UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10331
The 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
The 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
Date of reporting period: 10/31/03
ITEM 1. REPORTS TO STOCKHOLDERS.
The Trust's annual report transmitted to shareholders pursuant to Rule 30e-1
under the Investment Company Act of 1940 is as follows:
FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS
BlackRock
Closed-End Funds
Annual Report
October 31, 2003
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 [BLACKROCK LOGO]
MAY LOSE VALUE
NO BANK GUARANTEE
TABLE OF CONTENTS
Letter to Shareholders .................................................. 1
Trust Summaries ......................................................... 2
Portfolios of Investments ............................................... 12
Financial Statements
Statements of Assets and Liabilities ................................. 32
Statements of Operations ............................................. 34
Statements of Changes in Net Assets .................................. 36
Financial Highlights .................................................... 40
Notes to Financial Statements ........................................... 50
Independent Auditors' Report ............................................ 55
Trustees Information .................................................... 56
Dividend Reinvestment Plans ............................................. 58
Additional Information .................................................. 59
--------------------------------------------------------------------------------
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
October 31, 2003
Dear Shareholder:
We are pleased to report that during the annual period, the Trusts
continued to provide monthly income, as well as the opportunity to invest in
various portfolios of municipal securities. This report contains the Trusts'
audited 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' current yields, tax-equivalent
yields, closing market prices per share and net asset values ("NAV") per share
as of October 31, 2003.
TAX- CLOSING
CURRENT EQUIVALENT MARKET
TRUST (TICKER) YIELD(1) YIELD(1) PRICE NAV
---------------------------------------------------------------------------------------------------------
BlackRock Investment Quality 6.41% 9.86% $14.26 $15.28
---------------------------------------------------------------------------------------------------------
BlackRock Municipal Income Trust (BFK) 7.11% 10.93% $13.70 $13.87
---------------------------------------------------------------------------------------------------------
BlackRock California Investment Quality
Municipal Trust, Inc. (RAA) 6.04% 9.29% $14.03 $14.56
---------------------------------------------------------------------------------------------------------
BlackRock California Municipal Income
Trust (BFZ) 6.91% 10.63% $13.21 $13.97
---------------------------------------------------------------------------------------------------------
BlackRock Florida Investment Quality
Municipal Trust, Inc. (RFA) 5.87% 9.03% $14.47 $15.39
---------------------------------------------------------------------------------------------------------
BlackRock Florida Municipal Income Trust (BBF) 6.77% 10.42% $13.36 $14.68
---------------------------------------------------------------------------------------------------------
BlackRock New Jersey Investment Quality
Municipal Trust, Inc. (RNJ) 5.44% 8.38% $14.80 $14.90
---------------------------------------------------------------------------------------------------------
BlackRock New Jersey Municipal Income Trust (BNJ) 6.42% 9.88% $14.04 $14.59
---------------------------------------------------------------------------------------------------------
BlackRock New York Investment Quality
Municipal Trust, Inc. (RNY) 6.19% 9.52% $14.18 $15.34
---------------------------------------------------------------------------------------------------------
BlackRock New York Municipal Income Trust (BNY) 6.72% 10.34% $13.45 $14.76
---------------------------------------------------------------------------------------------------------
(1) Yields are based on closing market price. Tax-equivalent yield assumes the
maximum 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 September 30, 2003,
BlackRock managed over $17 billion in municipal bonds, including six open-end
and 37 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
OCTOBER 31, 2003
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST (BKN)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BKN
--------------------------------------------------------------------------------
Initial Offering Date: February 19, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $14.26
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $15.28
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($14.26):(1) 6.41%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.076189
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.914268
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(3) 36%
--------------------------------------------------------------------------------
(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:
----------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.26 $13.48 5.79% $14.84 $13.31
--------------------------------------------------------------------------------
NAV $15.28 $15.19 0.59% $15.84 $14.73
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Industrial & Pollution Control 17% 12%
--------------------------------------------------------------------------------
Lease Revenue 13 9
--------------------------------------------------------------------------------
City, County & State 12 11
--------------------------------------------------------------------------------
Education 12 14
--------------------------------------------------------------------------------
Hospital 11 10
--------------------------------------------------------------------------------
Transportation 10 15
--------------------------------------------------------------------------------
Power 7 7
--------------------------------------------------------------------------------
Tobacco 6 6
--------------------------------------------------------------------------------
Housing 4 5
--------------------------------------------------------------------------------
Tax Revenue 4 5
--------------------------------------------------------------------------------
Water & Sewer 1 --
--------------------------------------------------------------------------------
Resource Recovery -- 1
--------------------------------------------------------------------------------
Other 3 5
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 46% 55%
--------------------------------------------------------------------------------
AA/Aa 7 11
--------------------------------------------------------------------------------
A 20 21
--------------------------------------------------------------------------------
BBB/Baa 19 6
--------------------------------------------------------------------------------
BB/Ba 3 2
--------------------------------------------------------------------------------
Not Rated 5 5
--------------------------------------------------------------------------------
_____________
* Using the higher of Standard & Poor's ("S&P's"), Moody's Investors Service
("Moody's") or Fitch Ratings ("Fitch's") rating.
2
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK MUNICIPAL INCOME TRUST (BFK)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BFK
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $13.70
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $13.87
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($13.70):(1) 7.11%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.081125
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.973500
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
-------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.70 $13.46 1.78% $14.28 $12.71
--------------------------------------------------------------------------------
NAV $13.87 $13.33 4.05% $14.42 $13.03
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Industrial & Pollution Control 22% 24%
--------------------------------------------------------------------------------
Hospital 22 20
--------------------------------------------------------------------------------
Tobacco 10 15
--------------------------------------------------------------------------------
Housing 10 7
--------------------------------------------------------------------------------
Transportation 8 7
--------------------------------------------------------------------------------
Lease Revenue 8 1
--------------------------------------------------------------------------------
Education 7 9
--------------------------------------------------------------------------------
City, County & State 5 7
--------------------------------------------------------------------------------
Water & Sewer 1 3
--------------------------------------------------------------------------------
Power 1 2
--------------------------------------------------------------------------------
Tax Revenue 1 1
--------------------------------------------------------------------------------
Other 5 4
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 15% 11%
--------------------------------------------------------------------------------
AA/Aa 4 12
--------------------------------------------------------------------------------
A 27 50
--------------------------------------------------------------------------------
BBB/Baa 44 18
--------------------------------------------------------------------------------
BB/Ba -- 2
--------------------------------------------------------------------------------
B 5 2
--------------------------------------------------------------------------------
Not Rated 5 5
--------------------------------------------------------------------------------
____________
* Using the higher of S&P's, Moody's or Fitch's rating.
3
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST (RAA)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RAA
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $14.03
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $14.56
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($14.03)(1) 6.04%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.0706
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.8472
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
-------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.03 $13.38 4.86% $14.60 $12.85
--------------------------------------------------------------------------------
NAV $14.56 $14.81 (1.69)% $15.02 $14.22
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
City, County & State 25% 15%
--------------------------------------------------------------------------------
Transportation 24 26
--------------------------------------------------------------------------------
Lease Revenue 17 12
--------------------------------------------------------------------------------
Education 11 24
--------------------------------------------------------------------------------
Tobacco 8 9
--------------------------------------------------------------------------------
Industrial & Pollution Control 7 2
--------------------------------------------------------------------------------
Power 6 5
--------------------------------------------------------------------------------
Water & Sewer 2 5
--------------------------------------------------------------------------------
Housing -- 2
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 45% 53%
--------------------------------------------------------------------------------
AA/Aa 11 17
--------------------------------------------------------------------------------
A 12 13
--------------------------------------------------------------------------------
BBB/Baa 18 5
--------------------------------------------------------------------------------
BB/Ba -- 3
--------------------------------------------------------------------------------
B 5 --
--------------------------------------------------------------------------------
Not Rated 9 9
--------------------------------------------------------------------------------
____________
* Using the higher of S&P's, Moody's or Fitch's rating.
4
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (BFZ)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BFZ
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $13.21
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $13.97
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($13.21):(1) 6.91%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.076074
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.912888
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.21 $13.09 0.92% $14.14 $12.53
--------------------------------------------------------------------------------
NAV $13.97 $14.16 (1.34)% $14.93 $13.23
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Housing 16% 13%
--------------------------------------------------------------------------------
City, County & State 15 19
--------------------------------------------------------------------------------
Lease Revenue 13 12
--------------------------------------------------------------------------------
Transportation 11 8
--------------------------------------------------------------------------------
Tobacco 10 13
--------------------------------------------------------------------------------
Education 10 11
--------------------------------------------------------------------------------
Hospital 9 9
--------------------------------------------------------------------------------
Power 7 6
--------------------------------------------------------------------------------
Industrial & Pollution Control 1 1
--------------------------------------------------------------------------------
Tax Revenue 1 1
--------------------------------------------------------------------------------
Water & Sewer -- 1
--------------------------------------------------------------------------------
Other 7 6
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 30% 35%
--------------------------------------------------------------------------------
A 31 41
--------------------------------------------------------------------------------
BBB/Baa 20 9
--------------------------------------------------------------------------------
BB/Ba 1 1
--------------------------------------------------------------------------------
Not Rated 18 14
--------------------------------------------------------------------------------
____________
* Using the higher of S&P's, Moody's or Fitch's rating.
5
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (RFA)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RFA
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $14.47
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $15.39
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($14.47):(1) 5.87%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.070781
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.849372
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.47 $14.50 (0.21)% $16.01 $14.05
--------------------------------------------------------------------------------
NAV $15.39 $15.65 (1.66)% $15.92 $15.09
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Education 23% 21%
--------------------------------------------------------------------------------
Tax Revenue 21 15
--------------------------------------------------------------------------------
Transportation 14 17
--------------------------------------------------------------------------------
Power 14 13
--------------------------------------------------------------------------------
Lease Revenue 9 15
--------------------------------------------------------------------------------
City, County & State 9 9
--------------------------------------------------------------------------------
Housing 5 2
--------------------------------------------------------------------------------
Hospital 4 4
--------------------------------------------------------------------------------
Water & Sewer 1 4
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 72% 71%
--------------------------------------------------------------------------------
AA/Aa 4 --
--------------------------------------------------------------------------------
A 7 21
--------------------------------------------------------------------------------
BBB/Baa 13 8
--------------------------------------------------------------------------------
Not Rated 4 --
--------------------------------------------------------------------------------
____________
* Using the higher of S&P's, Moody's or Fitch's rating.
6
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (BBF)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BBF
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $13.36
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $14.68
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($13.36):(1) 6.77%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.075375
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.904500
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
-------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.36 $13.65 (2.12)% $15.00 $13.02
--------------------------------------------------------------------------------
NAV $14.68 $14.57 0.75% $15.62 $14.02
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
City, County & State 31% 24%
--------------------------------------------------------------------------------
Hospital 22 15
--------------------------------------------------------------------------------
Water & Sewer 8 11
--------------------------------------------------------------------------------
Power 8 8
--------------------------------------------------------------------------------
Education 7 17
--------------------------------------------------------------------------------
Housing 6 2
--------------------------------------------------------------------------------
Tax Revenue 5 5
--------------------------------------------------------------------------------
Lease Revenue 5 5
--------------------------------------------------------------------------------
Tobacco 4 4
--------------------------------------------------------------------------------
Transportation 3 5
--------------------------------------------------------------------------------
Industrial & Pollution Control 1 2
--------------------------------------------------------------------------------
Other -- 2
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 19% 34%
--------------------------------------------------------------------------------
AA/Aa 42 35
--------------------------------------------------------------------------------
A 13 18
--------------------------------------------------------------------------------
BBB/Baa 11 6
--------------------------------------------------------------------------------
Not Rated 15 7
--------------------------------------------------------------------------------
____________
* Using the higher of S&P's, Moody's or Fitch's rating.
7
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST (RNJ)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RNJ
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $14.80
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $14.90
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($14.80):(1) 5.44%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.067148
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.805776
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.80 $13.30 11.28% $15.15 $13.01
--------------------------------------------------------------------------------
NAV $14.90 $14.64 1.78% $15.31 $14.61
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Transportation 32% 38%
--------------------------------------------------------------------------------
Hospital 15 15
--------------------------------------------------------------------------------
Education 11 11
--------------------------------------------------------------------------------
Power 8 7
--------------------------------------------------------------------------------
City, County & State 5 5
--------------------------------------------------------------------------------
Resource Recovery 5 5
--------------------------------------------------------------------------------
Tax Revenue 5 10
--------------------------------------------------------------------------------
Water & Sewer 5 5
--------------------------------------------------------------------------------
Tobacco 4 --
--------------------------------------------------------------------------------
Industrial & Pollution Control 4 --
--------------------------------------------------------------------------------
Housing 1 4
--------------------------------------------------------------------------------
Other 5 --
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 64% 70%
--------------------------------------------------------------------------------
AA/Aa 10 5
--------------------------------------------------------------------------------
A 10 15
--------------------------------------------------------------------------------
BBB/Baa 7 2
--------------------------------------------------------------------------------
B 4 3
--------------------------------------------------------------------------------
Not Rated 5 5
--------------------------------------------------------------------------------
____________
* Using the higher of S&P's, Moody's or Fitch's rating.
8
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (BNJ)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BNJ
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $14.04
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $14.59
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($14.04):(1) 6.42%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.075108
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.901296
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
-------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.04 $13.64 2.93% $14.82 $13.18
--------------------------------------------------------------------------------
NAV $14.59 $14.29 2.10% $15.37 $13.92
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Hospital 21% 21%
--------------------------------------------------------------------------------
Housing 16 12
--------------------------------------------------------------------------------
Lease Revenue 15 18
--------------------------------------------------------------------------------
Transportation 14 18
--------------------------------------------------------------------------------
Tobacco 9 10
--------------------------------------------------------------------------------
City, County & State 7 8
--------------------------------------------------------------------------------
Industrial & Pollution Control 3 2
--------------------------------------------------------------------------------
Education 3 1
--------------------------------------------------------------------------------
Tax Revenue 2 --
--------------------------------------------------------------------------------
Water & Sewer 1 1
--------------------------------------------------------------------------------
Other 9 9
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 32% 32%
--------------------------------------------------------------------------------
AA/Aa 5 7
--------------------------------------------------------------------------------
A 20 31
--------------------------------------------------------------------------------
BBB/Baa 31 19
--------------------------------------------------------------------------------
B 3 2
--------------------------------------------------------------------------------
Not Rated 9 9
--------------------------------------------------------------------------------
_____________
* Using the higher of S&P's, Moody's or Fitch's rating.
9
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST (RNY)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on American Stock Exchange: RNY
--------------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $14.18
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $15.34
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($14.18):(1) 6.19%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.073125
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.877500
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
-------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $14.18 $14.40 (1.53)% $15.15 $13.69
--------------------------------------------------------------------------------
NAV $15.34 $15.47 (0.84)% $15.75 $14.96
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Education 33% 26%
--------------------------------------------------------------------------------
City, County & State 19 22
--------------------------------------------------------------------------------
Lease Revenue 11 11
--------------------------------------------------------------------------------
Industrial & Pollution Control 10 11
--------------------------------------------------------------------------------
Tax Revenue 8 12
--------------------------------------------------------------------------------
Water & Sewer 7 --
--------------------------------------------------------------------------------
Power 4 4
--------------------------------------------------------------------------------
Hospital 3 4
--------------------------------------------------------------------------------
Housing 3 4
--------------------------------------------------------------------------------
Tobacco 2 --
--------------------------------------------------------------------------------
Transportation -- 3
--------------------------------------------------------------------------------
Resource Recovery -- 3
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 37% 38%
--------------------------------------------------------------------------------
AA/Aa 26 22
--------------------------------------------------------------------------------
A 25 33
--------------------------------------------------------------------------------
BBB/Baa 5 7
--------------------------------------------------------------------------------
BB/Ba 4 --
--------------------------------------------------------------------------------
Caa 3 --
--------------------------------------------------------------------------------
______________
* Using the higher of S&P's, Moody's or Fitch's rating.
10
TRUST SUMMARIES
OCTOBER 31, 2003
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (BNY)
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BNY
--------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/03: $13.45
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/03: $14.76
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/03 ($13.45):(1) 6.72%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $0.075339
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $0.904068
--------------------------------------------------------------------------------
Leverage as of 10/31/03:(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:
-------------------------------------------------------------
10/31/03 10/31/02 CHANGE HIGH LOW
--------------------------------------------------------------------------------
MARKET PRICE $13.45 $13.42 0.22% $14.55 $12.99
--------------------------------------------------------------------------------
NAV $14.76 $14.47 2.00% $15.43 $13.99
--------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations of the Trust's long-term investments:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
Lease Revenue 19% 13%
--------------------------------------------------------------------------------
Transportation 17 20
--------------------------------------------------------------------------------
Tobacco 11 12
--------------------------------------------------------------------------------
Industrial & Pollution Control 10 7
--------------------------------------------------------------------------------
Education 9 14
--------------------------------------------------------------------------------
Housing 8 9
--------------------------------------------------------------------------------
City, County & State 6 5
--------------------------------------------------------------------------------
Hospital 5 4
--------------------------------------------------------------------------------
Water & Sewer 4 4
--------------------------------------------------------------------------------
Tax Revenue 4 4
--------------------------------------------------------------------------------
Power -- 1
--------------------------------------------------------------------------------
Other 7 7
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2003 OCTOBER 31, 2002
--------------------------------------------------------------------------------
AAA/Aaa 23% 24%
--------------------------------------------------------------------------------
AA/Aa 23 26
--------------------------------------------------------------------------------
A 25 27
--------------------------------------------------------------------------------
BBB/Baa 19 13
--------------------------------------------------------------------------------
B -- 3
--------------------------------------------------------------------------------
CCC/Caa 3 --
--------------------------------------------------------------------------------
Not Rated 7 7
--------------------------------------------------------------------------------
_____________
* Using the higher of S&P's, Moody's or Fitch's rating.
11
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST (BKN)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--151.4%
ALABAMA--5.9%
AAA $14,000 Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA ....................... 09/10 @ 101 $ 15,179,080
------------
ALASKA--2.4%
AAA 6,015 Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA ...................... 12/05 @ 102 6,157,555
------------
CALIFORNIA--20.9%
A 5,770 California, GO, 5.625%, 5/01/18 ............................................. 05/10 @ 101 6,122,605
BBB 3,000 Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40 ...... 01/10 @ 101 3,053,070
Golden St. Tobacco Sec. Corp., Ser. B,
AAA 1,935 5.00%, 6/01/43, AMBAC ..................................................... 06/13 @ 100 1,883,684
AAA 965 5.00%, 6/01/43, FSA ....................................................... 06/13 @ 100 939,408
A- 14,200 5.50%, 6/01/43 ............................................................ 06/13 @ 100 13,437,460
A- 6,900 5.625%, 6/01/38 ........................................................... 06/13 @ 100 6,681,684
AAA 10,945 Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA ........................ 08/13 @ 53.632 3,405,318
AAA 15,460 Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC ......... No Opt. Call 17,902,680
------------
53,425,909
------------
COLORADO--2.2%
AAA 3,100 Arapahoe Cnty. Cap. Impvt. Hwy. Trust Fund, Ser. E, Zero Coupon, 8/31/04 .... ETM 3,070,147
AAA 2,250(3) E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05 ............................... N/A 2,545,582
------------
5,615,729
------------
CONNECTICUT--1.2%
BBB- 3,000(4) Mashantucket Western Pequot Tribe, Ser. A, 5.50%, 9/01/28 ................... 09/09 @ 101 2,948,130
------------
DELAWARE--3.0%
NR 7,000(4) Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/10 .................... 11/10 @ 100 7,734,650
------------
DISTRICT OF COLUMBIA--2.4%
District of Columbia,
AAA 1,705 GO, Ser. E, 6.00%, 6/01/09, CAPMAC ........................................ ETM 1,744,249
BBB 4,960 Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 ............................... No. Opt. Call 4,367,528
------------
6,111,777
------------
FLORIDA--2.8%
AAA 940 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.55%, 7/01/14 ...... 01/05 @ 102 974,705
NR 3,700 Hillsborough Cnty. Ind. Dev. Auth., National Gypsum, Ser. A, 7.125%, 4/01/30 10/10 @ 101 3,792,648
BB- 4,000 Santa Rosa Bay Bridge Auth., 6.25%, 7/01/28 ................................. 07/06 @ 102 2,423,280
------------
7,190,633
------------
GEORGIA--1.7%
AAA 4,260 Atlanta Wtr. & Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA ....................... 05/12 @ 100 4,272,184
------------
HAWAII--1.1%
AAA 2,500 Hawaii Dept. of Budget & Fin., Hawaiian Elec. Co. Inc.,
Ser. D, 6.15%, 1/01/20, AMBAC ............................................. 01/09 @ 101 2,760,350
------------
ILLINOIS--11.8%
AAA 10,000 Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC .................... 12/07 @ 102 10,812,900
AAA 5,000 Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA ............................ ETM 6,478,500
Illinois Edl. Fac. Auth., FGIC,
AAA 4,000 5.45%, 7/01/14 ............................................................ 12/03 @ 102 4,098,200
AAA 5,000 5.70%, 7/01/13 ............................................................ 12/03 @ 102 5,125,100
AAA 3,540 O'Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA ........................... 01/14 @ 100 3,574,196
------------
30,088,896
------------
INDIANA--3.1%
BBB 7,420 Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 7.10%, 1/15/17 .......... 07/04 @ 102 7,795,378
------------
KENTUCKY--2.2%
AAA 15,715 Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon,
10/01/23, MBIA ............................................................ No Opt. Call 5,506,379
------------
See Notes to Financial Statements.
