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 811-10335
Name of Fund: BlackRock New Jersey Municipal Income Trust (BNJ)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock New Jersey Municipal Income Trust, 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2013
Date of reporting period: 01/31/2013
Item 1 – Report to Stockholders
JANUARY 31, 2013
SEMI-ANNUAL REPORT (UNAUDITED) |
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Table of Contents
Page | ||||||
Dear Shareholder | 3 | |||||
Semi-Annual Report: | ||||||
The Benefits and Risks of Leveraging | 4 | |||||
Derivative Financial Instruments | 4 | |||||
Municipal Market Overview | 5 | |||||
Trust Summaries | 6 | |||||
Financial Statements: | ||||||
Schedules of Investments | 18 | |||||
Statements of Assets and Liabilities | 44 | |||||
Statements of Operations | 45 | |||||
Statements of Changes in Net Assets | 46 | |||||
Statements of Cash Flows | 48 | |||||
Financial Highlights | 49 | |||||
Notes to Financial Statements | 55 | |||||
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement | 66 | |||||
Officers and Trustees | 69 | |||||
Additional Information | 70 |
2 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Dear Shareholder |
President, BlackRock Advisors, LLC
“Despite a number of headwinds, higher-risk asset classes boasted strong returns as investors sought meaningful yields in the ongoing low-interest-rate environment.” |
President, BlackRock Advisors, LLC
Total Returns as of January 31, 2013
6-month | 12-month | |||||||||
US large cap equities (S&P 500® Index) | 9.91 | % | 16.78 | % | ||||||
US small cap equities (Russell 2000® Index) | 15.51 | 15.47 | ||||||||
International equities (MSCI Europe, Australasia, Far East Index) | 18.61 | 17.25 | ||||||||
Emerging market equities (MSCI Emerging Markets Index) | 13.11 | 7.64 | ||||||||
3-month Treasury bill (BofA Merrill Lynch 3-Month US Treasury Bill Index) | 0.07 | 0.11 | ||||||||
US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) | (2.90 | ) | 1.28 | |||||||
US investment grade bonds (Barclays US Aggregate Bond Index) | (0.29 | ) | 2.59 | |||||||
Tax-exempt municipal bonds (S&P Municipal Bond Index) | 2.21 | 5.50 | ||||||||
US high yield bonds (Barclays US Corporate High Yield 2% Issuer Capped Index) | 7.37 | 13.87 |
THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
The Benefits and Risks of Leveraging | |
Percent of Economic Leverage | |
BFZ | 39% |
BFO | 23% |
BBF | 39% |
BTT | 36% |
BNJ | 37% |
BNY | 39% |
4 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Municipal Market Overview | |
For the Reporting Period Ended January 31, 2013
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 5 |
Trust Summary as of January 31, 2013 | BlackRock California Municipal Income Trust |
Trust Overview
Performance
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, 2013 ($16.98)1 | 5.49% | |||||
Tax Equivalent Yield2 | 9.70% | |||||
Current Monthly Distribution per Common Share3 | $0.0777 | |||||
Current Annualized Distribution per Common Share3 | $0.9324 | |||||
Economic Leverage as of January 31, 20134 | 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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP 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 4. |
6 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock California Municipal Income Trust |
Market Price and Net Asset Value
| 1/31/13 | | 7/31/12 | | Change | | High | | Low | |||||||||||||
Market Price | $ | 16.98 | $ | 16.64 | 2.04 | % | $ | 17.52 | $ | 15.92 | ||||||||||||
Net Asset Value | $ | 16.58 | $ | 16.32 | 1.59 | % | $ | 17.04 | $ | 16.08 |
Sector Allocation
| 1/31/13 | | 7/31/12 | |||||||
County/City/Special District/School District | 36 | % | 37 | % | ||||||
Utilities | 29 | 29 | ||||||||
Education | 10 | 9 | ||||||||
Health | 10 | 12 | ||||||||
Transportation | 9 | 7 | ||||||||
State | 5 | 5 | ||||||||
Housing | 1 | 1 |
Credit Quality Allocation1
| 1/31/13 | | 7/31/12 | |||||||
AAA/Aaa | 9 | % | 9 | % | ||||||
AA/Aa | 72 | 71 | ||||||||
A | 19 | 19 | ||||||||
BBB/Baa | — | 1 |
1 | Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
Call/Maturity Structure2
Calendar Year Ended December 31, | ||||||
2013 | 1 | % | ||||
2014 | 1 | |||||
2015 | 5 | |||||
2016 | 5 | |||||
2017 | 10 |
2 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 7 |
Trust Summary as of January 31, 2013 | BlackRock Florida Municipal 2020 Term Trust |
Trust Overview
Performance
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, 2013 ($15.57)1 | 4.32% | |||||
Tax Equivalent Yield2 | 7.63% | |||||
Current Monthly Distribution per Common Share3 | $0.0560 | |||||
Current Annualized Distribution per Common Share3 | $0.6720 | |||||
Economic Leverage as of January 31, 20134 | 23% |
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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents AMPS and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS 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 4. |
8 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock Florida Municipal 2020 Term Trust |
Market Price and Net Asset Value
| 1/31/13 | | 7/31/12 | | Change | | High | | Low | |||||||||||||
Market Price | $ | 15.57 | $ | 15.60 | (0.19 | )% | $ | 16.34 | $ | 15.52 | ||||||||||||
Net Asset Value | $ | 16.05 | $ | 16.05 | 0.00 | % | $ | 16.39 | $ | 15.86 |
Sector Allocation
| 1/31/13 | | 7/31/12 | |||||||
County/City/Special District/School District | 30 | % | 40 | % | ||||||
State | 19 | 15 | ||||||||
Utilities | 18 | 14 | ||||||||
Transportation | 14 | 10 | ||||||||
Health | 12 | 13 | ||||||||
Corporate | 3 | 4 | ||||||||
Education | 2 | 2 | ||||||||
Housing | 2 | 2 |
Credit Quality Allocation1
| 1/31/13 | | 7/31/12 | |||||||
AAA/Aaa | 8 | % | 8 | % | ||||||
AA/Aa | 47 | 45 | ||||||||
A | 26 | 28 | ||||||||
BBB/Baa | 9 | 8 | ||||||||
Not Rated2 | 10 | 11 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2013 and July 31, 2012, the market value of these securities was $4,077,259, representing 4%, and $7,213,160, representing 5%, respectively, of the Trust’s long-term investments. |
Call/Maturity Structure3
Calendar Year Ended December 31, | ||||||
2013 | 23 | % | ||||
2014 | 8 | |||||
2015 | — | |||||
2016 | — | |||||
2017 | 12 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 9 |
Trust Summary as of January 31, 2013 | BlackRock Municipal Income Investment Trust |
Trust Overview
Performance
Trust Information
Symbol on NYSE | BBF | |||||
Initial Offering Date | July 27, 2001 | |||||
Yield on Closing Market Price as of January 31, 2013 ($16.27)1 | 5.34% | |||||
Tax Equivalent Yield2 | 9.43% | |||||
Current Monthly Distribution per Common Share3 | $0.072375 | |||||
Current Annualized Distribution per Common Share3 | $0.868500 | |||||
Economic Leverage as of January 31, 20134 | 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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. |
4 | Represents VRDP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP 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 4. |
10 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock Municipal Income Investment Trust |
Market Price and Net Asset Value
| 1/31/13 | | 7/31/12 | | Change | | High | | Low | |||||||||||||
Market Price | $ | 16.27 | $ | 16.25 | 0.12 | % | $ | 16.75 | $ | 15.51 | ||||||||||||
Net Asset Value | $ | 16.12 | $ | 15.91 | 1.32 | % | $ | 16.74 | $ | 15.67 |
Sector Allocation
| 1/31/13 | | 7/31/12 | |||||||
County/City/Special District/School District | 23 | % | 22 | % | ||||||
Health | 19 | 20 | ||||||||
Utilities | 16 | 15 | ||||||||
Transportation | 16 | 12 | ||||||||
State | 12 | 16 | ||||||||
Education | 11 | 12 | ||||||||
Corporate | 1 | 1 | ||||||||
Housing | 1 | 1 | ||||||||
Tobacco | 1 | 1 |
Credit Quality Allocation1
| 1/31/13 | | 7/31/12 | |||||||
AAA/Aaa | 14 | % | 17 | % | ||||||
AA/Aa | 54 | 54 | ||||||||
A | 27 | 23 | ||||||||
BBB/Baa | 4 | 5 | ||||||||
Not Rated | 1 | 1 |
1 | Using the higher of S&P’s or Moody’s ratings. |
Call/Maturity Structure2
Calendar Year Ended December 31, | ||||||
2013 | — | |||||
2014 | 1 | % | ||||
2015 | — | |||||
2016 | 1 | |||||
2017 | 1 |
2 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 11 |
Trust Summary as of January 31, 2013 | BlackRock Municipal Target Term Trust |
Trust Overview
Trust Information
Symbol on NYSE | BTT | |||||
Initial Offering Date | August 30, 2012 | |||||
Termination Date (on or about) | December 31, 2030 | |||||
Current Distribution Rate on Closing Market Price as of January 31, 2013 ($23.94)1 | 4.96% | |||||
Tax Equivalent Rate2 | 8.76% | |||||
Current Monthly Distribution per Common Share3 | $0.0990 | |||||
Current Annualized Distribution per Common Share3 | $1.1880 | |||||
Economic Leverage as of January 31, 20134 | 36% |
1 | Current Distribution Rate on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. The current distribution rate may consist of income, net realized gains and/or a tax return of capital. See the Additional Information — Section 19(a) Notice for the estimated character of dividends and distributions. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The distribution rate is not constant and is subject to change. A portion of the distribution may be deemed a tax return of capital or net realized gain at fiscal year end. |
4 | Represents RVMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to RVMTP 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 4. |
12 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock Municipal Target Term Trust |
Market Price and Net Asset Value
| 1/31/13 | | 8/30/12 | | Change | | High | | Low | |||||||||||||
Market Price | $ | 23.94 | $ | 25.00 | (4.24 | )% | $ | 25.49 | $ | 22.75 | ||||||||||||
Net Asset Value | $ | 23.86 | $ | 23.88 | (0.08 | )% | $ | 24.56 | $ | 23.69 |
Sector Allocation
| 1/31/13 | |||||
County/City/Special District/School District | 23 | % | ||||
Transportation | 22 | |||||
State | 14 | |||||
Health | 12 | |||||
Corporate | 9 | |||||
Utilities | 8 | |||||
Education | 6 | |||||
Housing | 4 | |||||
Tobacco | 2 |
Credit Quality Allocation1
1/31/13 | ||||||
AAA/Aaa | 1 | % | ||||
AA/Aa | 40 | |||||
A | 42 | |||||
BBB/Baa | 9 | |||||
BB/Ba | 1 | |||||
B | 3 | |||||
Not Rated | 4 |
1 | Using the higher of S&P’s or Moody’s ratings. |
Call/Maturity Structure2
Calendar Year Ended December 31, | ||||||
2013 | 1 | % | ||||
2014 | — | |||||
2015 | — | |||||
2016 | — | |||||
2017 | 2 |
2 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 13 |
Trust Summary as of January 31, 2013 | BlackRock New Jersey Municipal Income Trust |
Trust Overview
Performance
Trust Information
Symbol on NYSE | BNJ | |||||
Initial Offering Date | July 27, 2001 | |||||
Yield on Closing Market Price as of January 31, 2013 ($17.90)1 | 5.44% | |||||
Tax Equivalent Yield2 | 9.61% | |||||
Current Monthly Distribution per Common Share3 | $0.0811 | |||||
Current Annualized Distribution per Common Share3 | $0.9732 | |||||
Economic Leverage as of January 31, 20134 | 37% |
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The Monthly Distribution per Common Share, declared on March 1, 2013, was decreased to $0.0751 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP 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 4. |
14 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock New Jersey Municipal Income Trust |
Market Price and Net Asset Value
| 1/31/13 | | 7/31/12 | | Change | | High | | Low | |||||||||||||
Market Price | $ | 17.90 | $ | 17.67 | 1.30 | % | $ | 18.60 | $ | 16.94 | ||||||||||||
Net Asset Value | $ | 16.24 | $ | 16.17 | 0.43 | % | $ | 16.75 | $ | 15.93 |
Sector Allocation
| 1/31/13 | | 7/31/12 | |||||||
State | 28 | % | 35 | % | ||||||
Transportation | 21 | 12 | ||||||||
Health | 11 | 12 | ||||||||
County/City/Special District/School District | 10 | 9 | ||||||||
Education | 10 | 11 | ||||||||
Housing | 9 | 10 | ||||||||
Corporate | 6 | 6 | ||||||||
Utilities | 5 | 5 | ||||||||
Tobacco | — | — |
Credit Quality Allocation1
| 1/31/13 | | 7/31/12 | |||||||
AAA/Aaa | 5 | % | 4 | % | ||||||
AA/Aa | 34 | 36 | ||||||||
A | 36 | 33 | ||||||||
BBB/Baa | 12 | 13 | ||||||||
BB/Ba | 4 | 5 | ||||||||
B | 3 | 3 | ||||||||
Not Rated2 | 6 | 6 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2013 and July 31, 2012, the market value of these securities was $8,483,135 and $8,510,074, each representing 4%, respectively, of the Trust’s long-term investments. |
Call/Maturity Structure3
Calendar Year Ended December 31, | ||||||
2013 | 12 | % | ||||
2014 | 2 | |||||
2015 | — | |||||
2016 | 2 | |||||
2017 | 6 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 15 |
Trust Summary as of January 31, 2013 | BlackRock New York Municipal Income Trust |
Trust Overview
Performance
Trust Information
Symbol on NYSE | BNY | |||||
Initial Offering Date | July 27, 2001 | |||||
Yield on Closing Market Price as of January 31, 2013 ($16.82)1 | 5.35% | |||||
Tax Equivalent Yield2 | 9.45% | |||||
Current Monthly Distribution per Common Share3 | $0.0750 | |||||
Current Annualized Distribution per Common Share3 | $0.9000 | |||||
Economic Leverage as of January 31, 20134 | 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 marginal federal tax rate of 43.4%, which includes the 3.8% Medicare tax. Actual tax rates will vary based on income, exemptions and deductions. Lower taxes will result in lower tax equivalent yields. |
3 | The Monthly Distribution per Common Share, declared on March 1, 2013, was decreased to $0.0690 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future. |
4 | Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP 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 4. |
16 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
BlackRock New York Municipal Income Trust |
Market Price and Net Asset Value
| 1/31/13 | | 7/31/12 | | Change | | High | | Low | |||||||||||||
Market Price | $ | 16.82 | $ | 16.73 | 0.54 | % | $ | 17.24 | $ | 15.92 | ||||||||||||
Net Asset Value | $ | 15.62 | $ | 15.53 | 0.58 | % | $ | 16.16 | $ | 15.30 |
Sector Allocation
| 1/31/13 | | 7/31/12 | |||||||
County/City/Special District/School District | 21 | % | 23 | % | ||||||
Transportation | 16 | 19 | ||||||||
Education | 16 | 14 | ||||||||
Utilities | 12 | 12 | ||||||||
Health | 10 | 8 | ||||||||
Corporate | 9 | 9 | ||||||||
State | 9 | 6 | ||||||||
Housing | 6 | 8 | ||||||||
Tobacco | 1 | 1 |
Credit Quality Allocation1
| 1/31/13 | | 7/31/12 | |||||||
AAA/Aaa | 13 | % | 11 | % | ||||||
AA/Aa | 34 | 36 | ||||||||
A | 34 | 32 | ||||||||
BBB/Baa | 11 | 13 | ||||||||
BB/Ba | 2 | 1 | ||||||||
Not Rated | 6 | 2 | 7 |
1 | Using the higher of S&P’s or Moody’s ratings. |
2 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2013, the market value of these securities was $2,502,575 representing 1%, of the Trust’s long-term investments. |
Call/Maturity Structure3
Calendar Year Ended December 31, | ||||||
2013 | 15 | % | ||||
2014 | — | |||||
2015 | 6 | |||||
2016 | 4 | |||||
2017 | 11 |
3 | Scheduled maturity dates and/or bonds that are subject to potential calls by issuers over the next five years. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 17 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | |||||||||
California — 92.0% | |||||||||||
Corporate — 0.2% | |||||||||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric, Series A, 5.88%, 2/15/34 | $ | 680 | $ | 801,414 | |||||||
County/City/Special District/School District — 33.5% | |||||||||||
Butte-Glenn Community College District, GO, Election of 2002, Series C, 5.50%, 8/01/30 | 8,425 | 9,877,554 | |||||||||
California State Public Works Board, RB, Various Capital Projects, Sub-Series I-1, 6.63%, 11/01/34 | 7,950 | 9,874,377 | |||||||||
Cerritos Community College District, GO, Election of 2004, Series C, 5.25%, 8/01/31 | 3,000 | 3,460,230 | |||||||||
City of San Jose California Hotel Tax, RB, Convention Center Expansion & Renovation Project: | |||||||||||
6.13%, 5/01/31 | 500 | 610,555 | |||||||||
6.50%, 5/01/36 | 1,210 | 1,492,499 | |||||||||
6.50%, 5/01/42 | 2,225 | 2,712,053 | |||||||||
County of Kern California, COP, Capital Improvements Projects, Series A (AGC), 6.00%, 8/01/35 | 2,000 | 2,344,000 | |||||||||
County of Los Angeles California Public Works Financing Authority, Refunding RB, Multiple Capital Projects II, 5.00%, 8/01/42 | 4,640 | 5,174,574 | |||||||||
Evergreen Elementary School District, GO, Election of 2006, Series B (AGC), 5.13%, 8/01/33 | 2,500 | 2,835,300 | |||||||||
Grossmont Healthcare District, GO, Election of 2006, Series B: | |||||||||||
6.00%, 7/15/34 | 2,235 | 2,751,218 | |||||||||
6.13%, 7/15/40 | 2,000 | 2,453,960 | |||||||||
Long Beach Unified School District California, GO, Refunding, Election of 2008, Series A, 5.75%, 8/01/33 | 4,135 | 4,909,361 | |||||||||
Los Alamitos Unified School District California, GO, School Facilities Improvement District No. 1, 5.50%, 8/01/33 | 5,760 | 6,665,126 | |||||||||
Los Angeles Municipal Improvement Corp., Refunding RB, Real Property, Series B (AGC), 5.50%, 4/01/30 | 4,975 | 5,676,276 | |||||||||
Modesto Irrigation District, COP, Capital Improvements, Series A: | |||||||||||
5.75%, 10/01/29 | 3,000 | 3,462,990 | |||||||||
5.75%, 10/01/34 | 180 | 204,953 | |||||||||
Oak Grove School District California, GO, Election of 2008, Series A, 5.50%, 8/01/33 | 6,000 | 7,014,900 | |||||||||
Orange County Water District, COP, Refunding, 5.25%, 8/15/34 | 2,000 | 2,360,260 | |||||||||
Pico Rivera Public Financing Authority, RB, 5.75%, 9/01/39 | 2,000 | 2,290,300 | |||||||||
Pittsburg Unified School District, GO, Election of 2006, Series B (AGC), 5.50%, 8/01/34 | 2,000 | 2,282,260 |
Municipal Bonds | Par (000) | Value | |||||||||
California (continued) | |||||||||||
County/City/Special District/School District (concluded) | |||||||||||
Sacramento Area Flood Control Agency, Special Assessment Bonds, Consolidated Capital Assessment District, 5.25%, 10/01/32 | $ | 3,000 | $ | 3,504,510 | |||||||
San Diego Community College District California, GO, Election of 2002, 5.25%, 8/01/33 | 1,500 | 1,823,295 | |||||||||
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 | 6,500 | 7,353,385 | |||||||||
San Jose Financing Authority, Refunding RB, Civic Center Project, Series B (AMBAC), 5.00%, 6/01/37 | 6,000 | 6,019,740 | |||||||||
San Leandro Unified School District California, GO, Election of 2010, Series A, 5.75%, 8/01/41 | 3,060 | 3,674,540 | |||||||||
Santa Ana Unified School District, GO, Election of 2008, Series A: | |||||||||||
5.50%, 8/01/30 | 6,455 | 7,358,894 | |||||||||
5.13%, 8/01/33 | 10,000 | 11,043,400 | |||||||||
Santa Clara County Financing Authority, Refunding LRB, Series L, 5.25%, 5/15/36 | 21,000 | 23,915,640 | |||||||||
Snowline Joint Unified School District, COP, Refunding, Refining Project (AGC), 5.75%, 9/01/38 | 2,250 | 2,599,650 | |||||||||
Torrance Unified School District California, GO, Election of 2008, Measure Z, 6.00%, 8/01/33 | 4,000 | 4,784,760 | |||||||||
Tustin Unified School District, GO, Election of 2008, Series B, 5.25%, 8/01/31 | 3,445 | 4,109,988 | |||||||||
West Contra Costa Unified School District, GO, Election of 2010, Series A (AGM), 5.25%, 8/01/32 | 4,760 | 5,628,795 | |||||||||
Westminster Redevelopment Agency California, Tax Allocation Bonds, Subordinate, Commercial Redevelopment Project No. 1 (AGC), 6.25%, 11/01/39 | 7,750 | 9,286,128 | |||||||||
William S. Hart Union High School District, GO, CAB, Refunding, Series B (AGM) (a): | |||||||||||
4.68%, 8/01/34 | 11,150 | 4,124,051 | |||||||||
4.69%, 8/01/35 | 9,800 | 3,451,756 | |||||||||
177,131,278 | |||||||||||
Education — 2.8% | |||||||||||
California Educational Facilities Authority, Refunding RB, San Francisco University, 6.13%, 10/01/36 | 6,280 | 7,736,332 | |||||||||
California Municipal Finance Authority, RB, Emerson College, 5.75%, 1/01/33 | 2,500 | 2,976,100 | |||||||||
University of California, RB, Series O, 5.38%, 5/15/34 | 490 | 579,939 | |||||||||
University of California, Refunding RB, Series S, 5.00%, 5/15/35 | 3,175 | 3,640,233 | |||||||||
14,932,604 |
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list: | ||||||
ACA | American Capital Access Corp. | GO | General Obligation Bonds | |||
AGC | Assured Guaranty Corp. | HDA | Housing Development Authority | |||
AGM | Assured Guaranty Municipal Corp. | HFA | Housing Finance Agency | |||
AMBAC | American Municipal Bond Assurance Corp. | IDA | Industrial Development Authority | |||
AMT | Alternative Minimum Tax (subject to) | IDB | Industrial Development Board | |||
ARB | Airport Revenue Bonds | ISD | Independent School District | |||
BARB | Building Aid Revenue Bonds | LRB | Lease Revenue Bonds | |||
BHAC | Berkshire Hathaway Assurance Corp. | M/F | Multi-Family | |||
CAB | Capital Appreciation Bonds | NPFGC | National Public Finance Guarantee Corp. | |||
CIFG | CDC IXIS Financial Guaranty | PILOT | Payment in Lieu of Taxes | |||
COP | Certificates of Participation | Radian | Radian Financial Guaranty | |||
EDA | Economic Development Authority | RB | Revenue Bonds | |||
EDC | Economic Development Corp. | S/F | Single-Family | |||
ERB | Education Revenue Bonds | SONYMA | State of New York Mortgage Agency | |||
FHA | Federal Housing Administration | VRDN | Variable Rate Demand Notes | |||
GARB | General Airport Revenue Bonds |
18 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | |||||||||
California (continued) | |||||||||||
Health — 15.9% | |||||||||||
ABAG Finance Authority for Nonprofit Corps, Refunding RB, Sharp Healthcare: | |||||||||||
6.38%, 8/01/34 | $ | 3,055 | $ | 3,275,143 | |||||||
6.25%, 8/01/39 | 3,775 | 4,484,851 | |||||||||
Series A, 6.00%, 8/01/30 | 2,275 | 2,791,380 | |||||||||
California Health Facilities Financing Authority, RB: | |||||||||||
Adventist Health System West, Series A, 5.75%, 9/01/39 | 6,655 | 7,723,527 | |||||||||
Catholic Healthcare West, Series J, 5.63%, 7/01/32 | 7,000 | 7,739,970 | |||||||||
Children’s Hospital, Series A, 5.25%, 11/01/41 | 2,785 | 3,118,253 | |||||||||
Scripps Health, Series A, 5.00%, 11/15/32 | 225 | 257,101 | |||||||||
Scripps Health, Series A, 5.00%, 11/15/40 | 3,555 | 4,006,876 | |||||||||
Sutter Health, Series A, 5.25%, 11/15/46 | 9,845 | 10,744,144 | |||||||||
Sutter Health, Series B, 6.00%, 8/15/42 | 6,015 | 7,228,887 | |||||||||
California Health Facilities Financing Authority, Refunding RB: | |||||||||||
Catholic Healthcare West, Series A, 6.00%, 7/01/29 | 1,000 | 1,191,250 | |||||||||
Catholic Healthcare West, Series A, 6.00%, 7/01/34 | 4,400 | 5,215,892 | |||||||||
Catholic Healthcare West, Series A, 6.00%, 7/01/39 | 3,050 | 3,603,788 | |||||||||
Providence Health, 6.50%, 10/01/18 (b) | 25 | 32,552 | |||||||||
Providence Health, 6.50%, 10/01/38 | 4,090 | 4,944,401 | |||||||||
California Statewide Communities Development Authority, RB, Series A Kaiser Permanente, 5.00%, 4/01/42 | 7,660 | 8,598,733 | |||||||||
California Statewide Communities Development Authority, Refunding RB, Catholic Healthcare West: | |||||||||||
Series B, 5.50%, 7/01/30 | 2,960 | 3,306,734 | |||||||||
Series E, 5.50%, 7/01/31 | 4,965 | 5,511,646 | |||||||||
�� | 83,775,128 | ||||||||||
State — 8.3% | |||||||||||
California State Public Works Board, RB: | |||||||||||
Department of Education, Riverside Campus Project, Series B, 6.50%, 4/01/34 | 9,000 | 10,961,820 | |||||||||
Various Capital Projects, Sub-Series I-1, 6.38%, 11/01/34 | 5,025 | 6,164,268 | |||||||||
State of California, GO, Various Purpose: | |||||||||||
6.00%, 3/01/33 | 5,080 | 6,317,031 | |||||||||
6.50%, 4/01/33 | 5,935 | 7,379,579 | |||||||||
6.00%, 4/01/38 | 10,675 | 12,790,785 | |||||||||
43,613,483 | |||||||||||
Transportation — 13.0% | |||||||||||
City of Los Angeles Department of Airports, RB, Los Angeles International Airports, Series B, 5.00%, 5/15/31 | 7,530 | 8,615,073 | |||||||||
City of Los Angeles Department of Airports, Refunding RB: | |||||||||||
Los Angeles International Airport, Sub-Series C, 5.25%, 5/15/38 | 1,455 | 1,630,531 | |||||||||
Series A, 5.00%, 5/15/34 | 6,025 | 6,832,531 | |||||||||
City of San Jose California, Refunding ARB, California Airport, Series A-1, AMT: | |||||||||||
5.75%, 3/01/34 | 2,275 | 2,639,546 | |||||||||
6.25%, 3/01/34 | 2,650 | 3,190,176 | |||||||||
County of Orange California, ARB, Series B, 5.75%, 7/01/34 | 8,000 | 9,234,480 | |||||||||
County of Sacramento California, ARB: | |||||||||||
PFC/Grant, Sub-Series D, 6.00%, 7/01/35 | 3,000 | 3,540,420 | |||||||||
Senior Series B, 5.75%, 7/01/39 | 1,850 | 2,171,215 | |||||||||
