UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSRS

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-10331

 

Name of Fund: BlackRock California Municipal Income Trust (BFZ)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock California Municipal Income Trust, 55 East 52nd Street, New York, NY 10055.

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2010

 

Date of reporting period: 01/31/2010

 

Item 1 – Report to Stockholders

 


EQUITIES  FIXED INCOME  REAL ESTATE  LIQUIDITY  ALTERNATIVES  BLACKROCK SOLUTIONS

 

 

Semi-Annual Report

(BLACKROCK LOGO)

 

 

JANUARY 31, 2010 | (UNAUDITED)

 

BlackRock California Investment Quality Municipal Trust Inc. (RAA)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Investment Quality Municipal Income Trust (RFA)

BlackRock Municipal Income Investment Trust (BBF)

BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)

BlackRock New Jersey Municipal Income Trust (BNJ)

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

BlackRock New York Municipal Income Trust (BNY)

NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE




Table of Contents

 

 

 




 

 

Page




 

 

 

Dear Shareholder

 

3

Semi-Annual Report:

 

 

Trust Summaries

 

4

The Benefits and Risks of Leveraging

 

13

Derivative Financial Instruments

 

13

Financial Statements:

 

 

Schedules of Investments

 

14

Statements of Assets and Liabilities

 

38

Statements of Operations

 

40

Statements of Changes in Net Assets

 

42

Statements of Cash Flows

 

45

Financial Highlights

 

46

Notes to Financial Statements

 

55

Officers and Trustees

 

62

Additional Information

 

63


 

 

 


2

SEMI-ANNUAL REPORT

JANUARY 31, 2010





Dear Shareholder

Over the past year, investors worldwide witnessed a seismic shift in market sentiment as guarded optimism replaced the fear and pessimism that had dominated since late 2007. The single most important reason for this change was the swing from a severe economic recession to an emergent global recovery.

At the start of 2009, markets were reeling from the virtually unprecedented global financial and economic meltdown. The looming threat of further collapse in global markets prompted stimulus packages and central bank interventions on an extraordinary scale. By period end, these actions had helped stabilize the financial system, and the economic contraction abated.

After reaching a trough in March 2009, stocks galloped higher as the massive, coordinated global monetary and fiscal stimulus began to re-inflate world economies. Sidelined cash poured into the markets, triggering a dramatic and steep upward rerating of stocks and other risk assets. Still, the rally has not been without interruption, as mixed economic data, global challenges regarding sovereign credit risk and proposed fees and levies on banks had begun to dampen investor conviction toward period end. The experience in international markets generally mirrored that seen in the United States; notably, emerging markets firmly reclaimed their leadership status.

The easing of investor risk aversion was notable in the fixed income markets as well, where non-Treasury assets made a robust recovery. One of the major themes over the past year was the reversal of the flight-to-quality trade. High yield finished the period as the strongest-performing fixed income sector in both the taxable and tax-exempt space. Overall, the municipal market made a strong showing as technical conditions remained supportive of the asset class. The Build America Bond program was deemed a success, adding $65 billion of taxable supply to the municipal marketplace in 2009 and $4 billion so far this year. The program continues to alleviate tax-exempt supply pressure and attract the attention of a global audience. However, fundamental concerns are moving to the fore in the municipal space, and bear close watching as the year progresses. At the same time, yields on money market securities declined throughout the reporting period and remain near all-time lows, with the Federal Open Market Committee reiterating that economic circumstances are likely to necessitate an accommodative interest rate stance for an “extended period.” Investor assets in money market funds declined from the peak registered in early 2009, but remain well above pre-crisis levels.

All told, the rebound in sentiment and global market conditions resulted in positive 6- and 12-month returns for nearly every major benchmark index, with the most dramatic improvement seen among risk assets.

 

 

 

 

 

 

 

 

Total Returns as of January 31, 2010

 

6-month

 

12-month

 







US equities (S&P 500 Index)

 

 

9.87

%

 

33.14

%









Small cap US equities (Russell 2000 Index)

 

 

8.86

 

 

37.82

 









International equities (MSCI Europe, Australasia, Far East Index)

 

 

6.93

 

 

39.68

 









3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index)

 

 

0.10

 

 

0.22

 









US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index)

 

 

0.62

 

 

(3.31

)









Taxable fixed income (Barclays Capital US Aggregate Bond Index)

 

 

3.87

 

 

8.51

 









Tax-exempt fixed income (Barclays Capital Municipal Bond Index)

 

 

4.90

 

 

9.49

 









High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index)

 

 

15.90

 

 

50.80

 










 

 

 

Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.

The market environment continues to improve, but questions about the strength and sustainability of the recovery abound. Through periods of market uncertainty, BlackRock’s full resources are dedicated to the management of our clients’ assets. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

Sincerely,
-s- Rob Kapito
Rob Kapito
President, BlackRock Advisors, LLC

 

 


THIS PAGE NOT PART OF YOUR FUND REPORT

3






 

 

Trust Summary as of January 31, 2010

BlackRock California Investment Quality Municipal Trust Inc.


 


Investment Objective


BlackRock California Investment Quality Municipal Trust Inc. (RAA) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal and California income tax consistent with preservation of capital.

          No assurance can be given that the Trust’s investment objective will be achieved.

 


Performance


For the six months ended January 31, 2010, the Trust returned 8.80% based on market price and 9.89% based on net asset value (“NAV”). For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 9.46% based on market price and 11.46% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. During the period, tightening of credit quality spreads benefited the lower-rated sector of the portfolio. Corporate-backed and health municipals were notable contributors. A fully-invested posture and a slightly longer relative duration posture also were additive, as rates declined in the second half of 2009. Throughout this period, the municipal market benefited from the Build America Bond Program, which effectively moved supply to the taxable market and, thus, alleviated supply pressure in the tax-exempt space. The Trust increased its net income balances by focusing on bolstering accrual, but still needs to improve its relative yield in order to provide a competitive dividend distribution. A below-average distribution yield detracted from total return results.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

 

 

Symbol on NYSE Amex

 

 

RAA

 

Initial Offering Date

 

 

May 28, 1993

 

Yield on Closing Market Price as of January 31, 2010 ($11.87)1

 

 

5.36%

 

Tax Equivalent Yield2

 

 

8.25%

 

Current Monthly Distribution per Common Share3

 

 

$0.053

 

Current Annualized Distribution per Common Share3

 

 

$0.636

 

Leverage as of January 31, 20104

 

 

35%

 

 

 

 




 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution is not constant and is subject to change.

 

 

 

 

4

Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

 

 

 

The table below summarizes the changes in the Trust’s market price and NAV per share:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Market Price

 

$

11.87

 

$

11.20

 

 

5.98

%

$

12.85

 

$

11.20

 

Net Asset Value

 

$

13.22

 

$

12.35

 

 

7.04

%

$

14.09

 

$

12.34

 


















The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

 

 

 


Sector Allocations

 

 

 

 

 

 

 


 

 

 

1/31/10

 

7/31/09

 







County/City/Special District/School District

 

38

%

 

34

%

 

Utilities

 

17

 

 

19

 

 

Health

 

17

 

 

10

 

 

Transportation

 

10

 

 

10

 

 

State

 

9

 

 

10

 

 

Education

 

7

 

 

12

 

 

Corporate

 

2

 

 

5

 

 









 

 

 

 

 

 

 

 


Credit Quality Allocations5

 

 

 

 

 

 

 


 

 

 

1/31/10

 

7/31/09

 







AAA/Aaa

 

15

%

 

12

%

 

AA/Aa

 

51

 

 

47

 

 

A

 

29

 

 

33

 

 

BBB/Baa

 

3

 

 

6

 

 

B

 

2

 

 

2

 

 










 

 

 

 

5

Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings.


 

 

 


4

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Trust Summary as of January 31, 2010

BlackRock California Municipal Income Trust


 


Investment Objective


BlackRock California Municipal Income Trust (BFZ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and California income taxes.

 

 

 

No assurance can be given that the Trust’s investment objective will be achieved.

 


Performance


For the six months ended January 31, 2010, the Trust returned 9.53% based on market price and 11.90% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 9.46% based on market price and 11.46% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust maintains a relatively generous degree of income accrual, which was a positive factor. In addition, tightening of credit quality spreads benefited the lower-rated sector of the portfolio. Corporate-backed and health municipals were notable contributors. A fully-invested posture and a slightly longer relative duration posture also were additive, as rates declined in the second half of 2009. Throughout this period, the municipal market benefited from the Build America Bond Program, which effectively moved supply to the taxable market and, thus, alleviated supply pressure in the tax-exempt space. Conversely, the Trust’s exposure to zero-coupon bonds hindered performance. These securities fell out of favor with the retail audience that characteristically supports this structure and, thus, did not participate in the general move to better municipal bond prices.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

 

 

Symbol on New York Stock Exchange (“NYSE”)

 

 

BFZ

 

Initial Offering Date

 

 

July 27, 2001

 

Yield on Closing Market Price as of January 31, 2010 ($13.13)1

 

 

6.92%

 

Tax Equivalent Yield2

 

 

10.65%

 

Current Monthly Distribution per Common Share3

 

 

$0.0757

 

Current Annualized Distribution per Common Share3

 

 

$0.9084

 

Leverage as of January 31, 20104

 

 

38%

 







 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 













Market Price

 

$

13.13

 

$

12.40

 

 

5.89

%

$

14.52

 

$

12.34

 

Net Asset Value

 

$

13.75

 

$

12.71

 

 

8.18

%

$

14.65

 

$

12.65

 


















The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







County/City/Special District/School District

 

38

%

 

37

%

 

Utilities

 

22

 

 

10

 

 

Health

 

11

 

 

11

 

 

Education

 

8

 

 

18

 

 

Transportation

 

8

 

 

10

 

 

State

 

8

 

 

6

 

 

Housing

 

4

 

 

6

 

 

Corporate

 

1

 

 

2

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







AAA/Aaa

 

27

%

 

21

%

 

AA/Aa

 

33

 

 

28

 

 

A

 

30

 

 

40

 

 

BBB/Baa

 

10

 

 

8

 

 

B

 

 

 

1

 

 

Not Rated

 

 

 

2

6

 










 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2009, the market value of these securities was $1,974,163, representing 1% of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

5




 

 



 

 

Trust Summary as of January 31, 2010

BlackRock Florida Municipal 2020 Term Trust


 


Investment Objective


BlackRock Florida Municipal 2020 Term Trust (BFO) (the “Trust”) seeks to provide current income that is exempt from regular federal income tax and Florida intangible personal property taxes and to return $15.00 per share (the initial public offering price) on or about December 31, 2020.

 

 

 

No assurance can be given that the Trust’s investment objective will be achieved.


 


Performance


For the six months ended January 31, 2010, the Trust returned 11.49%, based on market price and 9.10%, based on NAV. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of 11.77% based on market price and 8.96% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s allocations to the industrial development revenue/pollution control revenue and health sectors aided performance, as these represented two of the best-performing sectors for the period. The Trust is managed to a December 31, 2020 termination date, and as such, will have a shorter average duration than its peer group. This detracted from performance during a period of general interest rate decline.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

 

 

Symbol on NYSE

 

 

BFO

 

Initial Offering Date

 

 

September 30, 2003

 

Termination Date (on or about)

 

 

December 31, 2020

 

Yield on Closing Market Price as of January 31, 2010 ($13.38)1

 

 

5.02%

 

Tax Equivalent Yield2

 

 

7.72%

 

Current Monthly Distribution per Common Share3

 

 

$0.056

 

Current Annualized Distribution per Common Share3

 

 

$0.672

 

Leverage as of January 31, 20104

 

 

38%

 







 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 













Market Price

 

$

13.38

 

$

12.31

 

 

8.69

%

$

13.63

 

$

12.10

 

Net Asset Value

 

$

14.20

 

$

13.35

 

 

6.37

%

$

14.58

 

$

13.34

 


















The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







County/City/Special District/School District

 

45

%

 

48

%

 

Utilities

 

20

 

 

18

 

 

Health

 

12

 

 

11

 

 

State

 

9

 

 

9

 

 

Corporate

 

7

 

 

6

 

 

Housing

 

4

 

 

5

 

 

Transportation

 

2

 

 

2

 

 

Education

 

1

 

 

1

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







AAA/Aaa

 

31

%

 

31

%

 

AA/Aa

 

11

 

 

10

 

 

A

 

30

 

 

30

 

 

BBB/Baa

 

6

 

 

6

 

 

BB/Ba

 

2

 

 

2

 

 

Not Rated6

 

20

 

 

21

 

 










 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2010 and July 31, 2009, the market value of these securities was $11,876,544, representing 10% and $13,543,166, representing 11%, respectively, of the Trust’s long-term investments.


 

 

 


6

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Trust Summary as of January 31, 2010

BlackRock Investment Quality Municipal Income Trust


 


Investment Objective


BlackRock Investment Quality Municipal Income Trust (RFA) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and to provide an exemption from Florida intangible personal property taxes consistent with preservation of capital. The Trust may invest in municipal obligations regardless of geographic location.

 

 

 

No assurance can be given that the Trust’s investment objective will be achieved.


 


Performance


For the six months ended January 31, 2010, the Trust returned 23.53% based on market price and 10.10% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 13.14% based on market price and 12.60% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which accounts for the difference between performance based on price and performance based on NAV. The Trust held a higher concentration in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Meanwhile, we continued to restructure the Trust’s holdings in line with its transition from a Florida fund to a national portfolio. The process is not yet complete, however, and the higher concentration of Florida holdings detracted from recent performance.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

 

 

Symbol on NYSE Amex

 

 

RFA

 

Initial Offering Date

 

 

May 28, 1993

 

Yield on Closing Market Price as of January 31, 2010 ($12.03)1

 

 

6.98%

 

Tax Equivalent Yield2

 

 

10.74%

 

Current Monthly Distribution per Common Share3

 

 

$0.07

 

Current Annualized Distribution per Common Share3

 

 

$0.84

 

Leverage as of January 31, 20104

 

 

38%

 







 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 













Market Price

 

$

12.03

 

$

10.08

 

 

19.35

%

$

12.98

 

$

9.95

 

Net Asset Value

 

$

11.86

 

$

11.15

 

 

6.37

%

$

12.73

 

$

11.13

 


















The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







Utilities

 

23

%

 

21

%

 

County/City/Special District/School District

 

22

 

 

27

 

 

Transportation

 

17

 

 

13

 

 

Health

 

14

 

 

12

 

 

State

 

9

 

 

10

 

 

Education

 

7

 

 

9

 

 

Housing

 

6

 

 

8

 

 

Corporate

 

2

 

 

 

 



 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







AAA/Aaa

 

14

%

 

14

%

 

AA/Aa

 

55

 

 

44

 

 

A

 

24

 

 

32

 

 

BBB/Baa

 

3

 

 

 

 

BB/Ba

 

1

 

 

1

 

 

Not Rated6

 

3

 

 

9

 

 



 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2010 and July 31, 2009, the market value of these securities was $386,165, representing 2% and $461,249, representing 2%, respectively, of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

7




 

 



 

 

Trust Summary as of January 31, 2010

BlackRock Municipal Income Investment Trust


 


Investment Objective


BlackRock Municipal Income Investment Trust (BBF) (the “Trust”) seeks to provide current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and Florida intangible personal property tax. The Trust may invest in municipal obligations regardless of geographic location.

          No assurance can be given that the Trust’s investment objective will be achieved.

 


Performance


For the six months ended January 31, 2010, the Trust returned 8.11% based on market price and 9.42% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of 13.14% based on market price and 12.60% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust held a higher concentration in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Meanwhile, we continued to restructure the Trust’s holdings in line with its transition from a Florida fund to a national portfolio. The process is not yet complete, however, and the higher concentration of Florida holdings detracted from recent performance. The Trust’s overall cash position did not have a material impact on performance.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 


Trust Information



 

 

 

 

 

Symbol on NYSE

 

 

BBF

 

Initial Offering Date

 

 

July 27, 2001

 

Yield on Closing Market Price as of January 31, 2010 ($13.05)1

 

 

6.93%

 

Tax Equivalent Yield2

 

 

10.66%

 

Current Monthly Distribution per Common Share3

 

 

$0.075375

 

Current Annualized Distribution per Common Share3

 

 

$0.904500

 

Leverage as of January 31, 20104

 

 

39%

 







 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 













Market Price

 

$

13.05

 

$

12.49

 

 

4.48

%

$

14.40

 

$

12.23

 

Net Asset Value

 

$

13.44

 

$

12.71

 

 

5.74

%

$

14.26

 

$

12.69

 


















The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







Utilities

 

24

%

 

22

%

 

County/City/Special District/School District

 

23

 

 

27

 

 

Health

 

22

 

 

21

 

 

Transportation

 

13

 

 

6

 

 

State

 

9

 

 

7

 

 

Education

 

6

 

 

16

 

 

Corporate

 

2

 

 

 

 

Housing

 

1

 

 

1

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/10

 

7/31/09

 







AAA/Aaa

 

10

%

 

9

%

 

AA/Aa

 

57

 

 

47

 

 

A

 

25

 

 

28

 

 

BBB/Baa

 

5

 

 

5

 

 

BB/Ba

 

1

 

 

1

 

 

Not Rated

 

2

 

 

10

6

 










 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2009, the market value of these securities was $10,029,093, representing 7% of the Trust’s long-term investments.


 

 

 


8

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Trust Summary as of January 31, 2010

BlackRock New Jersey Investment Quality Municipal Trust Inc.

 

 


Investment Objective


BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax consistent with preservation of capital.

          No assurance can be given that the Trust’s investment objective will be achieved.

 


Performance


For the six months ended January 31, 2010, the Trust returned 27.23% based on market price and 10.95% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 13.70% based on market price and 10.42% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust held overweight positions in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Conversely, relative performance was negatively affected by the Trust’s slight overweight in zero-coupon bonds. The Trust’s cash balance rose to nearly 8% by period end (from approximately 2% at the end of the calendar year), due primarily to some profit-taking in an overweighted portfolio holding. The Trust’s overall cash position did not have a material impact on performance.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information

 

 

 

 



 

 

 

 

 

Symbol on NYSE Amex

 

 

RNJ

 

Initial Offering Date

 

 

May 28, 1993

 

Yield on Closing Market Price as of January 31, 2010 ($14.41)1

 

 

5.33%

 

Tax Equivalent Yield2

 

 

8.20%

 

Current Monthly Distribution per Common Share3

 

 

$0.064

 

Current Annualized Distribution per Common Share3

 

 

$0.768

 

Leverage as of January 31, 20104

 

 

36%

 







 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0655. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 













Market Price

 

$

14.41

 

$

11.68

 

 

23.37

%

$

14.53

 

$

11.10

 

Net Asset Value

 

$

12.19

 

$

11.33

 

 

7.59

%

$

12.73

 

$

11.31

 


















The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

 

 

 


Sector Allocations

 

 

 

 

 

 

 


 

 

 

1/31/10

 

7/31/09

 







Transportation

 

20

%

 

20

%

 

State

 

19

 

 

22

 

 

Health

 

16

 

 

18

 

 

Education

 

11

 

 

10

 

 

Housing

 

10

 

 

9

 

 

Corporate

 

9

 

 

7

 

 

Utilities

 

8

 

 

7

 

 

County/City/Special District/School District

 

6

 

 

6

 

 

Tobacco

 

1

 

 

1

 

 










 

 

 

 

 

 

 

 


Credit Quality Allocations5

 

 

 

 

 

 

 


 

 

 

1/31/10

 

7/31/09

 







AAA/Aaa

 

23

%

 

24

%

 

AA/Aa

 

24

 

 

17

 

 

A

 

16

 

 

20

 

 

BBB/Baa

 

24

 

 

27

 

 

Ba/BB

 

3

 

 

 

 

B

 

5

 

 

4

 

 

Not Rated

 

5

 

 

8

 

 










 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.


 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2010

9




 

 


 

 

Trust Summary as of January 31, 2010

BlackRock New Jersey Municipal Income Trust

 

 


Investment Objective

 


BlackRock New Jersey Municipal Income Trust (BNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax.

          No assurance can be given that the Trust’s investment objective will be achieved.

 


Performance


For the six months ended January 31, 2010, the Trust returned 4.91% based on market price and 12.66% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 13.70% based on market price and 10.42% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust held overweight positions in health and housing bonds with maturities of 20 years and longer, which benefited performance as the municipal yield curve flattened during the last six months. Conversely, relative performance was negatively affected by the Trust’s slight over-weight in zero-coupon bonds.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

 

 

Symbol on NYSE

 

 

BNJ

 

Initial Offering Date

 

 

July 27, 2001

 

Yield on Closing Market Price as of January 31, 2010 ($14.20)1

 

 

6.56%

 

Tax Equivalent Yield2

 

 

10.09%

 

Current Monthly Distribution per Common Share3

 

 

$0.0776

 

Current Annualized Distribution per Common Share3

 

 

$0.9312

 

Leverage as of January 31, 20104

 

 

36%

 







 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 













Market Price

 

$

14.20

 

$

14.00

 

 

1.43

%

$

14.99

 

$

13.48

 

Net Asset Value

 

$

13.92

 

$

12.78

 

 

8.92

%

$

14.28

 

$

12.76

 

















 

The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

 

 

 


Sector Allocations

 

 

 

 

 

 

 


 

 

 

1/31/10

 

7/31/09

 







Health

 

22

%

 

23

%

 

State

 

22

 

 

22

 

 

Housing

 

20

 

 

20

 

 

Transportation

 

11

 

 

12

 

 

County/City/Special District/School District

 

9

 

 

9

 

 

Education

 

7

 

 

9

 

 

Corporate

 

6

 

 

4

 

 

Utilities

 

2

 

 

 

 

Tobacco

 

1

 

 

1

 

 










 

 

 

 

 

 

 

 


Credit Quality Allocations5

 

 

 

 

 

 

 


 

 

 

1/31/10

 

7/31/09

 







AAA/Aaa

 

25

%

 

26

%

 

AA/Aa

 

19

 

 

20

 

 

A

 

31

 

 

27

 

 

BBB/Baa

 

14

 

 

17

 

 

BB/Ba

 

2

 

 

 

 

B

 

3

 

 

3

 

 

Not Rated

 

66

 

 

7

 

 










 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2010, the market value of these securities was $4,037,648, representing 3% of the Trust’s long-term investments.


 

 

 


10

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Trust Summary as of January 31, 2010

BlackRock New York Investment Quality Municipal Trust Inc.

 

 


Investment Objective

 


BlackRock New York Investment Quality Municipal Trust Inc. (RNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income taxes and New York State and New York City income tax consistent with preservation of capital.

          No assurance can be given that the Trust’s investment objective will be achieved.

 


Performance


For the six months ended January 31, 2010, the Trust returned 8.58% based on market price and 10.68% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of 7.74% based on market price and 10.02% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s holdings of longer-dated and discount-coupon bonds aided relative performance; these issues outperformed as the market recovered and credit spreads tightened during the six months. Additionally, fund management was active in the new-issue market, which benefited the Trust by adding diversification and better-structured bonds to the portfolio. An above-average accrual rate was a positive factor as well. On the other hand, the Trust’s higher-coupon bonds with shorter call protection detracted from performance for the period, as their shorter duration and negative convexity caused them to lag. Exposure to zero-coupon bonds also hindered results. The Trust maintained low cash balances during the six months (averaging less than 1%), which was a positive contributor to both income and performance as the market rallied.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

 

 

Symbol on NYSE Amex

 

 

RNY

 

Initial Offering Date

 

 

May 28, 1993

 

Yield on Closing Market Price as of January 31, 2010 ($13.26)1

 

 

6.17%

 

Tax Equivalent Yield2

 

 

9.49%

 

Current Monthly Distribution per Common Share3

 

 

$0.0682

 

Current Annualized Distribution per Common Share3

 

 

$0.8184

 

Leverage as of January 31, 20104

 

 

35%

 



 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The Monthly Distribution per Share, declared on March 1, 2010, was increased to $0.0707. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to further change in the future.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 


















Market Price

 

$

13.26

 

$

12.61

 

 

5.15

%

$

14.49

 

$

12.40

 

Net Asset Value

 

$

13.73

 

$

12.81

 

 

7.18

%

$

14.14

 

$

12.79

 













The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

 

 

 









Sector Allocations

 

 

 

 

 

 

 









 

 


1/31/10

7/31/09









County/City/Special District/School District

 

 

28

%

 

26

%

Education

 

 

13

 

 

19

 

Health

 

 

13

 

 

11

 

Utilities

 

 

12

 

 

13

 

Corporate

 

 

12

 

 

9

 

State

 

 

10

 

 

10

 

Housing

 

 

7

 

 

7

 

Transportation

 

 

3

 

 

3

 

Tobacco

 

 

2

 

 

2

 










 

 

 

 

 

 

 

 









Credit Quality Allocations5

 

 

 

 

 

 

 









 

 


1/31/10

7/31/09









AAA/Aaa

 

 

28

%

 

29

%

AA/Aa

 

 

15

 

 

24

 

A

 

 

36

 

 

28

 

BBB/Baa

 

 

11

 

 

9

 

BB/Ba

 

 

2

 

 

2

 

B

 

 

7

 

 

7

 

Not Rated

 

 

1

 

 

1

 










 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.


 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2010

11




 

 


 

 

Trust Summary as of January 31, 2010

BlackRock New York Municipal Income Trust

 

 


Investment Objective

 


BlackRock New York Municipal Income Trust (BNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New York State and New York City personal income taxes.

          No assurance can be given that the Trust’s investment objective will be achieved.

 


Performance


For the six months ended January 31, 2010, the Trust returned 7.26% based on market price and 13.08% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of 7.74% based on market price and 10.02% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s holdings of longer-dated and discount-coupon bonds aided relative performance; these issues outperformed as the market recovered and credit spreads tightened during the six months. Additionally, fund management was active in the new-issue market, which benefited the Trust by adding diversification and better-structured bonds to the portfolio. An above-average accrual rate was a positive factor as well. On the other hand, the Trust’s higher-coupon bonds with shorter call protection detracted from performance for the period, as their shorter duration and negative convexity caused them to lag. Exposure to zero-coupon bonds also hindered results. The Trust maintained low cash balances during the six months (averaging less than 1%), which was a positive contributor to both income and performance as the market rallied.

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

 

 

Symbol on NYSE

 

 

BNY

 

Initial Offering Date

 

 

July 27, 2001

 

Yield on Closing Market Price as of January 31, 2010 ($14.45)1

 

 

6.85%

 

Tax Equivalent Yield2

 

 

10.54%

 

Current Monthly Distribution per Common Share3

 

 

$0.0825

 

Current Annualized Distribution per Common Share3

 

 

$0.9900

 

Leverage as of January 31, 20104

 

 

37%

 







 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price.
Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/10

 

7/31/09

 

Change

 

High

 

Low

 


















Market Price

 

$

14.45

 

$

13.95

 

 

3.58

%

$

15.64

 

$

13.62

 

Net Asset Value

 

$

13.88

 

$

12.71

 

 

9.21

%

$

14.30

 

$

12.69

 


















The following charts show the sector and credit quality allocations of the Trust’s long-term investments:

 

 

 

 

 

 

 

 









Sector Allocations

 

 

 

 

 

 

 









 

 


1/31/10

 

7/31/09

 









County/City/Special District/School District

 

15

%

 

15

%

 

Education

 

15

 

 

13

 

 

Housing

 

15

 

 

14

 

 

Transportation

 

14

 

 

14

 

 

Corporate

 

11

 

 

11

 

 

State

 

11

 

 

12

 

 

Utilities

 

10

 

 

11

 

 

Tobacco

 

5

 

 

6

 

 

Health

 

4

 

 

4

 

 










 

 

 

 

 

 

 

 









Credit Quality Allocations5

 

 

 

 

 

 

 









 

 


1/31/10

 

7/31/09

 









AAA/Aaa

 

26

%

 

27

%

 

AA/Aa

 

19

 

 

22

 

 

A

 

27

 

 

27

 

 

BBB/Baa

 

20

 

 

17

 

 

BB/Ba

 

1

 

 

1

 

 

B

 

6

 

 

5

 

 

Not Rated

 

1

6

 

1

 

 










 

 

 

 

5

Using the higher of S&P’s or Moody’s ratings.

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2010, the market value of these securities was $2,340,150, representing 1% of the Trust’s long-term investments.


 

 

 


12

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

The Benefits and Risks of Leveraging

The Trusts may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.

To leverage, the Trusts issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s Common Shareholders will benefit from the incremental net income.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from the Preferred Shares issuance earn the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Trust’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup on the Common Shares will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Trust pays dividends on the higher short-term interest rate whereas the Trust’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Trust’s Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trust’s NAV positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.

The Trusts may also leverage their assets through the use of tender option bond (“TOB”) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect each Trust’s NAV per share.

The use of leverage may enhance opportunities for increased returns to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Trusts’ net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Trust to incur losses. The use of leverage may limit each Trust’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by the Trust. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount of up to 50% of its total managed assets at the time of issuance. Under normal circumstances, each Trust anticipates that the total economic leverage from Preferred Shares and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2010, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:

 

 

 

 

 





 

 

Percent of
Leverage

 





RAA

 

35

%

 

BFZ

 

38

%

 

BFO

 

38

%

 

RFA

 

38

%

 

BBF

 

39

%

 

RNJ

 

36

%

 

BNJ

 

36

%

 

RNY

 

35

%

 

BNY

 

37

%

 







 


 

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. Each Trust’s ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Trust to sell or purchase portfolio securities at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment or may cause a Trust to hold a security that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2010

13




 

 



 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock California Investment Quality Municipal Trust Inc. (RAA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







California — 132.0%

 

 

 

 

 

 

 









Corporate — 3.6%

 

 

 

 

 

 

 

Los Angeles Regional Airports Improvement Corp. California,
RB, Facilities Sublease, LA International, Series B,
AMT, 7.50%, 12/01/24

 

$

500

 

$

487,725

 









County/City/Special District/School District — 44.7%

 

 

 

 

 

 

 

Butte-Glenn Community College District, GO, Election
2002, Series C, 5.50%, 8/01/30

 

 

500

 

 

538,725

 

County of Kern California, COP, Capital Improvements
Projects, Series A (AGC), 6.00%, 8/01/35

 

 

500

 

 

550,365

 

Los Alamitos Unified School District California, GO, School
Facilities Improvement District No. 1, 5.50%, 8/01/33

 

 

500

 

 

524,600

 

Los Angeles Community College District California, GO,
Election 2003, Series F-1, 5.00%, 8/01/33

 

 

335

 

 

337,539

 

Los Angeles Municipal Improvement Corp.,
RB, Real Property, Series E, 5.75%, 9/01/34

 

 

250

 

 

253,107

 

Los Angeles Unified School District California, GO:

 

 

 

 

 

 

 

Election of 2004, Series F (FGIC), 5.00%, 7/01/30

 

 

250

 

 

253,830

 

Series D, 5.30%, 1/01/34

 

 

500

 

 

510,765

 

Marysville Joint Unified School District California, GO,
Election of 2006 (AGM), 5.50%, 8/01/32

 

 

45

 

 

47,410

 

Modesto Irrigation District, COP, Capital Improvements,
Series A, 5.50%, 10/01/26

 

 

65

 

 

70,039

 

Rio Hondo Community College District California, GO,
Election 2009, Series B, 5.50%, 8/01/30

 

 

125

 

 

133,584

 

San Diego Regional Building Authority California, RB,
County Operations Center & Annex, Series A, 5.38%, 2/01/36

 

 

500

 

 

517,860

 

San Jose Unified School District Santa Clara County
California, GO, Election 2002, Series D, 5.00%, 8/01/32

 

 

250

 

 

251,895

 

Santa Ana Unified School District, GO (NPFGC), 5.38%, 8/01/27

 

 

500

 

 

514,625

 

Santa Cruz County Redevelopment Agency California,
Tax Allocation Bonds, Live Oak/Soquel Community
Improvement, Series A, 7.00%, 9/01/36

 

 

100

 

 

107,809

 

Snowline Joint Unified School District COP, Refunding,
Refining Project (AGC), 5.75%, 9/01/38

 

 

250

 

 

273,295

 

Vacaville Unified School District California, GO, Election
of 2001 (NPFGC), 5.00%, 8/01/30

 

 

500

 

 

501,905

 

Westminster Redevelopment Agency California, Tax
Allocation Bonds, Subordinate, Commercial
Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39

 

 

500

 

 

561,585

 

 

 

 

 

 




 

 

 

 

 

 

5,948,938

 









Education — 7.6%

 

 

 

 

 

 

 

California Educational Facilities Authority, RB, Stanford
University, Series Q, 5.25%, 12/01/32

 

 

500

 

 

518,300

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

Value

 








California (continued)

 

 

 

 

 

 

 









Education (concluded)

 

 

 

 

 

 

 

University of California, RB, Limited Project, Series D
(NPFGC), 5.00%, 5/15/37

 

$

500

 

$

492,640

 

 

 

 

 

 




 

 

 

 

 

 

1,010,940

 









Health — 24.7%

 

 

 

 

 

 

 

ABAG Finance Authority for Nonprofit Corps, Refunding RB,
Sharp Healthcare:

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

250

 

 

261,665

 

6.25%, 8/01/39

 

 

250

 

 

268,908

 

California Health Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series A, 6.00%, 7/01/29

 

 

470

 

 

490,414

 

Providence Health & Services, Series C, 6.50%, 10/01/38

 

 

250

 

 

281,160

 

St. Joseph Health System, Series A, 5.75%, 7/01/39

 

 

485

 

 

499,550

 

California Statewide Communities Development Authority,
RB, St. Joseph Health System, Series C (FGIC), 5.75%,
7/01/47

 

 

250

 

 

255,558

 

California Statewide Communities Development Authority,
Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series E, 5.50%, 7/01/31

 

 

250

 

 

252,260

 

Catholic Healthcare West, Series K (AGC), 5.50%, 7/01/41

 

 

240

 

 

243,050

 

Kaiser, Series C, 5.25%, 8/01/31

 

 

750

 

 

732,060

 

 

 

 

 

 




 

 

 

 

 

 

3,284,625

 









State — 13.0%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of Education, Riverside Campus Project,
Series B, 6.50%, 4/01/34

 

 

340

 

 

348,449

 

Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34

 

 

250

 

 

254,142

 

California State University, Refunding RB, Systemwide,
Series C (NPFGC), 5.00%, 11/01/38

 

 

625

 

 

604,594

 

State of California, GO, Various Purpose, 6.50%, 4/01/33

 

 

490

 

 

523,423

 

 

 

 

 

 




 

 

 

 

 

 

1,730,608

 









Transportation — 14.3%

 

 

 

 

 

 

 

County of Orange California, RB, Series B, 5.75%, 7/01/34

 

 

500

 

 

540,520

 

County of Sacramento California, RB, Senior Series B:

 

 

 

 

 

 

 

5.75%, 7/01/39

 

 

250

 

 

266,105

 

(AGC), 5.50%, 7/01/34

 

 

105

 

 

110,187

 

Los Angeles Department of Airports, Refunding RB, Ontario
International, Series A, AMT (NPFGC), 5.00%, 5/15/26

 

 

510

 

 

493,400

 

Port of Oakland, RB, Series K, AMT (NPFGC), 5.75%, 11/01/29

 

 

495

 

 

495,277

 

 

 

 

 

 




 

 

 

 

 

 

1,905,489

 










 

 



Portfolio Abbreviations




To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BAN

Bond Anticipation Note

BHAC

Berkshire Hathaway Assurance Corp.

