UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-21126
Name of Fund: BlackRock Municipal Income Trust II (BLE)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock Municipal Income Trust II, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 08/31/2008
Date of reporting period: 09/01/2007 – 02/29/2008
Item 1 – Report to Stockholders
EQUITIES FIXED INCOME REAL ESTATE LIQUIDITY ALTERNATIVES BLACKROCK SOLUTIONS
|
|
|
| Semi-Annual Report | |
|
| |
|
| |
|
|
|
|
|
|
|
|
|
| FEBRUARY 29, 2008 | (UNAUDITED) |
|
|
|
|
|
|
|
BlackRock Insured Municipal Income Trust (BYM)
BlackRock Municipal Bond Trust (BBK)
BlackRock Municipal Income Trust II (BLE)
BlackRock California Insured Municipal Income Trust (BCK)
BlackRock California Municipal Bond Trust (BZA)
BlackRock California Municipal Income Trust II (BCL)
BlackRock Florida Insured Municipal Income Trust (BAF)
BlackRock Florida Municipal Bond Trust (BIE)
BlackRock Maryland Municipal Bond Trust (BZM)
BlackRock New Jersey Municipal Bond Trust (BLJ)
BlackRock New York Insured Municipal Income Trust (BSE)
BlackRock New York Municipal Bond Trust (BQH)
BlackRock New York Municipal Income Trust II (BFY)
BlackRock Virginia Municipal Bond Trust (BHV)
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
|
|
| |
Table of Contents | |
| |
| Page |
|
|
3 | |
Semi-Annual Report: |
|
4 | |
18 | |
18 | |
Financial Statements: |
|
19 | |
50 | |
53 | |
56 | |
59 | |
73 | |
78 | |
79 |
|
|
|
|
|
|
|
|
2 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
Dear Shareholder
Financial markets weathered intense bouts of volatility in 2007, only to enter 2008 with no relief. January and February proved to be trying months for equities, but strong ones for some areas of the bond market, as fears of an economic recession swelled. The Federal Reserve Board (the “Fed”), after cutting the target federal funds rate 100 basis points (1%) between September 2007 and year-end, more than matched those cuts in January alone. Responding to a slowing economy and continued fallout from chaos in the credit markets, the Fed cut interest rates 75 basis points in a rare unscheduled session on January 22, and followed with a 50-basis-point cut at its regular meeting on January 30. Another 75-basis-point cut on March 18 brought the target rate to 2.25%.
Reverberations from the U.S. subprime mortgage collapse, and the associated liquidity and credit crisis, continue to permeate global financial markets. The S&P 500 Index of U.S. stocks was down in February, marking the fourth consecutive month of negative returns. International markets, while not unscathed, generally have outperformed their U.S. counterparts so far in 2008. Emerging markets, benefiting from stronger economic growth rates, have done particularly well.
In fixed income markets, fears related to the economic slowdown and related credit crisis have led to a prolonged flight to quality. Investors have largely shunned bonds associated with the housing and credit markets in favor of higher-quality government issues. The yield on 10-year Treasury issues, which touched 5.30% in June 2007 (its highest level in five years), fell to 4.04% by year-end and to 3.53% by the end of February, while prices correspondingly rose. After setting a new-issuance record in 2007, supply in the municipal bond market has been on the decline for four consecutive months (measured year over year). The market has struggled with concerns around the creditworthiness of monoline bond insurers and the failure of auctions for auction rate securities, driving yields higher and prices lower across the curve. By period-end, municipal bonds were trading at higher yields than their Treasury counterparts, a very unusual occurrence by historical standards.
Against this backdrop, the major benchmark indexes posted mixed results for the current reporting period, generally reflecting heightened investor risk aversion:
|
|
|
|
|
|
|
|
Total Returns as of February 29, 2008 |
| 6-month |
| 12-month |
| ||
U.S. equities (S&P 500 Index) |
| -8.79 | % |
| -3.60 | % |
|
Small cap U.S. equities (Russell 2000 Index) |
| -12.91 |
|
| -12.44 |
|
|
International equities (MSCI Europe, Australasia, Far East Index) |
| -4.71 |
|
| +0.84 |
|
|
Fixed income (Lehman Brothers U.S. Aggregate Bond Index) |
| +5.67 |
|
| +7.30 |
|
|
Tax-exempt fixed income (Lehman Brothers Municipal Bond Index) |
| -0.60 |
|
| -1.17 |
|
|
High yield bonds |
| -1.39 |
|
| -3.08 |
|
|
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.
As you navigate today’s volatile markets, we encourage you to review your investment goals with your financial professional and to make portfolio changes, as needed. For more up-to-date commentary on the economy and financial markets, we invite you to visit www.blackrock.com/funds. As always, we thank you for entrusting BlackRock with your investment assets, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
THIS PAGE NOT PART OF YOUR FUND REPORT
|
|
|
|
|
|
|
|
|
|
| 3 |
|
|
| |
BlackRock Insured Municipal Income Trust |
|
|
|
Investment Objective |
|
|
|
|
|
| BlackRock Insured Municipal Income Trust (BYM) seeks to provide high current income exempt from regular federal income taxes. The Trust will invest at least 80% of its total assets in municipal obligations that are insured as to the timely payment of both principal and interest. | |
Performance |
|
|
| ||
| For the six months ended February 29, 2008, the Trust returned -4.92% based on market price, with dividends reinvested. The Trust’s return based on net asset value (“NAV”) was -9.04%, with dividends reinvested, while the Lipper Insured Municipal Debt Funds (Leveraged) category posted an average return of -6.11% on an NAV basis. The Trust’s performance was negatively impacted by three primary factors: exposure to the long end of the municipal curve, which underperformed as the curve steepened significantly; a widening in credit spreads and insured credit spreads with weaker underlying ratings; and the massive underperformance of municipal cash relative to the Trust’s Bond Market Association hedges. The entire municipal insurance industry experienced unprecedented stress during the period, leading to their first-ever downgrades. Many of the problems caused by the stress on the insurers remained unresolved at period-end. | |
Trust Information |
|
|
|
|
|
|
| Symbol on New York Stock Exchange |
| BYM |
| Initial Offering Date |
| October 31, 2002 |
| Yield on Closing Market Price as of February 29, 2008 ($13.30)1 |
| 5.50% |
| Tax Equivalent Yield2 |
| 8.46% |
| Current Monthly Distribution per Common Share3 |
| $.061 |
| Current Annualized Distribution per Common Share3 |
| $.732 |
| Leverage as of February 29, 20084 |
| 40% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Auction Market Preferred Shares (“Preferred Shares”) that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
| The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low | |||||
| ||||||||||||||||
| Market Price |
| $ | 13.30 |
| $ | 14.35 |
|
| (7.32% | ) | $ | 15.15 |
| $ | 13.28 |
| Net Asset Value |
| $ | 13.14 |
| $ | 14.82 |
|
| (11.34% | ) | $ | 15.35 |
| $ | 13.14 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Sector |
| 2/29/08 |
| 8/31/07 |
| ||||
Transportation |
|
| 25 | % |
|
| 24 | % |
|
Water & Sewer |
|
| 19 |
|
|
| 18 |
|
|
Tax Revenue |
|
| 11 |
|
|
| 12 |
|
|
City, County & State |
|
| 11 |
|
|
| 13 |
|
|
Education |
|
| 9 |
|
|
| 8 |
|
|
Power |
|
| 9 |
|
|
| 9 |
|
|
Tobacco |
|
| 6 |
|
|
| 6 |
|
|
Hospitals |
|
| 6 |
|
|
| 7 |
|
|
Lease Revenue |
|
| 3 |
|
|
| 2 |
|
|
Industrial & Pollution Control |
|
| 1 |
|
|
| 1 |
|
|
|
|
|
|
|
| ||||
Credit Quality Allocations5 |
|
|
|
|
| ||||
|
|
|
|
|
| ||||
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||||
AAA/Aaa |
|
| 74 | % |
|
| 92 | % |
|
AA/Aa |
|
| 15 |
|
|
| 2 |
|
|
A |
|
| 8 |
|
|
| 2 |
|
|
BBB/Baa |
|
| 3 |
|
|
| 4 |
|
|
|
|
5 | Using the highest of Standard & Poor’s (“S&P’s”), Moody’s Investors Service (“Moody’s”) or Fitch Ratings (“Fitch’s”) ratings. |
|
|
|
|
|
|
|
|
4 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock Municipal Bond Trust |
|
|
|
Investment Objective |
|
|
|
|
|
| BlackRock Municipal Bond Trust (BBK) seeks to provide current income exempt from regular federal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Trust’s investment advisor to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. | |
Performance |
|
|
| ||
| For the six months ended February 29, 2008, the Trust returned -6.38% based on market price, with dividends reinvested. The Trust’s return based on NAV was -9.14%, with dividends reinvested. For the same period, the Lipper General Municipal Debt Funds (leveraged) category posted an average return of -6.37% on a NAV basis. The Trust’s performance was negatively impacted by exposure to capital appreciation bonds, as well as lower-rated and non-rated credits. Both areas suffered in a market environment characterized by rising long-term rates and substantially wider credit spreads. An above-average dividend yield helped to mitigate these negative influences somewhat. | |
Trust Information |
|
|
|
|
|
|
| Symbol on New York Stock Exchange |
| BBK |
| Initial Offering Date |
| April 30, 2002 |
| Yield on Closing Market Price as of February 29, 2008 ($14.85)1 |
| 6.18% |
| Tax Equivalent Yield2 |
| 9.51% |
| Current Monthly Distribution per Common Share3 |
| $.0765 |
| Current Annualized Distribution per Common Share3 |
| $.918 |
| Leverage as of February 29, 20084 |
| 39% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low | |||||
| ||||||||||||||||
| Market Price |
| $ | 14.85 |
| $ | 16.50 |
|
| (10.00% | ) | $ | 17.39 |
| $ | 14.11 |
| Net Asset Value |
| $ | 13.60 |
| $ | 15.57 |
|
| (12.65% | ) | $ | 15.95 |
| $ | 13.60 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sector | 2/29/08 |
| 8/31/07 |
| ||
Hospitals | 25 | % |
| 26 | % |
|
City, County & State | 14 |
|
| 15 |
|
|
Industrial & Pollution Control | 13 |
|
| 14 |
|
|
Housing | 11 |
|
| 11 |
|
|
Tax Revenue | 9 |
|
| 7 |
|
|
Power | 8 |
|
| 6 |
|
|
Transportation | 7 |
|
| 8 |
|
|
Education | 5 |
|
| 5 |
|
|
Water & Sewer | 4 |
|
| 4 |
|
|
Tobacco | 3 |
|
| 3 |
|
|
Lease Revenue | 1 |
|
| 1 |
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
| ||
|
|
|
|
| ||
Credit Rating | 2/29/08 |
| 8/31/07 |
| ||
AAA/Aaa | 35 | % |
| 34 | % |
|
AA/Aa | 12 |
|
| 16 |
|
|
A | 15 |
|
| 15 |
|
|
BBB/Baa | 17 |
|
| 18 |
|
|
BB/Ba | 2 |
|
| 6 |
|
|
B | 6 |
|
| 5 |
|
|
CCC/Caa | 1 |
|
| – |
|
|
Not Rated6 | 12 |
|
| 6 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $4,039,312 representing 2% and $2,980,782 representing 1%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 5 |
|
|
| |
| |
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock Municipal Income Trust II |
|
|
Investment Objective |
|
| |
Performance | |
| |
Trust Information | |
|
|
Symbol on American Stock Exchange | BLE |
Initial Offering Date | July 30, 2002 |
Yield on Closing Market Price as of February 29, 2008 ($13.49)1 | 6.32% |
Tax Equivalent Yield2 | 9.72% |
Current Monthly Distribution per Common Share3 | $.071 |
Current Annualized Distribution per Common Share3 | $.852 |
Leverage as of February 29, 20084 | 40% |
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 13.49 |
| $ | 15.05 |
|
| (10.37 | %) | $ | 15.85 |
| $ | 13.25 |
|
Net Asset Value |
| $ | 13.17 |
| $ | 15.08 |
|
| (12.67 | %) | $ | 15.45 |
| $ | 13.17 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
| ||||
Portfolio Composition |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
Sector |
| 2/29/08 |
| 8/31/07 |
| ||||||
Hospitals |
|
|
| 26 | % |
|
|
| 26 | % |
|
Industrial & Pollution Control |
|
|
| 16 |
|
|
|
| 16 |
|
|
City, County & State |
|
|
| 12 |
|
|
|
| 13 |
|
|
Transportation |
|
|
| 9 |
|
|
|
| 10 |
|
|
Tax Revenue |
|
|
| 7 |
|
|
|
| 8 |
|
|
Housing |
|
|
| 7 |
|
|
|
| 7 |
|
|
Water & Sewer |
|
|
| 7 |
|
|
|
| 6 |
|
|
Power |
|
|
| 7 |
|
|
|
| 6 |
|
|
Tobacco |
|
|
| 4 |
|
|
|
| 4 |
|
|
Education |
|
|
| 4 |
|
|
|
| 3 |
|
|
Lease Revenue |
|
|
| 1 |
|
|
|
| 1 |
|
|
|
|
|
|
|
|
|
| ||||
Credit Quality Allocations5 |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||||||
AAA/Aaa |
|
|
| 31 | % |
|
|
| 33 | % |
|
AA/Aa |
|
|
| 16 |
|
|
|
| 16 |
|
|
A |
|
|
| 11 |
|
|
|
| 12 |
|
|
BBB/Baa |
|
|
| 20 |
|
|
|
| 20 |
|
|
BB/Ba |
|
|
| 1 |
|
|
|
| 3 |
|
|
B |
|
|
| 6 |
|
|
|
| 5 |
|
|
CCC/Caa |
|
|
| 1 |
|
|
|
| — |
|
|
Not Rated6 |
|
|
| 14 |
|
|
|
| 11 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $29,428,628 representing 6% and $24,066,103 representing 4%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
6 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock California Insured Municipal Income Trust |
|
|
Investment Objective |
|
|
Performance |
|
Trust Information |
|
|
Symbol on New York Stock Exchange | BCK |
Initial Offering Date | October 31, 2002 |
Yield on Closing Market Price as of February 29, 2008 ($13.14)1 | 5.30% |
Tax Equivalent Yield2 | 8.15% |
Current Monthly Distribution per Common Share3 | $.058 |
Current Annualized Distribution per Common Share3 | $.696 |
Leverage as of February 29, 20084 | 40% |
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 13.14 |
| $ | 14.30 |
|
| (8.11 | %) | $ | 15.05 |
| $ | 13.14 |
|
Net Asset Value |
| $ | 13.03 |
| $ | 14.66 |
|
| (11.12 | %) | $ | 15.34 |
| $ | 13.03 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
|
|
|
|
|
|
| ||||
Portfolio Composition |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
Sector |
| 2/29/08 |
|
| 8/31/07 |
| |||||
Water & Sewer |
|
|
| 34 | % |
|
|
| 31 | % |
|
Education |
|
|
| 17 |
|
|
|
| 25 |
|
|
City, County & State |
|
|
| 16 |
|
|
|
| 13 |
|
|
Lease Revenue |
|
|
| 12 |
|
|
|
| 9 |
|
|
Power |
|
|
| 7 |
|
|
|
| 10 |
|
|
Transportation |
|
|
| 6 |
|
|
|
| 5 |
|
|
Tax Revenue |
|
|
| 3 |
|
|
|
| 2 |
|
|
Hospitals |
|
|
| 3 |
|
|
|
| 3 |
|
|
Housing |
|
|
| 2 |
|
|
|
| 2 |
|
|
|
|
|
|
|
|
|
| ||||
Credit Quality Allocations5 |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||||||
AAA/Aaa |
|
|
| 97 | % |
|
|
| 98 | % |
|
A |
|
|
| 3 |
|
|
|
| 2 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 7 |
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock California Municipal Bond Trust |
|
|
| |
Investment Objective | |||
| |||
|
| BlackRock California Municipal Bond Trust (BZA) seeks to provide current income exempt from regular federal income taxes and California income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. | |
Performance | |||
| |||
|
| For the six months ended February 29, 2008, the Trust returned -1.54% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.18%, with dividends reinvested. For the same period, the Lipper California Municipal Debt Funds category posted an average return of -5.86% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; a lower relative duration stance, which benefited the portfolio as rates rose. | |
Trust Information |
| ||
|
|
|
|
|
|
| Symbol on New York Stock Exchange |
|
| BZA |
|
| Initial Offering Date |
|
| April 30, 2002 |
|
| Yield on Closing Market Price as of February 29, 2008 ($15.74)1 |
|
| 5.87% |
|
| Tax Equivalent Yield2 |
|
| 9.03% |
|
| Current Monthly Distribution per Common Share3 |
|
| $.077 |
|
| Current Annualized Distribution per Common Share3 |
|
| $.924 |
|
| Leverage as of February 29, 20084 |
|
| 38% |
|
|
|
|
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | ||
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. | ||
| 3 | The distribution is not constant and is subject to change. | ||
| 4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). | ||
|
|
|
|
|
| The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 15.74 |
| $ | 16.50 |
|
| (4.61% | ) | $ | 17.35 |
| $ | 15.05 |
|
Net Asset Value |
| $ | 14.25 |
| $ | 15.35 |
|
| (7.17% | ) | $ | 15.90 |
| $ | 14.25 |
|
|
|
|
|
|
|
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
| ||||||
|
|
|
|
|
|
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
Sector |
| 2/29/08 |
| 8/31/07 |
| ||||
Hospitals |
|
| 24 | % |
|
| 21 | % |
|
Education |
|
| 20 |
|
|
| 22 |
|
|
Housing |
|
| 16 |
|
|
| 14 |
|
|
City, County & State |
|
| 13 |
|
|
| 13 |
|
|
Tobacco |
|
| 9 |
|
|
| 8 |
|
|
Industrial & Pollution Control |
|
| 6 |
|
|
| 5 |
|
|
Transportation |
|
| 5 |
|
|
| 7 |
|
|
Power |
|
| 2 |
|
|
| — |
|
|
Lease Revenue |
|
| 2 |
|
|
| 2 |
|
|
Water & Sewer |
|
| 1 |
|
|
| 7 |
|
|
Tax Revenue |
|
| 1 |
|
|
| — |
|
|
Resource Recovery |
|
| 1 |
|
|
| 1 |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||||
AAA/Aaa |
|
| 28 | % |
|
| 32 | % |
|
AA/Aa |
|
| 13 |
|
|
| 12 |
|
|
A |
|
| 34 |
|
|
| 33 |
|
|
BBB/Baa |
|
| 10 |
|
|
| 15 |
|
|
B |
|
| 3 |
|
|
| 2 |
|
|
Not Rated |
|
| 12 |
|
|
| 6 |
|
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
|
|
|
|
|
|
|
8 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock California Municipal Income Trust II |
|
|
| |
Investment Objective | |||
|
|
| |
|
| BlackRock California Municipal Income Trust II (BCL) seeks to provide high current income exempt from regular federal income taxes and California income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. | |
Performance | |||
|
|
| |
|
| For the six months ended February 29, 2008, the Trust returned -2.91% based on market price, with dividends reinvested. The Trust’s return based on NAV was -9.04%, with dividends reinvested. For the same period, the Lipper California Municipal Debt Funds category posted an average return of -5.86% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; and additional pressure on insured zero-coupon securities held in the portfolio. | |
|
|
| |
Trust Information |
| ||
|
|
|
|
| Symbol on American Stock Exchange |
| BCL |
| Initial Offering Date |
| July 30, 2002 |
| Yield on Closing Market Price as of February 29, 2008 ($13.63)1 |
| 5.77% |
| Tax Equivalent Yield2 |
| 8.88% |
| Current Monthly Distribution per Common Share3 |
| $.0655 |
| Current Annualized Distribution per Common Share3 |
| $.786 |
| Leverage as of February 29, 20084 |
| 40% |
|
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
| 3 | The distribution is not constant and is subject to change. |
|
|
|
| 4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
| The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 13.63 |
| $ | 14.44 |
| (5.61%) |
| $ | 15.35 |
| $ | 13.51 |
| |
Net Asset Value |
| $ | 13.23 |
| $ | 14.96 |
| (11.56%) |
| $ | 15.40 |
| $ | 13.23 |
| |
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
Sector |
| 2/29/08 |
| 8/31/07 |
| ||||
| |||||||||
City, County & State |
|
| 22 | % |
|
| 25 | % |
|
Tobacco |
|
| 14 |
|
|
| 13 |
|
|
Education |
|
| 13 |
|
|
| 15 |
|
|
Housing |
|
| 12 |
|
|
| 5 |
|
|
Hospitals |
|
| 12 |
|
|
| 12 |
|
|
Transportation |
|
| 8 |
|
|
| 10 |
|
|
Power |
|
| 6 |
|
|
| 5 |
|
|
Industrial & Pollution Control |
|
| 5 |
|
|
| 5 |
|
|
Water & Sewer |
|
| 3 |
|
|
| 6 |
|
|
Lease Revenue |
|
| 3 |
|
|
| 3 |
|
|
Resource Recovery |
|
| 1 |
|
|
| 1 |
|
|
Tax Revenue |
|
| 1 |
|
|
| — |
|
|
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||||
AAA/Aaa |
|
| 54 | % |
|
| 55 | % |
|
AA/Aa |
|
| 7 |
|
|
| 5 |
|
|
A |
|
| 16 |
|
|
| 20 |
|
|
BBB/Baa |
|
| 6 |
|
|
| 7 |
|
|
B |
|
| 1 |
|
|
| 1 |
|
|
Not Rated6 |
|
| 16 |
|
|
| 12 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 the market value of these securities was $7,215,690 representing 4% of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 9 |
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock Florida Insured Municipal Income Trust |
|
|
|
|
|
Investment Objective | ||||
|
|
| ||
|
| BlackRock Florida Insured Municipal Income Trust (BAF) seeks to provide current income exempt from regular federal income taxes and Florida intangible personal property taxes. The Trust will invest at least 80% of its total assets in municipal obligations that are insured as to the timely payment of both principal and interest. | ||
|
|
| ||
Performance | ||||
|
|
| ||
|
| For the six months ended February 29, 2008, the Trust returned -5.93% based on market price, with dividends reinvested. The Trust’s return based on NAV was -6.46%, with dividends reinvested. For the same period, the Lipper Florida Municipal Debt Funds category posted an average return of -5.59% on an NAV basis. (The Lipper group consists of insured and uninsured funds.) The Trust’s performance was affected by several key factors: exposure to the long end of the municipal yield curve, which, along with discount-coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedge positions, which contributed positively given their low correlation to the factors causing municipal underperformance. | ||
|
|
| ||
Trust Information | ||||
|
|
|
| |
| Symbol on New York Stock Exchange |
| BAF | |
| Initial Offering Date |
| October 31, 2002 | |
| Yield on Closing Market Price as of February 29, 2008 ($12.42)1 |
| 5.60% | |
| Tax Equivalent Yield2 |
| 8.62% | |
| Current Monthly Distribution per Common Share3 |
| $ .058 | |
| Current Annualized Distribution per Common Share3 |
| $ .696 | |
| Leverage as of February 29, 20084 |
| 39% | |
|
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
| The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
| |||||||||||||||||
| Market Price |
| $ | 12.42 |
| $ | 13.55 |
|
| (8.34% | ) | $ | 14.30 |
| $ | 12.38 |
|
| Net Asset Value |
| $ | 13.38 |
| $ | 14.68 |
|
| (8.86% | ) | $ | 15.27 |
| $ | 13.38 |
|
| |||||||||||||||||
|
| ||||||||||||||||
| The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
| |||||
| Portfolio Composition |
|
|
|
|
| |||||
|
|
|
|
|
|
| Sector |
| 2/29/08 |
| 8/31/07 |
| |||||
| Tax Revenue |
| 26% |
| 25% |
| City, County & State |
| 21 |
| 20 |
| Education |
| 16 |
| 16 |
| Hospitals |
| 12 |
| 9 |
| Transportation |
| 8 |
| 9 |
| Power |
| 7 |
| 11 |
| Water & Sewer |
| 7 |
| 6 |
| Lease Revenue |
| 3 |
| 4 |
| |||||
|
|
|
|
|
|
| |||||
| Credit Quality Allocations5 |
|
|
|
|
| |||||
|
|
|
|
|
|
| Credit Rating |
| 2/29/08 |
| 8/31/07 |
| |||||
| AAA/Aaa |
| 85% |
| 88% |
| AA/Aa |
| 3 |
| 7 |
| A |
| 8 |
| 1 |
| Not Rated6 |
| 4 |
| 4 |
|
|
|
|
| 5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $3,756,186 representing 4% and $3,995,690 representing 2%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
10 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock Florida Municipal Bond Trust |
|
|
| ||
Investment Objective | ||||
|
|
| ||
|
| BlackRock Florida Municipal Bond Trust (BIE) seeks to provide current income exempt from regular federal income taxes and Florida intangible personal property taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. | ||
|
|
| ||
Performance | ||||
|
|
| ||
|
| For the six months ended February 29, 2008, the Trust returned -1.02% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.07%, with dividends reinvested. For the same period, the Lipper Florida Municipal Debt Funds category posted an average return of -5.59% on an NAV basis. (Notably, the Lipper group consists of both insured and uninsured funds.) The Trust’s performance for the period was enhanced by its large overweight position in prerefunded securities. This sector had the best performance during the past six months as an investor flight to quality gained momentum toward the end of 2007. | ||
|
|
| ||
Trust Information |
|
|
|
|
| Symbol on New York Stock Exchange |
| BIE |
| Initial Offering Date |
| April 30, 2002 |
| Yield on Closing Market Price as of February 29, 2008 ($15.16)1 |
| 6.16% |
| Tax Equivalent Yield2 |
| 9.48% |
| Current Monthly Distribution per Common Share3 |
| $.077808 |
| Current Annualized Distribution per Common Share3 |
| $.933696 |
| Leverage as of February 29, 20084 |
| 38% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
| 3 | The distribution is not constant and is subject to change. |
| 4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
| The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
| |||||||||||||||||
| Market Price |
| $ | 15.16 |
| $ | 15.82 |
|
| (4.17% | ) | $ | 16.70 |
| $ | 14.40 |
|
| Net Asset Value |
| $ | 14.35 |
| $ | 15.45 |
|
| (7.12% | ) | $ | 15.86 |
| $ | 14.35 |
|
| |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
|
|
|
|
|
| |||||
| Portfolio Composition |
|
|
|
|
| |||||
|
|
|
|
|
|
| Sector |
| 2/29/08 |
| 8/31/07 |
| |||||
| Hospitals |
| 37% |
| 34% |
| Tax Revenue |
| 18 |
| 18 |
| City, County & State |
| 13 |
| 11 |
| Education |
| 10 |
| 11 |
| Lease Revenue |
| 6 |
| 6 |
| Housing |
| 6 |
| 6 |
| Water & Sewer |
| 4 |
| 3 |
| Transportation |
| 3 |
| 3 |
| Power |
| 2 |
| 6 |
| Industrial & Pollution Control |
| 1 |
| 2 |
| |||||
| |||||
| |||||
| Credit Quality Allocations5 |
|
|
|
|
| |||||
|
|
|
|
|
|
| Credit Rating |
| 2/29/08 |
| 8/31/07 |
| |||||
| AAA/Aaa |
| 36% |
| 40% |
| AA/Aa |
| 12 |
| 20 |
| A |
| 23 |
| 14 |
| BBB/Baa |
| 8 |
| 12 |
| BB/Ba |
| 2 |
| 2 |
| Not Rated6 |
| 19 |
| 12 |
|
|
|
|
| 5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $4,962,693 representing 10% and $1,525,724 representing 2%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 11 |
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock Maryland Municipal Bond Trust |
|
|
Investment Objective |
|
BlackRock Maryland Municipal Bond Trust (BZM) seeks to provide current income exempt from regular federal income taxes and Maryland personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
Performance |
|
For the six months ended February 29, 2008, the Trust returned -8.13% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.78%, with dividends reinvested. For the same period, the Lipper Other States Municipal Debt Funds category posted an average return of -4.52% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; and pressure on municipal bond insurers, which affected the entire insured municipal marketplace. |
|
Trust Information |
|
|
|
|
Symbol on American Stock Exchange |
| BZM |
|
Initial Offering Date |
| April 30, 2002 |
|
Yield on Closing Market Price as of February 29, 2008 ($15.53)1 |
| 5.51% |
|
Tax Equivalent Yield2 |
| 8.48% |
|
Current Monthly Distribution per Common Share3 |
| $.07135 |
|
Current Annualized Distribution per Common Share3 |
| $.8562 |
|
Leverage as of February 29, 20084 |
| 39% |
|
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 15.53 |
| $ | 17.43 |
|
| (10.90% | ) | $ | 17.83 |
| $ | 14.60 |
|
Net Asset Value |
| $ | 13.77 |
| $ | 14.91 |
|
| (7.65% | ) | $ | 15.45 |
| $ | 13.77 |
|
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
Sector |
| 2/29/08 |
| 8/31/07 |
| ||||
Hospitals |
|
| 22 | % |
|
| 18 | % |
|
Education |
|
| 21 |
|
|
| 21 |
|
|
City, County & State |
|
| 21 |
|
|
| 24 |
|
|
Water & Sewer |
|
| 12 |
|
|
| 12 |
|
|
Transportation |
|
| 8 |
|
|
| 8 |
|
|
Housing |
|
| 6 |
|
|
| 6 |
|
|
Lease Revenue |
|
| 5 |
|
|
| 5 |
|
|
Tobacco |
|
| 3 |
|
|
| 3 |
|
|
Tax Revenue |
|
| 2 |
|
|
| — |
|
|
Power |
|
| — |
|
|
| 3 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||||
AAA/Aaa |
|
| 33 | % |
|
| 37 | % |
|
AA/Aa |
|
| 9 |
|
|
| 10 |
|
|
A |
|
| 31 |
|
|
| 29 |
|
|
BBB/Baa |
|
| 11 |
|
|
| 13 |
|
|
Not Rated |
|
| 16 |
|
|
| 11 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
|
|
|
|
|
|
|
12 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock New Jersey Municipal Bond Trust |
| |
Investment Objective |
|
BlackRock New Jersey Municipal Bond Trust (BLJ) seeks to provide current income exempt from regular federal income taxes and New Jersey gross income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
|
Performance |
|
For the six months ended February 29, 2008, the Trust returned -0.44% based on market price, with dividends reinvested. The Trust’s return based on NAV was -6.98%, with dividends reinvested. For the same period, the Lipper New Jersey Municipal Debt Funds category posted an average return of -6.02% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance. |
|
Trust Information |
|
|
|
|
Symbol on American Stock Exchange |
| BLJ |
|
Initial Offering Date |
| April 30, 2002 |
|
Yield on Closing Market Price as of February 29, 2008 ($16.30)1 |
| 5.79% |
|
Tax Equivalent Yield2 |
| 8.91% |
|
Current Monthly Distribution per Common Share3 |
| $.078582 |
|
Current Annualized Distribution per Common Share3 |
| $.942984 |
|
Leverage as of February 29, 20084 |
| 39% |
|
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 16.30 |
| $ | 16.90 |
|
| (3.55% | ) | $ | 18.35 |
| $ | 15.69 |
|
Net Asset Value |
| $ | 13.86 |
| $ | 15.38 |
|
| (9.88% | ) | $ | 15.78 |
| $ | 13.86 |
|
|
|
|
|
|
|
|
|
|
|
Portfolio Composition | |||||||||
| |||||||||
Sector |
| 2/29/08 |
| 8/31/07 |
| ||||
Hospitals |
|
| 33 | % |
|
| 32 | % |
|
Education |
|
| 13 |
|
|
| 13 |
|
|
Transportation |
|
| 12 |
|
|
| 12 |
|
|
City, County & State |
|
| 10 |
|
|
| 10 |
|
|
Industrial & Pollution Control |
|
| 7 |
|
|
| 7 |
|
|
Housing |
|
| 6 |
|
|
| 6 |
|
|
Tax Revenue |
|
| 6 |
|
|
| 7 |
|
|
Tobacco |
|
| 6 |
|
|
| 7 |
|
|
Power |
|
| 5 |
|
|
| 4 |
|
|
Lease Revenue |
|
| 1 |
|
|
| 1 |
|
|
Water & Sewer |
|
| 1 |
|
|
| 1 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||||
AAA/Aaa |
|
| 38 | % |
|
| 38 | % |
|
A |
|
| 22 |
|
|
| 15 |
|
|
BBB/Baa |
|
| 18 |
|
|
| 39 |
|
|
B |
|
| 5 |
|
|
| 5 |
|
|
Not Rated |
|
| 17 |
|
|
| 3 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 13 |
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock New York Insured Municipal Income Trust |
|
|
Investment Objective |
|
BlackRock New York Insured Municipal Income Trust (BSE) seeks to provide high current income exempt from regular federal income taxes and New York State and New York City personal income taxes. The Trust will invest at least 80% of its total assets in municipal obligations that are insured as to the timely payment of both principal and interest. BSE is currently 100% invested in securities which are not subject to the alternative minimum tax (AMT).
|
Performance |
For the six months ended February 29, 2008, the Trust returned -4.57% based on market price, with dividends reinvested. The Trust’s return based on NAV was -7.93%, with dividends reinvested. For the same period, the Lipper New York Insured Municipal Debt Funds category posted an average return of -5.24% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance.
|
Trust Information |
|
|
|
Symbol on New York Stock Exchange |
| BSE |
Initial Offering Date |
| October 31, 2002 |
Yield on Closing Market Price as of February 29, 2008 ($13.12)1 |
| 5.30% |
Tax Equivalent Yield2 |
| 8.15% |
Current Monthly Distribution per Common Share3 |
| $.058 |
Current Annualized Distribution per Common Share3 |
| $.696 |
Leverage as of February 29, 20084 |
| 40% |
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
|
| 8/31/07 |
|
| Change |
|
| High |
|
| Low |
|
Market Price |
| $ | 13.12 |
| $ | 14.12 |
|
| (7.08% | ) | $ | 14.99 |
| $ | 13.00 |
|
Net Asset Value |
| $ | 13.07 |
| $ | 14.58 |
|
| (10.36% | ) | $ | 15.16 |
| $ | 13.07 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
| 2/29/08 |
|
| 8/31/07 |
| ||||
Education |
|
|
| 31 | % |
|
|
| 31 | % |
|
Transportation |
|
|
| 25 |
|
|
|
| 29 |
|
|
City, County & State |
|
|
| 14 |
|
|
|
| 8 |
|
|
Hospitals |
|
|
| 12 |
|
|
|
| 13 |
|
|
Tax Revenue |
|
|
| 9 |
|
|
|
| 8 |
|
|
Water & Sewer |
|
|
| 3 |
|
|
|
| 4 |
|
|
Power |
|
|
| 2 |
|
|
|
| 4 |
|
|
Tobacco |
|
|
| 2 |
|
|
|
| 2 |
|
|
Housing |
|
|
| 1 |
|
|
|
| 1 |
|
|
Industrial & Pollution Control |
|
|
| 1 |
|
|
|
| — |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
| 2/29/08 |
|
| 8/31/07 |
| ||||
AAA/Aaa |
|
|
| 86 | % |
|
|
| 92 | % |
|
AA/Aa |
|
|
| 3 |
|
|
|
| 2 |
|
|
A |
|
|
| — |
|
|
|
| 5 |
|
|
BBB/Baa |
|
|
| 3 |
|
|
|
| 1 |
|
|
Not rated |
|
|
| 8 |
|
|
|
| — |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
|
|
|
|
|
|
|
14 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock New York Municipal Bond Trust |
|
|
Investment Objective |
|
BlackRock New York Municipal Bond Trust (BQH) seeks to provide current income exempt from regular federal income taxes and New York State and New York City personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock.
|
Performance |
For the six months ended February 29, 2008, the Trust returned -0.93% based on market price, with dividends reinvested. The Trust’s return based on NAV was -3.73%, with dividends reinvested. For the same period, the Lipper New York Municipal Debt Funds category posted an average return of -4.96% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance.
|
Trust Information |
|
|
|
Symbol on New York Stock Exchange |
| BQH |
Initial Offering Date |
| April 30, 2002 |
Yield on Closing Market Price as of February 29, 2008 ($15.65)1 |
| 5.91% |
Tax Equivalent Yield2 |
| 9.09% |
Current Monthly Distribution per Common Share3 |
| $.077099 |
Current Annualized Distribution per Common Share3 |
| $.925188 |
Leverage as of February 29, 20084 |
| 38% |
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
|
| 8/31/07 |
|
| Change |
|
| High |
|
| Low |
|
Market Price |
| $ | 15.65 |
| $ | 16.32 |
|
| (4.11% | ) | $ | 18.00 |
| $ | 15.65 |
|
Net Asset Value |
| $ | 14.34 |
| $ | 15.39 |
|
| (6.82% | ) | $ | 15.76 |
| $ | 14.34 |
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments:
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
|
|
|
Sector |
|
| 2/29/08 |
|
| 8/31/07 |
| ||||
Housing |
|
|
| 17 | % |
|
|
| 17 | % |
|
Education |
|
|
| 13 |
|
|
|
| 14 |
|
|
Transportation |
|
|
| 12 |
|
|
|
| 12 |
|
|
Water & Sewer |
|
|
| 11 |
|
|
|
| 11 |
|
|
Tax Revenue |
|
|
| 10 |
|
|
|
| 8 |
|
|
City, County & State |
|
|
| 9 |
|
|
|
| 9 |
|
|
Tobacco |
|
|
| 9 |
|
|
|
| 10 |
|
|
Industrial & Pollution Control |
|
|
| 9 |
|
|
|
| 9 |
|
|
Lease Revenue |
|
|
| 4 |
|
|
|
| 5 |
|
|
Power |
|
|
| 3 |
|
|
|
| 3 |
|
|
Hospitals |
|
|
| 3 |
|
|
|
| 2 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
|
|
|
Credit Rating |
|
| 2/29/08 |
|
| 8/31/07 |
| ||||
AAA/Aaa |
|
|
| 45 | % |
|
|
| 43 | % |
|
AA/Aa |
|
|
| 18 |
|
|
|
| 19 |
|
|
A |
|
|
| 11 |
|
|
|
| 12 |
|
|
BBB/Baa |
|
|
| 11 |
|
|
|
| 17 |
|
|
BB/Ba |
|
|
| 1 |
|
|
|
| — |
|
|
B |
|
|
| 8 |
|
|
|
| 8 |
|
|
Not Rated |
|
|
| 6 |
|
|
|
| 1 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 15 |
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock New York Municipal Income Trust II |
|
|
|
|
|
Investment Objective |
| |
|
|
|
|
| BlackRock New York Municipal Income Trust II (BFY) seeks to provide high current income exempt from regular federal income taxes and New York State and New York City personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
Performance |
| |
|
|
|
|
| For the six months ended February 29, 2008, the Trust returned -2.33% based on market price, with dividends reinvested. The Trust’s return based on NAV was -4.89%, with dividends reinvested. For the same period, the Lipper New York Municipal Debt Funds category posted an average return of -4.96% on a NAV basis. The Trust’s performance was impacted by several key factors: exposure to the long end of the municipal yield curve, which, along with discounted coupon bonds, underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; pressure on municipal bond insurers, which affected the entire insured municipal marketplace; and hedges, which exhibited low correlation to the factors causing municipal underperformance. |
Trust Information |
| |
|
|
|
Symbol on American Stock Exchange |
| BFY |
Initial Offering Date |
| July 30, 2002 |
Yield on Closing Market Price as of February 29, 2008 ($13.50)1 |
| 5.56% |
Tax Equivalent Yield2 |
| 8.55% |
Current Monthly Distribution per Common Share3 |
| $.0625 |
Current Annualized Distribution per Common Share3 |
| $ .750 |
Leverage as of February 29, 20084 |
| 40% |
|
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. | |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. | |
3 | The distribution is not constant and is subject to change. | |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). | |
|
| |
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 13.50 |
| $ | 14.22 |
|
| (5.06%) |
| $ | 15.30 |
| $ | 13.50 |
|
Net Asset Value |
| $ | 13.72 |
| $ | 14.84 |
|
| (7.55%) |
| $ | 15.26 |
| $ | 13.72 |
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
Portfolio Composition |
|
|
|
|
|
|
|
|
|
Sector |
| 2/29/08 |
| 8/31/07 |
| ||
Transportation |
| 20 | % |
| 20 | % |
|
Education |
| 18 |
|
| 18 |
|
|
Industrial & Pollution Control |
| 15 |
|
| 15 |
|
|
Tobacco |
| 11 |
|
| 11 |
|
|
Housing |
| 11 |
|
| 10 |
|
|
City, County & State |
| 8 |
|
| 9 |
|
|
Water & Sewer |
| 5 |
|
| 6 |
|
|
Hospitals |
| 5 |
|
| 4 |
|
|
Tax Revenue |
| 5 |
|
| 5 |
|
|
Power |
| 2 |
|
| 2 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||
AAA/Aaa |
| 42 | % |
| 47 | % |
|
AA/Aa |
| 29 |
|
| 25 |
|
|
A |
| 10 |
|
| 13 |
|
|
BBB/Baa |
| 5 |
|
| 8 |
|
|
BB/Ba |
| 1 |
|
| — |
|
|
B |
| 6 |
|
| 6 |
|
|
Not Rated |
| 7 |
|
| 1 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
|
|
|
|
|
|
|
|
16 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Trust Summary as of February 29, 2008 (Unaudited) | BlackRock Virginia Municipal Bond Trust |
|
|
|
Investment Objective | ||
|
|
|
|
| BlackRock Virginia Municipal Bond Trust (BHV) seeks to provide current income exempt from regular federal income taxes and Virginia personal income taxes. Under normal market conditions, the Trust will invest at least 80% of its total assets in municipal bonds that are investment grade quality, or determined by the Adviser to be of equivalent credit quality at time of purchase. The Trust may invest up to 20% of its total assets in municipal bonds that are rated, at the time of investment, Ba/BB or B by Moody’s, S&P or Fitch or that are unrated but judged to be of comparable quality by BlackRock. |
Performance |
|
|
|
|
|
|
| For the six months ended February 29, 2008, the Trust returned -1.08% based on market price, with dividends reinvested. The Trust’s return based on NAV was -3.21%, with dividends reinvested. For the same period, the Lipper Other States Municipal Debt Funds category posted an average return of -4.52% on a NAV basis. The Trust’s performance was impacted by three key factors: exposure to the long end of the municipal yield curve, which underperformed as the curve steepened; a widening in credit spreads, which negatively impacted uninsured credits in the portfolio; and pressure on municipal bond insurers, which affected the entire insured municipal marketplace. |
Trust Information |
|
|
|
|
|
Symbol on American Stock Exchange |
| BHV |
Initial Offering Date |
| April 30, 2002 |
Yield on Closing Market Price as of February 29, 2008 ($17.20)1 |
| 5.05% |
Tax Equivalent Yield2 |
| 7.77% |
Current Monthly Distribution per Common Share3 |
| $.072428 |
Current Annualized Distribution per Common Share3 |
| $.869136 |
Leverage as of February 29, 20084 |
| 37% |
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | As a percentage of managed assets, which is the total assets of the Trust (including any assets attributable to Preferred Shares that may be outstanding) minus the sum of accrued liabilities (other than debt representing financial leverage). |
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2/29/08 |
| 8/31/07 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 17.20 |
| $ | 17.85 |
|
| (3.64%) |
| $ | 20.60 |
| $ | 16.30 |
|
Net Asset Value |
| $ | 14.68 |
| $ | 15.57 |
|
| (5.72%) |
| $ | 16.12 |
| $ | 14.68 |
|
|
The following charts show the portfolio composition and credit quality allocations of the Trust’s long-term investments: |
|
Portfolio Composition |
|
|
|
|
|
|
|
|
Sector |
| 2/29/08 |
| 8/31/07 |
| ||
Transportation |
| 19 | % |
| 21 | % |
|
Hospitals |
| 17 |
|
| 17 |
|
|
Water & Sewer |
| 17 |
|
| 18 |
|
|
Housing |
| 17 |
|
| 17 |
|
|
City, County & State |
| 11 |
|
| 10 |
|
|
Industrial & Pollution Control |
| 7 |
|
| 6 |
|
|
Education |
| 4 |
|
| 4 |
|
|
Lease Revenue |
| 4 |
|
| 4 |
|
|
Tobacco |
| 3 |
|
| 3 |
|
|
Tax Revenue |
| 1 |
|
| — |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
Credit Rating |
| 2/29/08 |
| 8/31/07 |
| ||
AAA/Aaa |
| 50 | % |
| 50 | % |
|
AA/Aa |
| 11 |
|
| 12 |
|
|
A |
| 12 |
|
| 12 |
|
|
BBB/Baa |
| 7 |
|
| 14 |
|
|
Not Rated6 |
| 20 |
|
| 12 |
|
|
|
|
5 | Using the highest of S&P’s, Moody’s or Fitch’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of February 29, 2008 and August 31, 2007, the market value of these securities was $1,408,079 representing 4% and $1,467,072 representing 4%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 17 |
|
|
BlackRock Insured Municipal Income Trust (“Insured Municipal”), BlackRock California Insured Municipal Income Trust (“California Insured”), BlackRock Florida Insured Municipal Income Trust (“Florida Insured”), BlackRock New York Insured Municipal Income Trust (“New York Insured”), BlackRock Municipal Bond Trust (“Municipal Bond”), BlackRock California Municipal Bond Trust (“California Bond”), BlackRock Florida Municipal Bond Trust (“Florida Bond”), BlackRock Maryland Municipal Bond Trust (“Maryland Bond”), BlackRock New Jersey Municipal Bond Trust (“New Jersey Bond”), BlackRock New York Municipal Bond Trust (“New York Bond”), BlackRock Virginia Municipal Bond Trust (“Virginia Bond”), BlackRock Municipal Interest Trust II (“Municipal Income II”), BlackRock California Municipal Income Trust II (“California Income II”), and BlackRock New York Municipal Income Trust II (“New York Income II”) (each a “Trust” and collectively the “Trusts”) utilize leverage to seek to enhance the yield and net asset value of its Common Shares. However, these objectives cannot be achieved in all interest rate environments. To leverage, the Trusts issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. The interest earned on these investments, net of dividends to Preferred Shares, is paid to Common Shareholders in the form of dividends, and the value of each Trust’s holdings is reflected in the per share net asset value of the Trusts’ Common Shares. However, in order to benefit Common Shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. At the same time, a period of generally declining interest rates will benefit Common Shareholders. If either of these conditions change, then the risks of leveraging will begin to outweigh the benefits.
