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: 811-07666
BlackRock Florida Investment Quality Municipal Trust
(Exact name of registrant as specified in charter)
Robert S. Kapito, President
BlackRock Florida Investment Quality Municipal Trust
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, 2004
Date of reporting period: October 31, 2004
Item 1. Reports to Shareholders.
The Registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
FIXED INCOME | LIQUIDITY | EQUITIES | ALTERNATIVES | BLACKROCK SOLUTIONS |
BlackRock |
Closed-End Funds |
Annual Report |
OCTOBER 31, 2004 |
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
TABLE OF CONTENTS | ||
Letter to Shareholders | 1 | |
Trusts’ Summaries | 2 | |
Portfolios of Investments | 12 | |
Financial Statements | ||
Statements of Assets and Liabilities | 34 | |
Statements of Operations | 36 | |
Statements of Changes in Net Assets | 38 | |
Financial Highlights | 42 | |
Notes to Financial Statements | 52 | |
Report of Independent Registered Public Accounting Firm | 57 | |
Directors/Trustees Information | 58 | |
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
October 31, 2004
Dear Shareholder:
We are pleased to report that during the annual period, the Trusts continued to provide monthly income, as well as the opportunity to invest in various portfolios of municipal securities. This report contains the Trusts’ audited financial statements and a listing of the portfolios’ holdings.
The portfolio management team continuously monitors the municipal bond market and adjusts the portfolios in order to gain exposure to various issuers, revenue sources and security types. This strategy enables the Trusts to move among different sectors, credits and coupons to capitalize on changing market conditions.
The following table shows the Trusts’ current yields, tax-equivalent yields, closing market prices per share and net asset values (“NAV”) per share as of October 31, 2004.
Trust (Ticker) | Current Yield1 | Yield1 | Market Price | NAV | ||||||||||
BlackRock Investment Quality Municipal Trust (BKN) | 6.05 | % | 9.31 | % | $15.12 | $15.71 | ||||||||
BlackRock Municipal Income Trust (BFK) | 6.93 | 10.66 | 14.05 | 14.26 | ||||||||||
BlackRock California Investment Quality Municipal Trust (RAA) | 5.92 | 9.11 | 14.30 | 14.43 | ||||||||||
BlackRock California Municipal Income Trust (BFZ) | 6.69 | 10.29 | 13.65 | 14.77 | ||||||||||
BlackRock Florida Investment Quality Municipal Trust (RFA) | 5.94 | 9.14 | 14.30 | 15.02 | ||||||||||
BlackRock Florida Municipal Income Trust (BBF) | 6.28 | 9.66 | 14.40 | 15.27 | ||||||||||
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) | 5.37 | 8.26 | 15.00 | 14.79 | ||||||||||
BlackRock New Jersey Municipal Income Trust (BNJ) | 6.24 | 9.60 | 14.45 | 15.38 | ||||||||||
BlackRock New York Investment Quality Municipal Trust (RNY) | 6.05 | 9.31 | 14.50 | 15.35 | ||||||||||
BlackRock New York Municipal Income Trust (BNY) | 6.46 | 9.94 | 13.99 | 15.28 |
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 September 30, 2004, BlackRock managed over $20 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.
![](https://capedge.com/proxy/N-CSR/0000930413-05-000101/c34659_ncsrx3x1.jpg)
Laurence D. Fink | Ralph L. Schlosstein | |
Chief Executive Officer | President | |
BlackRock Advisors, Inc. | BlackRock Advisors, Inc. |
1
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock Investment Quality Municipal Trust (BKN) |
Symbol on New York Stock Exchange: | BKN | |||
Initial Offering Date: | February 19, 1993 | |||
Closing Market Price as of 10/31/04: | $15.12 | |||
Net Asset Value as of 10/31/04: | $15.71 | |||
Yield on Closing Market Price as of 10/31/04 ($15.12):1 | 6.05 | % | ||
Current Monthly Distribution per Common Share:2 | $0.076189 | |||
Current Annualized Distribution per Common Share:2 | $0.914268 | |||
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Change | High | Low | |||||||||||
Market Price | $ | 15.12 | $ | 14.26 | 6.03 | % | $ | 15.36 | $ | 13.09 | |||||
NAV | $ | 15.71 | $ | 15.28 | 2.81 | % | $ | 16.08 | $ | 15.02 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | October 31, 2004 | October 31, 2003 | |||
City, County & State | 18 | % | 12 | % | |
Industrial & Pollution Control | 13 | 17 | |||
Lease Revenue | 12 | 13 | |||
Hospital | 11 | 11 | |||
Education | 11 | 12 | |||
Transportation | 8 | 10 | |||
Power | 8 | 7 | |||
Tax Revenue | 6 | 4 | |||
Water & Sewer | 3 | 1 | |||
Housing | 3 | 4 | |||
Tobacco | 3 | 6 | |||
Other | 4 | 3 | |||
Credit Rating | October 31, 2004 | October 31, 2003 | |||
AAA/Aaa | 44 | % | 46 | % | |
AA/Aa | 6 | 7 | |||
A | 19 | 20 | |||
BBB/Baa | 21 | 19 | |||
BB/Ba | 2 | 3 | |||
Not Rated | 8 | 5 | |||
4 Using the higher of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) rating.
2
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock Municipal Income Trust (BFK) |
Symbol on New York Stock Exchange: | ||
Initial Offering Date: | ||
Closing Market Price as of 10/31/04: | $14.05 | |
Net Asset Value as of 10/31/04: | $14.26 | |
Yield on Closing Market Price as of 10/31/04 ($14.05):1 | 6.93 | % |
Current Monthly Distribution per Common Share:2 | $0.081125 | |
Current Annualized Distribution per Common Share:2 | $0.973500 | |
Leverage as of 10/31/04:3 | 38 | % |
1 Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
2 The distribution is not constant and is subject to change.
3 As a percentage of managed assets (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:
10/31/04 | 10/31/03 | Change | High | Low | ||||||||||
Market Price | $ | 14.05 | $ | 13.70 | 2.55 | % | $ | 14.78 | $ | 12.36 | ||||
NAV | $ | 14.26 | $ | 13.87 | 2.81 | % | $ | 14.92 | $ | 13.58 | ||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Portfolio Composition
Sector | October 31, 2004 | October 31, 2003 | |||
Hospital | 23 | % | 22 | % | |
Industrial & Pollution Control | 19 | 22 | |||
City, County & State | 13 | 5 | |||
Transportation | 8 | 8 | |||
Lease Revenue | 7 | 8 | |||
Housing | 7 | 10 | |||
Education | 6 | 7 | |||
Water & Sewer | 4 | 1 | |||
Tobacco | 4 | 10 | |||
Tax Revenue | 3 | 1 | |||
Power | 1 | 1 | |||
Other | 5 | 5 | |||
Credit Rating | October 31, 2004 | October 31, 2003 | |||
AAA/Aaa | 19 | % | 15 | % | |
AA/Aa | 4 | 4 | |||
A | 32 | 27 | |||
BBB/Baa | 32 | 44 | |||
BB/Ba | 2 | — | |||
B | 4 | 5 | |||
Not Rated | 7 | 5 | |||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
3
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock California Investment Quality Municipal Trust (RAA) |
Symbol on American Stock Exchange: | RAA | |
Initial Offering Date: | May 28, 1993 | |
Closing Market Price as of 10/31/04: | $ 14.30 | |
Net Asset Value as of 10/31/04: | $ 14.43 | |
Yield on Closing Market Price as of 10/31/04 ($14.30):1 | 5.92 | % |
Current Monthly Distribution per Common Share:2 | $ 0.0706 | |
Current Annualized Distribution per Common Share:2 | $ 0.8472 | |
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Change | High | Low | ||||||
Market Price | 1.92 | % | ||||||||
NAV | (0.89 | )% | ||||||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | October 31, 2004 | October 31, 2003 | |||
Lease Revenue | 24 | % | 17 | % | |
City, County & State | 24 | 25 | |||
Transportation | 14 | 24 | |||
Education | 11 | 11 | |||
Tobacco | 10 | 8 | |||
Industrial & Pollution Control | 8 | 7 | |||
Power | 7 | 6 | |||
Water & Sewer | 2 | 2 | |||
Credit Rating | |||||
AAA/Aaa | 36 | % | 45 | % | |
AA/Aa | 7 | 11 | |||
A | 18 | 12 | |||
BBB/Baa | 22 | 18 | |||
B | 5 | 5 | |||
Not Rated | 12 | 9 | |||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
4
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock California Municipal Income Trust (BFZ) |
Symbol on New York Stock Exchange: | BFZ | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 10/31/04: | $ 13.65 | |
Net Asset Value as of 10/31/04: | $ 14.77 | |
Yield on Closing Market Price as of 10/31/04 ($13.65):1 | 6.69 | % |
Current Monthly Distribution per Common Share:2 | $ 0.076074 | |
Current Annualized Distribution per Common Share:2 | $ 0.912888 | |
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Low | ||||||||
Market Price | $13.65 | $13.21 | 3.33 | % | $12.08 | |||||
NAV | $14.77 | $13.97 | 5.73 | % | $13.71 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | |||||
City, County & State | 22 | % | 15 | % | |
Lease Revenue | 14 | 13 | |||
Transportation | 12 | 11 | |||
Tobacco | 11 | 10 | |||
Education | 10 | 10 | |||
Hospital | 9 | 9 | |||
Power | 7 | 7 | |||
Housing | 6 | 16 | |||
Industrial & Pollution Control | 2 | 1 | |||
Tax Revenue | — | 1 | |||
Other | 7 | 7 | |||
Credit Rating | |||||
AAA/Aaa | 28 | % | 30 | % | |
AA/Aa | 3 | — | |||
A | 33 | 31 | |||
BBB/Baa | 24 | 20 | |||
BB/Ba | — | 1 | |||
B | 1 | — | |||
Not Rated5 | 11 | 18 | |||
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 October 31, 2004, the market value of these securities was $8,107,293, representing 2.3% of the Trust’s long-term investments.
5
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock Florida Investment Quality Municipal Trust (RFA) |
Symbol on American Stock Exchange: | RFA | |
Initial Offering Date: | ||
Closing Market Price as of 10/31/04: | $14.30 | |
Net Asset Value as of 10/31/04: | $15.02 | |
Yield on Closing Market Price as of 10/31/04 ($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 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Low | ||||||||
Market Price | $14.30 | $14.47 | (1.17 | )% | $13.12 | |||||
NAV | $15.02 | $15.39 | (2.40 | )% | $14.66 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | |||||
Tax Revenue | 20 | % | 21 | % | |
Education | 16 | 23 | |||
Transportation | 16 | 14 | |||
City, County & State | 14 | 9 | |||
Hospital | 12 | 4 | |||
Lease Revenue | 10 | 9 | |||
Power | 6 | 14 | |||
Housing | 5 | 5 | |||
Water & Sewer | 1 | 1 | |||
Credit Rating | |||||
AAA/Aaa | 61 | % | 72 | % | |
AA/Aa | — | 4 | |||
A | 11 | 7 | |||
BBB/Baa | 16 | 13 | |||
BB/Ba | 3 | — | |||
Not Rated | 9 | 4 | |||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
6
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock Florida Municipal Income Trust (BBF) |
Symbol on New York Stock Exchange: | BBF | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 10/31/04: | $14.40 | |
Net Asset Value as of 10/31/04: | $15.27 | |
Yield on Closing Market Price as of 10/31/04 ($14.40):1 | 6.28 | % |
Current Monthly Distribution per Common Share:2 | $0.075375 | |
Current Annualized Distribution per Common Share:2 | $0.904500 | |
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Low | ||||||||
Market Price | $14.40 | $13.36 | 7.78 | % | $12.59 | |||||
NAV | $15.27 | $14.68 | 4.02 | % | $14.42 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | |||||
City, County & State | 34 | % | 31 | % | |
Hospital | 19 | 22 | |||
Water & Sewer | 8 | 8 | |||
Power | 8 | 8 | |||
Education | 7 | 7 | |||
Housing | 6 | 6 | |||
Tax Revenue | 6 | 5 | |||
Lease Revenue | 5 | 5 | |||
Tobacco | 3 | 4 | |||
Transportation | 3 | 3 | |||
Industrial & Pollution Control | 1 | 1 | |||
Credit Rating | |||||
AAA/Aaa | 22 | % | 19 | % | |
AA/Aa | 40 | 42 | |||
A | 9 | 13 | |||
BBB/Baa | 13 | 11 | |||
BB/Ba | 2 | — | |||
Not Rated5 | 14 | 15 | |||
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 October 31, 2004, the market value of these securities was $1,745,869, representing 1.1% of the Trust’s long-term investments.
7
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
Symbol on American Stock Exchange: | RNJ | |
Initial Offering Date: | ||
Closing Market Price as of 10/31/04: | $15.00 | |
Net Asset Value as of 10/31/04: | $14.79 | |
Yield on Closing Market Price as of 10/31/04 ($15.00):1 | 5.37 | % |
Current Monthly Distribution per Common Share:2 | $0.067148 | |
Current Annualized Distribution per Common Share:2 | $0.805776 | |
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Low | ||||||||
Market Price | $15.00 | $14.80 | 1.35 | % | $12.85 | |||||
NAV | $14.79 | $14.90 | (0.74 | )% | $14.44 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | |||||
Transportation | 34 | % | 32 | % | |
Hospital | 11 | 15 | |||
Education | 11 | 11 | |||
Industrial & Pollution Control | 6 | 4 | |||
Water & Sewer | 6 | 5 | |||
City, County & State | 6 | 5 | |||
Resource Recovery | 5 | 5 | |||
Tax Revenue | 5 | 5 | |||
Housing | 5 | 1 | |||
Tobacco | 5 | 4 | |||
Power | — | 8 | |||
Other | 6 | 5 | |||
Credit Rating | |||||
AAA/Aaa | 56 | % | 64 | % | |
AA/Aa | 11 | 10 | |||
A | 11 | 10 | |||
BBB/Baa | 18 | 7 | |||
B | 4 | 4 | |||
Not Rated | — | 5 | |||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
8
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock New Jersey Municipal Income Trust (BNJ) |
Symbol on New York Stock Exchange: | BNJ | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 10/31/04: | $14.45 | |
Net Asset Value as of 10/31/04: | $15.38 | |
Yield on Closing Market Price as of 10/31/04 ($14.45):1 | 6.24 | % |
Current Monthly Distribution per Common Share:2 | $0.075108 | |
Current Annualized Distribution per Common Share:2 | $0.901296 | |
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Low | ||||||||
Market Price | $14.45 | $14.04 | 2.92 | % | $12.72 | |||||
NAV | $15.38 | $14.59 | 5.41 | % | $14.33 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | |||||
Hospital | 23 | % | 21 | % | |
City, County & State | 12 | 7 | |||
Transportation | 11 | 14 | |||
Lease Revenue | 11 | 15 | |||
Tobacco | 9 | 9 | |||
Housing | 9 | 16 | |||
Tax Revenue | 5 | 2 | |||
Industrial & Pollution Control | 5 | 3 | |||
Education | 5 | 3 | |||
Water & Sewer | — | 1 | |||
Other | 10 | 9 | |||
Credit Rating | |||||
AAA/Aaa | 25 | % | 32 | % | |
AA/Aa | — | 5 | |||
A | 29 | 20 | |||
BBB/Baa | 44 | 31 | |||
B | 2 | 3 | |||
Not Rated | — | 9 | |||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
9
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock New York Investment Quality Municipal Trust (RNY) |
Symbol on American Stock Exchange: | RNY | |
Initial Offering Date: | ||
Closing Market Price as of 10/31/04: | $14.50 | |
Net Asset Value as of 10/31/04: | $15.35 | |
Yield on Closing Market Price as of 10/31/04 ($14.50):1 | 6.05 | % |
Current Monthly Distribution per Common Share:2 | $0.073125 | |
Current Annualized Distribution per Common Share:2 | $0.877500 | |
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Low | ||||||||
Market Price | $14.50 | $14.18 | 2.26 | % | $12.93 | |||||
NAV | $15.35 | $15.34 | 0.07 | % | $14.81 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | |||||
Education | 20 | % | 33 | % | |
City, County & State | 18 | 19 | |||
Tax Revenue | 13 | 8 | |||
Water & Sewer | 12 | 7 | |||
Industrial & Pollution Control | 11 | 10 | |||
Lease Revenue | 8 | 11 | |||
Housing | 8 | 3 | |||
Hospital | 4 | 3 | |||
Transportation | 4 | — | |||
Tobacco | 2 | 2 | |||
Power | — | 4 | |||
Credit Rating | |||||
AAA/Aaa | 31 | % | 37 | % | |
AA/Aa | 33 | 26 | |||
A | 21 | 25 | |||
BBB/Baa | 6 | 5 | |||
BB/Ba | 5 | 4 | |||
Caa | 4 | 3 | |||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
10
TRUST SUMMARIES |
OCTOBER 31, 2004 |
BlackRock New York Municipal Income Trust (BNY) |
Symbol on New York Stock Exchange: | BNY | |
Initial Offering Date: | July 27, 2001 | |
Closing Market Price as of 10/31/04: | $13.99 | |
Net Asset Value as of 10/31/04: | $15.28 | |
Yield on Closing Market Price as of 10/31/04 ($13.99):1 | 6.46 | % |
Current Monthly Distribution per Common Share:2 | $0.075339 | |
Current Annualized Distribution per Common Share:2 | $0.904068 | |
Leverage as of 10/31/04:3 | 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:
10/31/04 | 10/31/03 | Low | ||||||||
Market Price | $13.99 | $13.45 | 4.01 | % | $12.38 | |||||
NAV | $15.28 | $14.76 | 3.52 | % | $14.25 | |||||
The following charts show the Trust’s portfolio composition and credit quality allocations of the Trust’s long-term investments:
Sector | |||||
Transportation | 17 | % | 17 | % | |
Lease Revenue | 13 | 19 | |||
Industrial & Pollution Control | 12 | 10 | |||
Education | 12 | 9 | |||
Tobacco | 10 | 11 | |||
Housing | 7 | 8 | |||
Tax Revenue | 7 | 4 | |||
City, County & State | 6 | 6 | |||
Hospital | 5 | 5 | |||
Water & Sewer | 4 | 4 | |||
Other | 7 | 7 | |||
Credit Rating | |||||
AAA/Aaa | 24 | % | 23 | % | |
AA/Aa | 19 | 23 | |||
A | 26 | 25 | |||
BBB/Baa | 27 | 19 | |||
BB/Ba | 1 | — | |||
CCC/Caa | 3 | 3 | |||
Not Rated | — | 7 | |||
4 Using the higher of S&P’s, Moody’s or Fitch’s rating.
11
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock Investment Quality Municipal Trust (BKN) |
Option Call | ||||||||
Rating1 | Provisions2 | |||||||
Description | (unaudited) | |||||||
LONG-TERM INVESTMENTS—151.0% | ||||||||
Alabama—5.9% | ||||||||
AAA | $ | 14,000 | Univ. of Alabama Hosp., Ser. A, 5.875%, 9/01/31, MBIA | 09/10 | @ 101 | $ | 15,522,360 | |
Alaska—2.4% | ||||||||
AAA | 6,015 | Alaska Hsg. Fin. Corp., Ser. A, 5.875%, 12/01/24, MBIA | 12/05 | @ 102 | 6,226,668 | |||
California—20.7% | ||||||||
A | 5,770 | California, GO, 5.625%, 5/01/18 | 05/10 | @ 101 | 6,511,157 | |||
BBB | 3,495 | Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., 5.75%, 1/15/40 | 01/10 | @ 101 | 3,532,536 | |||
Golden St. Tobacco Sec. Corp., Ser. B, | ||||||||
A- | 13,000 | 5.50%, 6/01/43 | 06/13 | @ 100 | 13,663,650 | |||
A- | 6,900 | 5.625%, 6/01/38 | 06/13 | @ 100 | 7,312,413 | |||
AAA | 10,945 | Los Altos Sch. Dist., GO, Zero Coupon, 8/01/24, MBIA | 08/13 | @ 53.632 | 3,752,493 | |||
AAA | 15,460 | Los Angeles Cnty., Asset Leasing Corp. Rev., 5.95%, 12/01/07, AMBAC | 17,293,401 | |||||
San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01, | ||||||||
NR | 795 | 5.90%, 9/01/28 | 09/10 | @ 102 | 806,361 | |||
NR | 1,485 | 5.95%, 9/01/35 | 09/10 | @ 102 | 1,506,176 | |||
54,378,187 | ||||||||
Colorado—0.9% | ||||||||
AAA | 2,2503 | E-470 Pub. Hwy. Auth., Ser. B, 6.90%, 8/31/05 | 2,410,875 | |||||
Connecticut—1.6% | ||||||||
Baa3 | 3,000 | Mashantucket Western Pequot Tribe, Spec. Rev., Ser. A, 5.50%, 9/01/28 | 09/09 | @ 101 | 3,066,210 | |||
BBB- | 1,140 | Mohegan Tribe Indians, Pub. Impvt. Priority Dist., 5.25%, 1/01/33 | 01/14 | @ 100 | 1,145,084 | |||
4,211,294 | ||||||||
District of Columbia—1.8% | ||||||||
BBB | 4,960 | Tobacco Settlement Fin. Corp., 6.50%, 5/15/33 | 4,684,075 | |||||
Florida—9.1% | ||||||||
NR | 2,135 | Fishhawk Cmnty. Dev. Dist. II, Spl. Assmt. Rev., Ser. A, 6.125%, 5/01/34 | 05/13 | @ 101 | 2,175,074 | |||
NR | 3,700 | Hillsborough Cnty. Ind. Dev. Auth., Nat. Gypsum, Ser. A, 7.125%, 4/01/30 | 10/10 | @ 101 | 4,037,921 | |||
BB | 4,755 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 | 11/14 | @ 100 | 5,064,313 | |||
NR | 2,515 | Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36 | 05/12 | @ 101 | 2,553,756 | |||
NR | 10,000 | Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 | 05/13 | @ 100 | 10,119,800 | |||
23,950,864 | ||||||||
Georgia—5.6% | ||||||||
AAA | 12,785 | Atlanta Wtr. and Wstwtr., 5.00%, 11/01/43, FSA | 11/14 | @ 100 | 13,031,111 | |||
BBB | 1,500 | Milledgeville Baldwin Cnty. Dev. Auth., Georgia Coll. & St. Univ. Fndtn., 6.00%, 9/01/33 | 09/14 | @ 101 | 1,569,675 | |||
14,600,786 | ||||||||
Hawaii—1.1% | ||||||||
AAA | 2,500 | Hawaii Dept. of Budget & Fin., Hawaiian Elec. Co. Inc., Ser. D, 6.15%, 1/01/20, AMBAC | 01/09 | @ 101 | 2,824,750 | |||
Illinois—16.1% | ||||||||
NR | 1,920 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | 1,924,186 | |||||
AAA | 3,500 | Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA | 01/13 | @ 100 | 3,575,425 | |||
Chicago Brd. of Ed., Sch. Reform, AMBAC, | ||||||||
AAA | 8,960 | 3 | 5.75%, 12/01/07 | 10,086,182 | ||||
AAA | 1,040 | 5.75%, 12/01/27 | 12/07 | @ 102 | 1,150,604 | |||
AAA | 5,000 | Chicago Pub. Bldg., Ser. A, 7.00%, 1/01/20, MBIA | 6,611,800 | |||||
Illinois Edl. Fac. Auth., FGIC, | ||||||||
AAA | 4,000 | 5.45%, 7/01/14 | 11/04 | @ 101 | 4,057,120 | |||
AAA | 5,000 | 5.70%, 7/01/13 | 11/04 | @ 101 | 5,073,850 | |||
AA+ | 5,800 | Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43 | 08/14 | @ 100 | 6,023,590 | |||
AAA | 3,540 | O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA | 01/14 | @ 100 | 3,639,085 | |||
42,141,842 | ||||||||
Indiana—4.0% | ||||||||
BBB | 10,000 | Indianapolis Arpt. Auth., Fed. Express Corp. Proj., 5.10%, 1/15/17 | 10,497,400 | |||||
Kentucky—2.4% | ||||||||
AAA | 15,715 | Kentucky Econ. Dev. Fin. Sys., Norton Hlth. Care Inc., Ser. B, Zero Coupon, 10/01/23, MBIA | 6,179,295 | |||||
See Notes to Financial Statements.