Los Angeles Harbor Department, RB, Series B, 5.25%, 8/01/34 | 5,530 | 6,467,833 | |||||||||
San Diego County Regional Airport Authority, RB, Senior, Series B, AMT: | |||||||||||
5.00%, 7/01/38 | 3,000 | 3,373,170 | |||||||||
5.00%, 7/01/43 | 3,220 | 3,602,665 | |||||||||
Municipal Bonds | Par (000) | Value | |||||||||
California (concluded) | |||||||||||
Transportation (concluded) | |||||||||||
San Francisco City & County Airports Commission, RB, Series E, 6.00%, 5/01/39 | $ | 6,750 | $ | 8,048,565 | |||||||
San Joaquin County Transportation Authority, Refunding RB, Limited Tax, Measure K, Series A: | |||||||||||
6.00%, 3/01/36 | 2,880 | 3,594,413 | |||||||||
5.50%, 3/01/41 | 5,000 | 5,922,750 | |||||||||
68,863,368 | |||||||||||
Utilities — 18.3% | |||||||||||
Anaheim Public Financing Authority, RB, Anaheim Electric System Distribution Facilities: | |||||||||||
5.25%, 10/01/39 | 1,500 | 1,697,685 | |||||||||
Series A, 5.38%, 10/01/36 | 7,690 | 9,095,501 | |||||||||
California Infrastructure & Economic Development Bank, RB, California Independent System Operator, Series A, 6.25%, 2/01/39 | 5,500 | 5,991,425 | |||||||||
Calleguas-Las Virgines Public Financing Authority California, RB, Calleguas Municipal Water District Project, Series A (NPFGC), 5.13%, 7/01/32 | 4,000 | 4,336,240 | |||||||||
City of Chula Vista California, Refunding RB, San Diego Gas & Electric: | |||||||||||
Series D, 5.88%, 1/01/34 | 2,500 | 2,946,375 | |||||||||
Series E, 5.88%, 1/01/34 | 6,500 | 7,660,575 | |||||||||
City of Los Angeles California Wastewater System, Refunding RB: | �� | ||||||||||
Series A, 5.00%, 6/01/39 | 2,000 | 2,236,220 | |||||||||
Series A (NPFGC), 5.00%, 6/01/34 | 10,000 | 10,879,600 | |||||||||
Sub-Series A, 5.00%, 6/01/32 | 4,000 | 4,631,280 | |||||||||
City of Petaluma California Wastewater, Refunding RB, 6.00%, 5/01/36 | 5,625 | 6,909,919 | |||||||||
Dublin-San Ramon Services District, Refunding RB, 6.00%, 8/01/41 | 2,425 | 2,948,655 | |||||||||
Los Angeles Department of Water & Power, RB: | |||||||||||
Power System, Sub-Series A-1, 5.25%, 7/01/38 | 9,000 | 10,344,690 | |||||||||
Series A, 5.38%, 7/01/34 | 3,050 | 3,578,870 | |||||||||
Los Angeles Department of Water & Power, Refunding RB, Power System: | |||||||||||
Series A, 5.25%, 7/01/39 | 4,000 | 4,657,480 | |||||||||
Sub-Series A-2, 5.00%, 7/01/30 | 2,200 | 2,239,116 | |||||||||
San Diego County Water Authority, COP, Refunding, Series A (NPFGC), 5.00%, 5/01/32 | 1,850 | 1,860,046 | |||||||||
San Diego Public Facilities Financing Authority, Refunding RB: | |||||||||||
Senior Series A, 5.25%, 5/15/34 | 9,520 | 10,944,763 | |||||||||
Series A, 5.25%, 8/01/38 | 3,390 | 3,842,056 | |||||||||
96,800,496 | |||||||||||
Total Municipal Bonds in California | 485,917,771 | ||||||||||
Multi-State — 1.6% | |||||||||||
Housing — 1.6% | |||||||||||
Centerline Equity Issuer Trust (c)(d): | |||||||||||
7.20%, 11/15/14 | 3,500 | 3,824,695 | |||||||||
5.75%, 5/15/15 | 500 | 543,710 | |||||||||
6.00%, 5/15/15 | 1,500 | 1,638,510 | |||||||||
6.00%, 5/15/19 | 1,000 | 1,188,630 | |||||||||
6.30%, 5/15/19 | 1,000 | 1,203,920 | |||||||||
Total Municipal Bonds in Multi-State | 8,399,465 | ||||||||||
Total Municipal Bonds — 93.6% | 494,317,236 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 19 |
Schedule of Investments (continued) | BlackRock California Municipal Income Trust (BFZ) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) | Par (000) | Value | |||||||||
California — 69.7% | |||||||||||
County/City/Special District/School District — 25.4% | |||||||||||
El Dorado Union High School District, GO, Election of 2008, 5.00%, 8/01/35 | $ | 5,020 | $ | 5,657,490 | |||||||
Los Angeles Community College District California, GO: | |||||||||||
Election of 2001, Series A (AGM), 5.00%, 8/01/32 | 8,000 | 9,148,720 | |||||||||
Election of 2003, Series F-1, 5.00%, 8/01/33 | 5,000 | 5,736,300 | |||||||||
Election of 2008, Series C, 5.25%, 8/01/39 (f) | 12,900 | 15,651,699 | |||||||||
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33 | 20,131 | 25,196,077 | |||||||||
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 | 5,000 | 5,627,750 | |||||||||
Mount San Antonio Community College District California, GO, Election of 2001, Series C (AGM), 5.00%, 9/01/31 | 10,770 | 11,602,736 | |||||||||
Ohlone Community College District, GO, Series B (AGM), 5.00%, 8/01/30 | 12,499 | 13,921,787 | |||||||||
San Bernardino Community College District California, GO, Election of 2002, Series C (AGM), 5.00%, 8/01/31 | 2,000 | 2,208,120 | |||||||||
San Diego Community College District California, GO: | |||||||||||
Election of 2002, 5.25%, 8/01/33 | 10,484 | 12,744,331 | |||||||||
Election of 2006 (AGM), 5.00%, 8/01/32 | 9,000 | 10,398,060 | |||||||||
San Jose Unified School District Santa Clara County California, GO, Election of 2002, Series D, 5.00%, 8/01/32 | 14,625 | 16,492,882 | |||||||||
134,385,952 | |||||||||||
Education — 14.1% | |||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (f) | 10,395 | 12,171,818 | |||||||||
Grossmont Union High School District, GO, Election of 2004, 5.00%, 8/01/33 | 13,095 | 14,497,678 | |||||||||
Mount Diablo California Unified School District, GO, Election of 2002, 5.00%, 6/01/31 | 4,000 | 4,235,840 | |||||||||
San Mateo County Community College District, GO, Election of 2005, Series B, 5.00%, 9/01/31 | 8,630 | 9,730,066 | |||||||||
University of California, RB: | |||||||||||
Limited Project, Series D (AGM), 5.00%, 5/15/41 | 2,600 | 2,903,004 | |||||||||
Series O, 5.75%, 5/15/34 | 12,300 | 14,899,769 | |||||||||
University of California, Refunding RB, Limited Project, Series G, 5.00%, 5/15/37 | 13,841 | 16,045,203 | |||||||||
74,483,378 | |||||||||||
Transportation — 1.1% | |||||||||||
City of Los Angeles California Department of Airports, Refunding RB, Los Angeles International Airport, Senior Series A, 5.00%, 5/15/40 | 4,999 | 5,656,185 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (e) | Par (000) | Value | |||||||||
California (concluded) | |||||||||||
Utilities — 29.1% | |||||||||||
California State Department of Water Resources, Refunding RB, Central Valley Project, Series AE, 5.00%, 12/01/29 | $ | 7,000 | $ | 8,209,180 | |||||||
City of Napa California Water System, RB (AMBAC), 5.00%, 5/01/35 | 3,000 | 3,253,830 | |||||||||
East Bay Municipal Utility District, RB, Sub-Series A (NPFGC), 5.00%, 6/01/35 | 3,000 | 3,259,530 | |||||||||
Eastern Municipal Water District, COP, Series H, 5.00%, 7/01/33 | 18,002 | 20,362,917 | |||||||||
Los Angeles Department of Water & Power, RB: | |||||||||||
Power System, Sub-Series A-1 (AMBAC), 5.00%, 7/01/37 | 15,998 | 18,018,904 | |||||||||
Water System, Sub-Series A-2 (AGM), 5.00%, 7/01/35 | 2,000 | 2,245,060 | |||||||||
Metropolitan Water District of Southern California, RB, Series A, 5.00%, 7/01/37 | 11,180 | 12,761,187 | |||||||||
Orange County Sanitation District, COP, Series B (AGM), 5.00%, 2/01/37 | 14,700 | 16,508,247 | |||||||||
Orange County Water District, COP, Refunding, 5.00%, 8/15/39 | 10,480 | 11,963,130 | |||||||||
San Diego County Water Authority, COP, Refunding, Series 2008-A (AGM), 5.00%, 5/01/33 | 14,290 | 16,152,844 | |||||||||
San Diego Public Facilities Financing Authority, Refunding RB, Senior Series A, 5.25%, 5/15/39 | 12,457 | 14,183,231 | |||||||||
San Francisco City & County Public Utilities Commission, RB, Water System Improvement Project, Sub-Series A, 5.00%, 11/01/37 | 12,698 | 14,745,392 | |||||||||
San Francisco City & County Public Utilities Commission, Refunding RB, Senior Series A, 5.00%, 11/01/35 | 10,625 | 12,236,347 | |||||||||
153,899,799 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 69.7% | 368,425,314 | ||||||||||
Total Long-Term Investments (Cost — $766,631,279) — 163.3% | 862,742,550 | ||||||||||
Short-Term Securities | Shares | ||||||||||
BIF California Municipal Money Fund, 0.00% (g)(h) | 2,217,891 | 2,217,891 | |||||||||
Total Short-Term Securities (Cost — $2,217,891) — 0.4% | 2,217,891 | ||||||||||
Total Investments (Cost—$768,849,170) — 163.7% | 864,960,441 | ||||||||||
Other Assets Less Liabilities — 0.7% | 3,894,870 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (32.0)% | (169,255,288 | ) | |||||||||
VMTP Shares, at Liquidation Value — (32.4)% | (171,300,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 528,300,023 |
Notes to Schedule of Investments
(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) | 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. | |||||
(d) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. | |||||
(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) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements is $13,385,000. |
20 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (concluded) | BlackRock California Municipal Income Trust (BFZ) |
(g) | Investments in issuers considered to be an affiliate of the Trust during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate | | Shares Held at July 31, 2012 | | Net Activity | | Shares Held at January 31, 2013 | | Income | ||||||||||
BIF California Municipal Money Fund | 7,953,278 | (5,735,387) | 2,217,891 | $17 |
(h) | Represents the current yield as of report date. | |||||
• | Financial futures contracts as of January 31, 2013 were as follows: |
Contracts Sold | | Issue | | Exchange | | Expiration | | Notional Value | | Unrealized Appreciation | ||||||||||||
(150) | 10-Year US Treasury Note | Chicago Board of Trade | March 2013 | $19,692,188 | $ | 150,929 |
• | 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. These definitions 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 and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access | |||||
• | 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 and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | ||||||
The following tables summarize the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
Long-Term Investments1 | — | $ | 862,742,550 | — | $ | 862,742,550 | ||||||||||||
Short-Term Securities | $ | 2,217,891 | — | — | 2,217,891 | |||||||||||||
Total | $ | 2,217,891 | $ | 862,742,550 | — | $ | 864,960,441 |
1 | See above Schedule of Investments for values in each sector. |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Derivative Financial Instruments2 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||
Interest rate contracts | $ | 150,929 | — | — | $ | 150,929 |
2 | Derivative financial instruments are financial futures contracts, which are valued at the unrealized appreciation/depreciation on the instrument. |
Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Assets: | ||||||||||||||||||
Cash pledged as collateral for financial futures contracts | $ | 198,000 | — | — | $ | 198,000 | ||||||||||||
Liabilities: | ||||||||||||||||||
Bank overdraft | — | $ | (159,332 | ) | — | (159,332 | ) | |||||||||||
TOB trust certificates | — | (169,154,073 | ) | — | (169,154,073 | ) | ||||||||||||
VMTP Shares | — | (171,300,000 | ) | — | (171,300,000 | ) | ||||||||||||
Total | $ | 198,000 | $ | (340,613,405 | ) | — | $ | (340,415,405 | ) |
There were no transfers between levels during the six months ended January 31, 2013. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 21 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock Florida Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | |||||||||
Florida — 125.8% | |||||||||||
Corporate — 4.1% | |||||||||||
Hillsborough County IDA, Refunding RB, Tampa Electric Co. Project, Series A, 5.65%, 5/15/18 | $ | 1,000 | $ | 1,191,920 | |||||||
Palm Beach County Solid Waste Authority, Refunding RB, 5.00%, 10/01/20 | 2,000 | 2,437,960 | |||||||||
3,629,880 | |||||||||||
County/City/Special District/School District — 38.3% | |||||||||||
Broward County School Board Florida, COP, Series A (AGM), 5.25%, 7/01/22 | 2,500 | 2,900,200 | |||||||||
Broward County School Board Florida, COP, Refunding, Series A, 5.00%, 7/01/20 | 2,000 | 2,382,760 | |||||||||
City of Jacksonville Florida, Refunding RB, Better Jacksonville Sales Tax, 5.00%, 10/01/20 | 4,000 | 4,879,080 | |||||||||
County of Hillsborough Florida, RB (AMBAC), 5.00%, 11/01/20 | 5,545 | 6,422,607 | |||||||||
Florida State Board of Education, GO, Refunding: | |||||||||||
Capital Outlay, Series B, 5.00%, 6/01/20 | 485 | 594,169 | |||||||||
Public Education, Series I, 5.00%, 6/01/18 | 385 | 394,933 | |||||||||
Hillsborough County School Board, COP (NPFGC), 5.00%, 7/01/13 (a) | 1,000 | 1,019,770 | |||||||||
Miami-Dade County Educational Facilities Authority Florida, RB, University of Miami, Series A (AMBAC), 5.00%, 4/01/14 (a) | 1,000 | 1,054,930 | |||||||||
Miami-Dade County School Board, COP, Refunding, Series B (AGC), 5.25%, 5/01/21 | 4,000 | 4,719,480 | |||||||||
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 | 1,020,820 | |||||||||
Sterling Hill Community Development District, Special Assessment Bonds, Refunding, Series A, 6.10%, 5/01/23 | 3,490 | 3,139,709 | |||||||||
Stevens Plantation Improvement Project Dependent Special District, RB, 6.38%, 5/01/13 (b)(c) | 2,425 | 1,820,932 | |||||||||
Village Center Community Development District, RB, Sub-Series B, 6.35%, 1/01/18 | 2,000 | 2,027,020 | |||||||||
Village Community Development District No. 5 Florida, Special Assessment Bonds, Series A, 6.00%, 5/01/13 (a) | 975 | 995,309 | |||||||||
Watergrass Community Development District, Special Assessment Bonds, Series B, 5.13%, 11/01/14 | 955 | 756,503 | |||||||||
34,128,222 | |||||||||||
Education — 2.9% | |||||||||||
Florida State Board of Governors, Refunding RB, University of Central Florida, Series A, 5.00%, 7/01/18 | 500 | 587,580 | |||||||||
Florida State Higher Educational Facilities Financial Authority, Refunding RB, University of Tampa Project, Series A, 5.00%, 4/01/20 | 1,000 | 1,154,200 | |||||||||
Orange County Educational Facilities Authority, RB, Rollins College Project (AMBAC), 5.25%, 12/01/22 | 725 | 853,136 | |||||||||
2,594,916 | |||||||||||
Health — 15.3% | |||||||||||
Highlands County Health Facilities Authority, Refunding RB, Hospital, Adventist Health, Series I, 5.00%, 11/15/20 | 2,155 | 2,560,118 | |||||||||
Hillsborough County IDA, RB, H. Lee Moffitt Cancer Center Project, Series A, 5.25%, 7/01/22 | 1,500 | 1,639,245 | |||||||||
Marion County Hospital District Florida, Refunding RB, Health System, Munroe Regional, 5.00%, 10/01/22 | 1,500 | 1,661,685 | |||||||||
Orange County Health Facilities Authority, Refunding RB, Mayflower Retirement Center: | |||||||||||
3.00%, 6/01/15 | 200 | 202,690 | |||||||||
3.00%, 6/01/16 | 140 | 141,541 | |||||||||
3.00%, 6/01/17 | 190 | 191,018 | |||||||||
Municipal Bonds | Par (000) | Value | |||||||||
Florida (continued) | |||||||||||
Health (concluded) | |||||||||||
Orange County Health Facilities Authority, Refunding RB, Mayflower Retirement Center (concluded): | |||||||||||
3.25%, 6/01/18 | $ | 195 | $ | 197,853 | |||||||
3.50%, 6/01/19 | 200 | 203,466 | |||||||||
Palm Beach County Health Facilities Authority, Refunding RB: | |||||||||||
Acts Retirement-Life Communities, Inc., 5.00%, 11/01/22 | 4,735 | 5,323,845 | |||||||||
Bethesda Healthcare System Project, Series A (AGM), 5.00%, 7/01/20 | 1,285 | 1,547,513 | |||||||||
13,668,974 | |||||||||||
Housing — 1.7% | |||||||||||
Florida Housing Finance Corp., RB, Homeowner Mortgage, Series 2, AMT (Ginnie Mae), 4.70%, 7/01/22 | 815 | 857,290 | |||||||||
Jacksonville Housing Finance Authority, Refunding RB, Series A-1, AMT (Ginnie Mae), 5.63%, 10/01/39 | 270 | 288,725 | |||||||||
Manatee County Housing Finance Authority, RB, Series A, AMT (Fannie Mae), 5.90%, 9/01/40 | 345 | 375,588 | |||||||||
1,521,603 | |||||||||||
State — 22.6% | |||||||||||
Florida Municipal Loan Council, RB, Series D (AGM): | |||||||||||
5.00%, 10/01/19 | 1,050 | 1,248,398 | |||||||||
4.00%, 10/01/20 | 1,105 | 1,245,169 | |||||||||
4.00%, 10/01/21 | 500 | 562,665 | |||||||||
Florida Municipal Loan Council, Refunding RB: | |||||||||||
CAB, Series A (NPFGC), 3.33%, 4/01/20 (d) | 4,000 | 3,156,520 | |||||||||
Series B-2 (AGM), 4.00%, 10/01/17 | 580 | 650,818 | |||||||||
Series B-2 (AGM), 4.00%, 10/01/18 | 605 | 688,024 | |||||||||
Series B-2 (AGM), 4.00%, 10/01/19 | 630 | 710,067 | |||||||||
Series B-2 (AGM), 4.00%, 10/01/20 | 655 | 734,406 | |||||||||
Florida State Board of Education, GO, Public Education, Series J (AMBAC), 5.00%, 6/01/13 | 6,150 | 6,307,870 | |||||||||
Florida State Board of Education, GO, Refunding, Capital Outlay, Series B, 5.00%, 6/01/20 | 1,000 | 1,243,590 | |||||||||
Florida State Department of Environmental Protection, Refunding RB, Series A, 5.00%, 7/01/20 | 3,000 | 3,640,470 | |||||||||
20,187,997 | |||||||||||
Transportation — 18.1% | |||||||||||
Broward County Florida Airport System Revenue, Refunding RB, Series P-1, AMT, 5.00%, 10/01/20 | 2,500 | 2,965,125 | |||||||||
Broward County Florida Port Facilities Revenue, Refunding RB, Series B, AMT, 5.00%, 9/01/20 | 2,500 | 2,956,900 | |||||||||
County of Lee Florida Transportation Facilities, Refunding RB, Series B (AMBAC): | |||||||||||
5.00%, 10/01/20 | 2,250 | 2,412,787 | |||||||||
5.00%, 10/01/22 | 3,000 | 3,210,300 | |||||||||
County of Miami-Dade Florida Aviation Revenue, Refunding RB, Series A, AMT, 5.00%, 10/01/20 | 1,375 | 1,630,819 | |||||||||
County of Miami-Dade Florida Transit System Sales Surtax Revenue, Refunding RB, 5.00%, 7/01/20 | 550 | 664,884 | |||||||||
Greater Orlando Aviation Authority, Refunding RB, Series C, 5.00%, 10/01/20 | 1,130 | 1,390,115 | |||||||||
Jacksonville Florida Port Authority, Refunding RB, AMT, 4.00%, 11/01/20 | 865 | 940,800 | |||||||||
16,171,730 | |||||||||||
Utilities — 22.8% | |||||||||||
City of Deltona Florida, RB (NPFGC), 5.00%, 10/01/23 | 1,095 | 1,126,175 | |||||||||
City of Marco Island Florida Utility System, RB (NPFGC): | |||||||||||
5.25%, 10/01/13 (a) | 1,000 | 1,033,210 | |||||||||
5.00%, 10/01/22 | 2,000 | 2,059,680 | |||||||||
5.00%, 10/01/23 | 1,375 | 1,412,469 | |||||||||
City of North Miami Beach Water Revenue, RB, 5.00%, 8/01/20 | 1,200 | 1,434,432 | |||||||||
County of Miami-Dade Florida Water & Sewer System, Refunding RB, System, Series B (AGM), 5.25%, 10/01/19 | 4,000 | 4,903,480 |
22 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock Florida Municipal 2020 Term Trust (BFO) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | |||||||||
Florida (concluded) | |||||||||||
Utilities (concluded) | |||||||||||
Florida Governmental Utility Authority, RB, Golden Gate Utility System (AGM), 5.00%, 7/01/19 | $ | 510 | $ | 594,017 | |||||||
Florida Governmental Utility Authority, Refunding RB, Lehigh Utility (AGM), 5.00%, 10/01/20 | 635 | 750,456 | |||||||||
Tohopekaliga Water Authority, RB, Series B (AGM): | |||||||||||
5.00%, 10/01/22 | 1,975 | 2,036,087 | |||||||||
5.00%, 10/01/23 | 1,180 | 1,216,497 | |||||||||
Tohopekaliga Water Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/21 | 3,630 | 3,742,784 | |||||||||
20,309,287 | |||||||||||
Total Municipal Bonds in Florida | 112,212,609 | ||||||||||
Guam — 0.4% | |||||||||||
Utilities — 0.4% | |||||||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/20 | 310 | 364,700 | |||||||||
Puerto Rico — 1.8% | |||||||||||
State — 1.8% | |||||||||||
Commonwealth of Puerto Rico, GO, Public Improvement (AGM), 5.50%, 7/01/19 | 1,000 | 1,139,280 | |||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax Revenue, Series C, 5.00%, 8/01/22 | 415 | 494,564 | |||||||||
Total Municipal Bonds in Puerto Rico | 1,633,844 | ||||||||||
Total Municipal Bonds — 128.0% | 114,211,153 |
Municipal Bonds Transferred to Tender Option Bond Trusts (e) | Par (000) | Value | |||||||||
Housing — 0.6% | |||||||||||
Lee County Housing Finance Authority, RB, Multi-County Program, Series A-2, AMT (Ginnie Mae), 6.00%, 9/01/40 | $ 540 | $570,920 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 0.6% | 570,920 | ||||||||||
Total Long-Term Investments (Cost — $109,014,188) — 128.6% | 114,782,073 | ||||||||||
Short-Term Securities | Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.01% (f)(g) | 57,308 | 57,308 | |||||||||
Total Short-Term Securities (Cost — $57,308) — 0.1% | 57,308 | ||||||||||
Total Investments (Cost — $109,071,496) — 128.7% | 114,839,381 | ||||||||||
Other Assets Less Liabilities — 1.0% | 879,565 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (0.4)% | (360,347 | ) | |||||||||
AMPS, at Redemption Value — (29.3)% | (26,100,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 89,258,599 |
Notes to Schedule of Investments
(a) | 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. | |||||
(b) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |||||
(c) | Non-income producing security. | |||||
(d) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. | |||||
(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 issuers considered to be an affiliate of the Trust during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate | | Shares Held at July 31, 2012 | | Net Activity | | Shares Held at January 31, 2013 | | Income | ||||||||||
BFI Florida Municipal Money Fund | 781,042 | (781,042) | — | $1,391 | ||||||||||||||
FFI Institutional Tax-Exempt Fund | — | 57,308 | 57,308 | $325 |
(g) | 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. These definitions 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. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access | |||||
• | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 23 |
Schedule of Investments (concluded) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Trust’s investments categorized in the disclosure hierarchy as of January 31, 2013: |
| Level 1 | | Level 2 | | Level 3 | | Total | ||||||||||||
Assets: | |||||||||||||||||||
Investments: | |||||||||||||||||||
Long-Term Investments1 | — | $ | 114,782,073 | — | $ | 114,782,07 3 | |||||||||||||
Short-Term Securities | $ | 57,308 | — | — | 57,308 | ||||||||||||||
Total | $ | 57,308 | $ | 114,782,073 | — | $ | 114,839,381 | ||||||||||||
1 | See above Schedule of Investments for values in each sector. |
Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January 31, 2013, such assets and liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Assets: | ||||||||||||||||||
Cash | $ | 103 | — | — | $ | 103 | ||||||||||||
Liabilities: | ||||||||||||||||||
TOB trust certificates | — | $ | (360,000 | ) | — | (360,000 | ) | |||||||||||
Total | $ | 103 | $ | (360,000 | ) | — | $ | (359,897 | ) | |||||||||
There were no transfers between levels during the six months ended January 31, 2013. |
24 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Municipal Bonds | | Par (000) | | Value | ||||||
Alabama — 2.4% | ||||||||||
Alabama Incentives Financing Authority, RB, Series A, 5.00%, 9/01/42 | $ | 2,000 | $ | 2,265,040 | ||||||
Selma IDB, RB, International Paper Company Project, 5.38%, 12/01/35 | 275 | 303,969 | ||||||||
2,569,009 | ||||||||||
Alaska — 0.3% | ||||||||||
Northern Tobacco Securitization Corp., Refunding RB, Asset Backed, Series A, 5.00%, 6/01/46 | 330 | 289,912 | ||||||||
Arizona — 0.5% | ||||||||||
Arizona Board of Regents, Refunding RB, Arizona State University System, Series A, 5.00%, 6/01/42 | 500 | 572,100 | ||||||||
California — 8.4% | ||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series A, 5.25%, 10/01/38 | 1,315 | 1,550,569 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Catholic Healthcare West, Series A, 6.00%, 7/01/39 | 890 | 1,051,597 | ||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 4.75%, 8/01/45 | 1,000 | 1,085,950 | ||||||||
Los Angeles Department of Water & Power, RB, Power System, Sub-Series A-1, 5.25%, 7/01/38 | 1,750 | 2,011,468 | ||||||||
San Diego Regional Building Authority California, RB, County Operations Center & Annex, Series A, 5.38%, 2/01/36 | 1,600 | 1,810,064 | ||||||||
State of California, GO, Various Purpose, 6.00%, 3/01/33 | 1,275 | 1,585,475 | ||||||||
9,095,123 | ||||||||||
Colorado — 1.6% | ||||||||||
City & County of Denver Colorado, Refunding ARB, Series B, 5.00%, 11/15/37 | 450 | 517,185 | ||||||||
Colorado Health Facilities Authority, Refunding RB, Catholic Healthcare, Series A, 5.50%, 7/01/34 | 1,095 | 1,253,676 | ||||||||
1,770,861 | ||||||||||
Florida — 1.3% | ||||||||||
City of Jacksonville Florida, Refunding RB, Better Jacksonville, Series A, 5.00%, 10/01/30 | 565 | 659,191 | ||||||||
Watergrass Community Development District, Special Assessment Bonds, Series B, 5.13%, 11/01/14 | 955 | 756,503 | ||||||||
1,415,694 | ||||||||||
Georgia — 1.8% | ||||||||||
