UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number 811-10331

 

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

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Series Fund, Inc., 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: 07/31/2011

 

Date of reporting period: 01/31/2011

 

Item 1 – Report to Stockholders


 

 

(BLACKROCK LOGO)

January 31, 2011

Semi-Annual Report (Unaudited)

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 ▪ No Bank Guarantee ▪ May Lose Value




 

 

 


 

 

 

Table of Contents

 

 

 

 

 




 

 

Page




 

 

 

Dear Shareholder

 

3

Semi-Annual Report:

 

 

Municipal Market Overview

 

4

Trust Summaries

 

5

The Benefits and Risks of Leveraging

 

13

Derivative Financial Instruments

 

13

Financial Statements:

 

 

Schedules of Investments

 

14

Statements of Assets and Liabilities

 

40

Statements of Operations

 

42

Statements of Changes in Net Assets

 

44

Statements of Cash Flows

 

48

Financial Highlights

 

49

Notes to Financial Statements

 

57

Officers and Trustees

 

64

Additional Information

 

65


 

 

 


2

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Dear Shareholder

Economic data fluctuated widely throughout 2010, but as the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement. The sovereign debt crises and emerging market inflation that troubled the global economy in 2010 remain a challenge to global growth, but overall levels of uncertainty are gradually declining as the United States and the world economy are progressing from a stimulus-driven recovery into a consumption-driven expansion.

In the United States, the corporate sector has been an important area of strength and consumer spending has shown improvement, although weakness in the housing and labor markets continues to burden the economy. It is important to note that we are in the midst of the first global economic recovery that is being led by emerging economies, and the United States has only just begun its transition to a self-sustaining expansion, suggesting that economic improvements still have a way to go.

Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Stocks continued their advance through most of January until the political unrest in Egypt and widespread discord across the Middle East caused a sharp, but temporary decline at the end of the period. US stocks outpaced most international markets over the 12-month period. Small cap stocks outperformed large caps as investors moved into higher-risk assets.

Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that drove yields sharply upward (pushing prices downward) through year end and into the New Year. However, on a 12-month basis, yields were lower overall and fixed income markets performed well. Conversely, the tax-exempt municipal market was dealt an additional blow as it became evident that the Build America Bond program would expire at the end of 2010. In addition, negative headlines regarding fiscal challenges faced by state and local governments damaged investor confidence and sparked additional volatility in the municipal market. These conditions began to moderate as the period came to a close and the market has shown signs of improvement in supply-and-demand technicals.

Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.

 

 

 

 

 

 

 

 

Total Returns as of January 31, 2011

 

6-month

 

12-month

 









US large cap equities (S&P 500 Index)

 

 

17.93

%

 

22.19

%









US small cap equities (Russell 2000 Index)

 

 

20.75

 

 

31.36

 









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

 

 

16.10

 

 

15.38

 









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

 

 

0.06

 

 

0.13

 









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

 

 

(2.25

)

 

5.25

 









US investment grade bonds (Barclays Capital US Aggregate Bond Index)

 

 

0.20

 

 

5.06

 









Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index)

 

 

(2.84

)

 

1.10

 









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

 

 

8.65

 

 

15.96

 










 

 

 

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

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. 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




 


 

Municipal Market Overview

 


As of January 31, 2011


The municipal market began the period with a strong tone as rates fell (and prices rose) along with those of US Treasuries. However, the cliché of the “perfect storm” of negative events all conspired in the final months of 2010, leading to the worst quarterly performance for the municipal market since the tightening cycle of 1994. Treasury yields lost their support as concerns about the US deficit raised questions over the willingness of foreign investors to continue to purchase Treasury securities, at least at the previous historically low yields. Municipal valuations also suffered a quick and severe setback as it became evident that the Build America Bond (“BAB”) program would expire at year-end. The program had opened the taxable market to municipal issuers, which had successfully alleviated supply pressure in the traditional tax-exempt marketplace, bringing down yields in that space.

(LINE GRAPH)

The financial media has been replete with interviews, articles and presentations advertising the stress experienced in municipal finance, resulting in a loss of confidence among retail investors who buy individual bonds or mutual funds. From the middle of November through year-end, funds specializing in tax-exempt bonds witnessed weekly outflows averaging over $2.5 billion. Long-term and high-yield funds saw the greatest redemptions, followed by state-specific funds to a lesser but still significant degree. Demand usually is strong at the beginning of the new year against a backdrop of low new-issue supply, but the mutual fund outflows continued in January, putting additional upward pressure on municipal yields. Political uncertainty surrounding the midterm elections and the approach taken by the new Congress on issues such as income tax rates and alternative minimum tax (and the previously mentioned BAB non-extension) exacerbated the situation. All these conditions, combined with the seasonal illiquidity surrounding year-end holidays and dealers closing their fiscal books, sapped willing market participation from the trading community.

As demand for municipal securities from traditional retail investors was declining and trading desk liquidity was being curtailed, there was no comparable reduction in supply. As it became evident that the BAB program would be retired, issuers rushed deals to market both in the taxable municipal space and, to a lesser degree, in the traditional tax-exempt space. This imbalance in the supply/demand technicals provided the classic market action, leading to wider quality spreads and higher bond yields. The municipal curve steepened as the issuance was concentrated in longer (greater than 20-year) maturities. Curve steepening that began in October accelerated in November, spurred on by Treasury weakness, heavy supply and record outflows. As measured by Thomson Municipal Market Data, AAA-rated municipals rose nearly 82 basis points (“bps”) for maturities 25 years and longer from July 31, 2010, to January 31, 2011. The spread between two-year and 30-year maturities widened from 360 bps to 406 bps over the period.

The fundamental picture for municipalities will be subject to scrutiny for months to come, as the challenges to state and local budgets are real and need to be addressed with significant cuts to expenses and tax revenue increases. The debates around austerity measures needed to succeed in balancing these budgets are not over whether action needs to be taken, but over degree, approach and political will to accomplish these needs. The attention shone upon municipal finance has the potential to improve this market for the future if these efforts result in greater means toward disclosure and accuracy (and timeliness) of reporting. Early tests to judge progress will come soon as California, Illinois and Puerto Rico need to take austerity measures and access financing in the municipal market to address relatively immediate fiscal imbalances. BlackRock favors a more constructive outlook for the municipal market heading into 2011 as the typical, and this year particularly atypical, weakness passes.

 

 

 




4

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Trust Summary as of January 31, 2011

BlackRock California Municipal Income Trust

 

 



Trust Overview

 




 

 

BlackRock California Municipal Income Trust’s (BFZ) (the “Trust”) investment objective is to provide current income exempt from regular US federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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

 

 



Performance



 

 

For the six months ended January 31, 2011, the Trust returned (9.48)% based on market price and (8.55)% based on net asset value (“NAV”). For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (9.24)% based on market price and (8.09)% based on NAV. 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 following discussion relates to performance based on NAV. A generally negative municipal market environment hindered Trust performance. Some widening of credit spreads, especially among California school districts and health care credits, detracted from Trust performance, as did a relatively long duration posture given the rising interest rate environment of the period. Conversely, the Trust maintained a low average cash reserve level, which benefited total return by delivering a competitive level of income accrual relative to the Lipper peer group. Increased exposure to tender option bonds to take advantage of the historically steep municipal yield curve also benefited the income accrual. In addition, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand.

 

 

 

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, 2011 ($12.44)1

 

7.30%

Tax Equivalent Yield2

 

11.23%

Current Monthly Distribution per Common Share3

 

$0.0757

Current Annualized Distribution per Common Share3

 

$0.9084

Leverage as of January 31, 20114

 

44%





 

 

 

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

12.44

 

$

14.21

 

 

(12.46

)%

$

14.99

 

$

12.02

 

Net Asset Value

 

$

12.63

 

$

14.28

 

 

(11.55

)%

$

14.88

 

$

12.17

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







County/City/Special District/School District

 

39

%

 

37

%

 

Utilities

 

29

 

 

27

 

 

Health

 

11

 

 

9

 

 

Education

 

8

 

 

10

 

 

Transportation

 

6

 

 

6

 

 

State

 

5

 

 

7

 

 

Housing

 

2

 

 

3

 

 

Corporate

 

 

 

1

 

 









 

 

 

 

 

 

 

 


Credit Quality Allocations5

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

11

%

 

24

%

 

AA/Aa

 

65

 

 

46

 

 

A

 

23

 

 

26

 

 

BBB/Baa

 

1

 

 

3

 

 

Not Rated

 

 

 

1

6

 










 

 

 

 

5

Using the higher of Standard & Poor’s (“S&P”) or Moody’s Investors Service (“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, 2010, the market value of these securities was $5,717,100, representing 1% of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

5




 

 


 

 

Trust Summary as of January 31, 2011

BlackRock Florida Municipal 2020 Term Trust


 

 


Trust Overview


 

 

BlackRock Florida Municipal 2020 Term Trust’s (BFO) (the “Trust”) investment objectives are to provide current income exempt from regular federal income tax and Florida intangible personal property tax and to return $15.00 per Common Share (the initial offering price per share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives. Effective January 1, 2007, the Florida intangible personal property tax was repealed.

 

 

 

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

 

 


Performance


 

 

For the six months ended January 31, 2011, the Trust returned (2.13)% based on market price and (3.53)% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (8.40)% based on market price and (5.41)% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s performance was aided by exposure to pre-refunded bonds and escrow bonds due to their shorter maturities, which was a benefit in the rising interest rate environment of the period. Conversely, the Trust’s holdings in the health care sector hindered performance as health care underperformed the general municipal market.

 

 

 

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, 2011 ($13.67)1

 

4.92%

Tax Equivalent Yield2

 

7.57%

Current Monthly Distribution per Common Share3

 

$0.056

Current Annualized Distribution per Common Share3

 

$0.672

Leverage as of January 31, 20114

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

13.67

 

$

14.30

 

 

(4.41

)%

$

14.87

 

$

13.01

 

Net Asset Value

 

$

14.05

 

$

14.91

 

 

(5.77

)%

$

15.40

 

$

13.86

 


















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

 

 

 

 

 

 

 

 


Sector Allocations

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







County/City/Special District/School District

 

45

%

 

45

%

 

Utilities

 

19

 

 

20

 

 

Health

 

12

 

 

12

 

 

State

 

11

 

 

10

 

 

Corporate

 

7

 

 

7

 

 

Housing

 

3

 

 

3

 

 

Transportation

 

2

 

 

2

 

 

Education

 

1

 

 

1

 

 









 

 

 

 

 

 

 

 


Credit Quality Allocations5

 

 

 

 

 

 

 


 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

9

%

 

32

%

 

AA/Aa

 

43

 

 

19

 

 

A

 

17

 

 

23

 

 

BBB/Baa

 

13

 

 

7

 

 

Not Rated6

 

18

 

 

19

 

 










 

 

 

 

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, 2011 and July 31, 2010, the market value of these securities was $15,832,064, representing 13% and $13,590,604, representing 11%, respectively, of the Trust’s long-term investments.


 

 

 




6

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock Investment Quality Municipal Income Trust


 


Trust Overview


BlackRock Investment Quality Municipal Income Trust’s (RFA) (the “Trust”) investment objective is to provide high current income exempt from regular federal income tax and to provide an exemption from Florida intangible personal property taxes consistent with preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. Under normal market conditions, the Trust invests at least 80% of its assets in municipal bonds rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. Due to the repeal of the Florida intangible personal property tax, the Board approved an amended policy in September 2008 allowing the Trust the flexibility to invest in municipal obligations regardless of geographical location.

 

 

 

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


 


Performance


For the six months ended January 31, 2011, the Trust returned (9.83)% based on market price and (8.23)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (8.46)% based on market price and (6.45)% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Additionally, the Trust’s holdings in the health care and transportation sectors hindered performance as both sectors underperformed the general municipal market. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.

 

 

 

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, 2011 ($10.97)1

 

7.66%

Tax Equivalent Yield2

 

11.78%

Current Monthly Distribution per Common Share3

 

$0.07

Current Annualized Distribution per Common Share3

 

$0.84

Leverage as of January 31, 20114

 

43%





 

 

 

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

10.97

 

$

12.60

 

 

(12.94

)%

$

13.20

 

$

10.40

 

Net Asset Value

 

$

10.89

 

$

12.29

 

 

(11.39

)%

$

12.76

 

$

10.54

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







Utilities

 

20

%

 

19

%

 

Health

 

19

 

 

17

 

 

County/City/Special District/School District

 

18

 

 

19

 

 

Transportation

 

17

 

 

19

 

 

State

 

10

 

 

10

 

 

Education

 

7

 

 

7

 

 

Housing

 

6

 

 

6

 

 

Corporate

 

2

 

 

2

 

 

Tobacco

 

1

 

 

1

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

8

%

 

16

%

 

AA/Aa

 

61

 

 

57

 

 

A

 

22

 

 

22

 

 

BBB/Baa

 

7

 

 

4

 

 

BB/Ba

 

1

 

 

 

 

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, 2011, the market value of these securities was $41,994, representing 0% of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

7




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock Municipal Income Investment Trust


 


Trust Overview


BlackRock Municipal Income Investment Trust’s (BBF) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and Florida intangible personal property tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. Due to the repeal of the Florida intangible personal property tax, the Board approved an amended policy in September 2008 allowing the Trust the flexibility to invest in municipal obligations regardless of geographical location.

 

 

 

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


 


Performance


For the six months ended January 31, 2011, the Trust returned (11.27)% based on market price and (8.51)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (8.46)% based on market price and (6.45)% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Additionally, the Trust’s holdings in the health care and transportation sectors hindered performance as both sectors underperformed the general municipal market. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.

 

 

 

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, 2011 ($11.93)1

 

7.58%

Tax Equivalent Yield2

 

11.66%

Current Monthly Distribution per Common Share3

 

$0.075375

Current Annualized Distribution per Common Share3

 

$0.904500

Leverage as of January 31, 20114

 

44%





 

 

 

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

11.93

 

$

13.90

 

 

(14.17

)%

$

14.60

 

$

11.13

 

Net Asset Value

 

$

12.31

 

$

13.91

 

 

(11.50

)%

$

14.47

 

$

11.82

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







Health

 

24

%

 

24

%

 

County/City/Special District/School District

 

21

 

 

19

 

 

Utilities

 

20

 

 

20

 

 

Transportation

 

16

 

 

17

 

 

State

 

9

 

 

9

 

 

Education

 

7

 

 

9

 

 

Corporate

 

1

 

 

1

 

 

Housing

 

1

 

 

1

 

 

Tobacco

 

1

 

 

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

7

%

 

11

%

 

AA/Aa

 

61

 

 

58

 

 

A

 

23

 

 

25

 

 

BBB/Baa

 

7

 

 

4

 

 

BB/Ba

 

1

 

 

 

 

Not Rated

 

1

 

 

2

 

 










 

 

 

 

5

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


 

 

 


8

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New Jersey Investment Quality Municipal Trust Inc.


 


Trust Overview


BlackRock New Jersey Investment Quality Municipal Trust Inc.’s (RNJ) (the “Trust”) investment objective is to provide high current income exempt from regular federal income tax and New Jersey gross income tax consistent with preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in a portfolio of investment grade New Jersey municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey gross income taxes. Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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


 


Performance


For the six months ended January 31, 2011, the Trust returned (7.61)% based on market price and (6.05)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (9.78)% based on market price and (6.43)% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.

 

 

 

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, 2011 ($11.60)1

 

6.78%

Tax Equivalent Yield2

 

10.43%

Current Monthly Distribution per Common Share3

 

$0.0655

Current Annualized Distribution per Common Share3

 

$0.7860

Leverage as of January 31, 20114

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

11.60

 

$

12.96

 

 

(10.49

)%

$

14.39

 

$

10.97

 

Net Asset Value

 

$

11.44

 

$

12.57

 

 

(8.99

)%

$

13.01

 

$

11.09

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







State

 

20

%

 

18

%

 

Transportation

 

18

 

 

14

 

 

Education

 

15

 

 

15

 

 

County/City/Special District/School District

 

15

 

 

8

 

 

Health

 

11

 

 

16

 

 

Corporate

 

10

 

 

10

 

 

Housing

 

9

 

 

11

 

 

Utilities

 

2

 

 

7

 

 

Tobacco

 

 

 

1

 

 











Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

 

 

12

%

 

AA/Aa

 

51

%

 

28

 

 

A

 

29

 

 

27

 

 

BBB/Baa

 

10

 

 

21

 

 

BB/Ba

 

 

 

3

 

 

B

 

5

 

 

4

 

 

Not Rated6

 

5

 

 

5

 

 










 

 

 

 

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, 2011 and July 31, 2010, the market value of these securities was $464,130, representing 3% and $500,505, representing 3%, respectively, of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

9




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New Jersey Municipal Income Trust


 


Trust Overview


BlackRock New Jersey Municipal Income Trust’s (BNJ) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and New Jersey gross income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey gross income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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


 


Performance


For the six months ended January 31, 2011, the Trust returned (7.77)% based on market price and (5.67)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (9.78)% based on market price and (6.43)% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.

 

 

 

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, 2011 ($13.22)1

 

7.18%

Tax Equivalent Yield2

 

11.05%

Current Monthly Distribution per Common Share3

 

$0.0791

Current Annualized Distribution per Common Share3

 

$0.9492

Leverage as of January 31, 20114

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

13.22

 

$

14.82

 

 

(10.80

)%

$

16.02

 

$

12.50

 

Net Asset Value

 

$

13.12

 

$

14.38

 

 

(8.76

)%

$

14.86

 

$

12.72

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







State

 

23

%

 

23

%

 

Health

 

16

 

 

18

 

 

Transportation

 

16

 

 

13

 

 

Housing

 

14

 

 

19

 

 

County/City/Special District/School District

 

13

 

 

9

 

 

Education

 

9

 

 

8

 

 

Corporate

 

7

 

 

7

 

 

Utilities

 

2

 

 

2

 

 

Tobacco

 

 

 

1

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

10

%

 

25

%

 

AA/Aa

 

42

 

 

25

 

 

A

 

25

 

 

28

 

 

BBB/Baa

 

9

 

 

11

 

 

BB/Ba

 

5

 

 

2

 

 

B

 

3

 

 

3

 

 

Not Rated6

 

6

 

 

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 January 31, 2011 and July 31, 2010, the market value of these securities was $4,914,099 representing 3% and $4,086,005, representing 2%, respectively, of the Trust’s long-term investments.


 

 

 


10

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New York Investment Quality Municipal Trust Inc.


 


Trust Overview


BlackRock New York Investment Quality Municipal Trust Inc.’s (RNY) (the “Trust”) investment objective is to provide high current income exempt from regular federal, New York State and New York City income tax consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City income taxes. Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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


 


Performance


For the six months ended January 31, 2011, the Trust returned (9.46)% based on market price and (6.23)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (6.95)% based on market price and (5.68)% based on NAV. 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 following discussion relates to performance based on NAV. The Trust’s long duration bias was a significant detractor from performance in the rising interest rate environment of the period. A generally negative municipal market also hindered Trust performance, as did the Trust’s lack of exposure to the pre-refunded sector that led the municipal market. Similarly, the Trust’s exposure to the transportation sector detracted, as it was one of the poorest performers. Finally, the Trust’s large weighting in bonds with maturities greater than 25 years hurt performance as the long end of the municipal yield curve steepened. On the positive side, the Trust delivered an above-average yield relative to its Lipper category. In addition, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand.

 

 

 

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, 2011 ($12.90)1

 

6.79%

Tax Equivalent Yield2

 

10.45%

Current Monthly Distribution per Common Share3

 

$0.073

Current Annualized Distribution per Common Share3

 

$0.876

Leverage as of January 31, 20114

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

12.90

 

$

14.70

 

 

(12.24

)%

$

15.05

 

$

12.57

 

Net Asset Value

 

$

12.86

 

$

14.15

 

 

(9.12

)%

$

14.66

 

$

12.37

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







County/City/Special District/School District

 

27

%

 

28

%

 

Utilities

 

16

 

 

16

 

 

Corporate

 

12

 

 

12

 

 

Education

 

12

 

 

12

 

 

Health

 

12

 

 

10

 

 

State

 

8

 

 

10

 

 

Housing

 

7

 

 

7

 

 

Transportation

 

4

 

 

3

 

 

Tobacco

 

2

 

 

2

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

20

%

 

24

%

 

AA/Aa

 

24

 

 

19

 

 

A

 

29

 

 

38

 

 

BBB/Baa

 

15

 

 

6

 

 

BB/Ba

 

3

 

 

4

 

 

B

 

4

 

 

7

 

 

Not Rated

 

5

 

 

2

 

 










 

 

 

 

5

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


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

11




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New York Municipal Income Trust


 


Trust Overview


BlackRock New York Municipal Income Trust’s (BNY) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and New York State and New York City personal income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.

 

 

 

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


 


Performance


For the six months ended January 31, 2011, the Trust returned (5.27)% based on market price and (5.72)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (6.95)% based on market price and (5.68)% based on NAV. 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. A generally negative municipal market hindered Trust performance, and the Trust’s long duration bias was a significant detractor in the rising interest rate environment of the period. Additionally, the Trust’s exposure to the transportation sector detracted, as it was one of the market’s poorest performers. Finally, the Trust’s large weighting in bonds with maturities greater than 25 years hurt performance as the long end of the municipal yield curve steepened. On the positive side, the Trust benefited from an above-average yield relative to its Lipper category, as well as low exposure to below-investment-grade bonds. In addition, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. Finally, the Trust benefited from exposure to the pre-refunded and housing sectors, which were two of the market’s better performers.

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, 2011 ($13.82)1

 

7.16%

Tax Equivalent Yield2

 

11.02%

Current Monthly Distribution per Common Share3

 

$0.0825

Current Annualized Distribution per Common Share3

 

$0.9900

Leverage as of January 31, 20114

 

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 rate 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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

13.82

 

$

15.11

 

 

(8.54

)%

$

15.74

 

$

12.97

 

Net Asset Value

 

$

12.99

 

$

14.27

 

 

(8.97

)%

$

14.67

 

$

12.53

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







Education

 

17

%

 

15

%

 

County/City/Special District/School District

 

17

 

 

16

 

 

Transportation

 

15

 

 

14

 

 

Corporate

 

12

 

 

12

 

 

Utilities

 

11

 

 

12

 

 

Housing

 

10

 

 

14

 

 

State

 

8

 

 

8

 

 

Tobacco

 

5

 

 

5

 

 

Health

 

5

 

 

4

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

18

%

 

23

%

 

AA/Aa

 

26

 

 

19

 

 

A

 

28

 

 

29

 

 

BBB/Baa

 

17

 

 

16

 

 

BB/Ba

 

2

 

 

3

 

 

B

 

3

 

 

6

 

 

Not Rated6

 

6

 

 

4

 

 










 

 

 

 

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, 2011 and July 31, 2010, the market value of these securities was $2,225,175, representing 1% and $2,474,600, representing 1%, respectively, of the Trust’s long-term investments.


 

 

 


12

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

The Benefits and Risks of Leveraging

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

To leverage, all the Trusts issue preferred shares (“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 financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally 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 holders of Common Shares (“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 income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“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 Trusts’ 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 Trusts’ Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ 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 TOBs, 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 may adversely affect each Trust’s NAV per share.

The use of leverage may enhance opportunities for increased income 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’ NAVs, market prices and dividend rates than comparable portfolios 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 Trusts. 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 their 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, 2011, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:

 

 

 

 

 





 

 

Percent of
Leverage

 





BFZ

 

44

%

 

BFO

 

38

%

 

RFA

 

43

%

 

BBF

 

44

%

 

RNJ

 

38

%

 

BNJ

 

38

%

 

RNY

 

38

%

 

BNY

 

39

%

 







 


 

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 may 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. The Trusts’ 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 investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower dividends paid to shareholders or may cause a Trust to hold an investment 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, 2011

13




 

 


 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California — 106.5%

 

 

 

 

 

 

 









Corporate — 0.3%

 

 

 

 

 

 

 

City of Chula Vista California, RB, San Diego Gas,
Series D, AMT (AMBAC), 5.00%, 12/01/27

 

$

330

 

$

319,753

 

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

 

 

680

 

 

696,803

 

 

 

 

 

 



 

 

 

 

 

 

 

1,016,556

 









County/City/Special District/ School District — 41.8%

 

 

 

 

 

 

 

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

 

 

8,425

 

 

8,917,020

 

California State Public Works Board, RB, Various Capital
Projects, Sub-Series I-1, 6.63%, 11/01/34

 

 

8,440

 

 

8,776,587

 

Central Unified School District, GO, Election of 2008,
Series A (AGC), 5.63%, 8/01/33

 

 

400

 

 

412,948

 

Cerritos Community College District, GO, Election of
2004, Series C, 5.25%, 8/01/31

 

 

3,000

 

 

2,890,620

 

City & County of San Francisco California, COP,
Refunding, Series A, 5.00%, 10/01/31

 

 

7,730

 

 

7,147,854

 

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

 

 

2,000

 

 

2,100,960

 

El Dorado Union High School District, GO, Election of
2008, 5.00%, 8/01/35

 

 

5,020

 

 

5,035,060

 

Evergreen Elementary School District, GO, Election of
2006, Series B (AGC), 5.13%, 8/01/33

 

 

2,500

 

 

2,386,025

 

La Quinta Redevelopment Agency, Tax Allocation Bonds,
Redevelopment Project Area Number 1 (AMBAC),
5.13%, 9/01/32

 

 

1,000

 

 

866,890

 

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

 

 

4,135

 

 

4,246,769

 

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

 

 

5,125

 

 

5,207,820

 

Los Angeles Community College District California, GO:

 

 

 

 

 

 

 

Election of 2001, Series E-1, 5.00%, 8/01/33

 

 

10,280

 

 

9,646,341

 

Election of 2008, Series C, 5.25%, 8/01/39

 

 

3,500

 

 

3,312,295

 

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

 

 

4,975

 

 

4,957,090

 

Modesto Irrigation District, COP, Capital Improvements:

 

 

 

 

 

 

 

Series A, 5.75%, 10/01/29

 

 

3,000

 

 

3,042,630

 

Series A, 5.75%, 10/01/34

 

 

155

 

 

157,407

 

Series B, 5.50%, 7/01/35

 

 

5,700

 

 

5,420,814

 

Murrieta Valley Unified School District Public Financing
Authority, Special Tax Bonds, Refunding, Series A
(AGC), 5.13%, 9/01/26

 

 

1,000

 

 

1,011,320

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (continued)

 

 

 

 

 

 

 









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

 

 

 

 

 

 

 

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

 

$

6,000

 

$

5,931,360

 

Orange County Sanitation District, COP (NPFGC),
5.00%, 2/01/33

 

 

3,600

 

 

3,497,112

 

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

 

 

2,000

 

 

2,004,420

 

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

 

 

5,500

 

 

5,506,105

 

Pittsburg Unified School District, GO, Election of 2006,
Series B (AGM), 5.50%, 8/01/34

 

 

2,000

 

 

2,024,500

 

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

 

 

6,300

 

 

5,868,009

 

Sacramento Area Flood Control Agency, Special
Assessment Bonds, Consolidated Capital Assessment
District (BHAC), 5.63%, 10/01/37

 

 

100

 

 

103,353

 

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

 

 

1,500

 

 

1,508,175

 

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

 

 

6,500

 

 

6,287,515

 

San Jose Financing Authority, Refunding RB, Civic Center
Project, Series B (AMBAC), 5.00%, 6/01/37

 

 

6,000

 

 

5,483,760

 

San Leandro Unified School District California, GO,
Election of 2006, Series B (AGM), 6.25%, 8/01/29

 

 

1,125

 

 

1,196,876

 

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

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,205

 

 

6,258,053

 

5.13%, 8/01/33

 

 

10,000

 

 

9,421,000

 

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

 

 

21,000

 

 

19,955,880

 

Santa Cruz County Redevelopment Agency California,
Tax Allocation Bonds, Live Oak/Soquel Community
Improvement, Series A:

 

 

 

 

 

 

 

6.63%, 9/01/29

 

 

1,000

 

 

1,036,640

 

7.00%, 9/01/36

 

 

1,700

 

 

1,787,040

 

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

 

 

2,250

 

 

2,352,128

 

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

 

 

4,000

 

 

4,159,120

 

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

 

 

7,750

 

 

8,296,917

 

 

 

 

 

 



 

 

 

 

 

 

 

168,214,413

 










 

 


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

ACA Financial Guaranty Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BHAC

Berkshire Hathaway Assurance Corp.

