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 811-07672
Name of Fund: BlackRock New York Investment Quality Municipal Trust, Inc. (RNY)
Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service: Donald C. Burke, Chief Executive Officer, BlackRock New York Investment Quality Municipal Trust, Inc., 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: 07/31/2009
Date of reporting period: 08/01/2008 – 01/31/2009
Item 1 – Report to Stockholders
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| Semi-Annual Report | |
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| JANUARY 31, 2009 | UNAUDITED |
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BlackRock California Investment Quality Municipal Trust Inc. (RAA) |
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BlackRock California Municipal Income Trust (BFZ) |
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BlackRock Florida Municipal 2020 Term Trust (BFO) |
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BlackRock Investment Quality Municipal Income Trust (RFA) |
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BlackRock Municipal Income Investment Trust (BBF) |
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BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
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BlackRock New Jersey Municipal Income Trust (BNJ) |
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BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
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BlackRock New York Municipal Income Trust (BNY) |
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NOT FDIC INSURED |
MAY LOSE VALUE |
NO BANK GUARANTEE |
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Table of Contents |
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| Page |
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| 3 | |
Semi-Annual Report: |
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| 4 | |
| 13 | |
| 13 | |
Financial Statements: |
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| 14 | |
| 38 | |
| 40 | |
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| 61 | |
| 62 |
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2 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
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Dear Shareholder
The present time may well be remembered as one of the most tumultuous periods in financial market history. Over the past year, the bursting of the housing bubble and the resultant credit crisis swelled into an all-out global financial market meltdown that featured the collapse of storied financial firms, volatile swings in the world’s financial markets and monumental government responses, including the nearly $800 billion economic stimulus plan signed into law just after period end.
The US economy appeared relatively resilient through the first few months of 2008, when rising food and energy prices fueled inflation fears. Mid-summer ushered in dramatic changes— inflationary pressure subsided amid a plunge in commodity prices, while economic pressures intensified in the midst of a rapid deterioration in consumer spending, employment and other key indicators. By year’s end, the National Bureau of Economic Research affirmed that the United States was in a recession, which officially began in December 2007. The Federal Reserve Board (the “Fed”), after slashing interest rates aggressively early in the period, resumed that rate-cutting campaign in the fall, with the final reduction in December 2008 bringing the target federal funds rate to a record low range of between zero and 0.25%. Importantly, the central bank pledged that future policy moves to revive the global economy and financial markets would comprise primarily nontraditional and quantitative easing measures, such as capital injections, lending programs and government guarantees.
Against this backdrop, US equity markets experienced intense volatility, with the sentiment turning decisively negative toward period end. Declines were significant and broad-based, with little divergence among large- and small-cap stocks. Non-US stocks posted stronger results early on, but quickly lost ground as the credit crisis revealed itself to be global in scope and as the worldwide economic slowdown gathered pace. Overall, aggressive monetary and fiscal policy, combined with the defensiveness of the US, helped domestic equities notch better performance than their non-US counterparts.
In fixed income markets, risk aversion remained the popular theme, leading the Treasury sector to top all other asset classes. The high yield market was particularly hard hit in this environment, as economic turmoil, combined with frozen credit markets and substantial technical pressures, took a heavy toll. Meanwhile, the municipal bond market was challenged by a dearth of market participants, lack of liquidity, difficult funding environment and backlog of new-issue supply, which sent prices lower and yields well above Treasuries. By period end, however, some positive momentum had returned to the municipal space.
In all, an investor flight to safety prevailed, as evidenced in the six- and 12-month returns of the major benchmark indexes:
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Total Returns as of January 31, 2009 |
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| 12-month |
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US equities (S&P 500 Index) |
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| (33.95 | )% |
| (38.63 | )% |
Small cap US equities (Russell 2000 Index) |
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| (37.38 | ) |
| (36.84 | ) |
International equities (MSCI Europe, Australasia, Far East Index) |
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| (40.75 | ) |
| (43.74 | ) |
US Treasury securities (Merrill Lynch 10-Year US Treasury Index) |
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| 11.96 |
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| 10.64 |
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Taxable fixed income (Barclays Capital US Aggregate Bond Index*) |
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| 3.23 |
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| 2.59 |
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Tax-exempt fixed income (Barclays Capital Municipal Bond Index*) |
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| 0.70 |
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| (0.16 | ) |
High yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index*) |
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| (19.07 | ) |
| (19.72 | ) |
Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index.
Through periods of market turbulence, as ever, BlackRock’s full resources are dedicated to the management of our clients’ assets. For our most current views on the economy and financial markets, we invite you to visit www.blackrock.com/funds. We thank you for entrusting BlackRock with your investments, and we look forward to continuing to serve you in the months and years ahead.
Sincerely,
Rob Kapito
President, BlackRock Advisors, LLC
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| THIS PAGE NOT PART OF YOUR FUND REPORT |
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BlackRock California Investment Quality Municipal Trust Inc. |
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Investment Objective | |
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| BlackRock California Investment Quality Municipal Trust Inc. (RAA) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal and California income tax consistent with preservation of capital. |
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Performance | |
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| For the six months ended January 31, 2009, the Trust returned (16.55)% based on market price and (7.80)% based on net asset value (“NAV”). For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (18.01)% on a market price basis and (11.97)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The period witnessed a slight tightening in some credit spreads for lower-rated California holdings. Management’s strategic efforts have been aimed at producing a more balanced contribution to the Trust’s total return from its current yield. These efforts have increased the undistributed net interest income balance, as short-term borrowing costs have decreased along with short-term rate cuts by the Fed. The Trust maintained a neutral duration stance throughout the period. |
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| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Trust Information |
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Symbol on American Stock Exchange |
| RAA |
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Initial Offering Date |
| May 28, 1993 |
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Yield on Closing Market Price as of January 31, 2009 ($9.70)1 |
| 5.75% |
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Tax Equivalent Yield2 |
| 8.85% |
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Current Monthly Distribution per Common Share3 |
| $0.0465 |
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Current Annualized Distribution per Common Share3 |
| $0.5580 |
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Leverage as of January 31, 20094 |
| 38% |
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1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
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| 1/31/09 |
| 7/31/08 |
| Change | High |
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Market Price |
| $ | 9.70 |
| $ | 11.96 |
| (18.90 | )% | $ | 12.52 |
| $ | 6.92 |
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Net Asset Value |
| $ | 11.56 |
| $ | 12.90 |
| (10.39 | )% | $ | 13.35 |
| $ | 9.88 |
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The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
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Sector Allocations | |||||||
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| 1/31/09 |
| 7/31/08 |
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County/City/Special District/School District |
| 26 | % |
| 26 | % |
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State |
| 21 |
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| 5 |
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Hospitals/Healthcare |
| 14 |
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| 16 |
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Utilities—Water & Sewer |
| 9 |
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| 6 |
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Education |
| 9 |
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| 9 |
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Transportation |
| 6 |
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| 6 |
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IDA/PCR/Resource Recovery |
| 5 |
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| 3 |
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Lease Revenue |
| 3 |
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| 2 |
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Utilities—Irrigation, Resource Recovery, Solid Waste & Other |
| 3 |
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| 5 |
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Housing |
| 2 |
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| 5 |
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Utilities—Electric & Gas |
| 2 |
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| 2 |
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Special Tax |
| — |
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| 10 |
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Tobacco |
| — |
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| 5 |
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Credit Quality Allocations5 | |||||||
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| 1/31/09 |
| 7/31/08 |
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AAA/Aaa |
| 33 | % |
| 39 | % |
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AA/Aa |
| 37 |
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| 24 |
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A/A |
| 19 |
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| 17 |
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BBB/Baa |
| 5 |
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| 11 |
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B/B |
| 2 |
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| 4 |
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Not Rated |
| 4 |
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5 | Using the higher of Standard & Poor’s (“S&P’s”) or Moody’s Investors Service (“Moody’s”) ratings. |
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4 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
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Trust Summary as of January 31, 2009 | BlackRock California Municipal Income Trust |
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Investment Objective |
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| BlackRock California Municipal Income Trust (BFZ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and California income taxes. |
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Performance | |
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| For the six months ended January 31, 2009, the Trust returned (19.93)% based on market price and (10.61)% based on NAV. For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (18.01)% on a market price basis and (11.97)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between performance based on price and performance based on NAV. A neutral duration stance and a relatively high cash equivalent reserve provided some cushion to the Trust’s NAV. Despite this positioning, the NAV was negatively affected by deteriorating prices on some of its zero-coupon holdings, as well as spread widening on assets with weaker monoline insurance wraps. Management’s strategy is to pursue a balanced approach to returns by improving current yield as opportunities arise, while generally keeping duration exposure no higher than neutral. |
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| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Trust Information |
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Symbol on New York Stock Exchange |
| BFZ |
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Initial Offering Date |
| July 27, 2001 |
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Yield on Closing Market Price as of January 31, 2009 ($10.81)1 |
| 7.57% |
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Tax Equivalent Yield2 |
| 11.65% |
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Current Monthly Distribution per Common Share3 |
| $0.0682 |
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Current Annualized Distribution per Common Share3 |
| $0.8184 |
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Leverage as of January 31, 20094 |
| 42% |
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1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
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| 1/31/09 |
| 7/31/08 |
| Change |
| High |
| Low |
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Market Price |
| $ | 10.81 |
| $ | 13.99 |
| (22.73)% |
| $ | 14.54 |
| $ | 7.36 |
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Net Asset Value |
| $ | 12.06 |
| $ | 13.98 |
| (13.73)% |
| $ | 14.30 |
| $ | 10.32 |
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The following charts show the sector and credit quality allocations of the Trust’s long-term investments: | |||||||||||||||
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Sector Allocations |
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| 1/31/09 |
| 7/31/08 | ||
County/City/Special District/School District |
| 37 | % |
| 29 | % |
Hospitals/Healthcare |
| 15 |
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| 16 |
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Education |
| 12 |
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| 12 |
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Transportation |
| 9 |
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| 9 |
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Housing |
| 9 |
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| 12 |
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State |
| 7 |
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| 9 |
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IDA/PCR/Resource Recovery |
| 3 |
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| 3 |
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Utilities—Electric & Gas |
| 3 |
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| 1 |
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Utilities—Water & Sewer |
| 3 |
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| 2 |
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Tobacco |
| 1 |
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| 7 |
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Utilities—Irrigation, Resource Recovery, Solid Waste & Other |
| 1 |
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| — |