Municipal Electric Authority of Georgia, Refunding RB, Project One, Sub-Series D, 6.00%, 1/01/23 | 1,565 | 1,913,885 | ||||||||
Illinois — 15.6% | ||||||||||
Chicago Illinois Board of Education, GO, Series A: | ||||||||||
5.50%, 12/01/39 | 1,000 | 1,169,010 | ||||||||
5.00%, 12/01/42 | 1,410 | 1,546,474 | ||||||||
Chicago Park District, GO, Harbor Facilities, Series C, 5.25%, 1/01/40 | 75 | 85,563 | ||||||||
Chicago Transit Authority, RB, Sales Tax Receipts Revenue: | ||||||||||
5.25%, 12/01/31 | 1,060 | 1,246,518 | ||||||||
5.25%, 12/01/36 | 310 | 357,777 | ||||||||
City of Chicago Illinois, GARB, O’Hare International Airport, Third Lien, Series C, 6.50%, 1/01/41 | 2,955 | 3,821,258 | ||||||||
City of Chicago Illinois, Refunding RB, Sales Tax, Series A, 5.25%, 1/01/38 | 385 | 444,182 | ||||||||
Cook County Forest Preserve District, GO, Series C, 5.00%, 12/15/32 | 285 | 328,240 | ||||||||
Cook County Forest Preserve District, GO, Refunding, Limited Tax Project, Series B, 5.00%, 12/15/32 | 135 | 155,482 | ||||||||
Illinois Finance Authority, RB: | ||||||||||
Carle Foundation, Series A, 6.00%, 8/15/41 | 1,000 | 1,200,300 | ||||||||
Rush University Medical Center Obligation Group, Series B, 7.25%, 11/01/30 | 1,600 | 2,035,392 | ||||||||
Municipal Bonds | | Par (000) | | Value | ||||||
Illinois (concluded) | ||||||||||
Illinois Finance Authority, Refunding RB, Northwestern Memorial Hospital, Series A, 6.00%, 8/15/39 | $ | 1,900 | $ | 2,232,424 | ||||||
Metropolitan Pier & Exposition Authority, Refunding RB, Mccormick Place Project, Series B, 5.00%, 12/15/28 | 1,010 | 1,182,033 | ||||||||
Railsplitter Tobacco Settlement Authority, RB: | ||||||||||
5.50%, 6/01/23 | 690 | 820,866 | ||||||||
6.00%, 6/01/28 | 195 | 234,178 | ||||||||
16,859,697 | ||||||||||
Indiana — 2.4% | ||||||||||
Indiana Municipal Power Agency, RB, Series B, 6.00%, 1/01/39 | 2,210 | 2,647,691 | ||||||||
Kansas — 3.4% | ||||||||||
Kansas Development Finance Authority, Refunding RB, Adventist Health System, Sunbelt Obligated Group: | ||||||||||
5.50%, 11/15/29 | 1,600 | 1,877,216 | ||||||||
5.00%, 11/15/32 | 1,525 | 1,766,575 | ||||||||
3,643,791 | ||||||||||
Kentucky — 1.3% | ||||||||||
Kentucky Economic Development Finance Authority, RB, Owensboro Medical Health System, Series A, 6.38%, 6/01/40 | 660 | 786,456 | ||||||||
Louisville & Jefferson County Metropolitan Government Parking Authority, RB, Series A, 5.75%, 12/01/34 | 500 | 616,310 | ||||||||
1,402,766 | ||||||||||
Louisiana — 0.8% | ||||||||||
Louisiana Local Government Environmental Facilities & Community Development Authority, RB, Westlake Chemical Corp., Series A-1, 6.50%, 11/01/35 | 715 | 846,660 | ||||||||
Maine — 1.5% | ||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Maine General Medical Center, 7.50%, 7/01/32 | 1,270 | 1,631,112 | ||||||||
Massachusetts — 1.1% | ||||||||||
Massachusetts Health & Educational Facilities Authority, RB, Tufts University, 5.38%, 8/15/38 | 1,000 | 1,178,990 | ||||||||
Michigan — 3.3% | ||||||||||
Lansing Board of Water & Light Utilities System, RB, Series A, 5.50%, 7/01/41 | 915 | 1,084,009 | ||||||||
Michigan State Building Authority, Refunding RB, Facilities Program, Series I, 6.00%, 10/15/38 | 1,000 | 1,203,680 | ||||||||
Royal Oak Hospital Finance Authority Michigan, Refunding RB, William Beaumont Hospital, 8.25%, 9/01/39 | 995 | 1,272,267 | ||||||||
3,559,956 | ||||||||||
Mississippi — 1.9% | ||||||||||
Mississippi Development Bank, Refunding RB, Series A: | ||||||||||
Jackson Mississippi Water & Sewer System, 5.00%, 9/01/30 | 1,495 | 1,742,392 | ||||||||
Jackson Public School District, 5.00%, 4/01/28 | 280 | 319,259 | ||||||||
2,061,651 | ||||||||||
Nevada — 3.7% | ||||||||||
City of Las Vegas Nevada, GO, Limited Tax, Performing Arts Center, 6.00%, 4/01/34 | 1,600 | 1,883,104 | ||||||||
County of Clark Nevada, ARB, Series B, 5.75%, 7/01/42 | 1,825 | 2,126,417 | ||||||||
4,009,521 | ||||||||||
New Jersey — 3.7% | ||||||||||
New Jersey State Housing & Mortgage Finance Agency, RB, S/F Housing, Series CC, 5.25%, 10/01/29 | 1,140 | 1,265,753 | ||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System, Series A: | ||||||||||
5.88%, 12/15/38 | 1,295 | 1,527,168 | ||||||||
5.50%, 6/15/41 | 1,000 | 1,162,130 | ||||||||
3,955,051 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 25 |
Schedule of Investments (continued) | BlackRock Municipal Income Investment Trust (BBF) (Percentages shown are based on Net Assets) |
Municipal Bonds | | Par (000) | | Value | |||||||
New York — 6.3% | |||||||||||
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 | $ | 1,000 | $ | 1,193,310 | |||||||
New York Liberty Development Corp., Refunding RB, Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49 | 605 | 718,940 | |||||||||
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 | 3,250 | 3,800,582 | |||||||||
New York State Dormitory Authority, RB, Series B, 5.00%, 3/15/42 | 1,000 | 1,144,800 | |||||||||
6,857,632 | |||||||||||
North Carolina — 1.5% | |||||||||||
North Carolina Medical Care Commission, RB, Duke University Health System, Series A, 5.00%, 6/01/32 | 1,335 | 1,569,920 | |||||||||
Ohio — 1.2% | |||||||||||
Ohio State University, RB, Special Purpose General Receipts, Series A: | |||||||||||
5.00%, 6/01/38 | 450 | 525,087 | |||||||||
5.00%, 6/01/43 | 675 | 780,516 | |||||||||
1,305,603 | |||||||||||
Pennsylvania — 3.5% | |||||||||||
Pennsylvania Economic Development Financing Authority, RB, American Water Co. Project, 6.20%, 4/01/39 | 500 | 584,535 | |||||||||
Pennsylvania Turnpike Commission, RB, Sub-Series A: | |||||||||||
5.63%, 12/01/31 | 1,250 | 1,470,813 | |||||||||
6.00%, 12/01/41 | 1,500 | 1,702,590 | |||||||||
3,757,938 | |||||||||||
Puerto Rico — 2.6% | |||||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A, 5.75%, 8/01/37 | 2,605 | 2,815,692 | |||||||||
Texas — 16.0% | |||||||||||
Central Texas Regional Mobility Authority, Refunding RB, Senior Lien, 6.00%, 1/01/41 | 1,670 | 1,947,654 | |||||||||
City of Houston Texas, Refunding RB, Utility System, Series D, 5.00%, 11/15/42 | 1,000 | 1,155,660 | |||||||||
Conroe ISD Texas, GO, School Building, Series A, 5.75%, 2/15/35 | 890 | 1,060,978 | |||||||||
Harris County Health Facilities Development Corp., Refunding RB, Memorial Hermann Healthcare System, Series B, 7.13%, 12/01/31 | 500 | 638,415 | |||||||||
Katy ISD Texas, GO, Refunding, Unlimited Tax School Building, Series A (PSF-GTD), 5.00%, 2/15/42 | 560 | 647,130 | |||||||||
Lower Colorado River Authority, Refunding RB: | |||||||||||
5.50%, 5/15/19 (a) | 5 | 6,308 | |||||||||
5.50%, 5/15/19 (a) | 5 | 6,290 | |||||||||
5.50%, 5/15/19 (a) | 80 | 100,920 | |||||||||
5.50%, 5/15/33 | 1,910 | 2,229,371 | |||||||||
North Texas Tollway Authority, RB, Special Projects System, Series A, 5.50%, 9/01/41 | 1,000 | 1,190,420 | |||||||||
North Texas Tollway Authority, Refunding RB, System, First Tier, Series K-1 (AGC), 5.75%, 1/01/38 | 1,000 | 1,130,100 | |||||||||
North Texas Tollway Authority System, Refunding RB, First Tier, Series B, 5.00%, 1/01/42 | 1,070 | 1,192,858 | |||||||||
Tarrant County Cultural Education Facilities Finance Corp., RB, Scott & White Healthcare, 6.00%, 8/15/45 | 1,905 | 2,259,768 | |||||||||
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 | 1,505 | 1,800,281 | |||||||||
Texas Transportation Commission, Refunding RB, First Tier, Series A, 5.00%, 8/15/41 | 330 | 364,211 | |||||||||
University of Texas System, Refunding RB, Financing System Series B, 5.00%, 8/15/43 | 1,355 | 1,591,854 | |||||||||
17,322,218 | |||||||||||
Municipal Bonds | | Par (000) | | Value | |||||||
Utah — 2.1% | |||||||||||
Utah Transit Authority, Refunding RB, Sales Tax Revenue, Subordinate, 5.00%, 6/15/42 | $ | 2,000 | $ | 2,260,040 | |||||||
Virginia — 6.2% | |||||||||||
Fairfax County IDA, RB, Inova Health System Project, Series A, 5.00%, 5/15/40 | 520 | 591,094 | |||||||||
Norfolk EDA, Refunding RB, Sentara Healthcare, Series B, 5.00%, 11/01/36 | 3,205 | 3,667,417 | |||||||||
Virginia Public School Authority, RB, School Financing, 6.50%, 12/01/18 (a) | 1,000 | 1,319,260 | |||||||||
Virginia Resources Authority, RB, Infrastructure, 5.00%, 11/01/42 | 925 | 1,076,941 | |||||||||
6,654,712 | |||||||||||
Wisconsin — 2.9% | |||||||||||
Wisconsin Health & Educational Facilities Authority, RB, Ascension Health, Series D, 5.00%, 11/15/41 | 925 | 1,041,818 | |||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Froedtert & Community Health, Inc.: | |||||||||||
Series A, 5.00%, 4/01/42 | 235 | 264,098 | |||||||||
Series C, 5.25%, 4/01/39 | 1,675 | 1,861,746 | |||||||||
3,167,662 | |||||||||||
Total Municipal Bonds — 97.3% | 105,134,887 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (b) | |||||||||||
California — 19.9% | |||||||||||
California Educational Facilities Authority, RB, University of Southern California, Series B, 5.25%, 10/01/39 (c) | 1,995 | 2,336,005 | |||||||||
Grossmont Union High School District, GO, Election of 2008, Series B, 5.00%, 8/01/40 | 2,400 | 2,691,120 | |||||||||
Los Angeles Community College District California, GO, Election of 2008, Series C, 5.25%, 8/01/39 (c) | 2,630 | 3,191,005 | |||||||||
Los Angeles Community College District California, GO, Refunding, Election of 2008, Series A, 6.00%, 8/01/33 | 3,898 | 4,879,082 | |||||||||
Los Angeles Unified School District California, GO, Series I, 5.00%, 1/01/34 | 400 | 450,220 | |||||||||
San Diego Public Facilities Financing Authority, Refunding RB, Series B, 5.50%, 8/01/39 | 4,214 | 4,934,586 | |||||||||
University of California, RB, Series O, 5.75%, 5/15/34 | 1,500 | 1,817,045 | |||||||||
University of California, Refunding RB, Series G, 5.00%, 5/15/37 | 1,000 | 1,159,336 | |||||||||
21,458,399 | |||||||||||
District of Columbia — 3.5% | |||||||||||
District of Columbia, RB, Series A, 5.50%, 12/01/30 (c) | 1,395 | 1,703,230 | |||||||||
District of Columbia Water & Sewer Authority, Refunding RB, Series A, 5.50%, 10/01/39 | 1,799 | 2,091,395 | |||||||||
3,794,625 | |||||||||||
Florida — 0.5% | |||||||||||
County of Miami-Dade Florida, RB, Transit System, Sales Surtax, 5.00%, 7/01/42 | 490 | 551,446 | |||||||||
Illinois — 4.0% | |||||||||||
City of Chicago Illinois, Refunding RB, Second Lien Water Project, 5.00%, 11/01/42 | 760 | 859,116 | |||||||||
Illinois Finance Authority, RB, University of Chicago, Series B, 6.25%, 7/01/38 | 2,800 | 3,463,096 | |||||||||
4,322,212 | |||||||||||
Massachusetts — 1.6% | |||||||||||
Massachusetts School Building Authority, RB, Dedicated Sales Tax, Senior Series B, 5.00%, 10/15/41 | 1,490 | 1,718,000 |
26 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
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 (b) | | Par (000) | | Value | |||||||
Nevada — 5.0% | |||||||||||
Clark County Water Reclamation District, GO: | |||||||||||
Limited Tax, 6.00%, 7/01/38 | $ | 2,500 | $ | 3,020,875 | |||||||
Series B, 5.50%, 7/01/29 | 1,994 | 2,436,382 | |||||||||
5,457,257 | |||||||||||
New Hampshire — 1.2% | |||||||||||
New Hampshire Health & Education Facilities Authority, RB, Dartmouth College, 5.25%, 6/01/39 (c) | 1,094 | 1,288,129 | |||||||||
New Jersey — 3.8% | |||||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System: | |||||||||||
Series A (AGM), 5.00%, 12/15/32 | 2,000 | 2,269,720 | |||||||||
Series B, 5.25%, 6/15/36 | 1,640 | 1,879,965 | |||||||||
4,149,685 | |||||||||||
New York — 13.7% | |||||||||||
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40 | 1,410 | 1,681,156 | |||||||||
New York City Municipal Water Finance Authority, Refunding RB: | |||||||||||
Series FF, 5.00%, 6/15/45 | 1,500 | 1,708,728 | |||||||||
Series FF-2, 5.50%, 6/15/40 | 1,994 | 2,354,185 | |||||||||
New York City Transitional Finance Authority, BARB, Fiscal 2009, Series S-3, 5.25%, 1/15/39 | 1,500 | 1,683,307 | |||||||||
New York City Transitional Finance Authority, RB, Second Sub-Series E-1, 5.00%, 2/01/42 | 860 | 988,001 | |||||||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 | 2,205 | 2,536,906 | |||||||||
New York Liberty Development Corp., Refunding RB, 4 World Trade Center Project, 5.75%, 11/15/51 | 1,300 | 1,542,294 | |||||||||
New York State Dormitory Authority, ERB, Series B, 5.25%, 3/15/38 | 2,000 | 2,338,820 | |||||||||
14,833,397 | |||||||||||
Ohio — 1.6% | |||||||||||
County of Allen Ohio, Refunding RB, Catholic Healthcare, Series A, 5.25%, 6/01/38 | 1,560 | 1,751,240 | |||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (b) | | Par (000) | | Value | |||||||
Puerto Rico — 0.9% | |||||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Sales Tax, Senior Series C, 5.25%, 8/01/40 | $ | 880 | $ | 957,299 | |||||||
Texas — 6.3% | |||||||||||
City of San Antonio Texas, Refunding RB, Electric & Gas Systems, Series A, 5.25%, 2/01/31 (c) | 2,025 | 2,411,200 | |||||||||
Harris County Cultural Education Facilities Finance Corp., RB, Hospital, Texas Children’s Hospital Project, 5.50%, 10/01/39 | 2,750 | 3,242,525 | |||||||||
Waco Educational Finance Corp., Refunding RB, Baylor University, 5.00%, 3/01/43 | 1,005 | 1,150,856 | |||||||||
6,804,581 | |||||||||||
Virginia — 1.0% | |||||||||||
Fairfax County IDA Virginia, Refunding RB, Health Care, Inova Health System, Series A, 5.50%, 5/15/35 | 899 | 1,036,257 | |||||||||
Washington — 1.5% | |||||||||||
University of Washington, Refunding RB, Series A, 5.00%, 7/01/41 | 1,380 | 1,605,832 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 64.5% | 69,728,359 | ||||||||||
Total Long-Term Investments (Cost — $154,686,037) — 161.8% | 174,863,246 | ||||||||||
Short-Term Securities | Shares | ||||||||||
FFI Institutional Tax-Exempt Fund, 0.01% (d)(e) | 975,638 | 975,638 | |||||||||
Total Short-Term Securities (Cost — $975,638) — 0.9% | 975,638 | ||||||||||
Total Investments (Cost — $155,661,675) — 162.7% | 175,838,884 | ||||||||||
Other Assets Less Liabilities — 1.5% | 1,631,509 | ||||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (32.6)% | (35,212,612 | ) | |||||||||
VRDP Shares, at Liquidation Value — (31.6)% | (34,200,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 108,057,781 |
Notes to Schedule of Investments
(a) | 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. | |||||
(b) | 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. | |||||
(c) | All or a portion of security is subject to a recourse agreement, which may require the Trust to pay the liquidity provider in the event there is a shortfall between the TOB trust certificates and proceeds received from the sale of the security contributed to the TOB trust. In the case of a shortfall, the aggregate maximum potential amount the Trust could ultimately be required to pay under the agreements is $5,653,992 | |||||
(d) | Investments in issuers considered to be an affiliate of the Trust during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate | | Shares Held at July 31, 2012 | | Net Activity | | Shares Held at January 31, 2013 | | Income | ||||||||||
FFI Institutional Tax-Exempt Fund | 1,631,769 | (656,131) | 975,638 | $119 |
(e) | Represents the current yield as of report date. | |||||
• | Fair Value Measurements—Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access | |||||
• | 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) |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 27 |
Schedule of Investments (concluded) | BlackRock Municipal Income Investment Trust (BBF) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Trust’s investments categorized in the disclosure hierarchy as of January 31, 2013: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
Long-Term Investments1 | — | $ | 174,863,246 | — | $ | 174,863,246 | ||||||||||||
Short-Term Securities | $ | 975,638 | — | — | 975,638 | |||||||||||||
Total | $ | 975,638 | $ | 174,863,246 | — | $ | 175,838,884 | |||||||||||
1 | See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Liabilities: | ||||||||||||||||||
TOB trust certificates | — | $ | (35,195,790 | ) | — | $ | (35,195,790 | ) | ||||||||||
VRDP Shares | — | (34,200,000 | ) | — | (34,200,000 | ) | ||||||||||||
Total | — | $ | (69,395,790 | ) | — | $ | (69,395,790 | ) | ||||||||||
There were no transfers between levels during the six months ended January 31, 2013. |
28 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock Municipal Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds | | Par (000) | | Value | ||||||
Alabama — 0.5% | ||||||||||
Phenix City Industrial Development Board, Refunding RB, Meadwestvaco Coated Board Project, Series A, 3.63%, 5/15/30 | $ | 5,850 | $ | 5,744,934 | ||||||
Prattville IDB Alabama, RB, International Paper Co. Project, Series A, AMT, 4.75%, 12/01/30 | 2,500 | 2,503,125 | ||||||||
8,248,059 | ||||||||||
Alaska — 0.6% | ||||||||||
Northern Tobacco Securitization Corp., Refunding RB, Tobacco Settlement, Asset-Backed, Series A, 4.63%, 6/01/23 | 10,275 | 10,311,990 | ||||||||
Arizona — 3.0% | ||||||||||
Arizona Department of Transportation State Highway Fund Revenue, Refunding RB, Sub-Series A: | ||||||||||
4.00%, 7/01/30 | 10,000 | 10,874,800 | ||||||||
5.00%, 7/01/30 | 27,740 | 33,064,138 | ||||||||
Arizona Health Facilities Authority, Refunding RB, Phoenix Children’s Hospital, Series A, 5.00%, 2/01/34 | 6,340 | 6,895,194 | ||||||||
50,834,132 | ||||||||||
California — 14.8% | ||||||||||
ABAG Finance Authority for Nonprofit Corps., Refunding RB, Odd Fellows Home California, Series A, 5.00%, 4/01/32 | 4,500 | 5,089,500 | ||||||||
Alameda Corridor Transportation Authority, Refunding RB, CAB, Sub Lien, Series A (AMBAC), 4.93%, 10/01/30 (a) | 10,530 | 4,454,085 | ||||||||
California Health Facilities Financing Authority, Refunding RB, Adventist Health System/West, Series A (b): | ||||||||||
4.00%, 3/01/27 | 4,270 | 4,479,614 | ||||||||
4.00%, 3/01/28 | 8,490 | 8,811,262 | ||||||||
4.00%, 3/01/33 | 50,000 | 51,082,500 | ||||||||
California HFA, RB, S/F Mortgage, Series I, AMT, 4.70%, 8/01/26 | 10,000 | 10,037,200 | ||||||||
California Pollution Control Financing Authority, RB, Poseidon Resources Desalination Project, AMT, 5.00%, 7/01/30 | 18,845 | 20,112,703 | ||||||||
California State Public Works Board, RB: | ||||||||||
Series D, 5.00%, 9/01/28 | 5,090 | 5,827,337 | ||||||||
Series D, 5.00%, 9/01/29 | 5,350 | 6,114,087 | ||||||||
Series D, 5.00%, 9/01/30 | 2,620 | 2,989,551 | ||||||||
Series D, 5.00%, 9/01/31 | 2,905 | 3,304,525 | ||||||||
Series D, 5.00%, 9/01/32 | 6,060 | 6,884,342 | ||||||||
Series D, 5.00%, 9/01/33 | 3,530 | 4,007,079 | ||||||||
Series E, 5.00%, 9/01/28 | 2,240 | 2,564,486 | ||||||||
Series E, 5.00%, 9/01/29 | 2,355 | 2,691,341 | ||||||||
Series E, 5.00%, 9/01/30 | 2,475 | 2,824,099 | ||||||||
Series E, 5.00%, 9/01/31 | 2,600 | 2,957,578 | ||||||||
Series E, 5.00%, 9/01/32 | 2,280 | 2,590,148 | ||||||||
Series E, 5.00%, 9/01/33 | 2,870 | 3,257,881 | ||||||||
California Statewide Communities Development Authority, RB, American Baptist Homes of the West, Series A (b): | ||||||||||
5.00%, 10/01/23 | 500 | 578,130 | ||||||||
5.00%, 10/01/28 | 650 | 718,114 | ||||||||
5.00%, 10/01/33 | 1,000 | 1,084,480 | ||||||||
California Statewide Communities Development Authority, Refunding RB: | ||||||||||
Episcopal Communities & Services, 5.00%, 5/15/27 | 500 | 562,815 | ||||||||
Episcopal Communities & Services, 5.00%, 5/15/32 | 1,000 | 1,109,650 | ||||||||
Eskaton Properties, Inc., 5.25%, 11/15/34 | 2,500 | 2,673,525 | ||||||||
Corona-Norco Unified School District, Special Tax Bonds, Senior Lien, Series A, 5.00%, 9/01/32 | 1,250 | 1,378,525 | ||||||||
Municipal Bonds | | Par (000) | | Value | ||||||
California (concluded) | ||||||||||
El Camino Community College District, GO, CAB, Election of 2002, Series C (a): | ||||||||||
3.83%, 8/01/30 | $ | 9,090 | $ | 4,679,805 | ||||||
3.92%, 8/01/31 | 12,465 | 6,078,433 | ||||||||
3.99%, 8/01/32 | 17,435 | 8,069,441 | ||||||||
Grossmont Union High School District, GO, CAB, Election of 2004, 4.55%, 8/01/32 (a) | 29,015 | 12,067,338 | ||||||||
Los Angeles County Public Works Financing Authority, Refunding RB, Multiple Capital Projects II: | ||||||||||
5.00%, 8/01/30 | 2,500 | 2,857,325 | ||||||||
5.00%, 8/01/31 | 3,000 | 3,407,760 | ||||||||
5.00%, 8/01/32 | 3,000 | 3,397,320 | ||||||||
5.00%, 8/01/33 | 2,500 | 2,831,100 | ||||||||
Los Angeles Regional Airports Improvement Corp., Refunding RB, LAXFUEL Corp., Los Angeles International, AMT: | ||||||||||
4.50%, 1/01/27 | 5,000 | 5,423,900 | ||||||||
5.00%, 1/01/32 | 4,110 | 4,548,742 | ||||||||
Poway Unified School District, GO, Election of 2008, Series A (a): | ||||||||||
3.91%, 8/01/27 | 10,000 | 5,703,600 | ||||||||
4.20%, 8/01/30 | 10,000 | 4,831,700 | ||||||||
4.49%, 8/01/32 | 12,500 | 5,258,625 | ||||||||
Poway Unified School District Public Financing Authority, Special Tax Bonds, Refunding (b): | ||||||||||
5.00%, 9/15/26 | 935 | 1,058,495 | ||||||||
5.00%, 9/15/29 | 1,205 | 1,344,876 | ||||||||
5.00%, 9/15/32 | 1,000 | 1,103,120 | ||||||||
Riverside Public Financing Authority, Tax Allocation Bonds, University Corridor/Sycamore Canyon Merged Redevelopment Project, Series C (NPFGC), 4.50%, 8/01/30 | 10,000 | 10,117,800 | ||||||||
San Francisco City & County Redevelopment Agency, Special Tax Bonds, Refunding, No. 6 Mission Bay South Public Improvements, Series A: | ||||||||||
5.00%, 8/01/28 | 1,000 | 1,071,860 | ||||||||
5.00%, 8/01/29 | 1,300 | 1,389,193 | ||||||||
5.00%, 8/01/33 | 1,335 | 1,413,658 | ||||||||
Westlands California Water District, Refunding RB, Series A (AGM): | ||||||||||
5.00%, 9/01/30 | 1,000 | 1,166,390 | ||||||||
5.00%, 9/01/31 | 1,000 | 1,162,770 | ||||||||
5.00%, 9/01/32 | 1,000 | 1,155,560 | ||||||||
248,323,368 | ||||||||||
Colorado — 8.3% | ||||||||||
Colorado Health Facilities Authority, Refunding RB, Covenant Retirement Communities, Series A: | ||||||||||
4.50%, 12/01/33 | 4,595 | 4,640,536 | ||||||||
5.00%, 12/01/33 | 3,000 | 3,206,520 | ||||||||
Commerce City, Colorado-Northern Infrastructure General Improvement District, GO, Refunding, Improvement (AGM) (b): | ||||||||||
5.00%, 12/01/26 | 2,770 | 3,277,741 | ||||||||
5.00%, 12/01/28 | 1,560 | 1,828,273 | ||||||||
5.00%, 12/01/29 | 1,070 | 1,252,018 | ||||||||
5.00%, 12/01/31 | 500 | 577,220 | ||||||||
5.00%, 12/01/32 | 800 | 912,656 | ||||||||
Denver West Metropolitan District, GO, Refunding, Series A (AGM), 4.00%, 12/01/32 | 6,250 | 6,586,125 | ||||||||
Plaza Metropolitan District No 1, Tax Allocation Bonds, Refunding: | ||||||||||
4.00%, 12/01/23 | 1,000 | 1,007,250 | ||||||||
4.10%, 12/01/24 | 5,080 | 5,096,104 | ||||||||
4.20%, 12/01/25 | 5,280 | 5,309,357 | ||||||||
4.50%, 12/01/30 | 4,305 | 4,345,682 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 29 |
Schedule of Investments (continued) | BlackRock Municipal Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds | | Par (000) | | Value | ||||||
Colorado (concluded) | ||||||||||
Regional Transportation District, RB, Fastracks Project, Series A: | ||||||||||
5.00%, 11/01/29 | $ | 28,960 | $ | 35,049,709 | ||||||
5.00%, 11/01/31 | 47,075 | 56,478,702 | ||||||||
5.00%, 11/01/32 | 4,595 | 5,495,482 | ||||||||
University of Colorado Hospital Authority, RB, Series A, 5.00%, 11/15/27 | 4,000 | 4,677,760 | ||||||||
139,741,135 | ||||||||||
Connecticut — 0.8% | ||||||||||
Connecticut Housing Finance Authority, Refunding RB, Housing Mortgage Finance Program, Sub-Series F-1, 3.00%, 11/15/32 | 13,270 | 13,330,909 | ||||||||
Florida — 10.8% | ||||||||||
City of Jacksonville, Refunding RB, Series C: | ||||||||||
5.00%, 10/01/25 | 2,000 | 2,423,120 | ||||||||
5.00%, 10/01/27 | 4,000 | 4,779,880 | ||||||||
5.00%, 10/01/28 | 4,720 | 5,598,298 | ||||||||
4.00%, 10/01/30 | 6,965 | 7,533,344 | ||||||||
5.00%, 10/01/31 | 2,000 | 2,357,320 | ||||||||
5.00%, 10/01/32 | 1,250 | 1,465,250 | ||||||||
City of North Miami Beach, Refunding RB: | ||||||||||
4.00%, 8/01/27 | 3,325 | 3,594,657 | ||||||||
5.00%, 8/01/29 | 3,650 | 4,233,197 | ||||||||
5.00%, 8/01/30 | 4,020 | 4,640,809 | ||||||||
5.00%, 8/01/31 | 4,235 | 4,873,934 | ||||||||
5.00%, 8/01/32 | 4,445 | 5,080,324 | ||||||||
City of Tampa Florida, Refunding RB, H Lee Moffitt Cancer Center Project, Series A, 4.00%, 9/01/33 | 10,000 | 10,175,200 | ||||||||
Hillsborough County IDA, RB, National Gypsum Co., Series A, AMT, 7.13%, 4/01/30 | 7,300 | 7,307,373 | ||||||||
Jacksonville Florida Port Authority, Refunding RB, AMT: | ||||||||||
4.50%, 11/01/29 | 4,685 | 4,926,465 | ||||||||
4.50%, 11/01/30 | 2,895 | 3,029,820 | ||||||||
4.50%, 11/01/31 | 3,200 | 3,349,024 | ||||||||
4.50%, 11/01/32 | 2,300 | 2,391,977 | ||||||||
4.50%, 11/01/33 | 2,080 | 2,152,966 | ||||||||