CAB

Capital Appreciation Bonds

CIFG

CDC IXIS Financial Guaranty

COP

Certificates of Participation

EDA

Economic Development Authority

ERB

Education Revenue Bonds

FGIC

Financial Guaranty Insurance Co.

FNMA

Federal National Mortgage Association

FSA

Financial Security Assurance Inc.

GNMA

Government National Mortgage Association

GO

General Obligation Bonds

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

IDRB

Industrial Development Revenue Bonds

ISD

Independent School District

LRB

Lease Revenue Bonds

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

PILOT

Payment in Lieu of Taxes

RB

Revenue Bonds

SONYMA

State of New York Mortgage Agency

S/F

Single-Family

VHA

Veterans Hospital Administration

VRDN

Variable Rate Demand Notes


 

 

 

See Notes to Financial Statements.


14

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Schedule of Investments (concluded)

BlackRock California Investment Quality Municipal Trust Inc. (RAA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

Value

 








California (concluded)

 

 

 

 

 

 

 









Utilities — 24.1%

 

 

 

 

 

 

 

California Infrastructure & Economic Development Bank,
RB, California Independent System Operator, Series A,
6.25%, 2/01/39

 

$

400

 

$

417,408

 

Chino Basin Regional Financing Authority California, RB,
Inland Empire Utilities Agency, Series A (AMBAC),
5.00%, 11/01/33

 

 

200

 

 

196,708

 

Contra Costa Water District, Refunding RB, Series O
(AMBAC), 5.00%, 10/01/24

 

 

600

 

 

636,624

 

East Bay Municipal Utility District, RB, Sub-Series A
(NPFGC), 5.00%, 6/01/35

 

 

100

 

 

102,344

 

Eastern Municipal Water District California, COP, Series H,
5.00%, 7/01/35

 

 

285

 

 

285,767

 

Los Angeles Department of Water & Power, RB, Power
System, Sub-Series A-1 (AGM), 5.00%, 7/01/35

 

 

500

 

 

507,805

 

San Diego Public Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

Senior Series A, 5.25%, 5/15/39

 

 

250

 

 

256,827

 

Series A, 5.25%, 8/01/38

 

 

500

 

 

512,050

 

Southern California Public Power Authority, RB,
Transmission Project (NPFGC), 5.50%, 7/01/20

 

 

40

 

 

40,148

 

Western Municipal Water District Facilities Authority, RB,
Series B, 5.00%, 10/01/39

 

 

250

 

 

251,318

 

 

 

 

 

 




 

 

 

 

 

 

3,206,999

 









Total Municipal Bonds — 132.0%

 

 

 

 

 

17,575,324

 










 

 

 

 

 

 

 

 









 

Municipal Bonds Transferred to
Tender Option Bond Trusts (a)

 

 

 

 

 

 

 









California — 16.1%

 

 

 

 

 

 

 









County/City/Special District/School District — 11.7%

 

 

 

 

 

 

 

Los Angeles Community College District California, GO,
2008 Election, Series A, 6.00%, 8/01/33

 

 

480

 

 

532,227

 

San Diego Community College District California, GO,
Election 2002, 5.25%, 8/01/33

 

 

508

 

 

519,991

 

Santa Clara County Financing Authority, Refunding RB,
Lease, Series L, 5.25%, 5/15/36

 

 

495

 

 

510,450

 

 

 

 

 

 




 

 

 

 

 

 

1,562,668

 









Education — 2.5%

 

 

 

 

 

 

 

University of California, RB, Series O, 5.75%, 5/15/34

 

 

300

 

 

333,746

 









Utilities — 1.9%

 

 

 

 

 

 

 

Eastern Municipal Water District, California, Water and
Sewer, COP, Series H, 5.00%, 7/01/33

 

 

250

 

 

252,104

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 16.1%

 

 

 

 

 

2,148,518

 









Total Long-Term Investments
(Cost — $19,188,906) — 148.1%

 

 

 

 

 

19,723,842

 










 

 

 

 

 

 

 

 










Short-Term Securities

 

 

Shares

 

 

 

 









CMA California Municipal Money Fund, 0.04% (b)(c)

 

 

512,287

 

 

512,287

 









Total Short-Term Securities
(Cost — $512,287) — 3.8%

 

 

 

 

 

512,287

 









Total Investments (Cost — $19,701,193*) — 151.9%

 

 

 

 

 

20,236,129

 

Other Assets Less Liabilities — 1.8%

 

 

 

 

 

241,853

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (9.2)%

 

 

 

 

 

(1,233,879

)

Preferred Shares, at Redemption Value — (44.5)%

 

 

 

 

 

(5,925,217

)

 

 

 

 

 




Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

13,318,886

 

 

 

 

 

 





 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

18,491,538

 

 

 

 




 

Gross unrealized appreciation

 

$

681,063

 

 

Gross unrealized depreciation

 

 

(169,355

)

 

 

 




 

Net unrealized appreciation

 

$

511,708

 

 

 

 





 

 

(a)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(b)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 

 

 









 

Affiliate

 

Net
Activity

 

Income

 

 







 

CMA California Municipal Money Fund

 

$

(1,125,239

)

$

80

 

 










 

 

 

(c)

Represents the current yield as of report date.

 

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 






 

Valuation Inputs

 

Investments in
Securities

 

 





 

 

 

Assets

 

 

 

 



 

Level 1 — Short-Term Securities

 

$

512,287

 

 

Level 2 — Long-Term Investments1

 

 

19,723,842

 

 

Level 3

 

 

 

 

 

 




 

Total

 

$

20,236,129

 

 

 

 




 

 

 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

See Notes to Financial Statements.

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

15




 

 


 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







California — 104.4%

 

 

 

 

 

 

 









Corporate — 2.1%

 

 

 

 

 

 

 

California Pollution Control Financing Authority, RB,
Waste Management Inc. Project, Series C, AMT,
6.75%, 12/01/27

 

$

2,475

 

$

2,559,348

 

City of Chula Vista California, Refunding RB, San Diego
Gas & Electric, Series A, 5.88%, 2/15/34

 

 

680

 

 

744,634

 

Los Angeles Regional Airports Improvement Corp.
California, RB, Series C, AMT, 7.50%, 12/01/24

 

 

1,165

 

 

1,145,533

 

 

 

 

 

 




 

 

 

 

 

 

4,449,515

 









County/City/Special District/School District — 29.5%

 

 

 

 

 

 

 

Butte-Glenn Community College District, GO,
Election 2002, Series C, 5.50%, 8/01/30

 

 

4,425

 

 

4,767,716

 

California State Department of Water Resources,
Refunding RB, Water System, Series AF, 5.00%,
12/01/29

 

 

2,500

 

 

2,661,475

 

Elk Grove Unified School District California, Special Tax
Bonds, CAB, Community Facilities No. 1 (AMBAC) (a):

 

 

 

 

 

 

 

5.60%, 12/01/29

 

 

7,485

 

 

2,048,270

 

5.60%, 12/01/30

 

 

7,485

 

 

1,891,834

 

5.60%, 12/01/31

 

 

7,485

 

 

1,752,388

 

Live Oak Unified School District, GO, CAB,
Election 2004, Series B (Syncora) (a)(b):

 

 

 

 

 

 

 

5.59%, 8/01/18

 

 

985

 

 

297,165

 

5.60%, 8/01/18

 

 

1,030

 

 

293,560

 

5.61%, 8/01/18

 

 

1,080

 

 

290,725

 

5.62%, 8/01/18

 

 

1,125

 

 

285,975

 

5.63%, 8/01/18

 

 

1,175

 

 

282,012

 

5.64%, 8/01/18

 

 

1,230

 

 

278,669

 

5.65%, 8/01/18

 

 

1,285

 

 

274,759

 

5.66%, 8/01/18

 

 

1,340

 

 

270,358

 

5.67%, 8/01/18

 

 

1,400

 

 

266,490

 

5.68%, 8/01/18

 

 

1,465

 

 

263,026

 

Long Beach Unified School District California, GO,
Refunding, Election of 2008, Series A, 5.75%,
8/01/33

 

 

2,135

 

 

2,298,477

 

Los Angeles Municipal Improvement Corp.,
Refunding RB, Real Property, Series B (AGC),
5.50%, 4/01/30

 

 

2,570

 

 

2,739,337

 

Modesto Irrigation District, COP, Series B, 5.50%,
7/01/35

 

 

3,300

 

 

3,456,024

 

Oak Grove School District California, GO, Election 2008,
Series A, 5.50%, 8/01/33

 

 

4,000

 

 

4,236,760

 

Orange County Water District, COP, Refunding, 5.25%,
8/15/34

 

 

2,000

 

 

2,097,900

 

Peralta Community College District California, GO,
Election 2006, Series C, 5.00%, 8/01/39

 

 

7,500

 

 

7,319,175

 

Pittsburg Redevelopment Agency, Tax Allocation Bonds,
Refunding, Subordinate, Los Medanos Community
Project, Series A, 6.50%, 9/01/28

 

 

2,500

 

 

2,729,925

 

San Diego Regional Building Authority California, RB,
County Operations Center & Annex, Series A, 5.38%,
2/01/36

 

 

2,900

 

 

3,003,588

 

San Jose Unified School District Santa Clara County
California, GO, Election 2002, Series D, 5.00%,
8/01/32

 

 

2,875

 

 

2,896,792

 

Santa Ana Unified School District, GO, Election 2008,
Series A:

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

35

 

 

37,272

 

5.13%, 8/01/33

 

 

8,000

 

 

8,085,120

 

Santa Cruz County Redevelopment Agency California,
Tax Allocation Bonds, Live Oak/Soquel Community
Improvement, Series A, 7.00%, 9/01/36

 

 

1,200

 

 

1,293,708

 

Torrance Unified School District California, GO,
Election of 2008, Measure Z, 6.00%, 8/01/33

 

 

2,500

 

 

2,748,850

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (continued)

 

 

 

 

 

 

 









County/City/Special District/School District
(concluded)

 

 

 

 

 

 

 

Westminster Redevelopment Agency California,
Tax Allocation Bonds, Subordinate, Commercial
Redevelopment Project No. 1 (AGC), 6.25%,
11/01/39

 

$

2,350

 

$

2,639,450

 

 

 

 

 

 




 

 

 

 

 

 

61,506,800

 









Education — 2.3%

 

 

 

 

 

 

 

California Infrastructure & Economic Development Bank,
RB, J. David Gladstone Institute Project, 5.25%,
10/01/34

 

 

4,000

 

 

3,808,520

 

San Diego Community College District California,
GO, Election 2002, 5.25%, 08/01/33

 

 

1,000

 

 

1,022,530

 

 

 

 

 

 




 

 

 

 

 

 

4,831,050

 









Health — 17.5%

 

 

 

 

 

 

 

ABAG Finance Authority for Nonprofit Corps,
Refunding RB, Sharp Healthcare:

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

1,000

 

 

1,046,660

 

6.25%, 8/01/39

 

 

3,000

 

 

3,226,890

 

California Health Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series A, 6.00%, 7/01/34

 

 

3,000

 

 

3,135,930

 

Catholic Healthcare West, Series E, 5.63%, 7/01/25

 

 

3,000

 

 

3,105,180

 

Scripps Health, Series A, 5.00%, 11/15/36 (c)

 

 

4,500

 

 

4,338,810

 

California Infrastructure & Economic Development Bank,
RB, Kaiser Hospital Assistance I-LLC, Series A, 5.55%,
8/01/31

 

 

13,500

 

 

13,546,710

 

California Statewide Communities Development Authority,
Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series B, 5.50%, 7/01/30

 

 

3,000

 

 

3,034,440

 

Catholic Healthcare West, Series E, 5.50%, 7/01/31

 

 

2,000

 

 

2,018,080

 

Kaiser, Series C, 5.25%, 8/01/31

 

 

3,000

 

 

2,928,240

 

 

 

 

 

 




 

 

 

 

 

 

36,380,940

 









State — 10.1%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of Education, Riverside Campus Project,
Series B, 6.50%, 4/01/34

 

 

5,000

 

 

5,124,250

 

Various Capital Projects, Sub-Series I-1, 6.38%,
11/01/34

 

 

1,475

 

 

1,499,441

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.50%, 4/01/33

 

 

9,700

 

 

10,361,637

 

6.00%, 11/01/39

 

 

4,000

 

 

4,058,520

 

 

 

 

 

 




 

 

 

 

 

 

21,043,848

 









Transportation — 12.5%

 

 

 

 

 

 

 

County of Orange California, RB, Series B, 5.75%,
7/01/34

 

 

3,000

 

 

3,243,120

 

County of Sacramento California, RB, Senior Series B,
5.75%, 7/01/39

 

 

1,350

 

 

1,436,967

 

Foothill Eastern Transportation Corridor Agency California,
Refunding RB:

 

 

 

 

 

 

 

5.75%, 1/15/40

 

 

4,000

 

 

3,764,920

 

CAB, 5.88%, 7/15/26

 

 

5,000

 

 

4,886,100

 

Port of Oakland, RB, Series K, AMT (NPFGC), 5.75%,
11/01/29

 

 

3,970

 

 

3,972,223

 

Port of Oakland, Refunding RB, Series L, AMT (NPFGC),
5.38%, 11/01/27

 

 

3,710

 

 

3,504,874

 

San Francisco City & County Airports Commission, RB,
Series E, 6.00%, 5/01/39

 

 

4,825

 

 

5,167,527

 

 

 

 

 

 




 

 

 

 

 

 

25,975,731

 










 

 

 

See Notes to Financial Statements.


16

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (concluded)

 

 

 

 

 

 

 









Utilities — 30.4%

 

 

 

 

 

 

 

California Infrastructure & Economic Development Bank,
RB, California Independent System Operator, Series A,
6.25%, 2/01/39

 

$

2,500

 

$

2,608,800

 

Calleguas-Las Virgines Public Financing Authority
California, RB, Calleguas Municipal Water District
Project, Series A (NPFGC), 5.13%, 7/01/32

 

 

5,475

 

 

5,611,656

 

City of Chula Vista California, Refunding RB, San Diego
Gas & Electric, Series E, 5.88%, 1/01/34

 

 

4,375

 

 

4,790,844

 

Los Angeles Department of Water & Power, RB,
Sub-Series A-1:

 

 

 

 

 

 

 

Power System, 5.25%, 7/01/38

 

 

3,500

 

 

3,704,855

 

Power System (AMBAC), 5.00%, 7/01/37

 

 

10,000

 

 

10,104,600

 

Series A, 5.38%, 7/01/34

 

 

1,400

 

 

1,507,268

 

Metropolitan Water District of Southern California,
Refunding RB, Series C:

 

 

 

 

 

 

 

5.00%, 7/01/29

 

 

4,200

 

 

4,455,738

 

5.00%, 7/01/35

 

 

3,500

 

 

3,614,065

 

Orange County Sanitation District, COP, Series B (AGM),
5.00%, 2/01/37

 

 

10,000

 

 

10,279,400

 

San Diego County Water Authority, COP, Refunding,
Series 2008-A (AGM), 5.00%, 5/01/33

 

 

10,040

 

 

10,195,319

 

San Diego Public Facilities Financing Authority,
Refunding RB, Senior Series A:

 

 

 

 

 

 

 

5.25%, 5/15/34

 

 

4,000

 

 

4,169,960

 

5.25%, 5/15/39

 

 

2,250

 

 

2,311,447

 

 

 

 

 

 




 

 

 

 

 

 

63,353,952

 









Total Municipal Bonds in California

 

 

 

 

 

217,541,836

 









 

 

 

 

 

 

 

 









Multi-State — 6.2%

 

 

 

 

 

 

 









Housing — 6.2%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust, 6.80%, 11/30/50 (d)(e)

 

 

4,000

 

 

4,109,600

 

MuniMae Tax-Exempt Bond Subsidiary LLC (d)(e):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

 

6,760

 

 

6,269,118

 

6.80%, 6/30/50

 

 

3,000

 

 

2,459,910

 









Total Municipal Bonds in Multi-State

 

 

 

 

 

12,838,628

 









 

 

 

 

 

 

 

 









Puerto Rico — 2.1%

 

 

 

 

 

 

 









State — 2.1%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Refunding, Public
improvement, Series B, 6.50%, 7/01/37

 

 

4,230

 

 

4,461,212

 









Total Municipal Bonds — 112.7%

 

 

 

 

 

234,841,676

 










 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (f)

 

Par
(000)

 

Value

 









California — 45.1%

 

 

 

 

 

 

 









County/City/Special District/School District — 29.6%

 

 

 

 

 

 

 

Los Angeles Community College District California, GO,
2008 Election, Series A, 6.00%, 8/01/33

 

$

9,596

 

$

10,644,542

 

Los Angeles Unified School District California, GO,
Series I, 5.00%, 1/01/34

 

 

5,000

 

 

4,992,850

 

Mount San Antonio Community College District,
California, GO, Election 2001, Series C (FSA),
5.00%, 9/01/31

 

 

10,770

 

 

10,981,415

 

San Diego Community College District California, GO:

 

 

 

 

 

 

 

Election 2002, 5.00%, 5/01/25

 

 

10,615

 

 

11,025,941

 

Election 2002, 5.25%, 8/01/33

 

 

4,487

 

 

4,588,160

 

Election 2006 (AGM), 5.00%, 8/01/32

 

 

9,000

 

 

9,106,650

 

Santa Clara County Financing Authority, Refunding RB,
Lease, Series L, 5.25%, 5/15/36

 

 

10,000

 

 

10,318,157

 

 

 

 

 

 




 

 

 

 

 

 

61,657,715

 









Education — 11.5%

 

 

 

 

 

 

 

California Educational Facilities Authority, RB:

 

 

 

 

 

 

 

Stanford University, Series Q, 5.25%, 12/01/32

 

 

10,000

 

 

10,366,180

 

University of Southern California, Series A, 5.25%,
10/01/18

 

 

6,900

 

 

7,282,950

 

University of California, RB, Series O, 5.75%,
5/15/34

 

 

5,595

 

 

6,224,382

 

 

 

 

 

 




 

 

 

 

 

 

23,873,512

 









Utilities — 4.0%

 

 

 

 

 

 

 

Eastern Municipal Water District, California, Water and
Sewer, COP, Series H, 5.00%, 7/01/33

 

 

8,356

 

 

8,430,350

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 45.1%

 

 

 

 

 

93,961,577

 









Total Long-Term Investments
(Cost — $324,237,295) — 157.8%

 

 

 

 

 

328,803,253

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









CMA California Municipal Money Fund, 0.04% (g)(h)

 

 

6,582,995

 

 

6,582,995

 









Total Short-Term Securities
(Cost — $6,582,995) — 3.1%

 

 

 

 

 

6,582,995

 









Total Investments (Cost — $330,820,290*) — 160.9%

 

 

 

 

 

335,386,248

 

Other Assets Less Liabilities — 0.2%

 

 

 

 

 

448,990

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (27.1)%

 

 

 

 

 

(56,425,887

)

Preferred Shares, at Redemption Value — (34.0)%

 

 

 

 

 

(71,002,630

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

208,406,721

 

 

 

 

 

 





 

 

 

See Notes to Financial Statements.

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

17




 

 


 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

273,805,979

 

 

 

 




 

Gross unrealized appreciation

 

$

8,833,241

 

 

Gross unrealized depreciation

 

 

(3,631,749

)

 

 

 




 

Net unrealized appreciation

 

$

5,201,492

 

 

 

 





 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(b)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a report date.

 

 

(c)

When-issued security. Unsettled when-issued security transactions were as follows:


 

 

 

 

 

 

 

 

 

 









 

Counterparty

 

Value

 

Unrealized
Depreciation

 

 









 

JPMorgan Chase Bank NA

 

$

4,338,810

 

$

(63,315

)

 










 

 

(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(e)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

 

 

(f)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(g)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 

 

 







 

Affiliate

 

Net
Activity

 

Income

 

 







 

CMA California Municipal Money Fund

 

$

2,952,199

 

$

848

 

 










 

 

(h)

Represents the current yield as of report date.


 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates), or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 





 

Valuation Inputs

 

Investments in
Securities

 

 





 

 

 

Assets

 

 

 

 




 

Level 1 — Short-Term Securities

 

$

6,582,995

 

 

Level 2 — Long-Term Investments1

 

 

328,803,253

 

 

Level 3

 

 

 

 

 

 




 

Total

 

$

335,386,248

 

 

 

 





 

 

 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

See Notes to Financial Statements.


18

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Florida — 144.2%

 

 

 

 

 

 

 









Corporate — 8.6%

 

 

 

 

 

 

 

County of Escambia Florida, Refunding RB, Environment,
Series A, AMT, 5.75%, 11/01/27

 

$

4,000

 

$

3,770,520

 

Hillsborough County IDA, Refunding Tampa Electric Co.
Project, RB:

 

 

 

 

 

 

 

5.50%, 10/01/23

 

 

1,955

 

 

1,971,735

 

Series A, 5.65%, 5/15/18

 

 

1,000

 

 

1,063,850

 

 

 

 

 

 




 

 

 

 

 

 

6,806,105

 









County/City/Special District/School District — 61.9%

 

 

 

 

 

 

 

Broward County School Board Florida, COP, Series A
(AGM) 5.25%, 7/01/22

 

 

2,500

 

 

2,658,075

 

County of Hillsborough Florida, RB (AMBAC) 5.00%,
11/01/20

 

 

5,545

 

 

5,926,551

 

County of Miami-Dade Florida, RB, Sub-Series B (NPFGC),
5.63%, 10/01/32 (a)

 

 

7,560

 

 

1,613,304

 

County of Miami-Dade Florida, Refunding RB,
Sub-Series A (NPFGC) (a):

 

 

 

 

 

 

 

5.31%, 10/01/19

 

 

5,365

 

 

2,985,408

 

5.29%, 10/01/20

 

 

10,000

 

 

5,214,700

 

County of Orange Florida, Refunding RB, Series A (NPFGC)
5.13%, 1/01/22

 

 

2,200

 

 

2,309,120

 

Hillsborough County School Board, COP (NPFGC), 5.00%,
7/01/27

 

 

1,000

 

 

1,009,660

 

Miami-Dade County Educational Facilities Authority
Florida, RB, University of Miami, Series A (AMBAC),
5.00%, 4/01/14 (b)

 

 

2,000

 

 

2,287,700

 

Miami-Dade County School Board, COP, Refunding,
Series B (AGC), 5.25%, 5/01/21

 

 

4,000

 

 

4,333,720

 

Northern Palm Beach County Improvement District, RB:

 

 

 

 

 

 

 

Water Control & Improvement, Unit of
Development No. 43, 6.10%, 8/01/11 (b)

 

 

2,735

 

 

2,966,053

 

Water Control Improvement, Series 43, 6.10%,
8/01/21

 

 

380

 

 

372,024

 

Northern Palm Beach County Improvement District,
Special Assessment Bonds, Refunding, Water Control &
Improvement District No. 43, Series B (ACA):

 

 

 

 

 

 

 

4.50%, 8/01/22

 

 

1,000

 

 

738,760

 

5.00%, 8/01/31

 

 

1,000

 

 

707,050

 

Sterling Hill Community Development District, Special
Assessment Bonds, Series A, 6.10%, 5/01/23

 

 

4,105

 

 

3,942,483

 

Stevens Plantation Improvement Project Dependent
Special District, RB, 6.38%, 5/01/13

 

 

2,425

 

 

1,999,994

 

Tolomato Community Development District, Special
Assessment Bonds, Special Assessment, 6.38%,
5/01/17

 

 

1,300

 

 

1,158,898

 

Village Center Community Development District, RB:

 

 

 

 

 

 

 

(NPFGC), 5.25%, 10/01/23

 

 

5,000

 

 

4,928,700

 

Sub-Series B, 6.35%, 1/01/18

 

 

2,000

 

 

1,900,880

 

Village Community Development District No. 5 Florida,
Special Assessment Bonds, Series A, 6.00%, 5/01/22

 

 

1,285

 

 

1,291,554

 

Watergrass Community Development District, Special
Assessment Bonds, Series B, 5.13%, 11/01/14

 

 

1,000

 

 

561,790

 

 

 

 

 

 




 

 

 

 

 

 

48,906,424

 









Education — 1.0%

 

 

 

 

 

 

 

Orange County Educational Facilities Authority, RB,

 

 

 

 

 

 

 

Rollins College Project (AMBAC), 5.25%, 12/01/22

 

 

725

 

 

775,409

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Florida (concluded)

 

 

 

 

 

 

 









Health — 19.2%

 

 

 

 

 

 

 

Escambia County Health Facilities Authority, RB, Florida
Health Care Facility Loan, VHA Program (AMBAC)
5.95%, 7/01/20

 

$

456

 

$

470,567

 

Halifax Hospital Medical Center, Refunding RB, Series A,
5.25%, 6/01/26

 

 

2,500

 

 

2,484,100

 

Highlands County Health Facilities Authority,
Refunding RB, Hospital, Adventist Health, Series I,
5.00%, 11/15/20

 

 

2,155

 

 

2,255,100

 

Hillsborough County IDA, RB, H. Lee Moffitt Cancer
Center Project, Series A, 5.25%, 7/01/22

 

 

1,500

 

 

1,502,670

 

Lee County IDA Florida, Refunding RB, Shell Point/
Alliance Community Project, 5.00%, 11/15/22

 

 

1,500

 

 

1,324,275

 

Marion County Hospital District Florida, Refunding RB,
Health System, Munroe Regional, 5.00%, 10/01/22

 

 

1,500

 

 

1,483,260

 

Miami Beach Health Facilities Authority, RB, Mount Sinai
Medical Center of Florida, 6.75%, 11/15/21

 

 

675

 

 

681,163

 

Orange County Health Facilities Authority, RB, Hospital,
Adventist Health System, 5.63%, 11/15/12 (b)

 

 

4,450

 

 

4,959,213

 

 

 

 

 

 




 

 

 

 

 

 

15,160,348

 









Housing — 3.4%

 

 

 

 

 

 

 

Florida Housing Finance Corp., RB, Homeowner Mortgage,
Series 2, AMT (GNMA), 4.70%, 7/01/22

 

 

1,805

 

 

1,807,256

 

Jacksonville Housing Finance Authority, Refunding RB,
Series A-1, AMT (GNMA), 5.63%, 10/01/39

 

 

860

 

 

895,355

 

 

 

 

 

 




 

 

 

 

 

 

2,702,611

 









State — 14.5%

 

 

 

 

 

 

 

Florida Municipal Loan Council, RB, CAB, Series A
(NPFGC), 5.18%, 4/01/20 (a)

 

 

4,000

 

 

2,320,560

 

Florida State Board of Education, GO, Public Education,
Series J (AMBAC) 5.00%, 6/01/24

 

 

6,150

 

 

6,518,754

 

Florida State Board of Education, GO, Refunding,
Public Education, Series I, 5.00%, 6/01/18

 

 

500

 

 

550,775

 

Florida State Board of Education, RB, Series B, 5.00%,
7/01/23

 

 

2,000

 

 

2,116,200

 

 

 

 

 

 




 

 

 

 

 

 

11,506,289

 









Transportation — 3.9%

 

 

 

 

 

 

 

County of Lee Florida, Refunding RB, Series B, (AMBAC)
5.00%, 10/01/22

 

 

3,000

 

 

3,051,000

 









Utilities — 31.7%

 

 

 

 

 

 

 

City of Deltona Florida, RB (NPFGC), 5.00%, 10/01/23

 

 

1,095

 

 

1,127,916

 

City of Lakeland Florida, Refunding RB, 5.00%,
10/01/27

 

 

1,000

 

 

1,018,950

 

City of Marco Island Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/21

 

 

1,000

 

 

1,049,830

 

5.00%, 10/01/22

 

 

2,000

 

 

2,050,900

 

5.00%, 10/01/23

 

 

1,375

 

 

1,404,013

 

City of Palm Coast Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,770

 

 

1,809,949

 

5.00%, 10/01/23

 

 

1,485

 

 

1,514,462

 

5.00%, 10/01/24

 

 

1,500

 

 

1,526,055

 

County of Miami-Dade Florida, Refunding RB, System,
Series B (AGM) 5.25%, 10/01/19

 

 

3,000

 

 

3,329,160

 

Sumter County IDA Florida, RB, North Sumter Utility Co.
LLC Project, AMT, 6.80%, 10/01/32

 

 

1,145

 

 

1,103,917

 

Tohopekaliga Water Authority, RB, Series B (AGM):

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,975

 

 

2,062,097

 

5.00%, 10/01/23

 

 

1,180

 

 

1,227,507

 

Tohopekaliga Water Authority, Refunding RB,
Series A (AGM):

 

 

 

 

 

 

 

5.00%, 10/01/21

 

 

3,630

 

 

3,751,387

 

5.00%, 10/01/23

 

 

2,000

 

 

2,054,640

 

 

 

 

 

 




 

 

 

 

 

 

25,030,783

 









Total Municipal Bonds in Florida

 

 

 

 

 

113,938,969

 










See Notes to Financial Statements.




