WORLD CLASS
INSTITUTIONAL
ASSET MANAGEMENT
AT A PERSONAL LEVEL
------------------------------
NOT FDIC May Lose Value
INSURED No Bank Guarantee
------------------------------
BLACKROCK
CLOSED-END FUNDS
ANNUAL REPORT
October 31, 2002
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
BLACKROCK MUNICIPAL INCOME TRUST
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
[LOGO]
TABLE OF CONTENTS
Letter to Shareholders ...................................................... 1
Portfolio Managers' Report .................................................. 2
Trust Summaries ............................................................. 6
Portfolios of Investments ................................................... 16
Financial Statements
Statements of Assets and Liabilities ..................................... 34
Statements of Operations ................................................. 36
Statements of Changes in Net Assets ...................................... 38
Financial Highlights ........................................................ 42
Notes to Financial Statements ............................................... 52
Independent Auditors' Report ................................................ 57
Directors/Trustees Information .............................................. 58
Dividend Reinvestment Plans ................................................. 60
Investment Summaries ........................................................ 61
Additional Information ...................................................... 67
Glossary .................................................................... 67
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 the
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
November 30, 2002
Dear Shareholder:
We are pleased to report that during the fiscal year, the Trusts continued
to provide tax-free monthly income, as well as the opportunity to invest in
various diversified portfolios of municipal bond securities.
The Trusts are actively managed, which means that the management team is
continuously monitoring the municipal bond market and adjusting the portfolios
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.
During the year, the municipal market showed strength as large numbers of
individual investors, concerned about the economic environment, volatility in
the stock market and the relatively low rates paid by CDs and money market
instruments, pursued opportunities in municipal bonds. For the year ended
October 31, 2002, the LEHMAN MUNICIPAL BOND INDEX(1) had a total return of
5.87%.
The following table shows the Trusts' yields, tax-equivalent yields (based
on the maximum Federal tax rate of 38.6%), closing market prices per share and
net asset values ("NAV") per share as of October 31, 2002.
TAX-
EQUIVALENT MARKET
TRUST YIELD(2) YIELD(2) PRICE NAV
----------------------------------------------------------------------------------------------------------------
BlackRock Investment Quality Municipal Trust (BKN) 6.45% 10.50% $13.48 $15.19
----------------------------------------------------------------------------------------------------------------
BlackRock Municipal Income Trust (BFK) 6.97 11.35 13.46 13.33
----------------------------------------------------------------------------------------------------------------
BlackRock California Investment Quality Municipal Trust (RAA) 6.13 9.98 13.38 14.81
----------------------------------------------------------------------------------------------------------------
BlackRock California Municipal Income Trust (BFZ) 6.76 11.01 13.09 14.16
----------------------------------------------------------------------------------------------------------------
BlackRock Florida Investment Quality Municipal Trust (RFA) 5.69 9.27 14.50 15.65
----------------------------------------------------------------------------------------------------------------
BlackRock Florida Municipal Income Trust (BBF) 6.47 10.54 13.65 14.57
----------------------------------------------------------------------------------------------------------------
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) 5.95 9.69 13.30 14.64
----------------------------------------------------------------------------------------------------------------
BlackRock New Jersey Municipal Income Trust (BNJ) 6.38 10.39 13.64 14.29
----------------------------------------------------------------------------------------------------------------
BlackRock New York Investment Quality Municipal Trust (RNY) 6.09 9.92 14.40 15.47
----------------------------------------------------------------------------------------------------------------
BlackRock New York Municipal Income Trust (BNY) 6.54 10.65 13.42 14.47
----------------------------------------------------------------------------------------------------------------
BlackRock, Inc. ("BlackRock"), a world leader in fixed income management,
has a proven commitment to the municipal market. As of September 30, 2002,
BlackRock managed approximately $13 billion in municipal bonds including six
open-end and 31 closed-end municipal bond funds. At BlackRock, we are recognized
for our emphasis on risk management and proprietary analytics and for our
reputation managing money for the world's largest institutional investors.
Individual investors in our closed-end and open-end funds benefit from the same
investment management skills and resources as the world's largest institutional
investors. BlackRock Advisors, Inc., which manages the Trusts, is a wholly owned
subsidiary of BlackRock, Inc.
This report contains a summary of market conditions for the year, a review
of the strategy used by your Trusts' managers, the Trusts' audited financial
statements and a listing of each of the portfolios' holdings.
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) The LEHMAN MUNICIPAL BOND INDEX is designed to measure the performance of
the investment grade long-term tax-exempt bond market. The index is
unmanaged and cannot be purchased directly.
(2) Yields are based on market price. Tax-equivalent yield assumes the maximum
Federal tax rate of 38.6%.
1
PORTFOLIO MANAGERS' REPORT
November 30, 2002
Dear Shareholder:
We are pleased to present the audited annual report for the following
BlackRock closed-end municipal Trusts:
--------------------------------------------------------------------------------
PRIMARY
TRUST EXCHANGE
--------------------------------------------------------------------------------
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST (BKN) NYSE
--------------------------------------------------------------------------------
BLACKROCK MUNICIPAL INCOME TRUST (BFK) NYSE
--------------------------------------------------------------------------------
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST (RAA) AMEX
--------------------------------------------------------------------------------
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (BFZ) NYSE
--------------------------------------------------------------------------------
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (RFA) AMEX
--------------------------------------------------------------------------------
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (BBF) NYSE
--------------------------------------------------------------------------------
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST (RNJ) AMEX
--------------------------------------------------------------------------------
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (BNJ) NYSE
--------------------------------------------------------------------------------
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST (RNY) AMEX
--------------------------------------------------------------------------------
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (BNY) NYSE
--------------------------------------------------------------------------------
The annual report reviews the Trusts' market price and NAV performance,
summarizes developments in the relevant fixed income markets and discusses
recent portfolio management activity for the 12-month period ended October 31,
2002.
THE FIXED INCOME MARKETS
Fixed income markets displayed considerable vigor during the fiscal year.
For the year ended October 31, 2002, the LEHMAN AGGREGATE INDEX, a broad measure
of the fixed income market, returned 5.89%. The Index returned an even more
impressive 8.05% year-to-date, despite giving back some gains in October, when
the equity markets posted one of the strongest monthly gains in 15 years.
Over the period (the Trusts' fiscal year), several high profile corporate
credit scandals, ongoing economic weakness, as well as continued geopolitical
issues, most notably concerns over the possible war in the Middle East and the
ongoing threats of terrorism, weighed on the markets. Accordingly, the bond
market priced in various scenarios of potential action by the Federal Reserve
(the "Fed"). These expectations ranged from a tightening of up to 175 basis
points ("bps") by the end of 2002, to the conviction that the Fed's next move
would be yet another easing. Indeed, a week after the conclusion of the fiscal
year, the Federal Open Market Committee ("FOMC") elected to further reduce
interest rates by 50 bps. In their decision, the FOMC cited the existence of
greater uncertainty and geopolitical risks, which are, "currently inhibiting
spending, production, and employment".
Uncertainty and volatility remain the primary themes in the U.S. markets,
as the underlying economic data appears inconclusive of either a sustainable
market recovery or a "double-dip" scenario. Many fundamental economic factors
began the period with optimistic readings, but more recent data point towards an
economic recovery that is far from certain. GDP growth began the first quarter
of 2002 on a strong note (+5.0%), as inventory rebuilding was a major
contributor. However, the barometer of the nation's total output of goods and
services has noticeably dropped off since then. GDP growth rose marginally
during the third quarter of 2002 and has lagged expectations over the past two
quarters. In addition, manufacturing data, as measured by the Institute of
Supply Managers Index, indicates that business confidence is weak and the
prospects for growth remain sluggish. Consumer confidence, which remained strong
through the summer months and reached historical highs, also significantly
declined and stood at a nine-year low by the end of the period. The Consumer
Confidence measure, which has suffered five consecutive months of declining
numbers, suggests concern regarding the strength of the highly leveraged
consumer. Job growth advanced from the initial drop-off seen post-September
11th, but remained mostly flat during the year. Jobless claims are also a
noticeable source of interest as the unemployment rate peaked at 6% in April and
remains at elevated levels. The U.S. trade balance is another topic of concern
and the dollar has come under pressure, owing in part to a widening gap in the
trade deficit. Some encouraging data has surfaced during the period, most
notably in the form of housing starts. Spurred on by historically low interest
rates, new residential home building has persevered. Also, the Consumer Price
Index has continued to emerge with statistics suggestive of a benign
inflationary environment. Although this alleviated the impetus for the Fed to
raise interest rates during the period, concern has surfaced surrounding a
possible deflationary atmosphere. Indeed, with the conflicting and often
negative economic data offered towards the end of the period, the markets had
positioned themselves in anticipation of the next move by the FOMC to be their
12th consecutive rate reduction of the current easing cycle.
The uncertainty in the overall marketplace was evidenced by volatility in
the Treasury market over the fiscal year. As we entered the period, the market
was positioned for aggressive Federal Reserve easing. Expectations of a
prolonged economic slowdown caused
2
the yield curve to reach its steepest level in almost a decade. The market then
reversed its expectations amid signs of an improving economy. As a result,
Treasury bonds suffered, leading to a drop in prices and a corresponding rise in
yields. When the prospects of a near-term economic recovery faded over the
second half of the period, Treasuries rallied strongly. Year-to-date, the
Treasury market returned 10.05%, as measured by the LEHMAN TREASURY INDEX.
Yields of short and intermediate maturities, specifically in the two- to
five-year range, have declined faster than those of longer maturity issues due
to risk aversion and expectations for short-term rates to fall. However, rates
have fallen across the curve in 2002 and the 10-year yield touched 3.5%, a low
not seen since the early 1960s. The equity market rally in early October pushed
yields back up and the 10-year note finished the period just under 4.0%. Over
the final month of the fiscal year, volatility continued to remain high in the
Treasury market given the apparent willingness of investors to assume more risk.
As of October 31, 2002, the 10-year Treasury was yielding 3.89% versus 4.23% a
year earlier.
In the final two months of 2001, municipals experienced a sell-off due in
part to heavy new issuance and a decline in demand as investors sought exposure
to cyclical equity stocks in anticipation of a near-term economic recovery.
However, this recovery did not materialize and the municipal market was one of
the top-performing fixed income asset classes throughout the first three
quarters of 2002. Municipals, as measured by the LEHMAN MUNICIPAL INDEX, posted
strong returns over the fiscal year, returning 5.87%. Demand remained robust for
municipal bonds from both retail and institutional investors as a result of the
high taxable-equivalent income offered by these securities. A remarkable aspect
of the strong performance by the municipal market is that it occurred during a
period of record bond issuance. Through the first ten months in 2002, new issue
supply totaled approximately $290 billion, a pace that, if continued, will bring
total 2002 issuance to over $320 billion, an all-time record (the previous
record is $292 billion in 1993). Despite strong performance through the first
nine months of 2002, October brought instability to the fixed income markets in
general. For municipals, continued heavy supply from issuers looking to take
advantage of 40 year lows in rates and a corresponding rally in the equity
markets caused demand from retail investors to somewhat taper off, putting
pressure on performance. Although performance in all fixed income sectors
suffered in October, municipals posted strong returns over the entire period.
CALIFORNIA
California is the nation's most populous state with nearly 34 million
residents spread over its 163,707 square miles. This massive population supports
the world's sixth largest economy, which produces a $1.3 trillion annual
economic output. The state's vast economy turned sluggish in January 2001 and
job growth has remained relatively stagnant. Year over year, through September
2002, California has added approximately 10,000 jobs. The September jobless rate
was 6.3%, lower than June's peak (6.5%) but significantly higher than September
2001's 5.4% rate. This indicates that even more people are seeking employment
than they were a year ago. In contrast, housing prices, spurred by low mortgage
rates, continue to advance at a double digit pace (+18% in August) and the
median single-family home price is now $334,100 (August 2002). California's
General Fund revenues increased 48% between 1997-2001 while spending grew at a
slower 41% during the same time frame. This spread enabled the state to
accumulate a $7 billion surplus in the fiscal year ("FY") 2001. More recently,
the slower economy depressed revenue returns and the state ended FY2002 with
revenues approximately 1% less than projected in the May budget revision. The
state's structural imbalance will grow if revenues do not meet projections. This
was evidenced by the 2003 budget, which had to close a gap in excess of $23
billion. Revenue enhancements and expenditure cuts were used to accomplish this
feat. Last spring, the state's General Fund came under additional stress due to
the $6.2 billion loan to the Department of Water Resources in 2001 to pay for
power purchases. The state will be reimbursed in mid-November from the proceeds
of its $11.9 billion California Department of Water Resources Power bond sale.
In June 2002, the state sold $7.5 billion of revenue anticipation warrants
("RAWs") and in October 2002, California sold $12.5 billion revenue anticipation
notes ("RANs") to meet cash needs. On a positive note, year-to-date through
September, General Fund revenues are only slightly under projected levels.
Unless the economy shows considerable improvement, California will have to
address the significant structural imbalance looming ahead. However, from the
bondholder's perspective, California's large and diverse economy provides
sufficient security, confirmed by Moody's and S&P's A1/A+ credit ratings.
FLORIDA
The state of Florida's historically strong financial position reflects
prudent fiscal management combined with a solid and diversified economy. In
fact, Florida's $472.1 billion total economic output (in 2000) makes it the
nation's fourth largest state economy. The state's strong fiscal management is
reflected in its maintenance of its annual General Fund balances vis-a-vis
revenues (approximately 2.2% in 2002). This financial cushion provides
additional security to both the state and its bondholders. During the recent
economic expansion, Florida built up its budget stabilization fund to nearly $1
billion. Thus far, the state government has met the challenges of declining
revenues due to the recession and the manifestations of the September 11th
terrorist attacks. Specifically, the state's Revenue Estimating Conference
lowered its income expectations, and reduced expenditures, in response to the
sharp decline in tourism that significantly impacted Florida's economy and
revenues. Sales tax receipts are the General Fund's major revenue source (73% in
2001) with tourism generating much of this income. The revenue revisions were
accurate and the state expects to end FY2002 with a small surplus. Further
evidence of appropriate, prudent revenue forecasting is that current revenue
receipts (through September 2002) are nearly 103% of the March revisions.
Florida residents' growing needs for Medicaid (2000 and 2001 combined increase
was +22%) and education continue to add pressure to the $50.4 billion budget for
FY2003. Florida's policy is to maintain a manageable debt burden while
continuing to use bonds to meet capital expenses. Florida's population increased
at a 1.8% average
3
annual rate between 1990-2000 to over 16 million residents. This compares to an
average increase of 1% for the U.S. overall. Net migration into Florida
accounted for 85% of its growth with approximately one-third of the new
residents coming from foreign countries. By 2000, elderly residents accounted
for 17.5% of the state's population. Although economists anticipate slower
future growth, Florida's population expansion is expected to continue to exceed
that of the nation. The state's economy is anchored by tourism, manufacturing
and agriculture. Job creation is increasing slightly (less than 1%) since
September 2001. The 5.1% unemployment rate (September 2002) is just above that
of a year ago (5.0%) and significantly below the national average (5.7% in
October 2002). Trade and services, the major employment sectors, have remained
flat. The September 11th terrorist attacks significantly impacted Florida's
heavily tourism dependent economy causing declines in air traffic, the hotel
industry, and amusement and recreation activities. Manufacturing jobs continue
to decline (4% year-over-year) and represent only 6.2% of Florida's employment,
which is approximately one-half the national level. The construction industry is
becoming less important as the state's economy diversifies. The state's large
economy combined with its conservative fiscal policy, merit its Aa2/AA+ ratings
by Moody's and S&P.
NEW JERSEY
New Jersey's strong and diversified workforce supports the eighth largest
economy in the U.S. The economic expansion over the past decade fueled the
state's dramatic increase in per capita disposable personal income to become the
highest in the nation. However, New Jersey's economy was directly shaken by last
fall's terrorist attacks. The ramifications of that event, combined with the
recession and the downturn on Wall Street, have pressured the labor market and
resulted in nearly stagnant job growth (less than 1% year-over-year). Reflecting
this, the September 2002 unemployment rate increased to 5.3%, significantly
higher than the 4.5% rate a year earlier. The manufacturing sector has notably
contributed to the decline in employment. Until recently, New Jersey was able to
rely on its strong and growing economy to support annual spending increases.
This increasing prosperity, between 1993-2000, enabled New Jersey to afford
income, business, and corporate tax reductions and still maintain a year-end
operating surplus with reserve funds in excess of $1 billion (2001). In
contrast, FY2002 saw significant declines in tax receipts and New Jersey chose
to use all of its reserve funds to plug a deficit in excess of 12% of General
Fund revenues. The state's debt burden remains manageable despite the 71%
increase in appropriation bonds over the past five years. New Jersey's debt
ratings (Aa2/AA) were downgraded in 2002, reflecting its slowing economy.
NEW YORK
Prudent, proactive and responsive fiscal management combined with
sufficient reserve funds helped cushion the impact of the recession and the
September 11th terrorist attacks on New York State's fiscal well-being. After
September 11th, economic growth in New York ceased and the unemployment rate
grew to a peak of 6.2% (May 2002), thereafter declining monthly to 5.6%
(September 2002). Year-over-year statewide employment has increased less than 1%
and remains below its June 2000 high of over 8.5 million jobs. The state
benefits from a broad and diverse economic base and a substantial foundation of
wealth and resources. However, the terrorist attacks, the recession and the drop
in Wall Street employment and profits have had a definite, negative impact on
the state's budget. New York used the FY2001 surplus ($1.6 billion) to meet its
budgetary needs in FY2002, thus diminishing the state's fiscal flexibility. This
year, the budget is faced with challenges in maintaining balanced operations as
tax receipts are coming in below anticipated amounts. The FY2003 budget was
produced in a timely manner, which helped to maintain New York State's AA rating
from S&P. The state's fiscal health is directly linked to that of New York City.
The recession, the destruction of the World Trade Center and the devastation to
lower Manhattan has most definitely impacted the city's business structure. In
September 2001, New York City lost 83,100 jobs and the unemployment rate grew to
7.9% in July 2002 before decreasing to 7.1% in September. Private sector jobs
began to show the first indications of growth this past spring and the city's
employment has increased slowly since March. The city's administration ended
FY2002 in balance, with a small surplus, and closed a $4 billion budget gap for
FY2003. This fiscal year and the next one present New York City with additional
challenges, as tax revenues are not meeting projections. Revenue uncertainty and
the potential for imminent structural imbalance prompted Moody's to change their
outlook on New York City's A2 bond rating to "negative".
THE TRUSTS' PORTFOLIOS AND INVESTMENT STRATEGIES
The Trusts' portfolios are actively managed to diversify exposure to
various sectors, issuers, revenue sources and security types. BlackRock's
investment strategy emphasizes a relative value approach, which allows the
Trusts to capitalize upon changing market conditions by rotating municipal
sectors, credits and coupons.
Additionally, each of the Trusts in this report may employ leverage to
enhance their income by borrowing at short-term municipal rates and investing
the proceeds in longer maturity issues which typically have higher yields. The
degree to which the Trusts can benefit from their use of leverage may affect
their ability to pay high monthly income.
4
The table below summarizes the approximate amount of leverage, as a
percentage of managed assets, for each Trust at October 31, 2002.
-------------------------------------------------------------------------
TRUST LEVERAGE
-------------------------------------------------------------------------
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST (BKN) 37%
-------------------------------------------------------------------------
BLACKROCK MUNICIPAL INCOME TRUST (BFK) 39
-------------------------------------------------------------------------
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST (RAA) 33
-------------------------------------------------------------------------
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST (BFZ) 38
-------------------------------------------------------------------------
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST (RFA) 33
-------------------------------------------------------------------------
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST (BBF) 37
-------------------------------------------------------------------------
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST (RNJ) 34
-------------------------------------------------------------------------
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST (BNJ) 38
-------------------------------------------------------------------------
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST (RNY) 33
-------------------------------------------------------------------------
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST (BNY) 38
-------------------------------------------------------------------------
We look forward to continuing to manage BlackRock's municipal closed-end
funds to benefit from the opportunities available to investors in the fixed
income markets. We thank you for your investment and continued confidence in the
BlackRock municipal closed-end funds. Please feel free to call our marketing
center at (800) 227-7BFM (7236) if you have any specific questions that were not
addressed in this report.
Sincerely,
/s/ ROBERT S. KAPITO /s/ KEVIN M. KLINGERT
----------------------------------- ---------------------------------------
Robert S. Kapito Kevin M. Klingert
Vice Chairman and Portfolio Manager Managing Director and Portfolio Manager
BlackRock Advisors, Inc. BlackRock Advisors, Inc.