CAB

Capital Appreciation Bonds

CIFG

CDC IXIS Financial Guaranty

COP

Certificates of Participation

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

FHA

Federal Housing Administration

FGIC

Financial Guaranty Insurance Co.

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

S/F

Single-Family

SONYMA

State of New York Mortgage Agency

VHA

Veterans Health Administration


 

 

 

See Notes to Financial Statements.

 




14

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (continued)

 

 

 

 

 

 

 









Education — 1.6%

 

 

 

 

 

 

 

University of California, RB:

 

 

 

 

 

 

 

Limited Project, Series D (NPFGC), 5.00%,
5/15/41

 

$

2,600

 

$

2,536,586

 

Series O, 5.38%, 5/15/34

 

 

460

 

 

470,612

 

University of California, Refunding RB:

 

 

 

 

 

 

 

General, Series A (AMBAC), 5.00%, 5/15/33

 

 

2,215

 

 

2,136,944

 

Series S, 5.00%, 5/15/40

 

 

1,250

 

 

1,183,775

 

 

 

 

 

 



 

 

 

 

 

 

 

6,327,917

 









Health — 19.0%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,000

 

 

3,005,100

 

6.25%, 8/01/39

 

 

3,250

 

 

3,224,358

 

Series A, 6.00%, 8/01/30 (a)

 

 

2,250

 

 

2,157,795

 

California Health Facilities Financing Authority, RB:

 

 

 

 

 

 

 

Adventist Health System-West, Series A,
5.75%, 9/01/39

 

 

6,000

 

 

5,557,320

 

Catholic Healthcare West, Series J, 5.63%, 7/01/32

 

 

1,675

 

 

1,595,856

 

California Health Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,466,300

 

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

 

 

4,400

 

 

4,402,596

 

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

 

 

3,000

 

 

3,006,810

 

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

 

 

1,465

 

 

1,569,689

 

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

 

 

1,625

 

 

1,595,896

 

Sutter Health, Series B, 6.00%, 8/15/42 (a)

 

 

2,800

 

 

2,749,376

 

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

 

 

15,260

 

 

14,184,475

 

California Statewide Communities Development
Authority, RB, Series A:

 

 

 

 

 

 

 

Health Facility, Memorial Health Services,
5.50%, 10/01/33

 

 

7,000

 

 

6,990,410

 

Kaiser Permanente, 5.50%, 11/01/32

 

 

11,060

 

 

10,141,025

 

California Statewide Communities Development
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

3,000

 

 

2,835,720

 

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

 

 

5,010

 

 

4,728,338

 

Cottage Health Obligation Group, 5.25%, 11/01/30

 

 

1,650

 

 

1,511,334

 

City of Torrance California, RB, Torrance Memorial
Medical Center, Series A, 5.00%, 9/01/40

 

 

5,500

 

 

4,603,555

 

 

 

 

 

 



 

 

 

 

 

 

 

76,325,953

 









Housing — 1.0%

 

 

 

 

 

 

 

California Statewide Communities Development
Authority, Multifamily Housing Revenue Bond
Pass-Through Certificates, RB, Series 3, Westgate
Courtyards Apartments, Mandatory Put Bonds,
AMT, 5.80%, 11/01/34 (b)

 

 

2,200

 

 

2,068,748

 

City of Los Angeles, Multifamily Housing Revenue Bond
Pass-Through Certificates, RB, Series 5, San Lucas
Apartments, AMT, 5.95%, 11/01/34 (b)

 

 

2,055

 

 

1,900,279

 

 

 

 

 

 



 

 

 

 

 

 

 

3,969,027

 









State — 9.1%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

9,239,490

 

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

 

 

2,475

 

 

2,517,817

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (concluded)

 

 

 

 

 

 

 









State (concluded)

 

 

 

 

 

 

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.50%, 4/01/33

 

$

20,500

 

$

21,680,185

 

6.00%, 3/01/33

 

 

3,070

 

 

3,123,541

 

 

 

 

 

 



 

 

 

 

 

 

 

36,561,033

 









Transportation — 7.5%

 

 

 

 

 

 

 

Bay Area Toll Authority, RB, San Francisco Bay Area,
5.00%, 10/01/34

 

 

3,175

 

 

2,872,677

 

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

 

 

8,000

 

 

8,276,720

 

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

 

 

1,850

 

 

1,839,640

 

Los Angeles Harbor Department, RB, Series B,
5.25%, 8/01/34

 

 

5,530

 

 

5,377,261

 

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

 

 

5,300

 

 

5,037,173

 

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

 

 

6,750

 

 

6,948,180

 

 

 

 

 

 



 

 

 

 

 

 

 

30,351,651

 









Utilities — 26.2%

 

 

 

 

 

 

 

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

 

 

5,500

 

 

5,670,170

 

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

 

 

5,475

 

 

5,394,298

 

City of Bakersfield California, RB, Series A (AGM),
5.00%, 9/15/28

 

 

2,000

 

 

1,958,600

 

City of Chula Vista California, Refunding RB, San Diego
Gas & Electric:

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

1,000

 

 

1,024,710

 

Series E, 5.88%, 1/01/34

 

 

6,500

 

 

6,660,615

 

City of Los Angeles California, Refunding RB,
Sub-Series A:

 

 

 

 

 

 

 

5.00%, 6/01/32

 

 

4,000

 

 

3,902,360

 

(NPFGC), 5.00%, 6/01/27

 

 

5,085

 

 

5,056,575

 

Dublin-San Ramon Services District, Refunding RB,
6.00%, 8/01/41

 

 

2,425

 

 

2,452,985

 

El Dorado Irrigation District & El Dorado Water Agency
California, COP, Refunding, Series A, 5.75%, 3/01/24

 

 

5,000

 

 

5,300,500

 

Los Angeles Department of Water & Power, RB:

 

 

 

 

 

 

 

Power System, Sub-Series A-1, 5.25%, 7/01/38

 

 

7,815

 

 

7,713,952

 

Series A, 5.38%, 7/01/34

 

 

3,050

 

 

3,056,679

 

System, Sub-Series A-2 (AMBAC), 5.00%, 7/01/44

 

 

3,000

 

 

2,793,240

 

Los Angeles Department of Water & Power, Refunding
RB, Power System, Sub-Series A-2, 5.00%, 7/01/30

 

 

2,200

 

 

2,143,900

 

San Diego Public Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

Senior Series A, 5.25%, 5/15/34

 

 

9,500

 

 

9,410,985

 

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

 

 

12,460

 

 

12,242,698

 

Series A, 5.25%, 8/01/38

 

 

3,255

 

 

3,185,473

 

Subordinate (NPFGC), 5.00%, 8/01/32

 

 

2,000

 

 

1,804,840

 

San Francisco City & County Public Utilities
Commission, RB:

 

 

 

 

 

 

 

Series A (NPFGC), 5.00%, 11/01/32

 

 

4,000

 

 

3,901,280

 

Series B, 5.00%, 11/01/29

 

 

4,000

 

 

3,985,240

 

San Francisco City & County Public Utilities Commission,
Refunding RB, Series A:

 

 

 

 

 

 

 

5.00%, 11/01/28

 

 

5,000

 

 

4,993,800

 

5.00%, 11/01/35

 

 

10,625

 

 

10,187,462

 

Southern California Public Power Authority, RB, Windy
Point/Windy Flats Project, Series 1, 5.00%, 7/01/30

 

 

2,750

 

 

2,650,588

 

 

 

 

 

 



 

 

 

 

 

 

 

105,490,950

 









Total Municipal Bonds in California

 

 

 

 

 

428,257,500

 










 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

15




 

 


 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Multi-State — 2.0%

 

 

 

 

 

 

 









Housing — 2.0%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (c)(d):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

$

500

 

$

524,685

 

6.00%, 5/15/19

 

 

1,000

 

 

1,038,380

 

6.00%, 5/15/15

 

 

1,500

 

 

1,569,240

 

6.30%, 5/15/19

 

 

1,000

 

 

1,042,630

 

7.20%, 11/15/52

 

 

3,500

 

 

3,808,525

 









Total Municipal Bonds in Multi-State

 

 

 

 

 

7,983,460

 









 

 

 

 

 

 

 

 









      Puerto Rico — 1.8%

 

 

 

 

 

 

 









County/City/Special District/School District — 0.8%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., RB, First
Sub-Series A, 6.50%, 8/01/44

 

 

3,000

 

 

3,104,790

 









State — 1.0%

 

 

 

 

 

 

 

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

 

 

4,000

 

 

4,101,200

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

7,205,990

 









Total Municipal Bonds — 110.3%

 

 

 

 

 

443,446,950

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)

 

 

 

 

 

 

 









California — 65.9%

 

 

 

 

 

 

 









County/City/Special District/School District — 25.7%

 

 

 

 

 

 

 

Los Angeles Community College District California, GO:

 

 

 

 

 

 

 

Election of 2001, Series A (AGM), 5.00%, 8/01/32

 

 

8,000

 

 

7,537,680

 

Election of 2008, Series A, 6.00%, 8/01/33

 

 

20,131

 

 

21,296,872

 

Election of 2008, Series C, 5.25%, 8/01/39

 

 

12,900

 

 

12,208,173

 

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

 

 

5,000

 

 

4,585,000

 

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

 

 

10,770

 

 

10,302,582

 

Ohlone Community College District, GO, Ohlone, Series B
(AGM), 5.00%, 8/01/30

 

 

12,499

 

 

11,900,350

 

San Bernardino Community College District California,
GO, Election of 2002, Series C (AGM), 5.00%,
8/01/31

 

 

2,000

 

 

1,866,320

 

San Diego Community College District California, GO:

 

 

 

 

 

 

 

Election of 2002, 5.25%, 8/01/33

 

 

10,484

 

 

10,541,228

 

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

 

 

9,000

 

 

8,780,040

 

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

 

 

14,625

 

 

14,102,266

 

 

 

 

 

 



 

 

 

 

 

 

 

103,120,511

 









Education — 12.1%

 

 

 

 

 

 

 

California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/39

 

 

10,395

 

 

10,472,443

 

California State University, RB, Systemwide, Series A
(AGM), 5.00%, 11/01/39

 

 

2,400

 

 

2,201,592

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)

 

Par
(000)

 

Value

 









California (concluded)

 

 

 

 

 

 

 









Education (concluded)

 

 

 

 

 

 

 

Grossmont Union High School District California, GO,
Election of 2004, 5.00%, 8/01/33

 

$

13,095

 

$

12,175,965

 

San Mateo County Community College District, GO,
Election of 2005, Series B, 5.00%, 9/01/31

 

 

8,630

 

 

8,402,427

 

University of California, RB:

 

 

 

 

 

 

 

Limited Project, Series D (AGM), 5.00%, 5/15/41

 

 

2,600

 

 

2,475,278

 

Series O, 5.75%, 5/15/34

 

 

12,300

 

 

13,055,835

 

 

 

 

 

 



 

 

 

 

 

 

 

48,783,540

 









Transportation — 2.8%

 

 

 

 

 

 

 

Palm Springs Unified School District, GO, Election of
2004, Series A (AGM), 5.00%, 8/01/31

 

 

11,625

 

 

11,376,989

 









Utilities — 25.3%

 

 

 

 

 

 

 

California State Department of Water Resources,
Refunding RB, Central Valley Project, Series AE,
5.00%, 12/01/29

 

 

7,000

 

 

7,042,210

 

City of Napa California, RB (AMBAC), 5.00%, 5/01/35

 

 

3,000

 

 

2,858,040

 

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

 

 

3,000

 

 

2,921,520

 

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

 

 

18,002

 

 

16,937,595

 

Los Angeles Department of Water & Power, RB:

 

 

 

 

 

 

 

Power System, Sub-Series A-1 (AMBAC),
5.00%, 7/01/37

 

 

15,998

 

 

15,275,144

 

System, Sub-Series A-2 (AGM), 5.00%, 7/01/35

 

 

2,000

 

 

1,918,260

 

Metropolitan Water District of Southern California, RB,
Series A, 5.00%, 7/01/37

 

 

11,180

 

 

11,130,808

 

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

 

 

14,700

 

 

14,489,643

 

Orange County Water District, COP, Refunding,
5.00%, 8/15/39

 

 

10,480

 

 

10,064,468

 

San Diego County Water Authority, COP, Refunding:

 

 

 

 

 

 

 

Series 2002-A (NPFGC), 5.00%, 5/01/32

 

 

5,292

 

 

5,103,578

 

Series 2008-A (AGM), 5.00%, 5/01/33

 

 

14,290

 

 

13,804,997

 

 

 

 

 

 



 

 

 

 

 

 

 

101,546,263

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 65.9%

 

 

 

 

 

264,827,303

 









Total Long-Term Investments
(Cost — $731,884,683) — 176.2%

 

 

 

 

 

708,274,253

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









BIF California Municipal Money Fund, 0.04% (f)(g)

 

 

12,115,311

 

 

12,115,311

 









Total Short-Term Securities
(Cost — $12,115,311) — 3.0%

 

 

 

 

 

12,115,311

 









Total Investments (Cost — $743,999,994*) — 179.2%

 

 

 

 

 

720,389,564

 

Liabilities in Excess of Other Assets — (0.6)%

 

 

 

 

 

(2,460,379

)

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (36.0)%

 

 

 

 

 

(144,640,006

)

Preferred Shares, at Redemption Value — (42.6)%

 

 

 

 

 

(171,332,769

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

401,956,410

 

 

 

 

 

 



 


 

 

 


*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

599,907,826

 

 

 



 

Gross unrealized appreciation

 

$

4,742,563

 

Gross unrealized depreciation

 

 

(28,756,303

)

 

 



 

Net unrealized depreciation

 

$

(24,013,740

)

 

 



 


 

 

 

See Notes to Financial Statements.

 




16

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)


 

 

(a)

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


 

 

 

 

 

 

 

 







Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 







Merrill Lynch & Co.

 

$

2,157,795

 

$

(45,378

)

Morgan Stanley Capital Services, Inc.

 

$

2,749,376

 

$

26,572

 










 

 

(b)

Variable rate security. Rate shown is as of report date.

 

 

(c)

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.

 

 

(d)

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.

 

 

(e)

Securities represent bonds transferred to a TOB 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 TOBs.

 

 

(f)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 











BIF California Municipal Money Fund

 

 

26,178,133

 

 

(14,062,822

)

 

12,115,311

 

$

1,390

 
















 

 

 

(g)

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, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

 

$

708,274,253

 

 

 

$

708,274,253

 

Short-Term Securities

 

$

12,115,311

 

 

 

 

 

 

12,115,311

 

 

 












 

Total

 

$

12,115,311

 

$

708,274,253

 

 

 

$

720,389,564

 

 

 












 


 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

17




 

 


 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Florida — 138.3%

 

 

 

 

 

 

 









Corporate — 8.8%

 

 

 

 

 

 

 

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

 

$

4,000

 

$

3,781,800

 

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

 

 

 

 

 

 

 

5.50%, 10/01/23

 

 

1,955

 

 

1,979,340

 

Series A, 5.65%, 5/15/18

 

 

1,000

 

 

1,087,740

 

 

 

 

 

 



 

 

 

 

 

 

 

6,848,880

 









County/City/Special District/School District — 60.8%

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,570,975

 

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

 

 

5,545

 

 

5,818,978

 

County of Miami-Dade Florida, RB, Sub-Series B
(NPFGC), 7.32%, 10/01/32 (a)

 

 

7,560

 

 

1,592,363

 

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

 

 

 

 

 

 

 

5.93%, 10/01/19

 

 

5,365

 

 

3,233,056

 

6.12%, 10/01/20

 

 

10,000

 

 

5,582,200

 

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

 

 

2,200

 

 

2,226,510

 

Florida State Board of Education, GO, Refunding, Capital
Outlay, Series B, 5.00%, 6/01/20

 

 

485

 

 

540,503

 

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

 

 

1,000

 

 

981,300

 

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

 

 

1,000

 

 

1,112,100

 

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

 

 

4,000

 

 

4,173,480

 

Northern Palm Beach County Improvement District, RB,
Water Control & Improvement:

 

 

 

 

 

 

 

Series 43, 6.10%, 8/01/21

 

 

195

 

 

187,128

 

Unit of Development No. 43, 6.10%, 8/01/21 (b)

 

 

2,735

 

 

2,833,816

 

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

 

 

776,070

 

5.00%, 8/01/31

 

 

1,000

 

 

737,010

 

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

 

 

3,915

 

 

3,491,710

 

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

 

 

2,425

 

 

2,099,832

 

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

 

 

1,300

 

 

1,067,755

 

Village Center Community Development District, RB:

 

 

 

 

 

 

 

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

 

 

5,000

 

 

4,807,250

 

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

 

 

2,000

 

 

1,976,800

 

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

 

 

1,115

 

 

1,085,575

 

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

 

 

1,000

 

 

613,530

 

 

 

 

 

 



 

 

 

 

 

 

 

47,507,941

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Florida (continued)

 

 

 

 

 

 

 









Education — 1.0%

 

 

 

 

 

 

 

Orange County Educational Facilities Authority, RB,
Rollins College Project (AMBAC), 5.25%, 12/01/22

 

$

725

 

$

753,826

 









Health — 18.0%

 

 

 

 

 

 

 

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

 

 

426

 

 

432,026

 

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

 

 

2,500

 

 

2,326,800

 

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

 

 

2,155

 

 

2,229,197

 

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

 

 

1,500

 

 

1,479,690

 

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

 

 

1,500

 

 

1,442,805

 

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

 

 

4,450

 

 

4,855,528

 

Palm Beach County Health Facilities Authority, Refunding
RB, Bethesda Healthcare System Project, Series A
(AGM), 5.00%, 7/01/20

 

 

1,285

 

 

1,341,861

 

 

 

 

 

 



 

 

 

 

 

 

 

14,107,907

 









Housing — 2.3%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,142,772

 

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

 

 

625

 

 

650,619

 

 

 

 

 

 



 

 

 

 

 

 

 

1,793,391

 









State — 14.4%

 

 

 

 

 

 

 

Florida Municipal Loan Council, RB, CAB, Series A
(NPFGC), 5.70%, 4/01/20 (a)

 

 

4,000

 

 

2,390,200

 

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

 

 

6,150

 

 

6,289,297

 

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

 

 

500

 

 

541,365

 

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

 

 

2,000

 

 

2,070,760

 

 

 

 

 

 



 

 

 

 

 

 

 

11,291,622

 









Transportation — 3.9%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,018,750

 









Utilities — 29.1%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

1,107,724

 

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

 

 

1,000

 

 

978,910

 

City of Marco Island Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/21

 

 

1,000

 

 

1,021,230

 

5.00%, 10/01/22

 

 

2,000

 

 

2,015,240

 

5.00%, 10/01/23

 

 

1,375

 

 

1,381,036

 

City of Palm Coast Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,770

 

 

1,780,178

 

5.00%, 10/01/23

 

 

1,485

 

 

1,488,208

 

5.00%, 10/01/24

 

 

1,500

 

 

1,499,160

 

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

 

 

4,000

 

 

4,456,840

 


See Notes to Financial Statements.

 

 

 


18

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (concluded)

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Florida (concluded)

 

 

 

 

 

 

 









Utilities (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 10/01/22

 

$

1,975

 

$

2,065,573

 

5.00%, 10/01/23

 

 

1,180

 

 

1,223,707

 

Tohopekaliga Water Authority, Refunding RB, Series A
(AGM), 5.00%, 10/01/21

 

 

3,630

 

 

3,733,891

 

 

 

 

 

 



 

 

 

 

 

 

 

22,751,697

 









Total Municipal Bonds in Florida

 

 

 

 

 

108,074,014

 









 

 

 

 

 

 

 

 









Puerto Rico — 3.4%

 

 

 

 

 

 

 









State — 3.4%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Public Improvement
(AGM), 5.50%, 7/01/19

 

 

2,480

 

 

2,676,390

 









 

 

 

 

 

 

 

 









U.S. Virgin Islands — 1.6%

 

 

 

 

 

 

 









Corporate — 1.6%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,266,360

 









Total Municipal Bonds — 143.3%

 

 

 

 

 

112,016,764

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

 

 

 

 

 









Florida — 10.0%

 

 

 

 

 

 

 









County/City/Special District/School District — 8.1%

 

 

 

 

 

 

 

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

 

 

6,510

 

 

6,317,890

 









Housing — 2.0%

 

 

 

 

 

 

 

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

 

 

840

 

 

879,051

 

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

 

 

642

 

 

668,364

 

 

 

 

 

 



 

 

 

 

 

 

 

1,547,415

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 10.1%

 

 

 

 

 

7,865,305

 









Total Long-Term Investments
(Cost — $123,824,306) — 153.4%

 

 

 

 

 

119,882,069

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 








BIF Florida Municipal Money Fund, 0.00% (d)(e)

 

 

4,192,770

 

 

4,192,770

 









Total Short-Term Securities
(Cost — $4,192,770) — 5.4%

 

 

 

 

 

4,192,770

 









Total Investments (Cost — $128,017,076*) — 158.8%

 

 

 

 

 

124,074,839

 

Other Assets Less Liabilities — 1.4%

 

 

 

 

 

1,132,458

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (5.3)%

 

 

 

 

 

(4,143,453

)

Preferred Shares, at Redemption Value — (54.9)%

 

 

 

 

 

(42,900,520

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

78,163,324

 

 

 

 

 

 



 


 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

123,837,405

 

 

 

 

 

 

 



 

 

Gross unrealized appreciation

 

 

 

 

$

1,141,156

 

 

Gross unrealized depreciation

 

 

 

 

 

(5,040,124

)

 

 

 

 

 

 



 

 

Net unrealized depreciation

 

 

 

 

$

(3,898,968

)

 

 

 

 

 

 



 


 

 

(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 TOB 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 TOBs.

 

 

(d)

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


 

 

 

 

 

 

 

 

 

 

 

 

 












 

Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 

 











 

BIF Florida Municipal Money Fund

 

5,065,158

 

(872,388

)

4,192,770

 

$

20

 

 













 

 

(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, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 















Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

Long-Term Securities1

 

 

 

$

119,882,069

 

 

 

$

119,882,069

 

Short-Term Securities

 

$

4,192,770

 

 

 

 

 

 

4,192,770

 

 

 













Total

 

$

4,192,770

 

$

119,882,069

 

 

 

$

124,074,839

 

 

 














 

 

 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

19




 

 


 

Schedule of Investments January 31, 2011 (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

 

$

87,839

 









California — 21.4%

 

 

 

 

 

 

 

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

 

 

195

 

 

197,722

 

California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/38

 

 

200

 

 

201,616

 

California Health Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

130

 

 

128,248

 

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

 

 

195

 

 

191,508

 

Sutter Health, Series B, 6.00%, 8/15/42 (a)

 

 

120

 

 

117,830

 

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

 

 

300

 

 

301,872

 

Los Angeles Department of Airports, Refunding RB,
Senior, Los Angeles International Airport, Series A,
5.00%, 5/15/35

 

 

395

 

 

365,189

 

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

 

 

200

 

 

197,414

 

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

 

 

240

 

 

232,155

 

San Francisco City & County Airports Commission,
Refunding RB, Second Series A-3, Mandatory Put
Bonds, AMT, 6.75%, 5/01/19 (b)

 

 

500

 

 

506,980

 

State of California, GO, Various Purpose,
6.00%, 3/01/33

 

 

185

 

 

188,226

 

 

 

 

 

 



 

 

 

 

 

 

 

2,628,760

 









Colorado — 1.2%

 

 

 

 

 

 

 

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

 

 

155

 

 

151,403

 









Delaware — 1.4%

 

 

 

 

 

 

 

County of Sussex Delaware, RB, NRG Energy, Inc.,
Indian River Project, 6.00%, 10/01/40

 

 

175

 

 

167,972

 









Florida — 4.3%

 

 

 

 

 

 

 

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

 

 

200

 

 

160,898

 

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

 

 

450

 

 

360,819

 

 

 

 

 

 



 

 

 

 

 

 

 

521,717

 









Georgia — 4.4%

 

 

 

 

 

 

 

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

 

 

500

 

 

542,565

 









Illinois — 7.1%

 

 

 

 

 

 

 

Chicago Park District, GO, Harbor Facilities, Series C,
5.25%, 1/01/40

 

 

195

 

 

187,699

 

County of Cook Illinois, GO, Refunding, Series A,
5.25%, 11/15/33

 

 

100

 

 

95,516

 

Illinois Finance Authority, RB, Navistar International,
Recovery Zone, 6.50%, 10/15/40

 

 

75

 

 

74,629

 

Illinois Finance Authority, Refunding RB, Series A:

 

 

 

 

 

 

 

Northwestern Memorial Hospital, 6.00%, 8/15/39

 

 

250

 

 

255,515

 

OSF Healthcare System, 6.00%, 5/15/39

 

 

150

 

 

136,916

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Illinois (concluded)

 

 

 

 

 

 

 

Railsplitter Tobacco Settlement Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

$

100

 

$

94,677

 

6.00%, 6/01/28

 

 

30

 

 

28,630

 

 

 

 

 

 




 

 

 

 

 

 

873,582

 









Indiana — 2.8%

 

 

 

 

 

 

 

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

 

 

335

 

 

345,181

 









Kansas — 2.0%

 

 

 

 

 

 

 

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

 

 

250

 

 

250,150

 









Kentucky — 4.3%

 

 

 

 

 

 

 

Kentucky Economic Development Finance Authority,
Refunding RB, Owensboro Medical Health System,
Series A, 6.38%, 6/01/40

 

 

100

 

 

93,896

 

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

 

 

220

 

 

227,834

 

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

 

 

215

 

 

204,175

 

 

 

 

 

 



 

 

 

 

 

 

 

525,905

 









Louisiana — 0.8%

 

 

 

 

 

 

 

Louisiana Local Government Environmental Facilities &
Community Development Authority, RB, Westlake
Chemical Corp., Series A-1, 6.50%, 11/01/35

 

 

100

 

 

99,004

 









Maryland — 1.1%

 

 

 

 

 

 

 

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25

 

 

145

 

 

134,972

 









Massachusetts — 7.3%

 

 

 

 

 

 

 

Massachusetts Development Finance Agency, Refunding
RB, Trustees of Deerfield Academy, 5.00%, 10/01/40

 

 

125

 

 

125,657

 

Massachusetts HFA, HRB, Series B, AMT, 5.50%, 6/01/41

 

 

185

 

 

169,253

 

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

 

 

250

 

 

237,375

 

Massachusetts HFA, Refunding RB, Series C, AMT,
5.35%, 12/01/42

 

 

120

 

 

107,722

 

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

 

 

250

 

 

255,967

 

 

 

 

 

 



 

 

 

 

 

 

 

895,974

 









Michigan — 7.2%

 

 

 

 

 

 

 

Kalamazoo Hospital Finance Authority, Refunding RB,
Bronson Methodist Hospital, 5.50%, 5/15/36

 

 

290

 

 

268,740

 

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

 

 

250

 

 

258,057

 

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

 

 

325

 

 

361,891

 

 

 

 

 

 



 

 

 

 

 

 

 

888,688

 









Nebraska — 0.3%

 

 

 

 

 

 

 

Lancaster County Hospital Authority No. 1, RB,
Immanuel Obligation Group, 5.63%, 1/01/40

 

 

45

 

 

41,994

 









Nevada — 5.7%

 

 

 

 

 

 

 

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

 

 

250

 

 

260,953

 

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

 

 

440

 

 

434,306

 

 

 

 

 

 



 

 

 

 

 

 

 

695,259

 










See Notes to Financial Statements.