To illustrate these concepts, assume a trust’s Common Shares capitalization of $100 million and the issuance of Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are approximately 3% and long-term interest rates are approximately 6%, the yield curve has a strongly positive slope. The trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the trust’s total portfolio of $150 million earns the income based on long-term interest rates. Of course, increases in short-term interest rates would reduce (and even eliminate) the dividends on the Common Shares.
In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the trust’s long-term investments and, therefore, the Common Shareholders are the beneficiaries of the incremental yield. However, if short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental yield pickup on the Common Shares will be reduced or eliminated completely. At the same time, the market value of the trust’s Common Shares (that is, its price as listed on the New York Stock Exchange or American Stock Exchange) may, as a result, decline. Furthermore, if long-term interest rates rise, the Common Shares’ net asset value will reflect the full decline in the price of the portfolio’s investments, since the value of the Trusts’ Preferred Shares does not fluctuate. In addition to the decline in net asset value, the market value of the trust’s Common Shares may also decline.
As of February 29, 2008 each Trust had the following leverage amounts, due to Preferred Shares, of managed assets before the deduction of Preferred Shares as follows:
|
|
|
|
|
|
| Leverage % |
| |
Insured Municipal |
| 40 | % |
|
Municipal Bond |
| 39 | % |
|
Municipal Income II |
| 40 | % |
|
California Insured |
| 40 | % |
|
California Bond |
| 38 | % |
|
California Income II |
| 40 | % |
|
Florida Insured |
| 39 | % |
|
Florida Bond |
| 38 | % |
|
Maryland Bond |
| 39 | % |
|
New Jersey Bond |
| 39 | % |
|
New York Insured |
| 40 | % |
|
New York Bond |
| 38 | % |
|
New York Income II |
| 40 | % |
|
Virginia Bond |
| 37 | % |
|
As a part of its investment strategy, the Trusts may invest in certain securities whose potential income return is inversely related to changes in a floating interest rate (“inverse floaters”). In general, income on inverse floaters will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floaters may be characterized as derivative securities and may subject the Trusts to the risks of reduced or eliminated interest payments and losses of invested principal. In addition, inverse floaters have the effect of providing investment leverage and, as a result, the market value of such securities will generally be more volatile than that of fixed rate, tax-exempt securities. To the extent a Trust invests in inverse floaters, the market value of the Trust’s portfolio and net asset value of the Trust’s shares may also be more volatile than if the Trust did not invest in these securities.
|
The Trusts may invest in swap agreements, which are over-the-counter contracts in which one party agrees to make periodic payments based on the change in market value of a specified bond, basket of bonds, or index in return for periodic payments based on a fixed or variable interest rate or the change in market value of a different bond, basket of bonds or index. Swap agreements may be used to obtain exposure to a bond market without owning or taking physical custody of securities. Swap agreements involve the risk that the party with whom each Trust has entered into a swap will default on its obligation to pay the Trust and the risk that the Trust will not be able to meet its obligation to pay the other party to the agreement.
|
|
|
|
|
|
|
|
18 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
BlackRock Insured Municipal Income Trust (BYM) | |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Alabama—0.8% |
|
|
|
|
|
|
|
Jefferson County, Alabama, Limited Obligation School Warrants, |
| $ | 2,800 |
| $ | 2,594,340 |
|
Arizona—4.9% |
|
|
|
|
|
|
|
Phoenix, Arizona, Civic Improvement Corporation, |
|
| 15,000 |
|
| 13,837,200 |
|
Salt Verde Financial Corporation, Arizona, |
|
| 4,000 |
|
| 3,245,320 |
|
|
|
|
|
| |||
|
|
|
|
|
| 17,082,520 |
|
California—38.6% |
|
|
|
|
|
|
|
Arcadia, California, Unified School District, Capital Appreciation, |
|
| 2,000 |
|
| 298,320 |
|
California Infrastructure and Economic Development Bank, |
|
| 10,100 |
|
| 10,111,918 |
|
California State Department of Water Resources, |
|
| 14,000 |
|
| 15,292,620 |
|
California State, GO, 5% due 11/01/2037 (f) |
|
| 5,000 |
|
| 4,656,650 |
|
Coast Community College District, California, |
|
| 4,200 |
|
| 784,728 |
|
Fresno, California, Unified School District, |
|
| 1,100 |
|
| 1,066,780 |
|
Golden State Tobacco Securitization Corporation of California, |
|
|
|
|
|
|
|
6.625% due 6/01/2013 |
|
| 6,500 |
|
| 7,352,020 |
|
6.75% due 6/01/2013 |
|
| 14,500 |
|
| 16,486,065 |
|
Los Angeles, California, Municipal Improvement Corporation, |
|
|
|
|
|
|
|
4.75% due 8/01/2037 (a) |
|
| 4,000 |
|
| 3,559,600 |
|
Metropolitan Water District of Southern California, |
|
|
|
|
|
|
|
5% due 10/01/2033 (a) |
|
| 17,500 |
|
| 16,815,750 |
|
Monterey Peninsula Community College District, California, |
|
|
|
|
|
|
|
5.15% due 8/01/2031 |
|
| 13,575 |
|
| 3,199,899 |
|
5.16% due 8/01/2032 |
|
| 14,150 |
|
| 3,144,838 |
|
Orange County, California, Sanitation District, COP, Series B, |
|
| 2,500 |
|
| 2,359,900 |
|
Rancho Cucamonga, California, Redevelopment Agency, |
|
| 500 |
|
| 467,975 |
|
Sacramento, California, Unified School District, |
|
| 2,700 |
|
| 2,608,200 |
|
San Francisco, California, City and County Public Utilities |
|
| 15,000 |
|
| 14,474,400 |
|
San Joaquin Hills, California, Transportation Corridor Agency, |
|
| 53,000 |
|
| 11,918,640 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
California—(concluded) |
|
|
|
|
|
|
|
University of California Revenue Bonds: |
| $ | 10,000 |
| $ | 9,022,300 |
|
| |||||||
Series O, 5% due 9/01/2010 (a)(e) |
|
| 9,000 |
|
| 9,538,920 |
|
|
|
|
|
| |||
|
|
|
|
|
| 133,159,523 |
|
District of Columbia—2.8% |
|
|
|
|
|
|
|
District of Columbia Tobacco Settlement Financing Corporation, |
|
| 9,500 |
|
| 9,550,350 |
|
Florida—6.1% |
|
|
|
|
|
|
|
Duval County, Florida, School Board, COP (Master Lease |
|
| 2,800 |
|
| 2,613,240 |
|
Highlands County, Florida, Health Facilities Authority, |
|
| 1,650 |
|
| 1,521,531 |
|
Jacksonville, Florida, Health Facilities Authority, |
|
| 2,000 |
|
| 1,852,160 |
|
Miami-Dade County, Florida, Aviation Revenue Bonds |
|
| 9,500 |
|
| 8,822,365 |
|
Miami-Dade County, Florida, Special Obligation Revenue |
|
| 25,520 |
|
| 3,989,286 |
|
Miami-Dade County, Florida, Transit Sales Surtax Revenue |
|
| 1,365 |
|
| 1,180,234 |
|
Miami, Florida, Special Obligation Revenue Bonds |
|
| 1,000 |
|
| 929,390 |
|
|
|
|
|
| |||
|
|
|
|
|
| 20,908,206 |
|
Georgia—4.7% |
|
|
|
|
|
|
|
Atlanta, Georgia, Airport Passenger Facility Charge and |
|
| 3,500 |
|
| 3,273,585 |
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds (b): |
|
|
|
|
|
|
|
5% due 11/01/2034 |
|
| 2,000 |
|
| 1,890,160 |
|
5% due 11/01/2037 |
|
| 3,235 |
|
| 3,044,426 |
|
Atlanta, Georgia, Water and Wastewater Revenue Refunding |
|
| 8,555 |
|
| 8,056,500 |
|
|
|
|
|
| |||
|
|
|
|
|
| 16,264,671 |
|
Illinois—18.0% |
|
|
|
|
|
|
|
Bolingbrook, Illinois, GO, Refunding, Series A, 4.75% |
|
| 14,325 |
|
| 12,971,001 |
|
Chicago, Illinois, Special Transportation Revenue Bonds, |
|
| 11,550 |
|
| 11,600,935 |
|
Illinois Municipal Electric Agency, Power Supply Revenue |
|
| 10,000 |
|
| 9,354,600 |
|
Metropolitan Pier and Exposition Authority, Illinois, |
|
| 24,010 |
|
| 23,077,692 |
|
Metropolitan Pier and Exposition Authority, Illinois, |
|
| 15,000 |
|
| 4,654,650 |
|
|
|
|
|
| |||
|
|
|
|
|
| 61,658,878 |
|
Portfolio Abbreviations | |
| |
To simplify the listings of the Trusts’ portfolio holdings in the Schedules of Investments, the names of many of the securities have been abbreviated according to the list on the right. |
|
|
AMT | Alternative Minimum Tax (subject to) |
CABS | Capital Appreciation Bonds |
COP | Certificates of Participation |
EDA | Economic Development Authority |
EDR | Economic Development Revenue Bonds |
GO | General Obligation Bonds |
HDA | Housing Development Authority |
HFA | Housing Finance Agency |
IDA | Industrial Development Authority |
IDR | Industrial Development Revenue Bonds |
M/F | Multi-Family |
PCR | Pollution Control Revenue Bonds |
PILOT | Payment in Lieu of Taxes |
S/F | Single-Family |
TFABS | Tobacco Flexible Amortization Bonds |
VRDN | Variable Rate Demand Notes |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 19 |
|
|
Schedule of Investments (continued) | BlackRock Insured Municipal Income Trust (BYM) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Kentucky—1.7% |
|
|
|
|
|
|
|
Kentucky State Municipal Power Agency, |
| $ | 6,250 |
| $ | 5,822,250 |
|
Louisiana—4.6% |
|
|
|
|
|
|
|
Louisiana State, Gas and Fuels Tax Revenue Bonds, Series A: |
|
|
|
|
|
|
|
5% due 5/01/2035 (a) |
|
| 5,450 |
|
| 5,074,822 |
|
4.75% due 5/01/2039 (b) |
|
| 12,100 |
|
| 10,902,584 |
|
|
|
|
|
| |||
|
|
|
|
|
| 15,977,406 |
|
Massachusetts—9.1% |
|
|
|
|
|
|
|
Massachusetts Bay Transportation Authority, Sales Tax Revenue |
|
|
|
|
|
|
|
4.80% due 7/01/2032 |
|
| 10,190 |
|
| 2,332,899 |
|
5.12% due 7/01/2035 |
|
| 3,200 |
|
| 617,408 |
|
Massachusetts State Turnpike Authority, Metropolitan |
|
| 24,000 |
|
| 22,598,400 |
|
Massachusetts State Water Resource Authority, |
|
| 5,985 |
|
| 5,624,882 |
|
|
|
|
|
| |||
|
|
|
|
|
| 31,173,589 |
|
Michigan—3.2% |
|
|
|
|
|
|
|
Detroit, Michigan, Sewage Disposal System, |
|
|
|
|
|
|
|
5% due 7/01/2033 |
|
| 4,000 |
|
| 3,801,400 |
|
5% due 7/01/2036 |
|
| 2,000 |
|
| 1,892,740 |
|
Detroit, Michigan, Water Supply System Revenue Bonds, |
|
| 1,000 |
|
| 948,380 |
|
Michigan State Hospital Finance Authority, Revenue |
|
| 5,000 |
|
| 4,339,400 |
|
|
|
|
|
| |||
|
|
|
|
|
| 10,981,920 |
|
Nebraska—1.4% |
|
|
|
|
|
|
|
Omaha Public Power District, Nebraska, Electric System |
|
| 1,030 |
|
| 918,317 |
|
Public Power Generation Agency, Nebraska, Revenue Bonds |
|
| 4,000 |
|
| 3,735,840 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,654,157 |
|
Nevada—8.2% |
|
|
|
|
|
|
|
Reno, Nevada, Sales and Room Tax Revenue Refunding Bonds |
|
| 5,000 |
|
| 5,343,500 |
|
Truckee Meadows, Nevada, Water Authority, Water Revenue Bonds, |
|
|
|
|
|
|
|
5% due 7/01/2011 |
|
| 10,000 |
|
| 10,575,100 |
|
5.125% due 7/01/2011 |
|
| 6,500 |
|
| 6,899,295 |
|
5.25% due 7/01/2011 |
|
| 5,000 |
|
| 5,326,800 |
|
|
|
|
|
| |||
|
|
|
|
|
| 28,144,695 |
|
New York—3.3% |
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, |
|
| 7,000 |
|
| 6,708,730 |
|
New York City, New York, Trust for Cultural Resources Revenue |
|
| 5,000 |
|
| 4,675,150 |
|
|
|
|
|
| |||
|
|
|
|
|
| 11,383,880 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Pennsylvania—3.4% |
|
|
|
|
|
|
|
Lebanon County, Pennsylvania, Health Facilities Authority, |
| $ | 2,500 |
| $ | 2,427,500 |
|
Philadelphia, Pennsylvania, Gas Works Revenue Bonds, |
|
| 5,200 |
|
| 5,522,400 |
|
Philadelphia, Pennsylvania, Gas Works Revenue |
|
| 4,000 |
|
| 3,742,160 |
|
|
|
|
|
| |||
|
|
|
|
|
| 11,692,060 |
|
South Carolina—6.6% |
|
|
|
|
|
|
|
South Carolina Transportation Infrastructure Bank |
|
| 10,000 |
|
| 10,651,000 |
|
South Carolina Transportation Infrastructure Bank |
|
| 12,750 |
|
| 12,046,455 |
|
|
|
|
|
| |||
|
|
|
|
|
| 22,697,455 |
|
Tennessee—5.4% |
|
|
|
|
|
|
|
Knox County, Tennessee, Health, Educational and Housing |
|
|
|
|
|
|
|
5.84% due 1/01/2022 (b) |
|
| 11,705 |
|
| 5,324,487 |
|
5.88% due 1/01/2023 (b) |
|
| 9,260 |
|
| 3,951,983 |
|
5.90% due 1/01/2024 (b) |
|
| 8,500 |
|
| 3,401,615 |
|
5.91% due 1/01/2025 (b) |
|
| 6,850 |
|
| 2,577,381 |
|
5.93% due 1/01/2026 (b) |
|
| 5,000 |
|
| 1,759,850 |
|
5.07% due 1/01/2041 |
|
| 10,000 |
|
| 1,185,600 |
|
Tennessee Energy Acquisition Corporation, Gas |
|
| 650 |
|
| 583,895 |
|
|
|
|
|
| |||
|
|
|
|
|
| 18,784,811 |
|
Texas—27.8% |
|
|
|
|
|
|
|
Austin, Texas, Water and Wastewater System Revenue |
|
| 5,000 |
|
| 4,709,000 |
|
Coppell, Texas, Independent School District, GO, Refunding, |
|
| 10,030 |
|
| 2,758,852 |
|
Dallas, Texas, Area Rapid Transit Revenue Refunding Bonds, |
|
| 2,350 |
|
| 2,497,603 |
|
Harris County, Texas, GO, Refunding (c)(g): |
|
|
|
|
|
|
|
5.49% due 8/15/2025 |
|
| 7,485 |
|
| 2,767,504 |
|
5.20% due 8/15/2028 |
|
| 10,915 |
|
| 3,334,642 |
|
Harris County, Texas, Toll Road Revenue Refunding Bonds, |
|
| 5,510 |
|
| 5,294,283 |
|
Harris County-Houston Sports Authority, Texas, Revenue |
|
|
|
|
|
|
|
5.811% due 11/15/2038 |
|
| 5,785 |
|
| 762,116 |
|
5.826% due 11/15/2039 |
|
| 6,160 |
|
| 763,655 |
|
Harris County-Houston Sports Authority, Texas, Revenue |
|
|
|
|
|
|
|
5.98% due 11/15/2038 |
|
| 26,890 |
|
| 3,542,488 |
|
5.99% due 11/15/2039 |
|
| 27,675 |
|
| 3,430,870 |
|
Lewisville, Texas, Independent School District, |
|
| 5,315 |
|
| 1,951,881 |
|
Montgomery County, Texas, Municipal Utility District |
|
| 1,045 |
|
| 941,973 |
|
North Texas Thruway Authority, Dallas North Thruway System |
|
| 1,100 |
|
| 1,045,407 |
|
Northside, Texas, Independent School District, GO, |
|
| 9,500 |
|
| 9,300,405 |
|
Pearland, Texas, GO, Refunding, 4.75% due 3/01/2029 (a) |
|
| 3,000 |
|
| 2,763,870 |
|
San Antonio, Texas, Water System Revenue Refunding Bonds (a): |
|
|
|
|
|
|
|
5.125% due 5/15/2029 |
|
| 9,350 |
|
| 8,981,236 |
|
5.125% due 5/15/2034 |
|
| 10,000 |
|
| 9,468,500 |
|
Texas State Turnpike Authority, Central Texas Turnpike System |
|
| 30,145 |
|
| 28,045,401 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
20 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
Schedule of Investments (concluded) | BlackRock Insured Municipal Income Trust (BYM) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Texas—(concluded) |
|
|
|
|
|
|
|
Tyler, Texas, Health Facilities Development Corporation, |
| $ | 3,000 |
| $ | 3,306,930 |
|
|
|
|
|
| |||
|
|
|
|
|
| 95,666,616 |
|
Virginia—2.1% |
|
|
|
|
|
|
|
Chesterfield County, Virginia, IDA, PCR (Virginia Electric and |
|
| 3,000 |
|
| 3,124,620 |
|
Chesterfield County, Virginia, IDA, PCR, Refunding |
|
| 4,000 |
|
| 4,208,000 |
|
|
|
|
|
| |||
|
|
|
|
|
| 7,332,620 |
|
Washington—8.7% |
|
|
|
|
|
|
|
Central Washington University, System Revenue Bonds, |
|
| 9,610 |
|
| 8,921,636 |
|
Chelan County, Washington, Public Utility District Number 001, |
|
| 3,655 |
|
| 3,521,739 |
|
King County, Washington, Sewer Revenue Refunding Bonds, |
|
| 2,200 |
|
| 2,085,974 |
|
Port of Seattle, Washington, Revenue Bonds, Series A, |
|
| 4,500 |
|
| 4,286,655 |
|
Seattle, Washington, GO, Series F, |
|
| 5.000 |
|
| 5,102,600 |
|
Washington State, GO, Series 02-A, 5% due 7/01/2025 (b) |
|
| 6,380 |
|
| 6,299,484 |
|
|
|
|
|
| |||
|
|
|
|
|
| 30,218,088 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
West Virginia—0.4% |
|
|
|
|
|
|
|
West Virginia EDA, Lease Revenue Bonds (Correctional, |
| $ | 1,295 |
| $ | 1,223,620 |
|
Total Municipal Bonds |
|
|
|
|
| 556,971,655 |
|
| |||||||
Short-Term Securities |
|
| Shares |
|
|
|
|
Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (h)(i) |
|
| 11,718,592 |
|
| 11,718,592 |
|
Total Short-Term Securities |
|
|
|
|
| 11,718,592 |
|
Total Investments (Cost—$592,489,470*)—165.2% |
|
|
|
|
| 568,690,247 |
|
Other Assets Less Liabilities— 1.3% |
|
|
|
|
| 4,706,688 |
|
Preferred Shares, at Redemption Value—(66.5%) |
|
|
|
|
| (229,105,424 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 344,291,511 |
|
|
|
|
|
| |||
| |||||||
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 592,529,743 |
|
|
| |||
Gross unrealized appreciation |
| $ | 10,599,013 |
|
Gross unrealized depreciation |
|
| (34,377,775 | ) |
|
| |||
Net unrealized depreciation |
| $ | (23,778,762 | ) |
|
|
|
|
(a) | FGIC Insured. |
(b) | FSA Insured. |
(c) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(d) | AMBAC Insured. |
(e) | U.S. government securities, held in escrow, are used to pay interest on this security as well as retire the bond in full at the date indicated, typically at premium to par. |
(f) | XL Capital Insured. |
(g) | MBIA Insured. |
(h) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| ||
Merrill Lynch Institutional Tax-Exempt Fund |
|
| 9,418,592 |
| $ | 70,245 |
|
|
|
(i) | Represents the current yield as of report date. |
|
|
• | Forward interest rate swaps outstanding as of February 29, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
| Notional |
| Unrealized |
| |
Pay a fixed rate of 3.704% and receive a floating rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase |
| $ | 15,000 |
| $ | 213,090 |
|
|
|
|
|
|
|
|
|
Pay a fixed rate of 3.904% and receive a floating rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, Citibank, N.A. |
| $ | 20,000 |
|
| (209,680 | ) |
|
|
|
|
|
|
|
|
Pay a fixed rate of 3.841 and receive a floating rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, Citibank, N.A. |
| $ | 7,500 |
|
| 41,663 |
|
|
|
|
|
|
|
|
|
Pay a fixed rate of 3.905% and receive a floating rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, Citibank, N.A. |
| $ | 16,500 |
|
| 54,499 |
|
Total |
|
|
|
| $ | 99,572 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 21 |
|
|
| |
Schedule of Investments as of February 29, 2008 | BlackRock Municipal Bond Trust (BBK) |
(Unaudited) | (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par | Value |
| |||
Alabama—7.1% |
|
|
|
|
|
|
|
Birmingham, Alabama, Special Care Facilities Financing |
|
|
|
|
|
|
|
5% due 11/15/2036 |
| $ | 1,135 |
| $ | 1,035,188 |
|
5% due 11/15/2039 |
|
| 815 |
|
| 738,969 |
|
Huntsville, Alabama, Health Care Authority Revenue Bonds, |
|
| 7,500 |
|
| 8,124,225 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,898,382 |
|
Arizona—4.4% |
|
|
|
|
|
|
|
Salt Verde Financial Corporation, Arizona, |
|
|
|
|
|
|
|
5% due 12/01/2032 |
|
| 2,545 |
|
| 2,116,040 |
|
5% due 12/01/2037 |
|
| 3,565 |
|
| 2,892,391 |
|
San Luis, Arizona, Facilities Development Corporation, |
|
|
|
|
|
|
|
6.25% due 5/01/2015 |
|
| 300 |
|
| 280,821 |
|
7% due 5/01/2020 |
|
| 300 |
|
| 272,748 |
|
7.25% due 5/01/2027 |
|
| 600 |
|
| 536,700 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,098,700 |
|
California—8.8% |
|
|
|
|
|
|
|
California County Tobacco Securitization Agency, |
|
|
|
|
|
|
|
Sub-Series B, 5.875% due 6/01/2046 |
|
| 850 |
|
| 48,458 |
|
Sub-Series C, 6.30% due 6/01/2055 |
|
| 4,500 |
|
| 106,560 |
|
Sub-Series D, 7.251% due 6/01/2055 |
|
| 5,750 |
|
| 108,502 |
|
California Health Facilities Financing Authority Revenue |
|
| 4,100 |
|
| 3,751,008 |
|
California State, GO, Refunding: |
|
|
|
|
|
|
|
5% due 6/01/2032 |
|
| 2,890 |
|
| 2,708,508 |
|
5% due 6/01/2034 |
|
| 1,800 |
|
| 1,681,254 |
|
University of California Revenue Bonds, Series B, |
|
| 2,660 |
|
| 2,385,461 |
|
Val Verde, California, Unified School District Financing |
|
| 1,585 |
|
| 1,507,525 |
|
|
|
|
|
| |||
|
|
|
|
|
| 12,297,276 |
|
Colorado—0.8% |
|
|
|
|
|
|
|
Colorado Springs, Colorado, Utilities System |
|
| 635 |
|
| 595,185 |
|
Park Creek Metropolitan District, Colorado, Senior |
|
| 635 |
|
| 562,394 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,157,579 |
|
District of Columbia—13.0% |
|
|
|
|
|
|
|
District of Columbia Revenue Bonds (Georgetown University), |
|
| 33,450 |
|
| 6,125,699 |
|
District of Columbia, Revenue Refunding Bonds |
|
| 595 |
|
| 494,308 |
|
District of Columbia, Tax Increment Revenue Bonds |
|
| 6,000 |
|
| 6,022,500 |
|
District of Columbia Tobacco Settlement Financing |
|
| 5,580 |
|
| 5,609,574 |
|
|
|
|
|
| |||
|
|
|
|
|
| 18,252,081 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Florida—21.9% |
|
|
|
|
|
|
|
Halifax Hospital Medical Center, Florida, Hospital |
| $ | 1,535 |
| $ | 1,264,825 |
|
Martin County, Florida, IDA, IDR, Refunding |
|
| 6,200 |
|
| 6,212,028 |
|
Miami Beach, Florida, Health Facilities Authority, |
|
| 2,810 |
|
| 2,823,123 |
|
Orange County, Florida, Health Facilities Authority, |
|
| 10,000 |
|
| 10,992,100 |
|
Orange County, Florida, Tourist Development, Tax Revenue |
|
| 1,845 |
|
| 1,666,478 |
|
Palm Beach County, Florida, HFA, M/F Housing Revenue |
|
| 7,255 |
|
| 6,705,651 |
|
Stevens Plantation Community Development District, |
|
| 980 |
|
| 980,343 |
|
|
|
|
|
| |||
|
|
|
|
|
| 30,644,548 |
|
Georgia—4.0% |
|
|
|
|
|
|
|
Atlanta, Georgia, Airport Passenger Facility Charge and |
|
| 940 |
|
| 879,191 |
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, |
|
| 5,000 |
|
| 4,705,450 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,584,641 |
|
Illinois—18.7% |
|
|
|
|
|
|
|
Bolingbrook, Illinois, GO, Refunding, Series B, |
|
| 23,065 |
|
| 4,104,417 |
|
Centerpoint Intermodal Center Program Trust, Illinois, |
|
| 1,150 |
|
| 1,056,286 |
|
Chicago, Illinois, GO, Refunding, Series A (d): |
|
|
|
|
|
|
|
5.50% due 1/01/2011 (a) |
|
| 4,340 |
|
| 4,663,027 |
|
5.50% due 1/01/2038 |
|
| 1,540 |
|
| 1,547,792 |
|
Illinois Health Facilities Authority, Revenue Refunding Bonds |
|
| 6,000 |
|
| 6,001,740 |
|
Illinois Municipal Electric Agency, Power Supply |
|
| 2,005 |
|
| 1,735,067 |
|
Illinois State Finance Authority Revenue Bonds, Series A: |
|
| 420 |
|
| 345,181 |
|
(Monarch Landing, Inc. Project), 7% due 12/01/2037 |
|
| 720 |
|
| 692,114 |
|
Illinois State Financing Authority, Student Housing |
|
| 425 |
|
| 200,660 |
|
Metropolitan Pier and Exposition Authority, Illinois, |
|
|
|
|
|
|
|
6.03% due 6/15/2035 |
|
| 10,000 |
|
| 2,083,500 |
|
6.05% due 12/15/2036 |
|
| 10,000 |
|
| 1,906,100 |
|
6.06% due 12/15/2037 |
|
| 10,000 |
|
| 1,799,500 |
|
|
|
|
|
| |||
|
|
|
|
|
| 26,135,384 |
|
Indiana—1.3% |
|
|
|
|
|
|
|
AIG SunAmerica, Inc., Bloomington, Indiana, |
|
| 1,925 |
|
| 1,887,289 |
|
Kansas—3.5% |
|
|
|
|
|
|
|
Wichita, Kansas, Airport Authority, Airport Facilities |
|
| 5,000 |
|
| 4,919,700 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
22 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
Schedule of Investments (continued) | BlackRock Municipal Bond Trust (BBK) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Maryland—3.5% |
|
|
|
|
|
|
|
Baltimore, Maryland, Special Obligation Tax Bonds |
| $ | 1,250 |
| $ | 1,197,837 |
|
Frederick County, Maryland, Special Obligation Tax Bonds |
|
| 2,955 |
|
| 2,681,456 |
|
Maryland State Health and Higher Educational Facilities |
|
| 1,040 |
|
| 956,062 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,835,355 |
|
Massachusetts—1.0% |
|
|
|
|
|
|
|
Massachusetts State Water Resource Authority, |
|
| 1,450 |
|
| 1,362,754 |
|
Michigan—0.7% |
|
|
|
|
|
|
|
Michigan State Hospital Finance Authority, Revenue |
|
| 1,065 |
|
| 944,985 |
|
Mississippi—0.7% |
|
|
|
|
|
|
|
Mississippi Business Finance Corporation Revenue Bonds |
|
| 1,205 |
|
| 1,007,356 |
|
Nebraska—1.1% |
|
|
|
|
|
|
|
Omaha Public Power District, Nebraska, |
|
| 1,760 |
|
| 1,569,163 |
|
Nevada—1.7% |
|
|
|
|
|
|
|
Clark County, Nevada, EDR, Refunding (Alexander |
|
| 1,325 |
|
| 1,217,675 |
|
Las Vegas, Nevada, Special Improvement District |
|
| 1,375 |
|
| 1,214,235 |
|
|
|
|
|
|
| 2,431,910 |
|
New Jersey—12.4% |
|
|
|
|
|
|
|
Middlesex County, New Jersey, Improvement Authority, |
|
| 915 |
|
| 762,442 |
|
New Jersey EDA, Cigarette Tax Revenue Bonds: |
|
|
|
|
|
|
|
5.50% due 6/15/2024 |
|
| 3,710 |
|
| 3,463,656 |
|
5.50% due 6/15/2031 |
|
| 1,500 |
|
| 1,344,195 |
|
New Jersey EDA, EDR, Refunding (Kapkowski Road |
|
| 7,500 |
|
| 7,520,325 |
|
New Jersey EDA, First Mortgage Revenue Refunding |
|
| 1,500 |
|
| 1,389,150 |
|
New Jersey EDA, Special Facility Revenue Bonds |
|
| 3,000 |
|
| 2,911,590 |
|
|
|
|
|
| |||
|
|
|
|
|
| 17,391,358 |
|
New York—10.1% |
|
|
|
|
|
|
|
Albany, New York, IDA, Civic Facility Revenue Bonds |
|
| 455 |
|
| 345,600 |
|
Metropolitan Transportation Authority, New York, |
|
| 1,760 |
|
| 1,718,235 |
|
Nanuet, New York, Union Free School District, GO, |
|
|
|
|
|
|
|
4.30% due 6/15/2029 |
|
| 1,085 |
|
| 955,234 |
|
4.30% due 6/15/2030 |
|
| 1,130 |
|
| 987,688 |
|
New York City, New York, City IDA, Special Facility |
|
| 6,165 |
|
| 6,373,562 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—(concluded) |
|
|
|
|
|
|
|
New York Liberty Development Corporation Revenue Bonds |
| $ | 2,610 |
| $ | 2,517,789 |
|
New York State Environmental Facilities Corporation, |
|
| 1,330 |
|
| 1,288,983 |
|
|
|
|
|
| |||
|
|
|
|
|
| 14,187,091 |
|
| |||||||
North Carolina—1.8% |
|
|
|
|
|
|
|
Gaston County, North Carolina, Industrial Facilities and |
|
| 2,945 |
|
| 2,531,787 |
|
| |||||||
Ohio—3.4% |
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, |
|
| 1,125 |
|
| 1,107,585 |
|
Ohio State Air Quality Development Authority, Revenue |
|
| 4,220 |
|
| 3,668,319 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,775,904 |
|
| |||||||
Oklahoma—2.1% |
|
|
|
|
|
|
|
Oklahoma State Development Finance Authority, |
|
| 1,355 |
|
| 1,200,340 |
|
Tulsa, Oklahoma, Municipal Airport Trust, Revenue |
|
| 1,725 |
|
| 1,774,766 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,975,106 |
|
| |||||||
Oregon—0.4% |
|
|
|
|
|
|
|
AIG SunAmerica, Inc., Portland, Oregon, M/F Housing |
|
| 540 |
|
| 515,911 |
|
| |||||||
Pennsylvania—2.7% |
|
|
|
|
|
|
|
Pennsylvania Economic Development Financing |
|
| 3,870 |
|
| 3,811,524 |
|
| |||||||
South Carolina—0.8% |
|
|
|
|
|
|
|
South Carolina Jobs EDA, Hospital Facilities Revenue |
|
| 1,000 |
|
| 1,169,445 |
|
| |||||||
Texas—19.5% |
|
|
|
|
|
|
|
AIG SunAmerica, Inc., Texas, M/F Housing Revenue |
|
| 2,540 |
|
| 2,490,368 |
|
Harris County-Houston Sports Authority, Texas, |
|
| 11,690 |
|
| 1,326,815 |
|
Lower Colorado River Authority, Texas, Revenue |
|
|
|
|
|
|
|
5% due 5/15/2013 (a) |
|
| 15 |
|
| 16,120 |
|
5% due 5/15/2031 |
|
| 590 |
|
| 560,435 |
|
Montgomery County, Texas, Municipal Utility District |
|
| 430 |
|
| 387,606 |
|
SA Energy Acquisition Public Facilities Corporation, |
|
|
|
|
|
|
|
5.50% due 8/01/2023 |
|
| 1,776 |
|
| 1,686,428 |
|
5.50% due 8/01/2024 |
|
| 1,620 |
|
| 1,523,173 |
|
Texas State Turnpike Authority, Central Texas Turnpike |
|
|
|
|
|
|
|
6.09% due 8/15/2035 (b) |
|
| 60,000 |
|
| 9,874,200 |
|
First Tier, Series A, 5% due 8/15/2042 |
|
| 2,115 |
|
| 1,967,690 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 23 |
|
|
| |
Schedule of Investments (concluded) | BlackRock Municipal Bond Trust (BBK) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Texas—(concluded) |
|
|
|
|
|
|
|
Tyler, Texas, Health Facilities Development Corporation, |
| $ | 6,840 |
| $ | 7,539,800 |
|
|
|
|
|
| |||
|
|
|
|
|
| 27,372,635 |
|
Washington—1.4% |
|
|
|
|
|
|
|
King County, Washington, Sewer Revenue Refunding |
|
| 905 |
|
| 858,094 |
|
Washington State Health Care Facilities Authority, |
|
| 1,325 |
|
| 1,147,371 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,005,465 |
|
West Virginia—0.4% |
|
|
|
|
|
|
|
West Virginia EDA, Lease Revenue Bonds (Correctional, |
|
| 520 |
|
| 491,338 |
|
Wisconsin—4.9% |
|
|
|
|
|
|
|
Wisconsin State Health and Educational Facilities |
|
|
|
|
|
|
|
(Aurora Health Care, Inc.), 6.40% due 4/15/2033 |
|
| 1,350 |
|
| 1,373,058 |
|
(Wheaton Franciscan Services, Inc.), |
|
| 5,000 |
|
| 5,476,650 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,849,708 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico—1.4% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Highway and Transportation |
|
|
|
|
|
|
|
5.25% due 7/01/2034 |
| $ | 1,070 |
| $ | 1,056,390 |
|
5.25% due 7/01/2036 |
|
| 900 |
|
| 888,174 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,944,564 |
|
Total Municipal Bonds |
|
|
|
|
| 215,048,939 |
|
Corporate Bonds |
|
|
|
|
|
|
|
Multi-State—8.5% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, |
|
| 10,500 |
|
| 11,867,940 |
|
Total Corporate Bonds |
|
|
|
|
| 11,867,940 |
|
Short-Term Securities |
|
| Shares |
|
|
|
|
Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (l)(m) |
|
| 1,803,513 |
|
| 1,803,513 |
|
Total Short-Term Securities |
|
|
|
|
| 1,803,513 |
|
Total Investments (Cost—$233,804,418*)—163.3% |
|
|
|
|
| 228,720,392 |
|
Other Assets Less Liabilities—1.3% |
|
|
|
|
| 1,888,198 |
|
Preferred Shares, at Redemption Value—(64.6%) |
|
|
|
|
| (90,542,826 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 140,065,764 |
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
| Aggregate cost |
| $ | 233,270,831 |
|
|
|
| |||
| Gross unrealized appreciation |
| $ | 8,371,935 |
|
| Gross unrealized depreciation |
|
| (12,898,267 | ) |
|
|
| |||
| Net unrealized depreciation |
| $ | (4,526,332 | ) |
|
|
|
|
|
(a) | U.S. government securities, held in escrow, are used to pay interest on this security as well as retire the bond in full at the date indicated, typically at premium to par. |
(b) | Represents a zero coupon; the interest rate shown reflects the effective yield at the time of purchase. |
(c) | FSA Insured. |
(d) | MBIA Insured. |
(e) | ACA Insured. |
(f) | XL Capital Insured. |
(g) | FGIC Insured. |
(h) | Illiquid security. |
(i) | AMBAC Insured. |
(j) | Assured Guaranty Insured. |
|
|
(k) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
(l) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
| ||||||||
| Affiliate |
| Net |
| Dividend |
| ||
| ||||||||
| Merrill Lynch Institutional Tax-Exempt Fund |
|
| (5,796,487 | ) | $ | 64,123 |
|
|
|
|
(m) | Represents the current yield as of report date. |
|
|
• | Forward interest rate swaps outstanding as of February 29, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
| Notional |
| Unrealized |
| ||
| ||||||||
| Pay a fixed rate of 3.311% and receive a floating rate |
|
| $35,000 |
|
| $175,105 |
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
24 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
| |
Schedule of Investments as of February 29, 2008 (Unaudited) | BlackRock Municipal Income Trust II (BLE) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Alabama—1.3% |
|
|
|
|
|
|
|
Birmingham, Alabama, Special Care Facilities |
|
|
|
|
|
|
|
5% due 11/15/2036 |
| $ | 2,525 |
| $ | 2,302,952 |
|
5% due 11/15/2039 |
|
| 1,825 |
|
| 1,654,746 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,957,698 |
|
Arizona—4.3% |
|
|
|
|
|
|
|
Pima County, Arizona, IDA, Education Revenue Bonds |
|
| 2,525 |
|
| 2,116,354 |
|
Salt Verde Financial Corporation, Arizona, Senior |
|
|
|
|
|
|
|
5% due 12/01/2032 |
|
| 5,635 |
|
| 4,685,221 |
|
5% due 12/01/2037 |
|
| 7,890 |
|
| 6,401,394 |
|
|
|
|
|
| |||
|
|
|
|
|
| 13,202,969 |
|
California—12.2% |
|
|
|
|
|
|
|
Agua Caliente Band of Cahuilla Indians, California, |
|
| 2,250 |
|
| 2,192,400 |
|
California County Tobacco Securitization Agency, Tobacco |
|
|
|
|
|
|
|
Sub-Series B, 5.875% due 6/01/2046 |
|
| 1,840 |
|
| 104,898 |
|
Sub-Series C, 6.30% due 6/01/2055 |
|
| 9,710 |
|
| 229,933 |
|
Sub-Series D, 7.251% due 6/01/2055 |
|
| 12,410 |
|
| 234,177 |
|
California Health Facilities Financing Authority Revenue |
|
| 9,100 |
|
| 8,325,408 |
|
California Mobilehome Park Finance Authority Revenue |
|
| 3,500 |
|
| 2,915,920 |
|
California State, GO, Refunding: |
|
|
|
|
|
|
|
5% due 6/01/2032 |
|
| 6,425 |
|
| 6,021,510 |
|
5% due 6/01/2034 |
|
| 2,700 |
|
| 2,521,881 |
|
California Statewide Communities Development Authority, |
|
| 5,000 |
|
| 4,788,150 |
|
San Francisco, California, City and County Redevelopment |
|
| 4,620 |
|
| 4,634,183 |
|
University of California Revenue Bonds, Series B, 4.75% |
|
| 5,755 |
|
| 5,161,027 |
|
|
|
|
|
| |||
|
|
|
|
|
| 37,129,487 |
|
Colorado—5.6% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority Revenue Bonds (Catholic |
|
| 10,000 |
|
| 10,132,400 |
|
Colorado Springs, Colorado, Utilities System Improvement |
|
| 1,375 |
|
| 1,288,788 |
|
Northwest Parkway Public Highway Authority, Colorado, Senior |
|
| 4,000 |
|
| 4,303,320 |
|
Park Creek Metropolitan District, Colorado, Senior Limited |
|
| 1,375 |
|
| 1,217,783 |
|
|
|
|
|
| |||
|
|
|
|
|
| 16,942,291 |
|
District of Columbia—6.5% |
|
|
|
|
|
|
|
District of Columbia, Revenue Refunding Bonds (Friendship |
|
| 1,265 |
|
| 1,050,924 |
|
District of Columbia Tobacco Settlement Financing |
|
|
|
|
|
|
|
6.50% due 5/15/2033 |
|
| 7,500 |
|
| 7,308,750 |
|
6.75% due 5/15/2040 |
|
| 11,500 |
|
| 11,560,950 |
|
|
|
|
|
| |||
|
|
|
|
|
| 19,920,624 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida—14.7% |
|
|
|
|
|
|
|
Leesburg, Florida, Hospital Revenue Bonds (Leesburg |
| $ | 2,650 |
| $ | 2,424,459 |
|
Live Oak Community Development District Number 001, |
|
| 3,125 |
|
| 3,046,531 |
|
Miami Beach, Florida, Health Facilities Authority, Hospital |
|
| 6,230 |
|
| 6,259,094 |
|
Orange County, Florida, Health Facilities Authority, Hospital |
|
| 6,850 |
|
| 7,529,589 |
|
Orange County, Florida, Tourist Development, Tax Revenue |
|
| 3,990 |
|
| 3,603,928 |
|
Pinellas County, Florida, Health Facilities Authority Revenue |
|
| 14,000 |
|
| 15,363,040 |
|
Stevens Plantation Community Development District, |
|
| 2,040 |
|
| 2,040,714 |
|
Sumter County, Florida, IDA, IDR (North Sumter Utility |
|
| 4,465 |
|
| 4,389,943 |
|
|
|
|
|
| |||
|
|
|
|
|
| 44,657,298 |
|
Georgia—1.8% |
|
|
|
|
|
|
|
Milledgeville-Baldwin County, Georgia, Development Authority |
|
| 5,000 |
|
| 5,603,700 |
|
Illinois—16.9% |
|
|
|
|
|
|
|
Bolingbrook, Illinois, GO, Refunding, Series A, 5.375% due |
