UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07672
BlackRock New York Investment Quality Municipal Trust, Inc.
(Exact name of registrant as specified in charter)
100 Bellevue Parkway, Wilmington, DE | 19809 | |
Robert S. Kapito, President
40 East 52nd Street, New York, NY 10022
(Name and address of agent for service)
Registrant's telephone number, including area code: 888-825-2257 |
Date of fiscal year end: October 31, 2005 |
Date of reporting period: April 30, 2005 |
Item 1. Reports to Shareholders.
The Registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
FIXED INCOME LIQUIDITY EQUITIES ALTERNATIVES BLACKROCK SOLUTIONS
BlackRock
Closed-End Funds
Semi-Annual Report
APRIL 30, 2005 (Unaudited)
BlackRock Investment Quality Municipal Trust (BKN) |
BlackRock Municipal Income Trust (BFK) |
BlackRock California Investment Quality Municipal Trust (RAA) |
BlackRock California Municipal Income Trust (BFZ) |
BlackRock Florida Investment Quality Municipal Trust (RFA) |
BlackRock Florida Municipal Income Trust (BBF) |
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
BlackRock New Jersey Municipal Income Trust (BNJ) |
BlackRock New York Investment Quality Municipal Trust (RNY) |
BlackRock New York Municipal Income Trust (BNY) |
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE | ![]() |
Letter to Shareholders | 1 | |||
Trusts’ Summaries | 2 | |||
Portfolios of Investments | 12 | |||
Financial Statements | ||||
Statements of Assets and Liabilities | 36 | |||
Statements of Operations | 38 | |||
Statements of Changes in Net Assets | 40 | |||
Financial Highlights | 44 | |||
Notes to Financial Statements | 54 | |||
Dividend Reinvestment Plans | 60 | |||
Additional Information | 60 |
Privacy Principles of the Trusts
The Trusts are committed to maintaining the privacy of shareholders and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information the Trusts collect, how we protect that information and why, in certain cases, we may share information with select other parties.
Generally, the Trusts do not receive any non-public personal information relating to their shareholders, although certain non-public personal information of shareholders may become available to the Trusts. The Trusts do not disclose any non-public personal information about their shareholders or former shareholders to anyone, except as permitted by law or as is necessary in order to service shareholder accounts (for example, to a transfer agent or third party administrator).
The Trusts restrict access to non-public personal information about their shareholders to BlackRock employees with a legitimate business need for the information. The Trusts maintain physical, electronic and procedural safeguards designed to protect the non-public personal information of their shareholders.
LETTER TO SHAREHOLDERS
April 30, 2005
Dear Shareholder:
We are pleased to report that during the semi-annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ unaudited financial statements and a listing of the portfolios’ holdings.
The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.
The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of April 30, 2005.
Closing | |||||||||||
Market | |||||||||||
Trust (Ticker) | Price | ||||||||||
BlackRock Investment Quality Municipal Trust (BKN) | 5.93 | % | 9.12 | % | $ | 15.41 | $ | 15.85 | |||
BlackRock Municipal Income Trust (BFK) | 6.72 | 10.34 | 14.49 | 14.85 | |||||||
BlackRock California Investment Quality Municipal Trust (RAA) | 5.95 | 9.15 | 14.25 | 14.53 | |||||||
BlackRock California Municipal Income Trust (BFZ) | 6.49 | 9.98 | 14.06 | 15.27 | |||||||
BlackRock Florida Investment Quality Municipal Trust (RFA) | 5.94 | 9.14 | 14.30 | 14.79 | |||||||
BlackRock Florida Municipal Income Trust (BBF) | 6.11 | 9.40 | 14.80 | 15.66 | |||||||
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) | 5.56 | 8.55 | 14.50 | 14.78 | |||||||
BlackRock New Jersey Municipal Income Trust (BNJ) | 6.16 | 9.48 | 14.62 | 15.92 | |||||||
BlackRock New York Investment Quality Municipal Trust (RNY) | 6.24 | 9.60 | 14.07 | 15.35 | |||||||
BlackRock New York Municipal Income Trust (BNY) | 6.23 | 9.58 | 14.52 | 15.52 | |||||||
1Yields are based on closing market price. Tax-equivalent yield assumes the maximum Federal tax rate of 35%. |
BlackRock, Inc. (“BlackRock”), a world leader in asset management, has a proven commitment to the municipal bond market. As of March 31, 2005, BlackRock managed over $30 billion in municipal bonds, including seven open-end and 37 closed-end municipal bond funds. BlackRock is recognized for its emphasis on risk management and proprietary analytics and for its reputation managing money for the world’s largest institutional investors. BlackRock Advisors, Inc., and its affiliate, BlackRock Financial Management, Inc., which manages the Trusts, are wholly owned subsidiaries of BlackRock.
On behalf of BlackRock, we thank you for your continued trust and assure you that we remain committed to excellence in managing your assets.
Sincerely,
![]() | ![]() | |
Laurence D. Fink | Ralph L. Schlosstein | |
Chief Executive Officer | President | |
BlackRock Advisors, Inc. | BlackRock Advisors, Inc. |
1
APRIL 30, 2005
BlackRock Investment Quality Municipal Trust (BKN)
Trust Information | ||
Symbol on New York Stock Exchange: | BKN | |
Initial Offering Date: | February 19, 1993 | |
Closing Market Price as of 4/30/05: | $15.41 | |
Net Asset Value as of 4/30/05: | $15.85 | |
Yield on Closing Market Price as of 4/30/05 ($15.41):1 | 5.93 | % |
Current Monthly Distribution per Common Share:2 | $0.076189 | |
Current Annualized Distribution per Common Share:2 | $0.914268 | |
Leverage as of 4/30/05:3 | 36 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | |||||
Market Price | $15.41 | $15.12 | 1.92% | $16.38 | $14.31 | ||||
NAV | $15.85 | $15.71 | 0.89% | $16.06 | $15.53 | ||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
City, County & State | 25 | % | 18 | % |
Hospital | 12 | 11 | ||
Transportation | 11 | 8 | ||
Education | 10 | 11 | ||
Industrial & Pollution Control | 9 | 13 | ||
Power | 7 | 8 | ||
Tobacco | 7 | 3 | ||
Housing | 6 | 7 | ||
Lease Revenue | 6 | 12 | ||
Tax Revenue | 4 | 6 | ||
Water & Sewer | 3 | 3 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 49 | % | 44 | % |
AA/Aa | 5 | 6 | ||
A | 15 | 19 | ||
BBB/Baa | 15 | 21 | ||
BB/Ba | 7 | 2 | ||
B | 1 | — | ||
Not Rated | 8 | 8 | ||
4 Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.
2
APRIL 30, 2005
BlackRock Municipal Income Trust (BFK)
Trust Information | ||
Symbol on New York Stock Exchange: | BFK | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 4/30/05: | $14.49 | |
Net Asset Value as of 4/30/05: | $14.85 | |
Yield on Closing Market Price as of 4/30/05 ($14.49):1 | 6.72 | % |
Current Monthly Distribution per Common Share:2 | $0.081125 | |
Current Annualized Distribution per Common Share:2 | $0.973500 | |
Leverage as of 4/30/05:3 | 37 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | ||||||
Market Price | $14.49 | $14.05 | 3.13% | $14.94 | $13.59 | |||||
NAV | $14.85 | $14.26 | 4.14% | $14.98 | $14.10 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
Hospital | 25 | % | 23 | % |
Industrial & Pollution Control | 19 | 19 | ||
City, County & State | 13 | 13 | ||
Housing | 11 | 12 | ||
Transportation | 11 | 8 | ||
Tobacco | 9 | 4 | ||
Tax Revenue | 4 | 3 | ||
Education | 4 | 6 | ||
Lease Revenue | 2 | 7 | ||
Power | 1 | 1 | ||
Water & Sewer | 1 | 4 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 19 | % | 19 | % |
AA/Aa | 4 | 4 | ||
A | 31 | 32 | ||
BBB/Baa | 25 | 32 | ||
BB/Ba | 7 | 2 | ||
B | 5 | 4 | ||
Not Rated | 9 | 7 | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
3
APRIL 30, 2005
BlackRock California Investment Quality Municipal Trust (RAA)
Trust Information | ||
Symbol on American Stock Exchange: | RAA | |
Initial Offering Date: | May 28, 1993 | |
Closing Market Price as of 4/30/05: | $14.25 | |
Net Asset Value as of 4/30/05: | $14.53 | |
Yield on Closing Market Price as of 4/30/05 ($14.25):1 | 5.95 | % |
Current Monthly Distribution per Common Share:2 | $0.0706 | |
Current Annualized Distribution per Common Share:2 | $0.8472 | |
Leverage as of 4/30/05:3 | 34 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | ||||
Market Price | $14.25 | $14.30 | (0.35 | )% | $14.95 | $13.76 | ||
NAV | $14.53 | $14.43 | 0.69 | % | $14.65 | $14.30 | ||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
City, County & State | 25 | % | 24 | % |
Transportation | 16 | 14 | ||
Lease Revenue | 15 | 24 | ||
Tobacco | 13 | 10 | ||
Education | 11 | 11 | ||
Industrial & Pollution Control | 10 | 8 | ||
Power | 7 | 7 | ||
Water & Sewer | 3 | 2 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 33 | % | 36 | % |
AA/Aa | 8 | 7 | ||
A | 18 | 18 | ||
BBB/Baa | 20 | 22 | ||
B | 7 | 5 | ||
Not Rated | 14 | 12 | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
4
APRIL 30, 2005
BlackRock California Municipal Income Trust (BFZ)
Trust Information | ||
Symbol on New York Stock Exchange: | BFZ | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 4/30/05: | $14.06 | |
Net Asset Value as of 4/30/05: | $15.27 | |
Yield on Closing Market Price as of 4/30/05 ($14.06):1 | 6.49 | % |
Current Monthly Distribution per Common Share:2 | $0.076074 | |
Current Annualized Distribution per Common Share:2 | $0.912888 | |
Leverage as of 4/30/05:3 | 37 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | |||||
Market Price | $14.06 | $13.65 | 3.00 | % | $14.45 | $13.27 | |||
NAV | $15.27 | $14.77 | 3.39 | % | $15.43 | $14.62 | |||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
City, County & State | 21 | % | 22 | % |
Transportation | 13 | 12 | ||
Housing | 13 | 13 | ||
Hospital | 12 | 9 | ||
Education | 10 | 10 | ||
Lease Revenue | 9 | 14 | ||
Tobacco | 7 | 11 | ||
Power | 7 | 7 | ||
Water & Sewer | 5 | — | ||
Industrial & Pollution Control | 3 | 2 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 34 | % | 28 | % |
AA/Aa | 3 | 3 | ||
A | 31 | 33 | ||
BBB/Baa | 20 | 24 | ||
B | 1 | 1 | ||
Not Rated5 | 11 | 11 | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2005 and October 31, 2004, the market value of these securities was |
5
APRIL 30, 2005
BlackRock Florida Investment Quality Municipal Trust (RFA)
Trust Information | ||
Symbol on American Stock Exchange: | RFA | |
Initial Offering Date: | May 28, 1993 | |
Closing Market Price as of 4/30/05: | $14.30 | |
Net Asset Value as of 4/30/05: | $14.79 | |
Yield on Closing Market Price as of 4/30/05 ($14.30):1 | 5.94 | % |
Current Monthly Distribution per Common Share:2 | $0.070781 | |
Current Annualized Distribution per Common Share:2 | $0.849372 | |
Leverage as of 4/30/05:3 | 34 | % |
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/3005 | 10/31/04 | Change | High | Low | |||
Market Price | $14.30 | $14.30 | 0.00 | % | $15.55 | $13.90 | |
NAV | $14.79 | $15.02 | (1.53 | )% | $15.01 | $14.66 | |
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
City, County & State | 20 | % | 14 | % |
Tax Revenue | 19 | 20 | ||
Education | 15 | 16 | ||
Transportation | 15 | 16 | ||
Hospital | 12 | 12 | ||
Lease Revenue | 8 | 10 | ||
Power | 5 | 6 | ||
Housing | 5 | 5 | ||
Water & Sewer | 1 | 1 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 56 | % | 61 | % |
A | 13 | 11 | ||
BBB/Baa | 16 | 16 | ||
BB/Ba | 3 | 3 | ||
Not Rated | 12 | 9 | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
6
APRIL 30, 2005
BlackRock Florida Municipal Income Trust (BBF)
Trust Information | ||
Symbol on New York Stock Exchange: | BBF | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 4/30/05: | $14.80 | |
Net Asset Value as of 4/30/05: | $15.66 | |
Yield on Closing Market Price as of 4/30/05 ($14.80):1 | 6.11 | % |
Current Monthly Distribution per Common Share:2 | $0.075375 | |
Current Annualized Distribution per Common Share:2 | $0.904500 | |
Leverage as of 4/30/05:3 | 36 | % |
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | ||
Market Price | $14.80 | $14.40 | 2.78 | % | $15.11 | $13.88 |
NAV | $15.66 | $15.27 | 2.55 | % | $15.76 | $15.13 |
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
City, County & State | 35 | % | 34 | % |
Hospital | 20 | 19 | ||
Water & Sewer | 9 | 8 | ||
Education | 7 | 7 | ||
Tax Revenue | 6 | 6 | ||
Housing | 6 | 6 | ||
Lease Revenue | 5 | 5 | ||
Power | 4 | 8 | ||
Tobacco | 4 | 3 | ||
Transportation | 3 | 3 | ||
Industrial & Pollution Control | 1 | 1 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 26 | % | 22 | % |
AA/Aa | 34 | 40 | ||
A | 9 | 9 | ||
BBB/Baa | 14 | 13 | ||
BB/Ba | 2 | 2 | ||
Not Rated5 | 15 | 14 | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
5 The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of April 30, 2005 and October 31, 2004, the market value of these securities was |
7
TRUST SUMMARIES (unaudited) APRIL 30, 2005
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)
Trust Information | ||
Symbol on American Stock Exchange: | RNJ | |
Initial Offering Date: | May 28, 1993 | |
Closing Market Price as of 4/30/05: | $14.50 | |
Net Asset Value as of 4/30/05: | $14.78 | |
Yield on Closing Market Price as of 4/30/05 ($14.50):1 | 5.56 | % |
Current Monthly Distribution per Common Share:2 | $0.067148 | |
Current Annualized Distribution per Common Share:2 | $0.805776 | |
Leverage as of 4/30/05:3 | 34 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | ||
Market Price | $14.50 | $15.00 | (3.33 | )% | $15.38 | $13.81 |
NAV | $14.78 | $14.79 | (0.07 | )% | $14.98 | $14.63 |
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
Transportation | 34 | % | 34 | % |
Hospital | 11 | 11 | ||
Housing | 11 | 11 | ||
City, County & State | 9 | 6 | ||
Industrial & Pollution Control | 7 | 6 | ||
Water & Sewer | 6 | 6 | ||
Tax Revenue | 6 | 5 | ||
Education | 6 | 11 | ||
Resource Recovery | 5 | 5 | ||
Tobacco | 5 | 5 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 56 | % | 56 | % |
AA/Aa | 6 | 11 | ||
A | 11 | 11 | ||
BBB/Baa | 19 | 18 | ||
B | 4 | 4 | ||
Not Rated | 4 | — | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
8
TRUST SUMMARIES (unaudited)
APRIL 30, 2005
BlackRock New Jersey Municipal Income Trust (BNJ)
Trust Information | ||
Symbol on New York Stock Exchange: | BNJ | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 4/30/05: | $14.62 | |
Net Asset Value as of 4/30/05: | $15.92 | |
Yield on Closing Market Price as of 4/30/05 ($14.62):1 | 6.16 | % |
Current Monthly Distribution per Common Share:2 | $0.075108 | |
Current Annualized Distribution per Common Share:2 | $0.901296 | |
Leverage as of 4/30/05:3 | 35 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | ||
Market Price | $14.62 | $14.45 | 1.18 | % | $15.14 | $14.05 |
NAV | $15.92 | $15.38 | 3.51 | % | $16.06 | $15.25 |
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
Hospital | 23 | % | 23 | % |
Housing | 17 | 19 | ||
City, County & State | 14 | 12 | ||
Transportation | 11 | 11 | ||
Lease Revenue | 11 | 11 | ||
Tobacco | 7 | 9 | ||
Tax Revenue | 6 | 5 | ||
Industrial & Pollution Control | 6 | 5 | ||
Education | 5 | 5 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 24 | % | 25 | % |
AA/Aa | 5 | — | ||
A | 24 | 29 | ||
BBB/Baa | 41 | 44 | ||
B | 3 | 2 | ||
Not Rated | 3 | — | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
9
TRUST SUMMARIES (unaudited)
APRIL 30, 2005
BlackRock New York Investment Quality Municipal Trust (RNY)
Trust Information | ||
Symbol on American Stock Exchange: | RNY | |
Initial Offering Date: | May 28, 1993 | |
Closing Market Price as of 4/30/05: | $14.07 | |
Net Asset Value as of 4/30/05: | $15.35 | |
Yield on Closing Market Price as of 4/30/05 ($14.07):1 | 6.24 | % |
Current Monthly Distribution per Common Share:2 | $0.073125 | |
Current Annualized Distribution per Common Share:2 | $0.877500 | |
Leverage as of 4/30/05:3 | 33 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | ||
Market Price | $14.07 | $14.50 | (2.97 | )% | $14.70 | $13.59 |
NAV | $15.35 | $15.35 | 0.00 | % | $15.56 | $15.12 |
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
Education | 18 | % | 20 | % |
City, County & State | 17 | 18 | ||
Tax Revenue | 15 | 13 | ||
Water & Sewer | 14 | 12 | ||
Industrial & Pollution Control | 11 | 11 | ||
Lease Revenue | 8 | 8 | ||
Housing | 7 | 8 | ||
Hospital | 4 | 4 | ||
Transportation | 4 | 4 | ||
Tobacco | 2 | 2 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 44 | % | 31 | % |
AA/Aa | 22 | 33 | ||
A | 20 | 21 | ||
BBB/Baa | 6 | 6 | ||
BB/Ba | 4 | 5 | ||
Caa | 4 | 4 | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
10
APRIL 30, 2005
BlackRock New York Municipal Income Trust (BNY)
Trust Information | ||
Symbol on New York Stock Exchange: | BNY | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 4/30/05: | $14.52 | |
Net Asset Value as of 4/30/05: | $15.52 | |
Yield on Closing Market Price as of 4/30/05 ($14.52):1 | 6.23 | % |
Current Monthly Distribution per Common Share:2 | $0.075339 | |
Current Annualized Distribution per Common Share:2 | $0.904068 | |
Leverage as of 4/30/05:3 | 36 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (as defined in Note 2 of the Notes to Financial Statements).
The table below summarizes the changes in the Trust’s market price and NAV:
4/30/05 | 10/31/04 | Change | High | Low | ||
Market Price | $14.52 | $13.99 | 3.79 | % | $14.77 | $13.80 |
NAV | $15.52 | $15.28 | 1.57 | % | $15.61 | $15.13 |
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | April 30, 2005 | October 31, 2004 | ||
Transportation | 17 | % | 17 | % |
Housing | 15 | 14 | ||
Industrial & Pollution Control | 13 | 12 | ||
Lease Revenue | 13 | 13 | ||
Tobacco | 12 | 10 | ||
Water & Sewer | 10 | 4 | ||
Education | 8 | 12 | ||
Hospital | 5 | 5 | ||
City, County & State | 5 | 6 | ||
Tax Revenue | 2 | 7 | ||
Credit Quality Allocations4 | ||||
Credit Rating | April 30, 2005 | October 31, 2004 | ||
AAA/Aaa | 28 | % | 24 | % |
AA/Aa | 15 | 19 | ||
A | 21 | 26 | ||
BBB/Baa | 32 | 27 | ||
BB/Ba | — | 1 | ||
CCC/Caa | 3 | 3 | ||
Not Rated | 1 | — | ||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
11
APRIL 30, 2005
BlackRock Investment Quality Municipal Trust (BKN)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
LONG-TERM INVESTMENTS—151.6% | ||||||||
Alabama—5.9% | ||||||||
AAA | $ 14,000 | Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA | 09/10 | @ 102 | $ | 15,581,020 | ||
Alaska—2.3% | ||||||||
AAA | 6,015 | Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA | 12/05 | @ 102 | 6,173,916 | |||
California—26.6% | ||||||||
California, GO, | ||||||||
AAA | 10,000 | 5.00%, 3/01/33 | 03/15 | @ 100 | 10,482,000 | |||
A | 5,770 | 5.625%, 5/01/18 | 05/10 | @ 101 | 6,403,604 | |||
Foothill/Eastn. Transp. Corridor Agcy., | ||||||||
BBB | 7,000 | Refdg. Conv. Cap. Apprec., Zero Coupon, 1/15/28 | 01/14 | @ 101 | 5,800,340 | |||
BBB | 3,495 | Toll Road Rev., 5.75%, 1/15/40 | 01/10 | @ 101 | 3,565,145 | |||
Golden St. Tobacco Sec. Corp., Ser. B, | ||||||||
A- | 13,000 | 5.50%, 6/01/43 | 06/13 | @ 100 | 13,873,470 | |||
A- | 6,900 | 5.625%, 6/01/38 | 06/13 | @ 100 | 7,494,573 | |||
AAA | 10,945 | Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA | 08/13 | @ 53.632 | 3,904,191 | |||
AAA | 15,460 | Los Angeles Cnty., Asset Leasing Corp. Rev. Proj., 5.95%, 12/01/07, AMBAC | No Opt. Call | 16,697,418 | ||||
San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01, | ||||||||
NR | 795 | 5.90%, 9/01/28 | 09/10 | @ 102 | 811,011 | |||
NR | 1,485 | 5.95%, 9/01/35 | 09/10 | @ 102 | 1,515,740 | |||
70,547,492 | ||||||||
Colorado—0.9% | ||||||||
AAA | 2,250 | 3 | E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05 | N/A | 2,349,810 | |||
Connecticut—1.2% | ||||||||
Baa3 | 3,000 | Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28 | 09/09 | @ 101 | 3,101,790 | |||
District of Columbia—2.0% | ||||||||
BBB | 4,960 | Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 | No Opt. Call | 5,260,179 | ||||
Florida—16.8% | ||||||||
AAA | 4,265 | Brd. of Ed., Cap. Outlay, Ser. J, 5.00%, 6/01/31 | 06/13 | @ 101 | 4,477,440 | |||
AAA | 5,705 | Brd. of Ed. Pub. Ed., Cap. Outlay, Ser. A, 5.00%, 6/01/31 | 06/14 | @ 101 | 6,014,211 | |||
NR | 2,110 | Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34 | 05/13 | @ 101 | 2,194,231 | |||
NR | 3,700 | Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum Proj., Ser. A, 7.125%, 4/01/30 | 10/10 | @ 101 | 4,140,300 | |||
AAA | 1,995 | JEA Wtr. & Swr. Sys. Rev., Ser. C, 5.00%, 10/01/39, FSA | 10/09 | @ 100 | 2,036,795 | |||
NR | 2,250 | Live Oak Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 5.85%, 5/01/35 | 05/12 | @ 101 | 2,291,828 | |||
BB+ | 4,755 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 | @ 100 | 5,360,074 | |||
NR | 1,015 | Pine Islands Cmnty. Dev. Dist., Spl. Assmt., 5.75%, 5/01/35 | 05/12 | @ 101 | 1,027,383 | |||
NR | 2,515 | Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36 | 05/12 | @ 101 | 2,639,316 | |||
NR | 4,000 | Town Center Palm Coast Cmnty., 6.00%, 5/01/36 | 05/13 | @ 101 | 4,083,080 | |||
NR | 10,000 | Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 | 05/13 | @ 100 | 10,236,800 | |||
44,501,458 | ||||||||
Georgia—6.1% | ||||||||
Atlanta Arpt. Passenger Fac., FSA, | ||||||||
AAA | 5,000 | Ser. C, 5.00%, 1/01/33 | 07/14 | @ 100 | 5,189,450 | |||
AAA | 5,000 | Ser. J, 5.00%, 1/01/34 | 01/15 | @ 100 | 5,189,800 | |||
AAA | 4,000 | Atlanta Wtr. & Wstwtr. Rev., 5.00%, 11/01/34, FSA | 11/14 | @ 100 | 4,200,400 | |||
BBB | 1,500 | Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn. Proj., 6.00%, 9/01/33 | 09/14 | @ 101 | 1,600,395 | |||
16,180,045 | ||||||||
Hawaii—1.0% | ||||||||
AAA | 2,500 | Dept. of Budget & Fin., Hawaiian Elec. Co., Inc. Proj., Ser. D, 6.15%, 1/01/20, AMBAC | 01/09 | @ 101 | 2,773,000 | |||
See Notes to Financial Statements.