 

 

 


20

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

Schedule of Investments (continued)

BlackRock Investment Quality Municipal Income Trust (RFA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey — 6.4%

 

 

 

 

 

 

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

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

 

$

175

 

$

167,979

 

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

 

 

250

 

 

256,557

 

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

 

 

165

 

 

161,910

 

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

 

 

190

 

 

198,185

 

 

 

 

 

 



 

 

 

 

 

 

 

784,631

 









New York — 5.0%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB,
Second General Resolution, Series EE,
5.38%, 6/15/43

 

 

55

 

 

55,184

 

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

 

 

250

 

 

249,630

 

New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One Bryant
Park Project, 6.38%, 7/15/49

 

 

85

 

 

85,428

 

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

 

 

225

 

 

227,333

 

 

 

 

 

 



 

 

 

 

 

 

 

617,575

 









North Carolina — 2.6%

 

 

 

 

 

 

 

North Carolina Medical Care Commission, RB, Novant
Health Obligation, Series A, 4.75%, 11/01/43

 

 

395

 

 

321,186

 









Pennsylvania — 5.9%

 

 

 

 

 

 

 

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

 

 

300

 

 

308,082

 

Pennsylvania HFA, Refunding RB, Series 99A, AMT,
5.15%, 4/01/38

 

 

200

 

 

186,442

 

Pennsylvania Turnpike Commission, RB, Sub-Series C
(AGC), 6.25%, 6/01/38

 

 

215

 

 

226,034

 

 

 

 

 

 



 

 

 

 

 

 

 

720,558

 









Texas — 11.4%

 

 

 

 

 

 

 

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

 

 

85

 

 

85,201

 

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

 

 

140

 

 

146,670

 

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

 

 

250

 

 

268,475

 

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

 

 

120

 

 

123,193

 

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

 

 

250

 

 

249,985

 

Tarrant County Cultural Education Facilities Finance
Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45

 

 

280

 

 

279,586

 

Texas Private Activity Bond Surface Transportation Corp.,
RB, Senior Lien, NTE Mobility Partners LLC, North
Tarrant Express Managed Lanes Project, 6.88%, 12/31/39

 

 

250

 

 

249,202

 

 

 

 

 

 



 

 

 

 

 

 

 

1,402,312

 









Virginia — 2.2%

 

 

 

 

 

 

 

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

 

 

250

 

 

271,340

 









West Virginia — 1.2%

 

 

 

 

 

 

 

West Virginia EDA, Refunding RB, Appalachian Power Co.,
Amos Project, Series A, 5.38%, 12/01/38 (b)

 

 

160

 

 

143,558

 









Total Municipal Bonds — 106.7%

 

 

 

 

 

13,112,125

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 









California — 21.0%

 

 

 

 

 

 

 

California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/39

 

$

300

 

$

302,235

 

Grossmont Union High School District, GO, Election of
2008, Series B, 5.00%, 8/01/40

 

 

300

 

 

271,761

 

Los Angeles Community College District California, GO,
Election of 2008:

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

700

 

 

740,209

 

Series C, 5.25%, 8/01/39

 

 

390

 

 

369,084

 

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

 

 

60

 

 

55,020

 

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

 

 

615

 

 

619,781

 

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

 

 

210

 

 

222,905

 

 

 

 

 

 



 

 

 

 

 

 

 

2,580,995

 









District of Columbia — 4.2%

 

 

 

 

 

 

 

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

 

 

195

 

 

204,290

 

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

 

 

300

 

 

309,217

 

 

 

 

 

 



 

 

 

 

 

 

 

513,507

 









Florida — 5.7%

 

 

 

 

 

 

 

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

 

 

280

 

 

261,644

 

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

 

 

270

 

 

282,552

 

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

 

 

156

 

 

162,406

 

 

 

 

 

 



 

 

 

 

 

 

 

706,602

 









Illinois — 5.6%

 

 

 

 

 

 

 

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

 

 

400

 

 

438,428

 

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

 

 

250

 

 

244,956

 

 

 

 

 

 



 

 

 

 

 

 

 

683,384

 









Nevada — 4.3%

 

 

 

 

 

 

 

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

 

 

500

 

 

535,115

 









New Hampshire — 1.4%

 

 

 

 

 

 

 

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

 

 

165

 

 

168,252

 









New Jersey — 2.4%

 

 

 

 

 

 

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A (AGM),
5.00%, 12/15/32

 

 

300

 

 

292,197

 









New York — 6.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

240

 

 

250,308

 

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

 

 

255

 

 

260,572

 

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

 

 

300

 

 

300,768

 

 

 

 

 

 



 

 

 

 

 

 

 

811,648

 









Ohio — 1.7%

 

 

 

 

 

 

 

County of Allen Ohio, Refunding RB, Catholic Healthcare,
Series A, 5.25%, 6/01/38

 

 

230

 

 

212,741

 









South Carolina — 4.3%

 

 

 

 

 

 

 

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

 

 

510

 

 

526,815

 










See Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

21




 

 


 

 

Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Income Trust (RFA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 







Texas — 5.6%

 

 

 

 

 

 

 

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

 

$

300

 

$

306,217

 

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

 

 

400

 

 

383,832

 

 

 

 

 

 



 

 

 

 

 

 

 

690,049

 









Virginia — 1.1%

 

 

 

 

 

 

 

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

 

 

130

 

 

129,723

 









Wisconsin — 1.8%

 

 

 

 

 

 

 

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

 

 

240

 

 

220,788

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 65.7%

 

 

 

 

 

8,071,816

 









Total Long-Term Investments
(Cost — $21,450,787) — 172.4%

 

 

 

 

 

21,183,941

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









FFI Institutional Tax-Exempt Fund, 0.15% (d)(e)

 

 

158,350

 

 

158,350

 









Total Short-Term Securities
(Cost — $158,350) — 1.3%

 

 

 

 

 

158,350

 









Total Investments (Cost — $21,609,137*) — 173.7%

 

 

 

 

 

21,342,291

 

Other Assets Less Liabilities — 0.6%

 

 

 

 

 

80,587

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (37.1)%

 

 

 

 

 

(4,560,842

)

Preferred Shares, at Redemption Value — (37.2)%

 

 

 

 

 

(4,575,222

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

12,286,814

 

 

 

 

 

 



 










 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

17,112,500

 

 

 



 

Gross unrealized appreciation

 

$

396,737

 

Gross unrealized depreciation

 

 

(723,763

)

 

 



 

Net unrealized depreciation

 

$

(327,026

)

 

 



 


 

 

(a)

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


 

 

 

 

 

 

 

 







Counterparty

 

Value

 

Unrealized
Appreciation

 







Morgan Stanley Capital Services, Inc.

 

$

117,830

 

$

1,139

 










 

 

(b)

Variable rate security. Rate shown is as of report date.

 

 

(c)

Securities represent bonds transferred to a TOB 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 TOBs.

 

 

(d)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 











FFI Institutional Tax-Exempt Fund

 

 

353,621

 

 

(195,271

)

 

158,350

 

$

178

 
















 

 

 

(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, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

 

$

21,183,941

 

 

 

$

21,183,941

 

Short-Term Securities

 

$

158,350

 

 

 

 

 

 

158,350

 

 

 













Total

 

$

158,350

 

$

21,183,941

 

 

 

$

21,342,291

 

 

 














 

 

 

 

1

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


 

 

 

See Notes to Financial Statements.

 




22

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments January 31, 2011 (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

 

$

609,994

 









California — 19.9%

 

 

 

 

 

 

 

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

 

 

1,355

 

 

1,373,916

 

California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/38

 

 

1,315

 

 

1,325,625

 

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

 

 

 

 

 

 

 

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

 

 

890

 

 

878,003

 

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

 

 

1,375

 

 

1,350,374

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

 

2,075

 

 

2,087,948

 

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

 

 

645

 

 

656,159

 

Grossmont Union High School District, GO, Election
of 2008, Series B, 4.75%, 8/01/45

 

 

2,020

 

 

1,681,791

 

Los Angeles Department of Airports, Refunding RB,
Senior, Los Angeles International Airport, Series A,
5.00%, 5/15/35

 

 

2,725

 

 

2,519,344

 

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

 

 

1,750

 

 

1,727,372

 

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

 

 

1,600

 

 

1,547,696

 

State of California, GO, Various Purpose, 6.00%,
3/01/33

 

 

1,275

 

 

1,297,236

 

 

 

 

 

 



 

 

 

 

 

 

 

16,445,464

 









Colorado — 3.4%

 

 

 

 

 

 

 

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

 

 

1,810

 

 

1,750,288

 

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

 

 

1,095

 

 

1,069,585

 

 

 

 

 

 



 

 

 

 

 

 

 

2,819,873

 









Delaware — 1.4%

 

 

 

 

 

 

 

County of Sussex Delaware, RB, NRG Energy, Inc.,
Indian River Project, 6.00%, 10/01/40

 

 

1,230

 

 

1,180,603

 









District of Columbia — 1.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,022,080

 









Florida — 4.1%

 

 

 

 

 

 

 

County of St. John’s Florida, RB, CAB (AMBAC), 5.35%,
6/01/30 (a)

 

 

2,235

 

 

723,492

 

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

 

 

599

 

 

606,863

 

Village Center Community Development District, RB,
Series A (NPFGC), 5.00%, 1/01/32

 

 

1,795

 

 

1,439,267

 

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

 

 

1,000

 

 

613,530

 

 

 

 

 

 



 

 

 

 

 

 

 

3,383,152

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Georgia — 4.9%

 

 

 

 

 

 

 

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

 

$

885

 

$

858,839

 

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

 

 

2,900

 

 

3,146,877

 

 

 

 

 

 



 

 

 

 

 

 

 

4,005,716

 









Illinois — 11.4%

 

 

 

 

 

 

 

Chicago Park District, GO, Harbor Facilities, Series C,
5.25%, 1/01/40

 

 

1,340

 

 

1,289,830

 

County of Cook Illinois, GO, Refunding, Series A, 5.25%,
11/15/33

 

 

1,685

 

 

1,609,445

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Navistar International, Recovery Zone, 6.50%,
10/15/40

 

 

510

 

 

507,476

 

Rush University Medical Center Obligation Group,
Series B, 7.25%, 11/01/30

 

 

1,600

 

 

1,699,904

 

Illinois Finance Authority, Refunding RB, Series A:

 

 

 

 

 

 

 

Northwestern Memorial Hospital, 6.00%, 8/15/39

 

 

1,900

 

 

1,941,914

 

OSF Healthcare System, 6.00%, 5/15/39

 

 

1,000

 

 

912,770

 

Railsplitter Tobacco Settlement Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

690

 

 

653,271

 

6.00%, 6/01/28

 

 

195

 

 

186,096

 

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

 

 

625

 

 

585,056

 

 

 

 

 

 



 

 

 

 

 

 

 

9,385,762

 









Indiana — 2.8%

 

 

 

 

 

 

 

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

 

 

2,210

 

 

2,277,162

 









Kansas — 1.9%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,600,960

 









Kentucky — 4.3%

 

 

 

 

 

 

 

Kentucky Economic Development Finance Authority,
Refunding RB, Owensboro Medical Health System,
Series A, 6.38%, 6/01/40

 

 

660

 

 

619,714

 

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

 

 

1,500

 

 

1,553,415

 

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

 

 

1,450

 

 

1,376,992

 

 

 

 

 

 



 

 

 

 

 

 

 

3,550,121

 









Louisiana — 0.9%

 

 

 

 

 

 

 

Louisiana Local Government Environmental Facilities &
Community Development Authority, RB, Westlake
Chemical Corp., Series A-1, 6.50%, 11/01/35

 

 

715

 

 

707,879

 









Maryland — 1.1%

 

 

 

 

 

 

 

Maryland EDC, Refunding RB, CNX Marine Terminals, Inc.,
5.75%, 9/01/25

 

 

985

 

 

916,877

 










 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

23




 

 


 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Massachusetts — 2.2%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,020,140

 

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

 

 

750

 

 

767,903

 

 

 

 

 

 



 

 

 

 

 

 

 

1,788,043

 









Michigan — 4.8%

 

 

 

 

 

 

 

Kalamazoo Hospital Finance Authority, Refunding RB,
Bronson Methodist Hospital, 5.50%, 5/15/36

 

 

1,990

 

 

1,844,113

 

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

 

 

1,000

 

 

1,032,230

 

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

 

 

995

 

 

1,107,943

 

 

 

 

 

 



 

 

 

 

 

 

 

3,984,286

 









Nebraska — 0.4%

 

 

 

 

 

 

 

Lancaster County Hospital Authority No. 1, RB, Immanuel
Obligation Group, 5.63%, 1/01/40

 

 

315

 

 

293,961

 









Nevada — 7.4%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,670,096

 

County of Clark Nevada, GO, Refunding, Transportation,
Series A, 5.00%, 12/01/29

 

 

1,400

 

 

1,374,772

 

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

 

 

3,075

 

 

3,035,209

 

 

 

 

 

 



 

 

 

 

 

 

 

6,080,077

 









New Jersey — 3.0%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,143,179

 

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

 

 

1,295

 

 

1,350,789

 

 

 

 

 

 



 

 

 

 

 

 

 

2,493,968

 









New York — 4.9%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority,
RB, Second General Resolution, Series EE, 5.38%,
6/15/43

 

 

385

 

 

386,290

 

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

 

 

1,500

 

 

1,497,780

 

New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One Bryant
Park Project, 6.38%, 7/15/49

 

 

605

 

 

608,043

 

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

 

 

1,510

 

 

1,525,659

 

 

 

 

 

 



 

 

 

 

 

 

 

4,017,772

 









North Carolina — 2.7%

 

 

 

 

 

 

 

North Carolina Medical Care Commission, RB, Novant
Health Obligation, Series A, 4.75%, 11/01/43

 

 

2,735

 

 

2,223,911

 









Pennsylvania — 4.0%

 

 

 

 

 

 

 

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

 

 

500

 

 

513,470

 

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

 

 

2,945

 

 

2,787,207

 

 

 

 

 

 



 

 

 

 

 

 

 

3,300,677

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Puerto Rico — 3.1%

 

 

 

 

 

 

 

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

 

$

2,605

 

$

2,535,941

 









Texas — 13.1%

 

 

 

 

 

 

 

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

 

 

595

 

 

596,404

 

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

 

 

890

 

 

932,400

 

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

 

 

500

 

 

536,950

 

Lower Colorado River Authority, RB:

 

 

 

 

 

 

 

5.75%, 5/15/28

 

 

810

 

 

831,554

 

5.50%, 5/15/33

 

 

2,000

 

 

2,015,700

 

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

 

 

1,000

 

 

999,940

 

Tarrant County Cultural Education Facilities Finance
Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45

 

 

1,905

 

 

1,902,180

 

Texas Private Activity Bond Surface Transportation Corp.,
RB, Senior Lien, NTE Mobility Partners LLC, North
Tarrant Express Managed Lanes Project, 6.88%,
12/31/39

 

 

2,980

 

 

2,970,494

 

 

 

 

 

 



 

 

 

 

 

 

 

10,785,622

 









Utah — 1.3%

 

 

 

 

 

 

 

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

 

 

1,205

 

 

1,103,045

 









Virginia — 1.3%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,085,360

 









West Virginia — 1.2%

 

 

 

 

 

 

 

West Virginia EDA, Refunding RB, Appalachian Power Co.,
Amos Project, Series A, 5.38%, 12/01/38 (b)

 

 

1,095

 

 

982,478

 









Total Municipal Bonds — 107.4%

 

 

 

 

 

88,580,784

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

 

 

 

 

 









California — 20.6%

 

 

 

 

 

 

 

California Educational Facilities Authority, RB, University
of Southern California, Series A, 5.25%, 10/01/39

 

 

1,995

 

 

2,009,863

 

Grossmont Union High School District, GO, Election of
2008, Series B, 5.00%, 8/01/40

 

 

2,400

 

 

2,174,088

 

Los Angeles Community College District California,
Election of 2008, GO:

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

3,898

 

 

4,124,022

 

Series C, 5.25%, 8/01/39

 

 

2,630

 

 

2,488,953

 

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

 

 

400

 

 

366,800

 

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

 

 

4,214

 

 

4,247,766

 

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

 

 

1,500

 

 

1,592,175

 

 

 

 

 

 



 

 

 

 

 

 

 

17,003,667

 










 

 

 

See Notes to Financial Statements.

 




24

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 









District of Columbia — 4.0%

 

 

 

 

 

 

 

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

 

$

1,395

 

$

1,461,458

 

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

 

 

1,799

 

 

1,855,307

 

 

 

 

 

 



 

 

 

 

 

 

 

3,316,765

 









Florida — 8.9%

 

 

 

 

 

 

 

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

 

 

7,490

 

 

7,347,690

 









Illinois — 3.7%

 

 

 

 

 

 

 

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

 

 

2,800

 

 

3,068,996

 









Nevada — 5.7%

 

 

 

 

 

 

 

Clark County Water Reclamation District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,500

 

 

2,675,575

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,049,712

 

 

 

 

 

 



 

 

 

 

 

 

 

4,725,287

 









New Hampshire — 1.4%

 

 

 

 

 

 

 

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

 

 

1,094

 

 

1,116,582

 









New Jersey — 2.4%

 

 

 

 

 

 

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A (AGM), 5.00%,
12/15/32

 

 

2,000

 

 

1,947,980

 









New York — 6.7%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,410

 

 

1,470,558

 

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

 

 

1,994

 

 

2,038,596

 

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

 

 

2,000

 

 

2,005,120

 

 

 

 

 

 



 

 

 

 

 

 

 

5,514,274

 









Ohio — 1.7%

 

 

 

 

 

 

 

County of Allen Ohio, Refunding RB, Catholic Healthcare,
Series A, 5.25%, 6/01/38

 

 

1,560

 

 

1,442,938

 









South Carolina — 2.2%

 

 

 

 

 

 

 

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

 

 

1,755

 

 

1,812,862

 









Texas — 5.7%

 

 

 

 

 

 

 

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

 

 

2,025

 

 

2,066,963

 

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

 

 

2,750

 

 

2,638,845

 

 

 

 

 

 



 

 

 

 

 

 

 

4,705,808

 









Virginia — 1.1%

 

 

 

 

 

 

 

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

 

 

899

 

 

898,084

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 









Wisconsin — 1.9%

 

 

 

 

 

 

 

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

 

$

1,680

 

$

1,545,512

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 66.0%

 

 

 

 

 

54,446,445

 









Total Long-Term Investments
(Cost — $145,924,711) — 173.4%

 

 

 

 

 

143,027,229

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









FFI Institutional Tax-Exempt Fund, 0.15% (d)(e)

 

 

2,947,082

 

 

2,947,082

 









Total Short-Term Securities
(Cost — $2,947,082) — 3.6%

 

 

 

 

 

2,947,082

 









Total Investments (Cost — $148,871,793*) — 177.0%

 

 

 

 

 

145,974,311

 

Other Assets Less Liabilities — 1.7%

 

 

 

 

 

1,375,159

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (37.2)%

 

 

 

 

 

(30,641,414

)

Preferred Shares, at Redemption Value — (41.5)%

 

 

 

 

 

(34,252,489

)

 

 

 

 

 



 

Net Assets — 100.0%

 

 

 

 

$

82,455,567

 

 

 

 

 

 



 










 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

118,757,538

 

 

 



 

Gross unrealized appreciation

 

$

2,090,581

 

Gross unrealized depreciation

 

 

(5,490,846

)

 

 



 

Net unrealized depreciation

 

$

(3,400,265

)

 

 



 


 

 

(a)

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

 

 

(b)

Variable rate security. Rate shown is as of report date.

 

 

(c)

Securities represent bonds transferred to a TOB 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 TOBs.

 

 

(d)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Affiliate

 

Shares
at
July 31,
2010

 

Net
Activity

 

Shares
at
January 31,
2011

 

Income

 











FFI Institutional Tax-Exempt Fund

 

 

4,963,552

 

 

(2,016,470

)

 

2,947,082

 

$

1,621

 
















 

 

(e)

Represents the current yield as of report date.


 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

25




 

 


 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Trust (BBF)


 

 

 

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, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

 

$

143,027,229

 

 

 

$

143,027,229

 

Short-Term Securities

 

$

2,947,082

 

 

 

 

 

 

2,947,082

 

 

 













Total

 

$

2,947,082

 

$

143,027,229

 

 

 

$

145,974,311

 

 

 














 

 

 

 

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, 2011




 

 


 

 

Schedule of Investments January 31, 2011 (Unaudited)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey — 136.4%

 

 

 

 

 

 

 









Corporate — 16.1%

 

 

 

 

 

 

 

New Jersey EDA, RB, AMT (a):

 

 

 

 

 

 

 

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

 

$

925

 

$

905,501

 

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

 

 

500

 

 

518,110

 

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

 

 

175

 

 

167,979

 

Salem County Utilities Authority, Refunding RB,
Atlantic City Electric, Series A, 4.88%, 6/01/29

 

 

300

 

 

279,807

 

 

 

 

 

 



 

 

 

 

 

 

 

1,871,397

 









County/City/Special District/School District — 17.2%

 

 

 

 

 

 

 

City of Margate City New Jersey, GO, Improvement,
5.00%, 1/15/27

 

 

125

 

 

124,317

 

City of Perth Amboy New Jersey, GO, CAB (AGM),
5.16%, 7/01/34 (b)

 

 

100

 

 

86,984

 

Essex County Improvement Authority, RB, Newark
Project, Series A (AGM):

 

 

 

 

 

 

 

5.00%, 11/01/20

 

 

190

 

 

185,632

 

6.00%, 11/01/30

 

 

275

 

 

275,371

 

Essex County Improvement Authority, Refunding RB,
Project Consolidation (NPFGC):

 

 

 

 

 

 

 

5.50%, 10/01/28

 

 

300

 

 

308,892

 

5.50%, 10/01/29

 

 

260

 

 

265,785

 

Hudson County Improvement Authority, RB:

 

 

 

 

 

 

 

CAB, Series A-1 (NPFGC), 4.51%, 12/15/32 (c)

 

 

1,000

 

 

235,890

 

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

 

 

340

 

 

341,833

 

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

 

 

200

 

 

27,686

 

State of New Jersey, COP, Equipment Lease Purchase,
Series A, 5.13%, 6/15/24

 

 

150

 

 

150,660

 

 

 

 

 

 



 

 

 

 

 

 

 

2,003,050

 









Education — 23.5%

 

 

 

 

 

 

 

New Jersey EDA, School Facilities Construction, RB:

 

 

 

 

 

 

 

Series CC-2, 5.00%, 12/15/31

 

 

200

 

 

194,186

 

Series CC-2, 5.00%, 12/15/32

 

 

200

 

 

192,272

 

Series S, 5.00%, 9/01/36

 

 

200

 

 

189,232

 

Series Y, 5.00%, 9/01/33

 

 

400

 

 

381,252

 

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

 

 

100

 

 

97,166

 

New Jersey Educational Facilities Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

100

 

 

86,214

 

New Jersey Institute of Technology, Series H,
5.00%, 7/01/31

 

 

80

 

 

76,162

 

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

 

 

255

 

 

263,280

 

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

 

 

175

 

 

189,410

 

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

 

 

 

 

 

 

 

5.00%, 12/01/25

 

 

65

 

 

61,413

 

5.00%, 12/01/26

 

 

50

 

 

46,774

 

5.13%, 12/01/27

 

 

200

 

 

188,674

 

5.25%, 12/01/32

 

 

300

 

 

278,745

 

Rutgers-State University of New Jersey, Refunding RB,
Series F, 5.00%, 5/01/39

 

 

500

 

 

490,320

 

 

 

 

 

 



 

 

 

 

 

 

 

2,735,100

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New Jersey (continued)

 

 

 

 

 

 

 









Health — 16.6%

 

 

 

 

 

 

 

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

 

$

150

 

$

118,230

 

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

 

 

 

 

 

 

 

5.75%, 1/01/25

 

 

60

 

 

53,150

 

5.88%, 1/01/37

 

 

110

 

 

90,771

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

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

 

 

500

 

 

464,130

 

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

 

 

140

 

 

118,097

 

New Jersey Health Care Facilities Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

250

 

 

232,118

 

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

 

 

100

 

 

93,226

 

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

 

 

150

 

 

151,299

 

New Jersey Health Care Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

500

 

 

111,285

 

CAB, St. Barnabas Health, Series B, 5.68%,
7/01/36 (c)

 

 

840

 

 

107,100

 

CAB, St. Barnabas Health, Series B, 5.74%,
7/01/37 (c)

 

 

900

 

 

104,481

 

Robert Wood Johnson, 5.00%, 7/01/31

 

 

90

 

 

83,993

 

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

 

 

250

 

 

208,645

 

 

 

 

 

 



 

 

 

 

 

 

 

1,936,525

 









Housing — 14.6%

 

 

 

 

 

 

 

New Jersey State Housing & Mortgage Finance
Agency, RB:

 

 

 

 

 

 

 

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

 

 

210

 

 

199,914

 

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

 

 

500

 

 

505,570

 

S/F Housing, Series X, AMT, 5.05%, 4/01/18

 

 

215

 

 

220,736

 

Series A, 4.75%, 11/01/29

 

 

140

 

 

129,654

 

Series AA, 6.38%, 10/01/28

 

 

235

 

 

248,867

 

Series AA, 6.50%, 10/01/38

 

 

160

 

 

172,232

 

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

 

 

200

 

 

219,782

 

 

 

 

 

 



 

 

 

 

 

 

 

1,696,755

 









State — 21.0%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Motor Vehicle Surcharge, Series A (NPFGC), 5.25%,
7/01/24

 

 

300

 

 

302,289

 