 

SEMI-ANNUAL REPORT

JANUARY 31, 2010

19




 

 



 

 

Schedule of Investments (concluded)

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









U.S. Virgin Islands — 1.7%

 

 

 

 

 

 

 









Corporate — 1.7%

 

 

 

 

 

 

 

Virgin Islands Public Finance Authority, RB, Senior Secured,
Hovensa Refinery, AMT, 4.70%, 7/01/22

 

$

1,500

 

$

1,339,470

 









Total Municipal Bonds — 145.9%

 

 

 

 

 

115,278,439

 










 

 

 

 

 

 

 

 









 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

 

 

 

 

 









Florida — 11.3%

 

 

 

 

 

 

 









County/City/Special District/School District — 8.3%

 

 

 

 

 

 

 

Palm Beach County School District, COP, Series D (AGM)
5.00%, 8/01/28

 

 

6,510

 

 

6,569,436

 









Housing — 3.0%

 

 

 

 

 

 

 

Lee County Housing Finance Authority, RB, Multi-County
Program, Series A-2, AMT (GNMA), 6.00%, 9/01/40

 

 

1,290

 

 

1,395,303

 

Manatee County Housing Finance Authority, RB, Series A,
AMT (GNMA), 5.90%, 9/01/40

 

 

917

 

 

954,477

 

 

 

 

 

 




 

 

 

 

 

 

2,349,780

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 11.3%

 

 

 

 

 

8,919,216

 









Total Long-Term Investments
(Cost — $126,132,708) — 157.2%

 

 

 

 

 

124,197,655

 










 

 

 

 

 

 

 

 









 

Short-Term Securities

 

 

Shares

 

 

 

 









CMA Florida Municipal Money Fund 0.00% (d)(e)

 

 

1,030,592

 

 

1,030,592

 









Total Short-Term Securities
(Cost — $1,030,592) — 1.3%

 

 

 

 

 

1,030,592

 









Total Investments (Cost — $127,163,300*) — 158.5%

 

 

 

 

 

125,228,247

 

Other Assets Less Liabilities — 1.6%

 

 

 

 

 

1,234,074

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (5.8)%

 

 

 

 

 

(4,581,747

)

Preferred Shares, at Redemption Value — (54.3)%

 

 

 

 

 

(42,902,756

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

78,977,818

 

 

 

 

 

 













 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

122,533,474

 

 

 




Gross unrealized appreciation

 

$

2,339,933

 

Gross unrealized depreciation

 

 

(4,218,733

)

 

 




Net unrealized depreciation

 

$

(1,878,800

)

 

 





 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(b)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(c)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(d)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 









Affiliate

 

Net
Activity

 

Income

 







CMA Florida Municipal Money Fund

 

$

909,857

 

$

105

 










 

 

(e)

Represents the current yield as of report date.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 






Valuation Inputs

 

Investments in
Securities

 






 

 

Assets

 

 

 



Level 1 — Short-Term Securities

 

$

1,030,592

 

Level 2 — Long-Term Investments1

 

 

124,197,655

 

Level 3

 

 

 

 

 




Total

 

$

125,228,247

 

 

 




 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

 

 

 


20

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock Investment Quality Municipal Income Trust (RFA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Arizona — 0.7%

 

 

 

 

 

 

 

Pima County IDA, Refunding IDRB, Tucson Electric Power,
5.75%, 9/01/29

 

$

90

 

$

90,923

 









California — 19.0%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB, San Francisco
Bay Area, Series F-1, 5.63%, 4/01/44

 

 

195

 

 

206,809

 

California Health Facilities Financing Authority,
Refunding RB, Series A:

 

 

 

 

 

 

 

Catholic Healthcare West, 6.00%, 7/01/39

 

 

130

 

 

135,597

 

St. Joseph Health System, 5.75%, 7/01/39

 

 

195

 

 

200,850

 

California State Public Works Board, RB, Department of
General Services, Buildings 8 & 9, Series A, 6.25%,
4/01/34

 

 

300

 

 

302,046

 

Los Angeles Department of Water & Power, RB, Power
System, Sub-Series A-1, 5.25%, 7/01/38

 

 

250

 

 

264,632

 

San Diego Public Facilities Financing Authority,
Refunding RB, Series B, 5.50%, 8/01/39

 

 

615

 

 

647,066

 

San Diego Regional Building Authority California, RB,
County Operations Center & Annex, Series A, 5.38%,
2/01/36

 

 

240

 

 

248,573

 

San Francisco City & County Airports Commission,
Refunding RB, VRDN, 2nd Series A-3, AMT, 6.75%,
5/01/19

 

 

500

 

 

527,295

 

 

 

 

 

 




 

 

 

 

 

 

2,532,868

 









Colorado — 1.2%

 

 

 

 

 

 

 

Colorado Health Facilities Authority, Refunding RB,
Catholic Healthcare, Series A, 5.50%, 7/01/34

 

 

155

 

 

163,381

 









Florida — 15.1%

 

 

 

 

 

 

 

Arborwood Community Development District, Special
Assessment Bonds, Master Infrastructure Projects,
Series B, 5.10%, 5/01/14

 

 

210

 

 

151,028

 

Ave Maria Stewardship Community Development District,
Special Assessment Bonds, BAN, 4.80%, 11/01/12

 

 

500

 

 

386,165

 

City of Boynton Beach Florida, Refunding RB (FGIC),
6.25%, 11/01/20 (a)

 

 

170

 

 

207,726

 

County of Miami-Dade Florida, RB, Sub-Series B (NPFGC),
5.65%, 10/01/31 (b)

 

 

1,775

 

 

406,351

 

County of St. John’s Florida, RB, CAB (AMBAC), 5.40%,
6/01/32 (b)

 

 

1,000

 

 

276,520

 

Miami Beach Health Facilities Authority, Refunding RB,
Mount Sinai Medical Center of Florida, 6.75%,
11/15/21

 

 

125

 

 

126,141

 

New River Community Development District, Special
Assessment Bonds, Series B, 5.00%, 5/01/13 (c)(d)

 

 

250

 

 

104,825

 

Village Center Community Development District, RB,
Series A (NPFGC), 5.00%, 11/01/32

 

 

450

 

 

365,301

 

 

 

 

 

 




 

 

 

 

 

 

2,024,057

 









Georgia — 6.9%

 

 

 

 

 

 

 

Metropolitan Atlanta Rapid Transit Authority, RB,
3rd Series, 5.00%, 7/01/39

 

 

350

 

 

362,218

 

Municipal Electric Authority of Georgia, Refunding RB,
Project One, Sub-Series D, 6.00%, 1/01/23

 

 

500

 

 

565,165

 

 

 

 

 

 




 

 

 

 

 

 

927,383

 









Illinois — 3.6%

 

 

 

 

 

 

 

Illinois Finance Authority, Refunding RB, Northwestern
Memorial Hospital, Series A, 6.00%, 8/15/39

 

 

250

 

 

273,753

 

State of Illinois, RB, Build Illinois, Series B, 5.25%,
6/15/34

 

 

195

 

 

200,959

 

 

 

 

 

 




 

 

 

 

 

 

474,712

 









Indiana — 2.7%

 

 

 

 

 

 

 

Indiana Municipal Power Agency, RB, Indiana Municipal
Power Agency, Series B, 6.00%, 1/01/39

 

 

335

 

 

357,123

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Kansas — 2.0%

 

 

 

 

 

 

 

Kansas Development Finance Authority, Refunding RB,
Adventist Health, 5.50%, 11/15/29

 

$

250

 

$

262,730

 









Kentucky — 3.5%

 

 

 

 

 

 

 

Louisville & Jefferson County Metropolitan Government
Parking Authority, RB, Series A, 5.75%, 12/01/34

 

 

220

 

 

240,007

 

Louisville/Jefferson County Metropolitan Government,
Refunding RB, Jewish Hospital & St. Mary’s HealthCare,
6.13%, 2/01/37

 

 

215

 

 

221,643

 

 

 

 

 

 




 

 

 

 

 

 

461,650

 









Maine — 1.8%

 

 

 

 

 

 

 

Maine State Housing Authority, RB, Series C, AMT, 5.45%,
11/15/23

 

 

235

 

 

235,313

 









Massachusetts — 5.8%

 

 

 

 

 

 

 

Massachusetts HFA, Refunding HRB, Series F, AMT,
5.70%, 6/01/40

 

 

250

 

 

250,838

 

Massachusetts Health & Educational Facilities Authority,
RB, Tufts University, 5.38%, 8/15/38

 

 

250

 

 

268,487

 

Massachusetts State College Building Authority, RB,
Series A, 5.50%, 5/01/39

 

 

250

 

 

261,035

 

 

 

 

 

 




 

 

 

 

 

 

780,360

 









Michigan — 4.8%

 

 

 

 

 

 

 

Michigan State Building Authority, Refunding RB,
Facilities Program, Series I, 6.00%, 10/15/38

 

 

250

 

 

267,640

 

Royal Oak Hospital Finance Authority Michigan,
Refunding RB, William Beaumont Hospital, 8.25%,
9/01/39

 

 

325

 

 

376,812

 

 

 

 

 

 




 

 

 

 

 

 

644,452

 









Nevada — 5.4%

 

 

 

 

 

 

 

City of Las Vegas Nevada, GO, Limited Tax,
Performing Arts Center, 6.00%, 4/01/34

 

 

250

 

 

274,362

 

County of Clark, Nevada, RB, Series B, 5.75%,
7/01/42 (e)

 

 

440

 

 

452,030

 

 

 

 

 

 




 

 

 

 

 

 

726,392

 









New Jersey — 6.1%

 

 

 

 

 

 

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

New Jersey American Water Co., Series A, AMT,
5.70%, 10/01/39

 

 

175

 

 

172,349

 

School Facilities Construction, Series AA, 5.50%,
12/15/29

 

 

250

 

 

270,532

 

New Jersey State Housing & Mortgage Finance Agency,
RB, S/F Housing, Series CC, 5.25%, 10/01/29

 

 

165

 

 

169,214

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A, 5.88%, 12/15/38

 

 

190

 

 

206,329

 

 

 

 

 

 




 

 

 

 

 

 

818,424

 









New York — 6.1%

 

 

 

 

 

 

 

New York City Transitional Finance Authority, RB,
Fiscal 2009, Series S-3, 5.25%, 1/15/39

 

 

250

 

 

260,700

 

New York State Dormitory Authority, ERB, Series B,
5.25%, 3/15/38

 

 

300

 

 

315,984

 

Triborough Bridge & Tunnel Authority, RB, General,
Series A-2, 5.38%, 11/15/38

 

 

225

 

 

240,502

 

 

 

 

 

 




 

 

 

 

 

 

817,186

 









North Carolina — 1.1%

 

 

 

 

 

 

 

City of Charlotte North Carolina, Refunding RB, Series A,
5.50%, 7/01/34 (e)

 

 

25

 

 

26,463

 

North Carolina Eastern Municipal Power Agency,
Refunding RB, Series B, 5.00%, 1/01/26

 

 

65

 

 

66,883

 

North Carolina Municipal Power Agency No. 1 Catawba,
Refunding RB, Series A, 5.00%, 1/01/30

 

 

50

 

 

50,972

 

 

 

 

 

 




 

 

 

 

 

 

144,318

 










 

 

 

See Notes to Financial Statements.

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

21




 

 


 

 

Schedule of Investments (continued)

BlackRock Investment Quality Municipal Income Trust (RFA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Pennsylvania — 7.4%

 

 

 

 

 

 

 

Pennsylvania Economic Development Financing Authority,
RB, American Water Co. Project, 6.20%, 4/01/39

 

$

300

 

$

321,864

 

Pennsylvania Turnpike Commission, RB:

 

 

 

 

 

 

 

Sub-Series B, 5.25%, 6/01/39

 

 

425

 

 

428,715

 

Sub-Series C (AGC), 6.25%, 6/01/38

 

 

215

 

 

242,365

 

 

 

 

 

 




 

 

 

 

 

 

992,944

 









Texas — 8.8%

 

 

 

 

 

 

 

City of Houston Texas, RB, Senior Lien, Series A, 5.50%,
7/01/39

 

 

85

 

 

90,289

 

Conroe ISD Texas, GO, School Building, Series A, 5.75%,
2/15/35

 

 

140

 

 

150,429

 

Harris County Health Facilities Development Corp.,
Refunding RB, Memorial Hermann Healthcare System,
Series B, 7.13%, 12/01/31

 

 

250

 

 

280,342

 

Lower Colorado River Authority, RB, 5.75%, 5/15/28

 

 

120

 

 

126,814

 

North Texas Tollway Authority, RB, System, First Tier,
Series K-1 (AGC), 5.75%, 1/01/38

 

 

250

 

 

266,687

 

Texas Private Activity Bond Surface Transportation Corp.,
RB, Senior Lien, Note Mobility, 6.88%, 12/31/39

 

 

250

 

 

260,242

 

 

 

 

 

 




 

 

 

 

 

 

1,174,803

 









Virginia — 3.0%

 

 

 

 

 

 

 

Virginia Public School Authority, RB, School Financing,
6.50%, 12/01/35

 

 

250

 

 

286,508

 

Virginia Small Business Financing Authority, Refunding RB,
Sentara Healthcare, 5.00%, 11/01/40

 

 

120

 

 

119,617

 

 

 

 

 

 




 

 

 

 

 

 

406,125

 









Wisconsin — 1.8%

 

 

 

 

 

 

 

Wisconsin Health & Educational Facilities Authority,
Refunding RB, Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

245

 

 

244,980

 









Wyoming — 1.4%

 

 

 

 

 

 

 

County of Sweetwater Wyoming, Refunding RB,
Idaho Power Co. Project, 5.25%, 7/15/26

 

 

180

 

 

186,026

 









Total Municipal Bonds — 108.2%

 

 

 

 

 

14,466,150

 









 

 

 

 

 

 

 

 










Municipal Bonds Transferred to
Tender Option Bond Trusts (f)

 

 

 

 

 

 

 









California — 10.4%

 

 

 

 

 

 

 

California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/18

 

 

300

 

 

316,650

 

Los Angeles Community College District California, GO,
2008 Election, Series A, 6.00%, 8/01/33

 

 

700

 

 

776,165

 

Los Angeles Unified School District California, GO,
Series I, 5.00%, 1/01/34

 

 

60

 

 

59,914

 

University of California, RB, Series O, 5.75%, 5/15/34

 

 

210

 

 

233,623

 

 

 

 

 

 




 

 

 

 

 

 

1,386,352

 









District of Columbia — 4.0%

 

 

 

 

 

 

 

District of Columbia, RB, Series A, 5.50%, 12/01/30

 

 

195

 

 

216,575

 

District of Columbia Water & Sewer Authority, RB,
Series A, 5.50%, 10/01/39

 

 

300

 

 

320,000

 

 

 

 

 

 




 

 

 

 

 

 

536,575

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to

 

Par

 

 

 

Tender Option Bond Trusts (f)

 

(000)

 

Value

 









Florida — 8.8%

 

 

 

 

 

 

 

Hillsborough County Aviation Authority, Florida, RB,
Series A, AMT (AGC), 5.50%, 10/01/38

 

$

280

 

$

282,781

 

JEA, RB, Issue Three Series Two River Power Pike, 5.00%,
10/01/37

 

 

210

 

 

210,517

 

Lee County Housing Finance Authority, RB, Multi-County
Program, Series A-2, AMT (GNMA), 6.00%, 9/01/40

 

 

420

 

 

454,284

 

Manatee County Housing Finance Authority, RB, Series A,
AMT (GNMA), 5.90%, 9/01/40

 

 

220

 

 

229,241

 

 

 

 

 

 




 

 

 

 

 

 

1,176,823

 









Illinois — 5.4%

 

 

 

 

 

 

 

Illinois Finance Authority, RB, University of Chicago,
Series B, 6.25%, 7/01/38

 

 

400

 

 

451,596

 

Illinois State Toll Highway Authority, RB, Series B,
5.50%, 1/01/33

 

 

250

 

 

267,139

 

 

 

 

 

 




 

 

 

 

 

 

718,735

 









Nevada — 4.2%

 

 

 

 

 

 

 

Clark County Water Reclamation District, GO, Limited Tax,
6.00%, 7/01/38

 

 

500

 

 

554,290

 









New Hampshire — 1.3%

 

 

 

 

 

 

 

New Hampshire Health & Education Facilities Authority,
Refunding RB, Dartmouth College, 5.25%, 6/01/39

 

 

165

 

 

177,123

 









New York — 4.1%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series A, 5.75%, 6/15/40

 

 

240

 

 

267,585

 

Series FF-2, 5.50%, 6/15/40

 

 

255

 

 

278,945

 

 

 

 

 

 




 

 

 

 

 

 

546,530

 









South Carolina — 4.1%

 

 

 

 

 

 

 

South Carolina State Public Service Authority, RB,
Santee Cooper, Series A, 5.50%, 1/01/38

 

 

510

 

 

548,673

 









Texas — 5.5%

 

 

 

 

 

 

 

City of San Antonio, Texas, Refunding RB, Series A,
5.25%, 2/01/31

 

 

300

 

 

324,754

 

Harris County Cultural Education Facilities Finance
Corporation, RB, Hospital Texas Children’s Hospital
Project, 5.50%, 10/01/39

 

 

400

 

 

410,528

 

 

 

 

 

 




 

 

 

 

 

 

735,282

 









Virginia — 1.0%

 

 

 

 

 

 

 

Fairfax County IDA Virginia, Refunding RB, Health Care,
Inova Health System, Series A, 5.50%, 5/15/35

 

 

130

 

 

135,175

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 48.8%

 

 

 

 

 

6,515,558

 









Total Long-Term Investments
(Cost — $20,474,141) — 157.0%

 

 

 

 

 

20,981,708

 









 

 

 

 

 

 

 

 










Short-Term Securities

 

Shares

 

 

 

 








FFI Institutional Tax-Exempt Fund, 0.16% (g)(h)

 

 

714,610

 

 

714,610

 









Total Short-Term Securities
(Cost — $714,610) — 5.3%

 

 

 

 

 

714,610

 









Total Investments (Cost — $21,188,751*) — 162.3%

 

 

 

 

 

21,696,318

 

Liabilities in Excess of Other Assets — (1.9)%

 

 

 

 

 

(249,871

)

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (26.2)%

 

 

 

 

 

(3,506,856

)

Preferred Shares, at Redemption Value — (34.2)%

 

 

 

 

 

(4,575,120

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

13,364,471

 

 

 

 

 

 





 

 

 

See Notes to Financial Statements.


22

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Income Trust (RFA)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

17,730,070

 

 

 




Gross unrealized appreciation

 

$

1,097,057

 

Gross unrealized depreciation

 

 

(634,919

)

 

 




Net unrealized appreciation

 

$

462,138

 

 

 





 

 

(a)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(b)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(c)

Non-income producing security.

 

 

(d)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(e)

When-issued security. Unsettled when-issued security transactions were as follows:


 

 

 

 

 

 

 

 

 

 

 

 







Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 








CitiGroup Global Markets, Inc.

 

 

$  

452,030

 

 

 

$  

(1,346

)

 

Merrill Lynch & Co.

 

 

$

26,463

 

 

 

$

296

 

 














 

 

(f)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(g)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 







Affiliate

 

Net
Activity

 

Income

 








FFI Institutional Tax-Exempt Fund

 

 

$  

614,505

 

 

 

$  

307

 

 














 

 

(h)

Represents the current yield as of report date.

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:


 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 





Valuation Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 



Level 1 — Short-Term Securities

 

$

714,610

 

Level 2 — Long-Term Investments1

 

 

20,981,708

 

Level 3

 

 

 

 

 




Total

 

$

21,696,318

 

 

 





 

 

 

       1 See above Schedule of Investments for values in each state or political subdivision.


 

 

 

See Notes to Financial Statements.

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

23




 

 


 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Arizona — 0.7%

 

 

 

 

 

 

 

Pima County IDA, Refunding IDRB, Tucson Electric Power,
5.75%, 9/01/29

 

$

625

 

$

631,406

 









California — 16.6%

 

 

 

 

 

 

 

Bay Area Toll Authority, Refunding RB, San Francisco
Bay Area, Series F-1, 5.63%, 4/01/44

 

 

1,355

 

 

1,437,059

 

California Health Facilities Financing Authority, RB,
Cedars-Sinai Medical Center, 5.00%, 8/15/39

 

 

805

 

 

743,224

 

California Health Facilities Financing Authority,
Refunding RB, Series A:

 

 

 

 

 

 

 

Catholic Healthcare West, 6.00%, 7/01/39

 

 

890

 

 

928,315

 

St. Joseph Health System, 5.75%, 7/01/39

 

 

1,375

 

 

1,416,250

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

Department of General Services, Buildings 8 & 9,
Series A, 6.25%, 4/01/34

 

 

2,075

 

 

2,089,151

 

Various Capital Projects, Sub-Series I-1, 6.38%,
11/01/34

 

 

645

 

 

655,688

 

Los Angeles Department of Water & Power, RB,
Power System, Sub-Series A-1, 5.25%, 7/01/38

 

 

1,450

 

 

1,534,869

 

San Diego Public Facilities Financing Authority,
Refunding RB, Series B, 5.50%, 8/01/39

 

 

4,210

 

 

4,429,509

 

San Diego Regional Building Authority California, RB,
County Operations Center & Annex, Series A,
5.38%, 2/01/36

 

 

1,600

 

 

1,657,152

 

 

 

 

 

 




 

 

 

 

 

 

14,891,217

 









Colorado — 3.3%

 

 

 

 

 

 

 

City & County of Denver Colorado, Refunding RB,
Series A, 5.25%, 11/15/36

 

 

1,810

 

 

1,840,354

 

Colorado Health Facilities Authority, Refunding RB,
Catholic Healthcare, Series A, 5.50%, 7/01/34

 

 

1,095

 

 

1,154,206

 

 

 

 

 

 




 

 

 

 

 

 

2,994,560

 









District of Columbia — 1.2%

 

 

 

 

 

 

 

District of Columbia Water & Sewer Authority, RB,
Series A, 5.25%, 10/01/29

 

 

1,000

 

 

1,059,930

 









Florida — 21.0%

 

 

 

 

 

 

 

Ave Maria Stewardship Community Development District,
Special Assessment Bonds, BAN, 4.80%, 11/01/12

 

 

1,000

 

 

772,330

 

City of Jacksonville Florida, RB (NPFGC), 5.00%,
10/01/26

 

 

1,300

 

 

1,313,832

 

City of Tampa Florida, Refunding RB, Series A, 5.00%,
10/01/26

 

 

4,000

 

 

4,081,880

 

County of Miami-Dade Florida, RB, Sub-Series C (NPFGC),
5.63%, 10/01/28 (a)

 

 

17,290

 

 

5,005,628

 

County of St. John’s Florida, RB, CAB (AMBAC), 5.34%,
6/01/30 (a)

 

 

3,945

 

 

1,240,505

 

Escambia County Health Facilities Authority, RB, Florida
Health Care Facility Loan, VHA Program (AMBAC),
5.95%, 7/01/20

 

 

639

 

 

658,794

 

Laguna Lakes Community Development District Florida,
RB, Series A, 6.40%, 5/01/33 (b)

 

 

1,550

 

 

1,811,655

 

Miami Beach Health Facilities Authority, RB, Mount Sinai
Medical Center of Florida, 6.75%, 11/15/21

 

 

825

 

 

832,532

 

Miami-Dade County Expressway Authority Florida,
Refunding RB (NPFGC), 5.13%, 7/01/25

 

 

500

 

 

507,765

 

New River Community Development District, Special
Assessment Bonds, Series B, 5.00%, 5/01/13 (c)(d)

 

 

1,500

 

 

628,950

 

Village Center Community Development District, RB,
Series A (NPFGC), 5.00%, 11/01/32

 

 

1,795

 

 

1,457,145

 

Watergrass Community Development District, Special
Assessment Bonds, Series B, 5.13%, 11/01/14

 

 

1,000

 

 

561,790

 

 

 

 

 

 




 

 

 

 

 

 

18,872,806

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Georgia — 6.5%

 

 

 

 

 

 

 

Metropolitan Atlanta Rapid Transit Authority, RB,
3rd Series, 5.00%, 7/01/39

 

$

2,450

 

$

2,535,530

 

Municipal Electric Authority of Georgia, Refunding RB,
Project One, Sub-Series D, 6.00%, 1/01/23

 

 

2,900

 

 

3,277,957

 

 

 

 

 

 




 

 

 

 

 

 

5,813,487

 









Illinois — 5.9%

 

 

 

 

 

 

 

Illinois Finance Authority, RB, Rush University Medical
Center Obligation Group, Series B, 7.25%, 11/01/30

 

 

1,600

 

 

1,775,872

 

Illinois Finance Authority, Refunding RB, Northwestern
Memorial Hospital, Series A, 6.00%, 8/15/39

 

 

1,900

 

 

2,080,519

 

State of Illinois, RB, Build Illinois, Series B, 5.25%,
6/15/34

 

 

1,375

 

 

1,417,020

 

 

 

 

 

 




 

 

 

 

 

 

5,273,411

 









Indiana — 2.6%

 

 

 

 

 

 

 

Indiana Municipal Power Agency, RB, Indiana Municipal
Power Agency, Series B, 6.00%, 1/01/39

 

 

2,210

 

 

2,355,948

 









Kansas — 1.9%

 

 

 

 

 

 

 

Kansas Development Finance Authority, Refunding RB,
Adventist Health, 5.50%, 11/15/29

 

 

1,600

 

 

1,681,472

 









Kentucky — 3.5%

 

 

 

 

 

 

 

Louisville & Jefferson County Metropolitan Government
Parking Authority, RB, Series A, 5.75%, 12/01/34

 

 

1,500

 

 

1,636,410

 

Louisville/Jefferson County Metropolitan Government,
Refunding RB, Jewish Hospital & St. Mary’s HealthCare,
6.13%, 2/01/37

 

 

1,450

 

 

1,494,805

 

 

 

 

 

 




 

 

 

 

 

 

3,131,215

 









Massachusetts — 2.1%

 

 

 

 

 

 

 

Massachusetts Health & Educational Facilities Authority,
RB, Tufts University, 5.38%, 8/15/38

 

 

1,000

 

 

1,073,950

 

Massachusetts State College Building Authority, RB,
Series A, 5.50%, 5/01/39

 

 

750

 

 

783,105

 

 

 

 

 

 




 

 

 

 

 

 

1,857,055

 









Michigan — 4.0%

 

 

 

 

 

 

 

Michigan State Building Authority, Refunding RB,
Facilities Program, Series I, 6.00%, 10/15/38

 

 

1,000

 

 

1,070,560

 

Michigan State Hospital Finance Authority, Refunding RB,
Hospital, Henry Ford Health, 5.75%, 11/15/39

 

 

1,415

 

 

1,381,365

 

Royal Oak Hospital Finance Authority Michigan,
Refunding RB, William Beaumont Hospital,
8.25%, 9/01/39

 

 

995

 

 

1,153,623

 

 

 

 

 

 




 

 

 

 

 

 

3,605,548

 









Nevada — 5.5%

 

 

 

 

 

 

 

City of Las Vegas Nevada, GO, Limited Tax,
Performing Arts Center, 6.00%, 4/01/34

 

 

1,600

 

 

1,755,920

 

County of Clark, Nevada, RB, Series B, 5.75%,
7/01/42 (e)

 

 

3,075

 

 

3,159,071

 

 

 

 

 

 




 

 

 

 

 

 

4,914,991

 









New Jersey — 2.9%

 

 

 

 

 

 

 

New Jersey State Housing & Mortgage Finance Agency,
RB, S/F Housing, Series CC, 5.25%, 10/01/29

 

 

1,165

 

 

1,194,754

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A, 5.88%, 12/15/38

 

 

1,295

 

 

1,406,292

 

 

 

 

 

 




 

 

 

 

 

 

2,601,046

 










 

 

 

See Notes to Financial Statements.


24

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New York — 7.1%

 

 

 

 

 

 

 

Long Island Power Authority, Refunding RB, Series A,
5.50%, 4/01/24

 

$

1,055

 

$

1,150,889

 

New York City Transitional Finance Authority, RB,
Fiscal 2009, Series S-3, 5.25%, 1/15/39

 

 

1,500

 

 

1,564,200

 

New York State Dormitory Authority, ERB, Series B,
5.25%, 3/15/38

 

 

2,000

 

 

2,106,560

 

Triborough Bridge & Tunnel Authority, RB, General,
Series A-2, 5.38%, 11/15/38

 

 

1,510

 

 

1,614,039

 

 

 

 

 

 




 

 

 

 

 

 

6,435,688

 









North Carolina — 2.0%

 

 

 

 

 

 

 

City of Charlotte North Carolina, Refunding RB, Series A,
5.50%, 7/01/34 (e)

 

 

180

 

 

190,534

 

North Carolina Eastern Municipal Power Agency,
Refunding RB, Series B, 5.00%, 1/01/26

 

 

450

 

 

463,036

 

North Carolina Medical Care Commission, RB, Duke
University Health System, Series A, 5.00%, 6/01/42

 

 

855

 

 

850,862

 

North Carolina Municipal Power Agency No. 1 Catawba,
Refunding RB, Series A, 5.00%, 1/01/30

 

 

320

 

 

326,218

 

 

 

 

 

 




 

 

 

 

 

 

1,830,650

 









Ohio — 1.1%

 

 

 

 

 

 

 

Ohio Air Quality Development Authority, RB, Ohio Valley
Electric Corp., 5.63%, 10/01/19

 

 

970

 

 

995,754

 









Pennsylvania — 3.9%

 

 

 

 

 

 

 

Pennsylvania Economic Development Financing Authority,
RB, American Water Co. Project, 6.20%, 4/01/39

 

 

500

 

 

536,440

 

Pennsylvania Turnpike Commission, RB, Sub-Series B,
5.25%, 6/01/39

 

 

2,945

 

 

2,970,739

 

 

 

 

 

 




 

 

 

 

 

 

3,507,179

 









Puerto Rico — 2.9%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., RB,
1st Sub-Series A, 5.75%, 8/01/37

 

 

2,605

 

 

2,656,553

 









Texas — 10.6%

 

 

 

 

 

 

 

City of Houston Texas, RB, Senior Lien, Series A, 5.50%,
7/01/39

 

 

595

 

 

632,021

 

Conroe ISD Texas, GO, School Building, Series A, 5.75%,
2/15/35

 

 

890

 

 

956,296

 

Harris County Health Facilities Development Corp.,
Refunding RB, Memorial Hermann Healthcare System,
Series B, 7.13%, 12/01/31

 

 

500

 

 

560,685

 

Lower Colorado River Authority, RB:

 

 

 

 

 

 

 

5.75%, 5/15/28

 

 

810

 

 

855,992

 

5.50%, 5/15/33

 

 

2,000

 

 

2,116,120

 

North Texas Tollway Authority, RB, System, First Tier,
Series K-1 (AGC), 5.75%, 1/01/38

 

 

1,250

 

 

1,333,437

 

Texas Private Activity Bond Surface Transportation Corp.,
RB, Senior Lien, Note Mobility, 6.88%, 12/31/39

 

 

2,980

 

 

3,102,091

 

 

 

 

 

 




 

 

 

 

 

 

9,556,642

 









Utah — 1.3%

 

 

 

 

 

 

 

City of Riverton Utah, RB, IHC Health Services Inc.,
5.00%, 8/15/41

 

 

1,205

 

 

1,203,072

 









Virginia — 2.2%

 

 

 

 

 

 

 

Virginia Public School Authority, RB, School Financing,
6.50%, 12/01/35

 

 

1,000

 

 

1,146,030

 

Virginia Small Business Financing Authority,
Refunding RB, Sentara Healthcare, 5.00%, 11/01/40

 

 

835

 

 

832,336

 

 

 

 

 

 




 

 

 

 

 

 

1,978,366

 









Wisconsin — 1.9%

 

 

 

 

 

 

 

Wisconsin Health & Educational Facilities Authority,
Refunding RB, Froedtert & Community Health Inc.,
5.25%, 4/01/39

 

 

1,675

 

 

1,674,866

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Wyoming — 1.4%

 

 

 

 

 

 

 

County of Sweetwater Wyoming, Refunding RB,
Idaho Power Co. Project, 5.25%, 7/15/26

 

$

1,235

 

$

1,276,348

 









Total Municipal Bonds — 112.1%

 

 

 

 

 

100,799,210

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (f)

 

 

 

 

 

 

 









California — 9.5%

 

 

 

 

 

 

 

California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/18

 

 

1,995

 

 

2,105,723

 

Los Angeles Community College District California, GO,
2008 Election, Series A, 6.00%, 8/01/33

 

 

3,898

 

 

4,324,345

 

Los Angeles Unified School District California, GO,
Series I, 5.00%, 1/01/34

 

 

400

 

 

399,428

 

University of California, RB, Series O, 5.75%, 5/15/34

 

 

1,500

 

 

1,668,735

 

 

 

 

 

 




 

 

 

 

 

 

8,498,231

 









District of Columbia — 3.9%

 

 

 

 

 

 

 

District of Columbia, RB, Series A, 5.50%, 12/01/30

 

 

1,395

 

 

1,549,343

 

District of Columbia Water & Sewer Authority, RB,
Series A, 5.50%, 10/01/39

 

 

1,799

 

 

1,919,998

 

 

 

 

 

 




 

 

 

 

 

 

3,469,341

 









Florida — 9.7%

 

 

 

 

 

 

 

Jacksonville Economic Development Commission, RB,
Mayo Clinic Jacksonville, Series B, 5.50%, 11/15/36

 

 

7,490

 

 

7,632,834

 

Jackson Economic Development, RB, Issue Three Series
Two River Power Pike, 5.00%, 10/01/37

 

 

1,110

 

 

1,112,731

 

 

 

 

 

 




 

 

 

 

 

 

8,745,565

 









Illinois — 3.5%

 

 

 

 

 

 

 

Illinois Finance Authority, RB, University of Chicago,
Series B, 6.25% 7/01/38

 

 

2,800

 

 

3,161,172

 









Nevada — 5.5%

 

 

 

 

 

 

 

Clark County Water Reclamation District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,500

 

 

2,771,450

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,176,554

 

 

 

 

 

 




 

 

 

 

 

 

4,948,004

 









New Hampshire — 1.3%

 

 

 

 

 

 

 

New Hampshire Health & Education Facilities Authority,
Refunding RB, Dartmouth College, 5.25%, 6/01/39

 

 

1,094

 

 

1,175,450

 









New York — 4.2%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series A, 5.75%, 6/15/40

 

 

1,410

 

 

1,572,063

 

Series FF-2, 5.50%, 6/15/40

 

 

1,994

 

 

2,182,336

 

 

 

 

 

 




 

 

 

 

 

 

3,754,399

 









South Carolina — 2.1%

 

 

 

 

 

 

 

South Carolina State Public Service Authority, RB,
Santee Cooper, Series A, 5.50%, 1/01/38

 

 

1,755

 

 

1,888,082

 









Texas — 5.6%

 

 

 

 

 

 

 

City of San Antonio, Texas, Refunding RB, Series A,
5.25%, 2/01/31

 

 

2,025

 

 

2,192,088

 

Harris County Cultural Education Facilities Finance
Corporation, RB, Hospital Texas Children’s Hospital
Project, 5.50%, 10/01/39

 

 

2,750

 

 

2,822,380

 

 

 

 

 

 




 

 

 

 

 

 

5,014,468

 









Virginia — 1.0%

 

 

 

 

 

 

 

Fairfax County IDA Virginia, Refunding RB, Health Care,
Inova Health System, Series A, 5.50%, 5/15/35

 

 

899

 

 

935,813

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 46.3%

 

 

 

 

 

41,590,525

 









Total Long-Term Investments
(Cost — $139,245,701) — 158.4%

 

 

 

 

 

142,389,735

 










 

 

 

See Notes to Financial Statements.