5
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
TRUST INFORMATION
--------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BKN
--------------------------------------------------------------------------------
Initial Offering Date: February 19, 1993
--------------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.48
--------------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $15.19
--------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.48):(1) 6.45%
--------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0725
--------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.8700
--------------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
-------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
-------------------------------------------------------------------------------------------------------
MARKET PRICE $13.48 $13.73 (1.82)% $14.54 $13.01
-------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $15.19 $15.19 0.00% $15.70 $14.65
-------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
--------------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
--------------------------------------------------------------------------------
Transportation 15% 19%
--------------------------------------------------------------------------------
Education 14 14
--------------------------------------------------------------------------------
Industrial & Pollution Control 12 12
--------------------------------------------------------------------------------
Hospital 10 12
--------------------------------------------------------------------------------
City, County & State 9 12
--------------------------------------------------------------------------------
Lease Revenue 9 8
--------------------------------------------------------------------------------
Power 7 7
--------------------------------------------------------------------------------
Tobacco 6 --
--------------------------------------------------------------------------------
Tax Revenue 5 4
--------------------------------------------------------------------------------
Housing 5 5
--------------------------------------------------------------------------------
District 2 2
--------------------------------------------------------------------------------
Resource Recovery 1 1
--------------------------------------------------------------------------------
Water & Sewer -- 1
--------------------------------------------------------------------------------
Other 5 3
--------------------------------------------------------------------------------
CREDIT BREAKDOWN*
--------------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-------------------------------------------------------------------------------
AAA/Aaa 55% 61%
-------------------------------------------------------------------------------
AA/Aa 11 11
-------------------------------------------------------------------------------
A/A 21 16
-------------------------------------------------------------------------------
BBB/Baa 6 6
-------------------------------------------------------------------------------
BB/Ba 2 2
-------------------------------------------------------------------------------
Not Rated 5 4
--------------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
6
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
TRUST INFORMATION
---------------------------------------------------------------------------
Symbol on New York Stock Exchange: BFK
---------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
---------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.46
---------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $13.33
---------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.46):(1) 6.97%
---------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.078125
---------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.937500
---------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
------------------------------------------------------------------------------------------------------
MARKET PRICE $13.46 $14.75 (8.75)% $14.99 $12.86
------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $13.33 $14.30 (6.78)% $14.49 $13.05
------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
Industrial & Pollution Control 24% 10%
-----------------------------------------------------------------------------
Hospital 20 23
-----------------------------------------------------------------------------
Tobacco 15 7
-----------------------------------------------------------------------------
Education 9 13
-----------------------------------------------------------------------------
Transportation 7 18
-----------------------------------------------------------------------------
Housing 7 2
-----------------------------------------------------------------------------
City, County & State 5 7
-----------------------------------------------------------------------------
Water & Sewer 3 10
-----------------------------------------------------------------------------
District 2 --
-----------------------------------------------------------------------------
Power 2 1
-----------------------------------------------------------------------------
Lease Revenue 1 --
-----------------------------------------------------------------------------
Tax Revenue 1 --
-----------------------------------------------------------------------------
Other 4 9
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 11% 30%
-----------------------------------------------------------------------------
AA/Aa 12 26
-----------------------------------------------------------------------------
A/A 50 31
-----------------------------------------------------------------------------
BBB/Baa 18 8
-----------------------------------------------------------------------------
BB/Ba 2 3
-----------------------------------------------------------------------------
B/B 2 --
-----------------------------------------------------------------------------
Not Rated 5 2
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
7
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
TRUST INFORMATION
---------------------------------------------------------------------------
Symbol on American Stock Exchange: RAA
---------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
---------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.38
---------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $14.81
---------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.38):(1) 6.13%
---------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.068333
---------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.820000
---------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
-----------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
-----------------------------------------------------------------------------------------------------
MARKET PRICE $13.38 $15.55 (13.95)% $15.60 $13.17
-----------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.81 $15.30 (3.20)% $15.39 $14.57
-----------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
----------------------------------------------------------------------------
Transportation 26% 22%
----------------------------------------------------------------------------
Education 24 20
----------------------------------------------------------------------------
Lease Revenue 12 17
----------------------------------------------------------------------------
District 10 10
----------------------------------------------------------------------------
Tobacco 9 --
----------------------------------------------------------------------------
City, County & State 5 5
----------------------------------------------------------------------------
Power 5 10
----------------------------------------------------------------------------
Water & Sewer 5 5
----------------------------------------------------------------------------
Housing 2 9
----------------------------------------------------------------------------
Industrial & Pollution Control 2 2
----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 53% 67%
-----------------------------------------------------------------------------
AA/Aa 17 23
-----------------------------------------------------------------------------
A/A 13 5
-----------------------------------------------------------------------------
BBB/Baa 5 5
-----------------------------------------------------------------------------
BB/Ba 3 --
-----------------------------------------------------------------------------
Not Rated 9 --
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
8
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
TRUST INFORMATION
---------------------------------------------------------------------------
Symbol on New York Stock Exchange: BFZ
---------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
---------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.09
---------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $14.16
---------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.09):(1) 6.76%
---------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.07375
---------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.88500
---------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
-------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
-------------------------------------------------------------------------------------------------------
MARKET PRICE $13.09 $14.75 (11.25)% $14.96 $12.91
-------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.16 $14.50 (2.34)% $15.02 $13.26
-------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
Housing 13% 7%
-----------------------------------------------------------------------------
Tobacco 13 --
-----------------------------------------------------------------------------
City, County & State 12 4
-----------------------------------------------------------------------------
Lease Revenue 12 13
-----------------------------------------------------------------------------
Education 11 34
-----------------------------------------------------------------------------
Hospital 9 2
-----------------------------------------------------------------------------
Transportation 8 9
-----------------------------------------------------------------------------
District 7 --
-----------------------------------------------------------------------------
Power 6 3
-----------------------------------------------------------------------------
Tax Revenue 1 6
-----------------------------------------------------------------------------
Water & Sewer 1 18
-----------------------------------------------------------------------------
Industrial & Pollution Control 1 --
-----------------------------------------------------------------------------
Other 6 4
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 35% 57%
-----------------------------------------------------------------------------
AA/Aa -- 12
-----------------------------------------------------------------------------
A/A 41 19
-----------------------------------------------------------------------------
BBB/Baa 9 5
-----------------------------------------------------------------------------
BB/Ba 1 --
-----------------------------------------------------------------------------
Not Rated 14 7
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
9
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
TRUST INFORMATION
------------------------------------------------------------------------
Symbol on American Stock Exchange: RFA
------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $14.50
------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $15.65
------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($14.50):(1) 5.69%
------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0688
------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.8256
------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
-------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
-------------------------------------------------------------------------------------------------------
MARKET PRICE $14.50 $14.36 0.97% $15.75 $14.04
-------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $15.65 $15.50 0.97% $15.85 $15.12
-------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
Education 21% 17%
-----------------------------------------------------------------------------
Transportation 17 17
-----------------------------------------------------------------------------
Lease Revenue 15 15
-----------------------------------------------------------------------------
Tax Revenue 15 15
-----------------------------------------------------------------------------
Power 13 17
-----------------------------------------------------------------------------
City, County & State 9 9
-----------------------------------------------------------------------------
Hospital 4 4
-----------------------------------------------------------------------------
Water & Sewer 4 4
-----------------------------------------------------------------------------
Housing 2 2
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 71% 71%
-----------------------------------------------------------------------------
AA/Aa -- 4
-----------------------------------------------------------------------------
A/A 21 21
-----------------------------------------------------------------------------
BBB/Baa 8 4
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
10
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
TRUST INFORMATION
----------------------------------------------------------------------------
Symbol on New York Stock Exchange: BBF
----------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
----------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.65
----------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $14.57
----------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.65):(1) 6.47%
----------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.073542
----------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.882504
----------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
--------------------------------------------------------------------------------------------------------
MARKET PRICE $13.65 $14.50 (5.86)% $15.00 $13.04
-------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.57 $14.37 1.39% $15.23 $13.41
-------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
District 19% --%
-----------------------------------------------------------------------------
Education 17 19
-----------------------------------------------------------------------------
Hospital 15 17
-----------------------------------------------------------------------------
Water & Sewer 11 25
-----------------------------------------------------------------------------
Power 8 8
-----------------------------------------------------------------------------
City, County & State 5 10
-----------------------------------------------------------------------------
Tax Revenue 5 5
-----------------------------------------------------------------------------
Lease Revenue 5 --
-----------------------------------------------------------------------------
Transportation 5 7
-----------------------------------------------------------------------------
Tobacco 4 --
-----------------------------------------------------------------------------
Housing 2 5
-----------------------------------------------------------------------------
Industrial & Pollution Control 2 --
-----------------------------------------------------------------------------
Other 2 4
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 34% 59%
-----------------------------------------------------------------------------
AA/Aa 35 20
-----------------------------------------------------------------------------
A/A 18 14
-----------------------------------------------------------------------------
BBB/Baa 6 6
-----------------------------------------------------------------------------
Not Rated 7 1
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
11
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
TRUST INFORMATION
----------------------------------------------------------------------------
Symbol on American Stock Exchange: RNJ
----------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
----------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.30
----------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $14.64
----------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.30):(1) 5.95%
----------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0659
----------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.7908
----------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
--------------------------------------------------------------------------------------------------------
MARKET PRICE $13.30 $13.75 (3.27)% $15.11 $13.00
--------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.64 $14.85 (1.41)% $15.01 $14.39
--------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
Transportation 38% 34%
-----------------------------------------------------------------------------
Hospital 15 15
-----------------------------------------------------------------------------
Education 11 10
-----------------------------------------------------------------------------
Tax Revenue 10 14
-----------------------------------------------------------------------------
Power 7 7
-----------------------------------------------------------------------------
District 5 5
-----------------------------------------------------------------------------
Resource Recovery 5 5
-----------------------------------------------------------------------------
Water & Sewer 5 5
-----------------------------------------------------------------------------
Housing 4 5
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 70% 73%
-----------------------------------------------------------------------------
AA/Aa 5 10
-----------------------------------------------------------------------------
A/A 15 10
-----------------------------------------------------------------------------
BBB/Baa 2 2
-----------------------------------------------------------------------------
B/B 3 --
-----------------------------------------------------------------------------
Not Rated 5 5
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
12
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
TRUST INFORMATION
--------------------------------------------------------------------------
Symbol on New York Stock Exchange: BNJ
--------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
--------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.64
--------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $14.29
--------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.64):(1) 6.38%
--------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.0725
--------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.8700
--------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
--------------------------------------------------------------------------------------------------------
MARKET PRICE $13.64 $14.84 (8.09)% $15.18 $13.39
--------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.29 $14.26 0.21% $14.94 $13.39
--------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
Hospital 21% 21%
-----------------------------------------------------------------------------
Lease Revenue 18 9
-----------------------------------------------------------------------------
Transportation 18 16
-----------------------------------------------------------------------------
Housing 12 15
-----------------------------------------------------------------------------
Tobacco 10 --
-----------------------------------------------------------------------------
City, County & State 8 12
-----------------------------------------------------------------------------
Industrial & Pollution Control 2 5
-----------------------------------------------------------------------------
Education 1 9
-----------------------------------------------------------------------------
Water & Sewer 1 1
-----------------------------------------------------------------------------
District -- 3
-----------------------------------------------------------------------------
Other 9 9
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 32% 58%
-----------------------------------------------------------------------------
AA/Aa 7 17
-----------------------------------------------------------------------------
A/A 31 8
-----------------------------------------------------------------------------
BBB/Baa 19 2
-----------------------------------------------------------------------------
BB/Ba -- 3
-----------------------------------------------------------------------------
B/B 2 --
-----------------------------------------------------------------------------
Not Rated 9 12
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
13
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST
TRUST INFORMATION
-----------------------------------------------------------------------------
Symbol on American Stock Exchange: RNY
-----------------------------------------------------------------------------
Initial Offering Date: May 28, 1993
-----------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $14.40
-----------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $15.47
-----------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($14.40):(1) 6.09%
-----------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.073125
-----------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.877500
-----------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
--------------------------------------------------------------------------------------------------------
MARKET PRICE $14.40 $14.20 1.41% $14.97 $13.71
--------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $15.47 $15.28 1.24% $15.75 $14.88
--------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
Education 26% 27%
-----------------------------------------------------------------------------
City, County & State 22 18
-----------------------------------------------------------------------------
Tax Revenue 12 11
-----------------------------------------------------------------------------
Industrial & Pollution Control 11 15
-----------------------------------------------------------------------------
Lease Revenue 11 7
-----------------------------------------------------------------------------
Hospital 4 4
-----------------------------------------------------------------------------
Power 4 4
-----------------------------------------------------------------------------
Housing 4 3
-----------------------------------------------------------------------------
Resource Recovery 3 3
-----------------------------------------------------------------------------
Transportation 3 4
-----------------------------------------------------------------------------
Water & Sewer -- 4
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 38% 38%
-----------------------------------------------------------------------------
AA/Aa 22 21
-----------------------------------------------------------------------------
A/A 33 37
-----------------------------------------------------------------------------
BBB/Baa 7 4
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
14
TRUST SUMMARIES AS OF OCTOBER 31, 2002
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
TRUST INFORMATION
------------------------------------------------------------------------------
Symbol on New York Stock Exchange: BNY
------------------------------------------------------------------------------
Initial Offering Date: July 27, 2001
------------------------------------------------------------------------------
Closing Market Price as of 10/31/02: $13.42
------------------------------------------------------------------------------
Net Asset Value as of 10/31/02: $14.47
------------------------------------------------------------------------------
Yield on Closing Market Price as of 10/31/02 ($13.42):(1) 6.54%
------------------------------------------------------------------------------
Current Monthly Distribution per Common Share:(2) $ 0.073125
------------------------------------------------------------------------------
Current Annualized Distribution per Common Share:(2) $ 0.877500
------------------------------------------------------------------------------
(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.
The table below summarizes the changes in the Trust's market price and NAV:
--------------------------------------------------------------------------------------------------------
10/31/02 10/31/01 CHANGE HIGH LOW
--------------------------------------------------------------------------------------------------------
MARKET PRICE $13.42 $14.62 (8.21)% $15.00 $13.24
--------------------------------------------------------------------------------------------------------
NET ASSET VALUE (NAV) $14.47 $14.09 2.70% $15.05 $13.13
--------------------------------------------------------------------------------------------------------
The following charts show the Trust's asset composition and credit quality
allocations:
SECTOR BREAKDOWN
-----------------------------------------------------------------------------
SECTOR OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
Transportation 20% 12%
-----------------------------------------------------------------------------
Education 14 24
-----------------------------------------------------------------------------
Lease Revenue 13 7
-----------------------------------------------------------------------------
Tobacco 12 --
-----------------------------------------------------------------------------
Housing 9 6
-----------------------------------------------------------------------------
Industrial & Pollution Control 7 2
-----------------------------------------------------------------------------
City, County & State 4 4
-----------------------------------------------------------------------------
Water & Sewer 4 17
-----------------------------------------------------------------------------
Hospital 4 6
-----------------------------------------------------------------------------
Tax Revenue 4 9
-----------------------------------------------------------------------------
District 1 5
-----------------------------------------------------------------------------
Power 1 1
-----------------------------------------------------------------------------
Other 7 7
-----------------------------------------------------------------------------
CREDIT BREAKDOWN*
-----------------------------------------------------------------------------
CREDIT RATING OCTOBER 31, 2002 OCTOBER 31, 2001
-----------------------------------------------------------------------------
AAA/Aaa 24% 38%
-----------------------------------------------------------------------------
AA/Aa 26 32
-----------------------------------------------------------------------------
A/A 27 18
-----------------------------------------------------------------------------
BBB/Baa 13 5
-----------------------------------------------------------------------------
B/B 3 --
-----------------------------------------------------------------------------
Not Rated 7 7
-----------------------------------------------------------------------------
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
Percentages based on long-term investments.
15
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--152.8%
ALABAMA--6.0%
AAA $14,000 University of Alabama Hosp. Rev., Ser. A, 5.875%, 9/01/31, MBIA ............ 09/10 @ 101 $ 15,173,900
------------
ALASKA--2.4%
AAA 6,015 Alaska Hsg. Fin. Corp. Rev., Ser. A, 5.875%, 12/01/24, MBIA ................ 12/05 @ 102 6,158,759
------------
CALIFORNIA--15.5%
AA 5,770 California, GO, 5.625%, 5/01/18 ............................................ 05/10 @ 101 6,174,535
Aa2 1,220 California Hsg. Fin. Agcy. Rev., Home Mtge., Ser. C, 5.65%, 8/01/14 ........ 02/04 @ 102 1,255,782
BBB 3,000 Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40 ..... 01/10 @ 101 3,041,460
AAA 10,945 Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA ....................... 08/13 @ 53.632 3,216,845
AAA 15,460 Los Angeles Cnty. Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC ......... No Opt. Call 17,846,869
Univ. of California Rev., Research Fac., Ser. B,
Aaa 2,000+ 6.10%, 9/01/03 N/A 2,112,640
Aaa 3,305+ 6.20%, 9/01/03 N/A 3,493,848
Aaa 2,000+ 6.25%, 9/01/03 N/A 2,115,080
------------
39,257,059
------------
COLORADO--3.9%
AAA 3,100 Arapahoe Cnty. Cap. Impvt. Hwy. Rev., Trust Fund, Ser. E, Zero Coupon, 8/31/04 ETM 2,986,912
Denver City & Cnty. Arpt. Rev., Ser. C,
A+ 3,000 6.50%, 11/15/06 .......................................................... 11/02 @ 102 3,063,840
A+ 1,120 6.65%, 11/15/05 .......................................................... 11/02 @ 102 1,143,878
AAA 2,250+ E-470 Pub. Hwy. Auth. Rev., Ser. B, 6.90%, 8/31/05 ......................... N/A 2,619,585
------------
9,814,215
------------
CONNECTICUT--1.1%
Baa3 3,000++ Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28 ...... 09/09 @ 101 2,915,370
------------
DELAWARE--3.0%
NR 7,000++ Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 ................... 11/10 @ 100 7,646,940
------------
DISTRICT OF COLUMBIA--0.8%
District of Columbia, GO, Ser. E, CAPMAC,
AAA 195+ 6.00%, 6/01/03 ........................................................... N/A 203,730
AAA 1,705 6.00%, 6/01/09 ........................................................... ETM 1,780,020
------------
1,983,750
------------
FLORIDA--3.8%
AAA 1,435 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.55%, 7/01/14 ..... 01/05 @ 102 1,501,986
NR 3,700 Hillsborough Cnty. Ind. Dev. Auth. Fac. Rev., National Gypsum, Ser. A, 7.125%,
4/01/30 .................................................................. 04/10 @ 101 3,627,036
BB- 4,000 Santa Rosa Bay Bridge Auth. Rev., 6.25%, 7/01/28 ........................... 07/06 @ 102 2,536,080
A+ 2,000 So. Broward Hosp. Dist. Rev., 5.60%, 5/01/27 ............................... 05/12 @ 101 2,004,440
------------
9,669,542
------------
HAWAII--1.1%
AAA 2,500 Hawaii Dept. Budget & Fin. Spec. Purp. Rev., Hawaiian Elec. Co. Inc., Ser. D,
6.15%, 1/01/20, AMBAC .................................................... 01/09 @ 101 2,732,525
------------
ILLINOIS--10.5%
AAA 10,000 Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC ................... 12/07 @ 102 10,760,000
AAA 5,000 Chicago Pub. Bldg. Rev., Ser. A, 7.00%, 1/01/20, MBIA ...................... ETM 6,476,500
Illinois Edl. Fac. Auth. Rev., Loyola Univ., FGIC,
AAA 4,000+ 5.45%, 7/01/05 ........................................................... N/A 4,153,680
AAA 5,000+ 5.70%, 7/01/05 ........................................................... N/A 5,201,950
------------
26,592,130
------------
INDIANA--3.1%
BBB 7,420 Indianapolis Arpt. Auth. Rev., Spec. Fac. Fed. Express Corp. Proj.,
7.10%, 1/15/17 ........................................................... 07/04 @ 102 7,887,163
------------
KENTUCKY--8.2%
AAA 15,715 Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon,
10/01/23, MBIA ........................................................... No Opt. Call 5,055,830
AAA 15,000+ Kentucky Tpke. Auth., Econ. Dev. Road Rev., 5.75%, 7/01/03, AMBAC .......... N/A 15,700,800
------------
20,756,630
------------
See Notes to Financial Statements.
16
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LOUISIANA--8.0%
AAA $14,400+ Louisiana Pub. Fac. Auth. Hosp. Rev., Our Lady of the Lake Regl. Med. Ctr.,
5.90%, 12/01/03, FSA ....................................................... N/A $ 15,338,592
AAA 4,640 New Orleans Pub. Impvt., GO, 5.875%, 11/01/29, FSA 11/09 @ 100 5,007,349
------------
20,345,941
------------
MARYLAND--4.8%
Aa2 4,450 Maryland Dept. Hsg. & Cmnty. Dev. Admin., Sngl. Fam. Prog., Ser. 2, 6.55%,
4/01/26 .................................................................... 04/05 @ 102 4,603,970
NR 4,000++ MuniMae TE Bond Subsidiary LLC, Ser. B, 7.75%, 6/30/50 11/10 @ 100 4,349,240
AAA 3,175 Northeast Waste Disp. Auth. Rev., Sld. Wst., Montgomery Cnty. Res. Rec. Proj.,
Ser. A, 6.30%, 7/01/16, MBIA ............................................... 07/03 @ 102 3,319,843
------------
12,273,053
------------
MICHIGAN--0.8%
AAA 2,000+ River Rouge Sch. Dist., 5.625%, 5/01/03, FSA ................................. N/A 2,068,800
------------
MISSOURI--1.7%
Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys. Rev.,
BBB- 2,000 5.25%, 12/01/14 ............................................................ 12/08 @ 102 1,932,380
BBB- 2,500 5.25%, 12/01/26 ............................................................ 12/08 @ 102 2,325,625
------------
4,258,005
------------
NEVADA--1.5%
AAA 3,750 Washoe Cnty. Arpt. Auth., Arpt. Sys. Impvt. Rev., Ser. B, 5.80%,
7/01/09, MBIA .............................................................. 07/03 @ 102 3,917,775
------------
NEW JERSEY--8.6%
AAA 2,000 Delaware River Port Auth. of PA & NJ Port Dist. Proj., Ser. B,
5.70%, 1/01/22, FSA ........................................................ 01/10 @ 100 2,147,880
AA 7,000+ New Jersey Transp. Trust Fund Auth., Transp. Sys. Rev., Ser. A, 6.00%, 6/15/10 N/A 8,185,590
A1 12,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 ............................... 06/12 @ 100 11,511,240
------------
21,844,710
------------
NEW MEXICO--0.8%
AAA 1,945 Farmington, PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA .... 06/03 @ 102 2,015,137
------------
NEW YORK--16.1%
New York City, GO,
A+ 4,140 Ser. A, 6.00%, 8/01/05 ..................................................... No Opt. Call 4,487,884
A+ 7,000 Ser. E, 6.50%, 2/15/06 ..................................................... No Opt. Call 7,724,430
New York City Ind. Dev. Agcy. Spec. Fac. Rev., Term. One Grp. Assoc. Proj.,
A3 4,000 6.00%, 1/01/08 ............................................................. 01/04 @ 102 4,134,280
A3 1,000 6.00%, 1/01/15 ............................................................. 01/04 @ 102 1,029,370
New York City Transl. Fin. Auth. Rev.,
AA+ 3,300 Ser. A, 5.25%, 11/01/11 .................................................... No Opt. Call 3,694,713
AA+ 8,145+ Ser. B, 6.00%, 5/15/10 ..................................................... N/A 9,633,987
AA+ 1,855 Ser. B, 6.00%, 11/15/21 .................................................... 05/10 @ 101 2,048,180
AAA 3,000+ New York Dorm. Auth. Rev., St. Univ. Edl. Fac., Ser. B, 6.10%, 5/15/04 ....... N/A 3,261,480
New York Dorm. Auth. Rev., Univ. of Rochester, Ser. A, MBIA,
AAA 1,865 Zero Coupon, 7/01/21 ....................................................... 07/10 @ 101 1,286,925
AAA 2,030 Zero Coupon, 7/01/23 ....................................................... 07/10 @ 101 1,393,209
AA 1,955 New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%,
11/01/04 ................................................................... No Opt. Call 2,116,561
------------
40,811,019
------------
NORTH CAROLINA--2.3%
AAA 5,000 North Carolina Eastn. Mun. Pwr. Agcy. Sys. Rev., Ser. B, 7.00%, 1/01/08,
CAPMAC ..................................................................... No Opt. Call 5,895,100
------------
OHIO--0.2%
AAA 415 Cleveland Cuyahoga Cnty. Port Auth. Rev., Port Dev. Proj., 6.00%, 3/01/07 .... ETM 452,587
------------
OREGON--2.2%
NR 5,600 Klamath Falls Elec. Rev., Sr. Lien-Klamath Cogen, 5.50%, 1/01/07 ............. No Opt. Call 5,666,416
------------
PENNSYLVANIA--8.1%
AAA 10,100 Lehigh Cnty. Gen. Purp. Auth. Rev., St. Lukes Hosp. Bethlehem Proj.,
5.50%, 11/15/13, AMBAC ..................................................... 11/03 @ 102 10,586,517
AAA 3,305 McKeesport Area Sch. Dist., Cap. Apprec., Zero Coupon, 10/01/31, FGIC ........ No Opt. Call 676,897
Pennsylvania Higher Edl. Fac. Auth., Hlth. Svcs. Rev., Ser. A,
A 2,300 5.75%, 1/01/17 ............................................................. 01/06 @ 101 2,373,370
A 2,750 5.875%, 1/01/15 ............................................................ 01/06 @ 101 2,857,443
AAA 4,000 Pennsylvania Intergovtl. Coop. Auth. Spec. Tax Rev., Philadelphia Fdg. Prog.,
5.50%, 6/15/20, FGIC ....................................................... 06/06 @ 100 4,158,760
------------
20,652,987
------------
See Notes to Financial Statements.
17
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND--0.9%
AAA $ 2,000 Rhode Island Hlth. & Edl. Bldg. Corp. Rev., Hosp. Fin., 5.50%, 5/15/16,
MBIA ..................................................................... 05/07 @ 102 $ 2,154,900
------------
TENNESSEE--5.3%
A3 7,800 Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 ........ 09/04 @ 102 8,132,124
AAA 4,865 Memphis Shelby Cnty. Arpt. Auth. Rev., Ser. D, 6.00%, 3/01/24, AMBAC ....... 03/10 @ 101 5,243,497
------------
13,375,621
------------
TEXAS--11.8%
Dallas Cnty. Util. & Cap. Reclam. Dist., Ser. A, AMBAC,
AAA 6,085 Zero Coupon, 2/15/19 ..................................................... 02/05 @ 44.538 2,424,021
AAA 3,800 Zero Coupon, 2/15/20 ..................................................... 02/05 @ 41.799 1,418,730
BB- 5,500 Dallas Ft. Worth Intl. Arpt. Fac. Impvt. Rev., Amer. Airlines Inc.,
6.375%, 5/01/35 .......................................................... 11/09 @ 101 1,521,630
AAA 6,000 Grapevine, GO, 5.875%, 8/15/24, FGIC ....................................... 08/10 @ 100 6,561,360
AAA 5,000 Harris Cnty. Houston Sports Auth. Spec. Rev., Ser. A, Zero Coupon,
11/15/38, MBIA ........................................................... 11/30 @ 61.166 672,550
BBB 7,000 Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 ......... 05/12 @ 101 7,200,410
A3 6,320 Texas Affordable Hsg. Corp. Mult. Fam. Hsg. Rev., 5.80%, 11/01/26 .......... 11/11 @ 102 6,345,406
AAA 15,000 Texas Tpke. Auth. Central Sys. Rev., Cap. Appr., Zero Coupon, 8/15/31,
AMBAC .................................................................... 08/12 @ 32.807 2,725,350
Aa1 1,000 Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 .................................. 08/10 @ 100 1,091,900
------------
29,961,357
------------
UTAH--1.8%
Intermountain Pwr. Agcy. Pwr. Supply Rev.,
AAA 2,810 5.00%, 7/01/13, AMBAC .................................................... ETM 2,817,952
A+ 1,145 Ser. 86-B, 5.00%, 7/01/16 ................................................ ETM 1,146,523
A+ 655 Ser. 86-B, 5.00%, 7/01/16 ................................................ 12/02 @ 100 655,636
------------
4,620,111
------------
WASHINGTON--8.8%
Washington, GO,
AA+ 4,000 Ser. A, 5.375%, 7/01/21 .................................................. 07/06 @ 100 4,109,720
AA+ 1,000 Ser. B, 6.00%, 1/01/25 ................................................... 01/10 @ 100 1,097,920
Washington Pub. Pwr. Supply Sys. Rev.
AAA 13,395 Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA ................................ 07/06 @ 102 14,915,868
AAA 2,000 Nuclear Proj. No. 2, 5.55%, 1/01/10, FGIC ................................ 07/03 @ 102 2,079,520
------------
22,203,028
------------
WISCONSIN--5.7%
A1 15,000 Badger Tobacco Asset Sec. Corp. Rev., 6.375%, 6/01/32 ...................... 06/12 @ 100 14,412,150
------------
WYOMING--4.0%
A3 10,000 Sweetwater Cnty., PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26 ........ 07/06 @ 102 10,244,700
------------
Total Long-Term Investments (cost $367,274,048) ............................ 387,761,380
------------
MONEY MARKET FUND--2.8%
NR 7,000 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $7,000,000) ...... N/A 7,000,000
------------
TOTAL INVESTMENTS--155.6% (COST $374,274,048) .............................. 394,761,380
Other assets in excess of liabilities--2.2% ................................ 5,564,158
Preferred shares at redemption value, including dividends payable--(57.8)% . (146,616,022)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $253,709,516
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest optional call or redemption.
There may be other call provisions at varying prices at later dates.
+ This bond is prerefunded. See Glossary for definition.
++ 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, 2002, the
Trust held 5.9% of its net assets, with a current market value of
$14,911,500 in securities restricted as to resale.
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
FSA -- Financial Security Assurance
CAPMAC -- Capital Markets Assurance Company
GO -- General Obligation
ETM -- Escrowed to Maturity
MBIA -- Municipal Bond Insurance Association
FGIC -- Financial Guaranty Insurance Company
PCR -- Pollution Control Revenue
See Notes to Financial Statements.
18
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK MUNICIPAL INCOME TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--163.2%
ALABAMA--7.3%
Baa2 $12,000 Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 ... 06/05 @ 102 $ 12,184,080
A2 15,000 Huntsville Hlth. Care Auth. Rev., Ser. B, 5.75%, 6/01/32 .................... 06/12 @ 101 15,068,100
BBB 15,000 Phenix Cnty. Indl. Dev. Brd. Envirmntl. Impvt. Rev., Ser. A, 6.35%, 5/15/35 . 05/12 @ 100 14,799,300
------------
42,051,480
------------
ARIZONA--1.2%
A3 7,000 Scottsdale Ind. Dev. Auth. Hosp. Rev., Scottsdale Hlth. Care, 5.80%, 12/01/31 12/11 @ 101 7,067,340
------------
CALIFORNIA--12.1%
A- 19,000 California Infrastructure & Econ. Dev. Rev., J. David Gladstone
Inst. Proj., 5.25%, 10/01/34 .............................................. 10/11 @ 101 18,403,400
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB- 54,635 Zero Coupon, 1/15/32 ...................................................... 01/10 @ 27.37 9,509,222
BBB- 20,535 Zero Coupon, 1/15/34 ...................................................... 01/10 @ 24.228 3,161,568
BBB- 75,000 Zero Coupon, 1/15/38 ...................................................... 01/10 @ 19.014 9,043,500
Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev.,
BB- 24,000 Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 .............................. 12/12 @ 102 16,021,680
AAA 13,320 Facs. Laxfuel Corp. L.A. Int'l, 5.50%, 1/01/32, AMBAC ..................... 01/12 @ 100 13,737,449
------------
69,876,819
------------
COLORADO--0.6%
BBB+ 3,500 Denver Hlth. & Hosp. Auth. Hlth. Care. Rev., Ser. A, 6.00%, 12/01/31 ........ 12/11 @ 100 3,527,615
------------
CONNECTICUT--9.4%
A3 31,840 Connecticut Dev. Auth., PCR, Connecticut Lt. & Pwr., Ser. A, 5.85%, 9/01/28 . 10/08 @ 102 33,153,718
BBB- 20,940 Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 6.25%, 1/01/31 ........... 01/11 @ 101 21,547,679
------------
54,701,397
------------
DELAWARE--6.1%
Charter Mac Equity Issuer Trust,
NR 1,000+ Ser. A, 6.625%, 6/30/49 ................................................... 06/09 @ 100 1,047,150
NR 11,000+ Ser. A-2, 6.30%, 6/30/49 .................................................. 06/09 @ 100 11,274,560
NR 16,000+ Ser. A-3, 6.80%, 10/01/52 ................................................. 10/14 @ 100 16,395,360
NR 6,500+ Ser. B-1, 6.80%, 11/30/50 ................................................. 11/10 @ 100 6,669,715
------------
35,386,785
------------
DISTRICT OF COLUMBIA--4.1%
Dist. of Columbia Rev., Cap. Appr. Georgetown Univ., Ser. A, MBIA,
AAA 15,600 Zero Coupon, 4/01/36 ...................................................... 04/11 @ 22.875 2,181,972
AAA 51,185 Zero Coupon, 4/01/37 ...................................................... 04/11 @ 21.546 6,732,875
A1 14,535 Dist. of Columbia Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 ............. 05/11 @ 101 14,761,165
------------
23,676,012
------------
FLORIDA--13.0%
Baa 4,600 Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 ............. 09/06 @ 102 4,778,020
A- 9,670 Highlands Cnty. Hlth. Facs. Auth. Rev., Hosp. Adventist/Sunbelt,
Ser. A, 6.00%, 11/15/31 ................................................... 11/11 @ 101 9,992,881
Jacksonville Econ. Dev. Comm. Hlth. Facs. Rev., Mayo Clinic,
AA 16,000 Ser. B, 5.50%, 11/15/36 ................................................... 11/11 @ 101 16,394,080
AA 10,000 Ser. C, 5.50%, 11/15/36 ................................................... 11/11 @ 101 10,246,300
Aa3 24,410 JEA Wtr. & Swr. Sys. Rev., Ser. C, 5.25%, 10/01/37 .......................... 10/06 @ 100 24,571,350
BBB- 9,000 Martin Cnty. Indl. Dev. Auth. Rev., Indiantown Cogeneration Proj.,
Ser. A, 7.875%, 12/15/25 .................................................. 12/04 @ 102 9,234,270
------------
75,216,901
------------
GEORGIA--0.7%
BBB 4,000 Richmond Cnty. Dev. Auth., Environ. Impvt. Rev., Intl. Paper Co. Proj.,
Ser. A, 6.00%, 2/01/25 .................................................... 02/12 @ 101 4,007,760
------------
IDAHO--3.0%
AAA 16,970 Univ. Idaho. Rev., Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC ...... 04/11 @ 100 17,456,021
------------
ILLINOIS--17.2%
Bolingbrook, GO, Ser. B, FGIC,
AAA 14,085 Zero Coupon, 1/01/34 ...................................................... No. Opt Call 2,495,017
AAA 7,120 Zero Coupon, 1/01/33 ...................................................... No. Opt Call 1,337,492
A 25,000 Illinois Dev. Fin. Auth., PCR, Ser. C, 5.95%, 8/15/26 ....................... 12/06 @ 101 25,461,500
A- 7,095 Illinois Dev. Fin. Auth. Hosp. Rev., Adventist Hlth. Sys.