|
| 4,000 |
|
| 4,290,800 |
|
Centerpoint Intermodal Center Program Trust, Illinois, Tax |
|
| 2,470 |
|
| 2,268,720 |
|
Chicago, Illinois, O’Hare International Airport Revenue |
|
| 4,290 |
|
| 4,070,738 |
|
Illinois Health Facilities Authority, Revenue Refunding Bonds |
|
| 8,000 |
|
| 7,945,840 |
|
Illinois Municipal Electric Agency, Power Supply Revenue |
|
| 4,340 |
|
| 3,755,706 |
|
Illinois Sports Facilities Authority, State Tax Supported |
|
| 15,000 |
|
| 12,909,450 |
|
Illinois State Finance Authority Revenue Bonds, Series A: |
|
| 910 |
|
| 747,893 |
|
(Monarch Landing, Inc. Project), 7% due 12/01/2037 |
|
| 1,585 |
|
| 1,523,613 |
|
(Northwestern Memorial Hospital), 5.50% due 8/15/2014 (e) |
|
| 1,880 |
|
| 2,077,757 |
|
Illinois State Financing Authority, Student Housing Revenue |
|
| 900 |
|
| 424,926 |
|
Metropolitan Pier and Exposition Authority, Illinois, Dedicated |
|
|
|
|
|
|
|
5.72% due 6/15/2033 |
|
| 45,190 |
|
| 10,484,532 |
|
5.87% due 6/15/2040 |
|
| 5,000 |
|
| 782,850 |
|
|
|
|
|
| |||
|
|
|
|
|
| 51,282,825 |
|
Indiana—8.7% |
|
|
|
|
|
|
|
Indiana Health Facilities Financing Authority, Revenue |
|
| 5,000 |
|
| 5,322,750 |
|
Indianapolis, Indiana, Local Public Improvement Bond Bank |
|
| 19,735 |
|
| 21,269,791 |
|
|
|
|
|
| |||
|
|
|
|
|
| 26,592,541 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 25 |
|
|
Schedule of Investments (continued) | BlackRock Municipal Income Trust II (BLE) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Maryland—2.4% |
|
|
|
|
|
|
|
Baltimore, Maryland, Wastewater Project Revenue Bonds, |
| $ | 1,800 |
| $ | 1,707,133 |
|
Frederick County, Maryland, Special Obligation Tax Bonds |
|
| 3,000 |
|
| 2,693,070 |
|
Maryland State Health and Higher Educational Facilities |
|
| 1,000 |
|
| 983,640 |
|
Maryland State Health and Higher Educational Facilities |
|
| 2,240 |
|
| 2,059,210 |
|
|
|
|
|
| |||
|
|
|
|
|
| 7,443,053 |
|
Massachusetts—1.0% |
|
|
|
|
|
|
|
Massachusetts State Water Resource Authority, General |
|
| 3,145 |
|
| 2,955,765 |
|
Michigan—0.7% |
|
|
|
|
|
|
|
Michigan State Hospital Finance Authority, Revenue Refunding |
|
| 2,305 |
|
| 2,045,250 |
|
Mississippi—1.7% |
|
|
|
|
|
|
|
Lowndes County, Mississippi, Solid Waste Disposal and PCR, |
|
| 4,950 |
|
| 5,187,996 |
|
Missouri—2.0% |
|
|
|
|
|
|
|
Highway 370/Missouri Bottom Road/Taussig Road |
|
| 6,000 |
|
| 6,066,540 |
|
Nevada—0.9% |
|
|
|
|
|
|
|
Clark County, Nevada, EDR, Refunding (Alexander Dawson |
|
| 2,855 |
|
| 2,623,745 |
|
New Jersey—12.5% |
|
|
|
|
|
|
|
New Jersey EDA, Cigarette Tax Revenue Bonds: |
|
|
|
|
|
|
|
5.50% due 6/15/2031 |
|
| 9,000 |
|
| 8,065,170 |
|
5.75% due 6/15/2034 |
|
| 4,000 |
|
| 3,670,840 |
|
New Jersey EDA, EDR (Kapkowski Road Landfill Reclamation |
|
|
|
|
|
|
|
Improvement District Project), AMT, Series B, 6.50% |
|
| 10,000 |
|
| 9,020,361 |
|
New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill |
|
| 7,475 |
|
| 7,495,257 |
|
New Jersey EDA, Special Facility Revenue Bonds (Continental |
|
| 10,100 |
|
| 9,802,353 |
|
|
|
|
|
| |||
|
|
|
|
|
| 38,053,981 |
|
New Mexico—1.9% |
|
|
|
|
|
|
|
New Mexico Region III Housing Authority, M/F Housing |
|
| 5,200 |
|
| 5,881,616 |
|
New York—7.4% |
|
|
|
|
|
|
|
Albany, New York, IDA, Civic Facility Revenue Bonds (New |
|
| 985 |
|
| 748,167 |
|
Metropolitan Transportation Authority, New York, Service |
|
| 3,775 |
|
| 3,685,419 |
|
New York City, New York, City IDA, Special Facility Revenue |
|
| 6,700 |
|
| 6,926,661 |
|
New York Liberty Development Corporation Revenue Bonds |
|
| 2,725 |
|
| 2,628,726 |
|
New York State Environmental Facilities Corporation, State |
|
| 2,845 |
|
| 2,757,260 |
|
|
|
|
|
|
|
|
|
|
| Par |
| Value |
| ||
New York—(concluded) |
|
|
|
|
|
|
|
Port Authority of New York and New Jersey, Special |
| $ | 5,725 |
| $ | 5,776,525 |
|
|
|
|
|
| |||
|
|
|
|
|
| 22,522,758 |
|
North Carolina—2.1% |
|
|
|
|
|
|
|
Gaston County, North Carolina, Industrial Facilities and |
|
| 7,500 |
|
| 6,447,675 |
|
Ohio—3.0% |
|
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, |
|
| 1,190 |
|
| 1,171,579 |
|
Ohio State Air Quality Development Authority, Revenue |
|
| 9,140 |
|
| 7,945,128 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,116,707 |
|
Oklahoma—2.2% |
|
|
|
|
|
|
|
Oklahoma State Development Finance Authority, Revenue |
|
| 3,000 |
|
| 2,657,580 |
|
Tulsa, Oklahoma, Municipal Airport Trust, Revenue Refunding |
|
| 3,925 |
|
| 4,038,236 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,695,816 |
|
Pennsylvania—6.3% |
|
|
|
|
|
|
|
Monroe County, Pennsylvania, Hospital Authority Revenue |
|
| 5,000 |
|
| 5,584,750 |
|
Pennsylvania Economic Development Financing Authority, |
|
| 5,175 |
|
| 5,208,224 |
|
(Amtrak Project), 6.375% due 11/01/2041 |
|
|
|
|
|
|
|
(Reliant Energy), 6.75% due 12/01/2036 |
|
| 8,425 |
|
| 8,297,698 |
|
|
|
|
|
| |||
|
|
|
|
|
| 19,090,672 |
|
South Carolina—6.0% |
|
|
|
|
|
|
|
Greenwood County, South Carolina, Hospital Facilities Revenue |
|
|
|
|
|
|
|
5.50% due 10/01/2026 |
|
| 3,280 |
|
| 3,208,890 |
|
5.50% due 10/01/2031 |
|
| 3,250 |
|
| 3,093,318 |
|
South Carolina Jobs EDA, Hospital Facilities Revenue Bonds |
|
| 3,750 |
|
| 3,518,138 |
|
South Carolina Jobs EDA, Hospital Facilities Revenue |
|
|
|
|
|
|
|
Series A, 6.25% due 8/01/2031 |
|
| 2,640 |
|
| 2,623,790 |
|
Series C, 6.875% due 8/01/2013 (e) |
|
| 5,000 |
|
| 5,817,977 |
|
|
|
|
|
| |||
|
|
|
|
|
| 18,262,113 |
|
Tennessee—3.3% |
|
|
|
|
|
|
|
Knox County, Tennessee, Health, Educational and Housing |
|
|
|
|
|
|
|
Facilities Board, Hospital Facilities Revenue Refunding |
|
| 20,405 |
|
| 9,923,156 |
|
Texas—18.8% |
|
|
|
|
|
|
|
Gulf Coast Waste Disposal Authority, Texas, Revenue |
|
|
|
|
|
|
|
Refunding Bonds (International Paper Company), |
|
| 20,000 |
|
| 19,237,400 |
|
Harris County-Houston Sports Authority, Texas, Revenue |
|
| 25,375 |
|
| 3,814,624 |
|
Lower Colorado River Authority, Texas, Revenue Refunding |
|
|
|
|
|
|
|
5% due 5/15/2013 (e) |
|
| 30 |
|
| 32,240 |
|
5% due 5/15/2031 |
|
| 1,270 |
|
| 1,206,360 |
|
Series A, 5% due 5/15/2013 (e) |
|
| 5 |
|
| 5,373 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
26 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
Schedule of Investments (continued) | BlackRock Municipal Income Trust II (BLE) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Texas—(concluded) |
|
|
|
|
|
|
|
Montgomery County, Texas, Municipal Utility District Number |
| $ | 930 |
| $ | 838,311 |
|
SA Energy Acquisition Public Facilities Corporation, Texas, |
|
| 3,600 |
|
| 3,384,828 |
|
Texas State Turnpike Authority, Central Texas Turnpike System Revenue Bonds (i): |
|
|
|
|
|
|
|
6.09% due 8/15/2036 (a) |
|
| 73,370 |
|
| 11,268,898 |
|
6.10% due 8/15/2037 (a) |
|
| 65,000 |
|
| 9,326,200 |
|
6.10% due 8/15/2038 (a) |
|
| 27,600 |
|
| 3,697,572 |
|
First Tier, Series A, 5% due 8/15/2042 |
|
| 4,575 |
|
| 4,256,351 |
|
|
|
|
|
| |||
|
|
|
|
|
| 57,068,157 |
|
Virginia—7.1% |
|
|
|
|
|
|
|
Alexandria, Virginia, Redevelopment and Housing Authority, |
|
| 12,870 |
|
| 12,628,559 |
|
Halifax County, Virginia, IDA, Exempt Facility Revenue Refunding Bonds (Old Dominion Electric Cooperative Project), AMT, 5.625% due 6/01/2028 (i) |
|
| 9,000 |
|
| 9,012,780 |
|
|
|
|
|
| |||
|
|
|
|
|
| 21,641,339 |
|
Washington—2.0% |
|
|
|
|
|
|
|
King County, Washington, Sewer Revenue Refunding Bonds, 5% due 1/01/2036 (d) |
|
| 1,960 |
|
| 1,858,413 |
|
Washington State Health Care Facilities Authority, Revenue Refunding Bonds (Providence Health System), Series A, 4.625% due 10/01/2034 (g) |
|
| 4,820 |
|
| 4,173,831 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,032,244 |
|
West Virginia—1.9% |
|
|
|
|
|
|
|
Mason County, West Virginia, PCR, Refunding (Appalachian Power Company Project), Series L, 5.50% due 10/01/2022 |
|
| 5,000 |
|
| 4,666,800 |
|
West Virginia EDA, Lease Revenue Bonds (Correctional, Juvenile and Public Safety Facilities), Series A, 5% due 6/01/2029 (j) |
|
| 1,115 |
|
| 1,053,541 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,720,341 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Wisconsin—3.1% |
|
|
|
|
|
|
|
Wisconsin State Health and Educational Facilities Authority Revenue Bonds (Aurora Health Care, Inc.), 6.40% due 4/15/2033 |
| $ | 3,930 |
| $ | 3,997,124 |
|
Wisconsin State Health and Educational Facilities Authority, Revenue Refunding Bonds (Wheaton Franciscan Services, Inc.), 5.75% due 2/15/2012 (e) |
|
| 5,000 |
|
| 5,476,650 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,473,774 |
|
Puerto Rico—1.4% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Highway and Transportation Authority, Transportation Revenue Refunding Bonds, Series N, 5.25% due 7/01/2036 (n) |
|
| 4,370 |
|
| 4,312,578 |
|
Total Municipal Bonds |
|
|
|
|
| 485,854,709 |
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Bonds |
|
|
|
|
|
|
|
Multi-State—4.3% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (h): |
|
|
|
|
|
|
|
5.75% due 4/30/2015 |
|
| 1,000 |
|
| 1,055,760 |
|
6% due 4/30/2015 |
|
| 5,000 |
|
| 5,281,050 |
|
6% due 4/30/2019 |
|
| 3,500 |
|
| 3,673,390 |
|
6.30% due 4/30/2019 |
|
| 3,000 |
|
| 3,177,030 |
|
Total Corporate Bonds |
|
|
|
|
| 13,187,230 |
|
|
|
| Shares |
|
|
|
|
Merrill Lynch Institutional Tax-Exempt Fund, 3.09% (o)(p) |
|
| 5,512,528 |
|
| 5,512,528 |
|
Total Short-Term Securities |
|
|
|
|
| 5,512,528 |
|
Total Investments (Cost—$519,377,753*)—165.8% |
|
|
|
|
| 504,554,467 |
|
Other Assets Less Liabilities—1.8% |
|
|
|
|
| 5,329,703 |
|
Preferred Shares, at Redemption Value—(67.6%) |
|
|
|
|
| (205,659,618 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 304,224,552 |
|
|
|
|
|
|
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 27 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock Municipal Income Trust II (BLE) |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 518,837,301 |
|
|
| |||
Gross unrealized appreciation |
| $ | 13,718,494 |
|
Gross unrealized depreciation |
|
| (27,945,586 | ) |
|
| |||
Net unrealized depreciation |
| $ | (14,227,092 | ) |
|
|
|
|
(a) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(b) | ACA Insured. |
(c) | Escrowed to maturity. |
(d) | FSA Insured. |
(e) | U.S. government securities, held in escrow, are used to pay interest on this security as well as retire the bond in full at the date indicated, typically at premium to par. |
(f) | XL Capital Insured. |
(g) | FGIC Insured. |
(h) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
(i) | AMBAC Insured. |
(j) | MBIA Insured. |
(k) | All or a portion of security held as collateral in connection with open swap contracts. |
(l) | Illiquid security. |
(m) | Radian Insured. |
(n) | Assured Guaranty Insured. |
(o) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
| ||||||||
| Affiliate |
|
| Net |
|
| Dividend |
|
| ||||||||
| Merrill Lynch Institutional Tax-Exempt Fund |
|
| 2,312,528 |
| $ | 125,178 |
|
|
|
|
(p) | Represents the current yield as of report date. |
|
|
* | Forward interest rate swaps outstanding as of February 29, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
| Notional |
| Unrealized |
| ||
Pay a fixed rate of 4.3385% and receive a floating rate based on 3-month USD LIBOR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, JPMorgan Chase Expires May 2018 |
| $ | 36,070 |
| $ | (278,208 | ) |
|
|
|
|
|
|
|
|
Pay a fixed rate of 3.731% and receive a floating rate based on 1-week SIFMA Municipal Swap Index |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, Citibank N.A. |
|
|
|
|
|
|
|
Expires March 2028 |
| $ | 25,670 |
|
| 234,573 |
|
Total |
|
|
|
| $ | (43,635 | ) |
|
|
|
|
|
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
28 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Schedule of Investments as of February 29, 2008 (Unaudited) | BlackRock California Insured Municipal Income Trust (BCK) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
California—151.1% |
|
|
|
|
|
|
|
Benicia, California, Unified School District, GO, |
| $ | 6,500 |
| $ | 2,663,245 |
|
California Educational Facilities Authority |
|
| 2,385 |
|
| 2,529,650 |
|
California State Department of Water Resources, |
|
| 6,500 |
|
| 7,068,685 |
|
California State Public Works Board, Lease |
|
| 5,000 |
|
| 4,746,850 |
|
California State, Various Purpose, GO, Refunding, |
|
| 4,000 |
|
| 3,763,960 |
|
Ceres, California, Unified School District, GO |
|
|
|
|
|
|
|
5.907% due 8/01/2030 |
|
| 3,055 |
|
| 835,542 |
|
5.915% due 8/01/2031 |
|
| 3,180 |
|
| 820,122 |
|
5.919% due 8/01/2032 |
|
| 3,300 |
|
| 801,801 |
|
5.924% due 8/01/2033 |
|
| 3,440 |
|
| 787,450 |
|
5.894% due 8/01/2034 |
|
| 3,575 |
|
| 779,279 |
|
5.896% due 8/01/2035 |
|
| 3,275 |
|
| 672,947 |
|
Desert, California, Community College District, |
|
| 2,000 |
|
| 1,902,420 |
|
Glendale, California, Community College District, |
|
| 2,500 |
|
| 2,386,350 |
|
Kaweah Delta Health Care District, California, Revenue |
|
| 2,600 |
|
| 2,931,344 |
|
Los Angeles, California, Department of Water and |
|
| 5,000 |
|
| 4,654,450 |
|
Los Angeles, California, Department of Water and |
|
| 5,000 |
|
| 4,765,850 |
|
Los Angeles, California, Wastewater System |
|
|
|
|
|
|
|
Series A, 5% due 6/01/2032 |
|
| 6,025 |
|
| 5,732,004 |
|
Sub-Series A, 5% due 6/01/2027 (a) |
|
| 5,000 |
|
| 4,739,050 |
|
Murrieta Valley, California, Unified School District, |
|
| 1,000 |
|
| 985,310 |
|
Napa, California, Water Revenue Bonds, 5% due |
|
| 3,000 |
|
| 2,833,860 |
|
Palomar Pomerado Health Care District, |
|
| 1,850 |
|
| 1,810,040 |
|
Placentia-Yorba Linda, California, Unified School |
|
| 1,715 |
|
| 1,604,777 |
|
Rio, California, Elementary School District, GO, |
|
| 1,235 |
|
| 1,192,442 |
|
Riverside, California, Unified School District, GO |
|
| 5,000 |
|
| 4,741,850 |
|
Sacramento County, California, Airport System |
|
| 2,000 |
|
| 1,918,340 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
California—(concluded) |
|
|
|
|
|
|
|
Sacramento, California, Area Flood Control |
| $ | 2,125 |
| $ | 1,994,844 |
|
San Diego County, California, Water Authority, |
|
| 5,295 |
|
| 5,037,981 |
|
San Diego State University Foundation, California, |
|
| 4,000 |
|
| 3,761,280 |
|
San Joaquin Hills, California, Transportation |
|
| 20,000 |
|
| 4,497,600 |
|
San Jose, California, Financing Authority, Lease |
|
| 6,000 |
|
| 5,648,580 |
|
Santa Rosa, California, Wastewater Revenue Refunding |
|
| 11,125 |
|
| 3,485,129 |
|
Stockton, California, Unified School District, GO |
|
| 3,000 |
|
| 2,895,540 |
|
Tustin, California, Unified School District, Senior |
|
| 3,000 |
|
| 2,787,720 |
|
Vista, California, COP (Community Projects), 5% |
|
| 2,500 |
|
| 2,329,500 |
|
Westlands, California, Water District, COP, 5% |
|
| 4,000 |
|
| 3,775,880 |
|
Total Municipal Bonds |
|
|
|
|
| 103,881,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
| Shares |
|
|
|
|
CMA California Municipal Money Fund, 2.88% (i)(j) |
|
| 15,998,029 |
|
| 15,998,029 |
|
Total Short-Term Securities |
|
|
|
|
| 15,998,029 |
|
Total Investments (Cost—$125,383,487*)—174.3% |
|
|
|
|
| 119,879,701 |
|
Liabilities in Excess of Other Assets—(6.6%) |
|
|
|
|
| (4,582,394 | ) |
Preferred Shares, at Redemption Value—(67.7%) |
|
|
|
|
| (46,530,151 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 68,767,156 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 29 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock California Insured Municipal Income Trust (BCK) |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 125,390,827 |
|
|
|
| ||
Gross unrealized appreciation |
| $ | 1,051,827 |
|
Gross unrealized depreciation |
|
| (6,555,612 | ) |
|
|
| ||
Net unrealized depreciation |
| $ | (5,503,785 | ) |
|
|
|
|
|
(a) | MBIA Insured. |
(b) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(c) | All or a portion of security held as collateral in connection with open financial futures contracts. |
(d) | U.S. government securities, held in escrow, are used to pay interest on this security as well as retire the bond in full at the date indicated, typically at premium to par. |
(e) | AMBAC Insured. |
(f) | FGIC Insured. |
(g) | FSA Insured. |
(h) | Assured Guaranty Insured. |
(i) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| |
CMA California Municipal Money Fund |
| 14,554,571 |
| $ | 57,541 |
|
|
|
(j) | Represents the current yield as of report date. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
30 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
Schedule of Investments as of February 29, 2008 |
| BlackRock California Municipal Bond Trust (BZA) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
California—131.6% |
|
|
|
|
|
|
|
AIG SunAmerica, Inc., M/F Housing Revenue Bonds |
| $ | 2,150 |
| $ | 2,026,762 |
|
AIG SunAmerica, Inc., Santa Maria, California, M/F |
|
| 2,320 |
|
| 2,231,167 |
|
Anaheim, California, Public Financing Authority, |
|
| 5,000 |
|
| 1,194,100 |
|
California Educational Facilities Authority Revenue |
|
| 4,000 |
|
| 3,821,600 |
|
California Health Facilities Financing Authority |
|
| 3,270 |
|
| 3,536,668 |
|
California Infrastructure and Economic Development |
|
| 3,750 |
|
| 3,554,512 |
|
California Pollution Control Financing Authority, |
|
|
|
|
|
|
|
(Republic Services Inc. Project), Series C, |
|
| 500 |
|
| 479,325 |
|
(Waste Management Inc. Project), Series |
|
| 530 |
|
| 481,516 |
|
(Waste Management Inc. Project), |
|
| 1,000 |
|
| 889,440 |
|
California Statewide Communities Development |
|
|
|
|
|
|
|
(Daughters of Charity National Health System), |
|
| 1,500 |
|
| 1,322,205 |
|
(Kaiser Permanente), Series A, 5.50% |
|
| 5,000 |
|
| 4,823,100 |
|
(Sutter Health), Series B, 5.625% due 8/15/2042 |
|
| 3,250 |
|
| 3,222,992 |
|
Chino Basin, California, Regional Financing |
|
| 1,000 |
|
| 930,290 |
|
Chula Vista, California, IDR (San Diego Gas and |
|
| 1,175 |
|
| 1,058,816 |
|
Etiwanda School District, California, Public Financing |
|
| 600 |
|
| 561,954 |
|
Foothill/Eastern Corridor Agency, California, Toll |
|
| 3,845 |
|
| 3,605,956 |
|
Golden State Tobacco Securitization Corporation of |
|
|
|
|
|
|
|
Series A-1, 6.625% due 6/01/2013 |
|
| 2,000 |
|
| 2,262,160 |
|
Series B, 5.50% due 6/01/2013 |
|
| 2,500 |
|
| 2,695,025 |
|
Series B, 5.625% due 6/01/2013 |
|
| 1,300 |
|
| 1,409,083 |
|
Kaweah Delta Health Care District, California, |
|
| 1,745 |
|
| 1,967,383 |
|
Lathrop, California, Financing Authority Revenue |
|
|
|
|
|
|
|
5.90% due 6/01/2027 |
|
| 655 |
|
| 600,681 |
|
6% due 6/01/2035 |
|
| 1,180 |
|
| 1,067,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California—(concluded) |
|
|
|
|
|
|
|
Live Oak Unified School District, California, GO |
|
|
|
|
|
|
|
5.53% due 8/01/2029 |
| $ | 705 |
| $ | 193,797 |
|
5.38% due 8/01/2030 |
|
| 795 |
|
| 204,863 |
|
5.55% due 8/01/2031 |
|
| 830 |
|
| 201,325 |
|
5.56% due 8/01/2032 |
|
| 865 |
|
| 197,972 |
|
5.57% due 8/01/2033 |
|
| 905 |
|
| 195,471 |
|
5.58% due 8/01/2034 |
|
| 945 |
|
| 192,667 |
|
Los Angeles, California, Regional Airports |
|
|
|
|
|
|
|
Series B, 7.50% due 12/01/2024 |
|
| 1,000 |
|
| 1,013,000 |
|
Series C, 7.50% due 12/01/2024 |
|
| 680 |
|
| 688,840 |
|
Orange County, California, Community Facilities |
|
| 2,400 |
|
| 2,598,408 |
|
Palm Springs, California, Mobile Home Park Revenue |
|
| 3,000 |
|
| 2,788,080 |
|
San Francisco, California, City and County |
|
| 2,500 |
|
| 2,377,950 |
|
Santa Ana, California, Unified School District, COP |
|
| 15,000 |
|
| 4,684,350 |
|
Southern California Public Power Authority, Natural |
|
| 1,500 |
|
| 1,315,320 |
|
Stockton, California, Unified School District, GO |
|
| 2,000 |
|
| 1,930,360 |
|
Torrance, California, Hospital Revenue Refunding |
|
| 1,500 |
|
| 1,431,750 |
|
Total Municipal Bonds |
|
|
|
|
| 63,756,399 |
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
Multi State—8.2% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20% |
|
| 3,500 |
|
| 3,955,980 |
|
Total Corporate Bonds |
|
|
|
|
| 3,955,980 |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
CMA California Municipal Money Fund, 2.88% (h)(i) |
|
| 8,264,677 |
|
| 8,264,677 |
|
Total Short-Term Securities |
|
|
|
|
| 8,264,677 |
|
Total Investments (Cost—$75,728,954*)—156.8% |
|
|
|
|
| 75,977,056 |
|
Other Assets Less Liabilities—5.1% |
|
|
|
|
| 2,478,020 |
|
Preferred Shares, at Redemption Value—(61.9%) |
|
|
|
|
| (29,994,436 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 48,460,640 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 31 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
| BlackRock California Municipal Bond Trust (BZA) |
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: | ||||
| |||||
| Aggregate cost |
| $ | 75,560,534 |
|
|
|
| |||
| Gross unrealized appreciation |
| $ | 2,614,455 |
|
| Gross unrealized depreciation |
|
| (2,190,763 | ) |
|
|
| |||
| Net unrealized appreciation |
| $ | 423,692 |
|
|
|
|
|
|
(a) | FSA Insured. |
(b) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at time of purchase. |
(c) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(d) | AMBAC Insured. |
(e) | Assured Guaranty Insured. |
(f) | XL Capital Insured. |
(g) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
(h) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
| |
|
|
|
|
|
|
|
|
|
|
| Affiliate |
| Net |
| Dividend |
| ||
| ||||||||
| CMA California Municipal Money Fund |
|
| 7,929,143 |
| $ | 31,773 |
|
| ||||||||
(i) | Represents the current yield as of report date. |
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
32 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
Schedule of Investments as of February 29, 2008 |
| BlackRock California Municipal Income Trust II (BCL) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
California—164.1% |
|
|
|
|
|
|
|
Anaheim, California, Public Financing Authority, Lease Revenue |
|
|
|
|
|
|
|
5.771% due 9/01/2034 (b) |
| $ | 15,000 |
| $ | 3,203,550 |
|
5.70% due 9/01/2036 |
|
| 10,000 |
|
| 1,906,200 |
|
California HFA, Home Mortgage Revenue Bonds, VRDN (c): |
|
|
|
|
|
|
|
Series B, 3.07% due 8/01/2033 (a) |
|
| 145 |
|
| 145,000 |
|
Series F, 6% due 2/01/2033 (d) |
|
| 5,300 |
|
| 5,300,000 |
|
Series N, 3.15% due 8/01/2021 (a) |
|
| 2,580 |
|
| 2,580,000 |
|
Series R, 4.55% due 8/01/2023 (d) |
|
| 4,300 |
|
| 4,300,000 |
|
California Infrastructure and Economic Development |
|
|
|
|
|
|
|
(Asian Art Museum Foundation), |
|
| 3,050 |
|
| 3,050,000 |
|
(Kaiser Hospital Assistance I-LLC), |
|
| 1,735 |
|
| 1,694,921 |
|
California Mobilehome Park Finance Authority Revenue |
|
| 3,500 |
|
| 2,915,920 |
|
California Pollution Control Financing Authority, Solid |
|
|
|
|
|
|
|
Series A-2, 5.40% due 4/01/2025 |
|
| 1,180 |
|
| 1,072,054 |
|
Series C, 5.125% due 11/01/2023 |
|
| 3,000 |
|
| 2,668,320 |
|
California State Department of Water Resources, Power |
|
|
|
|
|
|
|
Series A, 5.375% due 5/01/2012 (h) |
|
| 6,000 |
|
| 6,553,980 |
|
VRDN, Series C-4, 3.19% due 5/01/2022 (c) |
|
| 1,200 |
|
| 1,200,000 |
|
California State, Various Purpose, GO, 5.50% |
|
| 8,000 |
|
| 8,018,640 |
|
California Statewide Communities Development |
|
| 7,000 |
|
| 6,703,410 |
|
California Statewide Communities Development |
|
|
|
|
|
|
|
(Kaiser Permanente), Series A, 5.50% due 11/01/2032 |
|
| 5,000 |
|
| 4,823,100 |
|
(Sutter Health), Series B, 5.50% due 8/15/2034 |
|
| 8,000 |
|
| 7,793,200 |
|
California Transit Finance Authority Revenue Bonds, |
|
| 400 |
|
| 400,000 |
|
Chabot-Las Positas, California, Community College |
|
| 2,000 |
|
| 1,909,640 |
|
Chula Vista, California, IDR (San Diego Gas and Electric |
|
| 2,690 |
|
| 2,424,013 |
|
Corona-Norco Unified School District, California, |
|
| 6,000 |
|
| 5,810,040 |
|
Etiwanda School District, California, Public Financing |
|
| 1,100 |
|
| 1,030,249 |
|
Foothill/Eastern Corridor Agency, California, Toll Road |
|
|
|
|
|
|
|
5.40% due 1/01/2026 (j) |
|
| 15,470 |
|
| 5,745,713 |
|
5.42% due 1/01/2030 (j) |
|
| 4,890 |
|
| 1,433,015 |
|
6.12% due 1/15/2030 (g) |
|
| 6,550 |
|
| 1,626,431 |
|
Golden State Tobacco Securitization Corporation of |
|
|
|
|
|
|
|
Series A-1, 6.75% due 6/01/2013 |
| $ | 9,000 |
|
| 10,232,730 |
|
Series A-1, 6.625% due 6/01/2013 |
|
| 2,900 |
|
| 3,280,132 |
|
Series B, 5.50% due 6/01/2013 |
|
| 5,650 |
|
| 6,090,757 |
|
Series B, 5.625% due 6/01/2013 |
|
| 3,000 |
|
| 3,251,730 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California—(concluded) |
|
|
|
|
|
|
|
La Quinta, California, Redevelopment Agency, Tax |
| $ | 5,000 |
| $ | 4,742,850 |
|
Los Angeles, California, Department of Water and |
|
| 5,500 |
|
| 5,242,435 |
|
Los Angeles, California, Regional Airports Improvement |
|
| 1,785 |
|
| 1,808,205 |
|
Oxnard, California, Improvement Bond Act of 1915, |
|
|
|
|
|
|
|
5.625% due 9/02/2027 |
|
| 1,905 |
|
| 1,687,620 |
|
5.70% due 9/02/2032 |
|
| 1,900 |
|
| 1,653,532 |
|
Poway, California, Unified School District, Special Tax |
|
|
|
|
|
|
|
5.50% due 9/01/2025 |
|
| 1,500 |
|
| 1,438,200 |
|
5.60% due 9/01/2033 |
|
| 1,700 |
|
| 1,568,097 |
|
Rohnert Park, California, Financing Authority, Mobile |
|
| 2,470 |
|
| 2,326,666 |
|
Sacramento County, California, Sanitation District |
|
| 2,400 |
|
| 2,263,776 |
|
San Bernardino County, California, Special Tax Bonds |
|
| 6,000 |
|
| 5,350,140 |
|
San Diego, California, Unified School District, GO |
|
|
|
|
|
|
|
Series D, 5.25% due 7/01/2023 (k) |
|
| 8,665 |
|
| 9,351,874 |
|
Series F-1, 4.50% due 7/01/2029 (a) |
|
| 2,000 |
|
| 1,782,760 |
|
San Francisco, California, City and County |
|
| 5,000 |
|
| 4,755,900 |
|
San Joaquin Hills, California, Transportation Corridor |
|
| 30,000 |
|
| 5,603,100 |
|
Santa Clarita, California, Community Facilities District |
|
|
|
|
|
|
|
5.80% due 11/15/2025 |
|
| 1,640 |
|
| 1,536,450 |
|
5.85% due 11/15/2032 |
|
| 1,500 |
|
| 1,332,045 |
|
Santa Rosa, California, Wastewater Revenue Refunding |
|
| 2,685 |
|
| 965,311 |
|
South Tahoe, California, Joint Powers Financing |
|
| 2,200 |
|
| 2,013,176 |
|
Southern California Public Power Authority, Natural Gas |
|
| 3,000 |
|
| 2,630,640 |
|
Stockton, California, Unified School District, GO |
|
| 2,000 |
|
| 1,930,360 |
|
Tobacco Securitization Authority of Southern California, |
|
| 1,600 |
|
| 1,746,272 |
|
Tustin, California, Unified School District, Junior Lien |
|
| 2,000 |
|
| 1,748,760 |
|
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 33 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
| BlackRock California Municipal Income Trust II (BCL) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
California—(concluded) |
|
|
|
|
|
|
|
University of California, General Revenue Bonds, Series A, |
| $ | 2,000 |
| $ | 1,898,260 |
|
Val Verde, California, Unified School District Financing |
|
| 1,170 |
|
| 1,112,810 |
|
Total Municipal Bonds |
|
|
|
|
| 173,651,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
Multi State—4.0% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (l): |
|
|
|
|
|
|
|
5.75% due 4/30/2015 |
|
| 500 |
|
| 527,880 |
|
6% due 4/30/2015 |
|
| 1,500 |
|
| 1,584,315 |
|
6% due 4/30/2019 |
|
| 1,000 |
|
| 1,049,540 |
|
6.30% due 4/30/2019 |
|
| 1,000 |
|
| 1,059,010 |
|
Total Corporate Bonds |
|
|
|
|
| 4,220,745 |
|
|
|
|
|
|
|
|
|
|
|
| Shares |
|
| Value |
|
CMA California Municipal Money Fund, 2.88% (m)(n) |
|
| 245 |
| $ | 245 |
|
Total Short-Term Securities |
|
|
|
|
| 245 |
|
Total Investments (Cost—$180,539,470*)—168.1% |
|
|
|
|
| 177,872,974 |
|
Liabilities in Excess of Other Assets—(0.1%) |
|
|
|
|
| (79,071 | ) |
Preferred Shares, at Redemption Value—(68.0%) |
|
|
|
|
| (71,984,048 | ) |
|
|
|
|
|
| ||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 105,809,855 |
|
|
|
|
|
|
|
|
|
| |
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 180,360,225 |
|
|
|
| ||
Gross unrealized appreciation |
| $ | 5,155,544 |
|
Gross unrealized depreciation |
|
| (7,628,879 | ) |
|
|
| ||
Net unrealized depreciation |
| $ | (2,473,335 | ) |
|
|
|
|
|
(a) | FSA Insured. |
(b) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(c) | Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is as of report date. This rate changes periodically based upon prevailing market rates. |
(d) | AMBAC Insured. |
(e) | MBIA Insured. |
(f) | Represents a pay-in-kind security which may pay interest/dividends in additional face/shares. |
(g) | ACA Insured. |
(h) | U.S. government securities, held in escrow, are used to pay interest on this security well as the bond in full at the date indicated, typically at premium to par. |
(i) | Assured Guaranty Insured. |
(j) | Security is collateralized by municipal or U.S. Treasury obligations. |
(k) | FGIC Insured. |
(l) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
(m) | Represents the current yield as of report date. |
(n) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| ||
CMA California Municipal Money Fund |
|
| 8 |
| $ | 3 |
|
|
|
• | Forward interest rate swaps outstanding as of February 29, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
| Notional |
| Unrealized |
| ||
Pay a fixed rate of 3.495% and receive a floating rate |
|
|
|
|
|
|
|
Broker, Citibank, N.A. |
| $ | 6,000 |
| $ | (70,602 | ) |
Pay a fixed rate of 3.698% and receive a floating rate |
|
|
|
|
|
|
|
Broker, JPMorganChase |
| $ | 7,000 |
|
| 105,441 |
|
Pay a fixed rate of 3.905% and receive a floating rate |
|
|
|
|
|
|
|
Broker, Citibank, N.A. |
| $ | 5,900 |
|
| 19,488 |
|
Total |
|
|
|
| $ | 54,327 |
|
|
|
|
|
|
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
34 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
Schedule of Investments as of February 29, 2008 |
| BlackRock Florida Insured Municipal Income Trust (BAF) |
(Unaudited) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
Florida—158.5% |
|
|
|
|
|
|
|
Brevard County, Florida, Health Facilities Authority, Healthcare |
| $ | 2,000 |
| $ | 1,749,460 |
|
Colonial Country Club Community Development District, |
|
| 3,780 |
|
| 3,756,186 |
|
Florida State Board of Education, GO (Public Education |
|
| 9,000 |
|
| 8,771,220 |
|
Florida State Board of Education, Lottery Revenue Bonds, |
|
| 8,640 |
|
| 8,622,288 |
|
Florida State Department of Transportation, GO, Refunding, |
|
| 7,000 |
|
| 6,821,710 |
|
Gainesville, Florida, Utilities System Revenue Bonds, |
|
| 2,500 |
|
| 2,697,350 |
|
Highlands County, Florida, Health Facilities Authority, |
|
|
|
|
|
|
|
Series A, 6% due 11/15/2011 (c) |
|
| 8,500 |
|
| 9,354,590 |
|
Series C, 5.25% due 11/15/2036 |
|
| 2,500 |
|
| 2,305,350 |
|
Hillsborough County, Florida, IDA, Hospital Revenue Bonds |
|
| 2,200 |
|
| 1,954,040 |
|
Hillsborough County, Florida, School Board, COP, Refunding, |
|
| 7,580 |
|
| 7,365,486 |
|
Jacksonville, Florida, Capital Improvement Revenue Bonds, |
|
| 2,865 |
|
| 2,673,847 |
|
Jacksonville, Florida, Excise Taxes Revenue Bonds, Series B, |
|
| 8,000 |
|
| 7,628,880 |
|
Jacksonville, Florida, Health Facilities Authority, Hospital |
|
| 1,000 |
|
| 926,080 |
|
Jacksonville, Florida, Sales Tax Revenue Bonds, |
|
| 9,500 |
|
| 9,121,235 |
|
Jacksonville, Florida, Transit Revenue Bonds, |
|
| 9,500 |
|
| 8,911,855 |
|
Julington Creek Plantation Community Development District, |
|
| 1,480 |
|
| 1,403,958 |
|
Lake County, Florida, School Board, COP, Series A, |
|
| 9,000 |
|
| 8,322,930 |
|
Miami-Dade County, Florida, Special Obligation Revenue |
|
|
|
|
|
|
|
Sub-Series A, 5.26% due 10/01/2039 |
|
| 10,000 |
|
| 1,473,500 |
|
Sub-Series A, 5.26% due 10/01/2040 |
|
| 10,000 |
|
| 1,383,700 |
|
Sub-Series B, 5.617% due 10/01/2031 |
|
| 26,935 |
|
| 6,678,533 |
|
Miami, Florida, Special Obligation Revenue Bonds |
|
| 2,000 |
|
| 1,858,780 |
|
Orange County, Florida, Educational Facilities Authority, |
|
| 1,335 |
|
| 1,318,726 |
|
Orange County, Florida, Sales Tax Revenue Refunding Bonds, |
|
| 7,975 |
|
| 7,703,053 |
|
Orange County, Florida, School Board, COP, Series A: |
|
|
|
|
|
|
|
5% due 8/01/2027 (b) |
|
| 2,000 |
|
| 1,876,940 |
|
5% due 8/01/2032 (f) |
|
| 1,000 |
|
| 935,760 |
|
Orange County, Florida, Tourist Development, Senior Lien |
|
| 9,250 |
|
| 9,864,940 |
|
Orange County, Florida, Tourist Development, Tax Revenue |
|
| 1,600 |
|
| 1,522,832 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
Florida—(concluded) |
|
|
|
|
|
|
|
Orlando, Florida, Senior Tourist Development Tax Revenue |
| $ | 1,200 |
| $ | 1,155,684 |
|
Palm Bay, Florida, Utility System Improvement Revenue |
|
|
|
|
|
|
|
5.47% due 10/01/2028 |
|
| 4,015 |
|
| 1,198,437 |
|
5.48% due 10/01/2031 |
|
| 5,570 |
|
| 1,356,351 |
|
Palm Beach County, Florida, School Board, COP, Refunding, |
|
| 9,200 |
|
| 8,769,532 |
|
Pasco County, Florida, School Board, COP, Series A, |
|
| 5,815 |
|
| 5,457,203 |
|
Pinellas County, Florida, Health Facilities Authority Revenue |
|
| 5,000 |
|
| 5,486,800 |
|
Pinellas County, Florida, Sewer Revenue Bonds, |
|
| 9,500 |
|
| 9,135,580 |
|
Polk County, Florida, Utility System Revenue Bonds, |
|
| 5,000 |
|
| 4,722,300 |
|
Saint Johns County, Florida, Ponte Vedra Utility System |
|
| 2,600 |
|
| 2,414,542 |
|
Sarasota County, Florida, Utilities System Revenue Refunding |
|
| 2,945 |
|
| 2,973,508 |
|
Tohopekaliga, Florida, Water Authority, Utility System Revenue |
|
| 1,000 |
|
| 1,001,400 |
|
University of North Florida, Capital Improvement Revenue |
|
| 1,600 |
|
| 1,496,656 |
|
Village Center Community Development District, Florida, |
|
| 10,000 |
|
| 9,405,600 |