12
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--9.1%
AAA $14,400(3) Louisiana Pub. Fac. Auth., Our Lady of the Lake Regl. Med. Ctr.,
5.90%, 12/01/03, FSA ...................................................... N/A $ 14,739,552
AAA 4,640 New Orleans, GO, 5.875%, 11/01/29, FSA ...................................... 11/09 @ 100 5,067,623
BBB 4,460 Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39 ...................... 05/11 @ 101 3,558,589
------------
23,365,764
------------
MARYLAND--2.6%
Aa2 2,190 Maryland Dept. Hsg. & Cmnty. Dev. Admin., Sngl. Fam. Prog., Ser. 2,
6.55%, 4/01/26 ............................................................ 04/05 @ 102 2,259,007
NR 4,000(4) MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 ..................... 11/10 @ 100 4,404,400
------------
6,663,407
------------
MICHIGAN--1.6%
BB+ 4,000(5) Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 ........................... 07/07 @ 101 4,087,880
------------
MISSOURI--1.7%
Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys.,
BBB- 2,000 5.25%, 12/01/14 ........................................................... 12/08 @ 102 1,976,720
BBB- 2,500 5.25%, 12/01/26 ........................................................... 12/08 @ 102 2,308,000
------------
4,284,720
------------
NEW JERSEY--4.1%
AAA 2,000 Delaware River Port. Auth. of PA & NJ, Port Dist. Proj., Ser. B, 5.70%,
1/01/22, FSA .............................................................. 01/10 @ 100 2,183,560
AA 7,000(3) New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/10 ... N/A 8,287,440
------------
10,471,000
------------
NEW MEXICO--0.8%
AAA 1,945 Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA .... 12/03 @ 102 1,990,805
------------
NEW YORK--14.5%
New York City, GO,
A+ 4,140 Ser. A, 6.00%, 8/01/05 .................................................... No Opt. Call 4,448,802
A+ 7,000 Ser. E, 6.50%, 2/15/06 .................................................... No Opt. Call 7,704,340
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A3 4,000 6.00%, 1/01/08 ............................................................ 01/04 @ 102 4,098,720
A3 1,000 6.00%, 1/01/15 ............................................................ 01/04 @ 102 1,024,630
New York City Transl. Fin. Auth., Ser. B,
AA+ 8,145(3) 6.00%, 5/15/10 ............................................................ N/A 9,720,324
AA+ 1,855 6.00%, 11/15/21 ........................................................... 05/10 @ 101 2,097,690
New York Dorm. Auth.,
AAA 3,000(3) St. Univ. Edl. Fac., Ser. B, 6.10%, 5/15/04 ............................... N/A 3,140,340
AAA 1,865 Univ. of Rochester, Ser. A, Zero Coupon, 7/01/21, MBIA .................... 07/10 @ 101 1,373,722
AAA 2,030 Univ. of Rochester, Ser. A, Zero Coupon, 7/01/23, MBIA .................... 07/10 @ 101 1,486,528
A 1,955 New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%,
11/01/04 .................................................................. No Opt. Call 2,055,155
------------
37,150,251
------------
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 5,891,500
------------
OHIO--3.7%
Cuyahoga Cnty.,
A1 3,485 Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20 ............................... 07/13 @ 100 3,759,757
A1 5,000 Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21 ............................... 07/13 @ 100 5,378,300
AAA 375 Port Dev. Proj., 6.00%, 3/01/07 ........................................... ETM 408,870
------------
9,546,927
------------
OREGON--2.2%
BB+ 5,600 Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07 .......................... No Opt. Call 5,675,488
------------
PENNSYLVANIA--5.1%
McKeesport Area Sch. Dist., FGIC,
AAA 870 Zero Coupon, 10/01/31 ..................................................... ETM 217,500
AAA 2,435 Zero Coupon, 10/01/31 ..................................................... No Opt. Call 542,956
Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A,
A3 2,000 6.25%, 11/01/31 ........................................................... 05/11 @ 101 1,953,600
A3 3,100 6.375%, 11/01/41 .......................................................... 05/11 @ 101 3,046,432
A 2,750 Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs.,
Ser. A, 5.875%, 1/01/15 ................................................... 01/06 @ 101 2,842,483
AAA 4,000 Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog.,
5.50%, 6/15/20, FGIC ...................................................... 06/06 @ 100 4,305,600
------------
12,908,571
------------
RHODE ISLAND--0.9%
AAA 2,000 Rhode Island Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA ..... 05/07 @ 102 2,175,400
------------
See Notes to Financial Statements.
13
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA--3.2%
So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance,
BBB $ 2,185 Ser. A, 6.25%, 8/01/31 .................................................... 08/13 @ 100 $ 2,198,307
BBB 4,000 Ser. C, 6.875%, 8/01/27 ................................................... 08/13 @ 100 4,266,120
BBB 2,090 Tobacco Settlement Mgmt. Auth., Ser. B, 6.375%, 5/15/30 ..................... No Opt. Call 1,807,599
------------
8,272,026
------------
TENNESSEE--5.2%
Baa1 7,800 Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 ......... 09/04 @ 102 8,053,110
AAA 4,865 Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC ............. 03/10 @ 101 5,276,190
------------
13,329,300
------------
TEXAS--13.8%
BBB 6,000 Brazos River Auth. PCR, TXU Energy Co. LLC Proj., Ser. C, 6.75%, 10/01/38 ... 10/13 @ 101 6,180,840
Dallas Cnty. Util. & Cap. Reclam. Dist., Ser. A, AMBAC,
AAA 6,085 Zero Coupon, 2/15/19 ...................................................... 02/05 @ 44.538 2,563,245
AAA 3,800 Zero Coupon, 2/15/20 ...................................................... 02/05 @ 41.799 1,500,582
AAA 6,000 Grapevine, GO, 5.875%, 8/15/24, FGIC ........................................ 08/10 @ 100 6,605,580
AAA 5,000 Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA ...... 11/30 @ 61.166 701,550
BBB 7,000 Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 .......... 05/12 @ 101 7,313,740
Baa1 6,320 Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev., 5.80%, 11/01/26 .......... 11/11 @ 102 6,319,937
AAA 15,000 Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC ........... 08/12 @ 32.807 2,941,650
Aa1 1,000 Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 ................................... 08/10 @ 100 1,100,540
------------
35,227,664
------------
UTAH--1.6%
Intermountain Pwr. Agcy., Sply.,
AAA 2,810 5.00%, 7/01/13, AMBAC ..................................................... ETM 2,824,303
A+ 1,145 Ser. B, 5.00%, 7/01/16 .................................................... ETM 1,147,622
------------
3,971,925
------------
VIRGINIA--0.1%
BBB 235 Peninsula Ports Auth. Coal Term., Dominion Term. Assocs., 6.00%, 4/01/33 .... 04/13 @ 101 237,848
------------
WASHINGTON--7.9%
Washington, GO,
AA+ 4,000 Ser. A, 5.375%, 7/01/21 ................................................... 07/06 @ 100 4,191,200
AA+ 1,000 Ser. B, 6.00%, 1/01/25 .................................................... 01/10 @ 100 1,109,160
AAA 13,395 Washington Pub. Pwr. Sply., Nuclear Proj. No 1, 5.75%, 7/01/11, MBIA ........ 07/06 @ 102 14,882,247
------------
20,182,607
------------
WISCONSIN--6.3%
BBB 14,800 Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 ............................ 06/12 @ 100 12,831,304
A- 3,220 Wisconsin Hlth. & Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33 ....... 04/13 @ 100 3,303,656
------------
16,134,960
------------
WYOMING--4.0%
A3 10,000 Sweetwater Cnty., PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26 ......... 07/06 @ 102 10,244,600
------------
TOTAL LONG-TERM INVESTMENTS (COST $364,537,075) ............................. 386,599,293
------------
SHORT-TERM INVESTMENTS--3.2%
GEORGIA--0.8%
A1+ 2,100(6) Mun. Elec. Auth., Proj. One, Ser. C, 1.10%, 11/05/03, MBIA, FRWD ............ N/A 2,100,000
------------
See Notes to Financial Statements.
14
SHARES
(000) DESCRIPTION VALUE
------------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND--2.4%
6,150 AIM Tax Free Investment Co. Cash Reserve Portfolio ................................. $ 6,150,000
------------
TOTAL SHORT-TERM INVESTMENTS (COST $8,250,000) ..................................... 8,250,000
------------
TOTAL INVESTMENTS--154.6% (COST $372,787,075) ...................................... 394,849,293
Other assets in excess of liabilities--2.8% ........................................ 7,056,047
Preferred shares at redemption value, including dividends payable--(57.4)% ......... (146,590,649)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ................................. $255,314,691
============
________________________
(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 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 October 31, 2003, the
Trust held 5.9% of its net assets, with a current market value of
$15,087,180, in securities restricted as to resale.
(5) See Note 6 of Notes to Financial Statements.
(6) For purposes of amortized cost valuation, the maturity date of this
instrument is considered to be the earlier of the next date on which the
security can be redeemed at par, or the next date on which the rate of
interest is adjusted. Interest rate shown is as of October 31, 2003.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporpation
CAPMAC -- Capital Markets Assurance Company
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Company
FRWD -- Floating Rate Weekly Demand
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
PCR -- Pollution Control Revenue
--------------------------------------------------------------------------------
See Notes to Financial Statements.
15
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK MUNICIPAL INCOME TRUST (BFK)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--154.0%
ALABAMA--6.3%
Baa2 $ 7,000 Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 ... 06/05 @ 102 $ 7,251,650
A2 15,000 Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32, .................... 06/12 @ 101 15,327,750
BBB 15,000 Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35 ...... 05/12 @ 100 15,258,450
------------
37,837,850
------------
ARIZONA--1.2%
A3 7,000 Scottsdale Ind. Dev. Auth., Scottsdale Htlh. Care, 5.80%, 12/01/31 .......... 12/11 @ 101 7,185,990
------------
CALIFORNIA--24.8%
A 6,000 California, GO, 5.50%, 11/01/33 ............................................. 11/13 @ 100 6,073,440
A 19,000 California Infrastructure & Econ. Dev., J. David Gladstone Inst. Proj.,
5.25%, 10/01/34 ........................................................... 10/11 @ 101 18,746,160
A- 5,000 California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%,
10/01/33 .................................................................. 04/13 @ 100 5,053,150
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB 54,635 Zero Coupon, 1/15/32 ...................................................... 01/10 @ 27.37 9,646,902
BBB 20,535 Zero Coupon, 1/15/34 ...................................................... 01/10 @ 24.228 3,204,898
BBB 75,000 Zero Coupon, 1/15/38 ...................................................... 01/10 @ 19.014 9,141,000
Golden St. Tobacco Sec. Corp., Ser. B
AAA 4,540 5.00%, 6/01/43, AMBAC ..................................................... 06/13 @ 100 4,419,599
AAA 2,270 5.00%, 6/01/43, FSA ....................................................... 06/13 @ 100 2,209,800
A- 35,500 5.50%, 6/01/43 ............................................................ 06/13 @ 100 33,593,650
A- 16,500 5.625%, 6/01/38 ........................................................... 06/13 @ 100 15,977,940
BBB 10,000 Tobacco Settlement Rev., Ser. A-1, 6.75%, 6/01/39 ......................... 06/13 @ 100 9,059,600
Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,
B- 20,055 Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 .............................. 12/12 @ 102 19,245,580
AAA 13,320 Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC .................... 01/12 @ 100 13,538,581
------------
149,910,300
------------
COLORADO--0.6%
BBB 3,500 Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 ........ 12/11 @ 100 3,407,565
------------
CONNECTICUT--4.7%
A3 6,350 Connecticut Dev. Auth., Connecticut Lt. & Pwr., PCR, Ser. A, 5.85%, 9/01/28 . 10/08 @ 102 6,657,213
BBB- 20,940 Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 6.25%, 1/01/31 ........... 01/11 @ 101 21,850,890
------------
28,508,103
------------
DELAWARE--6.0%
Charter Mac Equity Issuer Trust,
NR 1,0003 Ser. A, 6.625%, 6/30/49 ................................................... 06/09 @ 100 1,067,930
NR 11,0003 Ser. A-2, 6.30%, 6/30/49 .................................................. 06/09 @ 100 11,535,810
NR 16,0003 Ser. A-3, 6.80%, 10/01/52 ................................................. 10/11 @ 100 16,704,800
NR 6,5003 Ser. B-1, 6.80%, 11/30/50 ................................................. 11/10 @ 100 6,788,080
------------
36,096,620
------------
DISTRICT OF COLUMBIA--4.4%
Dist. of Columbia, Georgetown Univ., Ser. A, MBIA
AAA 15,600 Zero Coupon, 4/01/36 ...................................................... 04/11 @ 22.875 2,272,920
AAA 51,185 Zero Coupon, 4/01/37 ...................................................... 04/11 @ 21.546 7,007,738
BBB 19,535 Dist. of Columbia Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 ............. 05/11 @ 101 17,468,393
------------
26,749,051
------------
FLORIDA--4.0%
Baa2 4,600 Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 ............. 09/06 @ 102 4,729,950
A 9,670 Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%,
11/15/31 .................................................................. 11/11 @ 101 10,082,619
BBB- 9,000 Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%,
12/15/25 .................................................................. 12/04 @ 102 9,306,090
------------
24,118,659
------------
See Notes to Financial Statements.
16
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA--2.3%
AAA $ 9,905 Atlanta Wtr. & Wstwtr., Ser. A, 5.00%, 11/01/39, MBIA ....................... 05/12 @ 100 $ 9,933,328
BBB 4,000 Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A,
6.00%, 2/01/25 ............................................................ 02/12 @ 101 4,077,720
------------
14,011,048
------------
IDAHO--2.9%
AAA 16,970 Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC ......... 04/11 @ 100 17,512,191
------------
ILLINOIS--16.5%
Bolingbrook, Ser. B, FGIC,
AAA 14,085 Zero Coupon, 1/01/34 ...................................................... No Opt. Call 2,661,501
AAA 7,120 Zero Coupon, 1/01/33 ...................................................... No Opt. Call 1,426,065
Illinois Dev. Fin. Auth.,
A 7,095 Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24 .......... 11/09 @ 101 7,122,600
A2 25,000 PCR, Ser. C, 5.95%, 8/15/26 ............................................... 12/06 @ 101 25,460,500
Illinois Edl. Facs. Auth.,
Baa2 10,000 Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30 . 05/12 @ 101 10,106,800
Baa2 7,000 Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34 . 05/07 @ 100 7,021,630
Aa1 20,000 Univ. of Chicago, Ser. A, 5.25%, 7/01/41 .................................. 07/11 @ 101 20,321,400
Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care,
A2 5,000 5.50%, 1/01/22 ............................................................ 01/13 @ 100 4,990,650
A2 6,000 5.625%, 1/01/28 ........................................................... 01/13 @ 100 6,007,920
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 7,060,000
AAA 7,645 O'Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA ........................... 01/14 @ 100 7,718,851
------------
99,897,917
------------
INDIANA--5.7%
A+ 9,000 Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31 ......... 09/11 @ 100 8,926,020
Petersburg, PCR, Pwr. & Lt. Conv.,
Baa2 10,000 5.90%, 12/01/24 ........................................................... 08/11 @ 102 9,739,000
Baa2 16,000 5.95%, 12/01/29 ........................................................... 08/11 @ 102 15,546,080
------------
34,211,100
------------
KENTUCKY--1.5%
AAA 9,060 Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32 ...................... 07/11 @ 100 9,155,311
------------
LOUISIANA--4.7%
A 21,425 Louisiana Local Gov't. Environ. Facs. & Cmnty. Dev. Auth., Cap. Projs. & Equip.
Acquisition,
6.55%, 9/01/25, ACA ....................................................... No Opt. Call 23,710,833
Baa1 4,605 Louisiana Local Gov. Env., Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38 .... 06/13 @ 102 4,528,972
------------
28,239,805
------------
MARYLAND--1.4%
NR 8,000(3) MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 .................... 06/09 @ 100 8,628,000
------------
MASSACHUSETTS--2.6%
AAA 15,925 Massachusetts Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%,
1/01/39, AMBAC ............................................................ 01/09 @ 101 15,851,745
------------
MICHIGAN--2.9%
AA 17,210 Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31 ............... 07/11 @ 101 17,547,144
------------
MISSISSIPPI--3.1%
A2 18,680 Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 ...... 07/11 @ 100 18,885,480
------------
NEW HAMPSHIRE--0.6%
A+ 3,500 New Hampshire Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31 . 10/11 @ 101 3,562,545
------------
NEW JERSEY--8.5%
New Jersey Econ. Dev. Auth.,
B 31,410 Continental Airlines Inc. Proj., 7.00%, 11/15/30 .......................... 11/10 @ 101 28,713,137
Baa3 8,000 Kapkowski Road Landfill Proj., 6.50%, 4/01/28 ............................. No Opt. Call 9,000,480
BBB 15,000 New Jersey Tobacco Settlement Fin. Corp., 6.75%, 6/01/39 .................... 06/13 @ 100 13,675,200
------------
51,388,817
------------
OHIO--2.4%
BBB 14,500 Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj.,
Ser. B, 6.00%, 8/01/20 .................................................... 08/07 @ 102 14,715,180
------------
See Notes to Financial Statements.
17
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA--5.3%
BBB $ 4,425 Lehigh Cnty. Gen. Purp. Auth., St. Lukes Bethlehem Hosp., 5.375%, 8/15/33 ... 08/13 @ 100 $ 4,208,529
A3 6,500 Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41 .. 05/11 @ 101 6,387,680
Pennsylvania Higher Edl. Facs. Auth.,
BBB+ 4,000 La Salle Univ., 5.50%, 5/01/34 ............................................ 05/13 @ 100 4,003,760
A 17,250 Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22 ................. 01/06 @ 101 17,543,077
------------
32,143,046
------------
RHODE ISLAND--1.4%
BBB 10,000 Tobacco Settlement Fin. Corp., Ser. A, 6.25%, 6/01/42 ....................... 06/12 @ 100 8,385,100
------------
SOUTH CAROLINA--5.8%
Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev.,
A 5,000 5.50%, 11/01/32 ........................................................... 11/13 @ 100 5,048,800
A 10,000 5.75%, 11/01/28 ........................................................... 11/13 @ 100 10,226,900
So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev.,
A- 5,000 Bon Secours Hlth. Sys. Inc., Ser. A, 5.625%, 11/15/30 ..................... 11/12 @ 100 5,049,150
BBB 5,075 Palmetto Hlth. Alliance, Ser. A, 6.25%, 8/01/31 ........................... 08/13 @ 100 5,105,907
BBB 9,000 Palmetto Hlth. Alliance, 6.875%, 8/01/27 .................................. 08/13 @ 100 9,598,770
------------
35,029,527
------------
SOUTH DAKOTA--2.8%
BBB 19,000 Edl. Enhancement Fdg. Corp., Tobacco Settlement, Ser. B, 6.50%, 6/01/32 ..... 06/12 @ 101 16,750,590
------------
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 8,647,165
------------
TEXAS--16.8%
Brazos River Auth., PCR,
BBB 8,655 TXU Elec. Co. Proj., Ser. C, 5.75%, 5/01/36 ............................... No Opt. Call 8,964,157
BBB 1,320 TXU Energy Co. LLC Proj., Ser. C, 6.75%, 10/01/38 ......................... 10/13 @ 101 1,359,785
Harris Cnty. Houston Sports Auth., MBIA,
AAA 12,580 Ser. A, Zero Coupon, 11/15/38 ............................................. 11/30 @ 61.166 1,765,100
AAA 5,000 Ser. H, Zero Coupon, 11/15/35 ............................................. 11/31 @ 78.178 822,850
BBB 20,000 Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 .......... 05/12 @ 101 20,896,400
BBB 4,450 Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 5/01/30 ........ No Opt. Call 4,608,954
Texas Affordable Hsg. Corp., Mult. Fam. Hsg. Rev.,
Baa1 6,010 5.80%, 11/01/26 ........................................................... 11/11 @ 102 6,009,940
BBB- 4,435 Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 ....................... 09/12 @ 102 4,211,565
Baa1 18,605 Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31 ......................... 11/11 @ 102 18,674,582
BBB- 6,545 So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 ............................ 09/12 @ 102 6,215,263
Texas Tpke. Auth., Central Sys. Rev., AMBAC,
AAA 35,000 Zero Coupon, 8/15/32 ...................................................... 08/12 @ 30.846 6,424,950
AAA 62,325 Zero Coupon, 8/15/33 ...................................................... 08/12 @ 28.997 10,741,090
AAA 65,040 Zero Coupon, 8/15/34 ...................................................... 08/12 @ 27.31 10,541,033
------------
101,235,669
------------
VIRGINIA--0.4%
BBB 530 Peninsula Ports Auth., Coal Term., Dominion Term. Assocs., 6.00%, 4/01/33 ... 04/13 @ 101 536,424
AAA 8,105 Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA ..................... 04/12 @ 34.99 1,668,738
------------
2,205,162
------------
WASHINGTON--1.8%
A- 2,190 Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23 ......................... 01/07 @ 103 2,281,870
BBB 10,000 Tobacco Settlement Auth., 6.625%, 6/01/32 ................................... 06/13 @ 100 8,909,000
------------
11,190,870
------------
WEST VIRGINIA--1.4%
BBB 8,000 Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25 ....... 04/05 @ 102 8,363,200
------------
WISCONSIN--9.8%
BBB 26,000 Badger Tobacco Asset Sec. Corp., 6.375%, 6/01/32 ............................ 06/12 @ 100 22,541,480
Wisconsin Hlth. & Edl. Facs. Auth.,
BBB+ 7,500 Aurora Hlth. Care, 6.40%, 4/15/33 ......................................... 04/13 @ 100 7,694,850
A+ 13,750 Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30 .......................... 10/11 @ 101 13,456,025
A 15,000 Wheaton Franciscan Svcs., 5.75%, 8/15/30 .................................. 02/12 @ 101 15,307,350
------------
58,999,705
------------
TOTAL LONG-TERM INVESTMENTS (COST $921,578,156) ............................. 930,370,455
------------
See Notes to Financial Statements.