Sunbelt Obl., 5.65%, 11/15/24 ............................................. 11/09 @ 101 7,024,121
Aa1 39,325 Illinois Edl. Facs. Auth. Rev., Univ. of Chicago, Ser. A, 5.25%, 7/01/41 .... 07/11 @ 101 39,688,363
See Notes to Financial Statements.
19
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
ILLINOIS--(CONT'D)
Illinois Edl. Facs. Auth. Student Hsg. Rev., Edl. Advancement Fund
Univ. Ctr. Proj., Baa2 $10,000 6.25%, 5/01/30 ................ 05/12 @ 101 $ 9,967,300
Baa2 7,000 6.25%, 5/01/34 ............................................................ 05/07 @ 100 6,858,460
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 6,718,400
------------
99,550,653
------------
INDIANA--5.7%
A+ 9,000 Indiana Hlth. Fac. Hosp. Rev., Methodist Hosp. Inc., 5.50%, 9/15/31 ......... 09/11 @ 100 9,187,560
Petersburg, PCR, Indiana Pwr. & Lt. Conv.,
A3 10,000 5.90%, 12/01/24 ........................................................... 08/11 @ 102 9,210,400
A3 16,000 5.95%, 12/01/29 ........................................................... 08/11 @ 102 14,636,160
------------
33,034,120
------------
KANSAS--2.1%
A3 11,500 Wyandotte Cnty., Gen. Motors Corp. Proj., 6.00%, 6/01/25 .................... 03/12 @ 101 11,900,200
------------
KENTUCKY--1.6%
AAA 9,090 Kentucky Hsg. Corp. Hsg. Rev., Ser. F, 5.45%, 1/01/32 ....................... 07/11 @ 100 9,126,633
------------
LOUISIANA--7.4%
A 21,425 Louisiana Local Gov't. Environ. Facs. & Cmnty. Dev. Auth. Rev.,
Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA ..................... No Opt. Call 23,734,186
A3 20,000 Louisiana Pub. Facs. Auth. Rev., Ochsner Clinic Fndtn.
Proj., Ser. B, 5.50%, 5/15/27 ............................................. 05/12 @ 101 19,347,600
------------
43,081,786
------------
MARYLAND--1.4%
NR 8,000+ MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 .................... 06/09 @ 100 8,513,600
------------
MICHIGAN--3.0%
AA 17,210 Kent Hosp. Fin. Auth. Rev., Spectrum Hlth., Ser. A, 5.50%, 1/15/31 .......... 07/11 @ 101 17,581,048
------------
MISSISSIPPI--3.2%
A2 18,680 Gulfport Hosp. Fac. Rev., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 . 07/11 @ 100 18,847,373
------------
NEW HAMPSHIRE--0.6%
A+ 3,500 New Hampshire Hlth. & Edl. Facs. Auth. Rev., Exeter Hosp. Proj.,
5.75%, 10/01/31 ........................................................... 10/11 @ 101 3,505,110
------------
NEW JERSEY--9.4%
B+ 34,435 New Jersey Econ. Dev. Auth., Continental Airlines Inc. Proj., 7.00%, 11/15/30 11/10 @ 101 19,117,279
A1 37,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 .............................. 06/12 @ 100 35,492,990
------------
54,610,269
------------
OHIO--2.5%
BBB 14,500 Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co.
Proj., Ser. B, 6.00%, 8/01/20 ............................................. 08/07 @ 102 14,485,935
------------
PENNSYLVANIA--4.8%
A 5,000 Montgomery Cnty. Higher Ed. & Hlth. Auth., Abington Memorial Hosp.,
Ser. A, 5.125%, 6/01/27 ................................................... 06/12 @ 101 4,647,100
A3 6,500 Pennsylvania Econ. Dev. Fin. Auth. Exempt Facs.
Rev., Amtrak Proj., Ser. A, 6.375%, 11/01/41 .............................. 05/11 @ 101 5,816,915
A 17,250 Pennsylvania Higher Edl. Facs. Auth. Univ. of Pennsylvania Hlth. Svcs.,
Ser. A, 5.75%, 1/01/22 .................................................... 01/06 @ 101 17,528,415
------------
27,992,430
------------
RHODE ISLAND--3.3%
A1 20,000 Tobacco Settlement Fin. Corp., Tobacco Settlement
Rev., Ser. A, 6.25%, 6/01/42 .............................................. 06/12 @ 100 19,075,000
------------
SOUTH DAKOTA--3.4%
A1 20,000 Edl. Enhancement Fdg. Corp., Tobacco Settlement Rev., Ser. B, 6.50%, 6/01/32 06/12 @ 101 19,740,800
------------
TEXAS--16.5%
BB- 26,310 Dallas Ft. Worth Intl. Arpt. Fac. Impvt. Rev., Amer. Airlines Inc.,
6.375%, 5/01/35 ........................................................... 11/09 @ 101 7,278,925
Harris Cnty. Houston Sports Auth. Spec. Rev., MBIA,
AAA 12,580 Ser. A, Zero Coupon, 11/15/38 ............................................. 11/30 @ 61.166 1,692,136
AAA 5,000 Ser. H, Zero Coupon, 11/15/35 ............................................. 11/31 @ 78.178 787,100
BBB 20,000 Port Corpus Christi Auth., Celanese Proj., Ser. B, 6.70%, 11/01/30 .......... 05/12 @ 101 20,572,600
BBB 4,450 Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 5/01/30 ........ 11/11 @ 100 3,902,205
Texas Affordable Hsg. Corp. Mult. Fam. Hsg. Rev.,
A3 6,010 5.80%, 11/01/26 ........................................................... 11/11 @ 102 6,034,160
BBB- 4,435 Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 ....................... 09/12 @ 102 4,370,116
A3 18,605 Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31 ......................... 11/11 @ 102 18,742,863
BBB- 6,605 So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 ............................ 09/12 @ 102 6,508,369
Texas Tpke. Auth. Central Sys. Rev., Cap. Appr., AMBAC,
AAA 35,000 Zero Coupon, 8/15/32 ...................................................... 08/12 @ 30.846 5,970,650
AAA 62,325 Zero Coupon, 8/15/33 ...................................................... 08/12 @ 28.997 9,980,102
AAA 65,040 Zero Coupon, 8/15/34 ...................................................... 08/12 @ 27.31 9,804,780
------------
95,644,006
------------
See Notes to Financial Statements.
20
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
VIRGINIA--7.5%
Arlington Cnty. Ind. Dev. Auth., Hosp. Fac. Rev. Virginia Hosp.
Ctr. Arlington Hlth. Sys.,
A2 $10,000 5.25%, 7/01/25 ............................................................ 07/11 @ 101 $ 10,006,700
A2 13,000 5.25%, 7/01/31 ............................................................ 07/11 @ 101 12,890,280
Virginia Comnwlth. Transp. Brd. Trust, MBIA,
AAA 3,475 Zero Coupon, 4/01/19 ...................................................... No Opt. Call 1,538,765
AAA 4,000 Zero Coupon, 4/01/20 ...................................................... No Opt. Call 1,659,840
AAA 5,000 Zero Coupon, 4/01/21 ...................................................... No Opt. Call 1,930,450
AAA 5,000 Zero Coupon, 4/01/22 ...................................................... No Opt. Call 1,795,350
AAA 5,000 Zero Coupon, 4/01/23 ...................................................... No Opt. Call 1,689,500
AAA 4,340 Zero Coupon, 4/01/24 ...................................................... No Opt. Call 1,381,813
AAA 3,605 Zero Coupon, 4/01/25 ...................................................... No Opt. Call 1,087,989
AAA 4,605 Zero Coupon, 4/01/26 ...................................................... No Opt. Call 1,314,359
AAA 2,000 Zero Coupon, 4/01/27 ...................................................... No Opt. Call 539,760
AAA 5,855 Zero Coupon, 4/01/28 ...................................................... 04/12 @ 43.235 1,453,445
AAA 3,605 Zero Coupon, 4/01/29 ...................................................... 04/12 @ 40.959 842,705
AAA 8,105 Zero Coupon, 4/01/30 ...................................................... 04/12 @ 38.864 1,802,633
AAA 8,105 Zero Coupon, 4/01/31 ...................................................... 04/12 @ 36.876 1,706,264
AAA 8,105 Zero Coupon, 4/01/32 ...................................................... 04/12 @ 34.99 1,615,002
------------
43,254,855
------------
WASHINGTON--3.8%
Baa1 2,190 Energy Northwest Washington Wind Proj. Rev., Ser. B, 6.00%, 7/01/23 ......... 01/07 @ 103 2,220,879
A1 20,000 Tobacco Settlement Auth., Tobacco Settlement Rev., 6.625%, 6/01/32 .......... 06/13 @ 100 19,705,600
------------
21,926,479
------------
WEST VIRGINIA--1.4%
BBB 8,000 Braxton Cnty. Sld. Wst. Disp. Rev., Weyerhaeuser Co. Proj., 6.50%, 4/01/25 .. 04/05 @ 102 8,203,760
------------
WISCONSIN--10.9%
A1 36,000 Badger Tobacco Asset Sec. Corp. Rev., 6.375%, 6/01/32 ....................... 06/12 @ 100 34,589,160
Wisconsin Hlth. & Edl. Facs. Auth. Rev.,
A+ 13,750 Froedert & Cmnty. Hlth. Obl., 5.375%, 10/01/30 ............................ 10/11 @ 101 13,446,125
A 15,000 Wheaton Franciscan Svcs., 5.75%, 8/15/30 .................................. 02/12 @ 101 15,111,750
------------
63,147,035
------------
TOTAL LONG-TERM INVESTMENTS (COST $974,404,517) 946,189,222
------------
SHORT-TERM INVESTMENTS--2.3%
NEW YORK--0.8%
P1 4,400 New York Energy Research & Dev. Auth., PCR, Niagara Mohawk Pwr. Corp.,
Ser. B, 1.90%, 11/01/02, FRDD++ ........................................... N/A 4,400,000
------------
MONEY MARKET FUND--1.5%
NR 9,000 AIM Tax Free Investment Co. Cash Reserve Portfolio .......................... N/A 9,000,000
------------
TOTAL SHORT-TERM INVESTMENTS (COST $13,400,000) ............................. 13,400,000
------------
TOTAL INVESTMENTS--165.5% (COST $987,804,517) ............................... 959,589,222
Liabilities in excess of other assets--(0.8)% ............................... (4,725,343)
Preferred shares at redemption value, including dividends payable--(64.7)% .. (375,183,000)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $579,680,879
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest optional call or redemption.
There may be other call provisions at varying prices at later dates.
+ 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, 2002, the
Trust held 7.6% of its net assets, with a current market value of
$43,900,385 in securities restricted as to resale.
++ For purposes of amortized cost valuation, the maturity date of this
instrument is considered to be the earlier of the next date on which the
security can be redeemed at par, or the next date on which the rate of
interest is adjusted.
KEY TO ABBREVIATIONS
ACA -- American Capital Access
GO -- General Obligation
AMBAC -- American Municipal Bond Assurance Corporation
MBIA -- Municipal Bond Insurance Association
FGIC -- Financial Guaranty Insurance Company
PCR -- Pollution Control Revenue
FRDD -- Floating Rate Daily Demand
See Notes to Financial Statements.
21
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--147.3%
California Cnty. Tobacco Sec. Agcy. Rev.,
A1 $ 900 Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 .................................. 06/12 @ 100 $ 883,935
A+ 1,000 Tobacco Settlement, Ser. B, 6.00%, 6/01/29 ................................ 06/12 @ 100 1,007,390
California Edl. Facs. Auth. Rev., MBIA,
AAA 760+ Santa Clara Univ., 5.00%, 9/01/06 ......................................... N/A 851,557
AAA 835 Student Loan Prog., Ser. A, 6.00%, 3/01/16 ................................ 03/07 @ 102 886,152
California, GO,
AA 960+ 5.75%, 3/01/05 ............................................................ N/A 1,053,197
AA 40 5.75%, 3/01/19 ............................................................ 03/05 @ 101 42,709
California Hsg. Fin. Agcy. Rev., Home Mtge.,
Aa2 135 Ser. G, 7.20%, 8/01/14 .................................................... 08/04 @ 102 140,488
AAA 695 Ser. I, Zero Coupon, 8/01/21, FSA ......................................... 02/11 @ 53.209 236,759
California Pub. Wks. Brd. Lease Rev., Ser. A,
Aaa 1,000+ Dept. of Corrections, 6.875%, 11/01/04 .................................... N/A 1,122,230
A+ 1,000 St. Univ. Proj., 6.10%, 10/01/06 .......................................... 10/04 @ 102 1,091,750
AAA 1,385 Foothill/Eastn. Transp. Agcy., Toll Road Rev., Ser. A, Zero Coupon, 1/01/04 . No Opt. Call 1,356,303
Los Angeles Cnty.,
AAA 1,000 Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA ....................... 09/07 @ 102 1,106,010
AAA 1,000+ Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA .................... N/A 1,141,970
AA 1,150 Los Angeles Harbor Dept. Rev., Ser. B, 6.00%, 8/01/13 ....................... 08/06 @ 101 1,297,959
Aa3 1,000+ Los Angeles Pub. Wks. Fin. Auth. Rev., Regl. Park & Open Space, Dist. A,
6.00%, 10/01/04 ........................................................... N/A 1,101,640
BB- 945 Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc.,
Ser. B, 7.50%, 12/01/24 ................................................... 12/12 @ 102 630,854
NR 1,000 Poway Sch. Dist., Spec. Tax, Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33 ....... 09/10 @ 102 963,020
BBB- 1,000 Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 .............. 07/06 @ 102 1,111,620
NR 1,000 San Bernardino Cnty., Spec. Tax, Cmnty. Facs. Dist.
No. 2002-1, 5.90%, 9/01/33 ................................................ 09/12 @ 102 957,560
AAA 500 San Diego Ind. Dev. Rev., Ser. A, 5.90%, 6/01/18, AMBAC ..................... 06/03 @ 102 519,975
San Francisco City & Cnty.,
AAA 150 Arpt. Comn. Rev., Intl. Arpt., Ser. 12-A, 5.90%, 5/01/26, MBIA ............ 05/06 @ 101 161,109
AAA 1,000 Arpt. Comn. Rev., Intl. Arpt., Ser. 6, 6.125%, 5/01/09, AMBAC ............. 05/04 @ 102 1,071,470
AAA 1,000 Swr. Rev., Ser. A, 5.95%, 10/01/25, FGIC .................................. 10/03 @ 102 1,044,950
AAA 40 So. California Pub. Pwr. Auth. Transm., Proj. Rev., 5.50%, 7/01/20, MBIA .... 11/02 @ 100 40,024
AAA 500 Temecula Valley Uni. Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC ........... 08/07 @ 102 548,480
AAA 1,135+ Univ. of California Rev., Research Fac., Ser. B, 6.30%, 9/01/03 ............. N/A 1,200,773
AAA 370 West Basin Mun. Wtr. Dist. Rev., COP, Ser. A, 5.50%, 8/01/22, AMBAC ......... 08/07 @ 101 392,207
------------
TOTAL INVESTMENTS--147.3% (COST $20,689,473) ................................ 21,962,091
Other assets in excess of liabilities--3.0% ................................. 449,676
Preferred shares at redemption value, including dividends payable--50.3% .... (7,500,312)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $14,911,455
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest optional call or redemption.
There may be other call provisions at varying prices at later dates.
+ This bond is prerefunded. See Glossary for definition. KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation FSA -- Financial
Security Assurance COP -- Certificate of Participation GO -- General
Obligation FGIC -- Financial Guaranty Insurance Company MBIA -- Municipal
Bond Insurance Association
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
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.
22
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--158.8%
CALIFORNIA--144.8%
Anaheim Pub. Fin. Auth. Lease Rev., Pub. Impvts Proj., Ser. C, FSA,
AAA $24,500 Zero Coupon, 9/01/31 ...................................................... No Opt. Call $ 5,071,500
AAA 6,070 Zero Coupon, 9/01/32 ...................................................... No Opt. Call 1,189,659
California Cnty. Tobacco Sec. Agcy. Rev.,
A1 12,000 Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35 ................................... 06/12 @ 100 11,633,880
A1 5,000 Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 .................................. 06/12 @ 100 4,910,750
AAA 11,700 California Edl. Facs. Auth. Rev., Stanford Univ., Ser. Q, 5.25%, 12/01/32 ... 06/11 @ 101 12,039,885
California, GO,
A+ 4,000 5.125%, 6/01/27 ........................................................... 06/11 @ 100 4,018,280
A+ 25,000 5.20%, 11/01/31 ........................................................... 11/11 @ 100 25,273,000
AAA 5,500 Ser. BZ, 5.35%, 12/01/21, MBIA ............................................ 06/07 @ 101 5,557,530
AAA 5,000 Ser. BZ, 5.375%, 12/01/24, MBIA ........................................... 06/07 @ 101 5,004,550
California Hlth. Facs. Fin. Auth. Rev., Ser. A,
A+ 3,000 Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27 ........................... 05/12 @ 100 3,053,160
A 4,890 Kaiser Proj., 5.40%, 5/01/28 .............................................. 07/06 @ 102 4,850,929
California Hsg. Fin. Agcy. Rev.,
AAA 23,145 Ser. B, Zero Coupon, 8/01/31, FSA ......................................... 08/10 @ 31.194 4,615,345
AAA 28,395 Home Mtge., Ser. Q, Zero Coupon, 2/01/33, AMBAC ........................... 08/11 @ 29.558 5,024,779
AAA 19,185 Home Mtge., Ser. T, Zero Coupon, 8/01/21, MBIA ............................ 08/11 @ 57.562 6,815,279
California Infrastructure & Econ. Dev. Rev.,
A- 18,750 J. David Gladstone Inst. Proj., 5.25%, 10/01/34 ........................... 10/11 @ 101 18,161,250
A 13,500 Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 ............................ 08/11 @ 102 13,606,515
A+ 10,000 California Statewide Cmnty. Dev. Auth. Rev., Sutter Hlth. Oblig.
Grp., Ser. B, 5.625%, 8/15/42 ............................................. 08/12 @ 100 10,075,200
Charter Mac Equity Issuer Trust,
NR 7,000+ Ser. A-2, 6.30%, 6/30/49 .................................................. 06/09 @ 100 7,174,720
NR 4,000+ Ser. B-1, 6.80%, 11/30/50 ................................................. 11/10 @ 100 4,104,440
A- 5,000 Daly City Hsg. Dev. Fin. Agcy. Rev., Sr. Franciscan Acquisition
Proj., Ser. A, 5.85%, 12/15/32 ............................................ 12/13 @ 102 5,059,050
AAA 6,000 El Monte, Sr. Dept. Pub. Svcs. Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC .... 01/11 @ 100 6,152,160
Elk Grove Unified Sch. Dist. Spec. Tax, Cap. Appr. Cmnty. Facs.
Dist. 1, AMBAC,
AAA 7,485 Zero Coupon, 12/01/29 ..................................................... 12/11 @ 37.373 1,621,700
AAA 7,485 Zero Coupon, 12/01/30 ..................................................... 12/11 @ 35.365 1,528,437
AAA 7,485 Zero Coupon, 12/01/31 ..................................................... 12/11 @ 33.465 1,444,306
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev.,
BBB- 5,000 Zero Coupon, 1/15/33 ...................................................... 01/10 @ 25.78 819,350
BBB- 5,000 Zero Coupon, 1/15/34 ...................................................... 01/10 @ 24.228 769,800
BBB- 13,445 Zero Coupon, 1/15/35 ...................................................... 01/10 @ 22.819 1,948,584
BBB- 1,000 Zero Coupon, 1/15/38 ...................................................... 01/10 @ 19.014 120,580
BBB- 9,620 5.75%, 1/15/40 ............................................................ 01/10 @ 101 9,752,948
NR 5,000 Irvine Mobile Home Park Rev., Meadows Mobile Home Park, Ser. A,
5.70%, 3/01/28 ............................................................ 03/08 @ 102 4,940,750
AAA 2,975 Los Angeles Dept. Wtr. & Pwr., Wtr. Wks. Rev., Ser. A, 5.125%, 7/01/41, FGIC 07/11 @ 100 3,011,563
BB- 5,500 Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines Inc.,
Ser. C, 7.50%, 12/01/24 ................................................... 12/12 @ 102 3,671,635
Aaa 10,000 Monterey Cnty. Master Plan Fin., COP, 5.00%, 8/01/32, MBIA .................. 08/11 @ 100 10,021,900
MuniMae TE Bond Subsidiary, LLC,
NR 7,000++ Ser. A, 6.30%, 6/30/49 .................................................... 11/09 @ 100 7,216,580
NR 3,000++ Ser. B, 6.80%, 6/30/50 .................................................... 11/10 @ 100 3,072,630
BBB 1,000 Palm Springs Mobile Home Park. Rev., Sahara Mobile Home Park A, 5.625%,
5/15/26 ................................................................... 05/12 @ 102 1,004,210
AAA 15,500 Rancho Cucamonga Redev. Agcy. Tax Alloc. Rev., Rancho Redev. Proj., 5.125%,
9/01/30, MBIA ............................................................. 09/11 @ 100 15,726,920
AAA 1,905 Richmond Wst. Wtr. Rev., Zero Coupon, 8/01/31, FGIC ......................... No Opt. Call 396,126
AAA 10,000 Sacramento Mun. Util. Dist. Elec. Rev., Ser. N, 5.00%, 8/15/28, MBIA ........ 08/11 @ 100 10,036,100
AAA 7,500 San Francisco Bay Area Rapid Trans., Dist. Sales Tax Rev.,
5.125%, 7/01/36, AMBAC .................................................... 07/11 @ 100 7,608,000
AAA 6,500 San Francisco City & Cnty., Arpts. Comn. Rev., Intl. Arpt. Ser. 27-A, 5.25%,
5/01/31, MBIA ............................................................. 05/11 @ 100 6,580,665
See Notes to Financial Statements.
23
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
San Francisco City & Cnty. Redev. Agcy. Rev., Cmnty. Facs. Dist.,
Mission Bay South,
NR $ 1,775 6.125%, 8/01/31 ........................................................... 08/09 @ 102 $ 1,799,353
NR 7,500 6.25%, 8/01/33 ............................................................ 08/11 @ 101 7,526,250
San Jose Mult. Fam. Hsg. Rev.,
AAA 2,880 Lenzen Hsg., Ser. B, 5.45%, 2/20/43 ....................................... 08/11 @ 102 2,903,126
AAA 4,225 Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34 ............................. 04/11 @ 100 4,270,081
Santa Clara Cnty. Hsg. Auth., Mult. Fam. Hsg. Rev., Ser. A,
NR 6,250 Blossom River Apts., 6.50%, 9/01/39 ....................................... 03/08 @ 102 5,970,312
A3 1,715 John Burns Gardens Apts. Proj., 5.85%, 8/01/31 ............................ 02/12 @ 101 1,737,226
A3 1,235 River Town Apts. Proj., 6.00%, 8/01/41 .................................... 02/12 @ 101 1,237,668
NR 3,075 Santa Clarita Facs. Dist., Valencia Town Center, 5.85%, 11/15/32 ............ 11/10 @ 102 3,053,414
A1 5,345 Tobacco Sec. Auth. No. California, Tobacco Settlement Rev.,
Ser. A, 5.375%, 6/01/41 ................................................... 06/11 @ 100 4,765,335
Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A,
A 7,000 5.50%, 6/01/36 ............................................................ 06/12 @ 100 6,573,980
A 11,500 5.625%, 6/01/43 ........................................................... 06/12 @ 100 10,781,940
AAA 2,000 Upland Unified Sch. Dist., Election of 2000, GO,
Ser. B, 5.125%, 8/01/25, FSA .............................................. 08/13 @ 100 1,883,320
------------
307,186,650
------------
PUERTO RICO--14.0%
A1 3,000 Children's Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 .............. 05/12 @ 100 2,878,500
A- 10,000 Puerto Rico Elec. Pwr. Auth., Rev., Ser. II, 5.25%, 7/01/31 ................. 07/12 @ 101 10,133,600
Puerto Rico Pub. Fin. Corp. Rev., Comnwlth. Approp., Ser. E,
BBB+ 10,000 5.70%, 8/01/25 ............................................................ 02/10 @ 100 10,537,800
BBB+ 5,750 5.75%, 8/01/30 ............................................................ 02/07 @ 100 6,193,957
------------
29,743,857
------------
TOTAL LONG-TERM INVESTMENTS (COST $336,581,584) ............................. 336,930,507
------------
MONEY MARKET FUND--4.7%
NR 10,000 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $10,000,000) ....... N/A 10,000,000
------------
TOTAL INVESTMENTS--163.5% (COST $346,581,584) ............................... 346,930,507
Liabilities in excess of other assets--(1.3)% ............................... (2,746,901)
Preferred shares at redemption value, including dividends payable--(62.2)% .. (131,968,424)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $212,215,182
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest call or redemption. There may
be other call provisions at varying prices at later dates.
