(8)
Net investment income before preferred share dividends .......... 9.26%(8) 8.74% 4.59%(8)
Preferred share dividends ....................................... 0.74%(8) 0.92% 0.38%(8)
Net investment income available to common shareholders .......... 8.52%(8) 7.82% 4.21%(8)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ................. $589,176 $598,425 $572,610
Portfolio turnover .............................................. 10% 70% 27%
Net assets of common shareholders, end of period (000) .......... $586,245 $579,681 $619,249
Preferred shares outstanding (000) .............................. $375,125 $375,125 $375,125
Asset coverage per preferred share, end of period ............... $ 64,073 $ 63,636 $ 66,275
----------
(1) Commencement of investment operations. This information includes the initial
investment by BlackRock Funding, Inc. Net asset value immediately after the
closing of the first public offering was $14.30.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) 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.
(8) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
40
FINANCIAL HIGHLIGHTS
-------------------------------------------------------
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
-------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 -----------------------------------------------------------------
(UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1)
---------------- ---- ------- ------- ------- -------
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period(2) ...... $ 14.81 $ 15.30 $ 14.62 $ 14.34 $ 15.49 $ 14.77
------- ------- ------- ------- ------- -------
Investment operations:
Net investment income ..................... 0.54 1.04 1.05 1.06 1.05 1.05
Net realized and unrealized gain (loss) ... (0.41) (0.64) 0.63 0.29 (1.10) 0.79
Dividends to preferred shareholders
from net investment income ................ (0.04) (0.09) (0.21) (0.25) (0.22) (0.24)
------- ------- ------- ------- ------- -------
Net increase (decrease) from investment
operations ................................ 0.09 0.31 1.47 1.10 (0.27) 1.60
------- ------- ------- ------- ------- -------
Dividends to common shareholders from net
investment income ......................... (0.41) (0.80) (0.79) (0.82) (0.88) (0.88)
------- ------- ------- ------- ------- -------
Net asset value, end of period(2) ............ $ 14.49 $ 14.81 $ 15.30 $ 14.62 $ 14.34 $ 15.49
======= ======= ======= ======= ======= =======
Market value, end of period(2) ............... $ 13.25 $ 13.38 $ 15.55 $ 14.00 $ 15.50 $ 16.13
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(3) ................... 2.09% (9.26)% 17.03% (4.33)% 1.52% 13.70%
======= ======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(4)
Expenses ..................................... 1.38%(5) 1.29% 1.38% 1.41% 1.34% 1.36%
Net investment income before
preferred share dividends ................. 7.29%(5) 6.86% 7.04% 7.36% 6.95% 6.93%
Preferred share dividends .................... 0.50%(5) 0.59% 1.39% 1.75% 1.47% 1.60%
Net investment income available to
common shareholders ....................... 6.79%(5) 6.27% 5.65% 5.61% 5.48% 5.33%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000) ........................ $14,858 $15,221 $15,072 $14,450 $15,170 $15,265
Portfolio turnover ........................... 0% 30% 1% 0% 4% 0%
Net assets of common shareholders,
end of period (000) ....................... $14,592 $14,911 $15,411 $14,725 $14,439 $15,595
Preferred shares outstanding (000) ........... $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share,
end of period ............................. $73,646 $74,706 $76,377 $74,097 $73,138 $76,990
----------
(1) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(4) 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.
(5) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
41
FINANCIAL HIGHLIGHTS
-------------------------------------------
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
-------------------------------------------
SIX MONTHS FOR THE PERIOD
ENDED JULY 27, 20011
APRIL 30, 2003 YEAR ENDED THROUGH
(UNAUDITED) OCTOBER 31, 2002 OCTOBER 31, 2001(2,3)
-------------- ---------------- ---------------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ............................ $ 14.16 $ 14.50 $ 14.33
-------- -------- --------
Investment operations:
Net investment income ........................................... 0.56 1.11 0.16
Net realized and unrealized gain (loss) ......................... (0.13) (0.46) 0.32
Dividends and distributions to preferred shareholders:
From net investment income .................................... (0.04) (0.12) (0.01)
In excess of net investment income ............................ -- -- (0.00)(5)
-------- -------- --------
Net increase from investment operations ............................ 0.39 0.53 0.47
-------- -------- --------
Dividends and distributions to common shareholders:
From net investment income ...................................... (0.44) (0.87) (0.15)
In excess of net investment income .............................. -- -- (0.01)
-------- -------- --------
Total dividends and distributions .................................. (0.44) (0.87) (0.16)
-------- -------- --------
Capital charge with respect to issuance of:
Common shares ................................................... -- -- (0.03)
Preferred shares ................................................ -- (0.00)(5) (0.11)
-------- -------- --------
Total capital charges .............................................. -- (0.00)(5) (0.14)
-------- -------- --------
Net asset value, end of period(4) .................................. $ 14.11 $ 14.16 $ 14.50
======== ======== ========
Market value, end of period(4) ..................................... $ 13.07 $ 13.09 $ 14.75
======== ======== ========
TOTAL INVESTMENT RETURN(6) ......................................... 3.23% (5.49)% (1.17)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(7)
Expenses after expense offsets ..................................... 0.88%(8) 0.88% 0.72%(8)
Expenses before expense offsets .................................... 1.29%(8) 1.31% 1.02%(8)
Net investment income before preferred share dividends ............. 8.13%(8) 7.96% 4.06%(8)
Preferred share dividends .......................................... 0.64%(8) 0.86% 0.38%(8)
Net investment income available to common shareholders ............. 7.49%(8) 7.10% 3.68%(8)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) .................... $211,877 $209,965 $199,356
Portfolio turnover 5% 44% 16%
Net assets of common shareholders, end of period (000) ............. $211,415 $212,215 $216,829
Preferred shares outstanding (000) ................................. $131,950 $131,950 $131,950
Asset coverage per preferred share, end of period .................. $ 65,059 $ 65,211 $ 66,086
----------
(1) Commencement of investment operations. This information includes the initial
investment by BlackRock Funding, Inc. Net asset value immediately after the
closing of the first public offering was $14.30.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) 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 common
shareholders.