Motor Vehicle Surcharge, Series A (NPFGC), 5.25%,
7/01/25

 

 

570

 

 

568,831

 

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

 

 

100

 

 

81,997

 

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

 

 

500

 

 

516,400

 

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

 

 

300

 

 

320,091

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

New Jersey American Water Co., Inc. Project,
Series B, AMT, 5.60%, 11/01/34

 

 

150

 

 

142,805

 

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

 

 

200

 

 

205,246

 

School Facilities Construction, Series N-1 (NPFGC),
5.50%, 9/01/28

 

 

100

 

 

100,895

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A (AGC), 5.63%,
12/15/28

 

 

100

 

 

105,484

 

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

 

 

100

 

 

97,546

 

 

 

 

 

 



 

 

 

 

 

 

 

2,441,584

 










 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

27




 

 


 

 

Schedule of Investments (continued)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey (concluded)

 

 

 

 

 

 

 









Transportation — 26.7%

 

 

 

 

 

 

 

Delaware River Port Authority of Pennsylvania and
New Jersey, RB:

 

 

 

 

 

 

 

Port District Project, Series B (AGM), 5.70%,
1/01/22

 

$

400

 

$

400,372

 

Series D, 5.00%, 1/01/40

 

 

95

 

 

89,997

 

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

 

 

300

 

 

297,780

 

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

 

 

 

 

 

 

 

Series C, 6.50%, 1/01/16

 

 

160

 

 

186,771

 

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

 

 

785

 

 

881,916

 

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

 

 

55

 

 

66,276

 

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

 

 

 

 

 

 

 

6.00%, 12/15/38

 

 

100

 

 

106,101

 

Series A, 6.00%, 12/15/18 (g)

 

 

50

 

 

61,331

 

Series A, 5.88%, 12/15/38

 

 

175

 

 

182,539

 

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

 

 

250

 

 

256,373

 

Port Authority of New York & New Jersey RB, JFK
International Air Terminal, 6.00%, 12/01/42

 

 

170

 

 

160,458

 

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

 

 

490

 

 

415,922

 

 

 

 

 

 



 

 

 

 

 

 

 

3,105,836

 









Utilities — 0.7%

 

 

 

 

 

 

 

Cumberland County Improvement Authority, RB, Series A,
5.00%, 7/01/11 (g)

 

 

75

 

 

76,345

 









Total Municipal Bonds in New Jersey

 

 

 

 

 

15,866,592

 









 

 

 

 

 

 

 

 









Puerto Rico — 18.8%

 

 

 

 

 

 

 









County/City/Special District/School District — 5.9%

 

 

 

 

 

 

 

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

 

 

250

 

 

249,228

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
First Sub-Series C:

 

 

 

 

 

 

 

6.00%, 8/01/39

 

 

205

 

 

204,444

 

(AGM), 5.13%, 8/01/42

 

 

250

 

 

232,518

 

 

 

 

 

 



 

 

 

 

 

 

 

686,190

 









State — 10.1%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Refunding, Public
Improvement, Series A-4 (AGM), 5.25%, 7/01/30

 

 

250

 

 

242,878

 

Puerto Rico Commonwealth Infrastructure Financing
Authority, RB, CAB, Series A (AMBAC), 4.37%,
7/01/37 (c)

 

 

795

 

 

109,805

 

Puerto Rico Highway & Transportation Authority,
Refunding RB, Series CC (AGM), 5.50%, 7/01/30

 

 

250

 

 

250,282

 

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

 

 

215

 

 

216,776

 

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

 

 

365

 

 

355,324

 

 

 

 

 

 



 

 

 

 

 

 

 

1,175,065

 









Utilities — 2.8%

 

 

 

 

 

 

 

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

 

 

350

 

 

323,932

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

2,185,187

 









Total Municipal Bonds — 155.2%

 

 

 

 

 

18,051,779

 










 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (h)

 

Par
(000)

 

Value

 









New Jersey — 2.0%

 

 

 

 

 

 

 









Transportation — 2.0%

 

 

 

 

 

 

 

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

 

$

240

 

$

228,719

 









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

 

 

 

 

 

228,719

 









Total Long-Term Investments
(Cost — $19,473,962) — 157.2%

 

 

 

 

 

18,280,498

 










 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









BIF New Jersey Municipal Money Fund, 0.04% (i)(j)

 

 

310,252

 

 

310,252

 









Total Short-Term Securities
(Cost — $310,252) — 2.7%

 

 

 

 

 

310,252

 









Total Investments (Cost — $19,784,214*) — 159.9%

 

 

 

 

 

18,590,750

 

Other Assets Less Liabilities — 0.8%

 

 

 

 

 

98,646

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (1.4)%

 

 

 

 

 

(160,054

)

Preferred Shares, at Redemption Value — (59.3)%

 

 

 

 

 

(6,900,501

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares– 100.0%

 

 

 

 

$

11,628,841

 

 

 

 

 

 



 


 

 

 


*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

Aggregate cost

 

$

19,622,047

 

 

 



 

Gross unrealized appreciation

 

$

258,192

 

Gross unrealized depreciation

 

 

(1,449,406

)

 

 



 

Net unrealized depreciation

 

$

(1,191,214

)

 

 



 


 

 

(a)

Variable rate security. Rate shown is as of report date.

 

 

(b)

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.

 

 

(c)

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

 

 

(d)

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

 

 

(e)

Non-income producing security.

 

 

(f)

Security is collateralized by Municipal or US Treasury obligations.

 

 

(g)

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.

 

 

(h)

Securities represent bonds transferred to a TOB 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 TOBs.

 

 

(i)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Affiliate

 

Shares
at
July 31,
2010

 

Net
Activity

 

Shares
at
January 31,
2011

 

Income

 











BIF New Jersey Municipal Money Fund

 

 

413,597

 

 

(103,345

)

 

310,252

 

$

159

 
















 

 

(j)

Represents the current yield as of report date.

 

 

For Trust compliance purposes,the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.


 

 

 

See Notes to Financial Statements.

 




28

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (concluded)

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


 

 

 

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, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

 

$

18,280,498

 

 

 

$

18,280,498

 

Short-Term Securities

 

$

310,252

 

 

 

 

 

 

310,252

 

 

 












 

Total

 

$

310,252

 

$

18,280,498

 

 

 

$

18,590,750

 

 

 












 


 

 

 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

29




 

 


 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock New Jersey Municipal Income Trust (BNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey — 124.0%

 

 

 

 

 

 

 









Corporate — 11.2%

 

 

 

 

 

 

 

New Jersey EDA, RB, AMT (a):

 

 

 

 

 

 

 

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

 

$

3,450

 

$

3,377,274

 

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

 

 

2,000

 

 

1,999,680

 

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

 

 

2,000

 

 

2,072,440

 

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

 

 

1,500

 

 

1,439,820

 

Salem County Utilities Authority, Refunding RB,
Atlantic City Electric, Series A, 4.88%, 6/01/29

 

 

2,400

 

 

2,238,456

 

 

 

 

 

 



 

 

 

 

 

 

 

11,127,670

 









County/City/Special District/School District — 13.0%

 

 

 

 

 

 

 

City of Margate City New Jersey, GO, Improvement,
5.00%, 1/15/28

 

 

1,085

 

 

1,067,922

 

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

 

 

 

 

 

 

 

5.16%, 7/01/34

 

 

1,075

 

 

935,078

 

5.17%, 7/01/35

 

 

175

 

 

151,550

 

Essex County Improvement Authority, RB,
Newark Project, Series A (AGM):

 

 

 

 

 

 

 

5.00%, 11/01/20

 

 

735

 

 

718,102

 

6.00%, 11/01/30

 

 

1,090

 

 

1,091,471

 

Essex County Improvement Authority, Refunding RB,
Project Consolidation (NPFGC):

 

 

 

 

 

 

 

5.50%, 10/01/28

 

 

1,440

 

 

1,482,682

 

5.50%, 10/01/29

 

 

2,630

 

 

2,688,517

 

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

 

 

2,400

 

 

2,412,936

 

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

 

 

1,790

 

 

247,790

 

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

 

 

2,600

 

 

2,224,274

 

 

 

 

 

 



 

 

 

 

 

 

 

13,020,322

 









Education — 13.8%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities Construction,
Series CC-2, 5.00%, 12/15/31

 

 

1,525

 

 

1,480,668

 

New Jersey Educational Facilities Authority, RB:

 

 

 

 

 

 

 

Georgian Court College Project, Series C, 6.50%,
7/01/13 (e)

 

 

2,120

 

 

2,408,638

 

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

 

 

580

 

 

563,563

 

New Jersey Educational Facilities Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

3,230

 

 

3,136,750

 

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

 

 

1,000

 

 

1,035,130

 

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

 

 

250

 

 

215,535

 

New Jersey Institute of Technology, Series H, 5.00%,
7/01/31

 

 

660

 

 

628,340

 

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

 

 

1,450

 

 

1,569,393

 

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

 

 

 

 

 

 

 

5.00%, 12/01/25

 

 

535

 

 

505,479

 

5.00%, 12/01/26

 

 

350

 

 

327,414

 

5.25%, 12/01/32

 

 

500

 

 

464,575

 

Rutgers-State University of New Jersey, Refunding RB,
Series F, 5.00%, 5/01/39

 

 

1,500

 

 

1,470,960

 

 

 

 

 

 



 

 

 

 

 

 

 

13,806,445

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey (continued)

 

 

 

 

 

 

 









Health — 25.6%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

788,200

 

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

 

 

1,780

 

 

1,704,528

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

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

 

 

500

 

 

442,920

 

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

 

 

855

 

 

705,537

 

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

 

 

875

 

 

821,966

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

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

 

 

4,050

 

 

3,878,968

 

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

 

 

1,790

 

 

1,509,955

 

New Jersey Health Care Facilities Financing
Authority, RB:

 

 

 

 

 

 

 

Health System, Catholic Health East, Series A,
5.38%, 11/15/12 (e)

 

 

3,000

 

 

3,250,830

 

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

 

 

2,350

 

 

2,181,905

 

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

 

 

2,030

 

 

1,880,267

 

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

 

 

750

 

 

699,195

 

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

 

 

1,250

 

 

1,260,825

 

New Jersey Health Care Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

1,255

 

 

1,268,855

 

CAB, St. Barnabas Health, Series B, 5.89%,
7/01/30 (f)

 

 

2,500

 

 

556,425

 

CAB, St. Barnabas Health, Series B, 5.68%,
7/01/36 (f)

 

 

7,700

 

 

981,750

 

CAB, St. Barnabas Health, Series B, 5.74%,
7/01/37 (f)

 

 

7,250

 

 

841,653

 

Robert Wood Johnson, 5.00%, 7/01/31

 

 

750

 

 

699,945

 

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

 

 

1,650

 

 

1,404,348

 

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

 

 

750

 

 

625,935

 

 

 

 

 

 



 

 

 

 

 

 

 

25,504,007

 









Housing — 17.0%

 

 

 

 

 

 

 

Middlesex County Improvement Authority, RB,
AMT (Fannie Mae):

 

 

 

 

 

 

 

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

 

 

1,400

 

 

1,364,020

 

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

 

 

4,360

 

 

4,214,986

 

New Jersey State Housing & Mortgage
Finance Agency, RB:

 

 

 

 

 

 

 

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

 

 

1,775

 

 

1,689,747

 

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

 

 

1,750

 

 

1,769,495

 

Series A, 4.75%, 11/01/29

 

 

1,185

 

 

1,097,429

 

Series AA, 6.38%, 10/01/28

 

 

1,410

 

 

1,493,204

 

Series AA, 6.50%, 10/01/38

 

 

1,990

 

 

2,142,135

 

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

 

 

700

 

 

616,056

 

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

 

 

 

 

 

 

 

5.75%, 12/01/30

 

 

580

 

 

587,557

 

6.75%, 12/01/38

 

 

1,850

 

 

2,032,984

 

 

 

 

 

 



 

 

 

 

 

 

 

17,007,613

 










 

 

 

See Notes to Financial Statements.

 




30

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

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 (f)

 

$

6,000

 

$

2,710,260

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

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

 

 

5,000

 

 

4,727,300

 

Motor Vehicle Surcharge, Series A (NPFGC), 5.25%,
7/01/24

 

 

1,000

 

 

1,007,630

 

Motor Vehicle Surcharge, Series A (NPFGC), 5.25%,
7/01/25

 

 

1,365

 

 

1,362,202

 

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

 

 

3,000

 

 

3,098,400

 

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

 

 

3,000

 

 

3,200,910

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

New Jersey American Water Co., Inc. Project,
Series B, AMT, 5.60%, 11/01/34

 

 

1,275

 

 

1,213,838

 

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

 

 

2,000

 

 

2,052,460

 

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

 

 

2,500

 

 

2,483,375

 

New Jersey Transportation Trust Fund Authority, RB:

 

 

 

 

 

 

 

CAB, Transportation System, Series C (AGM),
4.85%, 12/15/32 (f)

 

 

4,000

 

 

943,560

 

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

 

 

670

 

 

706,743

 

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

 

 

600

 

 

585,276

 

 

 

 

 

 



 

 

 

 

 

 

 

24,091,954

 









Transportation — 18.2%

 

 

 

 

 

 

 

Delaware River Port Authority of Pennsylvania and
New Jersey, RB:

 

 

 

 

 

 

 

Port District Project, Series B (AGM), 5.70%,
1/01/22

 

 

1,000

 

 

1,000,930

 

Series D, 5.00%, 1/01/40

 

 

800

 

 

757,872

 

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

 

 

3,205

 

 

3,181,283

 

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

 

 

 

 

 

 

 

6.00%, 12/15/38

 

 

945

 

 

1,002,655

 

Series A, 6.00%, 12/15/18 (e)

 

 

505

 

 

619,443

 

Series A, 5.88%, 12/15/38

 

 

1,465

 

 

1,528,112

 

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

 

 

1,000

 

 

1,036,100

 

Port Authority of New York & New Jersey, RB,
JFK International Air Terminal:

 

 

 

 

 

 

 

6.00%, 12/01/42

 

 

1,430

 

 

1,349,734

 

Special Project, Air, Series 6, AMT (NPFGC),
5.75%, 12/01/22

 

 

6,000

 

 

5,839,980

 

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

 

 

1,750

 

 

1,794,608

 

 

 

 

 

 



 

 

 

 

 

 

 

18,110,717

 









Utilities — 1.1%

 

 

 

 

 

 

 

Cumberland County Improvement Authority, RB,
Series A, 5.00%, 7/01/11 (e)

 

 

620

 

 

631,123

 

Rahway Valley Sewerage Authority, RB, CAB,
Series A (NPFGC), 4.41%, 9/01/33 (f)

 

 

2,000

 

 

455,580

 

 

 

 

 

 



 

 

 

 

 

 

 

1,086,703

 









Total Municipal Bonds in New Jersey

 

 

 

 

 

123,755,431

 










 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Puerto Rico — 28.7%

 

 

 

 

 

 

 









County/City/Special District/
School District — 6.8%

 

 

 

 

 

 

 

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

 

$

2,250

 

$

2,243,047

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
First Sub-Series C:

 

 

 

 

 

 

 

6.00%, 8/01/39

 

 

1,740

 

 

1,735,285

 

(AGM), 5.13%, 8/01/42

 

 

3,000

 

 

2,790,210

 

 

 

 

 

 



 

 

 

 

 

 

 

6,768,542

 









Housing — 4.7%

 

 

 

 

 

 

 

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

 

 

2,330

 

 

2,324,501

 

Puerto Rico Housing Finance Authority, Refunding RB,
Mortgage-Backed Securities, Series A (Ginnie Mae),
5.20%, 12/01/33

 

 

2,330

 

 

2,329,954

 

 

 

 

 

 



 

 

 

 

 

 

 

4,654,455

 









State — 12.0%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Refunding, Public
Improvement, Series A-4 (AGM), 5.25%, 7/01/30

 

 

750

 

 

728,633

 

Puerto Rico Commonwealth Infrastructure
Financing Authority, RB, CAB, Series A (AMBAC),
4.37%, 7/01/37 (f)

 

 

6,000

 

 

828,720

 

Puerto Rico Highway & Transportation Authority,
Refunding RB, Series CC (AGM), 5.50%, 7/01/30

 

 

1,680

 

 

1,681,898

 

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

 

 

 

 

 

 

 

5.50%, 7/01/12

 

 

1,335

 

 

1,019,192

 

5.47%, 7/01/17 (e)

 

 

3,665

 

 

3,891,900

 

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

 

 

850

 

 

857,021

 

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

 

 

3,075

 

 

2,993,482

 

 

 

 

 

 



 

 

 

 

 

 

 

12,000,846

 









Transportation — 3.4%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation Authority,
Refunding RB:

 

 

 

 

 

 

 

Series AA-1 (AGM), 4.95%, 7/01/26

 

 

500

 

 

484,770

 

Series CC (AGC), 5.50%, 7/01/31

 

 

2,000

 

 

1,992,600

 

Series M, 5.00%, 7/01/32

 

 

1,000

 

 

871,570

 

 

 

 

 

 



 

 

 

 

 

 

 

3,348,940

 









Utilities — 1.8%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

1,851,040

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

28,623,823

 









Total Municipal Bonds — 152.7%

 

 

 

 

 

152,379,254

 










See Notes to Financial Statements.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

31




 

 



 

 

Schedule of Investments (concluded)

BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (g)

 

Par
(000)

 

Value

 









New Jersey — 3.9%

 

 

 

 

 

 

 









Transportation — 3.9%

 

 

 

 

 

 

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System, Series A (AGM), 5.00%,
12/15/32

 

$

2,000

 

$

1,947,980

 

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

 

 

2,039

 

 

1,944,110

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 3.9%

 

 

 

 

 

3,892,090

 









Total Long-Term Investments
(Cost — $164,657,290) — 156.6%

 

 

 

 

 

156,271,344

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 








BIF New Jersey Municipal Money Fund, 0.04% (h)(i)

 

 

3,915,752

 

 

3,915,752

 









Total Short-Term Securities
(Cost — $3,915,752) — 3.9%

 

 

 

 

 

3,915,752

 









Total Investments (Cost — $168,573,042*) — 160.5%

 

 

 

 

 

160,187,096

 

Other Assets Less Liabilities — 1.1%

 

 

 

 

 

1,080,996

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (2.4)%

 

 

 

 

 

(2,360,842

)

Preferred Shares, at Redemption Value — (59.2)%

 

 

 

 

 

(59,102,863

)

 

 

 

 

 



 

Net Assets — 100.0%

 

 

 

 

$

99,804,387

 

 

 

 

 

 



 

 

 

 


*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

165,853,212

 

 

 

 



 

 

Gross unrealized appreciation

 

$

2,956,670

 

 

Gross unrealized depreciation

 

 

(10,982,082

)

 

 

 



 

 

Net unrealized depreciation

 

$

(8,025,412

)

 

 

 



 


 

 

(a)

Variable rate security. Rate shown is as of report date.

 

 

(b)

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.

 

 

(c)

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

 

 

(d)

Non-income producing security.

 

 

(e)

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.

 

 

(f)

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

 

 

(g)

Securities represent bonds transferred to a TOB 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 TOBs.

 

 

(h)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Affiliate

 

Shares at
July 31,
2010

 

Net
Activity

 

Shares at
July 31,
2011

 

Income

 











BIF New Jersey Municipal Money Fund

 

 

5,032,609

 

 

(1,116,857

)

 

3,915,752

 

$

875

 
















 

 

(i)

Represents the current yield as of report date.


 

 

 

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

 

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, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 















Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 















Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

   Long-Term Investments1

 

 

 

$

156,271,344

 

 

 

$

156,271,344

 

   Short-Term Securities

 

$

3,915,752

 

 

 

 

 

 

3,915,752

 

 

 













Total

 

$

3,915,752

 

$

156,271,344

 

 

 

$

160,187,096

 

 

 














 

 

 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

 

 

 


32

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock New York Investment Quality Municipal Trust Inc. (RNY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New York — 140.7%

 

 

 

 

 

 

 









Corporate — 19.7%

 

 

 

 

 

 

 

Chautauqua County Industrial Development Agency, RB,
Nrg Dunkirk Power Project, 5.88%, 4/01/42

 

$

130

 

$

122,486

 

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

 

 

100

 

 

101,628

 

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

 

 

150

 

 

143,315

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

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

 

 

800

 

 

827,984

 

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

 

 

300

 

 

312,183

 

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

 

 

250

 

 

202,412

 

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

 

 

 

 

 

 

 

5.25%, 10/01/35

 

 

650

 

 

628,153

 

5.50%, 10/01/37

 

 

200

 

 

199,152

 

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

 

 

790

 

 

800,428

 

 

 

 

 

 



 

 

 

 

 

 

 

3,337,741

 









County/City/Special District/School District — 38.4%

 

 

 

 

 

 

 

Amherst Development Corp., RB, University at Buffalo
Foundation Faculty-Student Housing Corp.,
Series A (AGM):

 

 

 

 

 

 

 

4.38%, 10/01/30

 

 

250

 

 

217,663

 

4.63%, 10/01/40

 

 

275

 

 

238,719

 

Hudson Yards Infrastructure Corp., RB, Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

 

1,200

 

 

1,020,168

 

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

 

 

200

 

 

170,028

 

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

 

 

60

 

 

45,300

 

New York City Industrial Development Agency, RB, PILOT:

 

 

 

 

 

 

 

CAB, Yankee Stadium, (AGC), 5.83%, 3/01/35 (b)

 

 

400

 

 

90,856

 

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

 

 

100

 

 

104,441

 

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

 

 

650

 

 

521,592

 

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

 

 

150

 

 

149,778

 

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

 

 

800

 

 

713,120

 

New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One
Bryant Park Project:

 

 

 

 

 

 

 

5.63%, 7/15/47

 

 

1,100

 

 

1,029,963

 

6.38%, 7/15/49

 

 

100

 

 

100,503

 

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

 

 

100

 

 

96,899

 

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

 

 

2,000

 

 

1,989,360

 

 

 

 

 

 



 

 

 

 

 

 

 

6,488,390

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New York (continued)

 

 

 

 

 

 

 









Education — 19.3%

 

 

 

 

 

 

 

Albany Industrial Development Agency, RB, New
Covenant Charter School Project, Series A (c)(d):

 

 

 

 

 

 

 

7.00%, 5/01/25

 

$

95

 

$

28,500

 

7.00%, 5/01/35

 

 

60

 

 

18,000

 

City of Troy New York, Refunding RB, Rensselaer
Polytechnic, Series A, 5.13%, 9/01/40

 

 

100

 

 

92,222

 

Nassau County Industrial Development Agency,
Refunding RB, New York Institute of Technology
Project, Series A, 4.75%, 3/01/26

 

 

100

 

 

92,086

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

5.83%, 7/01/39 (e)

 

 

175

 

 

145,066

 

Convent of the Sacred Heart (AGM),
5.75%, 11/01/40 (f)

 

 

150

 

 

148,299

 

Cornell University, Series A, 5.00%, 7/01/40

 

 

100

 

 

98,481

 

The New School (AGM), 5.50%, 7/01/43

 

 

200

 

 

197,014

 

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

 

 

250

 

 

254,485

 

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

 

 

175

 

 

182,641

 

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

 

 

200

 

 

193,172

 

Vassar College, 5.00%, 7/01/49

 

 

100

 

 

94,812

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

75

 

 

76,397

 

Teachers College, 5.50%, 3/01/39

 

 

200

 

 

200,896

 

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

 

 

500

 

 

495,560

 

Suffolk County Industrial Development Agency,
Refunding RB, New York Institute of Technology
Project, 5.00%, 3/01/26

 

 

100

 

 

94,230

 

Trust for Cultural Resources, RB, Series A:

 

 

 

 

 

 

 

Carnegie Hall, 4.75%, 12/01/39

 

 

375

 

 

337,027

 

Carnegie Hall, 5.00%, 12/01/39

 

 

150

 

 

140,231

 

Juilliard School, 5.00%, 1/01/39

 

 

250

 

 

245,923

 

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

 

 

125

 

 

122,930

 

 

 

 

 

 



 

 

 

 

 

 

 

3,257,972

 









Health — 18.9%

 

 

 

 

 

 

 

Dutchess County Local Development Corp., Refunding
RB, Health Quest System Inc., Series A,
5.75%, 7/01/30

 

 

150

 

 

146,060

 

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

 

 

100

 

 

78,478

 

Monroe County Industrial Development Corp., RB, Unity
Hospital of Rochester Project (FHA), 5.50%, 8/15/40

 

 

100

 

 

99,576

 

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

 

 

250

 

 

234,453

 


See Notes to Financial Statements.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

33




 

 



 

 

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 (continued)

 

 

 

 

 

 

 









Health (concluded)

 

 

 

 

 

 

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

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

 

$

75

 

$

76,685

 

New York University Hospital Center, Series A,
5.75%, 7/01/31

 

 

100

 

 

96,277

 

New York University Hospital Center, Series B,
5.63%, 7/01/37

 

 

150

 

 

141,636

 

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

 

 

175

 

 

166,367

 

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

 

 

250

 

 

245,982

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Kateri Residence, 5.00%, 7/01/22

 

 

1,000

 

 

1,015,300

 

Mount Sinai Hospital, Series A, 5.00%, 7/01/26

 

 

140

 

 

135,535

 

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

 

 

150

 

 

144,039

 

St. Luke’s Roosevelt Hospital (FHA),
4.90%, 8/15/31

 

 

100

 

 

88,509

 

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

 

 

100

 

 

90,255

 

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

 

 

115

 

 

100,710

 

Westchester County Healthcare Corp. New York,
Refunding RB, Senior Lien, Series B,
6.00%, 11/01/30

 

 

100

 

 

96,189

 

Westchester County Industrial Development Agency
New York, MRB, Kendal on Hudson Project, Series A,
6.38%, 1/01/24

 

 

250

 

 

234,960

 

 

 

 

 

 



 

 

 

 

 

 

 

3,191,011

 









Housing — 10.6%

 

 

 

 

 

 

 

New York City Housing Development Corp., RB:

 

 

 

 

 

 

 

Series A (Ginnie Mae), 5.25%, 5/01/30

 

 

1,000

 

 

995,120

 

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

 

 

250

 

 

234,803

 

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

 

 

500

 

 

468,095

 

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

 

 

100

 

 

88,594

 

 

 

 

 

 



 

 

 

 

 

 

 

1,786,612

 









State — 10.0%

 

 

 

 

 

 

 

New York State Dormitory Authority, ERB:

 

 

 

 

 

 

 

Series B, 5.75%, 3/15/36

 

 

150

 

 

157,323

 

Series C, 5.00%, 12/15/31

 

 

150

 

 

150,142

 

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

 

 

200

 

 

186,260

 

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

 

 

1,005

 

 

1,116,947

 

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

 

 

75

 

 

73,776

 

 

 

 

 

 



 

 

 

 

 

 

 

1,684,448

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New York (concluded)

 

 

 

 

 

 

 









Transportation — 6.2%

 

 

 

 

 

 

 

Metropolitan Transportation Authority, RB:

 

 

 

 

 

 

 

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

 

$

250

 

$

273,417

 

Series B, 4.50%, 11/15/37

 

 

150

 

 

122,064

 

Transportation, Series D (AGM), 5.25%, 11/15/40

 

 

140

 

 

135,087

 

Port Authority of New York & New Jersey, RB:

 

 

 

 

 

 

 

Consolidated, 116th Series, 4.13%, 9/15/32

 

 

250

 

 

218,488

 

JFK International Air Terminal, 6.00%, 12/01/42

 

 

150

 

 

141,581

 

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

 

 

155

 

 

152,622

 

 

 

 

 

 



 

 

 

 

 

 

 

1,043,259

 









Utilities — 17.6%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

918,320

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

Second General Resolution, Series EE,
5.38%, 6/15/43

 

 

100

 

 

100,335

 

Series C, 5.13%, 6/15/33

 

 

1,000

 

 

997,960

 

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

 

 

1,000

 

 

966,470

 

 

 

 

 

 



 

 

 

 

 

 

 

2,983,085

 









Total Municipal Bonds in New York

 

 

 

 

 

23,772,518

 









 

 

 

 

 

 

 

 









Guam — 1.9%

 

 

 

 

 

 

 









State — 0.6%

 

 

 

 

 

 

 

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

 

 

100

 

 

106,769

 









Tobacco — 0.5%

 

 

 

 

 

 

 

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

 

 

100

 

 

83,424

 









Utilities — 0.8%

 

 

 

 

 

 

 

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

 

 

150

 

 

142,060

 









Total Municipal Bonds in Guam

 

 

 

 

 

332,253

 









 

 

 

 

 

 

 

 









Puerto Rico — 10.1%

 

 

 

 

 

 

 









County/City/Special District/School District — 4.4%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., RB:

 

 

 

 

 

 

 

CAB, Series A, 6.39%, 8/01/32 (b)

 

 

750

 

 

180,720

 

First Sub-Series A, 6.00%, 8/01/42

 

 

500

 

 

498,455

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, Series A (NPFGC), 5.77%, 8/01/41 (b)

 

 

550

 

 

71,654

 

 

 

 

 

 



 

 

 

 

 

 

 

750,829

 









Housing — 0.3%

 

 

 

 

 

 

 

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

 

 

50

 

 

49,690

 









State — 2.3%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Refunding:

 

 

 

 

 

 

 

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

 

 

100

 

 

97,598

 

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

 

 

250

 

 

251,023

 

Puerto Rico Commonwealth Infrastructure Financing
Authority, RB, CAB, Series A (AMBAC), 4.99%,
7/01/44 (b)

 

 

395

 

 

31,987

 

 

 

 

 

 



 

 

 

 

 

 

 

380,608

 










See Notes to Financial Statements.