+ 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, 2002, the
Trust held 10.2% of its net assets, with a current market value of
$21,568,370 in securities restricted as to resale.
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
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.
24
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--142.8%
FLORIDA--112.8%
Boynton Beach Util. Sys. Rev., FGIC,
AAA $ 830+ 6.25%, 11/01/02 ............................................................ N/A $ 846,600
AAA 170 6.25%, 11/01/20 ............................................................ ETM 204,347
A1 1,000 Brevard Cnty. Hlth. Fac. Auth. Rev., Holmes Regl. Med. Ctr. Proj.,
5.75%, 10/01/13 ............................................................ 10/03 @ 102 1,029,140
AAA 1,000 Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC .................. 07/06 @ 102 1,054,110
AAA 1,000 Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA ............................ 02/06 @ 101 1,028,530
AAA 1,000 Dade Cnty. Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA ...................... 10/05 @ 102 1,069,910
AAA 1,000+ Dade Cnty. Sch. Brd., COP, Ser. A, 6.00%, 5/01/04, MBIA ...................... N/A 1,073,470
AAA 1,000+ Dade Cnty. Spl. Oblig., Ser. B, Zero Coupon, 10/01/08, AMBAC ................. N/A 589,460
AAA 1,000+ First Florida Gov. Fin. Com. Rev., 5.75%, 7/01/06, AMBAC ..................... N/A 1,129,460
Florida Brd. of Ed., GO,
AAA 1,000+ Ser. B, 5.875%, 6/01/05 .................................................... N/A 1,108,030
AAA 1,000+ Ser. C, 5.85%, 6/01/03 ..................................................... N/A 1,034,010
AAA 500 Florida Dept. of Corrections, COP, Okeechobee Correctional Fac.,
6.25%, 3/01/15, AMBAC ...................................................... 03/05 @ 102 550,625
AAA 1,000+ Florida Dept. of Transp., GO, 5.80%, 7/01/05 ................................. N/A 1,109,190
AAA 1,000+ Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Environ.
Pres., Ser. A, 5.75%, 7/01/05, AMBAC ....................................... N/A 1,107,900
AAA 495 Florida Hsg. Fin. Agcy., Sngl. Fam. Mtge. Rev., Ser. A, 6.25%, 7/01/11 ....... 07/04 @ 102 516,295
AAA 1,000 Jacksonville Cap. Impvt. Rev., Gator Bowl Proj., 5.50%, 10/01/14, AMBAC ...... 10/04 @ 101 1,075,710
AAA 1,000 Lee Cnty. Transp. Fac. Rev., 5.75%, 10/01/22, MBIA ........................... 10/05 @ 102 1,074,500
A 1,000 Orlando & Orange Cnty. Expwy. Auth. Rev., 5.95%, 7/01/23 ..................... 01/03 @ 101 1,007,710
AAA 1,000+ Seminole Cnty. Sch. Brd., COP, Ser. A, 6.125%, 7/01/04, MBIA ................. N/A 1,092,220
AAA 1,000+ Sunrise Util. Sys. Rev., Ser. A, 5.75%, 10/01/06, AMBAC ...................... N/A 1,135,270
BBB+ 1,000 Volusia Cnty. Ed. Fac. Auth. Rev., 6.125%, 10/15/16 .......................... 10/06 @ 102 1,071,500
------------
19,907,987
------------
PUERTO RICO--30.0%
Puerto Rico Elec. Pwr. Auth. Rev.,
AAA 1,000+ Ser. T, 6.375%, 7/01/04 .................................................... N/A 1,098,030
A- 1,000 Ser. U, 6.00%, 7/01/14 ..................................................... 07/04 @ 102 1,060,210
Puerto Rico Pub. Bldg. Auth., Gtd. Pub. Ed. & Hlth. Fac. Rev., Ser. M,
A- 530+ 5.50%, 7/01/03 ............................................................. N/A 550,744
A- 470 5.50%, 7/01/21 ............................................................. 07/03 @ 101.5 488,715
A- 1,000 5.75%, 7/01/15 ............................................................. 07/03 @ 101.5 1,041,440
BBB+ 1,000 Puerto Rico Pub. Fin. Corp. Rev., Comnwlth. Approp., Ser. E, 5.50%, 8/01/29 .. 02/12 @ 100 1,047,370
------------
5,286,509
------------
TOTAL INVESTMENTS--142.8% (COST $22,874,999) ................................. 25,194,496
Other assets in excess of liabilities--5.4% .................................. 946,789
Preferred shares at redemption value, including dividends payable--(48.2)% ... (8,502,445)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ........................... $ 17,638,840
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and prices of the earliest optional call or redemption.
There may be other call provisions at varying prices at later dates.
+ This bond is prerefunded. See Glossary for definition.
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificate of Participation
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
MBIA -- Municipal Bond Insurance Association
GO -- General Obligation
See Notes to Financial Statements.
25
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--154.1%
FLORIDA--132.7%
AA $10,715 Beacon Tradeport Cmnty. Dev. Dist. Spec. Assmt., Coml.
Proj., Ser. A, 5.625%, 5/1/32 ............................................. 05/12 @ 102 $ 11,119,920
AAA 2,800 Cap. Projs. Fin. Auth. Student Hsg. Rev., Cap. Projs. Loan Prog.,
Ser. F-1, 5.00%, 10/01/31, MBIA ........................................... 08/11 @ 102 2,768,612
Aaa 7,000 Escambia Cnty. Hlth. Facs. Auth. Hlth. Care Fac. Rev., 5.95%, 7/01/20, AMBAC No Opt. Call 8,032,640
Florida Brd. of Ed., GO,
AA+ 5,550 Ser. A, 5.125%, 6/01/30 ................................................... 06/10 @ 101 5,602,281
AAA 2,500 Ser. F, 5.00%, 6/01/32, MBIA .............................................. 06/12 @ 101 2,502,900
A 3,000 Florida Hsg. Fin. Corp. Rev., Sunset Place, Ser. K-1, 6.10%, 10/01/29 ....... 10/09 @ 102 3,073,440
AA- 1,860 Florida Tpke. Auth. Rev., Dept. of Transp., Ser. B, 5.00%, 7/01/30 .......... 07/10 @ 101 1,861,432
NR 1,715 Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 ............ 05/13 @ 101 1,655,026
A- 6,500 Highlands Cnty. Hlth. Facs. Auth. Rev., Hosp. Adventist/Sunbelt,
Ser. A, 6.00%, 11/15/31 ................................................... 11/11 @ 101 6,717,035
A2 3,000 Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co.
Proj., 5.50%, 10/01/23 .................................................... 10/12 @ 100 2,981,250
AA 7,500 Jacksonville Econ. Dev. Comm. Hlth. Facs. Rev., Mayo Clinic,
Ser. B, 5.50%, 11/15/36 ................................................... 11/11 @ 101 7,684,725
AAA 4,000 Jacksonville Transp. Rev., 5.00%, 10/01/26, MBIA ............................ 10/11 @ 100 4,011,920
AA 5,000 JEA Elec. Sys. Rev., Ser. A, 5.50%, 10/01/41 ................................ 10/07 @ 100 5,088,000
Aa3 7,500 JEA Wtr. & Swr. Sys. Rev., Ser. C, 5.25%, 10/01/37 .......................... 10/06 @ 100 7,549,575
AAA 2,770 Melbourne Wtr. & Swr. Rev., Zero Coupon, 10/01/21, FGIC ..................... No Opt. Call 1,067,059
Aaa 1,000 Miami Dade Cnty. Expwy. Auth. Toll Sys. Rev., 5.125%, 7/01/25, FGIC ......... 07/11 @ 101 1,013,520
AAA 6,000 Miami Dade Cnty. Sch. Brd., COP, Ser. A, 5.00%, 5/01/31, MBIA ............... 05/11 @ 101 5,992,440
Miami Dade Cnty. Spec. Oblig., MBIA,
AAA 2,595 Ser. A, Zero Coupon, 10/01/19 ............................................. 04/08 @ 55.413 1,059,383
AAA 9,700 Ser. B, Zero Coupon, 10/01/33 ............................................. 04/08 @ 25.056 1,723,011
AAA 25,000 Ser. C, Zero Coupon, 10/01/28 ............................................. 04/08 @ 32.99 5,881,250
No. Palm Beach Cnty. Impvt. Dist. Rev., Wtr. Ctrl. & Impvt. Unit Dev. No. 43,
NR 5,845 6.10%, 8/01/21 ............................................................ 08/11 @ 101 5,885,214
NR 3,500 6.125%, 8/01/31 ........................................................... 08/11 @ 101 3,474,450
Aaa 4,000 Osceola Cnty. Sch. Brd., COP, Ser. A, 5.25%, 6/01/27, AMBAC ................. 06/12 @ 101 4,082,800
AAA 4,500 Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC .............. 08/11 @ 101 4,518,180
AAA 2,325 Port St. Lucie Util. Rev., 5.125%, 9/01/31, MBIA ............................ 09/11 @ 100 2,347,413
Aaa 5,000 St. Petersburg Pub. Util. Rev., Ser. A, 5.00%, 10/01/28, FSA ............... 10/09 @ 101 5,006,450
AA 5,500 Tampa Rev., Univ. Tampa Proj., 5.625%, 4/01/32, RAA ......................... 04/12 @ 100 5,689,805
AA 8,000 Tampa Wtr. & Swr. Rev., Ser. A, 5.00%, 10/01/26 ............................. 10/11 @ 101 8,026,880
Baa2 2,000 Volusia Cnty. Edl. Fac. Auth. Rev., Embry Riddle Aero. Univ.,
Ser. A, 5.75%, 10/15/29 ................................................... 10/09 @ 101 2,044,760
------------
128,461,371
------------
PUERTO RICO--21.4%
A1 6,000 Children's Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 .............. 05/12 @ 100 5,757,000
A- 7,500 Puerto Rico Comnwlth., GO, Ser. A, 5.125%, 7/01/31 .......................... 07/11 @ 100 7,534,350
Puerto Rico Pub. Fin. Corp. Rev., Comnwlth. Approp., Ser. E,
BBB+ 4,000 5.70%, 8/01/25 ............................................................ 02/10 @ 100 4,215,120
BBB+ 3,000 5.75%, 8/01/30 ............................................................ 02/07 @ 100 3,231,630
------------
20,738,100
------------
TOTAL LONG-TERM INVESTMENTS (COST $146,357,347) ............................. 149,199,471
------------
See Notes to Financial Statements.
26
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUNDS--6.2%
NR $ 3,000 AIM Tax Free Investment Co. Cash Reserve Portfolio ............................. N/A $ 3,000,000
NR 3,000 SSgA Tax Free Money Mkt. Fund .................................................. N/A 3,000,000
------------
TOTAL SHORT-TERM INVESTMENTS (COST $6,000,000) ................................. 6,000,000
------------
Total Investments--160.3% (cost $152,357,347) .................................. 155,199,471
Liabilities in excess of other assets--(0.9)% .................................. (827,836)
Preferred shares at redemption value, including dividends payable--(59.4)% ..... (57,555,361)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ............................. $ 96,816,274
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** 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
AMBAC -- American Municipal Bond Assurance Corporation
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.
27
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--145.6%
NEW JERSEY-131.3%
NR $ 1,000+ Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 .................... 06/09 @ 100 $ 1,047,150
AAA 1,000 Delaware River Port. Auth. of PA & NJ Rev., 5.75%, 1/01/26, FSA ............. 01/10 @ 100 1,073,170
AAA 1,000++ Essex Cnty. Util. Auth. Sld. Wst. Rev., Ser. A, 5.60%, 4/01/06, FSA ......... N/A 1,125,980
New Jersey Econ. Dev. Auth. Rev.,
B+ 1,000 Continental Airlines Inc. Proj., 7.00%, 11/15/30 .......................... 11/10 @ 101 555,170
AAA 1,000++ Mkt. Trans. Fac., Ser. A, 5.875%, 7/01/04, MBIA ........................... N/A 1,088,160
AAA 900 Transp. Proj. Sublease, Ser. A, 5.75%, 5/01/10, FSA ....................... No Opt. Call 1,030,626
BBB 500 Trigen-Trenton Proj., Ser. A, 6.20%, 12/01/10 ............................. 12/03 @ 102 512,440
AAA 1,000++ New Jersey Edl. Fac. Auth. Rev., Rowan College, Ser. E,
5.875%, 7/01/06, AMBAC .................................................... N/A 1,133,820
New Jersey Hlth. Care Fac. Fin. Auth. Rev.,
A2 1,000 Hackensack Univ. Med. Ctr, 6.00%, 1/01/25 ................................. 01/10 @ 101 1,043,280
AAA 1,000++ Riverview Med. Ctr., 5.50%, 7/01/04, AMBAC ................................ N/A 1,082,060
AAA 1,000 St. Josephs Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE ................. 07/06 @ 102 1,090,890
AAA 840 New Jersey Hsg. & Mtge. Fin. Rev., Home Buyer, Ser. O, 6.35%,
10/01/27, MBIA ............................................................ 10/05 @ 101.5 869,408
AAA 1,000 New Jersey Tpke. Auth. Rev., Ser. C, 6.50%, 1/01/16, AMBAC .................. No Opt. Call 1,223,640
New Jersey Transp. Trust Fund Auth., Trans. Sys. Rev., Ser. B, MBIA,
AAA 375++ 5.50%, 6/15/05 ............................................................ N/A 416,055
AAA 625 5.50%, 6/15/15 ............................................................ 06/05 @ 102 678,150
AAA 375++ 5.75%, 6/15/05 ............................................................ N/A 418,433
AAA 625 5.75%, 6/15/14 ............................................................ 06/05 @ 102 688,406
AA 1,000++ North Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05 ..................... N/A 1,095,270
AAA 1,000 Passaic Valley Sewage Com., Swr. Sys., Ser. E, GO, 5.75%, 12/01/21, AMBAC ... 12/09 @ 101 1,098,870
A1 1,000 Port Auth. of NY & NJ Rev., 5.75%, 12/15/20 ................................. 06/05 @ 101 1,070,210
South Jersey Transp. Auth., Transp. Sys. Rev., Ser. B, MBIA,
AAA 570++ 6.00%, 11/01/02 ........................................................... N/A 581,400
AAA 430 6.00%, 11/01/12 ........................................................... 11/02 @ 102 439,864
------------
19,362,452
------------
PUERTO RICO--14.3%
AAA 1,000 Puerto Rico Comnwlth., 5.40%, 7/01/25, FSA .................................. 07/06 @ 101.5 1,055,540
A- 1,000 Puerto Rico Elec. Pwr. Auth. Rev., Ser. U, 6.00%, 7/01/14 ................... 07/04 @ 102 1,060,210
------------
2,115,750
------------
TOTAL INVESTMENTS--145.6% (COST $19,981,595) ................................ 21,478,202
Other assets in excess of liabilities--5.2% ................................. 769,480
Preferred shares at redemption value, including dividends payable--(50.8)% .. (7,500,534)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 14,747,148
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest optional call or redemption.
There may be other call provisions at varying prices at later dates.
+ 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, 2002, the
Trust held 7.1% of its net assets, with a current market value of
$1,047,150 in securities restricted as to resale.
++ This bond is prerefunded. See Glossary for definition.
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
GO -- General Obligation
CONNIE LEE -- College Construction Loan Insurance Association
MBIA -- Municipal Bond Insurance Association
FSA -- Financial Security Assurance
See Notes to Financial Statements.
28
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--156.5%
NEW JERSEY--112.8%
Charter Mac Equity Issuer Trust,
NR $ 7,000+ Ser. A-2, 6.30%, 6/30/49 ................................................... 06/09 @ 100 $ 7,174,720
NR 2,500+ Ser. B-1, 6.80%, 11/30/50 .................................................. 11/10 @ 100 2,565,275
Cherry Hill Twnshp., GO,
Aa2 4,065 5.00%, 7/15/22 ............................................................. 07/11 @ 100 4,093,862
Aa2 4,275 5.00%, 7/15/23 ............................................................. 07/11 @ 100 4,296,332
Middlesex Cnty.,
AAA 7,750 COP, 5.00%, 8/01/31, MBIA .................................................. 08/11 @ 100 7,766,972
AAA 1,400 Impvt. Auth. Rev., Admin. Bldg. Res. Proj., 5.35%, 7/01/34 ................. 07/11 @ 100 1,407,784
AAA 1,450 Impvt. Auth. Util. Sys. Rev., Perth Amboy Franchise Proj.,
Ser. A, 5.00%, 9/01/29, AMBAC .............................................. 09/09 @ 101 1,453,669
AAA 1,820 Monmouth Cnty. Impvt. Auth. Rev., Brookland Cmnty.
Coll. Proj., 5.00%, 8/01/29, AMBAC .......................................... 08/10 @ 100 1,824,532
MuniMae TE Bond Subsidiary, LLC,
NR 3,000+ Ser. A, 6.30%, 6/30/49 ..................................................... 11/09 @ 100 3,092,820
NR 2,000+ Ser. B, 6.80%, 6/30/50 ..................................................... 11/10 @ 100 2,048,420
New Jersey Econ. Dev. Auth. Rev.,
B+ 4,000 Continental Airlines Inc. Proj., 7.00%, 11/15/30 ........................... 11/10 @ 101 2,220,680
B+ 2,000 Continental Airlines Inc. Proj., 7.20%, 11/15/30 ........................... 11/10 @ 101 1,140,480
BBB- 2,630 First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 .................. 01/09 @ 102 2,468,570
Baa3 2,500 Kapkowski Road Landfill Proj., 6.50%, 4/01/28 .............................. No Opt. Call 2,679,425
Baa3 5,000 Kapkowski Road Landfill Proj., 6.50%, 4/01/31 .............................. No Opt. Call 5,352,900
A+ 2,000 Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 ............................... 06/11 @ 102 2,060,520
Aaa 2,000 Victoria Hlth., Ser. A, 5.20%, 12/20/36 .................................... 12/11 @ 103 2,032,740
New Jersey Hlth. Care Facs. Fin. Auth. Rev.,
A- 4,500 Atlantic City Med. Ctr., 5.75%, 7/01/25 .................................... 07/12 @ 100 4,626,180
AA 1,500 Good Shepherd, 5.20%, 7/01/31, RAA ......................................... 07/11 @ 100 1,502,160
A3 10,000 Kennedy Hlth. Sys., 5.625%, 7/01/31 ........................................ 07/11 @ 100 10,066,200
Baa1 1,960 So. Jersey Hosp., 6.00%, 7/01/26 ........................................... 07/12 @ 100 1,976,366
Baa1 5,500 So. Jersey Hosp., 6.00%, 7/01/32 ........................................... 07/12 @ 100 5,529,810
AA 1,250 So. Ocean Cnty. Hosp., 5.125%, 7/01/31, RAA ................................ 07/11 @ 100 1,254,863
Baa1 1,540 So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23 .............................. 07/03 @ 102 1,560,836
AAA 3,000 New Jersey Hsg. Mult. Fam. Mtge. Rev., Ser. A, 5.05%, 5/01/34, FSA .......... 05/11 @ 100 2,982,660
Aaa 1,990 Newark Hlth. Care Fac. Rev., New Cmty. Urban Renewal Proj.,
Ser. A, 5.20%, 6/01/30 ..................................................... 06/12 @ 102 2,030,138
Port Auth. of NY & NJ Rev.,
AAA 4,000 Ser. 124, 5.00%, 8/01/36, FGIC ............................................. 08/08 @ 101 4,004,880
AAA 8,000 Spec. Oblig. Rev., JFK Intl., Air Term. 6, 5.75%, 12/01/22, MBIA ........... 12/07 @ 102 8,555,040
A1 10,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 ............................... 06/12 @ 100 9,592,700
Trenton Pkg. Auth. Rev., FGIC,
Aaa 5,465 5.00%, 4/01/25 ............................................................. 04/11 @ 100 5,491,451
Aaa 3,700 5.00%, 4/01/30 ............................................................. 04/11 @ 100 3,707,807
Vineland, GO, MBIA,
Aaa 1,500 5.30%, 5/15/30 ............................................................. 05/10 @ 101 1,518,630
Aaa 1,500 5.375%, 5/15/31 ............................................................ 05/10 @ 101 1,528,410
------------
119,607,832
------------
PUERTO RICO--43.7%
A1 8,000 Children's Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 ............... 05/12 @ 100 7,676,000
A 7,000 Puerto Rico Comnwlth. Hwy. & Transp. Auth., Transp. Rev.,
Ser. D, 5.25%, 7/01/38 ..................................................... 07/12 @ 100 7,054,110
Puerto Rico Hsg. Fin. Corp. Home Mtge. Rev.,
AAA 3,000 Ser. A, 5.20%, 12/01/33 .................................................... 06/11 @ 100 3,032,130
AAA 3,000 Ser. B, 5.30%, 12/01/28 .................................................... 06/11 @ 100 3,012,180
Puerto Rico Pub. Bldgs. Auth. Rev., Ser. D,
AAA 5,000 Zero Coupon, 7/01/31, AMBAC ................................................ 07/17 @ 100 3,104,450
A- 10,500 Gov't. Facs., 5.25%, 7/01/36 ............................................... 07/12 @ 100 10,613,085
See Notes to Financial Statements.
29
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
Puerto Rico Pub. Fin. Corp. Rev., Comnwlth. Approp., Ser. E,
BBB+ $ 4,000 5.70%, 8/01/25 ........................................................... 02/10 @ 100 $ 4,215,120
BBB+ 7,040 5.75%, 8/01/30 ........................................................... 02/07 @ 100 7,583,558
------------
46,290,633
------------
TOTAL LONG-TERM INVESTMENTS (COST $165,020,024) ............................ 165,898,465
------------
MONEY MARKET FUND--1.9%
NR 2,000 AIM Tax Free Investment Co. Cash Reserves Portfolio (cost $2,000,000) ...... N/A 2,000,000
------------
TOTAL INVESTMENTS--158.4% (COST $167,020,024) .............................. 167,898,465
Other assets in excess of liabilities--1.8% ................................ 1,906,205
Preferred shares at redemption value, including dividends payable--(60.2)% . (63,819,574)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ......................... $105,985,096
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest optional call or redemption.
There may be other call provisions at varying prices at later dates.
+ 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, 2002, the
Trust held 14.0% of its net assets, with a current market value of
$14,881,235 in securities restricted as to resale.
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificate of Participation
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.
30
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--143.9%
NEW YORK--133.3%
AAA $ 1,000+ Met. Transp. Auth., Trans. Fac. Rev., Ser. M, 6.00%, 7/01/03, AMBAC ......... N/A $ 1,043,400
AAA 1,000 Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC ............................ 11/06 @ 102 1,070,410
New York City, GO,
A 1,000 Ser. A, 6.00%, 5/15/30 .................................................... 05/10 @ 101 1,063,190
A 1,000 Ser. D, 6.60%, 2/01/04 .................................................... No Opt. Call 1,054,070
A 1,000 Ser. I, 5.875%, 3/15/18 ................................................... 03/06 @ 101.5 1,049,540
New York City Ind. Dev. Agcy. Spec. Fac. Rev., Term. One Grp. Assoc. Proj.,
A3 1,000 6.00%, 1/01/08 ............................................................ 01/04 @ 102 1,033,570
A3 1,000 6.00%, 1/01/15 ............................................................ 01/04 @ 102 1,029,370
A3 1,000 6.10%, 1/01/09 ............................................................ 01/04 @ 102 1,033,760
AAA 1,000+ New York City Mun. Wtr. Fin. Auth., Rev., Ser. A, 6.00%, 6/15/05 ............ N/A 1,114,000
New York City Trans'l. Fin. Auth. Rev., Ser. B,
AA+ 815+ 6.00%, 5/15/10 ............................................................ N/A 963,990
AA+ 1,000+ 6.00%, 5/15/10 ............................................................ N/A 1,182,810
AA+ 185 6.00%, 11/15/21 ........................................................... 05/10 @ 101 204,266
New York Dorm. Auth. Rev., City Univ.,
AAA 1,250+ 6.125%, 7/01/04, AMBAC .................................................... N/A 1,366,363
AAA 1,000+ 6.20%, 7/01/04, AMBAC ..................................................... N/A 1,094,310
BBB 1,000 Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25 ................................. 07/10 @ 101 1,076,200
AAA 1,005 St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC ................................ No Opt. Call 1,118,173
AAA 1,000+ St. Univ. Edl. Fac., Ser. A, 6.25%, 5/15/03 ............................... N/A 1,044,170
AAA 1,000+ St. Univ. Edl. Fac., Ser. B, 6.00%, 5/15/04 ............................... N/A 1,085,660
AAA 1,000+ St. Univ. Edl. Fac., Ser. B, 6.25%, 5/15/04 ............................... N/A 1,089,420
A+ 1,000 Univ. Rochester, Ser. B, 5.625%, 7/01/24 .................................. 07/09 @ 101 1,044,940
AA 1,000 New York, GO, Ser. B, 5.70%, 8/15/12 ........................................ 08/05 @ 101 1,090,410
AA- 1,000 New York Hsg. Fin. Agcy., Svc. Ctr. Oblig. Rev., Ser. A, 5.50%, 9/15/22 ..... 03/03 @ 102 1,026,900
AA- 1,000 New York Local Gov't. Asst. Corp. Rev., Ser. B, 5.50%, 4/01/21 .............. 04/03 @ 102 1,026,780
New York Urban Dev. Corp. Rev.,
AAA 1,000 Correctional Cap. Facs., 5.70%, 1/01/27, MBIA ............................. 01/07 @ 102 1,067,810
AA- 900 Youth Fac., 5.875%, 4/01/09 ............................................... 04/04 @ 102 962,568
A- 1,000 Ulster Cnty. Res. Rec. Agcy., Sld. Wst. Sys. Rev., 5.90%, 3/01/07 ........... 03/03 @ 102 1,029,460
------------
26,965,540
------------
PUERTO RICO--10.6%
A- 1,000+ Puerto Rico Elec. Pwr. Auth. Rev., Ser. T, 6.00%, 7/01/04 ................... N/A 1,091,060
BBB+ 1,000 Puerto Rico Pub. Fin. Corp. Rev., Comnwlth. Approp., Ser. E, 5.50%, 8/01/29 . 02/12 @ 100 1,047,370
------------
2,138,430
------------
TOTAL INVESTMENTS--143.9% (COST $26,580,235) ................................ 29,103,970
Other assets in excess of liabilities--4.5% ................................. 919,191
Preferred shares at redemption value, including dividends payable--(48.4)% .. (9,801,396)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% .......................... $ 20,221,765
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest optional call or redemption.
There may be other call provisions at varying prices at later dates.
+ This bond is prerefunded. See Glossary for definition.
KEY TO ABBREVIATIONS
AMBAC -- American Municipal Bond Assurance Corporation
GO -- General Obligation
MBIA -- Municipal Bond Insurance Association
See Notes to Financial Statements.