(8) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
42
FINANCIAL HIGHLIGHTS
----------------------------------------------------
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
----------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 -----------------------------------------------------------------
(UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1)
---------------- ---- ------- ------- ------- -------
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period(2) .... $ 15.65 $ 15.50 $ 14.65 $ 14.29 $ 15.69 $ 14.86
------- ------- ------- ------- -------- -------
Investment operations:
Net investment income ................... 0.52 1.05 1.03 1.07 1.05 1.05
Net realized and unrealized gain (loss) . (0.09) 0.02 0.86 0.40 (1.41) 0.81
Dividends to preferred shareholders
from net investment income ............ (0.04) (0.11) (0.24) (0.31) (0.24) (0.28)
------- ------- ------- ------- -------- -------
Net increase (decrease) from investment
operations .............................. 0.39 0.96 1.65 1.16 (0.60) 1.58
------- ------- ------- ------- -------- -------
Dividends to common shareholders from net
investment income ...................... (0.41) (0.81) (0.80) (0.80) (0.80) (0.75)
------- ------- ------- ------- -------- -------
Net asset value, end of period(2) .......... $ 15.63 $ 15.65 $ 15.50 $ 14.65 $ 14.29 $ 15.69
======= ======= ======= ======= ======== =======
Market value, end of period(2) ............. $ 15.36 $ 14.50 $ 14.36 $ 13.13 $ 12.81 $ 15.13
======= ======= ======= ======= ======== =======
TOTAL INVESTMENT RETURN(3) ................. 8.93% 6.52% 15.65% 9.00% (10.60)% 19.70%
======= ======= ======= ======= ======== =======
RATIOS TO AVERAGE NET ASSETS
OF COMMON SHAREHOLDERS:(4)
Expenses ................................... 1.28%(5) 1.20% 1.38% 1.22% 1.27% 1.31%
Net investment income before preferred
share dividends ......................... 6.78%(5) 6.76% 6.83% 7.48% 7.11% 6.81%
Preferred share dividends .................. 0.54%(5) 0.69% 1.58% 2.18% 1.64% 1.80%
Net investment income available to
common shareholders ..................... 6.24%(5) 6.07% 5.25% 5.30% 5.47% 5.01%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000) ...................... $17,651 $17,427 $17,046 $16,167 $ 16,736 $17,299
Portfolio turnover 7% 8% 0% 0% 0% 0%
Net assets of common shareholders,
end of period (000) ..................... $17,619 $17,639 $17,472 $16,509 $ 16,110 $17,684
Preferred shares outstanding (000) ......... $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500
Asset coverage per preferred share,
end of period ........................... $76,824 $76,886 $76,397 $73,570 $ 72,390 $77,017
----------
(1) Amounts have been restated to conform to the presentation under the
provisions of EITFD-98.
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(4) 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 common
shareholders.
(5) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
43
FINANCIAL HIGHLIGHTS
----------------------------------------
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
----------------------------------------
SIX MONTHS FOR THE PERIOD
ENDED JULY 27, 2001(1)
APRIL 30, 2003 YEAR ENDED THROUGH
(UNAUDITED) OCTOBER 31, 2002 OCTOBER 31, 2001(2,3)
-------------- ---------------- ---------------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ................. $14.57 $ 14.37 $14.33
------ ------- ------
Investment operations:
Net investment income ................................ 0.54 1.07 0.17
Net realized and unrealized gain ..................... 0.25 0.13 0.18
Dividends and distributions to preferred shareholders:
From net investment income ......................... (0.04) (0.12) (0.01)
In excess of net investment income ................. -- -- (0.00)(5)
------ ------- ------
Net increase from investment operations ................. 0.75 1.08 0.34
------ ------- ------
Dividends and distributions to common shareholders:
From net investment income ........................... (0.44) (0.87) (0.16)
In excess of net investment income ................... -- -- (0.00)(5)
------ ------- ------
Total dividends and distributions ....................... (0.44) (0.87) (0.16)
------ ------- ------
Capital charge with respect to issuance of:
Common shares ........................................ -- -- (0.03)
Preferred shares ..................................... -- (0.01) (0.11)
------ ------- ------
Total capital charges ................................... -- (0.01) (0.14)
------ ------- ------
Net asset value, end of period(4) ....................... $14.88 $ 14.57 $14.37
====== ======= ======
Market value, end of period(4) .......................... $14.04 $ 13.65 $14.50
====== ======= ======
TOTAL INVESTMENT RETURN(6) .............................. 6.13% 0.16% (2.84)%
====== ======= ======
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(7)
Expenses after expense offsets .......................... 0.94%(8) 0.96% 0.87%(8)
Expenses before expense offsets ......................... 1.36%(8) 1.38% 1.17%(8)
Net investment income before preferred share dividends .. 7.50%(8) 7.59% 4.43%(8)
Preferred share dividends ............................... 0.58%(8) 0.82% 0.37%(8)
Net investment income available to common shareholders .. 6.92%(8) 6.77% 4.06%(8)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ......... $97,584 $93,558 $87,918
Portfolio turnover ...................................... 13% 35% 28%
Net assets of common shareholders, end of period (000) .. $98,922 $96,816 $95,123
Preferred shares outstanding (000) ...................... $57,550 $57,550 $57,550
Asset coverage per preferred share, end of period ....... $67,973 $67,060 $66,323
----------
(1) Commencement of investment operations. This information includes the initial
investment by BlackRock Funding, Inc. Net asset value immediately after the
closing of the first public offering was $14.30.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) 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.