12
BlackRock Investment Quality Municipal Trust (BKN) (continued)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
Illinois—12.4% | ||||||||
NR | $ 1,920 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | $ | 1,959,379 | |||
AAA | 1,040 | Chicago Brd. of Ed., Sch. Reform, 5.75%, 12/01/27, AMBAC | 12/07 | @ 102 | 1,125,810 | |||
AAA | 5,000 | Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA | ETM | 6,597,900 | ||||
Edl. Fac. Auth., FGIC, | ||||||||
AAA | 4,000 | 5.45%, 7/01/14 | 05/05 | @ 101 | 4,015,280 | |||
AAA | 5,000 | 5.70%, 7/01/13 | 05/05 | @ 101 | 5,021,450 | |||
AA+ | 5,800 | Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 | 08/14 | @ 100 | 6,240,220 | |||
Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj., | ||||||||
Baa2 | 875 | Ser. A, 5.125%, 6/01/35 | 06/14 | @ 100 | 875,280 | |||
Baa3 | 700 | Ser. B, 5.375%, 6/01/35 | 06/14 | @ 100 | 700,217 | |||
O’Hare Intl. Arpt., | ||||||||
AAA | 1,000 | Ser. A, 5.00%, 1/01/29, MBIA | 01/15 | @ 100 | 1,041,140 | |||
AAA | 1,610 | Ser. A, 5.00%, 1/01/30, MBIA | 01/15 | @ 100 | 1,674,964 | |||
AAA | 3,540 | Ser. C-2, 5.25%, 1/01/30, FSA | 01/14 | @ 100 | 3,687,193 | |||
32,938,833 | ||||||||
Kentucky—4.2% | ||||||||
AAA | 15,715 | Econ. Dev. Fin. Sys., Norton Hlth. Care, Inc. Proj., Ser. B, Zero Coupon, 10/01/23, MBIA | No Opt. Call | 6,481,023 | ||||
AAA | 4,530 | Louisville & Jefferson Cnty. Met. Swr. Dist., Ser. A, 5.00%, 5/15/38, FGIC | 05/14 | @ 101 | 4,750,883 | |||
11,231,906 | ||||||||
Louisiana—1.9% | ||||||||
AAA | 4,640 | New Orleans, GO, 5.875%, 11/01/29, FSA | 11/09 | @ 100 | 5,153,416 | |||
Maryland—0.7% | ||||||||
Baa1 | 1,740 | Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33 | 08/14 | @ 100 | 1,832,881 | |||
Massachusetts—0.6% | ||||||||
AAA | 1,460 | Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA | 01/07 | @ 102 | 1,492,689 | |||
Michigan—1.6% | ||||||||
BB+ | 4,000 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 | @ 101 | 4,170,160 | |||
Missouri—1.6% | ||||||||
BBB- | 4,500 | Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys., 5.25%, 12/01/14–12/01/26 | 12/08 | @ 102 | 4,181,060 | |||
Multi-State—4.7% | ||||||||
Baa1 | 7,000 | 4 | Charter Mac Equity Issuer Trust, Ser. B, 7.60%, 11/30/50 | 11/10 | @ 100 | 7,896,980 | ||
Baa1 | 4,000 | 4 | MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 | 11/10 | @ 100 | 4,603,040 | ||
12,500,020 | ||||||||
Nevada—0.4% | ||||||||
AAA | 950 | Director of the Dept. of Business & Ind., Las Ventanas Retirement Proj., Ser. A, 7.00%, 11/15/34 | 11/14 | @ 100 | 982,661 | |||
New Jersey—4.2% | ||||||||
AAA | 2,000 | Delaware River Port Auth. of PA & NJ, Port Dist. Proj., GO, Ser. B, 5.70%, 1/01/22, FSA | 01/10 | @ 100 | 2,211,060 | |||
BBB | 7,000 | Econ. Dev. Auth., Cigarette Tax Rev., 5.75%, 6/15/29 | 06/14 | @ 100 | 7,418,740 | |||
NR | 1,510 | Middlesex Cnty. Impvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 | 01/15 | @ 100 | 1,489,630 | |||
11,119,430 | ||||||||
New Mexico—0.7% | ||||||||
AAA | 1,945 | Farmington PCR, So. California Edison Co. Proj., Ser. A, 5.875%, 6/01/23, MBIA | 06/05 | @ 100 | 1,950,271 | |||
New York—8.7% | ||||||||
AAA | 3,895 | Dorm. Auth., Univ. of Rochester Proj., Ser. A, Zero Coupon, 7/01/21–7/01/23, MBIA | 07/10 | @ 101 | 3,156,155 | |||
New York City, GO, | ||||||||
A+ | 4,140 | Ser. A, 6.00%, 8/01/05 | No Opt. Call | 4,173,079 | ||||
A1 | 4,805 | 5 | Ser. E, 6.50%, 2/15/06 | ETM | 4,948,621 | |||
A+ | 2,195 | 5 | Ser. E, 6.50%, 2/15/06 | No Opt. Call | 2,259,401 | |||
A- | 5,000 | New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj., 6.00%, 1/01/08–1/01/15 | 05/05 | @ 101 | 5,081,800 | |||
AAA | 3,115 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29, AMBAC | 10/14 | @ 100 | 3,305,109 | |||
22,924,165 | ||||||||
See Notes to Financial Statements.
13
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
North Carolina—2.1% | ||||||||
AAA | $ 5,000 | Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC | No Opt. Call | $ | 5,504,400 | |||
Ohio—3.8% | ||||||||
Cuyahoga Cnty., Cleveland Clinic Hlth. Sys. Proj., | ||||||||
A+ | 3,485 | 6.00%, 1/01/20 | 07/13 | @ 100 | 3,965,895 | |||
Aa3 | 5,000 | 6.00%, 1/01/21 | 07/13 | @ 100 | 5,682,500 | |||
AAA | 290 | Cuyahoga Cnty. Port Auth., Port Dev. Proj., 6.00%, 3/01/07 | ETM | 301,986 | ||||
9,950,381 | ||||||||
Oklahoma—1.1% | ||||||||
B- | 2,900 | Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 2,987,725 | ||||
Oregon—1.1% | ||||||||
BB+ | 2,930 | Klamath Falls Elec., Klamath Cogen Proj., 5.50%, 1/01/07 | No Opt. Call | 2,978,521 | ||||
Pennsylvania—8.3% | ||||||||
Econ. Dev. Fin. Auth., | ||||||||
A3 | 2,000 | Amtrak Proj., Ser. A, 6.25%, 11/01/31 | 05/11 | @ 102 | 2,077,860 | |||
A3 | 3,100 | Amtrak Proj., Ser. A, 6.375%, 11/01/41 | 05/11 | @ 102 | 3,217,459 | |||
BB- | 8,235 | Exempt Facs. Rev., Reliant Energy Conv. Proj., Ser. A, 6.75%, 12/01/36 | 12/09 | @ 103 | 8,890,423 | |||
A | 2,750 | 3 | Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.875%, 1/01/06 | N/A | 2,834,425 | |||
AAA | 4,000 | Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC | 06/06 | @ 100 | 4,115,280 | |||
McKeesport Area Sch. Dist., FGIC, | ||||||||
AAA | 870 | Zero Coupon, 10/01/31 | ETM | 243,069 | ||||
AAA | 2,435 | Zero Coupon, 10/01/31 | No Opt. Call | 659,155 | ||||
22,037,671 | ||||||||
Rhode Island—0.8% | ||||||||
AAA | 2,000 | Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA | 05/07 | @ 102 | 2,115,400 | |||
South Carolina—2.6% | ||||||||
Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj., | ||||||||
BBB+ | 2,185 | Ser. A, 6.25%, 8/01/31 | 08/13 | @ 100 | 2,378,220 | |||
BBB+ | 4,000 | Ser. C, 6.875%, 8/01/27 | 08/13 | @ 100 | 4,550,360 | |||
6,928,580 | ||||||||
Tennessee—2.0% | ||||||||
AAA | 4,865 | Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC | 03/10 | @ 102 | 5,352,716 | |||
Texas—15.4% | ||||||||
Ba3 | 6,320 | Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26 | 11/11 | @ 102 | 5,313,793 | |||
BBB | 4,300 | Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 | 10/13 | @ 102 | 4,698,524 | |||
AAA | 6,000 | Grapevine, GO, 5.875%, 8/15/24, FGIC | 08/10 | @ 100 | 6,721,140 | |||
AAA | 5,000 | Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA | 11/30 | @ 61.166 | 816,500 | |||
AAA | 8,375 | Humble Indpt. Sch. Dist., Sch. Bldg., Ser. B, 5.00%, 2/15/30, FGIC | 02/15 | @ 100 | 8,722,981 | |||
AAA | 9,495 | La Joya Indpt. Sch. Dist., 5.00%, 2/15/34 | 02/14 | @ 100 | 9,863,501 | |||
AAA | 15,000 | Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC | 08/12 | @ 32.807 | 3,406,800 | |||
AA+ | 1,000 | Wtr. Fin. Asst., GO, 5.75%, 8/01/22 | 08/10 | @ 100 | 1,111,390 | |||
40,654,629 | ||||||||
Utah—1.2% | ||||||||
Intermountain Pwr. Agcy., Pwr. Sply. Rev., | ||||||||
AAA | 1,950 | 5.00%, 7/01/13, AMBAC | ETM | 1,958,600 | ||||
A+ | 1,145 | Ser. B, 5.00%, 7/01/16 | ETM | 1,148,698 | ||||
3,107,298 | ||||||||
Washington—7.3% | ||||||||
AAA | 13,395 | Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA | 07/06 | @ 102 | 14,082,164 | |||
Washington, GO, | ||||||||
Aa1 | 4,000 | Ser. A, 5.375%, 7/01/21 | 07/06 | @ 100 | 4,064,600 | |||
Aa1 | 1,000 | Ser. B, 6.00%, 1/01/25 | 01/10 | @ 100 | 1,113,820 | |||
19,260,584 | ||||||||
Wisconsin—1.4% | ||||||||
A- | 3,220 | Hlth. & Edl. Facs. Auth., Aurora Hlth. Care Proj., 6.40%, 4/15/33 | 04/13 | @ 100 | 3,568,179 | |||
Total Long-Term Investments (cost $375,683,834) | 401,392,286 | |||||||
See Notes to Financial Statements.
14
BlackRock Investment Quality Municipal Trust (BKN) (continued)
Principal | ||||||||
Amount | ||||||||
Rating1 | (000) | Description | Value | |||||
SHORT-TERM INVESTMENTS—4.9% | ||||||||
Florida—1.5% | ||||||||
A-1+ | $ 3,885 | 6 | Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.00%, 5/02/05, FRDD | $ | 3,885,000 | |||
Maryland—0.4% | ||||||||
A-1+ | 975 | 6 | Hlth. & Higher Edl. Facs. Auth., Pooled Ln. Prog. Proj., Ser. D, 2.98%, 5/05/05, FRWD | 975,000 | ||||
New Jersey—0.1% | ||||||||
A-1+ | 300 | 6 | Sports & Expo. Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD | 300,000 | ||||
New York—1.0% | ||||||||
A-1+ | 2,600 | 6 | New York City Transl. Fin. Auth., Ser. A-1, 3.04%, 5/04/05, FRWD | 2,600,000 | ||||
Ohio—1.8% | ||||||||
VMIG1 | 4,800 | 6 | Univ. of Akron, 2.99%, 5/03/05, FGIC, FRWD | 4,800,000 | ||||
Puerto Rico—0.1% | ||||||||
A-1 | 400 | 6 | Gov’t. Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD | 400,000 | ||||
Total Short-Term Investments (cost $12,960,000) | 12,960,000 | |||||||
Total Investments—156.5% (cost $388,643,834) | $ | 414,352,286 | ||||||
Liabilities in excess of other assets—(1.1)% | (2,913,293 | ) | ||||||
Preferred shares at redemption value, including dividends payable—(55.4)% | (146,616,510 | ) | ||||||
Net Assets Applicable to Common Shareholders—100% | $ | 264,822,483 | ||||||
1 Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
3 This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, to qualified institutional investors. As of April 30, 2005, the Trust held 4.7% of its net assets, with a current market value of $12,500,020, in securities restricted as to resale. |
5 Entire or partial principal amount pledged as collateral for financial futures contracts. |
6 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. |
KEY TO ABBREVIATIONS | |||||
AMBAC | — | American Municipal Bond Assurance Corporation | FRWD | — | Floating Rate Weekly Demand |
CAPMAC | — | Capital Markets Assurance Company | FSA | — | Financial Security Assurance |
ETM | — | Escrowed to Maturity | GO | — | General Obligation |
FGIC | — | Financial Guaranty Insurance Company | MBIA | — | Municipal Bond Insurance Association |
FRDD | — | Floating Rate Daily Demand | PCR | — | Pollution Control Revenue |
See Notes to Financial Statements.
15
APRIL 30, 2005
BlackRock Municipal Income Trust (BFK)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
LONG-TERM INVESTMENTS—149.2% | ||||||||
Alabama—3.6% | ||||||||
Baa2 | $ 7,000 | Courtland Ind. Dev. Brd. PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 | 06/05 | @ 102 | $ | 7,155,400 | ||
A2 | 15,000 | Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32 | 06/12 | @ 101 | 16,121,100 | |||
23,276,500 | ||||||||
Arizona—1.2% | ||||||||
A3 | 7,000 | Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care Proj., 5.80%, 12/01/31 | 12/11 | @ 101 | 7,560,770 | |||
California—22.2% | ||||||||
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., | ||||||||
BBB | 54,635 | Zero Coupon, 1/15/32 | 01/10 | @ 27.37 | 11,241,151 | |||
BBB | 20,535 | Zero Coupon, 1/15/34 | 01/10 | @ 24.228 | 3,738,397 | |||
BBB | 75,000 | Zero Coupon, 1/15/38 | 01/10 | @ 19.014 | 10,674,000 | |||
Golden St. Tobacco Sec. Corp., | ||||||||
BBB | 10,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 | @ 100 | 10,526,000 | |||
A- | 30,600 | Ser. B, 5.50%, 6/01/43 | 06/13 | @ 100 | 32,656,014 | |||
A- | 16,500 | Ser. B, 5.625%, 6/01/38 | 06/13 | @ 100 | 17,921,805 | |||
Lincoln Spl. Tax, Cmnty. | ||||||||
NR | 3,500 | Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Facs. Dist., 6.00%, 9/01/34 | 09/13 | @ 102 | 3,575,285 | |||
B- | 14,805 | Amer. Airlines, Inc. Proj., Ser. C, 7.50%, | 12/12 | @ 102 | 15,476,851 | |||
AAA | 13,320 | Facs. Laxfuel Corp., L.A. Intl. Proj., 5.50%, 1/01/32, AMBAC | 01/12 | @ 100 | 14,039,013 | |||
NR | 5,000 | Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A Proj., 6.00%, 9/01/34 | 09/14 | @ 100 | 5,157,950 | |||
AAA | 1,500 | Sacramento Cnty. San. Dist. Fin. Auth., Sacramento Regl. Cnty. San., Ser. A, 5.00%, | ||||||
12/01/35, AMBAC | 12/14 | @ 100 | 1,582,860 | |||||
San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01, | ||||||||
NR | 1,870 | 5.90%, 9/01/28 | 09/10 | @ 102 | 1,907,662 | |||
NR | 3,510 | 5.95%, 9/01/35 | 09/10 | @ 102 | 3,582,657 | |||
A | 5,000 | Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33 | 04/13 | @ 100 | 5,285,100 | |||
BBB+ | 6,000 | Statewide Cmntys., Daughters of Charity Hlth., Ser. A, 5.00%, 7/01/39 | 07/15 | @ 100 | 6,080,760 | |||
143,445,505 | ||||||||
Colorado—0.6% | ||||||||
BBB | 3,500 | Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 | 12/11 | @ 100 | 3,654,070 | |||
District of Columbia—6.2% | ||||||||
Dist. of Columbia, | ||||||||
A | 2,390 | Friendship Pub. Charter Sch., Inc. Proj., 5.25%, 6/01/33, ACA | 06/14 | @ 100 | 2,450,586 | |||
AAA | 15,600 | Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/36, MBIA | 04/11 | @ 22.875 | 2,627,352 | |||
AAA | 51,185 | Georgetown Univ. Proj., Ser. A, Zero Coupon, 4/01/37, MBIA | 04/11 | @ 21.546 | 8,115,382 | |||
BBB | 25,535 | Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 | 05/11 | @ 101 | 26,736,677 | |||
39,929,997 | ||||||||
Florida—14.3% | ||||||||
NR | 3,000 | Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35 | 05/14 | @ 101 | 3,118,890 | |||
NR | 4,000 | Bellalago Edu. Fac. Benefits Dist., Ser. B, 5.80%, 5/01/34 | 05/14 | @ 100 | 4,066,520 | |||
NR | 4,000 | Bridgewater Cmnty. Dev. Dist., Florida Spl. Assmt., Ser. A, 6.00%, 5/01/35 | 05/12 | @ 101 | 4,099,720 | |||
NR | 2,000 | CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35 | 05/14 | @ 101 | 2,105,980 | |||
Baa2 | 4,600 | Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 | 09/06 | @ 102 | 4,767,348 | |||
NR | 2,000 | Heritage Isle at Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35 | 05/12 | @ 101 | 2,056,360 | |||
A | 9,670 | Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31 | 11/11 | @ 101 | 10,543,588 | |||
BBB- | 9,000 | Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25 | 05/05 | @ 102 | 9,247,320 | |||
BB+ | 11,685 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 | @ 100 | 13,171,916 | |||
NR | 3,705 | Parkway Ctr. Cmnty. Dev. Dist., Ser. A, 6.30%, 5/01/34 | 05/14 | @ 101 | 3,796,551 | |||
NR | 2,440 | Pine Islands Cmnty. Dev. Dist., Spl. Assmt., 5.75%, 5/01/35 | 05/12 | @ 101 | 2,469,768 | |||
NR | 3,880 | Reunion East Cmnty. Dev. Dist., 5.80%, 5/01/36 | 05/13 | @ 101 | 3,942,352 | |||
NR | 5,945 | Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36 | 05/12 | @ 101 | 6,238,861 | |||
NR | 3,970 | Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35 | 05/14 | @ 100 | 4,106,647 | |||
NR | 10,000 | Vlg. Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 | 05/13 | @ 100 | 10,236,800 | |||
NR | 2,950 | Vlgs. of Westport Cmnty. Dev., Ser. A, 5.70%, 5/01/35 | 05/13 | @ 100 | 2,976,933 | |||
World Commerce Cmnty. Dev. Dist., | ||||||||
NR | 4,000 | Ser. A-1, 6.50%, 5/01/36 | 05/14 | @ 101 | 4,178,440 | |||
NR | 1,750 | Ser. A-2, 6.125%, 5/01/35 | 05/14 | @ 101 | 1,826,090 | |||
92,950,084 | ||||||||
See Notes to Financial Statements. |
16
BlackRock Municipal Income Trust (BFK) (continued)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
Georgia—2.2% | ||||||||
AAA | $ 9,700 | Atlanta Arpt. Passenger Fac., Ser. C, 5.00%, 1/01/33, FSA | 07/14 | @ 100 | $ | 10,067,533 | ||
BBB | 4,000 | Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25 | 02/12 | @ 101 | 4,243,280 | |||
14,310,813 | ||||||||
Idaho—2.8% | ||||||||
AAA | 16,970 | Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC | 04/11 | @ 100 | 17,961,387 | |||
Illinois—16.4% | ||||||||
AAA | 21,205 | Bolingbrook, Ser. B, Zero Coupon, 1/01/33–1/01/34, FGIC | No Opt. Call | 5,052,650 | ||||
NR | 4,630 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | No Opt. Call | 4,724,961 | ||||
Dev. Fin. Auth., | ||||||||
A | 7,145 | 3 | Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig. Proj., 5.65%, 11/15/24 | 11/09 | @ 101 | 7,521,685 | ||
A2 | 25,000 | PCR, Ser. C, 5.95%, 8/15/26 | 12/06 | @ 101 | 25,762,000 | |||
Edl. Facs. Auth., Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., | ||||||||
BBB | 10,000 | 6.25%, 5/01/30 | 05/12 | @ 101 | 10,751,700 | |||
BBB | 7,000 | 6.25%, 5/01/34 | 05/07 | @ 100 | 7,252,420 | |||
Edl. Facs. Auth. Revs., Ser. A, | ||||||||
Aa1 | 760 | Bal Union Chicago Proj., 5.25%, 7/01/41 | 07/11 | @ 101 | 802,598 | |||
Aa1 | 315 | Univ. Chicago Proj., 5.25%, 7/01/41 | 07/11 | @ 101 | 353,225 | |||
AA+ | 3,700 | Fin. Auth., Northwestern Mem. Hosp. Proj., Ser. A, 5.50%, 8/15/43 | 08/14 | @ 100 | 3,980,830 | |||
Fin. Auth. Student Hsg., MJH Ed. Asst. IV Proj., | ||||||||
Baa2 | 2,100 | Ser. A, 5.125%, 6/01/35 | 06/14 | @ 100 | 2,100,672 | |||
Baa3 | 1,675 | Ser. B, 5.375%, 6/01/35 | 06/14 | @ 100 | 1,675,519 | |||
Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care Proj., | ||||||||
A | 5,000 | 5.50%, 1/01/22 | 01/13 | @ 100 | 5,297,300 | |||
A | 6,000 | 5.625%, 1/01/28 | 01/13 | @ 100 | 6,333,360 | |||
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 | 9,186,400 | ||||||
O'Hare Intl. Arpt., | ||||||||
AAA | 7,000 | Ser. A, 5.00%, 1/01/29–1/01/30, MBIA | 01/15 | @ 100 | 7,284,820 | |||
AAA | 7,645 | Ser. C-2, 5.25%, 1/01/30, FSA | 01/14 | @ 100 | 7,962,879 | |||
106,043,019 | ||||||||
Indiana—7.3% | ||||||||
A+ | 9,000 | Hlth. Fac. Fin. Auth., Methodist Hosp., Inc. Proj., 5.50%, 9/15/31 | 09/11 | @ 100 | 9,296,550 | |||
BBB | 7,500 | Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17 | No Opt. Call | 7,912,275 | ||||
Petersburg, PCR, Pwr. & Lt. Conv., | ||||||||
BBB | 10,000 | 5.90%, 12/01/24 | 08/11 | @ 102 | 10,587,400 | |||
BBB | 16,000 | 5.95%, 12/01/29 | 08/11 | @ 102 | 16,867,360 | |||
NR | 2,545 | Vincennes Econ. Dev., Southwest Indiana Regl. Youth Proj., 6.25%, 1/01/24 | 01/09 | @ 102 | 2,524,513 | |||
47,188,098 | ||||||||
Kentucky—1.4% | ||||||||
AAA | 9,060 | Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32 | 07/11 | @ 100 | 9,376,466 | |||
Louisiana—4.5% | ||||||||
Local Gov't. Env. Facs. & Cmnty. Dev. Auth., | ||||||||
A | 21,425 | Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA | No Opt. Call | 24,701,740 | ||||
Baa1 | 4,605 | Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38 | 06/13 | @ 102 | 4,666,154 | |||
29,367,894 | ||||||||
Maryland—0.7% | ||||||||
Baa1 | 4,205 | Hlth. & Higher Edl. Facs. Auth., Medstar Hlth. Proj., 5.50%, 8/15/33 | 08/14 | @ 100 | 4,429,463 | |||
Massachusetts—1.1% | ||||||||
AAA | 6,750 | Tpke. Auth., Met. Hwy. Sys. Rev., Ser. A, 5.00%, 1/01/37, MBIA | 01/07 | @ 102 | 6,901,133 | |||
Michigan—2.8% | ||||||||
AA | 17,210 | Kent Hosp. Fin. Auth., Spectrum Hlth. Proj., Ser. A, 5.50%, 1/15/31 | 07/11 | @ 101 | 18,224,357 | |||
Mississippi—3.0% | ||||||||
A | 18,680 | Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 | 07/11 | @ 100 | 19,716,927 | |||
See Notes to Financial Statements.