31
PORTFOLIO OF INVESTMENTS OCTOBER 31, 2002
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS--158.2%
NEW YORK--136.7%
Charter Mac Equity Issuer Trust,
NR $ 6,000+ Ser. A-2, 6.30%, 6/30/49 ................................................... 06/09 @ 100 $ 6,149,760
NR 5,500+ Ser. B-1, 6.80%, 11/30/50 .................................................. 11/10 @ 100 5,643,605
Aaa 2,750 Columbia Cnty. Ind. Dev. Agcy., Civic Fac. Rev., Hudson Valley Care, Ser. A,
6.875%, 3/20/37 ............................................................ 03/12 @ 105 3,155,047
AAA 1,355 East Rochester Hsg. Auth., Gates Sr. Hsg. Inc. Proj., 6.13%, 4/20/43 ......... 10/11 @ 105 1,457,966
A- 2,590 Long Island Pwr. Auth. Elec. Sys. Rev., Ser. A, 5.50%, 12/01/29 .............. 06/03 @ 101 2,626,105
Met. Transp. Auth. Rev., Ser. A,
A 12,000 5.125%, 11/15/31 ........................................................... 11/12 @ 100 12,017,520
AA- 12,000 Dedicated Tax Fnd. Rev., 5.00%, 11/15/30 ................................... 11/12 @ 100 11,824,440
MuniMae TE Bond Subsidiary, LLC,
NR 6,000+ Ser. A, 6.30%, 6/30/49 ..................................................... 11/09 @ 100 6,185,640
NR 3,000+ Ser. B, 6.80%, 6/30/50 ..................................................... 11/10 @ 100 3,072,630
New York City, GO,
A 6,000 Ser. C, 5.375%, 3/15/28 .................................................... 03/12 @ 100 5,998,620
A 7,000 Ser. D, 5.375%, 6/01/32 .................................................... 06/12 @ 100 6,985,790
New York City Ind. Dev. Agcy.,
A 750 Marymount Sch. Proj., 5.125%, 9/01/21, ACA ................................. 09/11 @ 102 751,792
A 2,000 Marymount Sch. Proj., 5.25%, 9/01/31, ACA .................................. 09/11 @ 102 1,994,400
AAA 1,550 Royal Charter Presbyterian, 5.25%, 12/15/32, FSA ........................... 12/11 @ 102 1,583,356
BBB- 14,850 Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 .................. 07/11 @ 100 13,664,079
A3 6,000 Spec. Fac. Rev., Term. One Grp. Assoc. Proj., 6.00%, 1/01/19 ............... 01/04 @ 102 6,144,540
New York City Mun. Wtr. Fin. Auth. Rev.,
AAA 5,000 Ser. A, 5.00%, 6/15/32, FGIC ............................................... 06/11 @ 100 5,007,350
AA 7,000 Ser. C, 5.00%, 6/15/32 ..................................................... 06/11 @ 100 6,990,900
New York City Trans'l. Fin. Auth. Rev., Ser. C,
AA+ 5,940++ 5.00%, 5/01/09 ............................................................. N/A 6,643,712
AA+ 3,660 5.00%, 5/01/29 ............................................................. 05/09 @ 101 3,628,817
A1 4,750 New York Cntys. Tobacco Trust II, Tobacco Settlement Rev., 5.625%, 6/01/35 ... 06/11 @ 101 4,618,710
New York Dorm. Auth. Rev.,
AA- 17,000 City Univ. Ser. A, 5.25%, 7/01/31 .......................................... 07/11 @ 100 17,225,420
A3 10,780 Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30 ............................... 07/11 @ 101 10,848,669
AAA 9,000 New Sch. Univ., 5.00%, 7/01/41, MBIA ....................................... 07/11 @ 100 8,972,820
AAA 9,000 New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC .............................. 07/11 @ 100 8,972,820
New York St. Mtge. Agcy. Rev.,
Aa1 5,985 Ser. 101, 5.40%, 4/01/32 ................................................... 10/11 @ 100 6,009,838
Aaa 15,500 Ser. A, 5.30%, 10/01/31 .................................................... 04/11 @ 100 15,530,380
AA- 6,290 New York Urban Dev. Corp. Rev., Correctional Cap. Facs.,
Ser. 6, 5.375%, 1/1/25 ..................................................... 01/06 @ 102 6,404,918
Port Auth. of NY & NJ Rev.,
AAA 9,500 Ser. 124, 5.00%, 8/01/36, FGIC ............................................. 08/08 @ 101 9,511,590
B3 8,800 Spec. Oblig. Rev., Cont'l./Eastern Proj. LaGuardia, 9.125%, 12/01/15 ....... 12/02 @ 100 8,817,952
AAA 13,000 Spec. Oblig. Rev., JFK Int'l. Air Term. 6, 5.75%, 12/01/22, MBIA ........... 12/07 @ 102 13,901,940
A1 2,500 Rensselaer Tobacco Asset Sec. Corp., New York Tobacco Settlement Rev.,
Ser. A, 5.75%, 6/01/43 ..................................................... 06/12 @ 100 2,408,650
A1 5,000 Rockland Tobacco Asset Sec. Corp., New York Tobacco
Settlement Rev., 5.75%, 8/15/43 ............................................ 08/12 @ 100 4,816,850
TSASC Inc., Ser. 1,
Aa3 8,000 Flexible Amortization Bonds, 6.375%, 7/15/39 ............................... 07/09 @ 101 8,454,400
Aa2 5,000 Tobacco Settlement Rev., 5.75%, 7/15/32 .................................... 07/12 @ 100 4,988,300
AA 2,500 Westchester Cnty. Ind. Dev. Agcy. Rev., Winward Sch.
Civic Fac., 5.25%, 10/01/31, RAA ........................................... 10/11 @ 100 2,521,550
A1 2,000 Westchester Tobacco Asset Sec., Corp.
Tobacco Settlement Rev., 6.75%, 7/15/29 .................................... 07/10 @ 101 2,193,140
------------
247,724,016
------------
See Notes to Financial Statements.
32
PRINCIPAL OPTION CALL
RATING* AMOUNT PROVISIONS** VALUE
(UNAUDITED) (000) DESCRIPTION (UNAUDITED) (NOTE 1)
--------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO--21.5%
A1 $ 6,000 Children's Trust Fund Tobacco Settlement Rev., 5.625%, 5/15/43 ............... 05/12 @ 100 $ 5,757,000
A- 3,000 Puerto Rico Comnwlth., GO, Ser. A, 5.125%, 7/01/31 .......................... 07/11 @ 100 3,013,740
A- 6,000 Puerto Rico Pub. Bldgs. Auth. Rev., Gov't. Facs., Ser. D, 5.25%, 7/01/36 ..... 07/12 @ 100 6,064,620
Puerto Rico Pub. Fin. Corp. Rev., Comnwlth. Approp., Ser. E,
BBB+ 10,000 5.50%, 8/01/29 ............................................................. 02/12 @ 100 10,473,700
BBB+ 7,000 5.70%, 8/01/25 ............................................................. 02/10 @ 100 7,376,460
BBB+ 5,750 5.75%, 8/01/30 ............................................................. 02/07 @ 100 6,193,958
------------
38,879,478
------------
TOTAL INVESTMENTS--158.2% (COST $281,814,205) ................................ 286,603,494
Other assets in excess of liabilities--2.4% .................................. 4,359,124
Preferred shares at redemption value, including dividends payable--(60.6)% ... (109,762,702)
------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS--100% ........................... $181,199,916
============
----------
* Using the higher of Standard & Poor's, Moody's or Fitch's rating.
** Date (month/year) and price of the earliest call or redemption. There may
be other call provisions at varying prices at later dates.
+ 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, 2002, the
Trust held 11.6% of its net assets, with a current market value of
$21,051,635 in securities restricted as to resale.
++ This bond is prerefunded. See Glossary for definition.
KEY TO ABBREVIATIONS
ACA -- American Capital Access
AMBAC -- American Municipal Bond Assurance Corporation
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.
33
STATEMENTS OF ASSETS AND LIABILITIES
OCTOBER 31, 2002
--------------------------------------------------------------------------------
CALIFORNIA
INVESTMENT QUALITY INVESTMENT QUALITY CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
TRUST INCOME TRUST TRUST INCOME TRUST
-------------- --------------- -------------- -------------
ASSETS
Investments at value(1) ........................... $ 394,761,380 $ 959,589,222 $ 21,962,091 $ 346,930,507
Cash .............................................. 77,068 -- 258,427 1,044,188
Receivable from investments sold .................. -- 2,506,739 -- --
Interest receivable ............................... 6,991,041 16,211,646 308,274 5,002,809
Other assets ...................................... 61,853 46,055 7,446 14,359
------------ ------------- ------------ ------------
401,891,342 978,353,662 22,536,238 352,991,863
------------ ------------- ------------ ------------
LIABILITIES
Payable to custodian .............................. -- 230,081 -- --
Payable for investments purchased ................. -- 19,369,800 -- 7,448,400
Dividends payable-- common shares ................. 1,211,264 3,397,087 68,818 1,105,181
Investment advisory fee payable ................... 119,871 287,538 6,707 103,587
Administration fee payable ........................ 51,373 -- 1,916 --
Deferred Directors/Trustees fees .................. 39,868 26,301 7,236 7,485
Other accrued expenses ............................ 143,428 178,976 39,794 143,604
------------ ------------- ------------ ------------
1,565,804 23,489,783 124,471 8,808,257
------------ ------------- ------------ ------------
PREFERRED SHARES AT REDEMPTION VALUE
$25,000 liquidation value per share, including
dividends payable(2,3) .......................... 146,616,022 375,183,000 7,500,312 131,968,424
------------ ------------- ------------ ------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS ............................... $ 253,709,516 $ 579,680,879 $ 14,911,455 $ 212,215,182
============ ============= ============ ============
Composition of Net Assets Applicable to
Common Shareholders:
Par value ....................................... $ 167,071 $ 43,311 $ 10,071 $ 14,959
Paid-in capital in excess of par ................ 231,766,743 617,134,569 13,392,714 212,627,025
Undistributed net investment income ............. 7,208,291 6,300,650 236,052 1,592,801
Accumulated net realized loss ................... (5,919,921) (15,582,356) -- (2,368,526)
Net unrealized appreciation (depreciation) ...... 20,487,332 (28,215,295) 1,272,618 348,923
------------ ------------- ------------ ------------
Net assets applicable to common shareholders,
October 31, 2002 ................................ $ 253,709,516 $ 579,680,879 $ 14,911,455 $ 212,215,182
============ ============= ============ ============
Net asset value per common share(4) ............... $15.19 $13.33 $14.81 $14.16
====== ====== ====== ======
(1)Investments at cost ............................ $ 374,274,048 $ 987,804,517 $ 20,689,473 $ 346,581,584
(2)Preferred shares outstanding ................... 5,862 15,005 300 5,278
(3)Par value per share ............................ 0.01 0.001 0.01 0.001
(4)Common shares outstanding ...................... 16,707,093 43,482,711 1,007,093 14,985,501
See Notes to Financial Statements.
34
FLORIDA NEW JERSEY NEW YORK
INVESTMENT QUALITY FLORIDA INVESTMENT QUALITY NEW JERSEY INVESTMENT QUALITY NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
TRUST INCOME TRUST TRUST INCOME TRUST TRUST INCOME TRUST
------------ ------------- -------------- ------------- ------------- -------------
$ 25,194,496 $155,199,471 $ 21,478,202 $167,898,465 $ 29,103,970 $286,603,494
701,761 352,361 481,493 -- -- 857,441
-- -- -- 5,000 531,134 --
371,403 1,989,989 395,316 2,582,744 523,130 4,604,955
7,462 6,423 7,437 7,058 7,494 11,813
----------- ------------ ------------ ------------ ------------ -----------
26,275,122 157,548,244 22,362,448 170,493,267 30,165,728 292,077,703
----------- ------------ ------------ ------------ ------------ -----------
-- -- -- 12,875 -- --
-- 2,560,764 -- -- -- --
77,544 488,785 66,367 537,572 95,581 915,634
7,777 46,358 6,639 51,034 8,953 87,183
2,222 -- 1,897 -- 2,558
7,230 3,398 7,230 3,695 7,223 6,195
39,064 77,304 32,633 83,421 28,252 106,073
----------- ------------ ------------ ------------ ------------ -----------
133,837 3,176,609 114,766 688,597 142,567 1,115,085
----------- ------------ ------------ ------------ ------------ -----------
8,502,445 57,555,361 7,500,534 63,819,574 9,801,396 109,762,702
----------- ------------ ------------ ------------ ------------ -----------
$ 17,638,840 $ 96,816,274 $14,747,148 $105,985,096 $20,221,765 $181,199,916
=========== ============ ============ ============ ============ ===========
$ 11,271 $ 6,618 $ 10,071 $ 7,369 $ 13,071 $ 12,429
15,001,008 94,259,853 13,353,335 105,166,790 17,651,717 177,605,686
307,064 548,066 407,105 597,996 492,564 883,082
-- (840,387) (519,970) (665,500) (459,322) (2,090,570)
2,319,497 2,842,124 1,496,607 878,441 2,523,735 4,789,289
----------- ------------ ------------ ------------ ------------ -----------
$ 17,638,840 $ 96,816,274 $14,747,148 $105,985,096 $20,221,765 $181,199,916
=========== ============ ============ ============ ============ ===========
$15.65 $14.57 $14.64 $14.29 $15.47 $14.47
====== ====== ====== ====== ====== ======
$ 22,874,999 $152,357,347 $19,981,595 $167,020,024 $26,580,235 $281,814,205
340 2,302 300 2,552 392 4,390
0.01 0.001 0.01 0.001 0.01 0.001
1,127,093 6,646,343 1,007,093 7,414,793 1,307,093 12,521,494
35
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED OCTOBER 31, 2002
--------------------------------------------------------------------------------
CALIFORNIA
INVESTMENT QUALITY INVESTMENT QUALITY CALIFORNIA
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
TRUST INCOME TRUST TRUST INCOME TRUST
------------ ------------ ------------ ------------
INVESTMENT INCOME
Interest Income (Note 1) .................. $ 22,673,136 $ 57,158,060 $ 1,240,080 $ 18,561,938
------------ ------------ ------------ ------------
EXPENSES
Investment advisory ....................... 1,392,923 5,841,300 79,526 2,051,488
Administration ............................ 596,967 -- 22,722 --
Transfer agent ............................ 22,783 31,809 10,000 25,863
Auction agent ............................. 389,831 968,222 19,000 353,690
Custodian ................................. 113,500 161,945 4,000 81,969
Reports to shareholders ................... 52,142 39,031 16,000 50,040
Directors/Trustees fees ................... 40,473 85,542 12,000 35,230
Registration .............................. 31,792 49,861 2,000 50,340
Independent accountants ................... 33,766 27,138 8,000 39,902
Legal ..................................... 39,127 16,498 6,000 12,686
Insurance ................................. 6,734 43,555 1,354 15,424
Miscellaneous ............................. 25,478 115,409 15,131 35,715
------------ ------------ ------------ ------------
Total expenses .......................... 2,745,516 7,380,310 195,733 2,752,347
Less fees waived by Advisor (Note 2) .... -- (2,433,875) -- (854,787)
Less fees paid indirectly (Note 2) ...... (11,137) (75,584) -- (41,979)
------------ ------------ ------------ ------------
Net expenses ............................ 2,734,379 4,870,851 195,733 1,855,581
------------ ------------ ------------ ------------
Net investment income ....................... 19,938,757 52,287,209 1,044,347 16,706,357
------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
Net realized gain (loss) on investments ... (369,453) (15,056,085) 247,705 (2,398,647)
Net change in unrealized appreciation
(depreciation) on investments ........... (4,013,001) (33,446,564) (897,244) (4,365,363)
------------ ------------ ------------ ------------
Net gain (loss) on investments .............. (4,382,454) (48,502,649) (649,539) (6,764,010)
------------ ------------ ------------ ------------
DIVIDENDS TO PREFERRED SHAREHOLDERS FROM
NET INVESTMENT INCOME ....................... (2,091,204) (5,491,070) (90,269) (1,808,646)
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
RESULTING FROM OPERATIONS ................... $ 13,465,099 $ (1,706,510) $ 304,539 $ 8,133,701
============ ============ ============ ============
See Notes to Financial Statements.
36
FLORIDA NEW JERSEY NEW YORK
INVESTMENT QUALITY FLORIDA INVESTMENT QUALITY NEW JERSEY INVESTMENT QUALITY NEW YORK
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
TRUST INCOME TRUST TRUST INCOME TRUST TRUST INCOME TRUST
------------ ------------ ------------ ------------ ------------ ------------
$ 1,387,899 $ 7,996,935 $ 1,219,546 $ 9,119,365 $ 1,620,564 $ 15,261,991
------------ ------------ ------------ ------------ ------------ ------------
93,745 906,649 78,017 1,008,246 104,001 1,701,807
25,927 -- 22,291 -- 29,715 --
10,000 21,275 12,000 21,497 10,000 23,497
21,000 159,022 19,000 166,637 25,000 302,154
5,000 40,999 5,000 62,673 5,000 72,196
15,000 41,008 16,000 36,002 16,000 47,125
12,000 16,097 12,000 17,994 12,000 28,562
-- 36,223 1,000 45,273 -- 50,254
8,000 37,318 8,000 37,091 8,000 36,973
6,000 4,494 6,000 6,107 6,000 9,445
755 6,731 651 7,324 863 12,410
12,422 21,510 14,118 21,151 15,493 31,342
------------ ------------ ------------ ------------ ------------ ------------
209,849 1,291,326 194,077 1,429,995 232,072 2,315,765
-- (377,771) -- (420,102) -- (709,086)
-- (18,815) -- (35,323) -- (35,366)
------------ ------------ ------------ ------------ ------------ ------------
209,849 894,740 194,077 974,570 232,072 1,571,313
------------ ------------ ------------ ------------ ------------ ------------
1,178,050 7,102,195 1,025,469 8,144,795 1,388,492 13,690,678
------------ ------------ ------------ ------------ ------------ ------------
109,254 (711,143) 24,648 (615,525) 17,396 (2,021,656)
(92,970) 1,525,829 (414,958) 120,445 56,010 5,742,628
------------ ------------ ------------ ------------ ------------ ------------
16,284 814,686 (390,310) (495,080) 73,406 3,720,972
------------ ------------ ------------ ------------ ------------ ------------
(119,861) (764,896) (90,295) (914,433) (118,520) (1,615,269)
------------ ------------ ------------ ------------ ------------ ------------
$ 1,074,473 $ 7,151,985 $ 544,864 $ 6,735,282 $ 1,343,378 $ 15,796,381
============ ============ ============ ============ ============ ============
37
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
INVESTMENT MUNICIPAL
QUALITY MUNICIPAL TRUST INCOME TRUST
----------------------------- -----------------------------
FOR THE PERIOD
JULY 27, 2001(2)
YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2002 2001(1) 2002 2001(1)
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS
APPLICABLE TO COMMON SHAREHOLDERS
OPERATIONS:
Net investment income .................................. $ 19,938,757 $ 20,063,681 $ 52,287,209 $ 7,006,679
Net realized gain (loss) on investments ................ (369,453) (139,260) (15,056,085) (526,271)
Net change in unrealized appreciation (depreciation) ... (4,013,001) 12,674,420 (33,446,564) 5,231,269
Dividends to preferred shareholders:
From net investment income ........................... (2,091,204) (4,799,537) (5,491,070) (562,667)
In excess of net investment income ................... -- -- -- (18,927)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets resulting
from operations ........................................ 13,465,099 27,799,304 (1,706,510) 11,130,083
------------ ------------ ------------ ------------
DIVIDENDS TO COMMON SHAREHOLDERS:
From net investment income ............................. (13,532,094) (13,030,933) (40,274,799) (6,444,012)
In excess of net investment income ..................... -- -- -- (216,763)
------------ ------------ ------------ ------------
Total dividends ...................................... (13,532,094) (13,030,933) (40,274,799) (6,660,775)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from the issuance of common shares ........ -- -- -- 535,236,781
Net proceeds from the underwriters' over-
allotment option exercised ........................... -- -- -- 79,503,750
Reinvestment of common dividends ....................... -- -- 2,401,296 38,778
(Additional) Unused offering costs relating
to the issuance of preferred shares ................. -- 158,743 12,275 --
------------ ------------ ------------ ------------
Net proceeds from capital share transactions ......... -- 158,743 2,413,571 614,779,309
------------ ------------ ------------ ------------
Total increase (decrease) .......................... (66,995) 14,927,114 (39,567,738) 619,248,617
------------ ------------ ------------ ------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of period ...................................... 253,776,511 238,849,397 619,248,617 --
------------ ------------ ------------ ------------
End of period ............................................ $253,709,516 $253,776,511 $579,680,879 $619,248,617
============ ============ ============ ============
End of period undistributed (distributions
in excess of) net investment income .................... $ 7,208,291 $ 2,938,017 $ 6,300,650 $ (235,690)
----------
(1) Prior period amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(2) Commencement of investment operations. This information includes the
initial investment by BlackRock Advisors, Inc. (Note 1).
See Notes to Financial Statements.
38
CALIFORNIA INVESTMENT CALIFORNIA FLORIDA INVESTMENT
QUALITY MUNICIPAL TRUST MUNICIPAL INCOME TRUST QUALITY MUNICIPAL TRUST
----------------------------- ----------------------------- -----------------------------
FOR THE PERIOD
JULY 27, 2001(2)
YEAR ENDED YEAR ENDED YEAR ENDED THROUGH YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2002 2001(1) 2002 2001(1) 2002 2001(1)
------------ ------------ ------------ ------------ ------------ ------------
$ 1,044,347 $ 1,060,522 $ 16,706,357 $ 2,156,178 $ 1,178,050 $ 1,163,769
247,705 17,385 (2,398,647) 30,121 109,254 --
(897,244) 610,063 (4,365,363) 4,714,286 (92,970) 964,928
(90,269) (209,155) (1,808,646) (182,924) (119,861) (268,703)
-- -- -- (18,138) -- --
------------ ------------ ------------ ------------ ------------ ------------
304,539 1,478,815 8,133,701 6,699,523 1,074,473 1,859,994
------------ ------------ ------------ ------------ ------------ ------------
(803,884) (792,980) (13,106,112) (1,973,254) (907,851) (896,582)
-- -- -- (195,660) -- --
------------ ------------ ------------ ------------ ------------ ------------
(803,884) (792,980) (13,106,112) (2,168,914) (907,851) (896,582)
------------ ------------ ------------ ------------ ------------ ------------
-- -- -- 184,357,095 -- --
-- -- -- 27,933,750 -- --
-- -- 380,015 7,166 -- --
-- -- (21,042) -- -- --
------------ ------------ ------------ ------------ ------------ ------------
-- -- 358,973 212,298,011 -- --
------------ ------------ ------------ ------------ ------------ ------------
(499,345) 685,835 (4,613,438) 216,828,620 166,622 963,412
------------ ------------ ------------ ------------ ------------ ------------
15,410,800 14,724,965 216,828,620 -- 17,472,218 16,508,806
------------ ------------ ------------ ------------ ------------ ------------
$ 14,911,455 $ 15,410,800 $212,215,182 $216,828,620 $ 17,638,840 $ 17,472,218
============ ============ ============ ============ ============ ============
$ 236,052 $ 92,684 $ 1,592,801 $ (213,798) $ 307,064 $ 137,794
39
--------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FLORIDA NEW JERSEY INVESTMENT
MUNICIPAL INCOME TRUST QUALITY MUNICIPAL TRUST
------------------------------ ------------------------------
FOR THE PERIOD
JULY 27, 2001(2)
YEAR ENDED THROUGH YEAR ENDED YEAR ENDED
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2002 2001(1) 2002 2001(1)
------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSET
APPLICABLE TO COMMON SHAREHOLDERS
OPERATIONS:
Net investment income .................................. $ 7,102,195 $ 1,041,619 $ 1,025,469 $ 967,744
Net realized gain (loss) on investments ................ (711,143) (129,244) 24,648 10,000
Net change in unrealized appreciation (depreciation) ... 1,525,829 1,316,295 (414,958) 871,565
Dividends to preferred shareholders:
From net investment income ........................... (764,896) (85,894) (90,295) (213,947)
In excess of net investment income ................... -- (349) -- --
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations ..... 7,151,985 2,142,427 544,864 1,635,362
------------ ------------ ------------ ------------
DIVIDENDS TO COMMON SHAREHOLDERS:
From net investment income ............................. (5,799,995) (955,725) (755,976) (735,851)
In excess of net investment income ..................... -- (3,889) -- --
------------ ------------ ------------ ------------
Total dividends ...................................... (5,799,995) (959,614) (755,976) (735,851)
------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from the issuance of common shares ........ -- 82,332,227 -- --
Net proceeds from the underwriters' over-
allotment option exercised ........................... -- 11,603,250 -- --
Reinvestment of common dividends ....................... 394,894 4,260 -- --
Additional (Unused) offering costs relating
to the issuance of preferred shares .................. (53,160) -- -- --
------------ ------------ ------------ ------------
Net proceeds from capital share transactions ......... 341,734 93,939,737 -- --
------------ ------------ ------------ ------------
Total increase (decrease) .......................... 1,693,724 95,122,550 (211,112) 899,511
------------ ------------ ------------ ------------
NET ASSETS APPLICABLE TO
COMMON SHAREHOLDERS
Beginning of period ...................................... 95,122,550 -- 14,958,260 14,058,749
------------ ------------ ------------ ------------
End of period ............................................ $ 96,816,274 $ 95,122,550 $ 14,747,148 $ 14,958,260
============ ============ ============ ============
End of period undistributed (distributions
in excess of) net investment income .................... $ 548,066 $ (4,238) $ 407,105 $ 228,282
----------
(1) Prior year amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(2) Commencement of investment operations. This information includes the
initial investment by BlackRock Advisors, Inc. (Note 1).
See Notes to Financial Statements.