12
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
Option Call | ||||||||
Rating1 | Provisions2 | |||||||
Description | (unaudited) | |||||||
Louisiana—3.5% | ||||||||
AAA | $ | 4,640 | New Orleans, GO, 5.875%, 11/01/29, FSA | 11/09 | @ 100 | $ | 5,162,139 | |
BBB | 4,460 | Tobacco Settlement Fin. Corp., Ser. B, 5.875%, 5/15/39 | 05/11 | @ 101 | 3,907,852 | |||
9,069,991 | ||||||||
Maryland—0.7% | ||||||||
BBB | 1,740 | Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33 | 08/14 | @ 100 | 1,775,966 | |||
Michigan—1.6% | ||||||||
BB+ | 4,000 | 4 | Midland Cnty. Econ. Dev., Ser. A, 6.875%, 7/23/09 | 07/07 | @ 101 | 4,167,360 | ||
Missouri—1.6% | ||||||||
Lake of the Ozarks Cmnty. Brdg. Corp., Brdg. Sys., | ||||||||
BBB- | 2,000 | 5.25%, 12/01/14 | 12/08 | @ 102 | 1,993,360 | |||
BBB- | 2,500 | 5.25%, 12/01/26 | 12/08 | @ 102 | 2,254,525 | |||
4,247,885 | ||||||||
Nevada—0.4% | ||||||||
AAA | 1,000 | Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC | 07/14 | @ 100 | 1,020,210 | |||
New Jersey—6.7% | ||||||||
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 | 2,236,560 | |||
BBB | 7,000 | New Jersey Econ. Dev. Auth., Cigarette Tax Rev., 5.75%, 6/15/29 | 06/14 | @ 100 | 7,190,120 | |||
AAA | 7,000 | 3 | New Jersey Transp. Trust Fund Auth., Transp. Sys., Ser. A, 6.00%, 6/15/10 | 8,140,650 | ||||
17,567,330 | ||||||||
New Mexico—0.7% | ||||||||
AAA | 1,945 | Farmington PCR, So. California Edison Co., Ser. A, 5.875%, 6/01/23, MBIA | 11/04 | @ 101 | 1,971,296 | |||
New York—12.7% | ||||||||
New York City, GO, | ||||||||
A+ | 4,140 | Ser. A, 6.00%, 8/01/05 | 4,264,117 | |||||
A | 4,805 | 5 | Ser. E, 6.50%, 2/15/06 | 5,084,988 | ||||
A+ | 2,195 | 5 | Ser. E, 6.50%, 2/15/06 | 2,313,113 | ||||
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj., | ||||||||
A- | 4,000 | 6.00%, 1/01/08 | 11/04 | @ 102 | 4,069,960 | |||
A- | 1,000 | 6.00%, 1/01/15 | 11/04 | @ 102 | 1,017,490 | |||
New York City Transl. Fin. Auth., Ser. B, | ||||||||
AAA | 8,145 | 3 | 6.00%, 5/15/10 | N/A | 9,546,754 | |||
AA+ | 1,855 | 6.00%, 11/15/21 | 05/10 | @ 101 | 2,133,788 | |||
New York Dorm. Auth., Univ. of Rochester, Ser. A, MBIA, | ||||||||
AAA | 2,030 | Zero Coupon, 7/01/23 | 07/10 | @ 101 | 1,599,011 | |||
AAA | 1,865 | Zero Coupon, 7/01/21 | 07/10 | @ 101 | 1,481,295 | |||
A+ | 1,955 | New York Hsg. Fin. Agcy., Hlth. Fac. of New York City, Ser. A, 6.375%, 11/01/04 | 1,955,000 | |||||
33,465,516 | ||||||||
North Carolina—2.2% | ||||||||
AAA | 5,000 | No. Carolina Eastn. Mun. Pwr. Agcy., Sys. Rev., Ser. B, 7.00%, 1/01/08, CAPMAC | 5,712,350 | |||||
Ohio—3.8% | ||||||||
Cuyahoga Cnty., | ||||||||
A1 | 3,485 | Cleveland Clinic Hlth. Sys., 6.00%, 1/01/20 | 07/13 | @ 100 | 3,923,866 | |||
A1 | 5,000 | Cleveland Clinic Hlth. Sys., 6.00%, 1/01/21 | 07/13 | @ 100 | 5,606,500 | |||
AAA | 335 | Port Auth., Port Dev. Proj., 6.00%, 3/01/07 | 355,753 | |||||
9,886,119 | ||||||||
Oregon—1.7% | ||||||||
BB+ | 4,300 | Klamath Falls Elec., Klamath Cogen, 5.50%, 1/01/07 | 4,399,889 | |||||
Pennsylvania—5.0% | ||||||||
McKeesport Area Sch. Dist., FGIC, | ||||||||
AAA | 870 | Zero Coupon, 10/01/31 | 226,826 | |||||
AAA | 2,435 | Zero Coupon, 10/01/31 | 600,666 | |||||
Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, | ||||||||
A3 | 2,000 | 6.25%, 11/01/31 | 05/11 | @ 101 | 2,091,100 | |||
A3 | 3,100 | 6.375%, 11/01/41 | 05/11 | @ 101 | 3,245,390 | |||
A | 2,750 | Pennsylvania Higher Edl. Fac. Auth., Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.875%, 1/01/15 | 01/06 | @ 101 | 2,858,928 | |||
AAA | 4,000 | Pennsylvania Intergovtl. Coop. Auth., Spec. Tax, Philadelphia Fdg. Prog., 5.50%, 6/15/20, FGIC | 06/06 | @ 100 | 4,207,120 | |||
13,230,030 | ||||||||
See Notes to Financial Statements.
13
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
Option Call | ||||||||
Rating1 | Provisions2 | |||||||
(unaudited) | Description | (unaudited) | ||||||
Rhode Island—0.8% | ||||||||
AAA | $ | 2,000 | Rhode Island Hlth. & Edl. Bldg. Corp., Hosp. Fin., 5.50%, 5/15/16, MBIA | 05/07 | @ 102 | $ | 2,155,620 | |
South Carolina—3.3% | ||||||||
So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance, | ||||||||
BBB | 2,185 | Ser. A, 6.25%, 8/01/31 | 08/13 | @ 100 | 2,311,708 | |||
BBB | 4,000 | Ser. C, 6.875%, 8/01/27 | 08/13 | @ 100 | 4,427,960 | |||
BBB | 2,090 | Tobacco Settlement Rev. Mgmt. Auth., Ser. B, 6.375%, 5/15/30 | No Opt. Call | 1,949,322 | ||||
8,688,990 | ||||||||
Tennessee—5.1% | ||||||||
Baa1 | 7,800 | Maury Cnty. Ind. Dev. Brd., PCR, Saturn Corp. Proj., 6.50%, 9/01/24 | 11/04 | @ 102 | 8,004,906 | |||
AAA | 4,865 | Memphis Shelby Cnty. Arpt. Auth., Ser. D, 6.00%, 3/01/24, AMBAC | 03/10 | @ 101 | 5,380,496 | |||
13,385,402 | ||||||||
Texas—10.7% | ||||||||
BBB | 4,300 | Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, 6.75%, 10/01/38 | 10/13 | @ 101 | 4,581,908 | |||
Dallas Cnty. Util. & Cap. Reclam. Dist., Ser. A, AMBAC, | ||||||||
AAA | 6,085 | Zero Coupon, 2/15/19 | 02/05 | @ 44.538 | 2,685,615 | |||
AAA | 3,800 | Zero Coupon, 2/15/20 | 02/05 | @ 41.799 | 1,573,352 | |||
AAA | 6,000 | Grapevine, GO, 5.875%, 8/15/24, FGIC | 08/10 | @ 100 | 6,789,420 | |||
AAA | 5,000 | Harris Cnty. Houston Sports Auth., Ser. A, Zero Coupon, 11/15/38, MBIA | 11/30 | @ 61.166 | 727,250 | |||
AAA | 1,250 | Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32 | 02/12 | @ 100 | 1,269,713 | |||
Baa1 | 6,320 | Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., 5.80%, 11/01/26 | 11/11 | @ 102 | 6,265,711 | |||
AAA | 15,000 | Texas Tpke. Auth., Central Sys. Rev., Zero Coupon, 8/15/31, AMBAC | 08/12 | @ 32.807 | 3,133,350 | |||
AA+ | 1,000 | Texas Wtr. Fin. Asst., GO, 5.75%, 8/01/22 | 08/10 | @ 100 | 1,125,940 | |||
28,152,259 | ||||||||
Utah—1.2% | ||||||||
Intermountain Pwr. Agcy., Pwr. Sply. Rev., | ||||||||
AAA | 1,950 | 5.00%, 7/01/13, AMBAC | 1,957,761 | |||||
A+ | 1,145 | Ser. B, 5.00%, 7/01/16 | 1,148,469 | |||||
3,106,230 | ||||||||
Washington—7.5% | ||||||||
Washington, GO, | ||||||||
Aa1 | 4,000 | Ser. A, 5.375%, 7/01/21 | 07/06 | @ 100 | 4,136,840 | |||
Aa1 | 1,000 | Ser. B, 6.00%, 1/01/25 | 01/10 | @ 100 | 1,124,850 | |||
AAA | 13,395 | Washington Pub. Pwr. Sply., Nuclear Proj. No. 1, 5.75%, 7/01/11, MBIA | 07/06 | @ 102 | 14,417,440 | |||
19,679,130 | ||||||||
Wisconsin—1.3% | ||||||||
A- | 3,220 | Wisconsin Hlth. & Edl. Facs. Auth., Aurora Hlth. Care, 6.40%, 4/15/33 | 04/13 | @ 100 | 3,518,816 | |||
Wyoming—4.0% | ||||||||
10,000 | Sweetwater Cnty. PCR, Idaho Pwr. Co. Proj., Ser. A, 6.05%, 7/15/26 | 07/06 | @ 102 | 10,574,400 | ||||
Multi-State—4.9% | ||||||||
Baa1 | 7,000 | 6 | Charter Mac Equity Issuer Trust, Ser. B, Zero Coupon, 11/30/50 | 11/10 | @ 100 | 8,101,660 | ||
Baa1 | 4,000 | 6 | MuniMae TE Bond Subsidiary, LLC, Ser. B, 7.75%, 6/30/50 | 11/10 | @ 100 | 4,729,120 | ||
12,830,780 | ||||||||
Total Long-Term Investments (cost $365,778,575) | 396,233,965 | |||||||
SHORT-TERM INVESTMENTS—5.1% | ||||||||
New York—1.2% | ||||||||
3,100 | 7 | New York City Transl. Fin. Auth., Ser. A-1, 1.75%, 11/03/04, FRWD | 3,100,000 | |||||
Puerto Rico—0.1% | ||||||||
400 | 7 | Puerto Rico Gov’t. Dev. Bank, 1.70%, 11/03/04, MBIA, FRWD | 400,000 | |||||
See Notes to Financial Statements.
14
BlackRock Investment Quality Municipal Trust (BKN) (continued) |
Description | ||||||||
Money Market Fund—3.8% | ||||||||
10,000 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 10,000,000 | |||||
Total Short-Term Investments (cost $13,500,000) | 13,500,000 | |||||||
Total Investments—156.1% (cost $379,278,575) | $ | 409,733,965 | ||||||
Liabilities in excess of other assets—(0.2)% | (625,385 | ) | ||||||
Preferred shares at redemption value, including dividends payable—(55.9)% | (146,633,612 | ) | ||||||
Net Assets Applicable to Common Shareholders—100% | $ | 262,474,968 | ||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | See Note 7 of Notes to Financial Statements. |
5 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
6 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 4.9% of its net assets, with a current market value of $12,830,780, in securities restricted as to resale. |
7 | 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. Rate shown as of October 31, 2004. |
KEY TO ABBREVIATIONS | ||||||||||
AMBAC | — | American Municipal Bond Assurance Corporation | FSA | — | Financial Security Assurance | |||||
CAPMAC | — | Capital Markets Assurance Company | GO | — | General Obligation | |||||
ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Association | |||||
FGIC | — | Financial Guaranty Insurance Company | PCR | — | Pollution Control Revenue | |||||
FRWD | — | Floating Rate Weekly Demand |
See Notes to Financial Statements.
15
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock Municipal Income Trust (BFK) |
Option Call | ||||||||
Rating1 | Provisions2 | |||||||
Description | (unaudited) | |||||||
LONG-TERM INVESTMENTS—157.1% | ||||||||
Alabama—6.3% | ||||||||
Baa2 | $ | 7,000 | Courtland Ind. Dev. Brd., PCR, Champion Intl. Corp. Proj., 6.15%, 6/01/19 | 06/05 | @ 102 | $ | 7,252,070 | |
A2 | 15,000 | Huntsville Hlth. Care Auth., GO, Ser. B, 5.75%, 6/01/32 | 06/12 | @ 101 | 15,832,500 | |||
BBB | 15,000 | Phenix Cnty. Indl. Dev. Brd., Env. Impvt. Rev., Ser. A, 6.35%, 5/15/35 | 05/12 | @ 100 | 15,834,300 | |||
38,918,870 | ||||||||
Arizona—1.2% | ||||||||
A3 | 7,000 | Scottsdale Ind. Dev. Auth., Scottsdale Hlth. Care, 5.80%, 12/01/31 | 12/11 | @ 101 | 7,368,830 | |||
California—21.7% | ||||||||
A | 5,000 | California Statewide Cmnty. Dev. Auth., Mem. Hlth. Svcs., Ser. A, 5.50%, 10/01/33 | 04/13 | @ 100 | 5,208,800 | |||
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., | ||||||||
BBB | 54,635 | Zero Coupon, 1/15/32 | 01/10 | @ 27.37 | 10,727,036 | |||
BBB | 20,535 | Zero Coupon, 1/15/34 | 01/10 | @ 24.228 | 3,566,724 | |||
BBB | 75,000 | Zero Coupon, 1/15/38 | 01/10 | @ 19.014 | 10,183,500 | |||
Golden St. Tobacco Sec. Corp., | ||||||||
BBB | 10,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 | @ 100 | 9,649,500 | |||
A- | 30,600 | Ser. B, 5.50%, 6/01/43 | 06/13 | @ 100 | 32,162,130 | |||
A- | 16,500 | Ser. B, 5.625%, 6/01/38 | 06/13 | @ 100 | 17,486,205 | |||
NR | 3,500 | Lincoln, Spl. Tax, Cmnty. Facs. Dist., 6.00%, 9/01/34 | 09/13 | @ 102 | 3,544,135 | |||
Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., | ||||||||
B- | 20,055 | Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 | 12/12 | @ 102 | 18,176,047 | |||
AAA | 13,320 | Facs. Laxfuel Corp., L.A. Intl., 5.50%, 1/01/32, AMBAC | 01/12 | @ 100 | 13,804,582 | |||
NR | 5,000 | Murrieta Cmnty. Facs. Dist., Spl. Tax No. 2, The Oaks Impvt. Area A, 6.00%, 9/01/34 | 09/14 | @ 100 | 5,085,250 | |||
San Marcos Spl. Tax, Cmnty. Facs. Dist. No. 02-01, | ||||||||
NR | 1,870 | 5.90%, 9/01/28 | 09/10 | @ 102 | 1,896,722 | |||
NR | 3,510 | 5.95%, 9/01/35 | 09/10 | @ 102 | 3,560,053 | |||
135,050,684 | ||||||||
Colorado—0.6% | ||||||||
BBB | 3,500 | Denver Hlth. & Hosp. Auth., Hlth. Care Rev., Ser. A, 6.00%, 12/01/31 | 12/11 | @ 100 | 3,568,145 | |||
Connecticut—5.0% | ||||||||
A3 | 5,950 | Connecticut Dev. Auth., Connecticut Lt. & Pwr., PCR, Ser. A, 5.85%, 9/01/28 | 10/08 | @ 102 | 6,293,017 | |||
Mohegan Tribe Indians, Pub. Impvt. Priority Dist., | ||||||||
BBB- | 2,730 | 5.25%, 1/01/33 | 01/14 | @ 100 | 2,742,176 | |||
BBB- | 20,940 | 6.25%, 1/01/31 | 01/11 | @ 101 | 22,135,255 | |||
31,170,448 | ||||||||
District of Columbia—6.0% | ||||||||
District of Columbia, | ||||||||
A | 2,390 | Friendship Pub. Charter Sch. Inc., 5.25%, 6/01/33, ACA | 06/14 | @ 100 | 2,410,195 | |||
Georgetown Univ., Ser. A, MBIA, | ||||||||
AAA | 15,600 | Zero Coupon, 4/01/36 | 04/11 | @ 22.875 | 2,503,800 | |||
AAA | 51,185 | Zero Coupon, 4/01/37 | 04/11 | @ 21.546 | 7,724,840 | |||
BBB | 25,535 | Tobacco Settlement Fin. Corp., 6.75%, 5/15/40 | 05/11 | @ 101 | 24,897,902 | |||
37,536,737 | ||||||||
Florida—12.5% | ||||||||
NR | 3,000 | Amelia Nat. Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.30%, 5/01/35 | 05/14 | @ 101 | 3,075,930 | |||
NR | 4,000 | Bellalago Edu. Fac., Benefits Dist., Ser. B, 5.80%, 5/01/34 | 5/14 | @ 100 | 3,974,840 | |||
NR | 2,000 | CFM Cmnty. Dev. Dist., Cap. Impvt., Ser. A, 6.25%, 5/01/35 | 05/14 | @ 101 | 2,046,500 | |||
Baa2 | 4,600 | Escambia Cnty., PCR, Champion Intl. Corp. Proj., 6.40%, 9/01/30 | 09/06 | @ 102 | 4,775,122 | |||
NR | 2,000 | Heritage Isle at Viera Cmnty. Dev. Dist., Spl. Assmt., Ser. A, 6.00%, 5/01/35 | 5/12 | @ 101 | 2,006,880 | |||
A | 9,670 | Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31 | 11/11 | @ 101 | 10,406,757 | |||
BBB- | 9,000 | Martin Cnty. Indl. Dev. Auth., Indiantown Cogeneration Proj., Ser. A, 7.875%, 12/15/25 | 12/04 | @ 102 | 9,196,380 | |||
BB | 11,685 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 | 11/14 | @ 100 | 12,445,109 | |||
NR | 3,705 | Parkway Ctr. Cmnty. Dev. Dist., Ser. A, 6.30%, 5/01/34 | 05/14 | @ 101 | 3,742,532 | |||
NR | 5,945 | Reunion West Cmnty. Dev. Dist., Spl. Assmt., 6.25%, 5/01/36 | 05/12 | @ 101 | 6,036,612 | |||
NR | 3,970 | Stevens Plantation Cmnty. Dev. Dist., Spl. Assmt. Rev., Ser. A, 7.10%, 5/01/35 | 05/14 | @ 100 | 4,056,308 | |||
NR | 10,000 | Village Cmnty. Dev. Dist. No. 6, Spl. Assmt. Rev., 5.625%, 5/01/22 | 05/13 | @ 100 | 10,119,800 |
See Notes to Financial Statements.
16
BlackRock Municipal Income Trust (BFK) (continued) |
Description | ||||||||
Florida—(cont’d) | ||||||||
World Commerce Cmnty. Dev. Dist., | ||||||||
$ | 4,000 | Ser. A-1, 6.50%, 5/01/36 | 05/14 | @ 101 | $ | 4,056,880 | ||
1,750 | Ser. A-2, 6.125%, 5/01/35 | 05/14 | @ 101 | 1,771,998 | ||||
77,711,648 | ||||||||
Georgia—6.4% | ||||||||
Atlanta Wtr. and Wstwtr., FSA, | ||||||||
10,000 | 5.00%, 11/01/37 | 11/14 | @ 100 | 10,272,800 | ||||
25,080 | 5.00%, 11/01/43 | 11/14 | @ 100 | 25,562,790 | ||||
4,000 | Richmond Cnty. Dev. Auth., Env. Impvt. Rev., Intl. Paper Co. Proj., Ser. A, 6.00%, 2/01/25 | 02/12 | @ 101 | 4,190,560 | ||||
40,026,150 | ||||||||
Idaho—2.9% | ||||||||
16,970 | Univ. of Idaho, Student Fee Hsg. Impvt. Proj., 5.40%, 4/01/41, FGIC | 04/11 | @ 100 | 17,819,349 | ||||
Illinois—18.4% | ||||||||
Bolingbrook, Ser. B, FGIC, | ||||||||
7,120 | Zero Coupon, 1/01/33 | 1,583,275 | ||||||
14,085 | Zero Coupon, 1/01/34 | 2,968,977 | ||||||
4,630 | Centerpoint Intermodal Ctr. Prog. Trust, Ser. A, 8.00%, 6/15/23 | 4,640,093 | ||||||
2,480 | Chicago, GO, Ser. A, 5.00%, 1/01/34, MBIA | 01/13 | @ 100 | 2,533,444 | ||||
Illinois Dev. Fin. Auth., | ||||||||
7,145 | 3 | Hosp. Rev., Adventist Hlth. Sys. Sunbelt Oblig., 5.65%, 11/15/24 | 11/09 | @ 101 | 7,470,669 | |||
25,000 | PCR, Ser. C, 5.95%, 8/15/26 | 12/06 | @ 101 | 25,797,500 | ||||
Illinois Edl. Facs. Auth., | ||||||||
10,000 | Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/30 | 05/12 | @ 101 | 10,264,700 | ||||
7,000 | Student Hsg. Rev., Edl. Advancement Fund Univ. Ctr. Proj., 6.25%, 5/01/34 | 05/07 | @ 100 | 7,158,340 | ||||
20,000 | Univ. of Chicago, Ser. A, 5.25%, 7/01/41 | 07/11 | @ 101 | 20,726,600 | ||||
3,700 | Illinois Fin. Auth., Northwestern Mem. Hosp., Ser. A, 5.50%, 8/15/43 | 08/14 | @ 100 | 3,842,635 | ||||
Illinois Hlth. Facs. Auth., Elmhurst Mem. Hlth. Care, | ||||||||
5,000 | 5.50%, 1/01/22 | 01/13 | @ 100 | 5,224,000 | ||||
6,000 | 5.625%, 1/01/28 | 01/13 | @ 100 | 6,236,760 | ||||
40,000 | Met. Pier & Exposition Auth., Dedicated St. Tax Rev., McCormick Place Expansion Proj., Ser. A, | |||||||
Zero Coupon, 12/15/34, MBIA | 8,226,800 | |||||||
7,645 | O’Hare Intl. Arpt., Ser. C-2, 5.25%, 1/01/30, FSA | 01/14 | @ 100 | 7,858,984 | ||||
114,532,777 | ||||||||
Indiana—7.1% | ||||||||
9,000 | Indiana Hlth. Fac. Fin. Auth., Methodist Hosp. Inc., 5.50%, 9/15/31 | 09/11 | @ 100 | 9,178,830 | ||||
7,500 | Indianapolis Arpt. Auth., FedEx Corp. Proj., 5.10%, 1/15/17 | 7,873,050 | ||||||
Petersburg, PCR, Pwr. & Lt. Conv., | ||||||||
10,000 | 5.90%, 12/01/24 | 08/11 | @ 102 | 10,480,300 | ||||
16,000 | 5.95%, 12/01/29 | 08/11 | @ 102 | 16,692,320 | ||||
44,224,500 | ||||||||
Kentucky—1.5% | ||||||||
9,060 | Kentucky Hsg. Corp., Hsg. Rev., Ser. F, 5.45%, 1/01/32 | 07/11 | @ 100 | 9,226,251 | ||||
Louisiana—4.7% | ||||||||
Louisiana Local Gov’t. Env. Facs. & Cmnty. Dev. Auth., | ||||||||
21,425 | Cap. Projs. & Equip. Acquisition, 6.55%, 9/01/25, ACA | 24,425,571 | ||||||
4,605 | Oakleigh Apts. Proj., Ser. A, 6.375%, 6/01/38 | 06/13 | @ 102 | 4,657,635 | ||||
29,083,206 | ||||||||
Maryland—0.7% | ||||||||
4,205 | Maryland Hlth. & Higher Edl. Facs. Auth., Medstar Hlth., 5.50%, 8/15/33 | 08/14 | @ 100 | 4,291,917 | ||||
Michigan—2.9% | ||||||||
17,210 | Kent Hosp. Fin. Auth., Spectrum Hlth., Ser. A, 5.50%, 1/15/31 | 07/11 | @ 101 | 17,988,925 | ||||
Mississippi—3.1% | ||||||||
18,680 | Gulfport Hosp. Fac., Mem. Hosp. Gulfport Proj., Ser. A, 5.75%, 7/01/31 | 07/11 | @ 100 | 19,505,282 | ||||
Nevada—0.4% | ||||||||
| 2,235 | Clark Cnty. Arpt., Ser. A-2, 5.00%, 7/01/36, FGIC | 07/14 | @ 100 | 2,280,169 | |||
New Hampshire—0.6% | ||||||||
3,500 | New Hampshire Hlth. & Edl. Facs. Auth., Exeter Hosp. Proj., 5.75%, 10/01/31 | 10/11 | @ 101 | 3,676,330 | ||||
See Notes to Financial Statements.