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2010

25




 

 


 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Trust (BBF)
(Percentages shown are based on Net Assets)

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 







FFI Institutional Tax-Exempt Fund, 0.16% (g)(h)

 

 

6,033,536

 

$

6,033,536

 









Total Short-Term Securities
(Cost — $6,033,536) — 6.7%

 

 

 

 

 

6,033,536

 









Total Investments (Cost — $145,279,237*) — 165.1%

 

 

 

 

 

148,423,271

 

Liabilities in Excess of Other Assets — (2.3)%

 

 

 

 

 

(2,051,970

)

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (24.7)%

 

 

 

 

 

(22,241,228

)

Preferred Shares, at Redemption Value — (38.1)%

 

 

 

 

 

(34,251,661

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

89,878,412

 

 

 

 

 

 





 

 



*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

123,462,289

 

 

 




Gross unrealized appreciation

 

$

6,486,627

 

Gross unrealized depreciation

 

 

(3,754,409

)

 

 




Net unrealized appreciation

 

$

2,732,218

 

 

 





 

 

(a)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(b)

Security is collateralized by Municipal or US Treasury Obligations.

 

 

(c)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(d)

Non-income producing security.

 

 

(e)

When-issued security. Unsettled when-issued security transactions were as follows:


 

 

 

 

 

 

 

 

 

 







Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 







Citigroup Inc.

 

$

3,159,071

 

 

$

(9,410

)

 

Merrill Lynch & Co.

 

$

190,534

 

 

$

2,129

 

 












 

 

(f)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(g)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 









Affiliate

 

Net
Activity

 

Income

 







FFI Institutional Tax-Exempt Fund

 

$

4,330,630

 

$

4,863

 










 

 

(h)

Represents the current yield as of report date.


 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 






Valuation Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 



Level 1 — Short-Term Securities

 

$

6,033,536

 

Level 2 — Long-Term Investments1

 

 

142,389,735

 

Level 3

 

 

 

 

 




Total

 

$

148,423,271

 

 

 





 

 

 

 

1

See above Schedule of Investments for values in each state or political subdivision.


 

 

 

See Notes to Financial Statements.


26

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New Jersey — 121.5%

 

 

 

 

 

 

 









Corporate — 12.8%

 

 

 

 

 

 

 

New Jersey EDA, RB, AMT:

 

 

 

 

 

 

 

Continental Airlines Inc. Project, 7.00%, 11/15/30

 

$

925

 

$

882,126

 

Disposal, Waste Management of New Jersey,
Series A, 5.30%, 6/01/15

 

 

500

 

 

531,770

 

New Jersey EDA, Refunding RB, New Jersey American
Water Co., Series A, AMT, 5.70%, 10/01/39

 

 

175

 

 

172,349

 

 

 

 

 

 



 

 

 

 

 

 

 

1,586,245

 









County/City/Special District/School District — 9.3%

 

 

 

 

 

 

 

City of Perth Amboy New Jersey, GO, CAB (AGM),
5.03%, 7/01/34 (a)

 

 

100

 

 

89,749

 

Essex County Improvement Authority, Refunding RB,
Project Consolidation (NPFGC), 5.50%, 10/01/29

 

 

260

 

 

291,866

 

Hudson County Improvement Authority, RB:

 

 

 

 

 

 

 

CAB, Series A-1 (NPFGC), 4.50%, 12/15/32 (b)

 

 

1,000

 

 

268,320

 

Harrison Parking Facility Project, Series C (AGC),
5.38%, 1/01/44

 

 

340

 

 

358,074

 

Middlesex County Improvement Authority, RB,
Subordinate, Heldrich Center Hotel, Series B,
6.25%, 1/01/37

 

 

200

 

 

37,000

 

Salem County Improvement Authority, RB, Finlaw Street
Office Building (AGM), 5.25%, 8/15/38

 

 

100

 

 

104,426

 

 

 

 

 

 



 

 

 

 

 

 

 

1,149,435

 









Education — 11.2%

 

 

 

 

 

 

 

New Jersey Educational Facilities Authority, RB, Montclair
State University, Series J, 5.25%, 7/01/38

 

 

100

 

 

101,491

 

New Jersey Educational Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

College of New Jersey, Series D (AGM), 5.00%,
7/01/35

 

 

380

 

 

390,233

 

Georgian Court University, Series D, 5.00%, 7/01/33

 

 

100

 

 

93,956

 

Ramapo College, Series I (AMBAC), 4.25%, 7/01/31

 

 

250

 

 

234,390

 

Rowan University, Series B (AGC), 5.00%, 7/01/24

 

 

255

 

 

275,726

 

University of Medicine & Dentistry, Series B, 7.50%,
12/01/32

 

 

175

 

 

197,278

 

New Jersey Higher Education Assistance Authority,
Refunding RB, Series 1A:

 

 

 

 

 

 

 

5.00%, 12/01/25

 

 

65

 

 

65,853

 

5.00%, 12/01/26

 

 

30

 

 

30,183

 

 

 

 

 

 



 

 

 

 

 

 

 

1,389,110

 









Health — 23.3%

 

 

 

 

 

 

 

Burlington County Bridge Commission, Refunding RB,
The Evergreens Project, 5.63%, 1/01/38

 

 

150

 

 

126,930

 

New Jersey EDA, RB, First Mortgage, Lions Gate Project,
Series A:

 

 

 

 

 

 

 

5.75%, 1/01/25

 

 

60

 

 

52,316

 

5.88%, 1/01/37

 

 

110

 

 

87,073

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

First Mortgage, Winchester, Series A, 5.80%,
11/01/31

 

 

500

 

 

489,670

 

Seabrook Village Inc. Facility, 5.25%, 11/15/26

 

 

140

 

 

117,835

 

New Jersey Health Care Facilities Financing Authority, RB:

 

 

 

 

 

 

 

Hackensack University Medical Center, 6.00%,
1/01/25

 

 

1,000

 

 

1,007,510

 

Hospital Asset Transformation Program, Series A, 5.25%,
10/01/38

 

 

250

 

 

252,582

 

Meridian Health, Series I (AGC), 5.00%, 7/01/38

 

 

100

 

 

99,395

 

Virtua Health (AGC), 5.50%, 7/01/38

 

 

150

 

 

156,491

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New Jersey (continued)

 

 

 

 

 

 

 









Health (concluded)

 

 

 

 

 

 

 

New Jersey Health Care Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

CAB, St. Barnabas Health, Series B, 5.90%,
7/01/30 (b)

 

$

500

 

$

98,405

 

CAB, St. Barnabas Health, Series B, 5.69%,
7/01/36 (b)

 

 

840

 

 

97,222

 

CAB, St. Barnabas Health, Series B, 5.75%,
7/01/37 (b)

 

 

900

 

 

96,003

 

St. Barnabas Health Care System, Series A,
5.00%, 7/01/29

 

 

250

 

 

200,263

 

 

 

 

 

 




 

 

 

 

 

 

2,881,695

 









Housing — 12.7%

 

 

 

 

 

 

 

New Jersey State Housing & Mortgage Finance Agency, RB:

 

 

 

 

 

 

 

S/F Housing, Series CC, , 5.00%, 10/01/34

 

 

210

 

 

209,689

 

S/F Housing, Series ', AMT, 4.85%, 4/01/16

 

 

500

 

 

521,520

 

Series A, 4.75%, 11/01/29

 

 

140

 

 

137,351

 

Series AA, 6.38%, 10/01/28

 

 

245

 

 

270,027

 

Series AA, 6.50%, 10/01/38

 

 

185

 

 

201,330

 

Newark Housing Authority, RB, South Ward Police Facility
(AGC), 6.75%, 12/01/38

 

 

200

 

 

224,440

 

 

 

 

 

 




 

 

 

 

 

 

1,564,357

 









State — 23.0%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax (Radian), 5.75%, 6/15/34

 

 

400

 

 

379,892

 

Newark Downtown District Management Corp.,
5.13%, 6/15/37

 

 

100

 

 

81,529

 

School Facilities Construction, Series Z (AGC),
5.50%, 12/15/34

 

 

500

 

 

537,560

 

School Facilities Construction, Series Z (AGC),
6.00%, 12/15/34

 

 

300

 

 

335,763

 

Transportation Project Sublease, Series A (AGM),
5.75%, 5/01/10

 

 

900

 

 

911,880

 

New Jersey EDA, Refunding RB, School Facilities
Construction, Series AA, 5.50%, 12/15/29

 

 

200

 

 

216,426

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A:

 

 

 

 

 

 

 

6.00%, 12/15/38

 

 

150

 

 

164,583

 

(AGC), 5.63%, 12/15/28

 

 

100

 

 

111,405

 

State of New Jersey, COP, Equipment Lease Purchase,
Series A, 5.25%, 6/15/28

 

 

100

 

 

103,284

 

 

 

 

 

 




 

 

 

 

 

 

2,842,322

 









Tobacco — 1.1%

 

 

 

 

 

 

 

Tobacco Settlement Financing Corp. New Jersey,
Refunding RB, Series 1A, 4.50%, 6/01/23

 

 

150

 

 

139,842

 









Transportation — 19.3%

 

 

 

 

 

 

 

New Jersey State Turnpike Authority, RB, Series E,
5.25%, 1/01/40

 

 

300

 

 

310,572

 

New Jersey State Turnpike Authority, Refunding RB,
(AMBAC):

 

 

 

 

 

 

 

Series C, 6.50%, 1/01/16

 

 

160

 

 

190,078

 

Series C, 6.50%, 1/01/16 (c)

 

 

785

 

 

912,029

 

Series C-2005, 6.50%, 1/01/16 (c)

 

 

55

 

 

67,720

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A, 5.88%, 12/15/38

 

 

175

 

 

190,040

 

Port Authority of New York & New Jersey, Refunding RB,
Consolidated, 152nd Series, AMT, 5.75%, 11/01/30

 

 

250

 

 

264,092

 

South Jersey Transportation Authority, RB, Series A
(NPFGC) 4.50%, 11/01/35

 

 

490

 

 

452,765

 

 

 

 

 

 




 

 

 

 

 

 

2,387,296

 










See Notes to Financial Statements.




 

SEMI-ANNUAL REPORT

JANUARY 31, 2010

27




 

 



 

 

Schedule of Investments (concluded)

BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New Jersey (concluded)

 

 

 

 

 

 

 









Utilities — 8.8%

 

 

 

 

 

 

 

Cumberland County Improvement Authority, RB, Series A,
5.00%, 1/01/30

 

$

75

 

$

73,606

 

Passaic Valley Sewage Commissioners, Refunding RB,
Sewer System, Series E (AMBAC), 5.75%, 12/01/21

 

 

1,000

 

 

1,008,140

 

 

 

 

 

 




 

 

 

 

 

 

1,081,746

 









Total Municipal Bonds in New Jersey

 

 

 

 

 

15,022,048

 









 









Pennsylvania — 8.1%

 

 

 

 

 

 

 









Transportation — 8.1%

 

 

 

 

 

 

 

Delaware River Port Authority Pennsylvania & New Jersey,
RB (AGM), 5.75%, 1/01/26

 

 

1,000

 

 

1,001,180

 

 

 

 

 

 

 

 

 









Puerto Rico — 15.3%

 

 

 

 

 

 

 









Education — 4.3%

 

 

 

 

 

 

 

Puerto Rico Industrial Tourist Educational Medical &
Environmental Control Facilities Financing Authority,
RB, Ana G. Mendez University System Project, 5.00%,
3/01/26

 

 

600

 

 

526,206

 









Housing — 2.4%

 

 

 

 

 

 

 

Puerto Rico Housing Finance Authority, Refunding RB,
Subordinate, Capital Fund Modernization, 5.13%,
12/01/27

 

 

300

 

 

300,297

 









State — 5.7%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Infrastructure Financing
Authority, RB, CAB, Series A (AMBAC), 4.36%,
7/01/37 (b)

 

 

795

 

 

111,944

 

Puerto Rico Public Buildings Authority, Refunding RB,
Government Facilities, Series M-3 (NPFGC), 6.00%,
7/01/27

 

 

215

 

 

222,011

 

Puerto Rico Sales Tax Financing Corp., RB,
1st Sub-Series A, 5.75%, 8/01/37

 

 

365

 

 

372,223

 

 

 

 

 

 




 

 

 

 

 

 

706,178

 









Utilities — 2.9%

 

 

 

 

 

 

 

Puerto Rico Electric Power Authority, RB, Series WW,
5.50%, 7/01/38

 

 

350

 

 

352,797

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

1,885,478

 









Total Municipal Bonds — 144.9%

 

 

 

 

 

17,908,706

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (d)

 

 

 

 

 

 

 









New York — 2.0%

 

 

 

 

 

 

 









Transportation — 2.0%

 

 

 

 

 

 

 

Port Authority of New York & New Jersey, RB, Consolidated
152nd Series, AMT, 5.25%, 11/01/35

 

 

240

 

 

242,783

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 2.0%

 

 

 

 

 

242,783

 









Total Long-Term Investments
(Cost — $18,571,052) — 146.9%

 

 

 

 

 

18,151,489

 










 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 







CMA New Jersey Municipal Money Fund, 0.04% (e)(f)

 

 

1,027,504

 

$

1,027,504

 









Total Short-Term Securities
(Cost — $1,027,504) — 8.3%

 

 

 

 

 

1,027,504

 









Total Investments (Cost — $19,598,556*) — 155.2%

 

 

 

 

 

19,178,993

 

Other Assets Less Liabilities — 1.9%

 

 

 

 

 

240,949

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (1.3)%

 

 

 

 

 

(160,047

)

Preferred Shares, at Redemption Value — (55.8)%

 

 

 

 

 

(6,900,331

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

12,359,564

 

 

 

 

 

 




 

 

 

 

 

 

 

 










 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

19,344,311

 

 

 




Gross unrealized appreciation

 

$

679,656

 

Gross unrealized depreciation

 

 

(1,004,891

)

 

 




Net unrealized depreciation

 

$

(325,235

)

 

 





 

 

(a)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.

 

 

(b)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(c)

Security is collateralized by Municipal or US Treasury Obligations.

 

 

(d)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(e)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 







Affiliate

 

Net
Activity

 

Income

 







CMA New Jersey Municipal Money Fund

 

$

207,815

 

$

142

 










 

 

 

(f)

Represents the current yield as of report date.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 





Valuation Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 




Level 1 — Short-Term Securities

 

$

1,027,504

 

Level 2 — Long-Term Investments1

 

 

18,151,489

 

Level 3

 

 

 

 

 




Total

 

$

19,178,993

 

 

 





 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

See Notes to Financial Statements.


28

SEMI-ANNUAL REPORT

JANUARY 31, 2010



 

 


 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock New Jersey Municipal Income Trust (BNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey — 122.4%

 

 

 

 

 

 

 









Corporate — 8.4%

 

 

 

 

 

 

 

New Jersey EDA, RB, AMT:

 

 

 

 

 

 

 

Continental Airlines Inc. Project, 7.00%, 11/15/30

 

$

3,450

 

$

3,290,093

 

Continental Airlines Inc. Project, 7.20%, 11/15/30

 

 

2,000

 

 

1,949,300

 

Disposal, Waste Management of New Jersey,
Series A, 5.30%, 6/01/15

 

 

2,000

 

 

2,127,080

 

New Jersey EDA, Refunding RB, New Jersey American
Water Co., Series A, AMT, 5.70%, 10/01/39

 

 

1,500

 

 

1,477,275

 

 

 

 

 

 




 

 

 

 

 

 

8,843,748

 









County/City/Special District/School District — 13.1%

 

 

 

 

 

 

 

City of Perth Amboy New Jersey, GO, CAB (AGM) (a):

 

 

 

 

 

 

 

5.03%, 7/01/34

 

 

1,075

 

 

964,802

 

5.04%, 7/01/35

 

 

175

 

 

156,637

 

City of Vineland New Jersey, GO, Refunding,
Electric Utilities, AMT (NPFGC):

 

 

 

 

 

 

 

5.30%, 5/15/30

 

 

1,500

 

 

1,477,875

 

5.38%, 5/15/31

 

 

1,500

 

 

1,489,530

 

Essex County Improvement Authority, Refunding RB,
Project Consolidation (NPFGC), 5.50%, 10/01/29

 

 

2,630

 

 

2,952,333

 

Hudson County Improvement Authority, RB, Harrison
Parking Facility Project, Series C (AGC), 5.38%,
1/01/44

 

 

2,400

 

 

2,527,584

 

Middlesex County Improvement Authority, RB,
Subordinate, Heldrich Center Hotel, Series B, 6.25%,
1/01/37

 

 

1,790

 

 

331,150

 

Newark Housing Authority, Refunding RB, Newark
Redevelopment Project (NPFGC), 4.38%, 1/01/37

 

 

2,600

 

 

2,399,202

 

Salem County Improvement Authority, RB, Finlaw
Street Office Building (AGM), 5.25%, 8/15/38

 

 

225

 

 

234,958

 

Trenton Parking Authority, Refunding RB (NPFGC), 5.00%,
4/01/30

 

 

1,440

 

 

1,341,173

 

 

 

 

 

 




 

 

 

 

 

 

13,875,244

 









Education — 11.0%

 

 

 

 

 

 

 

New Jersey Educational Facilities Authority, RB:

 

 

 

 

 

 

 

Georgian Court College Project, Series C, 6.50%,
7/01/33 (b)

 

 

2,120

 

 

2,504,229

 

Montclair State University, Series J, 5.25%, 7/01/38

 

 

580

 

 

588,648

 

New Jersey Educational Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

College of New Jersey, Series D (AGM), 5.00%,
7/01/35

 

 

3,230

 

 

3,316,984

 

Fairleigh Dickinson University, Series C, 6.00%,
7/01/20

 

 

2,000

 

 

2,043,400

 

Georgian Court University, Series D, 5.00%,
7/01/33

 

 

250

 

 

234,890

 

Ramapo College, Series I (AMBAC), 4.25%,
7/01/31

 

 

500

 

 

468,780

 

University of Medicine & Dentistry, Series B, 7.50%,
12/01/32

 

 

1,450

 

 

1,634,585

 

New Jersey Higher Education Assistance Authority,
Refunding RB, Series 1A:

 

 

 

 

 

 

 

5.00%, 12/01/25

 

 

535

 

 

542,019

 

5.00%, 12/01/26

 

 

250

 

 

251,527

 

 

 

 

 

 




 

 

 

 

 

 

11,585,062

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey (continued)

 

 

 

 

 

 

 









Health — 33.3%

 

 

 

 

 

 

 

Burlington County Bridge Commission, Refunding RB,
The Evergreens Project, 5.63%, 1/01/38

 

$

1,000

 

$

846,200

 

City of Newark New Jersey, Refunding RB, New
Community Urban Renewal, Series A (GNMA),
5.20%, 6/01/30

 

 

1,815

 

 

1,834,511

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

First Mortgage, Lions Gate Project, Series A, 5.75%,
1/01/25

 

 

500

 

 

435,970

 

First Mortgage, Lions Gate Project, Series A, 5.88%,
1/01/37

 

 

855

 

 

676,792

 

Masonic Charity Foundation Project, 5.50%,
6/01/31

 

 

2,000

 

 

1,984,940

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

First Mortgage, Winchester, Series A, 5.75%,
11/01/24

 

 

4,050

 

 

4,037,647

 

Seabrook Village Inc. Facility, 5.25%, 11/15/26

 

 

1,790

 

 

1,506,607

 

New Jersey Health Care Facilities Financing Authority, RB:

 

 

 

 

 

 

 

Health System, Catholic Health East, Series A,
5.38%, 11/15/33 (b)

 

 

3,000

 

 

3,364,290

 

Hospital Asset Transformation Program, Series A,
5.25%, 10/01/38

 

 

2,350

 

 

2,374,275

 

Kennedy Health System, 5.63%, 7/01/31

 

 

2,130

 

 

2,140,991

 

Meridian Health, Series I (AGC), 5.00%, 7/01/38

 

 

750

 

 

745,463

 

South Jersey Hospital, 6.00%, 7/01/26 (b)

 

 

1,960

 

 

2,199,963

 

South Jersey Hospital, 6.00%, 7/01/32 (b)

 

 

5,500

 

 

6,173,365

 

Virtua Health (AGC), 5.50%, 7/01/38

 

 

1,250

 

 

1,304,088

 

New Jersey Health Care Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

Atlantic City Medical System, 5.75%, 7/01/25

 

 

1,255

 

 

1,283,627

 

CAB, St. Barnabas Health, Series B, 5.90%,
7/01/30 (c)

 

 

2,500

 

 

492,025

 

CAB, St. Barnabas Health, Series B, 5.69%,
7/01/36 (c)

 

 

7,700

 

 

891,198

 

CAB, St. Barnabas Health, Series B, 5.75%,
7/01/37 (c)

 

 

7,250

 

 

773,358

 

St. Barnabas Health Care System, Series A, 5.00%,
7/01/29

 

 

750

 

 

600,788

 

South Jersey Hospital, 5.00%, 7/01/46

 

 

1,650

 

 

1,539,796

 

 

 

 

 

 




 

 

 

 

 

 

35,205,894

 









Housing — 17.1%

 

 

 

 

 

 

 

Middlesex County Improvement Authority, RB,
AMT (FNMA):

 

 

 

 

 

 

 

Administration Building Residential Project, 5.35%,
7/01/34

 

 

1,400

 

 

1,404,676

 

New Brunswick Apartments Rental Housing, 5.30%,
8/01/35

 

 

4,370

 

 

4,382,148

 

New Jersey State Housing & Mortgage Finance Agency, RB:

 

 

 

 

 

 

 

S/F Housing, Series CC, 5.00%, 10/01/34

 

 

1,775

 

 

1,772,373

 

S/F Housing, Series X, AMT, 4.85%, 4/01/16

 

 

1,750

 

 

1,825,320

 

Series A, 4.75%, 11/01/29

 

 

1,185

 

 

1,162,580

 

Series AA, 6.38%, 10/01/28

 

 

1,480

 

 

1,631,182

 

Series AA, 6.50%, 10/01/38

 

 

2,295

 

 

2,497,580

 

New Jersey State Housing & Mortgage Finance Agency,
Refunding RB, S/F Housing, Series T, AMT, 4.70%,
10/01/37

 

 

700

 

 

640,003

 

Newark Housing Authority, RB, South Ward Police
Facility (AGC):

 

 

 

 

 

 

 

6.75%, 12/01/38

 

 

1,850

 

 

2,076,070

 

5.75%, 12/01/30

 

 

580

 

 

620,420

 

 

 

 

 

 




 

 

 

 

 

 

18,012,352

 










See Notes to Financial Statements.




 

SEMI-ANNUAL REPORT

JANUARY 31, 2010

29




 

 


 

 

Schedule of Investments (continued)

BlackRock New Jersey Municipal Income Trust (BNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey (concluded)

 

 

 

 

 

 

 









State — 24.1%

 

 

 

 

 

 

 

Garden State Preservation Trust, RB, CAB, Series B
(AGM), 5.22%, 11/01/26 (c)

 

$

6,000

 

$

2,738,220

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Cigarette Tax (Radian), 5.75%, 6/15/34

 

 

2,605

 

 

2,474,047

 

Kapkowski Road Landfill Project, Series 1998B,
AMT, 6.50%, 4/01/31

 

 

5,000

 

 

4,931,600

 

School Facilities Construction, Series Z (AGC),
5.50%, 12/15/34

 

 

3,000

 

 

3,225,360

 

School Facilities Construction, Series Z (AGC),
6.00%, 12/15/34

 

 

3,000

 

 

3,357,630

 

New Jersey EDA, Refunding RB, School Facilities
Construction, Series AA, 5.50%, 12/15/29

 

 

2,000

 

 

2,164,260

 

New Jersey EDA, Special Assessment Bonds, Refunding,
Kapkowski Road Landfill Project, 6.50%, 4/01/28

 

 

2,500

 

 

2,497,075

 

New Jersey Transportation Trust Fund Authority, RB:

 

 

 

 

 

 

 

CAB, Transportation System, Series C (AGM),
4.84%, 12/15/32 (c)

 

 

4,000

 

 

1,073,280

 

Transportation System, Series A, 6.00%, 12/15/38

 

 

1,450

 

 

1,590,969

 

Transportation System, Series A (AGC), 5.63%,
12/15/28

 

 

670

 

 

746,413

 

State of New Jersey, COP, Equipment Lease Purchase,
Series A, 5.25%, 6/15/28

 

 

600

 

 

619,704

 

 

 

 

 

 




 

 

 

 

 

 

25,418,558

 









Tobacco — 1.1%

 

 

 

 

 

 

 

Tobacco Settlement Financing Corp. New Jersey,
Refunding RB, Series 1A, 4.50%, 6/01/23

 

 

1,255

 

 

1,170,011

 









Transportation — 13.3%

 

 

 

 

 

 

 

New Jersey State Turnpike Authority, RB, Series E,
5.25%, 1/01/40

 

 

3,205

 

 

3,317,944

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A:

 

 

 

 

 

 

 

5.88%, 12/15/38

 

 

1,465

 

 

1,590,902

 

(AGC), 5.50%, 12/15/38

 

 

1,000

 

 

1,073,980

 

Port Authority of New York & New Jersey, RB, Special
Project, JFK International Air Terminal, Series 6,
AMT (NPFGC), 5.75%, 12/01/22

 

 

6,000

 

 

6,152,640

 

Port Authority of New York & New Jersey, Refunding RB,
Consolidated, 152nd Series, AMT, 5.75%, 11/01/30

 

 

1,750

 

 

1,848,648

 

 

 

 

 

 




 

 

 

 

 

 

13,984,114

 









Utilities — 1.0%

 

 

 

 

 

 

 

Cumberland County Improvement Authority, RB,
Series A, 5.00%, 1/01/30

 

 

620

 

 

608,474

 

Rahway Valley Sewerage Authority, RB, CAB, Series A
(NPFGC), 4.40%, 9/01/33 (c)

 

 

2,000

 

 

483,800

 

 

 

 

 

 




 

 

 

 

 

 

1,092,274

 









Total Municipal Bonds in New Jersey

 

 

 

 

 

129,187,257

 









 

 

 

 

 

 

 

 









Multi-State — 6.5%

 

 

 

 

 

 

 









Housing — 6.5%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust, 6.80%, 11/30/50 (d)(e)

 

 

2,500

 

 

2,568,500

 

MuniMae Tax-Exempt Bond Subsidiary LLC (d)(e):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

 

2,897

 

 

2,686,765

 

6.80%, 6/30/50

 

 

2,000

 

 

1,639,940

 

 

 

 

 

 




 

 

 

 

 

 

6,895,205

 









Total Municipal Bonds in Multi-State

 

 

 

 

 

6,895,205

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Puerto Rico — 20.3%

 

 

 

 

 

 

 









Housing — 7.2%

 

 

 

 

 

 

 

Puerto Rico Housing Finance Authority, RB,
Mortgage-Backed Securities, Series B, AMT (GNMA),
5.30%, 12/01/28

 

$

2,545

 

$

2,555,231

 

Puerto Rico Housing Finance Authority, Refunding RB:

 

 

 

 

 

 

 

Mortgage-Backed Securities, Series A (GNMA),
5.20%, 12/01/33

 

 

2,550

 

 

2,563,898

 

Subordinate, Capital Fund Modernization, 5.13%,
12/01/27

 

 

2,475

 

 

2,477,450

 

 

 

 

 

 




 

 

 

 

 

 

7,596,579

 









State — 9.1%

 

 

 

 

 

 

 

Puerto Rico Commonwealth Infrastructure Financing
Authority, RB, CAB, Series A (AMBAC), 4.36%,
7/01/37 (c)

 

 

6,000

 

 

844,860

 

Puerto Rico Public Buildings Authority, RB, CAB,
Series D (AMBAC) (a):

 

 

 

 

 

 

 

5.45%, 7/01/12 (b)

 

 

3,665

 

 

3,727,781

 

5.45%, 7/01/12

 

 

1,335

 

 

1,041,460

 

Puerto Rico Public Buildings Authority, Refunding RB,
Government Facilities, Series M-3 (NPFGC), 6.00%,
7/01/27

 

 

850

 

 

877,719

 

Puerto Rico Sales Tax Financing Corp., RB,
1st Sub-Series A, 5.75%, 8/01/37

 

 

3,075

 

 

3,135,854

 

 

 

 

 

 




 

 

 

 

 

 

9,627,674

 









Transportation — 2.1%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation Authority,
Refunding RB, Series CC (AGC), 5.50%, 7/01/31

 

 

2,000

 

 

2,158,000

 









Utilities — 1.9%

 

 

 

 

 

 

 

Puerto Rico Electric Power Authority, RB, Series WW,
5.50%, 7/01/38

 

 

2,000

 

 

2,015,980

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

21,398,233

 









Total Municipal Bonds — 149.2%

 

 

 

 

 

157,480,695

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (f)

 

 

 

 

 

 

 









New York — 1.9%

 

 

 

 

 

 

 









Transportation — 1.9%

 

 

 

 

 

 

 

Port Authority of New York & New Jersey, RB,
Consolidated 152nd Series, AMT, 5.25%, 11/01/35

 

 

2,039

 

 

2,063,654

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts

 

 

 

 

 

2,063,654

 









Total Long-Term Investments
(Cost — $161,060,614) — 151.1%

 

 

 

 

 

159,544,349

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









CMA New Jersey Municipal Money Fund, 0.04% (g)(h)

 

 

4,831,059

 

 

4,831,059

 









Total Short-Term Securities
(Cost — $4,831,059) — 4.6%

 

 

 

 

 

4,831,059

 









Total Investments (Cost — $165,891,673*) — 155.7%

 

 

 

 

 

164,375,408

 

Other Assets Less Liabilities — 1.6%

 

 

 

 

 

1,661,192

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (1.3)%

 

 

 

 

 

(1,360,399

)

Preferred Shares, at Redemption Value — (56.0)%

 

 

 

 

 

(59,101,545

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

105,574,656

 

 

 

 

 

 





See Notes to Financial Statements.

 

 

 


30

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Schedule of Investments (concluded)

BlackRock New Jersey Municipal Income Trust (BNJ)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

163,256,125

 

 

 




Gross unrealized appreciation

 

$

6,825,848

 

Gross unrealized depreciation

 

 

(7,065,861

)

 

 




Net unrealized depreciation

 

$

(240,013

)

 

 





 

 

(a)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.

 

 

(b)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(c)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(e)

Securities represent a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

 

 

(f)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(g)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 









Affiliate

 

Net
Activity

 

Income

 







CMA New Jersey Municipal Money Fund

 

$

(5,808,645

)

$

1,225

 










 

 

 

(h)

Represents the current yield as of report date.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 






Valuation Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 



Level 1 — Short-Term Securities

 

$

4,831,059

 

Level 2 — Long-Term Investments1

 

 

159,544,349

 

Level 3

 

 

 

 

 




Total

 

$

164,375,408

 

 

 




 

 

 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.