17
BlackRock Municipal Income Trust (BFK) (continued)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
Multi-State—7.2% | ||||||||
Charter Mac Equity Issuer Trust, | ||||||||
A3 | $ 1,000 | 4 | Ser. A, 6.625%, 6/30/49 | 06/09 | @ 100 | $ | 1,074,550 | |
A3 | 11,000 | 4 | Ser. A-2, 6.30%, 6/30/49 | 06/09 | @ 100 | 11,686,400 | ||
A3 | 16,000 | 4 | Ser. A-3, 6.80%, 10/01/52 | 10/14 | @ 100 | 18,000,800 | ||
Baa1 | 6,500 | 4 | Ser. B-1, 6.80%, 11/30/50 | 11/10 | @ 100 | 7,082,335 | ||
A3 | 8,000 | 4 | MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 | 06/09 | @ 100 | 8,671,200 | ||
46,515,285 | ||||||||
Nevada—0.4% | ||||||||
NR | 2,250 | Director of the Dept. of Business & Ind., Las Ventanas Retirement Proj., Ser. A, 7.00%, 11/15/34 . | 11/14 | @ 100 | 2,327,355 | |||
New Hampshire—0.6% | ||||||||
A+ | 3,500 | Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31 | 10/11 | @ 101 | 3,719,170 | |||
New Jersey—9.3% | ||||||||
Econ. Dev. Auth., | ||||||||
BBB | 18,500 | Cigarette Tax Rev., 5.75%, 6/15/29 | 06/14 | @ 100 | 19,606,670 | |||
B | 31,410 | Continental Airlines, Inc. Proj., 7.00%, 11/15/30 | 11/10 | @ 101 | 27,841,196 | |||
Baa3 | 8,000 | Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28 | No Opt. Call | 9,362,480 | ||||
NR | 3,680 | Middlesex Cnty. Imprvt. Auth., Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 | 01/15 | @ 100 | 3,630,357 | |||
60,440,703 | ||||||||
New York—3.7% | ||||||||
AAA | 5,375 | Env. Facs. Corp., Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj., Ser. B, 5.00%, 6/15/31 | 06/12 | @ 100 | 5,603,276 | |||
AAA | 7,115 | Met. Transp. Auth., Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC | 07/12 | @ 100 | 7,427,562 | |||
AAA | 10,360 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/29–10/15/32, AMBAC | 10/14 | @ 100 | 10,986,895 | |||
24,017,733 | ||||||||
Ohio—3.0% | ||||||||
Baa2 | 14,500 | Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20 | 08/07 | @ 102 | 15,308,810 | |||
NR | 3,760 | Pinnacle Cmnty. Infrastructure, Fin. Auth., Ser. A, 6.25%, 12/01/36 | 12/14 | @ 101 | 3,900,850 | |||
19,209,660 | ||||||||
Oklahoma—1.1% | ||||||||
B- | 7,175 | Tulsa Mun. Arpt. Trust, Ser. A, 7.75%, 6/01/35 | No Opt. Call | 7,392,044 | ||||
Pennsylvania—7.7% | ||||||||
Econ. Dev. Fin. Auth., Ser. A, | ||||||||
A3 | 6,500 | Amtrak Proj., 6.375%, 11/01/41 | 05/11 | @ 101 | 6,746,285 | |||
BB- | 19,750 | Exempt Facs. Rev., Reliant Energy Conv. Proj., 6.75%, 12/01/36 | 12/09 | @ 103 | 21,321,902 | |||
Higher Edl. Facs. Auth., | ||||||||
BBB+ | 4,000 | La Salle Univ. Proj., 5.50%, 5/01/34 | 05/13 | @ 100 | 4,208,400 | |||
A | 17,250 | 5 | Univ. of Pennsylvania Hlth. Svcs. Proj., Ser. A, 5.75%, 1/01/06 | N/A | 17,765,603 | |||
50,042,190 | ||||||||
South Carolina—4.9% | ||||||||
Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance Proj., | ||||||||
BBB+ | 5,075 | Ser. A, 6.25%, 8/01/31 | 08/13 | @ 100 | 5,523,782 | |||
BBB+ | 9,000 | Ser. C, 6.875%, 8/01/27 | 08/13 | @ 100 | 10,238,310 | |||
Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev., | ||||||||
A | 5,000 | 5.50%, 11/01/32 | 11/13 | @ 100 | 5,309,750 | |||
A | 10,000 | 5.75%, 11/01/28 | 11/13 | @ 100 | 10,874,100 | |||
31,945,942 | ||||||||
Tennessee—1.5% | ||||||||
AAA | 20,825 | Knox Cnty. Hlth. Edl. & Hsg. Facs. Brd., Hosp. Facs. Rev., Ser. A, Zero Coupon, | ||||||
1/01/20, FSA | 01/13 | @ 67.474 | 9,669,881 | |||||
Texas—11.2% | ||||||||
Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., | ||||||||
Ba3 | 6,010 | 5.80%, 11/01/26 | 11/11 | @ 102 | 5,053,148 | |||
Ba3 | 18,605 | Arborstone/Baybrook Oaks Proj., Ser. A, 5.85%, 11/01/31 | 11/11 | @ 102 | 15,652,014 | |||
BB- | 6,445 | So. Texas Pptys. Corp. Proj., Ser. B, 8.00%, 3/01/32 | 09/12 | @ 102 | 6,105,284 | |||
C | 4,435 | Amer. Oppty. Hsg. Portfolio Proj., Ser. B, 8.00%, 3/01/32 | 09/12 | @ 102 | 1,330,500 | |||
BBB | 945 | Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 | 10/13 | @ 101 | 1,032,583 | |||
AAA | 3,805 | Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC | 12/11 | @ 100 | 3,927,407 |
See Notes to Financial Statements.
18
BlackRock Municipal Income Trust (BFK) (continued)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
Texas—(cont’d) | ||||||||
Harris Cnty. Houston Sports Auth., MBIA, | ||||||||
AAA | $ 12,580 | Ser. A, Zero Coupon, 11/15/38 | 11/30 | @ 61.166 | $ | 2,054,314 | ||
AAA | 26,120 | Ser. A-3, Zero Coupon, 11/15/37 | 11/24 | @ 46.545 | 4,427,079 | |||
AAA | 5,000 | Ser. H, Zero Coupon, 11/15/35 | 11/31 | @ 78.178 | 991,000 | |||
Tpke. Auth., Central Sys. Rev., AMBAC, | ||||||||
AAA | 35,000 | Zero Coupon, 8/15/32 | 08/12 | @ 30.846 | 7,468,650 | |||
AAA | 62,325 | Zero Coupon, 8/15/33 | 08/12 | @ 28.997 | 12,493,046 | |||
AAA | 65,040 | Zero Coupon, 8/15/34 | 08/12 | @ 27.31 | 12,279,552 | |||
72,814,577 | ||||||||
Virginia—0.3% | ||||||||
AAA | 8,105 | Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA | 04/12 | @ 34.99 | 1,995,937 | |||
Washington—0.4% | ||||||||
A- | 2,190 | 5 | Energy Northwest Wind Proj., Ser. B, 6.00%, 1/01/07 | N/A | 2,365,813 | |||
West Virginia—1.6% | ||||||||
BBB | 8,000 | Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25 | 05/05 | @ 102 | 8,160,000 | |||
AAA | 2,070 | Econ. Dev. Auth., Correctional Juvenile Safety Proj., Ser. A, 5.00%, 6/01/29, MBIA | 06/14 | @ 100 | 2,171,513 | |||
10,331,513 | ||||||||
Wisconsin—6.0% | ||||||||
Hlth. & Edl. Facs. Auth., | ||||||||
A- | 7,500 | Aurora Hlth. Care Proj., 6.40%, 4/15/33 | 04/13 | @ 100 | 8,310,975 | |||
AA- | 13,750 | Froedert & Cmnty. Hlth. Oblig. Proj., 5.375%, 10/01/30 | 10/11 | @ 101 | 14,272,086 | |||
A | 15,000 | Wheaton Franciscan Svcs. Proj., 5.75%, 8/15/30 | 02/12 | @ 101 | 16,004,700 | |||
38,587,761 | ||||||||
Total Long-Term Investments (cost $914,128,449) | 965,712,047 | |||||||
SHORT-TERM INVESTMENTS—6.6% | ||||||||
Maryland—0.3% | ||||||||
A-1+ | 1,995 | 6 | Hlth. & Higher Edl. Facs. Auth., Pooled Ln. Prog., Ser. D, 2.98%, 5/05/05, FRWD | N/A | 1,995,000 | |||
Massachusetts—1.2% | ||||||||
A1+ | 7,900 | 6 | Dev. Fin. Agcy., Boston Univ. Proj., Ser. R-2, 2.94%, 5/02/05, XLCA, FRDD | N/A | 7,900,000 | |||
New Jersey—1.2% | ||||||||
A-1+ | 7,640 | 6 | Sports & Expo. Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD | N/A | 7,640,000 | |||
New York—0.8% | ||||||||
A-1+ | 5,300 | 6 | New York City, GO, Ser. H-7, 3.02%, 5/02/05, FRDD | N/A | 5,300,000 | |||
North Carolina—0.8% | ||||||||
A-1 | 5,000 | 6 | North Carolina, Ser. B, 2.89%, 5/04/05, FRWD | N/A | 5,000,000 | |||
Ohio—0.5% | ||||||||
VMIG1 | 3,300 | 6 | Hamilton Cnty. Hosp. Facs., 2.99%, 5/05/05, FRWD | N/A | 3,300,000 | |||
Pennsylvania—0.1% | ||||||||
A-1+ | 500 | 6 | Higher Ed. Asst. Agcy., Ser. C, 3.00%, 5/04/05, AMBAC, FRWD | N/A | 500,000 | |||
Puerto Rico—0.1% | ||||||||
A-1 | 400 | 6 | Gov't. Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD | N/A | 400,000 | |||
Tennessee—1.2% | ||||||||
VMIG1 | 7,600 | 6 | Montgomery Cnty. Pub. Bldg. Auth., Pooled Fin. Rev., Cnty. Ln. Pool, | |||||
3.05%, 5/02/05, FRDD | N/A | 7,600,000 | ||||||
See Notes to Financial Statements.
19
BlackRock Municipal Income Trust (BFK) (continued)
Shares | ||||||
(000) | Description | Value | ||||
Money Market Fund—0.4% | ||||||
2,850 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 2,850,000 | |||
Total Short-Term Investments (cost $42,485,000) | 42,485,000 | |||||
Total Investments—155.8% (cost $956,613,449) | $ | 1,008,197,047 | ||||
Other assets in excess of liabilities—2.2% | 14,387,447 | |||||
Preferred shares at redemption value, including dividends payable—(58.0)% | (375,230,635 | ) | ||||
Net Assets Applicable to Common Shareholders—100% | $ | 647,353,859 | ||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
3 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
4 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 7.2% of its net assets, with a current market value of $46,515,285, in securities restricted as to resale. |
5 | This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
6 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. |
KEY TO ABBREVIATIONS | |||||
ACA | — | American Capital Access | FSA | — | Financial Security Assurance |
AMBAC | — | American Municipal Bond Assurance Corporation | GO | — | General Obligation |
FGIC | — | Financial Guaranty Insurance Company | MBIA | — | Municipal Bond Insurance Association |
FRDD | — | Floating Rate Daily Demand | PCR | — | Pollution Control Revenue |
FRWD | — | Floating Rate Weekly Demand | |||
See Notes to Financial Statements.
20
APRIL 30, 2005
BlackRock California Investment Quality Municipal Trust (RAA)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
LONG-TERM INVESTMENTS—100.8% | ||||||||
California—89.6% | ||||||||
A | $ 40 | California, GO, 5.75%, 3/01/19 | 09/05 | @ 102 | $ | 40,818 | ||
Edl. Facs. Auth., MBIA, | ||||||||
AAA | 760 | 3 | Santa Clara Univ. Proj., 5.00%, 9/01/06 | N/A | 798,988 | |||
AAA | 240 | Student Loan Prog., Ser. A, 6.00%, 3/01/16 | 03/07 | @ 102 | 252,425 | |||
Golden St. Tobacco Sec. Corp., Ser. B, | ||||||||
A- | 600 | 5.50%, 6/01/43 | 06/13 | @ 100 | 640,314 | |||
A- | 400 | 5.625%, 6/01/38 | 06/13 | @ 100 | 434,468 | |||
Los Angeles Cnty., | ||||||||
AAA | 1,000 | Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA | 09/07 | @ 102 | 1,091,210 | |||
AAA | 1,000 | 3 | Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA | N/A | 1,049,040 | |||
AA | 1,150 | Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13 | 08/06 | @ 102 | 1,201,462 | |||
B- | 945 | Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines, Inc. Proj., | ||||||
Ser. B, 7.50%, 12/01/24 | 12/12 | @ 102 | 988,565 | |||||
NR | 1,000 | Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6 Proj., 5.60%, 9/01/33 | 09/10 | @ 102 | 1,009,450 | |||
A- | 1,000 | Pub. Wks. Brd., Lease Rev., St. Univ. Proj., Ser. A, 6.10%, 10/01/06 | 03/05 | @ 102 | 1,022,970 | |||
BBB+ | 1,000 | 3 | Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/06 | N/A | 1,063,230 | |||
NR | 1,000 | San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33 | 09/12 | @ 102 | 1,009,900 | |||
AAA | 500 | San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC | 05/05 | @ 102 | 508,640 | |||
AAA | 150 | San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA | 05/06 | @ 102 | 156,807 | |||
AAA | 40 | So. California Pub. Pwr. Auth. Rev., Transm. Proj., 5.50%, 7/01/20, MBIA | 05/05 | @ 100 | 40,177 | |||
AAA | 500 | Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC | 08/07 | @ 102 | 539,380 | |||
BBB | 900 | Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43 | 06/12 | @ 100 | 865,413 | |||
AAA | 370 | West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC | 08/07 | @ 102 | 394,102 | |||
13,107,359 | ||||||||
Puerto Rico—11.2% | ||||||||
Pub. Fin. Corp., Ser. E, | ||||||||
BBB+ | 745 | 3 | 5.50%, 2/01/12 | N/A | 841,381 | |||
BBB+ | 255 | 4 | 5.50%, 8/01/29 | 02/12 | @ 100 | 277,233 | ||
A- | 500 | Pub. Impvt., Ser. A, 5.00%, 7/01/34 | 07/14 | @ 100 | 518,945 | |||
1,637,559 | ||||||||
Total Long-Term Investments (cost $13,784,098) | 14,744,918 | |||||||
SHORT-TERM INVESTMENTS—46.0% | ||||||||
California—44.0% | ||||||||
A-1+ | 535 | 5 | Daily Kindergarten Univ. Proj., Ser. A-4, 2.93%, 5/02/05, FRDD | N/A | 535,000 | |||
A-1+ | 600 | 5 | Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. B-2, 3.12%, 5/02/05, FRDD | N/A | 600,000 | |||
A-1+ | 700 | 5 | Econ. Recovery, Ser. C-5, 2.95%, 5/02/05, FRDD | N/A | 700,000 | |||
A-1+ | 700 | 5 | Facs. Financing Auth., Ser. B, 3.02%, 5/02/05, AMBAC, FRDD | N/A | 700,000 | |||
VMIG1 | 600 | 5 | Irvine Impvt. Bond Act 1915, Spl. Assmt. Dist. 00-18, Ser. A, 3.01%, 5/02/05, FRDD | N/A | 600,000 | |||
VMIG1 | 600 | 5 | Irvine Unified Sch. Dist. Spl. Tax, Cmnty. Facs. Dist. Number 01, 3.01%, 5/02/05, FRDD | N/A | 600,000 | |||
A-1+ | 700 | 5 | Met. Wtr. Dist., So. California Wtr. Wks., Ser. C-2, 3.02%, 5/02/05, FRDD | N/A | 700,000 | |||
A-1+ | 700 | 5 | Newport Beach Rev., Hoag Mem. Presbyterian Hosp., 2.95%, 5/02/05, FRDD | N/A | 700,000 | |||
A-1+ | 600 | 5 | Orange Cnty. San. Dist., COP, Ser. B, 3.01%, 5/02/05, FRDD | N/A | 600,000 | |||
A-1+ | 700 | 5 | Statewide Cmnty. Dev. Auth. Rev., John Muir/Mt. Diablo Hlth., 2.93%, 5/02/05, AMBAC, FRDD | N/A | 700,000 | |||
6,435,000 | ||||||||
See Notes to Financial Statements.
21
BlackRock California Investment Quality Municipal Trust (RAA) (continued)
Shares | ||||||
(000) | Description | Value | ||||
Money Market Fund—2.0% | ||||||
300 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 300,000 | |||
Total Short-Term Investments (cost $6,735,000) | 6,735,000 | |||||
Total Investments—146.8% (cost $20,519,098) | $ | 21,479,918 | ||||
Other assets in excess of liabilities—4.5% | 651,467 | |||||
Preferred shares at redemption value, including dividends payable—(51.3)% | (7,501,111 | ) | ||||
Net Assets Applicable to Common Shareholders—100% | $ | 14,630,274 | ||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
5 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. |
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 |
FRDD | — | Floating Rate Daily Demand | |||
See Notes to Financial Statements.
22
APRIL 30, 2005
BlackRock California Municipal Income Trust (BFZ)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
LONG-TERM INVESTMENTS—154.9% | ||||||||
California—132.1% | ||||||||
AAA | $ 30,670 | Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, Zero Coupon, 9/01/31–9/01/32, FSA | No Opt. Call | $ | 7,994,963 | |||
California, GO, | ||||||||
A | 10,000 | 5.50%, 11/01/33 | 11/13 | @ 100 | 10,853,500 | |||
AAA | 5,500 | Ser. BZ, 5.35%, 12/01/21, MBIA | 06/07 | @ 101 | 5,591,575 | |||
AAA | 5,000 | Ser. BZ, 5.375%, 12/01/24, MBIA | 06/07 | @ 101 | 5,061,150 | |||
BBB | 5,000 | Cnty. Tobacco Sec. Agcy., Stanislaus Fdg. Proj., Ser. A, 5.875%, 6/01/43 | 06/12 | @ 100 | 4,982,150 | |||
Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, | ||||||||
A | 4,000 | 3 | 5.375%, 5/01/21 | 05/12 | @ 101 | 4,332,320 | ||
A | 6,000 | 5.375%, 5/01/22 | 05/12 | @ 101 | 6,479,520 | |||
AAA | 10,000 | Edl. Facs. Auth., Stanford Univ. Proj., Ser. Q, 5.25%, 12/01/32 | 06/11 | @ 101 | 10,662,900 | |||
AAA | 6,000 | El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC | 01/11 | @ 100 | 6,341,880 | |||
Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC, | ||||||||
AAA | 7,485 | Zero Coupon, 12/01/29 | 12/11 | @ 37.373 | 1,976,714 | |||
AAA | 7,485 | Zero Coupon, 12/01/30 | 12/11 | @ 35.365 | 1,869,079 | |||
AAA | 7,485 | Zero Coupon, 12/01/31 | 12/11 | @ 33.465 | 1,767,358 | |||
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., | ||||||||
BBB | 5,000 | Zero Coupon, 1/15/33 | 01/10 | @ 25.78 | 968,750 | |||
BBB | 5,000 | Zero Coupon, 1/15/34 | 01/10 | @ 24.228 | 910,250 | |||
BBB | 13,445 | Zero Coupon, 1/15/35 | 01/10 | @ 22.819 | 2,303,128 | |||
BBB | 1,000 | Zero Coupon, 1/15/38 | 01/10 | @ 19.014 | 142,320 | |||
BBB | 10,030 | 5.75%, 1/15/40 | 01/10 | @ 101 | 10,231,302 | |||
BBB | 5,000 | 5.875%, 1/15/26 | 01/14 | @ 101 | 4,144,100 | |||
Golden St. Tobacco Sec. Corp., | ||||||||
BBB | 2,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 | @ 100 | 2,105,200 | |||
BBB | 1,000 | Ser. A-1, 6.75%, 6/01/39 | 06/13 | @ 100 | 1,063,900 | |||
A- | 10,200 | Ser. B, 5.50%, 6/01/43 | 06/13 | @ 100 | 10,885,338 | |||
A- | 5,800 | Ser. B, 5.625%, 6/01/38 | 06/13 | @ 100 | 6,299,786 | |||
Hlth. Facs. Fin. Auth., Ser. A, | ||||||||
A | 3,000 | Insured Hlth. Facs., Valleycare Proj., 5.375%, 5/01/27 | 05/12 | @ 100 | 3,187,380 | |||
AAA | 4,890 | Kaiser Proj., 5.40%, 5/01/28 | ETM | 5,035,282 | ||||
Infrastructure & Econ. Dev., | ||||||||
AAA | 20,035 | Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC | 07/13 | @ 100 | 20,976,244 | |||
A | 15,250 | J. David Gladstone Inst. Proj., 5.25%, 10/01/34 | 10/11 | @ 101 | 15,807,540 | |||
A | 13,500 | Kaiser Hosp. Asst. LLC Proj., Ser. A, 5.55%, 8/01/31 | 08/11 | @ 102 | 14,341,860 | |||
NR | 4,965 | Irvine Mobile Home Park, Meadows Mobile Home Park Proj., Ser. A, 5.70%, 3/01/28 | 03/08 | @ 102 | 4,976,966 | |||
A3 | 7,700 | Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34 | 08/12 | @ 102 | 8,373,134 | |||
Lathrop Fin. Auth., Wtr. Sply. Proj., | ||||||||
NR4 | 2,855 | 5.90%, 6/01/27 | 06/13 | @ 100 | 2,898,967 | |||
NR4 | 5,140 | 6.00%, 6/01/35 | 06/13 | @ 100 | 5,266,650 | |||
Live Oak Unified Sch. Dist., Cap. Apprec. Election 2004, XLCA, | ||||||||
AAA | 1,030 | Zero Coupon, 8/01/36 | 08/18 | @ 37.743 | 189,664 | |||
AAA | 1,080 | Zero Coupon, 8/01/37 | 08/18 | @ 35.649 | 185,457 | |||
AAA | 1,125 | Zero Coupon, 8/01/38 | 08/18 | @ 33.665 | 182,914 | |||
AAA | 1,175 | Zero Coupon, 8/01/39 | 08/18 | @ 31.785 | 180,879 | |||
AAA | 1,230 | Zero Coupon, 8/01/40 | 08/18 | @ 30.004 | 178,990 | |||
AAA | 1,285 | Zero Coupon, 8/01/41 | 08/18 | @ 28.317 | 176,482 | |||
AAA | 1,340 | Zero Coupon, 8/01/42 | 08/18 | @ 26.72 | 173,651 | |||
AAA | 1,400 | Zero Coupon, 8/01/43 | 08/18 | @ 25.208 | 170,002 | |||
AAA | 1,465 | Zero Coupon, 8/01/44 | 08/18 | @ 23.777 | 167,860 | |||
AAA | 985 | Ser. B, Zero Coupon, 8/01/35 | 08/18 | @ 39.952 | 191,474 | |||
B- | 4,110 | Los Angeles Regl. Arpt. Impvt. Corp. Lease Rev., Amer. Airlines, Inc. Proj., Ser. C, 7.50%, | 12/12 | @ 102 | 4,296,512 | |||
BBB | 1,000 | Palm Springs Mobile Home Park., Sahara Mobile Home Park Proj., 5.625%, 5/15/26 | 05/12 | @ 102 | 1,052,380 | |||
BBB+ | 4,000 | Poll. Ctrl. Fin. Auth. Sld. Wst. Disp. Rev., Republic Svcs., Inc. Proj., Ser. C, 5.25%, 12/01/04 | No Opt. Call | 4,321,520 | ||||
BBB | 2,290 | Poll. Ctrl. Sld. Wst., Wst. Mgmt., Inc. Proj., Ser. A-2, 5.40%, 4/01/25 | 04/15 | @ 101 | 2,340,815 | |||
NR | 4,000 | Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33 | 09/13 | @ 100 | 4,243,640 | |||
AAA | 15,500 | Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj., 5.125%, 9/01/30, MBIA | 09/11 | @ 100 | 16,174,405 | |||
AAA | 1,905 | Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC | No Opt. Call | 505,511 |
See Notes to Financial Statements.