Miami-Dade County, Refunding RB, Sub-Series B, 5.00%, 10/01/32 | 10,000 | 11,308,400 | ||||||||
Miami-Dade County Educational Facilities Authority, RB, University Of Miami, Series A: | ||||||||||
5.00%, 4/01/28 | 1,000 | 1,161,720 | ||||||||
5.00%, 4/01/29 | 1,650 | 1,905,948 | ||||||||
5.00%, 4/01/30 | 1,695 | 1,948,402 | ||||||||
4.00%, 4/01/31 | 2,930 | 3,077,350 | ||||||||
4.00%, 4/01/32 | 1,000 | 1,047,660 | ||||||||
Palm Beach County Solid Waste Authority, Refunding RB, 5.00%, 10/01/31 | 5,000 | 5,749,750 | ||||||||
State County Johns FL Water & Sewer Revenue, Refunding RB, CAB, Series B (a)(b): | ||||||||||
3.39%, 6/01/25 | 2,155 | 1,435,058 | ||||||||
3.46%, 6/01/26 | 2,655 | 1,683,084 | ||||||||
3.53%, 6/01/27 | 3,095 | 1,878,541 | ||||||||
3.67%, 6/01/28 | 3,795 | 2,167,666 | ||||||||
3.78%, 6/01/29 | 3,795 | 2,063,911 | ||||||||
3.87%, 6/01/30 | 2,000 | 1,028,120 | ||||||||
3.96%, 6/01/31 | 1,295 | 630,121 | ||||||||
4.00%, 6/01/32 | 1,295 | 602,188 | ||||||||
Tampa-Hillsborough County Expressway Authority, Refunding RB, Series A: | ||||||||||
5.00%, 7/01/27 | 2,500 | 2,936,600 | ||||||||
5.00%, 7/01/28 | 2,500 | 2,918,625 | ||||||||
4.00%, 7/01/29 | 6,000 | 6,292,800 | ||||||||
4.00%, 7/01/30 | 6,395 | 6,665,125 | ||||||||
5.00%, 7/01/31 | 7,520 | 8,665,672 | ||||||||
5.00%, 7/01/32 | 8,405 | 9,619,102 | ||||||||
Municipal Bonds | | Par (000) | | Value | ||||||
Florida (concluded) | ||||||||||
Village Community Development District No 1, Special Assessment Bonds, Sumpter County: | ||||||||||
4.50%, 5/01/23 | $ | 3,875 | $ | 3,843,380 | ||||||
5.00%, 5/01/32 | 6,000 | 5,926,500 | ||||||||
Village Community Development District No 5, Special Assessment Bonds, Phase I (b): | ||||||||||
3.50%, 5/01/28 | 2,165 | 2,137,180 | ||||||||
3.50%, 5/01/28 | 4,160 | 4,106,544 | ||||||||
4.00%, 5/01/33 | 1,250 | 1,254,112 | ||||||||
4.00%, 5/01/34 | 2,640 | 2,648,686 | ||||||||
Village Community Development District No 6, Special Assessment Bonds, 4.00%, 5/01/29 (b) | 6,595 | 6,707,049 | ||||||||
181,322,252 | ||||||||||
Guam — 0.7% | ||||||||||
Guam Power Authority, Refunding RB, Series A (AGM), 5.00%, 10/01/30 | 10,000 | 11,273,200 | ||||||||
Hawaii — 2.3% | ||||||||||
State of Hawaii, GO, Series EE: | ||||||||||
5.00%, 11/01/27 | 6,000 | 7,367,520 | ||||||||
5.00%, 11/01/28 | 7,000 | 8,566,740 | ||||||||
5.00%, 11/01/29 | 6,000 | 7,307,940 | ||||||||
3.00%, 11/01/30 | 15,285 | 15,159,663 | ||||||||
38,401,863 | ||||||||||
Idaho — 0.6% | ||||||||||
Idaho Housing and Finance Association, RB, Series A, 4.00%, 7/15/30 | 10,000 | 10,606,200 | ||||||||
Illinois — 6.6% | ||||||||||
City of Chicago Illinois, GO, Project, Series A, 5.00%, 1/01/33 | 10,000 | 11,164,500 | ||||||||
City of Chicago Illinois, GO, CAB (NPFGC), 4.06%, 1/01/27 (a) | 5,000 | 2,857,900 | ||||||||
City of Chicago Illinois, Refunding RB, O’Hare International Airport Passenger Facility Charge, Series B, AMT: | ||||||||||
4.00%, 1/01/27 | 5,000 | 5,151,250 | ||||||||
4.00%, 1/01/29 | 28,425 | 28,971,613 | ||||||||
Cook County, GO, Refunding, Series C: | ||||||||||
4.00%, 11/15/29 | 19,750 | 21,171,210 | ||||||||
5.00%, 11/15/29 | 21,500 | 25,083,405 | ||||||||
5.00%, 11/15/33 | 3,000 | 3,472,470 | ||||||||
Illinois Finance Authority, Refunding RB, Lutheran Home & Services Obligated Group: | ||||||||||
5.00%, 5/15/22 | 4,835 | 5,084,051 | ||||||||
5.50%, 5/15/27 | 4,350 | 4,622,614 | ||||||||
5.50%, 5/15/30 | 3,400 | 3,563,438 | ||||||||
111,142,451 | ||||||||||
Indiana — 3.3% | ||||||||||
Carmel Redevelopment Authority, Refunding RB, Multipurpose, Series A, | ||||||||||
4.00%, 8/01/30 | 9,345 | 10,032,512 | ||||||||
4.00%, 8/01/33 | 8,500 | 9,060,405 | ||||||||
Indiana Finance Authority, Refunding RB: | ||||||||||
Community Health Network Project, Series A, 4.00%, 5/01/35 | 23,565 | 23,960,892 | ||||||||
Earlham College Project, 5.00%, 10/01/32 | 11,255 | 12,941,336 | ||||||||
55,995,145 | ||||||||||
Louisiana — 2.0% | ||||||||||
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A: | ||||||||||
5.00%, 7/01/26 | 5,000 | 5,881,500 | ||||||||
5.00%, 7/01/27 | 3,770 | 4,414,406 | ||||||||
5.00%, 7/01/28 | 4,420 | 5,141,211 | ||||||||
5.00%, 7/01/29 | 3,000 | 3,469,320 | ||||||||
5.00%, 7/01/30 | 5,000 | 5,753,500 |
30 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock Municipal Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds | | Par (000) | | Value | ||||||
Louisiana (concluded) | ||||||||||
Louisiana Stadium & Exposition District, Refunding RB, Senior, Series A (concluded): | ||||||||||
5.00%, 7/01/31 | $ | 5,105 | $ | 5,874,324 | ||||||
5.00%, 7/01/32 | 3,000 | 3,440,700 | ||||||||
33,974,961 | ||||||||||
Maine — 1.3% | ||||||||||
Maine Health & Higher Educational Facilities Authority, RB, Eastern Maine Medical Center Obligation: | ||||||||||
5.00%, 7/01/25 | 1,250 | 1,420,638 | ||||||||
5.00%, 7/01/26 | 1,000 | 1,127,640 | ||||||||
5.00%, 7/01/27 | 1,000 | 1,121,610 | ||||||||
3.75%, 7/01/28 | 1,000 | 989,580 | ||||||||
5.00%, 7/01/33 | 5,000 | 5,525,600 | ||||||||
Maine State Housing Authority, Refunding RB, Series B, AMT, 3.45%, 11/15/32 (b) | 12,000 | 12,059,160 | ||||||||
22,244,228 | ||||||||||
Massachusetts — 3.3% | ||||||||||
Massachusetts HFA, Refunding RB, S/F Housing, Series 160, AMT, 4.00%, 12/01/32 | 1,000 | 1,013,190 | ||||||||
Massachusetts School Building Authority, Refunding RB, Series B, 5.00%, 8/15/29 | 44,705 | 54,476,619 | ||||||||
55,489,809 | ||||||||||
Michigan — 0.6% | ||||||||||
Michigan State Hospital Finance Authority, Refunding RB, Trinity Health Credit Group, Series 2008-C, 4.00%, 12/01/32 | 9,195 | 9,506,159 | ||||||||
Minnesota — 1.0% | ||||||||||
State of Minnesota, Refunding RB, General Fund Appropriation, Series B: | ||||||||||
5.00%, 3/01/29 | 6,060 | 7,289,574 | ||||||||
3.00%, 3/01/30 | 10,000 | 9,828,800 | ||||||||
17,118,374 | ||||||||||
Nebraska — 1.4% | ||||||||||
Central Plains Energy Project, RB, Project No. 3: | ||||||||||
5.00%, 9/01/27 | 7,010 | 7,903,284 | ||||||||
5.00%, 9/01/32 | 14,500 | 16,222,020 | ||||||||
24,125,304 | ||||||||||
New Hampshire — 0.4% | ||||||||||
New Hampshire Health & Education Facilities Authority, Refunding RB, Concord Hospital, Series A (b): | ||||||||||
5.00%, 10/01/26 | 1,075 | 1,245,603 | ||||||||
5.00%, 10/01/27 | 1,180 | 1,361,720 | ||||||||
4.00%, 10/01/33 | 3,500 | 3,593,135 | ||||||||
6,200,458 | ||||||||||
New Jersey — 15.9% | ||||||||||
New Jersey Economic Development Authority, Refunding RB: | ||||||||||
4.25%, 6/15/27 | 16,500 | 17,455,350 | ||||||||
School Facilities Construction, 5.00%, 3/01/30 | 74,000 | 86,232,940 | ||||||||
New Jersey EDA, RB, Continental Airlines, Inc. Project, AMT: | ||||||||||
5.25%, 9/15/29 | 12,230 | 12,463,226 | ||||||||
7.20%, 11/15/30 (c) | 10,100 | 10,137,875 | ||||||||
New Jersey EDA, Refunding RB: | ||||||||||
5.00%, 6/15/26 | 10,610 | 12,094,763 | ||||||||
Cigarette Tax, 5.00%, 6/15/25 | 15,000 | 17,191,800 | ||||||||
Continental Airlines, Inc. Project, AMT, 5.75%, 9/15/27 | 6,200 | 6,384,202 | ||||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB, Barnabas Health, Series A, 4.00%, 7/01/26 | 3,000 | 3,182,460 | ||||||||
Municipal Bonds | | Par (000) | | Value | ||||||
New Jersey (concluded) | ||||||||||
New Jersey Transportation Trust Fund Authority, RB, CAB, Transportation Systems: | ||||||||||
Series A, 4.07%, 12/15/28 (a) | $ | 36,000 | $ | 18,991,800 | ||||||
Series A, 4.13%, 12/15/29 (a) | 18,000 | 9,030,780 | ||||||||
Series AA, 4.00%, 6/15/29 | 12,625 | 13,585,258 | ||||||||
Series AA, 4.00%, 6/15/30 | 22,315 | 23,862,099 | ||||||||
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 5.25%, 1/01/27 | 5,000 | 5,902,750 | ||||||||
Tobacco Settlement Financing Corp. New Jersey, Refunding RB, Series 1-A: | ||||||||||
4.50%, 6/01/23 | 9,895 | 9,870,164 | ||||||||
4.63%, 6/01/26 | 22,460 | 21,794,959 | ||||||||
268,180,426 | ||||||||||
New York — 7.5% | ||||||||||
Housing Development Corp., RB, Series K-1: | ||||||||||
3.40%, 11/01/30 | 8,070 | 8,005,924 | ||||||||
3.50%, 11/01/32 | 5,865 | 5,806,936 | ||||||||
Housing Development Corp., Refunding RB, Series L-1: | ||||||||||
3.40%, 11/01/30 | 1,580 | 1,567,455 | ||||||||
3.50%, 11/01/32 | 1,160 | 1,148,516 | ||||||||
Metropolitan Transportation Authority, Refunding RB: | ||||||||||
Series A, 4.00%, 11/15/31 | 12,300 | 13,347,099 | ||||||||
Series F, 5.00%, 11/15/30 | 38,000 | 44,403,760 | ||||||||
New York State HFA, RB, Affordable Housing (SONYMA): | ||||||||||
Series E, 3.00%, 11/01/30 | 5,225 | 5,091,083 | ||||||||
Series F, 3.05%, 11/01/27 | 4,020 | 4,015,136 | ||||||||
Series F, 3.45%, 11/01/32 | 5,235 | 5,284,471 | ||||||||
Niagara Area Development Corp., Refunding RB, Covanta Energy Project, Series B, 4.00%, 11/01/24 | 3,000 | 3,078,210 | ||||||||
Onondaga Civic Development Corp., RB, Saint Joseph’s Hospital Health Center Project, 4.50%, 7/01/32 | 9,215 | 9,085,529 | ||||||||
Triborough Bridge & Tunnel Authority, Refunding RB, CAB, Series A (a): | ||||||||||
3.47%, 11/15/29 | 17,810 | 9,996,041 | ||||||||
3.55%, 11/15/30 | 25,215 | 13,485,991 | ||||||||
3.67%, 11/15/31 | 5,000 | 2,524,250 | ||||||||
126,840,401 | ||||||||||
North Carolina — 2.1% | ||||||||||
City of Charlotte North Carolina, Refunding RB, Charlotte-Douglas International Airport, Special Facilities Revenue, US Airway, Inc. Project, AMT, 5.60%, 7/01/27 | 10,000 | 9,853,800 | ||||||||
North Carolina Capital Facilities Finance Agency, Refunding RB: | ||||||||||
Duke Energy Carolinas, 4.38%, 10/01/31 | 11,565 | 12,449,376 | ||||||||
Solid Waste Disposal, Duke Energy Carolinas Project, Series B, 4.38%, 10/01/31 | 10,000 | 10,764,700 | ||||||||
North Carolina Medical Care Commission, RB, Mission Health Combined Group, 4.63%, 10/01/30 | 2,000 | 2,166,680 | ||||||||
35,234,556 | ||||||||||
North Dakota — 0.2% | ||||||||||
North Dakota HFA, RB, Series A, 3.60%, 7/01/32 | 2,945 | 2,984,934 | ||||||||
Ohio — 2.5% | ||||||||||
Ohio State University, RB, General Receipts Special Purpose, Series A: | ||||||||||
4.00%, 6/01/29 | 4,000 | 4,367,880 | ||||||||
4.00%, 6/01/30 | 9,670 | 10,487,598 | ||||||||
4.00%, 6/01/31 | 14,220 | 15,356,747 | ||||||||
4.00%, 6/01/32 | 10,285 | 11,060,078 | ||||||||
41,272,303 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 31 |
Schedule of Investments (continued) | BlackRock Municipal Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds | | Par (000) | | Value | ||||||
Oklahoma — 0.2% | ||||||||||
Oklahoma County Finance Authority, Refunding RB, Epworth Villa Project, Series A: | ||||||||||
5.00%, 4/01/23 | $ | 1,050 | $ | 1,119,762 | ||||||
5.00%, 4/01/29 | 1,500 | 1,543,245 | ||||||||
5.00%, 4/01/33 | 1,050 | 1,066,139 | ||||||||
3,729,146 | ||||||||||
Oregon — 2.3% | ||||||||||
Oregon Health & Science University, Refunding RB, Series E: | ||||||||||
4.00%, 7/01/29 | 12,000 | 12,835,440 | ||||||||
5.00%, 7/01/30 | 5,350 | 6,198,189 | ||||||||
4.00%, 7/01/31 | 15,305 | 16,254,981 | ||||||||
5.00%, 7/01/32 | 2,250 | 2,612,723 | ||||||||
37,901,333 | ||||||||||
Pennsylvania — 10.5% | ||||||||||
Allentown Neighborhood Improvement Zone Development Authority, Refunding RB, Series A: | ||||||||||
5.00%, 5/01/27 | 6,750 | 7,509,982 | ||||||||
5.00%, 5/01/28 | 5,000 | 5,538,000 | ||||||||
5.00%, 5/01/29 | 3,745 | 4,132,495 | ||||||||
5.00%, 5/01/30 | 5,300 | 5,843,992 | ||||||||
Commonwealth Financing Authority, RB: | ||||||||||
Series A-2, 5.00%, 6/01/31 | 7,505 | 8,698,820 | ||||||||
Series B, 5.00%, 6/01/30 | 7,360 | 8,550,259 | ||||||||
Series B, 5.00%, 6/01/31 | 7,730 | 8,959,611 | ||||||||
Series B, 5.00%, 6/01/32 | 8,115 | 9,377,288 | ||||||||
Cumberland County Municipal Authority, Refunding RB, Asbury Pennsylvania Obligation Group: | ||||||||||
5.00%, 1/01/22 | 750 | 793,073 | ||||||||
5.25%, 1/01/27 | 1,275 | 1,335,958 | ||||||||
5.25%, 1/01/32 | 2,000 | 2,074,120 | ||||||||
Lehigh County, Refunding RB, Lehigh Valley Health Network, 4.00%, 7/01/33 | 27,535 | 28,518,826 | ||||||||
Montgomery County Higher Education & Health Authority, Refunding RB, Abington Memorial Hospital Obligation Group, 5.00%, 6/01/31 | 5,000 | 5,660,650 | ||||||||
Montgomery County Industrial Development Authority, Refunding RB, Acts Retirement-Life Communities, Inc. Obligated Group, 5.00%, 11/15/26 | 2,500 | 2,810,050 | ||||||||
Pennsylvania Economic Development Financing Authority, RB, AMT, National Gypsum Co.: | ||||||||||
Series A, 6.25%, 11/01/27 | 6,520 | 6,519,348 | ||||||||
Series B, 6.13%, 11/01/27 | 3,000 | 2,975,250 | ||||||||
Pennsylvania Higher Educational Facilities Authority, RB, Shippensburg University Student Services, 5.00%, 10/01/30 | 3,000 | 3,319,530 | ||||||||
Pennsylvania Higher Educational Facilities Authority, Refunding RB, La Salle University, 4.00%, 5/01/32 | 3,000 | 3,009,480 | ||||||||
Pennsylvania Housing Finance Agency, RB, Series 114, AMT: | ||||||||||
3.05%, 10/01/27 | 1,000 | 998,800 | ||||||||
3.30%, 10/01/32 | 20,500 | 20,178,150 | ||||||||
State Public School Building Authority, RB, School District of Philadelphia Project: | ||||||||||
5.00%, 4/01/27 | 4,130 | 4,714,643 | ||||||||
5.00%, 4/01/28 | 8,000 | 9,054,320 | ||||||||
5.00%, 4/01/29 | 6,000 | 6,755,400 | ||||||||
5.00%, 4/01/30 | 5,500 | 6,169,405 | ||||||||
State Public School Building Authority, Refunding RB, School District of Philadelphia Project, Series B (AGM), 5.00%, 6/01/29 | 11,345 | 13,447,909 | ||||||||
176,945,359 | ||||||||||
Municipal Bonds | | Par (000) | | Value | ||||||
South Carolina — 0.4% | ||||||||||
South Carolina Jobs-EDA, Refunding RB, Bon Secours Health System, Inc., 5.00%, 11/01/29 | $ | 6,000 | $ | 6,762,540 | ||||||
Texas — 9.5% | ||||||||||
City of Austin,Texas, Refunding RB, Electric Utility System Revenue, Series A: | ||||||||||
4.00%, 11/15/28 | 2,850 | 3,125,595 | ||||||||
4.00%, 11/15/29 | 3,840 | 4,170,317 | ||||||||
4.00%, 11/15/30 | 10,235 | 11,043,156 | ||||||||
4.00%, 11/15/31 | 10,645 | 11,429,536 | ||||||||
4.00%, 11/15/32 | 11,060 | 11,851,011 | ||||||||
Clifton Higher Education Finance Corp., Refunding RB, Uplift Education, Series A: | ||||||||||
3.10%, 12/01/22 | 1,050 | 1,044,687 | ||||||||
3.95%, 12/01/32 | 1,800 | 1,801,386 | ||||||||
Love Field Airport Modernization Corp., RB, Southwest Airlines Co. Project, AMT, 5.00%, 11/01/28 | 5,750 | 6,263,475 | ||||||||
Lower Colorado River Authority, Refunding RB, Series B, 5.00%, 5/15/29 | 4,770 | 5,563,442 | ||||||||
Matagorda County Navigation District No 1 Texas, Refunding RB (AMBAC): | ||||||||||
Series A, 4.40%, 5/01/30 | 30,730 | 32,382,967 | ||||||||
Series B, AMT, 4.55%, 5/01/30 | 10,000 | 10,366,000 | ||||||||
Midland County Fresh Water Supply District No 1, RB, City of Midland Project, Series A, 5.00%, 9/15/31 | 2,435 | 2,895,361 | ||||||||
Midland County Fresh Water Supply District No 1, RB, CAB, City of Midland Project, Series A (a): | ||||||||||
3.96%, 9/15/31 | 6,235 | 3,005,831 | ||||||||
4.18%, 9/15/32 | 15,135 | 6,724,934 | ||||||||
Red River Health Facilities Development Corp., RB, Wichita Falls Retirement Foundation Project: | ||||||||||
4.70%, 1/01/22 | 1,000 | 1,017,760 | ||||||||
5.50%, 1/01/32 | 1,000 | 1,036,300 | ||||||||
Texas Municipal Gas Acquisition & Supply Corp. III, RB, Natural Gas Utility Improvements: | ||||||||||
5.00%, 12/15/30 | 18,000 | 19,562,580 | ||||||||
5.00%, 12/15/31 | 14,000 | 15,192,660 | ||||||||
5.00%, 12/15/32 | 11,000 | 11,908,050 | ||||||||
160,385,048 | ||||||||||
US Virgin Islands — 0.7% | ||||||||||
Virgin Islands Public Finance Authority, Refunding RB, Gross Receipts Taxes Loan Note, Series A, 5.00%, 10/01/32 | 10,000 | 10,979,700 | ||||||||
Vermont — 0.2% | ||||||||||
Vermont EDA, Refunding MRB, Wake Robin Corp. Project, 5.40%, 5/01/33 | 2,400 | 2,534,640 | ||||||||
Virginia — 4.8% | ||||||||||
Dullles Town Center Community Development Authority, Special Assessment Bonds, Dulles Town Center Project, 4.25%, 3/01/26 | 500 | 495,035 | ||||||||
Fairfax County EDA, RB, Vinson Hall Llc, Series A: | ||||||||||
4.00%, 12/01/22 | 505 | 505,384 | ||||||||
4.50%, 12/01/32 | 2,840 | 2,767,069 | ||||||||
5.00%, 12/01/32 | 2,000 | 2,046,940 | ||||||||
Fairfax County IDA, Refunding RB, Inova Health System, Series D: | ||||||||||
5.00%, 5/15/27 | 9,025 | 10,622,605 | ||||||||
5.00%, 5/15/28 | 8,000 | 9,359,120 | ||||||||
4.00%, 5/15/29 | 8,575 | 9,150,554 | ||||||||
Hanover County EDA, Refunding RB, Covenant Woods, Series A: | ||||||||||
4.50%, 7/01/30 | 3,000 | 2,939,550 | ||||||||
4.50%, 7/01/32 | 1,100 | 1,063,975 | ||||||||
Henrico County EDA, Refunding RB, Bon Secours Health System, 5.00%, 11/01/30 | 3,400 | 3,812,080 |
32 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock Municipal Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Municipal Bonds | | Par (000) | | Value | |||||||
Virginia (concluded) | |||||||||||
Norfolk EDA, Refunding RB, Bon Secours Health System, Inc.: | |||||||||||
5.00%, 11/01/28 | $ | 5,000 | $ | 5,690,050 | |||||||
5.00%, 11/01/29 | 5,000 | 5,648,700 | |||||||||
Virginia Housing Development Authority, RB, Sub-Series C-2, 3.00%, 4/01/31 | 23,200 | 22,980,992 | |||||||||
Virginia Small Business Financing Authority, RB, Senior Lien, Express Lanes LLC, AMT, 5.00%, 7/01/34 | 3,940 | 4,097,915 | |||||||||
81,179,969 | |||||||||||
Washington — 0.7% | |||||||||||
Greater Wenatchee Regional Events Center Public Facilities District, Refunding RB, Series A: | |||||||||||
3.50%, 9/01/18 | 1,025 | 1,050,615 | |||||||||
3.75%, 9/01/19 | 1,060 | 1,090,528 | |||||||||
4.13%, 9/01/21 | 1,145 | 1,179,625 | |||||||||
4.50%, 9/01/22 | 1,000 | 1,046,750 | |||||||||
5.00%, 9/01/27 | 1,000 | 1,062,550 | |||||||||
5.25%, 9/01/32 | 1,000 | 1,059,420 | |||||||||
Port of Seattle Industrial Development Corp., Refunding RB, Special Facilities, Delta Airline, Inc. Project, AMT, 5.00%, 4/01/30 | 5,000 | 5,040,500 | |||||||||
11,529,988 | |||||||||||
Wisconsin — 0.4% | |||||||||||
Public Finance Authority, Refunding RB, Airport Facilities, Senior Series B, AMT, 5.25%, 7/01/28 | 2,250 | 2,452,208 | |||||||||
Wisconsin Health & Educational Facilities Authority, Refunding RB, Marquette University, 4.00%, 10/01/32 | 4,520 | 4,756,938 | |||||||||
7,209,146 | |||||||||||
Total Municipal Bonds — 120.2% | 2,021,859,486 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (d) | |||||||||||
California — 7.7% | |||||||||||
Anaheim California Public Financing Authority, Refunding RB, Electric Distribution System, Series A: | |||||||||||
4.00%, 10/01/29 | 15,800 | 16,984,134 | |||||||||
4.00%, 10/01/30 | 16,425 | 17,655,975 | |||||||||
4.00%, 10/01/31 | 17,080 | 18,360,064 | |||||||||
Port of Oakland California, Refunding RB, Senior Lien, Series P, AMT: | |||||||||||
5.00%, 5/01/29 | 6,685 | 7,269,507 | |||||||||
4.50%, 5/01/30 | 32,220 | 35,037,175 | |||||||||
5.00%, 5/01/31 | 10,675 | 11,608,375 | |||||||||
4.50%, 5/01/32 | 21,355 | 23,222,188 | |||||||||
130,137,418 | |||||||||||
Colorado — 7.4% | |||||||||||
City & County of Denver Colorado, Refunding ARB, Department of Aviation, Series A: | |||||||||||
4.25%, 11/15/30 | 35,210 | 37,612,819 | |||||||||
4.00%, 11/15/31 | 37,875 | 39,849,021 | |||||||||
4.25%, 11/15/31 | 8,085 | 8,636,741 | |||||||||
4.25%, 11/15/32 | 2,230 | 2,382,181 | |||||||||
AMT, 4.25%, 11/15/29 | 33,820 | 36,127,961 | |||||||||
124,608,723 | |||||||||||
Florida — 5.9% | |||||||||||
County of Broward Florida, ARB, Series Q-1: | |||||||||||
4.00%, 10/01/29 | 17,200 | 17,957,436 | |||||||||
4.00%, 10/01/30 | 18,095 | 18,891,850 | |||||||||
4.00%, 10/01/31 | 18,820 | 19,648,776 | |||||||||
4.00%, 10/01/32 | 19,575 | 20,437,024 | |||||||||
4.00%, 10/01/33 | 20,355 | 21,251,373 | |||||||||
98,186,459 |
Municipal Bonds Transferred to Tender Option Bond Trusts (d) | | Par (000) | | Value | ||||||
Illinois — 2.6% | ||||||||||
City of Chicago Illinois, RB, Second Lien, Wastewater Transmission Project: | ||||||||||
4.00%, 1/01/31 | $ | 10,375 | $ | 10,809,583 | ||||||
4.00%, 1/01/32 | 10,790 | 11,241,966 | ||||||||
4.00%, 1/01/33 | 11,220 | 11,689,978 | ||||||||
4.00%, 1/01/35 | 9,135 | 9,517,642 | ||||||||
43,259,169 | ||||||||||
Iowa — 2.6% | ||||||||||
Iowa State Board of Regents, RB, University of Iowa Hospitals and Clinics, Series SUI: | ||||||||||
4.00%, 9/01/28 | 3,375 | 3,556,457 | ||||||||
4.00%, 9/01/29 | 6,525 | 6,875,816 | ||||||||
4.00%, 9/01/30 | 6,325 | 6,665,064 | ||||||||
4.00%, 9/01/31 | 8,650 | 9,115,067 | ||||||||
4.00%, 9/01/32 | 7,750 | 8,166,679 | ||||||||
4.00%, 9/01/33 | 9,375 | 9,879,047 | ||||||||
44,258,130 | ||||||||||
New Hampshire — 1.2% | ||||||||||
New Hampshire State Turnpike System, RB, Series C: | ||||||||||
4.00%, 8/01/31 | 3,665 | 3,838,603 | ||||||||
4.00%, 8/01/32 | 2,290 | 2,398,473 | ||||||||
4.00%, 8/01/33 | 4,350 | 4,556,050 | ||||||||
4.00%, 8/01/34 | 4,035 | 4,226,129 | ||||||||
4.00%, 8/01/35 | 4,745 | 4,969,761 | ||||||||
19,989,016 | ||||||||||
Texas — 10.5% | ||||||||||
City of San Antonio Texas Public Facilities Corp., Refunding LRB, Convention Center Refinancing and Expansion Project: | ||||||||||
4.00%, 9/15/30 | 15,000 | 15,720,261 | ||||||||
4.00%, 9/15/31 | 19,475 | 20,410,139 | ||||||||
4.00%, 9/15/32 | 18,075 | 18,942,915 | ||||||||
4.00%, 9/15/33 | 11,000 | 11,528,192 | ||||||||
4.00%, 9/15/34 | 11,885 | 12,455,687 | ||||||||
4.00%, 9/15/35 | 4,500 | 4,716,078 | ||||||||
County of Harris Texas, Refunding RB, Senior Lien Toll Road, Series C, 4.00%, 8/15/33 | 12,325 | 13,129,926 | ||||||||
Dallas/Fort Worth Texas International Airport, Refunding RB, AMT: | ||||||||||
Series E, 4.00%, 11/01/32 | 6,915 | 7,519,573 | ||||||||
Series E, 4.13%, 11/01/35 | 10,435 | 11,347,325 | ||||||||
Series F, 5.00%, 11/01/29 | 12,820 | 13,940,844 | ||||||||
Series F, 5.00%, 11/01/30 | 15,565 | 16,925,837 | ||||||||
Series F, 5.00%, 11/01/31 | 10,000 | 10,874,293 | ||||||||
Series F, 5.00%, 11/01/32 | 17,170 | 18,671,161 | ||||||||
176,182,231 | ||||||||||
Washington — 1.1% | ||||||||||
State of Washington, COP, State and Local Agency Real and Personal Property: | ||||||||||
4.00%, 7/01/29 | 4,105 | 4,383,840 | ||||||||
4.00%, 7/01/30 | 4,290 | 4,581,406 | ||||||||
4.00%, 7/01/31 | 4,470 | 4,773,633 | ||||||||
4.00%, 7/01/32 | 4,590 | 4,901,784 | ||||||||
18,640,663 | ||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 39.0% | 655,261,809 | |||||||||
Total Long-Term Investments (Cost — $2,663,399,515) — 159.2% | 2,677,121,295 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 33 |
Schedule of Investments (continued) | BlackRock Municipal Target Term Trust (BTT) (Percentages shown are based on Net Assets) |
Short-Term Securities | | Par (000) | | Value | |||||||
Michigan — 0.4% | |||||||||||
Michigan State HDA, Refunding RB, VRDN, AMT (JPMorgan Chase Bank LOC), Series A, 0.15%, 2/01/13 (e) | $ | 6,900 | $ | 6,900,000 | |||||||
New York — 2.0% | |||||||||||
New York City Municipal Water Finance Authority, Refunding RB, VRDN (Mizuho Corporate Bank LOC), 0.11%, 2/01/13 (e ) | 34,000 | 34,000,000 | |||||||||
Pennsylvania — 3.9% | |||||||||||
Pennsylvania HFA, RB, VRDN, S/F Housing, AMT (JPMorgan Chase Bank LOC) (e): | |||||||||||
Series 98C, 0.14%, 2/01/13 | 28,955 | 28,955,000 | |||||||||
Series 100C, 0.14%, 2/01/13 | 21,825 | 21,825,000 | |||||||||
Pennsylvania HFA, Refunding RB, VRDN, S/F Housing, Series 99C, AMT (JPMorgan Chase Bank LOC), 0.14%, 2/01/13 (e) | 15,000 | 15,000,000 | |||||||||
65,780,000 | |||||||||||
Short-Term Securities | | Par (000) | | Value | |||||||
Texas — 0.6% | |||||||||||
State of Texas, RB, VRDN, Tax and Revenue Anticipation Notes (JPMorgan Chase Bank Liquidity Facility), 0.12%, 2/01/13 (e) | $ | 9,700 | $ | 9,700,000 | |||||||
Shares | |||||||||||
Money Market Fund — 0.0% | |||||||||||
FFI Institutional Tax-Exempt Fund, 0.01% (f)(g) | 81,831 | 81,831 | |||||||||
Total Short-Term Securities (Cost — $116,461,831) — 6.9% | 116,461,831 | ||||||||||
Total Investments (Cost—$2,779,861,346) — 166.1% | 2,793,583,126 | ||||||||||
Liabilities in Excess of Other Assets — (8.9)% | (148,596,965 | ) | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (27.5)% | (462,672,238 | ) | |||||||||
RVMTP Shares, at Liquidation Value — (29.7)% | (500,000,000 | ) | |||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 1,682,313,923 |
Notes to Schedule of Investments
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. | |||||
(b) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty | | Value | | Unrealized Appreciation (Depreciation) | ||||||
Wells Fargo & Co. | $ | 64,373,376 | $ | (821,297 | ) | |||||