(8) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
44
FINANCIAL HIGHLIGHTS
-------------------------------------------------------
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
-------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 -------------------------------------------------------
(UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1)
---------------- ------- ------- ------- ------- -------
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period(2) .. $ 14.64 $ 14.85 $ 13.96 $ 13.52 $ 14.95 $ 14.19
------- ------- ------- ------- ------- -------
Investment operations:
Net investment income ................. 0.51 1.02 0.96 1.01 1.00 1.00
Net realized and unrealized gain (loss) 0.16 (0.39) 0.87 0.43 (1.47) 0.71
Dividends to preferred shareholders
from net investment income .......... (0.03) (0.09) (0.21) (0.27) (0.23) (0.24)
------- ------- ------- ------- ------- -------
Net increase (decrease) from investment
operations ............................ 0.64 0.54 1.62 1.17 (0.70) 1.47
------- ------- ------- ------- ------- -------
Dividends to common shareholders from net
investment income ..................... (0.40) (0.75) (0.73) (0.73) (0.73) (0.71)
------- ------- ------- ------- ------- -------
Net asset value, end of period(2) ........ $ 14.88 $ 14.64 $ 14.85 $ 13.96 $ 13.52 $ 14.95
======= ======= ======= ======= ======= =======
Market value, end of period(2) ........... $ 14.25 $ 13.30 $ 13.75 $ 12.13 $ 12.25 $ 14.13
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(3) ............... 10.20% 2.07% 19.63% 5.08% (8.77)% 15.56%
======= ======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(4)
Expenses ................................. 1.37%(5) 1.31% 1.54% 1.32% 1.29% 1.35%
Net investment income before preferred
share dividends ....................... 6.94%(5) 6.93% 6.64% 7.44% 6.94% 6.88%
Preferred share dividends ................ 0.46%(5) 0.61% 1.47% 1.98% 1.59% 1.68%
Net investment income available to
common shareholders ................... 6.48%(5) 6.32% 5.17% 5.46% 5.35% 5.20%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000) .................... $14,904 $14,791 $14,570 $13,696 $14,550 $14,663
Portfolio turnover ....................... 4% 14% 9% 23% 17% 0%
Net assets of common shareholders,
end of period (000) ................... $14,990 $14,747 $14,958 $14,059 $13,620 $15,055
Preferred shares outstanding (000) ....... $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share,
end of period ......................... $74,968 $74,159 $74,862 $71,879 $70,409 $75,191
----------
(1) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(4) 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.
(5) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
45
FINANCIAL HIGHLIGHTS
-------------------------------------------
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
-------------------------------------------
SIX MONTHS FOR THE PERIOD
ENDED JULY 27, 2001(1)
APRIL 30, 2003 YEAR ENDED THROUGH
(UNAUDITED) OCTOBER 31, 2002 OCTOBER 31, 2001(2,3)
-------------- ---------------- ---------------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ................. $ 14.29 $ 14.26 $ 14.33
-------- -------- --------
Investment operations:
Net investment income ................................ 0.58 1.10 0.14
Net realized and unrealized gain (loss) .............. 0.20 (0.07) 0.10
Dividends and distributions to preferred shareholders:
From net investment income ......................... (0.05) (0.12) (0.01)
In excess of net investment income ................. -- -- (0.00)(5)
-------- -------- --------
Net increase from investment operations ................. 0.73 0.91 0.23
-------- -------- --------
Dividends and distributions to common shareholders:
From net investment income ........................... (0.44) (0.87) (0.13)
In excess of net investment income ................... -- -- (0.03)
-------- -------- --------
Total dividends and distributions ....................... (0.44) (0.87) (0.16)
-------- -------- --------
Capital charge with respect to issuance of:
Common shares ........................................ -- -- (0.03)
Preferred shares ..................................... -- (0.01) (0.11)
-------- -------- --------
Total capital charges ................................... -- (0.01) (0.14)
-------- -------- --------
Net asset value, end of period(4) ....................... $ 14.58 $ 14.29 $ 14.26
======== ======== ========
Market value, end of period(4) .......................... $ 13.99 $ 13.64 $ 14.84
======== ======== ========
TOTAL INVESTMENT RETURN(6) .............................. 5.82% (2.25)% (0.56)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(7)
Expenses after expense offsets .......................... 0.94%(8) 0.93% 0.83%(8)
Expenses before expense offsets ......................... 1.35%(8) 1.37% 1.12%(8)
Net investment income before preferred share dividends .. 7.95%(8) 7.81% 3.67%(8)
Preferred share dividends ............................... 0.64%(8) 0.88% 0.37%(8)
Net investment income available to common shareholders .. 7.31%(8) 6.93% 3.30%(8)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ......... $107,193 $104,241 $ 97,050
Portfolio turnover ...................................... 10% 50% 16%
Net assets of common shareholders, end of period (000) .. $108,089 $105,985 $105,089
Preferred shares outstanding (000) ...................... $ 63,800 $ 63,800 $ 63,800
Asset coverage per preferred share, end of period ....... $ 67,360 $ 66,538 $ 66,187
----------
(1) Commencement of investment operations. This information includes the initial
investment by BlackRock Funding, Inc. Net asset value immediately after the
closing of the first public offering was $14.30.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) 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.