23
BlackRock California Municipal Income Trust (BFZ) (continued)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
California—(cont’d) | ||||||||
AAA | $ 15,400 | Sacramento Cnty. San. Dist. Fin. Auth., Sacramento Regl. Cnty. San. Proj., Ser. A, 5.00%, | ||||||
12/01/35, AMBAC | 12/14 | @ 100 | $ | 16,250,696 | ||||
AAA | 6,500 | San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA | 05/11 | @ 100 | 6,809,140 | |||
San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South Proj., | ||||||||
NR | 1,775 | 6.125%, 8/01/31 | 08/09 | @ 102 | 1,833,699 | |||
NR | 7,500 | 6.25%, 8/01/33 | 08/11 | @ 101 | 7,777,125 | |||
San Jose Multi-Fam. Hsg., | ||||||||
AAA | 2,880 | Lenzen Hsg. Proj., Ser. B, 5.45%, 2/20/43 | 08/11 | @ 102 | 2,980,714 | |||
AAA | 3,595 | Vlgs. Pkwy. Sr. Apts. Proj., Ser. D, 5.50%, 4/01/34 | 04/11 | @ 100 | 3,706,193 | |||
Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A, | ||||||||
NR | 6,250 | Blossom River Apts. Proj., 6.50%, 9/01/39 | 03/08 | @ 102 | 6,181,500 | |||
A3 | 1,715 | John Burns Gardens Apts. Proj., 5.85%, 8/01/31 | 02/12 | @ 101 | 1,760,962 | |||
A3 | 1,235 | River Town Apts. Proj., 6.00%, 8/01/41 | 02/12 | @ 101 | 1,266,270 | |||
NR | 3,075 | Santa Clarita Facs. Dist., Valencia Town Ctr. Proj., 5.85%, 11/15/32 | 11/10 | @ 102 | 3,151,998 | |||
Statewide Cmnty. Dev. Auth., | ||||||||
BBB+ | 10,500 | Daughters of Charity Hlth. Proj., Ser. A, 5.25%, 7/01/30–7/01/35 | 07/15 | @ 100 | 10,889,960 | |||
AA- | 10,000 | Sutter Hlth. Oblig. Grp. Proj., Ser. B, 5.625%, 8/15/42 | 08/12 | @ 100 | 10,538,800 | |||
AAA | 2,000 | Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA | 08/13 | @ 100 | 2,147,800 | |||
NR | 2,245 | Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28 | 10/13 | @ 102 | 2,358,777 | |||
Aaa | 2,000 | 5 | Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/08 | N/A | 2,155,580 | |||
302,372,576 | ||||||||
Multi-State—9.8% | ||||||||
Charter Mac Equity Issuer Trust, | ||||||||
A3 | 7,000 | 6 | Ser. A-2, 6.30%, 6/30/49 | 06/09 | @ 100 | 7,436,800 | ||
Baa1 | 4,000 | 6 | Ser. B-1, 6.80%, 11/30/50 | 11/10 | @ 100 | 4,358,360 | ||
MuniMae TE Bond Subsidiary, LLC, | ||||||||
A3 | 7,000 | 6 | Ser. A-1, 6.30%, 6/30/49 | 06/09 | @ 100 | 7,390,810 | ||
Baa1 | 3,000 | 6 | Ser. B-1, 6.80%, 6/30/50 | 11/10 | @ 100 | 3,265,530 | ||
22,451,500 | ||||||||
Puerto Rico—13.0% | ||||||||
A- | 10,000 | Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31 | 07/12 | @ 101 | 10,640,200 | |||
Pub. Fin. Corp., Ser. E, | ||||||||
BBB+ | 10,000 | 5 | 5.70%, 2/01/10 | N/A | 11,175,200 | |||
BBB+ | 5,750 | 5 | 5.75%, 2/01/07 | N/A | 6,047,160 | |||
A- | 1,850 | Pub. Impvt., Ser. A, 5.00%, 7/01/29 | 07/14 | @ 100 | 1,927,164 | |||
29,789,724 | ||||||||
Total Long-Term Investments (cost $334,961,955) | 354,613,800 | |||||||
Shares | ||||||||
(000) | ||||||||
MONEY MARKET FUND—0.6% | ||||||||
1,400 | AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $1,400,000) | N/A | 1,400,000 | |||||
Total Investments—155.5% (cost $336,361,955) | $ | 356,013,800 | ||||||
Other assets in excess of liabilities—2.1% | 4,856,544 | |||||||
Preferred shares at redemption value, including dividends payable—(57.6)% | (131,971,798 | ) | ||||||
Net Assets Applicable to Common Shareholders—100% | $ | 228,898,546 | ||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
3 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
4 | Security is deemed to be of investment grade quality by the investment advisor. |
5 | This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
6 | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 9.8% of its net assets, with a current market value of $22,451,500, in securities restricted as to resale. |
KEY TO ABBREVIATIONS | |||||
AMBAC | — | American Municipal Bond Assurance Corporation | FSA | — | Financial Security Assurance |
COP | — | Certificate of Participation | GO | — | General Obligation |
ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Association |
FGIC | — | Financial Guaranty Insurance Company | XLCA | — | XL Capital Assurance |
24
APRIL 30, 2005
BlackRock Florida Investment Quality Municipal Trust (RFA)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
LONG-TERM INVESTMENTS—122.0% | ||||||||
Florida—109.9% | ||||||||
AAA | $ 170 | Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC | ETM | $ | 207,227 | |||
AAA | 1,000 | 3 | Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05 | N/A | 1,012,690 | |||
AAA | 1,000 | 3 | Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/06, AMBAC | N/A | 1,051,310 | |||
Baa1 | 1,000 | Cap. Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 6/01/38 | 06/13 | @ 102 | 989,870 | |||
AAA | 1,000 | 3 | Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/06, FSA | N/A | 1,028,190 | |||
AAA | 1,000 | Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA | 10/05 | @ 102 | 1,032,080 | |||
AAA | 1,000 | 3 | Dade Cnty. GO, Ser. B, Zero Coupon, 10/01/08, AMBAC | N/A | 647,120 | |||
AAA | 1,000 | 3 | Dept. of Trans., GO, 5.80%, 7/01/05 | N/A | 1,015,330 | |||
AAA | 1,000 | 3 | Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn. Proj., | |||||
Ser. A, 5.75%, 7/01/05, AMBAC | N/A | 1,015,250 | ||||||
AAA | 1,000 | 3 | First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC | N/A | 1,044,440 | |||
AAA | 1,000 | 3 | Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA | N/A | 1,033,090 | |||
NR | 750 | Live Oak Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 5.85%, 5/01/35 | 05/12 | @ 101 | 763,942 | |||
BB+ | 500 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 | @ 100 | 563,625 | |||
AAA | 5,000 | Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA | 04/08 | @ 28.079 | 1,200,400 | |||
A | 750 | Miami Hlth. Facs. Auth., Catholic Hlth. East Proj., Ser. C, 5.125%, 11/15/24 | 11/13 | @ 100 | 778,582 | |||
A1 | 1,000 | Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys. Proj., 5.50%, 11/15/33 | 05/13 | @ 100 | 1,057,090 | |||
NR | 660 | Stevens Plantation Impvt. Proj., 6.375%, 5/01/13 | No Opt. Call | 682,130 | ||||
NR | 1,000 | Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 | 05/13 | @ 101 | 1,069,920 | |||
AAA | 1,000 | 3,4 | Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC | N/A | 1,051,760 | |||
BBB+ | 1,000 | Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16 | 10/06 | @ 102 | 1,059,830 | |||
18,303,876 | ||||||||
Puerto Rico—12.1% | ||||||||
A- | 380 | 3 | Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05 | N/A | 381,893 | |||
Pub. Fin. Corp., Ser. E, | ||||||||
BBB+ | 745 | 3 | 5.50%, 2/01/12 | N/A | 841,381 | |||
BBB+ | 255 | 5.50%, 8/01/29 | 02/12 | @ 100 | 277,233 | |||
A- | 500 | Pub. Impvt., Ser. A, 5.00%, 7/01/34 | 07/14 | @ 100 | 518,945 | |||
2,019,452 | ||||||||
Total Long-Term Investments (cost $19,108,397) | 20,323,328 | |||||||
SHORT-TERM INVESTMENTS—24.9% | ||||||||
Florida—9.6% | ||||||||
A-1 | 800 | 5 | Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.00%, 5/02/05, FRDD | N/A | 800,000 | |||
A-1 | 800 | 5 | Putnam Cnty. Dev. Poll. Ctrl., Pwr. & Lt. Co., 3.03%, 5/02/05, FRDD | 800,000 | ||||
1,600,000 | ||||||||
Puerto Rico—8.7% | ||||||||
A-1 | 700 | 5 | Gov't. Dev. Bank, 2.86%, 5/04/05, MBIA, FRWD | N/A | 700,000 | |||
A-1 | 750 | 5 | Hwy. & Transp. Auth., Transp. Rev., Ser. A, 3.00%, 5/04/05, AMBAC, FRWD | N/A | 750,000 | |||
1,450,000 | ||||||||
See Notes to Financial Statements.
25
APRIL 30, 2005
BlackRock Florida Investment Quality Municipal Trust (RFA)
Shares | ||||||
(000) | Description | Value | ||||
Money Market Funds—6.6% | ||||||
800 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 800,000 | |||
300 | SSgA Tax Free Money Mkt. Fund | 300,000 | ||||
1,100,000 | ||||||
Total Short-Term Investments (cost $4,150,000) | 4,150,000 | |||||
Total Investments—146.9% (cost $23,258,397) | $ | 24,473,328 | ||||
Other assets in excess of liabilities—4.1% | 693,229 | |||||
Preferred shares at redemption value, including dividends payable—(51.0)% | (8,501,444 | ) | ||||
Net Assets Applicable to Common Shareholders—100% | $ | 16,665,113 | ||||
1 | Using the higher of S&P’s, Moody's or Fitch's rating. |
2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
5 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. |
KEY TO ABBREVIATIONS | |||||
AMBAC | — | American Municipal Bond Assurance Corporation | FRWD | — | Floating Rate Weekly Demand |
COP | — | Certificate of Participation | FSA | — | Financial Security Assurance |
ETM | — | Escrowed to Maturity | GO | — | General Obligation |
FGIC | — | Financial Guaranty Insurance Company | MBIA | — | Municipal Bond Insurance Association |
FRDD | — | Floating Rate Daily Demand | |||
See Notes to Financial Statements.
26
APRIL 30, 2005
BlackRock Florida Municipal Income Trust (BBF)
Principal | ||||||||
Amount | Option Call | |||||||
Rating1 | (000) | Description | Provisions2 | Value | ||||
LONG-TERM INVESTMENTS—148.6% | ||||||||
Florida—127.8% | ||||||||
AA | $ 7,715 | Beacon Tradeport Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 5.625%, 5/01/32, RAA | 05/12 | @ 102 | $ | 8,465,824 | ||
A | 2,000 | Boynton Beach Multi-Fam. Hsg., Clipper Cove Apts. Proj., 5.45%, 1/01/33, ACA | 01/13 | @ 100 | 2,069,400 | |||
Brd. of Ed., GO, | ||||||||
AAA | 5,550 | Ser. A, 5.125%, 6/01/30 | 06/10 | @ 101 | 5,819,564 | |||
AAA | 1,000 | Ser. J, 5.00%, 6/01/24, AMBAC | 06/13 | @ 101 | 1,064,480 | |||
AAA | 2,800 | Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Ln. Prog., Ser. F-1, 5.00%, 10/01/31, MBIA | 08/11 | @ 102 | 2,863,532 | |||
Baa1 | 1,000 | Cap. Trust Agcy. Multi-Fam., American Oppty. Proj., Ser. A, 5.875%, 6/01/38 | 06/13 | @ 102 | 989,870 | |||
AAA | 7,000 | 3 | Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC | No Opt. Call | 7,154,560 | |||
NR | 2,440 | Gateway Svcs. Cmnty. Dev. Dist., Spl. Assmt., Stoneybrook Proj., 5.50%, 7/01/08 | No Opt. Call | 2,487,409 | ||||
NR | 1,695 | Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 | 05/13 | @ 101 | 1,802,310 | |||
A | 6,500 | Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt Proj., Ser. A, 6.00%, 11/15/31 | 11/11 | @ 101 | 7,087,210 | |||
BBB+ | 1,450 | Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 | 10/12 | @ 100 | 1,499,793 | |||
BBB- | 3,000 | Hsg. Fin. Corp., Sunset Place Proj., Ser. K-1, 6.10%, 10/01/29 | 10/09 | @ 102 | 2,962,320 | |||
AA | 7,500 | Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic Proj., Ser. B, 5.50%, 11/15/36 | 11/11 | @ 101 | 8,122,275 | |||
AAA | 4,000 | Jacksonville Transp., 5.00%, 10/01/26, MBIA | 10/11 | @ 100 | 4,173,440 | |||
JEA, | ||||||||
Aa2 | 5,000 | 4 | Elec. Sys., Ser. A, 5.50%, 10/01/07 | N/A | 5,314,550 | |||
AA | 7,500 | Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 | 10/06 | @ 100 | 7,611,450 | |||
NR 5 | 1,655 | Laguna Lakes Cmnty., Spl. Assmt., Ser. A, 6.40%, 5/01/33 | 05/13 | @ 101 | 1,745,793 | |||
AAA | 2,770 | Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC | ETM | 1,351,871 | ||||
BB+ | 3,000 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr. Proj., 6.75%, 11/15/21 | 11/14 | @ 100 | 3,381,750 | |||
AAA | 1,000 | Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC | 07/11 | @ 101 | 1,065,270 | |||
Miami Dade Cnty., Spec. Oblig. Rev., MBIA, | ||||||||
AAA | 2,595 | Ser. A, Zero Coupon, 10/01/19 | 04/08 | @ 55.413 | 1,281,152 | |||
AAA | 9,700 | Ser. B, Zero Coupon, 10/01/33 | 04/08 | @ 25.056 | 2,075,218 | |||
AAA | 25,000 | Ser. C, Zero Coupon, 10/01/28 | 04/08 | @ 32.99 | 7,113,250 | |||
No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43, | ||||||||
NR | 1,630 | 6.10%, 8/01/21 | 08/11 | @ 101 | 1,711,353 | |||
NR | 3,500 | 6.125%, 8/01/31 | 08/11 | @ 101 | 3,645,600 | |||
AAA | 2,500 | Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC | 08/11 | @ 101 | 2,630,000 | |||
AA- | 12,000 | So. Miami Hlth. Facs. Auth., Baptist Hlth. Proj., 5.25%, 11/15/33 | 02/13 | @ 100 | 12,462,720 | |||
AAA | 1,500 | St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA | 10/09 | @ 101 | 1,554,525 | |||
NR | 2,815 | Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC Proj., 6.80%, 10/01/32 | 10/09 | @ 100 | 2,881,828 | |||
NR | 2,000 | Sumter Landing Cmnty. Dev. Dist., Spl. Assmt., 6.95%, 5/01/33 | 05/13 | @ 101 | 2,139,840 | |||
AA | 5,500 | Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA | 04/12 | @ 100 | 5,982,735 | |||
AA | 4,000 | Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 | 10/11 | @ 101 | 4,196,560 | |||
Vlg. Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, | ||||||||
NR | 4,000 | 6.00%, 5/01/22 | 05/13 | @ 101 | 4,208,680 | |||
NR 5 | 1,870 | 6.50%, 5/01/33 | 05/13 | @ 101 | 2,019,750 | |||
BBB+ | 2,000 | Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ. Proj., Ser. A, 5.75%, 10/15/29 | 10/09 | @ 101 | 2,096,900 | |||
133,032,782 | ||||||||
Puerto Rico—20.8% | ||||||||
BBB | 6,000 | Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 | @ 100 | 5,987,700 | |||
Pub. Fin. Corp., Ser. E, | ||||||||
BBB+ | 4,000 | 4 | 5.70%, 2/01/10 | N/A | 4,470,080 | |||
BBB+ | 3,000 | 4 | 5.75%, 2/01/07 | N/A | 3,155,040 | |||
Pub. Impvt., Ser. A, | ||||||||
AAA | 2,520 | 4 | 5.125%, 7/01/11 | N/A | 2,795,033 | |||
A- | 4,980 | 5.125%, 7/01/31 | 07/11 | @ 100 | 5,180,793 | |||
21,588,646 | ||||||||
Total Long-Term Investments (cost $146,242,431) | 154,621,428 | |||||||
SHORT-TERM INVESTMENTS—4.4% | ||||||||
Florida—3.9% | ||||||||
A-1+ | 4,100 | 6 | Jacksonville Hlth. Facs. Hosp., Variable Baptist Med. Ctr. Proj., 3.00%, 5/02/05, FRDD | N/A | 4,100,000 | |||
See Notes to Financial Statements.
27
BlackRock Florida Municipal Income Trust (BBF) (continued)
Shares | ||||||
(000) | Description | Value | ||||
Money Market Fund—0.5% | ||||||
500 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 500,000 | |||
Total Short-Term Investments (cost $4,600,000) | 4,600,000 | |||||
Total Investments—153.0% (cost $150,842,431) | $ | 159,221,428 | ||||
Other assets in excess of liabilities—2.3% | 2,441,285 | |||||
Preferred shares at redemption value, including dividends payable—(55.3)% | (57,565,772 | ) | ||||
Net Assets Applicable to Common Shareholders—100% | $ | 104,096,941 | ||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. |
3 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
4 | This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
5 | Security is deemed to be of investment grade quality by the investment advisor. |
6 | For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. |
KEY TO ABBREVIATIONS | |||||
ACA | — | American Capital Access | FSA | — | Financial Security Assurance |
AMBAC | — | American Municipal Bond Assurance Corporation | GO | — | General Obligation |
COP | — | Certificate of Participation | MBIA | — | Municipal Bond Insurance Association |
ETM | — | Escrowed to Maturity | PCR | — | Pollution Control Revenue |
FGIC | — | Financial Guaranty Insurance Company | RAA | — | Radian Asset Assurance |
FRDD | — | Floating Rate Daily Demand | |||
See Notes to Financial Statements.