18
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS--5.2%
CALIFORNIA--0.4%
A1+ $ 1,995(4) Orange Cnty. Sanitation Dist., COP, Ser. A, 1.20%, 11/03/03, FRDD ........... $ 1,995,000
------------
NORTH CAROLINA--0.8%
A-1 5,000(4) Mecklenburg Cnty., COP, 1.05%, 11/06/03, FRWD ............................... 5,000,000
------------
TENNESSEE--0.3%
Aa1 1,800(4) Clarksville Pub. Bldg. Auth., 1.06%, 11/03/03, FRDD ......................... 1,800,000
------------
TEXAS--2.2%
A1+ 845(4) Brownsville Util. Sys., Ser. A, 1.10%, 11/06/03, MBIA, FRWD ................. 845,000
Gulf Coast Wst. Disp. Auth., FRDD,
A1+ 11,300(4) ExxonMobil Proj., Ser. A, 1.10%, 11/03/03 ................................. 11,300,000
A1+ 1,000(4) PCR, Amoco Oil Co. Proj., 1.05%, 11/03/03 ................................. 1,000,000
------------
13,145,000
------------
----------
SHARES
(000)
----------
MONEY MARKET FUND--1.5%
NR 9,200 AIM Tax Free Investment Co. Cash Reserve Portfolio .......................... 9,200,000
------------
TOTAL SHORT-TERM INVESTMENTS (COST $31,140,000) ............................. 31,140,000
------------
TOTAL INVESTMENTS--159.2% (COST $952,718,156) ............................... 961,510,455
Other assets in excess of liabilities--2.9% ................................. 17,579,951
Preferred shares at redemption value, including dividends payable--(62.1)% .. (375,146,916)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $603,943,490
============
___________________________
(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 October 31, 2003, the
Trust held 7.4% of its net assets, with a current market value of
$44,724,620, 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. Interest rate shown is as of October 31, 2003.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
ACA -- American Capital Access
AMBAC -- American Municipal Bond Assurance Corporpation
FGIC -- Financial Guaranty Insurance Company
FRDD -- Floating Rate Daily Demand
FRWD -- Floating Rate Weekly Demand
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
PCR -- Pollution Control Revenue
--------------------------------------------------------------------------------
See Notes to Financial Statements.
19
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST (RAA)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--138.8%
California, GO,
A $ 960(3) 5.75%, 3/01/05 ............................................................ N/A $ 1,026,298
A 40 5.75%, 3/01/19 ............................................................ 03/05 @ 101 42,152
California Cnty. Tobacco Sec. Agcy.,
BBB 1,000 Ser. B, 6.00%, 6/01/29 .................................................... 06/12 @ 100 891,270
Baa2 900 Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 .................................. 06/12 @ 100 714,402
California Edl. Facs. Auth., MBIA,
AAA 760(3) Santa Clara Univ., 5.00%, 9/01/06 ......................................... N/A 848,920
AAA 835 Student Loan Prog., Ser. A, 6.00%, 3/01/16 ................................ 03/07 @ 102 882,545
California Pub. Wks. Brd., Lease Rev., Ser. A,
BBB- 1,000(3) Dept. of Corrections., 6.875%, 11/01/04 ................................... N/A 1,077,160
A2 1,000 St. Univ. Proj., 6.10%, 10/01/06 .......................................... 10/04 @ 102 1,057,170
AAA 1,385 Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., Ser. A,
Zero Coupon, 1/01/04 ...................................................... No Opt. Call 1,382,590
Golden St. Tobacco Sec. Corp., Ser. B,
A- 900 5.50%, 6/01/43 ............................................................ 06/13 @ 100 851,670
A- 400 5.625%, 6/01/38 ........................................................... 06/13 @ 100 387,344
Los Angeles Cnty.,
AAA 1,000 Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA ....................... 09/07 @ 102 1,115,550
AAA 1,000(3) Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA .................... N/A 1,130,520
Aa3 1,0003 Los Angeles Cnty. Pub. Wks. Fin. Auth., Regl. Park & Open Space, Dist. A,
6.00%, 10/01/04 ........................................................... N/A 1,064,960
AA 1,150 Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13 ............................ 08/06 @ 101 1,262,102
B- 945(4) Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc.,
Ser. B, 7.50%, 12/01/24 ................................................... 12/12 @ 102 906,860
NR 1,000(4) Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%,
9/01/33 ................................................................... 09/10 @ 102 964,560
BBB- 1,000 Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 .............. 07/06 @ 102 1,109,310
NR 1,000(4) San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33 ........... 09/12 @ 102 958,030
AAA 500 San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC .......................... 12/03 @ 102 511,780
San Francisco City & Cnty. Arpt. Comn., Intl. Arpt. Rev.,
AAA 150 Ser. 12-A, 5.90%, 5/01/26, MBIA ........................................... 05/06 @ 101 160,479
AAA 1,000 Ser. 6, 6.125%, 5/01/09, AMBAC ............................................ 05/04 @ 102 1,038,310
AAA 40 So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA .... 12/03 @ 100 40,144
AAA 500 Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC ........ 08/07 @ 102 542,890
AAA 370 West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC .............. 08/07 @ 101 396,529
------------
TOTAL LONG-TERM INVESTMENTS (COST $19,546,580) .............................. 20,363,545
------------
----------
SHARES
(000)
----------
MONEY MARKET FUNDS--7.5%
NR 700 AIM Tax Free Investment Co. Cash Reserve Portfolio .......................... N/A 700,000
NR 400 SSgA Tax Free Money Mkt. Fund ............................................... N/A 400,000
------------
TOTAL MONEY MARKET FUNDS (COST $1,100,000) .................................. 1,100,000
------------
TOTAL INVESTMENTS--146.3% (COST $20,646,580) ................................ 21,463,545
Other assets in excess of liabilities--4.8% ................................. 702,237
Preferred shares at redemption value, including dividends payable--(51.1)% .. (7,500,330)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $14,665,452
============
_________________________
(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 interest on this security, as well as retire the bond in full
at the date indicated, typically at a premium to par.
(4) See Note 6 of Notes to Financial Statements.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporpation
COP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
--------------------------------------------------------------------------------
See Notes to Financial Statements.
20
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (BFZ)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--158.3%
CALIFORNIA--135.0%
Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA,
AAA $24,500 Zero Coupon, 9/01/31 ...................................................... No Opt. Call $ 5,284,405
AAA 6,070 Zero Coupon, 9/01/32 ...................................................... No Opt. Call 1,235,549
California, GO,
A 10,000 5.50%, 11/01/33 ........................................................... 11/13 @ 100 10,122,400
AAA 5,500 Ser. BZ, 5.35%, 12/01/21, MBIA ............................................ 06/07 @ 101 5,570,620
AAA 5,000 Ser. BZ, 5.375%, 12/01/24, MBIA ........................................... 06/07 @ 101 5,021,900
California Cnty. Tobacco Sec. Agcy.,
BBB 12,000 Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35 ................................... 06/12 @ 100 9,942,840
Baa2 5,000 Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 .................................. 06/12 @ 100 3,968,900
California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A,
A3 4,000 5.375%, 5/01/21 ........................................................... 05/12 @ 101 4,095,040
A3 6,000 5.375%, 5/01/22 ........................................................... 05/12 @ 101 6,110,820
AAA 10,000 California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32 ........ 06/11 @ 101 10,279,100
California Hlth. Facs. Fin. Auth., Ser. A,
BBB 3,000 Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27 ........................... 05/12 @ 100 2,966,610
A 4,890 Kaiser Proj., 5.40%, 5/01/28 .............................................. 07/06 @ 102 4,931,858
California Hsg. Fin. Agcy.,
AAA 19,215 Ser. B, Zero Coupon, 8/01/31, FSA ......................................... 08/10 @ 31.194 4,016,704
AAA 19,170 Home Mtge. Rev., Ser. Q, Zero Coupon, 2/01/33, AMBAC ...................... 08/11 @ 29.558 3,602,426
AAA 19,185 Home Mtge. Rev., Ser. T, Zero Coupon, 8/01/21, MBIA ....................... 08/11 @ 57.562 7,128,187
California Infrastructure & Econ. Dev.,
AAA 15,000 Bay Area Toll Brdgs. 1st Lien, Ser. A, 5.00%, 7/01/36, AMBAC .............. 07/13 @ 100 15,060,150
A 15,250 J. David Gladstone Inst. Proj., 5.25%, 10/01/34 ........................... 10/11 @ 101 15,046,260
A 13,500 Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 ............................ 08/11 @ 102 13,770,810
A+ 10,000 California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B,
5.625%, 8/15/42 ........................................................... 08/12 @ 100 10,122,700
A- 5,000 Daly City Hsg. Dev. Fin. Agcy., Sr. Franciscan Acquisition Proj., Ser. A,
5.85%, 12/15/32 ........................................................... 12/13 @ 102 5,095,300
AAA 6,000 El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC . 01/11 @ 100 6,124,800
Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC,
AAA 7,485 Zero Coupon, 12/01/29 ..................................................... 12/11 @ 37.373 1,698,646
AAA 7,485 Zero Coupon, 12/01/30 ..................................................... 12/11 @ 35.365 1,600,518
AAA 7,485 Zero Coupon, 12/01/31 ..................................................... 12/11 @ 33.465 1,487,269
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB 5,000 Zero Coupon, 1/15/33 ...................................................... 01/10 @ 25.78 830,050
BBB 5,000 Zero Coupon, 1/15/34 ...................................................... 01/10 @ 24.228 780,350
BBB 13,445 Zero Coupon, 1/15/35 ...................................................... 01/10 @ 22.819 1,972,650
BBB 1,000 Zero Coupon, 1/15/38 ...................................................... 01/10 @ 19.014 121,880
BBB 9,620 5.75%, 1/15/40 ............................................................ 01/10 @ 101 9,790,178
Golden St. Tobacco Sec. Corp.,
A- 10,200 Ser. B, 5.50%, 6/01/43 .................................................... 06/13 @ 100 9,652,260
A- 5,800 Ser. B, 5.625%, 6/01/38 ................................................... 06/13 @ 100 5,616,488
BBB 3,000 Tobacco Settlement Rev., Ser. A-1, 6.75%, 6/01/39 ......................... 06/13 @ 100 2,717,880
NR 5,000 Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28 ... 03/08 @ 102 5,025,850
Lathrop Fin. Auth., Wtr. Suply. Proj.,
NR 2,855 5.90%, 6/01/27 ............................................................ 06/13 @ 100 2,766,609
NR 5,140 6.00%, 6/01/35 ............................................................ 06/13 @ 100 5,027,948
B- 4,110 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc.,
Ser. C, 7.50%, 12/01/24 ................................................... 12/12 @ 102 3,944,120
BBB 1,000 Palm Springs Mobile Home Park., Sahara Mobile Home Park, 5.625%, 5/15/26 .... 05/12 @ 102 1,003,070
NR 4,000 Rancho Cucamonga Cmnty. Facs. Dist., Ser. A,
6.50%, 9/01/33 ............................................................ 09/13 @ 100 4,045,800
AAA 15,500 Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj.,
5.125%, 9/01/30, MBIA ..................................................... 09/11 @ 100 15,744,125
AAA 1,905 Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC ............................ No Opt. Call 412,775
AAA 6,500 San Francisco City & Cnty. Arpt. Comn., Intl. Arpt. Rev., Ser. 27-A, 5.25%,
5/01/31, MBIA ............................................................. 05/11 @ 100 6,560,775
San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist.,
NR 1,775 Mission Bay South, 6.125%, 8/01/31 ........................................ 08/09 @ 102 1,779,668
NR 7,500 Mission Bay South, 6.25%, 8/01/33 ......................................... 08/11 @ 101 7,369,875
See Notes to Financial Statements.
21
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA--(CONT'D) San Jose Mult. Fam. Hsg.,
AAA $ 2,880 Lenzen Hsg., Ser. B, 5.45%, 2/20/43 ....................................... 08/11 @ 102 $ 2,916,806
AAA 4,225 Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34 ............................. 04/11 @ 100 4,283,728
Santa Clara Cnty. Hsg. Auth., Mult. Fam. Hsg., Ser. A,
NR 6,250 Blossom River Apts., 6.50%, 9/01/39 ....................................... 03/08 @ 102 5,823,000
A3 1,715 John Burns Gardens Apts. Proj., 5.85%, 8/01/31 ............................ 02/12 @ 101 1,720,883
A3 1,235 River Town Apts. Proj., 6.00%, 8/01/41 .................................... 02/12 @ 101 1,245,312
NR 3,075 Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32 .............. 11/10 @ 102 3,007,750
BBB 5,345 Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%,
6/01/41 ................................................................... 06/11 @ 100 3,918,794
Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,
BBB 7,000 5.50%, 6/01/36 ............................................................ 06/12 @ 100 5,362,070
BBB 11,500 5.625%, 6/01/43 ........................................................... 06/12 @ 100 8,765,990
AAA 2,000 Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA ................. 08/13 @ 100 2,054,640
NR 2,245 Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28 .... 10/13 @ 102 2,219,699
A2 2,000 Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33 ......... 04/08 @ 100 2,006,700
------------
282,771,535
------------
DELAWARE--5.5%
Charter Mac Equity Issuer Trust,
NR 7,000(3) Ser. A-2, 6.30%, 6/30/49 .................................................. No Opt. Call 7,340,970
NR 4,000(3) Ser. B-1, 6.80%, 11/30/50 ................................................. No Opt. Call 4,177,280
------------
11,518,250
------------
MARYLAND--5.0%
MuniMae TE Bond Subsidiary, LLC,
NR 7,000(3) Ser. A, 6.30%, 6/30/49 .................................................... 06/09 @ 100 7,362,670
NR 3,000(3) Ser. B, 6.80%, 6/30/50 .................................................... 11/10 @ 100 3,132,960
------------
10,495,630
------------
PUERTO RICO--12.8%
A- 10,000 Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31 ........................ 07/12 @ 101 10,130,500
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 10,000 5.70%, 8/01/25 ............................................................ 02/10 @ 100 10,583,000
BBB+ 5,750 5.75%, 8/01/30 ............................................................ 02/07 @ 100 5,997,365
------------
26,710,865
------------
TOTAL LONG-TERM INVESTMENTS (COST $336,153,402) ............................. 331,496,280
------------
SHORT-TERM INVESTMENTS--5.2%
CALIFORNIA--0.2%
A-1 500(4) Long Beach California Unified Sch. Dist., COP, Cap. Impvt. Proj., 1.00%
11/06/03, AMBAC, FRWD ..................................................... N/A 500,000
------------
----------
SHARES
(000)
----------
MONEY MARKET FUND--5.00%
NR 10,400 AIM Tax Free Investment Co. Cash Reserve Portfolio .......................... N/A 10,400,000
------------
TOTAL SHORT-TERM INVESTMENTS (COST $10,900,000) ............................. 10,900,000
------------
TOTAL INVESTMENTS--163.5% (COST $347,053,402) ............................... 342,396,280
Liabilities in excess of other assets--(0.5)% ............................... (1,043,040)
Preferred shares at redemption value, including dividends payable--(63.0)% .. (131,956,243)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $209,396,997
============
_____________________
(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 October 31, 2003, the
Trust held 10.5% of its net assets, with a current market value of
$22,013,880, 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. Interest rate shown is as of October 31, 2003.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporpation
COP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Company
FRWD -- Floating Rate Weekly Demand
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
--------------------------------------------------------------------------------
See Notes to Financial Statements.
22
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (RFA)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--134.0%
FLORIDA--113.4%
AAA $ 170 Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC ....................... ETM $ 206,406
AAA 1,000 Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC ................. 07/06 @ 102 1,073,520
Baa1 1,000 Capital Trust Agcy. Multi-Fam., American Opp., Ser. A, 5.875%, 06/01/38 ..... 06/11 @ 102 929,820
AAA 1,000 Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA ........................... 02/06 @ 101 1,041,750
AAA 1,000 Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA .................... 10/05 @ 102 1,055,620
AAA 1,000(3) Dade Cnty. GO, Ser. B, Zero Coupon, 10/01/08, AMBAC ......................... N/A 626,930
AAA 1,000(3) Dade Cnty. Sch. Brd., COP, Ser. A, 6.00%, 5/01/04, MBIA ..................... N/A 1,034,370
AAA 1,000(3) First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC ....................... N/A 1,118,430
AA+ 1,000(3) Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05 ............................ N/A 1,082,070
AAA 500 Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%,
3/01/15, AMBAC ............................................................ 03/05 @ 102 537,660
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 1,083,800
AAA 1,000(3) Florida Dept. of Trans., GO, 5.80%, 7/01/05 ................................. N/A 1,084,620
AAA 370 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.25%, 7/01/11 ...... 07/04 @ 102 381,492
AAA 1,000 Jacksonville Cap. Impvt., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC .......... 10/04 @ 101 1,044,580
AAA 1,000 Lee Cnty., Transp. Fac., 5.75%, 10/01/22, MBIA .............................. 10/05 @ 102 1,075,250
AAA 5,000 Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA .... 04/08 @ 28.079 1,013,300
AA- 1,000 Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33 ........ 05/13 @ 100 1,001,900
AAA 1,000(3) Seminole Cnty. Sch. Brd., COP, Ser. A, 6.125%, 7/01/04, MBIA ................ N/A 1,053,390
NR 1,000(4) Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 .............. 05/13 @ 101 1,027,490
AAA 1,000(3) Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC .......................... N/A 1,125,370
BBB+ 1,000 Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16 ............................. 10/06 @ 102 1,065,860
------------
19,663,628
------------
PUERTO RICO--20.6%
Puerto Rico Elec. Pwr. Auth.,
AAA 1,000(3) Ser. T, 6.375%, 7/01/04 ................................................... N/A 1,055,020
A- 1,000 Ser. U, 6.00%, 7/01/14 .................................................... 07/04 @ 102 1,039,570
A- 415(3) Puerto Rico Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%,
7/01/05 ................................................................... N/A 444,369
BBB+ 1,000 Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 ......................... 02/12 @ 100 1,038,940
------------
3,577,899
------------
TOTAL LONG-TERM INVESTMENTS (COST $21,609,071) .............................. 23,241,527
------------
----------
SHARES
(000)
----------
MONEY MARKET FUNDS--8.0%
NR 850 AIM Tax Free Investment Co. Cash Reserve Portfolio .......................... N/A 850,000
NR 550 SSgA Tax Free Money Mkt. Fund ............................................... N/A 550,000
------------
TOTAL MONEY MARKET FUNDS (COST $1,400,000) .................................. 1,400,000
------------
TOTAL INVESTMENTS--142.0% (COST $23,009,071) ................................ $24,641,527
Other assets in excess of liabilities--7.0% ................................. 1,205,691
Preferred shares at redemption value, including dividends payable--(49.0)% .. (8,500,198)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $17,347,020
============
_________________________
(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 interest on this security, as well as retire the bond in full
at the date indicated, typically at a premium to par.