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Credit Quality Allocations5 |
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| 1/31/09 |
| 7/31/08 | ||
AAA/Aaa |
| 27 | % |
| 33 | % |
AA/Aa |
| 30 |
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| 22 |
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A |
| 27 |
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| 24 |
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BBB/Baa |
| 9 |
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| 11 |
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B |
| 1 |
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| 1 |
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Not Rated6 |
| 6 |
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| 9 |
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5 | Using the higher of S&P’s or Moody’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2009 and July 31, 2008, the market value of these securities was $1,889,706, representing 1% and $2,242,216, representing 1%, respectively, of the Trust’s long-term investments. |
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| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 5 |
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Trust Summary as of January 31, 2009 | BlackRock Florida Municipal 2020 Term Trust |
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Investment Objective |
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| BlackRock Florida Municipal 2020 Term Trust (BFO) (the “Trust”) seeks to provide current income that is exempt from regular federal income tax and Florida intangible personal property taxes and to return $15.00 per share (the initial public offering price) on or about December 31, 2020. |
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Performance | |
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| For the six months ended January 31, 2009, the Trust returned (5.33)%, based on market price, and (7.71)%, based on NAV. For the same period, the closed-end Lipper Florida Municipal Debt Funds category posted an average return of (5.78)% on a market price basis and (5.87)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The Trust’s underperformance was driven primarily by a rising yield (and correspondingly falling price) environment for intermediate and long-term municipals during the second half of 2008. An intermediate duration bias mitigated the downward price movement somewhat. The allocation to lower-rated issues also detracted from results as spreads widened during the six months. |
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| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Trust Information |
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Symbol on New York Stock Exchange: |
| BFO |
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Initial Offering Date: |
| September 30, 2003 |
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Termination Date (on or about): |
| December 31, 2020 |
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Yield on Closing Market Price as of January 31, 2009 ($11.51):1 |
| 5.32% |
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Tax Equivalent Yield:2 |
| 8.18% |
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Current Monthly Distribution per Common Share:3 |
| $0.051 |
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Current Annualized Distribution per Common Share:3 |
| $0.612 |
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Leverage as of January 31, 2009:4 |
| 40% |
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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 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributed to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
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The table below summarizes the changes in the Trust’s market price and NAV per share: |
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| 1/31/09 |
| 7/31/08 |
| Change |
| High |
| Low |
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Market Price |
| $ | 11.51 |
| $ | 12.50 |
| (7.92 | )% |
| $ | 12.97 |
| $ | 8.15 |
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Net Asset Value |
| $ | 12.71 |
| $ | 14.16 |
| (10.24 | )% |
| $ | 14.45 |
| $ | 11.27 |
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The following charts show the sector and credit quality allocations of the Trust’s long-term investments: | ||||||||||||||||
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Sector Allocations |
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| 1/31/09 |
| 7/31/08 |
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Utilities—Water & Sewer |
| 22 | % |
| 26 | % |
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Education |
| 16 |
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| 16 |
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County/City/Special District/School District |
| 16 |
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| 12 |
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IDA/PCR/Resource Recovery |
| 13 |
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| 15 |
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Hospitals/Healthcare |
| 11 |
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| 12 |
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Special Tax |
| 8 |
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| 8 |
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Housing |
| 5 |
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| 4 |
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Utilities—Irrigation, Resource Recovery, Solid Waste & Other |
| 5 |
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| 4 |
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Transportation |
| 3 |
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| 2 |
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Utilities—Electric & Gas |
| 1 |
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| 1 |
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Credit Quality Allocations5 |
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| 1/31/09 |
| 7/31/08 |
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AAA/Aaa |
| 33 | % |
| 29 | % |
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AA/Aa |
| 28 |
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| 34 |
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A/A |
| 6 |
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| 7 |
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BBB/Baa |
| 8 |
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| 9 |
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BB/Ba |
| 2 |
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| 2 |
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Not Rated6 |
| 23 |
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| 19 |
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5 | Using the higher of S&P’s or Moody’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2009 and July 31, 2008, the market value of these securities was $10,830,683, representing 10% and $11,848,675, representing 9%, respectively, of the Trust’s long-term investments. |
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6 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
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Trust Summary as of January 31, 2009 | BlackRock Investment Quality Municipal Income Trust |
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Investment Objective |
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| BlackRock Investment Quality Municipal Income Trust (RFA) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and to provide an exemption from Florida intangible personal property taxes consistent with preservation of capital. |
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Performance | |
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| Effective September 16, 2008, BlackRock Florida Investment Quality Municipal Trust was renamed BlackRock Investment Quality Municipal Income Trust. |
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| For the six months ended January 31, 2009, the Trust returned (16.70)% based on market price and (13.55)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (12.07)% on a market price basis and (12.78)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the fund performed during the reporting period. Spread products, such as healthcare, housing, tax increment financing and corporate-backed bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Trust’s exposure to these issues detracted from performance. Also hampering results was exposure to alternative minimum tax bonds, which underperformed as spreads widened out significantly over the past six months. |
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| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
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Trust Information |
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Symbol on American Stock Exchange |
| RFA |
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Initial Offering Date |
| May 28, 1993 |
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Yield on Closing Market Price as of January 31, 2009 ($8.83)1 |
| 6.05% |
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Tax Equivalent Yield2 |
| 9.31% |
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Current Monthly Distribution per Common Share3 |
| $0.0445 |
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Current Annualized Distribution per Common Share3 |
| $0.5340 |
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Leverage as of January 31, 20094 |
| 40% |
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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 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
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The table below summarizes the changes in the Trust’s market price and NAV per share: |
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| 1/31/09 |
| 7/31/08 |
| Change |
| High |
| Low |
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Market Price |
| $ | 8.83 |
| $ | 10.93 |
| (19.21)% |
| $ | 10.93 |
| $ | 6.54 |
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Net Asset Value |
| $ | 10.32 |
| $ | 12.31 |
| (16.17)% |
| $ | 12.54 |
| $ | 8.98 |
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The following charts show the sector and credit quality allocations of the Trust’s long-term investments: | |||||||||||||||
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Sector Allocations |
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| 1/31/09 |
| 7/31/08 |
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Hospitals/Healthcare |
| 22 | % |
| 20 | % |
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County/City/Special District/School District |
| 16 |
|
| 26 |
|
|
Education |
| 12 |
|
| 10 |
|
|
Utilities—Electric & Gas |
| 11 |
|
| 8 |
|
|
IDA/PCR/Resource Recovery |
| 11 |
|
| 13 |
|
|
Transportation |
| 11 |
|
| 5 |
|
|
Housing |
| 5 |
|
| 10 |
|
|
Utilities—Water & Sewer |
| 5 |
|
| 6 |
|
|
Lease Obligations |
| 3 |
|
| 1 |
|
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other |
| 3 |
|
| 1 |
|
|
Special Tax |
| 1 |
|
| — |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| ||
|
|
|
|
|
|
|
|
AAA/Aaa |
| 27 | % |
| 40 | % |
|
AA/Aa |
| 34 |
|
| 29 |
|
|
A/A |
| 22 |
|
| 4 |
|
|
BBB/Baa |
| 2 |
|
| 9 |
|
|
BB/Ba |
| 2 |
|
| 2 |
|
|
Not Rated6 |
| 13 |
|
| 16 |
|
|
|
|
5 | Using the higher of S&P’s or Moody’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2009 and July 31, 2008, the market value of these securities was $620,048, representing 4% and $722,157, representing 3%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 7 |
|
|
|
|
Trust Summary as of January 31, 2009 | BlackRock Municipal Income Investment Trust |
|
|
Investment Objective |
|
BlackRock Municipal Income Investment Trust (BBF) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and Florida intangible personal property tax.
|
Performance |
Effective September 16, 2008, BlackRock Florida Municipal Income Trust was renamed BlackRock Municipal Income Investment Trust.
For the six months ended January 31, 2009, the Trust returned (11.47)% based on market price and (12.43)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (12.07)% on a market price basis and (12.78)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the fund performed during the reporting period. A positive contributor to performance was the Trust’s significant overweight in pre-refunded bonds in the one- to five-year maturity range, as the yield curve steepened and short- and intermediate-maturity issues outperformed. Conversely, spread products, such as healthcare, housing, tax increment and corporate-backed bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Trust’s exposure to these issues detracted from results.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
|
|
|
Symbol on New York Stock Exchange |
| BBF |
|
Initial Offering Date |
| July 27, 2001 |
|
Yield on Closing Market Price as of January 31, 2009 ($11.65)1 |
| 7.51% |
|
Tax Equivalent Yield2 |
| 11.55% |
|
Current Monthly Distribution per Common Share3 |
| $0.072875 |
|
Current Annualized Distribution per Common Share3 |
| $0.874500 |
|
Leverage as of January 31, 20094 |
| 41% |
|
|
|
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 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
|
| Change | High |
| Low |
| |||||
Market Price |
| $ | 11.65 |
| $ | 13.68 |
|
| (14.84 | )% | $ | 14.06 |
| $ | 6.18 |
|
Net Asset Value |
| $ | 11.86 |
| $ | 14.08 |
|
| (15.77 | )% | $ | 14.35 |
| $ | 10.65 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| ||
Hospitals/Healthcare |
| 29 | % |
| 27 | % |
|
IDA/PCR/Resource Recovery |
| 15 |
|
| 16 |
|
|
Education |
| 14 |
|
| 12 |
|
|
Utilities—Water & Sewer |
| 14 |
|
| 12 |
|
|
Special Tax |
| 8 |
|
| 7 |
|
|
Transportation |
| 7 |
|
| 5 |
|
|
County/City/Special District/School District |
| 6 |
|
| 10 |
|
|
Utilities—Electric & Gas |
| 5 |
|
| 7 |
|
|
Lease Obligations |
| 1 |
|
| 1 |
|
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other |
| 1 |
|
| — |
|
|
State |
| — |
|
| 3 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| ||
AAA/Aaa |
| 24 | % |
| 25 | % |
|
AA/Aa |
| 32 |
|
| 30 |
|
|
A/A |
| 13 |
|
| 11 |
|
|
BBB/Baa |
| 12 |
|
| 9 |
|
|
BB/Ba |
| 1 |
|
| 2 |
|
|
Not Rated6 |
| 18 |
|
| 23 |
|
|
|
|
5 | Using the higher of S&P’s or Moody’s ratings. |
6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2009 and July 31, 2008, the market value of these securities was $11,815,068, representing 9% and $13,484,932, representing 9%, respectively, of the Trust’s long-term investments. |
|
|
|
|
|
|
|
|
8 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Trust Summary as of January 31, 2009 | BlackRock New Jersey Investment Quality Municipal Trust Inc. |
|
|
Investment Objective |
|
BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax consistent with preservation of capital.
|
Performance |
For the six months ended January 31, 2009, the Trust returned (18.01)% based on market price and (11.84)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (11.15)% on a market price basis and (9.23)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the fund performed during the reporting period. Spread products, such as healthcare, housing and corporate-backed bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Trust’s exposure to these issues detracted from performance. Also hampering results was exposure to alternative minimum tax bonds, which underperformed as spreads widened out significantly over the past six months.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
|
|
|
Symbol on American Stock Exchange |
| RNJ |
|
Initial Offering Date |
| May 28, 1993 |
|
Yield on Closing Market Price as of January 31, 2009 ($9.50)1 |
| 6.49% |
|
Tax Equivalent Yield2 |
| 9.98% |
|
Current Monthly Distribution per Common Share3 |
| $0.0514 |
|
Current Annualized Distribution per Common Share3 |
| $0.6168 |
|
Leverage as of January 31, 20094 |
| 41% |
|
|
|
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 | Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
|
| Change | High |
| Low |
| |||||
Market Price |
| $ | 9.50 |
| $ | 11.96 |
|
| (20.57 | )% | $ | 12.12 |
| $ | 6.95 |
|
Net Asset Value |
| $ | 10.42 |
| $ | 12.20 |
|
| (14.59 | )% | $ | 12.47 |
| $ | 9.13 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| ||
IDA/PCR/Resource Recovery |
| 23 | % |
| 22 | % |
|
Transportation |
| 22 |
|
| 16 |
|
|
Education |
| 15 |
|
| 15 |
|
|
Housing |
| 12 |
|
| 8 |
|
|
State |
| 8 |
|
| 8 |
|
|
Hospitals/Healthcare |
| 8 |
|
| 15 |
|
|
Utilities—Water & Sewer |
| 8 |
|
| 7 |
|
|
County/City/Special District/School District |
| 2 |
|
| 2 |
|
|
Utilities—Electric & Gas |
| 1 |
|
| 3 |
|
|
Lease Revenue |
| 1 |
|
| — |
|
|
Tobacco |
| — |
|
| 4 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| ||
AAA/Aaa |
| 32 | % |
| 24 | % |
|
AA/Aa |
| 18 |
|
| 29 |
|
|
A/A |
| 21 |
|
| 16 |
|
|
BBB/Baa |
| 19 |
|
| 14 |
|
|
B/B |
| 3 |
|
| 4 |
|
|
Not Rated |
| 7 |
|
| 13 |
|
|
|
|
5 | Using the higher or S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 9 |
|
|
|
|
Trust Summary as of January 31, 2009 | BlackRock New Jersey Municipal Income Trust |
|
|
Investment Objective |
|
BlackRock New Jersey Municipal Income Trust (BNJ) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New Jersey gross income tax.