28
See Notes to Financial Statements. 29 30 BlackRock New Jersey Municipal Income Trust (BNJ) (continued) 31 32 BlackRock New York Investment Quality Municipal Trust (RNY) (continued) 33 PORTFOLIO OF INVESTMENTS (unaudited) 34 BlackRock New York Municipal Income Trust (BNY) (continued) 35 STATEMENTS OF ASSETS AND LIABILITIES (unaudited) See Notes to Financial Statements. 36 37 STATEMENTS OF OPERATIONS (unaudited) 38 39 STATEMENTS OF CHANGES IN NET ASSETS See Notes to Financial Statements. 40 41 STATEMENTS OF CHANGES IN NET ASSETS (continued) 42 43 FINANCIAL HIGHLIGHTS BlackRock Investment Quality Municipal Trust (BKN) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 44 FINANCIAL HIGHLIGHTS BlackRock Municipal Income Trust (BFK) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 45 FINANCIAL HIGHLIGHTS BlackRock California Investment Quality Municipal Trust (RAA) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 46 FINANCIAL HIGHLIGHTS BlackRock California Municipal Income Trust (BFZ) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 47 FINANCIAL HIGHLIGHTS BlackRock Florida Investment Quality Municipal Trust (RFA) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 48 FINANCIAL HIGHLIGHTS BlackRock Florida Municipal Income Trust (BBF) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market value data for the Trust’s common shares. 49 FINANCIAL HIGHLIGHTS BlackRock New Jersey Investment Quality Municipal Trust (RNJ) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 50 FINANCIAL HIGHLIGHTS BlackRock New Jersey Municipal Income Trust (BNJ) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. See Notes to Financial Statements. 51 FINANCIAL HIGHLIGHTS BlackRock New York Investment Quality Municipal Trust (RNY) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each year indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 52 FINANCIAL HIGHLIGHTS BlackRock New York Municipal Income Trust (BNY) The information in the above Financial Highlights represents the operating performance for a common share outstanding, total investment returns, ratios to average net assets and other supplemental data for each period indicated. This information has been determined based upon financial information provided in the financial statements and market price data for the Trust’s common shares. 53 NOTES TO FINANCIAL STATEMENTS (unaudited) Note 1. Organization & Accounting Policies BlackRock Investment Quality Municipal Trust Inc. (“Municipal Investment Quality”) was organized as a Maryland corporation on November 19, 1992. BlackRock California Investment Quality Municipal Trust Inc. (“California Investment Quality”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“New Jersey Investment Quality”) and BlackRock New York Investment Quality Municipal Trust Inc. (“New York Investment Quality”) were organized as Maryland corporations on April 12, 1993. BlackRock Florida Investment Quality Municipal Trust (“Florida Investment Quality”) was organized as a Massachusetts business trust on April 15, 1993. BlackRock Municipal Income Trust (“Municipal Income”), BlackRock California Municipal Income Trust (“California Income”), BlackRock Florida Municipal Income Trust (“Florida Income”), BlackRock New Jersey Municipal Income Trust (“New Jersey Income”) and BlackRock New York Municipal Income Trust (“New York Income”) (collectively the “Income Trusts”) were organized as Delaware statuatory trusts on March 30, 2001. Municipal Investment Quality and Municipal Income are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. California Investment Quality, California Income, Florida Investment Quality, Florida Income, New Jersey Investment Quality, New Jersey Income, New York Investment Quality and New York Income are registered as non-diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended. Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality are herein referred to as the Investment Quality Trusts. The ability of issuers of debt securities held by each Trust to meet their obligations may be affected by economic developments in a state, a specific industry or region. The following is a summary of significant accounting policies followed by the Trusts. Investments Valuation: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees or Board of Directors, as the case may be (each, a “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. A futures contract is valued at the last sale price as of the close of the commodities exchange on which it trades. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value. Any investments or other assets for which such current market quotations are not readily available are valued at fair value (“Fair Value Assets”) as determined in good faith under procedures established by, and under the general supervision and responsibility of, each Trust’s Board. The investment advisor and/or sub-advisor will submit its recommendations regarding the valuation and/or valuation methodologies for Fair Value Assets to a valuation committee. The valuation committee may accept, modify or reject any recommendations. The pricing of all Fair Value Assets shall be subsequently reported to and ratified by the relevant Board. When determining the price for a Fair Value Asset, the investment advisor and/or sub-advisor shall seek to determine the price that the Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. Investment Transactions and Investment Income: Investment transactions are recorded on trade date. Realized and unrealized gains and losses are calculated on the identified cost basis. Each Trust also records interest income on an accrual basis and amortizes premium and/or accretes discount on securities purchased using the interest method. Financial Futures Contracts: A futures contract is an agreement between two parties to buy and sell a financial instrument for a set price on a future date. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trust’s basis in the contract. Financial futures contracts, when used by the Trusts, help in maintaining a targeted duration. Futures contracts can be sold to effectively shorten an otherwise longer duration portfolio. In the same sense, futures contracts can be purchased to lengthen a portfolio that is shorter than its duration target. Thus, by buying or selling futures contracts, the Trusts may attempt to manage the duration of positions so that changes in interest rates do not change the duration of the portfolio unexpectedly. Segregation: In cases in which the Investment Company Act of 1940, as amended, and the interpretive positions of the Securities and Exchange Commission (the “Commission”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the Commission, designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income 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. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. Dividends and distributions to preferred shareholders are accrued and determined as described in Note 4. Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. 54 Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees/Directors (“Trustees”) are required to defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other BlackRock closed-end trusts selected by the Trustees. This has the same economic effect for the Trustees as if the Trustees had invested the deferred amounts in such Trusts. The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trust. Each Trust may, however, elect to invest in common shares of those Trusts selected by the Trustees in order to match its deferred compensation obligations. Note 2. Agreements Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), which is a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the Income Trusts. BlackRock, Inc. is an indirect, majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreement for each Income Trust covers both investment advisory and administration services. Each Investment Quality Trust has an Administration Agreement with the Advisor. 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 a Trust (including any assets attributable to any preferred shares that may be outstanding) minus the sum of accrued liabilities (other than debt or preferred shares 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. 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, occupancy and certain clerical and accounting costs of each Trust. Each Trust bears all other costs and expenses, which may include reimbursements to the Advisor for costs of employees that provide pricing, secondary market support and compliance services to each Trust. For the six months ended April 30, 2005, the Trusts reimbursed the Advisor the following amounts: Pursuant to the terms of each Trust’s custody agreement, each Trust received earning credits from its custodian for positive cash balances maintained, which are used to offset custody fees. Note 3. Portfolio Securities Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the six months ended April 30, 2005, were as follows: There were no purchases or sales of U.S. government securities. 55 Details of open financial futures contracts at April 30, 2005 were as follows: At April 30, 2005, the total cost of securities for Federal income tax purposes and aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows: For Federal income tax purposes, the following Trusts had capital loss carryforwards at October 31, 2004, the Trusts’ last tax year-end except for New York Income which had its last tax year-end at July 31, 2004. These amounts may be used to offset future realized capital gains, if any: 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. 56 Note 4. Distributions to Shareholders The tax character of distributions paid during the six months ended April 30, 2005 and the year ended October 31, 2004, were as follows: As of April 30, 2005, the estimated components of distributable earnings on a tax basis were as follows: Note 5. Capital There are 200 million of $0.01 par value common shares authorized for each of the Investment Quality Trusts. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts. Each Trust may classify or reclassify any unissued common shares into one or more series of preferred shares. At April 30, 2005, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows: There were no transactions in common shares of beneficial interest for the six months ended April 30, 2005. During the year ended October 31, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan. As of April 30, 2005, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends. 57 Dividends on seven-day preferred shares are cumulative at a rate which resets every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the six months ended April 30, 2005 were as follows: A Trust may not declare dividends or make other distributions on common shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding preferred shares would be less than 200%. The preferred shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated or unpaid dividends whether or not declared. The preferred shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Declaration of Trust, are not satisfied. The holders of preferred shares have voting rights equal to the holders of common shares (one vote per share) and will vote together with holders of common shares as a single class. However, holders of preferred shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the Investment Company Act of 1940, as amended, requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required to (a) adopt any plan of reorganization that would adversely affect the preferred shares, (b) change a Trust’s subclassification as a closed-end investment company or change its fundamental investment restrictions and (c) change its business so as to cease to be an investment company. Note 6. Dividends Subsequent to April 30, 2005, the Board of each Trust declared dividends from undistributed earnings per common share payable June 1, 2005, to shareholders of record on May 15, 2005. The per share common dividends declared were as follows: The dividends declared on preferred shares for the period May 1, 2005 to May 31, 2005 for each of the Trusts were as follows: 58 Note 7. Reimbursements In December of 2003, the Advisor determined that each of the Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality had purchased high yield bonds in violation of a non-fundamental investment policy requiring their investments to be of investment grade quality at the time of purchase. The Advisor has reimbursed each of the Trusts for the realized and unrealized losses incurred from the date of purchase through December 18, 2003, as a result of these unauthorized purchases. The net realized and unrealized gains on these securities as of December 18, 2003 was $167,280.00 for Municipal Investment Quality, $10,779.26 for California Investment Quality, $46,655.67 for Florida Investment Quality and $4,284.00 for New York Investment Quality. The amount of the reimbursement for the unrealized losses was $18,420.76 for California Investment Quality, $86,481.10 for New Jersey Investment Quality and $3,690.00 for New York Investment Quality. Such amounts have been reflected in the accompanying financial statements for the year ended October 31, 2004. Note 8. Investment Policy On December 18, 2003, the Board approved a resolution for each of the Municipal Investment Quality, California Investment Quality, Florida Investment Quality, New Jersey Investment Quality and New York Investment Quality whereby each such Trust adopted a non-fundamental investment policy permitting each Trust to invest up to 20% of its managed assets, measured at the time of purchase, in securities rated BB/Ba or B by Moody’s Investors Service, Inc., Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies Inc., Fitch Ratings or another nationally recognized rating agency or, if unrated, deemed to be of comparable credit quality by BlackRock Advisors, Inc. or its affiliates. 59 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. After an Investment Quality Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, by the purchase of outstanding shares on the open market, on the Trust’s primary exchange or elsewhere (“open market purchases”). The Investment Quality Trusts will not issue any new shares under the Plan. After an Income Trust declares a dividend or determines to make a capital gain distribution, the Plan Agent will acquire shares for the participants’ account, depending upon the circumstances described below, either (i) through receipt of unissued but authorized shares from the Trust (“newly issued shares”) or (ii) by open market purchases. If, on the dividend payment date, the net asset value per share (“NAV”) is equal to or less than the market price per share plus estimated brokerage commissions (such condition being referred to herein as “market premium”), the Plan Agent will invest the dividend amount in newly issued shares on behalf of the participants. The number of newly issued shares to be credited to each participant’s account will be determined by dividing the dollar amount of the dividend by the NAV on the date the shares are issued. However, if the NAV is less than 95% of the market price on the payment date, the dollar amount of the dividend will be divided by 95% of the market price on the payment date. If, on the dividend payment date, the NAV is greater than the market value per share plus estimated brokerage commissions (such condition being referred to herein as “market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participants in open market purchases. Participants in the Plan may withdraw from the Plan upon written notice to the Plan Agent and will receive certificates for whole Trust shares and a cash payment for any fraction of a Trust share. The Plan Agent’s fees for the handling of the reinvestment of dividends and distributions will be paid by each Trust. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open market purchases in connection with the reinvestment of dividends and distributions. The automatic reinvestment of dividends and distributions will not relieve participants of any Federal income tax that may be payable on such dividends or distributions. Each Trust reserves the right to amend or terminate the Plan. There is no direct service charge to participants in the Plan, however, each Trust reserves the right to amend the Plan to include a service charge payable by the participants. Participants that request a sale of shares through the Plan Agent are subject to a $2.50 sales fee and a $0.15 per share sold brokerage commission. All correspondence concerning the Plan should be directed to the Plan Agent at 250 Royall Street, Canton, MA 02021, or (800) 699-1BFM. The Joint Annual Meeting of Shareholders was held on May 26, 2005, to elect a certain number of Directors/Trustees for each of the following Trusts to three year terms, unless otherwise indicated, expiring in 2008: 60 61 The following Trusts had an additional proposal (Proposal #2A) to amend its respective Declaration of Trust in order to change the maximum number of permitted Directors allowed on its repsective Board to 11: The following Trust had an additional proposal (Proposal #2B) to amend its respective Declaration of Trust in order to reduce the maximum number of permitted Directors allowed on its respective Board from 15 to 11: During the period, there were no material changes in any Trust’s investment objective or policies or to any Trust’s charters or by-laws that were not approved by the shareholders or in the principle risk factors associated with investment in the Trusts. There have been no changes in the persons who are primarily responsible for the day-to-day management of the Trusts’ portfolio. Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/indiv/products/closedendfunds/funds.html. This reference to BlackRock’s website is intended to allow investors public access to information regarding the Trusts and does not, and is not intended, to incorporate BlackRock’s website into this report. Certain 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 the Sub-Advisor, Kevin M. Klingert—Director of BlackRock Advisors, Inc. and Managing Director of the Advisor and the Sub-Advisor, Henry Gabbay, Anne Ackerley and Bartholomew Battista—Managing Directors of the Advisor and the Sub-Advisor, James Kong and Vincent Tritto—Managing Directors of the Sub-Advisor, and Brian P. Kindelan—Managing Director of the Advisor. 62 [This Page Intentionally Left Blank] [This Page Intentionally Left Blank] BlackRock Closed-End Funds The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)699-1BFM. The Trusts have delegated to the Advisor the voting of proxies relating to their voting securities pursuant to the Advisor’s proxy voting policies and procedures. You may obtain a copy of these proxy voting policies and procedures, without charge, by calling (800) 699-1BFM. These policies and procedures are also available on the website of the Securities and Exchange Commission (the “Commission”) at http://www.sec.gov. Information on how proxies relating to the Trusts’ voting securities were voted (if any) by the Advisor during the most recent 12-month period ended June 30th is available, upon request, by calling (800) 699-1BFM or on the website of the Commission at http://www.sec.gov. The Trusts file their complete schedule of portfolio holdings for the first and third quarters of their respective fiscal years with the Commission on Form N-Q. Each Trust’s Form N-Q will be available on the Commission’s website at http://www.sec.gov. Each Trust’s Form N-Q, when available, may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information regarding the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Trust’s Form N-Q, when available, may also be obtained, upon request, by calling (800) 699-1BFM. Not applicable for semi-annual reports. Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports. Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports. Item 5. Audit Committee of Listed Registrants. Not applicable for semi-annual reports. Item 6. Schedule of Investments. The Registrant’s Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this Form. Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. Not applicable for semi-annual reports. Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable for semi-annual reports. Item 9. Purchases of Equity Securities by Closed-End Management Company and Affiliated Purchasers. Not applicable because no such purchases were made during the period covered by this report. Item 10. Submission of Matters to a Vote of Security Holders. Not applicable because no applicable matters were voted on by shareholders during the period covered by this report. Item 11. Controls and Procedures. (a) The Registrant's principal executive officer and principal financial officer have evaluated the Registrant's disclosure controls and procedures as of a date within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures are effective, as of such date, in ensuring that information required to be disclosed by the Registrant in this Form N-CSR was recorded, processed, summarized, and reported timely. (b) The Registrant's principal executive officer and principal financial officer are aware of no changes in the Registrant's internal control over financial reporting that occurred during the Registrant's second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. Item 12. Exhibits. (a) (1) Not applicable. (a) (2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (a) (3) Not applicable. (b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) BlackRock New York Investment Quality Municipal Trust, Inc. By: /s/ Henry Gabbay Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Robert S. Kapito By: /s/ Henry Gabbay
APRIL 30, 2005
BlackRock New Jersey Investment Quality Municipal Trust (RNJ)Principal Amount Option Call Rating1 (000) Description Provisions2 Value LONG-TERM INVESTMENTS—127.5% Multi-State—7.2% A3 $ 1,000 3 Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 06/09 @ 100 $ 1,074,550 New Jersey—113.3% AAA 1,000 Delaware River Port Auth. of PA & NJ, 5.75%, 1/01/26, FSA 01/10 @ 100 1,107,670 Econ. Dev. Auth., BBB 1,000 Cigarette Tax Rev., 5.75%, 6/15/34 06/14 @ 100 1,049,320 B 925 Continental Airlines, Inc. Proj., 7.00%, 11/15/30 11/10 @ 101 819,901 BBB 500 Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15 No Opt. Call 523,325 AAA 900 Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA No Opt. Call 1,006,866 AAA 1,000 4 Edl. Fac. Auth., Rowan Coll. Proj., Ser. E, 5.875%, 7/01/06, AMBAC N/A 1,045,860 AAA 1,000 4 Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA N/A 1,046,270 Hlth. Care Fac. Fin. Auth., A 1,000 Hackensack Univ. Med. Ctr. Proj., 6.00%, 1/01/25 01/10 @ 101 1,063,530 AAA 1,000 St. Josephs Hosp. & Med. Ctr. Proj., 5.75%, 7/01/16, CONNIE LEE 07/06 @ 102 1,049,650 Middlesex Cnty. Impvt. Auth. NR 750 Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 01/15 @ 100 739,882 Baa1 1,000 Student Hsg. Proj., Ser. A, 5.00%, 8/15/35 08/14 @ 100 1,008,050 AAA 1,000 Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC 12/09 @ 101 1,121,790 AA- 1,000 Port Auth. of NY & NJ, 5.75%, 12/15/20 06/05 @ 101 1,013,600 BBB 1,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 06/12 @ 100 1,006,960 Tpke. Auth., Ser. C, AMBAC, AAA 785 6.50%, 1/01/16 ETM 946,365 AAA 215 6.50%, 1/01/16 No Opt. Call 261,040 Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA, AAA 1,000 4 5.50%, 6/15/05 N/A 1,023,650 AAA 1,000 4 5.75%, 6/15/05 N/A 1,023,930 16,857,659 Puerto Rico—7.0% AAA 1,000 4,5 Puerto Rico, 5.40%, 7/01/06, FSA N/A 1,045,910 Total Long-Term Investments (cost $17,785,920) 18,978,119 SHORT-TERM INVESTMENTS—20.1% New Jersey—20.1% Edl. Fac. Auth., Princeton Univ. Proj., A-1+ 700 6 Ser. F, 2.80%, 5/02/05, FRDD N/A 700,000 A-1+ 300 6 Ser. B, 2.96%, 5/02/05, FRDD N/A 300,000 VMIG1 700 6 Essex Cnty. Impvt. Auth. Rev., Aces Pooled Govtl. Ln. Prog., 2.97%, 5/04/05, FRWD N/A 700,000 A-1+ 600 6 Gloucester Cnty. Indl., PCR Exxon Mobil Corp., 2.94%, 5/02/05. FRDD N/A 600,000 A-1+ 700 6 Sports & Expo. Auth., Ser. B-2, 2.89%, 5/04/05, MBIA, FRWD N/A 700,000 Total Short-Term Investments (cost $3,000,000) 3,000,000 Total Investments—147.6% (cost $20,785,920) $ 21,978,119 Other assets in excess of liabilities—2.8% 409,628 Preferred shares at redemption value, including dividends payable—(50.4)% (7,502,063 ) Net Assets Applicable to Common Shareholders—100% $ 14,885,684 1 Using the higher of S&P’s, Moody’s or Fitch’s rating. 2 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. 3 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 7.2% of its net assets, with a current market value of $1,074,550, in securities restricted as to resale. 4 This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. 5 Entire or partial principal amount pledged as collateral for financial futures contracts. 6 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. KEY TO ABBREVIATIONS AMBAC — American Municipal Bond Assurance Corporation FSA — Financial Security Assurance CONNIE LEE — College Construction Loan Insurance Association GO — General Obligation ETM — Escrowed to Maturity MBIA — Municipal Bond Insurance Association FRDD — Floating Rate Daily Demand PCR — Pollution Control Revenue FRWD — Floating Rate Weekly Demand
APRIL 30, 2005
BlackRock New Jersey Municipal Income Trust (BNJ) Principal Amount Option Call Rating1 (000) Description Provisions2 Value LONG-TERM INVESTMENTS—151.1% Multi-State—13.1% Charter Mac Equity Issuer Trust, A3 $ 7,000 3 Ser. A-2, 6.30%, 6/30/49 06/09 @ 100 $ 7,436,800 Baa1 2,500 3 Ser. B-1, 6.80%, 11/30/50 11/10 @ 100 2,723,975 MuniMae TE Bond Subsidiary, LLC, A3 3,000 3 Ser. A-1, 6.30%, 6/30/49 06/09 @ 100 3,167,490 Baa1 2,000 3 Ser. B-1, 6.80%, 6/30/50 11/10 @ 100 2,177,020 15,505,285 New Jersey—110.5% Cherry Hill Twnshp., GO, AA- 4,065 5.00%, 7/15/22 07/11 @ 100 4,295,079 AA- 4,275 5.00%, 7/15/23 07/11 @ 100 4,497,770 Econ. Dev. Auth., BBB 5,000 Cigarette Tax Rev., 5.75%, 6/15/34 06/14 @ 100 5,246,600 B 3,450 Continental Airlines, Inc. Proj., 7.00%, 11/15/30 11/10 @ 101 3,058,011 B 2,000 Continental Airlines, Inc. Proj., 7.20%, 11/15/30 11/10 @ 101 1,815,900 BBB- 2,630 First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 01/09 @ 102 2,666,636 BBB- 4,050 First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24 11/14 @ 100 4,239,094 Baa3 7,500 Kapkowski Rd. Landfill Proj., 6.50%, 4/01/28–4/01/31 No Opt. Call 8,718,775 A+ 2,000 Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 06/11 @ 102 2,171,400 BBB 2,000 Sld. Wst. Rev., Disp. Wst. Mgmt. Proj., Ser. A, 5.30%, 6/01/15 No Opt. Call 2,093,300 Aaa 1,950 Victoria Hlth. Proj., Ser. A, 5.20%, 12/20/36 12/11 @ 103 2,088,665 Edl. Facs. Auth., BBB- 1,000 Fairleigh Dickinson Univ. Proj., Ser. C, 5.50%, 7/01/23 07/14 @ 100 1,052,070 BBB- 2,000 Fairleigh Dickinson Univ. Proj., Ser. C, 6.00%, 7/01/20 07/14 @ 100 2,180,660 BBB- 3,000 Fairleigh Dickinson Univ. Proj., Ser. D, 6.00%, 7/01/25 07/13 @ 100 3,221,580 BBB+ 2,120 Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33 07/13 @ 100 2,385,127 AAA 12,600 Garden St. Presvtn. Trust, Open Space & Farmland Presvtn. Proj., Zero Coupon, 11/01/26, FSA No Opt. Call 4,642,596 Hlth. Care Fac. Fin. Auth., A 4,500 Atlantic City Med. Ctr. Proj., 5.75%, 7/01/25 07/12 @ 100 4,801,005 A+ 3,000 Catholic Hlth. East Proj., Ser. A, 5.375%, 11/15/33 11/12 @ 100 3,132,930 A2 10,000 4 Kennedy Hlth. Sys. Proj., 5.625%, 7/01/31 07/11 @ 100 10,626,200 Baa1 7,460 So. Jersey Hosp. Proj., 6.00%, 7/01/26–7/01/32 07/12 @ 100 7,937,473 BBB+ 1,540 So. Ocean Cnty. Hosp. Proj., Ser. A, 6.25%, 7/01/23 05/05 @ 101 1,550,472 Middlesex Cnty. Impvt. Auth., AAA 1,400 Admin. Bldg. Res. Proj., 5.35%, 7/01/34 07/11 @ 100 1,480,262 NR 5,000 Heldrich Ctr. Hotel Proj., Ser. B, 6.25%, 1/01/37 01/15 @ 100 4,932,550 AAA 4,470 New Brunswick Apts. Rental Hsg. Proj., 5.30%, 8/01/35 08/12 @ 100 4,610,537 BBB- 2,500 Middlesex Cnty. Poll. Ctrl. Auth. Rev., Amerada Hess Proj., 6.05%, 9/15/34 09/14 @ 100 2,660,975 Aaa 1,950 Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30 06/12 @ 102 2,088,216 AAA 8,000 Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6 Proj., 5.75%, 12/01/22, MBIA 12/07 @ 102 8,616,560 BBB 13,000 Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 06/12 @ 100 13,090,480 AAA 6,965 Trenton Pkg. Auth., FGIC, 5.00%, 4/01/25–4/01/30, FGIC 04/11 @ 100 7,282,986 Vineland, GO, MBIA, AAA 1,500 5.30%, 5/15/30 05/10 @ 101 1,584,870 AAA 1,500 5.375%, 5/15/31 05/10 @ 101 1,589,220 130,357,999
See Notes to Financial Statements. Principal Amount Option Call Rating1 (000) Description Provisions2 Value Puerto Rico—27.5% Hsg. Fin. Corp., Home Mtg. Rev., AAA $ 2,735 Ser. A, 5.20%, 12/01/33 06/11 @ 100 $ 2,794,267 AAA 2,735 Ser. B, 5.30%, 12/01/28 06/11 @ 100 2,784,586 A 3,800 Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 07/12 @ 100 4,005,808 Pub. Bldgs. Auth., Ser. D, AAA 5,000 Zero Coupon, 7/01/31, AMBAC 07/17 @ 100 3,823,750 A- 4,765 5 Gov't Facs., 5.25%, 7/01/12 N/A 5,311,117 A- 1,735 Gov't Facs., 5.25%, 7/01/36 07/12 @ 100 1,826,799 Pub. Fin. Corp., Ser. E, BBB+ 4,000 5 5.70%, 2/01/10 N/A 4,470,080 BBB+ 7,040 5 5.75%, 2/01/07 N/A 7,403,827 32,420,234 Total Long-Term Investments (cost $167,095,476) 178,283,518 Shares (000) MONEY MARKET FUND—0.5% 600 AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $600,000) N/A 600,000 Total Investments—151.6% (cost $167,695,476) $ 178,883,518 Other assets in excess of liabilities—2.5% 2,951,221 Preferred shares at redemption value, including dividends payable—(54.1)% (63,809,472 ) Net Assets Applicable to Common Shareholders—100% $ 118,025,267 1 Using the higher of S&P’s, Moody’s or Fitch’s rating. 2 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. 3 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 13.1% of its net assets, with a current market value of $15,505,285, in securities restricted as to resale. 4 Entire or partial principal amount pledged as collateral for financial futures contracts. 5 This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. KEY TO ABBREVIATIONS AMBAC — American Municipal Bond Assurance Corporation GO — General Obligation FGIC — Financial Guaranty Insurance Company MBIA — Municipal Bond Insurance Association FSA — Financial Security Assurance
See Notes to Financial Statements.