Pershing LLC | $ | 2,380,724 | $ | (8,435 | ) | |||||
D.A. Davidson & Co. | $ | 7,847,908 | $ | 102,671 | ||||||
Bank of America Corp. | $ | 12,059,160 | $ | 59,160 | ||||||
Royal Bank of Canada | $ | 6,200,458 | $ | (24,783 | ) | |||||
Stifel, Nicolaus & Co. | $ | 3,506,491 | $ | (15,243 | ) | |||||
Royal Bank of Canada | $ | 11,488,689 | $ | (6,601 | ) | |||||
Citigroup, Inc. | $ | 16,853,571 | $ | 101,308 |
(c) | Variable rate security. Rate shown is as of report date. | |||||
(d) | 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. | |||||
(e) | Variable rate security. Rate shown is as of report date and maturity shown is the date the principal owed can be recovered through demand. | |||||
(f) | Investments in issuers considered to be an affiliate of the Trust during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of 1940 Act, as amended, were as follows: |
Affiliate | | Shares Held at July 31, 2012 | | Net Activity | | Shares Held at January 31, 2013 | | Income | | ||||||||||
FFI Institutional Tax-Exempt Fund | — | 81,831 | 81,831 | $ | 946 |
(g) | Represents the current yield as of report date. | |||||
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. | |||||
• | Fair Value Measurements—Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access | |||||
• | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
34 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (concluded) | BlackRock Municipal Target Term Trust (BTT) |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Trust’s investments categorized in the disclosure hierarchy as of January 31, 2013: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
Long-Term Investments1 | — | $ | 2,677,121,295 | — | $ | 2,677,121,295 | ||||||||||||
Short-Term Securities | $ | 81,831 | 116,380,000 | — | 116,461,831 | |||||||||||||
Total | $ | 81,831 | $ | 2,793,501,295 | — | $ | 2,793,583,126 |
1 | See above Schedule of Investments for values in each state or political subdivision. |
Certain of the Trust’s liabilities are held at carrying amount or face value, which approximates fair value for financial statement purposes. As of January 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Liabilities: | ||||||||||||||||||
TOB trust certificates | — | $ | (462,594,948 | ) | — | $ | (462,594,948 | ) | ||||||||||
RVMTP Shares | — | (500,000,000 | ) | — | (500,000,000 | ) | ||||||||||||
Total | — | $ | (962,594,948 | ) | — | $ | (962,594,948 | ) |
There were no transfers between levels during the six months ended January 31, 2013. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 35 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock New Jersey Municipal Income Trust (BNJ) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | |||||||||
New Jersey — 123.3% | |||||||||||
Corporate — 9.2% | |||||||||||
Middlesex County Improvement Authority, RB, Subordinate, Heldrich Center Hotel, Series B, 6.25%, 1/01/37 (a)(b) | $ | 1,790 | $ | 133,247 | |||||||
New Jersey EDA, RB, Continental Airlines Inc. Project, AMT (c): | |||||||||||
7.00%, 11/15/30 | 3,450 | 3,462,903 | |||||||||
7.20%, 11/15/30 | 2,000 | 2,007,500 | |||||||||
New Jersey EDA, Refunding RB, New Jersey American Water Co., Inc. Project, AMT: | |||||||||||
Series A, 5.70%, 10/01/39 | 1,500 | 1,680,615 | |||||||||
Series B, 5.60%, 11/01/34 | 1,275 | 1,452,952 | |||||||||
Salem County Pollution Control Financing Authority, Refunding RB, Atlantic City Electric, Series A, 4.88%, 6/01/29 | 2,400 | 2,664,888 | |||||||||
11,402,105 | |||||||||||
County/City/Special District/School District — 15.2% | |||||||||||
Bergen County New Jersey Improvement Authority, Refunding RB, Fair Lawn Community Center, Inc. Project, 5.00%, 9/15/34 | 785 | 937,808 | |||||||||
City of Margate City New Jersey, GO, Refunding, Improvement, 5.00%, 1/15/28 | 1,085 | 1,253,327 | |||||||||
City of Perth Amboy New Jersey, GO, Refunding, CAB (AGM): | |||||||||||
5.00%, 7/01/34 | 1,075 | 1,160,054 | |||||||||
5.00%, 7/01/35 | 175 | 188,024 | |||||||||
Essex County Improvement Authority, Refunding RB, Project Consolidation (NPFGC): | |||||||||||
5.50%, 10/01/28 | 1,440 | 1,908,648 | |||||||||
5.50%, 10/01/29 | 2,630 | 3,499,609 | |||||||||
Hudson County Improvement Authority, RB, Harrison Parking Facility Project, Series C (AGC): | |||||||||||
5.25%, 1/01/39 | 2,000 | 2,233,060 | |||||||||
5.38%, 1/01/44 | 2,400 | 2,680,656 | |||||||||
Newark Housing Authority, Refunding RB, Newark Redevelopment Project (NPFGC), 4.38%, 1/01/37 | 2,600 | 2,614,326 | |||||||||
South Jersey Transportation Authority, Refunding RB, Series A: | |||||||||||
5.00%, 11/01/28 | 305 | 353,147 | |||||||||
5.00%, 11/01/29 | 305 | 352,315 | |||||||||
Union County Improvement Authority, RB, Guaranteed Lease, Family Court Building Project, 5.00%, 5/01/42 | 1,515 | 1,727,873 | |||||||||
18,908,847 | |||||||||||
Education — 14.6% | |||||||||||
New Jersey EDA, RB: | |||||||||||
MSU Student Housing Project Provide, 5.88%, 6/01/42 | 1,500 | 1,681,695 | |||||||||
School Facilities Construction, Series CC-2, 5.00%, 12/15/31 | 1,525 | 1,744,844 | |||||||||
New Jersey Educational Facilities Authority, RB, Montclair State University, Series J, 5.25%, 7/01/38 | 580 | 654,959 | |||||||||
New Jersey Educational Facilities Authority, Refunding RB: | |||||||||||
College of New Jersey, Series D (AGM), 5.00%, 7/01/35 | 3,230 | 3,567,923 | |||||||||
Georgian Court University, Series D, 5.00%, 7/01/33 | 250 | 264,795 | |||||||||
Kean University, Series A, 5.50%, 9/01/36 | 2,060 | 2,366,858 | |||||||||
New Jersey Institute of Technology, Series H, 5.00%, 7/01/31 | 660 | 745,298 | |||||||||
Ramapo College, Series B, 5.00%, 7/01/42 | 265 | 300,743 | |||||||||
University of Medicine & Dentistry, Series B, 7.50%, 12/01/32 | 1,450 | 1,817,082 | |||||||||
Municipal Bonds | Par (000) | Value | |||||||||
New Jersey (continued) | |||||||||||
Education (concluded) | |||||||||||
New Jersey Higher Education Student Assistance Authority, Refunding RB: | |||||||||||
Series 1, AMT, 5.75%, 12/01/29 | $ | 2,055 | $ | 2,321,903 | |||||||
Series 1A, 5.00%, 12/01/25 | 530 | 585,443 | |||||||||
Series 1A, 5.00%, 12/01/26 | 345 | 379,738 | |||||||||
Series 1A, 5.25%, 12/01/32 | 500 | 554,670 | |||||||||
New Jersey Institute of Technology, RB, GO, Series A, 5.00%, 7/01/42 | 970 | 1,110,117 | |||||||||
18,096,068 | |||||||||||
Health — 17.1% | |||||||||||
New Jersey EDA, RB: | |||||||||||
First Mortgage, Lions Gate Project, Series A, 5.75%, 1/01/25 | 500 | 506,885 | |||||||||
First Mortgage, Lions Gate Project, Series A, 5.88%, 1/01/37 | 855 | 861,250 | |||||||||
Masonic Charity Foundation Project, 5.50%, 6/01/31 | 875 | 880,758 | |||||||||
New Jersey EDA, Refunding RB: | |||||||||||
First Mortgage, Winchester, Series A, 5.75%, 11/01/24 | 4,050 | 4,153,032 | |||||||||
Seabrook Village, Inc. Facility, 5.25%, 11/15/26 | 1,790 | 1,867,829 | |||||||||
New Jersey Health Care Facilities Financing Authority, RB (AGC): | |||||||||||
Meridian Health, Series I, 5.00%, 7/01/38 | 740 | 794,693 | |||||||||
Virtua Health, 5.50%, 7/01/38 | 1,250 | 1,394,813 | |||||||||
New Jersey Health Care Facilities Financing Authority, Refunding RB: | |||||||||||
AHS Hospital Corp., 6.00%, 7/01/37 | 900 | 1,118,412 | |||||||||
AHS Hospital Corp., 6.00%, 7/01/41 | 1,045 | 1,288,882 | |||||||||
Barnabas Health, Series A, 5.00%, 7/01/25 | 140 | 162,071 | |||||||||
Barnabas Health, Series A, 5.63%, 7/01/32 | 580 | 657,407 | |||||||||
Barnabas Health, Series A, 5.63%, 7/01/37 | 1,605 | 1,813,024 | |||||||||
Kennedy Health System, 5.00%, 7/01/42 | 500 | 550,855 | |||||||||
Meridian Health System Obligated Group Issue, 5.00%, 7/01/26 | 970 | 1,110,543 | |||||||||
Robert Wood Johnson, 5.00%, 7/01/31 | 500 | 550,870 | |||||||||
South Jersey Hospital, 5.00%, 7/01/46 | 1,650 | 1,708,014 | |||||||||
St. Barnabas Health Care System, Series A, 5.00%, 7/01/29 | 1,750 | 1,844,588 | |||||||||
21,263,926 | |||||||||||
Housing — 10.9% | |||||||||||
Middlesex County Improvement Authority, RB, AMT (Fannie Mae): | |||||||||||
Administration Building Residential Project, 5.35%, 7/01/34 | 1,400 | 1,401,652 | |||||||||
New Brunswick Apartments Rental Housing, 5.30%, 8/01/35 | 4,325 | 4,330,103 | |||||||||
New Jersey State Housing & Mortgage Finance Agency, RB: | |||||||||||
M/F Housing, Series A, 4.55%, 11/01/43 | 1,540 | 1,600,768 | |||||||||
S/F Housing, Series CC, 5.00%, 10/01/34 | 1,445 | 1,563,389 | |||||||||
S/F Housing, Series X, AMT, 4.85%, 4/01/16 | 995 | 1,021,278 | |||||||||
Series A, 4.75%, 11/01/29 | 1,185 | 1,266,694 | |||||||||
Series AA, 6.38%, 10/01/28 | 1,055 | 1,137,417 | |||||||||
Series AA, 6.50%, 10/01/38 | 1,190 | 1,248,358 | |||||||||
13,569,659 | |||||||||||
State — 28.4% | |||||||||||
Garden State Preservation Trust, RB, CAB, Series B (AGM), 2.99%, 11/01/26 (d) | 6,000 | 3,989,520 | |||||||||
New Jersey EDA, RB: | |||||||||||
Kapkowski Road Landfill Project, Series B, AMT, 6.50%, 4/01/31 | 5,000 | 5,935,200 | |||||||||
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, 7/01/25 | 1,365 | 1,686,976 |
36 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
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 (concluded) | |||||||||||
New Jersey EDA, RB (concluded): | |||||||||||
School Facilities Construction, Series KK, 5.00%, 3/01/35 | $ | 1,000 | $ | 1,146,640 | |||||||
School Facilities Construction, Series KK, 5.00%, 3/01/38 | 785 | 893,856 | |||||||||
School Facilities Construction, Series Z (AGC), 5.50%, 12/15/34 | 3,000 | 3,496,440 | |||||||||
New Jersey EDA, Refunding RB: | |||||||||||
5.00%, 6/15/26 | 810 | 923,351 | |||||||||
(AGM), 5.00%, 6/15/22 | 2,940 | 3,480,490 | |||||||||
Cigarette Tax, 5.00%, 6/15/29 | 1,000 | 1,116,390 | |||||||||
School Facilities Construction, Series GG, 5.25%, 9/01/26 | 3,500 | 4,136,650 | |||||||||
New Jersey EDA, Special Assessment Bonds, Refunding, Kapkowski Road Landfill Project, 6.50%, 4/01/28 | 2,500 | 3,002,150 | |||||||||
New Jersey Health Care Facilities Financing Authority, RB, Hospital Asset Transformation Program, Series A, 5.25%, 10/01/38 | 2,350 | 2,573,532 | |||||||||
State of New Jersey, COP, Equipment Lease Purchase, Series A: | |||||||||||
5.25%, 6/15/27 | 2,000 | 2,263,020 | |||||||||
5.25%, 6/15/28 | 600 | 677,382 | |||||||||
35,321,597 | |||||||||||
Transportation — 25.2% | |||||||||||
Delaware River Port Authority of Pennsylvania & New Jersey, RB, Series D, 5.00%, 1/01/40 | 800 | 893,424 | |||||||||
New Jersey State Turnpike Authority, RB, Series E, 5.25%, 1/01/40 | 1,970 | 2,210,892 | |||||||||
New Jersey State Turnpike Authority, Refunding RB: | |||||||||||
Series A, 5.00%, 1/01/35 | 620 | 711,140 | |||||||||
Series B, 5.00%, 1/01/30 | 1,415 | 1,656,158 | |||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System: | |||||||||||
CAB, Series C (AGM), 4.33%, 12/15/32 (d) | 4,000 | 1,707,480 | |||||||||
Series A, 6.00%, 6/15/35 | 4,135 | 5,092,004 | |||||||||
Series A, 5.88%, 12/15/38 | 1,770 | 2,087,326 | |||||||||
Series A, 6.00%, 12/15/38 | 945 | 1,127,640 | |||||||||
Series A, 5.50%, 6/15/41 | 2,000 | 2,324,260 | |||||||||
Series A (AGC), 5.50%, 12/15/38 | 1,000 | 1,158,960 | |||||||||
Series B, 5.00%, 6/15/42 | 1,320 | 1,465,596 | |||||||||
Port Authority of New York & New Jersey, RB, JFK International Air Terminal, Special Project: | |||||||||||
Series 6, AMT (NPFGC), 5.75%, 12/01/22 | 6,000 | 6,002,220 | |||||||||
Series 8, 6.00%, 12/01/42 | 1,430 | 1,699,955 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, Consolidated 152nd Series, AMT, 5.75%, 11/01/30 | 1,750 | 2,039,748 | |||||||||
South Jersey Transportation Authority, Refunding RB, Series A, 5.00%, 11/01/27 | 1,000 | 1,162,710 | |||||||||
31,339,513 | |||||||||||
Utilities — 2.7% | |||||||||||
Rahway Valley Sewerage Authority, RB, CAB, Series A (NPFGC), 4.24%, 9/01/33 (d) | 2,000 | 843,280 | |||||||||
Union County Utilities Authority, Refunding RB, New Jersey Solid Waste System, County Deficiency Agreement, Series A, 5.00%, 6/15/41 | 2,185 | 2,508,096 | |||||||||
3,351,376 | |||||||||||
Total Municipal Bonds in New Jersey | 153,253,091 | ||||||||||
Municipal Bonds | Par (000) | Value | |||||||||
Puerto Rico — 12.2% | |||||||||||
Housing — 3.4% | |||||||||||
Puerto Rico Housing Finance Authority, RB, Mortgage-Backed Securities, Series B, AMT (Ginnie Mae), 5.30%, 12/01/28 | $ | 2,095 | $ | 2,097,744 | |||||||
Puerto Rico Housing Finance Authority, Refunding RB, Mortgage-Backed Securities, Series A (Ginnie Mae), 5.20%, 12/01/33 | 2,095 | 2,098,415 | |||||||||
4,196,159 | |||||||||||
State — 8.8% | |||||||||||
Puerto Rico Public Buildings Authority, RB, CAB, Series D (AMBAC), 5.45%, 7/01/17 (e) | 2,665 | 3,180,571 | |||||||||
Puerto Rico Sales Tax Financing Corp., RB, First Sub-Series A: | |||||||||||
5.75%, 8/01/37 | 3,075 | 3,323,706 | |||||||||
6.00%, 8/01/42 | 2,250 | 2,475,607 | |||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, First Sub, Series C, 6.00%, 8/01/39 | 1,740 | 1,937,351 | |||||||||
10,917,235 | |||||||||||
Total Municipal Bonds in Puerto Rico | 15,113,394 | ||||||||||
Total Municipal Bonds — 135.5% | 168,366,485 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (f) | |||||||||||
New Jersey — 21.1% | |||||||||||
Education — 1.3% | |||||||||||
Rutgers State University of New Jersey, Refunding RB, Series F, 5.00%, 5/01/39 | 1,499 | 1,664,390 | |||||||||
State — 5.5% | |||||||||||
New Jersey EDA, RB, School Facilities Construction, Series Z (AGC), 6.00%, 12/15/34 | 3,000 | 3,578,010 | |||||||||
New Jersey EDA, Refunding RB, School Facilities Construction, Series NN, 5.00%, 3/01/29 | 2,788 | 3,257,042 | |||||||||
6,835,052 | |||||||||||
Transportation — 9.1% | |||||||||||
New Jersey Transportation Trust Fund Authority, RB, Transportation System: | |||||||||||
Series A (AGM), 5.00%, 12/15/32 | 2,000 | 2,269,720 | |||||||||
Series B, 5.25%, 6/15/36 | 2,500 | 2,865,800 | |||||||||
Port Authority of New York & New Jersey, RB, Consolidated, 152nd Series, AMT, 5.00%, 10/15/41 | 3,495 | 3,922,683 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, 152nd Series, 5.25%, 11/01/35 | 2,039 | 2,253,231 | |||||||||
11,311,434 | |||||||||||
Utilities — 5.2% | |||||||||||
Union County Utilities Authority, Refunding LRB, New Jersey Resource Recovery Facility, Covanta Union, Inc., Series A, AMT, 5.25%, 12/01/31 | 5,710 | 6,389,662 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts in New Jersey | 26,200,538 | ||||||||||
Puerto Rico — 1.1% | |||||||||||
State — 1.1% | |||||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, Senior Series C, 5.25%, 8/01/40 | 1,180 | 1,283,651 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 22.2% | 27,484,189 | ||||||||||
Total Long-Term Investments (Cost — $180,115,200) — 157.7% | 195,850,674 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 37 |
Schedule of Investments (concluded) | BlackRock New Jersey Municipal Income Trust (BNJ) (Percentages shown are based on Net Assets) |
Short-Term Securities | Shares | Value | ||||||||
BIF New Jersey Municipal Money Fund, 0.00% (g)(h) | 670,723 | $ | 670,723 | |||||||
Total Short-Term Securities (Cost — $670,723) — 0.5% | 670,723 | |||||||||
Total Investments (Cost—$180,785,923) — 158.2% | 196,521,397 | |||||||||
Other Assets Less Liabilities — 1.0% | 1,212,167 | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (11.6)% | (14,371,615 | ) | ||||||||
VMTP Shares, at Liquidation Value — (47.6)% | (59,100,000 | ) | ||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 124,261,949 |
Notes to Schedule of Investments
(a) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |||||
(b) | Non-income producing security. | |||||
(c) | Variable rate security. Rate shown is as of report date. | |||||
(d) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. | |||||
(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) | 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. | |||||
(g) | Investments in issuers considered to be an affiliate of the Trust during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate | | Shares Held at July 31, 2012 | | Net Activity | | Shares Held at January 31, 2013 | | Income | | |||||||||||||
BIF New Jersey Municipal Money Fund | 2,329,356 | (1,658,633) | 670,723 | $ | — |
(h) | Represents the current yield as of report date. | |||||
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease. | |||||
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access | |||||
• | 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Trust’s investments categorized in the disclosure hierarchy as of January 31, 2013: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
Long-Term Investments1 | — | $ | 195,850,674 | — | $ | 195,850,674 | ||||||||||||
Short-Term Securities | $ | 670,723 | — | — | 670,723 | |||||||||||||
Total | $ | 670,723 | $ | 195,850,674 | — | $ | 196,521,397 |
1 | See above Schedule of Investments for values in each sector. |
Certain of the Trust’s liabilities are held at carrying amount or face value, which approximates fair value for financial statement purposes. As of January 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Liabilities: | ||||||||||||||||||
Bank overdraft | — | $ | (54,971 | ) | — | $ | (54,971 | ) | ||||||||||
TOB trust certificates | — | (14,366,757 | ) | — | (14,366,757 | ) | ||||||||||||
VMTP Shares | — | (59,100,000 | ) | — | (59,100,000 | ) | ||||||||||||
Total | — | $ | (73,521,728 | ) | — | $ | (73,521,728 | ) |
There were no transfers between levels during the six months ended January 31, 2013. |
38 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments January 31, 2013 (Unaudited) | BlackRock New York Municipal Income Trust (BNY) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | |||||||||
New York — 119.6% | |||||||||||
Corporate — 15.2% | |||||||||||
Chautauqua County Industrial Development Agency, RB, NRG Dunkirk Power Project, 5.88%, 4/01/42 | $ | 1,000 | $ | 1,129,050 | |||||||
Essex County Industrial Development Agency New York, RB, International Paper Co. Project, Series A, AMT, 6.63%, 9/01/32 | 550 | 613,140 | |||||||||
New York City Industrial Development Agency, RB, American Airlines Inc., JFK International Airport, AMT (a)(b)(c): | |||||||||||
7.63%, 8/01/25 | 3,200 | 3,679,616 | |||||||||
7.75%, 8/01/31 | 4,000 | 4,599,600 | |||||||||
New York City Industrial Development Agency, Refunding RB, Senior TRIPS, Series A, AMT, 5.00%, 7/01/28 | 795 | 846,564 | |||||||||
New York Liberty Development Corp., RB, Goldman Sachs Headquarters, 5.25%, 10/01/35 | 5,350 | 6,358,100 | |||||||||
Niagara Area Development Corp., Refunding RB, Covanta Energy Project, Series A, AMT, 5.25%, 11/01/42 | 1,500 | 1,547,520 | |||||||||
Port Authority of New York & New Jersey, RB, Continental Airlines Inc. and Eastern Air Lines Inc. Project, LaGuardia, AMT, 9.13%, 12/01/15 | 4,720 | 4,838,000 | |||||||||
Suffolk County Industrial Development Agency New York, RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27 | 7,000 | 7,092,680 | |||||||||
30,704,270 | |||||||||||
County/City/Special District/School District — 27.1% | |||||||||||
City of New York, New York, GO: | |||||||||||
Series A-1, 4.75%, 8/15/25 | 750 | 862,582 | |||||||||
Series A-1, 5.00%, 8/01/35 | 1,000 | 1,160,470 | |||||||||
Series D, 5.38%, 6/01/32 | 25 | 25,093 | |||||||||
Series G-1, 5.00%, 4/01/29 | 750 | 893,925 | |||||||||
Sub-Series A-1, 4.00%, 10/01/34 | 350 | 375,522 | |||||||||
Sub-Series G-1, 5.00%, 4/01/28 | 5,000 | 5,977,450 | |||||||||
Sub-Series G-1, 6.25%, 12/15/31 | 500 | 617,920 | |||||||||
Sub-Series I-1, 5.38%, 4/01/36 | 1,750 | 2,077,372 | |||||||||
City of New York, New York, GO, Refunding, Series B, 3.00%, 8/01/31 | 600 | 593,268 | |||||||||
Hudson New York Yards Infrastructure Corp., RB, Series A: | |||||||||||
5.00%, 2/15/47 | 5,485 | 5,825,618 | |||||||||
5.75%, 2/15/47 | 200 | 238,662 | |||||||||
(AGC), 5.00%, 2/15/47 | 1,000 | 1,064,440 | |||||||||
(AGM), 5.00%, 2/15/47 | 1,000 | 1,064,440 | |||||||||
(NPFGC), 4.50%, 2/15/47 | 1,970 | 2,041,846 | |||||||||
Metropolitan Transportation Authority, Refunding RB, Transportation, Series D, 5.00%, 11/15/34 | 800 | 902,072 | |||||||||
Monroe County Industrial Development Corp., RB, Series A, 5.00%, 7/01/31 | 1,900 | 2,211,467 | |||||||||
New York City Industrial Development Agency, RB, PILOT: | |||||||||||
CAB, Yankee Stadium Project, Series A, 4.79%, 3/01/45 (d) | 1,500 | 329,010 | |||||||||
CAB, Yankee Stadium Project, Series A (AGC), 4.64%, 3/01/42 (d) | 1,960 | 515,833 | |||||||||
Queens Baseball Stadium, PILOT (AGC), 6.38%, 1/01/39 | 150 | 176,073 | |||||||||
Queens Baseball Stadium, PILOT (AMBAC), 5.00%, 1/01/36 | 3,000 | 3,023,190 | |||||||||
Yankee Stadium, PILOT (NPFGC), 4.75%, 3/01/46 | 1,500 | 1,535,595 | |||||||||
New York Convention Center Development Corp., RB, Hotel Unit Fee Secured (AMBAC): | |||||||||||
5.00%, 11/15/35 | 250 | 273,168 | |||||||||
5.00%, 11/15/44 | 9,660 | 10,541,282 | |||||||||
4.75%, 11/15/45 | 500 | 541,180 | |||||||||
Municipal Bonds | Par (000) | Value | |||||||||
New York (continued) | |||||||||||
County/City/Special District/School District (concluded) | |||||||||||
New York Liberty Development Corp., Refunding RB: | |||||||||||
4 World Trade Center Project, 5.00%, 11/15/31 | $ | 860 | $ | 986,257 | |||||||
4 World Trade Center Project, 5.75%, 11/15/51 | 1,340 | 1,589,749 | |||||||||
7 World Trade Center Project, Class 2, 5.00%, 9/15/43 | 1,670 | 1,857,224 | |||||||||
7 World Trade Center Project, Class 3, 5.00%, 3/15/44 | 2,070 | 2,243,280 | |||||||||
Second Priority, Bank of America Tower at One Bryant Park Project, 5.63%, 7/15/47 | 2,000 | 2,309,700 | |||||||||
Second Priority, Bank of America Tower at One Bryant Park Project, 6.38%, 7/15/49 | 1,200 | 1,425,996 | |||||||||
New York State Dormitory Authority, RB, State University Dormitory Facilities, Series A, 5.00%, 7/01/39 | 750 | 839,265 | |||||||||
New York State Dormitory Authority, Refunding RB, School Districts Financing Program, Series A (AGM), 5.00%, 10/01/35 | 395 | 436,590 | |||||||||
54,555,539 | |||||||||||
Education — 25.6% | |||||||||||
Albany Industrial Development Agency, RB, New Covenant Charter School Project, Series A (b)(c): | |||||||||||
7.00%, 5/01/25 | 910 | 136,445 | |||||||||
7.00%, 5/01/35 | 590 | 88,465 | |||||||||
Amherst Development Corp., Refunding RB, University at Buffalo Foundation Faculty-Student Housing Corp., Series A (AGM), 4.63%, 10/01/40 | 1,100 | 1,190,222 | |||||||||
City of Troy Capital Resource Corp., Refunding RB, Rensselaer Polytechnic, Series A, 5.13%, 9/01/40 | 3,240 | 3,592,480 | |||||||||
Dutchess County Industrial Development Agency New York, RB, Bard College Civic Facility, Series A-2, 4.50%, 8/01/36 | 7,000 | 7,180,530 | |||||||||
Madison County Industrial Development Agency New York, RB: | |||||||||||
Colgate University Project, Series B, 5.00%, 7/01/13 (e) | 2,000 | 2,040,040 | |||||||||
Commons II LLC, Student Housing, Series A (CIFG), 5.00%, 6/01/33 | 275 | 287,350 | |||||||||
Nassau County Industrial Development Agency, Refunding RB, New York Institute of Technology Project, Series A, 4.75%, 3/01/26 | 1,165 | 1,277,679 | |||||||||
New York City Trust for Cultural Resources, RB, Juilliard School, 5.00%, 1/01/39 | 750 | 870,862 | |||||||||
New York City Trust for Cultural Resources, Refunding RB: | |||||||||||
Carnegie Hall, 4.75%, 12/01/39 | 2,000 | 2,181,140 | |||||||||
Museum of Modern Art, Series 1A, 5.00%, 4/01/31 | 1,000 | 1,164,600 | |||||||||
New York State Dormitory Authority, RB: | |||||||||||
Convent of the Sacred Heart (AGM), 5.25%, 11/01/24 | 155 | 179,785 | |||||||||
Convent of the Sacred Heart (AGM), 5.63%, 11/01/32 | 750 | 900,795 | |||||||||
Convent of the Sacred Heart (AGM), 5.75%, 11/01/40 | 210 | 249,722 | |||||||||
Mount Sinai School of Medicine, 5.13%, 7/01/39 | 2,000 | 2,208,260 | |||||||||
New York University, Series 1 (AMBAC), 5.50%, 7/01/40 | 1,440 | 1,933,128 | |||||||||
New York University, Series A (AMBAC), 5.00%, 7/01/37 | 1,000 | 1,106,760 | |||||||||
New York University, Series B, 5.00%, 7/01/37 | 1,250 | 1,447,062 | |||||||||
Rochester Institute of Technology, Series A, 6.00%, 7/01/18 (e) | 1,000 | 1,262,080 | |||||||||
Teachers College, 5.00%, 7/01/42 | 500 | 564,420 | |||||||||
University of Rochester, Series A, 0.00%, 7/01/39 (f) | 650 | 686,523 | |||||||||
University of Rochester, Series A, 5.13%, 7/01/39 | 850 | 967,351 | |||||||||
University of Rochester, Series B, 5.00%, 7/01/39 | 500 | 543,275 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 39 |