 

SEMI-ANNUAL REPORT

JANUARY 31, 2010

31



 

 



 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New York — 134.5%

 

 

 

 

 

 

 









Corporate — 18.7%

 

 

 

 

 

 

 

Chautauqua County Industrial Development Agency, RB,
NRG Dunkirk Power Project, 5.88%, 4/01/42 (a)

 

$

130

 

$

131,914

 

Essex County Industrial Development Agency New York,
RB, International Paper Co. Project, Series A, AMT,
6.63%, 9/01/32

 

 

100

 

 

101,067

 

Jefferson County Industrial Development Agency
New York, Refunding RB, Solid Waste, Series A, AMT,
5.20%, 12/01/20

 

 

150

 

 

145,755

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

American Airlines Inc., JFK International Airport, AMT,
7.63%, 8/01/25

 

 

800

 

 

781,008

 

American Airlines Inc., JFK International Airport, AMT,
7.75%, 8/01/31

 

 

300

 

 

296,997

 

Liberty-IAC/InteractiveCorp, 5.00%, 9/01/35

 

 

250

 

 

198,043

 

New York Liberty Development Corp., RB, Goldman
Sachs Headquarters:

 

 

 

 

 

 

 

5.25%, 10/01/35

 

 

650

 

 

653,334

 

5.50%, 10/01/37

 

 

200

 

 

208,344

 

Port Authority of New York & New Jersey, RB, Continental
Airlines Inc. and Eastern Air Lines Inc. Project, LaGuardia,
AMT, 9.13%, 12/01/15

 

 

850

 

 

851,207

 

 

 

 

 

 




 

 

 

 

 

 

3,367,669

 









County/City/Special District/School District — 38.0%

 

 

 

 

 

 

 

Brooklyn Arena Local Development Corp., RB, Barclays
Center Project, 6.38%, 7/15/43

 

 

100

 

 

102,094

 

City of New York New York, GO, Refunding, Series A:

 

 

 

 

 

 

 

6.00%, 5/15/30

 

 

10

 

 

10,187

 

6.00%, 5/15/30 (b)

 

 

500

 

 

513,560

 

Haverstraw-Stony Point Central School District New York,
GO (AGM), 3.00%, 10/15/26

 

 

250

 

 

207,310

 

Hudson Yards Infrastructure Corp., RB, Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

 

200

 

 

186,154

 

(FGIC), 5.00%, 2/15/47

 

 

100

 

 

93,077

 

(NPFGC), 4.50%, 2/15/47

 

 

70

 

 

63,381

 

New York City Industrial Development Agency, RB, PILOT:

 

 

 

 

 

 

 

CAB, Yankee Stadium (AGC), 5.77% 3/01/35 (c)

 

 

400

 

 

92,776

 

Queens Baseball Stadium (AGC), 6.38%, 1/01/39

 

 

100

 

 

110,705

 

Queens Baseball Stadium (AMBAC), 5.00%, 1/01/39

 

 

250

 

 

227,297

 

Queens Baseball Stadium (AMBAC), 5.00%, 1/01/46

 

 

400

 

 

359,620

 

New York City Transitional Finance Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series S-3, 5.25%, 1/15/39

 

 

150

 

 

156,420

 

Future Tax Secured, Series B, 6.00%, 11/15/21 (b)

 

 

815

 

 

837,103

 

Future Tax Secured, Series B, 6.00%, 11/15/29 (b)

 

 

1,000

 

 

1,027,120

 

New York Convention Center Development Corp., RB,
Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44

 

 

700

 

 

675,353

 

New York State Dormitory Authority, RB, State University
Dormitory Facilities, Series A, 5.00%, 7/01/39

 

 

100

 

 

102,565

 

Sales Tax Asset Receivable Corp., RB, Series A (AMBAC),
5.00%, 10/15/32

 

 

2,000

 

 

2,071,940

 

 

 

 

 

 




 

 

 

 

 

 

6,836,662

 









Education — 16.2%

 

 

 

 

 

 

 

Albany Industrial Development Agency, RB, New Covenant
Charter School Project, Series A:

 

 

 

 

 

 

 

7.00%, 5/01/25

 

 

95

 

 

59,848

 

7.00%, 5/01/35

 

 

60

 

 

37,799

 

New York City Industrial Development Agency,
Refunding RB, Polytechnic University Project (ACA),
5.25%, 11/01/37

 

 

100

 

 

85,148

 

New York Liberty Development Corp., RB, National Sports
Museum Project, Series A, 6.13%, 2/15/19 (d)(e)

 

 

175

 

 

2

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New York (continued)

 

 

 

 

 

 

 









Education (concluded)

 

 

 

 

 

 

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

5.83%, 7/01/39 (f)

 

$

175

 

$

140,842

 

Mount Sinai School of Medicine, 5.13%, 7/01/39

 

 

275

 

 

271,898

 

New York University, Series 1 (AMBAC), 5.50%,
7/01/40

 

 

250

 

 

289,522

 

Rochester Institute of Technology, Series A, 6.00%,
7/01/33

 

 

175

 

 

192,068

 

University of Rochester, Series A, 5.13%, 7/01/39

 

 

215

 

 

221,059

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Brooklyn Law School, 5.75%, 7/01/33

 

 

75

 

 

76,526

 

Teachers College, 5.50%, 3/01/39

 

 

200

 

 

207,222

 

Yeshiva University, 5.00%, 9/01/38

 

 

75

 

 

76,196

 

Schenectady County Industrial Development Agency,
Refunding RB, Union College Project, 5.00%, 7/01/31

 

 

500

 

 

517,740

 

Trust for Cultural Resources, RB, Series A:

 

 

 

 

 

 

 

Carnegie Hall, 4.75%, 12/01/39

 

 

200

 

 

195,002

 

Carnegie Hall, 5.00%, 12/01/39

 

 

150

 

 

150,684

 

Juilliard School, 5.00%, 1/01/39

 

 

250

 

 

261,712

 

Yonkers Industrial Development Agency New York, RB,
Sarah Lawrence College Project, Series A, 6.00%,
6/01/41

 

 

125

 

 

129,059

 

 

 

 

 

 




 

 

 

 

 

 

2,912,327

 









Health — 19.3%

 

 

 

 

 

 

 

Genesee County Industrial Development Agency
New York, Refunding RB, United Memorial Medical
Center Project, 5.00%, 12/01/27

 

 

100

 

 

80,140

 

New York State Dormitory Authority, MRB, Hospital,
Lutheran Medical (NPFGC), 5.00%, 8/01/31

 

 

250

 

 

252,988

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

New York & Presbyterian Hospital (AGM), 5.25%,
2/15/31

 

 

100

 

 

102,884

 

New York State Association for Retarded Children, Inc.,
Series A, 6.00%, 7/01/32

 

 

75

 

 

78,624

 

North Shore-Long Island Jewish Health System,
Series A, 5.50%, 5/01/37

 

 

175

 

 

176,500

 

North Shore-Long Island Jewish Health System,
Series A, 5.75%, 5/01/37

 

 

250

 

 

256,102

 

NYU Hospital Center, Series B, 5.63%, 7/01/37

 

 

150

 

 

145,809

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Kateri Residence, 5.00%, 7/01/22

 

 

1,000

 

 

1,025,700

 

Mount Sinai Health, Series A, 6.50%, 7/01/25

 

 

1,000

 

 

1,016,650

 

North Shore-Long Island Jewish Health System,
Series E, 5.50%, 5/01/33

 

 

150

 

 

151,503

 

Saratoga County Industrial Development Agency
New York, RB, Saratoga Hospital Project, Series B,
5.25%, 12/01/32

 

 

100

 

 

94,528

 

Suffolk County Industrial Development Agency New York,
Refunding RB, Jeffersons Ferry Project, 5.00%,
11/01/28

 

 

115

 

 

102,146

 

 

 

 

 

 




 

 

 

 

 

 

3,483,574

 









Housing — 10.2%

 

 

 

 

 

 

 

New York City Housing Development Corp., RB:

 

 

 

 

 

 

 

Series A (GNMA), 5.25%, 5/01/30

 

 

1,000

 

 

1,014,370

 

Series B1, AMT, 5.15%, 11/01/37

 

 

250

 

 

248,155

 

Series J-2-A, AMT, 4.75%, 11/01/27

 

 

500

 

 

484,795

 

New York Mortgage Agency, Refunding RB, Series 143,
AMT, 4.90%, 10/01/37

 

 

100

 

 

93,260

 

 

 

 

 

 




 

 

 

 

 

 

1,840,580

 










See Notes to Financial Statements.

 

 

 


32

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Schedule of Investments (continued)

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New York (concluded)

 

 

 

 

 

 

 









State — 9.6%

 

 

 

 

 

 

 

New York State Dormitory Authority, ERB, Series B,
5.75%, 3/15/36

 

$

150

 

$

166,867

 

New York State Dormitory Authority, LRB, Municipal
Health Facilities, Sub-Series 2-4, 4.75%, 1/15/30

 

 

300

 

 

301,971

 

New York State Dormitory Authority, Refunding RB,
State University Educational Facilities, Series A
(AMBAC), 5.25%, 5/15/15

 

 

1,005

 

 

1,121,761

 

State of New York, GO, Series A, 5.00%, 2/15/39

 

 

125

 

 

129,599

 

 

 

 

 

 




 

 

 

 

 

 

1,720,198

 









Transportation — 5.0%

 

 

 

 

 

 

 

Metropolitan Transportation Authority, RB:

 

 

 

 

 

 

 

Series 2008C, 6.50%, 11/15/28

 

 

250

 

 

285,377

 

Series B, 4.50%, 11/15/37

 

 

250

 

 

233,453

 

Port Authority of New York & New Jersey, RB,
Consolidated 116th Series, 4.13%, 9/15/32

 

 

250

 

 

232,135

 

Triborough Bridge & Tunnel Authority, RB, General
Purpose, Series A (NPFGC), 5.00%, 1/01/32

 

 

155

 

 

156,634

 

 

 

 

 

 




 

 

 

 

 

 

907,599

 









Utilities — 17.5%

 

 

 

 

 

 

 

Albany Municipal Water Finance Authority, RB, Series B
(NPFGC), 5.00%, 12/01/33

 

 

1,000

 

 

999,930

 

Long Island Power Authority, Refunding RB, Series A,
6.25%, 4/01/33

 

 

100

 

 

114,972

 

New York City Municipal Water Finance Authority, RB,
Series C, 5.13%, 6/15/33

 

 

1,000

 

 

1,014,230

 

New York City Municipal Water Finance Authority,
Refunding RB, Series B (AGM), 5.00%, 6/15/36

 

 

1,000

 

 

1,021,630

 

 

 

 

 

 




 

 

 

 

 

 

3,150,762

 









Total Municipal Bonds in New York

 

 

 

 

 

24,219,371

 









 

 

 

 

 

 

 

 









Guam — 2.5%

 

 

 

 

 

 

 









County/City/Special District/School District — 0.7%

 

 

 

 

 

 

 

Territory of Guam, RB, Section 30, Series A, 5.75%,
12/01/34

 

 

120

 

 

121,337

 









State — 0.6%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A, 7.00%, 11/15/39

 

 

100

 

 

102,621

 









Tobacco — 0.4%

 

 

 

 

 

 

 

Guam Economic Development & Commerce Authority,
Refunding RB, Tobacco Settlement Asset-Backed,
5.63%, 6/01/47

 

 

100

 

 

84,367

 









Utilities — 0.8%

 

 

 

 

 

 

 

Guam Government Waterworks Authority, Refunding RB,
Water, 5.88%, 7/01/35

 

 

150

 

 

145,509

 









Total Municipal Bonds in Guam

 

 

 

 

 

453,834

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Puerto Rico — 14.8%

 

 

 

 

 

 

 









County/City/Special District/School District — 3.3%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., RB,
1st Sub-Series A, 6.00%, 8/01/42

 

$

500

 

$

514,955

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, Series A (NPFGC), 5.79%, 8/01/41 (c)

 

 

550

 

 

81,752

 

 

 

 

 

 



 

 

 

 

 

 

 

596,707

 









Education — 3.9%

 

 

 

 

 

 

 

Puerto Rico Industrial Tourist Educational Medical &
Environmental Control Facilities Financing Authority,
RB, Ana G. Mendez University System Project, 5.00%,
3/01/26

 

 

800

 

 

701,608

 









State — 5.2%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Refunding:

 

 

 

 

 

 

 

Public Improvement, Series C, , 6.00%, 7/01/39

 

 

100

 

 

101,648

 

Sub-Series C-7 (NPFGC), 6.00%, 7/01/28

 

 

250

 

 

261,062

 

Puerto Rico Commonwealth Infrastructure Financing
Authority, RB, CAB, Series A (AMBAC), 5.00%,
7/01/44 (c)

 

 

395

 

 

33,453

 

Puerto Rico Public Finance Corp., RB, Commonwealth
Appropriation, Series E, 5.50%, 8/01/29 (a)

 

 

495

 

 

540,258

 

 

 

 

 

 




 

 

 

 

 

 

936,421

 









Tobacco — 2.4%

 

 

 

 

 

 

 

Children’s Trust Fund, Refunding RB, Asset-Backed,
5.63%, 5/15/43

 

 

500

 

 

434,585

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

2,669,321

 









Total Municipal Bonds — 151.8%

 

 

 

 

 

27,342,526

 










 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (g)

 

 

 

 

 

 

 









New York — 0.6%

 

 

 

 

 

 

 









Utilities — 0.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB,
Fiscal 2009, Series A, 5.75%, 6/15/40

 

 

105

 

 

117,069

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 0.6%

 

 

 

 

 

117,069

 









Total Long-Term Investments
(Cost — $27,362,352) — 152.4%

 

 

 

 

 

27,459,595

 










 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









CMA New York Municipal Money Fund, 0.00% (h)(i)

 

 

242,244

 

 

242,244

 









Total Short-Term Securities
(Cost — $242,244) — 1.4%

 

 

 

 

 

242,244

 









Total Investments (Cost — $27,604,596*) — 153.8%

 

 

 

 

 

27,701,839

 

Other Assets Less Liabilities — 0.6%

 

 

 

 

 

109,594

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (0.4)%

 

 

 

 

 

(69,996

)

Preferred Shares, at Redemption Value — (54.0)%

 

 

 

 

 

(9,726,391

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

18,015,046

 

 

 

 

 

 





See Notes to Financial Statements.




 

SEMI-ANNUAL REPORT

JANUARY 31, 2010

33




 

 



 

 

Schedule of Investments (concluded)

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

27,535,906

 

 

 




Gross unrealized appreciation

 

$

840,205

 

Gross unrealized depreciation

 

 

(744,246

)

 

 




Net unrealized appreciation

 

$

95,959

 

 

 





 

 

(a)

When-issued security. Unsettled when-issued security transactions were as follows:


 

 

 

 

 

 

 

 









Counterparty

 

Value

 

Unrealized
Appreciation

 









Merrill Lynch & Co.

 

$

131,914

 

$

1,914

 










 

 

(b)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(c)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

 

 

(d)

Non-income producing security.

 

 

(e)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(f)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.

 

 

(g)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(h)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 









Affiliate

 

Net
Activity

 

Income

 







CMA New York Municipal Money Fund

 

$

(74,906

)

$

59

 










 

 

(i)

Represents the current yield as of report date.


 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 






Valuation Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 



Level 1 — Short-Term Securities

 

$

242,244

 

Level 2 — Long-Term Investments1

 

 

27,459,595

 

Level 3

 

 

 

 

 




Total

 

$

27,701,839

 

 

 





 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

 

 

 


34

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Schedule of Investments January 31, 2010 (Unaudited)

BlackRock New York Municipal Income Trust (BNY)
(Percentages shown are based on Net Assets)

 

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 








New York — 121.7%

 

 

 

 

 

 

 









Corporate — 18.0%

 

 

 

 

 

 

 

Chautauqua County Industrial Development Agency, RB,
NRG Dunkirk Power Project, 5.88%, 4/01/42 (a)

 

$

1,000

 

$

1,014,720

 

Essex County Industrial Development Agency New York,
RB, International Paper Co. Project, Series A, AMT,
6.63%, 9/01/32

 

 

550

 

 

555,869

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

American Airlines Inc., JFK International Airport,
AMT, 7.63%, 8/01/25

 

 

3,200

 

 

3,124,032

 

American Airlines Inc., JFK International Airport,
AMT, 7.75%, 8/01/31

 

 

4,000

 

 

3,959,960

 

Liberty-IAC/InteractiveCorp, 5.00%, 9/01/35

 

 

1,000

 

 

792,170

 

New York Liberty Development Corp., RB, Goldman
Sachs Headquarters, 5.25%, 10/01/35

 

 

7,850

 

 

7,890,270

 

Port Authority of New York & New Jersey, RB, Continental
Airlines Inc. and Eastern Air Lines Inc. Project,
LaGuardia, AMT, 9.13%, 12/01/15

 

 

7,820

 

 

7,831,104

 

Suffolk County Industrial Development Agency New York,
RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27

 

 

7,000

 

 

6,767,530

 

 

 

 

 

 




 

 

 

 

 

 

31,935,655

 









County/City/Special District/School District — 22.9%

 

 

 

 

 

 

 

Brooklyn Arena Local Development Corp., RB, Barclays
Center Project, 6.38%, 7/15/43

 

 

700

 

 

714,658

 

City of New York New York, GO:

 

 

 

 

 

 

 

Series A-1, 4.75%, 8/15/25

 

 

750

 

 

780,435

 

Series C, 5.38%, 3/15/28 (b)

 

 

6,000

 

 

6,600,600

 

Series D, 5.38%, 6/01/32

 

 

4,000

 

 

4,085,520

 

Series D, 5.38%, 6/01/32 (b)

 

 

2,200

 

 

2,439,954

 

Sub-Series G-1, 6.25%, 12/15/31

 

 

500

 

 

578,890

 

Sub-Series I-1, 5.38%, 4/01/36

 

 

1,750

 

 

1,866,637

 

Hudson Yards Infrastructure Corp., RB, Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

 

2,500

 

 

2,326,925

 

(NPFGC), 4.50%, 2/15/47

 

 

1,210

 

 

1,095,594

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

Marymount School of New York Project (ACA),
5.13%, 9/01/21

 

 

750

 

 

760,875

 

Marymount School of New York Project (ACA),
5.25%, 9/01/31

 

 

1,500

 

 

1,460,265

 

Queens Baseball Stadium, PILOT (AGC), 6.38%,
1/01/39

 

 

150

 

 

166,058

 

Queens Baseball Stadium, PILOT (AMBAC), 5.00%,
1/01/36

 

 

4,900

 

 

4,506,481

 

Queens Baseball Stadium, PILOT (AMBAC), 5.00%,
1/01/46

 

 

250

 

 

224,763

 

Royal Charter, New York Presbyterian (AGM), 5.25%,
12/15/32

 

 

1,550

 

 

1,572,785

 

Yankee Stadium, PILOT (NPFGC), 5.00%, 3/01/36

 

 

250

 

 

233,105

 

New York City Transitional Finance Authority, RB:

 

 

 

 

 

 

 

Fiscal 2009, Series S-3, , 5.25%, 1/15/39

 

 

650

 

 

677,820

 

Series S-2 (NPFGC), 4.25%, 1/15/34

 

 

1,700

 

 

1,582,802

 

New York Convention Center Development Corp., RB,

 

 

 

 

 

 

 

Hotel Unit Fee Secured (AMBAC), 5.00%, 11/15/44

 

 

8,410

 

 

8,113,884

 

New York State Dormitory Authority, RB, State University

 

 

 

 

 

 

 

Dormitory Facilities, Series A, 5.00%, 7/01/39

 

 

750

 

 

769,238

 

 

 

 

 

 




 

 

 

 

 

 

40,557,289

 









Education — 23.0%

 

 

 

 

 

 

 

Albany Industrial Development Agency, RB, New Covenant
Charter School Project, Series A:

 

 

 

 

 

 

 

7.00%, 5/01/25

 

 

910

 

 

573,282

 

7.00%, 5/01/35

 

 

590

 

 

371,688

 

Dutchess County Industrial Development Agency
New York, Refunding RB, Bard College Civic Facility,
Series A-2, 4.50%, 8/01/36

 

 

7,000

 

 

5,808,670

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

 

Par
(000)

 

 

Value

 









New York (continued)

 

 

 

 

 

 

 









Education (concluded)

 

 

 

 

 

 

 

Madison County Industrial Development Agency
New York, RB:

 

 

 

 

 

 

 

Colgate University Project, Series B, 5.00%,
7/01/33

 

$

2,000

 

$

2,022,780

 

Commons II LLC, Student Housing, Series A (CIFG),
5.00%, 6/01/33

 

 

275

 

 

251,295

 

New York City Industrial Development Agency,
Refunding RB, Polytechnic University Project (ACA),
5.25%, 11/01/37

 

 

2,400

 

 

2,043,552

 

New York Liberty Development Corp., RB, National Sports
Museum Project, Series A, 6.13%, 2/15/19 (c)(d)

 

 

1,740

 

 

17

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

5.83%, 7/01/39 (e)

 

 

750

 

 

603,608

 

Mount Sinai School of Medicine, 5.13%, 7/01/39

 

 

2,350

 

 

2,323,492

 

New School University (NPFGC), 5.00%, 7/01/41

 

 

9,000

 

 

8,999,640

 

New York University, Series 2 (AMBAC), 5.00%, 7/01/41

 

 

5,000

 

 

5,017,500

 

Rochester Institute of Technology, Series A, , 6.00%,
7/01/33

 

 

1,000

 

 

1,097,530

 

University of Rochester, Series A, 5.13%, 7/01/39

 

 

850

 

 

873,953

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Brooklyn Law School, 5.75%, 7/01/33

 

 

475

 

 

484,666

 

Teachers College, 5.50%, 3/01/39

 

 

450

 

 

466,250

 

Yeshiva University, 5.00%, 9/01/34

 

 

275

 

 

280,660

 

Yeshiva University, 5.00%, 9/01/38

 

 

2,000

 

 

2,031,900

 

Trust for Cultural Resources, RB, Series A:

 

 

 

 

 

 

 

Carnegie Hall, 4.75%, 12/01/39

 

 

2,250

 

 

2,193,772

 

Juilliard School, 5.00%, 1/01/39

 

 

2,100

 

 

2,198,385

 

Westchester County Industrial Development Agency
New York, RB, Windward School Civic Facility
(Radian) 5.25%, 10/01/31

 

 

2,500

 

 

2,340,150

 

Yonkers Industrial Development Agency New York, RB,
Sarah Lawrence College Project, Series A, 6.00%,
6/01/41

 

 

625

 

 

645,294

 

 

 

 

 

 




 

 

 

 

 

 

40,628,084

 









Health — 7.1%

 

 

 

 

 

 

 

Genesee County Industrial Development Agency
New York, Refunding RB, United Memorial Medical
Center Project, 5.00%, 12/01/27

 

 

500

 

 

400,700

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Hudson Valley Hospital (BHAC), 5.00%, 8/15/36

 

 

750

 

 

775,687

 

New York & Presbyterian Hospital (AGM), 5.25%,
2/15/31

 

 

800

 

 

823,072

 

New York State Association for Retarded Children, Inc.,
Series A, 6.00%, 7/01/32

 

 

575

 

 

602,784

 

New York State Association for Retarded Children, Inc.,
Series B (AMBAC), 6.00%, 7/01/32

 

 

200

 

 

210,876

 

North Shore-Long Island Jewish Health System,
5.50%, 5/01/33 (b)

 

 

2,000

 

 

2,288,440

 

North Shore-Long Island Jewish Health System,
Series A, , 5.50%, 5/01/37

 

 

1,775

 

 

1,790,212

 

NYU Hospital Center, Series B, 5.63%, 7/01/37

 

 

530

 

 

515,192

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Mount Sinai NYU Health, Series C, 5.50%, 7/01/26

 

 

3,000

 

 

3,001,620

 

North Shore-Long Island Jewish Health System,
Series E, 5.50%, 5/01/33

 

 

1,100

 

 

1,111,022

 

Suffolk County Industrial Development Agency New York,
Refunding RB, Jeffersons Ferry Project, 5.00%,
11/01/28

 

 

1,175

 

 

1,043,670

 

 

 

 

 

 




 

 

 

 

 

 

12,563,275

 










 

 

 

See Notes to Financial Statements.




SEMI-ANNUAL REPORT

JANUARY 31, 2010

35




 

 



 

 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 








New York (concluded)

 

 

 

 

 

 

 









Housing — 2.1%

 

 

 

 

 

 

 

New York Mortgage Agency, Refunding RB, Homeowner
Mortgage, Series 97, AMT, 5.50%, 4/01/31

 

$

2,305

 

$

2,311,293

 

New York State HFA, RB, Highland Avenue Senior
Apartments, Series A, AMT (SONYMA), 5.00%,
2/15/39

 

 

1,500

 

 

1,353,720

 

 

 

 

 

 




 

 

 

 

 

 

3,665,013

 









State — 5.2%

 

 

 

 

 

 

 

New York State Dormitory Authority, ERB, Series B, 5.75%,
3/15/36

 

 

600

 

 

667,470

 

New York State Dormitory Authority, LRB, Municipal Health
Facilities, Sub-Series 2-4, 4.75%, 1/15/30

 

 

2,100

 

 

2,113,797

 

New York State Dormitory Authority, RB, Mental Health
Services Facilities Improvement, Series B (AMBAC),
5.00%, 2/15/35

 

 

4,855

 

 

4,919,620

 

New York State Dormitory Authority, Refunding RB,
School District Financing Program, Series A (AGM),
5.00%, 10/01/35

 

 

395

 

 

402,770

 

State of New York, GO, Series A, 5.00%, 2/15/39

 

 

975

 

 

1,010,870

 

 

 

 

 

 




 

 

 

 

 

 

9,114,527

 









Tobacco — 8.6%

 

 

 

 

 

 

 

New York Counties Tobacco Trust III, RB, Tobacco
Settlement Pass-Thru, Turbo, 6.00%, 6/01/43

 

 

6,700

 

 

6,122,527

 

Rensselaer Tobacco Asset Securitization Corp., RB,
Asset-Backed, Series A, 5.75%, 6/01/43

 

 

2,500

 

 

2,201,100

 

Rockland Tobacco Asset Securitization Corp., RB,
Asset-Backed, 5.75%, 8/15/43

 

 

5,000

 

 

4,401,550

 

TSASC Inc. New York, RB, Tobacco Settlement
Asset-Backed, Series 1, 5.75%, 7/15/32 (b)

 

 

2,250

 

 

2,521,935

 

 

 

 

 

 




 

 

 

 

 

 

15,247,112

 









Transportation — 21.3%

 

 

 

 

 

 

 

Metropolitan Transportation Authority, RB, Series 2008C,
6.50%, 11/15/28

 

 

1,000

 

 

1,141,510

 

Metropolitan Transportation Authority, Refunding RB,
Series A:

 

 

 

 

 

 

 

5.00%, 11/15/30

 

 

12,000

 

 

12,120,600

 

5.13%, 11/15/31

 

 

8,000

 

 

8,093,760

 

New York City Industrial Development Agency, RB,
Airis JFK I LLC Project, Series A, AMT, 5.50%, 7/01/28

 

 

10,000

 

 

7,173,200

 

Port Authority of New York & New Jersey, RB:

 

 

 

 

 

 

 

Consolidated 116th Series, 4.13%, 9/15/32

 

 

500

 

 

464,270

 

Consolidated, 161st Series, 4.50%, 10/15/37

 

 

500

 

 

484,565

 

Special Project, JFK International Air Terminal,
Series 6, AMT (NPFGC), 6.25%, 12/01/13

 

 

1,000

 

 

1,060,630

 

Special Project, JFK International Air Terminal,
Series 6, AMT (NPFGC), 5.75%, 12/01/22

 

 

7,000

 

 

7,178,080

 

 

 

 

 

 




 

 

 

 

 

 

37,716,615

 









Utilities — 13.5%

 

 

 

 

 

 

 

Long Island Power Authority, RB, General, Series C (CIFG),
5.25%, 9/01/29

 

 

2,000

 

 

2,191,100

 

Long Island Power Authority, Refunding RB, Series A:

 

 

 

 

 

 

 

6.25%, 4/01/33

 

 

150

 

 

172,458

 

5.75%, 4/01/39

 

 

4,000

 

 

4,328,320

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

Second General Resolution (NPFGC), 4.50%,
6/15/37

 

 

1,520

 

 

1,491,758

 

Series A (NPFGC), 5.00%, 6/15/32

 

 

4,000

 

 

4,031,000

 

Series C, 5.00%, 6/15/32

 

 

6,500

 

 

6,552,975

 

New York City Municipal Water Finance Authority,
Refunding RB, Series D, 5.00%, 6/15/39

 

 

5,000

 

 

5,110,800

 

 

 

 

 

 




 

 

 

 

 

 

23,878,411

 









Total Municipal Bonds in New York

 

 

 

 

 

215,305,981

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Guam — 1.5%

 

 

 

 

 

 

 









County/City/Special District/School District — 0.6%

 

 

 

 

 

 

 

Territory of Guam, RB, Section 30, Series A, 5.75%,
12/01/34

 

$

1,140

 

$

1,152,699

 









State — 0.6%

 

 

 

 

 

 

 

Territory of Guam, GO, Series A, 7.00%, 11/15/39

 

 

970

 

 

995,424

 









Utilities — 0.3%

 

 

 

 

 

 

 

Guam Government Waterworks Authority, Refunding RB,
Water, 5.88%, 7/01/35

 

 

600

 

 

582,036

 









Total Municipal Bonds in Guam

 

 

 

 

 

2,730,159

 









 

 

 

 

 

 

 

 









Multi-State — 7.6%

 

 

 

 

 

 

 









Housing — 7.6%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust, 6.80%, 11/30/50 (f)(g)

 

 

5,500

 

 

5,650,700

 

MuniMae Tax-Exempt Bond Subsidiary LLC (f)(g):

 

 

 

 

 

 

 

6.30%, 6/30/49

 

 

5,795

 

 

5,373,530

 

6.80%, 6/30/50

 

 

3,000

 

 

2,459,910

 









Total Municipal Bonds in Multi-State

 

 

 

 

 

13,484,140

 









 

 

 

 

 

 

 

 









Puerto Rico — 14.5%

 

 

 

 

 

 

 









County/City/Special District/School District — 0.3%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, Series A (NPFGC), 5.80%, 8/01/41 (h)

 

 

3,500

 

 

520,240

 









Housing — 1.7%

 

 

 

 

 

 

 

Puerto Rico Housing Finance Authority, Refunding RB,
Subordinate, Capital Fund Modernization, 5.13%,
12/01/27

 

 

3,000

 

 

3,002,970

 









State — 11.6%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Refunding, Public
Improvement, Series C, 6.00%, 7/01/39

 

 

700

 

 

711,536

 

Puerto Rico Public Buildings Authority, Refunding RB,
Government Facilities, Series D:

 

 

 

 

 

 

 

5.25%, 7/01/36

 

 

1,600

 

 

1,467,568

 

5.25%, 7/01/36 (b)

 

 

4,400

 

 

4,846,380

 

Puerto Rico Public Finance Corp., RB, Commonwealth
Appropriation, Series E (b):

 

 

 

 

 

 

 

5.70%, 8/01/25

 

 

6,000

 

 

6,001,800

 

5.50%, 8/01/29

 

 

5,000

 

 

5,457,150

 

Puerto Rico Sales Tax Financing Corp., RB,
1st Sub-Series A, 5.75%, 8/01/37

 

 

2,000

 

 

2,039,580

 

 

 

 

 

 




 

 

 

 

 

 

20,524,014

 









Utilities — 0.9%

 

 

 

 

 

 

 

Puerto Rico Aqueduct & Sewer Authority, RB, Senior Lien,
Series A, 6.00%, 7/01/38

 

 

1,100

 

 

1,112,969

 

Puerto Rico Electric Power Authority, Refunding RB,
Series VV (NPFGC), 5.25%, 7/01/29

 

 

500

 

 

504,845

 

 

 

 

 

 




 

 

 

 

 

 

1,617,814

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

25,665,038

 









Total Municipal Bonds — 145.3%

 

 

 

 

 

257,185,318

 










 

 

 

See Notes to Financial Statements.




36

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

 

Schedule of Investments (concluded)

BlackRock New York Municipal Income Trust (BNY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (i)

 

Par
(000)

 

Value

 








New York — 12.8%

 

 

 

 

 

 

 









Housing — 11.6%

 

 

 

 

 

 

 

New York Mortgage Agency New York, RB, AMT:

 

 

 

 

 

 

 

31 Street, Series A, 5.30%, 10/01/31

 

$

15,500

 

$

15,524,955

 

Refunding Series 101, 5.40%, 4/01/32

 

 

4,918

 

 

4,928,074

 

 

 

 

 

 




 

 

 

 

 

 

20,453,029

 









Utilities — 1.2%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB,
Fiscal 2009, Series A, 5.75%, 6/15/40

 

 

1,200

 

 

1,337,926

 

New York City Municipal Water Finance Authority,
Series FF-2, 5.50%, 6/15/40

 

 

810

 

 

886,061

 

 

 

 

 

 




 

 

 

 

 

 

2,223,987

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts

 

 

 

 

 

22,677,016

 









Total Long-Term Investments
(Cost — $283,458,418) — 158.1%

 

 

 

 

 

279,862,334

 









 

 

 

 

 

 

 

 









 

Short-Term Securities

 

 

Shares

 

 

 

 









CMA New York Municipal Money Fund 0.00% (j)(k)

 

 

1,447,643

 

 

1,447,643

 









Total Short-Term Securities
(Cost — $1,447,643) — 0.8%

 

 

 

 

 

1,447,643

 









Total Investments (Cost — $284,906,061*) — 158.9%

 

 

 

 

 

281,309,977

 

Other Assets Less Liabilities — 1.0%

 

 

 

 

 

1,720,229

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (6.5)%

 

 

 

 

 

(11,558,528

)

Preferred Shares, at Redemption Value — (53.4)%

 

 

 

 

 

(94,504,770

)

 

 

 

 

 




Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

176,966,908

 

 

 

 

 

 





 

 



*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2010, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

271,968,382

 

 

 




Gross unrealized appreciation

 

$

7,828,337

 

Gross unrealized depreciation

 

 

(10,036,556

)

 

 




Net unrealized depreciation

 

$

(2,208,219

)

 

 





 

 

(a)

When-issued security. Unsettled when-issued security transactions were as follows:


 

 

 

 

 

 

 

 









Counterparty

 

Value

 

Unrealized
Appreciation

 







Merrill Lynch & Co.

 

$

1,014,720

 

$

14,720

 










 

 

(b)

US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(c)

Non-income producing security.

 

 

(d)

Issuer filed for bankruptcy and/or is in default of interest payments.

 

 

(e)

Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date.

 

 

(f)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(g)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity.

 

 

(h)

Represents a zero coupon bond. Rate shown is as of report date.

 

 

(i)

Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

(j)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:


 

 

 

 

 

 

 

 









Affiliate

 

Net
Activity

 

Income

 







CMA New York Municipal Money Fund

 

$

(1,787,880

)

$

416

 










 

 

 

(k)

Represents the current yield as of report date.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2010 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 





Valuation Inputs

 

Investments in
Securities

 





 

 

Assets

 

 

 


 

Level 1 — Short-Term Securities

 

$

1,447,643

 

Level 2 — Long-Term Investments1

 

 

279,862,334

 

Level 3

 

 

 

 

 




Total

 

$

281,309,977

 

 

 





 

 

 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

See Notes to Financial Statements.