40
--------------------------------------------------------------------------------
NEW JERSEY NEW YORK INVESTMENT NEW YORK
MUNICIPAL INCOME TRUST QUALITY MUNICIPAL TRUST MUNICIPAL INCOME TRUST
------------------------------ ------------------------------ ------------------------------
FOR THE PERIOD FOR THE PERIOD
JULY 27, 2001(2) JULY 27, 2001(2)
YEAR ENDED THROUGH YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31, OCTOBER 31,
2002 2001(1) 2002 2001(1) 2002 2001(1)
------------ ------------ ------------ ------------ ------------ ------------
$ 8,144,795 $ 952,596 $ 1,388,492 $ 1,387,746 $ 13,690,678 $ 1,712,744
(615,525) (49,975) 17,396 -- (2,021,656) (68,914)
120,445 757,996 56,010 913,204 5,742,628 (953,339)
(914,433) (78,257) (118,520) (276,052) (1,615,269) (140,446)
-- (17,366) -- -- -- (21,856)
------------ ------------ ------------ ------------ ------------ ------------
6,735,282 1,564,994 1,343,378 2,024,898 15,796,381 528,189
------------ ------------ ------------ ------------ ------------ ------------
(6,435,974) (874,340) (1,094,531) (1,068,407) (10,955,545) (1,572,298)
-- (194,025) -- -- -- (244,679)
------------ ------------ ------------ ------------ ------------ ------------
(6,435,974) (1,068,365) (1,094,531) (1,068,407) (10,955,545) (1,816,977)
------------ ------------ ------------ ------------ ------------ ------------
-- 90,833,498 -- -- -- 153,176,800
-- 13,752,000 -- -- -- 23,206,500
651,099 6,679 -- -- 1,276,152 15,854
(54,117) -- -- -- (27,438) --
------------ ------------ ------------ ------------ ------------ ------------
596,982 104,592,177 -- -- 1,248,714 176,399,154
------------ ------------ ------------ ------------ ------------ ------------
896,290 105,088,806 248,847 956,491 6,089,550 175,110,366
------------ ------------ ------------ ------------ ------------ ------------
105,088,806 -- 19,972,918 19,016,427 175,110,366 --
------------ ------------ ------------ ------------ ------------ ------------
$105,985,096 $105,088,806 $ 20,221,765 $ 19,972,918 $181,199,916 $175,110,366
============ ============ ============ ============ ============ ============
$ 597,996 $ (211,392) $ 492,564 $ 317,123 $ 883,082 $ (266,535)
41
FINANCIAL HIGHLIGHTS
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
YEAR ENDED OCTOBER 31,(1)
----------------------------------------------------------------
2002 2001 2000 1999 1998
-------- -------- -------- -------- --------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year(2) .......................... $ 15.19 $ 14.30 $ 13.95 $ 15.78 $ 15.32
-------- -------- -------- -------- --------
Investment operations:
Net investment income ........................................ 1.20 1.20 1.13 1.09 1.08
Net realized and unrealized gain (loss) on investments ....... (0.26) 0.75 0.43 (1.63) 0.70
Dividends and distributions to preferred shareholders:
From net investment income ................................. (0.13) (0.29) (0.35) (0.24) (0.24)
Net realized gain on investments ........................... -- -- -- (0.04) (0.07)
-------- -------- -------- -------- --------
Net increase (decrease) from investment operations ............. 0.81 1.66 1.21 (0.82) 1.47
-------- -------- -------- -------- --------
Dividends and distributions to common shareholders:
From net investment income ................................... (0.81) (0.78) (0.83) (0.86) (0.81)
Net realized gain on investment .............................. -- -- -- (0.15) (0.20)
-------- -------- -------- -------- --------
Total dividends and distributions .............................. (0.81) (0.78) (0.83) (1.01) (1.01)
-------- -------- -------- -------- --------
Capital change with respect to issuance of preferred shares .... -- 0.01 (0.03) -- --
-------- -------- -------- -------- --------
Net asset value, end of year(2) ................................ $ 15.19 $ 15.19 $ 14.30 $ 13.95 $ 15.78
======== ======== ======== ======== ========
Market value, end of year(2) ................................... $ 13.48 $ 13.73 $ 12.13 $ 13.13 $ 15.44
======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(3) ..................................... 4.14% 20.03% (1.27)% (9.03)% 23.81%
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS:(4)
Expenses before fees paid indirectly ........................... 1.09% 1.14% 1.20% 1.05% 1.04%
Expenses after fees paid indirectly ............................ 1.09% 1.14% 1.20% 1.05% 1.04%
Net investment income after fees paid indirectly, and
before preferred share dividends ............................ 7.93% 8.10% 8.18% 7.21% 6.95%
Preferred share dividends ...................................... 0.83% 1.94% 2.53% 1.60% 1.53%
Net investment income available to common shareholders ......... 7.10% 6.16% 5.65% 5.61% 5.42%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ................ $251,428 $247,832 $230,746 $252,536 $259,280
Portfolio turnover ............................................. 19% 4% 35% 26% 46%
Net assets of common shareholders, end of year (000) ........... $253,710 $253,777 $238,849 $233,085 $263,590
Preferred shares outstanding (000) ............................. $146,550 $146,550 $146,550 $130,000 $130,000
Asset coverage per preferred share, end of year ................ $ 68,292 $ 68,308 $ 65,745 $ 69,824 $ 75,690
----------
(1) Prior year amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
(4) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders.
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the years indicated. This information has been
determined based upon financial information provided in the financial statements
and market value data for the Trust's common shares.
See Notes to Financial Statements.
42
FINANCIAL HIGHLIGHTS
BLACKROCK MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
FOR THE PERIOD
JULY 27, 2001(1)
YEAR ENDED THROUGH
OCTOBER 31, OCTOBER 31,
2002 2001(2,3)
-------- --------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ...................... $ 14.30 $ 14.33
-------- --------
Investment operations:
Net investment income ..................................... 1.20 0.17
Net realized and unrealized gain (loss) on investments .... (1.11) 0.12
Dividends and distributions to preferred shareholders:
From net investment income .............................. (0.13) (0.01)
In excess of net investment income ...................... -- (0.00)(5)
-------- --------
Net increase (decrease) from investment operations ........... (0.04) 0.28
-------- --------
Dividends and distributions to common shareholders:
From net investment income ................................ (0.93) (0.16)
In excess of net investment income ........................ -- (0.01)
-------- --------
Total dividends and distributions ............................ (0.93) (0.17)
-------- --------
Capital change with respect to issuance of:
Common shares ............................................. -- (0.03)
Preferred shares .......................................... 0.00(5) (0.11)
-------- --------
Total capital charges ........................................ 0.00(5) (0.14)
-------- --------
Net asset value, end of period(4) ............................ $ 13.33 $ 14.30
======== ========
Market value, end of period(4) ............................... $ 13.46 $ 14.75
======== ========
TOTAL INVESTMENT RETURN(6) ................................... (2.40)% (1.13)%
======== ========
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7,8)
Expenses after expense offsets ............................... 0.81% 0.61%
Expenses before expense offsets .............................. 1.23% 0.91%
Net investment income after expense offsets and before
preferred share dividends .................................. 8.74% 4.59%
Preferred share dividends .................................... 0.92% 0.38%
Net investment income available to common shareholders ....... 7.82% 4.21%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) .............. $598,425 $572,610
Portfolio turnover ........................................... 70% 27%
Net assets of common shareholders, end of period (000) ....... $579,681 $619,249
Preferred shares outstanding (000) ........................... $375,125 $375,125
Asset coverage per preferred share, end of period ............ $ 63,636 $ 66,275
----------
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Advisors, Inc. Net asset value immediately
after the closing of the first public offering was $14.30 (Note 1).
(2) Calculated using the average shares outstanding method.
(3) Prior period amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(8) Annualized.
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the periods indicated. This information has been
determined based upon financial information provided in the financial statements
and market value data for the Trust's common shares.
See Notes to Financial Statements.
43
FINANCIAL HIGHLIGHTS
BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
YEAR ENDED OCTOBER 31,(1)
---------------------------------------------------------------
2002 2001 2000 1999 1998
------- ------- ------- ------- -------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year(2) ....................... $ 15.30 $ 14.62 $ 14.34 $ 15.49 $ 14.77
------- ------- ------- ------- -------
Investment operations:
Net investment income .................................... 1.04 1.05 1.06 1.05 1.05
Net realized and unrealized gain (loss) on investments ... (0.64) 0.63 0.29 (1.10) 0.79
Dividends to preferred shareholders from net
investment income ...................................... (0.09) (0.21) (0.25) (0.22) (0.24)
------- ------- ------- ------- -------
Net increase (decrease) from investment operations .......... 0.31 1.47 1.10 (0.27) 1.60
------- ------- ------- ------- -------
Dividends to common shareholders from net
investment income ....................................... (0.80) (0.79) (0.82) (0.88) (0.88)
------- ------- ------- ------- -------
Net asset value, end of year(2) ............................. $ 14.81 $ 15.30 $ 14.62 $ 14.34 $ 15.49
======= ======= ======= ======= =======
Market value, end of year(2) ................................ $ 13.38 $ 15.55 $ 14.00 $ 15.50 $16.125
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(3) .................................. (9.26)% 17.03% (4.33)% 1.52% 13.70%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS:(4)
Expenses .................................................... 1.29% 1.38% 1.41% 1.34% 1.36%
Net investment income before preferred share dividends ...... 6.86% 7.04% 7.36% 6.95% 6.93%
Preferred share dividends ................................... 0.59% 1.39% 1.75% 1.47% 1.60%
Net investment income available to common shareholders ...... 6.27% 5.65% 5.61% 5.48% 5.33%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $15,221 $15,072 $14,450 $15,170 $15,265
Portfolio turnover .......................................... 30% 1% 0% 4% 0%
Net assets of common shareholders, end of year (000) ........ $14,911 $15,411 $14,725 $14,439 $15,595
Preferred shares outstanding (000) .......................... $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share, end of year ............. $74,706 $76,377 $74,097 $73,138 $76,990
----------
(1) Prior year amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
(4) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the years indicated. This information has been
determined based upon financial information provided in the financial statements
and market value data for the Trust's common shares.
See Notes to Financial Statements.
44
FINANCIAL HIGHLIGHTS
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
FOR THE PERIOD
JULY 27, 2001(1)
YEAR ENDED THROUGH
OCTOBER 31, OCTOBER 31,
2002 2001(2,3)
-------- --------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ..................... $ 14.50 $ 14.33
-------- --------
Investment operations:
Net investment income .................................... 1.11 0.16
Net realized and unrealized gain (loss) on investments ... (0.46) 0.32
Dividends and distributions to preferred shareholders:
From net investment income ............................. (0.12) (0.01)
In excess of net investment income ..................... -- (0.00)(5)
-------- --------
Net increase from investment operations ..................... 0.53 0.47
-------- --------
Dividends and distributions to common shareholders:
From net investment income ............................... (0.87) (0.15)
In excess of net investment income ....................... -- (0.01)
-------- --------
Total dividends and distributions ........................... (0.87) (0.16)
-------- --------
Capital change with respect to issuance of:
Common shares ............................................ -- (0.03)
Preferred shares ......................................... (0.00)(5) (0.11)
-------- --------
Total capital charges ....................................... (0.00)(5) (0.14)
-------- --------
Net asset value, end of period(4) ........................... $ 14.16 $ 14.50
======== ========
Market value, end of period(4) .............................. $ 13.09 $ 14.75
======== ========
TOTAL INVESTMENT RETURN(6) .................................. (5.49)% (1.17)%
======== ========
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7,8)
Expenses after expense offsets .............................. 0.88% 0.72%
Expenses before expense offsets ............................. 1.31% 1.02%
Net investment income after expense offsets and before
preferred share dividends ................................. 7.96% 4.06%
Preferred share dividends ................................... 0.86% 0.38%
Net investment income available to common shareholders ...... 7.10% 3.68%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $209,965 $199,356
Portfolio turnover .......................................... 44% 16%
Net assets of common shareholders, end of period (000) ...... $212,215 $216,829
Preferred shares outstanding (000) .......................... $131,950 $131,950
Asset coverage per preferred share, end of period ........... $ 65,211 $ 66,086
----------
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Advisors, Inc. Net asset value immediately
after the closing of the first public offering was $14.30 (Note 1).
(2) Calculated using the average shares outstanding method.
(3) Prior period amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders.
(8) Annualized
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the periods 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 FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
YEAR ENDED OCTOBER 31,(1)
-------------------------------------------------------------------
2002 2001 2000 1999 1998
------- ------- ------- ------- -------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year(2) ....................... $ 15.50 $ 14.65 $ 14.29 $ 15.69 $ 14.86
------- ------- ------- ------- -------
Investment operations:
Net investment income .................................... 1.05 1.03 1.07 1.05 1.05
Net realized and unrealized gain (loss) on investments ... 0.02 0.86 0.40 (1.41) 0.81
Dividends to preferred shareholders from net
investment income ...................................... (0.11) (0.24) (0.31) (0.24) (0.28)
------- ------- ------- ------- -------
Net increase (decrease) from investment operations .......... 0.96 1.65 1.16 (0.60) 1.58
------- ------- ------- ------- -------
Dividends to common shareholders from net
investment income ....................................... (0.81) (0.80) (0.80) (0.80) (0.75)
------- ------- ------- ------- -------
Net asset value, end of year(2) ............................. $ 15.65 $ 15.50 $ 14.65 $ 14.29 $ 15.69
======= ======= ======= ======= =======
Market value, end of year(2) ................................ $ 14.50 $ 14.36 $13.125 $12.8125 $15.125
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(3) .................................. 6.52% 15.65% 9.00% (10.60)% 19.70%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF COMMON
SHAREHOLDERS:(4)
Expenses .................................................... 1.20% 1.38% 1.22% 1.27% 1.31%
Net investment income before preferred share dividends ...... 6.76% 6.83% 7.48% 7.11% 6.81%
Preferred share dividends ................................... 0.69% 1.58% 2.18% 1.64% 1.80%
Net investment income available to common shareholders ...... 6.07% 5.25% 5.30% 5.47% 5.01%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $17,427 $17,046 $16,167 $16,736 $17,299
Portfolio turnover .......................................... 8% 0% 0% 0% 0%
Net assets of common shareholders, end of year (000) ........ $17,639 $17,472 $16,509 $16,110 $17,684
Preferred shares outstanding (000) .......................... $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500
Asset coverage per preferred share, end of year ............. $76,886 $76,397 $73,570 $72,390 $77,017
----------
(1) Prior year amounts have been restated to conform to the current period's
presentation under the provisions of EITFD-98 (Note 1).
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
(4) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
common shareholders.
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the years indicated. This information has been
determined based upon financial information provided in the financial statements
and market value data for the Trust's common shares.
See Notes to Financial Statements.
46
FINANCIAL HIGHLIGHTS
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
FOR THE PERIOD
JULY 27, 2001(1)
YEAR ENDED THROUGH
OCTOBER 31, OCTOBER 31,
2002 2001(2,3)
------- -------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ..................... $ 14.37 $ 14.33
------- -------
Investment operations:
Net investment income .................................... 1.07 0.17
Net realized and unrealized gain on investments .......... 0.13 0.18
Dividends and distributions to preferred shareholders:
From net investment income ............................. (0.12) (0.01)
In excess of net investment income ..................... -- (0.00)(5)
------- -------
Net increase from investment operations ..................... 1.08 0.34
------- -------
Dividends and distributions to common shareholders:
From net investment income ............................... (0.87) (0.16)
In excess of net investment income ....................... -- (0.00)(5)
------- -------
Total dividends and distributions ........................... (0.87) (0.16)
------- -------
Capital change with respect to issuance of:
Common shares ............................................ -- (0.03)
Preferred shares ......................................... (0.01) (0.11)
------- -------
Total capital charges ....................................... (0.01) (0.14)
------- -------
Net asset value, end of period(4) ........................... $ 14.57 $ 14.37
======= =======
Market value, end of period(4) .............................. $ 13.65 $ 14.50
======= =======
TOTAL INVESTMENT RETURN(6) .................................. 0.16% (2.84)%
======= =======
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7,8)
Expenses after expense offsets .............................. 0.96% 0.87%
Expenses before expense offsets ............................. 1.38% 1.17%
Net investment income after expense offsets and before
preferred share dividends ................................. 7.59% 4.43%
Preferred share dividends ................................... 0.82% 0.37%
Net investment income available to common shareholders ...... 6.77% 4.06%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $93,558 $87,918
Portfolio turnover .......................................... 35% 28%
Net assets of common shareholders, end of period (000) ...... $96,816 $95,123
Preferred shares outstanding (000) .......................... $57,550 $57,550
Asset coverage per preferred share, end of period ........... $67,060 $66,323
----------
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Advisors, Inc. Net asset value immediately
after the closing of the first public offering was $14.30 (Note 1).
(2) Calculated using the average shares outstanding method.
(3) Prior period amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(8) Annualized
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the periods indicated. This information has been
determined based upon financial information provided in the financial statements
and market value data for the Trust's common shares.
See Notes to Financial Statements.
47
FINANCIAL HIGHLIGHTS
BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
YEAR ENDED OCTOBER 31,(1)
-------------------------------------------------------------------
2002 2001 2000 1999 1998
------- ------- ------- ------- -------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year(2) ....................... $ 14.85 $ 13.96 $ 13.52 $ 14.95 $ 14.19
------- ------- ------- ------- -------
Investment operations:
Net investment income .................................... 1.02 0.96 1.01 1.00 1.00
Net realized and unrealized gain (loss) on investments ... (0.39) 0.87 0.43 (1.47) 0.71
Dividends to preferred shareholders from net
investment income ...................................... (0.09) (0.21) (0.27) (0.23) (0.24)
------- ------- ------- ------- -------
Net increase (decrease) from investment operations .......... 0.54 1.62 1.17 (0.70) 1.47
------- ------- ------- ------- -------
Dividends to common shareholders from net
investment income ........................................ (0.75) (0.73) (0.73) (0.73) (0.71)
------- ------- ------- ------- -------
Net asset value, end of year(2) ............................. $ 14.64 $ 14.85 $ 13.96 $ 13.52 $ 14.95
======= ======= ======= ======= =======
Market value, end of year(2) ................................ $ 13.30 $ 13.75 $12.125 $ 12.25 $14.125
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN(3) .................................. 2.07% 19.63% 5.08% (8.77)% 15.56%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(4)
Expenses .................................................... 1.31% 1.54% 1.32% 1.29% 1.35%
Net investment income before preferred share dividends ...... 6.93% 6.64% 7.44% 6.94% 6.88%
Preferred share dividends ................................... 0.61% 1.47% 1.98% 1.59% 1.68%
Net investment income available to common shareholders ...... 6.32% 5.17% 5.46% 5.35% 5.20%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $14,791 $14,570 $13,696 $14,550 $14,663
Portfolio turnover .......................................... 14% 9% 23% 17% 0%
Net assets of common shareholders, end of year (000) ........ $14,747 $14,958 $14,059 $13,620 $15,055
Preferred shares outstanding (000) .......................... $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500
Asset coverage per preferred share, end of year ............. $74,159 $74,862 $71,879 $70,409 $75,191
----------
(1) Prior year amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
(4) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the years indicated. This information has been
determined based upon financial information provided in the financial statements
and market value data for the Trust's common shares.
See Notes to Financial Statements.
48
FINANCIAL HIGHLIGHTS
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
FOR THE PERIOD
JULY 27, 2001(1)
YEAR ENDED THROUGH
OCTOBER 31, OCTOBER 31,
2002 2001(2,3)
------- -------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ..................... $ 14.26 $ 14.33
------- -------
Investment operations:
Net investment income .................................... 1.10 0.14
Net realized and unrealized gain (loss) on investments ... (0.07) 0.10
Dividends and distributions to preferred shareholders:
From net investment income ............................. (0.12) (0.01)
In excess of net investment income ..................... -- (0.00)(5)
------- -------
Net increase from investment operations ..................... 0.91 0.23
------- -------
Dividends and distributions to common shareholders:
From net investment income ............................... (0.87) (0.13)
In excess of net investment income ....................... -- (0.03)
------- -------
Total dividends and distributions ........................... (0.87) (0.16)
------- -------
Capital change with respect to issuance of:
Common shares ............................................ -- (0.03)
Preferred shares ......................................... (0.01) (0.11)
------- -------
Total capital charges ....................................... (0.01) (0.14)
------- -------
Net asset value, end of period(4) ........................... $ 14.29 $ 14.26
======= =======
Market value, end of period(4) .............................. $ 13.64 $ 14.84
======= =======
TOTAL INVESTMENT RETURN(6) .................................. (2.25)% (0.56)%
======= =======
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7,8)
Expenses after expense offsets .............................. 0.93% 0.83%
Expenses before expense offsets ............................. 1.37% 1.12%
Net investment income after expense offsets and before
preferred share dividends .................................. 7.81% 3.67%
Preferred share dividends ................................... 0.88% 0.37%
Net investment income available to common shareholders ...... 6.93% 3.30%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $104,241 $97,050
Portfolio turnover .......................................... 50% 16%
Net assets of common shareholders, end of period (000) ...... $105,985 $105,089
Preferred shares outstanding (000) .......................... $63,800 $63,800
Asset coverage per preferred share, end of period ........... $66,538 $66,187
----------
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Advisors, Inc. Net asset value immediately
after the closing of the first public offering was $14.30 (Note 1).
(2) Calculated using the average shares outstanding method.
(3) Prior period amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(8) Annualized
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the periods 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.
49
FINANCIAL HIGHLIGHTS
BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
YEAR ENDED OCTOBER 31,(1)
-------------------------------------------------------------------
2002 2001 2000 1999 1998
------- ------- ------- ------- -------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of year(2) ....................... $ 15.28 $ 14.55 $ 14.11 $ 15.58 $ 14.91
------- ------- ------- ------- -------
Investment operations:
Net investment income .................................... 1.06 1.06 1.08 1.08 1.06
Net realized and unrealized gain (loss) on investments ... 0.06 0.70 0.44 (1.50) 0.67
Dividends to preferred shareholders from net
investment income ...................................... (0.09) (0.21) (0.26) (0.23) (0.24)
------- ------- ------- ------- -------
Net increase (decrease) from investment operations .......... 1.03 1.55 1.26 (0.65) 1.49
------- ------- ------- ------- -------
Dividends to common shareholders from net
investment income ........................................ (0.84) (0.82) (0.82) (0.82) (0.82)
------- ------- ------- ------- -------
Net asset value, end of year(2) ............................. $ 15.47 $ 15.28 $ 14.55 $ 14.11 $ 15.58
======= ======= ======= ======= =======
Market value, end of year(2) ................................ $ 14.40 $ 14.20 $12.625 $ 13.63 $ 15.13
======= ======= ======= ======= =======
TOTAL INVESTMENT RETURN:(3) ................................. 7.42% 19.20% (1.21)% (4.86)% 11.85%
======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(4)
Expenses .................................................... 1.17% 1.31% 1.21% 1.09% 1.15%
Net investment income before preferred share dividends ...... 6.97% 7.06% 7.63% 7.13% 7.02%
Preferred share dividends ................................... 0.60% 1.40% 1.83% 1.50% 1.60%
Net investment income available to common shareholders ...... 6.37% 5.66% 5.81% 5.63% 5.42%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $19,915 $19,663 $18,523 $19,791 $19,980
Portfolio turnover .......................................... 7% 0% 22% 0% 0%
Net assets of common shareholders, end of year (000) ........ $20,222 $19,973 $19,016 $18,443 $20,359
Preferred shares outstanding (000) .......................... $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800
Asset coverage per preferred share, end of year ............. $76,590 $75,955 $73,516 $72,048 $76,935
----------
(1) Prior year amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(2) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(3) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Past
performance is not a guarantee of future results.
(4) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the years 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.
50
FINANCIAL HIGHLIGHTS
BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
FOR THE PERIOD
JULY 27, 2001(1)
YEAR ENDED THROUGH
OCTOBER 31, OCTOBER 31,
2002 2001(2,3)
-------- --------
PER COMMON SHARE OPERATING PERFORMANCE:
Net asset value, beginning of period(4) ..................... $ 14.09 $ 14.33
-------- --------
Investment operations:
Net investment income .................................... 1.09 0.15
Net realized and unrealized gain (loss) on investments ... 0.29 (0.08)
Dividends and distributions to preferred shareholders:
From net investment income ............................. (0.13) (0.01)
In excess of net investment income ..................... -- (0.00)(5)
-------- --------
Net increase from investment operations ..................... 1.25 0.06
-------- --------
Dividends and distributions to common shareholders:
From net investment income ............................... (0.87) (0.14)
In excess of net investment income ....................... -- (0.02)
-------- --------
Total dividends and distributions ........................... (0.87) (0.16)
-------- --------
Capital change with respect to issuance of:
Common shares ............................................ -- (0.03)
Preferred shares ......................................... (0.00)(5) (0.11)
-------- --------
Total capital charges ....................................... (0.00)(5) (0.14)
-------- --------
Net asset value, end of period(4) ........................... $ 14.47 $ 14.09
======== ========
Market value, end of period(4) .............................. $ 13.42 $ 14.62
======== ========
TOTAL INVESTMENT RETURN(6) .................................. (2.25)% (5.58)%
======== ========
RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:(7,8)
Expenses after expense offsets .............................. 0.90% 0.73%
Expenses before expense offsets ............................. 1.33% 1.03%
Net investment income after expense offsets and
before preferred share dividends .......................... 7.87% 3.93%
Preferred share dividends ................................... 0.93% 0.37%
Net investment income available to common shareholders ...... 6.94% 3.56%
SUPPLEMENTAL DATA:
Average net assets of common shareholders (000) ............. $173,885 $163,077
Portfolio turnover .......................................... 57% 2%
Net assets of common shareholders, end of period (000) ...... $181,200 $175,110
Preferred shares outstanding (000) .......................... $109,750 $109,750
Asset coverage per preferred share, end of period ........... $ 66,279 $ 64,894
----------
(1) Commencement of investment operations. This information includes the
initial investment by BlackRock Advisors, Inc. Net asset value immediately
after the closing of the first public offering was $14.30 (Note 1).
(2) Calculated using the average shares outstanding method.
(3) Prior period amounts have been restated to conform to the current period's
presentation under the provisions of EITF D-98 (Note 1).
(4) Net asset value and market value are published in BARRON'S on Saturday and
THE WALL STREET JOURNAL on Monday.
(5) Amount is less than $0.005 per share.
(6) Total investment return is calculated assuming a purchase of a common share
at the current market price on the first day and a sale at the current
market price on the last day of the 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 return does not reflect brokerage commissions. Total
investment returns for less than a full year are not annualized. Past
performance is not a guarantee of future results.
(7) Ratios are calculated on the basis of income and expenses applicable to
both the common and preferred shares relative to the average net assets of
the common shareholders.
(8) Annualized
The information above represents the audited operating performance for a common
share outstanding, total investment return, ratios to average net assets and
other supplemental data for the periods 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.
51
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 Inc. ("Florida Investment Quality") was
organized as a Massachusetts business trust on April 15, 1993. BlackRock
Municipal Income Trust ("Municipal Income"), BlackRock California Municipal
Income Trust ("California Income"), BlackRock Florida Municipal Income Trust
("Florida Income"), BlackRock New Jersey Municipal Income Trust ("New Jersey
Income") and BlackRock New York Municipal Income Trust ("New York Income")
(collectively the "Income Trusts") were organized as Delaware business trusts on
March 30, 2001. Municipal Investment Quality and Municipal Income are registered
as diversified closed-end management investment companies under the Investment
Company Act of 1940. 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. 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 the Trust to meet their
obligations may be affected by economic developments in a state, a specific
industry or region.
The following is a summary of significant accounting policies followed by the
Trusts.
SECURITIES VALUATION: Municipal securities (including commitments to purchase
such securities on a "when-issued" basis) are valued on the basis of prices
provided by dealers or pricing services selected under the supervision of each
Trust's Board of Directors/Trustees (the "Board"). In determining the value of a
particular security, pricing services may use certain information with respect
to transactions in such securities, quotations from bond dealers, market
transactions in comparable securities and various relationships between
securities. Short-term investments may be valued at amortized cost. Any
securities or other assets for which such current market quotations are not
readily available are valued at fair value as determined in good faith under
procedures established by, and under the general supervision and responsibility
of, each Trust's Board.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on trade date. Realized and unrealized gains and losses are calculated
on the identified cost basis. Each Trust also records interest income on an
accrual basis and amortizes premium and accretes discount to interest income on
securities purchased using the interest method.