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) | |||||||||||
New York State Dormitory Authority, Refunding RB: | |||||||||||
Brooklyn Law School, 5.75%, 7/01/33 | $ | 475 | $ | 546,231 | |||||||
Cornell University, Series A, 5.00%, 7/01/40 | 1,000 | 1,158,000 | |||||||||
Culinary Institute of America, 5.00%, 7/01/42 | 300 | 323,583 | |||||||||
Fordham University, 4.00%, 7/01/30 | 555 | 589,909 | |||||||||
New York University, Series A, 5.00%, 7/01/37 | 1,790 | 2,072,193 | |||||||||
Rochester Institute Technology, 4.00%, 7/01/33 | 1,070 | 1,147,200 | |||||||||
Rochester Institute Technology, 5.00%, 7/01/42 | 1,790 | 2,051,698 | |||||||||
Rockefeller University, Series B, 4.00%, 7/01/38 | 1,835 | 1,945,834 | |||||||||
Saint John’s University, Series A, 5.00%, 7/01/27 | 220 | 261,017 | |||||||||
Skidmore College, Series A, 5.00%, 7/01/27 | 190 | 221,610 | |||||||||
Skidmore College, Series A, 5.00%, 7/01/28 | 75 | 86,990 | |||||||||
Skidmore College, Series A, 5.25%, 7/01/29 | 85 | 99,682 | |||||||||
Teachers College, 5.50%, 3/01/39 | 450 | 507,587 | |||||||||
Third Generation Resolution, State University Educational Facilities, Series A, 5.00%, 5/15/29 | 2,000 | 2,384,680 | |||||||||
Orange County Funding Corp., Refunding RB, Mount State Mary College, Series A: | |||||||||||
5.00%, 7/01/37 | 360 | 403,607 | |||||||||
5.00%, 7/01/42 | 220 | 244,966 | |||||||||
St. Lawrence County Industrial Development Agency, RB, Clarkson University Project, 5.38%, 9/01/41 | 275 | 316,014 | |||||||||
Suffolk County Industrial Development Agency, Refunding RB, New York Institute of Technology Project, 5.00%, 3/01/26 | 1,000 | 1,030,430 | |||||||||
Tompkins County Development Corp., RB, Ithaca College Project (AGM), 5.50%, 7/01/33 | 700 | 818,188 | |||||||||
Westchester County Industrial Development Agency New York, RB, Windward School Civic Facility (Radian), 5.25%, 10/01/31 | 2,500 | 2,502,575 | |||||||||
Yonkers Industrial Development Agency New York, RB, Sarah Lawrence College Project, Series A, 6.00%, 6/01/41 | 625 | 708,481 | |||||||||
51,479,449 | |||||||||||
Health — 16.2% | |||||||||||
Dutchess County Local Development Corp., Refunding RB, Health Quest System Inc., Series A, 5.75%, 7/01/40 | 300 | 350,790 | |||||||||
Genesee County Industrial Development Agency New York, Refunding RB, United Memorial Medical Center Project, 5.00%, 12/01/27 | 500 | 500,010 | |||||||||
Monroe County Industrial Development Corp., Refunding RB, Unity Hospital of Rochester Project (FHA), 5.50%, 8/15/40 | 1,050 | 1,213,527 | |||||||||
Nassau County Local Economic Assistance Corp., Refunding RB, Winthrop University Hospital Association Project: | |||||||||||
4.25%, 7/01/42 | 350 | 353,238 | |||||||||
5.00%, 7/01/42 | 2,750 | 2,952,757 | |||||||||
New York State Dormitory Authority, RB: | |||||||||||
Hudson Valley Hospital (BHAC), 5.00%, 8/15/36 | 750 | 824,872 | |||||||||
New York State Association for Retarded Children, Inc., Series B (AMBAC), 6.00%, 7/01/32 | 200 | 230,242 | |||||||||
New York University Hospital Center, Series A, 6.00%, 7/01/40 | 500 | 589,235 | |||||||||
New York University Hospital Center, Series B, 5.63%, 7/01/37 | 530 | 580,700 | |||||||||
North Shore-Long Island Jewish Health System, 5.50%, 5/01/13 (e) | 2,000 | 2,026,520 | |||||||||
North Shore-Long Island Jewish Health System, Series A, 5.50%, 5/01/37 | 1,775 | 2,028,275 | |||||||||
North Shore-Long Island Jewish Health System, Series C, 4.25%, 5/01/39 | 750 | 797,138 | |||||||||
North Shore-Long Island Jewish Health System, Series D, 4.25%, 5/01/39 | 1,100 | 1,169,135 | |||||||||
Municipal Bonds | Par (000) | Value | |||||||||
New York (continued) | |||||||||||
Health (concluded) | |||||||||||
New York State Dormitory Authority, RB (concluded): | |||||||||||
North Shore-Long Island Jewish Health System, Series D, 5.00%, 5/01/39 | $ | 320 | $ | 362,227 | |||||||
Nysarc Inc., Series A, 6.00%, 7/01/32 | 500 | 589,505 | |||||||||
New York State Dormitory Authority, Refunding RB: | |||||||||||
Miriam Osborn Memorial Home Association, 5.00%, 7/01/29 | 290 | 316,016 | |||||||||
Miriam Osborn Memorial Home Association, 5.00%, 7/01/42 | 115 | 122,251 | |||||||||
Mount Sinai Hospital, Series A, 5.00%, 7/01/26 | 1,385 | 1,564,496 | |||||||||
New York University Hospital Center, Series A, 5.00%, 7/01/36 | 3,390 | 3,599,163 | |||||||||
North Shore-Long Island Jewish Health System, Series A, 5.00%, 5/01/32 | 1,750 | 1,969,975 | |||||||||
North Shore-Long Island Jewish Health System, Series E, 5.50%, 5/01/33 | 1,100 | 1,252,251 | |||||||||
Onondaga Civic Development Corp., RB, Saint Joseph’s Hospital Health Center Project: | |||||||||||
4.50%, 7/01/32 | 3,225 | 3,179,689 | |||||||||
5.00%, 7/01/42 | 540 | 554,261 | |||||||||
Suffolk County Industrial Development Agency New York, Refunding RB, Jeffersons Ferry Project, 5.00%, 11/01/28 | 1,175 | 1,204,763 | |||||||||
Westchester County Healthcare Corp. New York, Refunding RB, Senior Lien: | |||||||||||
Series A, Remarketing, 5.00%, 11/01/30 | 2,500 | 2,772,450 | |||||||||
Series B, 6.00%, 11/01/30 | 500 | 596,905 | |||||||||
Westchester County IDA New York, RB, Kendal on Hudson Project, Series A, 6.38%, 1/01/24 | 1,000 | 1,000,900 | |||||||||
32,701,291 | |||||||||||
Housing — 1.9% | |||||||||||
New York Mortgage Agency, Refunding RB, Homeowner Mortgage, Series 97, AMT, 5.50%, 4/01/31 | 1,120 | 1,121,400 | |||||||||
New York State HFA, RB, M/F Housing, Series A, Highland Avenue Senior Apartments, Series A, AMT (SONYMA), 5.00%, 2/15/39 | 1,500 | 1,553,145 | |||||||||
Yonkers EDC, Refunding RB, Riverview II (Freddie Mac), 4.50%, 5/01/25 | 1,000 | 1,086,180 | |||||||||
3,760,725 | |||||||||||
State — 7.0% | |||||||||||
New York City Transitional Finance Authority, BARB: | |||||||||||
Series S-1, 4.00%, 7/15/42 | 2,225 | 2,322,989 | |||||||||
Series S-2 (NPFGC), 4.25%, 1/15/34 | 1,700 | 1,767,728 | |||||||||
New York State Dormitory Authority, ERB, Series B, 5.75%, 3/15/36 | 600 | 727,872 | |||||||||
New York State Dormitory Authority, RB, Mental Health Services Facilities Improvement, Series B (AMBAC), 5.00%, 2/15/35 | 2,000 | 2,137,060 | |||||||||
New York State Dormitory Authority, Refunding RB: | |||||||||||
General Purpose Bonds, Series A, 5.00%, 12/15/26 | 2,000 | 2,460,540 | |||||||||
General Purpose, Series D, 5.00%, 2/15/34 | 500 | 585,995 | |||||||||
New York State Thruway Authority, Refunding RB, Series A, 5.00%, 4/01/32 | 3,500 | 4,124,785 | |||||||||
14,126,969 | |||||||||||
Tobacco — 1.1% | |||||||||||
Rensselaer Tobacco Asset Securitization Corp., RB, Series A, 5.75%, 6/01/43 | 2,500 | 2,243,650 | |||||||||
Transportation — 19.2% | |||||||||||
Metropolitan Transportation Authority, RB: | |||||||||||
Series 2008C, 6.50%, 11/15/28 | 1,000 | 1,272,460 | |||||||||
Series D, 5.25%, 11/15/41 | 1,750 | 2,004,100 | |||||||||
Series H, 4.00%, 11/15/34 | 2,000 | 2,088,940 | |||||||||
Series H, 5.00%, 11/15/42 | 1,750 | 1,979,845 |
40 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Trust (BNY) (Percentages shown are based on Net Assets) |
Municipal Bonds | Par (000) | Value | |||||||||
New York (concluded) | |||||||||||
Transportation (concluded) | |||||||||||
Metropolitan Transportation Authority, Refunding RB, Series F: | |||||||||||
5.00%, 11/15/30 | $ | 2,530 | $ | 2,956,356 | |||||||
(AGM), 4.00%, 11/15/30 | 3,000 | 3,260,700 | |||||||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.00%, 12/15/41 | 5,675 | 6,420,922 | |||||||||
New York State Thruway Authority, RB, Series I, 5.00%, 1/01/27 (g) | 2,000 | 2,369,280 | |||||||||
New York State Thruway Authority, Refunding RB, General, Series I: | |||||||||||
5.00%, 1/01/37 | 920 | 1,043,740 | |||||||||
4.13%, 1/01/42 | 1,075 | 1,121,031 | |||||||||
5.00%, 1/01/42 | 280 | 315,350 | |||||||||
Port Authority of New York & New Jersey, RB: | |||||||||||
Consolidated, 124th Series, AMT, AMT, 5.00%, 8/01/36 | 2,000 | 2,006,820 | |||||||||
JFK International Air Terminal, 6.00%, 12/01/42 | 1,000 | 1,188,780 | |||||||||
Special Project, JFK International Air Terminal, Series 6 AMT (NPFGC), 6.25%, 12/01/13 | 1,000 | 1,019,430 | |||||||||
Special Project, JFK International Air Terminal, Series 6 AMT (NPFGC), 5.75%, 12/01/22 | 7,000 | 7,002,590 | |||||||||
Port Authority of New York & New Jersey, Refunding RB, One Hundred Seventy-Seven, AMT, 4.00%, 1/15/43 (g) | 1,000 | 1,007,350 | |||||||||
Triborough Bridge & Tunnel Authority, Refunding RB: | |||||||||||
Series A, 5.00%, 11/15/30 | 250 | 297,630 | |||||||||
Series A, 3.13%, 11/15/32 | 750 | 739,072 | |||||||||
Series A, 3.70%, 11/15/32 (d) | 845 | 409,293 | |||||||||
Series B, 5.00%, 11/15/31 | 190 | 227,183 | |||||||||
38,730,872 | |||||||||||
Utilities — 6.3% | |||||||||||
Long Island Power Authority, RB: | |||||||||||
Series A (AGM), 5.00%, 5/01/36 | 500 | 564,395 | |||||||||
Series C (CIFG), 5.25%, 9/01/29 | 2,000 | 2,454,540 | |||||||||
Long Island Power Authority, Refunding RB, Series A, 5.75%, 4/01/39 | 4,000 | 4,763,680 | |||||||||
New York City Municipal Water Finance Authority, RB, Series B, 5.00%, 6/15/36 | 750 | 835,890 | |||||||||
New York City Municipal Water Finance Authority, Refunding RB, Second General Resolution: | |||||||||||
Series BB, 5.00%, 6/15/31 | 1,000 | 1,164,850 | |||||||||
Series EE, 4.00%, 6/15/45 | 2,310 | 2,407,159 | |||||||||
New York State Environmental Facilities Corp., Refunding RB, Revolving Funds, New York City Municipal Water, 5.00%, 6/15/36 | 350 | 412,247 | |||||||||
12,602,761 | |||||||||||
Total Municipal Bonds in New York | 240,905,526 | ||||||||||
Puerto Rico — 6.5% | |||||||||||
Housing — 1.3% | |||||||||||
Puerto Rico Housing Finance Authority, Refunding RB, Subordinate, Capital Fund Modernization, 5.13%, 12/01/27 | 2,500 | 2,684,175 | |||||||||
State — 3.3% | |||||||||||
Puerto Rico Public Buildings Authority, Refunding RB, Government Facilities, Series D, 5.25%, 7/01/36 | 1,600 | 1,599,984 | |||||||||
Puerto Rico Sales Tax Financing Corp., RB: | |||||||||||
CAB, Series A, 5.62%, 8/01/32 (d) | 1,685 | 571,771 | |||||||||
First Sub-Series A, 5.75%, 8/01/37 | 2,000 | 2,161,760 | |||||||||
First Sub-Series A (AGM), 5.00%, 8/01/40 | 1,000 | 1,051,800 | |||||||||
Municipal Bonds | Par (000) | Value | |||||||||
Puerto Rico (concluded) | |||||||||||
State (concluded) | |||||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB, CAB, Series A (NPFGC) (d): | |||||||||||
5.60%, 8/01/41 | $ | 3,500 | $ | 725,620 | |||||||
5.60%, 8/01/43 | 2,500 | 464,100 | |||||||||
6,575,035 | |||||||||||
Transportation — 1.1% | |||||||||||
Puerto Rico Highway & Transportation Authority, Refunding RB, Series CC (AGM), 5.50%, 7/01/30 | 2,000 | 2,252,560 | |||||||||
Utilities — 0.8% | |||||||||||
Puerto Rico Aqueduct & Sewer Authority, Refunding RB, Senior Lien, Series A, 6.00%, 7/01/38 | 1,100 | 1,138,929 | |||||||||
Puerto Rico Electric Power Authority, Refunding RB, Series VV (NPFGC), 5.25%, 7/01/29 | 500 | 517,270 | |||||||||
1,656,199 | |||||||||||
Total Municipal Bonds in Puerto Rico | 13,167,969 | ||||||||||
Total Municipal Bonds — 126.1% | 254,073,495 | ||||||||||
Municipal Bonds Transferred to Tender Option Bond Trusts (h) | |||||||||||
New York — 33.3% | |||||||||||
County/City/Special District/School District — 6.9% | |||||||||||
New York City Transitional Finance Authority, RB, Future Tax Secured, Sub-Series D1, 5.00%, 11/01/38 | 825 | 953,180 | |||||||||
New York Liberty Development Corp., RB, Class 1, 7 World Trade Center Project, Class 1, 4.00%, 9/15/35 | 4,260 | 4,424,990 | |||||||||
New York Liberty Development Corp., Refunding RB: | |||||||||||
4 World Trade Center Project, 5.00%, 11/15/44 | 5,020 | 5,629,629 | |||||||||
7 World Trade Center Project, Class 1, 5.00%, 9/15/40 | 2,610 | 2,981,272 | |||||||||
13,989,071 | |||||||||||
Education — 0.5% | |||||||||||
New York State Dormitory Authority, Refunding LRB, State University Dormitory Facilities, Series A, 5.00%, 7/01/42 | 900 | 1,037,907 | |||||||||
Housing — 7.3% | |||||||||||
New York Mortgage Agency, RB, 31st Series A, AMT, 5.30%, 10/01/31 | 14,680 | 14,697,322 | |||||||||
State — 0.4% | |||||||||||
New York City Transitional Finance Authority, BARB, Series S-3, 5.25%, 1/15/39 | 660 | 740,655 | |||||||||
Transportation — 6.0% | |||||||||||
Hudson New York Yards Infrastructure Corp., RB, Series A, 5.75%, 2/15/47 | 1,250 | 1,491,507 | |||||||||
New York Liberty Development Corp., RB, 1 World Trade Center Port Authority Construction, 5.25%, 12/15/43 | 6,495 | 7,472,656 | |||||||||
New York State Thruway Authority, Refunding RB, Series A, 5.00%, 3/15/31 | 1,180 | 1,400,459 | |||||||||
Port Authority of New York & New Jersey, RB, Consolidated 169th Series, AMT, 5.00%, 10/15/26 | 1,500 | 1,750,800 | |||||||||
12,115,422 | |||||||||||
Utilities — 12.2% | |||||||||||
New York City Municipal Water Finance Authority, RB, Fiscal 2009, Series A, 5.75%, 6/15/40 | 1,200 | 1,430,771 | |||||||||
New York City Municipal Water Finance Authority, Refunding RB: | |||||||||||
Second General Resolution, Series BB, 5.00%, 6/15/44 | 3,511 | 3,981,277 | |||||||||
Second General Resolution, Series HH, 5.00%, 6/15/32 | 5,310 | 6,197,885 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 41 |
Schedule of Investments (continued) | BlackRock New York Municipal Income Trust (BNY) (Percentages shown are based on Net Assets) |
Municipal Bonds Transferred to Tender Option Bond Trusts (h) | Par (000) | Value | |||||||||
New York (concluded) | |||||||||||
Utilities (concluded) | |||||||||||
New York City Municipal Water Finance Authority, Refunding RB (concluded): | |||||||||||
Series A, 4.75%, 6/15/30 | $ | 4,000 | $ | 4,477,840 | |||||||
Series D, 5.00%, 6/15/39 | 5,000 | 5,411,000 | |||||||||
Series FF-2, 5.50%, 6/15/40 | 810 | 955,835 | |||||||||
Suffolk County Water Authority, Refunding RB, 3.00%, 6/01/25 | 1,996 | 2,070,585 | |||||||||
24,525,193 | |||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts in New York | 67,105,570 | ||||||||||
Puerto Rico — 3.5% | |||||||||||
State — 3.5% | |||||||||||
Puerto Rico Sales Tax Financing Corp., Refunding RB: | |||||||||||
5.00%, 8/01/40 | 5,000 | 5,349,850 | |||||||||
Series C, 5.25%, 8/01/40 | 1,520 | 1,653,517 | |||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts in Puerto Rico | 7,003,367 | ||||||||||
Total Municipal Bonds Transferred to Tender Option Bond Trusts — 36.8% | 74,108,937 | ||||||||||
Total Long-Term Investments (Cost — $306,785,752) — 162.9% | 328,182,432 |
Short-Term Securities | | Shares | | Value | ||||||
BIF New York Municipal Money Fund, 0.00% (i)(j) | 3,477,638 | $ | 3,477,638 | |||||||
Total Short-Term Securities (Cost — $3,477,638) — 1.7% | 3,477,638 | |||||||||
Total Investments (Cost—$310,263,390) — 164.6% | 331,660,070 | |||||||||
Other Assets Less Liabilities — 0.4% | 871,668 | |||||||||
Liability for TOB Trust Certificates, Including Interest Expense and Fees Payable — (18.1)% | (36,566,487 | ) | ||||||||
VMTP Shares, at Redemption Value — (46.9)% | (94,500,000 | ) | ||||||||
Net Assets Applicable to Common Shares — 100.0% | $ | 201,465,251 |
Notes to Schedule of Investments
(a) | Variable rate security. Rate shown is as of report date. | |||||
(b) | Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. | |||||
(c) | Non-income producing security. | |||||
(d) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. | |||||
(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 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 is as of report date. | |||||
(g) | When-issued security. Unsettled when-issued transactions were as follows: |
Counterparty | | Value | | Unrealized Depreciation | ||||||
Pershing LLC | $ | 2,369,280 | $ | (1,320 | ) | |||||
Wells Fargo & Co. | $ | 1,007,350 | $ | (9,060 | ) |
(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 issuers considered to be an affiliate of the Trust during the six months ended January 31, 2013, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows: |
Affiliate | | Shares Held at July 31, 2012 | | Net Activity | | Shares Held at January 31, 2013 | | Income |
BIF New York Municipal Money Fund | 344,945 | 3,132,693 | 3,477,638 | $197 |
(j) | Represents the current yield as of report date. | |||||
• | Financial futures contracts as of January 31, 2013 were as follows: |
Contracts Sold | | Issue | | Exchange | | Expiration | | Notional Value | | Unrealized Depreciation |
(26) | 30-Year US Treasury Note | Chicago Board of Trade | March 2013 | $(3,730,188) | $(6,947) |
• | 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. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications or reporting ease. |
42 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Schedule of Investments (concluded) | BlackRock New York Municipal Income Trust (BNY) |
• | Fair Value Measurements—Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows: |
• | Level 1 — unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access | ||||
• | 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 and derivative financial instruments) |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||||||
Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | ||||||
The following table summarizes the Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Assets: | ||||||||||||||||||
Investments: | ||||||||||||||||||
Long-Term Investments1 | — | $ | 328,182,432 | — | $ | 328,182,432 | ||||||||||||
Short-Term Securities | $ | 3,477,638 | — | — | 3,477,638 | |||||||||||||
Total | $ | 3,477,638 | $ | 328,182,432 | — | $ | 331,660,070 | |||||||||||
1 See above Schedule of Investments for values in each sector. | ||||||||||||||||||
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Derivative Financial Instruments2 | ||||||||||||||||||
Assets: | ||||||||||||||||||
Interest rate contracts | $ | (6,947 | ) | — | — | $ | (6,947 | ) |
2 | Derivative financial instruments are financial futures contracts which are valued at unrealized appreciation/depreciation on the instrument. |
Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of January 31, 2013, such liabilities are categorized within the disclosure hierarchy as follows: |
| Level 1 | | Level 2 | | Level 3 | | Total | |||||||||||
Liabilities: | ||||||||||||||||||
Bank overdraft | — | $ | (87,898 | ) | — | $ | (87,898 | ) | ||||||||||
TOB trust certificates | — | (36,551,462 | ) | — | (36,551,462 | ) | ||||||||||||
VMTP Shares | — | (94,500,000 | ) | — | (94,500,000 | ) | ||||||||||||
Total | — | $ | (131,139,360 | ) | — | $ | (131,139,360 | ) |
There were no transfers between levels during the six months ended January 31, 2013. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 43 |
Statements of Assets and Liabilities |
January 31, 2013 (Unaudited) | BlackRock California Municipal Income Trust (BFZ) | BlackRock Florida Municipal 2020 Term Trust (BFO) | BlackRock Municipal Income Investment Trust (BBF) | BlackRock Municipal Target Term Trust (BTT) | BlackRock New Jersey Municipal Income Trust (BNJ) | BlackRock New York Municipal Income Trust (BNY) | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||
Investments at value — unaffiliated1 | $ | 862,742,550 | $ | 114,782,073 | $ | 174,863,246 | $ | 2,793,501,295 | $ | 195,850,674 | $ | 328,182,432 | |||||||||||||||
Investments at value — affiliated2 | 2,217,891 | 57,308 | 975,638 | 81,831 | 670,723 | 3,477,638 | |||||||||||||||||||||
Cash | — | 103 | — | — | — | — | |||||||||||||||||||||
Cash pledged as collateral for financial futures contracts | 198,000 | — | — | — | — | — | |||||||||||||||||||||
Interest receivable | 12,173,349 | 1,226,064 | 2,076,647 | 18,719,250 | 1,954,082 | 3,438,182 | |||||||||||||||||||||
Investments sold receivable | 325,391 | 91,229 | — | 295,885 | 10,000 | 2,051,644 | |||||||||||||||||||||
Deferred offering costs | 164,984 | — | 172,808 | 876,403 | 101,641 | 120,162 | |||||||||||||||||||||
Prepaid expenses | 27,817 | 6,019 | 44,367 | 38,099 | 8,437 | 13,940 | |||||||||||||||||||||
Total assets | 877,849,982 | 116,162,796 | 178,132,706 | 2,813,512,763 | 198,595,557 | 337,283,998 | |||||||||||||||||||||
Accrued Liabilities | |||||||||||||||||||||||||||
Bank overdraft | 159,332 | — | — | — | 54,971 | 87,898 | |||||||||||||||||||||
Investments purchased payable | 5,727,374 | — | — | 159,655,511 | — | 3,398,788 | |||||||||||||||||||||
Income dividends payable — Common Shares | 2,475,850 | 311,479 | 485,240 | 6,980,052 | 620,387 | 967,412 | |||||||||||||||||||||
Investment advisory fees payable | 427,290 | 54,873 | 90,394 | 790,191 | 99,715 | 169,412 | |||||||||||||||||||||
Interest expense and fees payable | 101,215 | 347 | 16,822 | 77,290 | 4,858 | 15,025 | |||||||||||||||||||||
Officer’s and Trustees’ fees payable | 62,543 | 8,339 | 16,797 | 10,958 | 19,901 | 29,826 | |||||||||||||||||||||
Variation margin payable | 14,063 | — | — | — | — | 6,947 | |||||||||||||||||||||
Offering costs payable | — | — | — | 879,350 | — | — | |||||||||||||||||||||
Other accrued expenses payable | 128,219 | 68,690 | 69,882 | 210,540 | 67,019 | 91,977 | |||||||||||||||||||||
Total accrued liabilities | 9,095,886 | 443,728 | 679,135 | 168,603,892 | 866,851 | 4,767,285 | |||||||||||||||||||||
Other Liabilities | |||||||||||||||||||||||||||
TOB trust certificates | 169,154,073 | 360,000 | 35,195,790 | 462,594,948 | 14,366,757 | 36,551,462 | |||||||||||||||||||||
RVMTP Shares, at liquidation value of $5,000,000 per share3,4 | — | — | — | 500,000,000 | — | — | |||||||||||||||||||||
VMTP Shares, at liquidation value of $100,000 per share3,4 | 171,300,000 | — | — | — | 59,100,000 | 94,500,000 | |||||||||||||||||||||
VRDP Shares, at liquidation value of $100,000 per share3,4 | — | — | 34,200,000 | — | — | — | |||||||||||||||||||||
Total other liabilities | 340,454,073 | 360,000 | 69,395,790 | 962,594,948 | 73,466,757 | 131,051,462 | |||||||||||||||||||||
Total liabilities | 349,549,959 | 803,728 | 70,074,925 | 1,131,198,840 | 74,333,608 | 135,818,747 | |||||||||||||||||||||
AMPS at Redemption Value | |||||||||||||||||||||||||||
$25,000 per share liquidation preference, plus unpaid dividends3,4 | — | 26,100,469 | — | — | — | — | |||||||||||||||||||||
Net Assets Applicable to Common Shareholders | $ | 528,300,023 | $ | 89,258,599 | $ | 108,057,781 | $1,682,313,923 | $ | 124,261,949 | $ | 201,465,251 | ||||||||||||||||
Net Assets Applicable to Common Shareholders Consist of | |||||||||||||||||||||||||||
Paid-in capital5,6,7 | $ | 447,138,515 | $ | 79,391,300 | $ | 95,095,860 | $ | 1,680,741,508 | $ | 108,731,878 | $ | 183,019,196 | |||||||||||||||
Undistributed (distributions in excess of) net investment income | 6,424,775 | 4,782,147 | 639,689 | (12,202,552 | ) | 1,800,990 | 2,732,168 | ||||||||||||||||||||
Net realized gain (accumulated net realized loss) | (21,525,467 | ) | (682,733 | ) | (7,854,977 | ) | 53,187 | (2,006,393 | ) | (5,675,846 | ) | ||||||||||||||||
Net unrealized appreciation/depreciation | 96,262,200 | 5,767,885 | 20,177,209 | 13,721,780 | 15,735,474 | 21,389,733 | |||||||||||||||||||||
Net Assets Applicable to Common Shareholders | $ | 528,300,023 | $ | 89,258,599 | $ | 108,057,781 | $1,682,313,923 | $ | 124,261,949 | $ | 201,465,251 | ||||||||||||||||
Net asset value per Common Share | $ | 16.58 | $ | 16.05 | $ | 16.12 | $ | 23.86 | $ | 16.24 | $ | 15.62 | |||||||||||||||
1 Investments at cost — unaffiliated | $ | 766,631,279 | $ | 109,014,188 | $ | 154,686,037 | $ | 2,779,779,515 | $ | 180,115,200 | $ | 306,785,752 | |||||||||||||||
2 Investments at cost — affiliated | $ | 2,217,891 | $ | 57,308 | $ | 975,638 | $ | 81,831 | $ | 670,723 | $ | 3,477,638 | |||||||||||||||
3 Preferred Shares outstanding, par value $ 0.001 per share | 1,713 | 1,044 | 342 | 100 | 591 | 945 | |||||||||||||||||||||
4 Preferred Shares authorized | unlimited | unlimited | unlimited | unlimited | unlimited | unlimited | |||||||||||||||||||||
5 Par value per share per Common Share | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | $ | 0.001 | |||||||||||||||
6 Common Shares outstanding | 31,864,226 | 5,562,128 | 6,704,527 | 70,505,571 | 7,649,650 | 12,898,822 | |||||||||||||||||||||
7 Common Shares authorized | unlimited | unlimited | unlimited | unlimited | unlimited | unlimited |
44 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Statements of Operations |
Six Months Ended January 31, 2013 (Unaudited) | BlackRock California Municipal Income Trust (BFZ) | BlackRock Florida Municipal 2020 Term Trust (BFO) | BlackRock Municipal Income Investment Trust (BBF) | BlackRock Municipal Target Term Trust1 (BTT) | BlackRock New Jersey Municipal Income Trust (BNJ) | BlackRock New York Municipal Income Trust (BNY) | |||||||||||||||||||||