SEMI-ANNUAL REPORT

JANUARY 31, 2010

37




 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 31, 2010 (Unaudited)

 

BlackRock
California
Investment Quality
Municipal Trust Inc.
(RAA)

 

BlackRock
California
Municipal
Income Trust
(BFZ)

 

BlackRock
Florida
Municipal 2020
Term Trust
(BFO)

 

BlackRock
Investment Quality
Municipal
Income Trust
(RFA)

 

BlackRock
Municipal
Income
Investment Trust
(BBF)

 













Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Investments at value — unaffiliated1

 

$

19,723,842

 

$

328,803,253

 

$

124,197,655

 

$

20,981,708

 

$

142,389,735

 

Investments at value — affiliated2

 

 

512,287

 

 

6,582,995

 

 

1,030,592

 

 

714,610

 

 

6,033,536

 

Cash

 

 

47,444

 

 

 

 

8

 

 

 

 

14

 

Interest receivable

 

 

347,431

 

 

5,199,684

 

 

1,622,003

 

 

284,478

 

 

1,886,049

 

Investments sold receivable

 

 

 

 

1,027,120

 

 

10,000

 

 

299,239

 

 

1,776,693

 

Income receivable — affiliated

 

 

 

 

461

 

 

 

 

3

 

 

4

 

Prepaid expenses

 

 

2,161

 

 

42,641

 

 

17,809

 

 

2,557

 

 

19,933

 

Other assets

 

 

3,741

 

 

26,697

 

 

4,754

 

 

3,961

 

 

10,015

 

 

 
















Total assets

 

 

20,636,906

 

 

341,682,851

 

 

126,882,821

 

 

22,286,556

 

 

152,115,979

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Accrued Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Income dividends payable — Common Shares

 

 

53,380

 

 

1,147,455

 

 

311,479

 

 

78,907

 

 

504,187

 

Investments purchased payable

 

 

47,457

 

 

4,402,548

 

 

 

 

729,018

 

 

5,103,296

 

Investment advisory fees payable

 

 

6,065

 

 

156,653

 

 

53,333

 

 

6,365

 

 

68,278

 

Officer’s and Trustees’ fees payable

 

 

4,822

 

 

28,683

 

 

6,518

 

 

4,896

 

 

11,260

 

Administration fees payable

 

 

1,752

 

 

 

 

 

 

1,825

 

 

 

Interest expense and fees payable

 

 

996

 

 

47,110

 

 

8,174

 

 

2,746

 

 

12,464

 

Other affiliates payable

 

 

 

 

2,094

 

 

816

 

 

 

 

955

 

Other accrued expenses payable

 

 

45,448

 

 

110,180

 

 

48,354

 

 

19,098

 

 

56,702

 

 

 
















Total accrued liabilities

 

 

159,920

 

 

5,894,723

 

 

428,674

 

 

842,855

 

 

5,757,142

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Other Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Trust certificates3

 

 

1,232,883

 

 

56,378,777

 

 

4,573,573

 

 

3,504,110

 

 

22,228,764

 

 

 
















Total Liabilities

 

 

1,392,803

 

 

62,273,500

 

 

5,002,247

 

 

4,346,965

 

 

27,985,906

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















$25,000 per share liquidation preference, plus unpaid dividends4,5

 

 

5,925,217

 

 

71,002,630

 

 

42,902,756

 

 

4,575,120

 

 

34,251,661

 

 

 
















Net Assets Applicable to Common Shareholders

 

$

13,318,886

 

$

208,406,721

 

$

78,977,818

 

$

13,364,471

 

$

89,878,412

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Net Assets Applicable to Common Shareholders Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Paid-in capital6,7,8

 

$

13,403,728

 

$

215,261,021

 

$

78,891,300

 

$

15,014,120

 

$

94,919,275

 

Undistributed net investment income

 

 

98,050

 

 

3,838,917

 

 

2,478,143

 

 

182,727

 

 

657,247

 

Accumulated net realized loss

 

 

(717,828

)

 

(15,259,175

)

 

(456,572

)

 

(2,339,943

)

 

(8,842,144

)

Net unrealized appreciation/depreciation

 

 

534,936

 

 

4,565,958

 

 

(1,935,053

)

 

507,567

 

 

3,144,034

 

 

 
















Net Assets Applicable to Common Shareholders

 

$

13,318,886

 

$

208,406,721

 

$

78,977,818

 

$

13,364,471

 

$

89,878,412

 

 

 
















Net asset value per Common Share

 

$

13.22

 

$

13.75

 

$

14.20

 

$

11.86

 

$

13.44

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Investments at cost — unaffiliated

 

$

19,188,906

 

$

324,237,295

 

$

126,132,708

 

$

20,474,141

 

$

139,245,701

 

 

 

 
















2

Investments at cost — affiliated

 

$

512,287

 

$

6,582,995

 

$

1,030,592

 

$

714,610

 

$

6,033,536

 

 

 

 
















3

Represents short-term floating rate certificates issued by tender option bond trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

Preferred Shares outstanding, par value $0.001 per share

 

 

237

 

 

2,840

 

 

1,716

 

 

183

 

 

1,370

 

 

 

 
















5

Preferred Shares authorized

 

 

300

 

 

unlimited

 

 

unlimited

 

 

100 million

 

 

unlimited

 

 

 

 
















6

Par value per Common Share

 

$

0.01

 

$

0.001

 

$

0.001

 

$

0.01

 

$

0.001

 

 

 

 
















7

Common Shares outstanding

 

 

1,007,166

 

 

15,157,930

 

 

5,562,128

 

 

1,127,249

 

 

6,689,056

 

 

 

 
















8

Common Shares authorized

 

 

200 million

 

 

unlimited

 

 

unlimited

 

 

200 million

 

 

unlimited

 

 

 

 

















 

 

 

See Notes to Financial Statements.


38

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 31, 2010 (Unaudited)

 

BlackRock
New Jersey
Investment Quality
Municipal Trust Inc.
(RNJ)

 

BlackRock
New Jersey
Municipal
Income Trust
(BNJ)

 

BlackRock
New York
Investment Quality
Municipal Trust Inc.
(RNY)

 

BlackRock
New York
Municipal
Income Trust
(BNY)

 











Assets

 

 

 

 

 

 

 

 

 

 

 

 

 















Investments at value — unaffiliated1

 

$

18,151,489

 

$

159,544,349

 

$

27,459,595

 

$

279,862,334

 

Investments at value — affiliated2

 

 

1,027,504

 

 

4,831,059

 

 

242,244

 

 

1,447,643

 

Cash

 

 

11

 

 

 

 

7

 

 

 

Interest receivable

 

 

179,214

 

 

1,657,638

 

 

363,457

 

 

3,933,891

 

Investments sold receivable

 

 

161,173

 

 

683,936

 

 

 

 

 

Income receivable — affiliated

 

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

1,808

 

 

21,487

 

 

3,036

 

 

37,317

 

Other assets

 

 

5,871

 

 

11,871

 

 

3,815

 

 

18,983

 

 

 













Total assets

 

 

19,527,070

 

 

166,750,340

 

 

28,072,154

 

 

285,300,168

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 















Accrued Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 















Income dividends payable — Common Shares

 

 

61,835

 

 

562,420

 

 

89,493

 

 

1,052,214

 

Investments purchased payable

 

 

 

 

 

 

130,000

 

 

999,977

 

Investment advisory fees payable

 

 

5,557

 

 

76,029

 

 

8,219

 

 

131,925

 

Officer’s and Trustees’ fees payable

 

 

7,050

 

 

14,281

 

 

4,776

 

 

20,682

 

Administration fees payable

 

 

1,650

 

 

 

 

2,364

 

 

 

Interest expense and fees payable

 

 

130

 

 

1,103

 

 

22

 

 

8,714

 

Other affiliates payable

 

 

 

 

1,060

 

 

 

 

1,812

 

Other accrued expenses payable

 

 

31,036

 

 

59,950

 

 

25,869

 

 

63,352

 

 

 













Total accrued liabilities

 

 

107,258

 

 

714,843

 

 

260,743

 

 

2,278,676

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 















Other Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 















Trust certificates3

 

 

159,917

 

 

1,359,296

 

 

69,974

 

 

11,549,814

 

 

 













Total Liabilities

 

 

267,175

 

 

2,074,139

 

 

330,717

 

 

13,828,490

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 















Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 















$25,000 per share liquidation preference, plus unpaid dividends4,5

 

 

6,900,331

 

 

59,101,545

 

 

9,726,391

 

 

94,504,770

 

 

 













Net Assets Applicable to Common Shareholders

 

$

12,359,564

 

$

105,574,656

 

$

18,015,046

 

$

176,966,908

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 















Net Assets Applicable to Common Shareholders
Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 















Paid-in capital6,7,8

 

$

13,182,925

 

$

107,756,712

 

$

17,738,866

 

$

181,084,901

 

Undistributed net investment income

 

 

211,040

 

 

1,948,558

 

 

245,111

 

 

3,963,551

 

Accumulated net realized loss

 

 

(614,838

)

 

(2,614,349

)

 

(66,174

)

 

(4,485,460

)

Net unrealized appreciation/depreciation

 

 

(419,563

)

 

(1,516,265

)

 

97,243

 

 

(3,596,084

)

 

 













Net Assets Applicable to Common Shareholders

 

$

12,359,564

 

$

105,574,656

 

$

18,015,046

 

$

176,966,908

 

 

 













Net asset value per Common Share

 

$

12.19

 

$

13.92

 

$

13.73

 

$

13.88

 

 

 













1

Investments at cost — unaffiliated

 

$

18,571,052

 

$

161,060,614

 

$

27,362,352

 

$

283,458,418

 

 

 

 













2

Investments at cost — affiliated

 

$

1,027,504

 

$

4,831,059

 

$

242,244

 

$

1,447,643

 

 

 

 













3

Represents short-term floating rate certificates issued by tender option bond trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 

4

Preferred Shares outstanding, par value $0.001 per share

 

 

276

 

 

2,364

 

 

389

 

 

3,780

 

 

 

 













5

Preferred Shares authorized

 

 

300

 

 

unlimited

 

 

392

 

 

unlimited

 

 

 

 













6

Par value per Common Share

 

$

0.01

 

$

0.001

 

$

0.01

 

$

0.001

 

 

 

 













7

Common Shares outstanding

 

 

1,013,904

 

 

7,582,959

 

 

1,312,217

 

 

12,754,104

 

 

 

 













8

Common Shares authorized

 

 

200 million

 

 

unlimited

 

 

200 million

 

 

unlimited

 

 

 

 














 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

39




 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended January 31, 2010 (Unaudited)

 

BlackRock
California
Investment Quality
Municipal Trust Inc.
(RAA)

 

BlackRock
California
Municipal
Income Trust
(BFZ)

 

BlackRock
Florida
Municipal 2020
Term Trust
(BFO)

 

BlackRock
Investment Quality
Municipal
Income Trust
(RFA)

 

BlackRock
Municipal
Income
Investment Trust
(BBF)

 













Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Interest

 

$

517,341

 

$

8,640,395

 

$

3,110,906

 

$

565,094

 

$

3,662,719

 

Income — affiliated

 

 

266

 

 

2,375

 

 

344

 

 

466

 

 

5,442

 

 

 
















Total income

 

 

517,607

 

 

8,642,770

 

 

3,111,250

 

 

565,560

 

 

3,668,161

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Reorganization costs

 

 

101,300

 

 

181,321

 

 

 

 

 

 

 

Investment advisory

 

 

35,822

 

 

1,003,937

 

 

312,546

 

 

37,443

 

 

437,433

 

Professional

 

 

14,728

 

 

26,280

 

 

22,762

 

 

20,057

 

 

24,153

 

Administration

 

 

10,235

 

 

 

 

 

 

10,698

 

 

 

Transfer agent

 

 

4,603

 

 

18,936

 

 

9,056

 

 

6,090

 

 

10,062

 

Commissions for Preferred Shares

 

 

3,557

 

 

47,589

 

 

31,487

 

 

3,494

 

 

24,558

 

Printing

 

 

2,065

 

 

28,260

 

 

10,769

 

 

2,148

 

 

11,508

 

Custodian

 

 

1,491

 

 

9,640

 

 

4,793

 

 

2,070

 

 

5,780

 

Accounting services

 

 

1,432

 

 

36,515

 

 

11,607

 

 

2,412

 

 

18,238

 

Officer and Trustees

 

 

942

 

 

15,220

 

 

5,016

 

 

1,129

 

 

6,277

 

Registration

 

 

158

 

 

4,766

 

 

4,580

 

 

228

 

 

4,720

 

Miscellaneous

 

 

11,118

 

 

33,347

 

 

20,954

 

 

15,665

 

 

24,940

 

 

 
















Total expenses excluding interest expense and fees

 

 

187,451

 

 

1,405,811

 

 

433,570

 

 

101,434

 

 

567,669

 

Interest expense and fees1

 

 

4,543

 

 

208,633

 

 

16,524

 

 

13,569

 

 

80,358

 

 

 
















Total expenses

 

 

191,994

 

 

1,614,444

 

 

450,094

 

 

115,003

 

 

648,027

 

Less fees waived by advisor

 

 

(723

)

 

(90,732

)

 

(1,870

)

 

(224

)

 

(38,571

)

 

 
















Total expenses after fees waived

 

 

191,271

 

 

1,523,712

 

 

448,224

 

 

114,779

 

 

609,456

 

 

 
















Net investment income

 

 

326,336

 

 

7,119,058

 

 

2,663,026

 

 

450,781

 

 

3,058,705

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(196,166

)

 

(5,133,064

)

 

43,442

 

 

(316,475

)

 

(987,722

)

Financial futures contracts

 

 

3,330

 

 

48,465

 

 

 

 

996

 

 

6,969

 

 

 
















 

 

 

(192,836

)

 

(5,084,599

)

 

43,442

 

 

(315,479

)

 

(980,753

)

 

 
















Net change in unrealized appreciation/depreciation on investments

 

 

1,080,993

 

 

20,726,975

 

 

3,976,790

 

 

1,130,108

 

 

5,850,117

 

 

 
















Total realized and unrealized gain

 

 

888,157

 

 

15,642,376

 

 

4,020,232

 

 

814,629

 

 

4,869,364

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Dividends and Distributions to Preferred Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Net investment income

 

 

(13,025

)

 

(153,198

)

 

(92,514

)

 

(9,292

)

 

(74,741

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

 

 

 
















Total dividends and distributions to Preferred Shareholders

 

 

(13,025

)

 

(153,198

)

 

(92,514

)

 

(9,292

)

 

(74,741

)

 

 
















Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

1,201,468

 

$

22,608,236

 

$

6,590,744

 

$

1,256,118

 

$

7,853,328

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1  

Related to tender option bond trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

See Notes to Financial Statements.


40

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended January 31, 2010 (Unaudited)

 

BlackRock
New Jersey
Investment Quality
Municipal Trust Inc.
(RNJ)

 

BlackRock
New Jersey
Municipal
Income Trust
(BNJ)

 

BlackRock
New York
Investment Quality
Municipal Trust Inc.
(RNY)

 

BlackRock
New York
Municipal
Income Trust
(BNY)

 











Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 















Interest

 

$

516,306

 

$

4,429,404

 

$

740,228

 

$

7,640,668

 

Income — affiliated

 

 

436

 

 

1,901

 

 

233

 

 

1,507

 

 

 













Total income

 

 

516,742

 

 

4,431,305

 

 

740,461

 

 

7,642,175

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 















Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 















Reorganization costs

 

 

 

 

 

 

 

 

 

Investment advisory

 

 

33,656

 

 

489,143

 

 

48,117

 

 

838,076

 

Professional

 

 

16,532

 

 

23,915

 

 

16,400

 

 

24,043

 

Administration

 

 

9,616

 

 

 

 

13,748

 

 

 

Transfer agent

 

 

6,785

 

 

9,851

 

 

6,557

 

 

12,964

 

Commissions for Preferred Shares

 

 

5,211

 

 

42,226

 

 

7,519

 

 

68,336

 

Printing

 

 

2,111

 

 

15,062

 

 

1,866

 

 

24,417

 

Custodian

 

 

1,536

 

 

6,140

 

 

1,972

 

 

9,345

 

Accounting services

 

 

1,539

 

 

16,147

 

 

1,536

 

 

28,021

 

Officer and Trustees

 

 

1,248

 

 

7,509

 

 

1,482

 

 

12,375

 

Registration

 

 

201

 

 

4,758

 

 

264

 

 

4,679

 

Miscellaneous

 

 

16,236

 

 

25,192

 

 

16,801

 

 

31,512

 

 

 













Total expenses excluding interest expense and fees

 

 

94,671

 

 

639,943

 

 

116,262

 

 

1,053,768

 

Interest expense and fees1

 

 

660

 

 

5,612

 

 

274

 

 

38,044

 

 

 













Total expenses

 

 

95,331

 

 

645,555

 

 

116,536

 

 

1,091,812

 

Less fees waived by advisor

 

 

(1,368

)

 

(52,999

)

 

(429

)

 

(72,832

)

 

 













Total expenses after fees waived

 

 

93,963

 

 

592,556

 

 

116,107

 

 

1,018,980

 

 

 













Net investment income

 

 

422,779

 

 

3,838,749

 

 

624,354

 

 

6,623,195

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 















Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 















Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(72,137

)

 

(466,834

)

 

20,180

 

 

(61,348

)

Financial futures contracts

 

 

995

 

 

6,969

 

 

1,501

 

 

(6,780

)

 

 













 

 

 

(71,142

)

 

(459,865

)

 

21,681

 

 

(68,128

)

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation/depreciation on investments

 

 

920,213

 

 

8,957,469

 

 

1,157,998

 

 

14,802,734

 

 

 













Total realized and unrealized gain

 

 

849,071

 

 

8,497,604

 

 

1,179,679

 

 

14,734,606

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends and Distributions to Preferred Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(15,055

)

 

(126,097

)

 

(20,287

)

 

(204,298

)

Net realized gain

 

 

 

 

 

 

(2,688

)

 

 

 

 













Total dividends and distributions to Preferred Shareholders

 

 

(15,055

)

 

(126,097

)

 

(22,975

)

 

(204,298

)

 

 













Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

1,256,795

 

$

12,210,256

 

$

1,781,058

 

$

21,153,503

 

 

 













 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Related to tender option bond trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

41




 


 

Statements of Changes in Net Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock California Investment
Quality Municipal Trust Inc. (RAA)

 

BlackRock California
Municipal Income Trust (BFZ)

 

 

 


 



Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 















Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

326,336

 

$

820,424

 

$

7,119,058

 

$

15,604,620

 

Net realized loss

 

 

(192,836

)

 

(409,961

)

 

(5,084,599

)

 

(4,491,898

)

Net change in unrealized appreciation/depreciation

 

 

1,080,993

 

 

(261,443

)

 

20,726,975

 

 

(15,831,689

)

Dividends to Preferred Shareholders from net investment income

 

 

(13,025

)

 

(129,647

)

 

(153,198

)

 

(1,891,066

)

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

1,201,468

 

 

19,373

 

 

22,608,236

 

 

(6,610,033

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(323,425

)

 

(572,070

)

 

(6,884,359

)

 

(12,623,286

)

 

 






 






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Reinvestment of common dividends

 

 

 

 

 

 

132,024

 

 

113,246

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

878,043

 

 

(552,697

)

 

15,855,901

 

 

(19,120,073

)

Beginning of period

 

 

12,440,843

 

 

12,993,540

 

 

192,550,820

 

 

211,670,893

 

 

 






 







End of period

 

$

13,318,886

 

$

12,440,843

 

$

208,406,721

 

$

192,550,820

 

 

 






 







Undistributed net investment income

 

$

98,050

 

$

108,164

 

$

3,838,917

 

$

3,757,416

 

 

 






 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Florida
Municipal 2020 Term Trust (BFO)

 

BlackRock Investment Quality
Municipal Income Trust (RFA)

 

 

 


 



Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 











Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

2,663,026

 

$

5,334,086

 

$

450,781

 

$

948,055

 

Net realized gain (loss)

 

 

43,442

 

 

(542,712

)

 

(315,479

)

 

(1,492,618

)

Net change in unrealized appreciation/depreciation

 

 

3,976,790

 

 

(5,010,059

)

 

1,130,108

 

 

2,577

 

Dividends to Preferred Shareholders from net investment income

 

 

(92,514

)

 

(812,866

)

 

(9,292

)

 

(133,806

)

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

6,590,744

 

 

(1,031,551

)

 

1,256,118

 

 

(675,792

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(1,868,875

)

 

(3,459,643

)

 

(458,754

)

 

(630,045

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Reinvestment of common dividends

 

 

 

 

 

 

1,841

 

 

 

 

 






 






 

 

 

 

 

 

 

 

 

 

 

 

 

 

 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

4,721,869

 

 

(4,491,194

)

 

799,205

 

 

(1,305,837

)

Beginning of period

 

 

74,255,949

 

 

78,747,143

 

 

12,565,266

 

 

13,871,103

 

 

 






 







End of period

 

$

78,977,818

 

$

74,255,949

 

$

13,364,471

 

$

12,565,266

 

 

 






 







Undistributed net investment income

 

$

2,478,143

 

$

1,776,506

 

$

182,727

 

$

199,992

 

 

 






 








 

 

 

See Notes to Financial Statements.


42

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Statements of Changes in Net Assets (continued)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Municipal
Income Investment Trust (BBF)

 

BlackRock New Jersey Investment
Quality Municipal Trust Inc. (RNJ)

 

 

 


 



Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 















Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

3,058,705

 

$

6,772,595

 

$

422,779

 

$

873,210

 

Net realized loss

 

 

(980,753

)

 

(5,674,598

)

 

(71,142

)

 

(239,482

)

Net change in unrealized appreciation/depreciation

 

 

5,850,117

 

 

(3,424,220

)

 

920,213

 

 

(738,822

)

Dividends to Preferred Shareholders from net investment income

 

 

(74,741

)

 

(928,185

)

 

(15,055

)

 

(132,892

)

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

7,853,328

 

 

(3,254,408

)

 

1,256,795

 

 

(237,986

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(3,025,125

)

 

(5,882,637

)

 

(386,500

)

 

(644,573

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Reinvestment of common dividends

 

 

 

 

10,803

 

 

14,838

 

 

6,227

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

4,828,203

 

 

(9,126,242

)

 

885,133

 

 

(876,332

)

Beginning of period

 

 

85,050,209

 

 

94,176,451

 

 

11,474,431

 

 

12,350,763

 

 

 






 







End of period

 

$

89,878,412

 

$

85,050,209

 

$

12,359,564

 

$

11,474,431

 

 

 






 







Undistributed net investment income

 

$

657,247

 

$

698,408

 

$

211,040

 

$

189,816

 

 

 






 








 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock New Jersey
Municipal Income Trust (BNJ)

 

BlackRock New York Investment
Quality Municipal Trust Inc. (RNY)

 

 

 


 



Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 















Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

3,838,749

 

$

7,922,678

 

$

624,354

 

$

1,247,875

 

Net realized gain (loss)

 

 

(459,865

)

 

(863,424

)

 

21,681

 

 

12,600

 

Net change in unrealized appreciation/depreciation

 

 

8,957,469

 

 

(9,243,381

)

 

1,157,998

 

 

(776,965

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(126,097

)

 

(1,141,652

)

 

(20,287

)

 

(183,809

)

Net realized gain

 

 

 

 

 

 

(2,688

)

 

(2,815

)

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

12,210,256

 

 

(3,325,779

)

 

1,781,058

 

 

296,886

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends and Distributions to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(3,528,009

)

 

(7,033,018

)

 

(536,842

)

 

(942,306

)

Net realized gain

 

 

 

 

 

 

(32,629

)

 

(6,697

)

 

 






 







Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

(3,528,009

)

 

(7,033,018

)

 

(569,471

)

 

(949,003

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Reinvestment of common dividends

 

 

196,373

 

 

459,252

 

 

7,335

 

 

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

8,878,620

 

 

(9,899,545

)

 

1,218,922

 

 

(652,117

)

Beginning of period

 

 

96,696,036

 

 

106,595,581

 

 

16,796,124

 

 

17,448,241

 

 

 






 







End of period

 

$

105,574,656

 

$

96,696,036

 

$

18,015,046

 

$

16,796,124

 

 

 






 







Undistributed net investment income

 

$

1,948,558

 

$

1,763,915

 

$

245,111

 

$

177,886

 

 

 






 








 

 

 

See Notes to Financial Statements.

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

43



 


 

Statements of Changes in Net Assets (concluded)


 

 

 

 

 

 

 

 

 

 

BlackRock New York
Municipal Income Trust (BNY)

 

 

 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year Ended
July 31,
2009

 









Operations

 

 

 

 

 

 

 









Net investment income

 

$

6,623,195

 

$

13,527,849

 

Net realized loss

 

 

(68,128

)

 

(2,083,976

)

Net change in unrealized appreciation/depreciation

 

 

14,802,734

 

 

(12,836,387

)

Dividends to Preferred Shareholders from net investment income

 

 

(204,298

)

 

(1,818,574

)

 

 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

21,153,503

 

 

(3,211,088

)

 

 







 

 

 

 

 

 

 

 









Dividends to Common Shareholders From

 

 

 

 

 

 

 









Net investment income

 

 

(6,276,114

)

 

(11,605,688

)

 

 







 

 

 

 

 

 

 

 









Capital Share Transactions

 

 

 

 

 

 

 









Reinvestment of common dividends

 

 

362,454

 

 

616,838

 

 

 







 

 

 

 

 

 

 

 









Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 









Total increase (decrease) in net assets applicable to Common Shareholders

 

 

15,239,843

 

 

(14,199,938

)

Beginning of period

 

 

161,727,065

 

 

175,927,003

 

 

 







End of period

 

$

176,966,908

 

$

161,727,065

 

 

 







Undistributed net investment income

 

$

3,963,551

 

$

3,820,768

 

 

 








 

 

 

See Notes to Financial Statements.


44

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Statements of Cash Flows


 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended January 31, 2010 (Unaudited)

 

BlackRock
California
Municipal
Income Trust
(BFZ)

 

BlackRock
Investment Quality
Municipal
Income Trust
(RFA)

 

BlackRock
Municipal
Income
Investment Trust
(BBF)

 









Cash Provided by Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 














Net increase in net assets resulting from operations, excluding dividends to Preferred Shareholders

 

$

22,761,434

 

 

$

1,265,410

 

 

$

7,928,069

 

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Increase in interest receivable

 

 

(377,004

)

 

 

(28,145

)

 

 

(174,574

)

(Increase) decrease in income receivable — affiliated

 

 

(314

)

 

 

44

 

 

 

68

 

Decrease in other assets

 

 

2,654

 

 

 

1,415

 

 

 

773

 

(Increase) decrease in prepaid expenses

 

 

47,369

 

 

 

(1,403

)

 

 

 

Increase in investment advisory fees payable

 

 

16,212

 

 

 

13

 

 

 

5,832

 

Decrease in interest expense and fees payable

 

 

(6,837

)

 

 

(1,386

)

 

 

 

Increase in other affiliates payable

 

 

139

 

 

 

 

 

 

64

 

Increase (decrease) in accrued expenses payable

 

 

18,024

 

 

 

(17,754

)

 

 

(12,559

)

Decrease in administration fees payable

 

 

 

 

 

(32

)

 

 

 

Increase (decrease) in Officer’s and Trustees’ fees payable

 

 

(1,744

)

 

 

297

 

 

 

(383

)

Realized and unrealized gain — net

 

 

(15,703,418

)

 

 

(813,808

)

 

 

(4,862,395

)

Amortization of premium and discount on investments

 

 

(103,354

)

 

 

(28,173

)

 

 

(134,716

)

Proceeds from sales of long-term investments

 

 

106,493,776

 

 

 

5,345,874

 

 

 

36,603,860

 

Purchases of long-term investments

 

 

(103,354,913

)

 

 

(4,686,349

)

 

 

(32,004,978

)

Net purchases of short-term securities

 

 

(2,952,199

)

 

 

(614,505

)

 

 

(4,330,630

)

 

 












Cash provided by operating activities

 

 

6,839,825

 

 

 

421,498

 

 

 

3,018,431

 

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 














Cash Used for Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 














Cash payments from trust certificates

 

 

 

 

 

(20,000

)

 

 

 

Cash dividends paid to Common Shareholders

 

 

(6,751,570

)

 

 

(442,250

)

 

 

(3,025,126

)

Cash dividends paid to Preferred Shareholders

 

 

(155,078

)

 

 

(9,390

)

 

 

(75,801

)

 

 












Cash used for financing activities

 

 

(6,906,648

)

 

 

(471,640

)

 

 

(3,100,927

)

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 














Cash

 

 

 

 

 

 

 

 

 

 

 

 














Net decrease in cash

 

 

(66,823

)

 

 

(50,142

)

 

 

(82,496

)

Cash at beginning of period

 

 

66,823

 

 

 

50,142

 

 

 

82,510

 

 

 












Cash at end of period

 

 

 

 

 

 

 

$

14

 

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 














Cash Flow Information

 

 

 

 

 

 

 

 

 

 

 

 














Cash paid during the period for interest

 

$

215,470

 

 

$

14,955

 

 

$

84,350

 

 

 












 

 

 

 

 

 

 

 

 

 

 

 

 














Noncash Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 














Capital shares issued in reinvestment of dividends paid to shareholders.

 

$

132,024

 

 

$

1,841

 

 

 

 

 

 













 

 

 

A Statement of Cash Flows is presented when a Trust has a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average total assets.


 

 

 

See Notes to Financial Statements.




SEMI-ANNUAL REPORT

JANUARY 31, 2010

45




 

 


 

 

Financial Highlights

BlackRock California Investment Quality Municipal Trust Inc. (RAA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year
Ended
July 31,
2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 


 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.35

 

$

12.90

 

$

13.86

 

$

14.51

 

$

14.20

 

$

14.43

 

$

14.56

 

 

 






















Net investment income

 

 

0.32

1

 

0.81

1

 

0.60

1

 

0.84

 

 

0.87

 

 

0.78

 

 

0.92

 

Net realized and unrealized gain (loss)

 

 

0.88

 

 

(0.66

)

 

(0.95

)

 

(0.58

)

 

0.50

 

 

(0.03

)

 

(0.09

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.01

)

 

(0.13

)

 

(0.18

)

 

(0.24

)

 

(0.21

)

 

(0.13

)

 

(0.06

)

Net realized gain

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

 

 

 

 

 






















Net increase (decrease) from investment operations

 

 

1.19

 

 

0.02

 

 

(0.53

)

 

 

 

1.16

 

 

0.62

 

 

0.77

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.32

)

 

(0.57

)

 

(0.43

)

 

(0.60

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

Net realized gain

 

 

 

 

 

 

 

 

(0.05

)

 

 

 

 

 

(0.05

)

Total dividends and distributions to Common Shareholders

 

 

(0.32

)

 

(0.57

)

 

(0.43

)

 

(0.65

)

 

(0.85

)

 

(0.85

)

 

(0.90

)

 

 






















Net asset value, end of period

 

$

13.22

 

$

12.35

 

$

12.90

 

$

13.86

 

$

14.51

 

$

14.20

 

$

14.43

 

 

 






















Market price, end of period

 

$

11.87

 

$

11.20

 

$

11.96

 

$

12.57

 

$

15.80

 

$

15.75

 

$

14.30

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

9.89

%3

 

1.28

%

 

(3.68

)%3

 

0.01

%

 

7.87

%

 

4.32

%

 

5.77

%

 

 






















Based on market price

 

 

8.80

%3

 

(0.93

)%

 

(1.53

)%3

 

(16.71

)%

 

5.90

%

 

16.76

%

 

8.78

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

2.12

%5,6

 

1.60

%

 

1.62

%5,7

 

1.47

%

 

1.50

%

 

1.39

%

 

1.40

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

2.11

%5,6

 

1.57

%

 

1.59

%5,7

 

1.46

%

 

1.50

%

 

1.39

%

 

1.40

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

2.11

%5,6

 

1.57

%

 

1.59

%5,7

 

1.39

%

 

1.41

%

 

1.35

%

 

1.35

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization cost4,8

 

 

1.28

%5

 

1.51

%

 

1.56

%5,7

 

1.39

%

 

1.41

%

 

1.35

%

 

1.35

%

 

 






















Net investment income4

 

 

5.66

%5,6

 

6.82

%

 

6.00

%5,7

 

5.90

%

 

6.11

%

 

5.38

%

 

6.37

%

 

 






















Dividends to Preferred Shareholders

 

 

0.20

%5

 

1.08

%

 

1.74

%5

 

1.68

%

 

1.50

%

 

0.88

%

 

0.42

%

 

 






















Net investment income to Common Shareholders

 

 

5.46

%5,6

 

5.74

%

 

4.26

%5,7

 

4.22

%

 

4.61

%

 

4.50

%

 

5.95

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

13,319

 

$

12,441

 

$

12,994

 

$

13,956

 

$

14,615

 

$

14,299

 

$

14,529

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

5,925

 

$

5,925

 

$

6,825

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

 

 






















Portfolio turnover

 

 

20

%

 

68

%

 

14

%

 

38

%

 

49

%

 

20

%

 

15

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

81,199

 

$

77,495

 

$

72,598

 

$

71,534

 

$

73,731

 

$

72,671

 

$

73,433

 

 

 























 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

3

Aggregate total investment return.

 

 

 

 

4

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

5

Annualized.