APRIL 30, 2005
BlackRock New York Investment Quality Municipal Trust (RNY) Principal Amount Option Call Rating1 (000) Description Provisions2 Value LONG-TERM INVESTMENTS—142.4% New York—131.7% Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A, NR $ 95 7.00%, 5/01/25 05/15 @ 102 $ 92,511 NR 60 7.00%, 5/01/35 05/15 @ 102 57,296 AAA 1,000 Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B, 5.00%, 12/01/33, MBIA 06/08 @ 100 1,017,910 Dorm. Auth., AAA 1,000 3 Correctional Facs. Proj., 5.70%, 1/01/07, MBIA N/A 1,067,590 AAA 750 Hosp. Lutheran Med. Proj., 5.00%, 8/01/31, MBIA 02/13 @ 100 779,205 Aa3 1,000 Kateri Residence Proj., 5.00%, 7/01/22 07/13 @ 100 1,040,000 BB+ 1,000 Mount Sinai Hlth. Proj., Ser. A, 6.50%, 7/01/25 07/10 @ 101 1,053,360 AAA 1,005 St. Univ. Edl. Fac. Proj., 5.25%, 5/15/15, AMBAC No Opt. Call 1,138,132 A+ 1,000 Univ. of Rochester Proj., Ser. B, 5.625%, 7/01/24 07/09 @ 101 1,086,130 AA- 2,100 Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23 07/13 @ 100 2,222,346 AAA 1,000 Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC 11/06 @ 102 1,052,470 New York City, GO, A1 820 3 Ser. A, 6.00%, 5/15/10 N/A 936,169 A+ 180 Ser. A, 6.00%, 5/15/30 05/10 @ 101 202,367 AA 1,000 Ser. B, 5.70%, 8/15/12 08/05 @ 101 1,018,670 A1 990 3 Ser. I, 5.875%, 3/15/06 N/A 1,032,006 A+ 10 Ser. I, 5.875%, 3/15/18 03/06 @ 101.5 10,389 AA 1,000 New York City Hsg. Dev. Corp. Multi-Fam. Hsg. Rev., Ser. A, 5.25%, 5/01/30 05/14 @ 100 1,037,720 New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj., A- 1,000 6.00%, 1/01/08 05/05 @ 101 1,016,360 A- 1,000 6.10%, 1/01/09 05/05 @ 101 1,016,510 New York City Mun. Wtr. Fin. Auth., AAA 1,000 3 Ser. A, 6.00%, 6/15/05 N/A 1,014,290 AAA 1,000 Wtr. & Swr. Sys. Rev., Ser. B, 5.00%, 6/15/36, FSA 12/14 @ 100 1,049,780 AA+ 1,000 Wtr. & Swr. Sys. Rev., Ser. C, 5.125%, 6/15/33 06/11 @ 101 1,046,930 AAA 2,000 3,4 New York City Transl. Fin. Auth., Ser. B, 6.00%, 5/15/10 N/A 2,293,400 Caa2 1,000 Port Auth. of NY & NJ, Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15 05/05 @ 100 1,000,380 AAA 2,000 Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC 10/14 @ 100 2,118,860 AAA 1,000 Triborough Brdg. & Tunl. Auth., New York Revs., Refdg., Ser. A, 5.00%, 1/01/32, MBIA 01/12 @ 100 1,036,580 26,437,361 Puerto Rico—10.7% BBB 500 Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100 498,975 Pub. Fin. Corp., Ser. E, BBB+ 745 3 5.50%, 2/01/12 N/A 841,381 BBB+ 255 5.50%, 8/01/29 02/12 @ 100 277,233 A- 500 Pub. Impvt., Ser. A, 5.00%, 7/01/34 07/14 @ 100 518,945 2,136,534 Total Long-Term Investments (cost $26,760,723) 28,573,895
See Notes to Financial Statements.Principal Amount Rating1 (000) Description Value SHORT-TERM INVESTMENT—4.5% A-1+ $ 900 5 Jay Str. Dev. Corp. Lease Rev., Ser. A, 2.94%, 5/02/05, FRDD (cost $900,000) $ 900,000 Total Investments—146.9% (cost $27,660,723) $ 29,473,895 Other assets in excess of liabilities—2.0% 398,283 Preferred shares at redemption value, including dividends payable—(48.9)% (9,803,464 ) Net Assets Applicable to Common Shareholders—100% $ 20,068,714 1 Using the higher of S&P’s, Moody’s or Fitch’s rating. 2 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. 3 This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. 4 Entire or partial principal amount pledged as collateral for financial futures contracts. 5 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. KEY TO ABBREVIATIONS AMBAC — American Municipal Bond Assurance Corporation GO — General Obligation FRDD — Floating Rate Demand Deposit MBIA — Municipal Bond Insurance Association FSA — Financial Security Assurance
See Notes to Financial Statements.
APRIL 30, 2005
BlackRock New York Municipal Income Trust (BNY) Principal Amount Option Call Rating1 (000) Description Provisions2 Value LONG-TERM INVESTMENTS—150.8% Multi-State—11.3% Charter Mac Equity Issuer Trust, A3 $ 6,000 3 Ser. A-2, 6.30%, 6/30/49 06/09 @ 100 $ 6,374,400 Baa1 5,500 3 Ser. B-1, 6.80%, 11/30/50 11/10 @ 100 5,992,745 MuniMae TE Bond Subsidiary, LLC, A3 6,000 3 Ser. A-1, 6.30%, 6/30/49 06/09 @ 100 6,334,980 Baa1 3,000 3 Ser. B-1, 6.80%, 6/30/50 11/10 @ 100 3,265,530 21,967,655 New York—121.1% NR 1,500 Albany Indl. Dev. Agcy., New Covenant Charter Sch. Proj., Ser. A, 7.00%, 5/01/25–5/01/35 05/15 @ 102 1,449,567 Dorm. Auth., AA- 1,765 4 City Univ. Proj., Ser. A, 5.25%, 7/01/11 N/A 1,969,899 BBB+ 10,780 Lenox Hill Hosp. Oblig. Grp. Proj., 5.50%, 7/01/30 07/11 @ 101 11,139,513 AAA 9,000 New Sch. Univ. Proj., 5.00%, 7/01/41, MBIA 07/11 @ 100 9,253,800 AAA 5,000 New York Univ. Proj., Ser. 2, 5.00%, 7/01/41, AMBAC 07/11 @ 100 5,154,550 A- 2,000 No. Shore Long Island Jewish Grp. Proj., 5.375%, 5/01/23 05/13 @ 100 2,124,640 A- 2,000 No. Shore Long Island Jewish Grp. Proj., 5.50%, 5/01/33 05/13 @ 100 2,127,480 AA- 2,000 Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33 07/13 @ 100 2,081,400 Met. Transp. Auth., Ded. Tax Fund, Ser. A, AA- 12,000 5.00%, 11/15/30 11/12 @ 100 12,363,960 A 12,000 5.125%, 11/15/31 11/12 @ 100 12,521,160 Mtg. Agcy., Aa1 5,950 Ser. 101, 5.40%, 4/01/32 10/11 @ 100 6,065,787 Aaa 15,500 Ser. A, 5.30%, 10/01/31 04/11 @ 100 15,758,385 New York City, GO, AAA 3,290 4 Ser. C, 5.375%, 3/15/12 N/A 3,719,049 A+ 2,710 Ser. C, 5.375%, 3/15/28 03/12 @ 100 2,889,700 A+ 7,000 Ser. D, 5.375%, 6/01/32 06/12 @ 100 7,458,990 New York City Ind. Dev. Agcy., A 750 Marymount Sch. Proj., 5.125%, 9/01/21, ACA 09/11 @ 102 775,358 A 2,000 Marymount Sch. Proj., 5.25%, 9/01/31, ACA 09/11 @ 102 2,069,360 AAA 1,550 Royal Charter Presbyterian Proj., 5.25%, 12/15/32, FSA 12/11 @ 102 1,650,393 BBB- 14,850 Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 07/11 @ 100 14,873,166 A- 6,000 Term. One Grp. Assoc. Proj., 6.00%, 1/01/19 05/05 @ 101 6,098,160 New York City Mun. Wtr. Fin. Auth., AAA 4,000 Ser. A, 5.00%, 6/15/32, FGIC 06/11 @ 100 4,135,920 AAA 12,725 Ser. A, 5.00%, 6/15/35, AMBAC 06/13 @ 100 13,275,992 AA+ 6,500 Ser. C, 5.00%, 6/15/32 06/11 @ 100 6,710,275 AA+ 5,000 Ser. D, 5.00%, 6/15/39 06/15 @ 100 5,209,350 AAA 3,660 New York City Transl. Fin. Auth., Ser. C, 5.00%, 5/01/29 05/09 @ 101 3,783,928 BBB 6,700 New York Cntys. Tobacco Trust III, 6.00%, 6/01/43 06/13 @ 100 6,806,932 Port Auth. of NY & NJ, Caa2 9,250 Contl./Eastn. LaGuardia Proj., 9.125%, 12/01/15 05/05 @ 100 9,253,515 AAA 9,500 Ser. 124, 5.00%, 8/01/36, FGIC 08/08 @ 101 9,687,815 AAA 13,000 5 Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA 12/07 @ 102 14,001,910 BBB 2,500 Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43 06/12 @ 100 2,525,675 BBB 5,000 Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 08/12 @ 100 4,962,600 AAA 2,500 Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC 10/14 @ 100 2,648,575 A 7,000 Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27 06/13 @ 100 7,279,790 TSASC, Inc., Tobacco Settlement Rev., Ser. 1, BBB 5,000 5.75%, 7/15/32 07/12 @ 100 5,072,700 BBB 8,000 6.375%, 7/15/39 07/09 @ 101 8,280,000 AA- 5,290 4 Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06 N/A 5,490,808 AA 2,500 Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA 10/11 @ 100 2,606,100 BBB 2,000 Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29 07/10 @ 101 2,102,820 235,379,022
See Notes to Financial Statements.Principal Amount Option Call Rating1 (000) Description Provisions2 Value Puerto Rico—18.4% BBB $ 4,060 Children's Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 05/12 @ 100 $ 4,051,677 Pub. Bldgs. Auth., Gov't Facs., Ser. D, A- 4,400 4 5.25%, 7/01/12 N/A 4,904,284 A- 1,600 5.25%, 7/01/36 07/12 @ 100 1,684,656 Pub. Fin. Corp., Ser. E, BBB+ 7,475 4 5.50%, 2/01/12 N/A 8,442,041 BBB+ 2,525 5.50%, 8/01/29 02/12 @ 100 2,745,155 BBB+ 7,000 4 5.70%, 2/01/10 N/A 7,822,640 BBB+ 5,750 4 5.75%, 2/01/07 N/A 6,047,160 35,697,613 Total Long-Term Investments (cost $279,859,814) 293,044,290 SHORT-TERM INVESTMENTS—11.0% New York—2.2% A-1 4,200 6 New York City Mun. Wtr. Fin. Auth., Wtr. & Swr. Sys. Rev., Ser. G, 3.02%, 5/02/05, FGIC, FRDD N/A 4,200,000 Shares (000) Money Market Funds—8.8% 9,700 AIM Tax Free Investment Co. Cash Reserve Portfolio N/A 9,700,000 7,500 SSgA Tax Free Money Mkt. Fund N/A 7,500,000 17,200,000 Total Short-Term Investments (cost $21,400,000) 21,400,000 Total Investments—161.8% (cost $301,259,814) $ 314,444,290 Liabilities in excess of other assets—(5.3)% (10,378,857 ) Preferred shares at redemption value, including dividends payable—(56.5)% (109,780,177 ) Net Assets Applicable to Common Shareholders—100% $ 194,285,256 1 Using the higher of S&P’s, Moody’s or Fitch’s rating. 2 Date (month/year) and price of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. 3 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. As of April 30, 2005, the Trust held 11.3% of its net assets, with a current market value of $21,967,655, in securities restricted as to resale. 4 This bond is prefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. 5 Entire or partial principal amount pledged as collateral for financial futures contracts. 6 For purposes of amortized cost valuation, the maturity date of this instrument is considered to be the earlier of the next date on which the security can be redeemed at par, or the next date on which the rate of interest is adjusted. KEY TO ABBREVIATIONS ACA — American Capital Access FSA — Financial Security Assurance AMBAC — American Municipal Bond Assurance Corporation GO — General Obligation FGIC — Financial Guaranty Insurance Company MBIA — Municipal Bond Insurance Association FRDD — Floating Rate Demand Deposit RAA — Radian Asset Assurance
See Notes to Financial Statements.
April 30, 2005 California California Investment Quality Municipal Investment Quality Municipal Municipal Trust Income Trust Municipal Trust Income Trust Assets (BKN) (BFK) (RAA) (BFZ) Investments at value1 $ 414,352,286 $ 1,008,197,047 $ 21,479,918 $ 356,013,800 Cash 276,651 538,926 537,023 533,591 Receivable from investments sold 50,000 5,000 — — Variation margin receivable 167,250 608,250 750 225,500 Interest receivable 6,779,387 17,234,021 240,294 5,509,298 Other assets 101,120 99,376 17,212 34,848 421,726,694 1,026,682,620 22,275,197 362,317,037 Liabilities Payable for investments purchased 8,627,190 — — — Dividends payable—common shares 1,272,897 3,536,108 71,101 1,140,007 Investment advisory fee payable 117,840 292,286 7,165 103,002 Administration fee payable 50,503 — 2,894 — Deferred Directors’ or Trustees’ fees 70,839 93,700 15,061 32,815 Payable to affiliates 30,543 36,978 5,873 14,004 Other accrued expenses 117,889 139,054 41,718 156,865 10,287,701 4,098,126 143,812 1,446,693 Preferred Shares at Redemption Value $25,000 liquidation value per share, including dividends payable2 146,616,510 375,230,635 7,501,111 131,971,798 Net Assets Applicable to Common Shareholders $ 264,822,483 $ 647,353,859 $ 14,630,274 $ 228,898,546 Composition of Net Assets Applicable to Common Shareholders: Par value3 $ 167,071 43,588 $ 10,071 $ 14,986 Paid-in capital in excess of par 231,766,743 618,575,536 13,411,135 212,626,998 Undistributed net investment income 13,486,375 21,433,082 265,326 6,690,794 Accumulated net realized gain (loss) (5,596,672 ) (41,702,431 ) (13,830 ) (9,129,726 ) Net unrealized appreciation 24,998,966 49,004,084 957,572 18,695,494 Net assets applicable to common shareholders, April 30, 2005 $ 264,822,483 $ 647,353,859 $ 14,630,274 $ 228,898,546 Net asset value per common share4 $15.85 $14.85 $14.53 $15.27 1Investments at cost $ 388,643,834 $ 956,613,449 $ 20,519,098 $ 336,361,955 2Preferred shares outstanding 5,862 15,005 300 5,278 3Par value per share 0.01 0.001 0.01 0.001 4Common shares outstanding 16,707,093 43,588,385 1,007,093 14,985,501 Florida Florida New Jersey New Jersey New York Investment Quality Municipal Investment Quality Municipal Income Investment Quality New York Municipal Municipal Trust Income Trust Municipal Trust Trust Municipal Trust Income Trust (RFA) (BBF) (RNJ) (BNJ) (RNY) (BNY) $ 24,473,328 $ 159,221,428 $ 21,978,119 $ 178,883,518 $ 29,473,895 $�� 314,444,290 500,136 531,809 151,876 506,791 172,145 502,426 — 40,000 — — — — 1,000 85,750 750 104,250 1,250 150,000 327,856 2,420,356 366,673 3,015,711 518,947 5,054,405 16,914 12,938 17,557 15,689 16,898 30,130 25,319,234 162,312,281 22,514,975 182,525,959 30,183,135 320,181,251 — — — — 149,927 14,933,735 79,777 500,968 67,624 556,910 95,581 943,357 7,214 46,254 6,408 51,961 8,542 87,125 3,326 — 2,934 — 3,816 — 14,745 12,029 15,405 14,665 14,702 28,408 2,456 5,960 4,818 8,047 2,886 9,289 45,159 84,357 30,039 59,637 35,503 113,904 152,677 649,568 127,228 691,220 310,957 16,115,818 8,501,444 57,565,772 7,502,063 63,809,472 9,803,464 109,780,177 $ 16,665,113 $ 104,096,941 $ 14,885,684 $ 118,025,267 $ 20,068,714 $ 194,285,256 $ 11,271 $ 6,646 $ 10,071 $ 7,415 $ 13,071 $ 12,521 15,001,008 94,259,825 13,165,936 105,166,744 17,655,407 177,620,593 415,592 2,685,044 573,264 3,642,024 561,814 5,456,029 26,507 (869,752 ) (52,538 ) (1,536,647 ) 30,534 (1,352,241 ) 1,210,735 8,015,178 1,188,951 10,745,731 1,807,888 12,548,354 $ 16,665,113 $ 104,096,941 $ 14,885,684 $ 118,025,267 $ 20,068,714 $ 194,285,256 $14.79 $15.66 $14.78 $15.92 $15.35 $15.52 $ 23,258,397 $ 150,842,431 $ 20,785,920 $ 167,695,476 $ 27,660,723 $ 301,259,814 340 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
For the six months ended April 30, 2005 California California Investment Quality Municipal Investment Quality Municipal Municipal Trust Income Trust Municipal Trust Income Trust (BKN) (BFK) (RAA) (BFZ) Net Investment Income Interest income $ 10,957,325 $ 28,399,918 $ 471,386 $ 9,320,738 Expenses Investment advisory 711,440 3,007,738 38,306 1,062,504 Administration 304,903 — 10,944 — Transfer agent 9,231 8,679 5,249 7,964 Custodian 51,067 74,847 5,115 41,769 Reports to shareholders 29,193 67,191 3,620 21,975 Trustees 18,162 39,458 6,064 15,204 Registration 1,937 16,793 291 15,620 Independent accountants 20,363 20,815 7,421 19,005 Legal 20,628 43,340 3,100 16,721 Insurance 14,441 34,854 776 12,403 Auction agent 188,419 480,400 11,257 170,411 Miscellaneous 25,327 50,477 8,260 23,498 Total expenses 1,395,111 3,844,592 100,403 1,407,074 Less fees waived by Advisor — (1,253,224 ) — (442,710 ) Less fees paid indirectly (6,002 ) (4,677 ) (2,839 ) (5,830 ) Net expenses 1,389,109 2,586,691 97,564 958,534 Net investment income 9,568,216 25,813,227 373,822 8,362,204 Realized and Unrealized Gain (Loss) Net realized gain (loss) on: Investments 6,110,746 7,496,205 110,960 (895,485 ) Futures (291,293 ) (1,040,483 ) (1,182 ) (385,527 ) 5,819,453 6,455,722 109,778 (1,281,012 ) Net change in unrealized appreciation/depreciation on: Investments (4,746,938 ) 15,666,777 97,171 7,432,877 Futures 665,165 2,361,431 2,813 875,118 (4,081,773 ) 18,028,208 99,984 8,307,995 Net gain (loss) 1,737,680 24,483,930 209,762 7,026,983 Dividends and Distributions to Preferred Shareholders from: Net investment income (1,321,001 ) (3,374,792 ) (55,273 ) (1,021,331 ) Net realized gains — — — — Total dividends and distributions (1,321,001 ) (3,374,792 ) (55,273 ) (1,021,331 ) Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations $ 9,984,895 $ 46,922,365 $ 528,311 $ 14,367,856 Florida Florida New Jersey New Jersey New York New York Investment Quality Municipal Investment Quality Municipal Investment Quality Municipal Municipal Trust Income Trust Municipal Trust Income Trust Municipal Trust Income Trust (RFA) (BBF) (RNJ) (BNJ) (RNY) (BNY) $ 580,410 $ 4,204,659 $ 541,214 $ 4,832,701 $ 743,547 $ 7,982,968 43,766 476,634 38,829 535,081 51,673 898,811 12,505 — 11,094 — 14,764 — 5,611 7,964 5,611 7,964 5,611 7,964 4,923 27,885 5,085 28,841 6,545 36,283 3,620 11,542 3,620 13,937 3,620 21,859 6,064 7,059 6,064 7,783 6,064 13,213 328 11,157 291 11,157 380 15,620 7,421 17,738 7,421 17,738 7,421 19,005 3,151 9,250 3,109 9,507 3,214 16,220 892 5,563 786 6,242 1,053 10,527 12,521 74,900 11,286 82,606 14,140 142,912 8,027 15,137 8,038 16,024 8,153 21,199 108,829 664,829 101,234 736,880 122,638 1,203,613 — (198,598 ) — (222,950 ) — (374,505 ) (3,037 ) (3,812 ) (2,778 ) (4,587 ) (3,719 ) (3,703 ) 105,792 462,419 98,456 509,343 118,919 825,405 474,618 3,742,240 442,758 4,323,358 624,628 7,157,563 20,134 (5,242 ) (7 ) 150,228 26,038 2,757,064 (2,018 ) (146,266 ) (1,182 ) (178,034 ) (2,427 ) (255,756 ) 18,116 (151,508 ) (1,189 ) (27,806 ) 23,611 2,501,308 (74,660 ) 2,112,324 12,119 3,215,153 (2,907 ) (707,501 ) 4,211 332,650 2,813 404,592 5,151 582,317 (70,449 ) 2,444,974 14,932 3,619,745 2,244 (125,184 ) (52,333 ) 2,293,466 13,743 3,591,939 25,855 2,376,124 (69,569 ) (444,894 ) (64,610 ) (567,995 ) (73,789 ) (862,005 ) (10,423 ) — — — — — (79,992 ) (444,894 ) (64,610 ) (567,995 ) (73,789 ) (862,005 ) $ 342,293 $ 5,590,812 $ 391,891 $ 7,347,302 $ 576,694 $ 8,671,682
For the six months ended April 30, 2005 (unaudited), and for the year ended October 31, 2004 Investment Municipal Quality Municipal Trust Income Trust (BKN) (BFK) 2005 2004 2005 2004 Increase (Decrease) in Net Assets Applicable to Common Shareholders Operations: Net investment income $ 9,568,216 $ 19,680,873 $ 25,813,227 $ 52,143,566 Net realized gain (loss) 5,819,453 (2,704,080 ) 6,455,722 (10,849,651 ) Net change in unrealized appreciation/depreciation (4,081,773 ) 6,851,241 18,028,208 22,183,577 Net change in transactions related to investment violation1 — 167,280 — — Dividends and distributions to preferred shareholders from: Net investment income (1,321,001 ) (1,560,276 ) (3,374,792 ) (3,870,243 ) Net realized gains — — — — Net increase in net assets resulting from operations 9,984,895 22,435,038 46,922,365 59,607,249 Dividends and Distributions to Common Shareholders from: Net investment income (7,637,380 ) (15,274,761 ) (21,216,647 ) (42,421,794 ) Net realized gains — — — — Total dividends and distributions (7,637,380 ) (15,274,761 ) (21,216,647 ) (42,421,794 ) Capital Share Transactions: Reinvestment of common dividends — — — 519,196 Net proceeds from capital share transactions — — — 519,196 Total increase (decrease) 2,347,515 7,160,277 25,705,718 17,704,651 Net Assets Applicable to Common Shareholders Beginning of period 262,474,968 255,314,691 621,648,141 603,943,490 End of period $ 264,822,483 $ 262,474,968 $ 647,353,859 $ 621,648,141 End of period undistributed net investment income $ 13,486,375 $ 12,876,540 $ 21,433,082 $ 20,211,294 1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements. California Investment California Florida Investment Quality Municipal Trust Municipal Income Trust Quality Municipal Trust (RAA) (BFZ) (RFA) 2005 2004 2005 2004 2005 2004 $ 373,822 $ 927,165 $ 8,362,204 $ 17,211,060 $ 474,618 $ 1,103,025 109,778 (156,595 ) (1,281,012 ) (5,325,774 ) 18,116 146,348 99,984 48,265 8,307,995 15,044,621 (70,449 ) (397,928 ) — 10,779 — — — 46,656 (55,273 ) (61,122 ) (1,021,331 ) (1,276,088 ) (69,569 ) (78,189 ) — (3,726 ) — — (10,423 ) (24,220 ) 528,311 764,766 14,367,856 25,653,819 342,293 795,692 (426,605 ) (853,209 ) (6,840,042 ) (13,680,084 ) (478,661 ) (957,321 ) — (48,441 ) — — (127,609 ) (256,301 ) (426,605 ) (901,650 ) (6,840,042 ) (13,680,084 ) (606,270 ) (1,213,622 ) — — — — — — — — — — — — 101,706 (136,884 ) 7,527,814 11,973,735 (263,977 ) (417,930 ) 14,528,568 14,665,452 221,370,732 209,396,997 16,929,090 17,347,020 $ 14,630,274 $ 14,528,568 $ 228,898,546 $ 221,370,732 $ 16,665,113 $ 16,929,090 $ 265,326 $ 373,382 $ 6,690,794 $ 6,189,963 $ 415,592 $ 489,204
For the six months ended April 30, 2005 (unaudited), and for the year ended October 31, 2004 Florida New Jersey Investment Municipal Income Trust Quality Municipal Trust (BBF) (RNJ) 2005 2004 2005 2004 Increase (Decrease) in Net Assets Applicable to Common Shareholders Operations: Net investment income $ 3,742,240 $ 7,485,885 $ 442,758 $ 972,804 Net realized gain (loss) (151,508 ) (508,174 ) (1,189 ) 159,011 Net change in unrealized appreciation/depreciation 2,444,974 3,505,389 14,932 (357,062 ) Net change in transactions related to investment violation1 — — — — Dividends to preferred shareholders from net investment income (444,894 ) (548,629 ) (64,610 ) (70,911 ) Net increase in net assets resulting from operations 5,590,812 9,934,471 391,891 703,842 Dividends to Common Shareholders from: Net investment income (3,005,809 ) (6,011,618 ) (405,746 ) (811,491 ) Total increase (decrease) 2,585,003 3,922,853 (13,855 ) (107,649 ) Net Assets Applicable to Common Shareholders: Beginning of period 101,511,938 97,589,085 14,899,539 15,007,188 End of period $ 104,096,941 $ 101,511,938 $ 14,885,684 $ 14,899,539 End of period undistributed net investment income $ 2,685,044 $ 2,393,507 $ 573,264 $ 600,862 1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.