Investment Income | |||||||||||||||||||||||||||
Interest | $ | 18,609,258 | $ | 2,486,591 | $ | 3,832,737 | $ | 19,775,813 | $ | 4,456,051 | $ | 7,363,590 | |||||||||||||||
Income — affiliated | 17 | 1,716 | 119 | 946 | — | 197 | |||||||||||||||||||||
Total income | 18,609,275 | 2,488,307 | 3,832,856 | 19,776,759 | 4,456,051 | 7,363,787 | |||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||
Investment advisory | 2,515,269 | 333,832 | 532,268 | 3,049,431 | 587,963 | 999,632 | |||||||||||||||||||||
Professional | 33,194 | 32,007 | 21,005 | 104,035 | 27,923 | 33,390 | |||||||||||||||||||||
Accounting services | 26,437 | 15,125 | 24,065 | 77,740 | 22,925 | 44,157 | |||||||||||||||||||||
Liquidity fees | — | — | 148,620 | — | — | — | |||||||||||||||||||||
Transfer agent | 24,036 | 14,342 | 12,583 | 42,229 | 13,611 | 17,149 | |||||||||||||||||||||
Custodian | 16,675 | 4,526 | 6,053 | 54,404 | 5,458 | 8,511 | |||||||||||||||||||||
Officer and Trustees | 28,265 | 4,253 | 6,603 | 47,006 | 6,812 | 11,059 | |||||||||||||||||||||
Registration | 5,464 | 4,646 | 4,631 | 9,238 | 4,718 | 4,662 | |||||||||||||||||||||
Organization | — | — | — | 33,000 | — | — | |||||||||||||||||||||
Printing | 4,000 | 1,903 | 5,133 | 15,340 | 2,160 | 2,000 | |||||||||||||||||||||
Remarketing fees on Preferred Shares | — | 25,937 | 17,480 | — | — | — | |||||||||||||||||||||
Miscellaneous | 22,741 | 10,837 | 26,825 | 34,814 | 33,611 | 26,241 | |||||||||||||||||||||
Total expenses excluding interest expense and fees and amortization of offering costs | 2,676,081 | 447,408 | 805,266 | 3,467,237 | 705,181 | 1,146,801 | |||||||||||||||||||||
Interest expense, fees and amortization of offering costs2 | 1,617,198 | 1,127 | 189,280 | 595,495 | 407,769 | 707,726 | |||||||||||||||||||||
Total expenses | 4,293,279 | 448,535 | 994,546 | 4,062,732 | 1,112,950 | 1,854,527 | |||||||||||||||||||||
Less fees waived by Manager | (40,099 | ) | (778 | ) | (479 | ) | (3,627 | ) | (1,705 | ) | (3,133 | ) | |||||||||||||||
Total expenses after fees waived | 4,253,180 | 447,757 | 994,067 | 4,059,105 | 1,111,245 | 1,851,394 | |||||||||||||||||||||
Net investment income | 14,356,095 | 2,040,550 | 2,838,789 | 15,717,654 | 3,344,806 | 5,512,393 | |||||||||||||||||||||
Realized and Unrealized Gain (Loss) | |||||||||||||||||||||||||||
Net realized gain from: | |||||||||||||||||||||||||||
Investments | 2,047,368 | 107,643 | 1,628,102 | 53,187 | 457,334 | 1,055,796 | |||||||||||||||||||||
Financial futures contracts | 133,691 | — | — | — | — | — | |||||||||||||||||||||
2,181,059 | 107,643 | 1,628,102 | 53,187 | 457,334 | 1,055,796 | ||||||||||||||||||||||
Net change in unrealized appreciation/depreciation on: | |||||||||||||||||||||||||||
Investments | 6,443,585 | (219,343 | ) | (177,769 | ) | 13,721,780 | 505,464 | 354,828 | |||||||||||||||||||
Financial futures contracts | 150,929 | — | — | — | — | (6,947 | ) | ||||||||||||||||||||
6,594,514 | (219,343 | ) | (177,769 | ) | 13,721,780 | 505,464 | 347,881 | ||||||||||||||||||||
Total realized and unrealized gain (loss) | 8,775,573 | (111,700 | ) | 1,450,333 | 13,774,967 | 962,798 | 1,403,677 | ||||||||||||||||||||
Dividends to AMPS Shareholders From | |||||||||||||||||||||||||||
Net investment income | — | (52,732 | ) | — | — | — | — | ||||||||||||||||||||
Net Increase in Net Assets Applicable to Common Shareholders Resulting from Operations | $ | 23,131,668 | $ | ��1,876,118 | $ | 4,289,122 | $ | 29,492,621 | $ | 4,307,604 | $ | 6,916,070 |
1 | For the period August 30, 2012 (commencement of operations) to January 31, 2013. |
2 | Related to TOBs, VMTP Shares, RVMTP Shares and/or VRDP Shares. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 45 |
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, 2013 (Unaudited) | Year Ended July 31, 2012 | Six Months Ended January 31, 2013 (Unaudited) | Year Ended July 31, 2012 | |||||||||||||||||||
Operations | |||||||||||||||||||||||
Net investment income | $ | 14,356,095 | $ | 30,391,363 | $ | 2,040,550 | $ | 4,751,324 | |||||||||||||||
Net realized gain | 2,181,059 | 6,685,430 | 107,643 | 15,599 | |||||||||||||||||||
Net change in unrealized appreciation/depreciation | 6,594,514 | 70,149,440 | (219,343 | ) | 5,366,658 | ||||||||||||||||||
Dividends to AMPS Shareholders from net investment income | — | (264,801 | ) | (52,732 | ) | (103,786 | ) | ||||||||||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations | 23,131,668 | 106,961,432 | 1,876,118 | 10,029,795 | |||||||||||||||||||
Dividends to Common Shareholders From | |||||||||||||||||||||||
Net investment income | (14,849,294 | ) | (29,300,306 | )1 | (1,868,875 | ) | (3,889,885 | )1 | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||||||
Reinvestment of common dividends | 439,979 | 171,858 | — | — | |||||||||||||||||||
Net Assets Applicable to Common Shareholders | |||||||||||||||||||||||
Total increase in net assets applicable to Common Shareholders | 8,722,353 | 77,832,984 | 7,243 | 6,139,910 | |||||||||||||||||||
Beginning of period | 519,577,670 | 441,744,686 | 89,251,356 | 83,111,446 | |||||||||||||||||||
End of period | $ | 528,300,023 | $ | 519,577,670 | $ | 89,258,599 | $ | 89,251,356 | |||||||||||||||
Undistributed net investment income | $ | 6,424,775 | $ | 6,917,974 | $ | 4,782,147 | $ | 4,663,204 |
1 | Dividends are determined in accordance with federal income tax regulations. |
BlackRock Municipal Income Investment Trust (BBF) | BlackRock Municipal Target Term Trust (BTT) | | |||||||||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: | Six Months Ended January 31, 2013 (Unaudited) | Year Ended July 31, 2012 | Period August 30, 20121 to January 31, 2013 (Unaudited) | ||||||||||||||||
Operations | |||||||||||||||||||
Net investment income | $ | 2,838,789 | $ | 5,791,300 | $ | 15,717,654 | |||||||||||||
Net realized gain | 1,628,102 | 1,359,326 | 53,187 | ||||||||||||||||
Net change in unrealized appreciation/depreciation | (177,769 | ) | 15,725,171 | 13,721,780 | |||||||||||||||
Dividends to AMPS Shareholders from net investment income | — | (17,731 | ) | — | |||||||||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations | 4,289,122 | 22,858,066 | 29,492,621 | ||||||||||||||||
Dividends to Common Shareholders From | |||||||||||||||||||
Net investment income | (2,910,952 | ) | (6,018,632 | )2 | (27,920,206 | ) | |||||||||||||
Capital Share Transactions | |||||||||||||||||||
Net proceeds from the issuance of shares | — | — | 1,477,804,008 | ||||||||||||||||
Net proceeds from the underwriter’s over allotment option excercised | — | — | 202,937,500 | ||||||||||||||||
Reinvestment of common dividends | 52,510 | 62,151 | — | ||||||||||||||||
Net increase in net assets derived from capital share transactions | 52,510 | 62,151 | 1,680,741,508 | ||||||||||||||||
Net Assets Applicable to Common Shareholders | |||||||||||||||||||
Total increase in net assets applicable to Common Shareholders | 1,430,680 | 16,901,585 | 1,682,313,923 | ||||||||||||||||
Beginning of period | 106,627,101 | 89,725,516 | — | ||||||||||||||||
End of period | $ | 108,057,781 | $ | 106,627,101 | $ | 1,682,313,923 | |||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 639,689 | $ | 711,852 | $ | (12,202,552 | ) |
1 | Commencement of operations. |
2 | Dividends are determined in accordance with federal income tax regulations. |
46 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Statements of Changes in Net Assets |
BlackRock New Jersey Municipal Income Trust (BNJ) | BlackRock New York Municipal Income Trust (BNY) | | |||||||||||||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: | Six Months Ended January 31, 2013 (Unaudited) | Year Ended July 31, 2012 | Six Months Ended January 31, 2013 (Unaudited) | Year Ended July 31, 2012 | |||||||||||||||||||
Operations | |||||||||||||||||||||||
Net investment income | $ | 3,344,806 | $ | 7,279,409 | $ | 5,512,393 | $ | 11,927,277 | |||||||||||||||
Net realized gain (loss) | 457,334 | (396,512 | ) | 1,055,796 | (156,391 | ) | |||||||||||||||||
Net change in unrealized appreciation/depreciation | 505,464 | 16,446,899 | 347,881 | 22,413,217 | |||||||||||||||||||
Dividends to AMPS Shareholders from net investment income | — | (90,161 | ) | — | (143,845 | ) | |||||||||||||||||
Net increase in net assets applicable to Common Shareholders resulting from operations | 4,307,604 | 23,239,635 | 6,916,070 | 34,040,258 | |||||||||||||||||||
Dividends to Common Shareholders From | |||||||||||||||||||||||
Net investment income | (3,720,168 | ) | (7,272,642 | )1 | (5,800,679 | ) | (12,727,781 | )1 | |||||||||||||||
Capital Share Transactions | |||||||||||||||||||||||
Reinvestment of common dividends | 177,930 | 303,612 | 329,838 | 714,632 | |||||||||||||||||||
Net Assets Applicable to Common Shareholders | |||||||||||||||||||||||
Total increase in net assets applicable to Common Shareholders | 765,366 | 16,270,605 | 1,445,229 | 22,027,109 | |||||||||||||||||||
Beginning of period | 123,496,583 | 107,225,978 | 200,020,022 | 177,992,913 | |||||||||||||||||||
End of period | $ | 124,261,949 | $ | 123,496,583 | $ | 201,465,251 | $ | 200,020,022 | |||||||||||||||
Undistributed net investment income | $ | 1,800,990 | $ | 2,176,352 | $ | 2,732,168 | $ | 3,020,454 |
1 | Dividends are determined in accordance with federal income tax regulations. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 47 |
Statements of Cash Flows |
Six Months Ended January 31, 2013 (Unaudited) | BlackRock California Municipal Income Trust (BFZ) | BlackRock Municipal Income Investment Trust (BBF) | BlacRock Municipal Target Term Trust (BTT) | BlackRock New Jersey Municipal Income Trust (BNJ) | BlackRock New York Municipal Income Trust (BNY) | ||||||||||||||||||||||
Cash Provided by (Used for) Operating Activities | |||||||||||||||||||||||||||
Net increase in net assets resulting from operations, excluding dividends to AMPS Shareholders | $ | 23,131,668 | $ | 4,289,122 | $ | 29,492,621 | $ | 4,307,604 | $ | 6,916,070 | |||||||||||||||||
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used for) operating activities: | — | — | — | — | — | ||||||||||||||||||||||
Increase in interest receivable | (173,243 | ) | (55,325 | ) | (18,719,250 | ) | (69,804 | ) | (12,191 | ) | |||||||||||||||||
Increase in prepaid expenses | (10,606 | ) | (38,487 | ) | (38,099 | ) | (1,810 | ) | (2,898 | ) | |||||||||||||||||
Decrease in cash pledged as collateral for financial futures contracts | (198,000 | ) | — | — | — | — | |||||||||||||||||||||
Increase in investment advisory fees payable | 17,775 | 3,028 | 790,191 | 2,946 | 4,142 | ||||||||||||||||||||||
Increase (decrease) in interest expense and fees payable | (427 | ) | 745 | 77,290 | 289 | 1,697 | |||||||||||||||||||||
Increase (decrease) in other accrued expenses payable | (27,555 | ) | (51,233 | ) | 210,540 | 7,552 | 11,127 | ||||||||||||||||||||
Increase in variation margin payable | 14,063 | — | — | — | 6,947 | ||||||||||||||||||||||
Increase in offering costs payable | — | — | 879,350 | — | — | ||||||||||||||||||||||
Increase (decrease) in Officer’s and Trustees’ fees payable | (1,367 | ) | 1,413 | 10,958 | 837 | 1,364 | |||||||||||||||||||||
Net realized and unrealized gain on investments | (8,490,953 | ) | (1,450,333 | ) | (13,774,967 | ) | (962,798 | ) | (1,410,624 | ) | |||||||||||||||||
Amortization of premium and accretion of discount on investments | 1,075,124 | 264,141 | 1,630,231 | 69,472 | 229,715 | ||||||||||||||||||||||
Amortization of deferred offering costs | 36,238 | 11,029 | 2,947 | 23,042 | 27,184 | ||||||||||||||||||||||
Proceeds from sales of long-term investments | 74,217,653 | 22,376,454 | 1,212,585 | 7,451,195 | 41,159,277 | ||||||||||||||||||||||
Purchases of long-term investments | (87,998,398 | ) | (25,444,279 | ) | (2,506,696,562 | ) | (12,733,958 | ) | (42,996,038 | ) | |||||||||||||||||
Net proceeds from sales (purchases) of short-term securities | 5,735,387 | 656,131 | (116,461,831 | ) | 1,658,632 | (2,162,693 | ) | ||||||||||||||||||||
Cash provided by (used for) operating activities | 7,327,359 | 562,406 | (2,621,383,996 | ) | (246,801 | ) | 1,773,079 | ||||||||||||||||||||
Cash Provided by (Used for) Financing Activities | |||||||||||||||||||||||||||
Cash receipts from issuance of common shares | — | — | 1,680,608,500 | — | — | ||||||||||||||||||||||
Cash receipts from issuance of VMTP Shares | — | — | — | — | — | ||||||||||||||||||||||
Cash receipts from issuance of RVMTP Shares | — | — | 500,000,000 | — | — | ||||||||||||||||||||||
Cash receipts from TOB trust certificates | 6,920,563 | 1,974,984 | 462,595,000 | 3,733,211 | 4,059,884 | ||||||||||||||||||||||
Cash payments for TOB trust certificates | — | — | — | — | (355,000 | ) | |||||||||||||||||||||
Cash dividends paid to Common Shareholders | (14,407,254 | ) | (2,858,205 | ) | (20,940,154 | ) | (3,541,381 | ) | (5,565,861 | ) | |||||||||||||||||
Cash payments for offering costs | — | — | (879,350 | ) | — | — | |||||||||||||||||||||
Increase in bank overdraft | 159,332 | — | — | 54,971 | 87,898 | ||||||||||||||||||||||
Cash provided by (used for) financing activities | (7,327,359 | ) | (883,221 | ) | 2,621,383,996 | 246,801 | (1,773,079 | ) | |||||||||||||||||||
Cash | |||||||||||||||||||||||||||
Net change in cash | — | (320,815 | ) | — | — | — | |||||||||||||||||||||
Cash at beginning of period | — | 320,815 | — | — | — | ||||||||||||||||||||||
Cash at end of period | — | — | — | — | — | ||||||||||||||||||||||
Cash Flow Information | |||||||||||||||||||||||||||
Cash paid during the period for interest and fees | $ | 1,579,397 | $ | 177,506 | $ | 515,258 | $ | 407,480 | $ | 697,270 | |||||||||||||||||
Non-cash Financing Activities | |||||||||||||||||||||||||||
Capital shares issued in reinvestment of dividends paid to Common Shareholders | $ | 439,979 | $ | 52,510 | — | $ | 177,930 | $ | 329,838 |
48 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Financial Highlights | BlackRock California Municipal Income Trust (BFZ) |
Six Months Ended January 31, 2013 (Unaudited) | Period November 1, 2007 to July 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.32 | $ | 13.88 | $ | 14.28 | $ | 12.71 | $ | 13.98 | $ | 14.97 | $ | 15.74 | |||||||||||||||
Net investment income | 0.45 | 1 | 0.95 | 1 | 0.98 | 1 | 1.00 | 1 | 1.03 | 1 | 0.82 | 1 | 1.08 | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.28 | 2.42 | (0.45 | ) | 1.50 | (1.35 | ) | (0.90 | ) | (0.64 | ) | ||||||||||||||||||
Dividends to AMPS Shareholders from net investment income | — | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.12 | ) | (0.22 | ) | (0.30 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 0.73 | 3.36 | 0.51 | 2.48 | (0.44 | ) | (0.30 | ) | 0.14 | ||||||||||||||||||||
Dividends to Common Shareholders from net investment income | (0.47 | ) | (0.92 | )2 | (0.91 | )2 | (0.91 | )2 | (0.83 | )2 | (0.69 | )2 | (0.91 | )2 | |||||||||||||||
Net asset value, end of period | $ | 16.58 | $ | 16.32 | $ | 13.88 | $ | 14.28 | $ | 12.71 | $ | 13.98 | $ | 14.97 | |||||||||||||||
Market price, end of period | $ | 16.98 | $ | 16.64 | $ | 13.16 | $ | 14.21 | $ | 12.40 | $ | 13.99 | $ | 15.82 | |||||||||||||||
Total Investment Return Applicable to Common Shareholders3 | |||||||||||||||||||||||||||||
Based on net asset value | 4.49 | %4 | 24.98 | % | 4.05 | % | 20.15 | % | (2.36 | )% | (2.09 | )%4 | 0.77 | % | |||||||||||||||
Based on market price | 4.95 | %4 | 34.40 | % | (0.86 | )% | 22.55 | % | (4.81 | )% | (7.29 | )%4 | (2.09 | )% | |||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders | |||||||||||||||||||||||||||||
Total expenses | 1.62 | %5 | 1.49 | %6 | 1.46 | %6 | 1.36 | %6 | 1.54 | %6 | 1.25 | %5,6 | 1.21 | %6 | |||||||||||||||
Total expenses after fees waived and paid indirectly | 1.61 | %5 | 1.46 | %6 | 1.39 | %6 | 1.27 | %6 | 1.35 | %6 | 0.98 | %5,6 | 0.91 | %6 | |||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees7 | 1.00 | %5 | 1.07 | %6,8 | 1.12 | %6 | 1.04 | %6 | 1.08 | %6 | 0.91 | %5,6 | 0.91 | %6 | |||||||||||||||
Net investment income | 5.42 | %5 | 6.28 | %6 | 7.19 | %6 | 6.94 | %6 | 8.27 | %6 | 7.39 | %5,6 | 7.09 | %6 | |||||||||||||||
Dividends to AMPS Shareholders | — | 0.05 | % | 0.15 | % | 0.15 | % | 1.00 | % | 1.95 | %5 | 1.98 | % | ||||||||||||||||
Net investment income to Common Shareholders | 5.42%5 | 6.23 | % | 7.04 | % | 6.79 | % | 7.27 | % | 5.44 | %5 | 5.11 | % | ||||||||||||||||
Supplemental Data | |||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 528,266 | $ | 519,578 | $ | 441,745 | $ | 454,299 | $ | 192,551 | $ | 211,671 | $ | 225,939 | |||||||||||||||
AMPS Shares outstanding at $25,000 liquidation preference, end of period (000) | — | — | $ | 171,325 | $ | 171,325 | $ | 71,000 | $ | 100,900 | $ | 131,950 | |||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 171,300 | $ | 171,300 | — | — | — | — | — | ||||||||||||||||||||
Portfolio turnover | 8% | 30% | 36% | 47% | 58% | 26% | 26% | ||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period (000) | — | — | $ | 89,460 | $ | 91,293 | $ | 92,801 | $ | 77,457 | $ | 67,816 | |||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 408,406 | $ | 403,314 | — | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
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 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS Shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.04%. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 49 |
Financial Highlights | BlackRock Florida Municipal 2020 Term Trust (BFO) |
Six Months Ended January 31, 2013 (Unaudited) | Period January 1, 2008 to July 31, 2008 | Year Ended December 31, 2007 | |||||||||||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.05 | $ | 14.94 | $ | 14.91 | $ | 13.35 | $ | 14.16 | $ | 14.72 | $ | 15.16 | |||||||||||||||
Net investment income | 0.37 | 1 | 0.85 | 1 | 0.92 | 1 | 0.95 | 1 | 0.96 | 1 | 0.58 | 1 | 0.99 | ||||||||||||||||
Net realized and unrealized gain (loss) | (0.02 | ) | 0.98 | (0.19 | ) | 1.31 | (1.00 | ) | (0.62 | ) | (0.45 | ) | |||||||||||||||||
Dividends to distributions to AMPS Shareholders from: | |||||||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.15 | ) | (0.16 | ) | (0.31 | ) | |||||||||||||||
Net realized gain | — | — | — | — | — | — | (0.02 | ) | |||||||||||||||||||||
Net increase (decrease) from investment operations | 0.34 | 1.81 | 0.70 | 2.23 | (0.19 | ) | (0.20 | ) | 0.21 | ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: | |||||||||||||||||||||||||||||
Net investment income | (0.34 | ) | (0.70 | )2 | (0.67 | )2 | (0.67 | )2 | (0.62 | )2 | (0.36 | )2 | (0.61 | )2 | |||||||||||||||
Net realized gain | — | — | — | — | — | — | (0.04 | )2 | |||||||||||||||||||||
Total dividends and distributions to Common Shareholders | (0.34 | ) | (0.70 | ) | (0.67 | ) | (0.67 | ) | (0.62 | ) | (0.36 | ) | (0.65 | ) | |||||||||||||||
Net asset value, end of period | $ | 16.05 | $ | 16.05 | $ | 14.94 | $ | 14.91 | $ | 13.35 | $ | 14.16 | $ | 14.72 | |||||||||||||||
Market price, end of period | $ | 15.57 | $ | 15.60 | $ | 13.91 | $ | 14.30 | $ | 12.31 | $ | 12.50 | $ | 12.93 | |||||||||||||||
Total Investment Return Applicable to Common Shareholders3 | |||||||||||||||||||||||||||||
Based on net asset value | 2.13 | %4 | 12.44 | % | 5.07 | % | 17.35 | % | (0.48 | )% | (1.12 | )%4 | 1.86 | % | |||||||||||||||
Based on market price | 1.93 | %4 | 17.38 | % | 2.00 | % | 22.05 | % | 3.95 | % | (0.63 | )%4 | (2.06 | )% | |||||||||||||||
Ratio to Average Net Assets Applicable to Common Shareholders | |||||||||||||||||||||||||||||
Total expenses5 | 0.99 | %6 | 1.06 | % | 1.13 | % | 1.14 | % | 1.29 | % | 1.22 | %6 | 1.16 | % | |||||||||||||||
Total expenses after fees waived and paid indirectly5 | 0.99 | %6 | 1.06 | % | 1.13 | % | 1.13 | % | 1.26 | % | 1.22 | %6 | 1.16 | % | |||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees5,7 | 0.99 | %6,8 | 1.06 | %8 | 1.09 | % | 1.09 | % | 1.13 | % | 1.17 | %6 | 1.16 | % | |||||||||||||||
Net investment income5 | 4.52 | %6 | 5.48 | % | 6.29 | % | 6.72 | % | 7.39 | % | 6.74 | %6 | 6.63 | % | |||||||||||||||
Dividends to AMPS Shareholders | 0.12 | %6 | 0.12 | % | 0.19 | % | 0.22 | % | 1.13 | % | 1.92 | %6 | 2.07 | % | |||||||||||||||
Net investment income to Common Shareholders | 4.40 | %6 | 5.36 | % | 6.10 | % | 6.50 | % | 6.26 | % | 4.82 | %6 | 4.56 | % | |||||||||||||||
Supplemental Data | |||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 89,244 | $ | 89,251 | $ | 83,111 | $ | 82,929 | $ | 74,256 | $ | 78,747 | $ | 81,896 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) | $ | 26,100 | $ | 42,900 | $ | 42,900 | $ | 42,900 | $ | 42,900 | $ | 42,900 | $ | 48,900 | |||||||||||||||
Portfolio turnover | 7% | 32% | 6% | 6% | 9% | 6% | 17% | ||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period (000) | $ | 110,497 | $ | 77,011 | $ | 73,433 | $ | 73,329 | $ | 68,275 | $ | 70,900 | $ | 66,872 |
1 | Based on average Common Shares outstanding. |
2 | Dividends and distributions are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, 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 AMPS Shareholders. |
6 | Annualized. |
7 | Interest expense and fees relate to TOBs. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
8 | For the six months ended January 31, 2013 and the year ended July 31, 2012, total expense ratio after fees waived and excluding interest expense, fees, amortization of offering costs and remarketing fees was 0.93% and 0.97%, respectively. |
50 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Financial Highlights | BlackRock Municipal Income Investment Trust (BBF) |
Six Months Ended January 31, 2013 (Unaudited) | Period November 1, 2007 to July 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.91 | $ | 13.40 | $ | 13.91 | $ | 12.71 | $ | 14.08 | $ | 15.05 | $ | 15.68 | |||||||||||||||
Net investment income | 0.42 | 1 | 0.86 | 1 | 0.97 | 1 | 0.92 | 1 | 1.01 | 1 | 0.80 | 1 | 1.07 | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.22 | 2.55 | (0.56 | ) | 1.20 | (1.36 | ) | (0.89 | ) | (0.49 | ) | ||||||||||||||||||
Dividends to AMPS Shareholders from net investment income | — | (0.00 | )3 | (0.02 | ) | (0.02 | ) | (0.14 | ) | (0.22 | ) | (0.31 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 0.64 | 3.41 | 0.39 | 2.10 | (0.49 | ) | (0.31 | ) | 0.27 | ||||||||||||||||||||
Dividends to Common Shareholders from net investment income | (0.43 | ) | (0.90 | )2 | (0.90 | )2 | (0.90 | )2 | (0.88 | )2 | (0.66 | )2 | (0.90 | )2 | |||||||||||||||
Net asset value, end of period | $ | 16.12 | $ | 15.91 | $ | 13.40 | $ | 13.91 | $ | 12.71 | $ | 14.08 | $ | 15.05 | |||||||||||||||
Market price, end of period | $ | 16.27 | $ | 16.25 | $ | 12.74 | $ | 13.90 | $ | 12.49 | $ | 13.68 | $ | 15.10 | |||||||||||||||
Total Investment Return Applicable to Common Shareholders4 | |||||||||||||||||||||||||||||
Based on net asset value | 4.07 | %5 | 26.21 | % | 3.15 | % | 17.04 | % | (2.57 | )% | (2.04 | )%5 | 1.78 | % | |||||||||||||||
Based on market price | 2.84 | %5 | 35.59 | % | (1.86 | )% | 19.01 | % | (1.46 | )% | (5.14 | )%5 | (1.76 | )% | |||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders | |||||||||||||||||||||||||||||
Total expenses | 1.83 | %6 | 1.99 | %7 | 1.60 | %7 | 1.46 | %7 | 1.47 | %7 | 1.31 | %6,7 | 1.28 | %7 | |||||||||||||||
Total expenses after fees waived and paid indirectly | 1.83 | %6 | 1.99 | %7 | 1.60 | %7 | 1.37 | %7 | 1.27 | %7 | 1.06 | %6,7 | 0.96 | %7 | |||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs8 | 1.48 | %6,9 | 1.61 | %7,9 | 1.33 | %7 | 1.17 | %7 | 1.16 | %7 | 1.02 | %6,7 | 0.96 | %7 | |||||||||||||||
Net investment income | 5.21 | %6 | 5.89 | %7 | 7.35 | %7 | 6.84 | %7 | 8.13 | %7 | 7.26 | %6,7 | 7.02 | %7 | |||||||||||||||
Dividends to AMPS Shareholders | — | 0.02 | % | 0.14 | % | 0.16 | % | 1.11 | % | 1.96 | %6 | 2.04 | % | ||||||||||||||||
Net investment income to Common Shareholders | 5.21 | %6 | 5.87 | % | 7.21 | % | 6.68 | % | 7.02 | % | 5.30 | %6 | 4.98 | % | |||||||||||||||
Supplemental Data | |||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 108,058 | $ | 106,627 | $ | 89,726 | $ | 93,073 | $ | 85,050 | $ | 94,176 | $ | 100,564 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) | — | — | $ | 34,250 | $ | 34,250 | $ | 34,250 | $ | 49,550 | $ | 57,550 | |||||||||||||||||
VRDP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 34,200 | $ | 34,200 | — | — | — | — | — | ||||||||||||||||||||