17
BlackRock Municipal Income Trust (BFK) (continued) |
Description | ||||||||
New Jersey—8.5% | ||||||||
New Jersey Econ. Dev. Auth., | ||||||||
BBB | $ | 18,500 | Cigarette Tax Rev., 5.75%, 6/15/29 | 06/14 | @ 100 | $ | 19,002,460 | |
B | 31,410 | Continental Airlines Inc. Proj., 7.00%, 11/15/30 | 11/10 | @ 101 | 24,515,819 | |||
Baa3 | 8,000 | Kapkowski Road Landfill Proj., 6.50%, 4/01/28 | 9,141,040 | |||||
52,659,319 | ||||||||
New York—2.2% | ||||||||
AAA | 5,375 | Env. Facs. Corp., Clean Wtr. & Drinking Wtr. Rev., NYC Mun. Wtr. Proj. B, 5.00%, 6/15/31 | 06/12 | @ 100 | 5,543,184 | |||
AAA | 7,115 | Met. Transp. Auth., Svc. Contract, Ser. A, 5.00%, 7/01/30, AMBAC | 07/12 | @ 100 | 7,320,125 | |||
AAA | 750 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 | @ 100 | 775,815 | |||
13,639,124 | ||||||||
Ohio—3.1% | ||||||||
Baa2 | 14,500 | Ohio Air Quality Dev. Auth., PCR, Cleveland Elec. Illuminating Co. Proj., Ser. B, 6.00%, 8/01/20 | 08/07 | @ 102 | 15,099,285 | |||
NR | 3,760 | Pinnacle Cmnty. Infrastructure, Fin. Auth., Ohio Facs., Ser. A, 6.25%, 12/01/36 | 12/14 | @ 101 | 3,847,082 | |||
18,946,367 | ||||||||
Pennsylvania—4.6% | ||||||||
A3 | 6,500 | Pennsylvania Econ. Dev. Fin. Auth., Amtrak Proj., Ser. A, 6.375%, 11/01/41 | 05/11 | @ 101 | 6,804,850 | |||
Pennsylvania Higher Edl. Facs. Auth., | ||||||||
BBB+ | 4,000 | La Salle Univ., 5.50%, 5/01/34 | 05/13 | @ 100 | 4,106,960 | |||
A | 17,250 | Univ. of Pennsylvania Hlth. Svcs., Ser. A, 5.75%, 1/01/22 | 01/06 | @ 101 | 17,882,730 | |||
28,794,540 | ||||||||
South Carolina—5.0% | ||||||||
Lexington Cnty. Hlth. Svcs. Dist., Hosp. Rev., | ||||||||
A | 5,000 | 5.50%, 11/01/32 | 11/13 | @ 100 | 5,162,100 | |||
A | 10,000 | 5.75%, 11/01/28 | 11/13 | @ 100 | 10,599,800 | |||
So. Carolina Jobs Econ. Dev. Auth., Hosp. Facs. Rev., Palmetto Hlth. Alliance, | ||||||||
BBB | 5,075 | Ser. A, 6.25%, 8/01/31 | 08/13 | @ 100 | 5,369,299 | |||
BBB | 9,000 | Ser. C, 6.875%, 8/01/27 | 08/13 | @ 100 | 9,962,910 | |||
31,094,109 | ||||||||
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 | 9,402,071 | |||
Texas—14.1% | ||||||||
Brazos River Auth., PCR, TXU Elec. Co. Proj., Ser. C, | ||||||||
BBB | 6,860 | 5.75%, 5/01/36 | 7,451,195 | |||||
BBB | 945 | 6.75%, 10/01/38 | 10/13 | @ 101 | 1,006,954 | |||
AAA | 3,805 | Dallas Area Rapid Trans., 5.00%, 12/01/31, AMBAC | 12/11 | @ 100 | 3,868,163 | |||
Harris Cnty. Houston Sports Auth., MBIA, | ||||||||
AAA | 12,580 | Ser. A, Zero Coupon, 11/15/38 | 11/30 | @ 61.166 | 1,829,761 | |||
AAA | 26,120 | Ser. A-3, Zero Coupon, 11/15/37 | 11/24 | @ 46.545 | 3,895,276 | |||
AAA | 5,000 | Ser. H, Zero Coupon, 11/15/35 | 11/31 | @ 78.178 | 844,750 | |||
AAA | 2,950 | Northside Indpt. Sch. Dist., Ser. A, 5.00%, 2/15/32 | 02/12 | @ 100 | 2,996,522 | |||
BBB+ | 4,450 | Sabine River Auth., PCR, TXU Elec. Co. Proj., Ser. B, 5.75%, 11/01/11 | 4,805,555 | |||||
Texas Affordable Hsg. Corp., Multi-Fam. Hsg. Rev., | ||||||||
Baa1 | 6,010 | 5.80%, 11/01/26 | 11/11 | @ 102 | 5,958,374 | |||
CC | 4,435 | Amer. Oppty. Hsg. Portfolio, Ser. B, 8.00%, 3/01/32 | 09/12 | @ 102 | 1,330,500 | |||
Baa1 | 18,605 | Arborstone/Baybrook Oaks, Ser. A, 5.85%, 11/01/31 | 11/11 | @ 102 | 18,341,739 | |||
BB- | 6,480 | So. Texas Pptys. Corp., Ser. B, 8.00%, 3/01/32 | 09/12 | @ 102 | 6,059,124 | |||
Texas Tpke. Auth., Central Sys. Rev., AMBAC, | ||||||||
AAA | 35,000 | Zero Coupon, 8/15/32 | 08/12 | @ 30.846 | 6,872,600 | |||
AAA | 62,325 | Zero Coupon, 8/15/33 | 08/12 | @ 28.997 | 11,447,233 | |||
AAA | 65,040 | Zero Coupon, 8/15/34 | 08/12 | @ 27.31 | 11,225,253 | |||
87,932,999 | ||||||||
Virginia—0.3% | ||||||||
AAA | 8,105 | Virginia Transp. Brd. Trust, Zero Coupon, 4/01/32, MBIA | 04/12 | @ 34.99 | 1,881,171 | |||
Washington—0.4% | ||||||||
A- | 2,190 | Energy Northwest Wind Proj., Ser. B, 6.00%, 7/01/23 | 01/07 | @ 103 | 2,319,736 | |||
West Virginia—1.7% | ||||||||
BBB | 8,000 | Braxton Cnty. Sld. Wst. Disp., Weyerhaeuser Co. Proj., 6.50%, 4/01/25 | 04/05 | @ 102 | 8,286,800 | |||
AAA | 2,070 | West Virginia Econ. Dev. Auth., Correctional Juvenile Safety, Ser. A, 5.00%, 6/01/29, MBIA | 06/14 | @ 100 | 2,140,628 | |||
10,427,428 | ||||||||
See Notes to Financial Statements.
18
BlackRock Municipal Income Trust (BFK) (continued) |
Rating1 | |||||||||
(unaudited) | Description | Value | |||||||
Wisconsin—6.1% | |||||||||
Wisconsin Hlth. & Edl. Facs. Auth., | |||||||||
BBB+ | $ | 7,500 | Aurora Hlth. Care, 6.40%, 4/15/33 | 04/13 | @ 100 | $ | 8,196,000 | ||
A+ | 13,750 | Froedert & Cmnty. Hlth. Oblig., 5.375%, 10/01/30 | 10/11 | @ 101 | 14,020,600 | ||||
A | 15,000 | Wheaton Franciscan Svcs., 5.75%, 8/15/30 | 02/12 | @ 101 | 15,797,700 | ||||
38,014,300 | |||||||||
Multi-State—7.6% | |||||||||
Charter Mac Equity Issuer Trust, | |||||||||
1,000 | 4 | Ser. A, 6.625%, 6/30/49 | 06/09 | @ 100 | 1,101,560 | ||||
11,000 | 4 | Ser. A-2, 6.30%, 6/30/49 | 06/09 | @ 100 | 11,967,450 | ||||
16,000 | 4 | Ser. A-3, 6.80%, 10/01/52 | 10/14 | @ 100 | 18,284,480 | ||||
6,500 | 4 | Ser. B-1, 6.80%, 11/30/50 | 11/10 | @ 100 | 7,250,100 | ||||
8,000 | 4 | MuniMae TE Bond Subsidiary, LLC, Ser. A, 6.875%, 6/30/49 | 06/09 | @ 100 | 8,896,320 | ||||
47,499,910 | |||||||||
Total Long-Term Investments (cost $940,674,471) | 976,591,292 | ||||||||
SHORT-TERM INVESTMENTS—2.3% | |||||||||
Kansas—0.7% | |||||||||
3,9605 | Kansas Dept. Transp. Hwy., Ser. B-1, 1.69%, 11/01/04, FRDD | 3,960,000 | |||||||
Money Market Fund—1.6% | |||||||||
10,150 | AIM Tax Free Investment Co. Cash Reserve Portfolio | 10,150,000 | |||||||
Total Short-Term Investments (cost $14,110,000) | 14,110,000 | ||||||||
Total Investments—159.4% (cost $954,784,471) | $ | 990,701,292 | |||||||
Other assets in excess of liabilities—1.0% | 6,151,088 | ||||||||
Preferred shares at redemption value, including dividends payable—(60.4)% | (375,204,239 | ) | |||||||
Net Assets Applicable to Common Shareholders—100% | $ | 621,648,141 | |||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
4 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 7.6% of its net assets, with a current market value of $47,499,910, in securities restricted as to resale. |
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. Rate shown as of October 31, 2004. |
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 |
See Notes to Financial Statements.
19
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock California Investment Quality Municipal Trust (RAA) |
Option Call | ||||||||
Provisions2 | ||||||||
Description | (unaudited) | |||||||
LONG-TERM INVESTMENTS—119.0% | ||||||||
California—111.3% | ||||||||
California, GO, | ||||||||
A | $ | 960 | 3,4 | 5.75%, 3/01/05 | $ | 982,329 | ||
A | 40 | 5.75%, 3/01/19 | 03/05 | @ 101 | 40,932 | |||
BBB | 1,000 | California Cnty. Tobacco Sec. Agcy., Ser. B, 6.00%, 6/01/29 | 06/12 | @ 100 | 921,650 | |||
California Edl. Facs. Auth., MBIA, | ||||||||
AAA | 760 | 3 | Santa Clara Univ., 5.00%, 9/01/06 | 817,653 | ||||
AAA | 505 | Student Loan Prog., Ser. A, 6.00%, 3/01/16 | 03/07 | @ 102 | 533,861 | |||
California Pub. Wks. Brd., Lease Rev., Ser. A, | ||||||||
A- | 1,000 | 3 | Dept. of Corrections., 6.875%, 11/01/04 | 1,020,000 | ||||
A- | 1,000 | St. Univ. Proj., 6.10%, 10/01/06 | 11/04 | @ 102 | 1,024,900 | |||
Golden St. Tobacco Sec. Corp., Ser. B, | ||||||||
A- | 600 | 5.50%, 6/01/43 | 06/13 | @ 100 | 630,630 | |||
A- | 400 | 5.625%, 6/01/38 | 06/13 | @ 100 | 423,908 | |||
Los Angeles Cnty., | ||||||||
AAA | 1,000 | Cmnty. Facs. Spec. Tax, Ser. A, 5.50%, 9/01/14, FSA | 09/07 | @ 102 | 1,113,460 | |||
AAA | 1,000 | 3 | Met. Trans. Auth. Sales Tax Rev., 6.00%, 7/01/06, MBIA | 1,077,420 | ||||
AA | 1,150 | Los Angeles Harbor Dept., Ser. B, 6.00%, 8/01/13 | 08/06 | @ 101 | 1,231,500 | |||
B- | 945 | 5 | Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. B, 7.50%, 12/01/24 | 12/12 | @ 102 | 858,155 | ||
NR | 1,000 | 5 | Poway Unified Sch. Dist., Spl. Tax Rev., Cmnty. Facs. Dist. No. 6, 5.60%, 9/01/33 | 09/10 | @ 102 | 999,910 | ||
BBB+ | 1,000 | Sacramento Pwr. Auth., Cogeneration Proj. Rev., 6.50%, 7/01/09 | 07/06 | @ 102 | 1,079,890 | |||
NR | 1,000 | 5 | San Bernardino Cnty., Spl. Tax Rev., Cmnty. Facs., 5.90%, 9/01/33 | 09/12 | @ 102 | 1,001,380 | ||
AAA | 500 | San Diego Ind. Dev., Ser. A, 5.90%, 6/01/18, AMBAC | 11/04 | @ 101 | 506,770 | |||
AAA | 150 | San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 12-A, 5.90%, 5/01/26, MBIA | 05/06 | @ 101 | 159,269 | |||
AAA | 40 | So. California Pub. Pwr. Auth., Transm. Proj. Rev., 5.50%, 7/01/20, MBIA | 11/04 | @ 100 | 40,144 | |||
AAA | 500 | Temecula Valley Unified Sch. Dist., GO, Ser. G, 5.75%, 8/01/25, FGIC | 08/07 | @ 102 | 549,345 | |||
BBB | 900 | Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, 5.625%, 6/01/43 | 06/12 | @ 100 | 750,888 | |||
AAA | 370 | West Basin Mun. Wtr. Dist., COP, Ser. A, 5.50%, 8/01/22, AMBAC | 08/07 | @ 101 | 400,033 | |||
16,164,027 | ||||||||
Puerto Rico—7.7% | ||||||||
Puerto Rico Pub. Fin. Corp., Ser. E, | ||||||||
BBB+ | 745 | 3 | 5.50%, 2/01/12 | 855,491 | ||||
BBB+ | 255 | 5.50%, 8/01/29 | 02/12 | @ 100 | 269,147 | |||
1,124,638 | ||||||||
Total Long-Term Investments (cost $16,425,016) | 17,288,665 | |||||||
See Notes to Financial Statements.
20
BlackRock California Investment Quality Municipal Trust (RAA) (continued) |
Description | ||||||||
MONEY MARKET FUNDS—9.6% | ||||||||
700 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 700,000 | |||||
700 | SSgA Tax Free Money Mkt. Fund | 700,000 | ||||||
Total Money Market Funds (cost $1,400,000) | 1,400,000 | |||||||
Total Investments—128.6% (cost $17,825,016) | $ | 18,688,665 | ||||||
Other assets in excess of liabilities—23.0% | 3,341,178 | |||||||
Preferred shares at redemption value, including dividends payable—(51.6)% | (7,501,275 | ) | ||||||
Net Assets Applicable to Common Shareholders—100% | $ | 14,528,568 | ||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
5 | See Note 7 of Notes to Financial Statements. |
KEY TO ABBREVIATIONS | ||||||||||
AMBAC | — | American Municipal Bond Assurance Corporation | FSA | — | Financial Security Assurance | |||||
COP | — | Certificate of Participation | GO | — | General Obligation | |||||
FGIC | — | Financial Guaranty Insurance Company | MBIA | — | Municipal Bond Insurance Association |
See Notes to Financial Statements.
21
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock California Municipal Income Trust (BFZ) |
Option Call | ||||||||
Provisions2 | ||||||||
Description | ||||||||
LONG-TERM INVESTMENTS—157.6% | ||||||||
California—132.2% | ||||||||
Anaheim Pub. Fin. Auth., Pub. Impvt. Proj., Ser. C, FSA, | ||||||||
AAA | $ | 24,500 | Zero Coupon, 9/01/31 | $ | 5,774,405 | |||
AAA | 6,070 | Zero Coupon, 9/01/32 | 1,351,789 | |||||
California, GO, | ||||||||
A | 10,000 | 5.50%, 11/01/33 | 11/13 | @ 100 | 10,659,500 | |||
AAA | 5,500 | Ser. BZ, 5.35%, 12/01/21, MBIA | 06/07 | @ 101 | 5,603,565 | |||
AAA | 5,000 | Ser. BZ, 5.375%, 12/01/24, MBIA | 06/07 | @ 101 | 5,067,050 | |||
California Cnty. Tobacco Sec. Agcy., | ||||||||
BBB | 6,000 | Fresno Cnty. Fdg. Corp., 6.00%, 6/01/35 | 06/12 | @ 100 | 5,349,480 | |||
BBB | 6,000 | Kern Cnty. Corp., Ser. B, 6.25%, 6/01/37 | 06/12 | @ 100 | 5,532,420 | |||
BBB | 5,000 | Stanislaus Fdg., Ser. A, 5.875%, 6/01/43 | 06/12 | @ 100 | 4,340,700 | |||
California Dept. of Wtr. Res., Pwr. Sply. Rev., Ser. A, | ||||||||
A2 | 4,000 | 3 | 5.375%, 5/01/21 | 05/12 | @ 101 | 4,366,960 | ||
A2 | 6,000 | 5.375%, 5/01/22 | 05/12 | @ 101 | 6,513,960 | |||
AAA | 10,000 | California Edl. Facs. Auth., Stanford Univ., Ser. Q, 5.25%, 12/01/32 | 06/11 | @ 101 | 10,549,600 | |||
California Hlth. Facs. Fin. Auth., Ser. A, | ||||||||
A | 3,000 | Insured Hlth. Facs. Valleycare, 5.375%, 5/01/27 | 05/12 | @ 100 | 3,136,410 | |||
AAA | 4,890 | Kaiser Proj., 5.40%, 5/01/28 | 5,068,681 | |||||
California Infrastructure & Econ. Dev., | ||||||||
AAA | 20,035 | Bay Area Toll Brdgs., Ser. A, 5.00%, 7/01/36, AMBAC | 07/13 | @ 100 | 20,619,221 | |||
A | 15,250 | J. David Gladstone Inst. Proj., 5.25%, 10/01/34 | 10/11 | @ 101 | 15,607,002 | |||
A | 13,500 | Kaiser Hosp. Asst. LLC, Ser. A, 5.55%, 8/01/31 | 08/11 | @ 102 | 14,080,500 | |||
BBB+ | 4,000 | California Poll. Ctrl. Fin. Auth., Sld. Wst. Disp. Rev., Republic Svcs. Inc. Proj., Ser. C, | ||||||
5.25%, 6/01/23 | 4,262,040 | |||||||
AA- | 10,000 | California Statewide Cmnty. Dev. Auth., Sutter Hlth. Oblig. Grp., Ser. B, 5.625%, 8/15/42 | 08/12 | @ 100 | 10,411,700 | |||
AAA | 6,000 | El Monte Sr. Dept. of Pub. Svcs., Fac. Phase II, COP, 5.25%, 1/01/34, AMBAC | 01/11 | @ 100 | 6,291,180 | |||
Elk Grove Unified Sch. Dist., Cmnty. Facs. Dist. 1, Spec. Tax, AMBAC, | ||||||||
AAA | 7,485 | Zero Coupon, 12/01/29 | 12/11 | @ 37.373 | 1,884,947 | |||
AAA | 7,485 | Zero Coupon, 12/01/30 | 12/11 | @ 35.365 | 1,780,382 | |||
AAA | 7,485 | Zero Coupon, 12/01/31 | 12/11 | @ 33.465 | 1,682,853 | |||
Foothill/Eastn. Transp. Corridor Agcy., Toll Road Rev., | ||||||||
BBB | 5,000 | Zero Coupon, 1/15/33 | 01/10 | @ 25.78 | 924,350 | |||
BBB | 5,000 | Zero Coupon, 1/15/34 | 01/10 | @ 24.228 | 868,450 | |||
BBB | 13,445 | Zero Coupon, 1/15/35 | 01/10 | @ 22.819 | 2,196,913 | |||
BBB | 1,000 | Zero Coupon, 1/15/38 | 01/10 | @ 19.014 | 135,780 | |||
BBB | 10,030 | 5.75%, 1/15/40 | 01/10 | @ 101 | 10,137,722 | |||
Golden St. Tobacco Sec. Corp., | ||||||||
BBB | 2,000 | Ser. A-1, 6.625%, 6/01/40 | 06/13 | @ 100 | 1,929,900 | |||
BBB | 1,000 | Ser. A-1, 6.75%, 6/01/39 | 06/13 | @ 100 | 986,800 | |||
A- | 10,200 | Ser. B, 5.50%, 6/01/43 | 06/13 | @ 100 | 10,720,710 | |||
A- | 5,800 | Ser. B, 5.625%, 6/01/38 | 06/13 | @ 100 | 6,146,666 | |||
NR | 5,000 | Irvine Mobile Home Park, Meadows Mobile Home Park, Ser. A, 5.70%, 3/01/28 | 03/08 | @ 102 | 4,961,300 | |||
A3 | 7,700 | Kaweah Delta Hlth. Care Dist., 6.00%, 8/01/34 | 08/12 | @ 102 | 8,259,482 | |||
Lathrop Fin. Auth., Wtr. Sply. Proj., | ||||||||
NR4 | 2,855 | 5.90%, 6/01/27 | 06/13 | @ 100 | 2,878,782 | |||
NR4 | 5,140 | 6.00%, 6/01/35 | 06/13 | @ 100 | 5,228,511 | |||
B- | 4,110 | Los Angeles Regl. Arpt. Impvt., Corp. Lease Rev., Amer. Airlines Inc., Ser. C, 7.50%, 12/01/24 | 12/12 | @ 102 | 3,724,934 | |||
BBB | 1,000 | Palm Springs Mobile Home Park, Sahara Mobile Home Park, 5.625%, 5/15/26 | 05/12 | @ 102 | 1,032,640 | |||
NR | 4,000 | Rancho Cucamonga Cmnty. Facs. Dist., Ser. A, 6.50%, 9/01/33 | 09/13 | @ 100 | 4,220,880 | |||
AAA | 15,500 | Rancho Cucamonga Redev. Agcy., Tax Alloc. Rev., Rancho Redev. Proj., 5.125%, 9/01/30, MBIA . | 09/11 | @ 100 | 15,979,260 | |||
AAA | 1,905 | Richmond Wst. & Wtr., Zero Coupon, 8/01/31, FGIC | 456,952 | |||||
AAA | 6,500 | San Francisco City & Cnty. Arpt. Comm., Intl. Arpt. Rev., Ser. 27-A, 5.25%, 5/01/31, MBIA | 05/11 | @ 100 | 6,741,540 | |||
San Francisco City & Cnty. Redev. Agcy., Cmnty. Facs. Dist., Mission Bay South, | ||||||||
NR | 1,775 | 6.125%, 8/01/31 | 08/09 | @ 102 | 1,816,571 | |||
NR | 7,500 | 6.25%, 8/01/33 | 08/11 | @ 101 | 7,735,650 | |||
San Jose Multi-Fam. Hsg., | ||||||||
AAA | 2,880 | Lenzen Hsg., Ser. B, 5.45%, 2/20/43 | 08/11 | @ 102 | 2,969,050 | |||
AAA | 4,225 | Vlgs. Pkwy. Sr. Apts., Ser. D, 5.50%, 4/01/34 | 04/11 | @ 100 | 4,339,455 |
See Notes to Financial Statements.
22
BlackRock California Municipal Income Trust (BFZ) (continued) |
Option Call | |||||||||
Provisions2 | |||||||||
Description | (unaudited) | ||||||||
California—(cont’d) | |||||||||
Santa Clara Cnty. Hsg. Auth., Multi-Fam. Hsg., Ser. A, | |||||||||
NR | $ | 6,250 | Blossom River Apts., 6.50%, 9/01/39 | 03/08 | @ 102 | $ | 6,081,500 | ||
A3 | 1,715 | John Burns Gardens Apts. Proj., 5.85%, 8/01/31 | 02/12 | @ 101 | 1,750,775 | ||||
A3 | 1,235 | River Town Apts. Proj., 6.00%, 8/01/41 | 02/12 | @ 101 | 1,265,418 | ||||
NR | 3,075 | Santa Clarita Facs. Dist., Valencia Town Ctr., 5.85%, 11/15/32 | 11/10 | @ 102 | 3,132,072 | ||||
BBB | 5,345 | Tobacco Sec. Auth. No. California, Tobacco Settlement Rev., Ser. A, 5.375%, 6/01/41 | 06/11 | @ 100 | 4,291,020 | ||||
Tobacco Sec. Auth. So. California, Tobacco Settlement Rev., Ser. A, | |||||||||
BBB | 7,000 | 5.50%, 6/01/36 | 06/12 | @ 100 | 5,791,240 | ||||
BBB | 11,500 | 5.625%, 6/01/43 | 06/12 | @ 100 | 9,594,680 | ||||
AAA | 2,000 | Upland Unified Sch. Dist., GO, Ser. B, 5.125%, 8/01/25, FSA | 08/13 | @ 100 | 2,100,020 | ||||
NR | 2,245 | Val Verde Unified Sch. Dist. Fin. Auth., Spec. Tax Rev., 6.25%, 10/01/28 | 10/13 | @ 102 | 2,342,298 | ||||
A2 | 2,000 | Vernon Elec. Sys., Malburg Generating Station Proj., 5.50%, 4/01/33 | 04/08 | @ 100 | 2,060,600 | ||||
292,736,266 | |||||||||
Puerto Rico—15.0% | |||||||||
Puerto Rico, Public Impvt., Ser. A, | |||||||||
A- | 1,850 | 5.00%, 7/01/29 | 07/14 | @ 100 | 1,891,718 | ||||
A- | 3,150 | 5.00%, 7/01/34 | 07/14 | @ 100 | 3,211,204 | ||||
A- | 10,000 | Puerto Rico Elec. Pwr. Auth., Ser. 2, 5.25%, 7/01/31 | 07/12 | @ 101 | 10,446,900 | ||||
Puerto Rico Pub. Fin. Corp., Ser. E, | |||||||||
BBB+ | 10,000 | 5 | 5.70%, 2/01/10 | 11,399,600 | |||||
BBB+ | 5,750 | 5 | 5.75%, 2/01/07 | 6,214,140 | |||||
33,163,562 | |||||||||
Multi-State—10.4% | |||||||||
Charter Mac Equity Issuer Trust, | |||||||||
A3 | 7,000 | 6 | Ser. A-2, 6.30%, 6/30/49 | 06/09 | @ 100 | 7,615,650 | |||
Baa1 | 4,000 | 6 | Ser. B-1, 6.80%, 11/30/50 | 11/10 | @ 100 | 4,461,600 | |||
MuniMae TE Bond Subsidiary, LLC, | |||||||||
A3 | 7,000 | 6 | Ser. A-1, 6.30%, 6/30/49 | 06/09 | @ 100 | 7,563,360 | |||
Baa1 | 3,000 | 6 | Ser. B-1, 6.80%, 6/30/50 | 11/10 | @ 100 | 3,342,360 | |||
22,982,970 | |||||||||
Total Investments—157.6% (cost $336,663,830) | $ | 348,882,798 | |||||||
Other assets in excess of liabilities—2.0% | 4,454,021 | ||||||||
Preferred shares at redemption value, including dividends payable—(59.6)% | (131,966,087 | ) | |||||||
Net Assets Applicable to Common Shareholders—100% | $ | 221,370,732 | |||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | 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 prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
6 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 10.4% of its net assets, with a current market value of $22,982,970, 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 |
See Notes to Financial Statements.