(8) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
46
FINANCIAL HIGHLIGHTS
-----------------------------------------------------
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST
-----------------------------------------------------
SIX MONTHS ENDED YEAR ENDED OCTOBER 31,
APRIL 30, 2003 -------------------------------------------------------
(UNAUDITED) 2002 2001(1) 2000(1) 1999(1) 1998(1)
---------------- ------- ------- ------- ------- -------
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of period(2) .. $ 15.47 $ 15.28 $ 14.55 $ 14.11 $ 15.58 $ 14.91
------- ------- ------- ------- ------- -------
Investment operations:
Net investment income ................. 0.53 1.06 1.06 1.08 1.08 1.06
Net realized and unrealized gain (loss) (0.09) 0.06 0.70 0.44 (1.50) 0.67
Dividends to preferred shareholders
from net investment income .......... (0.04) (0.09) (0.21) (0.26) (0.23) (0.24)
------- ------- ------- ------- ------- -------
Net increase (decrease) from investment
operations ............................ 0.40 1.03 1.55 1.26 (0.65) 1.49
------- ------- ------- ------- ------- -------
Dividends to common shareholders from net
investment income ..................... (0.44) (0.84) (0.82) (0.82) (0.82) (0.82)
------- ------- ------- ------- ------- -------
Net asset value, end of period(2) ........ $ 15.43 $ 15.47 $ 15.28 $ 14.55 $ 14.11 $ 15.58
======= ======= ======= ======= ======= =======
Market value, end of period(2) ........... $ 14.25 $ 14.40 $ 14.20 $ 12.63 $ 13.63 $ 15.13
======= ======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN:(3) .............. 2.04% 7.42% 19.20% (1.21)% (4.86)% 11.85%
======= ======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(4)
Expenses ................................. 1.21%(5) 1.17% 1.31% 1.21% 1.09% 1.15%
Net investment income before preferred
share dividends ....................... 6.82%(5) 6.97% 7.06% 7.63% 7.13% 7.02%
Preferred share dividends ................ 0.50%(5) 0.60% 1.40% 1.83% 1.50% 1.60%
Net investment income available to
common shareholders ................... 6.32%(5) 6.37% 5.66% 5.81% 5.63% 5.42%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000) .................... $20,245 $19,915 $19,663 $18,523 $19,791 $19,980
Portfolio turnover ....................... 20% 7% 0% 22% 0% 0%
Net assets of common shareholders,
end of period (000) ................... $20,168 $20,222 $19,973 $19,016 $18,443 $20,359
Preferred shares outstanding (000) ....... $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800
Asset coverage per preferred share,
end of period ......................... $76,452 $76,590 $75,955 $73,516 $72,048 $76,935
----------
(1) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(4) 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.
(5) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
47
FINANCIAL HIGHLIGHTS
-----------------------------------------
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
-----------------------------------------
SIX MONTHS FOR THE PERIOD
ENDED JULY 27, 2001(1)
APRIL 30, 2003 YEAR ENDED THROUGH
(UNAUDITED) OCTOBER 31, 2002 OCTOBER 31, 2001(2,3)
-------------- ---------------- ---------------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ................. $ 14.47 $ 14.09 $ 14.33
-------- -------- --------
Investment operations:
Net investment income ................................ 0.57 1.09 0.15
Net realized and unrealized gain (loss) .............. 0.18 0.29 (0.08)
Dividends and distributions to preferred shareholders:
From net investment income ......................... (0.05) (0.13) (0.01)
In excess of net investment income ................. -- -- (0.00)(5)
-------- -------- --------
Net increase from investment operations ................. 0.70 1.25 0.06
-------- -------- --------
Dividends and distributions to common shareholders:
From net investment income ........................... (0.44) (0.87) (0.14)
In excess of net investment income ................... -- -- (0.02)
-------- -------- --------
Total dividends and distributions ....................... (0.44) (0.87) (0.16)
-------- -------- --------
Capital charge with respect to issuance of:
Common shares ........................................ -- -- (0.03)
Preferred shares ..................................... -- (0.00)(5) (0.11)
-------- -------- --------
Total capital charges ................................... -- (0.00)(5) (0.14)
-------- -------- --------
Net asset value, end of period(4) ....................... $ 14.73 $ 14.47 $ 14.09
======== ======== ========
Market value, end of period(4) .......................... $ 13.39 $ 13.42 $ 14.62
======== ======== ========
TOTAL INVESTMENT RETURN(6) .............................. 3.08% (2.25)% (5.58)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(7)
Expenses after expense offsets .......................... 0.88%(8) 0.90% 0.73%(8)
Expenses before expense offsets ......................... 1.29%(8) 1.33% 1.03%(8)
Net investment income before preferred share dividends .. 7.84%(8) 7.87% 3.93%(8)
Preferred share dividends ............................... 0.70%(8) 0.93% 0.37%(8)
Net investment income available to common shareholders .. 7.14%(8) 6.94% 3.56%(8)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ......... $182,696 $173,885 $163,077
Portfolio turnover ...................................... 2% 57% 2%
Net assets of common shareholders, end of period (000) .. $184,491 $181,200 $175,110
Preferred shares outstanding (000) ...................... $109,750 $109,750 $109,750
Asset coverage per preferred share, end of period ....... $ 67,030 $ 66,279 $ 64,894
----------
(1) Commencement of investment operations. This information includes the initial
investment by BlackRock Funding, Inc. Net asset value immediately after the
closing of the first public offering was $14.30.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been restated to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of each period reported. Dividends and
distributions, if any, are assumed for purposes of this calculation, to be
reinvested at prices obtained under the Trust's dividend reinvestment plan.
Total investment returns do not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) 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.
(8) Annualized.
The information above represents the unaudited 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 value data for the Trust's common shares.
See Notes to Financial Statements.