Portfolio turnover | 12% | 39% | 24% | 46% | 66% | 13% | 25% | ||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period | — | — | $ | 90,493 | $ | 92,938 | $ | 87,082 | $ | 72,521 | $ | 68,688 | |||||||||||||||||
Asset coverage per VRDP Shares at $100,000 liquidation value, end of period | $ | 415,958 | $ | 411,775 | — | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Amount is less than $(0.01) per share. |
4 | 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. |
5 | Aggregate total investment return. |
6 | Annualized. |
7 | Do not reflect the effect of dividends to AMPS Shareholders. |
8 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
9 | For the six months ended January 31, 2013 and the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs, liquidity and remarketing fees was 1.17% and 1.31%, respectively. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 51 |
Financial Highlights | BlackRock Municipal Target Term Trust (BTT) |
Period August 30, 20121 to January 31, 2013 (Unaudited) | |||||||
Per Share Operating Performance | |||||||
Net asset value, beginning of period | $ | 23.88 | 2 | ||||
Net investment income3 | 0.23 | ||||||
Net realized and unrealized gain | 0.16 | ||||||
Net increase from investment operations | 0.39 | ||||||
Dividends to Common Shareholders from net investment income4 | (0.40 | ) | |||||
Capital charges with respect to the issuance of shares | (0.01 | ) | |||||
Net asset value, end of period | $ | 23.86 | |||||
Market price, end of period | $ | 23.94 | |||||
Total Investment Return Applicable to Common Shareholders5 | |||||||
Based on net asset value6 | 1.54 | % | |||||
Based on market price6 | (2.68 | )% | |||||
Ratios to Average Net Assets Applicable to Common Shareholders | |||||||
Total expenses7 | 0.58 | % | |||||
Total expenses after fees waived and paid indirectly7 | 0.58 | % | |||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs7,8 | 0.50 | % | |||||
Net investment income 7 | 2.25 | % | |||||
Supplemental Data | |||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 1,682,314 | |||||
RVMTP Shares outstanding at $5,000,000 liquidation value, end of period (000) | 500,000 | ||||||
Portfolio turnover9 | 0% | ||||||
Asset coverage per RVMTP Shares at $5,000,000 liquidation value, end of period | $ | 21,823,139 |
1 | Commencement of operations. |
2 | Net asset value, beginning of period, reflects a deduction of $1.125 per share sales charge from the initial offering price of $25.00 per share. |
3 | Based on average Common Shares outstanding. |
4 | A portion of the dividends from net investment income may be deemed a tax return of capital or net realized gain at fiscal year end. |
5 | 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. |
6 | Aggregate total investment return. |
7 | Annualized. |
8 | Interest expense, fees and amortization of offering costs relate to TOBs and/or RVMTP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and RVMTP Shares, respectively. |
9 | Amount rounds to less than 1%. |
52 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Financial Highlights | BlackRock New Jersey Municipal Income Trust (BNJ) |
Six Months Ended January 31, 2013 (Unaudited) | Period November 1, 2007 to July 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 16.17 | $ | 14.07 | $ | 14.38 | $ | 12.78 | $ | 14.15 | $ | 15.49 | $ | 16.35 | |||||||||||||||
Net investment income | 0.44 | 1 | 0.95 | 1 | 0.98 | 1 | 1.02 | 1 | 1.05 | 1 | 0.89 | 1 | 1.14 | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.12 | 2.11 | (0.32 | ) | 1.54 | (1.38 | ) | (1.24 | ) | (0.74 | ) | ||||||||||||||||||
Dividends to AMPS Shareholders from net investment income | — | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.11 | ) | (0.24 | ) | (0.30 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 0.56 | 3.05 | 0.63 | 2.53 | (0.44 | ) | (0.59 | ) | 0.10 | ||||||||||||||||||||
Dividends to Common Shareholders from net investment income | (0.49 | ) | (0.95 | )2 | (0.94 | )2 | (0.93 | )2 | (0.93 | )2 | (0.75 | )2 | (0.96 | )2 | |||||||||||||||
Net asset value, end of period | $ | 16.24 | $ | 16.17 | $ | 14.07 | $ | 14.38 | $ | 12.78 | $ | 14.15 | $ | 15.49 | |||||||||||||||
Market price, end of period | $ | 17.90 | $ | 17.67 | $ | 14.10 | $ | 14.82 | $ | 14.00 | $ | 15.09 | $ | 16.90 | |||||||||||||||
Total Investment Return Applicable to Common Shareholders3 | |||||||||||||||||||||||||||||
Based on net asset value | 3.37 | %4 | 22.25 | % | 4.74 | % | 20.22 | % | (2.62 | )% | (4.12 | )%4 | 0.17 | % | |||||||||||||||
Based on market price | 4.26 | %4 | 33.30 | % | 1.85 | % | 13.11 | % | 0.04 | % | (6.28 | )%4 | (2.89 | )% | |||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders | |||||||||||||||||||||||||||||
Total expenses | 1.77 | %5 | 1.47 | %6 | 1.25 | %6 | 1.23 | %6 | 1.38 | %6 | 1.28 | %5,6 | 1.24 | %6 | |||||||||||||||
Total expenses after fees waived and paid indirectly | 1.77 | %5 | 1.46 | %6 | 1.24 | %6 | 1.13 | %6 | 1.17 | %6 | 1.03 | %5,6 | 0.93 | %6 | |||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs7 | 1.12 | %5 | 1.18 | %6,8 | 1.22 | %6 | 1.12 | %6 | 1.14 | %6 | 1.02 | %5,6 | 0.93 | %6 | |||||||||||||||
Net investment income | 5.33 | %5 | 6.28 | %6 | 7.09 | %6 | 7.42 | %6 | 8.49 | %6 | 7.92 | %5,6 | 7.18 | %6 | |||||||||||||||
Dividends to AMPS Shareholders | — | 0.08 | % | 0.21 | % | 0.23 | % | 1.22 | % | 1.94 | %5 | 1.86 | % | ||||||||||||||||
Net investment income to Common Shareholders | 5.33 | %5 | 6.20 | % | 6.88 | % | 7.19 | % | 7.27 | % | 5.98 | %5 | 5.32 | % | |||||||||||||||
Supplemental Data | |||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 124,262 | $ | 123,497 | $ | 107,226 | $ | 109,257 | $ | 96,696 | $ | 106,596 | $ | 116,152 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) | — | — | $ | 59,100 | $ | 59,100 | $ | 59,100 | $ | 60,475 | $ | 63,800 | |||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 59,100 | $ | 59,100 | — | — | — | — | — | ||||||||||||||||||||
Portfolio turnover | 4% | 20% | 20% | 11% | 29% | 12% | 23% | ||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period | — | — | $ | 70,358 | $ | 71,218 | $ | 65,905 | $ | 69,083 | $ | 70,528 | |||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 310,257 | $ | 308,962 | — | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
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 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS Shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VMTP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VMTP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.14%. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 53 |
Financial Highlights | BlackRock New York Municipal Income Trust (BNY) |
Six Months Ended January 31, 2013 (Unaudited) | Period November 1, 2007 to July 31, 2008 | Year Ended October 31, 2007 | |||||||||||||||||||||||||||
Year Ended July 31, | |||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||||
Net asset value, beginning of period | $ | 15.53 | $ | 13.87 | $ | 14.27 | $ | 12.71 | $ | 13.88 | $ | 15.11 | $ | 15.88 | |||||||||||||||
Net investment income | 0.43 | 1 | 0.93 | 1 | 1.01 | 1 | 1.04 | 1 | 1.06 | 1 | 0.86 | 1 | 1.11 | ||||||||||||||||
Net realized and unrealized gain (loss) | 0.11 | 1.73 | (0.39 | ) | 1.54 | (1.22 | ) | (1.17 | ) | (0.70 | ) | ||||||||||||||||||
Dividends to AMP Shareholders from net investment income | — | (0.01 | ) | (0.03 | ) | (0.03 | ) | (0.10 | ) | (0.21 | ) | (0.28 | ) | ||||||||||||||||
Net increase (decrease) from investment operations | 0.54 | 2.65 | 0.59 | 2.55 | (0.26 | ) | (0.52 | ) | 0.13 | ||||||||||||||||||||
Dividends to Common Shareholders from net investment income | (0.45 | ) | (0.99 | )2 | (0.99 | )2 | (0.99 | )2 | (0.91 | )2 | (0.71 | )2 | (0.90 | )2 | |||||||||||||||
Net asset value, end of period | $ | 15.62 | $ | 15.53 | $ | 13.87 | $ | 14.27 | $ | 12.71 | $ | 13.88 | $ | 15.11 | |||||||||||||||
Market price, end of period | $ | 16.82 | $ | 16.73 | $ | 14.20 | $ | 15.11 | $ | 13.95 | $ | 15.26 | $ | 15.55 | |||||||||||||||
Total Investment Return Applicable to Common Shareholders3 | |||||||||||||||||||||||||||||
Based on net asset value | 3.48%4 | 19.62 | % | 4.39 | % | 20.35 | % | (1.28 | )% | (3.71 | )%4 | 0.64 | % | ||||||||||||||||
Based on market price | 3.43%4 | 25.87 | % | 0.94 | % | 16.11 | % | (1.44 | )% | 2.87%4 | (5.20 | )% | |||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shareholders | |||||||||||||||||||||||||||||
Total expenses | 1.83 | %5 | 1.49 | %6 | 1.27 | %6 | 1.25 | %6 | 1.43 | %6 | 1.25 | %5, 6 | 1.22 | %6 | |||||||||||||||
Total expenses after fees waived and paid indirectly | 1.82 | %5 | 1.49 | %6 | 1.27 | %6 | 1.16 | %6 | 1.25 | %6 | 1.00 | %5, 6 | 0.92 | %6 | |||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense, fees and amortization of offering costs7 | 1.13 | %5 | 1.18 | %6, 8 | 1.22 | %6 | 1.11 | %6 | 1.13 | %6 | 0.97 | %5, 6 | 0.92 | %6 | |||||||||||||||
Net investment income | 5.43 | %5 | 6.34 | %6 | 7.35 | %6 | 7.50 | %6 | 8.67 | %6 | 7.79 | %5, 6 | 7.23 | %6 | |||||||||||||||
Dividends to Preferred Shareholders | — | 0.08 | % | 0.20 | % | 0.22 | % | 1.17 | % | 1.91 | %5 | 1.84 | % | ||||||||||||||||
Net investment income to Common Shareholders | 5.43 | %5 | 6.26 | % | 7.15 | % | 7.28 | % | 7.50 | % | 5.88 | %5 | 5.39 | % | |||||||||||||||
Supplemental Data | |||||||||||||||||||||||||||||
Net assets applicable to Common Shareholders, end of period (000) | $ | 201,465 | $ | 200,020 | $ | 177,993 | $ | 182,372 | $ | 161,727 | $ | 175,927 | $ | 190,962 | |||||||||||||||
AMPS outstanding at $25,000 liquidation preference, end of period (000) | — | — | $ | 94,500 | $ | 94,500 | $ | 94,500 | $ | 95,850 | $ | 109,750 | |||||||||||||||||
VMTP Shares outstanding at $100,000 liquidation value, end of period (000) | $ | 94,500 | $ | 94,500 | — | — | — | — | — | ||||||||||||||||||||
Portfolio turnover | 13% | 24% | 17% | 16% | 18% | 5% | 23% | ||||||||||||||||||||||
Asset coverage per AMPS at $25,000 liquidation preference, end of period (000) | — | — | $ | 72,089 | $ | 73,248 | $ | 67,787 | $ | 70,892 | $ | 68,509 | |||||||||||||||||
Asset coverage per VMTP Shares at $100,000 liquidation value, end of period | $ | 313,191 | $ | 311,661 | — | — | — | — | — |
1 | Based on average Common Shares outstanding. |
2 | Dividends are determined in accordance with federal income tax regulations. |
3 | Total investment returns based on market price, 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 | Annualized. |
6 | Do not reflect the effect of dividends to AMPS Shareholders. |
7 | Interest expense, fees and amortization of offering costs relate to TOBs and/or VRDP Shares. See Note 1 and Note 7 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs and VRDP Shares, respectively. |
8 | For the year ended July 31, 2012, the total expense ratio after fees waived and paid indirectly and excluding interest expense, fees, amortization of offering costs and remarketing fees was 1.13%. |
54 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (Unaudited) |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 55 |
Notes to Financial Statements (continued) |
including the risk of price and yield fluctuations. In the event of default by the counterparty, the Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions, which is shown in the Schedules of Investments.
| Underlying Municipal Bonds Transferred to TOBS | | Liability for TOB Trust Certificates | | Range of Interest Rates | |||||||||
BFZ | $ | 368,425,314 | $ | 169,154,073 | 0.09% – 0.19% | |||||||||
BFO | $ | 570,920 | $ | 360,000 | 0.16% | |||||||||
BBF | $ | 69,728,358 | $ | 35,195,790 | 0.09% – 0.35% | |||||||||
BTT | $ | 655,261,809 | $ | 462,594,948 | 0.10% – 0.17% | |||||||||
BNJ | $ | 27,484,189 | $ | 14,366,757 | 0.10% – 0.35% | |||||||||
BNY | $ | 74,108,937 | $ | 36,551,462 | 0.09% – 0.17% |
| Average TOB Trust Certificates Outstanding | | Daily Weighted Average Interest Rate | |||||||
BFZ | $ | 163,700,371 | 0.71 | % | ||||||
BFO | $ | 380,924 | 0.59 | % | ||||||
BBF | $ | 33,785,678 | 0.75 | % | ||||||
BTT | $ | 120,414,480 | 0.93 | % | ||||||
BNJ | $ | 10,969,732 | 0.76 | % | ||||||
BNY | $ | 34,608,579 | 0.76 | % |
56 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (continued) |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 57 |
Notes to Financial Statements (continued) |
Derivative Financial Instruments Categorized by Risk Exposure:
Fair Values of Derivative Financial Instruments as of January 31, 2013 | ||||||||||||
Asset Derivatives | | |||||||||||
BFZ | | |||||||||||
Statements of Assets and Liabilites Location | | Value | ||||||||||
Interest rate contracts: | ||||||||||||
Financial futures contracts | Net unrealized appreciation1 | $ | 150,929 | |||||||||
Liability Derivatives | ||||||||||||
BNY | ||||||||||||
Statements of Assets and Liabilites Location | Value | |||||||||||
Interest rate contracts: | ||||||||||||
Financial futures contracts | Net unrealized depreciation1 | $ | (6,947 | ) |
1 | Includes cumulative appreciation/depreciation on financial futures contracts as reported in the Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
58 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (continued) |
The Effect of Derivative Financial Instruments in the Statements of Operations Six Months Ended January 31, 2013 |
Net Realized Loss From | ||||||||
BFZ | | BNY | ||||||
Interest rate contracts: | ||||||||
Financial futures contracts | $133,691 | — | ||||||
Options1 | — | $ | (65,302 | ) |
1 | Options purchased are included in the net realized gain (loss) from investments and net change in unrealized appreciation/depreciation on investments. |
Net Change in Unrealized Appreciation/Depreciation on | ||||||||||
BFZ | | BNY | ||||||||
Interest rate contracts: | ||||||||||
Financial futures contracts | $ 150,629 | $ | (6,947 | ) |
BFZ | | BNY | ||||||||
Financial futures contracts: | ||||||||||
Average number of contracts sold | 75 | 13 | ||||||||
Average notional value of contracts sold | $9,846,094 | $ | 1,865,094 | |||||||
Options contracts: | ||||||||||
Average number of contracts purchased | — | 1 | 2 | |||||||
Average notional value of contracts purchased | — | $ | 206,500 | 2 |
2 | Actual contract amounts shown due to limited activity. |
BFZ | 0.58 | % | ||||
BFO | 0.50 | % | ||||
BBF | 0.60 | % | ||||
BTT | 0.40 | % | ||||
BNJ | 0.60 | % | ||||
BNY | 0.60 | % |
BFZ | $ | 4,107 | ||||
BFO | $ | 778 | ||||
BBF | $ | 479 | ||||
BTT | $ | 3,627 | ||||
BNJ | $ | 1,705 | ||||
BNY | $ | 3,133 |
| | | | Purchases | | Sales | ||||
BFZ | $ | 80,037,548 | $ | 69,341,189 | ||||||
BFO | $ | 8,564,823 | $ | 24,972,681 | ||||||
BBF | $ | 21,704,055 | $ | 21,402,607 | ||||||
BTT | $ | 2,666,352,073 | $ | 1,508,470 | ||||||
BNJ | $ | 12,733,958 | $ | 7,451,195 | ||||||
BNY | $ | 44,437,036 | $ | 43,210,853 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 59 |
Notes to Financial Statements (continued) |
Expires July 31, | | BFZ | | BFO | | BBF | | BNJ | | BNY | ||||||||||||
2014 | $ | 1,681,553 | — | — | — | — | ||||||||||||||||
2015 | 465,742 | — | $ | 385,737 | $ | 592,744 | — | |||||||||||||||
2016 | 186,028 | — | 866,417 | 15,502 | $ | 505,354 | ||||||||||||||||
2017 | 3,782,470 | $ | 394,297 | — | — | 2,599,716 | ||||||||||||||||
2018 | 12,894,572 | 62,100 | 6,858,066 | 1,390,524 | 1,480,575 | |||||||||||||||||
2019 | — | — | 651,464 | 27,464 | 1,982,931 | |||||||||||||||||
No expiration date1 | 3,514,455 | — | — | 229,851 | 406,587 | |||||||||||||||||
Total | $ | 22,524,820 | $ | 456,397 | $ | 8,761,684 | $ | 2,256,085 | $ | 6,975,163 |
1 | Must be utilized prior to losses subject to expiration. |
| BFZ | | BFO | | BBF | | BTT | | BNJ | | BNY | ||||||||||||||||
Tax cost | $ | 600,535,744 | $ | 108,697,228 | $ | 121,019,204 | $ | 2,317,184,567 | $ | 166,433,297 | $ | 273,410,477 | |||||||||||||||
Gross unrealized appreciation | $ | 95,349,060 | $ | 6,986,168 | $ | 20,436,221 | $ | 28,243,150 | $ | 17,552,786 | $ | 23,285,865 | |||||||||||||||
Gross unrealized depreciation | (78,436 | ) | (1,204,015 | ) | (812,331 | ) | (14,439,539 | ) | (1,831,443 | ) | (1,587,734 | ) | |||||||||||||||
Net unrealized appreciation | $ | 95,270,624 | $ | 5,782,153 | $ | 19,623,890 | $ | 13,803,611 | $ | 15,721,343 | $ | 21,698,131 |
60 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (continued) |
| Six Months Ended January 31, 2013 | | Year Ended July 31, 2012 | |||||||
BFZ | 26,524 | 10,886 | ||||||||
BBF | 3,273 | 4,149 | ||||||||
BNJ | 10,564 | 19,942 | ||||||||
BNY | 20,862 | 48,391 |
| Issue Date | | Shares Issued | | Aggregate Principal | | Maturity Date | |||||||||||
BBF | 9/15/11 | 342 | $ | 34,200,000 | 10/01/41 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 61 |
Notes to Financial Statements (continued) |
among other things, the long-term preferred share rating assigned to the VRDP Shares and the length of time that the VRDP Shares fail to be remarketed. At the date of issuance, the VRDP Shares were assigned a long-term rating of Aaa from Moody’s and AAA from Fitch. In May 2012, Moody’s completed the review of its methodology for rating securities issued by registered closed-end funds. As of January 31, 2013, the VRDP Shares were assigned a long-term rating of Aa1 from Moody’s under its new ratings methodology. The VRDP Shares continue to be assigned a long-term rating of AAA from Fitch.
| Issue Date | | Shares Issued | | Aggregate Principal | | Term Date | |||||||||||
BFZ | 3/22/12 | 1,713 | $ | 171,300,000 | 4/01/15 | |||||||||||||
BNJ | 3/22/12 | 591 | $ | 59,100,000 | 4/01/15 | |||||||||||||
BNY | 3/22/12 | 945 | $ | 94,500,000 | 4/01/15 |
| Rate | |||||
BFZ | 1.15 | % | ||||
BNJ | 1.15 | % | ||||
BNY | 1.15 | % |
62 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (continued) |
| Issue Date | | Shares Issued | | Aggregate Principal | | Term Date | |||||||||||
BTT | 1/10/2013 | 50 | $ | 250,000,000 | 12/31/30 | |||||||||||||
1/30/2013 | 50 | $ | 250,000,000 | 12/31/30 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 63 |
Notes to Financial Statements (continued) |
amortized over the 30-year life of the VRDP Shares with the exception of upfront fees paid to the liquidity provider, which were amortized over the life of the liquidity agreement. For VMTP Shares, these costs were recorded as a deferred charge and will be amortized over the 3-year life of the VMTP Shares. For RVMTP Shares, these costs were recorded as a deferred charge and will be amortized over the 18-year life of the RVMTP Shares. Amortization of these costs is included in interest expense, fees and amortization of offering costs in the Statements of Operations.
| Series | | Preferred Shares | | Effective Yield | | Reset Frequency Days | |||||||||||
BFO | F-7 | 1,044 | 0.16% | 7 |
| Series | | Low | | High | | Average | |||||||||||
BFO | F-7 | 0.14% | 0.32% | 0.24 | % |
| Series | | Redemption Date | | Shares Redeemed | | Aggregate Principal | |||||||||||
BFO | F-7 | 1/22/13 | 132 | $ | 3,300,000 | |||||||||||||
F-7 | 1/28/13 | 540 | $ | 13,500,000 |
| Series | | Redemption Date | | Shares Redeemed | | Aggregate Principal | |||||||||||
BFZ | T-7 | 4/18/12 | 2,351 | $ | 58,775,000 | |||||||||||||
R-7 | 4/13/12 | 2,351 | $ | 58,775,000 | ||||||||||||||
F-7 | 4/16/12 | 2,151 | $ | 58,775,000 | ||||||||||||||
BBF | T-7 | 10/12/11 | 1,370 | $ | 34,250,000 | |||||||||||||
BNJ | R-7 | 4/13/12 | 2,364 | $ | 59,100,000 | |||||||||||||
BNY | W-7 | 4/12/12 | 1,890 | $ | 47,250,000 | |||||||||||||
F-7 | 4/16/12 | 1,890 | $ | 47,250,000 |
BFZ | $ | 171,300,000 | ||||
BNJ | $ | 59,100,000 | ||||
BNY | $ | 94,500,000 |
64 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Notes to Financial Statements (concluded) |
| Common Dividend Per Share | |||||
BFZ | $ | 0.077700 | ||||
BFO | $ | 0.056000 | ||||
BBF | $ | 0.072375 | ||||
BTT | $ | 0.099000 | ||||
BNJ | $ | 0.081100 | ||||
BNY | $ | 0.075000 |
| Series | | Dividends Declared | |||||||
BFZ VMTP Shares | W-7 | $ | 144,924 | |||||||
BFO AMPS | F-7 | $ | 3,268 | |||||||
BBF VRDP Shares | W-7 | $ | 5,322 | |||||||
BNJ VMTP Shares | W-7 | $ | 50,000 | |||||||
BNY VMTP Shares | W-7 | $ | 79,950 |
| Common Dividend Per Share | |||||
BFZ | $ | 0.077700 | ||||
BFO | $ | 0.056000 | ||||
BBF | $ | 0.072375 | ||||
BTT | $ | 0.099000 | ||||
BNJ | $ | 0.075100 | ||||
BNY | $ | 0.069000 |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 65 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement |
66 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (continued) |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 67 |
Disclosure of Investment Advisory Agreement and Sub-Advisory Agreement (concluded) |
68 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Officers and Trustees |
Karen P. Robards, Vice Chairperson of the Board,
Chairperson of the Audit Committee and Trustee
Paul L. Audet, Trustee
Michael J. Castellano, Trustee and Member of the Audit
Committee
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
John M. Perlowski, President and Chief Executive Officer
Anne Ackerley, Vice President
Brendan Kyne, Vice President
Robert W. Crothers, Vice President
Neal Andrews, Chief Financial Officer
Jay Fife, Treasurer
Brian Kindelan, Chief Compliance Officer and Anti-Money
Laundering Officer
Janey Ahn, Secretary
BlackRock Advisors, LLC
Wilmington, DE 19809
BlackRock Financial Management, Inc.1
New York, NY 10055
Princeton, NJ 08540
State Street Bank and Trust Company
Boston, MA 02110
Common Shares:
Computershare Trust Company, N.A.
Canton, MA 02021
The Bank of New York Mellon
New York, NY 10289
RVMTP Tender and Paying Agent and
VMTP Redemption and Paying Agent
The Bank of New York Mellon
New York, NY 10289
Barclays Bank PLC
New York, NY 10019
Barclays Capital, Inc.
New York, NY 10019
State Street Bank and Trust Company
Boston, MA 02110
Deloitte & Touche LLP
Boston, MA 02116
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY 10036
100 Bellevue Parkway
Wilmington, DE 19809
1 | For all Trusts except BTT. |
2 | For BTT. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 69 |
Additional Information |
Regulation Regarding Derivatives
Dividend Policy
70 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Additional Information (continued) |
General Information
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 71 |
Additional Information (continued) |
General Information (concluded)
72 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
Additional Information (continued) |
Section 19(a) Notice
January 31, 2013 | ||||||||||||||||||||||||||||||||||||
Total Fiscal Year-to-Date Cumulative Distributions by Character | Percentage of Fiscal Year-to-Date Cumulative Distributions by Character | | ||||||||||||||||||||||||||||||||||
| Net Investment Income | | Net Realized Capital Gains | | Return of Capital | | Total Per Common Share | | Net Investment Income | | Net Realized Capital Gains | | Return of Capital | | Total Per Common Share | |||||||||||||||||||||
BTT | $ | 0.182450 | — | $ | 0.213553 | $ | 0.396000 | 46% | — | 54% | 100% |
The Trust estimates that it has distributed more than the amount of earned income and net realized gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Trust is returned to the shareholder. A return of capital does not necessarily reflect the Trust’s investment performance and should not be confused with ‘yield’ or ‘income.’ When distributions exceed total return performance, the difference will incrementally reduce the Trust’s net asset value per share. |
SEMI-ANNUAL REPORT | JANUARY 31, 2013 | 73 |
Additional Information (concluded) |
BlackRock Privacy Principles
74 | SEMI-ANNUAL REPORT | JANUARY 31, 2013 |
#CEF-BK6-1/13-SAR |
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 in 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 – There have been no material changes to these procedures.
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
2 |
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 New Jersey Municipal Income Trust
By: /s/ John M. Perlowski
John M. Perlowski
Chief Executive Officer (principal executive officer) of
BlackRock New Jersey Municipal Income Trust
Date: April 3, 2013
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 New Jersey Municipal Income Trust
Date: April 3, 2013
By: /s/ Neal J. Andrews
Neal J. Andrews
Chief Financial Officer (principal financial officer) of
BlackRock New Jersey Municipal Income Trust
Date: April 3, 2013
3 |