23
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock Florida Investment Quality Municipal Trust (RFA) |
Option Call | |||||||||
Provisions2 | |||||||||
Description | (unaudited) | ||||||||
LONG-TERM INVESTMENTS—115.6% | |||||||||
Florida—106.7% | |||||||||
$ | 170 | Boynton Beach, Util. Sys. Rev., 6.25%, 11/01/20, FGIC | $ | 208,405 | |||||
1,000 | Brevard Cnty. Sch. Brd., COP, Ser. B, 5.50%, 7/01/21, AMBAC | 07/06 | @ 102 | 1,072,280 | |||||
1,000 | Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38 | 06/13 | @ 102 | 943,540 | |||||
1,000 | Collier Cnty. Sch. Brd., COP, 5.00%, 2/15/16, FSA | 02/06 | @ 101 | 1,042,070 | |||||
1,000 | Dade Cnty., Aviation Rev., Ser. C, 5.75%, 10/01/25, MBIA | 10/05 | @ 102 | 1,047,690 | |||||
1,000 | 3 | Dade Cnty., GO, Ser. B, Zero Coupon, 10/01/08, AMBAC | 651,070 | ||||||
1,000 | 3 | First Florida Govtl. Fin. Com., 5.75%, 7/01/06, AMBAC | 1,071,640 | ||||||
1,000 | 3 | Florida Brd. of Ed., GO, Ser. B, 5.875%, 6/01/05 | 1,033,380 | ||||||
500 | Florida Dept. of Corrections, COP, Okeechobee Correctional Fac., 6.25%, 3/01/15, AMBAC | 03/05 | @ 102 | 516,975 | |||||
1,000 | 3 | Florida Dept. of Trans., GO, 5.80%, 7/01/05 | 1,036,230 | ||||||
1,000 | 3 | Florida Div. of Bond Fin. Dept., Gen. Svcs. Rev., Dept. of Env. Presvtn., Ser. A, | |||||||
5.75%, 7/01/05, AMBAC | 1,035,900 | ||||||||
1,000 | 3 | Lee Cnty., Transp. Fac., 5.75%, 10/01/05, MBIA | 1,055,480 | ||||||
500 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 | 11/14 | @ 100 | 532,525 | |||||
5,000 | Miami Dade Cnty., Spec. Oblig. Rev., Ser. B, Zero Coupon, 10/01/31, MBIA | 04/08 | @ 28.079 | 1,132,600 | |||||
750 | Miami Hlth. Facs. Auth., Catholic Hlth. East, Ser. C, 5.125%, 11/15/24 | 11/13 | @ 100 | 759,607 | |||||
1,000 | Pinellas Cnty. Hlth. Fac. Auth., Baycare Hlth. Sys., 5.50%, 11/15/33 | 05/13 | @ 100 | 1,041,580 | |||||
660 | Stevens Plantation Impvt. Proj., 6.375%, 5/01/13 | 677,503 | |||||||
1,000 | 4 | Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 | 05/13 | @ 101 | 1,058,080 | ||||
1,000 | 3,5 | Sunrise Util. Sys., Ser. A, 5.75%, 10/01/06, AMBAC | 1,080,760 | ||||||
1,000 | Volusia Cnty. Edl. Fac. Auth., 6.125%, 10/15/16 | 10/06 | @ 102 | 1,058,750 | |||||
18,056,065 | |||||||||
Puerto Rico—8.9% | |||||||||
380 | 3 | Puerto Rico Pub. Bldg. Auth., Pub. Ed. & Hlth. Fac. Rev., Ser. M, 5.50%, 7/01/05 | 389,265 | ||||||
Puerto Rico Pub. Fin. Corp., Ser. E, | |||||||||
745 | 3 | 5.50%, 2/01/12 | 855,491 | ||||||
255 | 5.50%, 8/01/29 | 02/12 | @ 100 | 269,147 | |||||
1,513,903 | |||||||||
Total Long-Term Investments (cost $18,280,377) | 19,569,968 | ||||||||
MONEY MARKET FUNDS—9.5% | |||||||||
800 | AIM Tax Free Investment Co. Cash Reserve Portfolio | 800,000 | |||||||
800 | SSgA Tax Free Money Mkt. Fund | 800,000 | |||||||
Total Money Market Funds (cost $1,600,000) | 1,600,000 | ||||||||
Total Investments—125.1% (cost $19,880,377) | $ | 21,169,968 | |||||||
Other assets in excess of liabilities—25.1% | 4,260,344 | ||||||||
Preferred shares at redemption value, including dividends payable—(50.2)% | (8,501,222 | ) | |||||||
Net Assets Applicable to Common Shareholders—100% | $ | 16,929,090 | |||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | See Note 7 of Notes to Financial Statements. |
5 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
KEY TO ABBREVIATIONS | ||||||||||
AMBAC | — | American Municipal Bond Assurance Corporation | FSA | — | Financial Security Assurance | |||||
COP | — | Certificate of Participation | GO | — | General Obligation | |||||
ETM | — | Escrowed to Maturity | MBIA | — | Municipal Bond Insurance Association | |||||
FGIC | — | Financial Guaranty Insurance Company |
See Notes to Financial Statements.
24
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock Florida Municipal Income Trust (BBF) |
Option Call | ||||||||
Provisions2 | ||||||||
Description | (unaudited) | |||||||
LONG-TERM INVESTMENTS—155.2% | ||||||||
Florida—134.4% | ||||||||
AA | $ | 7,715 | Beacon Tradeport Cmnty. Dev. Dist., Spec. Assmt., Ser. A, 5.625%, 5/01/32 | 05/12 | @ 102 | $ | 8,332,046 | |
A | 2,000 | Boynton Beach Multi. Fam. Hsg., Clipper Cove Apts., 5.45%, 1/01/33, ACA | 01/13 | @ 100 | 2,040,920 | |||
AAA | 2,800 | Cap. Projs. Fin. Auth., Student Hsg., Cap. Projs. Loan Prog., Ser. F-1, 5.00%, 10/01/31, MBIA | 08/11 | @ 102 | 2,844,156 | |||
Baa1 | 1,000 | Capital Trust Agcy. Multi-Fam., American Oppty., Ser. A, 5.875%, 6/01/38 | 06/13 | @ 102 | 943,540 | |||
AAA | 7,000 | 3 | Escambia Cnty. Hlth. Facs. Auth., 5.95%, 7/01/20, AMBAC | 7,167,790 | ||||
Florida Brd. of Ed., GO, | ||||||||
AA+ | 5,550 | Ser. A, 5.125%, 6/01/30 | 06/10 | @ 101 | 5,754,462 | |||
AAA | 1,000 | Ser. J, 5.00%, 6/01/24, AMBAC | 06/13 | @ 101 | 1,057,220 | |||
BBB- | 3,000 | Florida Hsg. Fin. Corp., Sunset Place, Ser. K-1, 6.10%, 10/01/29 | 10/09 | @ 102 | 2,943,330 | |||
NR | 2,775 | Gateway Svcs. Cmnty. Dev. Dist., Spec. Assmt., Stoneybrook Proj., 5.50%, 7/01/08 | 2,845,207 | |||||
NR | 1,715 | Heritage Harbour So. Cmnty., Cap. Impvt., Ser. A, 6.50%, 5/01/34 | 05/13 | @ 101 | 1,802,534 | |||
A | 6,500 | Highlands Cnty. Hlth. Facs. Auth., Hosp. Adventist/Sunbelt, Ser. A, 6.00%, 11/15/31 | 11/11 | @ 101 | 6,995,235 | |||
BBB+ | 1,450 | Hillsborough Cnty. Ind. Dev. Auth., PCR, Tampa Elec. Co. Proj., 5.50%, 10/01/23 | 10/12 | @ 100 | 1,474,157 | |||
AA | 7,500 | Jacksonville Econ. Dev. Comm. Hlth. Facs., Mayo Clinic, Ser. B, 5.50%, 11/15/36 | 11/11 | @ 101 | 7,882,950 | |||
AAA | 4,000 | Jacksonville Transp., 5.00%, 10/01/26, MBIA | 10/11 | @ 100 | 4,131,720 | |||
JEA, | ||||||||
AA | 5,000 | Elec. Sys., Ser. A, 5.20%, 10/01/33 | 11/04 | @ 100 | 5,010,050 | |||
AA | 5,000 | Elec. Sys., Ser. A, 5.50%, 10/01/41 | 10/07 | @ 100 | 5,425,850 | |||
AA | 7,500 | Wtr. & Swr. Sys., Ser. C, 5.25%, 10/01/37 | 10/06 | @ 100 | 7,605,675 | |||
NR5 | 1,675 | Laguna Lakes Cmnty., Spec. Assmt., Ser. A, 6.40%, 5/01/33 | 05/13 | @ 101 | 1,745,869 | |||
AAA | 2,770 | Melbourne Wtr. & Swr., Zero Coupon, 10/01/21, FGIC | 1,300,792 | |||||
BB | 3,000 | Miami Beach Hlth. Facs. Auth., Mt. Sinai Med. Ctr., 6.75%, 11/15/21 | 11/14 | @ 100 | 3,195,150 | |||
AAA | 1,000 | Miami Dade Cnty. Expwy. Auth., Toll Sys. Rev., 5.125%, 7/01/25, FGIC | 07/11 | @ 101 | 1,056,070 | |||
Miami Dade Cnty., Spec. Oblig. Rev., MBIA, | ||||||||
AAA | 2,595 | Ser. A, Zero Coupon, 10/01/19 | 04/08 | @ 55.413 | 1,243,732 | |||
AAA | 9,700 | Ser. B, Zero Coupon, 10/01/33 | 04/08 | @ 25.056 | 1,958,721 | |||
AAA | 25,000 | Ser. C, Zero Coupon, 10/01/28 | 04/08 | @ 32.99 | 6,719,250 | |||
No. Palm Beach Cnty. Impvt. Dist., Wtr. Ctrl. & Impvt. Unit Dev. 43, | ||||||||
NR | 1,630 | 6.10%, 8/01/21 | 08/11 | @ 101 | 1,696,145 | |||
NR | 3,500 | 6.125%, 8/01/31 | 08/11 | @ 101 | 3,609,515 | |||
AAA | 2,500 | Palm Beach Cnty. Sch. Brd., COP, Ser. B, 5.00%, 8/01/25, AMBAC | 08/11 | @ 101 | 2,607,600 | |||
AA- | 12,000 | So. Miami Hlth. Facs. Auth., Baptist Hlth., 5.25%, 11/15/33 | 02/13 | @ 100 | 12,323,520 | |||
AAA | 1,500 | St. Petersburg Pub. Util., Ser. A, 5.00%, 10/01/28, FSA | 10/09 | @ 101 | 1,540,440 | |||
NR | 2,815 | Sumter Cnty. Indl. Dev. Auth., No. Sumter Util. Co. LLC, 6.80%, 10/01/32 | 10/09 | @ 100 | 2,865,220 | |||
NR | 2,000 | Sumter Landing Cmnty. Dev. Dist., Spec. Assmt., 6.95%, 5/01/33 | 05/13 | @ 101 | 2,116,160 | |||
AA | 5,500 | Tampa, Univ. of Tampa Proj., 5.625%, 4/01/32, RAA | 04/12 | @ 100 | 5,929,495 | |||
AA | 4,000 | Tampa Wtr. & Swr., Ser. A, 5.00%, 10/01/26 | 10/11 | @ 101 | 4,148,320 | |||
Village Cmnty. Dev. Dist., No. 5, Spl. Assmt. Rev., Ser. A, | ||||||||
NR | 4,000 | 6.00%, 5/01/22 | 05/13 | @ 101 | 4,127,400 | |||
NR | 1,870 | 6.50%, 5/01/33 | 05/13 | @ 101 | 1,983,715 | |||
BBB+ | 2,000 | Volusia Cnty. Edl. Fac. Auth., Embry Riddle Aero. Univ., Ser. A, 5.75%, 10/15/29 | 10/09 | @ 101 | 2,074,860 | |||
136,498,816 | ||||||||
See Notes to Financial Statements.
25
BlackRock Florida Municipal Income Trust (BBF) (continued) |
Description | |||||||||
Puerto Rico—20.8% | |||||||||
$ | 6,000 | Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 | @ 100 | $ | 5,345,460 | |||
Puerto Rico, Pub. Impvt., Ser. A, | |||||||||
2,520 | 4 | 5.125%, 7/01/11 | 2,855,689 | ||||||
4,980 | 5.125%, 7/01/31 | 07/11 | @ 100 | 5,093,295 | |||||
Puerto Rico Pub. Fin. Corp., Ser. E, | |||||||||
4,000 | 4 | 5.70%, 2/01/10 | 4,559,840 | ||||||
3,000 | 4 | 5.75%, 2/01/07 | 3,242,160 | ||||||
21,096,444 | |||||||||
Total Investments—155.2% (cost $151,328,586) | $ | 157,595,260 | |||||||
Other assets in excess of liabilities—1.5% | 1,476,133 | ||||||||
Preferred shares at redemption value, including dividends payable—(56.7)% | (57,559,455 | ) | |||||||
Net Assets Applicable to Common Shareholders—100% | $ | 101,511,938 | |||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
4 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
5 | Security is deemed to be of investment grade quality by the investment advisor. |
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 |
See Notes to Financial Statements.
26
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
Option Call | |||||||||
Provisions2 | |||||||||
Description | (unaudited) | ||||||||
LONG-TERM INVESTMENTS—129.1% | |||||||||
New Jersey—114.5% | |||||||||
AAA | $ | 1,000 | Delaware River Port. Auth. of PA & NJ, 5.75%, 1/01/26, FSA | 01/10 | @ 100 | $ | 1,109,580 | ||
AAA | 1,000 | 3 | Essex Cnty. Util. Auth. Sld. Wst., Ser. A, 5.60%, 4/01/06, FSA | 1,071,020 | |||||
Baa1 | 1,000 | Middlesex Cnty. Impvt. Auth., St. Student Hsg. Proj., Ser. A, 5.00%, 8/15/35 | 08/14 | @ 100 | 988,000 | ||||
New Jersey Econ. Dev. Auth., | |||||||||
BBB | 1,000 | Cigarette Tax Rev., 5.75%, 6/15/34 | 06/14 | @ 100 | 1,025,950 | ||||
B | 925 | 4 | Continental Airlines Inc. Proj., 7.00%, 11/15/30 | 11/10 | @ 101 | 721,972 | |||
BBB | 500 | Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15 | 529,980 | ||||||
AAA | 900 | Transp. Proj., Ser. A, 5.75%, 5/01/10, FSA | 1,028,286 | ||||||
AAA | 1,000 | 3 | New Jersey Edl. Fac. Auth., Rowan Coll., Ser. E, 5.875%, 7/01/06, AMBAC | 1,073,670 | |||||
New Jersey Hlth. Care Fac. Fin. Auth., | |||||||||
A | 1,000 | Hackensack Univ. Med. Ctr, 6.00%, 1/01/25 | 01/10 | @ 101 | 1,057,030 | ||||
AAA | 1,000 | St. Joseph’s Hosp. & Med. Ctr., 5.75%, 7/01/16, CONNIE LEE | 07/06 | @ 102 | 1,071,880 | ||||
New Jersey Tpke. Auth., Ser. C, AMBAC, | |||||||||
AAA | 785 | 6.50%, 1/01/16 | 966,790 | ||||||
AAA | 215 | 6.50%, 1/01/16 | 265,360 | ||||||
New Jersey Trans. Auth. Trust Fund, Trans. Sys. Rev., Ser. B, MBIA, | |||||||||
AAA | 375 | 3 | 5.50%, 6/15/05 | 390,953 | |||||
AAA | 625 | 5.50%, 6/15/15 | 06/05 | @ 102 | 650,950 | ||||
AAA | 375 | 3 | 5.75%, 6/15/05 | 391,522 | |||||
AAA | 625 | 5.75%, 6/15/14 | 06/05 | @ 102 | 651,906 | ||||
AA- | 1,000 | 3 | No. Brunswick Twnshp. Brd. of Ed., GO, 6.30%, 2/01/05 | 1,011,130 | |||||
AAA | 1,000 | Passaic Valley Sewage Com., Swr. Sys., GO, Ser. E, 5.75%, 12/01/21, AMBAC | 12/09 | @ 101 | 1,139,500 | ||||
AA- | 1,000 | Port Auth. of NY & NJ, 5.75%, 12/15/20 | 06/05 | @ 101 | 1,032,530 | ||||
BBB | 1,000 | Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 | 06/12 | @ 100 | 890,290 | ||||
17,068,299 | |||||||||
Puerto Rico—7.2% | |||||||||
AAA | 1,000 | 3,5 | Puerto Rico, 5.40%, 7/01/06, FSA | N/A | 1,071,640 | ||||
Multi-State—7.4% | |||||||||
A3 | 1,000 | 6 | Charter Mac Equity Issuer Trust, Ser. A, 6.625%, 6/30/49 | 06/09 | @ 100 | 1,101,560 | |||
Total Long-Term Investments (cost $18,061,417) | 19,241,499 | ||||||||
MONEY MARKET FUNDS—9.4% | |||||||||
700 | AIM Tax Free Investment Co. Cash Reserve Portfolio | 700,000 | |||||||
700 | SSgA Tax Free Money Mkt. Fund | 700,000 | |||||||
Total Money Market Funds (cost $1,400,000) | 1,400,000 | ||||||||
Total Investments—138.5% (cost $19,461,417) | $ | 20,641,499 | |||||||
Other assets in excess of liabilities—11.8% | 1,759,632 | ||||||||
Preferred shares at redemption value, including dividends payable—(50.3)% | (7,501,592 | ) | |||||||
Net Assets Applicable to Common Shareholders—100% | $ | 14,899,539 | |||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | See Note 7 of Notes to Financial Statements. |
5 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
6 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 7.4% of its net assets, with a current market value of $1,101,560, in securities restricted as to resale. |
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 |
See Notes to Financial Statements.
27
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock New Jersey Municipal Income Trust (BNJ) |
Description | ||||||||
LONG-TERM INVESTMENTS—153.4% | ||||||||
New Jersey—111.0% | ||||||||
Cherry Hill Twnshp., GO, | ||||||||
AA- | $ | 4,065 | 5.00%, 7/15/22 | 07/11 | @ 100 | $ | 4,274,551 | |
AA- | 4,275 | 5.00%, 7/15/23 | 07/11 | @ 100 | 4,467,332 | |||
AAA | 12,600 | Garden St. Presvtn. Trust, Open Space & Farmland Presvtn., Zero Coupon, 11/01/26, FSA | 4,328,982 | |||||
Middlesex Cnty. Impvt. Auth., | ||||||||
AAA | 1,400 | Admin. Bldg. Res. Proj., 5.35%, 7/01/34 | 07/11 | @ 100 | 1,461,082 | |||
AAA | 4,470 | New Brunswick Apts. Rental Hsg., 5.30%, 8/01/35 | 08/12 | @ 100 | 4,586,622 | |||
BBB- | 2,500 | Middlesex Cnty. Poll. Ctrl. Auth., Amerada Hess, 6.05%, 9/15/34 | 09/14 | @ 100 | 2,622,450 | |||
New Jersey Econ. Dev. Auth., | ||||||||
BBB | 5,000 | Cigarette Tax Rev., 5.75%, 6/15/34 | 06/14 | @ 100 | 5,129,750 | |||
B | 3,450 | Continental Airlines Inc. Proj., 7.00%, 11/15/30 | 11/10 | @ 101 | 2,692,760 | |||
B | 2,000 | Continental Airlines Inc. Proj., 7.20%, 11/15/30 | 11/10 | @ 101 | 1,600,280 | |||
BBB- | 2,630 | First Mtg. Fellowship Vlg. Proj., Ser. C., 5.50%, 1/01/18 | 01/09 | @ 102 | 2,630,026 | |||
BBB- | 4,050 | First Mtg. Winchester Proj., Ser. A, 5.75%, 11/01/24 | 11/14 | @ 100 | 4,151,371 | |||
Baa3 | 2,500 | Kapkowski Road Landfill Proj., 6.50%, 4/01/28 | 2,856,575 | |||||
Baa3 | 5,000 | Kapkowski Road Landfill Proj., 6.50%, 4/01/31 | 5,646,400 | |||||
A+ | 2,000 | Masonic Charity Fndtn. Proj., 5.50%, 6/01/31 | 06/11 | @ 102 | 2,142,860 | |||
BBB | 2,000 | Sld. Wst. Rev., Disp. Wst. Mgmt., Ser. A, 5.30%, 6/01/15 | 2,119,920 | |||||
Aaa | 1,960 | Victoria Hlth., Ser. A, 5.20%, 12/20/36 | 12/11 | @ 103 | 2,063,194 | |||
New Jersey Edl. Facs. Auth., | ||||||||
BBB- | 1,000 | Fairleigh Dickinson Univ., Ser. C, 5.50%, 7/01/23 | 07/14 | @ 100 | 1,041,290 | |||
BBB- | 2,000 | Fairleigh Dickinson Univ., Ser. C, 6.00%, 7/01/20 | 07/14 | @ 100 | 2,186,000 | |||
BBB- | 3,000 | Fairleigh Dickinson Univ., Ser. D, 6.00%, 7/01/25 | 07/13 | @ 100 | 3,211,350 | |||
BBB+ | 2,120 | Georgian Court Coll. Proj., Ser. C, 6.50%, 7/01/33 | 07/13 | @ 100 | 2,347,943 | |||
New Jersey Hlth. Care Fac. Fin. Auth., | ||||||||
A | 4,500 | Atlantic City Med. Ctr., 5.75%, 7/01/25 | 07/12 | @ 100 | 4,747,680 | |||
A+ | 3,000 | Catholic Hlth. East, Ser. A, 5.375%, 11/15/33 | 11/12 | @ 100 | 3,087,870 | |||
A3 | 10,000 | 5 | Kennedy Hlth. Sys., 5.625%, 7/01/31 | 07/11 | @ 100 | 10,516,400 | ||
Baa1 | 1,960 | So. Jersey Hosp., 6.00%, 7/01/26 | 07/12 | @ 100 | 2,065,565 | |||
Baa1 | 5,500 | So. Jersey Hosp., 6.00%, 7/01/32 | 07/12 | @ 100 | 5,774,890 | |||
BBB+ | 1,540 | So. Ocean Cnty. Hosp., Ser. A, 6.25%, 7/01/23 | 11/04 | @ 101 | 1,561,545 | |||
Aaa | 1,950 | Newark Hlth. Care Fac., New Cmty. Urban Renewal Proj., Ser. A, 5.20%, 6/01/30 | 06/12 | @ 102 | 2,055,866 | |||
AAA | 8,000 | Port Auth. of NY & NJ, Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA | 12/07 | @ 102 | 8,763,120 | |||
BBB | 18,000 | Tobacco Settlement Fin. Corp., 6.125%, 6/01/42 | 06/12 | @ 100 | 16,025,220 | |||
Trenton Pkg. Auth., FGIC, | ||||||||
AAA | 5,465 | 5.00%, 4/01/25 | 04/11 | @ 100 | 5,679,665 | |||
AAA | 1,500 | 5.00%, 4/01/30 | 04/11 | @ 100 | 1,538,595 | |||
Vineland, GO, MBIA, | ||||||||
AAA | 1,500 | 5.30%, 5/15/30 | 05/10 | @ 101 | 1,577,520 | |||
AAA | 1,500 | 5.375%, 5/15/31 | 05/10 | @ 101 | 1,582,110 | |||
126,536,784 | ||||||||
Puerto Rico—28.5% | ||||||||
Puerto Rico Hsg. Fin. Corp., Home Mtg. Rev., | ||||||||
AAA | 2,735 | Ser. A, 5.20%, 12/01/33 | 06/11 | @ 100 | 2,793,802 | |||
AAA | 2,735 | Ser. B, 5.30%, 12/01/28 | 06/11 | @ 100 | 2,784,996 | |||
A | 3,800 | Puerto Rico Hwy. & Transp. Auth., Ser. D, 5.25%, 7/01/38 | 07/12 | @ 100 | 3,945,502 | |||
Puerto Rico Pub. Bldgs. Auth., Ser. D, | ||||||||
AAA | 5,000 | Zero Coupon, 7/01/31, AMBAC | 07/17 | @ 100 | 3,635,700 | |||
A- | 4,765 | 4 | Gov’t Facs., 5.25%, 7/01/12 | 5,409,943 | ||||
A- | 1,735 | Gov’t Facs., 5.25%, 7/01/36 | 07/12 | @ 100 | 1,801,433 | |||
Puerto Rico Pub. Fin. Corp., Ser. E, | ||||||||
BBB+ | 4,000 | 4 | 5.70%, 2/01/10 | 4,559,840 | ||||
BBB+ | 7,040 | 4 | 5.75%, 2/01/07 | 7,608,269 | ||||
32,539,485 | ||||||||
See Notes to Financial Statements.
28
BlackRock New Jersey Municipal Income Trust (BNJ) (continued) |
Description | |||||||||
Multi-State—13.9% | |||||||||
Charter Mac Equity Issuer Trust, | |||||||||
$ | 7,000 | 5 | Ser. A-2, 6.30%, 6/30/49 | 06/09 | @ 100 | $ | 7,615,650 | ||
2,500 | 5 | Ser. B-1, 6.80%, 11/30/50 | 11/10 | @ 100 | 2,788,500 | ||||
MuniMae TE Bond Subsidiary, LLC, | |||||||||
3,000 | 5 | Ser. A-2, 6.30%, 6/30/49 | 06/09 | @ 100 | 3,241,440 | ||||
2,000 | 5 | Ser. B-1, 6.80%, 6/30/50 | 11/10 | @ 100 | 2,228,240 | ||||
15,873,830 | |||||||||
Total Investments—153.4% (cost $166,977,210) | $ | 174,950,099 | |||||||
Other assets in excess of liabilities—2.5% | 2,877,247 | ||||||||
Preferred shares at redemption value, including dividends payable—(55.9)% | (63,807,919 | ) | |||||||
Net Assets Applicable to Common Shareholders—100% | $ | 114,019,427 | |||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
4 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
5 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 13.9% of its net assets, with a current market value of $15,873,830, in securities restricted as to resale. |
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.