SEGREGATION: In cases in which the Investment Company Act of 1940, as amended,
and the interpretive positions of the Securities and Exchange Commission ("SEC")
require that each Trust segregate assets in connection with certain investments
(e.g., when issued securities, reverse repurchase agreements or futures
contracts), each Trust will, consistent with certain interpretive letters issued
by the SEC, designate on its books and records cash or other liquid debt
securities having a market value at least equal to the amount that would
otherwise be required to be physically segregated.
FEDERAL INCOME TAXES: It is each Trust's intention to continue to be treated as
a regulated investment company under the Internal Revenue Code and to distribute
sufficient net income to shareholders. For this reason and because substantially
all of the gross income of each Trust consists of tax-exempt interest, no
Federal income tax provisions are required.
DIVIDENDS AND DISTRIBUTIONS: Each Trust declares and pays dividends and
distributions to common shareholders monthly from net investment income, net
realized short-term capital gains and other sources, if necessary. Net long-term
capital gains, if any, in excess of loss carryforwards may be distributed
annually. Dividends and distributions are recorded on the ex-dividend date.
Dividends and distributions to preferred shareholders are accrued and determined
as described in Note 5.
ESTIMATES: The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from these
estimates.
DEFERRED COMPENSATION PLAN: Under the revised deferred compensation plan
approved by each Trust's Board on September 20, 2002, non-interested
Directors/Trustees may elect to defer receipt of all or a portion of their
annual compensation, and beginning on January 1, 2003 will be required to defer
a portion of their annual compensation pursuant to the plan.
Deferred amounts earn a return as though equivalent dollar amounts had been
invested in common shares of other BlackRock Trusts selected by the
Directors/Trustees. This has the same economic effect for the Directors/Trustees
as if the Directors/Trustees had invested the deferred amounts in such other
BlackRock 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 Directors/Trustees in order to match its deferred compensation obligations.
CHANGE IN FINANCIAL STATEMENT CLASSIFICATION FOR AMPS: In accordance with the
provisions of EITF D-98, "Classification and Measurement of Redeemable
Securities," effective for the current period, the Trusts have reclassified its
Auction Market Preferred Shares ("AMPS") out-
52
side of permanent equity in the net assets section of the statement of assets
and liabilities. In addition, distributions to AMPS shareholders are now
classified as a component of net assets resulting from operations on the
statement of operations and changes in net assets and as a component of the
investment operations in the financial highlights. Prior period amounts
presented have been restated to conform to this period's presentation. This
change has no impact on the net assets applicable to common shares of the
Trusts.
RECLASSIFICATION OF CAPITAL ACCOUNTS: In order to present paid-in capital
("PIC"), undistributed (distribution in excess of) net investment income
("UNII") and accumulated net realized gain ("Accumulated Gain") more closely to
its tax character the following accounts were increased (decreased):
ACCUMULATED
FUND PIC UNII GAIN
---- ------- -------- -----------
Municipal Investment Quality $ -- $(45,185) $ 45,185
Municipal Income (15,000) 15,000 --
California Investment Quality (504,389) (6,826) 511,215
California Income (15,000) 15,000 --
Florida Investment Quality (584,437) (4,068) 588,505
Florida Income (15,000) 15,000 --
New Jersey Investment Quality (554,124) (375) 554,499
New Jersey Income (15,000) 15,000 --
New York Investment Quality (430,522) -- 430,522
New York Income (29,753) 29,753 --
NOTE 2. AGREEMENTS
Each Trust has an Investment Advisory Agreement with BlackRock Advisors, Inc.
(the "Advisor"), a wholly owned subsidiary of BlackRock, Inc. BlackRock
Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves
as sub-advisor to the Income Trusts. BlackRock, Inc. is an indirect majority
owned subsidiary of The PNC Financial Services Group, Inc. The investment
management agreement on the Income Trusts covers both investment advisory and
administration services. Municipal Investment Quality has an Administration
Agreement with Princeton Administrators, L.P. ("Princeton"), an indirect wholly
owned affiliate of Merrill Lynch & Co., Inc. California Investment Quality,
Florida Investment Quality, New Jersey Investment Quality and New York
Investment Quality have Administration Agreements with Prudential Investments
LLC ("PI"), an indirect wholly owned subsidiary of Prudential Financial, Inc.
Each Trust's investment advisory fee paid to the Advisor is computed weekly
and payable monthly based on an annual rate, 0.35% for the Investment Quality
Trusts and 0.60% for the Income Trusts, of the Trust's average weekly managed
assets. "Managed assets" means the total assets of the Trust (including any
assets attributable to any preferred shares that may be outstanding) minus the
sum of accrued liabilities (other than debt representing financial leverage).
The Advisor has voluntarily agreed to waive a portion of the investment advisory
fee or other expenses on the Income Trusts as a percentage of managed assets as
follows: 0.25% for the first five years of each of the Trust's operations, 0.20%
in year six, 0.15% in year seven, 0.10% in year eight and 0.05% in year nine.
The investment advisory fee and waiver amount (if applicable) for each Trust for
the periods ended October 31, 2002, 2001 and 2000, were as follows:
OCTOBER 31, 2002 OCTOBER 31, 2001 OCTOBER 31, 2000
---------------------------- -------------------------- --------------------------
FUND ADVISORY FEE WAIVER ADVISORY FEE WAIVER ADVISORY FEE WAIVER
---- ------------ ------ ------------ ------ ------------ ------
Municipal Investment Quality $1,392,923 $ -- $1,384,129 $ -- $1,313,673 $ --
Municipal Income 5,841,300 2,433,875 1,066,877 444,532 N/A N/A
California Investment Quality 79,526 -- 79,219 -- 77,246 --
California Income 2,051,488 854,787 372,015 155,006 N/A N/A
Florida Investment Quality 93,745 -- 89,654 -- 87,048 --
Florida Income 906,649 377,771 163,786 68,244 N/A N/A
New Jersey Investment Quality 78,017 -- 77,458 -- 74,594 --
New Jersey Income 1,008,246 420,102 180,916 75,382 N/A N/A
New York Investment Quality 104,001 -- 103,403 -- 99,674 --
New York Income 1,701,807 709,086 305,092 127,122 N/A N/A
53
The administration fee paid to each Trust's respective administrator is
computed weekly and payable monthly based on an annual rate, 0.10% to PI and
0.15% to Princeton, on other than the Income Trusts, of the Trust's average
weekly managed assets. The administration fee paid to Princeton is subject to a
minimum monthly fee of $12,500. The total dollar amounts paid to the
administrators by the Trusts for the years ended October 31, 2002, 2001 and
2000, were as follows:
OCTOBER 31, OCTOBER 31, OCTOBER 31,
FUND 2002 2001 2000
-------- -------- -------- --------
Municipal Investment Quality $596,967 $593,198 $563,003
California Investment Quality 22,722 22,634 22,070
Florida Investment Quality 25,927 25,616 24,871
New Jersey Investment Quality 22,291 22,131 21,312
New York Investment Quality 29,715 29,544 28,478
Pursuant to the agreements, the Advisor provides continuous supervision of
the investment portfolio and pays the compensation of officers of each Trust who
are affiliated persons of the Advisor. The Advisor pays occupancy and certain
clerical and accounting costs for the Income Trusts. Each Investment Quality
Trust's administrator pays occupancy and certain clerical and accounting costs
of their respective Trust(s). Each Trust bears all other costs and expenses,
which include reimbursements to the Advisor for certain operational support
services provided to each Trust.
Pursuant to the terms of the custody agreement, Municipal Investment
Quality, Municipal Income, California Income, Florida Income, New Jersey Income
and New York Income received earning credits from its custodian for positive
cash balances maintained, which are used to offset custody fees, in the amounts
of $11,137, $75,584, $41,979, $18,815, $35,323 and $35,366, respectively.
NOTE 3. PORTFOLIO SECURITIES
Purchases and sales of investment securities, other than short-term investments,
for the year ended October 31, 2002, were as follows:
FUND PURCHASES SALES FUND PURCHASES SALES
---- ------------- ------------ ---- ------------ ------------
Municipal Investment Quality $ 73,698,533 $ 78,363,590 Florida Income $ 52,843,240 $ 56,744,572
Municipal Income 685,246,545 676,310,612 New Jersey Investment Quality 2,943,810 3,134,850
California Investment Quality 6,696,371 6,564,109 New Jersey Income 82,829,738 83,579,592
California Income 150,882,336 171,206,792 New York Investment Quality 1,975,753 2,181,048
Florida Investment Quality 1,911,058 2,001,428 New York Income 162,425,834 159,237,095
At October 31, 2002, 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:
FUND COST APPRECIATION DEPRECIATION NET
-------- ------------ ------------ ------------ -----------
Municipal Investment Quality $373,719,339 $26,871,769 $ 5,829,728 $21,042,041
Municipal Income 987,763,440 15,347,481 43,521,699 (28,174,218)
California Investment Quality 20,659,173 1,695,490 392,572 1,302,918
California Income 346,577,525 4,799,325 4,446,343 352,982
Florida Investment Quality 22,838,484 2,356,012 -- 2,356,012
Florida Income 152,375,056 2,992,123 167,708 2,824,415
New Jersey Investment Quality 19,949,250 1,961,605 432,653 1,528,952
New Jersey Income 167,010,090 2,842,020 1,953,645 888,375
New York Investment Quality 26,541,898 2,562,072 -- 2,562,072
New York Income 281,814,745 6,066,413 1,277,664 4,788,749
For Federal income tax purposes, the following Trusts had capital loss
carryforwards at October 31, 2002. These amounts may be used to offset future
realized capital gains, if any:
CAPITAL LOSS CAPITAL LOSS
CARRYFORWARD CARRYFORWARD
FUND AMOUNT EXPIRES FUND AMOUNT EXPIRES
---- ------------ ------- ---- ------------ -------
Municipal Investment Quality $ 324,268 2010 New Jersey Investment Quality $ 228,242 2008
Municipal Investment Quality 133,706 2009 New Jersey Investment Quality 6,166 2004
Municipal Investment Quality 5,068,444 2008 New Jersey Investment Quality 281,021 2003
Municipal Investment Quality 312,281 2007 New Jersey Income 615,438 2010
Municipal Income 15,055,804 2010 New Jersey Income 49,975 2009
Municipal Income 526,271 2009 New York Investment Quality 248,074 2008
California Investment Quality -- -- New York Investment Quality 11,820 2007
California Income 2,398,646 2010 New York Investment Quality 199,428 2003
Florida Investment Quality -- -- New York Income 68,166 2010
Florida Income 711,136 2010
Florida Income 111,530 2009
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.
54
NOTE 4. CAPITAL
There are 200 million of $.01 par value common shares authorized for each of the
Investment Quality Trusts. There are an unlimited number of $.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, 2002, the common shares outstanding and the shares owned
by affiliates of the Advisor of each Trust were as follows:
COMMON
SHARES COMMON
FUND OUTSTANDING SHARES OWNED
---- ----------- ------------
Municipal Investment Quality 16,707,903 7,205
Municipal Income 43,482,711 8,205
California Investment Quality 1,007,093 7,093
California Income 14,985,501 8,191
Florida Investment Quality 1,127,093 7,093
Florida Income 6,646,343 8,194
New Jersey Investment Quality 1,007,093 7,093
New Jersey Income 7,414,793 8,195
New York Investment Quality 1,307,093 7,093
New York Income 12,521,494 8,199
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.
As of October 31, 2002, each Trust had the following series of Auction
Market Preferred Shares ("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.
FUND AND SERIES SHARES FUND AND SERIES SHARES
--------------- ------ --------------- ------
Municipal Investment Quality Florida Income
T7 3,262 T7 2,302
T28 2,600 New Jersey Investment Quality
Municipal Income T7 300
M7 3,001 New Jersey Income
T7 3,001 R7 2,552
W7 3,001 New York Investment Quality
R7 3,001 F7 392
F7 3,001 New York Income
California Investment Quality W7 2,195
W7 300 F7 2,195
California Income
T7 2,639
R7 2,639
Florida Investment Quality
R7 340
Dividends on seven-day preferred shares are cumulative at a rate which is
reset every seven days based on the results of an auction. Dividends on
twenty-eight day preferred shares are cumulative at a rate which is reset every
28 days based on the results of an auction. The dividend ranges on the preferred
shares for each of the Trusts for the year ended October 31, 2002, were:
FUND LOW HIGH FUND LOW HIGH
---- ----- ----- ---- ----- -----
Municipal Investment Quality 1.15% 2.00% Florida Income 0.35% 1.80%
Municipal Income 1.00 2.15 New Jersey Investment Quality 0.90 1.50
California Investment Quality 1.00 1.55 New Jersey Income 1.10 1.85
California Income 0.80 2.00 New York Investment Quality 0.90 1.60
Florida Investment Quality 0.50 1.95 New York Income 1.10 2.00
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.
55
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 are also entitled
to elect two Directors/Trustees for each Trust. In addition, the Investment
Company Act of 1940 requires that along with approval by shareholders that might
otherwise be required, the approval of the holders of a majority of any
outstanding preferred shares, voting separately as a class would be required to
(a) adopt any plan of reorganization that would adversely affect the preferred
shares and (b) take any action requiring a vote of security holders, including,
among other things, changes in a Trust's sub-classification as a closed-end
investment company or changes in its fundamental investment restrictions.
NOTE 5. DIVIDENDS
Subsequent to October 31, 2002, the Board of each Trust declared dividends from
undistributed earnings per common share payable December 2, 2002, to
shareholders of record on November 15, 2002. The per share common dividends
declared were:
COMMON DIVIDEND COMMON DIVIDEND
FUND PER SHARE FUND PER SHARE
---- --------------- ---- ---------------
Municipal Investment Quality $0.072500 Florida Income $0.073542
Municipal Income 0.078125 New Jersey Investment Quality 0.065900
California Investment Quality 0.068333 New Jersey Income 0.072500
California Income 0.073750 New York Investment Quality 0.073125
Florida Investment Quality 0.068800 New York Income 0.073125
The dividends declared on preferred shares for the period November 1, 2002 to
November 30, 2002, for each of the Trusts were as follows:
DIVIDENDS DIVIDENDS DIVIDENDS
FUND AND SERIES DECLARED FUND AND SERIES DECLARED FUND AND SERIES DECLARED
--------------- -------- --------------- -------- --------------- --------
Municipal Investment Quality California Investment Quality New Jersey Investment Quality
T7 $ 96,294 W7 $ 6,780 T7 $ 6,708
T28 70,746 California Income New Jersey Income
Municipal Income T7 55,155 R7 69,950
M7 77,396 R7 80,199 New York Investment Quality
T7 80,397 Florida Investment Quality F7 9,824
W7 81,397 R7 11,489 New York Income
R7 102,124 Florida Income W7 56,807
F7 82,227 T7 52,762 F7 61,482
56
INDEPENDENT AUDITORS' REPORT
--------------------------------------------------------------------------------
To the Trustees and Shareholders of:
The BlackRock Investment Quality Municipal Trust Inc., The BlackRock
California Investment Quality Municipal Trust Inc., The BlackRock Florida
Investment Quality Municipal Trust Inc., The BlackRock New Jersey Investment
Quality Municipal Trust Inc., The BlackRock New York Investment Quality
Municipal Trust Inc., BlackRock Municipal Income Trust, BlackRock California
Municipal Income Trust, BlackRock Florida Municipal Income Trust, BlackRock New
Jersey Municipal Income Trust and BlackRock New York Municipal Income Trust
(collectively the "Trusts").
We have audited the accompanying statements of assets and liabilities of
the Trusts, including the portfolios of investments, as of October 31, 2002, and
the related statements of operations for the year then ended, the statements of
changes in net assets for each of the two years or periods then ended, and the
financial highlights for each of the years or the periods then ended. These
financial statements are the responsibility of the Trusts' management. Our
responsibility is to express an opinion on these financial statements 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, 2002, 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 the Trusts as of October 31,
2002, the results of their operations, the changes in their net assets and the
financial highlights for the respective stated periods, in conformity with
accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 6, 2002
57
DIRECTORS/TRUSTEES INFORMATION
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
INDEPENDENT DIRECTORS/TRUSTEES
------------------------------------------------------------------------------------------------------------------------------------
Name, address, age Andrew F. Brimmer Richard E. Cavanagh Kent Dixon
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: 76 Age: 56 Age: 65
------------------------------------------------------------------------------------------------------------------------------------
Current positions held Lead Director/Trustee Director/Trustee Director/Trustee
with the Funds Audit Committee Chairman Audit Committee Member Audit Committee Member
------------------------------------------------------------------------------------------------------------------------------------
Term of office and 3 years(2) / since inception(3) 3 years(2) / since inception(3) 3 years(2) / since inception(3)
length of time served
------------------------------------------------------------------------------------------------------------------------------------
Principal occupations President of Brimmer & Company, President and Chief Executive Consultant/Investor. Former
during the past Inc., a Washington, D.C.-based Officer of The Conference Board, President and Chief Executive
five years economic and financial consulting Inc., a leading global business Officer of Empire Federal Savings
firm, also Wilmer D. Barrett membership organization, from Bank of America and Banc PLUS
Professor of Economics, 1995-present. Former Executive Savings Association, former
University of Massachusetts - Dean of the John F. Kennedy Chairman of the Board, President
Amherst. Formerly member of the School of Government at Harvard and Chief Executive Officer of
Board of Governors of the Federal University from 1988-1995. Acting Northeast Savings.
Reserve System. Former Chairman, Director, Harvard Center for
District of Columbia Financial Business and Government
Control Board. (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 44(4) 44(4) 44(4)
overseen within the fund
complex
------------------------------------------------------------------------------------------------------------------------------------
Other Directorships held Director of CarrAmerica Realty Trustee Emeritus, Wesleyan Former Director of ISFA (the owner
outside of the fund Corporation and Borg-Warner University, Trustee: Drucker of INVEST, a national securities
complex Automotive. Formerly Director of Foundation, Airplanes Group, brokerage service designed for
AirBorne Express, BankAmerica Aircraft Finance Trust (AFT) and banks and thrift institutions).
Corporation (Bank of America), Educational Testing Service (ETS).
Bell South Corporation, College Director, Arch Chemicals, Fremont
Retirement Equities Fund Group and The Guardian Life
(Trustee), Commodity Exchange, Insurance Company of America.
Inc. (Public Governor),
Connecticut Mutual Life Insurance
Company, E.I. Dupont 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 Director/
trustee is an interested
person as defined in
Section 2(a)(19)
(1940 Act)
------------------------------------------------------------------------------------------------------------------------------------
(1) Interested Director/Trustee as defined by Section 2(a)(19) of the
Investment Company Act of 1940.
(2) The Board of Directors/Trustees is classified into three classes of which
one class is elected annually. Each Director/Trustee serves a three year
term concurrent with the class from which he is elected.
(3) Commencement of investment operations (June 4, 1993 for the Investment
Quality Trusts except for Municipal Investment Quality, which was November
19, 1992, and July 27, 2002 for the Income Trusts)
(4) The fund complex currently consists of 44 separate closed-end funds, each
with one investment portfolio.
(5) For the Investment Quality Trusts except during the period, 8/12/93 through
4/15/97 and except during the period 10/31/02 through 11/02/02 for all of
the Trusts.
58
------------------------------------------------------------------------------- ---------------------------------------------------
INDEPENDENT DIRECTORS/TRUSTEES (CONTINUED) INTERESTED DIRECTORS/TRUSTEES(1)
------------------------------------------------------------------------------- ---------------------------------------------------
Frank J. Fabozzi James Clayburn La Force, Jr. Walter F. Mondale Ralph L. Schlosstein(1) Robert S. Kapito(1)
P.O. Box 4546 P.O. Box 4546 P.O. Box 4546 40 East 52nd Street 40 East 52nd Street
New York, NY 10163-4546 New York, NY 10163-4546 New York, NY 10163-4546 New York, NY 10154 New York, NY 10154
Age: 54 Age: 73 Age: 74 Age: 51 Age: 45
------------------------------------------------------------------------------- ---------------------------------------------------
Director/Trustee Director/Trustee Director/Trustee Chairman of the Board President and
Director/Trustee
------------------------------------------------------------------------------- ---------------------------------------------------
3 years(2) / 3 years(2) / 3 years(2) / 3 years(2) / 3 years(2) /
since inception(3) since inception(3) since inception(3,5) since inception(3) since August 22, 2002
------------------------------------------------------------------------------- ---------------------------------------------------
Consultant. Editor of Dean Emeritus of The John Partner, Dorsey & Director since 1999 and Vice Chairman of
THE JOURNAL OF PORTFOLIO E. Anderson Graduate Whitney, a law firm President of BlackRock, BlackRock, Inc. Head of
MANAGEMENT and Adjunct School of Management, (December 1996-present, Inc. since its formation the Portfolio Management
Professor of Finance at University of California September 1987-August in 1998 and of BlackRock, Group. Also a member
the School of Management since July 1, 1993. 1993). Formerly U.S. Inc.'s predecessor of the Management
at Yale University. Acting Dean of The School Ambassador to Japan entities since 1988. Committee, the
Author and editor of of Business, Hong Kong (1993-1996). Formerly Member of the Management Investment Strategy
several books on fixed University of Science and Vice President of the Committee and Investment Group, the Fixed Income
income portfolio Technology 1990-1993. United States, U.S. Strategy Group of and Global Operating
management. Visiting From 1978 to September Senator and Attorney BlackRock, Inc. Formerly, Committees and the
Professor of Finance and 1993, Dean of The John E. General of the State of Managing Director of Equity Investment
Accounting at the Sloan Anderson Graduate School Minnesota. 1984 Lehman Brothers, Inc. and Strategy Group.
School of Management, of Management, University Democratic Nominee for Co-head of its Mortgage Responsible for the
Massachusetts Institute of California. President of the United and Savings Institutions portfolio management of
of Technology from 1986 States. Group. Currently, the Fixed Income,
to August 1992. Chairman of each of the Domestic Equity and
closed-end Trusts in International Equity,
which BlackRock Advisors, Liquidity, and
Inc. acts as investment Alternative Investment
advisor. Groups of BlackRock.
Currently President and
a Trustee of each of th
closed-end Trusts in
which BlackRock
Advisors, Inc. acts as
investment advisor.
------------------------------------------------------------------------------- ---------------------------------------------------
44(4) 44(4) 44(4) 44(4) 44(4)
------------------------------------------------------------------------------- ---------------------------------------------------
Director, Guardian Director, Jacobs Chairman and President of Chairman of the Hope and
Mutual Funds Group Engineering Group, Inc., the BlackRock Provident Heroes Children's Cancer
(18 portfolios). Payden & Rygel Investment Institutional Funds (10 Fund. President of the
Trust, Provident portfolios) and Director Board of Directors of
Investment Counsel Funds. of Anthricite Capital, the Periwinkle National
Advisors Series Trust, Inc. and several of Theatre for Young
Arena Pharmaceuticals, BlackRock's alternative Audiences. Director of
Inc. and CancerVax investment vehicles. icruise.com, Corp.
Corporation. Currently, a 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 Vice Chairman of the
the Advisor. Advisor.
------------------------------------------------------------------------------- ---------------------------------------------------
59
DIVIDEND REINVESTMENT PLANS
--------------------------------------------------------------------------------
Pursuant to each Trust's Dividend Reinvestment Plan (the "Plan"), common
shareholders are automatically enrolled to have all distributions of dividends
and capital gains reinvested by EquiServe Trust Company, N.A. (the "Plan Agent")
in the respective Trust's shares pursuant to the Plan. Shareholders who elect
not to participate in the Plan will receive all distributions in cash paid by
check and mailed directly to the shareholders of record (or if the shares are
held in street or other nominee name, then to the nominee) by the Plan Agent,
which serves as agent for the shareholders in administering the Plan.
After an Investment Quality Trust declares a dividend or determines to make
a capital gain distribution, the Plan Agent will acquire shares for the
participants' account, by the purchase of outstanding shares on the open market,
on the Trust's primary exchange or elsewhere ("open market purchases"). The
Investment Quality Trusts will not issue any new shares under the Plan.
After an Income Trust declares a dividend or determines to make a capital
gain distribution, the Plan Agent will acquire shares for the participants'
account, depending upon the circumstances described below, either (i) through
receipt of unissued but authorized shares from the Trust ("newly issued shares")
or (ii) by open market purchases. If, on the dividend payment date, the net
asset value per share ("NAV") is equal to or less than the market price per
share plus estimated brokerage commissions (such condition being referred to
herein as "market premium"), the Plan Agent will invest the dividend amount in
newly issued shares on behalf of the participants. The number of newly issued
shares to be credited to each participant's account will be determined by
dividing the dollar amount of the dividend by the NAV on the date the shares are
issued. However, if the NAV is less than 95% of the market price on the payment
date, the dollar amount of the dividend will be divided by 95% of the market
price on the payment date. If, on the dividend payment date, the NAV is greater
than the market value per share plus estimated brokerage commissions (such
condition being referred to herein as "market discount"), the Plan Agent will
invest the dividend amount in shares acquired on behalf of the participants in
open market purchases.
Participants in the Plan may withdraw from the Plan upon written notice to
the Plan Agent and will receive certificates for whole Trust shares and a cash
payment for any fraction of a Trust share.
The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by each Trust. However, each participant will pay a
pro rata share of brokerage commissions incurred with respect to the Plan
Agent's open market purchases in connection with the reinvestment of dividends
and distributions. The automatic reinvestment of dividends and distributions
will not relieve participants of any Federal income tax that may be payable on
such dividends or distributions.
Each Trust reserves the right to amend or terminate the Plan. There is no
direct service charge to participants in the Plan, however, each Trust reserves
the right to amend the Plan to include a service charge payable by the
participants. All correspondence concerning the Plan should be directed to the
Plan Agent at 150 Royall Street, Canton, MA 02021 or (800) 699-1BFM.
60
INVESTMENT SUMMARIES
--------------------------------------------------------------------------------
WHO MANAGES THE TRUSTS?
BlackRock Advisors, Inc. (the "Advisor") manages the Trusts. The Advisor is a
wholly owned subsidiary of BlackRock, Inc. ("BlackRock"), which is one of the
largest publicly traded investment management firms in the United States with
$246 billion of assets under management as of September 30, 2002. BlackRock
manages assets on behalf of institutional and individual investors worldwide
through a variety of equity, fixed income, liquidity and alternative investment
products. In addition, BlackRock provides risk management and investment system
services to a growing number of institutional investors under the BLACKROCK
SOLUTIONS name. Clients are served from the company's headquarters in New York
City, as well as offices in Boston, Edinburgh, Hong Kong, San Francisco, Tokyo
and Wilmington. BlackRock is majority-owned by The PNC Financial Services Group
(NYSE: PNC), and by BlackRock employees.
HOW ARE THE TRUST'S SHARES PURCHASED AND SOLD? DOES THE TRUST PAY DIVIDENDS
REGULARLY?