48
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------
NOTE 1. ORGANIZATION & ACCOUNTING POLICIES
The BlackRock Investment Quality Municipal Trust Inc. ("Municipal Investment
Quality") was organized as a Maryland corporation on November 19, 1992. The
BlackRock California Investment Quality Municipal Trust Inc. ("California
Investment Quality"), The BlackRock New Jersey Investment Quality Municipal
Trust Inc. ("New Jersey Investment Quality") and The BlackRock New York
Investment Quality Municipal Trust Inc. ("New York Investment Quality") were
organized as Maryland corporations on April 12, 1993. The BlackRock Florida
Investment Quality Municipal Trust ("Florida Investment Quality") was organized
as a Massachusetts business trust on April 15, 1993. BlackRock Municipal Income
Trust ("Municipal Income"), BlackRock California Municipal Income Trust
("California Income"), BlackRock Florida Municipal Income Trust ("Florida
Income"), BlackRock New Jersey Municipal Income Trust ("New Jersey Income") and
BlackRock New York Municipal Income Trust ("New York Income") (collectively the
"Income Trusts") were organized as Delaware business trusts on March 30, 2001.
Municipal Investment Quality and Municipal Income are registered as diversified,
closed-end management investment companies under the Investment Company Act of
1940, as amended. California Investment Quality, California Income, Florida
Investment Quality, Florida Income, New Jersey Investment Quality, New Jersey
Income, New York Investment Quality and New York Income are registered as
non-diversified closed-end management investment companies under the Investment
Company Act of 1940, as amended. Municipal Investment Quality, California
Investment Quality, Florida Investment Quality, New Jersey Investment Quality
and New York Investment Quality are herein referred to as the Investment Quality
Trusts. The ability of issuers of debt securities held by each Trust to meet
their obligations may be affected by economic developments in a state, a
specific industry or region.
The following is a summary of significant accounting policies followed by the
Trusts.
SECURITIES VALUATION: Municipal securities (including commitments to purchase
such securities 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 Directors/Trustees (the "Board"). In determining the value of a
particular security, pricing services may use certain information with respect
to transactions in such securities, quotations from bond dealers, market
transactions in comparable securities and various relationships between
securities. Short-term investments may be valued at amortized cost. Any
securities or other assets for which such current market quotations are not
readily available are valued at fair value as determined in good faith under
procedures established by, and under the general supervision and responsibility
of, each Trust's Board.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date. Realized and unrealized gains and losses are calculated
on the identified cost basis. Each Trust also records interest income on an
accrual basis and amortizes premium and accretes discount to interest income on
securities purchased using the interest method.
SEGREGATION: In cases in which the Investment Company Act of 1940, as amended,
and the interpretive positions of the Securities and Exchange Commission ("SEC")
require that each Trust segregate assets in connection with certain investments
(e.g., when issued securities, reverse repurchase agreements or futures
contracts), each Trust will, consistent with certain interpretive letters issued
by the SEC, designate on its books and records cash or other liquid debt
securities having a market value at least equal to the amount that would
otherwise be required to be physically segregated.
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 to shareholders. For this reason and because substantially
all of the gross income of each Trust consists of tax-exempt interest, no
Federal income tax provisions are required.
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
annually. Dividends and distributions are recorded on the ex-dividend date.
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.
DEFERRED COMPENSATION PLAN: Under the revised deferred compensation plan
approved by each Trust's Board, non-interested Directors/Trustees may elect to
defer receipt of all or a portion of their annual compensation. As of January 1,
2003, the Board elected to require its non-interested members to defer a portion
of their annual complex compensation pursuant to the plan. Deferred amounts earn
an approximate return as though equivalent dollar amounts had been invested in
common shares of other BlackRock Trusts selected by the Directors/Trustees.
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 Directors/Trustees in order to match its deferred compensation obligations.
NOTE 2. AGREEMENTS
Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc.
(the "Advisor"), a wholly owned subsidiary of BlackRock, Inc. BlackRock
Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves
as sub-advisor to the Income Trusts. BlackRock, Inc. is an indirect majority
owned subsidiary of The PNCFinancial Services Group, Inc. The investment
management agreement on the Income Trusts covers both investment advisory and
administration services. Municipal Investment Quality has an Administration
Agreement with Princeton Administrators, L.P. ("Princeton"), an indirect wholly
owned affiliate of Merrill Lynch &Co., Inc. California Investment Quality,
Florida Investment Quality, New Jersey Investment Quality and New York
Investment Quality have Administration Agreements with Prudential Investments
LLC ("PI"), an indirect wholly owned subsidiary of Prudential Financial, Inc.
49
Each Trust's investment advisory fee paid to the Advisor is computed weekly
and payable monthly based on an annual rate, 0.35% for the Investment Quality
Trusts and 0.60% for the Income Trusts, of the Trust's average weekly managed
assets. "Managed assets" means the total assets of the Trust (including any
assets attributable to any preferred shares that may be outstanding) minus the
sum of accrued liabilities (other than debt representing financial leverage).
The Advisor has voluntarily agreed to waive a portion of the investment advisory
fee or other expenses on the Income Trusts as a percentage of managed assets as
follows: 0.25% for the first five years of each of the Trust's operations, 0.20%
in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.
The administration fee paid to each Trust's respective administrator is
computed weekly and payable monthly based on an annual rate, 0.10% to PI and
0.15% to Princeton, on other than the Income Trusts, of the Trust's average
weekly managed assets. The administration fee paid to Princeton is subject to a
minimum monthly fee of $12,500.
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. The Advisor pays occupancy and certain
clerical and accounting costs for the Income Trusts. Each Investment Quality
Trust's administrator pays occupancy and certain clerical and accounting costs
of their respective Trust(s). Each Trust bears all other costs and expenses,
which include reimbursements to the Advisor for certain operational support
services provided to each Trust.
Pursuant to the terms of the custody agreement, Municipal Investment Quality,
Municipal Income, California Income, Florida Income, New Jersey Income and New
York Income received earning credits from its custodian for positive cash
balances maintained, which are used to offset custody fees, during the six
months ended April 30, 2003, the amounts earned were $6,604, $4,301, $6,392,
$8,066, $6,620 and $5,444, respectively.