|
Performance |
For the six months ended January 31, 2009, the Trust returned (8.96)% based on market price and (14.15)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (11.15)% on a market price basis and (9.23)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Sector allocation played an important role in determining how the fund performed during the reporting period. Spread products, such as health-care and housing bonds, significantly underperformed as the economic downturn continued to add more stress on the fundamental credit quality for these sectors. The Trust’s exposure to these issues detracted from performance. Also hampering results was exposure to alternative minimum tax bonds, which underperformed as spreads widened out significantly over the past six months.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
|
|
|
Symbol on New York Stock Exchange |
| BNJ |
|
Initial Offering Date |
| July 27, 2001 |
|
Yield on Closing Market Price as of January 31, 2009 ($13.22)1 |
| 7.04% |
|
Tax Equivalent Yield2 |
| 10.83% |
|
Current Monthly Distribution per Common Share3 |
| $0.0776 |
|
Current Annualized Distribution per Common Share3 |
| $0.9312 |
|
Leverage as of January 31, 20094 |
| 41% |
|
|
|
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 | Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and net asset value per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
|
| Change | High |
| Low |
| |||||
Market Price |
| $ | 13.22 |
| $ | 15.09 |
|
| (12.39 | )% | $ | 15.18 |
| $ | 9.71 |
|
Net Asset Value |
| $ | 11.69 |
| $ | 14.15 |
|
| (17.39 | )% | $ | 14.51 |
| $ | 10.41 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| ||
Housing |
| 25 | % |
| 22 | % |
|
Hospitals/Healthcare |
| 20 |
|
| 23 |
|
|
IDA/PCR/Resource Recovery |
| 17 |
|
| 17 |
|
|
Transportation |
| 14 |
|
| 15 |
|
|
Education |
| 9 |
|
| 8 |
|
|
Lease Obligations |
| 8 |
|
| 6 |
|
|
State |
| 3 |
|
| 3 |
|
|
Utilities—Electric & Gas |
| 2 |
|
| 2 |
|
|
County/City/Special District/School District |
| 1 |
|
| 3 |
|
|
Utilities—Water & Sewer |
| 1 |
|
| 1 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| ||
AAA/Aaa |
| 30 | % |
| 32 | % |
|
AA/Aa |
| 15 |
|
| 12 |
|
|
A/A |
| 30 |
|
| 26 |
|
|
BBB/Baa |
| 13 |
|
| 18 |
|
|
B/B |
| 3 |
|
| 3 |
|
|
Not Rated |
| 9 |
|
| 9 |
|
|
|
|
5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
10 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Trust Summary as of January 31, 2009 | BlackRock New York Investment Quality Municipal Trust Inc. |
|
|
Investment Objective |
|
BlackRock New York Investment Quality Municipal Trust Inc. (RNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal, New York State and New York City income tax consistent with preservation of capital.
|
Performance |
For the six months ended January 31, 2009, the Trust returned (11.90)% based on market price and (7.39)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (15.16)% on a market price basis and (12.83)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. Fund performance was positively influenced by an average distribution rate and an overweight exposure to pre-refunded and education-related bonds. Negative impacts on performance came from overweights in corporate credits, housing bonds and healthcare bonds, and from underweights in tax-backed and transportation bonds. The Trust’s overweight in bonds with maturities greater than 20 years detracted overall, but benefited performance toward the end of the period. Fortunately, management avoided selling these holdings when values were distressed, which would have locked in their underperformance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
|
|
|
Symbol on American Stock Exchange |
| RNY |
|
Initial Offering Date |
| May 28, 1993 |
|
Yield on Closing Market Price as of January 31, 2009 ($10.93)1 |
| 6.39% |
|
Tax Equivalent Yield2 |
| 9.83% |
|
Current Monthly Distribution per Common Share3 |
| $0.0582 |
|
Current Annualized Distribution per Common Share3 |
| $0.6984 |
|
Leverage as of January 31, 20094 |
| 39% |
|
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | Represents Preferred Shares as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| Change | High |
| Low |
| ||||||
Market Price |
| $ | 10.93 |
| $ | 12.83 |
|
| (14.81 | )% | $ | 13.09 |
| $ | 7.48 |
|
Net Asset Value |
| $ | 11.91 |
| $ | 13.30 |
|
| (10.45 | )% | $ | 13.64 |
| $ | 10.21 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
| ||||||
|
| 1/31/09 |
| 7/31/08 | ||
Education |
| 17 | % |
| 16 | % |
County/City/Special District/School District |
| 16 |
|
| 17 |
|
State |
| 14 |
|
| 12 |
|
Utilities—Water & Sewer |
| 13 |
|
| 12 |
|
Transportation |
| 12 |
|
| 12 |
|
Hospitals/Healthcare |
| 10 |
|
| 12 |
|
IDA/PCR/Resource Recovery |
| 8 |
|
| 9 |
|
Housing |
| 8 |
|
| 8 |
|
Tobacco |
| 2 |
|
| 2 |
|
|
|
|
|
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
| ||||||
|
| 1/31/09 |
| 7/31/08 | ||
AAA/Aaa |
| 34 | % |
| 36 | % |
AA/Aa |
| 33 |
|
| 37 |
|
A/A |
| 18 |
|
| 9 |
|
BBB/Baa |
| 5 |
|
| 8 |
|
BB/Ba |
| 2 |
|
| 1 |
|
B/B |
| 7 |
|
| 7 |
|
Not Rated |
| 1 |
|
| 2 |
|
|
|
5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 11 |
|
|
|
|
Trust Summary as of January 31, 2009 | BlackRock New York Municipal Income Trust |
|
|
Investment Objective |
|
BlackRock New York Municipal Income Trust (BNY) (the “Trust”) seeks to provide high current income which, in the opinion of bond counsel to the issuer, is exempt from regular federal income tax and New York State and New York City personal income taxes.
|
Performance |
For the six months ended January 31, 2009, the Trust returned (21.70)% based on market price and (12.49)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (15.16)% on a market price basis and (12.83)% on a NAV basis. All returns reflect reinvestment of dividends. The Trust moved from a premium to NAV to a discount by period-end, which accounts for the difference between performance based on price and performance based on NAV. Fund performance was positively influenced by an average distribution rate and an overweight exposure to pre-refunded and education-related bonds. Negative impacts on performance came from overweights in corporate credits and housing bonds. The Trust’s overweight in bonds with maturities greater than 18 years detracted overall, but benefited performance toward the end of the period. Fortunately, management avoided selling these holdings when values were distressed, which would have locked in their underperformance.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
|
|
|
Symbol on New York Stock Exchange |
| BNY |
|
Initial Offering Date |
| July 27, 2001 |
|
Yield on Closing Market Price as of January 31, 2009 ($11.50)1 |
| 7.86% |
|
Tax Equivalent Yield2 |
| 12.09% |
|
Current Monthly Distribution per Common Share3 |
| $0.075339 |
|
Current Annualized Distribution per Common Share3 |
| $0.904068 |
|
Leverage as of January 31, 20094 |
| 42% |
|
|
|
1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
3 | The distribution is not constant and is subject to change. |
4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Fund, please see The Benefits and Risks of Leveraging on page 13. |
|
|
The table below summarizes the changes in the Trust’s market price and net asset value per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/09 |
| 7/31/08 |
| Change | High |
| Low |
| ||||||
Market Price |
| $ | 11.50 |
| $ | 15.26 |
|
| (24.64 | )% | $ | 15.41 |
| $ | 7.75 |
|
Net Asset Value |
| $ | 11.69 |
| $ | 13.88 |
|
| (15.78 | )% | $ | 14.21 |
| $ | 9.95 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
| ||||||
|
| 1/31/09 |
| 7/31/08 | ||
Transportation |
| 17 | % |
| 19 | % |
County/City/Special District/School District |
| 18 |
|
| 18 |
|
State |
| 17 |
|
| 16 |
|
Education |
| 12 |
|
| 12 |
|
Housing |
| 10 |
|
| 8 |
|
IDA/PCR/Resource Recovery |
| 8 |
|
| 8 |
|
Utilities—Water & Sewer |
| 8 |
|
| 8 |
|
Tobacco |
| 5 |
|
| 6 |
|
Hospitals/Healthcare |
| 2 |
|
| 2 |
|
Utilities—Electric & Gas |
| 2 |
|
| 3 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other |
| 1 |
|
| — |
|
| ||||||
Credit Quality Allocations5 |
|
|
|
|
|
|
| ||||||
|
| 1/31/09 |
| 7/31/08 | ||
AAA/Aaa |
| 31 | % |
| 30 | % |
AA/Aa |
| 25 |
|
| 31 |
|
A/A |
| 24 |
|
| 17 |
|
BBB/Baa |
| 13 |
|
| 15 |
|
BB/Ba |
| 1 |
|
| 1 |
|
B/B |
| 5 |
|
| 5 |
|
Not Rated |
| 1 |
|
| 1 |
|
|
|
5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
|
|
|
|
|
12 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
The Trusts may utilize leverage to seek to enhance the yield and NAV of their Common Shares. However, these objectives cannot be achieved in all interest rate environments.
To leverage, certain Trusts issue Preferred Shares, which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the cost of assets to be obtained from leverage will be based on short-term interest rates, which normally will be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of the Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, the Trust’s Common Shareholders will benefit from the incremental yield.
To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the Trust’s total portfolio of $150 million earns the income based on long-term interest rates. In this case, the dividends paid to Preferred Shareholders are significantly lower than the income earned on the Trust’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental yield.
Conversely, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Trust pays dividends on the higher short-term interest rates whereas the Trust’s total portfolio earns income based on lower long-term interest rates. 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.
Furthermore, the value of the Trust’s portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors also influence the value of portfolio investments. In contrast, the redemption value of the Trust’s Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trust’s NAV positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.
Certain Trusts may also, from time to time leverage their assets through the use of tender option bond (“TOB”) programs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB trust may adversely affect the Trusts’ NAVs per share.
The use of leverage may enhance opportunities for increased returns to the Trusts and Common Shareholders, but as described above, it also creates risks as short- or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAV, market price and dividend rate than a comparable portfolio without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Trusts’ net income will be less than if leverage had not been used, and therefore the amount available for distribution to shareholders will be reduced. The Trusts may be required to sell portfolio securities at inopportune times or below fair market values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments which may cause the Trusts to incur losses. The use of leverage may limit the Trusts’ ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate preferred shares issued by a Trust. The Trusts will incur expenses in connection with the use of leverage, all of which are borne by the holders of the Common Shares and may reduce returns on the Common Shares.
Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount of up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Trust anticipates that the total economic leverage from Preferred Shares and TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2009, the following Trusts had economic leverage from Preferred Shares and TOBs as a percentage of their total managed assets as follows:
|
|
|
|
|
|
| Percent of |
| |
BlackRock California Investment Quality Municipal Trust Inc. |
| 38 | % |
|
BlackRock California Municipal Income Trust |
| 42 | % |
|
BlackRock Florida Municipal 2020 Term Trust |
| 40 | % |
|
BlackRock Investment Quality Municipal Income Trust |
| 40 | % |
|
BlackRock Municipal Income Investment Trust |
| 41 | % |
|
BlackRock New Jersey Investment Quality Municipal Trust Inc. |
| 41 | % |
|
BlackRock New Jersey Income Trust |
| 41 | % |
|
BlackRock New York Investment Quality Municipal Trust Inc. |
| 39 | % |
|
BlackRock New York Municipal Income Trust |
| 42 | % |
|
|
The Trusts may invest in various derivative instruments, including swap agreements and futures, and other instruments specified in the Notes to Financial Statements, which constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the other party to the transaction and illiquidity of the derivative instrument. The Trusts’ ability to successfully use a derivative instrument depends on the Advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require the Trusts to sell or purchase portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Trusts can realize on an investment or may cause the Trusts to hold a security that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 13 |
|
|
|
|
BlackRock California Investment Quality Municipal Trust Inc. (RAA) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California—130.2% |
|
|
|
|
|
|
|
County/City/Special District/School District—30.7% |
|
|
|
|
|
|
|
Los Alamitos, California, Unified School District, GO (School Facilities Improvement Project Number 1), 5.50%, 8/01/33 |
| $ | 250 |
| $ | 255,010 |
|
Los Angeles, California, Community College District, GO, Series F-1, 5%, 8/01/33 |
|
| 335 |
|
| 323,526 |
|
Los Angeles County, California, Community Facilities District Number 3, Special Tax Refunding Bonds (Improvement Area A), Series A, 5.50%, 9/01/14 (b) |
|
| 1,000 |
|
| 1,013,170 |
|
San Jose, California, Unified School District, Santa Clara County, GO (Election of 2002), Series D, 5%, 8/01/32 |
|
| 250 |
|
| 243,263 |
|
Santa Cruz County, California, Redevelopment Agency, Tax Allocation Bonds (Live Oak/Soquel Community Improvement Project Area), Series A, 7%, 9/01/36 |
|
| 100 |
|
| 100,809 |
|
Stockton, California, Unified School District, GO (Election of 2005), 5%, 8/01/31 (b) |
|
| 500 |
|
| 474,750 |
|
Tustin, California, Unified School District, Senior Lien Special Tax Bonds (Community Facilities District Number 97-1), Series A, 5%, 9/01/32 (b) |
|
| 750 |
|
| 694,215 |
|
Vacaville, California, Unified School District, GO (Election of 2001), 5%, 8/01/30 (a) |
|
| 500 |
|
| 469,900 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,574,643 |
|
Education—8.5% |
|
|
|
|
|
|
|
California Educational Facilities Authority Revenue Bonds (Stanford University), Series Q, 5.25%, 12/01/32 |
|
| 500 |
|
| 508,520 |
|
California Infrastructure and Economic Development Bank, Revenue Refunding Bonds (The Salvation Army— Western Territory), 5%, 9/01/27 (g) |
|
| 500 |
|
| 485,835 |
|
|
|
|
|
| |||
|
|
|
|
|
| 994,355 |
|
Hospitals/HealthCare—21.2% |
|
|
|
|
|
|
|
California Health Facilities Financing Authority Revenue Bonds (Sutter Health), Series A, 5.25%, 11/15/46 |
|
| 500 |
|
| 422,735 |
|
California Health Facilities Financing Authority, Revenue Refunding Bonds (Providence Health and Services), Series C, 6.50%, 10/01/38 |
|
| 250 |
|
| 256,830 |
|
California Statewide Communities Development Authority Revenue Bonds (Catholic Healthcare West), Series E, 5.50%, 7/01/31 |
|
| 250 |
|
| 219,890 |
|
California Statewide Communities Development Authority, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
(Kaiser Hospital Asset Management, Inc.), Series C, 5.25%, 8/01/31 |
|
| 500 |
|
| 430,330 |
|
(Kaiser Permanente), Series A, 5%, 4/01/31 |
|
| 500 |
|
| 416,095 |
|
San Bernardino County, California, Special Tax Bonds (Community Facilities District Number 2002-1), 5.90%, 9/01/33 |
|
| 1,000 |
|
| 721,630 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,467,510 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California (continued) |
|
|
|
|
|
|
|
Housing—3.8% |
|
|
|
|
|
|
|
California Rural Home Mortgage Finance Authority, S/F Mortgage Revenue Bonds (Mortgage-Backed Securities Program), AMT, Series A, 5.40%, 12/01/36 (d)(e)(f) |
| $ | 475 |
| $ | 443,878 |
|
IDA/PCR/Resource Recovery—7.4% |
|
|
|
|
|
|
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project), AMT, Series A-2, 5.40%, 4/01/25 |
|
| 500 |
|
| 380,170 |
|
Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT: |
|
|
|
|
|
|
|
Series B, 5%, 12/01/27 |
|
| 320 |
|
| 258,429 |
|
Series D, 5%, 12/01/27 |
|
| 275 |
|
| 222,087 |
|
|
|
|
|
| |||
|
|
|
|
|
| 860,686 |
|
State—30.2% |
|
|
|
|
|
|
|
California State Department of Water Resources, Power Supply Revenue Refunding Bonds, Sub-Series F-5, 5%, 5/01/22 |
|
| 250 |
|
| 260,202 |
|
California State, GO, 5.75%, 3/01/19 |
|
| 40 |
|
| 40,122 |
|
California State, GO, Refunding, 5%, 9/01/32 |
|
| 1,000 |
|
| 913,750 |
|
California State Public Works Board, Lease Revenue Bonds (Department of Corrections), Series H, 5%, 11/01/31 |
|
| 500 |
|
| 430,565 |
|
California State University, Systemwide Revenue Refunding Bonds, Series C, 5%, 11/01/38 (a) |
|
| 625 |
|
| 574,312 |
|
Eastern Municipal Water District, California, Water and Sewer, COP, Series H, 5%, 7/01/35 |
|
| 285 |
|
| 268,279 |
|
Tobacco Securitization Authority of Southern California, Asset-Backed Revenue Bonds, Senior Series A, 5.625%, 6/01/12 (c) |
|
| 900 |
|
| 1,028,880 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,516,110 |
|
Transportation—8.4% |
|
|
|
|
|
|
|
Los Angeles, California, Department of Airports, Airport Revenue Refunding Bonds (Ontario International Airport), AMT, Series A, 5%, 5/15/26 (a) |
|
| 510 |
|
| 441,686 |
|
Los Angeles, California, Regional Airports Improvement Corporation, Lease Revenue Bonds (American Airlines Inc.), AMT, Series B, 7.50%, 12/01/24 |
|
| 500 |
|
| 358,670 |
|
San Francisco, California, City and County Airport Commission, International Airport Revenue Refunding Bonds, AMT, Second Series, 6.75%, 5/01/19 |
|
| 175 |
|
| 182,697 |
|
|
|
|
|
| |||
|
|
|
|
|
| 983,053 |
|
Utilities—Electric & Gas—2.5% |
|
|
|
|
|
|
|
Eastern Municipal Water District, California, Water and Sewer, COP, Series H, 5%, 7/01/33 |
|
| 250 |
|
| 236,513 |
|
Southern California Public Power Authority, Transmission Project Revenue Refunding Bonds, 5.50%, 7/01/20 (a) |
|
| 40 |
|
| 40,098 |
|
|
|
|
|
| |||
|
|
|
|
|
| 276,611 |
|
Portfolio Abbreviations | |||||
| |||||
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the 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 |
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. | |||
| |||
|
|
|
|
14 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
| |
Schedule of Investments (concluded) | BlackRock California Investment Quality Municipal Trust Inc. (RAA) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California (concluded) |
|
|
|
|
|
|
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—3.9% |
|
|
|
|
|
|
|
Chino Basin, California, Regional Financing Authority, Revenue Refunding Bonds (Inland Empire Utility Agency), Series A, 5%, 11/01/33 (g) |
| $ | 500 |
| $ | 457,540 |
|
Utilities—Water & Sewer—13.6% |
|
|
|
|
|
|
|
Contra Costa, California, Water District, Water Revenue Refunding Bonds, Series O, 5%, 10/01/24 (g) |
|
| 600 |
|
| 618,042 |
|
Los Angeles, California, Water and Power Revenue Bonds (Power System), Sub-Series A-1, 5%, 7/01/35 (b) |
|
| 500 |
|
| 480,845 |
|
San Diego, California, Public Facilities Financing Authority, Water Revenue Refunding Bonds, Series A, 5.25%, 8/01/38 |
|
| 500 |
|
| 485,405 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,584,292 |
|
Total Municipal Bonds in California |
|
|
|
|
| 15,158,678 |
|
Puerto Rico—11.2% |
|
|
|
|
|
|
|
County/City/Special District/School District—7.1% |
|
|
|
|
|
|
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E, 5.50%, |
|
| 745 |
|
| 826,540 |
|
Education—4.1% |
|
|
|
|
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Revenue Bonds (Ana G. Mendez University System Project), 5%, 3/01/26 |
|
| 700 |
|
| 478,345 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 1,304,885 |
|
Total Municipal Bonds—141.4% |
|
|
|
|
| 16,463,563 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option |
| Par |
| Value |
| ||
California—4.1% |
|
|
|
|
|
|
|
Lease Obligations—4.1% |
|
|
|
|
|
|
|
Santa Clara County, California, Financing Authority, Lease Revenue Refunding Bonds, Series L, 5.25%, 5/15/36 |
| $ | 495 |
| $ | 477,013 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts—4.1% |
|
|
|
|
| 477,013 |
|
Total Long-Term Investments |
|
|
|
|
| 16,940,576 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Securities |
|
|
|
|
|
|
|
California—4.3% |
|
|
|
|
|
|
|
Los Angeles County, California, Metropolitan Transportation |
|
| 500 |
|
| 500,000 |
|
| |||||||
|
| Shares |
|
|
|
| |
Money Market Funds—10.6% |
|
|
|
|
|
|
|
CMA California Municipal Money Fund, 0.18% (j)(k) |
|
| 1,236,964 |
|
| 1,236,964 |
|
Total Short-Term Securities (Cost—$1,736,964)—14.9% |
|
|
|
|
| 1,736,964 |
|
Total Investments (Cost—$19,992,738*)—160.4% |
|
|
|
|
| 18,677,540 |
|
| |||||||
Other Assets Less Liabilities—1.1% |
|
|
|
|
| 124,800 |
|
| |||||||
Liabilities for Trust Certificates, Including Interest Expense and Fees Payable—(2.9)% |
|
|
|
|
| (331,730 | ) |
| |||||||
Preferred Shares, at Redemption Value—(58.6)% |
|
|
|
|
| (6,825,558 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 11,645,052 |
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 19,653,546 |
|
|
| |||
Gross unrealized appreciation |
| $ | 511,421 |
|
Gross unrealized depreciation |
|
| (1,817,136 | ) |
|
| |||
Net unrealized depreciation |