(4) See Note 6 of Notes to Financial Statements.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporpation
COP -- Certificate of Participation
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
--------------------------------------------------------------------------------
See Notes to Financial Statements.
23
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (BBF)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--155.9%
FLORIDA--135.3%
AA $10,715 Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32 ... 05/12 @ 102 $ 11,118,848
A 2,000 Boynton Beach Mult. Fam. Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA ...... 01/13 @ 100 2,014,180
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 2,779,028
Baa1 1,000 Capital Trust Agcy. Multi-Fam., American Opp., Ser. A, 5.875%, 6/01/38 ...... 06/11 @ 102 929,820
NR 7,000 Escambia Cnty. Hlth. Facs. Auth., Hlth. Care Fac. Rev., 5.95%, 7/01/20,
AMBAC ..................................................................... No Opt. Call 7,394,240
AA+ 5,550 Florida Brd. of Ed., GO, Ser. A, 5.125%, 6/01/30 ............................ 06/10 @ 101 5,631,585
A 3,000 Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29 ............ 10/09 @ 102 3,084,150
NR 2,870 Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%,
7/01/08 ................................................................... No Opt. Call 2,901,484
NR 1,715 Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 ............ 05/13 @ 101 1,736,729
A 6,500 Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%,
11/15/31 .................................................................. 11/11 @ 101 6,777,355
Baa1 1,450 Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%,
10/01/23 .................................................................. 10/12 @ 100 1,410,343
AA 7,500 Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%,
11/15/36 .................................................................. 11/11 @ 101 7,717,875
AAA 4,000 Jacksonville Transp., 5.00%, 10/01/26, MBIA ................................. 10/11 @ 100 4,039,080
JEA Elec. Sys.,
AA 5,000 5.20%, 10/01/33 ........................................................... 12/03 @ 101 5,017,700
AA 5,000 Ser. A, 5.50%, 10/01/41 ................................................... 10/07 @ 100 5,105,200
Aa3 7,500 JEA Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 ............................... 10/06 @ 100 7,547,775
NR 1,695 Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33 ................... 05/13 @ 101 1,716,611
AAA 2,770 Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC .......................... No Opt. Call 1,168,303
Miami Dade Cnty., Spec. Oblig. Rev., MBIA,
AAA 2,595 Ser. A, Zero Coupon, 10/01/19 ............................................. 04/08 @ 55.413 1,121,870
AAA 9,700 Ser. B, Zero Coupon, 10/01/33 ............................................. 04/08 @ 25.056 1,717,191
AAA 25,000 Ser. C, Zero Coupon, 10/01/28 ............................................. 04/08 @ 32.99 6,135,250
NR 1,000 Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC ........ 07/11 @ 101 1,020,770
No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43,
NR 5,680 6.10%, 8/01/21 ............................................................ 08/11 @ 101 5,808,084
NR 3,500 6.125%, 8/01/31 ........................................................... 08/11 @ 101 3,539,270
AAA 2,500 Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC .............. 08/11 @ 101 2,524,925
Aa3 12,000 So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33 ................. 02/13 @ 100 11,977,680
NR 1,500 St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA ..................... 10/09 @ 101 1,511,130
NR 2,850 Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32 .... 10/09 @ 100 2,863,224
NR 2,000 Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 .............. 05/13 @ 101 2,054,980
AA 5,500 Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA ........................... 04/12 @ 100 5,749,425
AA 4,000 Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 .................................. 10/11 @ 101 4,043,560
NR 1,975 Village Cmnty. Dev., Assmt. Rev., Ser. A, 6.50%, 5/01/33 .................... 05/13 @ 101 2,017,384
BBB+ 2,000 Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%,
10/15/29 .................................................................. 10/09 @ 101 1,862,560
------------
132,037,609
------------
PUERTO RICO--20.6%
BBB 6,000 Children's Trust Fund Puerto Rico, Tobacco Settlement Rev., 5.625%, 5/15/43 . 05/12 @ 100 5,211,360
A- 7,500 Puerto Rico, GO, Ser. A, 5.125%, 7/01/31 .................................... 07/11 @ 100 7,520,700
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 4,000 5.70%, 8/01/25 ............................................................ 02/10 @ 100 4,233,200
BBB+ 3,000 5.75%, 8/01/30 ............................................................ 02/07 @ 100 3,129,060
------------
20,094,320
------------
TOTAL LONG-TERM INVESTMENTS (COST $150,067,114) ............................. 152,131,929
------------
See Notes to Financial Statements.
24
SHARES
(000) DESCRIPTION VALUE
------------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND--0.8%
NR 750 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $750,000) .......... $ 750,000
------------
TOTAL INVESTMENTS--156.7% (COST $150,817,114) ............................... 152,881,929
Other assets in excess of liabilities--2.3% ................................. 2,259,850
Preferred shares at redemption value, including dividends payable--(59.0)% .. (57,552,694)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 97,589,085
============
______________________
(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
AMBAC -- American Municipal Bond Assurance Corporpation
COP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
PCR -- Pollution Control Revenue
RAA -- Radian Asset Assurance
--------------------------------------------------------------------------------
See Notes to Financial Statements.
25
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST (RNJ)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--139.3%
NEW JERSEY--117.8%
AAA $ 1,000 Delaware River Port. Auth. of Pa & NJ, 5.75%, 1/01/26, FSA .................. 01/10 @ 100 $ 1,082,000
AAA 1,000(3) Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA .............. N/A 1,114,520
New Jersey Econ. Dev. Auth.,
B 925(4) Continental Airlines Inc. Proj., 7.00%, 11/15/30 .......................... 11/10 @ 101 845,580
AAA 1,0003 Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/04, MBIA ........................... N/A 1,051,770
AAA 900 Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA ................................ No Opt. Call 1,038,663
BBB 500 Trigen-Trenton Proj., Ser. A, 6.20%, 12/01/10 ............................. 12/03 @ 102 510,350
New Jersey Hlth. Care Fac. Fin. Auth.,
A2 1,000 Hackensack Univ. Med. Ctr, 6.00%, 1/01/25 ................................. 01/10 @ 101 1,041,680
AAA 1,000(3) Riverview Med. Ctr., 5.50%, 7/01/04, AMBAC ................................ N/A 1,049,320
AAA 1,000 St. Josephs Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE ................. 07/06 @ 102 1,092,170
AAA 1,000(3) New Jersey Edl. Fac. Auth., Rowan College, Ser. E, 5.875%, 7/01/06, AMBAC ... N/A 1,121,670
AAA 275 New Jersey Hsg. & Mtge. Fin., Home Buyer, Ser. O, 6.35%, 10/01/27, MBIA ..... 10/05 @ 101.5 283,481
AAA 1,000 New Jersey Tpke. Auth., Ser. C, 6.50%, 1/01/16, AMBAC ....................... No Opt. Call 1,220,831
New Jersey Trans. Auth. Trust Fund, Trans. Sys., Ser. B, MBIA,
AAA 375(3) 5.50%, 6/15/05 ............................................................ N/A 407,876
AAA 625 5.50%, 6/15/15 ............................................................ 06/05 @ 102 674,213
AAA 375(3) 5.75%, 6/15/05 ............................................................ N/A 409,369
AAA 625 5.75%, 6/15/14 ............................................................ 06/05 @ 102 676,687
AA 1,000(3) No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05 ....................... N/A 1,062,250
NR 1,000 Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC ... 12/09 @ 101 1,113,830
AA- 1,000 Port Auth. of NY & NJ, 5.75%, 12/15/20 ...................................... 06/05 @ 101 1,060,910
BBB 1,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 .............................. 06/12 @ 100 826,060
------------
17,683,230
------------
DELAWARE--7.1%
NR 1,000(5) Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 .................... 06/09 @ 100 1,067,930
------------
PUERTO RICO--14.4%
AAA 1,000(3) Comnwlth. of Puerto Rico, 5.40%, 7/01/06, FSA ............................... N/A 1,115,550
A- 1,000 Puerto Rico Elec. Pwr. Auth., Ser. U, 6.00%, 7/01/14 ........................ 07/04 @ 102 1,039,570
------------
2,155,120
------------
TOTAL LONG-TERM INVESTMENTS (COST $19,300,187) .............................. 20,906,280
------------
-----------
SHARES
(000)
-----------
MONEY MARKET FUNDS--5.3%
NR 750 AIM Tax Free Investment Co. Cash Reserve Portfolio .......................... N/A 750,001
NR 50 SSgA Tax Free Money Mkt. Fund ............................................... N/A 50,000
------------
TOTAL MONEY MARKET FUNDS (COST $800,001) .................................... 800,001
------------
TOTAL INVESTMENTS--144.6% (COST $20,100,188) ................................ 21,706,281
Other assets in excess of liabilities--5.4% ................................. 801,401
Preferred shares at redemption value, including dividends payable--(50.0)% .. (7,500,494)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $15,007,188
============
_____________________
(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 interest on this security, as well as retire the bond in full
at the date indicated, typically at a premium to par.
(4) See Note 6 of Notes to Financial Statements.
(5) Security is not registered under the Securities Act of 1933. These
securities may be resold in transactions in accordance with Rule 144A under
that Act, to qualified institutional buyers. As of October 31, 2003, the
Trust held 7.1% of its net assets, with a current market value of
$1,067,930, in securities restricted as to resale.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporpation
CONNIE LEE -- College Construction Loan Insurance Association
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
--------------------------------------------------------------------------------
See Notes to Financial Statements.
26
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (BNJ)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--155.4%
NEW JERSEY--109.6%
Cherry Hill Twnshp., GO,
AA+ $ 4,065 5.00%, 7/15/22 ............................................................ 07/11 @ 100 $ 4,171,991
AA+ 4,275 5.00%, 7/15/23 ............................................................ 07/11 @ 100 4,356,909
AAA 12,600 Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon,
11/01/26, FSA ............................................................. No Opt. Call 3,744,342
AAA 7,750 Middlesex Cnty., COP, 5.00%, 8/01/31, MBIA .................................. 08/11 @ 100 7,799,058
Middlesex Cnty. Impvt. Auth.,
AAA 1,400 Admin. Bldg. Res. Proj., 5.35%, 7/01/34 ................................... 07/11 @ 100 1,417,444
AAA 4,470 New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35 ........................... 08/12 @ 100 4,513,180
AAA 1,450 Util. Sys. Rev., Perth Amboy Franchise Proj., Ser. A, 5.00%,
9/01/29, AMBAC .......................................................... 09/09 @ 101 1,461,426
New Jersey Econ. Dev. Auth.,
B 3,450 Continental Airlines Inc. Proj., 7.00%, 11/15/30 .......................... 11/10 @ 101 3,153,783
B 2,000 Continental Airlines Inc. Proj., 7.20%, 11/15/30 .......................... 11/10 @ 101 1,873,320
BBB- 2,630 First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 ................. 01/09 @ 102 2,557,623
Baa3 2,500 Kapkowski Road Landfill Proj., 6.50%, 4/01/28 ............................. No Opt. Call 2,812,650
Baa3 5,000 Kapkowski Road Landfill Proj., 6.50%, 4/01/31 ............................. No Opt. Call 5,469,850
A+ 2,000 Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 .............................. 06/11 @ 102 2,072,760
NR 1,980 Victoria Hlth., Ser. A, 5.20%, 12/20/36 ................................... 12/11 @ 103 2,018,590
New Jersey Edl. Facs. Auth.,
BBB- 3,000 Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25 ......................... 07/13 @ 100 3,037,650
BBB+ 2,120 Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33 ........................ 07/13 @ 100 2,287,522
New Jersey Hlth. Care Fac. Fin. Auth.,
A- 4,500 Atlantic City Med. Ctr., 5.75%, 7/01/25 ................................... 07/12 @ 100 4,627,530
A+ 3,000 Catholic Hlth. East, Ser. A, 5.375%, 11/15/33 ............................. 11/12 @ 100 3,004,140
A3 10,000 Kennedy Hlth. Sys., 5.625%, 7/01/31 ....................................... 07/11 @ 100 10,082,500
Baa1 1,960 So. Jersey Hosp., 6.00%, 7/01/26 .......................................... 07/12 @ 100 1,985,303
Baa1 5,500 So. Jersey Hosp., 6.00%, 7/01/32 .......................................... 07/12 @ 100 5,533,715
Baa1 1,540 So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23 ............................. 12/03 @ 102 1,558,388
AAA 3,000 New Jersey Hsg. & Mtg. Fin. Agcy., Mult. Fam. Hsg. Rev., Ser. A, 5.05%,
5/01/34, FSA .............................................................. 05/11 @ 100 2,949,570
AAA 1,970 Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%,
6/01/30 ................................................................... 06/12 @ 102 2,014,955
AAA 8,000 Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22,
MBIA ...................................................................... 12/07 @ 102 8,581,360
BBB 18,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 .............................. 06/12 @ 100 14,869,080
Trenton Pkg. Auth., FGIC,
NR 5,465 5.00%, 4/01/25 ............................................................ 04/11 @ 100 5,525,388
NR 2,000 5.00%, 4/01/30 ............................................................ 04/11 @ 100 2,015,880
Vineland, GO, MBIA,
NR 1,500 5.30%, 5/15/30 ............................................................ 05/10 @ 101 1,526,985
NR 1,500 5.375%, 5/15/31 ........................................................... 05/10 @ 101 1,540,605
------------
118,563,497
------------
DELAWARE--9.2%
Charter Mac Equity Issuer Trust,
NR 7,000(3) Ser. A-2, 6.30%, 6/30/49 .................................................. 06/09 @ 100 7,340,970
NR 2,500(3) Ser. B-1, 6.80%, 11/30/50 ................................................. 11/10 @ 100 2,610,800
------------
9,951,770
------------
MARYLAND--4.9%
MuniMae TE Bond Subsidiary, LLC,
NR 3,000(3) Ser. A-1, 6.30%, 6/30/49 .................................................. 06/09 @ 100 3,155,430
NR 2,000(3) Ser. B-1, 6.80%, 6/30/50 .................................................. 11/10 @ 100 2,088,640
------------
5,244,070
------------
See Notes to Financial Statements.
27
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO--31.7%
Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev.,
AAA $ 2,880 Ser. A, 5.20%, 12/01/33 ................................................... 06/11 @ 100 $ 2,927,808
AAA 2,880 Ser. B, 5.30%, 12/01/28 ................................................... 06/11 @ 100 2,910,298
A 7,000 Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 .................... 07/12 @ 100 7,053,760
Puerto Rico Pub. Bldgs. Auth., Ser. D,
AAA 5,000 Zero Coupon, 7/01/31, AMBAC ............................................... 07/17 @ 100 3,249,450
A- 6,500 Gov't. Facs., 5.25%, 7/01/36 .............................................. 07/12 @ 100 6,549,920
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 4,000 5.70%, 8/01/25 ............................................................ 02/10 @ 100 4,233,200
BBB+ 7,040 5.75%, 8/01/30 ............................................................ 02/07 @ 100 7,342,861
------------
34,267,297
------------
TOTAL LONG-TERM INVESTMENTS (COST $166,253,029) ............................. 168,026,634
------------
SHORT-TERM INVESTMENT--1.3%
A1+ 1,440(4) New Jersey Edl. Facs. Auth., Princeton Univ., Ser. B, 1.07%, 11/03/03, FRDD
(cost $1,440,000) ......................................................... N/A 1,440,000
------------
TOTAL INVESTMENTS--156.7% (COST $167,693,029) ............................... 169,466,634
Other assets in excess of liabilities--2.3% ................................. 2,506,025
Preferred shares at redemption value, including dividends payable--(59.0)% .. (63,800,700)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $108,171,959
============
______________________
(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 October 31, 2003, the
Trust held 14.0% of its net assets, with a current market value of
$15,195,840, 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. Interest rate shown is as of October 31, 2003.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporpation
COP -- Certificate of Participation
FGIC -- Financial Guaranty Insurance Company
FRDD -- Floating Rate Daily Demand
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
--------------------------------------------------------------------------------
See Notes to Financial Statements.
28
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST (RNY)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--146.1%
NEW YORK--133.5%
AAA $1,000 Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B, 5.00%,
12/01/33, MBIA ............................................................ 06/08 @ 100 $ 1,001,950
AA- 2,100 Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B,
5.00%, 7/01/23 ............................................................ 07/13 @ 100 2,131,017
AAA 1,000 Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC ............................ 11/06 @ 102 1,079,760
AA 1,000 New York, GO, Ser. B, 5.70%, 8/15/12 ........................................ 08/05 @ 101 1,078,510
New York City, GO,
A 820(3) Ser. A, 6.00%, 5/15/10 .................................................... N/A 975,899
A+ 180 Ser. A, 6.00%, 5/15/30 .................................................... 05/10 @ 101 195,287
A 710 Ser. D, 6.60%, 2/01/04 .................................................... No Opt. Call 719,308
A 290(3) Ser. D, 6.60%, 2/01/04 .................................................... N/A 293,872
A+ 1,000 Ser. I, 5.875%, 3/15/18 ................................................... 03/06 @ 101.5 1,066,440
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj.,
A3 1,000 6.00%, 1/01/08 ............................................................ 01/04 @ 102 1,024,680
A3 1,000 6.10%, 1/01/09 ............................................................ 01/04 @ 102 1,024,800
AAA 1,000(3) New York City Mun. Wtr. Fin. Auth., Ser. A, 6.00%, 6/15/05 .................. N/A 1,086,660
New York City Transl. Fin. Auth., Ser. B,
AA+ 815(3) 6.00%, 5/15/10 ............................................................ N/A 972,629
AA+ 185 6.00%, 11/15/21 ........................................................... 05/10 @ 101 209,204
AA+ 1,000(3) 6.00%, 5/15/10 ............................................................ N/A 1,193,410
New York Dorm. Auth.,
AAA 1,250(3) City Univ., 6.125%, 7/01/04, AMBAC ........................................ N/A 1,316,737
AAA 1,000(3) City Univ., 6.20%, 7/01/04, AMBAC ......................................... N/A 1,053,880
AAA 1,000 Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA ................................. 02/13 @ 100 1,005,290
Aa3 1,000 Kateri Residence, 5.00%, 7/01/22 .......................................... 07/13 @ 100 993,830
Ba1 1,000 Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25 ................................. 07/10 @ 101 999,780
AAA 1,005 St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC ................................ No Opt. Call 1,123,781
AAA 1,000(3) St. Univ. Edl. Fac., Ser. B, 6.00%, 5/15/04 ............................... N/A 1,046,250
AAA 1,000(3) St. Univ. Edl. Fac., Ser. B, 6.25%, 5/15/04 ............................... N/A 1,047,570
A+ 1,000 Univ. of Rochester, Ser. B, 5.625%, 7/01/24 ............................... 07/09 @ 101 1,071,400
New York Urban Dev. Corp.,
AAA 1,000(3) Correctional Facs., 5.70%, 1/01/07, MBIA .................................. N/A 1,135,330
AA- 900(3) Youth Fac., 5.875%, 4/01/04 ............................................... N/A 935,703
NR 1,000(4) Port Auth. of NY & NJ, Spec. Oblig., Cont'l/Eastern Proj. LaGuardia, 9.125%,
12/01/15 .................................................................. 12/03 @ 100 995,570
------------
26,778,547
------------
PUERTO RICO--12.6%
BBB 500 Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 ............. 05/12 @ 100 434,280
A- 1,000(3) Puerto Rico Elec. Pwr. Auth., Ser. T, 6.00%, 7/01/04 ........................ N/A 1,052,240
BBB+ 1,000 Puerto Rico Pub. Fin. Corp., Ser. E, 5.50%, 8/01/29 ......................... 02/12 @ 100 1,038,940
------------
2,525,460
------------
TOTAL INVESTMENTS--146.1% (COST $27,416,854) ................................ 29,304,007
Other assets in excess of liabilities--2.8% ................................. 550,195
Preferred shares at redemption value, including dividends payable--(48.9)% .. (9,800,941)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $20,053,261
============
_____________________
(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 interest on this security, as well as retire the bond in full
at the date indicated, typically at a premium to par.
(4) See Note 6 of Notes to Financial Statements.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporpation
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
--------------------------------------------------------------------------------
See Notes to Financial Statements.