NOTE 3. PORTFOLIO SECURITIES
Purchases and sales of investment securities, other than short-term investments,
for the six months ended April 30, 2003, were as follows:
TRUST PURCHASES SALES TRUST PURCHASES SALES
----- ----------- ----------- ----- ----------- -----------
Municipal Investment Quality $13,923,001 $13,743,386 Florida Income $23,347,010 $20,557,581
Municipal Income 93,774,943 99,450,544 New Jersey Investment Quality 952,500 811,400
California Investment Quality 36,403 311,257 New Jersey Income 17,616,280 16,120,362
California Income 21,853,450 18,322,959 New York Investment Quality 5,693,610 7,273,870
Florida Investment Quality 2,471,810 1,926,120 New York Income 6,005,743 4,948,965
At April 30, 2003, the total cost of securities for Federal income tax
purposes and the aggregate gross unrealized appreciation and depreciation for
securities held by each Trust were as follows:
TRUST COST APPRECIATION DEPRECIATION NET
----- ------------ ------------ ------------ ------------
Municipal Investment Quality $373,940,371 $29,077,345 $ 9,014,445 $20,062,900
Municipal Income 993,005,773 25,688,253 46,000,939 (20,312,686)
California Investment Quality 20,999,311 1,601,161 702,393 898,768
California Income 340,886,385 9,272,525 11,328,259 (2,055,734)
Florida Investment Quality 23,753,019 2,232,742 89,104 2,143,638
Florida Income 149,284,866 5,196,413 1,098,174 4,098,239
New Jersey Investment Quality 20,486,578 2,147,923 458,145 1,689,778
New Jersey Income 166,557,502 5,913,249 3,557,731 2,355,518
New York Investment Quality 27,331,350 2,311,400 89,104 2,222,296
New York Income 282,637,895 12,419,202 5,152,056 7,267,146
For Federal income tax purposes, the following Trusts had capital loss
carryforwards at October 31, 2002. These amounts may be used to offset future
realized capital gains, if any:
CAPITAL LOSS CAPITAL LOSS
TRUST CARRYFORWARD AMOUNT EXPIRES TRUST CARRYFORWARD AMOUNT EXPIRES
----- ------------------- ------- ----- ------------------- -------
MUNICIPAL INVESTMENT QUALITY $ 324,268 2010 NEW JERSEY INVESTMENT QUALITY $ 228,242 2008
133,706 2009 6,166 2004
5,068,444 2008 281,021 2003
312,281 2007 -----------
----------- $ 515,429
$ 5,838,699 ===========
=========== NEW JERSEY INCOME $ 615,438 2010
MUNICIPAL INCOME $15,055,804 2010 49,975 2009
526,271 2009 -----------
----------- $ 665,413
$15,582,075 ===========
=========== NEW YORK INVESTMENT QUALITY $ 248,074 2008
CALIFORNIA INVESTMENT QUALITY -- -- 11,820 2007
CALIFORNIA INCOME $ 2,398,646 2010 199,428 2003
=========== -----------
FLORIDA INVESTMENT QUALITY -- -- $ 459,322
FLORIDA INCOME $ 711,136 2010 ===========
111,530 2009 NEW YORK INCOME $ 68,166 2010
----------- ===========
$ 822,666
===========
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. New York Income's tax year end
is July 31st.
50
NOTE 4. CAPITAL
There are 200 million of $0.01 par value common shares authorized for each of
the Investment Quality Trusts. There are an unlimited number of $0.001 par value
common shares authorized for the Income Trusts. Each Trust may classify or
reclassify any unissued common shares into one or more series of preferred
shares. At April 30, 2003, the common shares outstanding and the shares owned by
affiliates of the Advisor of each Trust were as follows:
COMMON
SHARES COMMON
TRUST OUTSTANDING SHARES OWNED
----- ----------- ------------
Municipal Investment Quality 16,707,903 --
Municipal Income 43,529,344 --
California Investment Quality 1,007,093 7,093
California Income 14,985,501 --
Florida Investment Quality 1,127,093 7,093
Florida Income 6,646,343 --
New Jersey Investment Quality 1,007,093 7,093
New Jersey Income 7,414,793 --
New York Investment Quality 1,307,093 7,093
New York Income 12,521,494 --
As of April 30, 2003, 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 AND SERIES SHARES TRUST AND SERIES SHARES
---------------- ------ ---------------- ------
Municipal Investment Quality Florida Investment Quality--R7 340
T7 3,262 Florida Income--T7 2,302
T28 2,600 New Jersey Investment Quality--T7 300
Municipal Income New Jersey Income--R7 2,552
M7 3,001 New York Investment Quality--F7 392
T7 3,001 New York Income
W7 3,001 W7 2,195
R7 3,001 F7 2,195
F7 3,001
California Investment Quality--W7 300
California Income
T7 2,639
R7 2,639
Dividends on seven-day preferred shares are cumulative at a rate which is
reset every seven days based on the results of an auction. Dividends on 28 day
preferred shares are cumulative at a rate which is reset every 28 days based on
the results of an auction. The dividend ranges on the preferred shares for each
of the Trusts for the six months ended April 30, 2003, were as follows:
TRUST LOW HIGH TRUST LOW HIGH
----- ----- ----- ----- ----- -----
Municipal Investment Quality 0.95% 1.76% Florida Income 0.25% 1.53%
Municipal Income 0.59 1.75 New Jersey Investment Quality 0.60 1.34
California Investment Quality 0.65 1.52 New Jersey Income 0.70 1.55
California Income 0.74 1.25 New York Investment Quality 0.75 1.50
Florida Investment Quality 0.80 1.70 New York Income 0.95 1.75
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
or 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, are not satisfied.
The holders of preferred shares have voting rights equal to the holders of
common shares (one vote per share) and will vote together with holders of common
shares as a single class. However, holders of preferred shares, voting as a
separate class, are also entitled to elect two Directors/Trustees for each
Trust. In addition, the Investment Company Act of 1940, as amended, 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 and (b) change a
Trust's sub-classification as a closed-end investment company or change its
fundamental investment restrictions.