 

 

 


34

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

Schedule of Investments (concluded)

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

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







Puerto Rico (concluded)

 

 

 

 

 

 

 









Tobacco — 2.5%

 

 

 

 

 

 

 

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

 

$

500

 

$

425,230

 









Transportation — 0.6%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation Authority,
Refunding RB, Series AA-1 (AGM), 4.95%, 7/01/26

 

 

100

 

 

96,954

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

1,703,311

 









Total Municipal Bonds — 152.7%

 

 

 

 

 

25,808,082

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (g)

 

 

 

 

 

 

 









New York — 6.4%

 

 

 

 

 

 

 









Utilities — 6.4%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB,
Fiscal 2009, Series A, 5.75%, 6/15/40

 

 

105

 

 

109,510

 

New York City Municipal Water Finance Authority,
Refunding RB, Series A, 4.75%, 6/15/30

 

 

1,000

 

 

970,480

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 6.4%

 

 

 

 

 

1,079,990

 









Total Long-Term Investments
(Cost — $27,955,662) — 159.1%

 

 

 

 

 

26,888,072

 









 

 

 

 

 

 

 

 


 

Short-Term Securities

 

Shares

 

 

 

 








BIF New York Municipal Money Fund, 0.00%,
12/31/50 (h)(i)

 

 

150,230

 

 

150,230

 









Total Short-Term Securities
(Cost — $150,230) — 0.9%

 

 

 

 

 

150,230

 









Total Investments (Cost — $28,105,892*) — 160.0%

 

 

 

 

 

27,038,302

 

Other Assets Less Liabilities — 0.9%

 

 

 

 

 

155,692

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (3.4)%

 

 

 

 

 

(570,206

)

Preferred Shares, at Redemption Value — (57.5)%

 

 

 

 

 

(9,725,118

)

 

 

 

 

 



 

Net Assets — 100.0%

 

 

 

 

$

16,898,670

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 










 

 

*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

27,537,895

 

 

 

 

 

 



 

Gross unrealized appreciation

 

 

 

 

$

361,325

 

Gross unrealized depreciation

 

 

 

 

 

(1,430,892

)

 

 

 

 

 



 

Net unrealized depreciation

 

 

 

 

$

(1,069,567

)

 

 

 

 

 



 


 

 

(a)

Variable rate security. Rate shown is as of report date.

 

 

(b)

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

 

 

(c)

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

 

 

(d)

Non-income producing security.

 

 

(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)

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


 

 

 

 

 

 

 

 

 

 









 

Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 

 







 

Wells Fargo Bank, NA

 

$

148,299

 

$

417

 

 










 

 

(g)

Securities represent bonds transferred to a TOB 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 TOBs.

 

 

(h)

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


 

 

 

 

 

 

 

 

 

 

 

 











 

Affiliate

 

Shares at
July 31,
2010

 

Net
Activity

 

Shares at
January 31,
2011

 

Income

 

 











 

BIF New York Municipal Money Fund

 

177,010

 

(26,780

)

150,230

 

 

 












 

 

 

(i)

Represents the current yield as of report date.

 

 

 

For Trust compliance purposes,the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

 

 

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, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

   Long-Term Investments1

 

 

 

$

26,888,072

 

 

$

26,888,072

 

   Short-Term Securities

 

$

150,230

 

 

 

 

 

150,230

 

 

 












Total

 

$

150,230

 

$

26,888,072

 

 

$

27,038,302

 

 

 













 

 

 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

35




 

 


 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock New York Municipal Income Trust (BNY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New York — 136.1%

 

 

 

 

 

 

 









Corporate — 18.8%

 

 

 

 

 

 

 

Chautauqua County Industrial Development Agency,
RB, Nrg Dunkirk Power Project, 5.88%, 4/01/42

 

$

1,000

 

$

942,200

 

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

 

 

550

 

 

558,954

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

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

 

 

3,200

 

 

3,311,936

 

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

 

 

4,000

 

 

4,162,440

 

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

 

 

1,000

 

 

809,650

 

New York Liberty Development Corp., RB, Goldman
Sachs Headquarters, 5.25%, 10/01/35

 

 

7,850

 

 

7,586,161

 

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

 

 

7,250

 

 

7,345,700

 

Suffolk County Industrial Development Agency
New York, RB, KeySpan, Port Jefferson, AMT,
5.25%, 6/01/27

 

 

7,000

 

 

6,553,050

 

 

 

 

 

 



 

 

 

 

 

 

 

31,270,091

 









County/City/Special District/School District — 26.0%

 

 

 

 

 

 

 

Amherst Development Corp., RB, University at Buffalo
Foundation Faculty-Student Housing Corp.,
Series A (AGM), 4.63%, 10/01/40

 

 

1,100

 

 

954,877

 

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

 

 

500

 

 

486,700

 

City of New York New York, GO:

 

 

 

 

 

 

 

Series A-1, 4.75%, 8/15/25

 

 

750

 

 

753,480

 

Series C, 5.38%, 3/15/12 (b)

 

 

5,000

 

 

5,272,950

 

Series D, 5.38%, 6/01/12 (b)

 

 

15

 

 

15,961

 

Series D, 5.38%, 6/01/32

 

 

3,985

 

 

3,991,017

 

Sub-Series G-1, 6.25%, 12/15/31

 

 

500

 

 

547,375

 

Sub-Series I-1, 5.38%, 4/01/36

 

 

1,750

 

 

1,766,327

 

Hudson Yards Infrastructure Corp., RB, Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

 

6,425

 

 

5,462,149

 

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

 

 

970

 

 

732,350

 

Metropolitan Transportation Authority, RB,
Transportation, Series D, 5.00%, 11/15/34

 

 

800

 

 

716,008

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

CAB, Yankee Stadium, PILOT (AGC), 6.04%,
3/01/42 (c)

 

 

2,210

 

 

309,069

 

Marymount School of New York Project (ACA),
5.13%, 9/01/21

 

 

750

 

 

756,008

 

Marymount School of New York Project (ACA),
5.25%, 9/01/31

 

 

500

 

 

458,745

 

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

 

 

150

 

 

156,662

 

Queens Baseball Stadium, PILOT (AMBAC), 5.00%,
1/01/36

 

 

4,900

 

 

3,983,210

 

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

 

 

500

 

 

401,225

 

Royal Charter, New York Presbyterian (AGM), 5.25%,
12/15/32

 

 

1,550

 

 

1,530,454

 

New York City Transitional Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

650

 

 

649,038

 

Series S-2 (NPFGC), 4.25%, 1/15/34

 

 

1,700

 

 

1,467,372

 

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

 

 

9,660

 

 

8,610,924

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 







New York (continued)

 

 

 

 

 

 

 









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

 

 

 

 

 

 

 

New York Liberty Development Corp., Refunding RB,
Second Priority, Bank of America Tower at One
Bryant Park Project:

 

 

 

 

 

 

 

5.63%, 7/15/47

 

$

1,000

 

$

936,330

 

6.38%, 7/15/49

 

 

1,200

 

 

1,206,036

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Interagency Council Pooled, Series A-1, 4.25%,
7/01/25

 

 

1,000

 

 

916,810

 

State University Dormitory Facilities, Series A,
5.00%, 7/01/39

 

 

750

 

 

726,743

 

New York State Dormitory Authority, Refunding RB,
School Districts Financing Program, Series A (AGM),
5.00%, 10/01/35

 

 

395

 

 

377,197

 

 

 

 

 

 



 

 

 

 

 

 

 

43,185,017

 









Education — 27.2%

 

 

 

 

 

 

 

Albany Industrial Development Agency, RB, New
Covenant Charter School Project, Series A (d)(e):

 

 

 

 

 

 

 

7.00%, 5/01/25

 

 

910

 

 

273,000

 

7.00%, 5/01/35

 

 

590

 

 

177,000

 

City of Troy New York, Refunding RB, Rensselaer
Polytechnic, Series A, 5.13%, 9/01/40

 

 

875

 

 

806,942

 

Dutchess County Industrial Development Agency
New York, Refunding RB, Bard College Civic Facility,
Series A-2, 4.50%, 8/01/36

 

 

7,000

 

 

5,583,550

 

Madison County Industrial Development Agency
New York, RB:

 

 

 

 

 

 

 

Colgate University Project, Series B, 5.00%,
7/01/33

 

 

2,000

 

 

2,000,360

 

Commons II LLC, Student Housing, Series A (CIFG),
5.00%, 6/01/33

 

 

275

 

 

234,185

 

Nassau County Industrial Development Agency,
Refunding RB, New York Institute of Technology
New York City Industrial Development Agency,
Project, Series A, 4.75%, 3/01/26

 

 

1,165

 

 

1,072,802

 

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

 

 

1,000

 

 

898,170

 

New York City Trust for Cultural Resources, Refunding RB,
Museum of Modern Art, Series 1A, 5.00%, 4/01/31

 

 

1,000

 

 

991,150

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

5.83%, 7/01/39 (f)

 

 

650

 

 

538,818

 

Convent of the Sacred Heart (AGM), 5.25%,
11/01/24 (g)

 

 

155

 

 

155,023

 

Convent of the Sacred Heart (AGM), 5.63%,
11/01/32 (g)

 

 

750

 

 

745,740

 

Convent of the Sacred Heart (AGM), 5.75%,
11/01/40 (g)

 

 

210

 

 

207,619

 

Cornell University, Series A, 5.00%, 7/01/40

 

 

1,000

 

 

984,810

 

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

 

 

2,000

 

 

1,844,260

 

New School University (NPFGC), 5.00%, 7/01/41

 

 

9,000

 

 

8,106,210

 

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

 

 

2,190

 

 

2,229,289

 

New York University, Series 2 (AMBAC), 5.00%,
7/01/41

 

 

5,000

 

 

4,781,650

 

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

 

 

1,000

 

 

1,043,660

 

The New School (AGM), 5.50%, 7/01/43

 

 

1,950

 

 

1,920,886

 

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

 

 

850

 

 

820,981

 

Vassar College, 5.00%, 7/01/49

 

 

825

 

 

782,199

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

475

 

 

483,849

 

Teachers College, 5.50%, 3/01/39

 

 

450

 

 

452,016

 

Yeshiva University, 5.00%, 9/01/34

 

 

275

 

 

265,749

 


See Notes to Financial Statements.

 

 

 




36

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

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 (continued)

 

 

 

 

 

 

 









Education (concluded)

 

 

 

 

 

 

 

Suffolk County Industrial Development Agency,
Refunding RB, New York Institute of Technology Project,
5.00%, 3/01/26

 

$

1,000

 

$

942,300

 

Trust for Cultural Resources, RB, Series A:

 

 

 

 

 

 

 

Carnegie Hall, 4.75%, 12/01/39

 

 

2,250

 

 

2,022,165

 

Juilliard School, 5.00%, 1/01/39

 

 

2,100

 

 

2,065,749

 

Westchester County Industrial Development Agency
New York, RB, Windward School Civic Facility (Radian),
5.25%, 10/01/31

 

 

2,500

 

 

2,225,175

 

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

 

 

625

 

 

614,650

 

 

 

 

 

 



 

 

 

 

 

 

 

45,269,957

 









Health — 8.0%

 

 

 

 

 

 

 

Dutchess County Local Development Corp.,
Refunding RB, Health Quest System Inc., Series A,
5.75%, 7/01/40

 

 

300

 

 

282,591

 

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

 

 

500

 

 

392,390

 

Monroe County Industrial Development Corp., RB, Unity
Hospital of Rochester Project (FHA), 5.50%, 8/15/40

 

 

1,050

 

 

1,045,548

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Hudson Valley Hospital (BHAC), 5.00%, 8/15/36

 

 

750

 

 

722,753

 

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

 

 

575

 

 

587,915

 

New York State Association for Retarded Children, Inc.,
Series B (AMBAC), 6.00%, 7/01/32

 

 

200

 

 

204,760

 

New York University Hospital Center, Series A, 6.00%,
7/01/40

 

 

1,050

 

 

1,024,453

 

New York University Hospital Center, Series B, 5.63%,
7/01/37

 

 

530

 

 

500,447

 

North Shore-Long Island Jewish Health System,
5.50%, 5/01/13 (b)

 

 

2,000

 

 

2,210,740

 

North Shore-Long Island Jewish Health System,
Series A, 5.50%, 5/01/13

 

 

1,775

 

 

1,687,439

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Mount Sinai Hospital, Series A, 5.00%, 7/01/26

 

 

1,385

 

 

1,340,832

 

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

 

 

1,100

 

 

1,056,286

 

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

 

 

1,175

 

 

1,028,994

 

Westchester County Healthcare Corp. New York,
Refunding RB, Senior Lien, Series B, 6.00%,
11/01/30

 

 

375

 

 

360,709

 

Westchester County Industrial Development Agency
New York, MRB, Kendal on Hudson Project, Series A,
6.38%, 1/01/24

 

 

1,000

 

 

939,840

 

 

 

 

 

 



 

 

 

 

 

 

 

13,385,697

 









Housing — 5.1%

 

 

 

 

 

 

 

New York Mortgage Agency, Refunding RB, AMT:

 

 

 

 

 

 

 

Homeowner Mortgage, Series 97, 5.50%, 4/01/31

 

 

1,970

 

 

1,932,215

 

Series 101, 5.40%, 4/01/32

 

 

4,465

 

 

4,301,135

 

New York State HFA, RB, Highland Avenue Senior
Apartments, Series A, AMT (SONYMA), 5.00%,
2/15/39

 

 

1,500

 

 

1,276,095

 

Yonkers Economic Development Corp., Refunding RB,
Riverview II (Freddie Mac), 4.50%, 5/01/25

 

 

1,000

 

 

944,530

 

 

 

 

 

 



 

 

 

 

 

 

 

8,453,975

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New York (concluded)

 

 

 

 

 

 

 









State — 4.5%

 

 

 

 

 

 

 

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

 

$

600

 

$

629,292

 

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

 

 

1,850

 

 

1,722,905

 

New York State Dormitory Authority, RB, Mental Health
Services Facilities Improvement, Series B (AMBAC),
5.00%, 2/15/35

 

 

4,855

 

 

4,620,261

 

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

 

 

475

 

 

467,248

 

 

 

 

 

 



 

 

 

 

 

 

 

7,439,706

 









Tobacco — 8.4%

 

 

 

 

 

 

 

New York Counties Tobacco Trust III, RB, Tobacco
Settlement Pass-Thru, Turbo, 6.00%, 6/01/43

 

 

6,700

 

 

5,556,109

 

Rensselaer Tobacco Asset Securitization Corp., RB,
Asset-Backed, Series A, 5.75%, 6/01/43

 

 

2,500

 

 

1,996,750

 

Rockland Tobacco Asset Securitization Corp., RB,
Asset-Backed, 5.75%, 8/15/43

 

 

5,000

 

 

3,992,300

 

TSASC Inc. New York, RB, Tobacco Settlement
Asset-Backed, Series 1, 5.75%, 7/15/12 (b)

 

 

2,250

 

 

2,416,275

 

 

 

 

 

 



 

 

 

 

 

 

 

13,961,434

 









Transportation — 24.3%

 

 

 

 

 

 

 

Hudson Yards Infrastructure Corp., RB (AGC), 5.00%,
2/15/47

 

 

1,000

 

 

875,550

 

Metropolitan Transportation Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,093,670

 

Transportation, Series D (AGM), 5.25%, 11/15/40

 

 

1,000

 

 

964,910

 

Metropolitan Transportation Authority, Refunding RB:

 

 

 

 

 

 

 

Series A, 5.00%, 11/15/30

 

 

12,000

 

 

11,791,920

 

Series A, 5.13%, 11/15/31

 

 

8,000

 

 

7,470,800

 

Transportation, Series F (NPFGC), 5.00%,
11/15/31

 

 

1,000

 

 

918,710

 

New York City Industrial Development Agency, RB,
Airis JFK I LLC Project, Series A, AMT, 5.50%, 7/01/28

 

 

9,000

 

 

7,588,800

 

Port Authority of New York & New Jersey, RB:

 

 

 

 

 

 

 

Consolidated, 116th Series, 4.13%, 9/15/32

 

 

500

 

 

436,975

 

Consolidated, 161st Series, 4.50%, 10/15/37

 

 

500

 

 

452,415

 

JFK International Air Terminal, 6.00%, 12/01/42

 

 

1,000

 

 

943,870

 

Special Project, JFK International Air Terminal,
Series 6, AMT (NPFGC), 6.25%, 12/01/13

 

 

1,000

 

 

1,051,700

 

Special Project, JFK International Air Terminal,
Series 6, AMT (NPFGC), 5.75%, 12/01/22

 

 

7,000

 

 

6,813,310

 

 

 

 

 

 



 

 

 

 

 

 

 

40,402,630

 









Utilities — 13.8%

 

 

 

 

 

 

 

Long Island Power Authority, RB, General, Series C (CIFG),
5.25%, 9/01/29

 

 

2,000

 

 

1,985,840

 

Long Island Power Authority, Refunding RB, Series A,
5.75%, 4/01/39

 

 

4,000

 

 

4,083,200

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

Election of 2002, Series C, 5.00%, 6/15/32

 

 

6,500

 

 

6,415,630

 

Second General Resolution,
Series A (NPFGC), 5.00%, 6/15/32

 

 

700

 

 

702,345

 

Series EE, 5.38%, 6/15/43

 

 

4,000

 

 

3,948,080

 

New York City Municipal Water Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Second General Resolution, Fiscal 2011, Series BB,
5.00%, 6/15/31

 

 

1,000

 

 

996,140

 

Series D, 5.00%, 6/15/39

 

 

5,000

 

 

4,809,200

 

 

 

 

 

 



 

 

 

 

 

 

 

22,940,435

 









Total Municipal Bonds in New York

 

 

 

 

 

226,308,942

 










See Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

37




 

 


 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Guam — 1.0%

 

 

 

 

 

 

 









State — 0.6%

 

 

 

 

 

 

 

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

 

$

970

 

$

1,035,660

 









Utilities — 0.4%

 

 

 

 

 

 

 

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

 

 

600

 

 

568,242

 









Total Municipal Bonds in Guam

 

 

 

 

 

1,603,902

 









 

 

 

 

 

 

 

 









Puerto Rico — 12.3%

 

 

 

 

 

 

 









County/City/Special District/School District — 1.1%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., RB:

 

 

 

 

 

 

 

CAB, Series A, 6.39%, 8/01/32 (c)

 

 

1,685

 

 

406,018

 

First Sub-Series A (AGM), 5.00%, 8/01/40

 

 

1,000

 

 

928,810

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, Series A (NPFGC), 5.78%, 8/01/41 (c)

 

 

3,500

 

 

455,980

 

 

 

 

 

 



 

 

 

 

 

 

 

1,790,808

 









Housing — 1.8%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

2,981,400

 









State — 8.4%

 

 

 

 

 

 

 

Commonwealth of Puerto Rico, GO, Refunding,
Public Improvement, Series C, 6.00%, 7/01/39

 

 

700

 

 

683,186

 

Puerto Rico Highway & Transportation Authority,
Refunding RB, Series CC (AGM), 5.50%, 7/01/30

 

 

2,750

 

 

2,753,107

 

Puerto Rico Public Buildings Authority, Refunding RB,
Government Facilities, Series D:

 

 

 

 

 

 

 

5.25%, 7/01/12 (b)

 

 

3,400

 

 

3,617,192

 

5.25%, 7/01/36

 

 

1,600

 

 

1,408,544

 

Puerto Rico Public Finance Corp., RB, Commonwealth
Appropriation, Series E, 5.50%, 2/01/12 (b)

 

 

3,000

 

 

3,148,710

 

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

 

 

2,000

 

 

1,946,980

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, Series A (NPFGC), 5.99%, 8/01/43 (c)

 

 

3,500

 

 

391,265

 

 

 

 

 

 



 

 

 

 

 

 

 

13,948,984

 









Transportation — 0.1%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation Authority,
Refunding RB, Series AA-1 (AGM), 4.95%, 7/01/26

 

 

250

 

 

242,385

 









Utilities — 0.9%

 

 

 

 

 

 

 

Puerto Rico Aqueduct & Sewer Authority, RB,
Senior Lien, Series A, 6.00%, 7/01/38

 

 

1,100

 

 

1,031,294

 

Puerto Rico Electric Power Authority, Refunding RB,
Series VV (NPFGC), 5.25%, 7/01/29

 

 

500

 

 

473,975

 

 

 

 

 

 



 

 

 

 

 

 

 

1,505,269

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

20,468,846

 









Total Municipal Bonds — 149.4%

 

 

 

 

 

248,381,690

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (h)

 

Par
(000)

 

Value

 









New York — 12.6%

 

 

 

 

 

 

 









Housing — 9.0%

 

 

 

 

 

 

 

New York Mortgage Agency, RB, 31st Series A, AMT,
5.30%, 10/01/31

 

$

15,500

 

$

15,007,255

 









Utilities — 3.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

1,200

 

 

1,251,538

 

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

 

 

810

 

 

827,701

 

New York City Municipal Water Finance Authority,
Refunding RB, Series A, 4.75%, 6/15/30

 

 

4,000

 

 

3,881,920

 

 

 

 

 

 



 

 

 

 

 

 

 

5,961,159

 









Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 12.6%

 

 

 

 

 

20,968,414

 









Total Long-Term Investments
(Cost — $282,659,500) — 162.0%

 

 

 

 

 

269,350,104

 









 

 

 

 

 

 

 

 


 

Short-Term Securities

 

Shares

 

 

 

 








BIF New York Municipal Money Fund, 0.00%,
12/31/49 (i)(j)

 

 

1,041,825

 

 

1,041,825

 









Total Short-Term Securities
(Cost — $1,041,825) — 0.6%

 

 

 

 

 

1,041,825

 









Total Investments (Cost — $283,701,325*) — 162.6%

 

 

 

 

 

270,391,929

 

Other Assets Less Liabilities — 0.9%

 

 

 

 

 

1,469,039

 

Liability for Trust Certificates, Including Interest
Expense and Fees Payable — (6.7)%

 

 

 

 

 

(11,097,713

)

Preferred Shares, at Redemption Value — (56.8)%

 

 

 

 

 

(94,503,433

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

166,259,822

 

 

 

 

 

 



 


 

 



*

The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows:


 

 

 

 

 

 

 

Aggregate cost

 

$

271,438,366

 

 

 

 



 

 

Gross unrealized appreciation

 

$

2,880,374

 

 

Gross unrealized depreciation

 

 

(15,016,285

)

 

 

 



 

 

Net unrealized depreciation

 

$

(12,135,911

)

 

 

 



 


 

 

(a)

Variable rate security. Rate shown is 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)

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

 

 

(e)

Non-income producing security.

 

 

(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)

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


 

 

 

 

 

 

 

 

 

 









 

Counterparty

 

Value

 

Unrealized
Appreciation

 

 







 

Wells Fargo Bank

 

$

155,023

 

$

1,383

 

 

Wells Fargo Bank

 

$

745,740

 

$

930

 

 

Wells Fargo Bank

 

$

207,619

 

$

584

 

 










See Notes to Financial Statements.

 

 

 




38

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (concluded)

BlackRock New York Municipal Income Trust (BNY)


 

 

(h)

Securities represent bonds transferred to a TOB 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 TOBs.

 

 

(i)

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


 

 

 

 

 

 

 

 

 

 

 

 











 

Affiliate

 

Shares at
July 31,
2010

 

Net
Activity

 

Shares at
January 31,
2011

 

Income

 

 











 

BIF New York Municipal Money Fund

 

414,030

 

627,795

 

1,041,825

 

 

 












 

 

 

(j)

Represents the current yield as of report date.