29
PORTFOLIO OF INVESTMENTS
OCTOBER 31, 2003
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (BNY)
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--156.5%
NEW YORK--122.0%
AAA $ 1,000 Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Ser. B, 5.00%,
12/01/33, MBIA ............................................................ 06/08 @ 100 $ 1,001,950
AAA 1,355 East Rochester Hsg. Auth., Gates Sr. Hsg. Inc. Proj., 6.125%, 4/20/43 ....... 10/11 @ 105 1,461,435
AA- 2,000 Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B,
5.00%, 7/01/33 ............................................................ 07/13 @ 100 2,001,920
Met. Transp. Auth., Ded. Tax Fund, Ser. A,
AA- 12,000 5.00%, 11/15/30 ........................................................... 11/12 @ 100 11,931,960
A 12,000 5.125%, 11/15/31 .......................................................... 11/12 @ 100 12,058,080
New York, GO,
A 3,290(3) Ser. C, 5.375%, 3/15/12 ................................................... N/A 3,746,455
A 2,710 Ser. C, 5.375%, 3/15/28 ................................................... 03/12 @ 100 2,771,462
A 7,000 GO, Ser. D, 5.375%, 6/01/32 ............................................... 06/12 @ 100 7,152,600
New York City Ind. Dev. Agcy.,
A 750 Marymount Sch. Proj., 5.125%, 9/01/21, ACA ................................ 09/11 @ 102 762,630
A 2,000 Marymount Sch. Proj., 5.25%, 9/01/31, ACA ................................. 09/11 @ 102 1,980,000
AAA 1,550 Royal Charter Presbyterian, 5.25%, 12/15/32, FSA .......................... 12/11 @ 102 1,588,347
BBB- 14,850 Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 ................. 07/11 @ 100 14,382,225
A3 6,000 Term. One Grp. Assoc. Proj., 6.00%, 1/01/19 ............................... 01/04 @ 102 6,147,900
New York City Mun. Wtr. Fin. Auth.,
AAA 4,000 Ser. A, 5.00%, 6/15/32, FGIC .............................................. 06/11 @ 100 4,014,920
AA 7,000 Ser. C, 5.00%, 6/15/32 .................................................... 06/11 @ 100 7,004,060
New York City Transl. Fin. Auth., Ser. C,
AA+ 5,940(3) 5.00%, 5/01/29 ............................................................ N/A 6,700,082
AA+ 3,660 5.00%, 5/01/29 ............................................................ 05/09 @ 101 3,669,004
New York Dorm. Auth.,
A3 10,780 Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30 .............................. 07/11 @ 101 10,982,880
AAA 9,000 New Sch. Univ., 5.00%, 7/01/41, MBIA ...................................... 07/11 @ 100 9,010,890
AAA 9,000 New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC ............................. 07/11 @ 100 9,010,890
A3 2,000 No. Shore Long Island Jewish Grp., 5.375%, 5/01/23 ........................ 05/13 @ 100 2,017,960
A3 2,000 No. Shore Long Island Jewish Grp., 5.50%, 5/01/33 ......................... 05/13 @ 100 2,015,600
AA- 15,235(3) City Univ. Ser. A, 5.25%, 7/01/11 ......................................... N/A 17,384,506
AA- 1,765 City Univ. Ser. A, 5.25%, 7/01/31 ......................................... 07/11 @ 100 1,791,581
New York Mtg. Agcy.,
Aa1 5,950 Ser. 101, 5.40%, 4/01/32 .................................................. 10/11 @ 100 6,014,498
NR 15,500 Ser. A, 5.30%, 10/01/31 ................................................... 04/11 @ 100 15,631,440
AA- 6,290(3) New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06 ...... N/A 6,926,737
Port Auth. of NY & NJ,
AAA 9,500 Ser. 124, 5.00%, 8/01/36, FGIC ............................................ 08/08 @ 101 9,381,725
AAA 13,000 Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA ................ 12/07 @ 102 13,944,710
NR 9,250 Spec. Oblig., Cont'l/Eastern Proj. LaGuardia, 9.125%, 12/01/15 ............ 12/03 @ 100 9,209,023
BBB 2,500 Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%,
6/01/43 ................................................................... 06/12 @ 100 2,231,225
BBB 5,000 Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 .. 08/12 @ 100 4,461,550
TSASC Inc., Tobacco Settlement Rev., Ser. 1,
A2 5,000 5.75%, 7/15/32 ............................................................ 07/12 @ 100 4,630,350
A3 8,000 6.375%, 7/15/39 ........................................................... 07/09 @ 101 7,961,120
AA 2,500 Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31,
RAA ....................................................................... 10/11 @ 100 2,527,375
BBB 2,000 Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%,
7/15/29 ................................................................... 07/10 @ 101 2,039,340
------------
225,548,430
------------
DELAWARE--6.5%
Charter Mac Equity Issuer Trust,
NR 6,000(4) Ser. A-2, 6.30%, 6/30/49 .................................................. 06/09 @ 100 6,292,260
NR 5,500(4) Ser. B-1, 6.80%, 11/30/50 ................................................. 11/10 @ 100 5,743,760
------------
12,036,020
------------
MARYLAND--5.1%
MuniMae TE Bond Subsidiary, LLC,
NR 6,000(4) Ser. A, 6.30%, 6/30/49 ...................................................... 06/09 @ 100 6,310,860
NR 3,000(4) Ser. B, 6.80%, 6/30/50 ...................................................... 11/10 @ 100 3,132,960
------------
9,443,820
------------
See Notes to Financial Statements.
30
PRINCIPAL OPTION CALL
RATING(1) AMOUNT PROVISIONS(2)
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) VALUE
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO--22.9%
BBB $10,750 Children's Trust Fund Puerto Rico, Tobacco Settlement Rev., 5.625%, 5/15/43 . 05/12 @ 100 $ 9,337,020
A- 3,000 Puerto Rico, GO, Ser. A, 5.125%, 7/01/31 .................................... 07/11 @ 100 3,008,280
A- 6,000 Puerto Rico Pub. Bldgs. Auth., Gov't. Facs., Ser. D, 5.25%, 7/01/36 ......... 07/12 @ 100 6,046,080
Puerto Rico Pub. Fin. Corp., Ser. E,
BBB+ 10,000 5.50%, 8/01/29 ............................................................ 02/12 @ 100 10,389,400
BBB+ 7,000 5.70%, 8/01/25 ............................................................ 02/10 @ 100 7,408,100
BBB+ 5,750 5.75%, 8/01/30 ............................................................ 02/07 @ 100 5,997,364
------------
42,186,244
------------
TOTAL LONG-TERM INVESTMENTS (COST $282,228,689) ............................. 289,214,514
------------
-----------
SHARES
(000)
-----------
MONEY MARKET FUND--0.6%
NR 1,150 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,150,000) ........ N/A 1,150,000
------------
TOTAL INVESTMENTS--157.1% (COST $283,378,689) ............................... 290,364,514
Other assets in excess of liabilities--2.3% ................................. 4,269,456
Preferred shares at redemption value, including dividends payable--(59.4)% .. (109,759,538)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $184,874,432
============
_________________________
(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 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 October 31, 2003, the
Trust held 11.6% of its net assets, with a current market value of
$21,479,840, in securities restricted as to resale.
--------------------------------------------------------------------------------
KEY TO ABBREVIATIONS
ACA -- American Capital Access
AMBAC -- American Municipal Bond Assurance Corporpation
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
RAA -- Radian Asset Assurance
--------------------------------------------------------------------------------
See Notes to Financial Statements.
31
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2003
--------------------------------------------------------------------------------
CALIFORNIA CALIFORNIA FLORIDA
INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY
MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST
ASSETS (BKN) (BFK) (RAA) (BFZ) (RFA)
-------------- -------------- -------------- ------------ --------------
Investments at value(1) ..................... $ 394,849,293 $ 961,510,455 $ 21,463,545 $ 342,396,280 $ 24,641,527
Cash ........................................ 544,204 535,049 520,282 517,427 536,855
Receivable from investments sold ............ 2,949,480 14,242,901 -- 5,212,067 444,459
Interest receivable ......................... 6,580,521 16,298,212 299,629 4,690,808 348,933
Other assets ................................ 90,226 94,763 11,008 32,374 11,159
------------- ------------- ------------- ------------- -------------
405,013,724 992,681,380 22,294,464 352,848,956 25,982,933
------------- ------------- ------------- ------------- -------------
LIABILITIES
Payable for investments purchased ........... 1,492,860 9,596,246 -- 10,113,533 --
Dividends payable-- common shares ........... 1,272,897 3,533,211 71,101 1,140,007 79,777
Investment advisory fee payable ............. 119,060 289,171 7,395 100,916 7,680
Administration fee payable .................. 51,026 -- 2,960 -- 3,460
Deferred Director or Trustees fees .......... 54,232 55,055 10,056 17,735 10,047
Other accrued expenses ...................... 118,309 117,291 37,170 123,525 34,751
------------- ------------- ------------- ------------- -------------
3,108,384 13,590,974 128,682 11,495,716 135,715
------------- ------------- ------------- ------------- -------------
PREFERRED SHARES AT REDEMPTION VALUE
$25,000 liquidation value per share,
including dividends payable(2,3) .......... 146,590,649 375,146,916 7,500,330 131,956,243 8,500,198
------------- ------------- ------------- ------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS ....................... $ 255,314,691 $ 603,943,490 $ 14,665,452 $ 209,396,997 $ 17,347,020
============= ============= ============= ============= =============
Composition of Net Assets Applicable to
Common Shareholders:
Par value ................................. $ 167,071 $ 43,529 $ 10,071 $ 14,986 $ 11,271
Paid-in capital in excess of par .......... 231,766,743 618,056,399 13,392,714 212,626,998 15,001,008
Undistributed net investment income ....... 10,109,122 14,382,973 393,526 3,935,119 421,748
Accumulated net realized gain (loss) ...... (8,790,463) (37,331,710) 52,176 (2,522,984) 280,537
Net unrealized appreciation (depreciation) 22,062,218 8,792,299 816,965 (4,657,122) 1,632,456
------------- ------------- ------------- ------------- -------------
Net assets applicable to common shareholders,
October 31, 2003 .......................... $ 255,314,691 $ 603,943,490 $ 14,665,452 $ 209,396,997 $ 17,347,020
============= ============= ============= ============= =============
Net asset value per common share(4) ......... $ 15.28 $ 13.87 $ 14.56 $ 13.97 $ 15.39
============= ============= ============= ============= =============
(1) Investments at cost ..................... $ 372,787,075 $ 952,718,156 $ 20,646,580 $ 347,053,402 $ 23,009,071
(2) Preferred shares outstanding ............ 5,862 15,005 300 5,278 340
(3) Par value per share ..................... 0.01 0.001 0.01 0.001 0.01
(4) Common shares outstanding ............... 16,707,093 43,552,679 1,007,093 14,985,501 1,127,093
See Notes to Financial Statements.
32
FLORIDA NEW JERSEY NEW JERSEY NEW YORK NEW YORK
MUNICIPAL INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY MUNICIPAL
INCOME TRUST MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST INCOME TRUST
(BBF) (RNJ) (BNJ) (RNY) (BNY)
---------- -------------- ---------- -------------- --------------
Investments at value(1) ..................... $ 152,881,929 $ 21,706,281 $ 169,466,634 $ 29,304,007 $ 290,364,514
Cash ........................................ 521,575 522,365 219,815 113,967 530,039
Receivable from investments sold ............ -- -- 180,000 -- 35,168
Interest receivable ......................... 2,352,463 385,824 2,773,446 566,703 4,807,837
Other assets ................................ 16,354 11,197 15,927 11,326 27,986
------------- ------------- ------------- ------------- -------------
155,772,321 22,625,667 172,655,822 29,996,003 295,765,544
------------- ------------- ------------- ------------- -------------
LIABILITIES
Payable for investments purchased ........... -- -- -- -- --
Dividends payable-- common shares ........... 500,968 67,624 556,910 95,581 943,357
Investment advisory fee payable ............. 45,962 6,682 50,887 8,841 87,155
Administration fee payable .................. -- 3,013 -- 3,901 --
Deferred Director or Trustees fees .......... 7,068 10,211 8,448 10,039 15,257
Other accrued expenses ...................... 76,544 30,455 66,918 23,439 85,805
------------- ------------- ------------- ------------- -------------
630,542 117,985 683,163 141,801 1,131,574
------------- ------------- ------------- ------------- -------------
PREFERRED SHARES AT REDEMPTION VALUE
$25,000 liquidation value per share,
including dividends payable(2,3) .......... 57,552,694 7,500,494 63,800,700 9,800,941 109,759,538
------------- ------------- ------------- ------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS ....................... $ 97,589,085 $ 15,007,188 $ 108,171,959 $ 20,053,261 $ 184,874,432
============= ============= ============= ============= =============
Composition of Net Assets Applicable to
Common Shareholders:
Par value ................................. $ 6,646 $ 10,071 $ 7,415 $ 13,071 $ 12,521
Paid-in capital in excess of par .......... 94,259,825 13,079,455 105,166,744 17,651,717 177,620,593
Undistributed net investment income ....... 1,467,876 550,518 1,917,815 569,685 2,832,034
Accumulated net realized gain (loss) ...... (210,077) (238,949) (693,620) (68,365) (2,576,541)
Net unrealized appreciation (depreciation) 2,064,815 1,606,093 1,773,605 1,887,153 6,985,825
------------- ------------- ------------- ------------- -------------
Net assets applicable to common shareholders,
October 31, 2003 .......................... $ 97,589,085 $ 15,007,188 $ 108,171,959 $ 20,053,261 $ 184,874,432
============= ============= ============= ============= =============
Net asset value per common share(4) ......... $ 14.68 $ 14.90 $ 14.59 $ 15.34 $ 14.76
============= ============= ============= ============= =============
(1) Investments at cost ..................... $ 150,817,114 $ 20,100,188 $ 167,693,029 $ 27,416,854 $ 283,378,689
(2) Preferred shares outstanding ............ 2,302 300 2,552 392 4,390
(3) Par value per share ..................... 0.001 0.01 0.001 0.01 0.001
(4) Common shares outstanding ............... 6,646,343 1,007,093 7,414,793 1,307,093 12,521,494
33
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2003
--------------------------------------------------------------------------------
CALIFORNIA FLORIDA
INVESTMENT INVESTMENT CALIFORNIA INVESTMENT
QUALITY MUNICIPAL QUALITY MUNICIPAL QUALITY
MUNICIPAL INCOME MUNICIPAL INCOME MUNICIPAL
TRUST TRUST TRUST TRUST TRUST
Income (BKN) (BFK) (RAA) (BFZ) (RFA)
------------ ------------ ------------ ------------ -------------
Interest Income .................................... $ 22,230,709 $ 58,258,227 $ 1,264,685 $ 18,799,325 $ 1,402,048
------------ ------------ ------------ ------------ ------------
EXPENSES
Investment advisory ................................ 1,405,041 5,815,909 77,881 2,059,350 91,213
Administration ..................................... 602,160 -- 22,252 -- 26,061
Transfer agent ..................................... 25,223 19,507 11,345 16,128 12,399
Custodian .......................................... 108,972 155,223 9,735 86,954 11,423
Reports to shareholders ............................ 56,370 112,219 13,618 41,312 13,228
Trustees/Directors ................................. 41,165 79,613 12,000 30,878 12,000
Registration ....................................... 31,500 33,865 1,861 31,500 1,861
Independent accountants ............................ 49,652 53,033 11,000 43,395 11,000
Legal .............................................. 36,831 60,393 6,000 20,673 6,000
Insurance .......................................... 17,774 58,863 989 21,606 1,182
Auction Agent ...................................... 379,982 967,393 18,772 343,702 21,269
Miscellaneous ...................................... 59,515 79,763 21,578 42,777 19,137
------------ ------------ ------------ ------------ ------------
Total expenses ................................... 2,814,185 7,435,781 207,031 2,738,275 226,773
Less fees waived by Advisor ...................... -- (2,423,294) -- (858,062) --
Less fees paid indirectly ........................ (9,358) (6,294) -- (9,346) --
------------ ------------ ------------ ------------ ------------
Net expenses ..................................... 2,804,827 5,006,193 207,031 1,870,867 226,773
------------ ------------ ------------ ------------ ------------
Net investment income ................................ 19,425,882 53,252,034 1,057,654 16,928,458 1,175,275
------------ ------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments ...................................... (3,201,148) (22,191,977) 51,040 (466,503) 248,044
Futures .......................................... 88,395 435,808 -- 342,096 --
------------ ------------ ------------ ------------ ------------
(3,112,753) (21,756,169) 51,040 (124,407) 248,044
Net change in unrealized appreciation (depreciation) 1,574,886 37,007,594 (455,653) (5,006,045) (687,041)
------------ ------------ ------------ ------------ ------------
Net realized and unrealized gain (loss) .............. (1,537,867) 15,251,425 (404,613) (5,130,452) (438,997)
------------ ------------ ------------ ------------ ------------
DIVIDENDS TO PREFERRED SHAREHOLDERS
FROM NET INVESTMENT INCOME ......................... (1,501,763) (3,836,525) (64,203) (1,214,717) (88,761)
------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS .......................... $ 16,386,252 $ 64,666,934 $ 588,838 $ 10,583,289 $ 647,517
============ ============ ============ ============ ============
See Notes to Financial Statements.
34
FLORIDA NEW JERSEY NEW JERSEY NEW YORK NEW YORK
MUNICIPAL INVESTMENT QUALITY MUNICIPAL INVESTMENT QUALITY MUNICIPAL
INCOME TRUST MUNICIPAL TRUST INCOME TRUST MUNICIPAL TRUST INCOME TRUST
(BBF) (RNJ) (BNJ) (RNY) (BNY)
Income ------------- ------------------ ------------ ------------------ ------------
Interest Income .................................... $ 8,279,511 $ 1,214,702 $ 9,473,253 $ 1,596,815 $ 15,816,161
------------ ------------ ------------ ------------ ------------
EXPENSES
Investment advisory ................................ 933,788 78,664 1,030,200 104,852 1,760,388
Administration ..................................... -- 22,475 -- 29,958 --
Transfer agent ..................................... 16,258 12,423 16,141 12,423 16,142
Custodian .......................................... 64,796 9,489 70,299 10,331 78,055
Reports to shareholders ............................ 26,833 13,207 28,663 13,267 42,382
Trustees/Directors ................................. 14,495 12,000 15,722 12,000 26,744
Registration ....................................... 24,170 1,861 24,170 1,861 31,500
Independent accountants ............................ 41,876 11,000 42,101 11,000 44,407
Legal .............................................. 13,461 6,000 13,878 6,000 19,950
Insurance .......................................... 11,555 1,003 10,985 1,355 18,797
Auction Agent ...................................... 151,041 18,772 166,633 24,490 288,191
Miscellaneous ...................................... 26,268 21,564 26,325 22,574 38,006
------------ ------------ ------------ ------------ ------------
Total expenses ................................... 1,324,541 208,458 1,445,117 250,111 2,364,562
Less fees waived by Advisor ...................... (389,078) -- (429,250) -- (733,495)
Less fees paid indirectly ........................ (11,216) -- (8,280) -- (7,633)
------------ ------------ ------------ ------------ ------------
Net expenses ..................................... 924,247 208,458 1,007,587 250,111 1,623,434
------------ ------------ ------------ ------------ ------------
Net investment income ................................ 7,355,264 1,006,244 8,465,666 1,346,704 14,192,727
------------ ------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments ...................................... 630,302 6,919 (29,376) 357,056 (486,109)
Futures .......................................... -- -- -- -- --
------------ ------------ ------------ ------------ ------------
630,302 6,919 (29,376) 357,056 (486,109)
Net change in unrealized appreciation (depreciation) (777,309) 109,486 895,164 (636,582) 2,196,536
------------ ------------ ------------ ------------ ------------
Net realized and unrealized gain (loss) .............. (147,007) 116,405 865,788 (279,526) 1,710,427
------------ ------------ ------------ ------------ ------------
DIVIDENDS TO PREFERRED SHAREHOLDERS
FROM NET INVESTMENT INCOME ......................... (521,291) (61,319) (616,370) (88,859) (1,130,137)
------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS .......................... $ 6,686,966 $ 1,061,330 $ 8,715,084 $ 978,319 $ 14,773,017
============ ============ ============ ============ ============
35
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED OCTOBER 31, 2003 AND 2002
--------------------------------------------------------------------------------
INVESTMENT MUNICIPAL
QUALITY MUNICIPAL TRUST INCOME TRUST
(BKN) (BFK)
------------------------------- -------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS --------------- ------------- -------------- --------------
OPERATIONS:
Net investment income ....................... $ 19,425,882 $ 19,938,757 $ 53,252,034 $ 52,287,209
Net realized gain (loss) .................... (3,112,753) (369,453) (21,756,169) (15,056,085)
Net change in unrealized appreciation
(depreciation) ............................ 1,574,886 (4,013,001) 37,007,594 (33,446,564)
Dividends to preferred shareholders from
net investment income ..................... (1,501,763) (2,091,204) (3,836,525) (5,491,070)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations ............................. 16,386,252 13,465,099 64,666,934 (1,706,510)
------------- ------------- ------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME ..................... (14,781,077) (13,532,094) (41,326,371) (40,274,799)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Underwriting discounts and offering costs
relating to the issuance of preferred
shares .................................... -- -- -- 12,275
Reinvestment of common dividends ............ -- -- 922,048 2,401,296
------------- ------------- ------------- -------------
Net proceeds from capital share transactions .. -- -- 922,048 2,413,571
------------- ------------- ------------- -------------
Total increase (decrease) ..................... 1,605,175 (66,995) 24,262,611 (39,567,738)
------------- ------------- ------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of year ............................. 253,709,516 253,776,511 579,680,879 619,248,617
------------- ------------- ------------- -------------
End of year ................................... $ 255,314,691 $ 253,709,516 $ 603,943,490 $ 579,680,879
============= ============= ============= =============
End of year undistributed net
investment income ........................... $ 10,109,122 $ 7,208,291 $ 14,382,973 $ 6,300,650
See Notes to Financial Statements.