51
NOTE 5. DIVIDENDS
Subsequent to April 30, 2003, the Board of each Trust declared dividends from
undistributed earnings per common share payable June 2, 2003, to shareholders of
record on May 15, 2003. The per share common dividends declared were as follows:
COMMON DIVIDEND COMMON DIVIDEND
TRUST PER SHARE TRUST PER SHARE
----- --------------- ----- ---------------
Municipal Investment Quality $0.072500 Florida Income $0.073542
Municipal Income 0.078125 New Jersey Investment Quality 0.065900
California Investment Quality 0.068333 New Jersey Income 0.072500
California Income 0.073750 New York Investment Quality 0.073125
Florida Investment Quality 0.068800 New York Income 0.073125
The dividends declared on preferred shares for the period May 1, 2003 to May
31, 2003, for each of the Trusts were as follows:
DIVIDENDS DIVIDENDS
TRUST AND SERIES DECLARED TRUST AND SERIES DECLARED
---------------- --------- ---------------- ---------
Municipal Investment Quality Florida Investment Quality--R7 $ 9,812
T7 $72,058 Florida Income--T7 50,736
T28 53,612 New Jersey Investment Quality-T7 5,274
Municipal Income New Jersey Income--R7 69,721
M7 61,310 New York Investment Quality--F7 7,009
T7 63,981 New York Income
W7 81,987 W7 57,750
R7 83,128 F7 50,419
F7 67,613
California Investment Quality--W7 6,327
California Income
T7 53,730
R7 64,524
52
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 EquiServe Trust Company, N.A. (the "Plan Agent")
in the respective Trust's shares pursuant to the Plan. Shareholders who elect
not to participate in the Plan will receive all distributions in cash paid by
check and mailed directly to the shareholders of record (or if the shares are
held in street or other nominee name, then to the nominee) by the Plan Agent,
which serves as agent for the shareholders in administering the Plan.
After an Investment Quality Trust declares a dividend or determines to make a
capital gain distribution, the Plan Agent will acquire shares for the
participants' account, by the purchase of outstanding shares on the open market,
on the Trust's primary exchange or elsewhere ("open market purchases"). The
Investment Quality Trusts will not issue any new shares under the Plan.
After an Income Trust declares a dividend or determines to make a capital
gain distribution, the Plan Agent will acquire shares for the participants'
account, depending upon the circumstances described below, either (i) through
receipt of unissued but authorized shares from the Trust ("newly issued shares")
or (ii) by open market purchases. If, on the dividend payment date, the net
asset value per share ("NAV") is equal to or less than the market price per
share plus estimated brokerage commissions (such condition being referred to
herein as "market premium"), the Plan Agent will invest the dividend amount in
newly issued shares on behalf of the participants. The number of newly issued
shares to be credited to each participant's account will be determined by
dividing the dollar amount of the dividend by the NAV on the date the shares are
issued. However, if the NAV is less than 95% of the market price on the payment
date, the dollar amount of the dividend will be divided by 95% of the market
price on the payment date. If, on the dividend payment date, the NAV is greater
than the market value per share plus estimated brokerage commissions (such
condition being referred to herein as "market discount"), the Plan Agent will
invest the dividend amount in shares acquired on behalf of the participants in
open market purchases.
Participants in the Plan may withdraw from the Plan upon written notice to
the Plan Agent and will receive certificates for whole Trust shares and a cash
payment for any fraction of a Trust share.
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by each Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. The automatic reinvestment of dividends and distributions
will not relieve participants of any Federal income tax that may be payable on
such dividends or distributions.
Each Trust reserves the right to amend or terminate the Plan. There is no
direct service charge to participants in the Plan, however, each Trust reserves
the right to amend the Plan to include a service charge payable by the
participants. All correspondence concerning the Plan should be directed to the
Plan Agent at 150 Royall Street, Canton, MA 02021 or (800) 699-1BFM.
53
ADDITIONAL INFORMATION
--------------------------------------------------------------------------------
The Joint Annual Meeting of Shareholders was held on May 22, 2003, to
elect a certain number of Directors/Trustees for each of the following Trusts to
three year terms, unless otherwise indicated, expiring in 2006:
MUNICIPAL INVESTMENT QUALITY
Elected the Class I Directors and in accordance with Maryland law elected Robert
S. Kapito and Walter F. Mondale, for the remainder of their term, as follows:
DIRECTOR VOTES FOR VOTES WITHHELD
------- --------- --------------
Richard E. Cavanagh 5,351 4
James Clayburn La Force, Jr. 15,503,752 126,310
Robert S. Kapito(1) 15,514,717 115,345
Walter F. Mondale(2) 15,333,898 296,164
MUNICIPAL INCOME
Elected the Class II Trustees as follows:
TRUSTEE VOTES FOR VOTES WITHHELD
------- --------- --------------
Frank J. Fabozzi 14,212 44
Walter F. Mondale 42,160,792 996,636
Ralph L. Schlosstein 42,426,705 730,723
CALIFORNIA INVESTMENT QUALITY
Elected the Class III Directors and in accordance with Maryland law elected
Walter F. Mondale, for the remainder of his term, as follows:
DIRECTOR VOTES FOR VOTES WITHHELD
------- --------- --------------
Andrew F. Brimmer 674,197 24,140
Kent Dixon 675,409 22,928
Robert S. Kapito 674,197 24,140
Walter F. Mondale(3) 673,997 24,340
CALIFORNIA INCOME
Elected the Class II Trustees as follows:
TRUSTEE VOTES FOR VOTES WITHHELD
------ --------- --------------
Frank J. Fabozzi 5,097 16
Walter F. Mondale 14,718,380 174,592
Ralph L. Schlosstein 14,766,916 126,056
FLORIDA INVESTMENT QUALITY
Elected the Class III Trustees as follows:
TRUSTEE VOTES FOR VOTES WITHELD
------- --------- --------------
Andrew F. Brimmer 1,045,723 12,657
Kent Dixon 1,048,223 10,157
Robert S. Kapito 1,047,223 11,157
----------
(1) Robert S. Kapito's term for Municipal Investment Quality will expire in
2005.