See Notes to Financial Statements.New Jersey New York Investment New York Municipal Income Trust Quality Municipal Trust Municipal Income Trust (BNJ) (RNY) (BNY) 2005 2004 2005 2004 2005 2004 $ 4,323,358 $ 8,616,860 $ 624,628 $ 1,259,176 $ 7,157,563 $ 14,367,676 (27,806 ) (815,221 ) 23,611 70,439 2,501,308 (1,277,572 ) 3,619,745 5,352,381 2,244 (82,103 ) (125,184 ) 5,687,713 — — — 4,284 — — (567,995 ) (623,629 ) (73,789 ) (92,575 ) (862,005 ) (1,058,252 ) 7,347,302 12,530,391 576,694 1,159,221 8,671,682 17,719,565 (3,341,462 ) (6,682,923 ) (573,487 ) (1,146,975 ) (5,660,141 ) (11,320,282 ) 4,005,840 5,847,468 3,207 12,246 3,011,541 6,399,283 114,019,427 108,171,959 20,065,507 20,053,261 191,273,715 184,874,432 $ 118,025,267 $ 114,019,427 $ 20,068,714 $ 20,065,507 $ 194,285,256 $ 191,273,715 $ 3,642,024 $ 3,228,123 $ 556,966 $ 584,462 $ 5,456,029 $ 4,820,612 Six Months Ended Year Ended October 31, April 30, 2005 (unaudited) 2004 2003 2002 2001 2000 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 15.71 $ 15.28 $ 15.19 $ 15.19 $ 14.30 $ 13.95 Investment operations: Net investment income 0.58 1.17 1.16 1.20 1.20 1.13 Net realized and unrealized gain (loss) 0.10 0.26 (0.09 ) (0.26 ) 0.75 0.43 Dividends to preferred shareholders from net investment income (0.08 ) (0.09 ) (0.09 ) (0.13 ) (0.29 ) (0.35 ) Net increase from investment operations 0.60 1.34 0.98 0.81 1.66 1.21 Dividends to common shareholders from net investment income (0.46 ) (0.91 ) (0.89 ) (0.81 ) (0.78 ) (0.83 ) Capital changes with respect to issuance of: Preferred shares — — — — 0.01 (0.03 ) Net asset value, end of period $ 15.85 $ 15.71 $ 15.28 $ 15.19 $ 15.19 $ 14.30 Market price, end of period $ 15.41 $ 15.12 $ 14.26 $ 13.48 $ 13.73 $ 12.13 TOTAL INVESTMENT RETURN1 4.99 % 12.91 % 12.67 % 4.14 % 20.03 % (1.27 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2 Expenses after fees waived and paid indirectly 1.06 %3 1.08 % 1.10 % 1.09 % 1.14 % 1.20 % Expenses after fees waived and before fees paid indirectly 1.07 %3 1.08 % 1.10 % 1.09 % 1.14 % 1.20 % Expenses before fees waived and paid indirectly 1.07 %3 1.08 % 1.10 % 1.09 % 1.14 % 1.20 % Net investment income after fees waived and paid indirectly and before preferred share dividends 7.33 %3 7.59 % 7.62 % 7.93 % 8.10 % 8.18 % Preferred share dividends 1.01 %3 0.60 % 0.59 % 0.83 % 1.94 % 2.53 % Net investment income available to common shareholders 6.32 %3 6.99 % 7.03 % 7.10 % 6.16 % 5.65 % SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 263,356 $ 259,470 $ 254,890 $ 251,428 $ 247,832 $ 230,746 Portfolio turnover 34 % 52 % 36 % 19 % 4 % 35 % Net assets of common shareholders, end of period (000) $ 264,822 $ 262,475 $ 255,315 $ 253,710 $ 253,777 $ 238,849 Preferred shares value outstanding, end of period (000) $ 146,550 $ 146,550 $ 146,550 $ 146,550 $ 146,550 $ 146,550 Asset coverage per preferred share, end of period $ 70,187 $ 69,790 $ 68,561 $ 68,292 $ 68,308 $ 65,745 1 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results. 2 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. 3 Annualized. For the period Six Months Ended Year Ended October 31, July 27, 20011 April 30, 2005 through (unaudited) 2004 2003 2002 October 31, 20012 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 14.26 $ 13.87 $ 13.33 $ 14.30 $ 14.33 3 Investment operations: Net investment income 0.60 1.19 1.23 1.20 0.17 Net realized and unrealized gain (loss) 0.56 0.26 0.35 (1.11 ) 0.12 Dividends to preferred shareholders from net investment income (0.08 ) (0.09 ) (0.09 ) (0.13 ) (0.01 ) Net increase (decrease) from investment operations 1.08 1.36 1.49 (0.04 ) 0.28 Dividends and distributions to common shareholders: Net investment income (0.49 ) (0.97 ) (0.95 ) (0.93 ) (0.16 ) In excess of net investment income — — — — (0.01 ) Total dividends and distributions (0.49 ) (0.97 ) (0.95 ) (0.93 ) (0.17 ) Capital charges with respect to issuance of: Common shares — — — — (0.03 ) Preferred shares — — — — (0.11 ) Total capital charges — — — — (0.14 ) Net asset value, end of period $ 14.85 $ 14.26 $ 13.87 $ 13.33 $ 14.30 Market price, end of period $ 14.49 $ 14.05 $ 13.70 $ 13.46 $ 14.75 TOTAL INVESTMENT RETURN4 6.65 % 10.01 % 9.21 % (2.40 )% (1.13 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5 Expenses after fees waived and paid indirectly 0.82 %6 0.83 % 0.84 % 0.81 % 0.61 %6 Expenses after fees waived and before fees paid indirectly 0.82 %6 0.83 % 0.84 % 0.83 % 0.62 %6 Expenses before fees waived and paid indirectly 1.22 %6 1.23 % 1.25 % 1.23 % 0.91 %6 Net investment income after fees waived and paid indirectly and before preferred share dividends 8.19 %6 8.44 % 8.96 % 8.74 % 4.59 %6 Preferred share dividends 1.07 %6 0.63 % 0.65 % 0.92 % 0.38 %6 Net investment income available to common shareholders 7.12 %6 7.81 % 8.31 % 7.82 % 4.21 %6 SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 635,763 $ 618,076 $ 594,192 $ 598,425 $ 572,610 Portfolio turnover 22 % 59 % 56 % 70 % 27 % Net assets of common shareholders, end of period (000) $ 647,354 $ 621,648 $ 603,943 $ 579,681 $ 619,249 Preferred shares value outstanding, end of period (000) $ 375,125 $ 375,125 $ 375,125 $ 375,125 $ 375,125 Asset coverage per preferred share, end of period $ 68,150 $ 66,435 $ 65,251 $ 63,636 $ 66,275 1 Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. 2 Calculated using the average shares outstanding method. 3 Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. 4 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. 5 Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders. 6 Annualized. Six Months Ended Year Ended October 31, April 30, 2005 (unaudited) 2004 2003 2002 2001 2000 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 14.43 $ 14.56 $ 14.81 $ 15.30 $ 14.62 $ 14.34 Investment operations: Net investment income 0.36 0.92 1.05 1.04 1.05 1.06 Net realized and unrealized gain (loss) 0.21 (0.09 ) (0.41 ) (0.64 ) 0.63 0.29 Dividends to preferred shareholders from net investment income (0.05 ) (0.06 ) (0.06 ) (0.09 ) (0.21 ) (0.25 ) Net increase from investment operations 0.52 0.77 0.58 0.31 1.47 1.10 Dividends and distributions to common shareholders: Net investment income — (0.85 ) (0.83 ) (0.80 ) (0.79 ) (0.82 ) Net realized gains (0.42 ) (0.05 ) — — — — Total dividends and distributions (0.42 ) (0.90 ) (0.83 ) (0.80 ) (0.79 ) (0.82 ) Net asset value, end of period $ 14.53 $ 14.43 $ 14.56 $ 14.81 $ 15.30 $ 14.62 Market price, end of period $ 14.25 $ 14.30 $ 14.03 $ 13.38 $ 15.55 $ 14.00 TOTAL INVESTMENT RETURN1 2.66 % 8.78 % 11.38 % (9.26 )% 17.03 % (4.33 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2 Expenses after fees waived and paid indirectly 1.35 %3 1.35 % 1.40 % 1.29 % 1.38 % 1.41 % Expenses after fees waived and before fees paid indirectly 1.39 %3 1.40 % 1.40 % 1.29 % 1.38 % 1.41 % Expenses before fees paid indirectly 1.39 %3 1.40 % 1.40 % 1.29 % 1.38 % 1.41 % Net investment income after fees waived and paid indirectly and before preferred share dividends 5.17 %3 6.37 % 7.17 % 6.86 % 7.04 % 7.36 % Preferred share dividends 0.76 %3 0.42 % 0.44 % 0.59 % 1.39 % 1.75 % Net investment income available to common shareholders 4.41 %3 5.95 % 6.73 % 6.27 % 5.65 % 5.61 % SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 14,570 $ 14,553 $ 14,752 $ 15,221 $ 15,072 $ 14,450 Portfolio turnover 3 % 15 % 6 % 30 % 1 % —% Net assets of common shareholders, end of period (000) $ 14,630 $ 14,529 $ 14,665 $ 14,911 $ 15,411 $ 14,725 Preferred shares value outstanding, end of period (000) $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 Asset coverage per preferred share, end of period $ 73,771 $ 73,433 $ 73,886 $ 74,706 $ 76,377 $ 74,097 1 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results. 2 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. 3 Annualized. For the period Six Months Ended Year Ended October 31, July 27, 20011 April 30, 2005 through (unaudited) 2004 2003 2002 October 31, 20012 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 14.77 $ 13.97 $ 14.16 $ 14.50 $ 14.33 3 Investment operations: Net investment income 0.56 1.15 1.12 1.11 0.16 Net realized and unrealized gain (loss) 0.47 0.65 (0.34 ) (0.46 ) 0.32 Dividends to preferred shareholders from net investment income (0.07 ) (0.09 ) (0.08 ) (0.12 ) (0.01 ) Net increase from investment operations 0.96 1.71 0.70 0.53 0.47 Dividends and distributions to common shareholders: Net investment income (0.46 ) (0.91 ) (0.89 ) (0.87 ) (0.15 ) In excess of net investment income — — — — (0.01 ) Total dividends and distributions (0.46 ) (0.91 ) (0.89 ) (0.87 ) (0.16 ) Capital charges with respect to issuance of: Common shares — — — — (0.03 ) Preferred shares — — — — (0.11 ) Total capital charges — — — — (0.14 ) Net asset value, end of period $ 15.27 $ 14.77 $ 13.97 $ 14.16 $ 14.50 Market price, end of period $ 14.06 $ 13.65 $ 13.21 $ 13.09 $ 14.75 TOTAL INVESTMENT RETURN4 6.44 % 10.58 % 7.92 % (5.49 )% (1.17 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5 Expenses after fees waived and paid indirectly 0.86 %6 0.87 % 0.89 % 0.88 % 0.72 %6 Expenses after fees waived and before fees paid indirectly 0.86 %6 0.88 % 0.89 % 0.90 % 0.73 %6 Expenses before fees waived and paid indirectly 1.26 %6 1.28 % 1.30 % 1.31 % 1.02 %6 Net investment income after fees waived and paid indirectly and before preferred share dividends 7.49 %6 7.96 % 8.01 % 7.96 % 4.06 %6 Preferred share dividends 0.91 %6 0.59 % 0.57 % 0.86 % 0.38 %6 Net investment income available to common shareholders 6.58 %6 7.37 % 7.44 % 7.10 % 3.68 %6 SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 225,153 $ 216,238 $ 211,275 $ 209,965 $ 199,356 Portfolio turnover 11 % 15 % 34 % 44 % 16 % Net assets of common shareholders, end of period (000) $ 228,899 $ 221,371 $ 209,397 $ 212,215 $ 216,829 Preferred shares value outstanding, end of period (000) $ 131,950 $ 131,950 $ 131,950 $ 131,950 $ 131,950 Asset coverage per preferred share, end of period $ 68,373 $ 66,945 $ 64,675 $ 65,211 $ 66,086 1 Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. 2 Calculated using the average shares outstanding method. 3 Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. 4 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. 5 Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of common shareholders. 6 Annualized. Six Months Ended Year Ended October 31, April 30, 2005 (unaudited) 2004 2003 2002 2001 2000 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 15.02 $ 15.39 $ 15.65 $ 15.50 $ 14.65 $ 14.29 Investment operations: Net investment income 0.41 0.98 1.04 1.05 1.03 1.07 Net realized and unrealized gain (loss) (0.04 ) (0.18 ) (0.39 ) 0.02 0.86 0.40 Dividends and distributions to preferred shareholders: Net investment income (0.06 ) (0.07 ) (0.08 ) (0.11 ) (0.24 ) (0.31 ) Net realized gains (0.01 ) (0.02 ) — — — — Net increase from investment operations 0.30 0.71 0.57 0.96 1.65 1.16 Dividends and distributions to common shareholders: Net investment income (0.42 ) (0.85 ) (0.83 ) (0.81 ) (0.80 ) (0.80 ) Net realized gains (0.11 ) (0.23 ) — — — — Total dividends and distributions (0.53 ) (1.08 ) (0.83 ) (0.81 ) (0.80 ) (0.80 ) Net asset value, end of period $ 14.79 $ 15.02 $ 15.39 $ 15.65 $ 15.50 $ 14.65 Market price, end of period $ 14.30 $ 14.30 $ 14.47 $ 14.50 $ 14.36 $ 13.13 TOTAL INVESTMENT RETURN1 3.77 % 6.32 % 5.52 % 6.52 % 15.65 % 9.00 % RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2 Expenses after fees paid indirectly 1.28 %3 1.27 % 1.29 % 1.20 % 1.38 % 1.22 % Expenses after fees waived and before fees paid indirectly 1.31 %3 1.31 % 1.29 % 1.20 % 1.38 % 1.22 % Expenses before fees paid indirectly 1.31 %3 1.31 % 1.29 % 1.20 % 1.38 % 1.22 % Net investment income after fees paid indirectly and before preferred share dividends 5.73 %3 6.48 % 6.69 % 6.76 % 6.83 % 7.48 % Preferred share dividends 0.84 %3 0.46 % 0.51 % 0.69 % 1.58 % 2.18 % Net investment income available to common shareholders 4.89 %3 6.02 % 6.18 % 6.07 % 5.25 % 5.30 % SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 16,717 $ 17,035 $ 17,561 $ 17,427 $ 17,046 $ 16,167 Portfolio turnover 3 % 13 % 17 % 8 % — % — % Net assets of common shareholders, end of period (000) $ 16,665 $ 16,929 $ 17,347 $ 17,639 $ 17,472 $ 16,509 Preferred shares value outstanding, end of period (000) $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500 $ 8,500 Asset coverage per preferred share, end of period $ 74,019 $ 74,795 $ 76,021 $ 76,886 $ 76,397 $ 73,570 1 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results. 2 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. 3 Annualized. For the period Six Months Ended Year Ended October 31, July 27, 20011 April 30, 2005 through (unaudited) 2004 2003 2002 October 31, 20012 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 15.27 $ 14.68 $ 14.57 $ 14.37 $ 14.33 3 Investment operations: Net investment income 0.56 1.12 1.11 1.07 0.17 Net realized and unrealized gain (loss) 0.35 0.45 (0.03 ) 0.13 0.18 Dividends to preferred shareholders from net investment income (0.07 ) (0.08 ) (0.08 ) (0.12 ) (0.01 ) Net increase from investment operations 0.84 1.49 1.00 1.08 0.34 Dividends to common shareholders from net investment income (0.45 ) (0.90 ) (0.89 ) (0.87 ) (0.16 ) Capital charges 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 $ 15.66 $ 15.27 $ 14.68 $ 14.57 $ 14.37 Market price, end of period $ 14.80 $ 14.40 $ 13.36 $ 13.65 $ 14.50 TOTAL INVESTMENT RETURN4 5.98 % 15.04 % 4.30 % 0.16 % (2.84 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5 Expenses after fees waived and paid indirectly 0.91 %6 0.93 % 0.94 % 0.96 % 0.87 %6 Expenses after fees waived and before fees paid indirectly 0.92 %6 0.93 % 0.95 % 0.98 % 0.88 %6 Expenses before fees waived and paid indirectly 1.31 %6 1.32 % 1.35 % 1.38 % 1.17 %6 Net investment income after fees waived and paid indirectly and before preferred share dividends 7.35 %6 7.49 % 7.50 % 7.59 % 4.43 %6 Preferred share dividends 0.87 %6 0.55 % 0.53 % 0.82 % 0.37 %6 Net investment income available to common shareholders 6.48 %6 6.94 % 6.97 % 6.77 % 4.06 %6 SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 102,645 $ 100,002 $ 98,081 $ 93,558 $ 87,918 Portfolio turnover —% 10 % 19 % 35 % 28 % Net assets of common shareholders, end of period (000) $ 104,097 $ 101,512 $ 97,589 $ 96,816 $ 95,123 Preferred shares value outstanding, end of period (000) $ 57,550 $ 57,550 $ 57,550 $ 57,550 $ 57,550 Asset coverage per preferred share, end of period $ 70,227 $ 69,101 $ 67,394 $ 67,060 $ 66,323 1 Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. 2 Calculated using the average shares outstanding method. 3 Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. 4 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. 5 Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders. 6 Annualized. Six Months Ended Year Ended October 31, April 30, 2005 (unaudited) 2004 2003 2002 2001 2000 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 14.79 $ 14.90 $ 14.64 $ 14.85 $ 13.96 $ 13.52 Investment operations: Net investment income 0.43 0.97 1.00 1.02 0.96 1.01 Net realized and unrealized gain (loss) 0.02 (0.20 ) 0.12 (0.39 ) 0.87 0.43 Dividends to preferred shareholders from net investment income (0.06 ) (0.07 ) (0.06 ) (0.09 ) (0.21 ) (0.27 ) Net increase from investment operations 0.39 0.70 1.06 0.54 1.62 1.17 Dividends to common shareholders from net investment income (0.40 ) (0.81 ) (0.80 ) (0.75 ) (0.73 ) (0.73 ) Net asset value, end of period $ 14.78 $ 14.79 $ 14.90 $ 14.64 $ 14.85 $ 13.96 Market price, end of period $ 14.50 $ 15.00 $ 14.80 $ 13.30 $ 13.75 $ 12.13 TOTAL INVESTMENT RETURN1 (0.63 )% 7.14 % 17.59 % 2.07 % 19.63 % 5.08 % RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2 Expenses after fees waived and paid indirectly 1.33 %3 1.34 % 1.39 % 1.31 % 1.54 % 1.32 % Expenses after fees waived and before fees paid indirectly 1.37 %3 1.37 % 1.39 % 1.31 % 1.54 % 1.32 % Expenses before fees waived and paid indirectly 1.37 %3 1.37 % 1.39 % 1.31 % 1.54 % 1.32 % Net investment income after fees waived and paid indirectly and before preferred share dividends 5.99 %3 6.50 % 6.72 % 6.93 % 6.64 % 7.44 % Preferred share dividends 0.87 %3 0.47 % 0.41 % 0.61 % 1.47 % 1.98 % Net investment income available to common shareholders 5.12 %3 6.03 % 6.31 % 6.32 % 5.17 % 5.46 % SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 14,909 $ 14,974 $ 14,975 $ 14,791 $ 14,570 $ 13,696 Portfolio turnover 10 % 12 % 4 % 14 % 9 % 23 % Net assets of common shareholders, end of period (000) $ 14,886 $ 14,900 $ 15,007 $ 14,747 $ 14,958 $ 14,059 Preferred shares value outstanding, end of period (000) $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 $ 7,500 Asset coverage per preferred share, end of period $ 74,626 $ 74,670 $ 75,026 $ 74,159 $ 74,862 $ 71,879 1 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results. 2 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. 3 Annualized. For the period Six Months Ended Year Ended October 31, July 27, 20011 April 30, 2005 through (unaudited) 2004 2003 2002 October 31, 20012 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 15.38 $ 14.59 $ 14.29 $ 14.26 $ 14.33 3 Investment operations: Net investment income 0.59 1.16 1.15 1.10 0.14 Net realized and unrealized gain (loss) 0.48 0.61 0.11 (0.07 ) 0.10 Dividends to preferred shareholders from net investment income (0.08 ) (0.08 ) (0.08 ) (0.12 ) (0.01 ) Net increase from investment operations 0.99 1.69 1.18 0.91 0.23 Dividends and distributions to common shareholders: Net investment income (0.45 ) (0.90 ) (0.88 ) (0.87 ) (0.13 ) In excess of net investment income — — — — (0.03 ) Total dividends and distributions (0.45 ) (0.90 ) (0.88 ) (0.87 ) (0.16 ) Capital charges 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 $ 15.92 $ 15.38 $ 14.59 $ 14.29 $ 14.26 Market price, end of period $ 14.62 $ 14.45 $ 14.04 $ 13.64 $ 14.84 TOTAL INVESTMENT RETURN4 4.34 % 9.63 % 9.59 % (2.25 )% (0.56 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5 Expenses after fees waived and paid indirectly 0.89 %6 0.91 % 0.93 % 0.93 % 0.83 %6 Expenses after fees waived and before fees paid indirectly 0.89 %6 0.91 % 0.94 % 0.97 % 0.84 %6 Expenses before fees waived and paid indirectly 1.28 %6 1.30 % 1.34 % 1.37 % 1.12 %6 Net investment income after fees waived and paid indirectly and before preferred share dividends 7.51 %6 7.74 % 7.85 % 7.81 % 3.67 %6 Preferred share dividends 0.99 %6 0.56 % 0.57 % 0.88 % 0.37 %6 Net investment income available to common shareholders 6.52 %6 7.18 % 7.28 % 6.93 % 3.30 %6 SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 116,038 $ 111,263 $ 107,900 $ 104,241 $ 97,050 Portfolio turnover 5 % 16 % 13 % 50 % 16 % Net assets of common shareholders, end of period (000) $ 118,025 $ 114,019 $ 108,172 $ 105,985 $ 105,089 Preferred shares value outstanding, end of period (000) $ 63,800 $ 63,800 $ 63,800 $ 63,800 $ 63,800 Asset coverage per preferred share, end of period $ 71,252 $ 69,682 $ 67,387 $ 66,538 $ 66,187 1 Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. 