29
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock New York Investment Quality Municipal Trust (RNY) |
Option Call | ||||||||
Provisions2 | ||||||||
Description | (unaudited) | |||||||
LONG-TERM INVESTMENTS—130.4% | ||||||||
New York—121.0% | ||||||||
AAA | $ | 1,000 | Albany Mun. Wtr. Fin. Auth., Second Resolution Rev., Refdg., Ser. B, 5.00%, 12/01/33, MBIA . | 06/08 | @ 100 | $ | 1,014,010 | |
AA- | 2,100 | Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/23 | 07/13 | @ 100 | 2,215,059 | |||
AAA | 1,000 | Nassau Cnty., GO, Ser. U, 5.25%, 11/01/14, AMBAC | 11/06 | @ 102 | 1,078,140 | |||
New York City, GO, | ||||||||
A | 820 | 3 | Ser. A, 6.00%, 5/15/10 | 958,826 | ||||
A+ | 180 | Ser. A, 6.00%, 5/15/30 | 05/10 | @ 101 | 199,971 | |||
AA | 1,000 | Ser. B, 5.70%, 8/15/12 | 08/05 | @ 101 | 1,037,870 | |||
A | 815 | 3 | Ser. I, 5.875%, 3/15/06 | 870,624 | ||||
A+ | 185 | Ser. I, 5.875%, 3/15/18 | 03/06 | @ 101.5 | 196,350 | |||
AA | 1,000 | New York City Hsg. Dev. Corp. Multi. Fam. Hsg. Rev., Ser. A, 5.25%, 5/01/30 | 05/14 | @ 100 | 1,030,910 | |||
New York City Ind. Dev. Agcy., Term. One Grp. Assoc. Proj., | ||||||||
A- | 1,000 | 6.00%, 1/01/08 | 11/04 | @ 102 | 1,017,490 | |||
A- | 1,000 | 6.10%, 1/01/09 | 11/04 | @ 102 | 1,017,650 | |||
New York City Mun. Wtr. Fin. Auth., | ||||||||
AAA | 1,000 | 3 | Ser. A, 6.00%, 6/15/05 | 1,035,700 | ||||
AA+ | 1,000 | Wtr. & Swr. Sys. Rev., Ser. C, 5.125%, 6/15/33 | 06/11 | @ 101 | 1,033,410 | |||
New York City Transl. Fin. Auth., Ser. B, | ||||||||
AAA | 815 | 3 | 6.00%, 5/15/10 | 955,261 | ||||
AA+ | 185 | 6.00%, 11/15/21 | 05/10 | @ 101 | 212,804 | |||
AA+ | 1,000 | 3,4 | 6.00%, 5/15/10 | 1,172,100 | ||||
New York Dorm. Auth., | ||||||||
AAA | 750 | Hosp. Lutheran Med., 5.00%, 8/01/31, MBIA | 02/13 | @ 100 | 772,515 | |||
Aa3 | 1,000 | Kateri Residence, 5.00%, 7/01/22 | 07/13 | @ 100 | 1,024,840 | |||
BB+ | 1,000 | Mount Sinai Hlth., Ser. A, 6.50%, 7/01/25 | 07/10 | @ 101 | 1,025,070 | |||
AAA | 1,005 | St. Univ. Edl. Fac., 5.25%, 5/15/15, AMBAC | 1,152,785 | |||||
A+ | 1,000 | Univ. of Rochester, Ser. B, 5.625%, 7/01/24 | 07/09 | @ 101 | 1,082,140 | |||
AAA | 1,000 | 3 | New York Urban Dev. Corp., Correctional Facs., 5.70%, 1/01/07, MBIA | 1,098,130 | ||||
Caa2 | 1,000 | 5 | Port Auth. of NY & NJ, Spec. Oblig., Contl./Eastn. Proj. LaGuardia, 9.125%, 12/01/15 | 11/04 | @ 100 | 1,005,840 | ||
AAA | 1,000 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 | @ 100 | 1,034,420 | |||
AAA | 1,000 | Triborough Brdg. & Tunl. Auth., New York Revs., Refdg., Ser. A, 5.00%, 1/01/32, MBIA | 01/12 | @ 100 | 1,025,930 | |||
24,267,845 | ||||||||
Puerto Rico—7.8% | ||||||||
BBB | 500 | Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 | @ 100 | 445,455 | |||
Puerto Rico Pub. Fin. Corp., Ser. E, | ||||||||
BBB+ | 745 | 3 | 5.50%, 2/01/12 | 855,491 | ||||
BBB+ | 255 | 5.50%, 8/01/29 | 02/12 | @ 100 | 269,147 | |||
1,570,093 | ||||||||
Trust Territories—1.6% | ||||||||
Ba3 | 315 | Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33 | 10/13 | @ 100 | 323,272 | |||
Total Long-Term Investments (cost $24,345,131) | 26,161,210 | |||||||
See Notes to Financial Statements.
30
BlackRock New York Investment Quality Municipal Trust (RNY) (continued) |
Description | ||||||||
MONEY MARKET FUNDS—9.9% | ||||||||
1,000 | AIM Tax Free Investment Co. Cash Reserve Portfolio | $ | 1,000,000 | |||||
1,000 | SSgA Tax Free Money Mkt. Fund | 1,000,000 | ||||||
Total Money Market Funds (cost $2,000,000) | 2,000,000 | |||||||
Total Investments—140.3% (cost $26,345,131) | $ | 28,161,210 | ||||||
Other assets in excess of liabilities—8.5% | 1,707,115 | |||||||
Preferred shares at redemption value, including dividends payable—(48.8)% | (9,802,818 | ) | ||||||
Net Assets Applicable to Common Shareholders—100% | $ | 20,065,507 | ||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
5 | See Note 7 of Notes to Financial Statements. |
KEY TO ABBREVIATIONS | ||||||||
AMBAC | — | American Municipal Bond Assurance Corporation | MBIA — | Municipal Bond Insurance Association | ||||
GO | — | General Obligation |
See Notes to Financial Statements.
31
PORTFOLIO OF INVESTMENTS |
OCTOBER 31, 2004 |
BlackRock New York Municipal Income Trust (BNY) |
Option Call | ||||||||
Provisions2 | ||||||||
Description | (unaudited) | |||||||
LONG-TERM INVESTMENTS—157.6% | ||||||||
New York—125.6% | ||||||||
AA- | $ | 2,000 | Madison Cnty. Indl. Dev. Agcy., Civic Fac. Rev., Colgate Univ. Proj., Ser. B, 5.00%, 7/01/33 | 07/13 | @ 100 | $ | 2,049,680 | |
Met. Transp. Auth., Ded. Tax Fund, Ser. A, | ||||||||
AA- | 12,000 | 5.00%, 11/15/30 | 11/12 | @ 100 | 12,247,560 | |||
A | 12,000 | 5.125%, 11/15/31 | 11/12 | @ 100 | 12,339,000 | |||
New York City, GO, | ||||||||
A | 3,290 | 3 | Ser. C, 5.375%, 3/15/12 | 3,781,789 | ||||
A+ | 2,710 | Ser. C, 5.375%, 3/15/28 | 03/12 | @ 100 | 2,836,422 | |||
A+ | 7,000 | Ser. D, 5.375%, 6/01/32 | 06/12 | @ 100 | 7,307,440 | |||
New York City Ind. Dev. Agcy., | ||||||||
A | 750 | Marymount Sch. Proj., 5.125%, 9/01/21, ACA | 09/11 | @ 102 | 770,737 | |||
A | 2,000 | Marymount Sch. Proj., 5.25%, 9/01/31, ACA | 09/11 | @ 102 | 2,036,980 | |||
AAA | 1,550 | Royal Charter Presbyterian, 5.25%, 12/15/32, FSA | 12/11 | @ 102 | 1,628,213 | |||
BBB- | 14,850 | Spec. Arpt. Airis JFK I LLC Proj., Ser. A, 5.50%, 7/01/28 | 07/11 | @ 100 | 14,714,568 | |||
A- | 6,000 | Term. One Grp. Assoc. Proj., 6.00%, 1/01/19 | 11/04 | @ 102 | 6,104,940 | |||
New York City Mun. Wtr. Fin. Auth., | ||||||||
AAA | 4,000 | Ser. A, 5.00%, 6/15/32, FGIC | 06/11 | @ 100 | 4,096,640 | |||
AA+ | 6,500 | Ser. C, 5.00%, 6/15/32 | 06/11 | @ 100 | 6,627,270 | |||
New York City Transl. Fin. Auth., Ser. C, | ||||||||
AAA | 5,940 | 3 | 5.00%, 5/01/09 | 6,634,148 | ||||
AA+ | 3,660 | 5.00%, 5/01/29 | 05/09 | @ 101 | 3,738,873 | |||
BBB | 6,700 | New York Cntys. Tobacco Trust III, 6.00%, 6/01/43 | 06/13 | @ 100 | 6,345,838 | |||
New York Dorm. Auth., | ||||||||
AA- | 15,235 | 3 | City Univ., Ser. A, 5.25%, 7/01/11 | 17,379,022 | ||||
AA- | 1,765 | City Univ., Ser. A, 5.25%, 7/01/31 | 07/11 | @ 100 | 1,814,596 | |||
A3 | 10,780 | Lenox Hill Hosp. Oblig. Grp., 5.50%, 7/01/30 | 07/11 | @ 101 | 11,308,220 | |||
AAA | 9,000 | New Sch. Univ., 5.00%, 7/01/41, MBIA | 07/11 | @ 100 | 9,187,560 | |||
AAA | 5,000 | New York Univ., Ser. 2, 5.00%, 7/01/41, AMBAC | 07/11 | @ 100 | 5,104,200 | |||
A- | 2,000 | No. Shore Long Island Jewish Grp., 5.375%, 5/01/23 | 05/13 | @ 100 | 2,096,860 | |||
A- | 2,000 | No. Shore Long Island Jewish Grp., 5.50%, 5/01/33 | 05/13 | @ 100 | 2,097,060 | |||
New York Mtg. Agcy., | ||||||||
Aa1 | 5,950 | Ser. 101, 5.40%, 4/01/32 | 10/11 | @ 100 | 6,062,991 | |||
Aaa | 15,500 | Ser. A, 5.30%, 10/01/31 | 04/11 | @ 100 | 15,751,720 | |||
AA- | 6,290 | 3 | New York Urban Dev. Corp., Correctional Facs., Ser. 6, 5.375%, 1/01/06 | 6,668,029 | ||||
Port Auth. of NY & NJ, | ||||||||
AAA | 9,500 | Ser. 124, 5.00%, 8/01/36, FGIC | 08/08 | @ 101 | 9,577,045 | |||
AAA | 13,000 | 4 | Spec. Oblig., JFK Intl. Air Term. 6, 5.75%, 12/01/22, MBIA | 12/07 | @ 102 | 14,240,070 | ||
Caa2 | 9,250 | Spec. Oblig., Contl./Eastn. Proj. LaGuardia, 9.125%, 12/01/15 | 11/04 | @ 100 | 9,304,020 | |||
BBB | 2,500 | Rensselaer Tobacco Asset Sec. Corp., Tobacco Settlement Rev., Ser. A, 5.75%, 6/01/43 | 06/12 | @ 100 | 2,242,375 | |||
BBB | 5,000 | Rockland Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 5.75%, 8/15/43 | 08/12 | @ 100 | 4,483,850 | |||
AAA | 5,000 | Sales Tax Asset Receivable Corp., Ser. A, 5.00%, 10/15/32, AMBAC | 10/14 | @ 100 | 5,172,100 | |||
A | 7,000 | Suffolk Cnty. Indl. Dev. Agcy., Keyspan Port Jefferson Proj., 5.25%, 6/01/27 | 06/13 | @ 100 | 7,170,730 | |||
TSASC Inc., Tobacco Settlement Rev., Ser. 1, | ||||||||
BBB | 5,000 | 5.75%, 7/15/32 | 07/12 | @ 100 | 4,641,150 | |||
BBB+ | 8,000 | 6.375%, 7/15/39 | 07/09 | @ 101 | 8,002,240 | |||
AA | 2,500 | Westchester Cnty. Ind. Dev. Agcy., Winward Sch. Civic Fac., 5.25%, 10/01/31, RAA | 10/11 | @ 100 | 2,578,600 | |||
BBB | 2,000 | Westchester Tobacco Asset Sec. Corp., Tobacco Settlement Rev., 6.75%, 7/15/29 | 07/10 | @ 101 | 2,006,120 | |||
240,148,656 | ||||||||
See Notes to Financial Statements.
32
BlackRock New York Municipal Income Trust (BNY) (continued) |
Option Call | |||||||||
Provisions2 | |||||||||
Description | (unaudited) | ||||||||
Puerto Rico—18.7% | |||||||||
BBB | $ | 4,060 | Children’s Trust Fund, Tobacco Settlement Rev., 5.625%, 5/15/43 | 05/12 | @ 100 | $ | 3,617,095 | ||
Puerto Rico Pub. Bldgs. Auth., Gov’t Facs., Ser. D, | |||||||||
A- | 4,400 | 3 | 5.25%, 7/01/12 | 4,995,540 | |||||
A- | 1,600 | 5.25%, 7/01/36 | 07/12 | @ 100 | 1,661,264 | ||||
Puerto Rico Pub. Fin. Corp., Ser. E, | |||||||||
BBB+ | 7,475 | 3 | 5.50%, 2/01/12 | 8,583,617 | |||||
BBB+ | 2,525 | 5.50%, 8/01/29 | 02/12 | @ 100 | 2,665,087 | ||||
BBB+ | 7,000 | 3 | 5.70%, 2/01/10 | 7,979,720 | |||||
BBB+ | 5,750 | 3 | 5.75%, 2/01/07 | 6,214,140 | |||||
35,716,463 | |||||||||
Multi-State 11.7% | |||||||||
Charter Mac Equity Issuer Trust, | |||||||||
A3 | 6,000 | 5 | Ser. A-2, 6.30%, 6/30/49 | 06/09 | @ 100 | 6,527,700 | |||
Baa1 | 5,500 | 5 | Ser. B-1, 6.80%, 11/30/50 | 11/10 | @ 100 | 6,134,700 | |||
MuniMae TE Bond Subsidiary, LLC, | |||||||||
A3 | 6,000 | 5 | Ser. A-1, 6.30%, 6/30/49 | 06/09 | @ 100 | 6,482,880 | |||
Baa1 | 3,000 | 5 | Ser. B-1, 6.80%, 6/30/50 | 11/10 | @ 100 | 3,342,360 | |||
22,487,640 | |||||||||
Trust Territories—1.6% | |||||||||
Ba3 | 2,945 | Northern Mariana Islands Commerce, Ser. A, 6.75%, 10/01/33 | 10/13 | @ 100 | 3,022,336 | ||||
Total Long-Term Investments (cost $287,483,117) | 301,375,095 | ||||||||
MONEY MARKET FUND—0.2% | |||||||||
400 | AIM Tax Free Investment Co. Cash Reserve Portfolio (cost $400,000) | 400,000 | |||||||
Total Investments—157.8% (cost $287,883,117) | $ | 301,775,095 | |||||||
Liabilities in excess of other assets—(0.4)% | (729,441 | ) | |||||||
Preferred shares at redemption value, including dividends payable—(57.4)% | (109,771,939 | ) | |||||||
Net Assets Applicable to Common Shareholders—100% | $ | 191,273,715 | |||||||
1 | Using the higher of S&P’s, Moody’s or Fitch’s rating. |
2 | Date (month/year) and price of the earliest call or redemption. There may be other call provisions at varying prices at later dates. |
3 | This bond is prerefunded. U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
4 | Entire or partial principal amount pledged as collateral for financial futures contracts. |
5 | Security is not registered under the Securities Act of 1933. These securities may be resold in transactions in accordance with Rule 144A under that Act, to qualified institutional buyers. As of October 31, 2004, the Trust held 11.7% of its net assets, with a current market value of $22,487,640, in securities restricted as to resale. |
KEY TO ABBREVIATIONS | ||||||||||
ACA | — | American Capital Access | GO | — | General Obligation | |||||
AMBAC | — | American Municipal Bond Assurance Corporation | MBIA | — | Municipal Bond Insurance Association | |||||
FGIC | — | Financial Guaranty Insurance Company | RAA | — | Radian Asset Assurance | |||||
FSA | — | Financial Security Assurance |
See Notes to Financial Statements.
33
STATEMENTS OF ASSETS AND LIABILITIES |
October 31, 2004 |
Assets | Municipal Trust (BKN) | Income Trust (BFK) | Investment Quality Municipal Trust (RAA) | Municipal Income Trust (BFZ) | ||||||||||||
Investments at value1 | $ | 409,733,965 | $ | 990,701,292 | $ | 18,688,665 | $ | 348,882,798 | ||||||||
Cash | 549,551 | 506,736 | 3,176,254 | 300,774 | ||||||||||||
Receivable from investments sold | 2,557,862 | 10,199,372 | — | — | ||||||||||||
Interest receivable | 6,807,786 | 16,871,254 | 291,442 | 5,902,545 | ||||||||||||
Other assets | 99,613 | 124,959 | 17,613 | 43,563 | ||||||||||||
419,748,777 | 1,018,403,613 | 22,173,974 | 355,129,680 | |||||||||||||
Liabilities | ||||||||||||||||
Payable to custodian | — | — | — | — | ||||||||||||
Payable for investments purchased | 8,722,273 | 16,539,408 | — | — | ||||||||||||
Variation margin payable | 253,875 | 912,375 | 1,125 | 338,250 | ||||||||||||
Dividends payable — common shares | 1,272,897 | 3,536,108 | 71,101 | 1,140,007 | ||||||||||||
Investment advisory fee payable | 120,851 | 294,230 | 7,339 | 104,145 | ||||||||||||
Administration fee payable | 51,793 | — | 2,944 | — | ||||||||||||
Deferred Directors’ or Trustees’ fees | 66,715 | 82,509 | 12,660 | 28,701 | ||||||||||||
Other accrued expenses | 151,793 | 186,603 | 48,962 | 181,758 | ||||||||||||
10,640,197 | 21,551,233 | 144,131 | 1,792,861 | |||||||||||||
Preferred Shares at Redemption Value | ||||||||||||||||
$25,000 liquidation value per share, | ||||||||||||||||
including dividends payable2,3 | 146,633,612 | 375,204,239 | 7,501,275 | 131,966,087 | ||||||||||||
Net Assets Applicable to | ||||||||||||||||
Common Shareholders | $ | 262,474,968 | $ | 621,648,141 | $ | 14,528,568 | $ | 221,370,732 | ||||||||
Composition of Net Assets Applicable to | ||||||||||||||||
Common Shareholders: | ||||||||||||||||
Par value | $ | 167,071 | $ | 43,529 | $ | 10,071 | $ | 14,986 | ||||||||
Paid-in capital in excess of par | 231,766,743 | 618,575,595 | 13,411,135 | 212,626,998 | ||||||||||||
Undistributed net investment income | 12,876,540 | 20,211,294 | 373,382 | 6,189,963 | ||||||||||||
Accumulated net realized gain (loss) | (11,416,125 | ) | (48,158,153 | ) | (123,608 | ) | (7,848,714 | ) | ||||||||
Net unrealized appreciation | 29,080,739 | 30,975,876 | 857,588 | 10,387,499 | ||||||||||||
Net assets applicable to common shareholders, | ||||||||||||||||
October 31, 2004 | $ | 262,474,968 | $ | 621,648,141 | $ | 14,528,568 | $ | 221,370,732 | ||||||||
Net asset value per common share4 | $15.71 | $14.26 | $14.43 | $14.77 | ||||||||||||
1Investments at cost | $ | 379,278,575 | $ | 954,784,471 | $ | 17,825,016 | $ | 336,663,830 | ||||||||
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 |
See Notes to Financial Statements.
34
$ | 21,169,968 | $ | 157,595,260 | $ | 20,641,499 | $ | 174,950,099 | $ | 28,161,210 | $ | 301,775,095 | |||||||||||
4,094,221 | — | 1,514,161 | 455,073 | 2,404,022 | 549,213 | |||||||||||||||||
— | 80,000 | — | 250,000 | — | 2,991,000 | |||||||||||||||||
301,595 | 2,450,390 | 354,854 | 3,021,651 | 481,444 | 5,239,310 | |||||||||||||||||
17,774 | 16,822 | 18,207 | 19,808 | 17,878 | 37,679 | |||||||||||||||||
25,583,558 | 160,142,472 | 22,528,721 | 178,696,631 | 31,064,554 | 310,592,297 | |||||||||||||||||
— | 269,969 | — | — | — | — | |||||||||||||||||
— | — | — | — | 1,033,220 | 8,129,830 | |||||||||||||||||
1,500 | 128,625 | 1,125 | 156,375 | 1,875 | 225,000 | |||||||||||||||||
79,777 | 500,968 | 67,624 | 556,910 | 95,581 | 943,357 | |||||||||||||||||
7,538 | 47,076 | 6,629 | 52,448 | 8,836 | 88,919 | |||||||||||||||||
3,419 | — | 2,997 | — | 3,900 | — | |||||||||||||||||
12,667 | 10,085 | 13,232 | 12,341 | 12,586 | 24,992 | |||||||||||||||||
48,345 | 114,356 | 35,983 | 91,211 | 40,231 | 134,545 | |||||||||||||||||
153,246 | 1,071,079 | 127,590 | 869,285 | 1,196,229 | 9,546,643 | |||||||||||||||||
8,501,222 | 57,559,455 | 7,501,592 | 63,807,919 | 9,802,818 | 109,771,939 | |||||||||||||||||
$ | 16,929,090 | $ | 101,511,938 | $ | 14,899,539 | $ | 114,019,427 | $ | 20,065,507 | $ | 191,273,715 | |||||||||||
$ | 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 | |||||||||||||||||
489,204 | 2,393,507 | 600,862 | 3,228,123 | 584,462 | 4,820,612 | |||||||||||||||||
146,423 | (718,244 | ) | (51,349 | ) | (1,508,841 | ) | 6,923 | (3,853,549 | ) | |||||||||||||
1,281,184 | 5,570,204 | 1,174,019 | 7,125,986 | 1,805,644 | 12,673,538 | |||||||||||||||||
$ | 16,929,090 | $ | 101,511,938 | $ | 14,899,539 | $ | 114,019,427 | $ | 20,065,507 | $ | 191,273,715 | |||||||||||
$15.02 | $15.27 | $14.79 | $15.38 | $15.35 | $15.28 | |||||||||||||||||
$ | 19,880,377 | $ | 151,328,586 | $ | 19,461,417 | $ | 166,977,210 | $ | 26,345,131 | $ | 287,883,117 | |||||||||||
340 | 2,302 | 300 | 2,552 | 392 | 4,390 | |||||||||||||||||
0.01 | 0.001 | 0.01 | 0.001 | 0.01 | 0.001 | |||||||||||||||||
1,127,093 | 6,646,343 | 1,007,093 | 7,414,793 | 1,307,093 | 12,521,494 |
35
STATEMENTS OF OPERATIONS |
For the year ended October 31, 2004 |
Municipal Trust (BKN) | Income Trust (BFK) | Investment Quality Municipal Trust (RAA) | Municipal Income Trust (BFZ) | |||||||||||||
Investment Income | ||||||||||||||||
Interest income | $ | 22,489,392 | $ | 57,267,655 | $ | 1,124,018 | $ | 19,101,862 | ||||||||
Expenses | ||||||||||||||||
Investment advisory | 1,421,068 | 5,959,207 | 77,184 | 2,089,127 | ||||||||||||
Administration | 609,029 | — | 22,053 | — | ||||||||||||
Transfer agent | 18,666 | 17,550 | 10,614 | 16,104 | ||||||||||||
Custodian | 94,500 | 141,226 | 10,463 | 79,332 | ||||||||||||
Reports to shareholders | 57,056 | 130,039 | 7,320 | 41,514 | ||||||||||||
Directors/Trustees | 36,724 | 79,788 | 12,544 | 30,744 | ||||||||||||
Registration | 24,563 | 33,957 | 807 | 31,586 | ||||||||||||
Independent accountants | 44,593 | 43,548 | 14,379 | 39,490 | ||||||||||||
Legal | 39,146 | 80,434 | 6,013 | 29,355 | ||||||||||||
Insurance | 29,231 | 69,814 | 1,576 | 25,189 | ||||||||||||
Auction agent | 393,188 | 971,490 | 22,852 | 344,642 | ||||||||||||
Miscellaneous | 45,621 | 85,317 | 17,593 | 42,982 | ||||||||||||
Total expenses | 2,813,385 | 7,612,370 | 203,398 | 2,770,065 | ||||||||||||
Less fees waived by Advisor | — | (2,483,003 | ) | — | (870,470 | ) | ||||||||||
Less fees paid indirectly | (4,866 | ) | (5,278 | ) | (6,545 | ) | (8,793 | ) | ||||||||
Net expenses | 2,808,519 | 5,124,089 | 196,853 | 1,890,802 | ||||||||||||
Net investment income | 19,680,873 | 52,143,566 | 927,165 | 17,211,060 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | (1,261,304 | ) | (4,948,562 | ) | (141,621 | ) | (3,129,812 | ) | ||||||||
Futures | (1,442,776 | ) | (5,901,089 | ) | (14,974 | ) | (2,195,962 | ) | ||||||||
(2,704,080 | ) | (10,849,651 | ) | (156,595 | ) | (5,325,774 | ) | |||||||||
Net change in unrealized appreciation/depreciation on: | ||||||||||||||||
Investments | 8,225,892 | 27,124,522 | 54,326 | 16,876,090 | ||||||||||||
Futures | (1,374,651 | ) | (4,940,945 | ) | (6,061 | ) | (1,831,469 | ) | ||||||||
6,851,241 | 22,183,577 | 48,265 | 15,044,621 | |||||||||||||
Net change in transactions related to investment | ||||||||||||||||
violation1: | ||||||||||||||||
Realized and unrealized losses | — | — | (18,421 | ) | — | |||||||||||
Reimbursements from Advisor | — | — | 18,421 | — | ||||||||||||
Realized and unrealized gains | 167,280 | — | 10,779 | — | ||||||||||||
167,280 | — | 10,779 | — | |||||||||||||
Net gain (loss) | 4,314,441 | 11,333,926 | (97,551 | ) | 9,718,847 | |||||||||||
Dividends and Distributions to | ||||||||||||||||
Preferred Shareholders from: | ||||||||||||||||
Net investment income | (1,560,276 | ) | (3,870,243 | ) | (61,122 | ) | (1,276,088 | ) | ||||||||
Net realized gains | — | — | (3,726 | ) | — | |||||||||||
Total dividends and distributions | (1,560,276 | ) | (3,870,243 | ) | (64,848 | ) | (1,276,088 | ) | ||||||||
Net Increase in Net Assets Applicable | ||||||||||||||||
to Common Shareholders Resulting | ||||||||||||||||
from Operations | $ | 22,435,038 | $ | 59,607,249 | $ | 764,766 | $ | 25,653,819 | ||||||||
1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements.