(2) Walter F. Mondale's term for Municipal Investment Quality will expire in
2004.
(3) Walter F. Mondale's term for California Investment Quality will expire in
2005.
54
FLORIDA INCOME
Elected the Class II Trustees as follows:
TRUSTEE VOTES FOR VOTES WITHHELD
------- --------- --------------
Frank J. Fabozzi 2,134 --
Walter F. Mondale 6,514,717 94,662
Ralph L. Schlosstein 6,531,989 77,390
NEW JERSEY INVESTMENT QUALITY
Elected the Class III Directors and in accordance with Maryland law elected
Walter F. Mondale, for the remainder of his term, as follows:
DIRECTOR VOTES FOR VOTES WITHHELD
-------- --------- --------------
Andrew F. Brimmer 937,030 18,163
Kent Dixon 943,707 11,486
Robert S. Kapito 943,707 11,486
Walter F. Mondale1 942,227 12,966
NEW JERSEY INCOME
Elected the Class II Trustees as follows:
TRUSTEE VOTES FOR VOTES WITHHELD
------- --------- --------------
Frank J. Fabozzi 2,508 24
Walter F. Mondale 7,272,440 104,519
Ralph L. Schlosstein 7,303,179 73,780
NEW YORK INVESTMENT QUALITY
Elected the Class III Directors and in accordance with Maryland law elected
Walter F. Mondale, for the remainder of his term, as follows:
DIRECTOR VOTES FOR VOTES WITHHELD
-------- --------- --------------
Andrew F. Brimmer 1,223,690 14,048
Kent Dixon 1,223,690 14,048
Robert S. Kapito 1,222,790 14,948
Walter F. Mondale1(1) 1,224,090 13,648
NEW YORK INCOME
Elected the Class II Trustees as follows:
TRUSTEE VOTES FOR VOTES WITHHELD
------- --------- --------------
Frank J. Fabozzi 3,949 21
Walter F. Mondale 12,360,223 122,144
Ralph L. Schlosstein 12,362,833 119,534
----------
(1) Walter F. Mondale's term for these Trusts will expire in 2005.
55
BlackRock Closed-End Funds
Directors/Trustees
Ralph L. Schlosstein, CHAIRMAN
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
Robert S. Kapito
James Clayburn La Force, Jr.
Walter F. Mondale
Officers
Robert S. Kapito, PRESIDENT
Henry Gabbay, TREASURER
Anne Ackerley, VICE PRESIDENT
Kevin M. Klingert, VICE PRESIDENT
Richard M. Shea, VICE PRESIDENT/TAX
James Kong, 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(1)
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022
Custodian
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
Transfer Agent
EquiServe Trust Company, N.A.
150 Royall Street
Canton, MA 02021
(800) 699-1BFM
Auction Agent(1)
Bank of New York
5 Penn Plaza, 13th Floor
New York, NY 10001
Auction Agent(2)
Deutsche Bank Trust Company Americas
4 Albany Street
New York, NY 10006
Independent Accountants
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 Directors/Trustees
Debevoise & Plimpton
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.
--------------------------------------------------------------------------------
BlackRockAdvisors, Inc.(3) Princeton Administrators, L.P.(3) Prudential Investments LLC(3)
100 Bellevue Parkway P.O. Box 9095 Gateway Center Three
Wilmington, DE 19809 Princeton, NJ 08543-9095 100 Mulberry Street
(800) 227-7BFM (800) 543-6217 Newark, NJ 07102-4077
BlackRock Municipal Income Trust BlackRock Investment Quality (800) 227-7BFM
BlackRock California Municipal Municipal Trust BlackRock California Investment Quality
Income Trust Municipal Trust
BlackRock Florida Municipal BlackRock Florida Investment Quality
Income Trust Municipal Trust
BlackRock New Jersey Municipal BlackRock New Jersey Investment
Income Trust Quality Municipal Trust
BlackRock New York Municipal BlackRock New York Investment Quality
Income Trust Municipal Trust
----------
(1) For the Income Trusts only.
(2) For the Investment Quality Trusts only.
(3) Provides administrative services for the Trust(s) listed directly below its
name.
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) 227-7BFM.
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.
[Logo]
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. [RESERVED.]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable for semi-annual reports.
ITEM 8. [RESERVED.]
ITEM 9. CONTROLS AND PROCEDURES.
The Trust's principal executive officer and principal financial officer have
concluded that the Trust's disclosure controls and procedures are sufficient to
ensure that information required to be disclosed by the Trust in this Form N-CSR
was recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms, based
upon such officers' evaluation of these controls and procedures as of a date
within 90 days of the filing date of the report.
There were no significant changes or corrective actions with regard to
significant deficiencies or material weaknesses in the Trust's internal controls
or in other factors that could significantly affect the Trust's internal
controls subsequent to the date of their evaluation.
ITEM 10. EXHIBITS.
(a) Code of Ethics - Not applicable for semi-annual reports.
(b)(1) Certification of Principal Executive Officer.
(b)(2) Certification of Principal Financial Officer.
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 California Municipal Income Trust
By: /s/ Henry Gabbay
---------------------------
Name: Henry Gabbay
Title: Treasurer
Date: 6/30/03
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: 6/30/03
By: /s/ Henry Gabbay
---------------------------
Name: Henry Gabbay
Title: Principal Financial Officer
Date: 6/30/03
3