| $ | (1,305,715 | ) |
|
|
|
|
(a) | MBIA Insured. |
(b) | FSA Insured. |
(c) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | FHLMC Collateralized. |
(e) | FNMA Collateralized. |
(f) | GNMA Collateralized. |
(g) | AMBAC Insured. |
(h) | Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
(i) | Security may have a maturity of more than one year at the 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. |
(j) | Represents the current yield as of report date. |
(k) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
Affiliate | Net Activity |
| Income |
| |
CMA California Municipal Money Fund | 704,828 |
| $ | 5,020 |
|
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
| ||
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
| ||
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
| ||
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| ||
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
| ||
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
| ||
| The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
|
| |||
Level 1 |
| $ | 1,236,964 |
|
Level 2 |
|
| 17,440,576 |
|
Level 3 |
|
| — |
|
Total |
| $ | 18,677,540 |
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 15 |
|
|
|
|
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock California Municipal Income Trust (BFZ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California—117.8% |
|
|
|
|
|
|
|
County/City/Special District/School District—41.8% |
|
|
|
|
|
|
|
Chino Basin, California, Desalter Authority, Revenue Refunding Bonds, Series A, 5%, 6/01/35 (i) |
| $ | 5,275 |
| $ | 4,861,809 |
|
Elk Grove, California, Unified School District, Special Tax Bonds (Community Facilities District Number 1) (a)(b): |
|
|
|
|
|
|
|
5.598%, 12/01/29 |
|
| 7,485 |
|
| 1,786,969 |
|
5.599%, 12/01/30 |
|
| 7,485 |
|
| 1,657,029 |
|
5.599%, 12/01/31 |
|
| 7,485 |
|
| 1,533,527 |
|
Huntington Beach, California, Union High School District, GO (Election of 2004), 5.019%, 8/01/33 (b)(c)(d) |
|
| 5,000 |
|
| 1,066,250 |
|
Lathrop, California, Financing Authority Revenue Bonds (Water Supply Project): |
|
|
|
|
|
|
|
5.90%, 6/01/27 |
|
| 2,855 |
|
| 2,160,350 |
|
6%, 6/01/35 |
|
| 5,140 |
|
| 3,689,184 |
|
Live Oak Unified School District, California, GO (Election of 2004), Series B (b)(e)(f): |
|
|
|
|
|
|
|
5.588%, 8/01/18 |
|
| 985 |
|
| 296,436 |
|
5.599%, 8/01/18 |
|
| 1,030 |
|
| 292,839 |
|
5.609%, 8/01/18 |
|
| 1,080 |
|
| 290,012 |
|
5.618%, 8/01/18 |
|
| 1,125 |
|
| 285,289 |
|
5.629%, 8/01/18 |
|
| 1,175 |
|
| 281,318 |
|
5.639%, 8/01/18 |
|
| 1,230 |
|
| 277,992 |
|
5.649%, 8/01/18 |
|
| 1,285 |
|
| 274,090 |
|
5.659%, 8/01/18 |
|
| 1,340 |
|
| 269,702 |
|
5.669%, 8/01/18 |
|
| 1,400 |
|
| 265,832 |
|
5.679%, 8/01/18 |
|
| 1,465 |
|
| 262,381 |
|
Los Angeles, California, Municipal Improvement Corporation, Lease Revenue Refunding Bonds, Series B, 5%, 9/01/38 |
|
| 4,000 |
|
| 3,638,800 |
|
Modesto, California, Irrigation District, COP, Series B, 5.50%, 7/01/35 |
|
| 3,300 |
|
| 3,041,577 |
|
Pittsburg, California, Redevelopment Agency, Tax Allocation Refunding Bonds (Los Medanos Community Development Project), Series A, 6.50%, 9/01/28 |
|
| 2,500 |
|
| 2,469,850 |
|
Rancho Cucamonga, California, Community Facilities District, Special Tax Bonds, Series A, 6.50%, 9/01/33 |
|
| 4,000 |
|
| 3,096,280 |
|
Rancho Cucamonga, California, Redevelopment Agency, Tax Allocation Bonds (Rancho Redevelopment Project), 5.125%, 9/01/30 (c) |
|
| 15,500 |
|
| 13,665,110 |
|
San Diego County, California, Water Authority, Water Revenue Refunding Bonds, COP, Series A, 5%, 5/01/33 (g) |
|
| 6,040 |
|
| 5,825,701 |
|
San Francisco, California, City and County Redevelopment Agency, Community Facilities District Number 1, Special Tax Bonds (Mission Bay South Public Improvements Project): |
|
|
|
|
|
|
|
6.25%, 8/01/33 |
|
| 6,500 |
|
| 5,245,045 |
|
Series B, 6.125%, 8/01/31 |
|
| 1,775 |
|
| 1,427,065 |
|
San Jose, California, Unified School District, Santa Clara County, GO (Election of 2002), Series D, 5%, 8/01/32 |
|
| 2,875 |
|
| 2,797,519 |
|
Santa Ana, California, Unified School District, GO (Election of 2008), Series A, 5.125%, 8/01/33 |
|
| 8,000 |
|
| 7,557,760 |
|
Santa Cruz County, California, Redevelopment Agency, Tax Allocation Bonds (Live Oak/Soquel Community Improvement Project Area), Series A, 7%, 9/01/36 |
|
| 1,200 |
|
| 1,209,708 |
|
Stockton, California, Unified School District, GO (Election of 2005), 5%, 8/01/31 (g) |
|
| 2,500 |
|
| 2,373,750 |
|
Torrance, California, Unified School District, GO, (Election of 2008 - Measure Z), 6%, 8/01/33 |
|
| 2,500 |
|
| 2,610,900 |
|
Val Verde, California, Unified School District Financing Authority, Special Tax Refunding Bonds, Junior Lien, 6.25%, 10/01/28 |
|
| 2,245 |
|
| 1,889,706 |
|
|
|
|
|
| |||
|
|
|
|
|
| 76,399,780 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California (continued) |
|
|
|
|
|
|
|
Education—8.3% |
|
|
|
|
|
|
|
California Educational Facilities Authority Revenue Bonds (Stanford University), Series Q, 5.25%, 12/01/32 |
| $ | 2,000 |
| $ | 2,034,080 |
|
California Infrastructure and Economic Development Bank Revenue Bonds (J. David Gladstone Institute Project), 5.25%, 10/01/34 |
|
| 15,250 |
|
| 13,103,410 |
|
|
|
|
|
| |||
|
|
|
|
|
| 15,137,490 |
|
Hospitals/HealthCare—22.7% |
|
|
|
|
|
|
|
California Health Facilities Financing Authority Revenue Bonds (Sutter Health), Series A, 5.25%, 11/15/46 |
|
| 5,000 |
|
| 4,227,350 |
|
California Infrastructure and Economic Development Bank Revenue Bonds (Kaiser Hospital Assistance I-LLC), Series A, 5.55%, 8/01/31 |
|
| 13,500 |
|
| 12,082,365 |
|
California Statewide Communities Development Authority Revenue Bonds (Catholic Healthcare West): |
|
|
|
|
|
|
|
Series B, 5.50%, 7/01/30 |
|
| 3,000 |
|
| 2,668,230 |
|
Series E, 5.50%, 7/01/31 |
|
| 2,000 |
|
| 1,759,120 |
|
California Statewide Communities Development Authority Revenue Bonds (Daughters of Charity National Health System), Series A, 5.25%, 7/01/30 |
|
| 4,000 |
|
| 2,577,760 |
|
California Statewide Communities Development Authority Revenue Bonds (Sutter Health), Series B, 5.625%, 8/15/42 |
|
| 10,000 |
|
| 9,062,000 |
|
Kaweah Delta Health Care District, California, Revenue Refunding Bonds, 6%, 8/01/12 (e) |
|
| 7,700 |
|
| 9,088,310 |
|
|
|
|
|
| |||
|
|
|
|
|
| 41,465,135 |
|
Housing—3.4% |
|
|
|
|
|
|
|
San Jose, California, M/F Housing Revenue Bonds (Villages Parkway Senior Apartments Housing Project), AMT, Series D, 5.50%, 4/01/34 (h) |
|
| 3,595 |
|
| 3,398,354 |
|
Santa Clara County, California, Housing Authority, M/F Housing Revenue Bonds, AMT, Series A: |
|
|
|
|
|
|
|
(John Burns Gardens Apartments Project), 5.85%, 8/01/31 |
|
| 1,715 |
|
| 1,656,793 |
|
(Rivertown Apartments Project), 6%, 8/01/41 |
|
| 1,235 |
|
| 1,193,949 |
|
|
|
|
|
| |||
|
|
|
|
|
| 6,249,096 |
|
IDA/PCR/Resource Recovery—5.1% |
|
|
|
|
|
|
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project), AMT, Series C 5.125%, 11/01/23 |
|
| 2,290 |
|
| 1,712,508 |
|
Chula Vista, California, IDR (San Diego Gas and Electric Company), AMT: |
|
|
|
|
|
|
|
Series B, 5%, 12/01/27 |
|
| 5,065 |
|
| 4,090,443 |
|
Series D, 5%, 12/01/27 |
|
| 4,395 |
|
| 3,549,358 |
|
|
|
|
|
| |||
|
|
|
|
|
| 9,352,309 |
|
State—10.0% |
|
|
|
|
|
|
|
California State Department of Water Resources, Power Supply Revenue Refunding Bonds, Sub-Series F-5, 5%, 5/01/22 |
|
| 15,300 |
|
| 15,924,393 |
|
Golden State Tobacco Securitization Corporation of California, Tobacco Settlement Revenue Bonds, Series A-1, 6.625%, 6/01/13 (e) |
|
| 2,000 |
|
| 2,375,880 |
|
|
|
|
|
| |||
|
|
|
|
|
| 18,300,273 |
|
Tobacco—1.7% |
|
|
|
|
|
|
|
California County Tobacco Securitization Agency, Tobacco Revenue Bonds (Stanislaus County Tobacco Funding Corporation), Series A, 5.875%, 6/01/43 |
|
| 5,000 |
|
| 3,138,350 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
16 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Schedule of Investments (continued) | BlackRock California Municipal Income Trust (BFZ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California (concluded) |
|
|
|
|
|
|
|
Transportation—14.1% |
|
|
|
|
|
|
|
Foothill/Eastern Corridor Agency, California, Toll Road Revenue Refunding Bonds: |
|
|
|
|
|
|
|
5.875%, 7/15/26 (j) |
| $ | 5,000 |
| $ | 4,412,800 |
|
6.092%, 1/15/33 (b) |
|
| 5,000 |
|
| 546,050 |
|
6.093%, 1/15/34 (b) |
|
| 5,000 |
|
| 497,850 |
|
6.176%, 1/15/35 (b) |
|
| 13,445 |
|
| 1,205,479 |
|
6.095%, 1/15/38 (b) |
|
| 1,000 |
|
| 67,480 |
|
5.75%, 1/15/40 |
|
| 10,030 |
|
| 7,484,286 |
|
Los Angeles, California, Regional Airports Improvement Corporation, Lease Revenue Bonds (American Airlines Inc.), AMT, Series C, 7.50%, 12/01/24 |
|
| 4,110 |
|
| 2,948,267 |
|
Port of Oakland, California, Revenue Refunding Bonds, Intermediate Lien, AMT, Series A, 5%, 11/01/27 (c) |
|
| 5,850 |
|
| 4,726,800 |
|
San Francisco, California, City and County Airport Commission, International Airport Revenue Refunding Bonds, AMT, Second Series, 6.75%, 5/01/19 |
|
| 3,775 |
|
| 3,941,024 |
|
|
|
|
|
| |||
|
|
|
|
|
| 25,830,036 |
|
Utilities—Electric & Gas—4.7% |
|
|
|
|
|
|
|
Eastern Municipal Water District, California, Water and Sewer, COP, Series H, 5%, 7/01/33 |
|
| 8,355 |
|
| 7,904,248 |
|
Richmond, California, Wastewater Revenue Bonds, 5.753%, 8/01/31 (b)(d)(k) |
|
| 1,905 |
|
| 605,352 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,509,600 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—1.4% |
|
|
|
|
|
|
|
California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds (Waste Management, Inc. Project), AMT, Series C 6.75%, 12/01/27 |
|
| 2,475 |
|
| 2,459,185 |
|
Utilities—Water & Sewer—4.6% |
|
|
|
|
|
|
|
Calleguas-Las Virgenes, California, Public Financing Authority Revenue Bonds (Calleguas Municipal Water District Project), Series A, 5.125%, 7/01/32 (c)(d) |
|
| 5,475 |
|
| 5,247,897 |
|
Los Angeles, California, Department of Water and Power, Waterworks Revenue Bonds, Series A: |
|
|
|
|
|
|
|
5.375%, 7/01/34 |
|
| 1,400 |
|
| 1,410,108 |
|
5.375%, 7/01/38 |
|
| 1,800 |
|
| 1,807,470 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,465,475 |
|
Total Municipal Bonds in California |
|
|
|
|
| 215,306,729 |
|
Multi-State—10.7% |
|
|
|
|
|
|
|