See Notes to Financial Statements.
36
Investment Quality Municipal Trust (RFA) | Municipal Income Trust (BBF) | Investment Quality Municipal Trust (RNJ) | Municipal Income Trust (BNJ) | Investment Quality Municipal Trust (RNY) | Municipal Income Trust (BNY) | |||||||||||||||||
$ | 1,320,020 | $ | 8,411,655 | $ | 1,173,494 | $ | 9,624,433 | $ | 1,501,865 | $ | 16,009,531 | |||||||||||
89,371 | 945,314 | 78,659 | 1,050,378 | 104,366 | 1,789,357 | |||||||||||||||||
25,535 | — | 22,475 | — | 29,819 | — | |||||||||||||||||
11,346 | 16,104 | 11,346 | 15,309 | 11,346 | 16,104 | |||||||||||||||||
10,111 | 53,458 | 9,870 | 53,428 | 12,050 | 68,609 | |||||||||||||||||
7,320 | 22,906 | 7,320 | 26,572 | 7,320 | 40,663 | |||||||||||||||||
12,544 | 14,274 | 12,544 | 15,738 | 12,544 | 26,718 | |||||||||||||||||
857 | 22,560 | 807 | 22,560 | 930 | 31,586 | |||||||||||||||||
14,379 | 37,241 | 14,379 | 37,823 | 14,379 | 39,973 | |||||||||||||||||
6,013 | 19,146 | 6,013 | 19,205 | 6,013 | 29,432 | |||||||||||||||||
1,825 | 13,989 | 1,627 | 12,719 | 2,134 | 21,619 | |||||||||||||||||
25,096 | 151,455 | 22,823 | 167,090 | 28,595 | 288,982 | |||||||||||||||||
17,991 | 27,984 | 17,879 | 28,793 | 18,025 | 38,946 | |||||||||||||||||
222,388 | 1,324,431 | 205,742 | 1,449,615 | 247,521 | 2,391,989 | |||||||||||||||||
— | (393,881 | ) | — | (437,658 | ) | — | (745,565 | ) | ||||||||||||||
(5,393 | ) | (4,780 | ) | (5,052 | ) | (4,384 | ) | (4,832 | ) | (4,569 | ) | |||||||||||
216,995 | 925,770 | 200,690 | 1,007,573 | 242,689 | 1,641,855 | |||||||||||||||||
1,103,025 | 7,485,885 | 972,804 | 8,616,860 | 1,259,176 | 14,367,676 | |||||||||||||||||
165,971 | 329,153 | 173,985 | 174,559 | 95,047 | 200,520 | |||||||||||||||||
(19,623 | ) | (837,327 | ) | (14,974 | ) | (989,780 | ) | (24,608 | ) | (1,478,092 | ) | |||||||||||
146,348 | (508,174 | ) | 159,011 | (815,221 | ) | 70,439 | (1,277,572 | ) | ||||||||||||||
(389,521 | ) | 4,201,859 | (350,999 | ) | 6,199,284 | (71,668 | ) | 6,906,153 | ||||||||||||||
(8,407 | ) | (696,470 | ) | (6,063 | ) | (846,903 | ) | (10,435 | ) | (1,218,440 | ) | |||||||||||
(397,928 | ) | 3,505,389 | (357,062 | ) | 5,352,381 | (82,103 | ) | 5,687,713 | ||||||||||||||
— | — | (86,481 | ) | — | (3,690 | ) | — | |||||||||||||||
— | — | 86,481 | — | 3,690 | — | |||||||||||||||||
46,656 | — | — | — | 4,284 | — | |||||||||||||||||
46,656 | — | — | — | 4,284 | — | |||||||||||||||||
(204,924 | ) | 2,997,215 | (198,051 | ) | 4,537,160 | (7,380 | ) | 4,410,141 | ||||||||||||||
(78,189 | ) | (548,629 | ) | (70,911 | ) | (623,629 | ) | (92,575 | ) | (1,058,252 | ) | |||||||||||
(24,220 | ) | — | — | — | — | — | ||||||||||||||||
(102,409 | ) | (548,629 | ) | (70,911 | ) | (623,629 | ) | (92,575 | ) | (1,058,252 | ) | |||||||||||
$ | 795,692 | $ | 9,934,471 | $ | 703,842 | $ | 12,530,391 | $ | 1,159,221 | $ | 17,719,565 | |||||||||||
37
STATEMENTS OF CHANGES IN NET ASSETS |
For the years ended October 31, 2004 and 2003 |
Quality Municipal Trust (BKN) | Income Trust (BFK) | |||||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Applicable to Common Shareholders | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 19,680,873 | $ | 19,425,882 | $ | 52,143,566 | $ | 53,252,034 | ||||||||
Net realized gain (loss) | (2,704,080 | ) | (3,112,753 | ) | (10,849,651 | ) | (21,756,169 | ) | ||||||||
Net change in unrealized appreciation/depreciation | 6,851,241 | 1,574,886 | 22,183,577 | 37,007,594 | ||||||||||||
Net change in transactions related to investment | ||||||||||||||||
violation1 | 167,280 | — | — | — | ||||||||||||
Dividends and distributions to preferred | ||||||||||||||||
shareholders from: | ||||||||||||||||
Net investment income | (1,560,276 | ) | (1,501,763 | ) | (3,870,243 | ) | (3,836,525 | ) | ||||||||
Net realized gains | — | — | — | — | ||||||||||||
Net increase in net assets resulting from operations | 22,435,038 | 16,386,252 | 59,607,249 | 64,666,934 | ||||||||||||
Dividends and Distributions to Common | ||||||||||||||||
Shareholders from: | ||||||||||||||||
Net investment income | (15,274,761 | ) | (14,781,077 | ) | (42,421,794 | ) | (41,326,371 | ) | ||||||||
Net realized gains | — | — | — | — | ||||||||||||
Total dividends and distributions | (15,274,761 | ) | (14,781,077 | ) | (42,421,794 | ) | (41,326,371 | ) | ||||||||
Capital Share Transactions: | ||||||||||||||||
Reinvestment of common dividends | — | — | 519,196 | 922,048 | ||||||||||||
Net proceeds from capital share transactions | — | — | 519,196 | 922,048 | ||||||||||||
Total increase (decrease) | 7,160,277 | 1,605,175 | 17,704,651 | 24,262,611 | ||||||||||||
Net Assets Applicable to | ||||||||||||||||
Common Shareholders | ||||||||||||||||
Beginning of year | 255,314,691 | 253,709,516 | 603,943,490 | 579,680,879 | ||||||||||||
End of year | $ | 262,474,968 | $ | 255,314,691 | $ | 621,648,141 | $ | 603,943,490 | ||||||||
End of year undistributed net investment income | $ | 12,876,540 | $ | 10,109,122 | $ | 20,211,294 | $ | 14,382,973 | ||||||||
1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements. |
See Notes to Financial Statements.
38
Quality Municipal Trust (RAA) | Municipal Income Trust (BFZ) | Quality Municipal Trust (RFA) | ||||||||||||||||||||
$ | 927,165 | $ | 1,057,654 | $ | 17,211,060 | $ | 16,928,458 | $ | 1,103,025 | $ | 1,175,275 | |||||||||||
(156,595 | ) | 51,040 | (5,325,774 | ) | (124,407 | ) | 146,348 | 248,044 | ||||||||||||||
48,265 | (455,653 | ) | 15,044,621 | (5,006,045 | ) | (397,928 | ) | (687,041 | ) | |||||||||||||
10,779 | — | — | — | 46,656 | — | |||||||||||||||||
(61,122 | ) | (64,203 | ) | (1,276,088 | ) | (1,214,717 | ) | (78,189 | ) | (88,761 | ) | |||||||||||
(3,726 | ) | — | — | — | (24,220 | ) | — | |||||||||||||||
764,766 | 588,838 | 25,653,819 | 10,583,289 | 795,692 | 647,517 | |||||||||||||||||
(853,209 | ) | (834,841 | ) | (13,680,084 | ) | (13,401,474 | ) | (957,321 | ) | (939,337 | ) | |||||||||||
(48,441 | ) | — | — | — | (256,301 | ) | — | |||||||||||||||
(901,650 | ) | (834,841 | ) | (13,680,084 | ) | (13,401,474 | ) | (1,213,622 | ) | (939,337 | ) | |||||||||||
— | — | — | — | — | — | |||||||||||||||||
— | — | — | — | — | — | |||||||||||||||||
(136,884 | ) | (246,003 | ) | 11,973,735 | (2,818,185 | ) | (417,930 | ) | (291,820 | ) | ||||||||||||
14,665,452 | 14,911,455 | 209,396,997 | 212,215,182 | 17,347,020 | 17,638,840 | |||||||||||||||||
$ | 14,528,568 | $ | 14,665,452 | $ | 221,370,732 | $ | 209,396,997 | $ | 16,929,090 | $ | 17,347,020 | |||||||||||
$ | 373,382 | $ | 393,562 | $ | 6,189,963 | $ | 3,935,119 | $ | 489,204 | $ | 421,748 |
39
STATEMENTS OF CHANGES IN NET ASSETS (continued) |
For the years ended October 31, 2004 and 2003 |
Municipal Income Trust (BBF) | Quality Municipal Trust (RNJ) | |||||||||||||||
Increase (Decrease) in Net Assets | ||||||||||||||||
Applicable to Common Shareholders | ||||||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 7,485,885 | $ | 7,355,264 | $ | 972,804 | $ | 1,006,244 | ||||||||
Net realized gain (loss) | (508,174 | ) | 630,302 | 159,011 | 6,919 | |||||||||||
Net change in unrealized appreciation/depreciation | 3,505,389 | (777,309 | ) | (357,062 | ) | 109,486 | ||||||||||
Net change in transactions related to investment | ||||||||||||||||
violation1 | — | — | — | — | ||||||||||||
Dividends to preferred shareholders from | ||||||||||||||||
net investment income | (548,629 | ) | (521,291 | ) | (70,911 | ) | (61,319 | ) | ||||||||
Net increase in net assets resulting from operations | 9,934,471 | 6,686,966 | 703,842 | 1,061,330 | ||||||||||||
Dividends to Common Shareholders from: | ||||||||||||||||
Net investment income | (6,011,618 | ) | (5,914,155 | ) | (811,491 | ) | (801,290 | ) | ||||||||
Total increase (decrease) | 3,922,853 | 772,811 | (107,649 | ) | 260,040 | |||||||||||
Net Assets Applicable to | ||||||||||||||||
Common Shareholders: | ||||||||||||||||
Beginning of year | 97,589,085 | 96,816,274 | 15,007,188 | 14,747,148 | ||||||||||||
End of year | �� | $ | 101,511,938 | $ | 97,589,085 | $ | 14,899,539 | $ | 15,007,188 | |||||||
End of year undistributed net investment income | $ | 2,393,507 | $ | 1,467,876 | $ | 600,862 | $ | 550,518 | ||||||||
1 Amounts as of December 18, 2003. See Note 7 of Notes to Financial Statements. |
See Notes to Financial Statements.
40
Municipal Income Trust (BNJ) | Quality Municipal Trust (RNY) | Municipal Income Trust (BNY) | ||||||||||||||||||||
$ | 8,616,860 | $ | 8,465,666 | $ | 1,259,176 | $ | 1,346,704 | $ | 14,367,676 | $ | 14,192,727 | |||||||||||
(815,221 | ) | (29,376 | ) | 70,439 | 357,056 | (1,277,572 | ) | (486,109 | ) | |||||||||||||
5,352,381 | 895,164 | (82,103 | ) | (636,582 | ) | 5,687,713 | 2,196,536 | |||||||||||||||
— | — | 4,284 | — | — | — | |||||||||||||||||
(623,629 | ) | (616,370 | ) | (92,575 | ) | (88,859 | ) | (1,058,252 | ) | (1,130,137 | ) | |||||||||||
12,530,391 | 8,715,084 | 1,159,221 | 978,319 | 17,719,565 | 14,773,017 | |||||||||||||||||
(6,682,923 | ) | (6,528,221 | ) | (1,146,975 | ) | (1,146,823 | ) | (11,320,282 | ) | (11,098,501 | ) | |||||||||||
5,847,468 | 2,186,863 | 12,246 | (168,504 | ) | 6,399,283 | 3,674,516 | ||||||||||||||||
108,171,959 | 105,985,096 | 20,053,261 | 20,221,765 | 184,874,432 | 181,199,916 | |||||||||||||||||
$ | 114,019,427 | $ | 108,171,959 | $ | 20,065,507 | $ | 20,053,261 | $ | 191,273,715 | $ | 184,874,432 | |||||||||||
$ | 3,228,123 | $ | 1,917,815 | $ | 584,462 | $ | 569,685 | $ | 4,820,612 | $ | 2,832,034 |
41
FINANCIAL HIGHLIGHTS |
BlackRock Investment Quality Municipal Trust (BKN) |
PER COMMON SHARE OPERATING | ||||||||||||||||||||
PERFORMANCE: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 15.28 | $ | 15.19 | $ | 15.19 | $ | 14.30 | $ | 13.95 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 1.17 | 1.16 | 1.20 | 1.20 | 1.13 | |||||||||||||||
Net realized and unrealized gain (loss) | 0.26 | (0.09 | ) | (0.26 | ) | 0.75 | 0.43 | |||||||||||||
Dividends to preferred shareholders from | ||||||||||||||||||||
net investment income | (0.09 | ) | (0.09 | ) | (0.13 | ) | (0.29 | ) | (0.35 | ) | ||||||||||
Net increase from investment operations | 1.34 | 0.98 | 0.81 | 1.66 | 1.21 | |||||||||||||||
Dividends to common shareholders from | ||||||||||||||||||||
net investment income | (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 year | $ | 15.71 | $ | 15.28 | $ | 15.19 | $ | 15.19 | $ | 14.30 | ||||||||||
Market price, end of year | $ | 15.12 | $ | 14.26 | $ | 13.48 | $ | 13.73 | $ | 12.13 | ||||||||||
TOTAL INVESTMENT RETURN1 | 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 | 1.08 | % | 1.10 | % | 1.09 | % | 1.14 | % | 1.20 | % | ||||||||||
Expenses after fees waived and before fees paid indirectly | 1.08 | % | 1.10 | % | 1.09 | % | 1.14 | % | 1.20 | % | ||||||||||
Expenses before fees waived and paid indirectly | 1.08 | % | 1.10 | % | 1.09 | % | 1.14 | % | 1.20 | % | ||||||||||
Net investment income after fees waived and paid | ||||||||||||||||||||
indirectly and before preferred share dividends | 7.59 | % | 7.62 | % | 7.93 | % | 8.10 | % | 8.18 | % | ||||||||||
Preferred share dividends | 0.60 | % | 0.59 | % | 0.83 | % | 1.94 | % | 2.53 | % | ||||||||||
Net investment income available to common shareholders | 6.99 | % | 7.03 | % | 7.10 | % | 6.16 | % | 5.65 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Average net assets of common shareholders (000) | $ | 259,470 | $ | 254,890 | $ | 251,428 | $ | 247,832 | $ | 230,746 | ||||||||||
Portfolio turnover | 52 | % | 36 | % | 19 | % | 4 | % | 35 | % | ||||||||||
Net assets of common shareholders, end of year (000) | $ | 262,475 | $ | 255,315 | $ | 253,710 | $ | 253,777 | $ | 238,849 | ||||||||||
Preferred shares value outstanding, end of year (000) | $ | 146,550 | $ | 146,550 | $ | 146,550 | $ | 146,550 | $ | 146,550 | ||||||||||
Asset coverage per preferred share, end of year | $ | 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. |
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. |
42
FINANCIAL HIGHLIGHTS |
BlackRock Municipal Income Trust (BFK) |
July 27, 20011 through October 31, 20012 | ||||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE: | ||||||||||||||||
Net asset value, beginning of period | $ | 13.87 | $ | 13.33 | $ | 14.30 | $ | 14.33 | 3 | |||||||
Investment operations: | ||||||||||||||||
Net investment income | 1.19 | 1.23 | 1.20 | 0.17 | ||||||||||||
Net realized and unrealized gain (loss) | 0.26 | 0.35 | (1.11 | ) | 0.12 | |||||||||||
Dividends to preferred shareholders from | ||||||||||||||||
net investment income | (0.09 | ) | (0.09 | ) | (0.13 | ) | (0.01 | ) | ||||||||
Net increase (decrease) from investment operations | 1.36 | 1.49 | (0.04 | ) | 0.28 | |||||||||||
Dividends and distributions to common shareholders: | ||||||||||||||||
Net investment income | (0.97 | ) | (0.95 | ) | (0.93 | ) | (0.16 | ) | ||||||||
In excess of net investment income | — | — | — | (0.01 | ) | |||||||||||
Total dividends and distributions | (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 | $ | 14.26 | $ | 13.87 | $ | 13.33 | $ | 14.30 | ||||||||
Market price, end of period | $ | 14.05 | $ | 13.70 | $ | 13.46 | $ | 14.75 | ||||||||
TOTAL INVESTMENT RETURN4 | 10.01 | % | 9.21 | % | (2.40 | )% | (1.13 | )% | ||||||||
RATIOS TO AVERAGE NET ASSETS OF | ||||||||||||||||
COMMON SHAREHOLDERS:5 | ||||||||||||||||
Expenses after fees waived and paid indirectly | 0.83 | % | 0.84 | % | 0.81 | % | 0.61 | %6 | ||||||||
Expenses after fees waived and before fees paid indirectly | 0.83 | % | 0.84 | % | 0.83 | % | 0.62 | %6 | ||||||||
Expenses before fees waived and paid indirectly | 1.23 | % | 1.25 | % | 1.23 | % | 0.91 | %6 | ||||||||
Net investment income after fees waived and paid indirectly | ||||||||||||||||
and before preferred share dividends | 8.44 | % | 8.96 | % | 8.74 | % | 4.59 | %6 | ||||||||
Preferred share dividends | 0.63 | % | 0.65 | % | 0.92 | % | 0.38 | %6 | ||||||||
Net investment income available to common shareholders | 7.81 | % | 8.31 | % | 7.82 | % | 4.21 | %6 | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Average net assets of common shareholders (000) | $ | 618,076 | $ | 594,192 | $ | 598,425 | $ | 572,610 | ||||||||
Portfolio turnover | 59 | % | 56 | % | 70 | % | 27 | % | ||||||||
Net assets of common shareholders, end of period (000) | $ | 621,648 | $ | 603,943 | $ | 579,681 | $ | 619,249 | ||||||||
Preferred shares value outstanding, end of period (000) | $ | 375,125 | $ | 375,125 | $ | 375,125 | $ | 375,125 | ||||||||
Asset coverage per preferred share, end of period | $ | 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. |
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. |
43
FINANCIAL HIGHLIGHTS |
BlackRock California Investment Quality Municipal Trust (RAA) |
PER COMMON SHARE OPERATING | ||||||||||||||||||||
PERFORMANCE: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 14.56 | $ | 14.81 | $ | 15.30 | $ | 14.62 | $ | 14.34 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.92 | 1.05 | 1.04 | 1.05 | 1.06 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.09 | ) | (0.41 | ) | (0.64 | ) | 0.63 | 0.29 | ||||||||||||
Dividends to preferred shareholders from net | ||||||||||||||||||||
investment income | (0.06 | ) | (0.06 | ) | (0.09 | ) | (0.21 | ) | (0.25 | ) | ||||||||||
Net increase from investment operations | 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 | (0.05 | ) | — | — | — | — | ||||||||||||||
Total dividends and distributions | (0.90 | ) | (0.83 | ) | (0.80 | ) | (0.79 | ) | (0.82 | ) | ||||||||||
Net asset value, end of year | $ | 14.43 | $ | 14.56 | $ | 14.81 | $ | 15.30 | $ | 14.62 | ||||||||||
Market price, end of year | $ | 14.30 | $ | 14.03 | $ | 13.38 | $ | 15.55 | $ | 14.00 | ||||||||||
TOTAL INVESTMENT RETURN1 | 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 | % | 1.40 | % | 1.29 | % | 1.38 | % | 1.41 | % | ||||||||||
Expenses after fees waived and before fees paid indirectly | 1.40 | % | 1.40 | % | 1.29 | % | 1.38 | % | 1.41 | % | ||||||||||
Expenses before fees paid indirectly | 1.40 | % | 1.40 | % | 1.29 | % | 1.38 | % | 1.41 | % | ||||||||||
Net investment income after fees waived and paid | ||||||||||||||||||||
indirectly and before preferred share dividends | 6.37 | % | 7.17 | % | 6.86 | % | 7.04 | % | 7.36 | % | ||||||||||
Preferred share dividends | 0.42 | % | 0.44 | % | 0.59 | % | 1.39 | % | 1.75 | % | ||||||||||
Net investment income available to common shareholders | 5.95 | % | 6.73 | % | 6.27 | % | 5.65 | % | 5.61 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Average net assets of common shareholders (000) | $ | 14,553 | $ | 14,752 | $ | 15,221 | $ | 15,072 | $ | 14,450 | ||||||||||
Portfolio turnover | 15 | % | 6 | % | 30 | % | 1 | % | — | % | ||||||||||
Net assets of common shareholders, end of year (000) | $ | 14,529 | $ | 14,665 | $ | 14,911 | $ | 15,411 | $ | 14,725 | ||||||||||
Preferred shares value outstanding, end of year (000) | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | ||||||||||
Asset coverage per preferred share, end of year | $ | 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. |
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. |
See Notes to Financial Statements.