36
CALIFORNIA INVESTMENT CALIFORNIA
QUALITY MUNICIPAL TRUST MUNICIPAL INCOME TRUST
(RAA) (BFZ)
------------------------------- -------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS --------------- ------------- -------------- --------------
OPERATIONS:
Net investment income ....................... $ 1,057,654 $ 1,044,347 $ 16,928,458 $ 16,706,357
Net realized gain (loss) .................... 51,040 247,705 (124,407) (2,398,647)
Net change in unrealized appreciation
(depreciation) ............................ (455,653) (897,244) (5,006,045) (4,365,363)
Dividends to preferred shareholders from
net investment income ..................... (64,203) (90,269) (1,214,717) (1,808,646)
------------- ------------- ------------- -------------
Net increase (decrease) in net assets resulting
from operations ............................. 588,838 304,539 10,583,289 8,133,701
------------- ------------- ------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME ..................... (834,841) (803,884) (13,401,474) (13,106,112)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Underwriting discounts and 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) ..................... (246,003) (499,345) (2,818,185) (4,613,438)
------------- ------------- ------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of year ............................. 14,911,455 15,410,800 212,215,182 216,828,620
------------- ------------- ------------- -------------
End of year ................................... $ 14,665,452 $ 14,911,455 $ 209,396,997 $ 212,215,182
============= ============= ============= =============
End of year undistributed net
investment income ........................... $ 393,562 $ 236,052 $ 3,935,119 $ 1,592,801
FLORIDA INVESTMENT
QUALITY MUNICIPAL TRUST
(RFA)
INCREASE (DECREASE) IN NET ASSETS 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS --------------- -------------
OPERATIONS:
Net investment income ....................... $ 1,175,275 $ 1,178,050
Net realized gain (loss) .................... 248,044 109,254
Net change in unrealized appreciation
(depreciation) ............................ (687,041) (92,970)
Dividends to preferred shareholders from
net investment income ..................... (88,761) (119,861)
------------- -------------
Net increase (decrease) in net assets resulting
from operations ............................. 647,517 1,074,473
------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME ..................... (939,337) (907,851)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Underwriting discounts and offering costs
relating to the issuance of preferred
shares .................................... -- --
Reinvestment of common dividends ............ -- --
------------- -------------
Net proceeds from capital share transactions .. -- --
------------- -------------
Total increase (decrease) ..................... (291,820) 166,622
------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of year ............................. 17,638,840 17,472,218
------------- -------------
End of year ................................... $ 17,347,020 $ 17,638,840
============= =============
End of year undistributed net
investment income ........................... $ 421,748 $ 307,064
37
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEARS ENDED OCTOBER 31, 2003 AND 2002
--------------------------------------------------------------------------------
FLORIDA NEW JERSEY INVESTMENT
MUNICIPAL INCOME TRUST QUALITY MUNICIPAL TRUST
(BBF) (RNJ)
-------------------------------- --------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS -------------- --------------- -------------- ---------------
OPERATIONS:
Net investment income ............................ $ 7,355,264 $ 7,102,195 $ 1,006,244 $ 1,025,469
Net realized gain (loss) ......................... 630,302 (711,143) 6,919 24,648
Net change in unrealized appreciation
(depreciation) ................................. (777,309) 1,525,829 109,486 (414,958)
Dividends to preferred shareholders from
net investment income .......................... (521,291) (764,896) (61,319) (90,295)
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations .................................. 6,686,966 7,151,985 1,061,330 544,864
------------- ------------- ------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (5,914,155) (5,799,995) (801,290) (755,976)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Underwriting discounts and 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) .......................... 772,811 1,693,724 260,040 (211,112)
------------- ------------- ------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS:
Beginning of year .................................. 96,816,274 95,122,550 14,747,148 14,958,260
------------- ------------- ------------- -------------
End of year ........................................ $ 97,589,085 $ 96,816,274 $ 15,007,188 $ 14,747,148
============= ============= ============= =============
End of year undistributed net investment income .... $ 1,467,876 $ 548,066 $ 550,518 $ 407,105
See Notes to Financial Statements.
38
NEW JERSEY NEW YORK INVESTMENT
MUNICIPAL INCOME TRUST QUALITY MUNICIPAL TRUST
(BNJ) (RNY)
-------------------------------- --------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS -------------- --------------- -------------- ---------------
OPERATIONS:
Net investment income ............................ $ 8,465,666 $ 8,144,795 $ 1,346,704 $ 1,388,492
Net realized gain (loss) ......................... (29,376) (615,525) 357,056 17,396
Net change in unrealized appreciation
(depreciation) ................................. 895,164 120,445 (636,582) 56,010
Dividends to preferred shareholders from
net investment income .......................... (616,370) (914,433) (88,859) (118,520)
------------- ------------- ------------- -------------
Net increase in net assets resulting
from operations .................................. 8,715,084 6,735,282 978,319 1,343,378
------------- ------------- ------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (6,528,221) (6,435,974) (1,146,823) (1,094,531)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Underwriting discounts and 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) .......................... 2,186,863 896,290 (168,504) 248,847
------------- ------------- ------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS:
Beginning of year .................................. 105,985,096 105,088,806 20,221,765 19,972,918
------------- ------------- ------------- -------------
End of year ........................................ $ 108,171,959 $ 105,985,096 $ 20,053,261 $ 20,221,765
============= ============= ============= =============
End of year undistributed net investment income .... $ 1,917,815 $ 597,996 $ 569,685 $ 492,564
NEW YORK
MUNICIPAL INCOME TRUST
(BNY)
--------------------------------
INCREASE (DECREASE) IN NET ASSETS 2003 2002
APPLICABLE TO COMMON SHAREHOLDERS -------------- ---------------
Net investment income ............................ $ 14,192,727 $ 13,690,678
Net realized gain (loss) ......................... (486,109) (2,021,656)
Net change in unrealized appreciation
(depreciation) ................................. 2,196,536 5,742,628
Dividends to preferred shareholders from
net investment income .......................... (1,130,137) (1,615,269)
------------- -------------
Net increase in net assets resulting
from operations .................................. 14,773,017 15,796,381
------------- -------------
DIVIDENDS TO COMMON SHAREHOLDERS FROM
NET INVESTMENT INCOME .......................... (11,098,501) (10,955,545)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Underwriting discounts and 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) .......................... 3,674,516 6,089,550
------------- -------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS:
Beginning of year .................................. 181,199,916 175,110,366
------------- -------------
End of year ........................................ $ 184,874,432 $ 181,199,916
============= =============
End of year undistributed net investment income .... $ 2,832,034 $ 883,082
39
FINANCIAL HIGHLIGHTS
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST (BKN)
YEAR ENDED OCTOBER 31,
-------------------------------------------------------------------
2003 2002 2001(1) 2000(1) 1999(1)
---- ---- ----- ---- ----
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year ....................... $ 15.19 $ 15.19 $ 14.30 $ 13.95 $ 15.78
-------- -------- -------- -------- --------
Investment operations:
Net investment income .................................. 1.16 1.20 1.20 1.13 1.09
Net realized and unrealized gain (loss) ................ (0.09) (0.26) 0.75 0.43 (1.63)
Dividends and distributions to preferred shareholders:
Net investment income ................................ (0.09) (0.13) (0.29) (0.35) (0.24)
Net realized gain .................................... -- -- -- -- (0.04)
-------- -------- -------- -------- --------
Net increase (decrease) from investment operations ........ 0.98 0.81 1.66 1.21 (0.82)
-------- -------- -------- -------- --------
Dividends and distributions to common shareholders:
Net investment income .................................. (0.89) (0.81) (0.78) (0.83) (0.86)
Net realized gain ...................................... -- -- -- -- (0.15)
-------- -------- -------- -------- --------
Total dividends and distributions ......................... (0.89) (0.81) (0.78) (0.83) (1.01)
-------- -------- -------- -------- --------
Capital charges with respect to issuance of:
Preferred shares ....................................... -- -- 0.01 (0.03) --
-------- -------- -------- -------- --------
Net asset value, end of year .............................. $ 15.28 $ 15.19 $ 15.19 $ 14.30 $ 13.95
======== ======== ======== ======== ========
Market value, end of year ................................. $ 14.26 $ 13.48 $ 13.73 $ 12.13 $ 13.13
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(2) ................................ 12.67% 4.14% 20.03% (1.27)% (9.03)%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS
OF COMMON SHAREHOLDERS:(3)
Expenses after fees waived and paid indirectly ............ 1.10% 1.09% 1.14% 1.20% 1.05%
Expenses before fees waived and paid indirectly ........... 1.10% 1.09% 1.14% 1.20% 1.05%
Net investment income after fees waived and
paid indirectly and before preferred share dividends ... 7.62% 7.93% 8.10% 8.18% 7.21%
Preferred share dividends ................................. 0.59% 0.83% 1.94% 2.53% 1.60%
Net investment income available to common shareholders .... 7.03% 7.10% 6.16% 5.65% 5.61%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ........... $254,890 $251,428 $247,832 $230,746 $252,536
Portfolio turnover ........................................ 36% 19% 4% 35% 26%
Net assets of common shareholders, end of year (000) ...... $255,315 $253,710 $253,777 $238,849 $233,085
Preferred shares outstanding (000) ........................ $146,550 $146,550 $146,550 $146,550 $130,000
Asset coverage per preferred share, end of year ........... $ 68,561 $ 68,292 $ 68,308 $ 65,745 $ 69,824
_____________
(1) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(2) 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 year 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.
(3) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each year
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
40
FINANCIAL HIGHLIGHTS
BLACKROCK MUNICIPAL INCOME TRUST (BFK)
FOR THE PERIOD
YEAR ENDED OCTOBER 31, JULY 27, 2001(1)
---------------------------- THROUGH
2003 2002 OCTOBER 31, 2001(2,3)
----- ----- ----------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ........................... $ 13.33 $ 14.30 $ 14.33(4)
-------- -------- --------
Investment operations:
Net investment income ....................................... 1.23 1.20 0.17
Net realized and unrealized gain (loss) ..................... 0.35 (1.11) 0.12
Dividends and distributions to preferred shareholders:
Net investment income ..................................... (0.09) (0.13) (0.01)
-------- -------- --------
Net increase (decrease) from investment operations ............. 1.49 (0.04) 0.28
-------- -------- --------
Dividends and distributions to common shareholders:
Net investment income ....................................... (0.95) (0.93) (0.16)
In excess of net investment income .......................... -- -- (0.01)
-------- -------- --------
Total dividends and distributions .............................. (0.95) (0.93) (0.17)
-------- -------- --------
Capital charges with respect to issuance of:
Common shares ............................................... -- -- (0.03)
Preferred shares ............................................ -- -- (0.11)
-------- -------- --------
Total capital changes .......................................... -- -- (0.14)
-------- -------- --------
Net asset value, end of period ................................. $ 13.87 $ 13.33 $ 14.30
======== ======== ========
Market value, end of period .................................... $ 13.70 $ 13.46 $ 14.75
======== ======== ========
TOTAL INVESTMENT RETURN(5) ..................................... 9.21% (2.40)% (1.13)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(6)
Expenses after fees waived and paid indirectly ................. 0.84% 0.81% 0.61%(7)
Expenses before fees waived and paid indirectly ................ 1.25% 1.23% 0.91%(7)
Net investment income after fees waived and paid indirectly
and before preferred share dividends ........................ 8.96% 8.74% 4.59%(7)
Preferred share dividends ...................................... 0.65% 0.92% 0.38%(7)
Net investment income available to common shareholders ......... 8.31% 7.82% 4.21%(7)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ................ $594,192 $598,425 $572,610
Portfolio turnover ............................................. 56% 70% 27%
Net assets of common shareholders, end of period (000) ......... $603,943 $579,681 $619,249
Preferred shares outstanding (000) ............................. $375,125 $375,125 $375,125
Asset coverage per preferred share, end of period .............. $ 65,251 $ 63,636 $ 66,275
_______________
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Funding, Inc.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value, beginning of period, reflects a deduction of $0.675 per
share sales charge from the initial offering price of $15.00 per share.
(5) 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.
(6) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(7) Annualized.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
41
FINANCIAL HIGHLIGHTS
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST (RAA)
YEAR ENDED OCTOBER 31,
-------------------------------------------------------------------
2003 2002 2001(1) 2000(1) 1999(1)
---- ---- ---- ---- ----
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year ....................... $ 14.81 $ 15.30 $ 14.62 $ 14.34 $ 15.49
-------- -------- -------- -------- --------
Investment operations:
Net investment income ................................. 1.05 1.04 1.05 1.06 1.05
Net realized and unrealized gain (loss) ............... (0.41) (0.64) 0.63 0.29 (1.10)
Dividends to preferred shareholders
from net investment income .......................... (0.06) (0.09) (0.21) (0.25) (0.22)
-------- -------- -------- -------- --------
Net increase (decrease) from investment operations ....... 0.58 0.31 1.47 1.10 (0.27)
-------- -------- -------- -------- --------
Dividends to common shareholders from net
investment income ..................................... (0.83) (0.80) (0.79) (0.82) (0.88)
-------- -------- -------- -------- --------
Net asset value, end of year ............................. $ 14.56 $ 14.81 $ 15.30 $ 14.62 $ 14.34
======== ======== ======== ======== ========
Market price, end of year ................................ $ 14.03 $ 13.38 $ 15.55 $ 14.00 $ 15.50
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(2) ............................... 11.38% (9.26)% 17.03% (4.33)% 1.52%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(3)
Expenses ................................................. 1.40% 1.29% 1.38% 1.41% 1.34%
Net investment income before preferred share dividends ... 7.17% 6.86% 7.04% 7.36% 6.95%
Preferred share dividends ................................ 0.44% 0.59% 1.39% 1.75% 1.47%
Net investment income available to common shareholders ... 6.73% 6.27% 5.65% 5.61% 5.48%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) .......... $ 14,752 $ 15,221 $15,072 $14,450 $15,170
Portfolio turnover ....................................... 6% 30% 1% 0% 4%
NET ASSETS OF COMMON SHAREHOLDERS, END OF YEAR (000) ..... $ 14,665 $14,911 $15,411 $14,725 $14,439
Preferred shares outstanding (000) ....................... $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share, end of year .......... $ 73,886 $ 74,706 $ 76,377 $74,097 $ 73,138
_________________
(1) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(2) 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 year 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.
(3) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each year
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
42
FINANCIAL HIGHLIGHTS
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (BFZ)
FOR THE PERIOD
YEAR ENDED OCTOBER 31, JULY 27, 2001(1)
----------------------------- THROUGH
2003 2002 OCTOBER 31, 2001(2,3)
----- ----- -----------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period .............................. $ 14.16 $ 14.50 $ 14.33(4)
-------- -------- --------
Investment operations:
Net investment income .......................................... 1.12 1.11 0.16
Net realized and unrealized gain (loss) ........................ (0.34) (0.46) 0.32
Dividends and distributions to preferred shareholders:
Net investment income ........................................ (0.08) (0.12) (0.01)
-------- -------- --------
Net increase (decrease) from investment operations ................ 0.70 0.53 0.47
-------- -------- --------
Dividends and distributions to common shareholders:
Net investment income .......................................... (0.89) (0.87) (0.15)
In excess of net investment income ............................. -- -- (0.01)
-------- -------- --------
Total dividends and distributions ................................. (0.89) (0.87) (0.16)
-------- -------- --------
Capital charge with respect to issuance of:
Common shares .................................................. -- -- (0.03)
Preferred shares ............................................... -- -- (0.11)
-------- -------- --------
Total capital charges ............................................. -- -- (0.14)
======== ======== ========
Net asset value, end of period .................................... $ 13.97 $ 14.16 $ 14.50
======== ======== ========
Market value, end of period ....................................... $ 13.21 $ 13.09 $ 14.75
======== ======== ========
TOTAL INVESTMENT RETURN(5) ........................................ 7.92% (5.49)% (1.17)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(6)
Expenses after fees waived and paid indirectly .................... 0.89% 0.88% 0.72%(7)
Expenses before fees waived and paid indirectly ................... 1.30% 1.31% 1.02%(7)
Net investment income after fees waived and paid indirectly
and before preferred share dividends ........................... 8.01% 7.96% 4.06%(7)
Preferred share dividends ......................................... 0.57% 0.86% 0.38%(7)
Net investment income available to common shareholders ............ 7.44% 7.10% 3.68%(7)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ................... $211,275 $209,965 $199,356
Portfolio turnover ................................................ 34% 44% 16%
Net assets of common shareholders, end of period (000) ............ $209,397 $212,215 $216,829
Preferred shares outstanding (000) ................................ $131,950 $131,950 $131,950
Asset coverage per preferred share, end of period ................. $ 64,675 $ 65,211 $ 66,086
________________
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Funding, Inc.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value, beginning of period, reflects a deduction of $0.675 per
share sales charge from the initial offering price of $15.00 per share.
(5) 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.
(6) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders.
(7) Annualized.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
43
FINANCIAL HIGHLIGHTS
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (RFA)
YEAR ENDED OCTOBER 31,
-------------------------------------------------------------------
2003 2002 2001(1) 2000(1) 1999(1)
---- ---- ---- ---- ----
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year ....................... $ 15.65 $ 15.50 $ 14.65 $ 14.29 $ 15.69
-------- -------- -------- -------- --------
Investment operations:
Net investment income ................................. 1.04 1.05 1.03 1.07 1.05
Net realized and unrealized gain (loss) ............... (0.39) 0.02 0.86 0.40 (1.41)
Dividends to preferred shareholders
from net investment income .......................... (0.08) (0.11) (0.24) (0.31) (0.24)
-------- -------- -------- -------- --------
Net increase (decrease) from investment operations ....... 0.57 0.96 1.65 1.16 (0.60)
-------- -------- -------- -------- --------
Dividends to common shareholders from net
investment income .................................... (0.83) (0.81) (0.80) (0.80) (0.80)
-------- -------- -------- -------- --------
Net asset value, end of year ............................. $ 15.39 $ 15.65 $ 15.50 $ 14.65 $ 14.29
======== ======== ======== ======== ========
Market price, end of year ................................ $ 14.47 $ 14.50 $ 14.36 $ 13.13 $ 12.81
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(2) ............................... 5.52% 6.52% 15.65% 9.00% (10.60)%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS
OF COMMON SHAREHOLDERS:(3)
Expenses ................................................. 1.29% 1.20% 1.38% 1.22% 1.27%
Net investment income before preferred share dividends ... 6.69% 6.76% 6.83% 7.48% 7.11%
Preferred share dividends ................................ 0.51% 0.69% 1.58% 2.18% 1.64%
Net investment income available to common shareholders ... 6.18% 6.07% 5.25% 5.30% 5.47%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) .......... $ 17,561 $ 17,427 $ 17,046 $ 16,167 $ 16,736
Portfolio turnover ....................................... 17% 8% 0% 0% 0%
Net assets of common shareholders, end of year (000) ..... $ 17,347 $ 17,639 $ 17,472 $ 16,509 $ 16,110
Preferred shares outstanding (000) ....................... $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500
Asset coverage per preferred share, end of year .......... $ 76,021 $ 76,886 $ 76,397 $ 73,570 $ 72,390
_________________
(1) Amounts have been reclassified to conform to the presentation under the
provisions of EITFD-98.
(2) 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 year 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.