Housing—10.7% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (l)(m): |
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
| 7,000 |
|
| 7,082,670 |
|
6.80%, 11/30/50 |
|
| 4,000 |
|
| 4,165,240 |
|
MuniMae TE Bond Subsidiary LLC (l)(m): |
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
| 7,000 |
|
| 5,966,940 |
|
6.80%, 6/30/50 |
|
| 3,000 |
|
| 2,295,630 |
|
Total Municipal Bonds in Multi-State |
|
|
|
|
| 19,510,480 |
|
Total Municipal Bonds—128.5% |
|
|
|
|
| 234,817,209 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to Tender Option |
| Par |
| Value |
| ||
California—24.4% |
|
|
|
|
|
|
|
County/City/Special District/School District—14.0% |
|
|
|
|
|
|
|
Mount San Antonio Community College District, California, GO (Election of 2001), Series C, 5%, 9/01/31 (g) |
| $ | 10,770 |
| $ | 10,513,136 |
|
Palomar Pomerado Health Care District, California, GO (Election of 2004), Series A, 5.125%, 8/01/37 (c) |
|
| 5,550 |
|
| 5,447,991 |
|
Santa Clara County, California, Financing Authority, Lease Revenue Refunding Bonds, Series L, 5.25%, 5/15/36 |
|
| 10,000 |
|
| 9,642,319 |
|
|
|
|
|
| |||
|
|
|
|
|
| 25,603,446 |
|
Education—10.4% |
|
|
|
|
|
|
|
California Educational Facilities Authority Revenue Bonds (Stanford University), Series Q, 5.25%, 12/01/32 |
|
| 10,000 |
|
| 10,170,483 |
|
San Diego, California, Community College District, GO (Election of 2006), 5%, 8/01/32 (g) |
|
| 9,000 |
|
| 8,733,690 |
|
|
|
|
|
| |||
|
|
|
|
|
| 18,904,173 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts—24.4% |
|
|
|
|
| 44,507,619 |
|
Total Long-Term Investments |
|
|
|
|
| 279,324,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
California—11.5% |
|
|
|
|
|
|
|
California HFA, Home Mortgage Revenue Bonds, VRDN, AMT, Series P, 8.50%, 2/04/09 (c)(o) |
|
| 15,000 |
|
| 15,000,000 |
|
Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09 (c)(o) |
|
| 6,000 |
|
| 6,000,000 |
|
|
|
|
|
| |||
|
|
|
|
|
| 21,000,000 |
|
|
|
|
|
|
|
|
|
|
| Shares |
|
|
|
| |
Money Market Funds—8.6% |
|
|
|
|
|
|
|
CMA California Municipal Money Fund, 0.18% (p)(q) |
|
| 15,725,811 |
|
| 15,725,811 |
|
Total Short-Term Securities (Cost—$36,725,811)—20.1% |
|
|
|
|
| 36,725,811 |
|
Total Investments (Cost—$344,941,921*)—173.0% |
|
|
|
|
| 316,050,639 |
|
Liabilities in Excess of Other Assets—(1.6)% |
|
|
|
|
| (2,969,320 | ) |
Liability for Trust Certificates, Including Interest Expense and Fees Payable—(16.2)% |
|
|
|
|
| (29,498,760 | ) |
Preferred Shares, at Redemption Value—(55.2)% |
|
|
|
|
| (100,908,022 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 182,674,537 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 17 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock California Municipal Income Trust (BFZ) |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 314,782,495 |
|
|
| |||
Gross unrealized appreciation |
| $ | 3,362,561 |
|
Gross unrealized depreciation |
|
| (31,379, 413 | ) |
|
| |||
Net unrealized depreciation |
| $ | (28,016,852 | ) |
|
|
|
|
(a) | AMBAC Insured. |
(b) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(c) | MBIA Insured. |
(d) | FGIC Insured. |
(e) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(f) | XL Capital Insured. |
(g) | FSA Insured. |
(h) | FNMA Collateralized. |
(i) | Assured Guaranty Insured. |
(j) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. |
(k) | Security is collateralized by Municipal or US Treasury Obligations. |
(l) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
(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. |
(n) | Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
(o) | 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. |
(p) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net Activity |
| Income |
| ||
CMA California Municipal Money Fund |
|
| (1,730,325) |
| $ | 68,948 |
|
|
|
(q) | Represents the current yield as of report date. |
| |
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. |
| |
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
• | Level 1 – price quotations in active markets/exchanges for identical securities |
| |
• | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| |
• | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
|
| |||
Level 1 |
| $ | 15,725,811 |
|
Level 2 |
|
| 300,324,828 |
|
Level 3 |
|
| — |
|
Total |
| $ | 316,050,639 |
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
18 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
| |
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida—142.9% |
|
|
|
|
|
|
|
County/City/Special District/School District—25.0% |
|
|
|
|
|
|
|
Florida State Board of Education, GO (Public Education Capital Outlay), Series J, 5%, 6/01/24 (d) |
| $ | 6,150 |
| $ | 6,317,526 |
|
Florida State Board of Education, Lottery Revenue Bonds, Series B, 5%, 7/01/23 |
|
| 2,000 |
|
| 2,007,980 |
|
Miami-Dade County, Florida, Special Obligation Revenue Refunding Bonds Sub-Series A, 5.307%, 10/01/19 (b)(g) |
|
| 5,365 |
|
| 2,834,008 |
|
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Revenue Bonds (Unit of Development Number 43): |
|
|
|
|
|
|
|
6.10%, 8/01/11 (c) |
|
| 2,735 |
|
| 3,016,732 |
|
6.10%, 8/01/21 |
|
| 550 |
|
| 481,751 |
|
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement, Revenue Refunding Bonds (Unit of Development Number 43), Series B (f): |
|
|
|
|
|
|
|
4.50%, 8/01/22 |
|
| 1,000 |
|
| 627,300 |
|
5%, 8/01/31 |
|
| 1,000 |
|
| 559,030 |
|
Stevens Plantation Improvement Project Dependent Special District, Florida, Revenue Bonds, 6.375%, 5/01/13 |
|
| 2,425 |
|
| 1,849,257 |
|
|
|
|
|
| |||
|
|
|
|
|
| 17,693,584 |
|
Education—16.5% |
|
|
|
|
|
|
|
Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/22 (a) |
|
| 2,500 |
|
| 2,613,275 |
|
Hillsborough County, Florida, School Board, COP, 5%, 7/01/27 (b) |
|
| 1,000 |
|
| 937,010 |
|
Miami-Dade County, Florida, Educational Facilities Authority Revenue Bonds (University of Miami), Series A, 5.0%, 4/01/14 (c)(d) |
|
| 2,695 |
|
| 3,122,427 |
|
Miami-Dade County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/21 (e) |
|
| 4,000 |
|
| 4,248,680 |
|
Orange County, Florida, Educational Facilities Authority, Educational Facilities Revenue Bonds (Rollins College Project), 5.25%, 12/01/22 (d) |
|
| 725 |
|
| 762,352 |
|
|
|
|
|
| |||
|
|
|
|
|
| 11,683,744 |
|
Hospitals/HealthCare—17.2% |
|
|
|
|
|
|
|
Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds (Florida Health Care Facility Loan), 5.95%, 7/01/20 (d) |
|
| 526 |
|
| 550,105 |
|
Halifax Hospital Medical Center, Florida, Hospital Revenue Refunding and Improvement Bonds, Series A, 5.25%, 6/01/26 |
|
| 2,500 |
|
| 1,915,000 |
|
Hillsborough County, Florida, IDA, Hospital Revenue Bonds (H. Lee Moffitt Cancer Center Project), Series A, 5.25%, 7/01/22 |
|
| 1,500 |
|
| 1,371,375 |
|
Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell Point/Alliance Obligor Group), 5%, 11/15/22 |
|
| 1,500 |
|
| 976,560 |
|
Marion County, Florida, Hospital District, Revenue Refunding Bonds (Munroe Regional Health System), 5%, 10/01/22 |
|
| 1,500 |
|
| 1,296,870 |
|
Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%, 11/15/21 |
|
| 1,310 |
|
| 994,591 |
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System), 5.625%, 11/15/12 (c) |
|
| 4,450 |
|
| 5,047,546 |
|
|
|
|
|
| |||
|
|
|
|
|
| 12,152,047 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
|
| Par |
|
| Value |
|
Florida (continued) |
|
|
|
|
|
|
|
Housing—4.3% |
|
|
|
|
|
|
|
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, AMT, Series 2, 4.70%, 7/01/22 (h)(i)(j) |
| $ | 2,325 |
| $ | 2,131,374 |
|
Jacksonville, Florida, HFA, Homeowner Mortgage Revenue Refunding Bonds, AMT, Series A-1, 5.625%, 10/01/39 (h)(i)(j) |
|
| 980 |
|
| 926,071 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,057,445 |
|
IDA/PCR/Resource Recovery—19.5% |
|
|
|
|
|
|
|
Escambia County, Florida, Environmental Improvement Revenue Refunding Bonds (International Paper Company Projects), AMT, Series A, 5.75%, 11/01/27 |
|
| 4,000 |
|
| 2,507,960 |
|
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project): |
|
|
|
|
|
|
|
5.50%, 10/01/23 |
|
| 1,955 |
|
| 1,520,208 |
|
Series A, 5.65%, 5/15/18 |
|
| 1,000 |
|
| 1,015,870 |
|
Series B, 5.15%, 9/01/25 |
|
| 500 |
|
| 494,620 |
|
Sterling Hill Community Development District, Florida, Capital Improvement Revenue Refunding Bonds, Series A, 6.10%, 5/01/23 |
|
| 4,285 |
|
| 3,664,275 |
|
Tolomato Community Development District, Florida, Special Assessment Bonds, 6.375%, 5/01/17 |
|
| 1,300 |
|
| 1,051,063 |
|
Village Center Community Development District, Florida, Recreational Revenue Bonds, Sub-Series A, 6.35%, 1/01/18 |
|
| 2,000 |
|
| 1,869,440 |
|
Village Community Development District Number 5, Florida, Special Assessment Bonds, Series A, 6%, 5/01/22 |
|
| 1,370 |
|
| 1,175,419 |
|
Watergrass Community Development District, Florida, Special Assessment Revenue Bonds, Series B, 5.125%, 11/01/14 |
|
| 1,000 |
|
| 500,910 |
|
|
|
|
|
| |||
|
|
|
|
|
| 13,799,765 |
|
Special Tax—12.2% |
|
|
|
|
|
|
|
Florida Municipal Loan Council Revenue Bonds, CABS, Series A, 5.155%, 4/01/20 (b)(g) |
|
| 4,000 |
|
| 2,247,080 |
|
Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series B, 5.625%, 10/01/32 (b)(g) |
|
| 7,560 |
|
| 1,455,225 |
|
Miami-Dade County, Florida, Special Obligation Revenue Refunding Bonds Sub-Series A, 5.282%, 10/01/20 (b)(g) |
|
| 10,000 |
|
| 4,881,900 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,584,205 |
|
Transportation—4.4% |
|
|
|
|
|
|
|
Lee County, Florida, Transportation Facilities Revenue Refunding Bonds, Series B, 5%, 10/01/22 (d) |
|
| 3,000 |
|
| 3,087,750 |
|
Utilities—Electric & Gas—1.5% |
|
|
|
|
|
|
|
Marco Island, Florida, Utility System Revenue Bonds 5.25%, 10/01/21 (b) |
|
| 1,000 |
|
| 1,043,610 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—7.2% |
|
|
|
|
|
|
|
Village Center Community Development District, Florida, Utility Revenue Bonds, 5.25%, 10/01/23 (b) |
|
| 5,000 |
|
| 5,095,250 |
|
Utilities—Water & Sewer—35.1% |
|
|
|
|
|
|
|
Crossings at Fleming Island Community Development District, Florida, Utility Revenue Bonds, 6.75%, 10/01/09 (c) |
|
| 4,400 |
|
| 4,652,912 |
|
Deltona, Florida, Utility System Revenue Bonds, 5%, 10/01/23 (b) |
|
| 1,095 |
|