2 Calculated using the average shares outstanding method. 3 Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. 4 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. 5 Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders. 6 Annualized. Six Months Ended Year Ended October 31, April 30, 2005 (unaudited) 2004 2003 2002 2001 2000 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of year $ 15.35 $ 15.34 $ 15.47 $ 15.28 $ 14.55 $ 14.11 Investment operations: Net investment income 0.48 0.96 1.03 1.06 1.06 1.08 Net realized and unrealized gain (loss) 0.02 — (0.21 ) 0.06 0.70 0.44 Dividends to preferred shareholders from net investment income (0.06 ) (0.07 ) (0.07 ) (0.09 ) (0.21 ) (0.26 ) Net increase from investment operations 0.44 0.89 0.75 1.03 1.55 1.26 Dividends to common shareholders from net investment income (0.44 ) (0.88 ) (0.88 ) (0.84 ) (0.82 ) (0.82 ) Net asset value, end of year $ 15.35 $ 15.35 $ 15.34 $ 15.47 $ 15.28 $ 14.55 Market price, end of year $ 14.07 $ 14.50 $ 14.18 $ 14.40 $ 14.20 $ 12.63 TOTAL INVESTMENT RETURN1 0.05 % 8.81 % 4.69 % 7.42 % 19.20 % (1.21 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:2 Expenses after fees waived and paid indirectly 1.20 %3 1.21 % 1.24 % 1.17 % 1.31 % 1.21 % Expenses after fees waived and before fees paid indirectly 1.24 %3 1.24 % 1.24 % 1.17 % 1.31 % 1.21 % Expenses before fees paid indirectly 1.24 %3 1.24 % 1.24 % 1.17 % 1.31 % 1.21 % Net investment income after fees waived and paid indirectly and before preferred share dividends 6.31 %3 6.29 % 6.68 % 6.97 % 7.06 % 7.63 % Preferred share dividends 0.75 %3 0.46 % 0.44 % 0.60 % 1.40 % 1.83 % Net investment income available to common shareholders 5.56 %3 5.83 % 6.24 % 6.37 % 5.66 % 5.81 % SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 19,972 $ 20,019 $ 20,158 $ 19,915 $ 19,663 $ 18,523 Portfolio turnover 2 % 23 % 36 % 7 % — % 22 % Net assets of common shareholders, end of period (000) $ 20,069 $ 20,066 $ 20,053 $ 20,222 $ 19,973 $ 19,016 Preferred shares value outstanding, end of period (000) $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800 $ 9,800 Asset coverage per preferred share, end of period $ 76,205 $ 76,195 $ 76,159 $ 76,590 $ 75,955 $ 73,516 1 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Past performance is not a guarantee of future results. 2 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. 3 Annualized. For the period Six Months Ended Year Ended October 31, July 27, 20011 April 30, 2005 through (unaudited) 2004 2003 2002 October 31, 20012 PER COMMON SHARE OPERATING PERFORMANCE: Net asset value, beginning of period $ 15.28 $ 14.76 $ 14.47 $ 14.09 $ 14.33 3 Investment operations: Net investment income 0.57 1.14 1.14 1.09 0.15 Net realized and unrealized gain (loss) 0.19 0.36 0.13 0.29 (0.08 ) Dividends to preferred shareholders from net investment income (0.07 ) (0.08 ) (0.09 ) (0.13 ) (0.01 ) Net increase from investment operations 0.69 1.42 1.18 1.25 0.06 Dividends and distributions to common shareholders: Net investment income (0.45 ) (0.90 ) (0.89 ) (0.87 ) (0.14 ) In excess of net investment income — — — — (0.02 ) Total dividends and distributions (0.45 ) (0.90 ) (0.89 ) (0.87 ) (0.16 ) Capital charges with respect to issuance of: Common shares — — — — (0.03 ) Preferred shares — — — — (0.11 ) Total capital charges — — — — (0.14 ) Net asset value, end of period $ 15.52 $ 15.28 $ 14.76 $ 14.47 $ 14.09 Market price, end of period $ 14.52 $ 13.99 $ 13.45 $ 13.42 $ 14.62 TOTAL INVESTMENT RETURN4 7.09 % 10.99 % 6.95 % (2.25 )% (5.58 )% RATIOS TO AVERAGE NET ASSETS OF COMMON SHAREHOLDERS:5 Expenses after fees waived and paid indirectly 0.87 %6 0.87 % 0.88 % 0.90 % 0.73 %6 Expenses after fees waived and before fees paid indirectly 0.87 %6 0.87 % 0.89 % 0.92 % 0.74 %6 Expenses before fees waived and paid indirectly 1.26 %6 1.27 % 1.29 % 1.33 % 1.03 %6 Net investment income after fees waived and paid indirectly and before preferred share dividends 7.50 %6 7.62 % 7.73 % 7.87 % 3.93 %6 Preferred share dividends 0.90 %6 0.56 % 0.62 % 0.93 % 0.37 %6 Net investment income available to common shareholders 6.60 %6 7.06 % 7.11 % 6.94 % 3.56 %6 SUPPLEMENTAL DATA: Average net assets of common shareholders (000) $ 192,337 $ 188,746 $ 183,648 $ 173,885 $ 163,077 Portfolio turnover 8 % 13 % 14 % 57 % 2 % Net assets of common shareholders, end of period (000) $ 194,285 $ 191,274 $ 184,874 $ 181,200 $ 175,110 Preferred shares value outstanding, end of period (000) $ 109,750 $ 109,750 $ 109,750 $ 109,750 $ 109,750 Asset coverage per preferred share, end of period $ 69,263 $ 68,575 $ 67,115 $ 66,279 $ 64,894 1 Commencement of investment operations. This information includes the initial investment by BlackRock Funding, Inc. 2 Calculated using the average shares outstanding method. 3 Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. 4 Total investment return is calculated assuming a purchase of a common share at the current market price on the first day and a sale at the current market price on the last day of each period reported. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Trust’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions. Total investment returns for less than a full year are not annualized. Past performance is not a guarantee of future results. 5 Ratios are calculated on the basis of income and expenses applicable to both the common and preferred shares relative to the average net assets of the common shareholders. 6 Annualized. Trust Amount Trust Amount Municipal Investment Quality $ 8,236 Florida Income $ 3,180 Municipal Income 17,376 New Jersey Investment Quality 485 California Investment Quality 480 New Jersey Income 3,479 California Income 6,853 New York Investment Quality 657 Florida Investment Quality 572 New York Income 5,944 Trust Purchases Sales Trust Purchases Sales Municipal Investment Quality $ 138,112,872 $ 134,598,911 Florida Income $ — $ 5,228,734 Municipal Income 210,049,156 245,689,373 New Jersey Investment Quality 1,952,211 2,226,185 California Investment Quality 514,980 3,265,918 New Jersey Income 8,160,180 8,168,221 California Income 39,801,790 40,709,311 New York Investment Quality 2,893,215 504,077 Florida Investment Quality 1,264,043 507,982 New York Income 25,085,588 35,186,660 Number of Expiration Value at Trade Value at Unrealized Trust Contracts Type Date Date April 30, 2005 Depreciation Short Positions: Municipal Investment Quality 669 10 Yr. U.S. T-Note June ’ 05 $ 73,831,748 $ 74,541,234 $ (709,486 ) Municipal Income 2,433 10 Yr. U.S. T-Note June ’ 05 268,509,908 271,089,422 (2,579,514 ) California Investment Quality 3 10 Yr. U.S. T-Note June ’ 05 331,017 334,265 (3,248 ) California Income 902 10 Yr. U.S. T-Note June ’ 05 99,546,181 100,502,532 (956,351 ) Florida Investment Quality 4 10 Yr. U.S. T-Note June ’ 05 441,492 445,688 (4,196 ) Florida Income 343 10 Yr. U.S. T-Note June ’ 05 37,853,884 38,217,703 (363,819 ) New Jersey Investment Quality 3 10 Yr. U.S. T-Note June ’ 05 331,017 334,265 (3,248 ) New Jersey Income 417 10 Yr. U.S. T-Note June ’ 05 46,020,611 46,462,922 (442,311 ) New York Investment Quality 5 10 Yr. U.S. T-Note June ’ 05 551,825 557,109 (5,284 ) New York Income 600 10 Yr. U.S. T-Note June ’ 05 66,217,003 66,853,125 (636,122 ) Trust Cost Appreciation Depreciation Net Municipal Investment Quality $ 387,441,607 $ 25,736,311 $ 1,174,368 $ 26,910,679 Municipal Income 953,955,908 46,869,761 7,371,378 54,241,139 California Investment Quality 20,527,506 952,412 — 952,412 California Income 337,636,233 18,107,106 270,460 18,377,566 Florida Investment Quality 23,259,525 1,213,803 — 1,213,803 Florida Income 150,490,493 8,210,069 520,866 8,730,935 New Jersey Investment Quality 20,787,403 1,096,536 94,180 1,190,716 New Jersey Income 167,224,975 11,658,543 — 11,658,543 New York Investment Quality 27,665,809 1,808,086 — 1,808,086 New York Income 300,652,612 13,776,368 15,310 13,791,678 Capital Loss Capital Loss Carryforward Carryforward Trust Amounts Expires Trust Amounts Expires Municipal Investment Quality $ 4,081,536 2012 Florida Income $ 1,204,636 2012 2,870,542 2011 210,077 2010 324,268 2010 $ 1,414,713 133,706 2009 5,068,444 2008 New Jersey Investment Quality $ 57,410 2008 312,281 2007 New Jersey Income $ 1,662,124 2012 $ 12,790,777 28,207 2011 Municipal Income $ 15,767,389 2012 615,438 2010 21,749,554 2011 49,975 2009 15,055,804 2010 $ 2,355,744 526,271 2009 $ 53,099,018 New York Investment Quality $ 3,511 2008 New York Income $ 485,438 2012 California Investment Quality $ 129,669 2012 2,021,656 2011 California Income $ 4,943,577 2012 68,166 2010 124,338 2011 $ 2,575,260 2,398,646 2010 $ 7,466,561 Six months ended April 30, 2005 Long-term Distributions Paid From: Tax-exempt Income Capital Gains Total Distributions Municipal Investment Quality $ 8,958,381 $ — $ 8,958,381 Municipal Income 24,591,439 — 24,591,439 California Investment Quality 481,878 — 481,878 California Income 7,861,373 — 7,861,373 Florida Investment Quality 548,230 138,032 686,262 Florida Income 3,450,703 — 3,450,703 New Jersey Investment Quality 470,356 — 470,356 New Jersey Income 3,909,457 — 3,909,457 New York Investment Quality 647,276 — 647,276 New York Income 6,522,146 — 6,522,146 Year ended October 31, 2004 Long-term Distributions Paid From: Tax-exempt Income Capital Gains Total Distributions Municipal Investment Quality $ 16,835,037 $ — $ 16,835,037 Municipal Income 46,292,037 — 46,292,037 California Investment Quality 914,331 52,167 966,498 California Income 14,956,172 — 14,956,172 Florida Investment Quality 1,035,510 280,521 1,316,031 Florida Income 6,560,247 — 6,560,247 New Jersey Investment Quality 882,402 — 882,402 New Jersey Income 7,306,552 — 7,306,552 New York Investment Quality 1,239,550 — 1,239,550 New York Income 12,378,534 — 12,378,534 Undistributed Undistributed Undistributed Long-term Unrealized Trust Tax-exempt Income Ordinary Income Gains Net Appreciation Municipal Investment Quality $ 14,318,689 $ — $ — $ 26,201,192 Municipal Income 24,995,653 — — 51,661,625 California Investment Quality 346,929 — — 949,164 California Income 7,862,420 — — 17,421,216 Florida Investment Quality 502,134 878 21,435 1,209,608 Florida Income 3,213,665 — — 8,367,116 New Jersey Investment Quality 647,675 — — 1,187,468 New Jersey Income 4,180,215 — — 11,216,233 New York Investment Quality 666,221 — 25,408 1,802,803 New York Income 6,457,735 — — 13,155,556 Common Common Common Common Shares Shares Shares Shares Trust Outstanding Owned Trust Outstanding Owned Municipal Investment Quality 16,707,093 — Florida Income 6,646,343 — Municipal Income 43,588,385 — New Jersey Investment Quality 1,007,093 — California Investment Quality 1,007,093 — New Jersey Income 7,414,793 — California Income 14,985,501 — New York Investment Quality 1,307,093 — Florida Investment Quality 1,127,093 — New York Income 12,521,494 — Trust Series Shares Trust Series Shares Municipal Investment Quality T7 3,262 Florida Investment Quality R7 340 T28 2,600 Florida Income T7 2,302 Municipal Income M7 3,001 New Jersey Investment Quality T7 300 T7 3,001 New Jersey Income R7 2,552 W7 3,001 New York Investment Quality F7 392 R7 3,001 New York Income W7 2,195 F7 3,001 F7 2,195 California Investment Quality W7 300 California Income T7 2,639 R7 2,639 Trust Low High Trust Low High Municipal Investment Quality 1.40 % 2.40 % Florida Income 0.40 % 2.50 % Municipal Income 1.25 2.82 New Jersey Investment Quality 1.20 2.51 California Investment Quality 0.75 1.90 New Jersey Income 1.30 2.71 California Income 0.50 2.45 New York Investment Quality 0.60 2.53 Florida Investment Quality 0.60 3.10 New York Income 0.75 2.69 Common Dividend Common Dividend Trust Per Share Trust Per Share Municipal Investment Quality $ 0.076189 Florida Income $ 0.075375 Municipal Income 0.081125 New Jersey Investment Quality 0.067148 California Investment Quality 0.070600 New Jersey Income 0.075108 California Income 0.076074 New York Investment Quality 0.073125 Florida Investment Quality 0.070781 New York Income 0.075339 Dividends Dividends Trust Series Declared Trust Series Declared Municipal Investment Quality T7 $ 166,558 Florida Investment Quality R7 $ 17,445 T28 142,116 Florida Income T7 122,259 Municipal Income M7 198,366 New Jersey Investment Quality T7 14,181 T7 155,512 New Jersey Income R7 123,313 W7 152,601 New York Investment Quality F7 23,336 R7 157,673 New York Income W7 87,559 F7 170,877 F7 126,827 California Investment Quality W7 10,968 California Income T7 97,933 R7 99,068 Municipal Investment Quality Elected the Class III Directors as follows: Director Votes For Votes Withheld Andrew F. Brimmer 15,776,989 162,414 Kent Dixon 15,790,063 149,340 Kathleen F. Feldstein 15,789,187 150,216 Robert S. Kapito 15,797,525 141,878 Elected the Class II Director as follows: Director Votes For Votes Withheld R. Glenn Hubbard1 15,780,934 158,469 Municipal Income Elected the Class I Trustees as follows: Trustee Votes For Votes Withheld Richard E. Cavanagh2 14,327 69 R. Glenn Hubbard 41,701,963 548,933 James Clayburn La Force, Jr. 41,674,620 576,276 Elected the Class II Trustee as follows: Trustee Votes For Votes Withheld Kathleen F. Feldstein1 41,657,525 593,371 California Investment Quality Elected the Class II Directors as follows: Director Votes For Votes Withheld Frank J. Fabozzi2 300 0 Kathleen F. Feldstein 986,949 519 Walter F. Mondale 974,396 13,072 Ralph L. Schlosstein 986,949 519 Elected the Class I Director as follows: Director Votes For Votes Withheld R. Glenn Hubbard1 986,949 519 California Income Elected the Class I Trustees as follows: Trustee Votes For Votes Withheld Richard E. Cavanagh2 5,116 4 R. Glenn Hubbard 13,999,340 168,627 James Clayburn La Force, Jr. 13,997,723 170,244 Elected the Class II Trustee as follows: Trustee Votes For Votes Withheld Kathleen F. Feldstein1 14,002,090 165,877 Florida Investment Quality Elected the Class II Trustees as follows: Trustee Votes For Votes Withheld Frank J. Fabozzi2 334 6 Kathleen F. Feldstein 1,047,769 12,269 Walter F. Mondale 1,045,889 14,149 Ralph L. Schlosstein 1,049,769 10,269 Florida Income Elected the Class I Trustees as follows: Trustee Votes For Votes Withheld Richard E. Cavanagh2 2,291 0 R. Glenn Hubbard 6,476,113 63,478 James Clayburn La Force, Jr. 6,463,079 76,512 Elected the Class II Trustee as follows: Trustee Votes For Votes Withheld Kathleen F. Feldstein1 6,475,148 64,443 New Jersey Investment Quality Elected the Class II Directors as follows: Director Votes For Votes Withheld Frank J. Fabozzi2 300 0 Kathleen F. Feldstein 958,273 7,713 Walter F. Mondale 958,273 7,713 Ralph L. Schlosstein 954,137 11,849 Elected Class I Director as follows: Director Votes For Votes Withheld R. Glenn Hubbard1 958,637 7,349 New Jersey Income Elected Class I Trustees as follows: Trustee Votes For Votes Withheld Richard E. Cavanagh2 2,439 21 R. Glenn Hubbard 6,283,961 59,847 James Clayburn La Force, Jr. 6,272,318 71,490 Elected the Class II Trustee as follows: Trustee Votes For Votes Withheld Kathleen F. Feldstein1 6,280,502 63,306 New York Investment Quality Elected the Class II Directors as follows: Director Votes For Votes Withheld Frank J. Fabozzi2 391 0 Kathleen F. Feldstein 1,236,209 11,681 Walter F. Mondale 1,236,209 11,681 Ralph L. Schlosstein 1,236,209 11,681 Elected the Class I Director as follows: Director Votes For Votes Withheld R. Glenn Hubbard1 1,236,209 11,681 New York Income Elected the Class I Trustees as follows: Trustee Votes For Votes Withheld Richard E. Cavanagh2 4,343 20 R. Glenn Hubbard 11,850,671 156,695 James Clayburn La Force, Jr. 11,872,328 135,038 Elected the Class II Trustee as follows: Trustee Votes For Votes Withheld Kathleen F. Feldstein1 11,875,053 132,313 1 Mr. Hubbard and Ms. Feldstein will serve until the end of the term for the Class of Directors/Trustees to which they were elected, if such class was not standing for election at the May 26, 2005 Annual Shareholder Meeting. 2 Voted on by the holders of preferred shares only. Votes For Votes Against Votes Withheld Muncipal Income 40,958,191 799,400 493,303 California Income 13,811,034 220,932 136,000 Florida Income 6,389,062 90,912 59,616 New Jersey Income 6,200,512 96,059 47,237 New York Income 11,691,739 181,459 134,168 Votes For Votes Against Votes Withheld Florida Investment Quality 1,039,665 3,000 17,373 Trustees Transfer Agent Ralph L. Schlosstein, Chairman EquiServe Trust Company, N.A. Andrew F. Brimmer 250 Royall Street Richard E. Cavanagh Canton, MA 02021 Kent Dixon (800) 699-1BFM Frank J. Fabozzi Auction Agent3 Kathleen F. Feldstein1 Bank of New York R. Glenn Hubbard2 100 Church Street, 8th Floor Robert S. Kapito New York, NY 10286 James Clayburn La Force, Jr. Auction Agent4 Walter F. Mondale Deutsche Bank Trust Company Americas 60 Wall Street, 27th Floor Officers New York, NY 10005 Robert S. Kapito, President Independent Registered Public Accounting Firm Henry Gabbay, Treasurer Deloitte & Touche LLP Bartholomew Battista, Chief Compliance Officer 200 Berkeley Street Anne Ackerley, Vice President Boston, MA 02116 Kevin M. Klingert, Vice President Legal Counsel Richard M. Shea, Vice President/Tax Skadden, Arps, Slate, Meagher & Flom LLP James Kong, Assistant Treasurer 4 Times Square Vincent B. Tritto, Secretary New York, NY 10036 Brian P. Kindelan, Assistant Secretary Legal Counsel – Independent Trustees Investment Advisor Debevoise & Plimpton LLP BlackRock Advisors, Inc. 919 Third Avenue 100 Bellevue Parkway New York, NY 10022 Wilmington, DE 19809 This report is for shareholder information. This is not a prospec- (800) 227-7BFM tus intended for use in the purchase or sale of Trust shares. Sub-Advisor3 Statements and other information contained in this report are as BlackRock Financial Management, Inc. dated and are subject to change. 40 East 52nd Street New York, NY 10022 BlackRock Closed-End Funds Accounting Agent and Custodian c/o BlackRock Advisors, Inc. State Street Bank and Trust Company 100 Bellevue Parkway 225 Franklin Street Wilmington, DE 19809 Boston, MA 02110 (800) 227-7BFM 1 Appointed as a Trustee of the Investment Quality Trusts on January 19, 2005. Appointed as an Advisory Board Member of the Income Trusts on January 19, 2005. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except Municipal Investment Quality, for which Ms. Feldstein’s class of directors did not stand for election. 2 Appointed as a Trustee of each Trust on November 16, 2004. Elected by Shareholders on May 26, 2005 as a Trustee of each Trust, except Florida Investment Quality for which Mr. Hubbard’s class of directors did not stand for election. 3 For the Income Trusts. 4 For the Investment Quality Trusts. 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.
CEF-SEMI-2
_____________________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: July 1, 2005
_____________________________________________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: July 1, 2005
_____________________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: July 1, 2005