|
Village Community Development District Number 5, Florida, |
|
| 3,590 |
|
| 3,625,828 |
|
Total Municipal Bonds |
|
|
|
|
| 185,202,650 |
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
| ||
CMA Florida Municipal Money Fund, 2.66% (h)(i) |
|
| 6,923,459 |
|
| 6,923,459 |
|
Total Short-Term Securities |
|
|
|
|
| 6,923,459 |
|
Total Investments (Cost—$199,634,778*)—164.4% |
|
|
|
|
| 192,126,109 |
|
Other Assets Less Liabilities—0.7% |
|
|
|
|
| 782,299 |
|
Preferred Shares, at Redemption Value—(65.1%) |
|
|
|
|
| (76,052,321 | ) |
|
|
|
|
|
| ||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 116,856,087 |
|
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 35 |
|
|
|
|
|
Schedule of Investments (concluded) |
| BlackRock Florida Insured Municipal Income Trust (BAF) |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 199,651,051 |
|
|
| |||
Gross unrealized appreciation |
| $ | 1,999,972 |
|
Gross unrealized depreciation |
|
| (9,508,641 | ) |
|
| |||
Net unrealized depreciation |
| $ | (7,508,669 | ) |
|
|
|
|
(a) | FSA Insured. |
(b) | MBIA Insured. |
(c) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(d) | AMBAC Insured. |
(e) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(f) | FGIC Insured. |
(g) | Assured Guaranty Insured. |
|
|
(h) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| ||
CMA Florida Municipal Money Fund |
|
| 1,854,081 |
| $ | 54,586 |
|
|
|
(i) | Represents the current yield as of report date. |
|
|
|
|
|
|
|
|
|
| Notional |
| Unrealized |
| ||
Pay a fixed rate of 3.687% and receive a floating rate |
|
|
|
|
|
|
|
| |||||||
Broker, Citibank, N.A. |
| $ | 3,750 |
| $ | (19,793 | ) |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
36 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
Schedule of Investments as of February 29, 2008 (Unaudited) |
| BlackRock Florida Municipal Bond Trust (BIE) |
|
|
|
|
|
|
|
|
|
| Par |
|
|
|
| |
Municipal Bonds |
| (000) |
|
| Value |
| |
Florida—145.8% |
|
|
|
|
|
|
|
Boynton Beach, Florida, M/F Housing Mortgage Revenue |
| $ | 1,000 |
| $ | 899,950 |
|
Brevard County, Florida, Health Facilities Authority, |
|
| 1,000 |
|
| 874,730 |
|
Colonial Country Club Community Development District, |
|
| 1,605 |
|
| 1,594,888 |
|
Florida Municipal Loan Council, Revenue Refunding Bonds, |
|
| 3,150 |
|
| 2,988,814 |
|
Gateway Services Community Development District, Florida, |
|
| 25 |
|
| 24,954 |
|
Greater Orlando Aviation Authority, Florida, Airport Facilities |
|
| 2,100 |
|
| 2,002,581 |
|
Halifax Hospital Medical Center, Florida, Hospital Revenue |
|
| 1,000 |
|
| 912,210 |
|
Heritage Harbour North Community Development District, |
|
| 750 |
|
| 656,805 |
|
Highlands County, Florida, Health Facilities Authority, |
|
|
|
|
|
|
|
Series A, 6% due 11/15/2011 (d) |
|
| 4,900 |
|
| 5,392,646 |
|
Series C, 5.25% due 11/15/2036 |
|
| 1,200 |
|
| 1,106,568 |
|
Hillsborough County, Florida, IDA, Hospital Revenue Bonds |
|
| 1,300 |
|
| 1,154,660 |
|
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa |
|
| 1,810 |
|
| 1,736,749 |
|
Jacksonville, Florida, Economic Development Commission, |
|
| 3,500 |
|
| 3,458,350 |
|
Jacksonville, Florida, Health Facilities Authority, Hospital |
|
| 1,390 |
|
| 1,287,251 |
|
Lakeland, Florida, Hospital System Revenue Bonds (Lakeland |
|
| 3,000 |
|
| 3,295,200 |
|
Madison County, Florida, First Mortgage Revenue Bonds |
|
| 865 |
|
| 797,616 |
|
Miami Beach, Florida, Health Facilities Authority, Hospital |
|
| 1,500 |
|
| 1,507,005 |
|
Miami-Dade County, Florida, Special Obligation Revenue |
|
|
|
|
|
|
|
5.95% due 10/01/2030 |
|
| 10,000 |
|
| 2,624,800 |
|
5.80% due 10/01/2032 |
|
| 5,410 |
|
| 1,267,455 |
|
Miami-Dade County, Florida, Special Obligation Revenue |
|
| 5,500 |
|
| 1,872,860 |
|
Miami, Florida, Special Obligation Revenue Bonds |
|
| 1,000 |
|
| 929,390 |
|
New River Community Development District, Florida, |
|
| 750 |
|
| 677,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Municipal Bonds |
| (000) |
|
| Value |
| |
Florida—(concluded) |
|
|
|
|
|
|
|
Orange County, Florida, Educational Facilities Authority, |
| $ | 1,000 |
| $ | 972,060 |
|
Orange County, Florida, Health Facilities Authority, Health |
|
| 340 |
|
| 303,729 |
|
Orange County, Florida, Health Facilities Authority, Hospital |
|
|
|
|
|
|
|
5.75% due 12/01/2012 (d) |
|
| 5,000 |
|
| 5,484,500 |
|
5.70% due 7/01/2026 |
|
| 305 |
|
| 267,729 |
|
Orange County, Florida, School Board, COP, Series A, |
|
| 1,000 |
|
| 935,760 |
|
Orange County, Florida, Tourist Development, Senior Lien |
|
| 3,350 |
|
| 3,572,708 |
|
Osceola County, Florida, Tourist Development Tax Revenue |
|
| 3,105 |
|
| 2,885,073 |
|
Palm Bay, Florida, Utility System Improvement Revenue |
|
| 3,630 |
|
| 1,083,519 |
|
Palm Beach County, Florida, School Board, COP, Series C, |
|
| 3,000 |
|
| 3,197,760 |
|
Saint Johns County, Florida, Water and Sewer Revenue |
|
| 1,370 |
|
| 306,469 |
|
South Broward, Florida, Hospital District Revenue Bonds, |
|
| 2,000 |
|
| 2,186,840 |
|
South Miami Health Facilities Authority, Florida, Hospital |
|
| 1,000 |
|
| 908,230 |
|
Stevens Plantation Improvement Project Dependent Special |
|
| 1,560 |
|
| 1,519,409 |
|
Sumter County, Florida, IDA, IDR (North Sumter Utility |
|
| 2,700 |
|
| 2,702,187 |
|
Suncoast Community Development District, Florida, |
|
| 750 |
|
| 665,618 |
|
Tolomato Community Development District, Florida, Special |
|
| 650 |
|
| 608,914 |
|
University of North Florida, Capital Improvement Revenue |
|
| 1,000 |
|
| 935,410 |
|
Village Community Development District Number 5, |
|
| 1,370 |
|
| 1,383,673 |
|
Volusia County, Florida, Educational Facility Authority, |
|
|
|
|
|
|
|
5.20% due 10/15/2026 |
|
| 1,250 |
|
| 1,198,125 |
|
5.20% due 10/15/2033 |
|
| 1,610 |
|
| 1,485,837 |
|
|
|
|
|
| |||
|
|
|
|
|
| 69,666,934 |
|
Puerto Rico—5.7% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Government Facilities |
|
| 2,565 |
|
| 2,737,727 |
|
Total Municipal Bonds |
|
|
|
|
| 72,404,661 |
|
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 37 |
|
|
|
|
|
|
Schedule of Investments (concluded) |
| BlackRock Florida Municipal Bond Trust (BIE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Corporate Bonds |
| (000) |
|
| Value |
| |
Multi-State—7.1% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20% due 10/31/2052 (i) |
| $ | 3,000 |
| $ | 3,390,840 |
|
Total Corporate Bonds |
|
|
|
|
| 3,390,840 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Bonds |
| Shares |
| Value |
| ||
CMA Florida Municipal Money Fund, 2.66% (j)(k) |
|
| 940,441 |
| $ | 940,441 |
|
Total Short-Term Securities |
|
|
|
|
| 940,441 |
|
Total Investments (Cost—$76,130,396*)—160.5% |
|
|
|
|
| 76,735,942 |
|
Other Assets Less Liabilities—1.8% |
|
|
|
|
| 846,127 |
|
Preferred Shares, at Redemption Value—(62.3%) |
|
|
|
|
| (29,789,214 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 47,792,855 |
|
|
|
|
|
|
|
|
| |
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
| Aggregate cost |
| $ | 75,932,536 |
|
|
|
| |||
| Gross unrealized appreciation |
| $ | 3,017,409 |
|
| Gross unrealized depreciation |
|
| (2,208,686 | ) |
|
|
| |||
| Net unrealized appreciation |
| $ | 808,723 |
|
|
|
|
|
|
(a) | ACA Insured. |
(b) | MBIA Insured. |
(c) | FSA Insured. |
(d) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(e) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(f) | AMBAC Insured. |
(g) | FGIC Insured. |
(h) | Radian Insured. |
(i) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
(j) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
| Net |
|
| Dividend |
|
| Affiliate |
|
| Activity |
|
| Income |
|
| ||||||||
| CMA Florida Municipal Money Fund |
|
| (579,513 | ) | $ | 20,837 |
|
|
|
|
(k) | Represents the current yield as of report date. |
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
38 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Schedule of Investments as of February 29, 2008 (Unaudited) | BlackRock Maryland Municipal Bond Trust (BZM) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Maryland—135.6% |
|
|
|
|
|
|
|
Annapolis, Maryland, Special Obligation Revenue Bonds |
| $ | 500 |
| $ | 406,445 |
|
Anne Arundel County, Maryland, EDR (Community College |
|
| 2,870 |
|
| 2,806,573 |
|
Baltimore County, Maryland, Metropolitan District, GO: |
|
|
|
|
|
|
|
67th Issue, 5% due 6/01/2022 |
|
| 2,000 |
|
| 2,013,620 |
|
68th Issue, 5% due 8/01/2028 |
|
| 2,000 |
|
| 1,935,300 |
|
Baltimore County, Maryland, Revenue Refunding Bonds |
|
| 1,000 |
|
| 829,210 |
|
Baltimore, Maryland, Special Obligation Tax Bonds |
|
| 1,000 |
|
| 958,270 |
|
Baltimore, Maryland, Wastewater Project Revenue |
|
|
|
|
|
|
|
5.20% due 7/01/2032 |
|
| 3,500 |
|
| 3,359,790 |
|
5.125% due 7/01/2042 |
|
| 2,000 |
|
| 1,896,440 |
|
Frederick County, Maryland, Special Obligation Tax Bonds |
|
| 1,000 |
|
| 984,210 |
|
Howard County, Maryland, Retirement Community |
|
| 500 |
|
| 404,735 |
|
Maryland State Community Development Administration, |
|
| 250 |
|
| 224,440 |
|
Maryland State Health and Higher Educational Facilities |
|
|
|
|
|
|
|
(Baltimore Board of Child Care), |
|
| 2,000 |
|
| 1,948,200 |
|
(Carroll County General Hospital), 6% due 7/01/2037 |
|
| 1,990 |
|
| 1,978,935 |
|
(Loyola College), 5% due 10/01/2039 (b) |
|
| 2,000 |
|
| 1,831,320 |
|
(Union Hospital of Cecil County), |
|
| 2,000 |
|
| 1,967,280 |
|
(University of Maryland Medical System), |
|
| 2,000 |
|
| 2,130,720 |
|
Maryland State Health and Higher Educational Facilities |
|
|
|
|
|
|
|
(Johns Hopkins University), 5% due 7/01/2041 |
|
| 2,000 |
|
| 1,873,860 |
|
(Peninsula Regional Medical Center), |
|
| 1,000 |
|
| 881,720 |
|
Maryland State Industrial Development Financing |
|
|
|
|
|
|
|
(National Aquarium in Baltimore, Inc.) Series B, |
|
| 1,905 |
|
| 1,851,660 |
|
(Our Lady of Good Counsel School), Series A, |
|
| 1,000 |
|
| 897,960 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
Maryland—(concluded) |
|
|
|
|
|
|
|
Maryland State Transportation Authority, Parking Revenue |
| $ | 2,000 |
| $ | 1,850,620 |
|
Montgomery County, Maryland, Lease Revenue Bonds |
|
|
|
|
|
|
|
5% due 6/01/2023 |
|
| 500 |
|
| 500,530 |
|
5% due 6/01/2024 |
|
| 1,435 |
|
| 1,426,993 |
|
Prince Georges County, Maryland, Special Obligation Bonds |
|
| 1,500 |
|
| 1,184,625 |
|
Saint Mary’s College of Maryland, Academic and Auxiliary |
|
|
|
|
|
|
|
5% due 9/01/2027 |
|
| 1,000 |
|
| 947,500 |
|
5% due 9/01/2032 |
|
| 1,000 |
|
| 945,990 |
|
|
|
|
|
| |||
|
|
|
|
|
| 38,036,946 |
|
Puerto Rico—11.9% |
|
|
|
|
|
|
|
Children’s Trust Fund Project of Puerto Rico, Tobacco |
|
| 1,500 |
|
| 1,400,595 |
|
Puerto Rico Commonwealth Highway and Transportation |
|
| 1,500 |
|
| 1,610,370 |
|
Puerto Rico Public Buildings Authority, Government Facilities |
|
| 350 |
|
| 329,024 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,339,989 |
|
Total Municipal Bonds |
|
|
|
|
| 41,376,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
Multi-State—8.1% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 7.20% due 10/31/2052 (e) |
|
| 2,000 |
|
| 2,260,560 |
|
Total Corporate Bonds |
|
|
|
|
| 2,260,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
Merrill Lynch Institutional Tax-Exempt Fund, 3.01% (f)(g) |
|
| 2,002,297 |
|
| 2,002,297 |
|
Total Short-Term Securities |
|
|
|
|
| 2,002,297 |
|
Total Investments (Cost—$46,710,370*)—162.7% |
|
|
|
|
| 45,639,792 |
|
Other Assets Less Liabilities—1.5% |
|
|
|
|
| 421,105 |
|
Preferred Shares, at Redemption Value—(64.2%) |
|
|
|
|
| (18,006,670 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 28,054,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregate cost |
| $ | 46,617,810 |
|
|
| |||
Gross unrealized appreciation |
| $ | 728,812 |
|
Gross unrealized depreciation |
|
| (1,699,055 | ) |
|
| |||
Net unrealized depreciation |
| $ | (970,243 | ) |
|
|
|
|
(a) | FGIC Insured. |
(b) | Represents a pay-in-kind security which may pay interest/dividends in additional face/shares. |
(c) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(d) | AMBAC Insured. |
(e) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
(f) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| ||
Merrill Lynch Institutional Tax-Exempt Fund |
|
| 1,802,297 |
| $ | 5,802 |
|
|
|
(g) | Represents the current yield as of report date. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 39 |
|
|
|
|
|
|
Schedule of Investments as of February 29, 2008 |
| BlackRock New Jersey Municipal Bond Trust (BLJ) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
New Jersey—134.2% |
|
|
|
|
|
|
|
Garden State Preservation Trust of New Jersey, |
| $ | 4,000 |
| $ | 1,315,440 |
|
Middlesex County, New Jersey, Improvement |
|
| 560 |
|
| 466,631 |
|
New Jersey EDA, Cigarette Tax Revenue Bonds, |
|
| 2,000 |
|
| 1,835,420 |
|
New Jersey EDA, EDR, Refunding (Kapkowski |
|
| 2,250 |
|
| 2,256,097 |
|
New Jersey EDA, First Mortgage Revenue Bonds |
|
|
|
|
|
|
|
5.75% due 1/01/2025 |
|
| 150 |
|
| 135,728 |
|
5.875% due 1/01/2037 |
|
| 265 |
|
| 230,372 |
|
New Jersey EDA, First Mortgage Revenue |
|
|
|
|
|
|
|
(Fellowship Village), 5.50% due 1/01/2025 |
|
| 2,000 |
|
| 1,854,780 |
|
(The Winchester Gardens at Ward |
|
| 2,500 |
|
| 2,315,250 |
|
New Jersey EDA, Mortgage Revenue Refunding |
|
| 1,690 |
|
| 1,626,439 |
|
New Jersey EDA, Retirement Community |
|
| 470 |
|
| 401,215 |
|
New Jersey EDA, Revenue Bonds (Newark |
|
| 250 |
|
| 209,185 |
|
New Jersey EDA, School Facilities Construction |
|
| 500 |
|
| 474,885 |
|
New Jersey EDA, Solid Waste Disposal Facilities |
|
| 1,000 |
|
| 1,010,510 |
|
New Jersey EDA, Special Facility Revenue Bonds |
|
| 2,335 |
|
| 2,224,531 |
|
New Jersey Health Care Facilities Financing |
|
| 2,000 |
|
| 2,162,640 |
|
New Jersey Health Care Facilities Financing |
|
|
|
|
|
|
|
(Kennedy Health System), 5.625% |
|
| 2,000 |
|
| 1,955,360 |
|
(South Jersey Hospital System), 6% |
|
| 2,500 |
|
| 2,737,850 |
|
New Jersey Health Care Facilities Financing |
|
|
|
|
|
|
|
(Atlantic City Medical Center), 5.75% |
|
| 890 |
|
| 965,810 |
|
(Atlantic City Medical Center), 5.75% due 7/01/2025 |
|
| 1,110 |
|
| 1,117,936 |
|
(Saint Barnabas Health Care System), |
|
| 500 |
|
| 104,090 |
|
(Saint Barnabas Health Care System), |
|
| 3,600 |
|
| 497,088 |
|
(Saint Barnabas Health Care System), |
|
| 3,600 |
|
| 463,536 |
|
(South Jersey Hospital System), 5% due 7/01/2046 |
|
| 500 |
|
| 428,495 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
New Jersey—(concluded) |
|
|
|
|
|
|
|
New Jersey State Educational Facilities |
|
|
|
|
|
|
|
(Fairleigh Dickinson University), Series D, |
| $ | 1,000 |
| $ | 973,660 |
|
(Georgian Court College Project), |
|
| 630 |
|
| 721,602 |
|
(Kean University), Series D, 5% |
|
| 100 |
|
| 94,352 |
|
(Kean University), Series D, 5% |
|
| 300 |
|
| 281,082 |
|
(Richard Stockton College), Series F, 5% |
|
| 1,250 |
|
| 1,177,700 |
|
New Jersey State Educational Facilities |
|
|
|
|
|
|
|
(Fairleigh Dickinson University), Series C, |
|
| 1,000 |
|
| 1,009,860 |
|
(Fairleigh Dickinson University), Series C, |
|
| 500 |
|
| 468,450 |
|
(Georgian Court University), Series D, 5% |
|
| 150 |
|
| 128,840 |
|
(Rowan University), Series B, 4.25% |
|
| 350 |
|
| 289,825 |
|
New Jersey State Housing and Mortgage Finance |
|
| 250 |
|
| 208,910 |
|
New Jersey State Transportation Trust Fund |
|
| 1,250 |
|
| 290,713 |
|
Port Authority of New York and New Jersey, |
|
| 2,250 |
|
| 2,088,495 |
|
Port Authority of New York and New Jersey, |
|
| 1,500 |
|
| 1,442,985 |
|
Port Authority of New York and New Jersey, |
|
| 125 |
|
| 128,250 |
|
Rahway Valley Sewerage Authority, New Jersey, |
|
| 650 |
|
| 142,838 |
|
Salem County, New Jersey, Improvement |
|
| 100 |
|
| 99,246 |
|
Tobacco Settlement Financing Corporation of |
|
|
|
|
|
|
|
6.125% due 6/01/2012 (e) |
|
| 2,600 |
|
| 2,866,760 |
|
Series 1B, 5.65% due 6/01/2041 (b) |
|
| 1,000 |
|
| 90,680 |
|
University of Medicine and Dentistry of New |
|
| 1,000 |
|
| 924,090 |
|
Vineland, New Jersey, Electric Utility, GO, |
|
|
|
|
|
|
|
5.30% due 5/15/2029 |
|
| 1,000 |
|
| 989,870 |
|
5.375% due 5/15/2032 |
|
| 1,500 |
|
| 1,497,450 |
|
|
|
|
|
|
| 42,704,946 |
|
Puerto Rico—16.8% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Highway and |
|
| 2,000 |
|
| 2,147,160 |
|
See Notes to Financial Statements.
|
|
| |
|
|
|
|
40 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
Schedule of Investments (concluded) |
| BlackRock New Jersey Municipal Bond Trust (BLJ) |
|
|
|
|
|
|
|
|
Municipal Bonds |
|
|
| Value |
| ||
Puerto Rico—(concluded) |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Infrastructure |
|
|
|
|
|
|
|
4.34% due 7/01/2037 |
| $ | 1,750 |
| $ | 282,135 |
|
4.51% due 7/01/2043 |
|
| 1,000 |
|
| 110,170 |
|
Puerto Rico Electric Power Authority, Power |
|
| 1,750 |
|
| 1,897,560 |
|
Puerto Rico Electric Power Authority, Power |
|
| 350 |
|
| 337,393 |
|
Puerto Rico Public Buildings Authority, |
|
| 615 |
|
| 569,201 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,343,619 |
|
Total Municipal Bonds |
|
|
|
|
| 48,048,565 |
|
|
|
|
|
|
|
|
| ||||
Corporate Bonds |
|
|
| Value |
| ||||||
Multi-State—7.1% |
|
|
|
|
|
|
| ||||
Charter Mac Equity Issuer Trust, 7.20% |
| $ | 2,000 |
| $ | 2,260,560 |
| ||||
Total Corporate Bonds |
|
|
|
|
| 2,260,560 |
| ||||
|
|
|
|
|
|
|
| ||||
| |||||||||||
Short-Term Securities |
| Shares |
|
|
|
| |||||
CMA New Jersey Municipal Money Fund, 2.48% (i)(j) |
|
| 1,113,091 |
|
| 1,113,091 |
| ||||
|
|
|
|
|
|
|
| ||||
Total Short-Term Securities |
|
|
|
|
| 1,113,091 |
| ||||
Total Investments (Cost—$52,329,356*)—161.6% |
|
|
|
|
| 51,422,216 |
| ||||
Other Assets Less Liabilities—2.0% |
|
|
|
|
| 646,281 |
| ||||
Preferred Shares, at Redemption Value—(63.6%) |
|
|
|
|
| (20,238,924 | ) | ||||
|
|
|
|
| |||||||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 31,829,573 |
| ||||
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
| Aggregate cost |
|
|
|
| $ | 52,201,672 |
|
|
|
|
|
| ||||
| Gross unrealized appreciation |
|
|
|
| $ | 1,826,733 |
|
| Gross unrealized depreciation |
|
|
|
|
| (2,598,715 | ) |
|
|
|
|
| ||||
| Net unrealized depreciation |
|
|
|
| $ | (771,982 | ) |
|
|
|
|
|
|
|
(a) | FSA Insured. |
(b) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(c) | GNMA Collateralized. |
(d) | AMBAC Insured. |
(e) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(f) | FGIC Insured. |
(g) | MBIA Insured. |
(h) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered to be illiquid. |
(i) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| ||
CMA New Jersey Municipal Money Fund |
|
| 605,718 |
| $ | 6,073 |
|
|
|
(j) | Represents the current yield as of report date. |
|
|
• | Forward interest rate swaps outstanding as of February 29, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
| Notional |
| Unrealized |
| ||
Pay a fixed rate of 3.984% and receive a floating |
| $ | 1,100 |
| $ | (21,953 | ) |
Pay a fixed rate of 3.682% and receive a floating |
|
| 1,700 |
|
| 68,065 |
|
Total |
|
|
|
| $ | 46,112 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
| |
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 41 |
|
|
|
Schedule of Investments as of February 29, 2008 (Unaudited) | BlackRock New York Insured Municipal Income Trust (BSE) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—156.4% |
|
|
|
|
|
|
|
Babylon, New York, IDA Residential Recovery Revenue |
| $ | 710 |
| $ | 710,000 |
|
Herkimer County, New York, IDA, Civic Facility Revenue |
|
| 1,000 |
|
| 962,480 |
|
Hudson Yards Infrastructure Corporation, New York, |
|
| 3,000 |
|
| 2,723,760 |
|
Long Island Power Authority, New York, Electric System |
|
|
|
|
|
|
|
Series B, 5% due 12/01/2035 (a) |
|
| 1,000 |
|
| 963,600 |
|
Series F, 4.25% due 5/01/2033 (d) |
|
| 1,415 |
|
| 1,196,496 |
|
Metropolitan Transportation Authority, New York, Revenue |
|
|
|
|
|
|
|
Series A, 5% due 11/15/2030 (a) |
|
| 6,095 |
|
| 5,925,254 |
|
Series A, 5.25% due 11/15/2031 (c) |
|
| 4,250 |
|
| 4,198,532 |
|
Series E, 5.25% due 11/15/2031 (c) |
|
| 2,660 |
|
| 2,627,787 |
|
Metropolitan Transportation Authority, New York, Service |
|
| 10,000 |
|
| 9,762,700 |
|
Nassau County, New York, Interim Financing Authority, |
|
| 500 |
|
| 500,000 |
|
New York City, New York, City IDA, PILOT Revenue Bonds: |
|
|
|
|
|
|
|
(Queens Baseball Stadium Project), |
|
| 3,725 |
|
| 3,429,533 |
|
(Yankee Stadium Project), |
|
| 650 |
|
| 598,422 |
|
New York City, New York, City Municipal Water Finance |
|
|
|
|
|
|
|
Series A, 4.75% due 6/15/2037 |
|
| 1,385 |
|
| 1,266,458 |
|
Series DD, 4.75% due 6/15/2036 |
|
| 2,035 |
|
| 1,871,732 |
|
New York City, New York, City Municipal Water Finance |
|
| 1,500 |
|
| 1,244,460 |
|
New York City, New York, City Transitional Finance Authority, |
|
| 500 |
|
| 472,320 |
|
New York City, New York, City Transitional Finance Authority: |
|
|
|
|
|
|
|
Future Tax Secured, Revenue Refunding Bonds, Series B (e): |
|
|
|
|
|
|
|
5% due 11/01/2011 (f) |
|
| 235 |
|
| 251,711 |
|
5% due 5/01/2030 |
|
| 5,765 |
|
| 5,562,418 |
|
New York City, New York, GO, Refunding, VRDN, Series H, |
|
|
|
|
|
|
|
2.90% due 8/01/2019 |
|
| 1,900 |
|
| 1,900,000 |
|
2.90% due 8/01/2022 |
|
| 2,300 |
|
| 2,300,000 |
|
New York City, New York, GO, Series D1, |
|
| 1,400 |
|
| 1,358,434 |
|
New York City, New York, GO, VRDN, Sub-Series A-6, |
|
| 1,000 |
|
| 1,000,000 |
|
New York City, New York, IDA, Civic Facility Revenue Bonds |
|
| 2,500 |
|
| 2,291,225 |
|
New York City, New York, IDA, Civic Facility Revenue |
|
| 440 |
|
| 350,645 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—(concluded) |
|
|
|
|
|
|
|
New York City, New York, Sales Tax Asset Receivable |
| $ | 6,000 |
| $ | 5,769,600 |
|
New York City, New York, Trust for Cultural Resources |
|
| 4,100 |
|
| 3,833,623 |
|
New York Convention Center Development Corporation, |
|
| 7,425 |
|
| 6,872,209 |
|
New York State Dormitory Authority, Hospital Revenue Bonds |
|
| 7,000 |
|
| 6,559,350 |
|
New York State Dormitory Authority, Hospital Revenue |
|
| 5,000 |
|
| 4,678,800 |
|
New York State Dormitory Authority, Lease Revenue Bonds |
|
| 500 |
|
| 477,045 |
|
New York State Dormitory Authority, Mental Health Services |
|
|
|
|
|
|
|
Sub-Series D-2A, 5% due 2/15/2031 (d) |
|
| 700 |
|
| 700,000 |
|
Sub-Series D-2B, 3.15% due 2/15/2031 (a) |
|
| 800 |
|
| 800,000 |
|
New York State Dormitory Authority, Mortgage Hospital |
|
| 6,000 |
|
| 5,626,380 |
|
New York State Dormitory Authority, Non-State Supported |
|
| 750 |
|
| 711,308 |
|
New York State Dormitory Authority, Non-State Supported |
|
| 2,500 |
|
| 2,351,000 |
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
(Brooklyn Law School), Series B, |
|
| 5,000 |
|
| 4,665,850 |
|
(Fashion Institute of Technology Student Housing |
|
| 2,500 |
|
| 2,706,875 |
|
(Memorial Sloan-Kettering Cancer Center), Series 1, |
|
| 10,000 |
|
| 2,911,900 |
|
(New York University), Series 2, 5% due 7/01/2041 (e) |
|
| 7,000 |
|
| 6,589,310 |
|
(SS Joachim and Anne Residence), |
|
| 3,000 |
|
| 2,873,280 |
|
(School Districts Financing Program), Series D, |
|
| 3,500 |
|
| 3,309,635 |
|
New York State Dormitory Authority, Revenue Refunding |
|
|
|
|
|
|
|
(School District Financing Program), |
|
| 2,000 |
|
| 1,895,040 |
|
(Winthrop S. Nassau University), |
|
| 2,000 |
|
| 1,949,960 |
|
New York State, GO, Series A, 4.125% due 3/01/2037 (c) |
|
| 320 |
|
| 258,038 |
|
New York State Local Government Assistance Corporation, |
|
| 500 |
|
| 500,000 |
|
Schuyler County, New York, Human Services Development |
|
| 1,150 |
|
| 1,103,207 |
|
TSASC, Inc., New York, TFABS, Series 1, |
|
| 2,500 |
|
| 2,735,825 |
|
Triborough Bridge and Tunnel Authority, New York, Revenue |
|
| 9,400 |
|
| 8,889,580 |
|
|
|
|
|
| |||
|
|
|
|
|
| 132,235,782 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
42 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock New York Insured Municipal Income Trust (BSE) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico—6.4% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue |
| $ | 1,000 |
| $ | 963,980 |
|
Puerto Rico Industrial, Tourist, Educational, Medical and |
|
| 1,000 |
|
| 930,720 |
|
Puerto Rico Industrial, Tourist, Educational, Medical and |
|
| 4,000 |
|
| 3,551,280 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,445,980 |
|
Total Municipal Bonds |
|
|
|
|
| 137,681,762 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Securities |
| Shares |
|
| Value |
| |
CMA New York Municipal Money Fund, 2.63% (m)(n) |
|
| 298 |
| $ | 298 |
|
Total Short-Term Securities |
|
|
|
|
| 298 |
|
Total Investments (Cost—$145,244,706*)—162.8% |
|
|
|
|
| 137,682,060 |
|
Other Assets Less Liabilities—3.4% |
|
|
|
|
| 2,898,823 |
|
Preferred Shares, at Redemption Value—(66.2%) |
|
|
|
|
| (56,020,750 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 84,560,133 |
|
|
|
|
|
| |||
| |||||||
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 145,262,500 |
|
|
| |||
Gross unrealized appreciation |
| $ | 547,837 |
|
Gross unrealized depreciation |
|
| (8,120,883 | ) |
|
| |||
Net unrealized depreciation |
| $ | (7,573,046 | ) |
|
|
|
|
(a) | FSA Insured. |
(b) | Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is as of report date. This rate changes periodically based upon prevailing market rates. |
(c) | FGIC Insured. |
(d) | MBIA Insured. |
(e) | AMBAC Insured. |
(f) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(g) | ACA Insured. |
(h) | FHA Insured. |
(i) | Assured Guaranty Insured. |
(j) | XL Capital Insured. |
(k) | Security is collateralized by municipal or U.S. Treasury obligations. |
(l) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(m) | Represents the current yield as of report date. |
(n) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
| ||||
| Affillate |
| Net | Dividend |
| ||||
| CMA New York Municipal Money Fund |
| 7 | $4 |
|
|
|
| Forward interest rate swaps outstanding as of February 29, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
| Notional |
| Unrealized |
| ||
Pay a fixed rate of 3.984% and receive a floating rate |
| $ | 8,000 |
| $ | (159,656 | ) |
|
|
|
|
|
|
|
|
Pay a fixed rate of 3.682% and receive a floating rate |
| $ | 6,000 |
|
| 240,228 |
|
Total |
|
|
|
| $ | 80,572 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 43 |
|
|
|
|
Schedule of Investments as of February 29, 2008 | BlackRock New York Municipal Bond Trust (BQH) |
(Unaudited) | (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—127.6% |
|
|
|
|
|
|
|
Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant |
|
|
|
|
|
|
|
7% due 5/01/2025 |
| $ | 200 |
| $ | 155,238 |
|
7% due 5/01/2035 |
|
| 130 |
|
| 98,743 |
|
Dutchess County, New York, IDA, Civic Facility Revenue |
|
| 1,000 |
|
| 1,078,890 |
|
Dutchess County, New York, IDA, Civic Facility |
|
| 500 |
|
| 424,715 |
|
Genesee County, New York, IDA, Civic Facility Revenue |
|
| 150 |
|
| 124,280 |
|
Hudson Yards Infrastructure Corporation, New York, |
|
| 900 |
|
| 776,313 |
|
Madison County, New York, IDA, Civic Facility Revenue Bonds |
|
| 200 |
|
| 184,118 |
|
Metropolitan Transportation Authority, New York, Revenue |
|
| 3,000 |
|
| 2,886,270 |
|
New York City, New York, City Health and Hospital Corporation, |
|
| 1,100 |
|
| 1,069,739 |
|
New York City, New York, City Housing Development |
|
| 2,500 |
|
| 2,379,100 |
|
New York City, New York, City IDA, PILOT Revenue Bonds: |
|
|
|
|
|
|
|
(Queens Baseball Stadium Project), 5% due 1/01/2039 (e) |
|
| 250 |
|
| 233,977 |
|
(Queens Baseball Stadium Project), 5% due 1/01/2046 (e) |
|
| 150 |
|
| 138,102 |
|
(Yankee Stadium Project), 5% due 3/01/2036 (c) |
|
| 250 |
|
| 234,617 |
|
(Yankee Stadium Project), 5% due 3/01/2046 (f) |
|
| 750 |
|
| 690,487 |
|
New York City, New York, City IDA, Special Facility |
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK International Airport), |
|
| 1,250 |
|
| 1,279,637 |
|
(Continental Airlines Inc. Project), |
|
| 1,000 |
|
| 1,033,830 |
|
New York City, New York, City Municipal Water Finance |
|
| 650 |
|
| 566,085 |
|
New York City, New York, City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
5.25% due 6/15/2011 (b) |
|
| 2,500 |
|
| 2,661,650 |
|
4.25% due 6/15/2033 |
|
| 250 |
|
| 210,757 |
|
New York City, New York, City Transitional Finance Authority, |
|
| 250 |
|
| 236,160 |
|
New York City, New York, GO, Series D, |
|
| 2,040 |
|
| 2,035,696 |
|
New York City, New York, IDA, Civic Facility Revenue Bonds |
|
| 250 |
|
| 251,325 |
|
New York City, New York, IDA, Civic Facility Revenue Refunding |
|
| 480 |
|
| 382,522 |
|
New York Convention Center Development Corporation, |
|
| 1,000 |
|
| 925,550 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—(concluded) |
|
|
|
|
|
|
|
New York Counties Tobacco Trust III, Tobacco Settlement |
| $ | 1,445 |
| $ | 1,454,537 |
|
New York Liberty Development Corporation Revenue Bonds |
|
| 386 |
|
| 365,019 |
|
New York State Dormitory Authority, Consolidated Fourth |
|
| 2,215 |
|
| 2,359,772 |
|
New York State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30% due 7/01/2037 (h) |
|
| 200 |
|
| 184,644 |
|
(New York University Hospitals Center), Series B, |
|
| 260 |
|
| 236,535 |
|
New York State Dormitory Authority, Non-State Supported Debt, |
|
| 150 |
|
| 141,060 |
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
(Iona College), 5.125% due 7/01/2032 (i) |
|
| 2,500 |
|
| 2,311,825 |
|
(Willow Towers Inc. Project), 5.40% due 2/01/2034 (j) |
|
| 2,500 |
|
| 2,500,950 |
|
New York State Environmental Facilities Corporation, |
|
| 2,750 |
|
| 2,711,143 |
|
New York State Mortgage Agency Revenue Bonds, AMT, |
|
| 2,785 |
|
| 2,620,601 |
|
New York State Thruway Authority, General Revenue |
|
| 250 |
|
| 238,253 |
|
New York State Urban Development Corporation, |
|
| 5,000 |
|
| 5,356,850 |
|
Port Authority of New York and New Jersey, Consolidated |
|
| 2,750 |
|
| 2,552,605 |
|
Port Authority of New York and New Jersey, Special |
|
| 2,475 |
|
| 2,539,350 |
|
Saratoga County, New York, IDA, Civic Facility Revenue Bonds |
|
| 200 |
|
| 179,818 |
|
Schuyler County, New York, Human Services Development |
|
| 600 |
|
| 575,586 |
|
Suffolk County, New York, IDA, Continuing Care and Retirement, |
|
| 260 |
|
| 220,943 |
|
Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson), |
|
| 500 |
|
| 461,765 |
|
TSASC, Inc., New York, TFABS, Series 1, |
|
| 3,000 |
|
| 3,282,990 |
|
|
|
|
|
| |||
|
|
|
|
|
| 50,352,047 |
|
Guam—0.5% |
|
|
|
|
|
|
|
Guam Economic Development and Commerce Authority, Tobacco |
|
| 200 |
|
| 182,846 |
|
Puerto Rico—20.6% |
|
|
|
|
|
|
|
Children’s Trust Fund Project of Puerto Rico, Tobacco Settlement |
|
| 500 |
|
| 467,485 |
|
Puerto Rico Commonwealth Highway and Transportation Authority, |
|
| 750 |
|
| 805,185 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
44 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Schedule of Investments (concluded) | BlackRock New York Municipal Bond Trust (BQH) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico—(concluded) |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Infrastructure Financing Authority, |
|
|
|
|
|
|
|
4.34% due 7/01/2037 |
| $ | 2,000 |
| $ | 322,440 |
|
5.009% due 7/01/2044 |
|
| 2,000 |
|
| 207,020 |
|
Puerto Rico Commonwealth, Public Improvement, GO, |
|
| 1,825 |
|
| 1,659,728 |
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, |
|
| 1,750 |
|
| 1,897,560 |
|
Puerto Rico Public Buildings Authority, Government |
|
|
|
|
|
|
|
5.25% due 7/01/2012 (b) |
|
| 1,980 |
|
| 2,113,333 |
|
5.25% due 7/01/2027 |
|
| 720 |
|
| 666,382 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,139,133 |
|
Total Municipal Bonds |
|
|
|
|
| 58,674,026 |
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Bonds |
| Par |
| Value |
| ||
Multi State—7.2% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, |
| $ | 2,500 |
|
| 2,825,700 |
|
Total Corporate Bonds |
|
|
|
|
| 2,825,700 |
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
CMA New York Municipal Money Fund, 2.63% (n)(o) |
|
| 1,614,379 |
| $ | 1,614,379 |
|
Total Short-Term Securities |
|
|
|
|
| 1,614,379 |
|
Total Investments (Cost—$63,102,126*)—160.0% |
|
|
|
|
| 63,114,105 |
|
Other Assets Less Liabilities—1.4% |
|
|
|
|
| 542,553 |
|
Preferred Shares, at Redemption Value—(61.4%) |
|
|
|
|
| (24,213,937 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 39,442,721 |
|
|
|
|
|
|
|
|
| |
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 63,013,624 |
|
|
| |||
Gross unrealized appreciation |
| $ | 2,304,328 |
|
Gross unrealized depreciation |
|
| (2,196,116 | ) |
|
| |||
Net unrealized appreciation |
| $ | 108,212 |
|
|
|
|
|
(a) | Illiquid security. |
(b) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(c) | MBIA Insured. |
(d) | CIFG Insured. |
(e) | AMBAC Insured. |
(f) | FGIC Insured. |
(g) | ACA Insured. |
(h) | Radian Insured. |
(i) | XL Capital Insured. |
(j) | GNMA Collateralized. |
(k) | Assured Guaranty Insured. |
(l) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(m) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered illiquid. |
(n) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| ||
CMA New York Municipal Money Fund |
|
| 1,107,227 |
| $ | 7,746 |
|
|
|
(o) | Represents the current yield as of report date. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 45 |
|
|
|
| ||
Schedule of Investments as of February 29, 2008 |