 

 

For Trust compliance purposes,the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

 

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 tables summarize the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

 

 

$

269,350,104

 

 

 

$

269,350,104

 

Short-Term Securities

 

$

1,041,825

 

 

 

 

 

 

1,041,825

 

 

 













Total

 

$

1,041,825

 

$

269,350,104

 

 

 

$

270,391,929

 

 

 














 

 

 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

39




 


 

Statements of Assets and Liabilities


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 31, 2011 (Unaudited)

 

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)

 













Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Investments at value — unaffiliated1

 

$

708,274,253

 

$

119,882,069

 

$

21,183,941

 

$

143,027,229

 

$

18,280,498

 

Investments at value — affiliated2

 

 

12,115,311

 

 

4,192,770

 

 

158,350

 

 

2,947,082

 

 

310,252

 

Cash

 

 

 

 

 

 

154

 

 

 

 

 

Investments sold receivable

 

 

13,110,871

 

 

10,000

 

 

5,064

 

 

 

 

 

Interest receivable

 

 

12,235,913

 

 

1,506,529

 

 

297,313

 

 

1,993,029

 

 

205,598

 

Income receivable — affiliated

 

 

59

 

 

14

 

 

23

 

 

12

 

 

18

 

Prepaid expenses

 

 

39,346

 

 

13,847

 

 

2,304

 

 

14,856

 

 

1,571

 

Other assets

 

 

53,039

 

 

5,263

 

 

4,353

 

 

11,282

 

 

6,541

 

 

 
















Total assets

 

 

745,828,792

 

 

125,610,492

 

 

21,651,502

 

 

147,993,490

 

 

18,804,478

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Accrued Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Bank overdraft

 

 

21,059

 

 

 

 

 

 

 

 

 

Investments purchased payable

 

 

25,039,672

 

 

 

 

116,710

 

 

 

 

38

 

Income dividends payable — Common Shares

 

 

2,409,290

 

 

311,479

 

 

78,953

 

 

504,731

 

 

64,893

 

Investment advisory fees payable

 

 

339,932

 

 

52,602

 

 

6,368

 

 

75,046

 

 

5,353

 

Interest expense and fees payable

 

 

144,528

 

 

7,051

 

 

4,025

 

 

24,376

 

 

137

 

Officer’s and Trustees’ fees payable

 

 

59,730

 

 

6,770

 

 

5,687

 

 

13,131

 

 

8,177

 

Other affiliates payable

 

 

5,665

 

 

637

 

 

 

 

769

 

 

 

Administration fees payable

 

 

 

 

 

 

1,821

 

 

 

 

1,587

 

Other accrued expenses payable

 

 

24,259

 

 

31,707

 

 

19,085

 

 

50,343

 

 

35,034

 

 

 
















Total accrued liabilities

 

 

28,044,135

 

 

410,246

 

 

232,649

 

 

668,396

 

 

115,219

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Other Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Trust certificates3

 

 

144,495,478

 

 

4,136,402

 

 

4,556,817

 

 

30,617,038

 

 

159,917

 

 

 
















Total Liabilities

 

 

172,539,613

 

 

4,546,648

 

 

4,789,466

 

 

31,285,434

 

 

275,136

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















$25,000 per share liquidation preference, plus unpaid dividends4,5

 

 

171,332,769

 

 

42,900,520

 

 

4,575,222

 

 

34,252,489

 

 

6,900,501

 

 

 
















Net Assets Applicable to Common Shareholders

 

$

401,956,410

 

$

78,163,324

 

$

12,286,814

 

$

82,455,567

 

$

11,628,841

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Net Assets Applicable to Common Shareholders Consist of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Paid-in capital6,7,8

 

$

451,609,940

 

$

78,891,300

 

$

15,022,126

 

$

95,019,234

 

$

13,214,636

 

Undistributed net investment income

 

 

5,534,366

 

 

3,752,034

 

 

122,245

 

 

821,118

 

 

184,245

 

Accumulated net realized loss

 

 

(31,577,466

)

 

(537,773

)

 

(2,590,711

)

 

(10,487,303

)

 

(576,576

)

Net unrealized appreciation/depreciation

 

 

(23,610,430

)

 

(3,942,237

)

 

(266,846

)

 

(2,897,482

)

 

(1,193,464

)

 

 
















Net Assets Applicable to Common Shareholders

 

$

401,956,410

 

$

78,163,324

 

$

12,286,814

 

$

82,455,567

 

$

11,628,841

 

 

 
















Net asset value per Common Share

 

$

12.63

 

$

14.05

 

$

10.89

 

$

12.31

 

$

11.44

 

 

 
















1 Investments at cost — unaffiliated

 

$

731,884,683

 

$

123,824,306

 

$

21,450,787

 

$

145,924,711

 

$

19,473,962

 

 

 
















2 Investments at cost — affiliated

 

$

12,115,311

 

$

4,192,770

 

$

158,350

 

$

2,947,082

 

$

310,252

 

 

 
















3 Represents short-term floating rate certificates issued by TOBs.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4 Preferred Shares outstanding, par value $0.001 per share

 

 

6,853

 

 

1,716

 

 

183

 

 

1,370

 

 

276

 

 

 
















5 Preferred Shares authorized

 

 

unlimited

 

 

unlimited

 

 

100 million

 

 

unlimited

 

 

300

 

 

 
















6 Par value per Common Share

 

$

0.001

 

$

0.001

 

$

0.01

 

$

0.001

 

$

0.01

 

 

 
















7 Common Shares outstanding

 

 

31,826,816

 

 

5,562,128

 

 

1,127,903

 

 

6,696,262

 

 

1,016,385

 

 

 
















8 Common Shares authorized

 

 

unlimited

 

 

unlimited

 

 

200 million

 

 

unlimited

 

 

200 million

 

 

 

















 

 

 

See Notes to Financial Statements.

 




40

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 



 

 

 

 

 

 

 

 

 

 

 

January 31, 2011 (Unaudited)

 

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

 

$

156,271,344

 

$

26,888,072

 

$

269,350,104

 

Investments at value — affiliated2

 

 

3,915,752

 

 

150,230

 

 

1,041,825

 

Cash

 

 

 

 

 

 

 

Investments sold receivable

 

 

 

 

93,681

 

 

234,203

 

Interest receivable

 

 

1,792,040

 

 

332,528

 

 

3,548,464

 

Income receivable — affiliated

 

 

226

 

 

26

 

 

 

Prepaid expenses

 

 

17,035

 

 

2,762

 

 

26,181

 

Other assets

 

 

13,376

 

 

4,193

 

 

21,966

 

 

 










Total assets

 

 

162,009,773

 

 

27,471,492

 

 

274,222,743

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Accrued Liabilities

 

 

 

 

 

 

 

 

 

 












Bank overdraft

 

 

 

 

 

 

 

Investments purchased payable

 

 

142

 

 

147,901

 

 

1,105,485

 

Income dividends payable — Common Shares

 

 

601,751

 

 

95,955

 

 

1,056,233

 

Investment advisory fees payable

 

 

80,757

 

 

7,953

 

 

137,297

 

Interest expense and fees payable

 

 

1,546

 

 

232

 

 

8,239

 

Officer’s and Trustees’ fees payable

 

 

15,226

 

 

5,542

 

 

23,876

 

Other affiliates payable

 

 

840

 

 

 

 

1,422

 

Administration fees payable

 

 

 

 

2,308

 

 

 

Other accrued expenses payable

 

 

42,965

 

 

17,839

 

 

37,462

 

 

 










Total accrued liabilities

 

 

743,227

 

 

277,730

 

 

2,370,014

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Other Liabilities

 

 

 

 

 

 

 

 

 

 












Trust certificates3

 

 

2,359,296

 

 

569,974

 

 

11,089,474

 

 

 










Total Liabilities

 

 

3,102,523

 

 

847,704

 

 

13,459,488

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Preferred Shares at Redemption Value

 

 

 

 

 

 

 

 

 

 












$25,000 per share liquidation preference, plus unpaid dividends4,5

 

 

59,102,863

 

 

9,725,118

 

 

94,503,433

 

 

 










Net Assets Applicable to Common Shareholders

 

$

99,804,387

 

$

16,898,670

 

$

166,259,822

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Net Assets Applicable to Common Shareholders Consist of

 

 

 

 

 

 

 

 

 

 












Paid-in capital6,7,8

 

$

108,109,459

 

$

17,770,228

 

$

181,778,430

 

Undistributed net investment income

 

 

2,180,384

 

 

297,710

 

 

3,977,262

 

Accumulated net realized loss

 

 

(2,099,510

)

 

(101,678

)

 

(6,186,474

)

Net unrealized appreciation/depreciation

 

 

(8,385,946

)

 

(1,067,590

)

 

(13,309,396

)

 

 










Net Assets Applicable to Common Shareholders

 

$

99,804,387

 

$

16,898,670

 

$

166,259,822

 

 

 










Net asset value per Common Share

 

$

13.12

 

$

12.86

 

$

12.99

 

 

 










1 Investments at cost — unaffiliated

 

$

164,657,290

 

$

27,955,662

 

$

282,659,500

 

 

 










2 Investments at cost — affiliated

 

$

3,915,752

 

$

150,230

 

$

1,041,825

 

 

 










3 Represents short-term floating rate certificates issued by TOBs

 

 

 

 

 

 

 

 

 

 

 

4 Preferred Shares outstanding, par value $0.001 per share

 

 

2,364

 

 

389

 

 

3,780

 

 

 










5 Preferred Shares authorized

 

 

unlimited

 

 

392

 

 

unlimited

 

 

 










6 Par value per Common Share

 

$

0.001

 

$

0.01

 

$

0.001

 

 

 










7 Common Shares outstanding

 

 

7,607,470

 

 

1,314,446

 

 

12,802,819

 

 

 










8 Common Shares authorized

 

 

unlimited

 

 

200 million

 

 

unlimited

 

 

 











 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

41




 


 

Statements of Operations


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended January 31, 2011 (Unaudited)

 

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)

 













Investment Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Interest

 

$

18,629,276

 

$

3,011,792

 

$

582,515

 

$

3,947,358

 

$

483,669

 

Income — affiliated

 

 

3,691

 

 

190

 

 

297

 

 

1,998

 

 

392

 

 

 
















Total income

 

 

18,632,967

 

 

3,011,982

 

 

582,812

 

 

3,949,356

 

 

484,061

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Investment advisory

 

 

2,249,420

 

 

324,750

 

 

39,779

 

 

468,604

 

 

34,507

 

Commissions for Preferred Shares

 

 

104,033

 

 

25,445

 

 

3,519

 

 

21,856

 

 

4,591

 

Professional

 

 

63,944

 

 

59,317

 

 

18,498

 

 

31,949

 

 

17,659

 

Printing

 

 

43,694

 

 

6,654

 

 

2,540

 

 

8,507

 

 

2,189

 

Officer and Trustees

 

 

26,292

 

 

3,765

 

 

955

 

 

5,510

 

 

1,033

 

Transfer agent

 

 

20,216

 

 

7,293

 

 

6,262

 

 

9,370

 

 

6,221

 

Accounting services

 

 

17,927

 

 

9,005

 

 

2,446

 

 

14,113

 

 

1,587

 

Custodian

 

 

16,850

 

 

3,539

 

 

3,050

 

 

5,352

 

 

2,520

 

Registration

 

 

6,011

 

 

3,695

 

 

247

 

 

4,673

 

 

228

 

Administration

 

 

 

 

 

 

11,365

 

 

 

 

9,859

 

Miscellaneous

 

 

44,058

 

 

14,666

 

 

16,415

 

 

21,029

 

 

17,103

 

 

 
















Total expenses excluding interest expense and fees

 

 

2,592,445

 

 

458,129

 

 

105,076

 

 

590,963

 

 

97,497

 

Interest expense and fees1

 

 

640,260

 

 

15,465

 

 

19,332

 

 

127,481

 

 

691

 

 

 
















Total expenses

 

 

3,232,705

 

 

473,594

 

 

124,408

 

 

718,444

 

 

98,188

 

Less fees waived by advisor

 

 

(194,306

)

 

(3,287

)

 

(47

)

 

(441

)

 

(1,211

)

 

 
















Total expenses after fees waived

 

 

3,038,399

 

 

470,307

 

 

124,361

 

 

718,003

 

 

96,977

 

 

 
















Net investment income

 

 

15,594,568

 

 

2,541,675

 

 

458,451

 

 

3,231,353

 

 

387,084

 

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(4,140,926

)

 

(33,558

)

 

(194,756

)

 

(1,049,702

)

 

42,190

 

Financial futures contracts

 

 

(53,219

)

 

 

 

 

 

 

 

 

 

 
















 

 

 

(4,194,145

)

 

(33,558

)

 

(194,756

)

 

(1,049,702

)

 

42,190

 

 

 
















Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(49,128,064

)

 

(5,313,904

)

 

(1,351,676

)

 

(9,754,373

)

 

(1,163,722

)

Financial futures contracts

 

 

40,714

 

 

 

 

 

 

 

 

 

 

 
















 

 

 

(49,087,350

)

 

(5,313,904

)

 

(1,351,676

)

 

(9,754,373

)

 

(1,163,722

)

 

 
















Total realized and unrealized loss

 

 

(53,281,495

)

 

(5,347,462

)

 

(1,546,432

)

 

(10,804,075

)

 

(1,121,532

)

 

 
















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Dividends to Preferred Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


















Net investment income

 

 

(361,908

)

 

(90,611

)

 

(9,651

)

 

(72,219

)

 

(14,550

)

 

 
















Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(38,048,835

)

$

(2,896,398

)

$

(1,097,632

)

$

(7,644,941

)

$

(748,998

)

 

 

















 

 

1

Related to TOBs.


 

 

 

See Notes to Financial Statements.

 




42

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 



 

 

 

 

 

 

 

 

 

 

 

Six Months Ended January 31, 2011 (Unaudited)

 

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

 

$

4,316,376

 

$

732,839

 

$

7,569,638

 

Income — affiliated

 

 

1,412

 

 

223

 

 

845

 

 

 









 

Total income

 

 

4,317,788

 

 

733,062

 

 

7,570,483

 

 

 









 

 

 

 

 

 

 

 

 

 

 

 












Expenses

 

 

 

 

 

 

 

 

 

 












Investment advisory

 

 

509,296

 

 

50,251

 

 

859,997

 

Commissions for Preferred Shares

 

 

32,470

 

 

7,569

 

 

63,195

 

Professional

 

 

45,732

 

 

19,612

 

 

52,588

 

Printing

 

 

10,269

 

 

2,626

 

 

19,146

 

Officer and Trustees

 

 

5,884

 

 

1,228

 

 

10,866

 

Transfer agent

 

 

8,640

 

 

5,987

 

 

12,429

 

Accounting services

 

 

14,466

 

 

1,526

 

 

23,062

 

Custodian

 

 

5,285

 

 

2,928

 

 

8,914

 

Registration

 

 

4,298

 

 

284

 

 

4,610

 

Administration

 

 

 

 

14,358

 

 

 

Miscellaneous

 

 

21,139

 

 

16,838

 

 

28,470

 

 

 









 

Total expenses excluding interest expense and fees

 

 

657,479

 

 

123,207

 

 

1,083,277

 

Interest expense and fees1

 

 

9,895

 

 

2,360

 

 

45,892

 

 

 









 

Total expenses

 

 

667,374

 

 

125,567

 

 

1,129,169

 

Less fees waived by advisor

 

 

(7,059

)

 

(482

)

 

(4,046

)

 

 









 

Total expenses after fees waived

 

 

660,315

 

 

125,085

 

 

1,125,123

 

 

 









 

Net investment income

 

 

3,657,473

 

 

607,977

 

 

6,445,360

 

 

 









 

 

 

 

 

 

 

 

 

 

 

 












Realized and Unrealized Gain (Loss)

 

 

 

 

 

 

 

 

 

 












Net realized gain (loss) from:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(59,424

)

 

(42,485

)

 

(1,860,464

)

Financial futures contracts

 

 

 

 

(7,766

)

 

(71,839

)

 

 









 

 

 

 

(59,424

)

 

(50,251

)

 

(1,932,303

)

 

 









 

Net change in unrealized appreciation/depreciation on:

 

 

 

 

 

 

 

 

 

 

Investments

 

 

(9,489,063

)

 

(1,667,176

)

 

(14,485,241

)

Financial futures contracts

 

 

 

 

5,134

 

 

47,488

 

 

 









 

 

 

 

(9,489,063

)

 

(1,662,042

)

 

(14,437,753

)

 

 









 

Total realized and unrealized loss

 

 

(9,548,487

)

 

(1,712,293

)

 

(16,370,056

)

 

 









 

 

 

 

 

 

 

 

 

 

 

 












Dividends to Preferred Shareholders From

 

 

 

 

 

 

 

 

 

 












Net investment income

 

 

(125,144

)

 

(20,776

)

 

(200,019

)

 

 









 

Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations

 

$

(6,016,158

)

$

(1,125,092

)

$

(10,124,715

)

 

 









 


 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

43




 


 

Statements of Changes in Net Assets


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock California
Municipal Income Trust (BFZ)

 

BlackRock Florida
Municipal 2020 Term Trust (BFO)

 

 

 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 

Six Months Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 















Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

15,594,568

 

$

22,567,795

 

$

2,541,675

 

$

5,308,173

 

Net realized loss

 

 

(4,194,145

)

 

(6,857,759

)

 

(33,558

)

 

(3,583

)

Net change in unrealized appreciation/depreciation

 

 

(49,087,350

)

 

38,735,800

 

 

(5,313,904

)

 

7,283,510

 

Dividends to Preferred Shareholders from investment income

 

 

(361,908

)

 

(494,675

)

 

(90,611

)

 

(177,702

)

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

(38,048,835

)

 

53,951,161

 

 

(2,896,398

)

 

12,410,398

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(14,487,464

)

 

(21,334,104

)

 

(1,868,875

)

 

(3,737,750

)

 

 






 







 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Common Shares issued from reorganization

 

 

 

 

228,998,766

 

 

 

 

 

Reinvestment of common dividends

 

 

194,043

 

 

132,023

 

 

 

 

 

 

 






 







Net increase in net assets derived from capital share transactions

 

 

194,043

 

 

229,130,789

 

 

 

 

 

 

 






 







 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

(52,342,256

)

 

261,747,846

 

 

(4,765,273

)

 

8,672,648

 

Beginning of period

 

 

454,298,666

 

 

192,550,820

 

 

82,928,597

 

 

74,255,949

 

 

 






 







End of period

 

$

401,956,410

 

$

454,298,666

 

$

78,163,324

 

$

82,928,597

 

 

 






 







Undistributed net investment income

 

$

5,534,366

 

$

4,789,170

 

$

3,752,034

 

$

3,169,845

 

 

 






 








 

 

 

See Notes to Financial Statements.

 

 




44

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Statements of Changes in Net Assets (continued)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BlackRock Investment Quality
Municipal Income Trust (RFA)

 

BlackRock Municipal
Income Investment Trust (BBF)

 

 

 


 


 

Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 















Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

458,451

 

$

897,744

 

$

3,231,353

 

$

6,186,309

 

Net realized loss

 

 

(194,756

)

 

(371,435

)

 

(1,049,702

)

 

(1,576,745

)

Net change in unrealized appreciation/depreciation

 

 

(1,351,676

)

 

1,707,371

 

 

(9,754,373

)

 

9,562,974

 

Dividends to Preferred Shareholders from net investment income

 

 

(9,651

)

 

(18,365

)

 

(72,219

)

 

(143,487

)

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

(1,097,632

)

 

2,215,315

 

 

(7,644,941

)

 

14,029,051

 

 

 






 







 















Dividends to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(473,683

)

 

(932,299

)

 

(3,027,768

)

 

(6,050,943

)

 

 






 







 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Reinvestment of common dividends

 

 

3,228

 

 

6,619

 

 

55,394

 

 

44,565

 

 

 






 







 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

(1,568,087

)

 

1,289,635

 

 

(10,617,315

)

 

8,022,673

 

Beginning of period

 

 

13,854,901

 

 

12,565,266

 

 

93,072,882

 

 

85,050,209

 

 

 













End of period

 

$

12,286,814

 

$

13,854,901

 

$

82,455,567

 

$

93,072,882

 

 

 






 







Undistributed net investment income

 

$

122,245

 

$

147,128

 

$

821,118

 

$

689,752

 

 

 






 








 

 

 

See Notes to Financial Statements.

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

45




 


 

Statements of Changes in Net Assets (continued)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

BlackRock New Jersey
Municipal Income Trust (BNJ)

 

 

 


 



Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 











Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

387,084

 

$

833,885

 

$

3,657,473

 

$

7,784,301

 

Net realized gain (loss)

 

 

42,190

 

 

(75,070

)

 

(59,424

)

 

114,395

 

Net change in unrealized appreciation/depreciation

 

 

(1,163,722

)

 

1,310,034

 

 

(9,489,063

)

 

11,576,851

 

Dividends to Preferred Shareholders from net investment income

 

 

(14,550

)

 

(28,907

)

 

(125,144

)

 

(243,304

)

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

(748,998

)

 

2,039,942

 

 

(6,016,158

)

 

19,232,243

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(399,305

)

 

(783,778

)

 

(3,594,502

)

 

(7,062,352

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Reinvestment of common dividends

 

 

13,040

 

 

33,509

 

 

158,457

 

 

390,663

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

(1,135,263

)

 

1,289,673

 

 

(9,452,203

)

 

12,560,554

 

Beginning of period

 

 

12,764,104

 

 

11,474,431

 

 

109,256,590

 

 

96,696,036

 

 

 






 







End of period

 

$

11,628,841

 

$

12,764,104

 

$

99,804,387

 

$

109,256,590

 

 

 






 







Undistributed net investment income

 

$

184,245

 

$

211,016

 

$

2,180,384

 

$

2,242,557

 

 

 






 








 

 

 

See Notes to Financial Statements.

 




46

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Statements of Changes in Net Assets (concluded)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

BlackRock New York
Municipal Income Trust (BNY)

 

 

 


 



Increase (Decrease) in Net Assets Applicable to Common Shareholders:

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

Year Ended
July 31,
2010

 











Operations

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

$

607,977

 

$

1,243,056

 

$

6,445,360

 

$

13,233,625

 

Net realized gain (loss)

 

 

(50,251

)

 

36,426

 

 

(1,932,303

)

 

162,795

 

Net change in unrealized appreciation/depreciation

 

 

(1,662,042

)

 

1,655,207

 

 

(14,437,753

)

 

19,527,175

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(20,776

)

 

(38,597

)

 

(200,019

)

 

(393,227

)

Net realized gain

 

 

 

 

(2,688

)

 

 

 

 

 

 






 







Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations

 

 

(1,125,092

)

 

2,893,404

 

 

(10,124,715

)

 

32,530,368

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Dividends and Distributions to Common Shareholders From

 

 

 

 

 

 

 

 

 

 

 

 

 















Net investment income

 

 

(575,441

)

 

(1,096,393

)

 

(6,332,305

)

 

(12,596,574

)

Net realized gain

 

 

 

 

(32,629

)

 

 

 

 

 

 






 







Decrease in net assets resulting from dividends and distributions to Common Shareholders

 

 

(575,441

)

 

(1,129,022

)

 

(6,332,305

)

 

(12,596,574

)

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Capital Share Transactions

 

 

 

 

 

 

 

 

 

 

 

 

 















Reinvestment of common dividends and distributions

 

 

21,902

 

 

16,795

 

 

344,954

 

 

711,029

 

 

 






 







 

 

 

 

 

 

 

 

 

 

 

 

 

 















Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 















Total increase (decrease) in net assets applicable to Common Shareholders

 

 

(1,678,631

)

 

1,781,177

 

 

(16,112,066

)

 

20,644,823

 

Beginning of period

 

 

18,577,301

 

 

16,796,124

 

 

182,371,888

 

 

161,727,065

 

 

 






 







End of period

 

$

16,898,670

 

$

18,577,301

 

$

166,259,822

 

$

182,371,888

 

 

 






 







Undistributed net investment income

 

$

297,710

 

$

285,950

 

$

3,977,262

 

$

4,064,226

 

 

 






 








 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

47




 


 

Statements of Cash Flows


 

 

 

 

 

 

 

 

 

 

 

Six Months Ended January 31, 2011 (Unaudited)

 

BlackRock
California
Municipal
Income Trust
(BFZ)

 

BlackRock
Investment Quality
Municipal
Income Trust
(RFA)

 

BlackRock
Municipal
Income
Investment Trust
(BBF)

 









Cash Used for Operating Activities

 

 

 

 

 

 

 

 

 

 












Net decrease in net assets resulting from operations, excluding dividends to Preferred Shareholders

 

$

(37,686,927

)

$

(1,087,981

)

$

(7,572,722

)

Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities:

 

 

 

 

 

 

 

 

 

 

Increase in interest receivable

 

 

(1,849,878

)

 

(26,716

)

 

(248,861

)

Increase in other assets

 

 

(3,202

)

 

(206

)

 

(682

)

Increase (decrease) in income receivable — affiliated

 

 

134

 

 

(7

)

 

27

 

Decrease in cash pledged as collateral for financial futures contracts

 

 

27,000

 

 

 

 

 

Increase (decrease) in investment advisory fees payable

 

 

234

 

 

(436

)

 

1,665

 

Increase in interest expense and fees payable

 

 

75,271

 

 

836

 

 

7,289

 

Increase (decrease) in other affiliates payable

 

 

1,133

 

 

 

 

(150

)

Increase (decrease) in administration fees payable

 

 

 

 

(127

)

 

 

Decrease in other accrued expenses payable

 

 

(131,913

)

 

(19,966

)

 

(19,174

)

Decrease in margin variation payable

 

 

(13,656

)

 

 

 

 

Increase in Officer’s and Trustees’ payable

 

 

4,492

 

 

413

 

 

994

 

Net realized and unrealized gain

 

 

53,272,192

 

 

1,546,226

 

 

10,804,757

 

Amortization of premium and discount on investments

 

 

655,576

 

 

13,737

 

 

96,294

 

Proceeds from sales of long-term investments

 

 

155,730,063

 

 

3,497,993

 

 

21,866,817

 

Purchases of long-term investments

 

 

(185,917,726

)

 

(4,181,770

)

 

(28,263,553

)

Net purchases of short-term securities

 

 

14,062,822

 

 

195,271

 

 

2,016,470

 

 

 










Cash used for operating activities

 

 

(1,774,385

)

 

(62,733

)

 

(1,310,829

)

 

 










 

 

 

 

 

 

 

 

 

 

 












Cash Provided by Financing Activities

 

 

 

 

 

 

 

 

 

 












Cash receipts from trust certificates

 

 

44,426,437

 

 

614,948

 

 

4,354,636

 

Cash payments for trust certificates

 

 

(27,995,579

)

 

(72,040

)

 

 

Cash dividends paid to Common Shareholders

 

 

(14,292,421

)

 

(470,437

)

 

(2,972,075

)

Cash dividends paid to Preferred Shareholders

 

 

(364,111

)

 

(9,584

)

 

(71,732

)

Increase in custodian bank payable

 

 

59

 

 

 

 

 

 

 










Cash provided by financing activities

 

 

1,774,385

 

 

62,887

 

 

1,310,829

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Cash

 

 

 

 

 

 

 

 

 

 












Net increase in cash

 

 

 

 

154

 

 

 

Cash at beginning of period

 

 

 

 

 

 

 

 

 










Cash at end of period

 

 

 

$

154

 

 

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Cash Flow Information

 

 

 

 

 

 

 

 

 

 












Cash paid during the period for interest and fees

 

$

564,989

 

$

18,496

 

$

120,192

 

 

 










 

 

 

 

 

 

 

 

 

 

 












Noncash Activities

 

 

 

 

 

 

 

 

 

 












Capital shares issued in reinvestment of dividends paid to Common Shareholders

 

$

194,043

 

$

3,228

 

$

55,394

 

 

 











 

 

 

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.