| 1,102,621 |
|
Lakeland, Florida, Water and Wastewater Revenue Refunding Bonds, 5%, 10/01/27 |
|
| 1,000 |
|
| 995,130 |
|
Marco Island, Florida, Utility System Revenue Bonds (b): |
|
|
|
|
|
|
|
5%, 10/01/22 |
|
| 2,000 |
|
| 2,049,180 |
|
5%, 10/01/23 |
|
| 1,375 |
|
| 1,397,206 |
|
|
|
|
|
See Notes to Financial Statements. |
| ||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 19 |
|
|
| |
Schedule of Investments (concluded) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida (concluded) |
|
|
|
|
|
|
|
Utilities—Water & Sewer (concluded) |
|
|
|
|
|
|
|
Palm Coast, Florida, Utility System Revenue Bonds (b): |
|
|
|
|
|
|
|
5%, 10/01/22 |
| $ | 1,770 |
| $ | 1,773,168 |
|
5%, 10/01/23 |
|
| 1,485 |
|
| 1,466,675 |
|
5%, 10/01/24 |
|
| 1,500 |
|
| 1,449,300 |
|
Sumter County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, 6.80%, 10/01/32 |
|
| 1,165 |
|
| 876,569 |
|
Tohopekaliga, Florida, Water Authority, Utility System Revenue Bonds, Series B (a): |
|
|
|
|
|
|
|
5%, 10/01/22 |
|
| 1,975 |
|
| 2,026,923 |
|
5%, 10/01/23 |
|
| 1,180 |
|
| 1,201,039 |
|
Tohopekaliga, Florida, Water Authority, Utility System Revenue Refunding Bonds, Series A (a): |
|
|
|
|
|
|
|
5%, 10/01/21 |
|
| 3,630 |
|
| 3,770,481 |
|
5%, 10/01/23 |
|
| 2,000 |
|
| 2,035,660 |
|
|
|
|
|
| |||
|
|
|
|
|
| 24,796,864 |
|
Total Municipal Bonds in Florida |
|
|
|
|
| 100,994,264 |
|
U.S. Virgin Islands—1.3% |
|
|
|
|
|
|
|
County/City/Special District/School District—1.3% |
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds (Hovensa Refinery), AMT, 4.70%, 7/01/22 |
|
| 1,500 |
|
| 933,540 |
|
Total Municipal Bonds in the US Virgin Islands |
|
|
|
|
| 933,540 |
|
Total Municipal Bonds—144.2% |
|
|
|
|
| 101,927,804 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
Florida—12.5% |
|
|
|
|
|
|
|
Education—8.8% |
|
|
|
|
|
|
|
Palm Beach County, Florida, School Board, COP, Refunding, Series D, 5%, 8/01/28 (a) |
| $ | 6,510 |
| $ | 6,198,366 |
|
Housing—3.7% |
|
|
|
|
|
|
|
Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series A-2, 6%, 9/01/40 (h)(i)(j) |
|
| 1,500 |
|
| 1,602,555 |
|
Manatee County, Florida, HFA, Homeowner Revenue Bonds, AMT, Series A, 5.9, 9/01/40 (h)(i)(j) |
|
| 1,001 |
|
| 990,626 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,593,181 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts—12.5% |
|
|
|
|
| 8,791,547 |
|
Total Long-Term Investments |
|
|
|
|
| 110,719,351 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Securities |
| Shares |
|
|
|
| |
Money Market Funds—8.9% |
|
|
|
|
|
|
|
CMA Florida Municipal Money Fund, 0.11% (l)(m) |
|
| 6,318,290 |
|
| 6,318,290 |
|
Total Short-Term Securities (Cost—$6,318,290)—8.9% |
|
|
|
|
| 6,318,290 |
|
Total Investments (Cost—$125,702,697*)—165.6% |
|
|
|
|
| 117,037,641 |
|
Other Assets Less Liabilities—1.9% |
|
|
|
|
| 1,354,054 |
|
Liabilities for Trust Certificates, Including Interest Expense and Fees Payable—(6.8)% |
|
|
|
|
| (4,809,684 | ) |
Preferred Shares, at Redemption Value—(60.7)% |
|
|
|
|
| (42,905,389 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 70,676,622 |
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 120,879,205 |
|
|
| |||
Gross unrealized appreciation |
| $ | 1,634,572 |
|
Gross unrealized depreciation |
|
| (10,231,762 | ) |
|
| |||
Net unrealized depreciation |
| $ | (8,597,190 | ) |
|
|
|
|
(a) | FSA Insured. |
(b) | MBIA Insured. |
(c) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(d) | AMBAC Insured. |
(e) | Assured Guaranty Insured. |
(f) | ACA Insured. |
(g) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(h) | FHLMC Collateralized. |
(i) | FNMA Collateralized. |
(j) | GNMA Collateralized. |
(k) | Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as a collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
(l) | Represents the current yield as of report date. |
(m) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net Activity |
| Income |
| ||
CMA Florida Municipal Money Fund |
|
| 5,915,744 |
| $ | 17,712 |
|
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
| ||
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
| ||
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
| ||
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| ||
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
|
| |||
Level 1 |
| $ | 6,318,290 |
|
Level 2 |
|
| 110,719,351 |
|
Level 3 |
|
| — |
|
Total |
| $ | 117,037,641 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
| ||
| |||
|
|
|
|
20 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
| |
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock Investment Quality Municipal Income Trust (RFA) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California—4.5% |
|
|
|
|
|
|
|
Transportation—4.5% |
|
|
|
|
|
|
|
San Francisco, California, City and County Airport Commission, International Airport Revenue Refunding Bonds, AMT, Second Series, 6.75%, 5/01/19 |
| $ | 500 |
| $ | 521,990 |
|
District of Columbia—2.6% |
|
|
|
|
|
|
|
Utilities—Water & Sewer—2.6% |
|
|
|
|
|
|
|
District of Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds, Senior Lien, Series A, 5.50%, 10/01/39 |
|
| 300 |
|
| 300,198 |
|
Florida—85.4% |
|
|
|
|
|
|
|
County/City/Special District/School District—14.0% |
|
|
|
|
|
|
|
Ave Maria Stewardship Community District, Florida, Revenue Bonds, 4.80%, 11/01/12 |
|
| 500 |
|
| 300,100 |
|
Miami-Dade County, Florida, Special Obligation Revenue Bonds, Sub-Series B, 5.647%, 10/01/31 (d)(e) |
|
| 5,000 |
|
| 1,040,450 |
|
New River Community Development District, Florida, Capital Improvement Revenue Bonds, Series B, 5%, 5/01/13 |
|
| 250 |
|
| 100,260 |
|
Suncoast Community Development District, Florida, Capital Improvement Revenue Bonds, Series A, 5.875%, 5/01/34 |
|
| 245 |
|
| 188,863 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,629,673 |
|
Education—9.8% |
|
|
|
|
|
|
|
Florida Higher Educational Facilities Financing Authority Revenue Bonds (Flagler College, Inc. Project), 5.25%, 11/01/36 (a) |
|
| 555 |
|
| 431,185 |
|
Miami-Dade County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/30 (b) |
|
| 250 |
|
| 240,685 |
|
Orange County, Florida, Educational Facilities Authority, Educational Facilities Revenue Bonds (Rollins College Project), 5.25%, 12/01/37 (c) |
|
| 500 |
|
| 467,625 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,139,495 |
|
Hospitals/Healthcare—26.0% |
|
|
|
|
|
|
|
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center Project), 5%, 8/15/37 (f) |
|
| 475 |
|
| 416,314 |
|
Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell Point/Alliance Obligor Group), 5%, 11/15/32 |
|
| 400 |
|
| 217,332 |
|
Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%, 11/15/21 |
|
| 230 |
|
| 174,623 |
|
Miami, Florida, Health Facilities Authority, Health System Revenue Bonds (Catholic Health East), Series C, 5.125%, 11/15/24 |
|
| 750 |
|
| 659,835 |
|
Orange County, Florida, Health Facilities Authority, Health Care Revenue Refunding Bonds (Orlando Lutheran Towers), 5.375%, 7/01/20 |
|
| 105 |
|
| 76,140 |
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare), 5.70%, 7/01/26 |
|
| 95 |
|
| 62,521 |
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Orlando Regional Healthcare), Series B, 5.25%, 12/01/29 (f) |
|
| 275 |
|
| 254,631 |
|
Pinellas County, Florida, Health Facilities Authority Revenue Bonds (BayCare Health System Inc.), 5.50%, 5/15/13 (g) |
|
| 1,000 |
|
| 1,165,180 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,026,576 |
|
Housing—1.9% |
|
|
|
|
|
|
|
Broward County, Florida, HFA, S/F Mortgage Revenue Refunding Bonds, AMT, Series E, 5.90%, 10/01/39 (h)(i)(j) |
|
| 220 |
|
| 222,154 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida (concluded) |
|
|
|
|
|
|
|
IDA/PCR/Resource Recovery—16.9% |
|
|
|
|
|
|
|
Arborwood Community Development District, Florida, Capital Improvement Special Assessment Bonds (Master Infrastructure Projects), Series B, 5.10%, 5/01/14 |
| $ | 225 |
| $ | 181,462 |
|
Capital Region Community Development District, Florida, Special Assessment Revenue Bonds, Series A, 7%, 5/01/39 |
|
| 125 |
|
| 86,424 |
|
Escambia County, Florida, Environmental Improvement Revenue Refunding Bonds (International Paper Company Projects), AMT, Series A, 5%, 8/01/26 |
|
| 240 |
|
| 138,965 |
|
Heritage Harbour North Community Development District, Florida, Capital Improvement Bonds, 6.375%, 5/01/38 |
|
| 250 |
|
| 163,235 |
|
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project), Series A, 5.65%, 5/15/18 |
|
| 150 |
|
| 152,380 |
|
Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract Payments), Series A, 5.25%, 11/01/38 (b) |
|
| 550 |
|
| 513,194 |
|
Pine Ridge Plantation Community Development District, Florida, Capital Improvement and Special Assessment Bonds, Series B, 5%, 5/01/11 |
|
| 390 |
|
| 184,614 |
|
Tolomato Community Development District, Florida, Special Assessment Bonds, 6.55%, 5/01/27 |
|
| 250 |
|
| 169,525 |
|
Village Center Community Development District, Florida, Recreational Revenue Bonds, Series A, 5%, 11/01/32 (d) |
|
| 450 |
|
| 374,040 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,963,839 |
|
Lease Obligations—1.6% |
|
|
|
|
|
|
|
Madison County, Florida, First Mortgage Revenue Bonds (Twin Oaks Project), Series A, 6%, 7/01/25 |
|
| 265 |
|
| 184,371 |
|
Transportation—5.8% |
|
|
|
|
|
|
|
Hillsborough County, Florida, Aviation Authority Revenue Bonds, AMT, Series A, 5.50%, 10/01/38 (b) |
|
| 280 |
|
| 237,868 |
|
Jacksonville, Florida, Port Authority Revenue Bonds, AMT, 6%, 11/01/38 (b) |
|
| 200 |
|
| 182,738 |
|
Miami-Dade County, Florida, Aviation Revenue Refunding Bonds (Miami International Airport), AMT, Series A, 5.50%, 10/01/41 (f) |
|
| 300 |
|
| 252,375 |
|
|
|
|
|
| |||
|
|
|
|
|
| 672,981 |
|
Utilities—Electric & Gas—5.6% |
|
|
|
|
|
|
|
Fort Myers, Florida, Utility System Revenue Refunding Bonds, 5%, 10/01/31 (d) |
|
| 700 |
|
| 652,337 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—1.8% |
|
|
|
|
|
|
|
Boynton Beach, Florida, Utility System Revenue Refunding Bonds, 6.25%, 11/01/20 (k)(l) |
|
| 170 |
|
| 211,080 |
|
Utilities—Water & Sewer—2.0% |
|
|
|
|
|
|
|
Saint Johns County, Florida, Water and Sewer Revenue Bonds, CABS, 5.393%, 6/01/32 (c)(e) |
|
| 1,000 |