| BlackRock New York Municipal Income Trust II (BFY) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—144.9% |
|
|
|
|
|
|
|
Albany, New York, IDA, Civic Facility Revenue Bonds (New |
|
|
|
|
|
|
|
7% due 5/01/2025 |
| $ | 345 |
| $ | 267,786 |
|
7% due 5/01/2035 |
|
| 220 |
|
| 167,103 |
|
Clarence, New York, IDA, Civic Facility Revenue Bonds |
|
| 1,705 |
|
| 1,758,861 |
|
Dutchess County, New York, IDA, Civic Facility Revenue Bonds |
|
| 4,000 |
|
| 4,315,560 |
|
Essex County, New York, IDA, Solid Waste Disposal, Revenue |
|
| 625 |
|
| 546,500 |
|
Genesee County, New York, IDA, Civic Facility Revenue Refunding |
|
| 250 |
|
| 207,132 |
|
Geneva, New York, IDA, Civic Facility Revenue Refunding |
|
| 3,250 |
|
| 3,225,592 |
|
Herkimer County, New York, IDA, Civic Facility Revenue Bonds |
|
| 385 |
|
| 370,555 |
|
Long Island Power Authority, New York, Electric System |
|
| 3,515 |
|
| 1,125,925 |
|
Madison County, New York, IDA, Civic Facility Revenue Bonds |
|
| 250 |
|
| 230,147 |
|
Metropolitan Transportation Authority, New York, |
|
| 5,000 |
|
| 4,790,100 |
|
Metropolitan Transportation Authority, New York, |
|
| 1,250 |
|
| 1,234,862 |
|
Metropolitan Transportation Authority, New York, |
|
| 5,000 |
|
| 4,847,100 |
|
New York City, New York, City Housing Development Corporation, |
|
| 1,420 |
|
| 1,247,811 |
|
New York City, New York, City IDA, Mortgage Revenue Bonds |
|
|
|
|
|
|
|
4.95% due 11/20/2032 |
|
| 980 |
|
| 883,098 |
|
5.875% due 5/20/2044 |
|
| 975 |
|
| 993,486 |
|
New York City, New York, City IDA, PILOT Revenue Bonds |
|
|
|
|
|
|
|
5% due 1/01/2039 |
|
| 500 |
|
| 467,955 |
|
5% due 1/01/2046 |
|
| 2,050 |
|
| 1,887,394 |
|
New York City, New York, City IDA, Revenue Bonds |
|
| 1,000 |
|
| 831,570 |
|
New York City, New York, City IDA, Special Facility Revenue |
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK International Airport), |
|
| 1,600 |
|
| 1,637,936 |
|
(Continental Airlines Inc. Project) |
|
| 1,500 |
|
| 1,550,745 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—(continued) |
|
|
|
|
|
|
|
New York City, New York, City Municipal Water Finance Authority, |
| $ | 850 |
| $ | 740,265 |
|
New York City, New York, City Municipal |
|
| 5,000 |
|
| 4,911,000 |
|
New York City, New York, City Transit Authority, Metropolitan |
|
| 5,000 |
|
| 5,257,100 |
|
New York City, New York, City Transitional Finance Authority, |
|
|
|
|
|
|
|
Series S-1, 5% due 7/15/2031 |
|
| 500 |
|
| 472,320 |
|
Series S-2, 4.50% due 1/15/2031 |
|
| 2,500 |
|
| 2,185,525 |
|
Series S-2, 4.25% due 1/15/2034 |
|
| 250 |
|
| 205,095 |
|
New York City, New York, City Transitional Finance Authority, |
|
| 5,000 |
|
| 4,871,350 |
|
New York City, New York, GO: |
|
|
|
|
|
|
|
Series A, 5% due 8/01/2030 |
|
| 1,500 |
|
| 1,425,090 |
|
Series B, 5.75% due 12/01/2011 (c) |
|
| 3,000 |
|
| 3,269,640 |
|
New York City, New York, IDA, Civic Facility Revenue Bonds (i): |
|
|
|
|
|
|
|
(Lycee Francais de New York Project), Series A, |
|
| 1,500 |
|
| 1,374,735 |
|
(Polytechnic University), 5.25% due 11/01/2037 |
|
| 800 |
|
| 637,536 |
|
New York Convention Center Development Corporation, |
|
| 3,000 |
|
| 2,820,090 |
|
New York Counties Tobacco Trust III, Tobacco Settlement |
|
| 2,535 |
|
| 2,551,731 |
|
New York Liberty Development Corporation Revenue Bonds |
|
| 675 |
|
| 639,967 |
|
New York State Dormitory Authority, Mortgage Hospital |
|
| 1,500 |
|
| 1,406,595 |
|
New York State Dormitory Authority, Non-State Supported |
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30% due 7/01/2037 (m) |
|
| 250 |
|
| 230,805 |
|
(Mount Sinai School of Medicine of New York University), |
|
| 500 |
|
| 470,200 |
|
(New York University Hospitals Center), Series B, |
|
| 530 |
|
| 482,168 |
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
(Brooklyn Law School), Series B, |
|
| 2,500 |
|
| 2,332,925 |
|
(New School University), 5% due 7/01/2031 (h) |
|
| 1,425 |
|
| 1,342,578 |
|
New York State Dormitory Authority, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
(Kateri Residence), 5% due 7/01/2022 |
|
| 2,000 |
|
| 1,997,840 |
|
(Mount Saint Mary College Project), 5% due 7/01/2032 (m) |
|
| 2,000 |
|
| 1,790,200 |
|
New York State Energy Research and Development Authority, |
|
| 5,500 |
|
| 5,503,355 |
|
New York State Energy Research and Development Authority, |
|
| 1,500 |
|
| 1,301,445 |
|
New York State Urban Development Corporation, Personal |
|
| 2,000 |
|
| 1,928,160 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
46 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
| ||
Schedule of Investments (concluded) |
| BlackRock New York Municipal Income Trust II (BFY) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
New York—(concluded) |
|
|
|
|
|
|
|
Port Authority of New York and New Jersey, Special Obligation |
| $ | 3,500 |
| $ | 3,591,000 |
|
Saratoga County, New York, IDA, Civic Facility Revenue Bonds |
|
| 350 |
|
| 314,682 |
|
Suffolk County, New York, IDA, Continuing Care and Retirement, |
|
| 450 |
|
| 382,401 |
|
Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson), |
|
| 2,500 |
|
| 2,308,825 |
|
TSASC, Inc., New York, TFABS, Series 1, |
|
| 8,000 |
|
| 8,754,640 |
|
Triborough Bridge and Tunnel Authority, New York, Revenue |
|
| 150 |
|
| 144,726 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 98,231,207 |
|
Guam—0.5% |
|
|
|
|
|
|
|
Guam Economic Development and Commerce Authority, |
|
| 375 |
|
| 342,836 |
|
Puerto Rico—8.3% |
|
|
|
|
|
|
|
Children’s Trust Fund Project of Puerto Rico, |
|
| 500 |
|
| 467,485 |
|
Puerto Rico Commonwealth Highway and Transportation |
|
|
|
|
|
|
|
Series D, 5.375% due 7/01/2012 (c) |
|
| 2,000 |
|
| 2,157,160 |
|
Series N, 5.25% due 7/01/2039 (f) |
|
| 2,900 |
|
| 2,698,189 |
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax |
|
| 5,000 |
|
| 283,850 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,606,684 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Total Municipal Bonds |
|
|
|
| $ | 104,180,727 |
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Bonds |
|
|
|
|
|
|
|
Multi-State—6.2% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (n): |
|
|
|
|
|
|
|
5.75% due 4/30/2015 |
| $ | 500 |
|
| 527,880 |
|
6% due 4/30/2015 |
|
| 1,500 |
|
| 1,584,315 |
|
6% due 4/30/2019 |
|
| 1,000 |
|
| 1,049,540 |
|
6.30% due 4/30/2019 |
|
| 1,000 |
|
| 1,059,010 |
|
Total Corporate Bonds |
|
|
|
|
| 4,220,745 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Securities |
|
| Shares |
|
|
|
|
CMA New York Municipal Money Fund, 2.63% (o)(p) |
|
| 2,721,307 |
| $ | 2,721,307 |
|
Total Short-Term Securities |
|
|
|
|
| 2,721,307 |
|
Total Investments (Cost—$113,464,900*)—163.9% |
|
|
|
|
| 111,122,779 |
|
Other Assets Less Liabilities—2.0% |
|
|
|
|
| 1,346,102 |
|
Preferred Shares, at Redemption Value—(65.9%) |
|
|
|
|
| (44,671,315 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 67,797,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Aggregate cost |
| $ | 113,313,472 |
|
|
|
| |||
| Gross unrealized appreciation |
| $ | 2,392,322 |
|
| Gross unrealized depreciation |
|
| (4,573,276 | ) |
|
|
| |||
| Net unrealized depreciation |
| $ | (2,180,954 | ) |
|
|
|
|
|
(a) | Illiquid security. |
(b) | GNMA Collateralized. |
(c) | U.S. government securities, held in escrow, are used to pay Interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(d) | FSA Insured. |
(e) | CIFG Insured. |
(f) | FGIC Insured. |
(g) | AMBAC Insured. |
(h) | MBIA Insured. |
(i) | ACA Insured. |
(j) | XL Capital Insured. |
(k) | FHA Insured. |
(l) | Represents a zero coupon bond; the interest rate shown reflects the effective yield at the time of purchase. |
(m) | Radian Insured. |
(n) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered illiquid. |
(o) | Represents the current yield as of report date. |
(p) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net |
| Dividend |
| ||
CMA New York Municipal Money Fund |
|
| 1,810,432 |
| $ | 11,079 |
|
|
| ||||||
Forward interest rate swaps outstanding as of report date were as follows: | |||||||
| |||||||
Description |
| Notional |
| Unrealized |
| ||
Pay a fixed rate of 3.841% and receive a floating rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, CitiBank, N.A. |
|
|
|
|
|
|
|
Expires March 2033 |
| $ | 3,500 |
| $ | 19,442 |
|
|
|
|
|
|
|
|
|
Pay a fixed rate of 3.905% and receive a floating rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Broker, CitiBank, N.A. |
|
|
|
|
|
|
|
Expires March 2038 |
| $ | 2,500 |
|
| 8,258 |
|
Total |
|
|
|
| $ | 27,700 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 47 |
|
|
| |
Schedule of Investments as of February 29, 2008 | BlackRock Virginia Municipal Bond Trust (BHV) |
(Unaudited) | (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
District of Columbia—7.2% |
|
|
|
|
|
|
|
Metropolitan Washington Airports Authority, D.C., |
|
|
|
|
|
|
|
Airport System Revenue Bonds, AMT: |
|
|
|
|
|
|
|
Series A, 5.25% due 10/01/2032 (a) |
| $ | 1,500 |
| $ | 1,401,840 |
|
Series B, 5% due 10/01/2034 (b) |
|
| 250 |
|
| 227,222 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,629,062 |
|
Virginia—137.5% |
|
|
|
|
|
|
|
Alexandria, Virginia, Redevelopment and Housing |
|
|
|
|
|
|
|
Authority, M/F Housing Revenue Refunding Bonds |
|
|
|
|
|
|
|
(3001 Park Center Apartments), |
|
|
|
|
|
|
|
Series A, 6.375% due 4/01/2034 |
|
| 1,435 |
|
| 1,408,079 |
|
Arlington County, Virginia, IDA, Hospital Facilities Revenue |
|
|
|
|
|
|
|
Bonds (Virginia Hospital Center - Arlington Health |
|
|
|
|
|
|
|
System), 5.25% due 7/01/2011 (c) |
|
| 2,150 |
|
| 2,307,056 |
|
Celebrate North Community Development Authority, |
|
|
|
|
|
|
|
Virginia, Special Assessment Revenue Bonds, Series B, |
|
|
|
|
|
|
|
6.75% due 3/01/2034 |
|
| 1,500 |
|
| 1,429,575 |
|
Chesterfield County, Virginia, EDA, Solid Waste and |
|
|
|
|
|
|
|
Sewer Disposal Revenue Bonds (Virginia Electric |
|
|
|
|
|
|
|
Power Company), AMT, Series A, |
|
|
|
|
|
|
|
5.60% due 11/01/2031 |
|
| 500 |
|
| 454,400 |
|
Danville, Virginia, IDA, Hospital Revenue Refunding Bonds |
|
|
|
|
|
|
|
(Danville Regional Medical Center), |
|
|
|
|
|
|
|
5.25% due 10/01/2028 (d)(e) |
|
| 1,500 |
|
| 1,541,730 |
|
Dulles Town Center, Virginia, Community Development |
|
|
|
|
|
|
|
Authority, Special Assessment Tax (Dulles Town |
|
|
|
|
|
|
|
Center Project), 6.25% due 3/01/2026 |
|
| 970 |
|
| 920,850 |
|
Fairfax County, Virginia, EDA, Residential Care Facilities, |
|
|
|
|
|
|
|
Mortgage Revenue Refunding Bonds |
|
|
|
|
|
|
|
(Goodwin House, Inc.), |
|
|
|
|
|
|
|
5.125% due 10/01/2037 |
|
| 1,000 |
|
| 846,720 |
|
Fairfax County, Virginia, IDA, Revenue Refunding Bonds |
|
|
|
|
|
|
|
(Inova Health System Project), VRDN, Series A-1, |
|
|
|
|
|
|
|
2.85% due 5/15/2035 (f) |
|
| 300 |
|
| 300,000 |
|
Fairfax County, Virginia, Water Authority, Water Revenue |
|
|
|
|
|
|
|
Refunding Bonds, 5% due 4/01/2027 |
|
| 1,205 |
|
| 1,174,574 |
|
Hampton, Virginia, Public Improvement, GO, |
|
|
|
|
|
|
|
5% due 4/01/2020 |
|
| 1,000 |
|
| 1,016,740 |
|
Henrico County, Virginia, EDA, Revenue Refunding Bonds |
|
|
|
|
|
|
|
(Bon Secours Health System, Inc.), Series A: |
|
|
|
|
|
|
|
5.60% due 11/15/2012 (c) |
|
| 60 |
|
| 65,707 |
|
5.60% due 11/15/2030 |
|
| 1,440 |
|
| 1,434,370 |
|
Isle Wight County, Virginia, IDA, Environmental |
|
|
|
|
|
|
|
Improvement Revenue Bonds, AMT, Series A, |
|
|
|
|
|
|
|
5.70% due 11/01/2027 |
|
| 1,300 |
|
| 1,184,794 |
|
Norfolk, Virginia, Airport Authority Revenue Bonds, Series A, |
|
|
|
|
|
|
|
5.125% due 7/01/2031 (a) |
|
| 1,500 |
|
| 1,405,860 |
|
Peninsula Ports Authority, Virginia, Residential Care |
|
|
|
|
|
|
|
Facilities, Revenue Refunding Bonds (Baptist Homes), |
|
|
|
|
|
|
|
Series C, 5.40% due 12/01/2033 |
|
| 500 |
|
| 407,830 |
|
Pocahontas Parkway Association, Virginia, Toll Road |
|
|
|
|
|
|
|
Revenue Bonds, Senior Series B, |
|
|
|
|
|
|
|
6.99% due 8/15/2008 (c)(g)(h) |
|
| 5,000 |
|
| 2,249,200 |
|
Prince William County, Virginia, Lease Participation |
|
|
|
|
|
|
|
Certificates, 5% due 12/01/2021 |
|
| 1,275 |
|
| 1,280,725 |
|
Richmond, Virginia, Metropolitan Authority, Expressway |
|
|
|
|
|
|
|
Revenue Refunding Bonds, 5.25% due 7/15/2022 (a) |
|
| 1,250 |
|
| 1,276,550 |
|
Richmond, Virginia, Public Utilities Revenue Refunding |
|
|
|
|
|
|
|
Bonds, 5% due 1/15/2012 (b)(c) |
|
| 3,000 |
|
| 3,179,400 |
|
|
|
|
|
|
|
|
|
| |||||||
Municipal Bonds |
| Par |
| Value |
| ||
Virginia—(concluded) |
|
|
|
|
|
|
|
The Shops at White Oak Village Community Development |
|
|
|
|
|
|
|
Authority, Virginia, Special Assessment Revenue Bonds, |
|
|
|
|
|
|
|
5.30% due 3/01/2017 |
| $ | 250 |
| $ | 235,473 |
|
Virginia College Building Authority, Educational Facilities |
|
|
|
|
|
|
|
Revenue Bonds (21st Century College Project), |
|
|
|
|
|
|
|
VRDN, Series B, 3.13% due 2/01/2026 (f) |
|
| 590 |
|
| 590,000 |
|
Virginia College Building Authority, Educational Facilities |
|
|
|
|
|
|
|
Revenue Refunding Bonds (Washington and Lee |
|
|
|
|
|
|
|
University Project)(i): |
|
|
|
|
|
|
|
5.25% due 1/01/2026 |
|
| 500 |
|
| 515,830 |
|
5.25% due 1/01/2031 |
|
| 1,000 |
|
| 1,020,040 |
|
Virginia Port Authority, Port Facilities Revenue Bonds, AMT, |
|
|
|
|
|
|
|
4.75% due 7/01/2031 (a) |
|
| 500 |
|
| 441,425 |
|
Virginia State, HDA, Commonwealth Mortgage Revenue |
|
|
|
|
|
|
|
Bonds, Series H, Sub-Series H-1, |
|
|
|
|
|
|
|
5.375% due 7/01/2036 (i) |
|
| 3,000 |
|
| 2,887,950 |
|
Virginia State Resources Authority, Infrastructure Revenue |
|
|
|
|
|
|
|
Bonds (Pooled Loan Program), Series A, |
|
|
|
|
|
|
|
5.125% due 5/01/2027 |
|
| 635 |
|
| 631,501 |
|
Virginia State Resources Authority, Water and Sewer System |
|
|
|
|
|
|
|
Revenue Bonds (Frederick County Sanitation Authority |
|
|
|
|
|
|
|
Project), 5.20% due 10/01/2010 (c) |
|
| 1,000 |
|
| 1,055,920 |
|
|
|
|
|
| |||
|
|
|
|
|
| 31,262,299 |
|
Puerto Rico—5.5% |
|
|
|
|
|
|
|
Children’s Trust Fund Project of Puerto Rico, Tobacco |
|
|
|
|
|
|
|
Settlement Revenue Refunding Bonds, |
|
|
|
|
|
|
|
5.375% due 5/15/2033 |
|
| 1,340 |
|
| 1,254,655 |
|
Total Municipal Bonds |
|
|
|
|
|
|
|
(Cost—$34,029,825)—150.2% |
|
|
|
|
| 34,146,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds |
|
|
|
|
|
|
|
Multi-State—7.4% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, |
|
|
|
|
|
|
|
7.20% due 10/31/2052 (j) |
|
| 1,500 |
|
| 1,695,421 |
|
Total Corporate Bonds |
|
|
|
|
|
|
|
(Cost—$1,500,000)—7.4% |
|
|
|
|
| 1,695,421 |
|
Total Investments (Cost—$35,529,825*)—157.6% |
|
|
|
|
| 35,841,437 |
|
Other Assets Less Liabilities—1.9% |
|
|
|
|
| 426,214 |
|
Preferred Shares, at Redemption Value—(59.5%) |
|
|
|
|
| (13,530,011 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 22,737,640 |
|
|
|
|
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
48 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
Schedule of Investments (concluded) | BlackRock Virginia Municipal Bond Trust (BHV) |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of February 29, 2008, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 35,374,500 |
|
|
| |||
Gross unrealized appreciation |
| $ | 1,401,752 |
|
Gross unrealized depreciation |
|
| (928,572 | ) |
|
| |||
Net unrealized appreciation |
| $ | 473,180 |
|
|
|
|
|
(a) | FGIC Insured. |
(b) | FSA Insured. |
(c) | U.S. government securities, held in escrow, are used to pay interest on this security, as well as retire the bond in full at the date indicated, typically at a premium to par. |
(d) | AMBAC Insured. |
(e) | Security is collateralized by Municipal or U.S. Treasury obligations. |
(f) | Security may have a maturity of more than one year at time of issuance, but has variable rate and demand features that qualify it as a short-term security. The rate disclosed is as of report date. This rate changes periodically based upon prevailing market rates. |
(g) | ACA Insured. |
(h) | Represents a zero-coupon; the interest rate shown reflects the effective yield at the time of purchase. |
(i) | MBIA Insured. |
(j) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. Unless otherwise indicated, these securities are not considered illiquid. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of February 29, 2008 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments at value - unaffiliated1 |
| $ | 556,971,655 |
| $ | 226,916,879 |
| $ | 499,041,939 |
| $ | 103,881,672 |
| |
Investments at value - affiliated2 |
|
| 11,718,592 |
|
| 1,803,513 |
|
| 5,512,528 |
|
| 15,998,029 |
| |
Cash |
|
| 40,934 |
|
| 71,823 |
|
| 23,537 |
|
| 64,473 |
| |
Investments sold receivable |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Unrealized appreciation on forward interest rate swaps |
|
| 309,252 |
|
| 175,105 |
|
| 234,573 |
|
| — |
| |
Interest receivable |
|
| 6,514,931 |
|
| 2,729,832 |
|
| 7,543,138 |
|
| 1,275,885 |
| |
Prepaid expenses and other assets |
|
| 71,025 |
|
| 27,571 |
|
| 61,657 |
|
| 12,406 |
| |
|
| |||||||||||||
Total assets |
|
| 575,626,389 |
|
| 231,724,723 |
|
| 512,417,372 |
|
| 121,232,465 |
| |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unrealized depreciation on forward interest rate swaps |
|
| 209,680 |
|
| — |
|
| 278,208 |
|
| — |
| |
Bank overdraft |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Margin variation payable |
|
| — |
|
| 110,243 |
|
| 245,525 |
|
| 22,321 |
| |
Investments purchased payable |
|
| — |
|
| — |
|
| — |
|
| 5,495,984 |
| |
Income dividends payable |
|
| 1,598,438 |
|
| 787,849 |
|
| 1,640,228 |
|
| 306,098 |
| |
Investment advisory fees payable |
|
| 204,886 |
|
| 82,340 |
|
| 205,126 |
|
| 39,163 |
| |
Payable for swaps |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Trustees and officers fees payable |
|
| 83,707 |
|
| 33,686 |
|
| 76,492 |
|
| 10,364 |
| |
Other accrued expenses payable |
|
| 132,743 |
|
| 102,015 |
|
| 87,623 |
|
| 61,228 |
| |
|
| |||||||||||||
Total liabilities |
|
| 2,229,454 |
|
| 1,116,133 |
|
| 2,533,202 |
|
| 5,935,158 |
| |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Preferred Shares, at redemption value, par value $0.001 per share, authorized, issued and outstanding at $25,000 per share liquidation preference3 |
|
| 229,105,424 |
|
| 90,542,826 |
|
| 205,659,618 |
|
| 46,530,151 |
| |
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets Applicable to Common Shares |
| $ | 344,291,511 |
| $ | 140,065,764 |
| $ | 304,224,552 |
| $ | 68,767,156 |
| |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common Shares, par value $0.001 per share4 |
| $ | 26,204 |
| $ | 10,299 |
| $ | 23,102 |
| $ | 5,278 |
| |
Paid-in capital in excess of par |
|
| 371,940,567 |
|
| 146,478,152 |
|
| 328,389,099 |
|
| 74,828,854 |
| |
Undistributed net investment income |
|
| 2,215,622 |
|
| 1,370,448 |
|
| 918,634 |
|
| 327,864 |
| |
Accumulated net realized loss |
|
| (6,191,231 | ) |
| (2,884,214 | ) |
| (10,239,362 | ) |
| (891,054 | ) | |
Net unrealized appreciation/depreciation |
|
| (23,699,651 | ) |
| (4,908,921 | ) |
| (14,866,921 | ) |
| (5,503,786 | ) | |
|
| |||||||||||||
Net assets applicable to Common Shareholders |
| $ | 344,291,511 |
| $ | 140,065,764 |
| $ | 304,224,552 |
| $ | 68,767,156 |
| |
|
| |||||||||||||
Net asset value per Common Share |
| $ | 13.14 |
| $ | 13.60 |
| $ | 13.17 |
| $ | 13.03 |
| |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 Investments at cost - unaffiliated |
| $ | 580,770,878 |
| $ | 232,000,905 |
| $ | 513,865,225 |
| $ | 109,385,458 |
|
| 2 Investments at cost - affiliated |
| $ | 11,718,592 |
| $ | 1,803,513 |
| $ | 5,512,528 |
| $ | 15,998,029 |
|
| 3 Preferred Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series M-7 Shares |
|
| 3,053 |
|
| — |
|
| 2,055 |
|
| — |
|
| Series T-7 Shares |
|
| — |
|
| 1,810 |
|
| 2,056 |
|
| — |
|
| Series W-7 Shares |
|
| — |
|
| — |
|
| 2,055 |
|
| — |
|
| Series R-7 Shares |
|
| 3,053 |
|
| 1,810 |
|
| 2,056 |
|
| — |
|
| Series F-7 Shares |
|
| 3,053 |
|
| — |
|
| — |
|
| 1,860 |
|
|
|
| ||||||||||||
| 4 Common Shares outstanding |
|
| 26,203,900 |
|
| 10,298,686 |
|
| 23,101,797 |
|
| 5,277,553 |
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
50 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of February 29, 2008 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| |||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Investments at value - unaffiliated1 |
| $ | 67,712,379 |
| $ | 177,872,729 |
| $ | 185,202,650 |
| $ | 75,795,501 |
| $ | 43,637,495 |
| $ | 50,309,125 |
| |
Investments at value - affiliated2 |
|
| 8,264,677 |
|
| 245 |
|
| 6,923,459 |
|
| 940,441 |
|
| 2,002,297 |
|
| 1,113,091 |
| |
Cash |
|
| 87,250 |
|
| 85,989 |
|
| — |
|
| 58,688 |
|
| 21,722 |
|
| 64,121 |
| |
Investments sold receivable |
|
| 3,853,908 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 143,344 |
| |
Unrealized appreciation on forward interest rate swaps |
|
| — |
|
| 124,929 |
|
| — |
|
| — |
|
| — |
|
| 68,065 |
| |
Interest receivable |
|
| 852,205 |
|
| 2,450,742 |
|
| 2,621,724 |
|
| 1,124,574 |
|
| 615,773 |
|
| 647,835 |
| |
Prepaid expenses and other assets |
|
| 10,014 |
|
| 16,477 |
|
| 21,571 |
|
| 8,154 |
|
| 7,923 |
|
| 7,647 |
| |
|
| |||||||||||||||||||
Total assets |
|
| 80,780,433 |
|
| 180,551,111 |
|
| 194,769,404 |
|
| 77,927,358 |
|
| 46,285,210 |
|
| 52,353,228 |
| |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Unrealized depreciation on forward interest rate swaps |
|
| — |
|
| 70,602 |
|
| 19,793 |
|
| — |
|
| — |
|
| 21,953 |
| |
Bank overdraft |
|
| — |
|
| — |
|
| 12,479 |
|
| — |
|
| — |
|
| — |
| |
Margin variation payable |
|
| — |
|
| 35,713 |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Investments purchased payable |
|
| 1,969,082 |
|
| 1,969,082 |
|
| 1,155,720 |
|
| — |
|
| — |
|
| — |
| |
Income dividends payable |
|
| 261,868 |
|
| 523,655 |
|
| 506,562 |
|
| 259,121 |
|
| 145,342 |
|
| 180,501 |
| |
Investment advisory fees payable |
|
| 25,461 |
|
| 71,702 |
|
| 65,801 |
|
| 27,054 |
|
| 16,177 |
|
| 18,401 |
| |
Payable for swaps |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
| |
Trustees and officers fees payable |
|
| 8,730 |
|
| 20,599 |
|
| 23,345 |
|
| 8,002 |
|
| 30,894 |
|
| 10,566 |
| |
Other accrued expenses payable |
|
| 60,216 |
|
| 65,855 |
|
| 77,296 |
|
| 51,112 |
|
| 31,900 |
|
| 53,310 |
| |
|
| |||||||||||||||||||
Total liabilities |
|
| 2,325,357 |
|
| 2,757,208 |
|
| 1,860,996 |
|
| 345,289 |
|
| 224,313 |
|
| 284,731 |
| |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Preferred Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Preferred Shares, at redemption value, par value $0.001 per share, authorized, issued and outstanding at $25,000 per share liquidation preference3 |
|
| 29,994,436 |
|
| 71,984,048 |
|
| 76,052,321 |
|
| 29,789,214 |
|
| 18,006,670 |
|
| 20,238,924 |
| |
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net Assets Applicable to Common Shares |
| $ | 48,460,640 |
| $ | 105,809,855 |
| $ | 116,856,087 |
| $ | 47,792,855 |
| $ | 28,054,227 |
| $ | 31,829,573 |
| |
|
| |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Common Shares, par value $0.001 per share4 |
| $ | 3,401 |
| $ | 7,995 |
| $ | 8,734 |
| $ | 3,330 |
| $ | 2,037 |
| $ | 2,297 |
| |
Paid-in capital in excess of par |
|
| 48,270,652 |
|
| 113,417,013 |
|
| 123,914,893 |
|
| 47,188,723 |
|
| 28,854,334 |
|
| 32,563,082 |
| |
Undistributed net investment income |
|
| 376,699 |
|
| 468,015 |
|
| 628,952 |
|
| 580,901 |
|
| 408,131 |
|
| 497,689 |
| |
Accumulated net realized loss |
|
| (438,214 | ) |
| (5,470,999 | ) |
| (168,030 | ) |
| (585,645 | ) |
| (139,697 | ) |
| (372,467 | ) | |
Net unrealized appreciation/depreciation |
|
| 248,102 |
|
| (2,612,169 | ) |
| (7,528,462 | ) |
| 605,546 |
|
| (1,070,578 | ) |
| (861,028 | ) | |
|
| |||||||||||||||||||
Net assets applicable to Common Shareholders |
| $ | 48,460,640 |
| $ | 105,809,855 |
| $ | 116,856,087 |
| $ | 47,792,855 |
| $ | 28,054,227 |
| $ | 31,829,573 |
| |
|
| |||||||||||||||||||
Net asset value per Common Share |
| $ | 14.25 |
| $ | 13.23 |
| $ | 13.38 |
| $ | 14.35 |
| $ | 13.77 |
| $ | 13.86 |
| |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1 Investments at cost - unaffiliated |
| $ | 67,464,277 |
| $ | 180,539,225 |
| $ | 192,711,319 |
| $ | 75,189,955 |
| $ | 44,708,073 |
| $ | 51,216,265 |
|
| 2 Investments at cost - affiliated |
| $ | 8,264,677 |
| $ | 245 |
| $ | 6,923,459 |
| $ | 940,441 |
| $ | 2,002,297 |
| $ | 1,113,091 |
|
| 3 Preferred Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series M-7 Shares |
|
| — |
|
| — |
|
| 3,040 |
|
| — |
|
| — |
|
| 809 |
|
| Series T-7 Shares |
|
| — |
|
| 1,439 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| Series W-7 Shares |
|
| — |
|
| — |
|
| — |
|
| 1,191 |
|
| — |
|
| — |
|
| Series R-7 Shares |
|
| — |
|
| 1,439 |
|
| — |
|
| — |
|
| 720 |
|
| — |
|
| Series F-7 Shares |
|
| 1,199 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| ||||||||||||||||||
| 4 Common Shares outstanding |
|
| 3,400,883 |
|
| 7,994,740 |
|
| 8,734,048 |
|
| 3,330,257 |
|
| 2,037,040 |
|
| 2,296,979 |
|
|
|
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 51 |
|
|
Statements of Assets and Liabilities (concluded) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of February 29, 2008 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value - unaffiliated1 |
| $ | 137,681,762 |
| $ | 61,499,726 |
| $ | 108,401,472 |
|
| $ | 35,841,437 |
|
Investments at value - affiliated2 |
|
| 298 |
|
| 1,614,379 |
|
| 2,721,307 |
|
|
| — |
|
Cash |
|
| 99,656 |
|
| 8,357 |
|
| 37,502 |
|
|
| 57,604 |
|
Investments sold receivable |
|
| 1,709,998 |
|
| — |
|
| 335,792 |
|
|
| 10,000 |
|
Unrealized appreciation on forward interest rate swaps |
|
| 240,228 |
|
| — |
|
| 27,700 |
|
|
| — |
|
Interest receivable |
|
| 1,493,189 |
|
| 826,626 |
|
| 1,347,597 |
|
|
| 528,098 |
|
Prepaid expenses and other assets |
|
| 12,570 |
|
| 10,529 |
|
| 11,083 |
|
|
| 6,359 |
|
|
| |||||||||||||
Total assets |
|
| 141,237,701 |
|
| 63,959,617 |
|
| 112,882,453 |
|
|
| 36,443,498 |
|
|
| |||||||||||||
|
|
|
|
| ||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized depreciation on forward interest rate swaps |
|
| 159,656 |
|
| — |
|
| — |
|
|
| — |
|
Income dividends payable |
|
| 375,345 |
|
| 212,135 |
|
| 308,794 |
|
|
| 112,214 |
|
Investment advisory fees payable |
|
| 50,494 |
|
| 22,155 |
|
| 44,104 |
|
|
| 12,810 |
|
Trustees and officers fees payable |
|
| 10,251 |
|
| 8,955 |
|
| 12,009 |
|
|
| 8,395 |
|
Other accrued expenses payable |
|
| 61,072 |
|
| 59,714 |
|
| 48,665 |
|
|
| 42,428 |
|
|
| |||||||||||||
Total liabilities |
|
| 656,818 |
|
| 302,959 |
|
| 413,572 |
|
|
| 175,847 |
|
|
| |||||||||||||
|
|
|
|
| ||||||||||
Preferred Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares, at redemption value, par value $0.001 per share, authorized, issued and outstanding at $25,000 per share liquidation preference3 |
|
| 56,020,750 |
|
| 24,213,937 |
|
| 44,671,315 |
|
|
| 13,530,011 |
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shares |
| $ | 84,560,133 |
| $ | 39,442,721 |
| $ | 67,797,566 |
|
| $ | 22,737,640 |
|
|
| |||||||||||||
|
|
|
|
| ||||||||||
Net Assets Applicable to Common Shareholders Consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares, par value $0.001 per share4 |
| $ | 6,471 |
| $ | 2,751 |
| $ | 4,941 |
|
| $ | 1,549 |
|
Paid-in capital in excess of par |
|
| 91,799,523 |
|
| 39,047,839 |
|
| 70,053,876 |
|
|
| 21,981,010 |
|
Undistributed net investment income |
|
| 764,439 |
|
| 437,823 |
|
| 783,276 |
|
|
| 559,870 |
|
Accumulated net realized loss |
|
| (528,226 | ) |
| (57,671 | ) |
| (730,106 | ) |
|
| (116,401 | ) |
Net unrealized appreciation/depreciation |
|
| (7,482,074 | ) |
| 11,979 |
|
| (2,314,421 | ) |
|
| 311,612 |
|
|
| |||||||||||||
Net assets applicable to Common Shareholders |
| $ | 84,560,133 |
| $ | 39,442,721 |
| $ | 67,797,566 |
|
| $ | 22,737,640 |
|
|
| |||||||||||||
Net asset value per Common Share |
| $ | 13.07 |
| $ | 14.34 |
| $ | 13.72 |
|
| $ | 14.68 |
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Investments at cost - unaffiliated |
| $ | 145,244,408 |
| $ | 61,487,747 |
| $ | 110,743,593 |
|
| $ | 35,529,825 |
|
2 Investments at cost - affiliated |
| $ | 298 |
| $ | 1,614,379 |
| $ | 2,721,307 |
|
|
| — |
|
3 Preferred Shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series M-7 Shares |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
Series T-7 Shares |
|
| — |
|
| 968 |
|
| — |
|
|
| — |
|
Series W-7 Shares |
|
| — |
|
| — |
|
| 1,786 |
|
|
| — |
|
Series R-7 Shares |
|
| 2,240 |
|
| — |
|
| — |
|
|
| 541 |
|
Series F-7 Shares |
|
| — |
|
| — |
|
| — |
|
|
| — |
|
|
| |||||||||||||
4 Common Shares outstanding |
|
| 6,471,472 |
|
| 2,751,464 |
|
| 4,940,705 |
|
|
| 1,549,323 |
|
|
|
|
|
|
|
|
|
|
|
52 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended February 29, 2008 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| ||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 15,208,736 |
| $ | 7,379,178 |
| $ | 15,679,517 |
| $ | 2,877,627 |
|
Dividends from affiliates |
|
| 70,245 |
|
| 64,123 |
|
| 125,178 |
|
| 57,541 |
|
|
| ||||||||||||
Total income |
|
| 15,278,981 |
|
| 7,443,301 |
|
| 15,804,695 |
|
| 2,935,168 |
|
|
| ||||||||||||
|
|
|
|
| |||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
| 1,717,366 |
|
| 815,004 |
|
| 1,525,136 |
|
| 345,065 |
|
Commissions for Preferred Shares |
|
| 286,245 |
|
| 116,118 |
|
| 253,589 |
|
| 56,953 |
|
Accounting services |
|
| 28,975 |
|
| 21,437 |
|
| 29,263 |
|
| 12,763 |
|
Professional fees |
|
| 54,000 |
|
| 38,199 |
|
| 57,287 |
|
| 38,414 |
|
Transfer agent |
|
| 17,459 |
|
| 11,365 |
|
| 21,124 |
|
| 9,904 |
|
Printing |
|
| 25,463 |
|
| 11,100 |
|
| 22,624 |
|
| 5,055 |
|
Trustees and Officers |
|
| 18,801 |
|
| 8,246 |
|
| 18,589 |
|
| 5,045 |
|
Custodian |
|
| 19,658 |
|
| 9,986 |
|
| 16,144 |
|
| 5,005 |
|
Listing |
|
| 4,637 |
|
| 6,239 |
|
| 1,793 |
|
| 5,740 |
|
Miscellaneous |
|
| 23,293 |
|
| 18,067 |
|
| 28,279 |
|
| 17,006 |
|
|
| ||||||||||||
Total expenses |
|
| 2,195,897 |
|
| 1,055,761 |
|
| 1,973,828 |
|
| 500,950 |
|
Less fees waived by advisor |
|
| (525,221 | ) |
| (317,417 | ) |
| (284,624 | ) |
| (113,039 | ) |
Less fees paid indirectly |
|
| (41 | ) |
| (84 | ) |
| (19 | ) |
| (79 | ) |
|
| ||||||||||||
Total expenses after waiver |
|
| 1,670,635 |
|
| 738,260 |
|
| 1,689,185 |
|
| 387,832 |
|
|
| ||||||||||||
Net investment income |
|
| 13,608,346 |
|
| 6,705,041 |
|
| 14,115,510 |
|
| 2,547,336 |
|
|
| ||||||||||||
|
|
|
|
| |||||||||
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| 645,765 |
|
| 217,668 |
|
| 220,228 |
|
| 390,667 |
|
Futures and forward interest rate swaps |
|
| (3,477,797 | ) |
| (2,737,300 | ) |
| (4,912,071 | ) |
| (563,985 | ) |
|
| ||||||||||||
|
|
| (2,832,032 | ) |
| (2,519,632 | ) |
| (4,691,843 | ) |
| (173,318 | ) |
|
| ||||||||||||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (42,401,131 | ) |
| (17,179,972 | ) |
| (40,282,878 | ) |
| (8,564,821 | ) |
Futures and forward interest rate swaps |
|
| 1,008,977 |
|
| 746,305 |
|
| 1,084,063 |
|
| 189,029 |
|
|
| ||||||||||||
|
|
| (41,392,154 | ) |
| (16,433,667 | ) |
| (39,198,815 | ) |
| (8,375,792 | ) |
|
| ||||||||||||
Total realized and unrealized loss |
|
| (44,224,186 | ) |
| (18,953,299 | ) |
| (43,890,658 | ) |
| (8,549,110 | ) |
|
| ||||||||||||
|
|
|
|
| |||||||||
Dividends and Distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (3,777,261 | ) |
| (1,498,444 | ) |
| (3,850,347 | ) |
| (744,761 | ) |
Net realized gains |
|
| — |
|
| (311,386 | ) |
| — |
|
| — |
|
|
| ||||||||||||
Total dividends and distributions |
|
| (3,777,261 | ) |
| (1,809,830 | ) |
| (3,850,347 | ) |
| (744,761 | ) |
|
| ||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
| $ | (34,393,101 | ) | $ | (14,058,088 | ) | $ | (33,625,495 | ) | $ | (6,746,535 | ) |
|
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 53 |
|
|
Statements of Operations (concluded) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended February 29, 2008 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| ||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 2,297,296 |
| $ | 5,096,326 |
| $ | 4,917,068 |
| $ | 2,278,027 |
|
Dividends from affiliates |
|
| 31,773 |
|
| 3 |
|
| 54,586 |
|
| 20,837 |
|
|
| ||||||||||||
Total income |
|
| 2,329,069 |
|
| 5,096,329 |
|
| 4,971,654 |
|
| 2,298,864 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
| 270,199 |
|
| 530,558 |
|
| 569,619 |
|
| 266,737 |
|
Commissions for Preferred Shares |
|
| 38,096 |
|
| 90,395 |
|
| 93,009 |
|
| 37,862 |
|
Accounting services |
|
| 12,540 |
|
| 22,232 |
|
| 21,329 |
|
| 12,646 |
|
Professional fees |
|
| 32,621 |
|
| 37,248 |
|
| 36,550 |
|
| 27,740 |
|
Transfer agent |
|
| 5,361 |
|
| 14,553 |
|
| 11,559 |
|
| 6,145 |
|
Printing |
|
| 3,847 |
|
| 8,507 |
|
| 10,401 |
|
| 4,667 |
|
Trustees and Officers |
|
| 3,166 |
|
| 9,739 |
|
| 9,529 |
|
| 4,361 |
|
Custodian |
|
| 4,321 |
|
| 7,440 |
|
| 6,947 |
|
| 3,770 |
|
Listing |
|
| 5,949 |
|
| 630 |
|
| 5,829 |
|
| 6,017 |
|
Miscellaneous |
|
| 17,108 |
|
| 18,451 |
|
| 15,936 |
|
| 15,011 |
|
|
| ||||||||||||
Total expenses |
|
| 393,208 |
|
| 739,753 |
|
| 780,708 |
|
| 384,956 |
|
Less fees waived by advisor |
|
| (109,387 | ) |
| (96,465 | ) |
| (186,252 | ) |
| (107,319 | ) |
Less fees paid indirectly |
|
| (40 | ) |
| (10 | ) |
| (201 | ) |
| (5 | ) |