44
FINANCIAL HIGHLIGHTS |
BlackRock California Municipal Income Trust (BFZ) |
July 27, 20011 through October 31, 20012 | ||||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE: | ||||||||||||||||
Net asset value, beginning of period | $ | 13.97 | $ | 14.16 | $ | 14.50 | $ | 14.33 | 3 | |||||||
Investment operations: | ||||||||||||||||
Net investment income | 1.15 | 1.12 | 1.11 | 0.16 | ||||||||||||
Net realized and unrealized gain (loss) | 0.65 | (0.34 | ) | (0.46 | ) | 0.32 | ||||||||||
Dividends to preferred shareholders from | ||||||||||||||||
net investment income | (0.09 | ) | (0.08 | ) | (0.12 | ) | (0.01 | ) | ||||||||
Net increase from investment operations | 1.71 | 0.70 | 0.53 | 0.47 | ||||||||||||
Dividends and distributions to common shareholders: | ||||||||||||||||
Net investment income | (0.91 | ) | (0.89 | ) | (0.87 | ) | (0.15 | ) | ||||||||
In excess of net investment income | — | — | — | (0.01 | ) | |||||||||||
Total dividends and distributions | (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 | $ | 14.77 | $ | 13.97 | $ | 14.16 | $ | 14.50 | ||||||||
Market price, end of period | $ | 13.65 | $ | 13.21 | $ | 13.09 | $ | 14.75 | ||||||||
TOTAL INVESTMENT RETURN4 | 10.58 | % | 7.92 | % | (5.49 | )% | (1.17 | )% | ||||||||
RATIOS TO AVERAGE NET ASSETS OF | ||||||||||||||||
COMMON SHAREHOLDERS:5 | ||||||||||||||||
Expenses after fees waived and paid indirectly | 0.87 | % | 0.89 | % | 0.88 | % | 0.72 | %6 | ||||||||
Expenses after fees waived and before fees paid indirectly | 0.88 | % | 0.89 | % | 0.90 | % | 0.73 | %6 | ||||||||
Expenses before fees waived and paid indirectly | 1.28 | % | 1.30 | % | 1.31 | % | 1.02 | %6 | ||||||||
Net investment income after fees waived and paid indirectly | ||||||||||||||||
and before preferred share dividends | 7.96 | % | 8.01 | % | 7.96 | % | 4.06 | %6 | ||||||||
Preferred share dividends | 0.59 | % | 0.57 | % | 0.86 | % | 0.38 | %6 | ||||||||
Net investment income available to common shareholders | 7.37 | % | 7.44 | % | 7.10 | % | 3.68 | %6 | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Average net assets of common shareholders (000) | $ | 216,238 | $ | 211,275 | $ | 209,965 | $ | 199,356 | ||||||||
Portfolio turnover | 15 | % | 34 | % | 44 | % | 16 | % | ||||||||
Net assets of common shareholders, end of period (000) | $ | 221,371 | $ | 209,397 | $ | 212,215 | $ | 216,829 | ||||||||
Preferred shares value outstanding, end of period (000) | $ | 131,950 | $ | 131,950 | $ | 131,950 | $ | 131,950 | ||||||||
Asset coverage per preferred share, end of period | $ | 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. |
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 Florida Investment Quality Municipal Trust (RFA) |
PER COMMON SHARE OPERATING | ||||||||||||||||||||
PERFORMANCE: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 15.39 | $ | 15.65 | $ | 15.50 | $ | 14.65 | $ | 14.29 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.98 | 1.04 | 1.05 | 1.03 | 1.07 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.18 | ) | (0.39 | ) | 0.02 | 0.86 | 0.40 | |||||||||||||
Dividends and distributions to preferred shareholders: | ||||||||||||||||||||
Net investment income | (0.07 | ) | (0.08 | ) | (0.11 | ) | (0.24 | ) | (0.31 | ) | ||||||||||
Net realized gains | (0.02 | ) | — | — | — | — | ||||||||||||||
Net increase from investment operations | 0.71 | 0.57 | 0.96 | 1.65 | 1.16 | |||||||||||||||
Dividends and distributions to common shareholders: | ||||||||||||||||||||
Net investment income | (0.85 | ) | (0.83 | ) | (0.81 | ) | (0.80 | ) | (0.80 | ) | ||||||||||
Net realized gains | (0.23 | ) | — | — | — | — | ||||||||||||||
Total dividends and distributions | (1.08 | ) | (0.83 | ) | (0.81 | ) | (0.80 | ) | (0.80 | ) | ||||||||||
Net asset value, end of year | $ | 15.02 | $ | 15.39 | $ | 15.65 | $ | 15.50 | $ | 14.65 | ||||||||||
Market price, end of year | $ | 14.30 | $ | 14.47 | $ | 14.50 | $ | 14.36 | $ | 13.13 | ||||||||||
TOTAL INVESTMENT RETURN1 | 6.32 | % | 5.52 | % | 6.52 | % | 15.65 | % | 9.00 | % | ||||||||||
RATIOS TO AVERAGE NET ASSETS | ||||||||||||||||||||
OF COMMON SHAREHOLDERS:2 | ||||||||||||||||||||
Expenses after fees paid indirectly | 1.27 | % | 1.29 | % | 1.20 | % | 1.38 | % | 1.22 | % | ||||||||||
Expenses after fees waived and before fees paid indirectly | 1.31 | % | 1.29 | % | 1.20 | % | 1.38 | % | 1.22 | % | ||||||||||
Expenses before fees paid indirectly | 1.31 | % | 1.29 | % | 1.20 | % | 1.38 | % | 1.22 | % | ||||||||||
Net investment income after fees paid indirectly and | ||||||||||||||||||||
before preferred share dividends | 6.48 | % | 6.69 | % | 6.76 | % | 6.83 | % | 7.48 | % | ||||||||||
Preferred share dividends | 0.46 | % | 0.51 | % | 0.69 | % | 1.58 | % | 2.18 | % | ||||||||||
Net investment income available to common shareholders | 6.02 | % | 6.18 | % | 6.07 | % | 5.25 | % | 5.30 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Average net assets of common shareholders (000) | $ | 17,035 | $ | 17,561 | $ | 17,427 | $ | 17,046 | $ | 16,167 | ||||||||||
Portfolio turnover | 13 | % | 17 | % | 8 | % | — | % | — | % | ||||||||||
Net assets of common shareholders, end of year (000) | $ | 16,929 | $ | 17,347 | $ | 17,639 | $ | 17,472 | $ | 16,509 | ||||||||||
Preferred shares value outstanding, end of year (000) | $ | 8,500 | $ | 8,500 | $ | 8,500 | $ | 8,500 | $ | 8,500 | ||||||||||
Asset coverage per preferred share, end of year | $ | 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. |
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. |
46
FINANCIAL HIGHLIGHTS |
BlackRock Florida Municipal Income Trust (BBF) |
July 27, 20011 through October 31, 20012 | ||||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE: | ||||||||||||||||
Net asset value, beginning of period | $ | 14.68 | $ | 14.57 | $ | 14.37 | $ | 14.33 | 3 | |||||||
Investment operations: | ||||||||||||||||
Net investment income | 1.12 | 1.11 | 1.07 | 0.17 | ||||||||||||
Net realized and unrealized gain (loss) | 0.45 | (0.03 | ) | 0.13 | 0.18 | |||||||||||
Dividends to preferred shareholders from | ||||||||||||||||
net investment income | (0.08 | ) | (0.08 | ) | (0.12 | ) | (0.01 | ) | ||||||||
Net increase from investment operations | 1.49 | 1.00 | 1.08 | 0.34 | ||||||||||||
Dividends to common shareholders from | ||||||||||||||||
net investment income | (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 | $ | 15.27 | $ | 14.68 | $ | 14.57 | $ | 14.37 | ||||||||
Market price, end of period | $ | 14.40 | $ | 13.36 | $ | 13.65 | $ | 14.50 | ||||||||
TOTAL INVESTMENT RETURN4 | 15.04 | % | 4.30 | % | 0.16 | % | (2.84 | )% | ||||||||
RATIOS TO AVERAGE NET ASSETS OF | ||||||||||||||||
COMMON SHAREHOLDERS:5 | ||||||||||||||||
Expenses after fees waived and paid indirectly | 0.93 | % | 0.94 | % | 0.96 | % | 0.87 | %6 | ||||||||
Expenses after fees waived and before fees paid indirectly | 0.93 | % | 0.95 | % | 0.98 | % | 0.88 | %6 | ||||||||
Expenses before fees waived and paid indirectly | 1.32 | % | 1.35 | % | 1.38 | % | 1.17 | %6 | ||||||||
Net investment income after fees waived and paid indirectly | ||||||||||||||||
and before preferred share dividends | 7.49 | % | 7.50 | % | 7.59 | % | 4.43 | %6 | ||||||||
Preferred share dividends | 0.55 | % | 0.53 | % | 0.82 | % | 0.37 | %6 | ||||||||
Net investment income available to common shareholders | 6.94 | % | 6.97 | % | 6.77 | % | 4.06 | %6 | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Average net assets of common shareholders (000) | $ | 100,002 | $ | 98,081 | $ | 93,558 | $ | 87,918 | ||||||||
Portfolio turnover | 10 | % | 19 | % | 35 | % | 28 | % | ||||||||
Net assets of common shareholders, end of period (000) | $ | 101,512 | $ | 97,589 | $ | 96,816 | $ | 95,123 | ||||||||
Preferred shares value outstanding, end of period (000) | $ | 57,550 | $ | 57,550 | $ | 57,550 | $ | 57,550 | ||||||||
Asset coverage per preferred share, end of period | $ | 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. |
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. |
47
FINANCIAL HIGHLIGHTS |
BlackRock New Jersey Investment Quality Municipal Trust (RNJ) |
PER COMMON SHARE OPERATING | ||||||||||||||||||||
PERFORMANCE: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 14.90 | $ | 14.64 | $ | 14.85 | $ | 13.96 | $ | 13.52 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.97 | 1.00 | 1.02 | 0.96 | 1.01 | |||||||||||||||
Net realized and unrealized gain (loss) | (0.20 | ) | 0.12 | (0.39 | ) | 0.87 | 0.43 | |||||||||||||
Dividends to preferred shareholders from net | ||||||||||||||||||||
investment income | (0.07 | ) | (0.06 | ) | (0.09 | ) | (0.21 | ) | (0.27 | ) | ||||||||||
Net increase from investment operations | 0.70 | 1.06 | 0.54 | 1.62 | 1.17 | |||||||||||||||
Dividends to common shareholders from net | ||||||||||||||||||||
investment income | (0.81 | ) | (0.80 | ) | (0.75 | ) | (0.73 | ) | (0.73 | ) | ||||||||||
Net asset value, end of year | $ | 14.79 | $ | 14.90 | $ | 14.64 | $ | 14.85 | $ | 13.96 | ||||||||||
Market price, end of year | $ | 15.00 | $ | 14.80 | $ | 13.30 | $ | 13.75 | $ | 12.13 | ||||||||||
TOTAL INVESTMENT RETURN1 | 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 | 1.34 | % | 1.39 | % | 1.31 | % | 1.54 | % | 1.32 | % | ||||||||||
Expenses after fees waived and before fees paid indirectly | 1.37 | % | 1.39 | % | 1.31 | % | 1.54 | % | 1.32 | % | ||||||||||
Expenses before fees waived and paid indirectly | 1.37 | % | 1.39 | % | 1.31 | % | 1.54 | % | 1.32 | % | ||||||||||
Net investment income after fees waived and paid | ||||||||||||||||||||
indirectly and before preferred share dividends | 6.50 | % | 6.72 | % | 6.93 | % | 6.64 | % | 7.44 | % | ||||||||||
Preferred share dividends | 0.47 | % | 0.41 | % | 0.61 | % | 1.47 | % | 1.98 | % | ||||||||||
Net investment income available to common shareholders | 6.03 | % | 6.31 | % | 6.32 | % | 5.17 | % | 5.46 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Average net assets of common shareholders (000) | $ | 14,974 | $ | 14,975 | $ | 14,791 | $ | 14,570 | $ | 13,696 | ||||||||||
Portfolio turnover | 12 | % | 4 | % | 14 | % | 9 | % | 23 | % | ||||||||||
Net assets of common shareholders, end of year (000) | $ | 14,900 | $ | 15,007 | $ | 14,747 | $ | 14,958 | $ | 14,059 | ||||||||||
Preferred shares value outstanding, end of year (000) | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | $ | 7,500 | ||||||||||
Asset coverage per preferred share, end of year | $ | 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. |
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. |
48
FINANCIAL HIGHLIGHTS |
BlackRock New Jersey Municipal Income Trust (BNJ) |
July 27, 20011 through October 31, 20012 | ||||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE: | ||||||||||||||||
Net asset value, beginning of period | $ | 14.59 | $ | 14.29 | $ | 14.26 | $ | 14.33 | 3 | |||||||
Investment operations: | ||||||||||||||||
Net investment income | 1.16 | 1.15 | 1.10 | 0.14 | ||||||||||||
Net realized and unrealized gain (loss) | 0.61 | 0.11 | (0.07 | ) | 0.10 | |||||||||||
Dividends to preferred shareholders from | ||||||||||||||||
net investment income | (0.08 | ) | (0.08 | ) | (0.12 | ) | (0.01 | ) | ||||||||
Net increase from investment operations | 1.69 | 1.18 | 0.91 | 0.23 | ||||||||||||
Dividends and distributions to common shareholders: | ||||||||||||||||
Net investment income | (0.90 | ) | (0.88 | ) | (0.87 | ) | (0.13 | ) | ||||||||
In excess of net investment income | — | — | — | (0.03 | ) | |||||||||||
Total dividends and distributions | (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 | $ | 15.38 | $ | 14.59 | $ | 14.29 | $ | 14.26 | ||||||||
Market price, end of period | $ | 14.45 | $ | 14.04 | $ | 13.64 | $ | 14.84 | ||||||||
TOTAL INVESTMENT RETURN4 | 9.63 | % | 9.59 | % | (2.25 | )% | (0.56 | )% | ||||||||
RATIOS TO AVERAGE NET ASSETS OF | ||||||||||||||||
COMMON SHAREHOLDERS:5 | ||||||||||||||||
Expenses after fees waived and paid indirectly | 0.91 | % | 0.93 | % | 0.93 | % | 0.83 | %6 | ||||||||
Expenses after fees waived and before fees paid indirectly | 0.91 | % | 0.94 | % | 0.97 | % | 0.84 | %6 | ||||||||
Expenses before fees waived and paid indirectly | 1.30 | % | 1.34 | % | 1.37 | % | 1.12 | %6 | ||||||||
Net investment income after fees waived and paid indirectly | ||||||||||||||||
and before preferred share dividends | 7.74 | % | 7.85 | % | 7.81 | % | 3.67 | %6 | ||||||||
Preferred share dividends | 0.56 | % | 0.57 | % | 0.88 | % | 0.37 | %6 | ||||||||
Net investment income available to common shareholders | 7.18 | % | 7.28 | % | 6.93 | % | 3.30 | %6 | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Average net assets of common shareholders (000) | $ | 111,263 | $ | 107,900 | $ | 104,241 | $ | 97,050 | ||||||||
Portfolio turnover | 16 | % | 13 | % | 50 | % | 16 | % | ||||||||
Net assets of common shareholders, end of period (000) | $ | 114,019 | $ | 108,172 | $ | 105,985 | $ | 105,089 | ||||||||
Preferred shares value outstanding, end of period (000) | $ | 63,800 | $ | 63,800 | $ | 63,800 | $ | 63,800 | ||||||||
Asset coverage per preferred share, end of period | $ | 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. |
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. |
49
FINANCIAL HIGHLIGHTS |
BlackRock New York Investment Quality Municipal Trust (RNY) |
PER COMMON SHARE OPERATING | ||||||||||||||||||||
PERFORMANCE: | ||||||||||||||||||||
Net asset value, beginning of year | $ | 15.34 | $ | 15.47 | $ | 15.28 | $ | 14.55 | $ | 14.11 | ||||||||||
Investment operations: | ||||||||||||||||||||
Net investment income | 0.96 | 1.03 | 1.06 | 1.06 | 1.08 | |||||||||||||||
Net realized and unrealized gain (loss) | — | (0.21 | ) | 0.06 | 0.70 | 0.44 | ||||||||||||||
Dividends to preferred shareholders from net | ||||||||||||||||||||
investment income | (0.07 | ) | (0.07 | ) | (0.09 | ) | (0.21 | ) | (0.26 | ) | ||||||||||
Net increase (decrease) from investment operations | 0.89 | 0.75 | 1.03 | 1.55 | 1.26 | |||||||||||||||
Dividends to common shareholders from net | ||||||||||||||||||||
investment income | (0.88 | ) | (0.88 | ) | (0.84 | ) | (0.82 | ) | (0.82 | ) | ||||||||||
Net asset value, end of year | $ | 15.35 | $ | 15.34 | $ | 15.47 | $ | 15.28 | $ | 14.55 | ||||||||||
Market price, end of year | $ | 14.50 | $ | 14.18 | $ | 14.40 | $ | 14.20 | $ | 12.63 | ||||||||||
TOTAL INVESTMENT RETURN1 | 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 | 1.21 | % | 1.24 | % | 1.17 | % | 1.31 | % | 1.21 | % | ||||||||||
Expenses after fees waived and before fees paid indirectly | 1.24 | % | 1.24 | % | 1.17 | % | 1.31 | % | 1.21 | % | ||||||||||
Expenses before fees paid indirectly | 1.24 | % | 1.24 | % | 1.17 | % | 1.31 | % | 1.21 | % | ||||||||||
Net investment income after fees waived and | ||||||||||||||||||||
paid indirectly and before preferred share dividends | 6.29 | % | 6.68 | % | 6.97 | % | 7.06 | % | 7.63 | % | ||||||||||
Preferred share dividends | 0.46 | % | 0.44 | % | 0.60 | % | 1.40 | % | 1.83 | % | ||||||||||
Net investment income available to common shareholders | 5.83 | % | 6.24 | % | 6.37 | % | 5.66 | % | 5.81 | % | ||||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||||||
Average net assets of common shareholders (000) | $ | 20,019 | $ | 20,158 | $ | 19,915 | $ | 19,663 | $ | 18,523 | ||||||||||
Portfolio turnover | 23 | % | 36 | % | 7 | % | — | % | 22 | % | ||||||||||
Net assets of common shareholders, end of year (000) | $ | 20,066 | $ | 20,053 | $ | 20,222 | $ | 19,973 | $ | 19,016 | ||||||||||
Preferred shares value outstanding, end of year (000) | $ | 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | $ | 9,800 | ||||||||||
Asset coverage per preferred share, end of year | $ | 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. |
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. |
50
FINANCIAL HIGHLIGHTS |
BlackRock New York Municipal Income Trust (BNY) |
July 27, 20011 through October 31, 20012 | ||||||||||||||||
PER COMMON SHARE OPERATING PERFORMANCE: | ||||||||||||||||
Net asset value, beginning of period | $ | 14.76 | $ | 14.47 | $ | 14.09 | $ | 14.33 | 3 | |||||||
Investment operations: | ||||||||||||||||
Net investment income | 1.14 | 1.14 | 1.09 | 0.15 | ||||||||||||
Net realized and unrealized gain (loss) | 0.36 | 0.13 | 0.29 | (0.08 | ) | |||||||||||
Dividends to preferred shareholders from | ||||||||||||||||
net investment income | (0.08 | ) | (0.09 | ) | (0.13 | ) | (0.01 | ) | ||||||||
Net increase from investment operations | 1.42 | 1.18 | 1.25 | 0.06 | ||||||||||||
Dividends and distributions to common shareholders: | ||||||||||||||||
Net investment income | (0.90 | ) | (0.89 | ) | (0.87 | ) | (0.14 | ) | ||||||||
In excess of net investment income | — | — | — | (0.02 | ) | |||||||||||
Total dividends and distributions | (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 | $ | 15.28 | $ | 14.76 | $ | 14.47 | $ | 14.09 | ||||||||
Market price, end of period | $ | 13.99 | $ | 13.45 | $ | 13.42 | $ | 14.62 | ||||||||
TOTAL INVESTMENT RETURN4 | 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 | % | 0.88 | % | 0.90 | % | 0.73 | %6 | ||||||||
Expenses after fees waived and before fees paid indirectly | 0.87 | % | 0.89 | % | 0.92 | % | 0.74 | %6 | ||||||||
Expenses before fees waived and paid indirectly | 1.27 | % | 1.29 | % | 1.33 | % | 1.03 | %6 | ||||||||
Net investment income after fees waived and paid indirectly | ||||||||||||||||
and before preferred share dividends | 7.62 | % | 7.73 | % | 7.87 | % | 3.93 | %6 | ||||||||
Preferred share dividends | 0.56 | % | 0.62 | % | 0.93 | % | 0.37 | %6 | ||||||||
Net investment income available to common shareholders | 7.06 | % | 7.11 | % | 6.94 | % | 3.56 | %6 | ||||||||
SUPPLEMENTAL DATA: | ||||||||||||||||
Average net assets of common shareholders (000) | $ | 188,746 | $ | 183,648 | $ | 173,885 | $ | 163,077 | ||||||||
Portfolio turnover | 13 | % | 14 | % | 57 | % | 2 | % | ||||||||
Net assets of common shareholders, end of period (000) | $ | 191,274 | $ | 184,874 | $ | 181,200 | $ | 175,110 | ||||||||
Preferred shares value outstanding, end of period (000) | $ | 109,750 | $ | 109,750 | $ | 109,750 | $ | 109,750 | ||||||||
Asset coverage per preferred share, end of period | $ | 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. |
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. |
51
NOTES TO FINANCIAL STATEMENTS
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 Board of Trustees.
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 arms-length transaction. Fair value determinations shall be based upon all available factors that BlackRock Advisors 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 (“SEC”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities, reverse repurchase agreements or futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.
Federal Income Taxes: It is each Trust’s intention to continue to be treated as a regulated investment company under the Internal Revenue Code and to distribute sufficient net income to shareholders. For this reason and because substantially all of the gross income of each Trust consists of tax-exempt interest, no Federal income tax provisions are required.
Dividends and Distributions: Each Trust declares and pays dividends and distributions to common shareholders monthly from net investment income, net realized short-term capital gains and other sources, if necessary. Net long-term capital gains, if any, in excess of loss carryforwards may be distributed annually. Dividends and distributions are recorded on the ex-dividend date. 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.
52
Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by the 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.
Reclassification of Capital Accounts: In order to present undistributed (distribution in excess of) net investment income (“UNII”) and accumulated net realized gain (“Accumulated Gain”) more closely to its tax character, the following accounts for each Trust were increased (decreased):
Trust | Trust | |||||||||||||||
Municipal Investment Quality | $ | (78,418 | ) | $ | 78,418 | Florida Income | $ | (7 | ) | $ | 7 | |||||
Municipal Income | (23,208 | ) | 23,208 | New Jersey Investment Quality | (40,058 | ) | 40,058 | |||||||||
California Investment Quality | (32,978 | ) | 32,978 | New Jersey Income | — | — | ||||||||||
California Income | (44 | ) | 44 | New York Investment Quality | (4,849 | ) | 4,849 | |||||||||
Florida Investment Quality | (59 | ) | 59 | New York Income | (564 | ) | 564 |
Note 2. Agreements Each Trust has an Investment Management Agreement with BlackRock Advisors, Inc. (the “Advisor”), which is a wholly owned subsidiary of BlackRock, Inc. BlackRock Financial Management, Inc., a wholly owned subsidiary of BlackRock, Inc., serves as sub-advisor to the Income Trusts. BlackRock, Inc. is an indirect, majority owned subsidiary of The PNC Financial Services Group, Inc. The Investment Management Agreement on the Income Trusts covers both investment advisory and administration services. 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 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.
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 | Purchases and sales of investment securities, other than short-term investments and U.S. government securities, for the year ended October 31, 2004, were as follows: | |||||||||||||||||
Securities |
Trust | Trust | |||||||||||||
Municipal Investment Quality | $ | 204,122,815 | $ | 203,045,345 | Florida Income | $ | 15,440,213 | $ | 15,066,330 | |||||
Municipal Income | 584,964,077 | 565,882,727 | New Jersey Investment Quality | 2,439,520 | 4,879,572 | |||||||||
California Investment Quality | 2,797,313 | 5,762,201 | New Jersey Income | 27,867,372 | 27,671,986 | |||||||||
California Income | 53,023,257 | 50,855,834 | New York Investment Quality | 6,279,587 | 9,451,616 | |||||||||
Florida Investment Quality | 2,958,675 | 6,560,790 | New York Income | 43,892,397 | 38,795,739 |
There were no purchases or sales of U.S. government securities.
Details of open financial futures contracts at October 31, 2004 were as follows:
Number of | Value at Trade | Value at | ||||||||||||||
Trust | Contracts | Type | Date | October 31, 2004 | Depreciation | |||||||||||
Short Positions: | ||||||||||||||||
Municipal Investment Quality | 677 | 10 Yr. U.S. T-Note | $ | 75,507,162 | $ | 76,881,813 | $ | (1,374,651 | ) | |||||||
Municipal Income | 2,433 | 10 Yr. U.S. T-Note | 271,356,652 | 276,297,597 | (4,940,945 | ) | ||||||||||
California Investment Quality | 3 | 10 Yr. U.S. T-Note | 334,626 | 340,687 | (6,061 | ) | ||||||||||
California Income | 902 | 10 Yr. U.S. T-Note | 100,601,920 | 102,433,389 | (1,831,469 | ) | ||||||||||
Florida Investment Quality | 4 | 10 Yr. U.S. T-Note | 445,843 | 454,250 | (8,407 | ) | ||||||||||
Florida Income | 343 | 10 Yr. U.S. T-Note | 38,255,471 | 38,951,941 | (696,470 | ) | ||||||||||
New Jersey Investment Quality | 3 | 10 Yr. U.S. T-Note | 334,626 | 340,689 | (6,063 | ) | ||||||||||
New Jersey Income | 417 | 10 Yr. U.S. T-Note | 46,508,666 | 47,355,569 | (846,903 | ) | ||||||||||
New York Investment Quality | 5 | 10 Yr. U.S. T-Note | 557,380 | 567,815 | (10,435 | ) | ||||||||||
New York Income | 600 | 10 Yr. U.S. T-Note | 66,919,070 | 68,137,510 | (1,218,440 | ) |
53
At October 31, 2004, the total cost of securities for Federal income tax purposes and the aggregate gross unrealized appreciation and depreciation for securities held by each Trust were as follows:
Trust | Appreciation | Depreciation | Net | |||||||||
Municipal Investment Quality | $ | 378,741,116 | $ | 31,175,864 | $ | 183,015 | $ | 30,992,849 | ||||
Municipal Income | 954,641,669 | 43,824,869 | 7,765,246 | 36,059,623 | ||||||||
California Investment Quality | 17,820,477 | 1,007,063 | 138,875 | 868,188 | ||||||||
California Income | 338,861,389 | 14,370,379 | 4,348,970 | 10,021,409 | ||||||||
Florida Investment Quality | 19,871,513 | 1,336,914 | 38,459 | 1,298,455 | ||||||||
Florida Income | 151,328,439 | 7,281,166 | 1,014,345 | 6,266,821 | ||||||||
New Jersey Investment Quality | 19,451,761 | 1,444,327 | 254,589 | 1,189,738 | ||||||||
New Jersey Income | 166,941,850 | 9,285,156 | 1,276,907 | 8,008,249 | ||||||||
New York Investment Quality | 26,337,122 | 1,864,316 | 40,228 | 1,824,088 | ||||||||
New York Income | 287,882,906 | 15,577,975 | 1,685,786 | 13,892,189 |
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:
Capital Loss | |||||||||||||
Carryforward | |||||||||||||
Trust | Amounts | Expires | Trust | 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 | ||||||||||||
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.
Note 4. Distributions to Shareholders | The tax character of distributions paid during the year ended October 31, 2004, and the year ended October 31, 2003, were as follows: |
Long-term | ||||||||||||
Distributions Paid From: | Ordinary 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 |
54
Year ended October 31, 2003 | ||||||||||||
Distributions Paid From: | Ordinary Income | Long-term Capital Gains | Total Distributions | |||||||||
Municipal Investment Quality | $ | 16,282,840 | $ | — | $ | — | $ | 16,282,840 | ||||
Municipal Income | 45,162,896 | — | — | 45,162,896 | ||||||||
California Investment Quality | 899,044 | — | — | 899,044 | ||||||||
California Income | 14,616,191 | — | — | 14,616,191 | ||||||||
Florida Investment Quality | 1,028,098 | — | — | 1,028,098 | ||||||||
Florida Income | 6,435,446 | — | — | 6,435,446 | ||||||||
New Jersey Investment Quality | 862,609 | — | — | 862,609 | ||||||||
New Jersey Income | 7,144,591 | — | — | 7,144,591 | ||||||||
New York Investment Quality | 1,235,682 | — | — | 1,235,682 | ||||||||
New York Income | 12,228,638 | — | — | 12,228,638 |
As of October 31, 2004, the components of distributable earnings on a tax basis were as follows:
Undistributed | ||||||||||||
Undistributed | Long-term | Unrealized | ||||||||||
Ordinary Income | Gains | Net Appreciation | ||||||||||
Municipal Investment Quality | $13,762,306 | $ | — | $ | — | $30,926,134 | ||||||
Municipal Income | 23,766,268 | — | — | 35,977,114 | ||||||||
California Investment Quality | 453,879 | — | — | 855,528 | ||||||||
California Income | 7,358,695 | — | — | 9,992,708 | ||||||||
Florida Investment Quality | 574,006 | — | 138,016 | 1,285,788 | ||||||||
Florida Income | 2,913,867 | — | — | 6,256,736 | ||||||||
New Jersey Investment Quality | 673,653 | — | — | 1,176,506 | ||||||||
New Jersey Income | 3,769,933 | — | — | 7,995,908 | ||||||||
New York Investment Quality | 687,438 | — | — | 1,811,502 |
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 October 31, 2004, the common shares outstanding and the shares owned by affiliates of the Advisor of each Trust were as follows: |
Common | Common | Common | Common | |||||||||||
Shares | Shares | Shares | Shares | |||||||||||
Trust | Outstanding | Owned | Trust | Outstanding | Owned | |||||||||
Municipal Investment Quality | 16,707,093 | — | Florida Income | 6,646,343 | — | |||||||||
Municipal Income | 43,588,385 | — | 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 | — |
During the year ended October 31, 2004, Municipal Income issued 35,706 additional shares under its dividend reinvestment plan. During the year ended October 31, 2003, Municipal Income issued 69,968 additional shares under its dividend reinvestment plan.
