-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LlFlE8TazPxhymaJxBs2jn2kwBYy6c8Ne6DX0cjmUYO0PpkKdnDKnd7vTX58vl6U piBx2+2He1WMp7pvtHxxdQ== 0000930413-03-002035.txt : 20030630 0000930413-03-002035.hdr.sgml : 20030630 20030630141131 ACCESSION NUMBER: 0000930413-03-002035 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030430 FILED AS OF DATE: 20030630 EFFECTIVENESS DATE: 20030630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST CENTRAL INDEX KEY: 0001137391 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-10331 FILM NUMBER: 03763684 BUSINESS ADDRESS: STREET 1: 345 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 2127545567 MAIL ADDRESS: STREET 1: 345 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10154 N-CSR 1 c28614_n-csr.txt 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 EX-99.CERT 3 c28614_ex99-cert.txt CERTIFICATIONS I, Robert S. Kapito, certify that: 1. I have reviewed this report on Form N-CSR of BlackRock California Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have; a designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: 06/30/03 -------------- /s/ Robert S. Kapito --------------------------- Robert S. Kapito Trustee, President, Principal Executive Officer CERTIFICATIONS I, Henry Gabbay, certify that: 1. I have reviewed this report on Form N-CSR of BlackRock California Municipal Income Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-2(c) under the Investment Company Act of 1940) for the registrant and have; a designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"); and c presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date; 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant's ability to record, process, summarize, and report financial data and have identified for the registrant's auditors any material weaknesses in internal controls; and b any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and 6. The registrant's other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. Date: 06/30/03 -------------- /s/ Henry Gabbay ----------------------------------------- Henry Gabbay Treasurer and Principal Financial Officer EX-99.906CERT 4 c28614_ex99-906cert.txt FORM OF SECTION 906 CERTIFICATION SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of BlackRock California Municipal Income Trust (the "Company"), hereby certifies, to the best of his knowledge, that the Company's Report on Form N-CSR for the period ended 04/30/03 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Dated: 06/30/03 --------------------- /s/ Robert S. Kapito - ----------------------------------- Name: Robert S. Kapito Title: Principal Executive Officer /s/ Henry Gabbay - ------------------------------------ Name: Henry Gabbay Title: Principal Financial Officer A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----