|
| ||||||||||||
Total expenses after waiver |
|
| 283,781 |
|
| 643,278 |
|
| 594,255 |
|
| 277,632 |
|
|
| ||||||||||||
Net investment income |
|
| 2,045,288 |
|
| 4,453,051 |
|
| 4,377,399 |
|
| 2,021,232 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| 398,711 |
|
| 122,120 |
|
| 425,047 |
|
| 76,951 |
|
Futures and forward interest rate swaps |
|
| (217,666 | ) |
| (1,881,491 | ) |
| (240,500 | ) |
| — |
|
|
| ||||||||||||
|
|
| 181,045 |
|
| (1,759,371 | ) |
| 184,547 |
|
| 76,951 |
|
|
| ||||||||||||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (3,782,608 | ) |
| (12,619,533 | ) |
| (11,523,630 | ) |
| (3,522,891 | ) |
Futures and forward interest rate swaps |
|
| 65,981 |
|
| 642,434 |
|
| 94,929 |
|
| — |
|
|
| ||||||||||||
|
|
| (3,716,627 | ) |
| (11,977,099 | ) |
| (11,428,701 | ) |
| (3,522,891 | ) |
|
| ||||||||||||
Total realized and unrealized loss |
|
| (3,535,582 | ) |
| (13,736,470 | ) |
| (11,244,154 | ) |
| (3,445,940 | ) |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (564,955 | ) |
| (1,251,733 | ) |
| (1,452,506 | ) |
| (568,994 | ) |
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||
Total dividends and distributions |
|
| (564,955 | ) |
| (1,251,733 | ) |
| (1,452,506 | ) |
| (568,994 | ) |
|
| ||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
| $ | (2,055,249 | ) | $ | (10,535,152 | ) | $ | (8,319,261 | ) | $ | (1,993,702 | ) |
|
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
54 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| ||||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 1,357,335 |
| $ | 1,595,082 |
| $ | 3,622,408 |
| $ | 1,898,430 |
| $ | 3,172,761 |
| $ | 1,075,970 |
|
Dividends from affiliates |
|
| 5,802 |
|
| 6,073 |
|
| 4 |
|
| 7,746 |
|
| 11,079 |
|
| — |
|
|
| ||||||||||||||||||
Total income |
|
| 1,363,137 |
|
| 1,601,155 |
|
| 3,622,412 |
|
| 1,906,176 |
|
| 3,183,840 |
|
| 1,075,970 |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
| 159,547 |
|
| 181,687 |
|
| 418,834 |
|
| 217,988 |
|
| 327,702 |
|
| 124,085 |
|
Commissions for Preferred Shares |
|
| 22,350 |
|
| 25,771 |
|
| 70,851 |
|
| 29,393 |
|
| 54,181 |
|
| 16,941 |
|
Accounting services |
|
| 11,985 |
|
| 12,312 |
|
| 13,775 |
|
| 11,868 |
|
| 12,923 |
|
| 11,900 |
|
Professional fees |
|
| 25,997 |
|
| 29,354 |
|
| 35,618 |
|
| 26,898 |
|
| 34,337 |
|
| 20,868 |
|
Transfer agent |
|
| 8,435 |
|
| 5,443 |
|
| 7,859 |
|
| 10,555 |
|
| 8,855 |
|
| 7,820 |
|
Printing |
|
| 3,157 |
|
| 3,191 |
|
| 7,567 |
|
| 3,685 |
|
| 5,883 |
|
| 2,734 |
|
Trustees and Officers |
|
| 3,266 |
|
| 3,339 |
|
| 4,497 |
|
| 2,620 |
|
| 4,220 |
|
| 2,825 |
|
Custodian |
|
| 4,977 |
|
| 3,165 |
|
| 7,092 |
|
| 4,197 |
|
| 5,967 |
|
| 1,934 |
|
Listing |
|
| 159 |
|
| 182 |
|
| 4,677 |
|
| 5,762 |
|
| 376 |
|
| 121 |
|
Miscellaneous |
|
| 12,589 |
|
| 15,330 |
|
| 17,232 |
|
| 15,626 |
|
| 15,842 |
|
| 12,460 |
|
|
| ||||||||||||||||||
Total expenses |
|
| 252,462 |
|
| 279,774 |
|
| 588,002 |
|
| 328,592 |
|
| 470,286 |
|
| 201,688 |
|
Less fees waived by advisor |
|
| (61,764 | ) |
| (70,922 | ) |
| (126,904 | ) |
| (85,022 | ) |
| (61,404 | ) |
| (47,725 | ) |
Less fees paid indirectly |
|
| (87 | ) |
| (9 | ) |
| (263 | ) |
| (85 | ) |
| (35 | ) |
| (80 | ) |
|
| ||||||||||||||||||
Total expenses after waiver |
|
| 190,611 |
|
| 208,843 |
|
| 460,835 |
|
| 243,485 |
|
| 408,847 |
|
| 153,883 |
|
|
| ||||||||||||||||||
Net investment income |
|
| 1,172,526 |
|
| 1,392,312 |
|
| 3,161,577 |
|
| 1,662,691 |
|
| 2,774,993 |
|
| 922,087 |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (9,354 | ) |
| (190,775 | ) |
| 132,711 |
|
| 126,608 |
|
| 59,568 |
|
| (22,388 | ) |
Futures and forward interest rate swaps |
|
| — |
|
| (116,029 | ) |
| (482,970 | ) |
| 2,846 |
|
| (597,506 | ) |
| — |
|
|
| ||||||||||||||||||
|
|
| (9,354 | ) |
| (306,804 | ) |
| (350,259 | ) |
| 129,454 |
|
| (537,938 | ) |
| (22,388 | ) |
|
| ||||||||||||||||||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (2,206,050 | ) |
| (3,066,864 | ) |
| (9,119,107 | ) |
| (2,822,922 | ) |
| (5,232,119 | ) |
| (1,325,574 | ) |
Futures and forward interest rate swaps |
|
| — |
|
| 12,978 |
|
| (62,708 | ) |
| 9,485 |
|
| 275,365 |
|
| — |
|
|
| ||||||||||||||||||
|
|
| (2,206,050 | ) |
| (3,053,886 | ) |
| (9,181,815 | ) |
| (2,813,437 | ) |
| (4,956,754 | ) |
| (1,325,574 | ) |
|
| ||||||||||||||||||
Total realized and unrealized loss |
|
| (2,215,404 | ) |
| (3,360,690 | ) |
| (9,532,074 | ) |
| (2,683,983 | ) |
| (5,494,692 | ) |
| (1,347,962 | ) |
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (302,697 | ) |
| (359,685 | ) |
| (852,903 | ) |
| (445,475 | ) |
| (709,572 | ) |
| (252,059 | ) |
Net realized gains |
|
| (10,561 | ) |
| (6,860 | ) |
| (82,413 | ) |
| (19,635 | ) |
| (35,412 | ) |
| — |
|
|
| ||||||||||||||||||
Total dividends and distributions |
|
| (313,258 | ) |
| (366,545 | ) |
| (935,316 | ) |
| (465,110 | ) |
| (744,984 | ) |
| (252,059 | ) |
|
| ||||||||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
| $ | (1,356,136 | ) | $ | (2,334,923 | ) | $ | (7,305,813 | ) | $ | (1,486,402 | ) | $ | (3,464,683 | ) | $ | (677,934 | ) |
|
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 55 |
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock |
| BlackRock |
| ||||||||
|
| ||||||||||||
Increase (Decrease) in Net Assets: |
| For the |
| For the |
| For the |
| For the |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 13,608,346 |
| $ | 27,087,640 |
| $ | 6,705,041 |
| $ | 12,332,950 |
|
Net realized gain (loss) |
|
| (2,832,032 | ) |
| (1,872,662 | ) |
| (2,519,632 | ) |
| 589,300 |
|
Net change in unrealized appreciation/depreciation |
|
| (41,392,154 | ) |
| (16,001,059 | ) |
| (16,433,667 | ) |
| (7,236,647 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (3,777,261 | ) |
| (7,245,982 | ) |
| (1,498,444 | ) |
| (3,249,713 | ) |
Net realized gains |
|
| — |
|
| (499,767 | ) |
| (311,386 | ) |
| — |
|
|
| ||||||||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
| (34,393,101 | ) |
| 1,468,170 |
|
| (14,058,088 | ) |
| 2,435,890 |
|
|
| ||||||||||||
| |||||||||||||
Dividends and Distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (9,590,628 | ) |
| (19,181,250 | ) |
| (4,906,752 | ) |
| (10,527,094 | ) |
Net realized gains |
|
| — |
|
| (1,349,789 | ) |
| (1,349,995 | ) |
| — |
|
|
| ||||||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (9,590,628 | ) |
| (20,531,039 | ) |
| (6,256,747 | ) |
| (10,527,094 | ) |
|
| ||||||||||||
| |||||||||||||
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from reinvestment of common dividends |
|
| — |
|
| — |
|
| 481,044 |
|
| 1,095,893 |
|
|
| ||||||||||||
| |||||||||||||
Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shares |
|
| (43,983,729 | ) |
| (19,062,869 | ) |
| (19,833,791 | ) |
| (6,995,311 | ) |
Beginning of period |
|
| 388,275,240 |
|
| 407,338,109 |
|
| 159,899,555 |
|
| 166,894,866 |
|
|
| ||||||||||||
End of period |
| $ | 344,291,511 |
| $ | 388,275,240 |
| $ | 140,065,764 |
| $ | 159,899,555 |
|
|
| ||||||||||||
End of period undistributed net investment income |
| $ | 2,215,622 |
| $ | 1,975,165 |
| $ | 1,370,448 |
| $ | 1,070,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock |
| BlackRock |
| ||||||||
|
| ||||||||||||
Increase (Decrease) in Net Assets: |
| For the |
| For the |
| For the |
| For the |
| ||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 4,377,399 |
| $ | 8,851,442 |
| $ | 2,021,232 |
| $ | 3,829,172 |
|
Net realized gain (loss) |
|
| 184,547 |
|
| (98,027 | ) |
| 76,951 |
|
| (495,010 | ) |
Net change in unrealized appreciation/depreciation |
|
| (11,428,701 | ) |
| (4,854,423 | ) |
| (3,522,891 | ) |
| (1,748,582 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (1,452,506 | ) |
| (2,711,706 | ) |
| (568,994 | ) |
| (1,065,086 | ) |
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
| (8,319,261 | ) |
| 1,187,286 |
|
| (1,993,702 | ) |
| 520,494 |
|
|
| ||||||||||||
| |||||||||||||
Dividends and Distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (3,039,449 | ) |
| (6,078,895 | ) |
| (1,554,168 | ) |
| (3,101,757 | ) |
Net realized gains |
|
| — |
|
| — |
|
| (97,279 | ) |
| — |
|
|
| ||||||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (3,039,449 | ) |
| (6,078,895 | ) |
| (1,651,447 | ) |
| (3,101,757 | ) |
|
| ||||||||||||
| |||||||||||||
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from reinvestment of common dividends |
|
| — |
|
| — |
|
| 54,351 |
|
| 166,535 |
|
|
| ||||||||||||
| |||||||||||||
Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shares |
|
| (11,358,710 | ) |
| (4,891,609 | ) |
| (3,590,798 | ) |
| (2,414,728 | ) |
Beginning of period |
|
| 128,214,797 |
|
| 133,106,406 |
|
| 51,383,653 |
|
| 53,798,381 |
|
|
| ||||||||||||
End of period |
| $ | 116,856,087 |
| $ | 128,214,797 |
| $ | 47,792,855 |
| $ | 51,383,653 |
|
|
| ||||||||||||
End of period undistributed net investment income |
| $ | 628,952 |
| $ | 743,508 |
| $ | 580,901 |
| $ | 682,831 |
|
|
|
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
56 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| ||||||||||||||||
|
| ||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 14,115,510 |
| $ | 27,073,974 |
| $ | 2,547,336 |
| $ | 5,226,035 |
| $ | 2,045,288 |
| $ | 3,842,371 |
| $ | 4,453,051 |
| $ | 8,568,697 |
|
Net realized gain (loss) |
|
| (4,691,843 | ) |
| 391,635 |
|
| (173,318 | ) |
| 95,635 |
|
| 181,045 |
|
| 213,170 |
|
| (1,759,371 | ) |
| 981,444 |
|
Net change in unrealized appreciation/depreciation |
|
| (39,198,815 | ) |
| (15,760,063 | ) |
| (8,375,792 | ) |
| (3,236,231 | ) |
| (3,716,627 | ) |
| (3,050,049 | ) |
| (11,977,099 | ) |
| (6,967,642 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (3,850,347 | ) |
| (7,322,276 | ) |
| (744,761 | ) |
| (1,502,001 | ) |
| (564,955 | ) |
| (1,013,230 | ) |
| (1,251,733 | ) |
| (2,374,847 | ) |
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
| (33,625,495 | ) |
| 4,383,270 |
|
| (6,746,535 | ) |
| 583,438 |
|
| (2,055,249 | ) |
| (7,738 | ) |
| (10,535,152 | ) |
| 207,652 |
|
|
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
Dividends and Distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (10,008,006 | ) |
| (21,511,812 | ) |
| (1,836,475 | ) |
| (3,672,302 | ) |
| (1,568,432 | ) |
| (3,174,041 | ) |
| (3,141,933 | ) |
| (6,279,091 | ) |
Net realized gains |
|
| (412,602 | ) |
| — |
|
| — |
|
| — |
|
| (114,730 | ) |
| — |
|
| (125,847 | ) |
| — |
|
|
| ||||||||||||||||||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (10,420,608 | ) |
| (21,511,812 | ) |
| (1,836,475 | ) |
| (3,672,302 | ) |
| (1,683,162 | ) |
| (3,174,041 | ) |
| (3,267,780 | ) |
| (6,279,091 | ) |
|
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from reinvestment of common dividends |
|
| 707,746 |
|
| 2,083,908 |
|
| 12,121 |
|
| 8,887 |
|
| 215,817 |
|
| 363,722 |
|
| 9,834 |
|
| 149,378 |
|
|
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shares |
|
| (43,338,357 | ) |
| (15,044,634 | ) |
| (8,570,889 | ) |
| (3,079,977 | ) |
| (3,522,594 | ) |
| (2,818,057 | ) |
| (13,793,098 | ) |
| (5,922,061 | ) |
Beginning of period |
|
| 347,562,909 |
|
| 362,607,543 |
|
| 77,338,045 |
|
| 80,418,022 |
|
| 51,983,234 |
|
| 54,801,291 |
|
| 119,602,953 |
|
| 125,525,014 |
|
|
| ||||||||||||||||||||||||
End of period |
| $ | 304,224,552 |
| $ | 347,562,909 |
| $ | 68,767,156 |
| $ | 77,338,045 |
| $ | 48,460,640 |
| $ | 51,983,234 |
| $ | 105,809,855 |
| $ | 119,602,953 |
|
|
| ||||||||||||||||||||||||
End of period undistributed net investment income |
| $ | 918,634 |
| $ | 661,477 |
| $ | 327,864 |
| $ | 361,764 |
| $ | 376,699 |
| $ | 464,798 |
| $ | 468,015 |
| $ | 408,630 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| ||||||||||||||||
|
| ||||||||||||||||||||||||
Increase (Decrease) in Net Assets: |
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| For the |
| ||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 1,172,526 |
| $ | 2,196,572 |
| $ | 1,392,312 |
| $ | 2,646,386 |
| $ | 3,161,577 |
| $ | 6,662,448 |
| $ | 1,662,691 |
| $ | 3,114,715 |
|
Net realized gain (loss) |
|
| (9,354 | ) |
| (36,957 | ) |
| (306,804 | ) |
| (118,196 | ) |
| (350,259 | ) |
| 129,600 |
|
| 129,454 |
|
| 233,781 |
|
Net change in unrealized appreciation/depreciation |
|
| (2,206,050 | ) |
| (1,990,798 | ) |
| (3,053,886 | ) |
| (1,900,776 | ) |
| (9,181,815 | ) |
| (4,871,907 | ) |
| (2,813,437 | ) |
| (1,780,588 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (302,697 | ) |
| (620,925 | ) |
| (359,685 | ) |
| (668,039 | ) |
| (852,903 | ) |
| (1,663,594 | ) |
| (445,475 | ) |
| (788,847 | ) |
Net realized gains |
|
| (10,561 | ) |
| (724 | ) |
| (6,860 | ) |
| — |
|
| (82,413 | ) |
| (114,611 | ) |
| (19,635 | ) |
| — |
|
|
| ||||||||||||||||||||||||
Net increase (decrease) in net assets applicable to common shareholders resulting from operations |
|
| (1,356,136 | ) |
| (452,832 | ) |
| (2,334,923 | ) |
| (40,625 | ) |
| (7,305,813 | ) |
| (115,064 | ) |
| (1,486,402 | ) |
| 779,061 |
|
|
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
Dividends and Distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (871,191 | ) |
| (1,736,982 | ) |
| (1,081,864 | ) |
| (2,156,474 | ) |
| (2,252,072 | ) |
| (4,502,953 | ) |
| (1,270,471 | ) |
| (2,525,696 | ) |
Net realized gains |
|
| (92,773 | ) |
| (2,108 | ) |
| (87,537 | ) |
| — |
|
| (221,583 | ) |
| (322,647 | ) |
| (144,243 | ) |
| — |
|
|
| ||||||||||||||||||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (963,964 | ) |
| (1,739,090 | ) |
| (1,169,401 | ) |
| (2,156,474 | ) |
| (2,473,655 | ) |
| (4,825,600 | ) |
| (1,414,714 | ) |
| (2,525,696 | ) |
|
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from reinvestment of common dividends |
|
| 72,266 |
|
| 140,320 |
|
| 87,964 |
|
| 180,298 |
|
| 25,571 |
|
| — |
|
| 184,320 |
|
| 364,660 |
|
|
| ||||||||||||||||||||||||
| |||||||||||||||||||||||||
Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shares |
|
| (2,247,834 | ) |
| (2,051,602 | ) |
| (3,416,360 | ) |
| (2,016,801 | ) |
| (9,753,897 | ) |
| (4,940,664 | ) |
| (2,716,796 | ) |
| (1,381,975 | ) |
Beginning of period |
|
| 30,302,061 |
|
| 32,353,663 |
|
| 35,245,933 |
|
| 37,262,734 |
|
| 94,314,030 |
|
| 99,254,694 |
|
| 42,159,517 |
|
| 43,541,492 |
|
|
| ||||||||||||||||||||||||
End of period |
| $ | 28,054,227 |
| $ | 30,302,061 |
| $ | 31,829,573 |
| $ | 35,245,933 |
| $ | 84,560,133 |
| $ | 94,314,030 |
| $ | 39,442,721 |
| $ | 42,159,517 |
|
|
| ||||||||||||||||||||||||
End of period undistributed net investment income |
| $ | 408,131 |
| $ | 409,493 |
| $ | 497,689 |
| $ | 546,926 |
| $ | 764,439 |
| $ | 707,837 |
| $ | 437,823 |
| $ | 491,078 |
|
|
|
See Notes to Financial Statements.
|
|
| |
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 57 |
Statements of Changes in Net Assets (concluded)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock |
| BlackRock |
| ||||||||||||||||
|
| New York Municipal |
| Virginia Municipal |
| ||||||||||||||||
|
| Income Trust II (BFY) |
| Bond Trust (BHV) |
| ||||||||||||||||
|
| ||||||||||||||||||||
|
| For the |
|
|
|
| For the |
|
|
|
| ||||||||||
|
| Six Months Ended |
| For the |
| Six Months Ended |
| For the |
| ||||||||||||
|
| February 29, 2008 |
| Year Ended |
| February 29, 2008 |
| Year Ended |
| ||||||||||||
Increase (Decrease) in Net Assets: |
| (Unaudited) |
| August 31, 2007 |
| (Unaudited) |
| August 31, 2007 |
| ||||||||||||
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Net investment income |
|
| $ | 2,774,993 |
|
|
| $ | 5,283,336 |
|
|
| $ | 922,087 |
|
|
| $ | 1,712,355 |
|
|
Net realized gain (loss) |
|
|
| (537,938 | ) |
|
|
| 99,253 |
|
|
|
| (22,388 | ) |
|
|
| (11,882 | ) |
|
Net change in unrealized appreciation/depreciation |
|
|
| (4,956,754 | ) |
|
|
| (3,416,134 | ) |
|
|
| (1,325,574 | ) |
|
|
| (1,043,695 | ) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (709,572 | ) |
|
|
| (1,477,497 | ) |
|
|
| (252,059 | ) |
|
|
| (422,739 | ) |
|
Net realized gains |
|
|
| (35,412 | ) |
|
|
| — |
|
|
|
| — |
|
|
|
| (26,231 | ) |
|
|
|
| |||||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
|
| (3,464,683 | ) |
|
|
| 488,958 |
|
|
|
| (677,934 | ) |
|
|
| 207,808 |
|
|
|
|
| |||||||||||||||||||
| |||||||||||||||||||||
Dividends and Distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (1,852,594 | ) |
|
|
| (3,607,277 | ) |
|
|
| (672,455 | ) |
|
|
| (1,338,699 | ) |
|
Net realized gains |
|
|
| (206,765 | ) |
|
|
| — |
|
|
|
| (48,213 | ) |
|
|
| (80,656 | ) |
|
|
|
| |||||||||||||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
|
| (2,059,359 | ) |
|
|
| (3,607,277 | ) |
|
|
| (720,668 | ) |
|
|
| (1,419,355 | ) |
|
|
|
| |||||||||||||||||||
| |||||||||||||||||||||
Capital Share Transactions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from reinvestment of common dividends |
|
|
| 19,335 |
|
|
|
| 27,341 |
|
|
|
| 82,860 |
|
|
|
| 167,940 |
|
|
|
|
| |||||||||||||||||||
| |||||||||||||||||||||
Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shares |
|
|
| (5,504,707 | ) |
|
|
| (3,090,978 | ) |
|
|
| (1,315,742 | ) |
|
|
| (1,043,607 | ) |
|
Beginning of period |
|
|
| 73,302,273 |
|
|
|
| 76,393,251 |
|
|
|
| 24,053,382 |
|
|
|
| 25,096,989 |
|
|
|
|
| |||||||||||||||||||
End of period |
|
| $ | 67,797,566 |
|
|
| $ | 73,302,273 |
|
|
| $ | 22,737,640 |
|
|
| $ | 24,053,382 |
|
|
|
|
| |||||||||||||||||||
End of period undistributed net investment income |
|
| $ | 783,276 |
|
|
| $ | 570,449 |
|
|
| $ | 559,870 |
|
|
| $ | 562,297 |
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
|
|
|
|
58 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
| |
BlackRock Insured Municipal Income Trust (BYM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
| For the Period |
| ||||||||||||||||
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, |
|
| ||||||||||||||||||
|
|
|
| ||||||||||||||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
|
| |||||||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, beginning of period |
|
| $ | 14.82 |
|
| $ | 15.54 |
| $ | 15.61 |
| $ | 14.62 |
| $ | 13.64 |
|
| $ | 14.33 | 2 |
|
|
| ||||||||||||||||||||||
Net investment income |
|
|
| 0.52 | 3 |
|
| 1.03 |
|
| 1.03 |
|
| 1.03 |
|
| 1.06 |
|
|
| 0.83 |
|
|
Net realized and unrealized gain (loss) |
|
|
| (1.69 | ) |
|
| (0.67 | ) |
| (0.09 | ) |
| 1.07 |
|
| 0.94 |
|
|
| (0.62 | ) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.14 | ) |
|
| (0.28 | ) |
| (0.26 | ) |
| (0.17 | ) |
| (0.08 | ) |
|
| (0.07 | ) |
|
Net realized gain |
|
|
| — |
|
|
| (0.02 | ) |
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| ||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.31 | ) |
|
| 0.06 |
|
| 0.68 |
|
| 1.93 |
|
| 1.92 |
|
|
| 0.14 |
|
|
|
| ||||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.37 | ) |
|
| (0.73 | ) |
| (0.75 | ) |
| (0.94 | ) |
| (0.94 | ) |
|
| (0.70 | ) |
|
Net realized gains |
|
|
| — |
|
|
| (0.05 | ) |
| — |
|
| — |
|
| — |
|
|
| — |
|
|
|
| ||||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.37 | ) |
|
| (0.78 | ) |
| (0.75 | ) |
| (0.94 | ) |
| (0.94 | ) |
|
| (0.70 | ) |
|
|
| ||||||||||||||||||||||
Capital charges with respect to issuance of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.03 | ) |
|
Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.10 | ) |
|
|
| ||||||||||||||||||||||
Total capital charges |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.13 | ) |
|
|
| ||||||||||||||||||||||
Net asset value, end of period |
|
| $ | 13.14 |
|
| $ | 14.82 |
| $ | 15.54 |
| $ | 15.61 |
| $ | 14.62 |
|
| $ | 13.64 |
|
|
|
| ||||||||||||||||||||||
Market price, end of period |
|
| $ | 13.30 |
|
| $ | 14.35 |
| $ | 14.65 |
| $ | 15.43 |
| $ | 13.97 |
|
| $ | 13.51 |
|
|
|
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return:4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (9.04 | %) 5 |
|
| 0.48 | % |
| 4.92 | % |
| 13.77 | % |
| 14.61 | % |
|
| 0.03 | %5 |
|
|
| ||||||||||||||||||||||
Based on market price |
|
|
| (4.92 | %)5 |
|
| 3.20 | % |
| 0.07 | % |
| 17.69 | % |
| 10.57 | % |
|
| (5.39 | %) 5 |
|
|
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly6 |
|
|
| 0.85 | %7 |
|
| 0.80 | % |
| 0.84 | % |
| 0.83 | % |
| 0.84 | % |
|
| 0.77 | %7 |
|
|
| ||||||||||||||||||||||
Total expenses, net of waiver6 |
|
|
| 0.85 | %7 |
|
| 0.80 | % |
| 0.84 | % |
| 0.83 | % |
| 0.84 | % |
|
| 0.79 | %7 |
|
|
| ||||||||||||||||||||||
Total expenses6 |
|
|
| 1.11 | %7 |
|
| 1.12 | % |
| 1.18 | % |
| 1.15 | % |
| 1.16 | % |
|
| 1.10 | %7 |
|
|
| ||||||||||||||||||||||
Net investment income6 |
|
|
| 6.88 | %7 |
|
| 6.67 | % |
| 6.75 | % |
| 6.83 | % |
| 7.30 | % |
|
| 6.95 | %7 |
|
|
| ||||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 1.91 | %7 |
|
| 1.79 | % |
| 1.69 | % |
| 1.09 | % |
| 0.57 | % |
|
| 0.55 | %7 |
|
|
| ||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 4.97 | %7 |
|
| 4.88 | % |
| 5.06 | % |
| 5.74 | % |
| 6.73 | % |
|
| 6.40 | %7 |
|
|
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 344,292 |
|
| $ | 388,275 |
| $ | 407,338 |
| $ | 408,641 |
| $ | 382,265 |
|
| $ | 356,438 |
|
|
|
| ||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 228,975 |
|
| $ | 228,975 |
| $ | 228,975 |
| $ | 228,975 |
| $ | 228,975 |
|
| $ | 228,975 |
|
|
|
| ||||||||||||||||||||||
Portfolio turnover |
|
|
| 13 | % |
|
| 17 | % |
| 60 | % |
| 57 | % |
| 57 | % |
|
| 46 | % |
|
|
| ||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 62,605 |
|
| $ | 67,402 |
| $ | 69,485 |
| $ | 69,622 |
| $ | 66,739 |
|
| $ | 63,919 |
|
|
|
|
|
|
1 | Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc. |
2 | Net asset value, beginning of period, reflects a deduction of $0.675 per sales charge from the initial offering price of $15.00 per share. |
3 | Based on average shares outstanding. |
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. Total investment returns exclude the effects of sales charges. |
5 | Aggregate total investment return. |
6 | Does not reflect the effect of dividends to Preferred Shareholders. |
7 | Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 59 |
|
|
| |
Financial Highlights | BlackRock Municipal Bond Trust (BBK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, | ||||||||||||||||||
|
| ||||||||||||||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| ||||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, beginning of period |
|
| $ | 15.57 |
|
| $ | 16.35 |
| $ | 16.36 |
| $ | 15.00 |
| $ | 14.12 |
| $ | 14.76 |
|
|
| ||||||||||||||||||||
Net investment income |
|
|
| 0.65 | 1 |
|
| 1.20 |
|
| 1.21 |
|
| 1.21 |
|
| 1.25 |
|
| 1.28 |
|
Net realized and unrealized gain (loss) |
|
|
| (1.83 | ) |
|
| (0.63 | ) |
| 0.18 |
|
| 1.36 |
|
| 0.74 |
|
| (0.74 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.15 | ) |
|
| (0.32 | ) |
| (0.25 | ) |
| (0.17 | ) |
| (0.08 | ) |
| (0.10 | ) |
Net realized gain |
|
|
| (0.03 | ) |
|
| — |
|
| (0.02 | ) |
| — |
|
| — |
|
| (0.01 | ) |
|
| ||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.36 | ) |
|
| 0.25 |
|
| 1.12 |
|
| 2.40 |
|
| 1.91 |
|
| 0.43 |
|
|
| ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.48 | ) |
|
| (1.03 | ) |
| (1.04 | ) |
| (1.04 | ) |
| (1.04 | ) |
| (1.02 | ) |
Net realized gains |
|
|
| (0.13 | ) |
|
| — |
|
| (0.09 | ) |
| — |
|
| — |
|
| (0.05 | ) |
|
| ||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.61 | ) |
|
| (1.03 | ) |
| (1.13 | ) |
| (1.04 | ) |
| (1.04 | ) |
| (1.07 | ) |
|
| ||||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| 0.01 |
|
| — |
|
|
| ||||||||||||||||||||
Net asset value, end of period |
|
| $ | 13.60 |
|
| $ | 15.57 |
| $ | 16.35 |
| $ | 16.36 |
| $ | 15.00 |
| $ | 14.12 |
|
|
| ||||||||||||||||||||
Market price, end of period |
|
| $ | 14.85 |
|
| $ | 16.50 |
| $ | 17.89 |
| $ | 17.18 |
| $ | 14.61 |
| $ | 13.66 |
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (9.14 | %)3 |
|
| 1.09 | % |
| 7.18 | % |
| 16.63 | % |
| 14.01 | % |
| 3.17 | % |
|
| ||||||||||||||||||||
Based on market price |
|
|
| (6.38 | %)3 |
|
| (2.09 | %) |
| 11.55 | % |
| 25.75 | % |
| 14.87 | % |
| (1.20 | %) |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly4 |
|
|
| 0.92 | %5 |
|
| 0.83 | % |
| 0.86 | % |
| 0.87 | % |
| 0.89 | % |
| 0.91 | % |
|
| ||||||||||||||||||||
Total expenses, net of waiver4 |
|
|
| 0.92 | %5 |
|
| 0.84 | % |
| 0.88 | % |
| 0.88 | % |
| 0.90 | % |
| 0.92 | % |
|
| ||||||||||||||||||||
Total expenses4 |
|
|
| 1.32 | %5 |
|
| 1.28 | % |
| 1.37 | % |
| 1.35 | % |
| 1.37 | % |
| 1.41 | % |
|
| ||||||||||||||||||||
Net investment income4 |
|
|
| 8.37 | %5 |
|
| 7.36 | % |
| 7.58 | % |
| 7.73 | % |
| 8.28 | % |
| 8.66 | % |
|
| ||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 1.87 | %5 |
|
| 1.94 | % |
| 1.57 | % |
| 1.08 | % |
| 0.55 | % |
| 0.67 | % |
|
| ||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 6.50 | %5 |
|
| 5.42 | % |
| 6.01 | % |
| 6.65 | % |
| 7.73 | % |
| 7.99 | % |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 140,066 |
|
| $ | 159,900 |
| $ | 166,895 |
| $ | 165,863 |
| $ | 151,892 |
| $ | 142,951 |
|
|
| ||||||||||||||||||||
Preferred Shares outstanding at liquidation preference,end of period (000) |
|
| $ | 90,500 |
|
| $ | 90,500 |
| $ | 90,500 |
| $ | 90,500 |
| $ | 90,500 |
| $ | 90,500 |
|
|
| ||||||||||||||||||||
Portfolio turnover |
|
|
| 5 | % |
|
| 14 | % |
| 85 | % |
| 70 | % |
| 65 | % |
| 21 | % |
|
| ||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 63,704 |
|
| $ | 69,176 |
| $ | 71,114 |
| $ | 70,824 |
| $ | 66,963 |
| $ | 64,491 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
60 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
Financial Highlights | BlackRock Municipal Income Trust II (BLE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
| ||||||||||||||||
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, |
| |||||||||||||||||
|
|
| |||||||||||||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| ||||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net asset value, beginning of period |
|
| $ | 15.08 |
|
| $ | 15.82 |
| $ | 15.75 |
| $ | 14.34 |
| $ | 13.28 |
| $ | 14.40 |
|
|
| ||||||||||||||||||||
Net investment income |
|
|
| 0.61 | 1 |
|
| 1.17 |
|
| 1.18 |
|
| 1.20 |
|
| 1.20 |
|
| 1.14 |
|
Net realized and unrealized gain (loss) |
|
|
| (1.90 | ) |
|
| (0.66 | ) |
| 0.18 |
|
| 1.38 |
|
| 0.95 |
|
| (1.06 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders from net investment income |
|
|
| (0.17 | ) |
|
| (0.32 | ) |
| (0.28 | ) |
| (0.17 | ) |
| (0.09 | ) |
| (0.10 | ) |
|
| ||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.46 | ) |
|
| 0.19 |
|
| 1.08 |
|
| 2.41 |
|
| 2.06 |
|
| (0.02 | ) |
|
| ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.43 | ) |
|
| (0.93 | ) |
| (1.01 | ) |
| (1.00 | ) |
| (1.00 | ) |
| (1.00 | ) |
Net realized gains |
|
|
| (0.02 | ) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.45 | ) |
|
| (0.93 | ) |
| (1.01 | ) |
| (1.00 | ) |
| (1.00 | ) |
| (1.00 | ) |
|
| ||||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.10 | ) |
|
| ||||||||||||||||||||
Net asset value, end of period |
|
| $ | 13.17 |
|
| $ | 15.08 |
| $ | 15.82 |
| $ | 15.75 |
| $ | 14.34 |
| $ | 13.28 |
|
|
| ||||||||||||||||||||
Market price, end of period |
|
| $ | 13.49 |
|
| $ | 15.05 |
| $ | 17.22 |
| $ | 15.73 |
| $ | 13.92 |
| $ | 13.11 |
|
|
| ||||||||||||||||||||
| |||||||||||||||||||||
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (9.92 | %)3 |
|
| 1.02 | % |
| 7.04 | % |
| 17.56 | % |
| 16.09 | % |
| (0.81 | %) |
|
| ||||||||||||||||||||
Based on market price |
|
|
| (7.55 | %)3 |
|
| (7.38% | ) |
| 16.66 | % |
| 20.95 | % |
| 14.15 | % |
| (6.00 | %) |
|
| ||||||||||||||||||||
| |||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Expenses after fees waived and paid indirectly4 |
|
|
| 0.97 | %5 |
|
| 0.89 | % |
| 0.94 | % |
| 0.93 | % |
| 0.95 | % |
| 0.92 | % |
|
| ||||||||||||||||||||
Total expenses, net of waiver4 |
|
|
| 0.97 | %5 |
|
| 0.90 | % |
| 0.94 | % |
| 0.93 | % |
| 0.95 | % |
| 0.93 | % |
|
| ||||||||||||||||||||
Total expenses4 |
|
|
| 1.13 | %5 |
|
| 1.12 | % |
| 1.18 | % |
| 1.17 | % |
| 1.20 | % |
| 1.17 | % |
|
| ||||||||||||||||||||
Net investment income4 |
|
|
| 8.09 | %5 |
|
| 7.43 | % |
| 7.66 | % |
| 8.00 | % |
| 8.37 | % |
| 8.15 | % |
|
| ||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 2.21 | %5 |
|
| 2.01 | % |
| 1.78 | % |
| 1.15 | % |
| 0.61 | % |
| 0.69 | % |
|
| ||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.88 | %5 |
|
| 5.42 | % |
| 5.88 | % |
| 6.85 | % |
| 7.76 | % |
| 7.46 | % |
|
| ||||||||||||||||||||
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 304,225 |
|
| $ | 347,563 |
| $ | 362,608 |
| $ | 359,020 |
| $ | 326,770 |
| $ | 302,337 |
|
|
| ||||||||||||||||||||
Preferred Shares outstanding at liquidation preference,end of period (000) |
|
| $ | 205,550 |
|
| $ | 205,550 |
| $ | 205,550 |
| $ | 205,550 |
| $ | 205,550 |
| $ | 205,550 |
|
|
| ||||||||||||||||||||
Portfolio turnover |
|
|
| 4 | % |
|
| 12 | % |
| 68 | % |
| 49 | % |
| 64 | % |
| 118 | % |
|
| ||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 62,015 |
|
| $ | 67,279 |
| $ | 69,110 |
| $ | 68,672 |
| $ | 64,747 |
| $ | 61,774 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 61 |
|
|
Financial Highlights | BlackRock California Insured Municipal Income Trust (BCK) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
| For the Period |
| ||||||
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, |
|
| ||||||||||||||||||
|
|
|
| ||||||||||||||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
|
| |||||||||||||
Per Common Share Operating Performance: | |||||||||||||||||||||||
Net asset value, beginning of period |
|
| $ | 14.66 |
|
| $ | 15.24 |
| $ | 15.22 |
| $ | 14.01 |
| $ | 13.09 |
|
| $ | 14.33 | 2 |
|
|
| ||||||||||||||||||||||
Net investment income |
|
|
| 0.483 |
|
|
| 0.99 |
|
| 0.98 |
|
| 0.99 |
|
| 1.02 |
|
|
| 0.79 |
|
|
Net realized and unrealized gain (loss) |
|
|
| (1.6 | )2 |
|
| (0.59 | ) |
| (0.01 | ) |
| 1.27 |
|
| 0.89 |
|
|
| (1.15 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders from net investment income |
|
|
| (0.14 | ) |
|
| (0.28 | ) |
| (0.24 | ) |
| (0.15 | ) |
| (0.08 | ) |
|
| (0.06 | ) |
|
|
| ||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.28 | ) |
|
| 0.12 |
|
| 0.73 |
|
| 2.11 |
|
| 1.83 |
|
|
| (0.42 | ) |
|
|
| ||||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.35 | ) |
|
| (0.70 | ) |
| (0.71 | ) |
| (0.90 | ) |
| (0.90 | ) |
|
| (0.67 | ) |
|
Net realized gains |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
|
| — |
|
|
|
| ||||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.35 | ) |
|
| (0.70 | ) |
| (0.71 | ) |
| (0.90 | ) |
| (0.91 | ) |
|
| (0.67 | ) |
|
|
| ||||||||||||||||||||||
Capital charges with respect to issuance of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.03 | ) |
|
Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.12 | ) |
|
|
| ||||||||||||||||||||||
Total capital charges |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.15 | ) |
|
|
| ||||||||||||||||||||||
Net asset value, end of period |
|
| $ | 13.03 |
|
| $ | 14.66 |
| $ | 15.24 |
| $ | 15.22 |
| $ | 14.01 |
|
| $ | 13.09 |
|
|
|
| ||||||||||||||||||||||
Market price, end of period |
|
| $ | 13.14 |
|
| $ | 14.30 |
| $ | 14.61 |
| $ | 16.08 |
| $ | 14.00 |
|
| $ | 13.01 |
|
|
|
| ||||||||||||||||||||||
Total Investment Return:4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (8.93 | %)5 |
|
| 0.76 | % |
| 5.22 | % |
| 15.62 | % |
| 14.34 | % |
|
| (4.11 | %)5 |
|
|
| ||||||||||||||||||||||
Based on market price |
|
|
| (5.85 | %)5 |
|
| 2.52 | % |
| (4.53% | ) |
| 22.24 | % |
| 14.97 | % |
|
| (8.98 | %)5 |
|
|
| ||||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Expenses after fees waived and paid indirectly6 |
|
|
| 0.98 | %7 |
|
| 0.90 | % |
| 0.95 | % |
| 0.97 | % |
| 0.99 | % |
|
| 0.92 | %7 |
|
|
| ||||||||||||||||||||||
Total expenses, net of waiver6 |
|
|
| 0.98 | %7 |
|
| 0.92 | % |
| 0.97 | % |
| 0.98 | % |
| 0.99 | % |
|
| 0.96 | %7 |
|
|
| ||||||||||||||||||||||
Total expenses6 |
|
|
| 1.27 | %7 |
|
| 1.24 | % |
| 1.28 | % |
| 1.30 | % |
| 1.32 | % |
|
| 1.27 | %7 |
|
|
| ||||||||||||||||||||||
Net investment income6 |
|
|
| 6.45 | %7 |
|
| 6.50 | % |
| 6.58 | % |
| 6.72 | % |
| 7.26 | % |
|
| 6.69 | %7 |
|
|
| ||||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 1.89 | %7 |
|
| 1.87 | % |
| 1.63 | % |
| 1.04 | % |
| 0.54 | % |
|
| 0.50 | %7 |
|
|
| ||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 4.56 | %7 |
|
| 4.63 | % |
| 4.95 | % |
| 5.68 | % |
| 6.72 | % |
|
| 6.19 | %7 |
|
|
| ||||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 68,767 |
|
| $ | 77,338 |
| $ | 80,418 |
| $ | 80,289 |
| $ | 73,823 |
|
| $ | 68,910 |
|
|
|
| ||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference,end of period (000) |
|
| $ | 46,500 |
|
| $ | 46,500 |
| $ | 46,500 |
| $ | 46,500 |
| $ | 46,500 |
|
| $ | 46,500 |
|
|
|
| ||||||||||||||||||||||
Portfolio turnover |
|
|
| 15 | % |
|
| 28 | % |
| 20 | % |
| 16 | % |
| 4 | % |
|
| 41 | % |
|
|
| ||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 61,988 |
|
| $ | 66,591 |
| $ | 68,241 |
| $ | 68,170 |
| $ | 64,691 |
|
| $ | 62,052 |
|
|
|
|
|
|
1 | Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc. |
2 | Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. |
3 | Based on average shares outstanding. |