As of October 31, 2004, each Trust had the following series of preferred shares outstanding as listed in the table below. The preferred shares have a liquidation value of $25,000 per share plus any accumulated unpaid dividends.
Trust | Series | Shares | Trust | Series | Shares | |||||||
Municipal Investment Quality | T7 | 3,262 | Florida Investment Quality | 340 | ||||||||
T28 | 2,600 | Florida Income | 2,302 | |||||||||
Municipal Income | M7 | 3,001 | New Jersey Investment Quality | 300 | ||||||||
T7 | 3,001 | New Jersey Income | 2,552 | |||||||||
W7 | 3,001 | New York Investment Quality | 392 | |||||||||
R7 | 3,001 | New York Income | 2,195 | |||||||||
F7 | 3,001 | 2,195 | ||||||||||
California Investment Quality | W7 | 300 | ||||||||||
California Income | T7 | 2,639 | ||||||||||
R7 | 2,639 |
55
Dividends on seven-day preferred shares are cumulative at a rate which resets every seven days based on the results of an auction. Dividends on 28-day preferred shares are cumulative at a rate which resets every 28 days based on the results of an auction. The dividend ranges on the preferred shares for each of the Trusts for the year ended October 31, 2004, were as follows:
Trust | Low | High | Trust | Low | High | ||||||||||
Municipal Investment Quality | 0.80 | % | 1.60 | % | Florida Income | 0.19 | % | 1.35 | % | ||||||
Municipal Income | 0.45 | 1.69 | New Jersey Investment Quality | 0.40 | 1.58 | ||||||||||
California Investment Quality | 0.45 | 1.55 | New Jersey Income | 0.40 | 2.10 | ||||||||||
California Income | 0.60 | 1.50 | New York Investment Quality | 0.45 | 1.55 | ||||||||||
Florida Investment Quality | 0.80 | 2.20 | New York Income | 0.40 | 1.50 |
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 October 31, 2004, the Board of each Trust declared dividends from undistributed earnings per common share payable December 1, 2004, to shareholders of record on November 15, 2004. The per share common dividends declared were as follows: | |
Common Dividend | Common Dividend | |||||||||
Trust | Per Share | Trust | Per Share | |||||||
Municipal Investment Quality | $ | 0.076189 | Florida Income | $ | 0.075375 | |||||
Municipal Income | 0.081125 | New Jersey Investment Quality | 0.067148 | |||||||
California Investment Quality | 0.070600 | New Jersey Income | 0.075108 | |||||||
California Income | 0.076074 | New York Investment Quality | 0.073125 | |||||||
Florida Investment Quality | 0.070781 | New York Income | 0.075339 |
The dividends declared on preferred shares for the period November 1, 2004 to November 30, 2004, for each of the Trusts were as follows:
Dividends | Dividends | ||||||||||||||
Trust | Series | Declared | Trust | Series | Declared | ||||||||||
Municipal Investment Quality | T7 | $ | 93,652 | Florida Investment Quality | $ | 13,345 | |||||||||
T28 | 79,768 | Florida Income | 53,522 | ||||||||||||
Municipal Income | M7 | 108,786 | New Jersey Investment Quality | 8,388 | |||||||||||
T7 | 87,959 | New Jersey Income | 78,193 | ||||||||||||
W7 | 90,840 | New York Investment Quality | 14,022 | ||||||||||||
R7 | 90,930 | New York Income | 62,119 | ||||||||||||
F7 | 111,037 | 83,761 | |||||||||||||
California Investment Quality | W7 | 5,937 | |||||||||||||
California Income | T7 | 53,888 | |||||||||||||
R7 | 67,928 |
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 I nvestment 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. |
56
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Trustees and Shareholders of:BlackRock Investment Quality Municipal Trust, Inc.
BlackRock Municipal Income Trust
BlackRock California Investment Quality Municipal Trust, Inc.
BlackRock California Municipal Income Trust
BlackRock Florida Investment Quality Municipal Trust, Inc.
BlackRock Florida Municipal Income Trust
BlackRock New Jersey Investment Quality Municipal Trust, Inc.
BlackRock New Jersey Municipal Income Trust
BlackRock New York Investment Quality Municipal Trust, Inc.
BlackRock New York Municipal Income Trust
(collectively the “Trusts”)
We have audited the accompanying statements of assets and liabilities of the Trusts, including the portfolios of investments, as of October 31, 2004, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Trusts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2004, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Trusts as of October 31, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the periods presented in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 23, 2004
57
DIRECTORS/TRUSTEES INFORMATION (Unaudited)
Independent Trustees | ||||||||
Name, address, age | Andrew F. Brimmer | Richard E. Cavanagh | Kent Dixon | Frank J. Fabozzi | ||||
P.O. Box 4546 | P.O. Box 4546 | P.O. Box 4546 | P.O. Box 4546 | |||||
New York, NY 10163-4546 | New York, NY 10163-4546 | New York, NY 10163-4546 | New York, NY 10163-4546 | |||||
Age 77 | Age 58 | Age 67 | Age 56 | |||||
Current positions held with | Lead Trustee | Trustee | Trustee | Trustee | ||||
the Trusts | Audit Committee Chairman2 | Audit Committee Member | Audit Committee Member2 | Audit Committee Member3 | ||||
Term of office and length | 3 years5 / since inception | 3 years5 / since inception6 | 3 years5 / since inception | 3 years5 / since inception | ||||
of time served | ||||||||
Principal occupations | President of Brimmer & | President and Chief Executive | Consultant/Investor. Former | Consultant. Editor of THE | ||||
during the past five years | Company, Inc., a Washington, | Officer of The Conference | President and Chief Executive | JOURNAL OF PORTFOLIO | ||||
D.C.-based economic and | Board, Inc., a leading global | Officer of Empire Federal | MANAGEMENT and | |||||
financial consulting firm, also | business research organization, | Savings Bank of America and | Frederick Frank Adjunct | |||||
Wilmer D. Barrett Professor of | from 1995-present. Former | Banc PLUS Savings | Professor of Finance at the | |||||
Economics, University of | Executive Dean of the John F. | Association, former Chairman | School of Management at Yale | |||||
Massachusetts – Amherst. | Kennedy School of Government | of the Board, President and | University. Author and editor of | |||||
Formerly member of the Board | at Harvard University from | Chief Executive Officer of | several books on fixed income | |||||
of Governors of the Federal | 1988-1995. Acting Director, | Northeast Savings. | portfolio management. Visiting | |||||
Reserve System. Former | Harvard Center for Business | Professor of Finance and | ||||||
Chairman, District of Columbia | and Government (1991-1993). | Accounting at the Sloan School | ||||||
Financial Control Board. | Formerly Partner (principal) of | of Management, Massachusetts | ||||||
McKinsey & Company, Inc. | Institute of Technology from | |||||||
(1980- 1988). Former Executive | 1986 to August 1992. | |||||||
Director of Federal Cash | ||||||||
Management, White House | ||||||||
Office of Management and | ||||||||
Budget (1977-1979). Co-author, | ||||||||
THE WINNING | ||||||||
PERFORMANCE (best selling | ||||||||
management book published in | ||||||||
13 national editions). | ||||||||
Number of portfolios | 52 | 52 | 52 | 52 | ||||
overseen within the fund | ||||||||
complex | ||||||||
Other Directorships held | Director of CarrAmerica Realty | Trustee: Aircraft Finance Trust | Former Director of ISFA (the | Director, Guardian Mutual | ||||
outside of the fund | Corporation and Borg-Warner | (AFT) and Educational Testing | owner of INVEST, a national | Funds Group (18 portfolios). | ||||
complex | Automotive. Formerly Director | Service (ETS). Director, Arch | securities brokerage service | |||||
of Airborne Express, | Chemicals, Fremont Group and | designed for banks and thrift | ||||||
BankAmerica Corporation | The Guardian Life Insurance | institutions). | ||||||
(Bank of America), BellSouth | Company of America. | |||||||
Corporation, College | ||||||||
Retirement Equities Fund | ||||||||
(Trustee), Commodity | ||||||||
Exchange, Inc. (Public | ||||||||
Governor), Connecticut Mutual | ||||||||
Life Insurance Company, E.I. | ||||||||
du Pont de Nemours & | ||||||||
Company, Equitable Life | ||||||||
Assurance Society of the | ||||||||
United States, Gannett | ||||||||
Company, Mercedes-Benz of | ||||||||
North America, MNC Financial | ||||||||
Corporation (American | ||||||||
Security Bank), NCM Capital | ||||||||
Management, Navistar | ||||||||
International Corporation, PHH | ||||||||
Corp. and UAL Corporation | ||||||||
(United Airlines). | ||||||||
For “Interested Director/ | ||||||||
Trustee” relationships, | ||||||||
events or transactions by | ||||||||
reason of which the Trustee | ||||||||
is an interested person as | ||||||||
defined in Section | ||||||||
2(a)(19)(1940 Act) | ||||||||
1 Interested Trustee/Director as defined by Section 2(a)(19) of the Investment Company Act of 1940.
2 The Board of each Trust has determined that each Trust has two Audit Committee financial experts serving on its Audit Committee, Dr. Brimmer and Mr. Dixon, both of whom are independent for the purpose of the definition of Audit Committee financial expert as applicable to the Trusts.
3 Appointed Audit Committee Member on May 25, 2004.
4 Trustee/Director since inception; appointed Chairman of the Board on August 22, 2002.
58
Interested Trustees1 | ||||||||
R. Glenn Hubbard | James Clayburn La Force, Jr. | Walter F. Mondale | Ralph L. Schlosstein | Robert S. Kapito | ||||
P.O. Box 4546 | P.O. Box 4546 | P.O. Box 4546 | BlackRock, Inc. | BlackRock, Inc. | ||||
New York, NY 10163-4546 | New York, NY 10163-4546 | New York, NY 10163-4546 | 40 East 52nd Street | 40 East 52nd Street | ||||
Age: 46 | Age: 75 | Age: 76 | New York, NY 10022 | New York, NY 10022 | ||||
Age: 53 | Age:47 | |||||||
Trustee | Trustee | Trustee | Chairman of the Board4 | President and Trustee | ||||
3 years5 / since November 16, | 3 years5 / since inception | 3 years5 / since inception7 | 3 years5 / since inception | 3 years5 / since August 22, | ||||
2004 | 2002 | |||||||
Dean of Columbia Business | Dean Emeritus of the John E. | Senior Counsel, Dorsey & | Director since 1999 and | Vice Chairman of BlackRock, | ||||
School since July 1, 2004. | Anderson Graduate School of | Whitney, LLP, a law firm | President of BlackRock, Inc. | Inc. Head of the Portfolio | ||||
Columbia faculty member since | Management, University of | (January 2004-present); | since its formation in 1998 and | Management Group. Also a | ||||
1988. Co-director of Columbia | California since July 1, 1993. | Partner, Dorsey & Whitney, | of BlackRock, Inc.’s | member of the Management | ||||
Business School’s Entrepreneur- | Acting Dean of the School of | LLP, (December 1996- | predecessor entities since 1988. | Committee, the Investment | ||||
ship Program 1994-1997. | Business, Hong Kong | December 2003, September | Member of the Management | Strategy Group, the Fixed | ||||
Visiting professor at Harvard’s | University of Science and | 1987-August 1993). Formerly | Committee and Investment | Income and Global Operating | ||||
Kennedy School of Government | Technology 1990-1993. From | U.S. Ambassador to Japan | Strategy Group of BlackRock, | Committees and the Equity | ||||
and Harvard Business School, | 1978 to September 1993, | (1993-1996). Formerly Vice | Inc. Formerly, Managing | Investment Strategy Group. | ||||
as well as the University of | Dean of the John E. Anderson | President of the United States, | Director of Lehman Brothers, | Responsible for the portfolio | ||||
Chicago. Visiting scholar at the | Graduate School of | U.S. Senator and Attorney | Inc. and Co-head of its | management of the Fixed | ||||
American Enterprise Institute in | Management, University of | General of the State of | Mortgage and Savings | Income, Domestic Equity and | ||||
Washington and member of | California. | Minnesota. 1984 Democratic | Institutions Group. Chairman | International Equity, Liquidity, | ||||
International Advisory Board of | Nominee for President of the | and President of the BlackRock | and Alternative Investment | |||||
the MBA Program of Ben- | United States. | Liquidity Funds and Director of | Groups of BlackRock. | |||||
Gurion University. Deputy | several of BlackRock’s | |||||||
assistant secretary of the U.S. | alternative investment vehicles. | |||||||
Treasury Department for Tax | ||||||||
Policy 1991-1993. Chairman of | ||||||||
the U.S. Council of Economic | ||||||||
Advisers under the President of | ||||||||
the United States 2001 – 2003. | ||||||||
52 | 52 | 52 | 62 | 52 | ||||
Director of ADP, Dex Media, | Payden & Rygel Investment | Director of United Health | Member of the Visiting Board | Chairman of the Hope and | ||||
KKR Financial Corporation, | Trust, Metzler-Payden | Foundation and the Japan | of Overseers of the John F. | Heroes Children’s Cancer | ||||
and Ripplewood Holdings. | Investment Trust, Advisors | Society. Member of the | Kennedy School of Government | Fund. President of the Board | ||||
Formerly on the advisory | Series Trust, Arena | Hubert H. Humphrey Institute | at Harvard University, a | of Directors of the Periwinkle | ||||
boards of the Congressional | Pharmaceuticals, Inc. and | of Public Affairs Advisory | member of the board of the | National Theatre for Young | ||||
Budget Office, the Council on | CancerVax Corporation. | Board, The Mike and Maureen | Financial Institutions Center of | Audiences. Director of | ||||
Competitiveness, the | Mansfield Foundation, Dean’s | The Wharton School of the | icruise.com, Corp. | |||||
American Council on Capital | Board of Visitors of the | University of Pennsylvania, a | ||||||
Formation, the Tax Foundation | Medical School at the | trustee of the American | ||||||
and the Center for Addiction | University of Minnesota, and | Museum of Natural History, a | ||||||
and Substance Abuse. Trustee | the Mayo Foundation | trustee of Trinity School in New | ||||||
of Fifth Avenue Presbyterian | Advisory Council to the | York City, a member of the | ||||||
Church of New York. | President. | Board of Advisors of Marujupu | ||||||
LLC, and a trustee of New | ||||||||
Visions for Public Education | ||||||||
and of The Public Theater in | ||||||||
New York City. Formerly, a | ||||||||
director of Pulte Corporation, | ||||||||
the nation’s largest homebuilder, | ||||||||
a Trustee of Denison University | ||||||||
and a member of Fannie Mae’s | ||||||||
Advisory Council. | ||||||||
Director and President of the | Director and Vice Chairman | |||||||
Advisor | of the Advisor. | |||||||
5 The Board is classified into three classes of which one class is elected annually. Each Trustee/Director serves a three-year term concurrent with the class from which he is elected.
6 For the Investment Quality Trusts appointed Director/Trustee on 08/11/94.
7 Except during the periods 08/12/93 through 04/15/97 and 10/31/02 through 11/11/02 for all of the Trusts.
59
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.
On August 25, 2004, BlackRock, Inc., the parent of BlackRock Advisors, Inc., the Trusts’ investment advisor, entered into an agreement with MetLife, Inc.® to acquire SSRM Holdings, Inc., the parent of State Street Research & Management Company, the investment advisor to the State Street Research mutual funds. Management believes there will be no impact to the Trusts as a result of this transaction.
We are required by the Internal Revenue Code to advise you within 60 days of a Trust’s tax year-end as to the Federal tax status of dividends and distributions paid by the Trusts during such tax year. Accordingly, during the tax year-ended October 31, 2004, all dividends paid by all of the Trusts (excluding New York Income, which has a July 31st, tax year end) were federally tax-exempt interest dividends with the exception of California Investment Quality and Florida Investment Quality which had Long Term Capital Gain distributions of $52,167 and $280,521, respectively.
Quarterly performance and other information regarding the Trusts may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com/funds/cefunds/index.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, Henry Gabbay and Anne Ackerley—Managing Directors of the Advisor and the Sub-Advisor, Richard M. Shea and James Kong—Managing Directors of the Sub-Advisor, Vincent B. Tritto—Director of the Sub-Advisor, and Brian P. Kindelan—Director of the Advisor.
60
BlackRock Closed-End Funds
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 Agent2 | |
R. Glenn Hubbard1 | Bank of New York | |
Robert S. Kapito | 100 Church Street, 8th Floor | |
James Clayburn La Force, Jr. | New York, NY 10286 | |
Walter F. Mondale | Auction Agent3 | |
Officers | Deutsche Bank Trust Company Americas | |
Robert S. Kapito, President | 60 Wall Street, 27th Floor | |
Henry Gabbay, Treasurer | New York, NY 10005 | |
Bartholomew Battista, Chief Compliance Officer | Independent Registered Public Accounting Firm | |
Anne Ackerley, Vice President | Deloitte & Touche LLP | |
Kevin M. Klingert, Vice President | 200 Berkeley Street | |
Richard M. Shea, Vice President/Tax | Boston, MA 02116 | |
James Kong, Assistant Treasurer | Legal Counsel | |
Vincent B. Tritto, Secretary | Skadden, Arps, Slate, Meagher & Flom LLP | |
Brian P. Kindelan, Assistant Secretary | Four Times Square | |
Investment Advisor | New York, NY 10036 | |
BlackRock Advisors, Inc. | Legal Counsel – Independent Trustees | |
100 Bellevue Parkway | Debevoise & Plimpton LLP | |
Wilmington, DE 19809 | 919 Third Avenue | |
(800) 227-7BFM | New York, NY 10022 | |
Sub-Advisor2 | ||
BlackRock Financial Management, Inc. | This report is for shareholder information. This is not a prospec- | |
40 East 52nd Street | tus intended for use in the purchase or sale of Trust shares. | |
New York, NY 10022 | Statements and other information contained in this report are as | |
Accounting Agent and Custodian | dated and are subject to change. | |
State Street Bank and Trust Company | ||
225 Franklin Street | BlackRock Closed-End Funds | |
Boston, MA 02110 | c/o BlackRock Advisors, Inc. | |
100 Bellevue Parkway | ||
1 Appointed November 16, 2004. | Wilmington, DE 19809 | |
2 For the Income Trusts. | 227-7BFM | |
3 For the Investment Quality Trusts. | ||
The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800)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.
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-ANN-1
Item 2. Code of Ethics.
(a) The Registrant has adopted a code of ethics (the "Code of Ethics") that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.
(b) Not applicable.
(c) The Registrant has not amended its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(d) The Registrant has not granted a waiver or an implicit waiver from a provision of its Code of Ethics during the period covered by the shareholder report presented in Item 1 hereto.
(e) Not applicable.
(f) The Registrant's Code of Ethics is attached as an Exhibit hereto.
Item 3. Audit Committee Financial Expert.
The Registrant's Board of Trustees has determined that it has two audit committee financial experts serving on its audit committee, each of whom is an "independent" Trustee: Dr. Andrew F. Brimmer and Mr. Kent Dixon. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services.
(a) Audit Fees. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $7,500 for the fiscal year ended October 31, 2004 and $9,100 for the fiscal year ended October 31, 2003.
(b) Audit-Related Fees. The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not
reported above in Item 4(a) were $0 for the fiscal year ended October 31, 2004 and $0 for the fiscal year ended October 31, 2003. The nature of these services was attest services not required by statute or regulation, overhead and out-of-pocket expenses.
(c) Tax Fees. The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $11,000 for the fiscal year ended October 31, 2004 and $1,400 for the fiscal year ended October 31, 2003. The nature of these services was federal, state and local income and excise tax return preparation and related advice and planning and miscellaneous tax advice.
(d) All Other Fees. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above in Items 4(a) through (c).
(e) Audit Committee Pre-Approval Policies and Procedures
(1) The Registrant has polices and procedures (the "Policy") for the pre-approval by the Registrant's Audit Committee of Audit, Audit-Related, Tax and Other Services (as each is defined in the Policy) provided by the Trust's independent auditor (the "Independent Auditor") to the Registrant and other "Covered Entities" (as defined below). The term of any such pre-approval is 12 months from the date of pre-approval, unless the Audit Committee specifically provides for a different period. The amount of any such pre-approval is set forth in the appendices to the Policy (the "Service Pre-Approval Documents"). At its first meeting of each calendar year, the Audit Committee will review and re-approve the Policy and approve or re-approve the Service Pre-Approval Documents for that year, together with any changes deemed necessary or desirable by the Audit Committee. The Audit Committee may, from time to time, modify the nature of the services pre-approved, the aggregate level of fees pre-approved or both.
For the purposes of the Policy, "Covered Services" means (A) all engagements for audit and non-audit services to be provided by the Independent Auditor to the Trust and (B) all engagements for non-audit services related directly to the operations and financial reporting or the Trust to be provided by the Independent Auditor to any Covered Entity, "Covered Entities" means (1) the Advisor or (2) any entity controlling, controlled by or under common control with the Advisor that provides ongoing services to the Trust.
In the intervals between the scheduled meetings of the Audit Committee, the Audit Committee delegates pre-approval authority under this Policy to the Chairman of the Audit Committee (the "Chairman"). The Chairman shall report any pre-approval decisions under this Policy to the Audit Committee at its next scheduled meeting. At each scheduled meeting, the Audit Committee will review with the Independent Auditor the Covered Services pre-approved by the Chairman pursuant to delegated authority, if any, and the fees related thereto. Based on these reviews, the Audit Committee can modify, at its discretion, the pre-approval originally granted by the Chairman pursuant to delegated authority. This modification can be to the nature of services pre-approved, the aggregate level of fees approved, or both. Pre-approval of Covered Services by the Chairman pursuant to delegated authority is expected to be the exception rather than the rule and the
Audit Committee may modify or withdraw this delegated authority at any time the Audit Committee determines that it is appropriate to do so.
Fee levels for all Covered Services to be provided by the Independent Auditor and pre-approved under this Policy will be established annually by the Audit Committee and set forth in the Service Pre-Approval Documents. Any increase in pre-approved fee levels will require specific pre-approval by the Audit Committee (or the Chairman pursuant to delegated authority).
The terms and fees of the annual Audit services engagement for the Trust are subject to the specific pre-approval of the Audit Committee. The Audit Committee (or the Chairman pursuant to delegated authority) will approve, if necessary, any changes in terms, conditions or fees resulting from changes in audit scope, Trust structure or other matters.
In addition to the annual Audit services engagement specifically approved by the Audit Committee, any other Audit services for the Trust not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority.)
Audit-Related services are assurance and related services that are not required for the audit, but are reasonably related to the performance of the audit or review of the financial statements of the Registrant and, to the extent they are Covered Services, the other Covered Entities (as defined in the Joint Audit Committee Charter) or that are traditionally performed by the Independent Auditor. Audit-Related services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).
The Audit Committee believes that the Independent Auditor can provide Tax services to the Covered Entities such as tax compliance, tax planning and tax advice without impairing the auditor’s independence. However, the Audit Committee will not permit the retention of the Independent Auditor in connection with a transaction initially recommended by the Independent Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. Tax services that are Covered Services and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).
All Other services that are covered and are not listed in the Service Pre-Approval Document for the respective period must be specifically pre-approved by the Audit Committee (or the Chairman pursuant to delegated authority).
Requests or applications to provide Covered Services that require approval by the Audit Committee (or the Chairman pursuant to delegated authority) must be submitted to the Audit Committee or the Chairman, as the case may be, by both the Independent Auditor and the Chief Financial Officer of the respective Covered Entity, and must include a joint statement as to whether, in their view, (a) the request or application is consistent with the rules of the Securities and Exchange Commission ("SEC") on auditor independence and (b) the requested service is or is not a non-audit service prohibited by the SEC. A request or application submitted to the Chairman between scheduled meetings of the Audit Committee should include a discussion as to why approval is being sought prior to the next regularly scheduled meeting of the Audit Committee.
(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate non-audit fees billed by the Trust's accountant for services rendered to the Trust, the Advisor (except for any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or any entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the registrant that directly impacted the Trust for each of the last two fiscal years were $11,000 for the fiscal year ended October 31, 2004 and $1,400 for the fiscal year ended October 31, 2003.
(h) Not applicable.
Item 5. Audit Committee of Listed Registrants.
The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The audit committee of the Registrant is comprised of: Dr. Andrew F. Brimmer; Richard E. Cavanagh; Kent Dixon and Frank Fabozzi.
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.
The Registrant has delegated the voting of proxies relating to its voting securities to its investment advisor, BlackRock Advisors, Inc. (the "Advisor") and its sub-advisor, BlackRock Financial Management, Inc. (the "Sub-Advisor"). The Proxy Voting Policies and Procedures of the Advisor and Sub-Advisor (the "Proxy Voting Policies") are attached as an Exhibit 99.PROXYPOL hereto.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
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 last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of Ethics attached as EX-99.CODE ETH.
(a)(2) Separate certifications of Principal Executive and Financial Officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 attached as EX-99.CERT.
(a)(3) Not applicable.
(b) Certification of Principal Executive and Financial Officers pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 furnished as EX-99.906CERT.
Proxy Voting Policies attached as EX-99.PROXYPOL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) BlackRock Florida Investment Quality Municipal Trust
By: /s/ Henry Gabbay
_______________________________________________________________
Name: Henry Gabbay
Title: Treasurer
Date: January 4, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Robert S. Kapito
_______________________________________________________________
Name: Robert S. Kapito
Title: Principal Executive Officer
Date: January 4, 2005
By: /s/ Henry Gabbay
_______________________________________________________________
Name: Henry Gabbay
Title: Principal Financial Officer
Date: January 4, 2005