The Trusts common shares are traded on either the New York Stock Exchange or the
American Stock Exchange both of which provide investors with liquidity on a
daily basis. Orders to buy or sell shares of the Trusts must be placed through a
registered broker or financial advisor. The Trusts pay monthly dividends which
are typically paid on the first business day of the month. For shares held in
the shareholder's name, dividends may be reinvested in additional shares of the
respective Trust through its transfer agent, EquiServe Trust Company, N.A.
Investors who wish to hold shares in a brokerage account should check with their
financial advisor to determine whether their brokerage firm offers dividend
reinvestment services.
LEVERAGE CONSIDERATIONS IN THE TRUSTS
The Trusts employ leverage primarily through the issuance of preferred shares.
Leverage permits the Trusts to borrow money at short-term rates and reinvest
that money in longer-term assets, which typically offer higher interest rates.
The difference between the cost of the borrowed funds and the income earned on
the proceeds that are invested in longer-term assets is the potential benefit to
the Trusts from leverage.
Leverage increases the duration (or price sensitivity of the net assets with
respect to changes in interest rates) of the Trusts, which can improve the
performance of the Trusts in a declining interest rate environment, but can
cause net assets to decline faster in a rapidly rising interest rate
environment. The Advisor's portfolio managers continuously monitor and regularly
review each Trust's use of leverage and may reduce, or unwind, the amount of
leverage employed should the Advisor consider that reduction to be in the best
interests of the shareholders.
SPECIAL CONSIDERATIONS AND RISK FACTORS RELEVANT TO THE TRUSTS
The Trusts are intended to be long-term investments and are not short-term
trading vehicles.
DIVIDEND CONSIDERATIONS. The income and dividends paid by the Trusts are likely
to vary over time as fixed income market conditions change. Future dividends may
be higher or lower than the dividends the Trusts are currently paying.
LEVERAGE. The Trusts utilize leverage through the issuance of preferred shares,
which involves special risks. The Trusts net asset value and market value may be
more volatile due to the use of leverage.
MARKET PRICE OF SHARES. The shares of closed-end investment companies such as
the Trusts trade on the New York Stock Exchange ("NYSE") or the American Stock
Exchange ("AMEX") and as such are subject to supply and demand influences. As a
result, shares may trade at a discount or a premium to their net asset value.
MUNICIPAL OBLIGATIONS. The value of municipal debt securities generally varies
inversely with changes in prevailing market interest rates. Depending on the
amount of call protection that the securities in a Trust have, a Trust may be
subject to certain reinvestment risks in environments of declining interest
rates.
HIGH YIELD RISK. The Trusts may invest in high yield bonds, which involves
additional risks, including credit risk. The value of high yield, lower quality
bonds is affected by the creditworthiness of the issuers of the securities and
by general economic and specific industry conditions. Issuers of high yield
bonds are not as strong financially as those with higher credit ratings. A
Trust's investment in lower grade securities will expose the Trust to greater
risk than if the Trust owned only higher grade securities.
ILLIQUID SECURITIES. The Trusts may invest in securities that are illiquid,
although under current market conditions the Trusts expect to do so to only a
limited extent. These securities involve special risks.
ANTITAKEOVER PROVISIONS. Certain antitakeover provisions will make a change in a
Trust's business or management more difficult without the approval of the
Trust's Board of Trustees and may have the effect of depriving shareholders of
an opportunity to sell their shares at a premium above the prevailing market
price.
ALTERNATIVE MINIMUM TAX (AMT). The Trusts may invest in securities subject to
alternative minimum tax.
61
--------------------------------------------------------------------------------
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide high current income exempt from
regular Federal income tax consistent with the preservation of capital.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets may instead be deemed to be of equivalent credit
quality by the Advisor. Examples of the types of securities that the Trust may
invest in include general obligation bonds, which are backed by the full taxing
power of the municipality (states, counties and cities), and revenue bonds,
which are backed by a revenue source associated with the issuing municipality or
by a special tax. Revenue bonds include those that are backed by revenues
generated by universities, hospitals, housing developments, utilities, public
facilities, toll roads, airports, etc.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust in accordance with the Trust's
investment objective and policies by investing in municipal debt securities that
are diversified both geographically and according to revenue source. As such,
the Advisor actively manages the assets in relation to market conditions and
interest rate changes. In seeking the investment objective, the Trust does not
expect to invest more than 25% of its total assets in municipals that are issued
by the same state. Depending on yield and portfolio allocation considerations,
the Advisor may choose to invest a portion of the Trust's assets in securities
which pay interest that is subject to AMT (alternative minimum tax). The Trust
employs leverage primarily through the issuance of preferred stock. Preferred
stockholders will receive dividends based on short-term rates in exchange for
allowing the Trust to borrow additional assets. These assets will be invested in
longer-term assets which typically offer higher interest rates. The difference
between the cost of the dividends paid to preferred stockholders and the
interest earned on the longer-term securities will provide higher income levels
for common stockholders in most interest rate environments. See "Leverage
Considerations in the Trusts".
--------------------------------------------------------------------------------
BLACKROCK MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide current income exempt from
regular Federal income tax.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets are rated below investment grade (Ba/BB or B) or
that are unrated but deemed to be of comparable quality by the Advisor.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust in accordance with the Trust's
investment objective and policies by investing substantially all of its assets
in municipal bonds that pay interest that is exempt from regular Federal income
tax. As such, the Advisor actively manages the assets in relation to market
conditions and interest rate changes. Depending on yield and portfolio
allocation considerations, the Advisor may choose to invest a portion of the
Trust's assets in securities which pay interest that is subject to AMT
(alternative minimum tax). The Trust intends to invest primarily in long-term
bonds and expects bonds in its portfolio to maintain an average portfolio
maturity of 15 years or more, but the average maturity may be shortened or
lengthened from time to time depending on market conditions. The Trust employs
leverage primarily through the issuance of preferred shares. Preferred
shareholders will receive dividends based on short-term rates in exchange for
allowing the Trust to borrow additional assets. These assets will be invested in
longer-term assets which typically offer higher interest rates. The difference
between the cost of the dividends paid to preferred shareholders and the
interest earned on the longer-term securities will provide higher income levels
for common shareholders in most interest rate environments. See "Leverage
Considerations in the Trusts".
62
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BLACKROCK CALIFORNIA INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide high current income exempt from
regular Federal and California income taxes consistent with the preservation of
capital.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets may instead be deemed to be of equivalent credit
quality by the Advisor. The Trust intends to invest substantially all of the
assets in a portfolio of investment grade California municipal obligations,
which include debt obligations issued by or on behalf of California, its
political subdivisions, agencies and instrumentalities and by other qualifying
issuers that pay interest which, in the opinion of the bond counsel of the
issuer, is exempt from regular Federal and California income taxes. California
municipal obligations are issued to obtain funds for various public functions,
including the construction of public facilities, the refinancing of outstanding
obligations, the obtaining of funds for general operating expenses and for loans
to other public institutions and facilities.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust, in accordance with the Trust's
investment objective and policies by investing in investment grade California
Municipal Obligations or other qualifying issuers. As such, the Advisor actively
manages the assets in relation to market conditions and interest rate changes.
Depending on yield and portfolio allocation considerations, the Advisor may
choose to invest a portion of the Trust's assets in securities which pay
interest that is subject to AMT (alternative minimum tax). The Trust intends to
emphasize investments in California municipal obligations with long-term
maturities and expects to maintain an average portfolio maturity of 15-20 years,
but the average maturity may be shortened or lengthened from time to time
depending on market conditions. The Trust employs leverage primarily through the
issuance of preferred stock. Preferred stockholders will receive dividends based
on short-term rates in exchange for allowing the Trust to borrow additional
assets. These assets will be invested in longer-term assets which typically
offer higher interest rates. The difference between the cost of the dividends
paid to preferred stockholders and the interest earned on the longer-term
securities will provide higher income levels for common stockholders in most
interest rate environments. See "Leverage Considerations in the Trusts".
--------------------------------------------------------------------------------
BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide current income exempt from
regular Federal and California income taxes.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets are rated below investment grade (Ba/BB or B) or
that are unrated but deemed to be of comparable quality by the Advisor. The
Trust intends to invest primarily all of the assets in a portfolio of California
municipal obligations, which include debt obligations issued by the state of
California, its political subdivisions, agencies and instrumentalities and by
other qualifying issuers that pay interest which, in the opinion of the bond
counsel of the issuer, is exempt from Federal and California income taxes.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust in accordance with the Trust's
investment objective and policies by investing primarily in municipal bonds that
pay interest that is exempt from regular Federal income tax and California
income tax. As such, the Advisor actively manages the assets in relation to
market conditions and interest rate changes. Depending on yield and portfolio
allocation considerations, the Advisor may choose to invest a portion of the
Trust's assets in securities which pay interest that is subject to AMT
(alternative minimum tax). The Trust intends to invest primarily in long-term
bonds and expects bonds in its portfolio to maintain an average portfolio
maturity of 15 years or more, but the average maturity may be shortened or
lengthened from time to time depending on market conditions. The Trust employs
leverage primarily through the issuance of preferred shares. Preferred
shareholders will receive dividends based on short-term rates in exchange for
allowing the Trust to borrow additional assets. These assets will be invested in
longer-term assets which typically offer higher interest rates. The difference
between the cost of the dividends paid to preferred shareholders and the
interest earned on the longer-term securities will provide higher income levels
for common shareholders in most interest rate environments. See "Leverage
Considerations in the Trusts".
63
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BLACKROCK FLORIDA INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide high current income exempt from
regular Federal income tax and to provide an exemption from Florida intangible
personal property taxes consistent with the preservation of capital.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets may instead be deemed to be of equivalent credit
quality by the Advisor. The Trust intends to invest substantially all of the
assets in a portfolio of investment grade Florida municipal obligations, which
include debt obligations issued by the state of Florida, its political
subdivisions, agencies and instrumentalities and by other qualifying issuers
that pay interest which, in the opinion of the bond counsel of the issuer, is
exempt from Federal income tax. Florida municipal obligations are issued to
obtain funds for various public functions, including the construction of public
facilities, the refinancing of outstanding obligations, the obtaining of funds
for general operating expenses and for loans to other public institutions and
facilities.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust, in accordance with the Trust's
investment objective and policies by investing in investment grade Florida
Municipal Obligations or other qualifying issuers. As such, the Advisor actively
manages the assets in relation to market conditions and interest rate changes.
Depending on yield and portfolio allocation considerations, the Advisor may
choose to invest a portion of the Trust's assets in securities which pay
interest that is subject to AMT (alternative minimum tax). The Trust intends to
emphasize investments in Florida municipal obligations with long-term maturities
and expects to maintain an average portfolio maturity of 15-20 years, but the
average maturity may be shortened or lengthened from time to time depending on
market conditions. The Trust employs leverage primarily through the issuance of
preferred stock. Preferred shareholders will receive dividends based on
short-term rates in exchange for allowing the Trust to borrow additional assets.
These assets will be invested in longer-term assets which typically offer higher
interest rates. The difference between the cost of the dividends paid to
preferred stockholders and the interest earned on the longer-term securities
will provide higher income levels for common stockholders in most interest rate
environments. See "Leverage Considerations in the Trusts".
--------------------------------------------------------------------------------
BLACKROCK FLORIDA MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide current income exempt from
regular Federal income tax and Florida intangible personal property tax.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets are rated below investment grade (Ba/BB or B) or
that are unrated but deemed to be of comparable quality by the Advisor. The
Trust intends to invest primarily all of the assets in a portfolio of Florida
municipal obligations, which include debt obligations issued by the state of
Florida, its political subdivisions, agencies and instrumentalities and by other
qualifying issuers that pay interest which, in the opinion of the bond counsel
of the issuer, is exempt from Federal income tax and Florida intangible personal
property tax.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust in accordance with the Trust's
investment objective and policies by investing primarily in municipal bonds that
pay interest that is exempt from regular Federal income tax and Florida
intangible personal property tax. As such, the Advisor actively manages the
assets in relation to market conditions and interest rate changes. Depending on
yield and portfolio allocation considerations, the Advisor may choose to invest
a portion of the Trust's assets in securities which pay interest that is subject
to AMT (alternative minimum tax). The Trust intends to invest primarily in
long-term bonds and expects bonds in its portfolio to maintain an average
portfolio maturity of 15 years or more, but the average maturity may be
shortened or lengthened from time to time depending on market conditions. The
Trust employs leverage primarily through the issuance of preferred shares.
Preferred shareholders will receive dividends based on short-term rates in
exchange for allowing the Trust to borrow additional assets. These assets will
be invested in longer-term assets which typically offer higher interest rates.
The difference between the cost of the dividends paid to preferred shareholders
and the interest earned on the longer-term securities will provide higher income
levels for common shareholders in most interest rate environments. See "Leverage
Considerations in the Trusts".
64
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BLACKROCK NEW JERSEY INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide high current income exempt from
regular Federal income tax and New Jersey gross income tax consistent with the
preservation of capital.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets may instead be deemed to be of equivalent credit
quality by the Advisor. The Trust intends to invest substantially all of the
assets in a portfolio of investment grade New Jersey municipal obligations,
which include debt obligations issued by or on behalf of New Jersey, its
political subdivisions, agencies and instrumentalities and by other qualifying
issuers that pay interest which, in the opinion of the bond counsel of the
issuer, is exempt from regular Federal income taxes and New Jersey state income
tax. New Jersey municipal obligations are issued to obtain funds for various
public functions, including the construction of public facilities, the
refinancing of outstanding obligations, the obtaining of funds for general
operating expenses and for loans to other public institutions and facilities.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust, in accordance with the Trust's
investment objective and policies by investing in investment grade New Jersey
Municipal Obligations or other qualifying issuers. As such, the Advisor actively
manages the assets in relation to market conditions and interest rate changes.
Depending on yield and portfolio allocation considerations, the Advisor may
choose to invest a portion of The Trust's assets in securities which pay
interest that is subject to AMT (alternative minimum tax). The Trust intends to
emphasize investments in New Jersey municipal obligations with long-term
maturities and expects to maintain an average portfolio maturity of 15-20 years,
but the average maturity may be shortened or lengthened from time to time
depending on market conditions. The Trust employs leverage primarily through the
issuance of preferred stock. Preferred stockholders will receive dividends based
on short-term rates in exchange for allowing the Trust to borrow additional
assets. These assets will be invested in longer-term assets which typically
offer higher interest rates. The difference between the cost of the dividends
paid to preferred stockholders and the interest earned on the longer-term
securities will provide higher income levels for common stockholders in most
interest rate environments. See "Leverage Considerations in the Trusts".
--------------------------------------------------------------------------------
BLACKROCK NEW JERSEY MUNICIPAL INCOME TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide current income exempt from
regular Federal income tax and New Jersey gross income tax.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets are rated below investment grade (Ba/BB or B) or
that are unrated but deemed to be of comparable quality by the Advisor. The
Trust intends to invest primarily all of the assets in a portfolio of New Jersey
municipal obligations, which include debt obligations issued by the state of New
Jersey, its political subdivisions, agencies and instrumentalities and by other
qualifying issuers that pay interest which, in the opinion of the bond counsel
of the issuer, is exempt from Federal income tax and New Jersey gross income
tax.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust in accordance with the Trust's
investment objective and policies by investing primarily in municipal bonds that
pay interest that is exempt from regular Federal income tax and New Jersey state
gross income tax. As such, the Advisor actively manages the assets in relation
to market conditions and interest rate changes. Depending on yield and portfolio
allocation considerations, the Advisor may choose to invest a portion of the
Trust's assets in securities which pay interest that is subject to AMT
(alternative minimum tax). The Trust intends to invest primarily in long-term
bonds and expects bonds in its portfolio to maintain an average portfolio
maturity of 15 years or more, but the average maturity may be shortened or
lengthened from time to time depending on market conditions. The Trust employs
leverage primarily through the issuance of preferred shares. Preferred
shareholders will receive dividends based on short-term rates in exchange for
allowing the Trust to borrow additional assets. These assets will be invested in
longer-term assets which typically offer higher interest rates. The difference
between the cost of the dividends paid to preferred shareholders and the
interest earned on the longer-term securities will provide higher income levels
for common shareholders in most interest rate environments. See "Leverage
Considerations in the Trusts".
65
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BLACKROCK NEW YORK INVESTMENT QUALITY MUNICIPAL TRUST
--------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The Trust's investment objective is to provide high current income exempt from
regular Federal, New York state and New York City income tax consistent with the
preservation of capital.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets may instead be deemed to be of equivalent credit
quality by the Advisor. The Trust intends to invest substantially all of the
assets in a portfolio of investment grade New York municipal obligations, which
include debt obligations issued by or on behalf of the state, its political
subdivisions (including New York City), agencies and instrumentalities and by
other qualifying issuers that pay interest which, in the opinion of the bond
counsel of the issuer, is exempt from regular Federal, state and city income
taxes. New York municipal obligations may be issued to obtain funds for various
public purposes, including the construction of such public facilities as
airports, bridges, highways, housing, hospitals, mass transportation, schools,
streets, water and sewer works. Other public purposes for which New York
municipal obligations may be issued include the refinancing of outstanding
obligations and the obtaining of funds for general operating expenses and for
loans to other public institutions and facilities.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust, in accordance with the Trust's
investment objective and policies by investing in investment grade New York
Municipal Obligations or other qualifying issuers. As such, the Advisor actively
manages the assets in relation to market conditions and interest rate changes.
Depending on yield and portfolio allocation considerations, the Advisor may
choose to invest a portion of the Trust's assets in securities which pay
interest that is subject to AMT (alternative minimum tax). The Trust intends to
emphasize investments in New York municipal obligations with long-term
maturities and expects to maintain an average portfolio maturity of 15-20 years,
but the average maturity may be shortened or lengthened from time to time
depending on market conditions. The Trust employs leverage primarily through the
issuance of preferred stock. Preferred stockholders will receive dividends based
on short-term rates in exchange for allowing the Trust to borrow additional
assets. These assets will be invested in longer-term assets which typically
offer higher interest rates. The difference between the cost of the dividends
paid to preferred stockholders and the interest earned on the longer-term
securities will provide higher income levels for common stockholders in most
interest rate environments. See "Leverage Considerations in the Trusts".
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BLACKROCK NEW YORK MUNICIPAL INCOME TRUST
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INVESTMENT OBJECTIVE
The Trust's investment objective is to provide current income exempt from
regular Federal income tax and New York State and New York City personal income
taxes.
WHAT CAN THE TRUST INVEST IN?
Under normal conditions, the Trust expects to manage its assets so that at the
time of investment, at least 80% of its investments are rated at least
investment grade (BBB by Standard & Poor's or Baa by Moody's Investor Services)
and up to 20% of its assets are rated below investment grade (Ba/BB or B) or
that are unrated but deemed to be of comparable quality by the Advisor. The
Trust intends to invest primarily all of the assets in a portfolio of New York
municipal obligations, which include debt obligations issued by the state of New
York, its political subdivisions, agencies and instrumentalities and by other
qualifying issuers that pay interest which, in the opinion of the bond counsel
of the issuer, is exempt from Federal income tax and New York State and New York
City personal income taxes.
WHAT IS THE ADVISOR'S INVESTMENT STRATEGY?
The Advisor manages the assets of the Trust in accordance with the Trust's
investment objective and policies by investing primarily in municipal bonds that
pay interest that is exempt from regular Federal income tax and New York State
and New York City personal income taxes. As such, the Advisor actively manages
the assets in relation to market conditions and interest rate changes. Depending
on yield and portfolio allocation considerations, the Advisor may choose to
invest a portion of the Trust's assets in securities which pay interest that is
subject to AMT (alternative minimum tax). The Trust intends to invest primarily
in long-term bonds and expects bonds in its portfolio to maintain an average
portfolio maturity of 15 years or more, but the average maturity may be
shortened or lengthened from time to time depending on market conditions. The
Trust employs leverage primarily through the issuance of preferred shares.
Preferred shareholders will receive dividends based on short-term rates in
exchange for allowing the Trust to borrow additional assets. These assets will
be invested in longer-term assets which typically offer higher interest rates.
The difference between the cost of the dividends paid to preferred shareholders
and the interest earned on the longer-term securities will provide higher income
levels for common shareholders in most interest rate environments. See "Leverage
Considerations in the Trusts".
66
ADDITIONAL INFORMATION
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There have been no material changes in the Trusts' investment objectives or
policies that have not been approved by the shareholders or to its charter or
by-laws or in the principal risk factors associated with investment in the
Trusts. There have been no changes in the persons who are primarily responsible
for the day-to-day management of the Trusts' portfolio.
We are required by the Internal Revenue Code to advise you within 60 days
of a Trust's tax year end as to the Federally tax-exempt interest dividends
received by you during such fiscal year. Accordingly, we are advising you that
all dividends paid by all of the Trusts (excluding New York Income, which has a
July 31st, tax year end) during the tax year ended October 31, 2002, were
federally tax-exempt interest dividends.
Quarterly performance and other information regarding the Trusts may be
found on BlackRock's website, which can be accessed at
http://www.blackrock.com/funds/cefunds.html. This reference to BlackRock's
website is intended to allow investors public access to quarterly information
regarding the Trusts and is not intended to incorporate BlackRock's website into
this report.
Certain of the officers of the Trusts listed on the inside back cover of
this Report to Shareholders, are also officers of the Advisor or Sub-Advisor.
They serve in the following capacities for the Advisor or Sub-Advisor: Robert S.
Kapito--Director and Vice Chairman of the Advisor and Vice Chairman of the
Sub-Advisor, Kevin M. Klingert--Director and Managing Director of the Advisor
and Managing Director of the Sub-Advisor, Henry Gabbay and Anne
Ackerley--Managing Directors of the Advisor and the Sub-Advisor and Richard M.
Shea and James Kong--Managing Directors of the Sub-Advisor.
GLOSSARY
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CLOSED-END FUND: Investment vehicle which initially offers a fixed
number of shares and trades on a stock exchange. Each
Trust invests in a portfolio of securities in
accordance with its stated investment objectives and
policies.
DISCOUNT: When a Trust's net asset value is greater than its
market price, the Trust is said to be trading at a
discount.
DIVIDEND: Income generated by securities in a portfolio and
distributed to shareholders after the deduction of
expenses. Each Trust declares and pays dividends to
common shareholders on a monthly basis.
DIVIDEND REINVESTMENT: Common shareholders may have all dividends and
distributions of capital gains automatically reinvested
into additional shares of their respective Trust.
MARKET PRICE: Price per share of a security trading in the secondary
market. For each Trust, this is the price at which one
share of a Trust trades on the stock exchange. If you
were to buy or sell shares, you would pay or receive
the market price.
NET ASSET VALUE (NAV): Net asset value is the total market value of all
securities and other assets held by a Trust, including
income accrued on its investments, minus any
liabilities including accrued expenses, divided by the
total number of outstanding common shares. It is the
underlying value of a single common share on a given
day. Net asset value for each Trust is calculated
weekly and published in BARRON'S on Saturday and THE
WALL STREET JOURNAL on Monday.
PREMIUM: When a Trust's market price is greater than its net
asset value, the Trust is said to be trading at a
premium.
PREREFUNDED BONDS: These securities are collateralized by U.S. Government
securities which are held in escrow and are used to pay
principal and interest on the tax-exempt issue and to
retire the bond in full at the date indicated,
typically at a premium to par.
67
BlackRock Closed-End Funds
Directors/Trustees
Ralph L. Schlosstein, CHAIRMAN(1)
Andrew F. Brimmer
Richard E. Cavanagh
Kent Dixon
Frank J. Fabozzi
Robert S. Kapito(1)
James Clayburn La Force, Jr.
Walter F. Mondale
Officers
Robert S. Kapito, PRESIDENT(1)
Kevin M. Klingert, VICE PRESIDENT
Richard M. Shea, VICE PRESIDENT/TAX
Henry Gabbay, TREASURER
James Kong, ASSISTANT TREASURER
Anne Ackerley, SECRETARY
Investment Advisor
BlackRock Advisors, Inc.
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM
Sub-Advisor(2)
BlackRock Financial Management, Inc.
40 East 52nd Street
New York, NY 10022
Custodian
State Street Bank and Trust Company
One Heritage Drive
North Quincy, MA 02171
Transfer Agent
EquiServe Trust Company, N.A.
150 Royall Street
Canton, MA 02021
(800) 699-1BFM
Auction Agent(2)
Bank of New York
5 Penn Plaza, 13th Floor
New York, NY 10001
Auction Agent(3)
Deutsche Bank Trust Company Americas
4 Albany Street
New York, NY 10006
Independent Accountants
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116
Legal Counsel
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, NY 10036
Legal Counsel - Independent Directors/Trustees
Debevoise & Plimpton
919 Third Avenue
New York, NY 10022
This report is for shareholder information. This is not a prospectus
intended for use in the purchase or sale of Trust shares. Statements and other
information contained in this report are as dated and are subject to change.
BlackRockAdvisors, Inc.(4)
100 Bellevue Parkway
Wilmington, DE 19809
(800) 227-7BFM
BlackRock Municipal Income Trust
BlackRock California Municipal Income Trust
BlackRock Florida Municipal Income Trust
BlackRock New Jersey Municipal Income Trust
BlackRock New York Municipal Income Trust
Princeton Administrators, L.P.(4)
P.O. Box 9095
Princeton, NJ 08543-9095
(800) 543-6217
BlackRock Investment Quality Municipal Trust
Prudential Investments LLC(4)
Gateway Center Three
100 Mulberry Street
Newark, NJ 07102-4077
(800) 227-7BFM
BlackRock California Investment Quality Municipal Trust
BlackRock Florida Investment Quality Municipal Trust
BlackRock New Jersey Investment Quality Municipal Trust
BlackRock New York Investment Quality Municipal Trust
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(1) Laurence D. Fink has resigned his positions as Director/Trustee and
Chairman of the Board effective August 22, 2002, and will continue as
Chairman and Chief Executive Officer of BlackRock, Inc. and Chief Executive
Officer of BlackRock Advisors, Inc. The Board of Directors/Trustees elected
Ralph L. Schlosstein as the new Chairman of the Board, elected Robert S.
Kapito as the new President of the Trust and appointed Robert S. Kapito as
a new Director/Trustee of the Board effective August 22, 2002.
(2) For the Income Trusts only.
(3) For the Investment Quality Trusts only.
(4) Provides administrative services for the Trust(s) listed directly below its
name.
The Trusts will mail only one copy of shareholder documents, including annual
and semi-annual reports and proxy statements, to shareholders with multiple
accounts at the same address. This practice is commonly called "householding"
and is intended to reduce expenses and eliminate duplicate mailings of
shareholder documents. Mailings of your shareholder documents may be householded
indefinitely unless you instruct us otherwise. If you do not want the mailing of
these documents to be combined with those for other members of your household,
please contact the Trusts at (800) 227-7BFM.
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This report is for shareholder information.
This is not a prospectus intended for use
in the purchase or sale of Trust shares.
Statements and other information contained
in this report are as dated and are subject
to change. [BLACKROCK LOGO]