 




48

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Financial Highlights

BlackRock California Municipal Income Trust (BFZ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended October 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

14.28

 

$

12.71

 

$

13.98

 

$

14.97

 

$

15.74

 

$

15.18

 

$

14.77

 

 

 






















Net investment income

 

 

0.49

1

 

1.00

1

 

1.03

1

 

0.82

1

 

1.08

 

 

1.11

 

 

1.12

 

Net realized and unrealized gain (loss)

 

 

(1.68

)

 

1.50

 

 

(1.35

)

 

(0.90

)

 

(0.64

)

 

0.62

 

 

0.36

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.01

)

 

(0.02

)

 

(0.12

)

 

(0.22

)

 

(0.30

)

 

(0.26

)

 

(0.16

)

 

 






















Net increase (decrease) from investment operations

 

 

(1.20

)

 

2.48

 

 

(0.44

)

 

(0.30

)

 

0.14

 

 

1.47

 

 

1.32

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.45

)

 

(0.91

)

 

(0.83

)

 

(0.69

)

 

(0.91

)

 

(0.91

)

 

(0.91

)

 

 






















Net asset value, end of period

 

$

12.63

 

$

14.28

 

$

12.71

 

$

13.98

 

$

14.97

 

$

15.74

 

$

15.18

 

 

 






















Market price, end of period

 

$

12.44

 

$

14.21

 

$

12.40

 

$

13.99

 

$

15.82

 

$

17.12

 

$

14.92

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(8.55

)%3

 

20.15

%

 

(2.36

)%

 

(2.09

)%3

 

0.77

%

 

9.93

%

 

9.47

%

 

 






















Based on market price

 

 

(9.48

)%3

 

22.55

%

 

(4.81

)%

 

(7.29

)%3

 

(2.09

)%

 

21.65

%

 

16.42

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.44

%5

 

1.36

%

 

1.54

%

 

1.25

%5

 

1.21

%

 

1.25

%

 

1.25

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.36

%5

 

1.27

%

 

1.35

%

 

0.98

%5

 

0.91

%

 

0.87

%

 

0.86

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.36

%5

 

1.27

%

 

1.35

%

 

0.98

%5

 

0.91

%

 

0.87

%

 

0.85

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization expense4,6

 

 

1.07

%5

 

1.04

%

 

1.08

%

 

0.91

%5

 

0.91

%

 

0.87

%

 

0.85

%

 

 






















Net investment income4

 

 

6.97

%5

 

6.94

%

 

8.27

%

 

7.39

%5

 

7.09

%

 

7.26

%

 

7.35

%

 

 






















Dividends to Preferred Shareholders

 

 

0.16

%5

 

0.15

%

 

1.00

%

 

1.95

%5

 

1.98

%

 

1.71

%

 

1.04

%

 

 






















Net investment income to Common Shareholders

 

 

6.81

%5

 

6.79

%

 

7.27

%

 

5.44

%5

 

5.11

%

 

5.55

%

 

6.31

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

401,956

 

$

454,299

 

$

192,551

 

$

211,671

 

$

225,939

 

$

236,573

 

$

227,472

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

171,325

 

$

171,325

 

$

71,000

 

$

100,900

 

$

131,950

 

$

131,950

 

$

131,950

 

 

 






















Portfolio turnover

 

 

22

%

 

47

%

 

58

%

 

26

%

 

26

%

 

17

%

 

28

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

83,655

 

$

91,293

 

$

92,801

 

$

77,457

 

$

67,816

 

$

69,836

 

$

68,107

 

 

 























 

 

 

 

1

Based on average Common 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 TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

49




 

 


 

 

Financial Highlights

BlackRock Florida Municipal 2020 Term Trust (BFO)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

 

 

Period
January 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended December 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

14.91

 

$

13.35

 

$

14.16

 

$

14.72

 

$

15.16

 

$

14.90

 

$

14.63

 

 

 






















Net investment income

 

 

0.46

1

 

0.95

1

 

0.96

1

 

0.58

1

 

0.99

 

 

0.98

 

 

0.98

 

Net realized and unrealized gain (loss)

 

 

(0.96

)

 

1.31

 

 

(1.00

)

 

(0.62

)

 

(0.45

)

 

0.23

 

 

0.31

 

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.02

)

 

(0.03

)

 

(0.15

)

 

(0.16

)

 

(0.31

)

 

(0.29

)

 

(0.20

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

 

 

(0.01

)

 

 






















Net increase (decrease) from investment operations

 

 

(0.52

)

 

2.23

 

 

(0.19

)

 

(0.20

)

 

0.21

 

 

0.92

 

 

1.08

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.34

)

 

(0.67

)

 

(0.62

)

 

(0.36

)

 

(0.61

)

 

(0.66

)

 

(0.75

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

 

 

(0.06

)

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.34

)

 

(0.67

)

 

(0.62

)

 

(0.36

)

 

(0.65

)

 

(0.66

)

 

(0.81

)

 

 






















Net asset value, end of period

 

$

14.05

 

$

14.91

 

$

13.35

 

$

14.16

 

$

14.72

 

$

15.16

 

$

14.90

 

 

 






















Market price, end of period

 

$

13.67

 

$

14.30

 

$

12.31

 

$

12.50

 

$

12.93

 

$

13.85

 

$

13.35

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(3.53

)%3

 

17.35

%

 

(0.48

)%

 

(1.12

)%3

 

1.86

%

 

6.73

%

 

7.71

%

 

 






















Based on market price

 

 

(2.13

)%3

 

22.05

%

 

3.95

%

 

(0.63

)%3

 

(2.06

)%

 

8.83

%

 

(6.76

)%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.15

%5

 

1.14

%

 

1.29

%

 

1.22

%5

 

1.16

%

 

1.20

%

 

1.26

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.14

%5

 

1.13

%

 

1.26

%

 

1.22

%5

 

1.16

%

 

1.20

%

 

1.26

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.14

%5

 

1.13

%

 

1.26

%

 

1.22

%5

 

1.16

%

 

1.18

%

 

1.24

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.10

%5

 

1.09

%

 

1.13

%

 

1.17

%5

 

1.16

%

 

1.18

%

 

1.24

%

 

 






















Net investment income4

 

 

6.15

%5

 

6.72

%

 

7.39

%

 

6.74

%5

 

6.63

%

 

6.54

%

 

6.57

%

 

 






















Dividends to Preferred Shareholders

 

 

0.22

%5

 

0.22

%

 

1.13

%

 

1.92

%5

 

2.07

%

 

1.96

%

 

1.32

%

 

 






















Net investment income to Common Shareholders

 

 

5.93

%5

 

6.50

%

 

6.26

%

 

4.82

%5

 

4.56

%

 

4.58

%

 

5.25

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

78,163

 

$

82,929

 

$

74,256

 

$

78,747

 

$

81,896

 

$

84,300

 

$

82,875

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

42,900

 

$

42,900

 

$

42,900

 

$

42,900

 

$

48,900

 

$

48,900

 

$

48,900

 

 

 






















Portfolio turnover

 

 

2

%

 

6

%

 

9

%

 

6

%

 

17

%

 

 

 

 

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

70,550

 

$

73,329

 

$

68,275

 

$

70,900

 

$

66,872

 

$

68,114

 

$

67,379

 

 

 























 

 

 

 

1

Based on average Common 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 TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 




50

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Financial Highlights

BlackRock Investment Quality Municipal Income Trust (RFA)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended October 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 

















Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.29

 

$

11.15

 

$

12.31

 

$

13.43

 

$

14.24

 

$

14.39

 

$

15.02

 

 

 






















Net investment income

 

 

0.41

1

 

0.80

1

 

0.84

1

 

0.62

1

 

0.83

 

 

0.82

 

 

0.84

 

Net realized and unrealized gain (loss)

 

 

(1.38

)

 

1.19

 

 

(1.32

)

 

(1.14

)

 

(0.69

)

 

0.40

 

 

(0.35

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.01

)

 

(0.02

)

 

(0.12

)

 

(0.20

)

 

(0.26

)

 

(0.21

)

 

(0.15

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

(0.05

)

 

(0.01

)

 

 






















Net increase (decrease) from investment operations

 

 

(0.98

)

 

1.97

 

 

(0.60

)

 

(0.72

)

 

(0.16

)

 

0.96

 

 

0.33

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.42

)

 

(0.83

)

 

(0.56

)

 

(0.40

)

 

(0.60

)

 

(0.85

)

 

(0.85

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(0.05

)

 

(0.26

)

 

(0.11

)

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.42

)

 

(0.83

)

 

(0.56

)

 

(0.40

)

 

(0.65

)

 

(1.11

)

 

(0.96

)

 

 






















Net asset value, end of period

 

$

10.89

 

$

12.29

 

$

11.15

 

$

12.31

 

$

13.43

 

$

14.24

 

$

14.39

 

 

 






















Market price, end of period

 

$

10.97

 

$

12.60

 

$

10.08

 

$

10.93

 

$

11.86

 

$

16.00

 

$

14.85

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(8.23

)%3

 

18.09

%

 

(3.68

)%

 

(5.03

)%3

 

(1.02

)%

 

6.46

%

 

2.19

%

 

 






















Based on market price

 

 

(9.83

)%3

 

33.92

%

 

(1.93

)%

 

(4.51

)%3

 

(22.21

)%

 

15.91

%

 

10.76

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable
to Common Shareholders
























Total expenses4

 

 

1.83

%5

 

1.69

%

 

1.72

%

 

1.60

%5,6

 

1.44

%

 

1.43

%

 

1.32

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.83

%5

 

1.69

%

 

1.68

%

 

1.58

%5,6

 

1.43

%

 

1.43

%

 

1.32

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.83

%5

 

1.69

%

 

1.68

%

 

1.58

%5,6

 

1.39

%

 

1.37

%

 

1.29

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,7

 

 

1.54

%5

 

1.47

%

 

1.56

%

 

1.53

%5,6

 

1.39

%

 

1.37

%

 

1.29

%

 

 






















Net investment income4

 

 

6.74

%5

 

6.66

%

 

7.79

%

 

6.42

%5,6

 

6.03

%

 

5.80

%

 

5.69

%

 

 






















Dividends to Preferred Shareholders

 

 

0.14

%5

 

0.13

%

 

1.10

%

 

2.03

%5

 

1.88

%

 

1.49

%

 

1.05

%

 

 






















Net investment income to Common Shareholders

 

 

6.60

%5

 

6.53

%

 

6.69

%

 

4.39

%5,6

 

4.15

%

 

4.31

%

 

4.64

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

12,287

 

$

13,855

 

$

12,565

 

$

13,871

 

$

15,134

 

$

16,054

 

$

16,214

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference,end of period (000)

 

$

4,575

 

$

4,575

 

$

4,575

 

$

7,125

 

$

8,500

 

$

8,500

 

$

8,500

 

 

 






















Portfolio turnover

 

 

15

%

 

44

%

 

88

%

 

29

%

 

40

%

 

57

%

 

15

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference,end of period

 

$

92,142

 

$

100,711

 

$

93,664

 

$

73,687

 

$

69,526

 

$

72,229

 

$

72,696

 

 

 























 

 

 

 

1

Based on average Common 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 TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

51




 

 


 

 

Financial Highlights

BlackRock Municipal Income Investment Trust (BBF)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

 

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended October 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 
























Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

13.91

 

$

12.71

 

$

14.08

 

$

15.05

 

$

15.68

 

$

15.48

 

$

15.27

 

 

 






















Net investment income

 

 

0.48

1

 

0.92

1

 

1.01

1

 

0.80

1

 

1.07

 

 

1.11

 

 

1.11

 

Net realized and unrealized gain (loss)

 

 

(1.62

)

 

1.20

 

 

(1.36

)

 

(0.89

)

 

(0.49

)

 

0.26

 

 

0.17

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.01

)

 

(0.02

)

 

(0.14

)

 

(0.22

)

 

(0.31

)

 

(0.27

)

 

(0.17

)

 

 






















Net increase (decrease) from investment operations

 

 

(1.15

)

 

2.10

 

 

(0.49

)

 

(0.31

)

 

0.27

 

 

1.10

 

 

1.11

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.45

)

 

(0.90

)

 

(0.88

)

 

(0.66

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 






















Net asset value, end of period

 

$

12.31

 

$

13.91

 

$

12.71

 

$

14.08

 

$

15.05

 

$

15.68

 

$

15.48

 

 

 






















Market price, end of period

 

$

11.93

 

$

13.90

 

$

12.49

 

$

13.68

 

$

15.10

 

$

16.30

 

$

15.25

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(8.51

)%3

 

17.04

%

 

(2.57

)%

 

(2.04

)%3

 

1.78

%

 

7.34

%

 

7.63

%

 

 






















Based on market price

 

 

(11.27

)%3

 

19.01

%

 

(1.46

)%

 

(5.14

)%3

 

(1.76

)%

 

13.26

%

 

12.44

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.57

%5

 

1.46

%

 

1.47

%

 

1.31

%5

 

1.28

%

 

1.30

%

 

1.30

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.57

%5

 

1.37

%

 

1.27

%

 

1.06

%5

 

0.97

%

 

0.93

%

 

0.91

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.57

%5

 

1.37

%

 

1.27

%

 

1.06

%5

 

0.96

%

 

0.92

%

 

0.90

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.29

%5

 

1.17

%

 

1.16

%

 

1.02

%5

 

0.96

%

 

0.92

%

 

0.90

%

 

 






















Net investment income4

 

 

7.07

%5

 

6.84

%

 

8.13

%

 

7.26

%5

 

7.02

%

 

7.12

%

 

7.16

%

 

 






















Dividends to Preferred Shareholders

 

 

0.16

%5

 

0.16

%

 

1.11

%

 

1.96

%5

 

2.04

%

 

1.75

%

 

1.11

%

 

 






















Net investment income to Common Shareholders

 

 

6.91

%5

 

6.68

%

 

7.02

%

 

5.30

%5

 

4.98

%

 

5.37

%

 

6.05

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

82,456

 

$

93,073

 

$

85,050

 

$

94,176

 

$

100,564

 

$

104,451

 

$

102,944

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

34,250

 

$

34,250

 

$

34,250

 

$

49,550

 

$

57,550

 

$

57,550

 

$

57,550

 

 

 






















Portfolio turnover

 

 

13

%

 

46

%

 

66

%

 

13

%

 

25

%

 

20

%

 

10

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

85,188

 

$

92,938

 

$

87,082

 

$

72,521

 

$

68,688

 

$

70,391

 

$

69,729

 

 

 























 

 

1

Based on average Common 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 TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 




52

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Financial Highlights

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended October 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 

















Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

12.57

 

$

11.33

 

$

12.20

 

$

13.57

 

$

14.47

 

$

14.48

 

$

14.79

 

 

 






















Net investment income

 

 

0.38

1

 

0.82

1

 

0.86

1

 

0.66

1

 

0.91

 

 

0.85

 

 

0.87

 

Net realized and unrealized gain (loss)

 

 

(1.11

)

 

1.22

 

 

(0.96

)

 

(1.26

)

 

(0.70

)

 

0.34

 

 

(0.21

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.01

)

 

(0.03

)

 

(0.13

)

 

(0.16

)

 

(0.23

)

 

(0.20

)

 

(0.15

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(0.02

)

 

(0.03

)

 

 

 

 






















Net increase (decrease) from investment operations

 

 

(0.74

)

 

2.01

 

 

(0.23

)

 

(0.76

)

 

(0.04

)

 

0.96

 

 

0.51

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.39

)

 

(0.77

)

 

(0.64

)

 

(0.61

)

 

(0.82

)

 

(0.84

)

 

(0.82

)

Net realized gain

 

 

 

 

 

 

 

 

 

 

(0.04

)

 

(0.13

)

 

 

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.39

)

 

(0.77

)

 

(0.64

)

 

(0.61

)

 

(0.86

)

 

(0.97

)

 

(0.82

)

 

 






















Net asset value, end of period

 

$

11.44

 

$

12.57

 

$

11.33

 

$

12.20

 

$

13.57

 

$

14.47

 

$

14.48

 

 

 






















Market price, end of period

 

$

11.60

 

$

12.96

 

$

11.68

 

$

11.96

 

$

14.96

 

$

15.95

 

$

14.70

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(6.05

)%3

 

18.01

%

 

(1.09

)%

 

(6.10

)%3

 

(1.03

)%

 

6.14

%

 

3.43

%

 

 






















Based on market price

 

 

(7.61

)%3

 

18.02

%

 

4.01

%

 

(16.50

)%3

 

(1.02

)%

 

15.25

%

 

3.53

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.55

%5

 

1.59

%

 

1.70

%

 

1.88

%5,6

 

1.48

%

 

1.51

%

 

1.37

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.53

%5

 

1.57

%

 

1.67

%

 

1.86

%5,6

 

1.47

%

 

1.51

%

 

1.37

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.53

%5

 

1.57

%

 

1.67

%

 

1.86

%5,6

 

1.40

%

 

1.41

%

 

1.34

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,7

 

 

1.52

%5

 

1.56

%

 

1.64

%

 

1.84

%5,6

 

1.40

%

 

1.41

%

 

1.34

%

 

 






















Net investment income4

 

 

6.13

%5

 

6.75

%

 

7.91

%

 

6.97

%5,6

 

6.49

%

 

5.91

%

 

5.89

%

 

 






















Dividends to Preferred Shareholders

 

 

0.23

%5

 

0.23

%

 

1.20

%

 

1.89

%5

 

1.67

%

 

1.41

%

 

1.00

%

 

 






















Net investment income to Common Shareholders

 

 

5.90

%5

 

6.52

%

 

6.71

%

 

5.08

%5,6

 

4.82

%

 

4.50

%

 

4.89

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

11,629

 

$

12,764

 

$

11,474

 

$

12,351

 

$

13,694

 

$

14,576

 

$

14,581

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

6,900

 

$

6,900

 

$

6,900

 

$

7,075

 

$

7,500

 

$

7,500

 

$

7,500

 

 

 






















Portfolio turnover

 

 

20

%

 

23

%

 

32

%

 

18

%

 

31

%

 

27

%

 

19

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

67,135

 

$

71,248

 

$

66,576

 

$

68,647

 

$

70,649

 

$

73,603

 

$

73,612

 

 

 























 

 

1

Based on average Common 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 2.00%, 1.98%, 1.98%, 1.96%, 6.85% and 4.96%, respectively.

 

 

7

Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

53




 

 


 

 

Financial Highlights

BlackRock New Jersey Municipal Income Trust (BNJ)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended October 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 

















Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

14.38

 

$

12.78

 

$

14.15

 

$

15.49

 

$

16.35

 

$

15.87

 

$

15.38

 

 

 






















Net investment income

 

 

0.48

1

 

1.02

1

 

1.05

1

 

0.89

1

 

1.14

 

 

1.17

 

 

1.17

 

Net realized and unrealized gain (loss)

 

 

(1.25

)

 

1.54

 

 

(1.38

)

 

(1.24

)

 

(0.74

)

 

0.52

 

 

0.42

 

Dividends and distributions to Preferred Shareholders from net investment income

 

 

(0.02

)

 

(0.03

)

 

(0.11

)

 

(0.24

)

 

(0.30

)

 

(0.26

)

 

(0.18

)

 

 






















Net increase (decrease) from investment operations

 

 

(0.79

)

 

2.53

 

 

(0.44

)

 

(0.59

)

 

0.10

 

 

1.43

 

 

1.41

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.47

)

 

(0.93

)

 

(0.93

)

 

(0.75

)

 

(0.96

)

 

(0.95

)

 

(0.92

)

 

 






















Net asset value, end of period

 

$

13.12

 

$

14.38

 

$

12.78

 

$

14.15

 

$

15.49

 

$

16.35

 

$

15.87

 

 

 






















Market price, end of period

 

$

13.22

 

$

14.82

 

$

14.00

 

$

15.09

 

$

16.90

 

$

18.40

 

$

15.91

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(5.67

)%3

 

20.22

%

 

(2.62

)%

 

(4.12

)%3

 

0.17

%

 

9.18

%

 

9.60

%

 

 






















Based on market price

 

 

(7.77

)%3

 

13.11

%

 

0.04

%

 

(6.28

)%3

 

(2.89

)%

 

22.56

%

 

16.95

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.23

%5

 

1.23

%

 

1.38

%

 

1.28

%5

 

1.24

%

 

1.27

%

 

1.28

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.22

%5

 

1.13

%

 

1.17

%

 

1.03

%5

 

0.94

%

 

0.91

%

 

0.90

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.22

%5

 

1.13

%

 

1.17

%

 

1.03

%5

 

0.93

%

 

0.89

%

 

0.89

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.20

%5

 

1.12

%

 

1.14

%

 

1.02

%5

 

0.93

%

 

0.89

%

 

0.89

%

 

 






















Net investment income4

 

 

6.76

%5

 

7.42

%

 

8.49

%

 

7.92

%5

 

7.18

%

 

7.31

%

 

7.37

%

 

 






















Dividends to Preferred Shareholders

 

 

0.23

%5

 

0.23

%

 

1.22

%

 

1.94

%5

 

1.86

%

 

1.63

%

 

1.12

%

 

 






















Net investment income to Common Shareholders

 

 

6.53

%5

 

7.19

%

 

7.27

%

 

5.98

%5

 

5.32

%

 

5.68

%

 

6.25

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

99,804

 

$

109,257

 

$

96,696

 

$

106,596

 

$

116,152

 

$

121,987

 

$

117,739

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

59,100

 

$

59,100

 

$

59,100

 

$

60,475

 

$

63,800

 

$

63,800

 

$

63,800

 

 

 






















Portfolio turnover

 

 

12

%

 

11

%

 

29

%

 

12

%

 

23

%

 

2

%

 

6

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

67,220

 

$

71,218

 

$

65,905

 

$

69,083

 

$

70,528

 

$

72,812

 

$

71,142

 

 

 























 

 

1

Based on average Common 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 TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 




54

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Financial Highlights

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended October 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 

















Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

14.15

 

$

12.81

 

$

13.30

 

$

14.40

 

$

15.18

 

$

15.03

 

$

15.35

 

 

 






















Net investment income

 

 

0.46

1

 

0.95

1

 

0.95

1

 

0.67

1

 

0.95

 

 

0.97

 

 

0.96

 

Net realized and unrealized gain (loss)

 

 

(1.29

)

 

1.28

 

 

(0.61

)

 

(0.89

)

 

(0.61

)

 

0.37

 

 

(0.26

)

Dividends and distributions to Preferred Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.02

)

 

(0.03

)

 

(0.10

)

 

(0.15

)

 

(0.25

)

 

(0.21

)

 

(0.14

)

Net realized gain

 

 

 

 

(0.00

)2

 

(0.00

)2

 

(0.04

)

 

(0.01

)

 

(0.02

)

 

 

 

 






















Net increase (decrease) from investment operations

 

 

(0.85

)

 

2.20

 

 

0.24

 

 

(0.41

)

 

0.08

 

 

1.11

 

 

0.56

 

 

 






















Dividends and distributions to Common Shareholders from:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

(0.44

)

 

(0.84

)

 

(0.72

)

 

(0.60

)

 

(0.85

)

 

(0.88

)

 

(0.88

)

Net realized gain

 

 

 

 

(0.02

)

 

(0.01

)

 

(0.09

)

 

(0.01

)

 

(0.08

)

 

 

 

 






















Total dividends and distributions to Common Shareholders

 

 

(0.44

)

 

(0.86

)

 

(0.73

)

 

(0.69

)

 

(0.86

)

 

(0.96

)

 

(0.88

)

 

 






















Net asset value, end of period

 

$

12.86

 

$

14.15

 

$

12.81

 

$

13.30

 

$

14.40

 

$

15.18

 

$

15.03

 

 

 






















Market price, end of period

 

$

12.90

 

$

14.70

 

$

12.61

 

$

12.83

 

$

15.39

 

$

16.65

 

$

14.75

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(6.23

)%4

 

17.60

%

 

2.71

%

 

(2.98

)%4

 

0.10

%

 

7.32

%

 

3.97

%

 

 






















Based on market price

 

 

(9.46

)%4

 

24.11

%

 

4.81

%

 

(12.43

)%4

 

(2.46

)%

 

19.95

%

 

8.01

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses5

 

 

1.37

%6

 

1.31

%

 

1.42

%

 

1.48

%6,7

 

1.29

%

 

1.33

%

 

1.24

%

 

 






















Total expenses after fees waived and before fees paid indirectly5

 

 

1.36

%6

 

1.30

%

 

1.41

%

 

1.47

%6,7

 

1.29

%

 

1.33

%

 

1.24

%

 

 






















Total expenses after fees waived and paid indirectly5

 

 

1.36

%6

 

1.30

%

 

1.41

%

 

1.47

%6,7

 

1.24

%

 

1.25

%

 

1.20

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees5,8

 

 

1.33

%6

 

1.30

%

 

1.41

%

 

1.47

%6,7

 

1.24

%

 

1.25

%

 

1.20

%

 

 






















Net investment income5

 

 

6.61

%6

 

6.92

%

 

7.72

%

 

6.53

%6,7

 

6.42

%

 

6.48

%

 

6.30

%

 

 






















Dividends to Preferred Shareholders

 

 

0.23

%6

 

0.21

%

 

1.14

%

 

1.47

%6

 

1.72

%

 

1.42

%

 

0.91

%

 

 






















Net investment income to Common Shareholders

 

 

6.38

%6

 

6.71

%

 

6.58

%

 

5.06

%6,7

 

4.70

%

 

5.06

%

 

5.39

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

16,899

 

$

18,577

 

$

16,796

 

$

17,448

 

$

18,848

 

$

19,839

 

$

19,643

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

9,725

 

$

9,725

 

$

9,725

 

$

9,800

 

$

9,800

 

$

9,800

 

$

9,800

 

 

 






















Portfolio turnover

 

 

7

%

 

35

%

 

24

%

 

8

%

 

37

%

 

24

%

 

10

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

68,442

 

$

72,758

 

$

68,180

 

$

69,521

 

$

73,090

 

$

75,614

 

$

75,111

 

 

 























 

 

1

Based on average Common Shares outstanding.

 

 

2

Amount is less than $(0.01) per share.