(3) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each year
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
44
FINANCIAL HIGHLIGHTS
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (BBF)
FOR THE PERIOD
YEAR ENDED OCTOBER 31, JULY 27, 2001(1)
------------------------------- THROUGH
2003 2002 OCTOBER 31, 2001(2,3)
----- ----- -----------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ............................... $ 14.57 $ 14.37 $ 14.33(4)
------- ------- -------
Investment operations:
Net investment income ........................................... 1.11 1.07 0.17
Net realized and unrealized gain (loss) ......................... (0.03) 0.13 0.18
Dividends and distributions to preferred shareholders:
Net investment income ......................................... (0.08) (0.12) (0.01)
------- ------- -------
Net increase (decrease) from investment operations ................. 1.00 1.08 0.34
------- ------- -------
Dividends and distributions to common shareholders:
Net investment income ........................................... (0.89) (0.87) (0.16)
In excess of net investment income .............................. -- -- --
------- ------- -------
Total dividends and distributions .................................. (0.89) (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 ..................................... $ 14.68 $ 14.57 $ 14.37
======= ======= =======
Market value, end of period ........................................ $ 13.36 $ 13.65 $ 14.50
======= ======= =======
TOTAL INVESTMENT RETURN(5) ......................................... 4.30% 0.16% (2.84)%
======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(6)
Expenses after fees waived and paid indirectly ..................... 0.94% 0.96% 0.87%(7)
Expenses before fees waived and paid indirectly .................... 1.35% 1.38% 1.17%(7)
Net investment income after fees waived and paid indirectly
and before preferred share dividends ............................ 7.50% 7.59% 4.43%(7)
Preferred share dividends .......................................... 0.53% 0.82% 0.37%(7)
Net investment income available to common shareholders ............. 6.97% 6.77% 4.06%(7)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) .................... $98,081 $93,558 $87,918
Portfolio turnover ................................................. 19% 35% 28%
Net assets of common shareholders, end of period (000) ............. $97,589 $96,816 $95,123
Preferred shares outstanding (000) ................................. $57,550 $57,550 $57,550
Asset coverage per preferred share, end of period .................. $67,394 $67,060 $66,323
_________________
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Funding, Inc.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value, beginning of period, reflects a deduction of $0.675 per
share sales charge from the initial offering price of $15.00 per share.
(5) 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.
(6) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(7) Annualized.
The information in the above Financial Highlights represents the audited
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 INVESTMENT QUALITY MUNICIPAL TRUST (RNJ)
YEAR ENDED OCTOBER 31,
-------------------------------------------------------------------
2003 2002 2001(1) 2000(1) 1999(1)
---- ---- ----- ---- ----
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year ....................... $ 14.64 $ 14.85 $ 13.96 $ 13.52 $ 14.95
-------- -------- -------- -------- --------
INVESTMENT OPERATIONS:
Net investment income ................................. 1.00 1.02 0.96 1.01 1.00
Net realized and unrealized gain (loss) ............... 0.12 (0.39) 0.87 0.43 (1.47)
Dividends to preferred shareholders
from net investment income .......................... (0.06) (0.09) (0.21) (0.27) (0.23)
-------- -------- -------- -------- --------
Net increase (decrease) from investment operations ....... 1.06 0.54 1.62 1.17 (0.70)
-------- -------- -------- -------- --------
Dividends to common shareholders from net
investment income ..................................... (0.80) (0.75) (0.73) (0.73) (0.73)
-------- -------- -------- -------- --------
Net asset value, end of year ............................. $ 14.90 $ 14.64 $ 14.85 $ 13.96 $ 13.52
======== ======== ======== ======== ========
Market price, end of year ................................ $ 14.80 $ 13.30 $ 13.75 $ 12.13 $ 12.25
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(2) ............................... 17.59% 2.07% 19.63% 5.08% (8.77)%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(3)
Expenses ................................................. 1.39% 1.31% 1.54% 1.32% 1.29%
Net investment income before preferred share dividends ... 6.72% 6.93% 6.64% 7.44% 6.94%
Preferred share dividends ................................ 0.41% 0.61% 1.47% 1.98% 1.59%
Net investment income available to
common shareholders ................................... 6.31% 6.32% 5.17% 5.46% 5.35%
SUPPLEMENTAL DATA:
Average net assets of common
shareholders (000) .................................... $14,975 $14,791 $14,570 $13,696 $14,550
Portfolio turnover ....................................... 4% 14% 9% 23% 17%
Net assets of common shareholders, end of year (000) ..... $15,007 $14,747 $14,958 $14,059 $13,620
Preferred shares outstanding (000) ....................... $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share, end of year .......... $75,026 $74,159 $74,862 $71,879 $70,409
__________________
(1) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(2) 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 year 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.
(3) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each year
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
46
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (BNJ)
FOR THE PERIOD
YEAR ENDED OCTOBER 31, JULY 27, 2001(1)
------------------------------- THROUGH
2003 2002 OCTOBER 31, 2001(2,3)
----- ----- -----------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period .................................. $ 14.29 $ 14.26 $ 14.33(4)
-------- -------- --------
Investment operations:
Net investment income .............................................. 1.15 1.10 0.14
Net realized and unrealized gain (loss) ............................ 0.11 (0.07) 0.10
Dividends and distributions to preferred shareholders:
Net investment income ............................................ (0.08) (0.12) (0.01)
-------- -------- --------
Net increase (decrease) from investment operations .................... 1.18 0.91 0.23
-------- -------- --------
Dividends to common shareholders:
Net investment income .............................................. (0.88) (0.87) (0.13)
In excess of net investment income ................................. -- -- (0.03)
-------- -------- --------
Total dividends and distributions ..................................... (0.88) (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 ........................................ $ 14.59 $ 14.29 $ 14.26
======== ======== ========
Market value, end of period ........................................... $ 14.04 $ 13.64 $ 14.84
======== ======== ========
TOTAL INVESTMENT RETURN(5) ............................................ 9.59% (2.25)% (0.56)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(6)
Expenses after fees waived and paid indirectly ........................ 0.93% 0.93% 0.83%(7)
Expenses before fees waived and paid indirectly ....................... 1.34% 1.37% 1.12%(7)
Net investment income after fees waived and paid indirectly
and before preferred share dividends ............................... 7.85% 7.81% 3.67%(7)
Preferred share dividends ............................................. 0.57% 0.88% 0.37%(7)
Net investment income available to common shareholders ................ 7.28% 6.93% 3.30%(7)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ....................... $107,900 $104,241 $ 97,050
Portfolio turnover .................................................... 13% 50% 16%
Net assets of common shareholders, end of period (000) ................ $108,172 $105,985 $105,089
Preferred shares outstanding (000) .................................... $ 63,800 $ 63,800 $ 63,800
Asset coverage per preferred share, end of period ..................... $ 67,387 $ 66,538 $ 66,187
________________
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Funding, Inc.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value, beginning of period, reflects a deduction of $0.675 per
share sales charge from the initial offering price of $15.00 per share.
(5) 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.
(6) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(7) Annualized.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
47
FINANCIAL HIGHLIGHTS
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST (RNY)
YEAR ENDED OCTOBER 31,
-------------------------------------------------------------------
2003 2002 2001(1) 2000(1) 1999(1)
---- ---- ---- ---- ----
PER COMMON SHARE OPERATING
PERFORMANCE:
Net asset value, beginning of year ....................... $ 15.47 $ 15.28 $ 14.55 $ 14.11 $ 15.58
-------- -------- -------- -------- --------
Investment operations:
Net investment income ................................. 1.03 1.06 1.06 1.08 1.08
Net realized and unrealized gain (loss) ............... (0.21) 0.06 0.70 0.44 (1.50)
Dividends to preferred shareholders
from net investment income .......................... (0.07) (0.09) (0.21) (0.26) (0.23)
-------- -------- -------- -------- --------
Net increase (decrease) from investment operations ....... 0.75 1.03 1.55 1.26 (0.65)
-------- -------- -------- -------- --------
Dividends to common shareholders from net
investment income ..................................... (0.88) (0.84) (0.82) (0.82) (0.82)
-------- -------- -------- -------- --------
Net asset value, end of period ........................... $ 15.34 $ 15.47 $ 15.28 $ 14.55 $ 14.11
======== ======== ======== ======== ========
Market value, end of period .............................. $ 14.18 $ 14.40 $ 14.20 $ 12.63 $ 13.63
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(2) ............................... 4.69% 7.42% 19.20% (1.21)% (4.86)%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(3)
Expenses ................................................. 1.24% 1.17% 1.31% 1.21% 1.09%
Net investment income before preferred share dividends ... 6.68% 6.97% 7.06% 7.63% 7.13%
Preferred share dividends ................................ 0.44% 0.60% 1.40% 1.83% 1.50%
Net investment income available to common shareholders ... 6.24% 6.37% 5.66% 5.81% 5.63%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) .......... $20,158 $19,915 $19,663 $18,523 $19,791
Portfolio turnover ....................................... 36% 7% 0% 22% 0%
Net assets of common shareholders, end of year (000) ..... $20,053 $20,222 $19,973 $19,016 $18,443
Preferred shares outstanding (000) ....................... $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800
Asset coverage per preferred share, end of year .......... $76,159 $76,590 $75,955 $73,516 $72,048
________________
(1) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(2) 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 year 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.
(3) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each year
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
48
FINANCIAL HIGHLIGHTS
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (BNY)
FOR THE PERIOD
YEAR ENDED OCTOBER 31, JULY 27, 2001(1)
---------------------------- THROUGH
2003 2002 OCTOBER 31, 2001(2,3)
----- ----- -----------------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period ................................ $ 14.47 $ 14.09 $ 14.33(4)
-------- -------- --------
Investment operations:
Net investment income ............................................ 1.14 1.09 0.15
Net realized and unrealized gain (loss) .......................... 0.13 0.29 (0.08)
Dividends and distributions to preferred shareholders:
Net investment income .......................................... (0.09) (0.13) (0.01)
-------- -------- --------
Net increase (decrease) from investment operations .................. 1.18 1.25 0.06
-------- -------- --------
Dividends and distributions to common shareholders:
Net investment income .......................................... (0.89) (0.87) (0.14)
In excess of net investment income ............................. -- -- (0.02)
-------- -------- --------
Total dividends and distributions ................................... (0.89) (0.87) (0.16)
-------- -------- --------
Capital charge with respect to issuance of:
Common shares .................................................... -- -- (0.03)
Preferred shares ................................................. -- -- (0.11)
-------- -------- --------
Total capital charges ............................................... -- -- (0.14)
-------- -------- --------
Net asset value, end of period ...................................... $ 14.76 $ 14.47 $ 14.09
======== ======== ========
Market value, end of period ......................................... $ 13.45 $ 13.42 $ 14.62
======== ======== ========
TOTAL INVESTMENT RETURN(5) .......................................... 6.95% (2.25)% (5.58)%
======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF
COMMON SHAREHOLDERS:(6)
Expenses after fees waived and paid indirectly ...................... 0.88% 0.90% 0.73%(7)
Expenses before fees waived and paid indirectly ..................... 1.29% 1.33% 1.03%(7)
Net investment income after fees waived and paid indirectly
and before preferred share dividends ............................. 7.73% 7.87% 3.93%(7)
Preferred share dividends ........................................... 0.62% 0.93% 0.37%(7)
Net investment income available to common shareholders .............. 7.11% 6.94% 3.56%(7)
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ..................... $183,648 $173,885 $163,077
Portfolio turnover .................................................. 14% 57% 2%
Net assets of common shareholders, end of period (000) .............. $184,874 $181,200 $175,110
Preferred shares outstanding (000) .................................. $109,750 $109,750 $109,750
Asset coverage per preferred share, end of period ................... $ 67,115 $ 66,279 $ 64,894
___________________
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Funding, Inc.
(2) Calculated using the average shares outstanding method.
(3) Amounts have been reclassified to conform to the presentation under the
provisions of EITF D-98.
(4) Net asset value, beginning of period, reflects a deduction of $0.675 per
share sales charge from the initial offering price of $15.00 per share.
(5) 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.
(6) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(7) Annualized.
The information in the above Financial Highlights represents the audited
operating performance for a common share outstanding, total investment returns,
ratios to average net assets and other supplemental data for each period
indicated. This information has been determined based upon financial information
provided in the financial statements and market price data for the Trust's
common shares.
See Notes to Financial Statements.
49
NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
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
statuatory 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 Trustees or Board of Directors as the case may be (each, a
"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. Investments in other investment companies are valued at net
asset value. 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/or accretes discount on securities
purchased using the interest method.
FINANCIAL FUTURES CONTRACTS: A futures contract is an agreement between two
parties to buy and sell a financial instrument for a set price on a future date.
Initial margin deposits are made upon entering into futures contracts and can be
either cash or securities. During the period the futures contract is open,
changes in the value of the contract are recognized as unrealized gains or
losses by "marking-to-market" on a daily basis to reflect the market value of
the contract at the end of each day's trading. Variation margin payments are
made or received, depending upon whether unrealized gains or losses are
incurred. When the contract is closed, the Trust records a realized gain or loss
equal to the difference between the proceeds from (or cost of) the closing
transaction and the Trust's basis in the contract.
Financial futures contracts, when used by the Trusts, help in maintaining a
targeted duration. Futures contracts can be sold to effectively shorten an
otherwise longer duration portfolio. In the same sense, futures contracts can be
purchased to lengthen a portfolio that is shorter than its duration target.
Thus, by buying or selling futures contracts, the Trusts may attempt to manage
the duration of positions so that changes in interest rates do not change the
duration of the portfolio unexpectedly. At October 31, 2003, there were no open
financial futures contracts in any of the Trusts.
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 4.
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.
50
DEFERRED COMPENSATION AND BLACKROCK CLOSED-END SHARE EQUIVALENT INVESTMENT PLAN:
Under the revised deferred compensation plan approved by each Trust's Board,
non-interested Trustees/Directors 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 closed-end funds selected by the Trustees/Directors. This has the same
economic effect for the Trustees/Directors as if the Trustees/Directors had
invested the deferred amounts in such Trusts.
The deferred compensation plan is not funded and obligations thereunder
represent general unsecured claims against the general assets of the Trust. Each
Trust may, however, elect to invest in common shares of those Trusts selected by
the Trustees/Directors in order to match its deferred compensation obligations.
RECLASSIFICATION OF CAPITAL ACCOUNTS: In order to present undistributed
(distribution in excess of) net investment income ("UNII"), accumulated net
realized gain ("Accumulated Gain") and paid-in capital ("PIC") more closely to
its tax character the following accounts, for each Trust, were increased
(decreased):
TRUST UNII ACCUMULATED GAIN PIC
----- --------- ---------------- -----
Municipal Investment Quality ($242,211) $242,211 $ --
Municipal Income (6,815) 6,815 --
California Investment Quality (1,136) 1,136 --
California Income 30,051 (30,051) --
Florida Investment Quality (32,493) 32,493 --
Florida Income (8) 8 --
New Jersey Investment Quality (222) 274,102 (273,880)
New Jersey Income (1,256) 1,256 --
New York Investment Quality (33,901) 33,901 --
New York Income (15,137) 138 14,999
NOTE 2. AGREEMENTS Each Trust has an Investment Management Agreement with
BlackRock Advisors, Inc. (the "Advisor"), which is 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 PNC Financial Services Group,
Inc. The investment management agreement on the Income Trusts covers both
investment advisory and administration services. Municipal Investment Quality
had 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 had an Administration Agreement with
Prudential Investments LLC ("Prudential"), an indirect wholly owned subsidiary
of Prudential Financial, Inc.
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. 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, 0.15% to Princeton
and 0.10% to Prudential, 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.
On May 22, 2003, the Board approved the change of the current administrators
to the Advisor. The new administration agreements became effective August 18,
2003. The administration fee structures for each Trust, as described above, will
remain unchanged under the new administration agreement.
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 Core Bond and Strategic Bond. Each Trust's
respective 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.
NOTE 3. PORTFOLIO SECURITIES Purchases and sales of investment securities, other
than short-term investments, for the year ended October 31, 2003, were as
follows:
TRUST PURCHASES SALES TRUST PURCHASES SALES
----- ------------ ------------ ----- ----------- -----------
Municipal Investment Quality $141,091,937 $141,815,440 Florida Income $30,866,312 $28,318,312
Municipal Income 524,386,011 560,341,635 New Jersey Investment Quality 952,500 1,647,625
California Investment Quality 1,282,804 2,580,516 New Jersey Income 23,593,650 22,601,511
California Income 115,384,159 117,329,989 New York Investment Quality 10,755,624 10,276,613
Florida Investment Quality 4,447,330 6,063,323 New York Income 41,994,218 41,002,137
51
At October 31, 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 $372,449,933 $25,486,865 $ 3,087,505 $22,399,360
Municipal Income 952,625,345 19,763,972 10,878,862 8,885,110
California Investment Quality 20,612,130 1,243,869 392,454 851,415
California Income 347,046,320 5,438,654 10,088,694 (4,650,040)
Florida Investment Quality 23,001,208 1,785,997 145,678 1,640,319
Florida Income 150,834,820 3,350,309 1,303,200 2,047,109
New Jersey Investment Quality 20,061,196 1,839,973 194,888 1,645,085
New Jersey Income 167,671,699 3,978,915 2,183,980 1,794,935
New York Investment Quality 27,406,912 1,976,926 79,831 1,897,095
New York Income 283,379,170 9,698,241 2,712,897 6,985,344
For Federal income tax purposes, the following Trusts had capital loss
carryforwards at October 31, 2003. These amounts may be used to offset future
realized capital gains, if any:
CAPITAL LOSS CAPITAL LOSS
CARRYFORWARD CARRYFORWARD
TRUST AMOUNT EXPIRES TRUST AMOUNT EXPIRES
----- ------------ ------- ----- ------------ -------
Municipal Investment Quality $ 2,870,542 2011 New Jersey Investment Quality $ 228,242 2008
324,268 2010 6,166 2004
133,706 2009 -----------
5,068,444 2008 $ 234,408
312,281 2007 ===========
----------- New Jersey Income $ 28,207 2011
$ 8,709,241 615,438 2010
=========== 49,975 2009
Municipal Income $21,749,392 2011 -----------
15,055,804 2010 $ 693,620
526,271 2009 ===========
----------- New York Investment Quality $ 68,365 2008
$37,331,467 ===========
=========== New York Income $2,021,656 2011
California Income $ 124,333 2011 68,166 2010
2,398,646 2010 -----------
----------- $2,089,822
2,522,984 ===========
===========
Florida Investment Quality -- --
Florida Income $ 192,363 2010
===========
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.
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 October 31, 2003, the common shares outstanding
and the shares owned by affiliates of the Advisor of each Trust were as follows:
COMMON COMMON COMMON COMMON
SHARES SHARES SHARES SHARES
TRUST OUTSTANDING OWNED TRUST OUTSTANDING OWNED
----- ----------- ------- ----- ----------- -------
Municipal Investment Quality 16,707,093 -- Florida Income 6,646,343 --
Municipal Income 43,552,679 -- New Jersey Investment Quality 1,007,093 7,093
California Investment Quality 1,007,093 7,093 New Jersey Income 7,414,793 --
California Income 14,985,501 -- New York Investment Quality 1,307,093 7,093
Florida Investment Quality 1,127,093 7,093 New York Income 12,521,494 --
During the year ended October 31, 2003, Municipal Income issued additional
shares under its dividend reinvestment plan of 69,968. During the year ended
October 31, 2002, Municipal Income, California Municipal Income, Florida
Municipal Income, New Jersey Municipal Income and New York Municipal Income
issued additional shares under their dividend reinvestment plans of 171,937,
26,975, 28,015, 46,292, and 92,332, respectively.
52
As of October 31, 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 SERIES SHARES TRUST SERIES SHARES
----- --------- ----------- ----- ---------- ----------
Municipal Investment Quality T7 3,262 Florida Investment Quality R7 340
T28 2,600 Florida Income T7 2,302
Municipal Income M7 3,001 New Jersey Investment Quality T7 300
T7 3,001 New Jersey Income R7 2,552
W7 3,001 New York Investment Quality F7 392
R7 3,001 New York Income W7 2,195
F7 3,001 F7 2,195
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 resets
every seven days based on the results of an auction. Dividends on 28 day
preferred shares are cumulative at a rate which resets every 28 days based on
the results of an auction. The dividend ranges on the preferred shares for each
of the Trusts for the year ended October 31, 2003, were as follows:
TRUST LOW HIGH TRUST LOW HIGH
----- --- ---- ----- --- ----
Municipal Investment Quality 0.65% 1.76% Florida Income 0.40% 1.53%
Municipal Income 0.40 1.75 New Jersey Investment Quality 0.40 1.34
California Investment Quality 0.40 1.52 New Jersey Income 0.40 1.55
California Income 0.40 1.67 New York Investment Quality 0.40 1.50
Florida Investment Quality 0.60 1.70 New York Income 0.50 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 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, (b) change a Trust's subclassification as
a closed-end investment company or change its fundamental investment
restrictions and (c) change its business so as to cease to be an investment
company.