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. Total investment returns exclude the effects of sales charges. |
5 | Aggregate total investment return. |
6 | Does not reflect the effect of dividends to Preferred Shareholders. |
7 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
62 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Financial Highlights | BlackRock California Municipal Bond Trust (BZA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, | ||||||||||||||||
|
| ||||||||||||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| ||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, beginning of period |
| $ | 15.35 |
| $ | 16.28 |
| $ | 16.19 |
| $ | 14.67 |
| $ | 13.71 |
| $ | 14.87 |
|
|
| ||||||||||||||||||
Net Investment income |
|
| 0.60 | 1 |
| 1.13 |
|
| 1.14 |
|
| 1.13 |
|
| 1.15 |
|
| 1.18 |
|
Net realized and unrealized gain (loss) |
|
| (1.04 | ) |
| (0.82 | ) |
| 0.17 |
|
| 1.50 |
|
| 0.92 |
|
| (1.21 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.17 | ) |
| (0.30 | ) |
| (0.26 | ) |
| (0.15 | ) |
| (0.07 | ) |
| (0.09 | ) |
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
| (0.01 | ) |
|
| ||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.61 | ) |
| 0.01 |
|
| 1.05 |
|
| 2.48 |
|
| 1.99 |
|
| (0.13 | ) |
|
| ||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.46 | ) |
| (0.94 | ) |
| (0.96 | ) |
| (0.96 | ) |
| (0.96 | ) |
| (0.94 | ) |
Net realized gains |
|
| (0.03 | ) |
| — |
|
| — |
|
| — |
|
| (0.07 | ) |
| (0.08 | ) |
|
| ||||||||||||||||||
Total dividends and distributions |
|
| (0.49 | ) |
| (0.94 | ) |
| (0.96 | ) |
| (0.96 | ) |
| (1.03 | ) |
| (1.02 | ) |
|
| ||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
|
| ||||||||||||||||||
Net asset value, end of period |
| $ | 14.25 |
| $ | 15.35 |
| $ | 16.28 |
| $ | 16.19 |
| $ | 14.67 |
| $ | 13.71 |
|
|
| ||||||||||||||||||
Market price, end of period |
| $ | 15.74 |
| $ | 16.50 |
| $ | 18.05 |
| $ | 16.33 |
| $ | 13.90 |
| $ | 13.15 |
|
|
| ||||||||||||||||||
| |||||||||||||||||||
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (4.18 | %)3 |
| (0.33 | %) |
| 6.71 | % |
| 17.71 | % |
| 15.20 | % |
| (0.76 | %) |
|
| ||||||||||||||||||
Based on market price |
|
| (1.54 | %)3 |
| (3.37 | %) |
| 17.30 | % |
| 25.31 | % |
| 13.80 | % |
| (2.92 | %) |
|
| ||||||||||||||||||
| |||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Expenses after fees waived and paid indirectly4 |
|
| 1.07 | %5 |
| 0.94 | % |
| 0.96 | % |
| 1.00 | % |
| 1.06 | % |
| 1.06 | % |
|
| ||||||||||||||||||
Total expenses, net of waiver4 |
|
| 1.07 | %5 |
| 0.96 | % |
| 0.98 | % |
| 1.03 | % |
| 1.07 | % |
| 1.06 | % |
|
| ||||||||||||||||||
Total expenses4 |
|
| 1.48 | %5 |
| 1.41 | % |
| 1.45 | % |
| 1.50 | % |
| 1.55 | % |
| 1.54 | % |
|
| ||||||||||||||||||
Net investment income4 |
|
| 7.70 | %5 |
| 7.08 | % |
| 7.20 | % |
| 7.30 | % |
| 7.87 | % |
| 7.99 | % |
|
| ||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
| 2.13 | %5 |
| 1.87 | % |
| 1.64 | % |
| 0.98 | % |
| 0.49 | % |
| 0.58 | % |
|
| ||||||||||||||||||
Net investment income to Common Shareholders |
|
| 5.57 | %5 |
| 5.21 | % |
| 5.56 | % |
| 6.32 | % |
| 7.38 | % |
| 7.41 | % |
|
| ||||||||||||||||||
| |||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
| $ | 48,461 |
| $ | 51,983 |
| $ | 54,801 |
| $ | 54,265 |
| $ | 49,145 |
| $ | 45,940 |
|
|
| ||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ | 29,975 |
| $ | 29,975 |
| $ | 29,975 |
| $ | 29,975 |
| $ | 29,975 |
| $ | 29,975 |
|
|
| ||||||||||||||||||
Portfolio turnover |
|
| 7 | % |
| 21 | % |
| 16 | % |
| 22 | % |
| 24 | % |
| 22 | % |
|
| ||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ | 65,434 |
| $ | 68,364 |
| $ | 70,714 |
| $ | 70,263 |
| $ | 65,990 |
| $ | 63,318 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 63 |
|
|
|
|
Financial Highlights | BlackRock California Municipal Income Trust II (BCL) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, | ||||||||||||||||
|
| ||||||||||||||||||
|
|
| 2007 |
|
| 2006 |
|
| 2005 |
|
| 2004 |
|
| 2003 |
| |||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 14.96 |
| $ | 15.72 |
| $ | 15.52 |
| $ | 13.77 |
| $ | 12.76 |
| $ | 14.42 |
|
|
| ||||||||||||||||||
Net investment income |
|
| 0.56 | 1 |
| 1.07 |
|
| 1.08 |
|
| 1.09 |
|
| 1.09 |
|
| 1.02 |
|
Net realized and unrealized gain (loss) |
|
| (1.72 | ) |
| (0.74 | ) |
| 0.16 |
|
| 1.75 |
|
| 0.97 |
|
| (1.51 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders from net investment income |
|
| (0.16 | ) |
| (0.30 | ) |
| (0.25 | ) |
| (0.15 | ) |
| (0.08 | ) |
| (0.09 | ) |
|
| ||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (1.32 | ) |
| 0.03 |
|
| 0.99 |
|
| 2.69 |
|
| 1.98 |
|
| (0.58 | ) |
|
| ||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.39 | ) |
| (0.79 | ) |
| (0.79 | ) |
| (0.94 | ) |
| (0.97 | ) |
| (0.97 | ) |
Net realized gains |
|
| (0.02 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||
Total dividends and distributions |
|
| (0.41 | ) |
| (0.79 | ) |
| (0.79 | ) |
| (0.94 | ) |
| (0.97 | ) |
| (0.97 | ) |
|
| ||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.11 | ) |
|
| ||||||||||||||||||
Net asset value, end of period |
| $ | 13.23 |
| $ | 14.96 |
| $ | 15.72 |
| $ | 15.52 |
| $ | 13.77 |
| $ | 12.76 |
|
|
| ||||||||||||||||||
Market price, end of period |
| $ | 13.63 |
| $ | 14.44 |
| $ | 15.40 |
| $ | 14.26 |
| $ | 13.71 |
| $ | 13.01 |
|
|
| ||||||||||||||||||
| |||||||||||||||||||
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (9.04 | %)3 |
| 0.09 | % |
| 6.93 | % |
| 20.38 | % |
| 15.94 | % |
| (4.98 | %) |
|
| ||||||||||||||||||
Based on market price |
|
| (2.91 | %)3 |
| (1.38 | %) |
| 14.01 | % |
| 11.09 | % |
| 13.21 | % |
| (6.94 | %) |
|
| ||||||||||||||||||
| |||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Expenses after fees waived and paid indirectly4 |
|
| 1.06 | %5 |
| 0.95 | % |
| 0.98 | % |
| 1.01 | % |
| 1.05 | % |
| 0.97 | % |
|
| ||||||||||||||||||
Total expenses, net of waiver4 |
|
| 1.06 | %5 |
| 0.96 | % |
| 1.00 | % |
| 1.02 | % |
| 1.05 | % |
| 0.99 | % |
|
| ||||||||||||||||||
Total expenses4 |
|
| 1.22 | %5 |
| 1.19 | % |
| 1.24 | % |
| 1.26 | % |
| 1.30 | % |
| 1.23 | % |
|
| ||||||||||||||||||
Net investment income4 |
|
| 7.37 | %5 |
| 6.81 | % |
| 7.06 | % |
| 7.46 | % |
| 7.97 | % |
| 7.38 | % |
|
| ||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
| 2.07 | %5 |
| 1.89 | % |
| 1.62 | % |
| 1.00 | % |
| 0.58 | % |
| 0.63 | % |
|
| ||||||||||||||||||
Net investment income to Common Shareholders |
|
| 5.30 | %5 |
| 4.92 | % |
| 5.44 | % |
| 6.46 | % |
| 7.39 | % |
| 6.75 | % |
|
| ||||||||||||||||||
| |||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
| $ | 105,810 |
| $ | 119,603 |
| $ | 125,525 |
| $ | 123,920 |
| $ | 109,952 |
| $ | 101,738 |
|
|
| ||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ | 71,950 |
| $ | 71,950 |
| $ | 71,950 |
| $ | 71,950 |
| $ | 71,950 |
| $ | 71,950 |
|
|
| ||||||||||||||||||
Portfolio turnover |
|
| 6 | % |
| 30 | % |
| 18 | % |
| 21 | % |
| 19 | % |
| 85 | % |
|
| ||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ | 61,777 |
| $ | 66,563 |
| $ | 68,625 |
| $ | 68,063 |
| $ | 63,209 |
| $ | 60,353 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
64 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
Financial Highlights | BlackRock Florida Insured Municipal Income Trust (BAF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
| For the Period |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, |
| |||||||||||||||
|
|
| 2007 |
|
| 2006 |
|
| 2005 |
|
| 2004 |
|
| |||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 14.68 |
| $ | 15.24 |
| $ | 15.26 |
| $ | 14.34 |
| $ | 13.74 |
| $ | 14.33 | 2 |
|
| ||||||||||||||||||
Net investment income |
|
| 0.50 | 3 |
| 1.01 |
|
| 1.02 |
|
| 1.02 |
|
| 1.02 |
|
| 0.75 |
|
Net realized and unrealized gain (loss) |
|
| (1.28 | ) |
| (0.56 | ) |
| (0.07 | ) |
| 0.96 |
|
| 0.64 |
|
| (0.47 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.17 | ) |
| (0.31 | ) |
| (0.26 | ) |
| (0.16 | ) |
| (0.07 | ) |
| (0.06 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
| — |
|
|
| ||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.95 | ) |
| 0.14 |
|
| 0.69 |
|
| 1.82 |
|
| 1.58 |
|
| 0.22 |
|
|
| ||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.35 | ) |
| (0.70 | ) |
| (0.71 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.67 | ) |
Net realized gains |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.08 | ) |
| — |
|
|
| ||||||||||||||||||
Total dividends and distributions |
|
| (0.35 | ) |
| (0.70 | ) |
| (0.71 | ) |
| (0.90 | ) |
| (0.98 | ) |
| (0.67 | ) |
|
| ||||||||||||||||||
Capital charges with respect to issuance of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.03 | ) |
Preferred Shares |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.11 | ) |
|
| ||||||||||||||||||
Total capital charges |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.14 | ) |
|
| ||||||||||||||||||
Net asset value, end of period |
| $ | 13.38 |
| $ | 14.68 |
| $ | 15.24 |
| $ | 15.26 |
| $ | 14.34 |
| $ | 13.74 |
|
|
| ||||||||||||||||||
Market price, end of period |
| $ | 12.42 |
| $ | 13.55 |
| $ | 13.88 |
| $ | 15.30 |
| $ | 14.14 |
| $ | 13.20 |
|
|
| ||||||||||||||||||
| |||||||||||||||||||
Total Investment Return:4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (6.46 | %)5 |
| 1.17 | % |
| 5.16 | % |
| 13.13 | % |
| 11.87 | % |
| 0.52 | %5 |
|
| ||||||||||||||||||
Based on market price |
|
| (5.93 | %)5 |
| 2.54 | % |
| (4.48 | %) |
| 15.03 | % |
| 14.82 | % |
| (7.78 | %)5 |
|
| ||||||||||||||||||
| |||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly6 |
|
| 0.91 | %7 |
| 0.86 | % |
| 0.90 | % |
| 0.89 | % |
| 0.91 | % |
| 0.83 | %7 |
|
| ||||||||||||||||||
Total expenses, net of waiver6 |
|
| 0.91 | %7 |
| 0.87 | % |
| 0.92 | % |
| 0.90 | % |
| 0.93 | % |
| 0.87 | %7 |
|
| ||||||||||||||||||
Total expenses6 |
|
| 1.19 | %7 |
| 1.19 | % |
| 1.23 | % |
| 1.22 | % |
| 1.25 | % |
| 1.17 | %7 |
|
| ||||||||||||||||||
Net investment income6 |
|
| 6.68 | %7 |
| 6.70 | % |
| 6.79 | % |
| 6.85 | % |
| 7.13 | % |
| 6.39 | %7 |
|
| ||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
| 2.22 | %7 |
| 2.05 | % |
| 1.74 | % |
| 1.06 | % |
| 0.52 | % |
| 0.54 | %7 |
|
| ||||||||||||||||||
Net investment income to Common Shareholders |
|
| 4.46 | %7 |
| 4.65 | % |
| 5.05 | % |
| 5.79 | % |
| 6.61 | % |
| 5.85 | %7 |
|
| ||||||||||||||||||
| |||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
| $ | 116,856 |
| $ | 128,215 |
| $ | 133,106 |
| $ | 133,221 |
| $ | 125,054 |
| $ | 119,778 |
|
|
| ||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ | 76,000 |
| $ | 76,000 |
| $ | 76,000 |
| $ | 76,000 |
| $ | 76,000 |
| $ | 76,000 |
|
|
| ||||||||||||||||||
Portfolio turnover |
|
| 6 | % |
| 13 | % |
| 9 | % |
| 2 | % |
| 2 | % |
| 50 | % |
|
| ||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ | 63,457 |
| $ | 67,187 |
| $ | 68,792 |
| $ | 68,826 |
| $ | 66,137 |
| $ | 64,404 |
|
|
|
|
|
1 | Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc. |
2 | Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. |
3 | Based on average shares outstanding. |
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. Total investment returns exclude the effects of sales charges. |
5 | Aggregate total investment return. |
6 | Does not reflect the effect of dividends to Preferred Shareholders. |
7 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 65 |
|
|
Financial Highlights | BlackRock Florida Municipal Bond Trust (BIE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, | ||||||||||||||||
|
|
| 2007 |
|
| 2006 |
|
| 2005 |
|
| 2004 |
|
| 2003 |
| |||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net asset value, beginning of period |
| $ | 15.45 |
| $ | 16.22 |
| $ | 16.31 |
| $ | 15.53 |
| $ | 14.52 |
| $ | 14.90 |
|
|
| ||||||||||||||||||
Net investment income |
|
| 0.61 | 1 |
| 1.15 |
|
| 1.17 |
|
| 1.16 |
|
| 1.16 |
|
| 1.14 |
|
Net realized and unrealized gain (loss) |
|
| (1.04 | ) |
| (0.67 | ) |
| (0.06 | ) |
| 0.71 |
|
| 0.88 |
|
| (0.43 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.17 | ) |
| (0.32 | ) |
| (0.27 | ) |
| (0.16 | ) |
| (0.08 | ) |
| (0.09 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
|
| ||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.60 | ) |
| 0.16 |
|
| 0.84 |
|
| 1.71 |
|
| 1.96 |
|
| 0.61 |
|
|
| ||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.47 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.92 | ) |
Net realized gains |
|
| (0.03 | ) |
| — |
|
| — |
|
| — |
|
| (0.02 | ) |
| (0.06 | ) |
|
| ||||||||||||||||||
Total dividends and distributions |
|
| (0.50 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.95 | ) |
| (0.98 | ) |
|
| ||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
|
| ||||||||||||||||||
Net asset value, end of period |
| $ | 14.35 |
| $ | 15.45 |
| $ | 16.22 |
| $ | 16.31 |
| $ | 15.53 |
| $ | 14.52 |
|
|
| ||||||||||||||||||
Market price, end of period |
| $ | 15.16 |
| $ | 15.82 |
| $ | 16.70 |
| $ | 15.95 |
| $ | 14.17 |
| $ | 13.55 |
|
|
| ||||||||||||||||||
| |||||||||||||||||||
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (4.07 | %)3 |
| 0.95 | % |
| 5.40 | % |
| 11.58 | % |
| 14.37 | % |
| 4.19 | % |
|
| ||||||||||||||||||
Based on market price |
|
| (1.02 | %)3 |
| 0.40 | % |
| 10.97 | % |
| 19.59 | % |
| 11.82 | % |
| (2.90 | %) |
|
| ||||||||||||||||||
| |||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly4 |
|
| 1.06 | %5 |
| 0.96 | % |
| 0.98 | % |
| 1.00 | % |
| 1.02 | % |
| 1.05 | % |
|
| ||||||||||||||||||
Total expenses, net of waiver4 |
|
| 1.06 | %5 |
| 0.98 | % |
| 1.00 | % |
| 1.02 | % |
| 1.03 | % |
| 1.05 | % |
|
| ||||||||||||||||||
Total expenses4 |
|
| 1.47 | %5 |
| 1.43 | % |
| 1.47 | % |
| 1.49 | % |
| 1.50 | % |
| 1.53 | % |
|
| ||||||||||||||||||
Net investment income4 |
|
| 7.73 | %5 |
| 7.22 | % |
| 7.28 | % |
| 7.24 | % |
| 7.62 | % |
| 7.54 | % |
|
| ||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
| 2.18 | %5 |
| 2.01 | % |
| 1.70 | % |
| 1.01 | % |
| 0.53 | % |
| 0.59 | % |
|
| ||||||||||||||||||
Net investment income to Common Shareholders |
|
| 5.55 | %5 |
| 5.21 | % |
| 5.58 | % |
| 6.23 | % |
| 7.09 | % |
| 6.95 | % |
|
| ||||||||||||||||||
| |||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, |
| $ | 47,793 |
| $ | 51,384 |
| $ | 53,798 |
| $ | 53,990 |
| $ | 51,383 |
| $ | 48,042 |
|
|
| ||||||||||||||||||
Preferred Shares outstanding at liquidation preference, |
| $ | 29,775 |
| $ | 29,775 |
| $ | 29,775 |
| $ | 29,775 |
| $ | 29,775 |
| $ | 29,775 |
|
|
| ||||||||||||||||||
Portfolio turnover |
|
| 11 | % |
| 23 | % |
| 6 | % |
| 2 | % |
| 10 | % |
| 19 | % |
|
| ||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ | 65,140 |
| $ | 68,149 |
| $ | 70,173 |
| $ | 70,343 |
| $ | 68,147 |
| $ | 65,340 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
66 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Financial Highlights | BlackRock Maryland Municipal Bond Trust (BZM) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
The following per share data and ratios have been derived from information provided in the financial statements. |
| Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
| February 29, 2008 |
| For the Year Ended August 31, |
| |||||||||||||||||
| (Unaudited) |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $ | 14.91 |
|
| $ | 15.98 |
| $ | 16.11 |
| $ | 15.24 |
| $ | 14.36 |
| $ | 14.76 |
|
|
| ||||||||||||||||||||
Net investment income |
|
|
| 0.58 | 1 |
|
| 1.08 |
|
| 1.07 |
|
| 1.07 |
|
| 1.06 |
|
| 1.07 |
|
Net realized and unrealized gain (loss) |
|
|
| (1.08 | ) |
|
| (0.99 | ) |
| (0.08 | ) |
| 0.83 |
|
| 0.76 |
|
| (0.45 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.15 | ) |
|
| (0.31 | ) |
| (0.26 | ) |
| (0.17 | ) |
| (0.08 | ) |
| (0.10 | ) |
Net realized gain |
|
|
| (0.01 | ) |
|
| — | 2 |
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
|
| ||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (0.66 | ) |
|
| (0.22 | ) |
| 0.73 |
|
| 1.73 |
|
| 1.74 |
|
| 0.51 |
|
|
| ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.43 | ) |
|
| (0.85 | ) |
| (0.86 | ) |
| (0.86 | ) |
| (0.86 | ) |
| (0.84 | ) |
Net realized gains |
|
|
| (0.05 | ) |
|
| — | 2 |
| — |
|
| — |
|
| — |
|
| (0.04 | ) |
|
| ||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.48 | ) |
|
| (0.85 | ) |
| (0.86 | ) |
| (0.86 | ) |
| (0.86 | ) |
| (0.88 | ) |
|
| ||||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.03 | ) |
|
| ||||||||||||||||||||
Net asset value, end of period |
|
| $ | 13.77 |
|
| $ | 14.91 |
| $ | 15.98 |
| $ | 16.11 |
| $ | 15.24 |
| $ | 14.36 |
|
|
| ||||||||||||||||||||
Market price, end of period |
|
| $ | 15.53 |
|
| $ | 17.43 |
| $ | 17.45 |
| $ | 15.96 |
| $ | 14.99 |
| $ | 13.90 |
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return:3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (4.78 | %)4 |
|
| (1.85 | %) |
| 4.57 | % |
| 11.73 | % |
| 12.50 | % |
| 3.26 | % |
|
| ||||||||||||||||||||
Based on market price |
|
|
| (8.13 | %)4 |
|
| 5.08 | % |
| 15.26 | % |
| 12.53 | % |
| 14.31 | % |
| (1.32 | %) |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Expenses after fees waived and paid indirectly5 |
|
|
| 1.23 | %6 |
|
| 1.07 | % |
| 1.11 | % |
| 1.11 | % |
| 1.18 | % |
| 1.15 | % |
|
| ||||||||||||||||||||
Total expenses, net of waiver5 |
|
|
| 1.23 | %6 |
|
| 1.10 | % |
| 1.17 | % |
| 1.13 | % |
| 1.19 | % |
| 1.15 | % |
|
| ||||||||||||||||||||
Total expenses5 |
|
|
| 1.62 | %6 |
|
| 1.54 | % |
| 1.64 | % |
| 1.60 | % |
| 1.67 | % |
| 1.63 | % |
|
| ||||||||||||||||||||
Net investment income5 |
|
|
| 7.55 | %6 |
|
| 6.87 | % |
| 6.76 | % |
| 6.82 | % |
| 7.05 | % |
| 7.18 | % |
|
| ||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 1.95 | %6 |
|
| 1.94 | % |
| 1.66 | % |
| 1.05 | % |
| 0.54 | % |
| 0.64 | % |
|
| ||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.60 | %6 |
|
| 4.93 | % |
| 5.10 | % |
| 5.77 | % |
| 6.51 | % |
| 6.54 | % |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 28,054 |
|
| $ | 30,302 |
| $ | 32,354 |
| $ | 32,492 |
| $ | 30,715 |
| $ | 28,923 |
|
|
| ||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 18,000 |
|
| $ | 18,000 |
| $ | 18,000 |
| $ | 18,000 |
| $ | 18,000 |
| $ | 18,000 |
|
|
| ||||||||||||||||||||
Portfolio turnover |
|
|
| 3 | % |
|
| 7 | % |
| — | % |
| 4 | % |
| 12 | % |
| 14 | % |
|
| ||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 63,973 |
|
| $ | 67,089 |
| $ | 69,950 |
| $ | 70,138 |
| $ | 67,662 |
| $ | 65,172 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Amount is less than ($.01) per share. |
3 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
4 | Aggregate total investment return. |
5 | Does not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 67 |
|
|
|
|
Financial Highlights | BlackRock New Jersey Municipal Bond Trust (BLJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
| |||||||
The following per share data and ratios have been derived from information provided in the financial statements. |
|
| For the Year Ended August 31, |
| ||||||||||||||||
|
| |||||||||||||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 15.38 |
|
| $ | 16.33 |
| $ | 16.26 |
| $ | 14.71 |
| $ | 13.77 |
| $ | 14.58 |
|
|
| |||||||||||||||||||
Net investment income |
|
| 0.61 | 1 |
|
| 1.15 |
|
| 1.16 |
|
| 1.16 |
|
| 1.16 |
|
| 1.15 |
|
Net realized and unrealized gain (loss) |
|
| (1.46 | ) |
|
| (0.87 | ) |
| 0.18 |
|
| 1.48 |
|
| 0.84 |
|
| (0.85 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.16 | ) |
|
| (0.29 | ) |
| (0.24 | ) |
| (0.15 | ) |
| (0.07 | ) |
| (0.09 | ) |
Net realized gain |
|
| — | 2 |
|
| — |
|
| (0.02 | ) |
| — |
|
| — |
|
| (0.01 | ) |
|
| |||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (1.01 | ) |
|
| (0.01 | ) |
| 1.08 |
|
| 2.49 |
|
| 1.93 |
|
| 0.20 |
|
|
| |||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.47 | ) |
|
| (0.94 | ) |
| (0.95 | ) |
| (0.94 | ) |
| (0.94 | ) |
| (0.93 | ) |
Net realized gains |
|
| (0.04 | ) |
|
| — |
|
| (0.06 | ) |
| — |
|
| (0.05 | ) |
| (0.06 | ) |
|
| |||||||||||||||||||
Total dividends and distributions |
|
| (0.51 | ) |
|
| (0.94 | ) |
| (1.01 | ) |
| (0.94 | ) |
| (0.99 | ) |
| (0.99 | ) |
|
| |||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.02 | ) |
|
| |||||||||||||||||||
Net asset value, end of period |
| $ | 13.86 |
|
| $ | 15.38 |
| $ | 16.33 |
| $ | 16.26 |
| $ | 14.71 |
| $ | 13.77 |
|
|
| |||||||||||||||||||
Market price, end of period |
| $ | 16.30 |
|
| $ | 16.90 |
| $ | 18.30 |
| $ | 15.98 |
| $ | 13.91 |
| $ | 13.64 |
|
|
| |||||||||||||||||||
| ||||||||||||||||||||
Total Investment Return:3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (6.98 | %)4 |
|
| (0.61 | %) |
| 6.77 | % |
| 17.60 | % |
| 14.56 | % |
| 1.34 | % |
|
| |||||||||||||||||||
Based on market price |
|
| (0.44 | %)4 |
|
| (2.54 | %) |
| 21.74 | % |
| 22.22 | % |
| 9.32 | % |
| (0.10 | %) |
|
| |||||||||||||||||||
| ||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly5 |
|
| 1.17 | %6 |
|
| 1.00 | % |
| 1.06 | % |
| 1.08 | % |
| 1.14 | % |
| 1.14 | % |
|
| |||||||||||||||||||
Total expenses, net of waiver5 |
|
| 1.17 | %6 |
|
| 1.03 | % |
| 1.11 | % |
| 1.10 | % |
| 1.15 | % |
| 1.14 | % |
|
| |||||||||||||||||||
Total expenses5 |
|
| 1.57 | %6 |
|
| 1.47 | % |
| 1.59 | % |
| 1.57 | % |
| 1.63 | % |
| 1.62 | % |
|
| |||||||||||||||||||
Net investment income5 |
|
| 7.81 | %6 |
|
| 7.11 | % |
| 7.24 | % |
| 7.44 | % |
| 7.93 | % |
| 7.94 | % |
|
| |||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
| 2.02 | %6 |
|
| 1.79 | % |
| 1.50 | % |
| 0.98 | % |
| 0.49 | % |
| 0.60 | % |
|
| |||||||||||||||||||
Net investment income to Common Shareholders |
|
| 5.79 | %6 |
|
| 5.32 | % |
| 5.74 | % |
| 6.46 | % |
| 7.44 | % |
| 7.34 | % |
|
| |||||||||||||||||||
| ||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
| $ | 31,830 |
|
| $ | 35,246 |
| $ | 37,263 |
| $ | 36,928 |
| $ | 33,384 |
| $ | 31,226 |
|
|
| |||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ | 20,225 |
|
| $ | 20,225 |
| $ | 20,225 |
| $ | 20,225 |
| $ | 20,225 |
| $ | 20,225 |
|
|
| |||||||||||||||||||
Portfolio turnover |
|
| 3 | % |
|
| 35 | % |
| — | % |
| 12 | % |
| 20 | % |
| 20 | % |
|
| |||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ | 64,362 |
|
| $ | 68,578 |
| $ | 71,067 |
| $ | 70,649 |
| $ | 66,266 |
| $ | 63,602 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Amount is less than ($.01) per share. |
3 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
4 | Aggregate total investment return. |
5 | Does not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
|
|
|
|
|
|
|
|
68 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Financial Highlights | BlackRock New York Insured Municipal Income Trust (BSE) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following per share data and ratios have been derived from information provided in the financial statements. |
| For the |
|
|
|
|
|
|
|
|
| For the Period |
| ||||||||
|
| For the Year Ended August 31, |
|
| |||||||||||||||||
|
|
|
| ||||||||||||||||||
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
|
| |||||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, beginning of period |
| $ | 14.58 |
|
| $ | 15.34 |
| $ | 15.30 |
| $ | 14.18 |
| $ | 13.45 |
| $ | 14.33 | 2 |
|
|
| ||||||||||||||||||||
Net investment income |
|
| 0.49 | 3 |
|
| 0.99 |
|
| 1.00 |
|
| 1.00 |
|
| 1.01 |
|
| 0.75 |
|
|
Net realized and unrealized gain (loss) |
|
| (1.48 | ) |
|
| (0.72 | ) |
| (0.01 | ) |
| 1.16 |
|
| 0.69 |
|
| (0.75 | ) |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.13 | ) |
|
| (0.26 | ) |
| (0.24 | ) |
| (0.14 | ) |
| (0.07 | ) |
| (0.07 | ) |
|
Net realized gain |
|
| (0.01 | ) |
|
| (0.02 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| ||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (1.13 | ) |
|
| (0.01 | ) |
| 0.75 |
|
| 2.02 |
|
| 1.63 |
|
| (0.07 | ) |
|
|
| ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.35 | ) |
|
| (0.70 | ) |
| (0.71 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.67 | ) |
|
Net realized gains |
|
| (0.03 | ) |
|
| (0.05 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
|
| ||||||||||||||||||||
Total dividends and distributions |
|
| (0.38 | ) |
|
| (0.75 | ) |
| (0.71 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.67 | ) |
|
|
| ||||||||||||||||||||
Capital charges with respect to issuance of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.03 | ) |
|
Preferred Shares |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.11 | ) |
|
|
| ||||||||||||||||||||
Total capital charges |
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.14 | ) |
|
|
| ||||||||||||||||||||
Net asset value, end of period |
| $ | 13.07 |
|
| $ | 14.58 |
| $ | 15.34 |
| $ | 15.30 |
| $ | 14.18 |
| $ | 13.45 |
|
|
|
| ||||||||||||||||||||
Market price, end of period |
| $ | 13.12 |
|
| $ | 14.12 |
| $ | 14.70 |
| $ | 15.35 |
| $ | 14.08 |
| $ | 13.28 |
|
|
|
| ||||||||||||||||||||
| |||||||||||||||||||||
Total Investment Return:4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (7.93 | %)5 |
|
| (0.06 | %) |
| 5.46 | % |
| 14.72 | % |
| 12.40 | % |
| (1.51 | %)5 |
|
|
| ||||||||||||||||||||
Based on market price |
|
| (4.57 | %)5 |
|
| 1.01 | % |
| 0.73 | % |
| 15.92 | % |
| 13.04 | % |
| (7.13 | %)5 |
|
|
| ||||||||||||||||||||
| |||||||||||||||||||||
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly6 |
|
| 0.96 | %7 |
|
| 0.89 | % |
| 0.90 | % |
| 0.92 | % |
| 0.93 | % |
| 0.87 | %7 |
|
|
| ||||||||||||||||||||
Total expenses, net of waiver6 |
|
| 0.96 | %7 |
|
| 0.90 | % |
| 0.92 | % |
| 0.93 | % |
| 0.95 | % |
| 0.91 | %7 |
|
|
| ||||||||||||||||||||
Total expenses6 |
|
| 1.22 | %7 |
|
| 1.21 | % |
| 1.25 | % |
| 1.25 | % |
| 1.27 | % |
| 1.22 | %7 |
|
|
| ||||||||||||||||||||
Net investment income6 |
|
| 6.57 | %7 |
|
| 6.53 | % |
| 6.63 | % |
| 6.77 | % |
| 7.14 | % |
| 6.35 | %7 |
|
|
| ||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
| 1.77 | %7 |
|
| 1.69 | % |
| 1.58 | % |
| 0.96 | % |
| 0.52 | % |
| 0.55 | %7 |
|
|
| ||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 4.80 | %7 |
|
| 4.84 | % |
| 5.05 | % |
| 5.81 | % |
| 6.62 | % |
| 5.80 | %7 |
|
|
| ||||||||||||||||||||
| |||||||||||||||||||||
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
| $ | 84,560 |
|
| $ | 94,314 |
| $ | 99,255 |
| $ | 98,853 |
| $ | 91,260 |
| $ | 86,431 |
|
|
|
| ||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ | 56,000 |
|
| $ | 56,000 |
| $ | 56,000 |
| $ | 56,000 |
| $ | 56,000 |
| $ | 56,000 |
|
|
|
| ||||||||||||||||||||
Portfolio turnover |
|
| 13 | % |
|
| 30 | % |
| 9 | % |
| 21 | % |
| 11 | % |
| 80 | % |
|
|
| ||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ | 62,759 |
|
| $ | 67,107 |
| $ | 69,324 |
| $ | 69,138 |
| $ | 65,744 |
| $ | 63,587 |
|
|
|
|
|
|
1 | Commencement of operations. This information includes the initial investment by BlackRock Funding, Inc. |
2 | Net asset value, beginning of period, reflects a deduction of $0.675 per share sales charge from the initial offering price of $15.00 per share. |
3 | Based on average shares outstanding. |
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. Total investment returns exclude the effects of sales charges. |
5 | Aggregate total investment return. |
6 | Does not reflect the effect of dividends to Preferred Shareholders. |
7 | Annualized. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 69 |
|
|
|
|
Financial Highlights | BlackRock New York Municipal Bond Trust (BQH) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
| |||||||||||||||||
The following per share data and ratios have been derived |
|
| For the Year Ended August 31, |
| |||||||||||||||||
from information provided in the financial statements. |
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $ | 15.39 |
|
| $ | 16.02 |
| $ | 16.09 |
| $ | 15.09 |
| $ | 14.15 |
| $ | 14.83 |
|
|
| ||||||||||||||||||||
Net investment income |
|
|
| 0.61 | 1 |
|
| 1.14 |
|
| 1.13 |
|
| 1.13 |
|
| 1.13 |
|
| 1.12 |
|
Net realized and unrealized gain (loss) |
|
|
| (0.98 | ) |
|
| (0.56 | ) |
| (0.02 | ) |
| 0.95 |
|
| 0.81 |
|
| (0.71 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.16 | ) |
|
| (0.29 | ) |
| (0.25 | ) |
| (0.15 | ) |
| (0.07 | ) |
| (0.09 | ) |
Net realized gain |
|
|
| (0.01 | ) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
|
| ||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (0.54 | ) |
|
| 0.29 |
|
| 0.86 |
|
| 1.93 |
|
| 1.87 |
|
| 0.31 |
|
|
| ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.46 | ) |
|
| (0.92 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.92 | ) |
Net realized gains |
|
|
| (0.05 | ) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.06 | ) |
|
| ||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.51 | ) |
|
| (0.92 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.98 | ) |
|
| ||||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.01 | ) |
|
| ||||||||||||||||||||
Net asset value, end of period |
|
| $ | 14.34 |
|
| $ | 15.39 |
| $ | 16.02 |
| $ | 16.09 |
| $ | 15.09 |
| $ | 14.15 |
|
|
| ||||||||||||||||||||
Market price, end of period |
|
| $ | 15.65 |
|
| $ | 16.32 |
| $ | 16.81 |
| $ | 15.85 |
| $ | 13.97 |
| $ | 13.35 |
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (3.73 | %)3 |
|
| 1.52 | % |
| 5.51 | % |
| 13.56 | % |
| 13.97 | % |
| 2.33 | % |
|
| ||||||||||||||||||||
Based on market price |
|
|
| (0.93 | %)3 |
|
| 2.60 | % |
| 12.39 | % |
| 20.83 | % |
| 11.83 | % |
| (1.26 | %) |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly4 |
|
|
| 1.14 | %5 |
|
| 1.00 | % |
| 1.06 | % |
| 1.06 | % |
| 1.11 | % |
| 1.12 | % |
|
| ||||||||||||||||||||
Total expenses, net of waiver4 |
|
|
| 1.14 | %5 |
|
| 1.02 | % |
| 1.09 | % |
| 1.08 | % |
| 1.12 | % |
| 1.12 | % |
|
| ||||||||||||||||||||
Total expenses4 |
|
|
| 1.53 | %5 |
|
| 1.47 | % |
| 1.56 | % |
| 1.56 | % |
| 1.60 | % |
| 1.60 | % |
|
| ||||||||||||||||||||
Net investment income4 |
|
|
| 7.76 | %5 |
|
| 7.16 | % |
| 7.16 | % |
| 7.20 | % |
| 7.57 | % |
| 7.57 | % |
|
| ||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 2.08 | %5 |
|
| 1.81 | % |
| 1.60 | % |
| 0.97 | % |
| 0.48 | % |
| 0.62 | % |
|
| ||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.68 | %5 |
|
| 5.35 | % |
| 5.56 | % |
| 6.23 | % |
| 7.09 | % |
| 6.95 | % |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 39,443 |
|
| $ | 42,160 |
| $ | 43,541 |
| $ | 43,460 |
| $ | 40,757 |
| $ | 38,207 |
|
|
| ||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 24,200 |
|
| $ | 24,200 |
| $ | 24,200 |
| $ | 24,200 |
| $ | 24,200 |
| $ | 24,200 |
|
|
| ||||||||||||||||||||
Portfolio turnover |
|
|
| 9 | % |
|
| 23 | % |
| 12 | % |
| 3 | % |
| 16 | % |
| 7 | % |
|
| ||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 65,761 |
|
| $ | 68,560 |
| $ | 69,985 |
| $ | 69,899 |
| $ | 67,108 |
| $ | 64,473 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
70 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
|
Financial Highlights | BlackRock New York Municipal Income Trust II (BFY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
| |||||||||||||||||
The following per share data and ratios have been derived |
|
| For the Year Ended August 31, | ||||||||||||||||||
from information provided in the financial statements. |
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
|
| $ | 14.84 |
|
| $ | 15.47 |
| $ | 15.23 |
| $ | 14.16 |
| $ | 13.36 |
| $ | 14.47 |
|
|
| ||||||||||||||||||||
Net investment income |
|
|
| 0.56 | 1 |
|
| 1.07 |
|
| 1.06 |
|
| 1.04 |
|
| 1.04 |
|
| 0.98 |
|
Net realized and unrealized gain (loss) |
|
|
| (1.11 | ) |
|
| (0.67 | ) |
| 0.14 |
|
| 1.07 |
|
| 0.79 |
|
| (0.94 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.14 | ) |
|
| (0.30 | ) |
| (0.25 | ) |
| (0.15 | ) |
| (0.08 | ) |
| (0.10 | ) |
Net realized gain |
|
|
| (0.01 | ) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (0.70 | ) |
|
| 0.10 |
|
| 0.95 |
|
| 1.96 |
|
| 1.75 |
|
| (0.06 | ) |
|
| ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.38 | ) |
|
| (0.73 | ) |
| (0.71 | ) |
| (0.89 | ) |
| (0.95 | ) |
| (0.94 | ) |
Net realized gains |
|
|
| (0.04 | ) |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.42 | ) |
|
| (0.73 | ) |
| (0.71 | ) |
| (0.89 | ) |
| (0.95 | ) |
| (0.94 | ) |
|
| ||||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.11 | ) |
|
| ||||||||||||||||||||
Net asset value, end of period |
|
| $ | 13.72 |
|
| $ | 14.84 |
| $ | 15.47 |
| $ | 15.23 |
| $ | 14.16 |
| $ | 13.36 |
|
|
| ||||||||||||||||||||
Market price, end of period |
|
| $ | 13.50 |
|
| $ | 14.22 |
| $ | 14.38 |
| $ | 14.02 |
| $ | 13.70 |
| $ | 13.12 |
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (4.89 | %)3 |
|
| 0.69 | % |
| 6.93 | % |
| 14.46 | % |
| 13.50 | % |
| (1.10 | %) |
|
| ||||||||||||||||||||
Based on market price |
|
|
| (2.33 | %)3 |
|
| 3.80 | % |
| 7.97 | % |
| 8.91 | % |
| 11.82 | % |
| (6.93 | %) |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses after fees waived and paid indirectly4 |
|
|
| 1.10 | %5 |
|
| 1.00 | % |
| 1.02 | % |
| 1.04 | % |
| 1.07 | % |
| 1.00 | % |
|
| ||||||||||||||||||||
Total expenses, net of waiver4 |
|
|
| 1.10 | %5 |
|
| 1.01 | % |
| 1.05 | % |
| 1.05 | % |
| 1.08 | % |
| 1.03 | % |
|
| ||||||||||||||||||||
Total expenses4 |
|
|