 

 

 

 

6

Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, net investment income and net investment income to Common Shareholders would have been 2.88%, 2.87%, 2.87%, 4.90% and 4.70%, respectively.

 

 

 

 

7

Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization cost, net investment income and net investment income to Common Shareholders would have been 1.73%, 1.70%, 1.70%, 1.67%, 5.90% and 4.16%, respectively.

 

 

 

 

8

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

See Notes to Financial Statements.


46

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

Financial Highlights

BlackRock California Municipal Income Trust (BFZ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year
Ended
July 31,
2009

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 


 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.71

 

$

13.98

 

$

14.97

 

$

15.74

 

$

15.18

 

$

14.77

 

$

13.97

 

 

 






















Net investment income

 

 

0.47

1

 

1.03

1

 

0.82

1

 

1.08

 

 

1.11

 

 

1.12

 

 

1.15

 

Net realized and unrealized gain (loss)

 

 

1.03

 

 

(1.35

)

 

(0.90

)

 

(0.64

)

 

0.62

 

 

0.36

 

 

0.65

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.01

)

 

(0.12

)

 

(0.22

)

 

(0.30

)

 

(0.26

)

 

(0.16

)

 

(0.09

)

 

 






















Net increase (decrease) from investment operations

 

 

1.49

 

 

(0.44

)

 

(0.30

)

 

0.14

 

 

1.47

 

 

1.32

 

 

1.71

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.45

)

 

(0.83

)

 

(0.69

)

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

 






















Net asset value, end of period

 

$

13.75

 

$

12.71

 

$

13.98

 

$

14.97

 

$

15.74

 

$

15.18

 

$

14.77

 

 

 






















Market price, end of period

 

$

13.13

 

$

12.40

 

$

13.99

 

$

15.82

 

$

17.12

 

$

14.92

 

$

13.65

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

11.90

%3

 

(2.36

)%

 

(2.09

)%3

 

0.77

%

 

9.93

%

 

9.47

%

 

13.14

%

 

 






















Based on market price

 

 

9.53

%3

 

(4.81

)%

 

(7.29

)%3

 

(2.09

)%

 

21.65

%

 

16.42

%

 

10.58

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.56

%5

 

1.54

%

 

1.25

%5

 

1.21

%

 

1.25

%

 

1.25

%

 

1.28

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.47

%5

 

1.35

%

 

0.98

%5

 

0.91

%

 

0.87

%

 

0.86

%

 

0.88

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.47

%5

 

1.35

%

 

0.98

%5

 

0.91

%

 

0.87

%

 

0.85

%

 

0.87

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization expense4,6

 

 

1.10

%5

 

1.08

%

 

0.91

%5

 

0.91

%

 

0.87

%

 

0.85

%

 

0.87

%

 

 






















Net investment income4

 

 

6.88

%5

 

8.27

%

 

7.39

%5

 

7.09

%

 

7.26

%

 

7.35

%

 

7.96

%

 

 






















Dividends to Preferred Shareholders

 

 

0.15

%5

 

1.00

%

 

1.95

%5

 

1.98

%

 

1.71

%

 

1.04

%

 

0.59

%

 

 






















Net investment income to Common Shareholders

 

 

6.73

%5

 

7.27

%

 

5.44

%5

 

5.11

%

 

5.55

%

 

6.31

%

 

7.37

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

208,407

 

$

192,551

 

$

211,671

 

$

225,939

 

$

236,573

 

$

227,472

 

$

221,371

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

71,000

 

$

71,000

 

$

100,900

 

$

131,950

 

$

131,950

 

$

131,950

 

$

131,950

 

 

 






















Portfolio turnover

 

 

33

%

 

58

%

 

26

%

 

26

%

 

17

%

 

28

%

 

15

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

98,384

 

$

92,801

 

$

77,457

 

$

67,816

 

$

69,836

 

$

68,107

 

$

66,945

 

 

 























 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

3

Aggregate total investment return.

 

 

 

 

4

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

5

Annualized.

 

 

 

 

6

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

See Notes to Financial Statements.

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

47




 

 


 

Financial Highlights

BlackRock Florida Municipal 2020 Term Trust (BFO)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

 

 

 

Period
January 1,
2008 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year
Ended
July 31,
2009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

 


 

 

 

 

 

 

2007

 

2006

 

2005

 

2004

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

13.35

 

$

14.16

 

$

14.72

 

$

15.16

 

$

14.90

 

$

14.63

 

$

14.50

 

 

 






















Net investment income

 

 

0.48

1

 

0.96

1

 

0.58

1

 

0.99

 

 

0.98

 

 

0.98

 

 

0.99

 

Net realized and unrealized gain (loss)

 

 

0.73

 

 

(1.00

)

 

(0.62

)

 

(0.45

)

 

0.23

 

 

0.31

 

 

0.14

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.02

)

 

(0.15

)

 

(0.16

)

 

(0.31

)

 

(0.29

)

 

(0.20

)

 

(0.10

)

Net realized gain

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

(0.01

)

 

 

 

 






















Net increase (decrease) from investment operations

 

 

1.19

 

 

(0.19

)

 

(0.20

)

 

0.21

 

 

0.92

 

 

1.08

 

 

1.03

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.34

)

 

(0.62

)

 

(0.36

)

 

(0.61

)

 

(0.66

)

 

(0.75

)

 

(0.90

)

Net realized gain

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

(0.06

)

 

 

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.34

)

 

(0.62

)

 

(0.36

)

 

(0.65

)

 

(0.66

)

 

(0.81

)

 

(0.90

)

 

 






















Net asset value, end of period

 

$

14.20

 

$

13.35

 

$

14.16

 

$

14.72

 

$

15.16

 

$

14.90

 

$

14.63

 

 

 






















Market price, end of period

 

$

13.38

 

$

12.31

 

$

12.50

 

$

12.93

 

$

13.85

 

$

13.35

 

$

15.08

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

9.10

%3

 

(0.48

)%

 

(1.12

)%3

 

1.86

%

 

6.73

%

 

7.71

%

 

7.19

%

 

 






















Based on market price

 

 

11.49

%3

 

3.95

%

 

(0.63

)%3

 

(2.06

)%

 

8.83

%

 

(6.76

)%

 

4.10

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.16

%5

 

1.29

%

 

1.22

%5

 

1.16

%

 

1.20

%

 

1.26

%

 

1.25

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.15

%5

 

1.26

%

 

1.22

%5

 

1.16

%

 

1.20

%

 

1.26

%

 

1.21

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.15

%5

 

1.26

%

 

1.22

%5

 

1.16

%

 

1.18

%

 

1.24

%

 

1.21

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.11

%5

 

1.13

%

 

1.17

%5

 

1.16

%

 

1.18

%

 

1.24

%

 

1.21

%

 

 






















Net investment income4

 

 

6.86

%5

 

7.39

%

 

6.74

%5

 

6.63

%

 

6.54

%

 

6.57

%

 

6.93

%

 

 






















Dividends to Preferred Shareholders

 

 

0.24

%5

 

1.13

%

 

1.92

%5

 

2.07

%

 

1.96

%

 

1.32

%

 

0.68

%

 

 






















Net investment income to Common Shareholders

 

 

6.62

%5

 

6.26

%

 

4.82

%5

 

4.56

%

 

4.58

%

 

5.25

%

 

6.25

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

78,978

 

$

74,256

 

$

78,747

 

$

81,896

 

$

84,300

 

$

82,875

 

$

81,391

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

42,900

 

$

42,900

 

$

42,900

 

$

48,900

 

$

48,900

 

$

48,900

 

$

48,900

 

 

 






















Portfolio turnover

 

 

4

%

 

9

%

 

6

%

 

17

%

 

 

 

 

 

9

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

71,026

 

$

68,275

 

$

70,900

 

$

66,872

 

$

68,114

 

$

67,379

 

$

66,617

 

 

 























 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

3

Aggregate total investment return.

 

 

 

 

4

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

5

Annualized.

 

 

 

 

6

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

See Notes to Financial Statements.


48

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 


 

Financial Highlights

BlackRock Investment Quality Municipal Income Trust (RFA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year
Ended
July 31,
2009

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 


 

 

 

 

 

2007

 

 

2006

 

 

2005

 

 

2004

 





















Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

11.15

 

$

12.31

 

$

13.43

 

$

14.24

 

$

14.39

 

$

15.02

 

$

15.39

 

 

 






















Net investment income

 

 

0.40

1

 

0.84

1

 

0.62

1

 

0.83

 

 

0.82

 

 

0.84

 

 

0.98

 

Net realized and unrealized gain (loss)

 

 

0.73

 

 

(1.32

)

 

(1.14

)

 

(0.69

)

 

0.40

 

 

(0.35

)

 

(0.18

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.01

)

 

(0.12

)

 

(0.20

)

 

(0.26

)

 

(0.21

)

 

(0.15

)

 

(0.07

)

Net realized gain

 

 

 

 

 

 

 

 

(0.04

)

 

(0.05

)

 

(0.01

)

 

(0.02

)

 

 






















Net increase (decrease) from investment operations

 

 

1.12

 

 

(0.60

)

 

(0.72

)

 

(0.16

)

 

0.96

 

 

0.33

 

 

0.71

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.41

)

 

(0.56

)

 

(0.40

)

 

(0.60

)

 

(0.85

)

 

(0.85

)

 

(0.85

)

Net realized gain

 

 

 

 

 

 

 

 

(0.05

)

 

(0.26

)

 

(0.11

)

 

(0.23

)

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.41

)

 

(0.56

)

 

(0.40

)

 

(0.65

)

 

(1.11

)

 

(0.96

)

 

(1.08

)

 

 






















Net asset value, end of period

 

$

11.86

 

$

11.15

 

$

12.31

 

$

13.43

 

$

14.24

 

$

14.39

 

$

15.02

 

 

 






















Market price, end of period

 

$

12.03

 

$

10.08

 

$

10.93

 

$

11.86

 

$

16.00

 

$

14.85

 

$

14.30

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

10.10

%3

 

(3.68

)%

 

(5.03

)%3

 

(1.02%

)

 

6.46

%

 

2.19

%

 

5.00

%

 

 






















Based on market price

 

 

23.53

%3

 

(1.93

)%

 

(4.51

)%3

 

(22.21

)%

 

15.91

%

 

10.76

%

 

6.32

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.72

%5

 

1.72

%

 

1.60

%5,6

 

1.44

%

 

1.43

%

 

1.32

%

 

1.31

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.72

%5

 

1.68

%

 

1.58

%5,6

 

1.43

%

 

1.43

%

 

1.32

%

 

1.31

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.72

%5

 

1.68

%

 

1.58

%5,6

 

1.39

%

 

1.37

%

 

1.29

%

 

1.27

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,7

 

 

1.52

%5

 

1.56

%

 

1.53

%5,6

 

1.39

%

 

1.37

%

 

1.29

%

 

1.27

%

 

 






















Net investment income4

 

 

6.76

%5

 

7.79

%

 

6.42

%5,6

 

6.03

%

 

5.80

%

 

5.69

%

 

6.48

%

 

 






















Dividends to Preferred Shareholders

 

 

0.14

%5

 

1.10

%

 

2.03

%5

 

1.88

%

 

1.49

%

 

1.05

%

 

0.46

%

 

 






















Net investment income to Common Shareholders

 

 

6.62

%5

 

6.69

%

 

4.39

%5,6

 

4.15

%

 

4.31

%

 

4.64

%

 

6.02

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

13,364

 

$

12,565

 

$

13,871

 

$

15,134

 

$

16,054

 

$

16,214

 

$

16,929

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

4,575

 

$

4,575

 

$

7,125

 

$

8,500

 

$

8,500

 

$

8,500

 

$

8,500

 

 

 






















Portfolio turnover

 

 

26

%

 

88

%

 

29

%

 

40

%

 

57

%

 

15

%

 

13

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

98,031

 

$

93,664

 

$

73,687

 

$

69,526

 

$

72,229

 

$

72,696

 

$

74,795

 

 

 























 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

3

Aggregate total investment return.

 

 

 

 

4

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

5

Annualized.

 

 

 

 

6

Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.71%, 1.68%, 1.68%, 1.63%, 6.31% and 4.28%, respectively.

 

 

 

 

7

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

See Notes to Financial Statements.


SEMI-ANNUAL REPORT

JANUARY 31, 2010

49




 

 


 

Financial Highlights

BlackRock Municipal Income Investment Trust (BBF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year
Ended
July 31,
2009

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 


 

 

2007

 

2006

 

2005

 

2004

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.71

 

$

14.08

 

$

15.05

 

$

15.68

 

$

15.48

 

$

15.27

 

$

14.68

 

 

 






















Net investment income

 

 

0.46

1

 

1.01

1

 

0.80

1

 

1.07

 

 

1.11

 

 

1.11

 

 

1.12

 

Net realized and unrealized gain (loss)

 

 

0.73

 

 

(1.36

)

 

(0.89

)

 

(0.49

)

 

0.26

 

 

0.17

 

 

0.45

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.01

)

 

(0.14

)

 

(0.22

)

 

(0.31

)

 

(0.27

)

 

(0.17

)

 

(0.08

)

 

 






















Net increase (decrease) from investment operations

 

 

1.18

 

 

(0.49

)

 

(0.31

)

 

0.27

 

 

1.10

 

 

1.11

 

 

1.49

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.45

)

 

(0.88

)

 

(0.66

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 






















Net asset value, end of period

 

$

13.44

 

$

12.71

 

$

14.08

 

$

15.05

 

$

15.68

 

$

15.48

 

$

15.27

 

 

 






















Market price, end of period

 

$

13.05

 

$

12.49

 

$

13.68

 

$

15.10

 

$

16.30

 

$

15.25

 

$

14.40

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

9.42

%3

 

(2.57

)%

 

(2.04

)%3

 

1.78

%

 

7.34

%

 

7.63

%

 

11.02

%

 

 






















Based on market price

 

 

8.11

%3

 

(1.46

)%

 

(5.14

)%3

 

(1.76

)%

 

13.26

%

 

12.44

%

 

15.04

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.45

%5

 

1.47

%

 

1.31

%5

 

1.28

%

 

1.30

%

 

1.30

%

 

1.32

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.36

%5

 

1.27

%

 

1.06

%5

 

0.97

%

 

0.93

%

 

0.91

%

 

0.93

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.36

%5

 

1.27

%

 

1.06

%5

 

0.96

%

 

0.92

%

 

0.90

%

 

0.93

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.18

%5

 

1.16

%

 

1.02

%5

 

0.96

%

 

0.92

%

 

0.90

%

 

0.93

%

 

 






















Net investment income4

 

 

6.84

%5

 

8.13

%

 

7.26

%5

 

7.02

%

 

7.12

%

 

7.16

%

 

7.49

%

 

 






















Dividends to Preferred Shareholders

 

 

0.17

%5

 

1.11

%

 

1.96

%5

 

2.04

%

 

1.75

%

 

1.11

%

 

0.55

%

 

 






















Net investment income to Common Shareholders

 

 

6.67

%5

 

7.02

%

 

5.30

%5

 

4.98

%

 

5.37

%

 

6.05

%

 

6.94

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

89,878

 

$

85,050

 

$

94,176

 

$

100,564

 

$

104,451

 

$

102,944

 

$

101,512

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

34,250

 

$

34,250

 

$

49,550

 

$

57,550

 

$

57,550

 

$

57,550

 

$

57,550

 

 

 






















Portfolio turnover

 

 

26

%

 

66

%

 

26

%

 

25

%

 

20

%

 

10

%

 

10

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

90,606

 

$

87,082

 

$

72,521

 

$

68,688

 

$

70,391

 

$

69,729

 

$

69,101

 

 

 























 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

3

Aggregate total investment return.

 

 

 

 

4

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

5

Annualized.

 

 

 

 

6

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

See Notes to Financial Statements.


50

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

Financial Highlights

BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year
Ended
July 31,
2009

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 













 

 

 

 

 

2007

 

2006

 

2005

 

2004

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

11.33

 

$

12.20

 

$

13.57

 

$

14.47

 

$

14.48

 

$

14.79

 

$

14.90

 

 

 






















Net investment income

 

 

0.42

1

 

0.86

1

 

0.66

1

 

0.91

 

 

0.85

 

 

0.87

 

 

0.97

 

Net realized and unrealized gain (loss)

 

 

0.82

 

 

(0.96

)

 

(1.26

)

 

(0.70

)

 

0.34

 

 

(0.21

)

 

(0.20

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.00

)2

 

(0.13

)

 

(0.16

)

 

(0.23

)

 

(0.20

)

 

(0.15

)

 

(0.07

)

Net realized gain

 

 

 

 

 

 

 

 

(0.02

)

 

(0.03

)

 

 

 

 

 

 






















Net increase (decrease) from investment operations

 

 

1.24

 

 

(0.23

)

 

(0.76

)

 

(0.04

)

 

0.96

 

 

0.51

 

 

0.70

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.38

)

 

(0.64

)

 

(0.61

)

 

(0.82

)

 

(0.84

)

 

(0.82

)

 

(0.81

)

Net realized gain

 

 

 

 

 

 

 

 

(0.04

)

 

(0.13

)

 

 

 

 

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.38

)

 

(0.64

)

 

(0.61

)

 

(0.86

)

 

(0.97

)

 

(0.82

)

 

(0.81

)

 

 






















Net asset value, end of period

 

$

12.19

 

$

11.33

 

$

12.20

 

$

13.57

 

$

14.47

 

$

14.48

 

$

14.79

 

 

 






















Market price, end of period

 

$

14.41

 

$

11.68

 

$

11.96

 

$

14.96

 

$

15.95

 

$

14.70

 

$

15.00

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

10.95

%4

 

(1.09

)%

 

(6.10

)%4

 

(1.03

)%

 

6.14

%

 

3.43

%

 

5.00

%

 

 






















Based on market price

 

 

27.23

%4

 

4.01

%

 

(16.50

)%4

 

(1.02

)%

 

15.25

%

 

3.53

%

 

7.14

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses5

 

 

1.56

%6

 

1.70

%

 

1.88

%6,7

 

1.48

%

 

1.51

%

 

1.37

%

 

1.37

%

 

 






















Total expenses after fees waived and before fees paid indirectly5

 

 

1.54

%6

 

1.67

%

 

1.86

%6,7

 

1.47

%

 

1.51

%

 

1.37

%

 

1.37

%

 

 






















Total expenses after fees waived and paid indirectly5

 

 

1.54

%6

 

1.67

%

 

1.86

%6,7

 

1.40

%

 

1.41

%

 

1.34

%

 

1.34

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees5,8

 

 

1.53

%6

 

1.64

%

 

1.84

%6,7

 

1.40

%

 

1.41

%

 

1.34

%

 

1.34

%

 

 






















Net investment income5

 

 

6.94

%6

 

7.91

%

 

6.97

%6,7

 

6.49

%

 

5.91

%

 

5.89

%

 

6.50

%

 

 






















Dividends to Preferred Shareholders

 

 

0.25

%6

 

1.20

%

 

1.89

%6

 

1.67

%

 

1.41

%

 

1.00

%

 

0.47

%

 

 






















Net investment income to Common Shareholders

 

 

6.69

%6

 

6.71

%

 

5.08

%6,7

 

4.82

%

 

4.50

%

 

4.89

%

 

6.03

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

12,360

 

$

11,474

 

$

12,351

 

$

13,694

 

$

14,576

 

$

14,581

 

$

14,900

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

6,900

 

$

6,900

 

$

7,075

 

$

7,500

 

$

7,500

 

$

7,500

 

$

7,500

 

 

 






















Portfolio turnover

 

 

6

%

 

32

%

 

18

%

 

31

%

 

27

%

 

19

%

 

12

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

69,782

 

$

66,576

 

$

68,647

 

$

70,649

 

$

73,603

 

$

73,612

 

$

74,670

 

 

 























 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Amount is less than $(0.01).

 

 

 

 

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

4

Aggregate total investment return.

 

 

 

 

5

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

6

Annualized.

 

 

 

 

7

Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 2.00%, 1.98%, 1.98%, 1.96%, 6.85% and 4.96%, respectively.

 

 

 

 

8

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

See Notes to Financial Statements.

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

51




 

 



 

Financial Highlights

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year
Ended
July 31,
2009

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 

 













 

 

 

 

 

2007

 

2006

 

2005

 

2004

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.78

 

$

14.15

 

$

15.49

 

$

16.35

 

$

15.87

 

$

15.38

 

$

14.59

 

 

 






















Net investment income

 

 

0.51

1

 

1.05

1

 

0.89

1

 

1.14

 

 

1.17

 

 

1.17

 

 

1.16

 

Net realized and unrealized gain (loss)

 

 

1.12

 

 

(1.38

)

 

(1.24

)

 

(0.74

)

 

0.52

 

 

0.42

 

 

0.61

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.02

)

 

(0.11

)

 

(0.24

)

 

(0.30

)

 

(0.26

)

 

(0.18

)

 

(0.08

)

 

 






















Net increase (decrease) from investment operations

 

 

1.61

 

 

(0.44

)

 

(0.59

)

 

0.10

 

 

1.43

 

 

1.41

 

 

1.69

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.47

)

 

(0.93

)

 

(0.75

)

 

(0.96

)

 

(0.95

)

 

(0.92

)

 

(0.90

)

 

 






















Net asset value, end of period

 

$

13.92

 

$

12.78

 

$

14.15

 

$

15.49

 

$

16.35

 

$

15.87

 

$

15.38

 

 

 






















Market price, end of period

 

$

14.20

 

$

14.00

 

$

15.09

 

$

16.90

 

$

18.40

 

$

15.91

 

$

14.45

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

12.66

%3

 

(2.62

)%

 

(4.12

)%3

 

0.17

%

 

9.18

%

 

9.60

%

 

12.29

%

 

 






















Based on market price

 

 

4.91

%3

 

0.04

%

 

(6.28

)%3

 

(2.89

)%

 

22.56

%

 

16.95

%

 

9.63

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.26

%5

 

1.38

%

 

1.28

%5

 

1.24

%

 

1.27

%

 

1.28

%

 

1.30

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.15

%5

 

1.17

%

 

1.03

%5

 

0.94

%

 

0.91

%

 

0.90

%

 

0.91

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.15

%5

 

1.17

%

 

1.03

%5

 

0.93

%

 

0.89

%

 

0.89

%

 

0.91

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.14

%5

 

1.14

%

 

1.02

%5

 

0.93

%

 

0.89

%

 

0.89

%

 

0.91

%

 

 






















Net investment income4

 

 

7.47

%5

 

8.49

%

 

7.92

%5

 

7.18

%

 

7.31

%

 

7.37

%

 

7.74

%

 

 






















Dividends to Preferred Shareholders

 

 

0.25

%5

 

1.22

%

 

1.94

%5

 

1.86

%

 

1.63

%

 

1.12

%

 

0.56

%

 

 






















Net investment income to Common Shareholders

 

 

7.22

%5

 

7.27

%

 

5.98

%5

 

5.32

%

 

5.68

%

 

6.25

%

 

7.18

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

105,575

 

$

96,696

 

$

106,596

 

$

116,152

 

$

121,987

 

$

117,739

 

$

114,019

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

59,100

 

$

59,100

 

$

60,475

 

$

63,800

 

$

63,800

 

$

63,800

 

$

63,800

 

 

 






















Portfolio turnover

 

 

2

%

 

29

%

 

12

%

 

23

%

 

2

%

 

6

%

 

16

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

69,660

 

$

65,905

 

$

69,083

 

$

70,528

 

$

72,812

 

$

71,142

 

$

69,682

 

 

 























 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

3

Aggregate total investment return.

 

 

 

 

4

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

5

Annualized.

 

 

 

 

6

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


 

 

 

See Notes to Financial Statements.


52

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 

 



 

 

Financial Highlights

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year
Ended
July 31,
2009

 

Period
November 1,
2007 to

July 31,
2008

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 



 

 

 

2007

 

2006

 

2005

 

2004

 

















Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.81

 

$

13.30

 

$

14.40

 

$

15.18

 

$

15.03

 

$

15.35

 

$

15.34

 

 

 






















Net investment income

 

 

0.48

1

 

0.95

1

 

0.67

1

 

0.95

 

 

0.97

 

 

0.96

 

 

0.96

 

Net realized and unrealized gain (loss)

 

 

0.88

 

 

(0.61

)

 

(0.89

)

 

(0.61

)

 

0.37

 

 

(0.26

)

 

 

Dividends to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.01

)

 

(0.10

)

 

(0.15

)

 

(0.25

)

 

(0.21

)

 

(0.14

)

 

(0.07

)

Net realized gain

 

 

 

 

(0.00

)2

 

(0.04

)

 

(0.01

)

 

(0.02

)

 

 

 

 

 

 






















Net increase (decrease) from investment operations

 

 

1.35

 

 

0.24

 

 

(0.41

)

 

0.08

 

 

1.11

 

 

0.56

 

 

0.89

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.41

)

 

(0.72

)

 

(0.60

)

 

(0.85

)

 

(0.88

)

 

(0.88

)

 

(0.88

)

Net realized gain

 

 

(0.02

)

 

(0.01

)

 

(0.09

)

 

(0.01

)

 

(0.08

)

 

 

 

 

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.43

)

 

(0.73

)

 

(0.69

)

 

(0.86

)

 

(0.96

)

 

(0.88

)

 

(0.88

)

 

 






















Net asset value, end of period

 

$

13.73

 

$

12.81

 

$

13.30

 

$

14.40

 

$

15.18

 

$

15.03

 

$

15.35

 

 

 






















Market price, end of period

 

$

13.26

 

$

12.61

 

$

12.83

 

$

15.39

 

$

16.65

 

$

14.75

 

$

14.50

 

 

 













































Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

10.68

%4

 

2.71

%

 

(2.98

)%4

 

0.10

%

 

7.32

%

 

3.97

%

 

6.48

%

 

 






















Based on market price

 

 

8.58

%4

 

4.81

%

 

(12.43

)%4

 

(2.46

)%

 

19.95

%

 

8.01

%

 

8.81

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses5

 

 

1.31

%6

 

1.42

%

 

1.48

%6,7

 

1.29

%

 

1.33

%

 

1.24

%

 

1.24

%

 

 






















Total expenses after fees waived and before fees paid indirectly5

 

 

1.31

%6

 

1.41

%

 

1.47

%6,7

 

1.29

%

 

1.33

%

 

1.24

%

 

1.24

%

 

 






















Total expenses after fees waived and paid indirectly5

 

 

1.31

%6

 

1.41

%

 

1.47

%6,7

 

1.24

%

 

1.25

%

 

1.20

%

 

1.21

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees5,8

 

 

1.31

%6

 

1.41

%

 

1.47

%6,7

 

1.24

%

 

1.25

%

 

1.20

%

 

1.21

%

 

 






















Net investment income5

 

 

7.04

%6

 

7.72

%

 

6.53

%6,7

 

6.42

%

 

6.48

%

 

6.30

%

 

6.29

%

 

 






















Dividends to Preferred Shareholders

 

 

0.23

%6

 

1.14

%

 

1.47

%6

 

1.72

%

 

1.42

%

 

0.91

%

 

0.46

%

 

 






















Net investment income to Common Shareholders

 

 

6.81

%6

 

6.58

%

 

5.06

%6,7

 

4.70

%

 

5.06

%

 

5.39

%

 

5.83

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

18,015

 

$

16,796

 

$

17,448

 

$

18,848

 

$

19,839

 

$

19,643

 

$

20,066

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

9,725

 

$

9,725

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

 

 






















Portfolio turnover

 

 

14

%

 

24

%

 

8

%

 

37

%

 

24

%

 

10

%

 

23

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

71,315

 

$

68,180

 

$

69,521

 

$

73,090

 

$

75,614

 

$

75,111

 

$

76,195

 

 

 






















 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Amount is less than $(0.01).

 

 

 

 

3

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

4

Aggregate total investment return.

 

 

 

 

5

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

6

Annualized.

 

 

 

 

7

Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.56%, 1.55%, 1.55%, 1.55%, 6.46% and 4.99%, respectively.

 

 

 

 

8

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.

 

 

 


See Notes to Financial Statements.




 

SEMI-ANNUAL REPORT

JANUARY 31, 2010

53




 

 



 

 

Financial Highlights

BlackRock New York Municipal Income Trust (BNY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2010
(Unaudited)

 

Year
Ended
July 31,
2009

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended October 31,

 

 

 

 

 


 

 

 

 

 

 

2007

 

 

2006

 

 

2005

 

 

2004

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.71

 

$

13.88

 

$

15.11

 

$

15.88

 

$

15.44

 

$

15.28

 

$

14.76

 

 

 






















Net investment income

 

 

0.52

1

 

1.06

1

 

0.86

1

 

1.11

 

 

1.13

 

 

1.14

 

 

1.14

 

Net realized and unrealized gain (loss)

 

 

1.17

 

 

(1.22

)

 

(1.17

)

 

(0.70

)

 

0.47

 

 

0.09

 

 

0.36

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.02

)

 

(0.10

)

 

(0.21

)

 

(0.28

)

 

(0.26

)

 

(0.17

)

 

(0.08

)

 

 






















Net increase (decrease) from investment operations

 

 

1.67

 

 

(0.26

)

 

(0.52

)

 

0.13

 

 

1.34

 

 

1.06

 

 

1.42

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.50

)

 

(0.91

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 






















Net asset value, end of period

 

$

13.88

 

$

12.71

 

$

13.88

 

$

15.11

 

$

15.88

 

$

15.44

 

$

15.28

 

 

 






















Market price, end of period

 

$

14.45

 

$

13.95

 

$

15.26

 

$

15.55

 

$

17.35

 

$

15.19

 

$

13.99

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

13.08

%3

 

(1.28

)%

 

(3.71

)%3

 

0.64

%

 

8.91

%

 

7.38

%

 

10.46

%

 

 






















Based on market price

 

 

7.26

%3

 

(1.44

)%

 

2.87

%3

 

(5.20

)%

 

20.95

%

 

15.38

%

 

10.99

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.26

%5

 

1.43

%

 

1.25

%5

 

1.22

%

 

1.25

%

 

1.26

%

 

1.27

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.17

%5

 

1.25

%

 

1.00

%5

 

0.92

%

 

0.88

%

 

0.87

%

 

0.87

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.17

%5

 

1.25

%

 

1.00

%5

 

0.92

%

 

0.87

%

 

0.86

%

 

0.87

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.13

%5

 

1.13

%

 

0.97

%5

 

0.92

%

 

0.87

%

 

0.86

%

 

0.87

%

 

 






















Net investment income4

 

 

7.63

%5

 

8.67

%

 

7.79

%5

 

7.23

%

 

7.30

%

 

7.35

%

 

7.62

%

 

 






















Dividends to Preferred Shareholders

 

 

0.24

%5

 

1.17

%

 

1.91

%5

 

1.84

%

 

1.69

%

 

1.08

%

 

0.56

%

 

 






















Net investment income to Common Shareholders

 

 

7.39

%5

 

7.50

%

 

5.88

%5

 

5.39

%

 

5.61

%

 

6.27

%

 

7.06

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shares, end of period (000)

 

$

176,967

 

$

161,727

 

$

175,927

 

$

190,962

 

$

199,717

 

$

193,457

 

$

191,274

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

94,500

 

$

94,500

 

$

95,850

 

$

109,750

 

$

109,750

 

$

109,750

 

$

109,750

 

 

 






















Portfolio turnover

 

 

8

%

 

18

%

 

5

%

 

23

%

 

27

%

 

24

%

 

13

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

71,818

 

$

67,787

 

$

70,892

 

$

68,509

 

$

70,502

 

$

69,073

 

$

68,575

 

 

 






















 

 

 

 

1

Based on average shares outstanding.

 

 

 

 

2

Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions.

 

 

 

 

3

Aggregate total investment return.

 

 

 

 

4

Do not reflect the effect of dividends to Preferred Shareholders.

 

 

 

 

5

Annualized.

 

 

 

 

6

Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts.


See Notes to Financial Statements.

 

 

 


54

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

BlackRock California Investment Quality Municipal Trust Inc. (“RAA”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“RNJ”) and BlackRock New York Investment Quality Municipal Trust Inc. (“RNY”) are organized as Maryland corporations. BlackRock Investment Quality Municipal Income Trust (“RFA”) is organized as a Massachusetts business trust. RAA, RNJ, RNY and RFA are herein referred to as the “Investment Quality Trusts.” BlackRock California Municipal Income Trust (“BFZ”), BlackRock Municipal Income Investment Trust (“BBF”), BlackRock New Jersey Municipal Income Trust (“BNJ”), BlackRock New York Municipal Income Trust (“BNY”) (collectively, the “Income Trusts”) and BlackRock Florida Municipal 2020 Term Trust (“BFO”) are organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and BFO are referred to herein collectively as the “Trusts.” The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as non-diversified, closed-end management investment companies. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Boards of Directors and the Boards of Trustees of the Trusts are referred to throughout this report as the “Board of Trustees” or the “Board.” The Trusts determine and make available for publication the net asset value of their Common Shares on a daily basis.

The following is a summary of significant accounting policies followed by the Trusts:

Valuation: The Trusts’ policy is to fair value their financial instruments at market value. 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. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value each business day.

In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued by a method approved by each Trust’s Board as reflecting fair value. When determining the price for such investments, the investment advisor and/or the sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant.