NOTE 5. DIVIDENDS Subsequent to October 31, 2003, the Board of each Trust
declared dividends from undistributed earnings per common share payable November
28, 2003, to shareholders of record on November 14, 2003. The per share common
dividends declared were as follows:
COMMON DIVIDEND COMMON DIVIDEND
TRUST PER SHARE TRUST PER SHARE
----- --------------- ----- ---------------
Municipal Investment Quality $0.076189 Florida Income $0.075375
Municipal Income 0.081125 New Jersey Investment Quality 0.067148
California Investment Quality 0.070600 New Jersey Income 0.075108
California Income 0.076074 New York Investment Quality 0.073125
Florida Investment Quality 0.070781 New York Income 0.075339
The dividends declared on preferred shares for the period November 1, 2003 to
November 30, 2003, for each of the Trusts were as follows:
DIVIDENDS DIVIDENDS
TRUST SERIES DECLARED TRUST SERIES DECLARED
----- ------ --------- ----- ------ ---------
Municipal Investment Quality T7 $60,804 Florida Investment Quality R7 $ 7,562
T28 47,320 Florida Income T7 39,318
Municipal Income M7 50,027 New Jersey Investment Quality T7 4,701
T7 54,108 New Jersey Income R7 45,272
W7 53,388 New York Investment Quality F7 6,840
R7 49,216 New York Income W7 19,821
F7 48,376 F7 41,573
California Investment Quality W7 5,661
California Income T7 45,681
R7 49,481
53
NOTE 6. REIMBURSEMENTS Subsequent to October 31, 2003, the Advisor determined
that each of the Municipal Investment Quality, California Investment Quality,
Florida Investment Quality, New Jersey Investment Quality and New York
Investment Quality had purchased high yield bonds in violation of a
non-fundamental investment policy requiring their investments to be of
investment grade quality at the time of purchase. The Advisor has reimbursed
each of the Trusts for the realized and unrealized losses incurred from the date
of purchase through December 18, 2003, as a result of these unauthorized
purchases. The net realized and unrealized gains on these securities as of
December 18, 2003 was $167,280.00 for Municipal Investment Quality, $10,779.26
for California Investment Quality, $46,655.67 for Florida Investment Quality and
$4,284.00 for New York Investment Quality. The amount of the reimbursement for
the losses was $18,420.76 for California Investment Quality, $86,481.10 for New
Jersey Investment Quality and $3,690.00 for New York Investment Quality. Such
amounts have not been reflected in the accompanying financial statements for the
year ended October 31, 2003.
NOTE 7. SUBSEQUENT EVENT On December 18, 2003, the Board approved a resolution
for each of the Municipal Investment Quality, California Investment Quality,
Florida Investment Quality, New Jersey Investment Quality and New York
Investment Quality whereby each such Trust adopted a non-fundamental investment
policy permitting each Trust to invest up to 20% of its managed assets, measured
at the time of purchase, in securities rated BB/Ba or B by Moody's Investors
Service, Inc., Standard & Poor's Ratings Group, a division of The McGraw-Hill
Companies Inc., Fitch Ratings or another nationally recognized rating agency or,
if unrated, deemed to be of comparable credit quality by BlackRock Advisors,
Inc. or its affiliates.
54
INDEPENDENT AUDITORS' REPORT
--------------------------------------------------------------------------------
To the Boards of Directors/Trustees and Shareholders of:
BlackRock Investment Quality Municipal Trust, Inc.
BlackRock Municipal Income Trust
BlackRock California Investment Quality Municipal Trust, Inc.
BlackRock California Municipal Income Trust
BlackRock Florida Investment Quality Municipal Trust, Inc.
BlackRock Florida Municipal Income Trust
BlackRock New Jersey Investment Quality Municipal Trust, Inc.
BlackRock New Jersey Municipal Income Trust
BlackRock New York Investment Quality Municipal Trust, Inc.
BlackRock New York Municipal Income Trust
We have audited the accompanying statements of assets and liabilities of each of
the above mentioned Trusts (collectively, the "Trusts"), including the
portfolios of investments, as of October 31, 2003, and the related statements of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the years in the five-year period then ended. These financial statements
and financial highlights are the responsibility of the Trusts' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
October 31, 2003, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the Trusts as of
October 31, 2003, the results of their operations for the year then ended, the
changes in their net assets for each of the two years in the period then ended,
and the financial highlights for each of the years in the five-year period then
ended, in conformity with accounting principles generally accepted in the United
States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 18, 2003
55
INDEPENDENT TRUSTEES/DIRECTORS
Name, address, age Andrew F. Brimmer Richard E. Cavanagh Kent Dixon
P.O. Box 4546 P.O. Box 4546 New York, NY P.O. Box 4546
10163-4546 New York, NY 10163-4546 New York, NY 10163-4546
Age: 77 Age: 57 Age: 66
----------------------------------------------------------------------------------------------------------------------------------
Current positions held Lead Trustee/Director Trustee/Director Trustee/Director
with the Trusts Audit Committee Chairman(2) Audit Committee Member Audit Committee Member(2)
----------------------------------------------------------------------------------------------------------------------------------
Term of office and length 3 years(4)/since inception 3 years(4)/since inception(5) 3 years(4)/since inception
of time served
----------------------------------------------------------------------------------------------------------------------------------
Principal occupations President of Brimmer & Company, President and Chief Executive Consultant/Investor. Former
during the past five Inc., a Washington, D.C.-based Officer of The Conference President and Chief
years economic and financial Board, Inc., a leading global Executive Officer of Empire
consulting firm, also Wilmer D. business membership Federal Savings Bank of
Barrett Professor of Economics, organization, from America and Banc PLUS
University of Massachusetts - 1995-present. Former Savings Association, former
Amherst. Formerly member of the Executive Dean of the John F. Chairman of the Board,
Board of Governors of the Kennedy School of Government President and Chief
Federal Reserve System. Former at Harvard University from Executive Officer of
Chairman, District of Columbia 1988-1995. Acting Director, Northeast Savings.
Financial Control Board. Harvard Center for Business
and Government (1991-1993).
Formerly Partner (principal)
of McKinsey & Company, Inc.
(1980- 1988). Former
Executive Director of Federal
Cash Management, White House
Office of Management and
Budget (1977- 1979).
Co-author, THE WINNING
PERFORMANCE (best selling
management book published in
13 national editions).
----------------------------------------------------------------------------------------------------------------------------------
Number of portfolios 48 48 48
overseen within the
fund complex
----------------------------------------------------------------------------------------------------------------------------------
Other Directorships Director of CarrAmerica Realty Trustee: Airplanes Group, Former Director of ISFA
held outside of the Corporation and Borg-Warner Aircraft Finance Trust (AFT) (the owner of INVEST, a
fund complex Automotive. Formerly Director of and Educational Testing national securities
Airborne Express, BankAmerica Service (ETS). Director, Arch brokerage service designed
Corporation (Bank of America), Chemicals, Fremont Group and for banks and thrift
Bell South Corporation, College The Guardian Life Insurance institutions).
Retirement Equities Fund Company of America.
(Trustee), Commodity Exchange,
Inc. (Public Governor),
Connecticut Mutual Life
Insurance Company, E.I. du Pont
de Nemours & Company, Equitable
Life Assurance Society of the
United States, Gannett Company,
Mercedes-Benz of North America,
MNC Financial Corporation
(American Security Bank), NCM
Capital Management, Navistar
International Corporation, PHH
Corp. and UAL Corporation
(United Airlines).
----------------------------------------------------------------------------------------------------------------------------------
For "Interested Director/Trustee"
Relationships, events or transactions by reason
of which the Trustee is an interested person as
defined in Section 2(a)(19)(1940 Act)
----------------------------------------------------------------------------------------------------------------------------------
----------------
(1) Interested Trustee/Director as defined by Section 2(a)(19) of the
Investment Company Act of 1940.
(2) The Board of each Trust has determined that each Trust has two Audit
Committee financial experts serving on its Audit Committee, Dr. Brimmer and
Mr. Dixon, both of whom are independent for the purpose of the definition
of Audit Committee financial expert as applicable to the Trusts.
(3) Trustee/Director since inception; appointed Chairman of the Board on August
22, 2002.
(4) The Board is classified into three classes of which one class is elected
annually. Each Trustee/Director serves a three year term concurrent with
the class from which he is elected.
(5) For the Investment Quality Trusts appointed Director/Trustee on 08/11/94.
(6) Except during the periods 08/12/93 through 04/15/97 and 10/31/02 through
11/11/02 for all of the Trusts.
(7) Effective 12/11/03
56
INDEPENDENT TRUSTEES/DIRECTORS (CONTINUED)
Frank J. Fabozzi James Clayburn La Force, Jr. Walter F. Mondale
P.O. Box 4546 P.O. Box 4546 P.O. Box 4546
New York, NY 10163-4546 New York, NY 10163-4546 New York, NY 10163-4546
Age: 55 Age: 74 Age: 75
------------------------------------------------------------------------------------------------------------------------------------
Trustee/Director Trustee/Director Trustee/Director
------------------------------------------------------------------------------------------------------------------------------------
3 years(4)/since inception 3 years(4)/since inception 3 years(4)/since inception6
------------------------------------------------------------------------------------------------------------------------------------
Consultant. Editor of THE Dean Emeritus of the John E. Partner, Dorsey & Whitney,
JOURNAL OF PORTFOLIO Anderson Graduate School of LLP., a law firm (December
MANAGEMENT and Management, University of 1996-present, September
Frederick Frank Adjunct California since July 1, 1993. 1987-August 1993). Formerly
Professor of Finance at the Acting Dean of the School of U.S. Ambassador to Japan
School of Management at Yale Business, Hong Kong (1993-1996). Formerly Vice
University. Author and editor University of Science and President of the United States,
of several books on fixed Technology 1990-1993. From U.S. Senator and Attorney
income portfolio management. 1978 to September 1993, General of the State of
Visiting Professor of Finance Dean of the John E. Anderson Minnesota. 1984 Democratic
and Accounting at the Sloan Graduate School of Nominee for President of the
School of Management, Management, University of United States.
Massachusetts Institute of California.
Technology from 1986 to
August 1992.
------------------------------------------------------------------------------------------------------------------------------------
48 48 48
------------------------------------------------------------------------------------------------------------------------------------
Director, Guardian Mutual Payden & Ryge(l) Investment
Funds Group (18 portfolios). Trust, Provident Investment
Counsel Funds, Advisors
Series Trust, Arena
Pharmaceuticals, Inc. and
CancerVax Corporation.
------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES/DIRECTORS(1)
Ralph L. Schlosstein Robert S. Kapito
BlackRock, Inc. BlackRock, Inc.
40 East 52nd Street 40 East 52nd Street
New York, NY 10022 New York, NY 10022
Age: 52 Age: 46
--------------------------------------------------------------------------------
Chairman of the Board President and Trustee/Director
--------------------------------------------------------------------------------
3 years(4)/since inception 3 years(4)/since August 22, 2002
--------------------------------------------------------------------------------
Director since 1999 and Vice Chairman of BlackRock,
President of BlackRock, Inc. Inc. Head of the Portfolio
since its formation in 1998 and Management Group. Also a
of BlackRock, Inc.'s member of the Management
predecessor entities since 1988. Committee, the Investment
Member of the Management Strategy Group, the Fixed
Committee and Investment Income and Global Operating
Strategy Group of BlackRock, Committees and the Equity
Inc. Formerly, Managing Investment Strategy Group.
Director of Lehman Brothers, Responsible for the portfolio
Inc. and Co-head of its management of the Fixed
Mortgage and Savings Income, Domestic Equity and
Institutions Group. Currently, International Equity, Liquidity,
Chairman and a Trustee of each and Alternative Investment
of the closed-end Trusts in Groups of BlackRock. Currently
which BlackRock Advisors, President and a Director/Trustee
Inc. acts as investment advisor. of each of the closed-end Trusts
in which BlackRock Advisors,
Inc. acts as investment advisor.
--------------------------------------------------------------------------------
48 48
--------------------------------------------------------------------------------
Chairman and President of the Chairman of the Hope and
BlackRock Provident Institu- Heroes Children's Cancer
tional Funds (10 portfolios), Fund. President of the Board
Director of Anthracite Capital, of Directors of the Periwinkle
Inc.(7) and Director of several of National Theatre for Young
BlackRock's alternative Audiences. Director of
investment vehicles. Currently, a icruise.com, Corp.
Member of the Visiting Board
of Overseers of the John F.
Kennedy School of Government
at Harvard University, the
Financial Institutions Center
Board of the Wharton School of
the University of Pennsylvania,
a Trustee of Trinity School in
New York City and a Trustee of
New Visions for Public
Education in New York City.
Formerly, a Director of Pulte
Corporation and a Member of
Fannie Mae's Advisory Council.
Director and President of the
Advisor.
--------------------------------------------------------------------------------
President of the Advisor Vice Chairman of the Advisor.
--------------------------------------------------------------------------------
57
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. Participants that request a sale of shares through the Plan Agent
are subject to a $2.50 sales fee and a $0.15 per share sold brokerage
commission. All correspondence concerning the Plan should be directed to the
Plan Agent at 150 Royall Street, Canton, MA 02021, or (800) 699-1BFM.
58
ADDITIONAL INFORMATION
(UNAUDITED)
--------------------------------------------------------------------------------
TAX INFORMATION
We are required by the Internal Revenue Code to advise you within 60 days
of a Trust's tax year end as to the Federal tax status of dividends paid by the
Trust during such tax year. Accordingly, during the tax year-ended October 31,
2003, all dividends paid by all of the Trusts (excluding New York Income, which
has a July 31st, tax year end) were federally tax-exempt interest dividends.
INVESTMENT STRATEGIES
The Board of each Investment Quality Trust has adopted a non-fundamental
policy permitting each Investment Quality Trust to invest up to 20% of its
managed assets, measured at the time of investment, in securities rated BB/Ba or
B by Moody's Investors Service, Inc, Standard & Poors' Ratings Group, a division
of The McGraw Hill Companies, Inc., Fitch Ratings or another nationally
recognized rating agency or, if unrated, deemed to be of comparable credit
quality by BlackRock Advisors, Inc. Non-fundamental policies may be changed
without shareholder approval.
Due to the adoption of this non-fundamental policy, each Investment
Quality Trust will be subject to the following additional risk:
RISKS OF BELOW INVESTMENT GRADE SECURITIES. Each Investment Quality
Trust may invest up to 20% of its managed assets in below investment
grade securities commonly known as "junk bonds." As a result, each
Investment Quality Trust is subject to the increased risks associated
with lower grade securities. Lower grade securities are subject to
greater risk of default. The prices of these lower grade securities are
more sensitive to negative developments, such as a decline in the
issuer's revenues or a general economic downturn, than are prices of
higher grade securities. Adverse conditions could make it difficult at
times for the Trust to sell certain of these securities or could result
in lower prices for the securities. Lower grade securities tend to be
less liquid than investment grade securities. The market value of lower
grade securities tends to be more volatile than investment grade
securities. Lower grade securities generally are regarded as having
predominantly speculative characteristics with respect to the issuer's
ability to pay interest and repay principal. They may face major
ongoing uncertainties or exposure to adverse business, financial or
economic conditions which could lead to inadequate capacity to meet
timely interest and principal payments.
The Boards also clarified that each Investment Quality Trust's credit
quality policy applies only at the time of purchase and that an Investment
Quality Trust is not required to dispose of a security if a rating agency
downgrades its assessment of the security's credit characteristics.
59
[This Page Intentionally Left Blank]
BlackRock Closed-End Funds
Director/Trustees Transfer Agent
Ralph L. Schlosstein, CHAIRMAN EquiServe Trust Company, N.A.
Andrew F. Brimmer 150 Royall Street
Richard E. Cavanagh Canton, MA 02021
Kent Dixon (800) 699-1BFM
Frank J. Fabozzi
Robert S. Kapito Auction Agent(1)
James Clayburn La Force, Jr. Bank of New York
Walter F. Mondale 100 Church Street, 8th Floor
New York, NY 10286
Officers
Robert S. Kapito, PRESIDENT Auction Agent(2)
Henry Gabbay, TREASURER Deutsche Bank Trust Company Americas
Anne Ackerley, VICE PRESIDENT 60 Wall Street, 27th Floor
Kevin M. Klingert, VICE PRESIDENT New York, NY 10005
Richard M. Shea, VICE PRESIDENT/TAX
James Kong, ASSISTANT TREASURER Independent Accountants
Vincent B. Tritto, SECRETARY Deloitte & Touche LLP
Brian P. Kindelan, ASSISTANT SECRETARY 200 Berkeley Street
Boston, MA 02116
Investment Advisor
BlackRock Advisors, Inc. Legal Counsel
100 Bellevue Parkway Skadden, Arps, Slate, Meagher & Flom LLP
Wilmington, DE 19809 Four Times Square
(800) 227-7BFM New York, NY 10036
Sub-Advisor(1) Legal Counsel - Independent Trustees
BlackRock Financial Management, Inc. Debevoise & Plimpton
40 East 52nd Street 919 Third Avenue
New York, NY 10022 New York, NY 10022
Custodian This report is for shareholder
State Street Bank and Trust Company information. This is not a prospec- tus
One Heritage Drive intended for use in the purchase or sale
North Quincy, MA 02171 of Trust shares. Statements and other
information contained in this report are
as dated and are subject to change.
BlackRock Advisors, 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) Provided administrative services for the Trust(s) listed directly below its
name. Effective August 18, 2003, BlackRock Advisors, Inc. provides the
administrative services for all the Trusts.
The Trusts will mail only one copy of shareholder documents, including annual
and semi-annual reports and proxy statements, to shareholders with multiple
accounts at the same address. This practice is commonly called "householding"
and is intended to reduce expenses and eliminate duplicate mailings of
shareholder documents. Mailings of your shareholder documents may be householded
indefinitely unless you instruct us otherwise. If you do not want the mailing of
these documents to be combined with those for other members of your household,
please contact the Trusts at (800) 227-7BFM.
The Trusts have delegated to the Advisor the voting of proxies relating to their
voting securities pursuant to the Advisor's proxy voting policies and
procedures. You may obtain a copy of these proxy voting policies and procedures,
without charge, by calling (800) 699-1236. These policies and procedures are
also available on the website of the Securities and Exchange Commission at
http://www.sec.gov.
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] BLACKROCK
CEF-ANN-2
ITEM 2. CODE OF ETHICS.
(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that
applies to its principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions.
(b) Not applicable.
(c) The Registrant has not amended its Code of Ethics during the period covered
by the shareholder report presented in Item 1 hereto.
(d) The Registrant has not granted a waiver or an implicit waiver from a
provision of its Code of Ethics during the period covered by the shareholder
report presented in Item 1 hereto.
(e) Not applicable.
(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Registrant's Board of Trustees has determined that it has two audit
committee financial experts serving on its audit committee, each of whom is an
"independent" Trustee: Dr. Andrew F. Brimmer and Mr. Kent Dixon. Under
applicable securities laws, a person who is determined to be an audit committee
financial expert will not be deemed an "expert" for any purpose, including
without limitation for the purposes of Section 11 of the Securities Act of 1933,
as a result of being designated or identified as an audit committee financial
expert. The designation or identification of a person as an audit committee
financial expert does not impose on such person any duties, obligations, or
liabilities that are greater than the duties, obligations, and liabilities
imposed on such person as a member of the audit committee and Board of Trustees
in the absence of such designation or identification.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable until annual reports for fiscal years ending after December 15,
2003.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
The Trust has a separately designated standing audit committee established in
accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The
audit committee of the Trust is comprised of: Dr. Andrew F. Brimmer; Richard E.
Cavanagh; and Kent Dixon.
ITEM 6. RESERVED.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
The Registrant has delegated the voting of proxies relating to its
voting securities to its investment advisor, BlackRock Advisors, Inc. (the
"Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the
"Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and
Sub-Advisor (the "Proxy Voting Policies") are included as an Exhibit hereto.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The Registrant's principal executive officer and principal financial officer
have evaluated the Registrant's disclosure controls and procedures within 90
days of this filing and have concluded that the Registrant's disclosure controls
and procedures were effective, as of that date, in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded,
processed, summarized, and reported timely.
(b) The Registrant's principal executive officer and principal financial officer
are aware of no changes in the Registrant's internal control over financial
reporting that occurred during the Registrant's most recent fiscal half-year
that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting.
ITEM 11. EXHIBITS.
(a)(1) Code of Ethics.
(a)(2) Certifications of principal executive officer and principal financial
officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certification of principal executive officer and principal financial
officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002.
(c) Proxy Voting Policies.
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) The BlackRock California Municipal Income Trust
By: /s/ Henry Gabbay
---------------------------
Name: Henry Gabbay
Title: Treasurer
Date: January 7, 2004
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: January 7, 2004
By: /s/ Henry Gabbay
---------------------------
Name: Henry Gabbay
Title: Principal Financial Officer
Date: January 7, 2004