| 1.26 | %5 |
|
| 1.25 | % |
| 1.29 | % |
| 1.30 | % |
| 1.32 | % |
| 1.27 | % |
|
| ||||||||||||||||||||
Net investment income4 |
|
|
| 7.45 | %5 |
|
| 6.92 | % |
| 6.96 | % |
| 7.04 | % |
| 7.36 | % |
| 6.95 | % |
|
| ||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 1.91 | %5 |
|
| 1.94 | % |
| 1.66 | % |
| 0.99 | % |
| 0.59 | % |
| 0.68 | % |
|
| ||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.54 | %5 |
|
| 4.98 | % |
| 5.30 | % |
| 6.05 | % |
| 6.77 | % |
| 6.27 | % |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 67,798 |
|
| $ | 73,302 |
| $ | 76,393 |
| $ | 75,193 |
| $ | 69,903 |
| $ | 65,953 |
|
|
| ||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 44,650 |
|
| $ | 44,650 |
| $ | 44,650 |
| $ | 44,650 |
| $ | 44,650 |
| $ | 44,650 |
|
|
| ||||||||||||||||||||
Portfolio turnover |
|
|
| 3 | % |
|
| 27 | % |
| 22 | % |
| 27 | % |
| 14 | % |
| 40 | % |
|
| ||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 62,972 |
|
| $ | 66,048 |
| $ | 67,775 |
| $ | 67,113 |
| $ | 64,144 |
| $ | 61,930 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
|
|
| |
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 71 |
|
|
|
|
Financial Highlights | BlackRock Virginia Municipal Bond Trust (BHV) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| For the |
|
| |||||||||||||||||
|
|
|
| ||||||||||||||||||
The following per share data and ratios have been derived |
|
| For the Year Ended August 31, | ||||||||||||||||||
from information provided in the financial statements. |
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||
Per Common Share Operating Performance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Net asset value, beginning of period |
|
| $ | 15.57 |
|
| $ | 16.35 |
| $ | 16.34 |
| $ | 15.47 |
| $ | 14.46 |
| $ | 14.90 |
|
|
| ||||||||||||||||||||
Net investment income |
|
|
| 0.60 | 1 |
|
| 1.11 |
|
| 1.10 |
|
| 1.10 |
|
| 1.09 |
|
| 1.09 |
|
Net realized and unrealized gain (loss) |
|
|
| (0.87 | ) |
|
| (0.68 | ) |
| 0.04 |
|
| 0.80 |
|
| 0.86 |
|
| (0.44 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.16 | ) |
|
| (0.27 | ) |
| (0.26 | ) |
| (0.16 | ) |
| (0.07 | ) |
| (0.08 | ) |
Net realized gain |
|
|
| — |
|
|
| (0.02 | ) |
| — |
|
| — |
|
| — |
|
| (0.02 | ) |
|
| ||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (0.43 | ) |
|
| 0.14 |
|
| 0.88 |
|
| 1.74 |
|
| 1.88 |
|
| 0.55 |
|
|
| ||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.43 | ) |
|
| (0.87 | ) |
| (0.87 | ) |
| (0.87 | ) |
| (0.87 | ) |
| (0.85 | ) |
Net realized gains |
|
|
| (0.03 | ) |
|
| (0.05 | ) |
| — |
|
| — |
|
| — |
|
| (0.10 | ) |
|
| ||||||||||||||||||||
Total dividends and distributions |
|
|
| (0.46 | ) |
|
| (0.92 | ) |
| (0.87 | ) |
| (0.87 | ) |
| (0.87 | ) |
| (0.95 | ) |
|
| ||||||||||||||||||||
Capital charges with respect to issuance of Preferred Shares |
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.04 | ) |
|
| ||||||||||||||||||||
Net asset value, end of period |
|
| $ | 14.68 |
|
| $ | 15.57 |
| $ | 16.35 |
| $ | 16.34 |
| $ | 15.47 |
| $ | 14.46 |
|
|
| ||||||||||||||||||||
Market price, end of period |
|
| $ | 17.20 |
|
| $ | 17.85 |
| $ | 18.45 |
| $ | 17.30 |
| $ | 15.34 |
| $ | 14.40 |
|
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (3.21 | %)3 |
|
| 0.21 | % |
| 5.30 | % |
| 11.52 | % |
| 13.28 | % |
| 3.41 | % |
|
| ||||||||||||||||||||
Based on market price |
|
|
| (1.08 | %)3 |
|
| 1.80 | % |
| 12.23 | % |
| 19.07 | % |
| 12.79 | % |
| 0.94 | % |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Expenses after fees waived and paid indirectly4 |
|
|
| 1.25 | %5 |
|
| 1.09 | % |
| 1.15 | % |
| 1.18 | % |
| 1.25 | % |
| 1.17 | % |
|
| ||||||||||||||||||||
Total expenses, net of waiver4 |
|
|
| 1.25 | %5 |
|
| 1.14 | % |
| 1.22 | % |
| 1.20 | % |
| 1.26 | % |
| 1.17 | % |
|
| ||||||||||||||||||||
Total expenses4 |
|
|
| 1.64 | %5 |
|
| 1.58 | % |
| 1.68 | % |
| 1.67 | % |
| 1.73 | % |
| 1.64 | % |
|
| ||||||||||||||||||||
Net investment income4 |
|
|
| 7.48 | %5 |
|
| 6.85 | % |
| 6.83 | % |
| 6.90 | % |
| 7.15 | % |
| 7.23 | % |
|
| ||||||||||||||||||||
Amount of dividends to Preferred Shareholders |
|
|
| 2.05 | %5 |
|
| 1.69 | % |
| 1.60 | % |
| 1.00 | % |
| 0.47 | % |
| 0.53 | % |
|
| ||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.43 | %5 |
|
| 5.16 | % |
| 5.23 | % |
| 5.90 | % |
| 6.68 | % |
| 6.70 | % |
|
| ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 22,738 |
|
| $ | 24,053 |
| $ | 25,097 |
| $ | 24,966 |
| $ | 23,527 |
| $ | 21,944 |
|
|
| ||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 13,525 |
|
| $ | 13,525 |
| $ | 13,525 |
| $ | 13,525 |
| $ | 13,525 |
| $ | 13,525 |
|
|
| ||||||||||||||||||||
Portfolio turnover |
|
|
| 5 | % |
|
| 12 | % |
| 5 | % |
| 5 | % |
| 14 | % |
| 18 | % |
|
| ||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 67,038 |
|
| $ | 69,463 |
| $ | 71,404 |
| $ | 71,158 |
| $ | 68,490 |
| $ | 65,562 |
|
|
|
|
|
1 | Based on average shares outstanding. |
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
3 | Aggregate total investment return. |
4 | Does not reflect the effect of dividends to Preferred Shareholders. |
5 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
72 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
| |
|
|
1. Significant Accounting Policies:
BlackRock Insured Municipal Income Trust (“Insured Municipal”), BlackRock California Insured Municipal Income Trust (“California Insured”), BlackRock Florida Insured Municipal Income Trust (“Florida Insured”), BlackRock New York Insured Municipal Income Trust (“New York Insured”) (collectively the “Insured Trusts”), BlackRock Municipal Bond Trust (“Municipal Bond”), BlackRock California Municipal Bond Trust (“California Bond”), BlackRock Florida Municipal Bond Trust (“Florida Bond”), BlackRock Maryland Municipal Bond Trust (“Maryland Bond”), BlackRock New Jersey Municipal Bond Trust (“New Jersey Bond”), BlackRock New York Municipal Bond Trust (“New York Bond”), BlackRock Virginia Municipal Bond Trust (“Virginia Bond”) (collectively the “Bond Trusts”), BlackRock Municipal Income Trust II (“Municipal Income II”), BlackRock California Municipal Income Trust II (“California Income II”) and BlackRock New York Municipal Income Trust II (“New York Income II”) (collectively the “Income II Trusts”) (all, collectively the “Trusts”) are organized as Delaware statutory trusts. Insured Municipal, Municipal Bond and Municipal Income II are registered as diversified, closed-end management investment companies under the Investment Company Act of 1940, as amended (the “1940 Act”). California Insured, California Bond, California Income II, Florida Insured, Florida Bond, Maryland Bond, New Jersey Bond, New York Insured, New York Bond, New York Income II and Virginia Bond are registered as non-diversified, closed-end management investment companies under the 1940 Act. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates.
The following is a summary of significant accounting policies followed by the Trusts:
Valuation of Investments: Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services selected under the supervision of each Trust’s Board of Trustees, as appropriate (the “Trustees” or the “Board”). In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from bond dealers, market transactions in comparable investments and various relationships between investments. Financial futures contracts are traded on exchanges and are valued at their last sale price. Swap agreements are valued by quoted fair values received daily by the Trusts’ pricing service. Short-term securities may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by, under the direction of, or in accordance with, a method approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., and/or sub-advisor seeks to determine the price that the Trusts might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.
Derivative Financial Instruments: The Trusts may engage in various portfolio investment strategies to increase the return of the Trusts and to hedge, or protect, their exposure to interest rate movements and movements in the securities markets. Losses may arise if the value of the contract decreases due to an unfavorable change in the price of the underlying security, or if the counterparty does not perform under the contract.
|
|
• | Forward interest rate swaps - The Trusts may enter into forward interest rate swaps, which are over-the-counter (“OTC”) contracts. In a forward interest rate swap, the Trusts and the counterparty agree to make periodic net payments on a specified notional contract amount, commencing on a specified future effective date, unless terminated earlier. These periodic payments received or made by the Trusts are recorded in the accompanying Statements of Operations as realized gains or losses, respectively. Gains or losses are also realized upon termination of the swap agreements. Swaps are “marked to market” daily and changes in value are recorded as unrealized appreciation (depreciation). Risks include changes in the returns of the underlying instruments, failure of the counterparties to perform under the contracts’ terms and the possible lack of liquidity with respect to the swap agreements. The Trusts generally intend to close each forward interest rate swap before the accrual date specified in the agreement and therefore avoid entering into the interest rate swap underlying each forward interest rate swap. |
|
|
| The Trusts may utilize forward starting swaps for the purpose of reducing the interest rate sensitivity of the portfolio and decreasing the Trusts’ exposure to interest rate risk. |
Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provisions are required.
Effective February 29, 2008, the Trusts implemented Financial Accounting Standards Board (“FASB”) Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity, including investment companies, before being measured and recognized in the financial statements. The Advisor has evaluated the application of FIN 48 to the Trusts, and has determined that the adoption of FIN 48 does not have a material impact on the Trusts’ financial statements. The Trusts file U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Trusts’ U.S. federal tax returns remain open for the years ended August 31, 2004 through August 31, 2006. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 73 |
| |
|
|
Notes to Financial Statements (continued) |
Investment Transactions and Investment Income: Investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend dates. Interest income is recognized on the accrual method. The Trusts amortize all premiums and discounts on debt securities.
Dividends and Distributions: Dividends from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 4.
Recent Accounting Pronouncements: In September 2006, Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”), was issued and is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.
In addition, in February 2007, Statement of Financial Accounting Standards No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities” (“FAS 159”), was issued and is effective for fiscal years beginning after November 15, 2007. Early adoption is permitted as of the beginning of a fiscal year that begins on or before November 15, 2007, provided the entity also elects to apply the provisions of FAS 157. FAS 159 permits entities to choose to measure many financial instruments and certain other items at fair value that are not currently required to be measured at fair value. FAS 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.
Forward Commitments, When-Issued Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions only with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, the purchaser is not entitled to any of the interest earned prior to settlement. Upon making a commitment to purchase a security on a when-issued basis, the Trusts will hold liquid assets worth at least the equivalent of the amount due.
Segregation: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregate assets in connection with certain investments (e.g., when-issued securities or swaps), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on its books and records cash or other liquid debt securities having a market value at least equal to the amount that would otherwise be required to be physically segregated.
Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of other certain BlackRock Closed-End Funds selected by the Independent Trustees. These amounts are included in other assets on the Statement of Assets and Liabilities. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in other certain BlackRock Closed-End Funds.
The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Trusts. Each Trust may, however, elect to invest in Common Shares of other certain BlackRock closed-end Funds selected by the Independent Trustees in order to match its deferred compensation obligations.
Other: Expenses that are directly related to one of the Trusts or classes are charged to that Trust or class. Other operating expenses are pro-rated to certain Trusts on the basis of relative net assets.
Bank Overdraft: BlackRock Florida Insured Municipal Income Trust recorded a bank overdraft which resulted from management estimates of available cash.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
Each Trust entered into an Investment Advisory Agreement with the Advisor, to provide investment advisory and administration service. Merrill Lynch & Co., Inc. (“Merrill Lynch”) and The PNC Financial Services Group, Inc. are principal owners of BlackRock, Inc.
The Advisor is responsible for the management of the Trusts’ portfolios and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of the Trusts. For such services, the Trusts pay the Advisor a monthly fee at an annual rate of 0.55% for the Insured Trusts and Income II Trusts and 0.65% for the Bond Trusts of the average weekly value of each Trust’s net assets including proceeds from the issuance of auction preferred shares, excluding investments in affiliated sweep vehicles. The Advisor has voluntarily agreed to waive a portion of the investment advisory fee. With respect to the Insured Trusts, the waiver, as a percentage of net assets including proceeds from the issuance of Preferred Shares, is as follows: 0.20% for the first five years of each Trust’s operations, 0.15% in year six, 0.10% in year seven, and 0.05% in year eight. With respect to the Bond Trusts, the waiver, as a percentage of net assets including proceeds from the issuance of Preferred Shares, is as follows: 0.30% for the first five years of each Trust’s operations, 0.25% in year six, 0.20% in year seven, 0.15% in year eight, 0.10% in year nine and 0.05% in year 10. With respect to the Income II Trusts, the waiver, as a percentage of net assets including proceeds from the issuance of Preferred Shares, is as follows: 0.15% for the first five years of each Trust’s operations, 0.10% in year six through year seven, and 0.05% in year eight through year 10.
|
|
|
|
| |||
|
|
|
|
74 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
| |
|
|
Notes to Financial Statements (continued) |
For the six months ended February 29, 2008, the Advisor waived fees as follows:
|
|
|
|
|
|
| Fees |
| |
Insured Municipal |
| $ | 520,438 |
|
Municipal Bond |
| $ | 313,688 |
|
Municipal Income II |
| $ | 271,251 |
|
California Insured |
| $ | 104,567 |
|
California Bond |
| $ | 103,910 |
|
California Income II |
| $ | 96,465 |
|
Florida Insured |
| $ | 172,845 |
|
Florida Bond |
| $ | 102,592 |
|
Maryland Bond |
| $ | 61,364 |
|
New Jersey Bond |
| $ | 69,879 |
|
New York Insured |
| $ | 126,904 |
|
New York Bond |
| $ | 83,841 |
|
New York Income II |
| $ | 59,582 |
|
Virginia Bond |
| $ | 47,725 |
|
The Advisor has agreed to waive its advisory fees by the amount of investment advisory fees each Trust pays to the Advisor indirectly through its investment in affiliated money market funds. These amounts are included in fees waived by advisor on the Statements of Operations. For the six months ended February 29, 2008, the amounts were as follows:
|
|
|
|
|
Insured Municipal |
| $ | 4,783 |
|
Municipal Bond |
| $ | 3,729 |
|
Municipal Income II |
| $ | 13,373 |
|
California Insured |
| $ | 8,472 |
|
California Bond |
| $ | 5,477 |
|
California Income II |
| $ | — | * |
Florida Insured |
| $ | 13,407 |
|
Florida Bond |
| $ | 4,727 |
|
Maryland Bond |
| $ | 400 |
|
New Jersey Bond |
| $ | 1,043 |
|
New York Insured |
| $ | — | * |
New York Bond |
| $ | 1,181 |
|
New York Income II |
| $ | 1,822 |
|
* Amount is less than $1.00.
In addition, the Advisor has entered into separate sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Advisor, with respect to each Trust, under which the Advisor pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.
Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances (“custody credits”), which are on the Statements of Operations as fees paid indirectly.
Certain officers and/or Trustees of the Trusts are officers and/or directors of BlackRock, Inc. or its affiliates.
3. Investments:
Purchases and sales of investment securities, excluding short-term investments and U.S. government obligations, for the six months ended February 29, 2008 were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
Insured Municipal |
| $ | 77,571,991 |
| $ | 91,876,569 |
|
Municipal Bond |
| $ | 12,720,275 |
| $ | 10,520,689 |
|
Municipal Income II |
| $ | 18,717,958 |
| $ | 26,383,341 |
|
California Insured |
| $ | 17,325,407 |
| $ | 27,290,542 |
|
California Bond |
| $ | 5,584,631 |
| $ | 15,683,100 |
|
California Income II |
| $ | 9,803,492 |
| $ | 23,375,084 |
|
Florida Insured |
| $ | 12,642,006 |
| $ | 15,191,377 |
|
Florida Bond |
| $ | 8,654,482 |
| $ | 9,343,530 |
|
Maryland Bond |
| $ | 1,247,390 |
| $ | 3,013,935 |
|
New Jersey Bond |
| $ | 1,556,978 |
| $ | 2,118,195 |
|
New York Insured |
| $ | 17,811,410 |
| $ | 24,452,141 |
|
New York Bond |
| $ | 5,867,881 |
| $ | 5,788,292 |
|
New York Income II |
| $ | 3,641,457 |
| $ | 5,891,548 |
|
Virginia Bond |
| $ | 2,043,586 |
| $ | 2,810,485 |
|
4. Capital Share Transactions:
The Trusts are authorized to issue an unlimited number of capital shares, par value $0.001, all of which were initially classified as Common Shares. The Board is authorized, however, to classify and reclassify any unissued shares of capital shares without approval of the holders of Common Shares.
Shares issued and outstanding during the six months ended February 29, 2008 and the year ended August 31, 2007 increased by the following amounts as a result of dividend reinvestments:
|
|
|
|
|
|
|
|
|
| For the |
| For the |
| ||
Municipal Bond |
|
| 30,711 |
|
| 63,348 |
|
Municipal Income II |
|
| 46,453 |
|
| 128,267 |
|
California Insured |
|
| 810 |
|
| 587 |
|
California Bond |
|
| 13,683 |
|
| 21,441 |
|
California Income II |
|
| 639 |
|
| 9,405 |
|
Florida Bond |
|
| 3,473 |
|
| 10,341 |
|
Maryland Bond |
|
| 4,602 |
|
| 8,328 |
|
New Jersey Bond |
|
| 5,465 |
|
| 10,244 |
|
New York Insured |
|
| 1,706 |
|
| — |
|
New York Bond |
|
| 11,650 |
|
| 21,768 |
|
New York Income II |
|
| 1,272 |
|
| 1,781 |
|
Virginia Bond |
|
| 4,659 |
|
| 9,277 |
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 75 |
|
|
Notes to Financial Statements (continued) |
Preferred Shares have a par value of $0.001 per share and a liquidation preference of $25,000 per share, plus accrued and unpaid dividends, that entitle their holders to receive cash dividends at an annual rate that may vary for the successive dividend periods. The yields in effect at February 29, 2008 were as follows:
|
|
|
|
|
|
|
| Series |
| Yield |
|
Insured Municipal |
| M-7 |
| 4.188 | % |
|
| R-7 |
| 4.508 | % |
|
| F-7 |
| 4.508 | % |
Municipal Bond |
| T-7 |
| 4.204 | % |
|
| R-7 |
| 4.508 | % |
Municipal Income II |
| M-7 |
| 4.189 | % |
|
| T-7 |
| 4.204 | % |
|
| W-7 |
| 4.356 | % |
|
| R-7 |
| 4.508 | % |
California Insured |
| F-7 |
| 4.508 | % |
California Bond |
| F-7 |
| 4.508 | % |
California Income II |
| T-7 |
| 4.204 | % |
|
| R-7 |
| 4.508 | % |
Florida Insured |
| M-7 |
| 4.188 | % |
Florida Bond |
| W-7 |
| 4.356 | % |
Maryland Bond |
| R-7 |
| 4.508 | % |
New Jersey Bond |
| M-7 |
| 4.188 | % |
New York Insured |
| R-7 |
| 4.508 | % |
New York Bond |
| T-7 |
| 4.204 | % |
New York Income II |
| W-7 |
| 4.356 | % |
Virginia Bond |
| R-7 |
| 4.508 | % |
Dividends on seven-day Preferred Shares are cumulative at a rate which is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, the Trust’s are required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on the Preferred Shares is the higher of 110% of the AA commercial paper rate or 110% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. During the six months ended February 29, 2008, the Preferred Shares were successfully auctioned at each auction date until February 13, 2008. The low, high and average dividend range on the Preferred Shares for each of the Trusts for the six months ended February 29, 2008 were as follows:
|
|
|
|
|
|
|
|
|
|
|
| Series |
| Low |
| High |
| Average |
|
Insured Municipal |
| M-7 |
| 2.400 | % | 4.188 | % | 3.350 | % |
|
| R-7 |
| 1.950 | % | 4.508 | % | 3.180 | % |
|
| F-7 |
| 2.000 | % | 4.560 | % | 3.280 | % |
Municipal Bond |
| T-7 |
| 3.000 | % | 6.000 | % | 3.980 | % |
|
| R-7 |
| 3.010 | % | 6.000 | % | 3.980 | % |
Municipal Income II |
| M-7 |
| 2.890 | % | 4.600 | % | 3.724 | % |
|
| T-7 |
| 3.000 | % | 4.399 | % | 3.560 | % |
|
| W-7 |
| 3.100 | % | 4.500 | % | 3.754 | % |
|
| R-7 |
| 2.930 | % | 4.860 | % | 3.786 | % |
California Insured |
| F-7 |
| 2.500 | % | 4.508 | % | 3.234 | % |
California Bond |
| F-7 |
| 2.500 | % | 4.970 | % | 3.700 | % |
California Income II |
| T-7 |
| 2.850 | % | 4.300 | % | 3.450 | % |
|
| R-7 |
| 2.900 | % | 4.508 | % | 3.480 | % |
Florida Insured |
| M-7 |
| 3.110 | % | 4.860 | % | 3.788 | % |
Florida Bond |
| W-7 |
| 2.490 | % | 4.780 | % | 3.790 | % |
Maryland Bond |
| R-7 |
| 2.000 | % | 4.900 | % | 3.437 | % |
New Jersey Bond |
| M-7 |
| 2.500 | % | 4.810 | % | 3.597 | % |
New York Insured |
| R-7 |
| 2.100 | % | 6.000 | % | 3.347 | % |
New York Bond |
| T-7 |
| 2.640 | % | 5.500 | % | 3.584 | % |
New York Income II |
| W-7 |
| 2.090 | % | 4.356 | % | 3.314 | % |
Virginia Bond |
| R-7 |
| 2.750 | % | 4.860 | % | 3.466 | % |
A Trust may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares would be less than 200%.
The Preferred Shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at $25,000 per share plus any accumulated unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated or unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Declaration of Trust/Articles Supplementary, are not satisfied.
The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) and will vote together with holders of Common Shares as a single class. However, holders of Preferred Shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s subclassification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.
Since February 13, 2008, the Preferred Shares of the Trusts failed to clear any of its auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate which ranged from 3.29% to 4.51%. A failed auction is not an event of default for the Trusts but it is a liquidity event for the holders of the Preferred Shares. Recent auction market liquidity problems have triggered numerous failed auctions for many closed-end funds, including BlackRock. A failed auction occurs when there are more sellers of a Trust’s auction rate preferred shares than buyers. It is impossible to predict how long this imbalance will last. An auction for each Trust’s Preferred Shares may not occur for a long period of time, if ever, and even if liquidity does resume, holders of the Preferred Shares may not have the amount of liquidity they desire or the ability to sell the Preferred Shares at par.
|
|
| |
| |||
| |||
|
|
|
|
76 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
Notes to Financial Statements (concluded) |
5. Capital Loss Carryforward
As of August 31, 2007, the Trusts had the following capital loss carryforwards available to offset future realized gains:
|
|
|
|
|
|
|
|
| Capital Loss |
| Expires |
| |
Insured Municipal |
| $ | 1,544,099 |
| 2015 |
|
|
|
|
|
| ||
Municipal Income II |
| $ | 5,097,889 |
| 2012 |
|
|
|
|
|
| ||
California Insured |
| $ | 717,737 |
| 2013 |
|
|
|
|
|
| ||
California Bond |
| $ | 504,529 |
| 2012 |
|
|
|
|
|
| ||
California Income II |
| $ | 3,224,992 |
| 2012 |
|
|
|
| 360,789 |
| 2015 |
|
|
|
|
|
| ||
|
| $ | 3,585,781 |
|
|
|
|
|
|
|
| ||
Florida Insured |
| $ | 218,563 |
| 2013 |
|
|
|
|
|
| ||
Florida Bond |
| $ | 23,751 |
| 2012 |
|
|
|
| 541,566 |
| 2015 |
|
|
|
|
|
| ||
|
| $ | 565,317 |
|
|
|
|
|
|
|
| ||
Maryland Bond |
| $ | 27,007 |
| 2015 |
|
|
|
|
|
| ||
New York Income II |
| $ | 70,160 |
| 2015 |
|
|
|
|
|
| ||
Virginia Bond |
| $ | 45,800 |
| 2015 |
|
|
|
|
|
| ||
| ||||||
6. Concentration Risk:
The Trusts concentrate their investments in securities issued by state agencies, other governmental entities and U.S. Territories. The Trusts are more susceptible to adverse financial, social, environmental, economic, regulatory and political factors that may affect these states agencies, other governmental entities and U.S. Territories, which could seriously affect the ability of these states and their municipal subdivisions to meet continuing obligations for principle and interest payments and therefore could impact the value of the Trusts’ investments and net asset value per share, than if the Trusts were not concentrated in securities issued by state agencies, other governmental entities and U.S. Territories.
Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that market value may fluctuate for other reasons and there is no assurance that the insurance company will meet its obligations. These securities have been identified in the Schedules of Investments.
7. Subsequent Events:
Each Trust paid tax-exempt dividends per common share on April 1, 2008 to shareholders of record on March 14, 2008 in the following amounts:
|
|
|
|
|
|
| Common Dividend |
| |
Insured Municipal |
| $ | .061000 |
|
Municipal Bond |
| $ | .076500 |
|
Municipal Income II |
| $ | .071000 |
|
California Insured |
| $ | .058000 |
|
California Bond |
| $ | .077000 |
|
California Income II |
| $ | .065500 |
|
Florida Insured |
| $ | .058000 |
|
Florida Bond |
| $ | .077808 |
|
Maryland Bond |
| $ | .071350 |
|
New Jersey Bond |
| $ | .078582 |
|
New York Insured |
| $ | .058000 |
|
New York Bond |
| $ | .077099 |
|
New York Income II |
| $ | .062500 |
|
Virginia Bond |
| $ | .072428 |
|
The dividends declared on Preferred Shares for the period March 1, 2008 to March 31, 2008 for each of the Trusts were as follows:
|
|
|
|
|
|
|
|
|
| Series |
| Dividends |
| ||
Insured Municipal |
|
| M-7 |
| $ | 282,891 |
|
|
|
| R-7 |
| $ | 221,037 |
|
|
|
| F-7 |
| $ | 216,916 |
|
Municipal Bond |
|
| T-7 |
| $ | 139,471 |
|
|
|
| R-7 |
| $ | 141,385 |
|
Municipal Income II |
|
| M-7 |
| $ | 164,492 |
|
|
|
| T-7 |
| $ | 157,357 |
|
|
|
| W-7 |
| $ | 156,949 |
|
|
|
| R-7 |
| $ | 160,621 |
|
California Insured |
|
| F-7 |
| $ | 147,676 |
|
California Bond |
|
| F-7 |
| $ | 95,196 |
|
California Income II |
|
| T-7 |
| $ | 120,706 |
|
|
|
| R-7 |
| $ | 119,770 |
|
Florida Insured |
|
| M-7 |
| $ | 281,686 |
|
Florida Bond |
|
| W-7 |
| $ | 90,961 |
|
Maryland Bond |
|
| R-7 |
| $ | 145,395 |
|
New Jersey Bond |
|
| M-7 |
| $ | 64,763 |
|
New York Insured |
|
| R-7 |
| $ | 174,974 |
|
New York Bond |
|
| T-7 |
| $ | 74,590 |
|
New York Income II |
|
| W-7 |
| $ | 136,404 |
|
Virginia Bond |
|
| R-7 |
| $ | 42,259 |
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 77 |
|
|
|
G. Nicholas Beckwith, III, Trustee |
Richard E. Cavanagh, Trustee |
Richard S. Davis, Trustee |
Kent Dixon, Trustee |
Frank J. Fabozzi, Trustee |
Kathleen F. Feldstein, Trustee |
James T. Flynn, Trustee |
Henry Gabbay, Trustee |
Jerrold B. Harris, Trustee |
R. Glenn Hubbard, Trustee |
W. Carl Kester, Trustee |
Karen P. Robards, Trustee |
Robert S. Salomon, Jr., Trustee |
Donald C. Burke, Fund President and Chief Executive Officer |
Anne F. Ackerley, Vice President |
Neal J. Andrews, Chief Financial Officer |
Jay M. Fife, Treasurer |
Brian P. Kindelan, Chief Compliance Officer |
Howard Surloff, Secretary |
|
Custodian |
State Street Bank and Trust Company |
Boston, MA 02101 |
|
Transfer Agents |
Common Stock: |
Computershare Trust Companies, N.A. |
Canton, MA 02021 |
Preferred Stock: |
For the Insured Trusts and Bond Trusts |
The Bank of New York Mellon |
New York, NY 10286 |
For the Income II Trusts |
Deutsche Bank Trust Company Americas |
New York, NY 10005 |
|
Accounting Agent |
State Street Bank and Trust Company |
Princeton, NJ 08540 |
|
Independent Registered Public Accounting Firm |
Deloitte & Touche LLP |
Princeton, NJ 08540 |
|
Legal Counsel |
Skadden, Arps, Slate, Meagher & Flom LLP |
New York, NY 10036 |
|
Fund Address |
BlackRock Closed-End Funds |
c/o BlackRock Advisors, LLC |
100 Bellevue Parkway |
Wilmington, DE 19809 |
|
|
|
|
|
|
|
|
78 | SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 |
|
|
|
|
Availability of Quarterly Schedule of Investments |
Each Trust files their complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. Each Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC.
Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
|
Electronic Delivery |
Electronic copies of most financial reports are available on the Trusts’ website or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports and prospectuses by enrolling in the Trusts’ electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.
|
General Information |
The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and it is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Trusts at (800) 441-7762
Quarterly performance, semi-annual and annual reports and other information regarding each Trust may be found on BlackRock’s website, which can be accessed at http://www.blackrock.com. This reference to BlackRock’s website is intended to allow investors public access to information regarding each Trust and does not, and is not intended to, incorporate BlackRock’s website into this report.
|
BlackRock Privacy Principles |
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safe-guarding their nonpublic personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal nonpublic information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to nonaffiliated third parties any nonpublic information about its Clients, except as permitted by law or as necessary to service Client accounts. These nonaffiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to nonpublic personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the nonpublic personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | FEBRUARY 29, 2008 | 79 |
This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares and the risk that fluctuations in the short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may affect the yield to Common Shareholders. Statements and other information herein are as dated and are subject to change.
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling toll-free (800) 411-7762; (2) at www.blackrock.com; and (3) on the Securities and Exchange Commission’s website at http://www.sec.gov. Information about how each Trust voted proxies relating to securities held in each Trust’s portfolio during the most recent 12-month period ended June 30 is available upon request and without charge (1) at www.blackrock.com or by calling (800) 441-7762 and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.
GO
PAPERLESS...
It’s Fast, Convenient, & Timely!
|
|
|
|
|
|
|
|
|
|
| #CEF-SEMI-1-0208 |
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 | – | Schedule of Investments – The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form |
| ||
Item 7 | – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
| ||
Item 8 | – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
| ||
Item 9 | – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
| ||
Item 10 | – | Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the Board recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations which include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures. |
| ||
Item 11 | – | Controls and Procedures |
| ||
11(a) | – | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
| ||
11(b) | – | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ||
Item 12 | – | Exhibits attached hereto |
| ||
12(a)(1) | – | Code of Ethics – Not Applicable to this semi-annual report |
| ||
12(a)(2) | – | Certifications – Attached hereto |
| ||
12(a)(3) | – | Not Applicable |
| ||
12(b) | – | Certifications – Attached hereto |
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock Municipal Income Trust II | |
By: | /s/ Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer of | |
BlackRock Municipal Income Trust II | |
Date: April 23, 2008 |
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/ Donald C. Burke |
Donald C. Burke | |
Chief Executive Officer (principal executive officer) of | |
BlackRock Municipal Income Trust II | |
Date: April 23, 2008 | |
By: | /s/ Neal J. Andrews |
Neal J. Andrews | |
Chief Financial Officer (principal financial officer) of | |
BlackRock Municipal Income Trust II | |
Date: April 23, 2008 |