Forward Commitments and When-Issued Delayed Delivery Securities: Each Trust may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counter-party, the Trusts’ maximum amount of loss is the unrealized gain of the commitment, which is shown on the Schedules of Investments, if any.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts leverage their assets through the use of tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which a Trust has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by a Trust include the right of the Trust (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to the Trusts. The TOB may also be terminated without the consent of the Trust upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors.

The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Trust, which typically invests the cash in additional municipal bonds. Each Trust’s transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Trusts’ Schedules of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown as trust certificates in the Statements of Assets and Liabilities.

Interest income from the underlying security is recorded by the Trusts on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Trusts. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At January 31, 2010, the aggregate value of the underlying municipal bonds

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

55




 


 

Notes to Financial Statements (continued)

transferred to TOBs, the related liability for trust certificates and the range of interest rates on the liability for trust certificates were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

Underlying
Municipal
Bonds
Transferred
to TOBs

 

Liability
for Trust
Certificates

 

Range of
Interest
Rates

 









RAA

 

$

2,148,518

 

$

1,232,883

 

 

0.23% – 0.24

%

BFZ

 

$

93,961,577

 

$

56,378,777

 

 

0.23% – 0.34

%

BFO

 

$

8,919,216

 

$

4,573,573

 

 

0.31% – 0.48

%

RFA

 

$

6,515,558

 

$

3,504,110

 

 

0.23% – 0.53

%

BBF

 

$

41,590,525

 

$

22,228,764

 

 

0.16% – 0.27

%

RNJ

 

$

242,783

 

$

159,917

 

 

0.36

%

BNJ

 

$

2,063,654

 

$

1,359,296

 

 

0.24

%

RNY

 

$

117,069

 

$

69,974

 

 

0.24

%

BNY

 

$

22,677,016

 

$

11,549,814

 

 

0.22% – 0.31

%












For the six months ended January 31, 2010, the Trusts’ average trust certificates outstanding and the daily weighted average interest rate, including fees, were as follows:

 

 

 

 

 

 

 

 









 

 

Average
Trust Certificates
Outstanding

 

Daily Weighted
Average
Interest Rate

 









RAA

 

$

1,232,883

 

 

0.74

%

BFZ

 

$

56,607,811

 

 

0.74

%

BFO

 

$

4,585,441

 

 

0.72

%

RFA

 

$

3,507,185

 

 

0.78

%

BBF

 

$

22,228,764

 

 

0.72

%

RNJ

 

$

159,917

 

 

0.83

%

BNJ

 

$

1,359,296

 

 

0.83

%

RNY

 

$

69,974

 

 

0.79

%

BNY

 

$

11,577,533

 

 

0.66

%









Should short-term interest rates rise, the Trusts’ investments in TOBs may adversely affect the Trusts’ investment income and distributions to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect the Trusts’ net asset value per share.

Zero-Coupon Bonds: Each Trust may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations, which provide for regular interest payments.

Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that the Trusts either deliver collateral or segregate assets in connection with certain investments (e.g., financial futures contracts), each Trust will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on its books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.

Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual basis. Each Trust amortizes all premiums and discounts on debt securities.

Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 6.

Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on Investment Quality Trusts’ and Income Trusts’ US federal tax returns remain open for the periods ended July 31, 2009 and 2008 and October 31, 2007 and 2006. The statute of limitations on BFO’s US federal tax returns remain open for the periods ended July 31, 2009 and 2008 and December 31, 2007 and 2006. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Recent Accounting Standards: In June 2009, amended guidance was issued by the Financial Accounting Standards Board (“FASB”) for transfers of financial assets. This guidance is intended to improve the relevance, representational faithfulness and comparability of the information that a reporting entity provides in its financial statements about a transfer of financial assets; the effects of a transfer on its financial position, financial performance, and cash flows; and a transferor’s continuing involvement, if any, in transferred financial assets. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after November 15, 2009. Earlier application is prohibited. The recognition and measurement provisions of this guidance must be applied to transfers occurring on or after the effective date. Additionally, the enhanced disclosure provisions of the amended guidance should be applied to transfers that occurred both before and after the effective date of this guidance. The impact of this guidance on the Trusts’ financial statements and disclosures, if any, is currently being assessed.

In January 2010, the FASB issued amended guidance to improve disclosure about fair value measurements which will require additional disclosures about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). It also clarifies existing disclosure requirements relating to the levels of disaggregation for fair value measurement and inputs and valuation techniques used to measure fair value. The amended guidance is effective for financial statements for fiscal years and interim periods beginning after December 15, 2009 except for disclosures about purchases, sales, issuances and settlements in the roll-forward of activity in Level 3 fair value measurements, which are effective for fiscal years beginning after December 15, 2010 and for interim periods

 

 

 

 

 

 


56

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Notes to Financial Statements (continued)

within those fiscal years. The impact of this guidance on the Trusts’ financial statements and disclosures is currently being assessed.

Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) may 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 certain BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.

The deferred compensation plan is not funded and obligations there under represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Funds investments under the plan are included in income — affiliated in the Statements of Operations.

Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods. Each Fund has an arrangement with its custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statements of Operations. The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.

The proposed reorganization of RAA failed to receive sufficient Common Shareholder votes to approve the reorganization. The expenses involving the proposed reorganization were charged to RAA and are shown in the Statements of Operations as reorganization costs.

2. Derivative Financial Instruments:

The Trusts may engage in various portfolio investment strategies both to increase the return of the Trusts and to economically hedge, or protect, exposure to certain risks such as interest rate risk. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying instrument or if the counterparty does not perform under the contract. To the extent amounts due to the Trust from its counterparties are not fully collateralized contractually or otherwise, the Trust bears the risk of loss from counterparty non-performance. See Note 1 “Segregation and Collateralization” for information with respect to collateral practices. Counter-party risk related to exchange-traded financial futures contracts is minimal because of the protection against default provided by the exchanges on which they trade.

Financial Futures Contracts: The Trusts may purchase or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). Financial futures contracts are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Trusts as unrealized gains or losses. When the contract is closed, the Trusts record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Instruments Categorized by Risk Exposure:

 



The Effect of Derivative Instruments on the Statements of Operations
Six Months Ended January 31, 2010*

 



 

 

Net Realized Gain (Loss) from

 





 

 

RAA

 

BFZ

 

RFA

 

BBF

 

RNJ

 

BNJ

 

RNY

 

BNY

 





Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial futures contracts

 

$

3,330

 

$

48,465

 

$

996

 

$

6,969

 

$

995

 

$

6,969

 

$

1,501

 

$

(6,780

)



























 

* As of January 31, 2010, there were no financial futures contracts outstanding. During the six months ended January 31, 2010, the Trusts had limited activity in these transactions.

3. Investment Advisory Agreement and Other Transactions with Affiliates:

The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate for 1940 Act purposes, but BAC and Barclays are not.

Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services.

The Manager is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

57




 


 

Notes to Financial Statements (continued)

Trust pays the Manager a monthly fee of the Trust’s average weekly net assets at the following annual rates:

 

 

 

 

 






RAA

 

 

0.35

%

BFZ

 

 

0.60

%

BFO

 

 

0.50

%

RFA

 

 

0.35

%

BBF

 

 

0.60

%

RNJ

 

 

0.35

%

BNJ

 

 

0.60

%

RNY

 

 

0.35

%

BNY

 

 

0.60

%






Average weekly net assets is the average weekly value of each Trust’s total assets minus the sum of its accrued liabilities.

The Manager has contractually agreed to waive a portion of the investment advisory fee on the Income Trusts at an annual rate of 0.05% of average daily value of net assets through July 31, 2010. For the six months ended January 31, 2010, the Manager waived the following amounts, which are included in fees waived by advisor in the Statements of Operations:

 

 

 

 

 






 

 

Fees Waived
by Manager

 






BFZ

 

$

83,662

 

BBF

 

$

36,452

 

BNJ

 

$

40,762

 

BNY

 

$

69,840

 






The Manager has voluntarily agreed to waive its advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds, however the Manager does not waive its advisory fees by the amount of investment advisory fees through its investment in other affiliated investment companies. These amounts are included in fees waived by advisor in the Statements of Operations. For the six months ended January 31, 2010, the amounts waived were as follows:

 

 

 

 

 






 

 

Fees Waived
by Manager

 






RAA

 

$

723

 

BFZ

 

$

7,070

 

BFO

 

$

1,870

 

RFA

 

$

224

 

BBF

 

$

2,119

 

RNJ

 

$

1,368

 

BNJ

 

$

12,237

 

RNY

 

$

429

 

BNY

 

$

2,992

 






Each Investment Quality Trust has an Administration Agreement with the Manager. The administration fee paid to the Manager is computed weekly and payable monthly based on an annual rate of 0.10% of each respective Trust’s average weekly net assets for the Investment Quality Trusts.

The Manager has entered into a separate sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Manager, with respect to each Trust, under which the Manager pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by the Trust to the Manager.

For the six months ended January 31, 2010, certain Trusts reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations.

 

 

 

 

 






 

 

Reimbursement

 






BFZ

 

$

3,433

 

BFO

 

$

1,246

 

RFA

 

$

17,731

 

BBF

 

$

1,515

 

BNJ

 

$

1,640

 

BNY

 

$

2,767

 






Certain officers and/or trustees of the Trusts are officers and/or directors of BlackRock or its affiliates. The Trusts reimburse the Manager for compensation paid to the Trusts’ Chief Compliance Officer.

4. Investments:

Purchases and sales of investments, excluding short-term securities, for the six months ended January 31, 2010 were as follows:

 

 

 

 

 

 

 

 









 

 

Purchases

 

Sales

 









RAA

 

$

4,342,372

 

$

3,899,826

 

BFZ

 

$

106,890,583

 

$

107,502,521

 

BFO

 

$

5,612,601

 

$

5,619,986

 

RFA

 

$

5,332,443

 

$

5,630,115

 

BBF

 

$

36,219,658

 

$

37,100,738

 

RNJ

 

$

1,055,802

 

$

1,328,212

 

BNJ

 

$

8,026,965

 

$

2,793,136

 

RNY

 

$

4,154,857

 

$

3,912,938

 

BNY

 

$

25,771,166

 

$

21,099,426

 









5. Concentration, Market and Credit Risk:

Each Trust invests a substantial amount of their assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.

Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.

In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may default. Financial assets, which potentially expose the Trusts to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Trusts’ exposure to credit and counterparty risks with respect to these financial assets is generally approximated by their value recorded in the Trusts’ Statements of Assets and Liabilities, less any collateral held by the Trusts.

 

 

 

 

 

 


58

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Notes to Financial Statements (continued)

RAA and RNY invest a significant portion of their assets in securities in the County/City/Special District/School District sector. BFZ, BFO and RFA invest a significant portion of their assets in securities in the County/City/Special District/School District and Utilities sectors. BBF invests a significant portion of its assets in securities in the Health, Utilities and County/City/Special District/School District sectors. RNJ invests a significant portion of its assets in securities in the Transportation sector. BNJ invests a significant portion of its assets in securities in the Health, State and Housing sectors. Changes in economic conditions affecting the Utilities, County/City/Special District/School District, Transportation, Health, State and Housing sectors would have a greater impact on the Trusts, and could affect the value, income and/or liquidity of positions in such securities.

6. Capital Share Transactions:

Each Investment Quality Trust is authorized to issue 200 million shares, including Preferred Shares, par value $0.01 per share, all of which were initially classified as Common Shares. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and BFO. Each Trust’s Board is authorized, however, to reclassify any unissued shares of shares without approval of Common Shareholders. At January 31, 2010 the Common Shares owned by affiliates of the Manager for BFO was 8,028 shares.

Common Shares

During the six months ended January 31, 2010 and the year ended July 31, 2009, the shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

 

 

 

 

 

 

 

 









 

 

Six Months
Ended
January 31,
2010

 

Year Ended
July 31,
2009

 









BFZ

 

 

10,114

 

 

8,447

 

RFA

 

 

156

 

 

 

BBF

 

 

 

 

887

 

RNJ

 

 

1,237

 

 

562

 

BNJ

 

 

14,349

 

 

36,407

 

RNY

 

 

544

 

 

 

BNY

 

 

25,920

 

 

48,952

 









Shares issued and outstanding remained constant during the six months ended January 31, 2010 and the year ended July 31, 2009 for RAA and BFO.

Preferred Shares

The Preferred Shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at their liquidation preference per share plus any accumulated and unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at their liquidation preference plus any accumulated and 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 Articles Supplementary/Statement of Preferences/Certificate of Designation (the “Governing Instrument”), are not satisfied.

From time to time in the future, each Trust that has issued Preferred Shares may effect repurchases of such shares at prices below their liquidation preference as agreed upon by the Trust and seller. Each Trust also may redeem such shares from time to time as provided in the applicable Governing Instrument. Each Trust intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.

The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with the holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act 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 sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.

The Trusts had the following series of Preferred Shares outstanding, effective yields and reset frequency at January 31, 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 















 

 

Series

 

Preferred
Shares

 

Effective
Yield

 

Reset
Frequency
Days

 















RAA

 

 

W7

 

 

237

 

 

0.34

%

 

7

 















BFZ

 

 

R7

 

 

1,420

 

 

0.32

%

 

7

 

 

 

 

T7

 

 

1,420

 

 

0.35

%

 

7

 















BFO

 

 

F7

 

 

1,716

 

 

0.32

%

 

7

 















RFA

 

 

R7

 

 

183

 

 

0.32

%

 

7

 















BBF

 

 

T7

 

 

1,370

 

 

0.35

%

 

7

 















RNJ

 

 

T7

 

 

276

 

 

0.35

%

 

7

 















BNJ

 

 

R7

 

 

2,364

 

 

0.32

%

 

7

 















RNY

 

 

F7

 

 

389

 

 

0.34

%

 

7

 















BNY

 

 

F7

 

 

1,890

 

 

0.34

%

 

7

 

 

 

 

W7

 

 

1,890

 

 

0.34

%

 

7

 















Dividends on seven-day Preferred Shares are cumulative at a rate which is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, the affected Trust is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on all series of Preferred Shares is the higher of 110% of AA commercial paper rate or 110% of 90% of the Kenney S&P 30-Day High Grade Index rate divided by 1.00 minus the marginal tax rate. The low, high and average

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

59




 


 

Notes to Financial Statements (continued)

dividend rates on the Preferred Shares for each Trust for the six months ended January 31, 2010 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 















 

 

Series

 

Low

 

High

 

Average

 















RAA

 

 

W7

 

 

0.26

%

 

0.55

%

 

0.43

%















BFZ

 

 

R7

 

 

0.24

%

 

0.58

%

 

0.43

%

 

 

 

T7

 

 

0.26

%

 

0.55

%

 

0.44

%















BFO

 

 

F7

 

 

0.24

%

 

0.58

%

 

0.43

%















RFA

 

 

R7

 

 

0.10

%

 

0.53

%

 

0.40

%















BBF

 

 

T7

 

 

0.26

%

 

0.58

%

 

0.44

%















RNJ

 

 

T7

 

 

0.26

%

 

0.58

%

 

0.44

%















BNJ

 

 

R7

 

 

0.24

%

 

0.56

%

 

0.42

%















RNY

 

 

F7

 

 

0.24

%

 

0.56

%

 

0.42

%















BNY

 

 

F7

 

 

0.24

%

 

0.56

%

 

0.42

%

 

 

 

W7

 

 

0.26

%

 

0.55

%

 

0.43

%















Since February 13, 2008, the Preferred Shares of each Trust failed to clear any of their auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate, which ranged from 0.10% to 0.58% for the six months ended January 31, 2010. A failed auction is not an event of default for the Trusts, but it has a negative impact on the liquidity of Preferred Shares. A failed auction occurs when there are more sellers of a fund’s auction rate preferred shares than buyers. A successful auction for each Trust’s Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shareholders may not have the ability to sell the Preferred Shares at their liquidation preference.

The Trusts 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 is less than 200%.

The Trusts pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions and 0.15% on the aggregate principal amount of all shares that fail to clear their auctions. Certain broker-dealers have individually agreed to reduce commissions for failed auctions.

During the year ended July 31, 2009, certain Trusts announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption date:

 

 

 

 

 

 

 

 

 

 

 

 

 

 















 

 

Series

 

Redemption
Date

 

Shares
Redeemed

 

Aggregate
Principal

 















RAA

 

 

W7

 

 

7/09/09

 

 

36

 

$

900,000

 















BFZ

 

 

R7

 

 

7/10/09

 

 

598

 

$

14,950,000

 

 

 

 

T7

 

 

7/08/09

 

 

598

 

$

14,950,000

 















RFA

 

 

R7

 

 

7/10/09

 

 

102

 

$

2,550,000

 















BBF

 

 

T7

 

 

7/08/09

 

 

612

 

$

15,300,000

 















RNJ

 

 

T7

 

 

7/08/09

 

 

7

 

$

175,000

 















BNJ

 

 

R7

 

 

7/10/09

 

 

55

 

$

1,375,000

 















RNY

 

 

F7

 

 

7/13/09

 

 

3

 

$

75,000

 















BNY

 

 

F7

 

 

7/13/09

 

 

27

 

$

675,000

 

 

 

 

W7

 

 

7/09/09

 

 

27

 

$

675,000

 















The Trusts financed the Preferred Share redemptions with cash received from TOB transactions.

Preferred Shares issued and outstanding remained constant for the six months ended January 31, 2010 for all Trusts.

7. Capital Loss Carryforwards:

As of July 31, 2009, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

 

 

 

 

 












Expires July 31,

 

RAA

 

BFZ

 

BFO

 












2012

 

 

 

$

1,807,297

 

 

 

2014

 

 

 

 

1,320,764

 

 

 

2016

 

$

71,669

 

 

 

$

28,100

 

2017

 

 

 

 

 

 

539,068

 

 

 










Total

 

$

71,669

 

$

3,128,061

 

$

567,168

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Expires July 31,

 

RFA

 

BBF

 

RNJ

 












2012

 

 

 

$

518,297

 

 

 

2015

 

$

137,267

 

 

426,674

 

 

 

2016

 

 

389,530

 

 

866,417

 

$

223,484

 

2017

 

 

299,461

 

 

 

 

 

 

 










Total

 

$

826,258

 

$

1,811,388

 

$

223,484

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Expires July 31,

 

 

 

 

 

BNJ

 

 

BNY

 












2012

 

 

 

 

$

3,833

 

$

151,220

 

2015

 

 

 

 

 

592,744

 

 

 

2016

 

 

 

 

 

15,502

 

 

505,354

 

2017

 

 

 

 

 

 

 

2,599,716

 

 

 

 

 

 







Total

 

 

 

 

$

612,079

 

$

3,256,290

 

 

 

 

 

 







8. Subsequent Events:

Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:

Each Trust paid a net investment income dividend on March 1, 2010 to Common Shareholders of record on February 12, 2010 as follows:

 

 

 

 

 






 

 

Common Dividend
Per Share

 






RAA

 

$

0.053000

 

BFZ

 

$

0.075700

 

BFO

 

$

0.056000

 

RFA

 

$

0.070000

 

BBF

 

$

0.075375

 

RNJ

 

$

0.064000

 

BNJ

 

$

0.077600

 

RNY

 

$

0.068200

 

BNY

 

$

0.082500

 







 

 

 

 

 

 


60

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Notes to Financial Statements (concluded)

The dividends declared on Preferred Shares for the period February 1, 2010 to February 28, 2010 were as follows:

 

 

 

 

 

 

 

 









 

 

Series

 

Dividends
Declared

 









RAA

 

 

W7

 

$

1,443

 









BFZ

 

 

R7

 

$

14,257

 

 

 

 

T7

 

$

14,253

 









BFO

 

 

F7

 

$

10,362

 









RFA

 

 

R7

 

$

1,108

 









BBF

 

 

T7

 

$

8,309

 









RNJ

 

 

T7

 

$

1,673

 









BNJ

 

 

R7

 

$

14,323

 









RNY

 

 

F7

 

$

1,583

 









BNY

 

 

F7

 

$

11,413

 

 

 

 

W7

 

$

11,508

 









The Trusts’ distribution rates declared on March 1, 2010 were as follows:

 

 

 

 

 






 

 

Per Common
Share Amount

 






RNJ

 

$

0.065500

 

RNY

 

$

0.070700

 






The Board and shareholders of BFZ and the Board and shareholders of each of BlackRock California Insured Municipal Income Trust (“BCK”), BlackRock California Municipal Bond Trust (“BZA”) and BlackRock California Municipal Income Trust II (“BCL”) (individually, the “Target Fund”) approved the reorganizations of BCK, BZA and BCL into BFZ, pursuant to which BFZ acquired substantially all of the assets and assumed substantially all of the liabilities of BCK, BZA and BCL in exchange for an equal aggregate value of newly-issued Common and Preferred Shares of BFZ.

The purpose of these transactions was to combine four funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on February 1, 2010.

Each Common Shareholder of a Target Fund received Common Shares of BFZ in an amount equal to the aggregate net asset value of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on January 29, 2010, less the costs of the Target Fund’s reorganization (although cash was distributed for any fractional Common Shares).

Each Preferred Shareholder of a Target Fund received Preferred Shares of BFZ in an amount equal to the aggregate liquidation preference of the Target Fund Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.

The reorganizations were accomplished by a tax-free exchange of Common and Preferred Shares of BFZ in the following amounts and at the following conversion ratios:

 

 

 

 

 

 

 

 

 

 

 












 

 

Common Shares

 












 

 

Shares Prior to
Reorganization

 

Conversion
Ratio

 

Shares
of BFZ

 












BCK

 

 

5,278,087

 

 

0.97546003

 

 

5,148,563

 

BZA

 

 

3,409,668

 

 

1.04505055

 

 

3,563,275

 

BCL

 

 

7,999,789

 

 

0.99301767

 

 

7,943,932

 












 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Shares

 












 

 

Series F-7

 

Series R-7

 

Series T-7

 












BCK

 

 

1,253

 

 

 

 

 

BZA

 

 

898

 

 

 

 

 

BCL

 

 

 

 

931

 

 

931

 












Each Target Fund’s net assets and composition of net assets on January 29, 2010 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 





















 

 

Net Assets
Applicable to
Common
Shareholders

 

Preferred Shares
at Liquidation
Preference

 

Paid-In Capital

 

Net Investment
Income

 

Net Realized
Loss

 

Net Unrealized
Appreciation/
Depreciation

 





















BCK

 

$

70,787,683

 

$

31,325,000

 

$

74,691,531

 

$

45,388

 

$

(2,517,190

)

$

(1,432,046

)

BZA

 

$

48,991,313

 

$

22,450,000

 

$

48,265,052

 

$

19,676

 

$

(560,343

)

$

1,266,928

 

BCL

 

$

109,221,113

 

$

46,550,000

 

$

113,334,256

 

$

71,219

 

$

(7,251,617

)

$

3,067,255

 





















For financial reporting purposes, assets received and shares issued by BFZ were recorded at fair value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of BFZ’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The aggregate net assets of BFZ immediately after the acquisition amounted to $437,406,830. Each Target Fund’s fair value and cost of investments prior to the reorganization was as follows:

 

 

 

 

 

 

 

 









 

 

Fair Value of
Investments

 

Cost of
Investments

 









BCK

 

$

97,202,618

 

$

98,634,664

 

BZA

 

$

69,163,964

 

$

67,897,036

 

BCL

 

$

152,275,812

 

$

149,208,557

 









In connection with the reorganizations, BFZ’s investment advisory fee was reduced by 2 basis points, from 0.60% of BFZ’s average weekly net assets to 0.58% of BFZ’s average weekly net assets. In addition to this reduction, BFZ’s contractual investment advisory fee waiver was extended for an additional two years through December 31, 2012 as follows: (i) 0.05% in 2010, (ii) 0.03% in 2011 and (iii) 0.01% in 2012.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

61




 


 

Officers and Trustees


 

Richard E. Cavanagh, Chairman of the Board and Trustee

Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee

and Trustee

G. Nicholas Beckwith, III, Trustee

Richard S. Davis, Trustee

Frank J. Fabozzi, Trustee and Member of the Audit Committee

Kathleen F. Feldstein, Trustee

James T. Flynn, Trustee and Member of the Audit Committee

Henry Gabbay, Trustee

Jerrold B. Harris, Trustee

R. Glenn Hubbard, Trustee

W. Carl Kester, Trustee and Member of the Audit Committee

Anne Ackerley, Trust President and Chief Executive Officer

Brendan Kyne, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer of the Trusts

Howard Surloff, Secretary

 

Investment Advisor

BlackRock Advisors, LLC

Wilmington, DE 19809

 

Sub-Advisor

BlackRock Financial Management, Inc.

New York, NY 10055

 

Custodian

State Street Bank and Trust Company

Boston, MA 02111

 

Transfer Agent

Common Shares:

Computershare Trust Company, N.A.

Providence, RI 02940

 

Auction Agent:

BNY Mellon Shareowner Services

Jersey City, NJ 07310

 

Accounting Agent

State Street Bank and Trust Company

Princeton, NJ 08540

 

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

Princeton, NJ 08540

 

Legal Counsel

Skadden, Arps, Slate, Meagher & Flom LLP

New York, NY 10036

 

Address of the Trusts

100 Bellevue Parkway

Wilmington, DE 19809


 


  Effective January 1, 2010, Kent Dixon, a Trustee of the Trusts, retired.  

  The Trusts’ Board wishes Mr. Dixon well in his retirement.



 

 

 

 

 

 


62

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Additional Information


 


Proxy Results


The Annual Meeting of Shareholders was held on August 26, 2009 for shareholders of record on June 29, 2009, to elect trustee nominees of each Trust. The Board is organized into three classes, one class of which is elected annually. Each Trustee serves a three-year term concurrent with the class into which he or she is elected.

Approved the Class II Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



























 

 

Richard S. Davis

 

Frank J. Fabozzi

 

James T. Flynn

 

Karen P. Robards

 

 

 






 






 






 







 

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 

Votes For

 

Votes
Withheld

 



























RAA

 

 

915,592

 

 

44,442

 

 

1741

 

 

1

 

 

915,592

 

 

44,442

 

 

915,592

 

 

44,442

 

BFZ

 

 

13,287,627

 

 

218,490

 

 

2,0921

 

 

29 

 

 

13,292,627

 

 

213,490

 

 

13,241,861

 

 

264,256

 

BFO

 

 

4,789,778

 

 

463,189

 

 

1,0611

 

 

11

 

 

4,789,778

 

 

463,189

 

 

4,795,361

 

 

457,606

 

RFA

 

 

927,318

 

 

110,304

 

 

1861

 

 

1

 

 

927,318

 

 

110,304

 

 

927,318

 

 

110,304

 

BBF

 

 

5,950,992

 

 

216,008

 

 

1,6221

 

 

1

 

 

5,950,992

 

 

216,008

 

 

5,950,192

 

 

216,808

 

RNJ

 

 

870,735

 

 

85,222

 

 

1751

 

 

1

 

 

870,735

 

 

85,222

 

 

870,735

 

 

85,222

 

BNJ

 

 

6,832,980

 

 

352,967

 

 

1,4871

 

 

171

 

 

6,832,980

 

 

352,967

 

 

6,796,274

 

 

389,673

 

RNY

 

 

1,209,569

 

 

26,186

 

 

3231

 

 

41

 

 

1,209,569

 

 

26,186

 

 

1,214,205

 

 

21,550

 

BNY

 

 

11,540,217

 

 

313,920

 

 

1,9351

 

 

21

 

 

11,540,217

 

 

313,920

 

 

11,262,709

 

 

591,428

 



























1 Voted on by holders of Preferred Shares only.

 

During the six-month period ended January 31, 2010, the shareholders of RAA voted on the following proposal. On October 26, 2009, a special shareholders’ meeting was adjourned with respect to the proposal until December 28, 2009, at which time it was not approved. A description of the proposal and number of shares voted are as follows:

 

 

 

 





 

For

Against

Abstain





Common:

 

 

 

To approve an Agreement and Plan of Reorganization among RAA, BFZ and

 

 

 

BFZ Merger Subsidiary and the termination of RAA’s registration under

 

 

 

the Investment Company Act of 1940, as amended.

457,634

319,142

21,167





Preferred:

 

 

 

To approve an Agreement and Plan of Reorganization among RAA, BFZ and

 

 

 

BFZ Merger Subsidiary and the termination of RAA’s registration under

 

 

 

the Investment Company Act of 1940, as amended.

173

42

2





During the six-month period ended January 31, 2010, the shareholders of BFZ voted on the following proposals. On October 26, 2009, a special shareholders’ meeting was adjourned with respect to the proposals until November 30, 2009, at which time they were approved. A description of the proposals and number of shares voted are as follows:

 

 

 

 





 

For

Against

Abstain





Common:

 

 

 

1. To approve the issuance of additional Common Shares of BFZ in connection

 

 

 

with an Agreement and Plan of Reorganization among BlackRock California

 

 

 

Municipal Income Trust II, BFZ Merger Subsidiary and BFZ.

7,008,795

550,692

244,592





2. To approve the issuance of additional Common Shares of BFZ in connection

 

 

 

with an Agreement and Plan of Reorganization among BlackRock California

 

 

 

Investment Quality Municipal Trust Inc., BFZ Merger Subsidiary and BFZ.

6,991,657

567,076

245,346





3. To approve the issuance of additional Common Shares of BFZ in connection

 

 

 

with an Agreement and Plan of Reorganization among BlackRock California

 

 

 

Insured Municipal Income Trust, BFZ Merger Subsidiary and BFZ.

6,988,559

562,523

252,997





4. To approve the issuance of additional Common Shares of BFZ in connection

 

 

 

with an Agreement and Plan of Reorganization among BlackRock California

 

 

 

Municipal Bond Trust, BFZ Merger Subsidiary and BFZ.

6,983,331

559,751

260,997






 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

63




 


 

Additional Information (continued)

 


Proxy Results (concluded)



 

 

 

 

 

 

 

 

 

 

 

For

 

Against

 

Abstain









 

Preferred:

 

 

 

 

 

 

1.

To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Municipal Income Trust II, BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57









2.

To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Investment Quality Municipal Trust Inc., BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57









3.

To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Insured Municipal Income Trust, BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57









4.

To approve the issuance of additional Common Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Municipal Bond Trust, BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57









5.

To approve the issuance of additional Preferred Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Municipal Income Trust II, BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57









6.

To approve the issuance of additional Preferred Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Investment Quality Municipal Trust Inc., BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57









7.

To approve the issuance of additional Preferred Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Insured Municipal Income Trust, BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57









8.

To approve the issuance of additional Preferred Shares of BFZ in connection
with an Agreement and Plan of Reorganization among BlackRock California
Municipal Bond Trust, BFZ Merger Subsidiary and BFZ.

 

2,501

 

102

 

57


 

 

 




64

SEMI-ANNUAL REPORT

JANUARY 31, 2010




 


 

Additional Information (continued)

 


Dividend Policy


The Trusts’ dividend policy is to distribute all or a portion of their net investment income to their shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month.As a result, the dividends paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.

 


General Information


Electronic Delivery

Electronic copies of most financial reports are available on the Trusts’ websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Trusts’ electronic delivery program.

Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:

Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.

Householding

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 call (800) 441-7762.

Availability of Quarterly Schedule of Investments

Each Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (202) 551-8090. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.

Availability of Proxy Voting Record

Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2010

65




 


 

Additional Information (concluded)

 


Section 19(a) Notices


These reported amounts and sources of distributions are estimates and are not provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Trust’s investment results during the year and may be subject to changes based on tax regulations. Each Trust will provide a Form 1099-DIV for the calendar year that will explain the character of these dividends and distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 31, 2010

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Total Cumulative Distributions
for the Fiscal Year

 

% Breakdown of the Total Cumulative Distributions
for the Fiscal Year

 

 

 












 













 

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return
of
Capital

 

Total Per
Common
Share

 

Net
Investment
Income

 

Net
Realized
Capital
Gains

 

Return
of
Capital

 

Total Per
Common
Share

 
























RNY

 

$

0.409200

 

$

0.024871

 

 

 

$

0.434071

 

94%

 

6%

 

 

 

100%

 

























 


BlackRock Privacy Principles


BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

 

 

 




66

SEMI-ANNUAL REPORT

JANUARY 31, 2010



This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.

 

 

 

(GO PAPERLESS LOGO)

 

 

 

 

 

 

 

(BLACKROCK LOGO)





#CEF-BK9-01/10


Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

   

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

   

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

   

Item 5 –

Audit Committee of Listed Registrants – Not Applicable to this semi-annual report

   

Item 6 –

Investments

 

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.

 

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

   

Item 7 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report

   

Item 8 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report

   

Item 9 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

   

Item 10 –

Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures.

   

Item 11 –

Controls and Procedures

   

11(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended.

   

11(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

   

Item 12 –

Exhibits attached hereto

   

12(a)(1) –

Code of Ethics – Not Applicable to this semi-annual report

   

12(a)(2) –

Certifications – Attached hereto

   

12(a)(3) –

Not Applicable

 


12(b) –

Certifications – Attached hereto

   

 

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.

   

 

BlackRock California Municipal Income Trust

   
 

By:

/s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer of
    BlackRock California Municipal Income Trust
   
  Date: March 19, 2010
   
  Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
   
 

By:

/s/ Anne F. Ackerley  
    Anne F. Ackerley
    Chief Executive Officer (principal executive officer) of
    BlackRock California Municipal Income Trust
   
  Date: March 19, 2010
   
 

By:

/s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Municipal Income Trust
   
  Date: March 19, 2010