 

 

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 TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

55




 

 


 

 

Financial Highlights

BlackRock New York Municipal Income Trust (BNY)


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months
Ended
January 31,
2011
(Unaudited)

 

 

 

 

 

Period
November 1,
2007 to
July 31,
2008

 

 

 

 

 

 

 

 

 

 

Year Ended July 31,

 

 

Year Ended October 31,

 

 

 

 


 

 



 

 

 

2010

 

2009

 

 

2007

 

2006

 

2005

 

















Per Share Operating Performance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net asset value, beginning of period

 

$

14.27

 

$

12.71

 

$

13.88

 

$

15.11

 

$

15.88

 

$

15.44

 

$

15.28

 

 

 






















Net investment income

 

 

0.50

1

 

1.04

1

 

1.06

1

 

0.86

1

 

1.11

 

 

1.13

 

 

1.14

 

Net realized and unrealized gain (loss)

 

 

(1.26

)

 

1.54

 

 

(1.22

)

 

(1.17

)

 

(0.70

)

 

0.47

 

 

0.09

 

Dividends to Preferred Shareholders from net investment income

 

 

(0.02

)

 

(0.03

)

 

(0.10

)

 

(0.21

)

 

(0.28

)

 

(0.26

)

 

(0.17

)

 

 






















Net increase (decrease) from investment operations

 

 

(0.78

)

 

2.55

 

 

(0.26

)

 

(0.52

)

 

0.13

 

 

1.34

 

 

1.06

 

 

 






















Dividends to Common Shareholders from net investment income

 

 

(0.50

)

 

(0.99

)

 

(0.91

)

 

(0.71

)

 

(0.90

)

 

(0.90

)

 

(0.90

)

 

 






















Net asset value, end of period

 

$

12.99

 

$

14.27

 

$

12.71

 

$

13.88

 

$

15.11

 

$

15.88

 

$

15.44

 

 

 






















Market price, end of period

 

$

13.82

 

$

15.11

 

$

13.95

 

$

15.26

 

$

15.55

 

$

17.35

 

$

15.19

 

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total Investment Return2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Based on net asset value

 

 

(5.72

)%3

 

20.35

%

 

(1.28

)%

 

(3.71

)%3

 

0.64

%

 

8.91

%

 

7.38

%

 

 






















Based on market price

 

 

(5.27

)%3

 

16.11

%

 

(1.44

)%

 

2.87

%3

 

(5.20

)%

 

20.95

%

 

15.38

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Ratios to Average Net Assets Applicable to Common Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Total expenses4

 

 

1.25

%5

 

1.25

%

 

1.43

%

 

1.25

%5

 

1.22

%

 

1.25

%

 

1.26

%

 

 






















Total expenses after fees waived and before fees paid indirectly4

 

 

1.25

%5

 

1.16

%

 

1.25

%

 

1.00

%5

 

0.92

%

 

0.88

%

 

0.87

%

 

 






















Total expenses after fees waived and paid indirectly4

 

 

1.25

%5

 

1.16

%

 

1.25

%

 

1.00

%5

 

0.92

%

 

0.87

%

 

0.86

%

 

 






















Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6

 

 

1.20

%5

 

1.11

%

 

1.13

%

 

0.97

%5

 

0.92

%

 

0.87

%

 

0.86

%

 

 






















Net investment income4

 

 

7.16

%5

 

7.50

%

 

8.67

%

 

7.79

%5

 

7.23

%

 

7.30

%

 

7.35

%

 

 






















Dividends to Preferred Shareholders

 

 

0.22

%5

 

0.22

%

 

1.17

%

 

1.91

%5

 

1.84

%

 

1.69

%

 

1.08

%

 

 






















Net investment income to Common Shareholders

 

 

6.94

%5

 

7.28

%

 

7.50

%

 

5.88

%5

 

5.39

%

 

5.61

%

 

6.27

%

 

 






















 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Supplemental Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
























Net assets applicable to Common Shareholders, end of period (000)

 

$

166,260

 

$

182,372

 

$

161,727

 

$

175,927

 

$

190,962

 

$

199,717

 

$

193,457

 

 

 






















Preferred Shares outstanding at $25,000 liquidation preference, end of period (000)

 

$

94,500

 

$

94,500

 

$

94,500

 

$

95,850

 

$

109,750

 

$

109,750

 

$

109,750

 

 

 






















Portfolio turnover

 

 

9

%

 

16

%

 

18

%

 

5

%

 

23

%

 

27

%

 

24

%

 

 






















Asset coverage per Preferred Share at $25,000 liquidation preference, end of period

 

$

68,985

 

$

73,248

 

$

67,787

 

$

70,892

 

$

68,509

 

$

70,502

 

$

69,073

 

 

 























 

 

1

Based on average Common 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 TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.


 

 

 

See Notes to Financial Statements.

 




56

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Notes to Financial Statements (Unaudited)

1. Organization and Significant Accounting Policies:

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. 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 (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trusts determine, and make available for publication the net asset value of their Common Shares on a daily basis.

Reorganization: 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, a “Target Fund” and collectively the “Target Funds”) approved the reorganizations of BCK, BZA and BCL into BFZ, pursuant to which BFZ acquired substantially all of the assets and substantially all of the liabilities of BCK, BZA and BCL in exchange for an equal aggregate value of newly-issued Common Shares and Preferred Shares of BFZ.

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 Shares 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

 

 

0.97545266

 

 

5,148,524

 

BZA

 

 

3,409,668

 

 

1.04504339

 

 

3,563,251

 

BCL

 

 

7,999,789

 

 

0.99301332

 

 

7,943,897

 













 

 

 

 

 

 

 

 

 

 

 

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, the date of the merger, were as follows:

 

 

 

 

 

 

 

 

 

 

 









 

 

Net Assets
Applicable to
Common
Shareholders

 

Preferred
Shares at
Liquidation
Preference

 

Paid in
Capital

 









BCK

 

$

70,787,151

 

$

31,325,000

 

$

4,722,726

 

BZA

 

$

48,990,979

 

$

22,450,000

 

$

48,275,547

 

BCL

 

$

109,220,636

 

$

46,550,000

 

$

113,337,925

 













 

 

 

 

 

 

 

 

 

 

 









 

 

Undistributed
Net
Investment
Income

 

Accumulated
Net
Realized
Loss

 

Net
Unrealized
Appreciation/
Depreciation

 









BCK

 

$

13,660

 

$

(2,517,189

)

$

(1,432,046

)

BZA

 

$

8,847

 

$

(560,343

)

$

1,266,928

 

BCL

 

$

67,073

 

$

(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 were as follows:

 

 

 

 

 

 

 

 







 

 

Fair Value of
Investments

 

Cost of
Investments

 







BCK

 

$

108,191,823

 

$

109,623,869

 

BZA

 

$

76,672,439

 

$

75,405,511

 

BCL

 

$

175,462,460

 

$

172,395,205

 









 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

57




 


 

Notes to Financial Statements (continued)

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.

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 as defined in Note 3. In addition to this reduction, BFZ’s contractual investment advisory fee waiver, as a percentage of average weekly net assets, was extended for an additional two years as follows: (i) 0.05% through December 31, 2010, (ii) 0.03% through December 31, 2011 and (iii) 0.01% through December 31, 2012.

Assuming the acquisition had been completed on August 1, 2009, the beginning of the annual reporting period of BFZ, the pro forma results of operations for the year ended July 31, 2010, are as follows:

 

 

Net investment income: $30,885,392

 

Net realized and change in unrealized gain on investments: $41,142,437

 

Dividends to Preferred Shareholders from net investment income: $(711,091)

 

Net increase in net assets applicable to Common Shareholders resulting from operations: $71,316,738

Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BFZ that have been included in BFZ’s Statement of Operations since January 29, 2010.

The following is a summary of significant accounting policies followed by the Trusts:

Valuation: The Trusts fair value their financial instruments at market value using independent dealers or pricing services under policies approved by the Boards of Directors and the Boards of Trustees of the Trusts (referred to throughout this report as the “Board of Trustees” or the “Board”). 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. 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 registered 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 in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, 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. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.

Forward Commitments and When-Issued Delayed Delivery Securities: The Trusts 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 Trusts are 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 appreciation of unsettled when-issued transactions, which is shown on the Schedules of Investments, if any.

Zero-Coupon Bonds: The Trusts 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.

Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts leverage their assets through the use of 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 a Trust (1) to cause the holders of a proportional share of the short-term floating rate certificates to tender their certificates at par, including during instances of a rise in short-term interest rates, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to a Trust. The TOB may also be terminated without the consent of a 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. During the six months ended January 31, 2011, no TOBs that the Trusts participated in were terminated without the consent of the Trusts.

 

 

 




58

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Notes to Financial Statements (continued)

The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to a 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, including amortization and accretion of premiums and discounts, from the underlying municipal bonds 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 shown as interest expense and fees in the Statements of Operations. The short-term 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, 2011, the aggregate value of the underlying municipal bonds 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

 









BFZ

 

$

264,827,303

 

$

144,495,478

 

 

0.27 % – 0.38%

 

BFO

 

$

7,865,305

 

$

4,136,402

 

 

0.34 % – 0.44%

 

RFA

 

$

8,071,816

 

$

4,556,817

 

 

0.29 % – 0.44%

 

BBF

 

$

54,446,445

 

$

30,617,038

 

 

0.29 % – 0.36%

 

RNJ

 

$

228,719

 

$

159,917

 

 

0.35%

 

BNJ

 

$

3,892,090

 

$

2,359,296

 

 

0.33 % – 0.35%

 

RNY

 

$

1,079,990

 

$

569,974

 

 

0.29 % – 0.56%

 

BNY

 

$

20,968,414

 

$

11,089,474

 

 

0.22 % – 0.56%

 












For the six months ended January 31, 2011, the Trusts’ average trust certificates outstanding and the daily weighted average interest rates, including fees, were as follows:

 

 

 

 

 

 

 

 







 

 

Average
Trust Certificates
Outstanding

 

Daily Weighted
Average
Interest Rate

 







BFZ

 

$

155,867,704

 

 

0.82%

 

BFO

 

$

4,214,080

 

 

0.73%

 

RFA

 

$

4,535,158

 

 

0.81%

 

BBF

 

$

30,354,261

 

 

0.84%

 

RNJ

 

$

159,917

 

 

0.86%

 

BNJ

 

$

2,359,296

 

 

0.84%

 

RNY

 

$

569,974

 

 

0.83%

 

BNY

 

$

11,855,125

 

 

0.77%

 









Should short-term interest rates rise, the Trusts’ investments in TOBs may adversely affect the Trusts’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market values of municipal bonds deposited into the TOB may adversely affect the Trusts’ net asset values per share.

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), the Trusts will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on their 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis. Dividend income is recorded on the ex-dividend dates.

Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 7.

Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, 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 statutes of limitations on Investment Quality Trusts’ and Income Trusts’ US federal tax returns remains open for each of the two years ended July 31, 2010 and 2009, and the period ended July 31, 2008 and the year ended October 31, 2007. The statutes of limitations on BFO’s US federal tax returns remain open for the two years ended July 31, 2010 and 2009, the period ended July 31, 2008 and the year ended December 31, 2007. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.

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 certain other 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 certain other BlackRock Closed-End Funds.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

59




 


 

Notes to Financial Statements (continued)

The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of certain other 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 Fund 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.The Trusts have an arrangement with the 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.

2. Derivative Financial Instruments:

The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as interest rate risk. These contracts may be transacted on an exchange.

Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.

Financial Futures Contracts: The Trusts 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 agreements between the Trust and counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on settlement date. 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 recorded 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.

 

 

 

 

 

 

 

 

 

 

 


The Effect of Derivative Instruments in the Statements of Operations
Six Months Ended January 31, 2011


 

 

Net Realized Loss From

 

 

 



 

 

BFZ

 

RNY

 

BNY

 









Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

Financial futures contracts

 

$

(53,219

)

$

(7,766

)

$

(71,839

)













 

 

 

 

 

 

 

 

 

 

 





 

 

Net Change in Unrealized
Appreciation/Depreciation on

 

 

 



 

 

BFZ

 

RNY

 

BNY

 









Interest rate contracts:

 

 

 

 

 

 

 

 

 

 

Financial futures contracts

 

$

40,714

 

$

5,134

 

$

47,488

 












For the six months ended January 31, 2011, the average quarterly balances of outstanding derivative financial instruments were as follows:

 

 

 

 

 

 

 

 

 

 

 









 

 

BFZ

 

RNY

 

BNY

 









Financial futures contracts:

 

 

 

 

 

 

 

 

 

 

Average number of contracts sold

 

 

10

 

 

2

 

 

19

 

Average notional value of contracts sold

 

$

1,182,434

 

$

248,934

 

$

2,302,637

 












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 of the Trusts 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 Trust pays the Manager a monthly fee at the following annual rates of each Trust’s average weekly net assets as follows:

 

 

 

 

 






BFZ

 

 

0.58

%

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 contractually agreed to waive a portion of the investment advisory fee on BFZ at an annual rate of 0.05% of average daily net assets through December 31, 2010, 0.03% through December 31, 2011 and 0.01% through December 31, 2012. For the six months ended January 31, 2011, the Manager waived $191,323, which is included in fees waived by advisor in the Statements of Operations.

 

 

 




60

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Notes to Financial Statements (continued)

The Manager voluntarily agreed to waive its investment 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 investment advisory fees by the amount of investment advisory fees paid through each Trust’s investment in other affiliated investment companies, if any. These amounts are shown as, or included in, fees waived by advisor in the Statements of Operations. For the six months ended January 31, 2011, the amounts waived were as follows:

 

 

 

 

 


BFZ

 

$

2,983

 

BFO

 

$

3,287

 

RFA

 

$

47

 

BBF

 

$

441

 

RNJ

 

$

1,211

 

BNJ

 

$

7,059

 

RNY

 

$

482

 

BNY

 

$

4,046

 


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 entered into a sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Manager. The Manager pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Trust to the Manager.

For the period August 1, 2010 through December 31, 2010, certain Trusts reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:

 

 

 

 

 


BFZ

 

$

6,275

 

BFO

 

$

434

 

BBF

 

$

669

 

BNJ

 

$

643

 

BNY

 

$

1,159

 


Effective January 1, 2011, the Trusts no longer reimburse the Manager for accounting services.

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, 2011, were as follows:

 

 

 

 

 

 

 

 


 

 

Purchases

 

Sales

 


BFZ

 

$

187,345,789

 

$

168,077,222

 

BFO

 

$

3,478,841

 

$

1,961,058

 

RFA

 

$

3,488,350

 

$

3,290,598

 

BBF

 

$

22,699,925

 

$

20,367,522

 

RNJ

 

$

3,742,853

 

$

3,692,816

 

BNJ

 

$

20,593,514

 

$

19,643,481

 

RNY

 

$

2,282,298

 

$

1,901,893

 

BNY

 

$

24,331,414

 

$

24,705,852

 


5. Capital Loss Carryforwards:

As of July 31, 2010, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Expires

 

BFZ

 

BFO

 

RFA

 

BBF

 

RNJ

 

BNJ

 

BNY

 


2011

 

$

3,224,992

 

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

 

2,050,253

 

 

 

 

 

$

518,297

 

 

 

$

3,833

 

$

151,220

 

2014

 

 

1,681,553

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

 

465,742

 

 

 

$

137,267

 

 

426,674

 

 

 

 

592,744

 

 

 

2016

 

 

186,028

 

 

 

 

389,530

 

 

866,417

 

$

223,484

 

 

15,502

 

 

505,354

 

2017

 

 

3,782,460

 

$

521,006

 

 

299,461

 

 

 

 

 

 

 

 

2,599,716

 

2018

 

 

12,894,582

 

 

 

 

1,266,317

 

 

6,858,066

 

 

345,722

 

 

1,390,524

 

 

1,480,575

 

 

 





















 

Total

 

$

24,285,610

 

$

521,006

 

$

2,092,575

 

$

8,669,454

 

$

569,206

 

$

2,002,603

 

$

4,736,865

 

 

 





















 

Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Trusts after July 31, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

61




 


 

Notes to Financial Statements (continued)

6. Concentration, Market and Credit Risk:

Each Trust invests a substantial amount of its 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 (issuer 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 issuer credit risk, the Trusts may be exposed to counterparty credit risk, or the risk that an entity with which the Trusts have unsettled or open transactions may fail to or be unable to perform on its commitments. The Trusts manage coun-terparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit 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.

As of January 31, 2011, BFZ invested a significant portion of its assets in securities in the County/City/Special District/School District and Utilities sectors. BFO and RNY invested a significant portion of their assets in securities in the County/City/Special District/School District sector. RFA invested a significant portion of its assets in securities in the Utilities sector. BBF invested a significant portion of its assets in securities in the Health, County/City/Special District/School District and Utilities sectors. RNJ and BNJ invested a significant portion of their assets in securities in the State sector. Changes in economic conditions affecting the Utilities, County/City/Special District/School District, Health and State sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.

7. 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 without approval of Common Shareholders.At January 31, 2010, Common Shares of BFO owned by affiliates of the Manager was 8,028 shares.

Common Shares

For the six months ended January 31, 2011 and the year ended July 31, 2010, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:

 

 

 

 

 

 

 

 


 

 

Six Months
Ended
January 31,
2011

 

Year Ended
July 31,
2010

 


BFZ

 

 

13,214

 

 

10,114

 

RFA

 

 

259

 

 

551

 

BBF

 

 

3,966

 

 

3,240

 

RNJ

 

 

1,019

 

 

2,699

 

BNJ

 

 

10,834

 

 

28,026

 

RNY

 

 

1,548

 

 

1,225

 

BNY

 

 

24,133

 

 

50,502

 


Shares issued and outstanding remained constant for BFO for the six months ended January 31, 2011 and the year ended July 31, 2010.

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 of Amendment/Statement of Preferences (the “Governing Instrument”) are not satisfied.

From time to time in the future, each Trust may effect repurchases of its Preferred Shares at prices below their liquidation preference as agreed upon by the Trust and seller. Each Trust also may redeem its Preferred 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 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

 

 

 




62

SEMI-ANNUAL REPORT

JANUARY 31, 2011





 

Notes to Financial Statements (concluded)

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 as of January 31, 2011:

 

 

 

 

 

 

 

 

 

 

 

 

 

 















 

 

Series

 

Preferred
Shares

 

Effective
Yield

 

Reset
Frequency
Days

 















BFZ

 

 

F7

 

 

2,151

 

 

0.44

%

 

7

 

 

 

 

R7

 

 

2,351

 

 

0.44

%

 

7

 

 

 

 

T7

 

 

2,351

 

 

0.44

%

 

7

 

BFO

 

 

F7

 

 

1,716

 

 

0.44

%

 

7

 

RFA

 

 

R7

 

 

183

 

 

0.44

%

 

7

 

BBF

 

 

T7

 

 

1,370

 

 

0.44

%

 

7

 

RNJ

 

 

T7

 

 

276

 

 

0.44

%

 

7

 

BNJ

 

 

R7

 

 

2,364

 

 

0.44

%

 

7

 

RNY

 

 

F7

 

 

389

 

 

0.44

%

 

7

 

BNY

 

 

F7

 

 

1,890

 

 

0.44

%

 

7

 

 

 

 

W7

 

 

1,890

 

 

0.44

%

 

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, each 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 the AA commercial paper rate or 100% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. The low, high and average dividend rates on the Preferred Shares for each Trust for the six months ended January 31, 2011 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 















 

 

Series

 

Low

 

High

 

Average

 















BFZ

 

 

F7

 

 

0.37

%

 

0.50

%

 

0.42

%

 

 

 

R7

 

 

0.37

%

 

0.50

%

 

0.42

%

 

 

 

T7

 

 

0.37

%

 

0.50

%

 

0.42

%

BFO

 

 

F7

 

 

0.37

%

 

0.50

%

 

0.42

%

RFA

 

 

R7

 

 

0.37

%

 

0.50

%

 

0.42

%

BBF

 

 

T7

 

 

0.37

%

 

0.50

%

 

0.42

%

RNJ

 

 

T7

 

 

0.37

%

 

0.50

%

 

0.42

%

BNJ

 

 

R7

 

 

0.37

%

 

0.50

%

 

0.42

%

RNY

 

 

F7

 

 

0.37

%

 

0.50

%

 

0.42

%

BNY

 

 

F7

 

 

0.37

%

 

0.50

%

 

0.42

%

 

 

 

W7

 

 

0.37

%

 

0.50

%

 

0.42

%















Since February 13, 2008, the Preferred Shares of the Trusts 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 0.37% to 0.50% for the six months ended January 31, 2011. 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 Trust’s auction rate Preferred Shares than buyers. A successful auction for the Trusts’ 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 0.15% on the aggregate principal amount of all shares that fail to clear their auctions and 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Certain broker dealers have individually agreed to reduce commissions for failed auctions.

Preferred Shares issued and outstanding remained constant for the six months ended January 31, 2011 and the year ended July 31, 2010 for all Trusts, except BFZ.

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:

The Trusts paid a net investment income dividend in the following amounts per share on March 1, 2011 to Common Shareholders of record on February 15, 2011:

 

 

 

 

 






 

 

Common Dividend
Per Share

 






BFZ

 

$

0.075700

 

BFO

 

$

0.056000

 

RFA

 

$

0.070000

 

BBF

 

$

0.075375

 

RNJ

 

$

0.065500

 

BNJ

 

$

0.079100

 

RNY

 

$

0.073000

 

BNY

 

$

0.082500

 






The dividends declared on Preferred Shares for the period February 1, 2010 to February 28, 2011 were as follows:

 

 

 

 

 

 

 

 









 

 

Series

 

Dividends
Declared

 









BFZ

 

 

F7

 

$

17,183

 

 

 

 

R7

 

$

18,582

 

 

 

 

T7

 

$

18,724

 

BFO

 

 

F7

 

$

13,708

 

RFA

 

 

R7

 

$

1,446

 

BBF

 

 

T7

 

$

10,911

 

RNJ

 

 

T7

 

$

3,108

 

BNJ

 

 

R7

 

$

18,685

 

RNY

 

 

F7

 

$

2,532

 

BNY

 

 

F7

 

$

15,098

 

 

 

 

W7

 

$

14,976

 













SEMI-ANNUAL REPORT

JANUARY 31, 2011

63





 

 

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

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

Brian Schmidt, Vice President

Neal Andrews, Chief Financial Officer

Jay Fife, Treasurer

Brian Kindelan, Chief Compliance Officer of the Trusts

Ira Shapiro, 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 February 11, 2011, John M. Perlowski became President and Chief Executive Officer of the Trusts.

 

Effective November 10, 2010, Ira Shapiro became Secretary of the Trusts.



 

 

 




64

SEMI-ANNUAL REPORT

JANUARY 31, 2011





 

Additional Information


 


Proxy Results


The Annual Meeting of Shareholders was held on September 2, 2010 for shareholders of record on July 6, 2010, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.

Approved the Class III Trustees as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Richard E. Cavanagh

 

Kathleen F. Feldstein

 

Henry Gabbay

 

 

 


 


 


 

 

 

Votes For

 

Votes
Withheld

 

Abstain

 

Votes For

 

Votes
Withheld

 

Abstain

 

Votes For

 

Votes
Withheld

 

Abstain

 






























BFZ

 

 

26,939,717

 

 

589,578

 

 

0

 

 

26,769,161

 

 

760,134

 

 

0

 

 

26,931,877

 

 

597,418

 

 

0

 

BFO

 

 

4,883,643

 

 

522,940

 

 

0

 

 

4,895,643

 

 

510,940

 

 

0

 

 

4,900,771

 

 

505,812

 

 

0

 

RFA

 

 

1,014,148

 

 

57,829

 

 

0

 

 

1,021,891

 

 

50,086

 

 

0

 

 

1,008,996

 

 

62,981

 

 

0

 

BBF

 

 

6,185,494

 

 

96,736

 

 

0

 

 

6,184,494

 

 

97,736

 

 

0

 

 

6,185,494

 

 

96,736

 

 

0

 

RNJ

 

 

869,890

 

 

80,979

 

 

0

 

 

868,094

 

 

82,775

 

 

0

 

 

869,890

 

 

80,979

 

 

0

 

BNJ

 

 

6,567,379

 

 

250,169

 

 

0

 

 

6,563,918

 

 

253,630

 

 

0

 

 

6,567,379

 

 

250,169

 

 

0

 

RNY

 

 

1,220,013

 

 

17,002

 

 

0

 

 

1,220,013

 

 

17,002

 

 

0

 

 

1,217,601

 

 

19,414

 

 

0

 

BNY

 

 

11,331,256

 

 

324,040

 

 

0

 

 

11,340,331

 

 

314,965

 

 

0

 

 

11,364,649

 

 

290,647

 

 

0

 































 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jerrold B. Harris

 

 

 

 


 

 

 

 

Votes For

 

Votes
Withheld

 

Abstain

 

 











 

 

BFZ

 

 

26,913,062

 

 

616,233

 

 

0

 

 

BFO

 

 

4,900,771

 

 

505,812

 

 

0

 

 

RFA

 

 

1,014,148

 

 

57,829

 

 

0

 

 

BBF

 

 

6,192,121

 

 

90,109

 

 

0

 

 

RNJ

 

 

869,890

 

 

80,979

 

 

0

 

 

BNJ

 

 

6,567,379

 

 

250,169

 

 

0

 

 

RNY

 

 

1,220,013

 

 

17,002

 

 

0

 

 

BNY

 

 

11,332,586

 

 

322,710

 

 

0

 

 













For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard S. Davis, Frank J. Fabozzi, James T. Flynn, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

65




 


 

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


On July 29, 2010, BlackRock Advisors, LLC, the Trusts’ investment advisor (the “Manager”), announced that a shareholder derivative complaint was filed on July 27, 2010 in the Supreme Court of the State of New York, New York County with respect to BFZ and BNJ, which had previously received a demand letter from a law firm on behalf of each trust’s common shareholders. The complaint was filed against the Manager, BlackRock, Inc., BFZ, BNJ and certain of the directors, officers and portfolio managers (collectively, the “BlackRock Parties”) in connection with the redemption of auction-market preferred shares, auction rate preferred securities, auction preferred shares and auction rate securities (collectively, “AMPS”). The complaint alleges, among other things, that the BlackRock Parties breached their fiduciary duties to the common shareholders of BFZ and BNJ (the “Shareholders”) by redeeming AMPS at their liquidation preference and alleges that such redemptions caused losses to the Shareholders. The plaintiffs are seeking monetary damages for the alleged losses suffered and to enjoin BFZ and BNJ from future redemptions of AMPS at their liquidation preference. The BlackRock Parties believe that the claims asserted in the complaint are without merit and intend to vigorously defend themselves in the litigation.

On March 29, 2011, the Manager announced that BBF received a demand letter from a law firm on behalf of BBF’s common shareholders. The demand letter alleges that the Manager and BBF’s officers and Board of Trustees (the “Board”) breached their fiduciary duties by redeeming at par certain of BBF’s Preferred Shares, and demanded that the Board take action to remedy those alleged breaches. The Independent Directors are reviewing the matter with independent counsel.

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 (800) SEC-0330. 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 http://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 http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.

Availability of Trust Updates:

BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Trusts.

 

 

 




66

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Additional Information (concluded)


 


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.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

67



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)

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#CEF-BK8-01/11

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 –

 

(a) Not Applicable to this semi-annual report

 

(b) As of the date of this filing, there have been no changes to any of the portfolio managers identified in the most recent annual report on Form N-CSR

 

 

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 – On October 25, 2010, the Board of Trustees of the Fund amended and restated in its entirety the bylaws of the Fund (the "Amended and Restated Bylaws"). The Amended and Restated Bylaws were deemed effective as of October 28, 2010 and set forth, among other things, the processes and procedures that shareholders of the Fund must follow, and specifies additional information that shareholders of the Fund must provide, when proposing trustee nominations at any annual meeting or special meeting in lieu of an annual meeting or other business to be considered at an annual meeting or special meeting.

 

 

Item 11 –

Controls and Procedures

 

 

 

(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 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

 

(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

 

 

 

(a)(1) – Code of Ethics – Not Applicable to this semi-annual report

 

 

 

(a)(2) – Certifications – Attached hereto

 

 

 

(a)(3) – Not Applicable

 

 

 

(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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock California Municipal Income Trust
   
  Date: April 4, 2011
   
  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/ John M. Perlowski  
    John M. Perlowski
    Chief Executive Officer (principal executive officer) of
    BlackRock California Municipal Income Trust
   
  Date: April 4, 2011
   
  By: /s/ Neal J. Andrews  
    Neal J. Andrews
    Chief Financial Officer (principal financial officer) of
    BlackRock California Municipal Income Trust
     
  Date: April 4, 2011