|
| 235,320 |
|
Total Municipal Bonds in Florida |
|
|
|
|
| 9,937,826 |
|
Georgia—4.6% |
|
|
|
|
|
|
|
Utilities—Electric & Gas—4.6% |
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia, Revenue Refunding Bonds (General Resolution Projects), Sub-Series D, 6%, 1/01/23 |
|
| 500 |
|
| 540,295 |
|
Illinois—4.3% |
|
|
|
|
|
|
|
Hospitals/Healthcare—2.1% |
|
|
|
|
|
|
|
Illinois State Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group Project), Series A, 7.25%, 11/01/30 |
|
| 250 |
|
| 250,478 |
|
Transportation—2.2% |
|
|
|
|
|
|
|
Illinois State Toll Highway Authority Revenue Bonds, Series B, 5.50%, 1/01/33 |
|
| 250 |
|
| 254,038 |
|
Total Municipal Bonds in Illinois |
|
|
|
|
| 504,516 |
|
|
|
|
|
See Notes to Financial Statements. |
| ||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 21 |
|
|
|
|
Schedule of Investments (continued) | BlackRock Investment Quality Municipal Income Trust (RFA) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Massachusetts—4.3% |
|
|
|
|
|
|
|
Education—4.3% |
|
|
|
|
|
|
|
Massachusetts State College Building Authority, Project Revenue Bonds, Series A, 5.50%, 5/01/39 |
| $ | 250 |
| $ | 243,510 |
|
Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Tufts University), 5.375%, 8/15/38 |
|
| 250 |
|
| 253,440 |
|
Total Municipal Bonds in Massachusetts |
|
|
|
|
| 496,950 |
|
Michigan—5.1% |
|
|
|
|
|
|
|
Hospitals/Healthcare—2.9% |
|
|
|
|
|
|
|
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39 |
|
| 325 |
|
| 332,072 |
|
Lease Obligations—2.2% |
|
|
|
|
|
|
|
Michigan State Building Authority, Revenue Refunding Bonds (Facilities Program), Series I, 6%, 10/15/38 |
|
| 250 |
|
| 256,820 |
|
Total Municipal Bonds in Michigan |
|
|
|
|
| 588,892 |
|
Nevada—4.6% |
|
|
|
|
|
|
|
County/City/Special District/School District—4.6% |
|
|
|
|
|
|
|
Clark County, Nevada, Water Reclamation District, Limited Tax, GO, 6%, 7/01/38 |
|
| 500 |
|
| 529,850 |
|
New York—6.5% |
|
|
|
|
|
|
|
Special Tax—2.0% |
|
|
|
|
|
|
|
New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-3, 5.25%, 1/15/39 |
|
| 250 |
|
| 238,400 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—2.2% |
|
|
|
|
|
|
|
Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series A, 6.25%, 4/01/33 |
|
| 250 |
|
| 259,228 |
|
Utlitities—Water & Sewer—2.3% |
|
|
|
|
|
|
|
New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Series A, 5.75%, 6/15/40 |
|
| 250 |
|
| 262,563 |
|
Total Municipal Bonds in New York |
|
|
|
|
| 760,191 |
|
Oklahoma—1.4% |
|
|
|
|
|
|
|
Housing—1.4% |
|
|
|
|
|
|
|
Tulsa County, Oklahoma, Home Finance Authority, S/F Mortgage Revenue Refunding Bonds, AMT, Series C, 5.25%, 12/01/38 (i) |
|
| 199 |
|
| 164,228 |
|
South Carolina—4.4% |
|
|
|
|
|
|
|
Utilities—Electric & Gas—4.4% |
|
|
|
|
|
|
|
South Carolina State Public Service Authority, Revenue Refunding Bonds, Series A, 5.50%, 1/01/38 |
|
| 500 |
|
| 511,100 |
|
Texas—6.6% |
|
|
|
|
|
|
|
Hospitals/Healthcare—2.2% |
|
|
|
|
|
|
|
Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.125%, 12/01/31 |
|
| 250 |
|
| 260,825 |
|
Transportation—4.4% |
|
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, Series K-1, 5.75%, 1/01/38 (b) |
|
| 500 |
|
| 510,585 |
|
Total Municipal Bonds in Texas |
|
|
|
|
| 771,410 |
|
Virginia—2.4% |
|
|
|
|
|
|
|
Education—2.4% |
|
|
|
|
|
|
|
Virginia State Public School Authority, Special Obligation School Financing Bonds (Fluvanna County), 6.50%, 12/01/35 |
|
| 250 |
|
| 275,973 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico—2.3% |
|
|
|
|
|
|
|
County/City/Special District/School District—2.3% |
|
|
|
|
|
|
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E, 5.50%, |
| $ | 240 |
| $ | 266,268 |
|
Total Municipal Bonds—139.0% |
|
|
|
|
| 16,169,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
Florida—8.2% |
|
|
|
|
|
|
|
County/City/Special District/School District—2.0% |
|
|
|
|
|
|
|
Manatee County, Florida, HFA, Homeowner Revenue Bonds, AMT, Series A, 5.90, 9/01/40 (h)(i)(j) |
|
| 240 |
|
| 237,750 |
|
Housing—4.5% |
|
|
|
|
|
|
|
Lee County, Florida, HFA, S/F Mortgage Revenue Bonds (Multi-County Program), AMT, Series A-2, 6%, 9/01/40 (h)(i)(j) |
|
| 495 |
|
| 528,843 |
|
Utilities—Electric & Gas—1.7% |
|
|
|
|
|
|
|
Jacksonville Electric Authority, Florida, Saint John’s River Power Park System Revenue Bonds, Issue Three, Series 2, 5%, 10/01/37 |
|
| 210 |
|
| 192,662 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts in Florida |
|
|
|
|
| 959,255 |
|
Illinois—3.7% |
|
|
|
|
|
|
|
Education—3.7% |
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds (University of Chicago), Series B, 6.25, 7/01/38 |
|
| 400 |
|
| 429,712 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts—11.9% |
|
|
|
|
| 1,388,967 |
|
Total Long-Term Investments |
|
|
|
|
| 17,558,654 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
|
|
|
|
|
|
|
California—4.3% |
|
|
|
|
|
|
|
Los Angeles County, California, Metropolitan Transportation Authority, Sales Tax Revenue Refunding Bonds, Proposition C, VRDN, Second Senior Series A, 6%, 2/05/09 (d)(n) |
|
| 500 |
|
| 500,000 |
|
Pennsylvania—1.7% |
|
|
|
|
|
|
|
Philadelphia, Pennsylvania, GO, Refunding, VRDN, Series B, 3.75%, 2/05/09 (f)(n) |
|
| 200 |
|
| 200,000 |
|
|
| Shares |
|
|
|
| |
Money Market Funds—11.4% |
|
|
|
|
|
|
|
CMA Florida Municipal Money Fund, 0.11% (o)(p) |
|
| 1,328,809 |
|
| 1,328,809 |
|
Total Short-Term Securities (Cost—$2,028,809)—17.4% |
|
|
|
|
| 2,028,809 |
|
Total Investments (Cost—$21,528,279*)—168.3% |
|
|
|
|
| 19,587,463 |
|
Liabilities in Excess of Other Assets—(0.6)% |
|
|
|
|
| (65,487 | ) |
Liability for Trust Certificates, Including Interest Expense and Fees Payable—(6.5)% |
|
|
|
|
| (760,206 | ) |
Preferred Shares, at Redemption Value—(61.2)% |
|
|
|
|
| (7,126,314 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 11,635,456 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
22 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Schedule of Investments (concluded) | BlackRock Investment Quality Municipal Income Trust (RFA) |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
| Aggregate cost |
| $ | 20,795,718 |
|
|
|
| |||
| Gross unrealized appreciation |
| $ | 563,073 |
|
| Gross unrealized depreciation |
|
| (2,526,478 | ) |
|
|
| |||
| Net unrealized depreciation |
| $ | (1,963,405 | ) |
|
|
|
|
|
(a) | XL Capital Insured. |
(b) | Assured Guaranty Insured. |
(c) | AMBAC Insured. |
(d) | MBIA Insured. |
(e) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(f) | FSA Insured. |
(g) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(h) | FHLMC Collateralized. |
(i) | GNMA Collateralized. |
(j) | FNMA Collateralized. |
(k) | Security is collateralized by Municipal or US Treasury Obligations. |
(l) | FGIC Insured. |
(m) | Securities represent underlying bonds transferred to a tender option bond trust in which exchange for the Trust acquired residual interest certificates. These securities serve as a collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
(n) | 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. |
(o) | Represents the current yield as of report date. |
(p) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
|
| ||||||||
| Affiliate |
| Net Activity |
| Income |
| ||
| ||||||||
| CMA Florida Municipal Money Fund |
|
| 809,546 |
| $ | 10,153 |
|
|
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
|
|
|
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
|
|
|
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
| |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
|
| |
| The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
| |||||
| Valuation |
| Investments in |
| |
| |||||
|
|
| Assets |
| |
|
|
| |||
| Level 1 |
| $ | 1,328,809 |
|
| Level 2 |
|
| 18,258,654 |
|
| Level 3 |
|
| — |
|
| |||||
| Total |
| $ | 19,587,463 |
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 23 |
|
|
|
|
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock Municipal Income Investment Trust (BBF) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
District of Columbia—2.3% |
|
|
|
|
|
|
|
Utilities—Water & Sewer—2.3% |
|
|
|
|
|
|
|
District of Columbia, Water and Sewer Authority, Public Utility Revenue Refunding Bonds, Senior Lien, Series A, 5.50%, 10/01/39 |
| $ | 1,800 |
| $ | 1,801,188 |
|
Florida—120.9% |
|
|
|
|
|
|
|
County/City/Special District/School District—5.8% |
|
|
|
|
|
|
|
Ave Maria Stewardship Community District, Florida, Revenue Bonds, 4.80%, 11/01/12 |
|
| 1,000 |
|
| 600,200 |
|
Laguna Lakes Community Development District, Florida, Special Assessment Revenue Refunding Bonds, Series A, 6.40%, 5/01/13 (g) |
|
| 1,575 |
|
| 1,879,857 |
|
Miami-Dade County, Florida, Special Obligation Revenue Refunding Bonds, Sub-Series A, 5.532%, |
|
| 2,595 |
|
| 1,370,783 |
|
Suncoast Community Development District, Florida, Capital Improvement Revenue Bonds, Series A, 5.875%, 5/01/34 |
|
| 985 |
|
| 759,307 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,610,147 |
|
Education—15.0% |
|
|
|
|
|
|
|
Broward County, Florida, School Board, COP, Series A, 5.25%, 7/01/33 (a) |
|
| 1,700 |
|
| 1,606,143 |
|
Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds (Capital Projects Loan Program), Senior Series F-1, 5%, 10/01/31 (b) |
|
| 2,800 |
|
| 2,103,668 |
|
Miami-Dade County, Florida, School Board, COP, Refunding, Series B, 5.25%, 5/01/30 (c) |
|
| 1,160 |
|
| 1,116,778 |
|
Orange County, Florida, Educational Facilities Authority, Educational Facilities Revenue Bonds (Rollins College Project), 5.25%, 12/01/27 (d) |
|
| 1,000 |
|
| 1,000,630 |
|
Tampa, Florida, Revenue Bonds (University of Tampa Project), 5.625%, 4/01/32 (e) |
|
| 5,500 |
|
| 4,430,250 |
|
Volusia County, Florida, Educational Facility Authority, Educational Facilities Revenue Bonds (Embry-Riddle Aeronautical University Project), Series A, 5.75%, 10/15/29 |
|
| 2,000 |
|
| 1,641,900 |
|
|
|
|
|
| |||
|
|
|
|
|
| 11,899,369 |
|
Hospitals/HealthCare—33.7% |
|
|
|
|
|
|
|
Escambia County, Florida, Health Facilities Authority, Health Facility Revenue Bonds (Florida Health Care Facility Loan), 5.95%, 7/01/20 (d) |
|
| 744 |
|
| 777,464 |
|
Highlands County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Adventist Health System), Series A, 6%, 11/15/11 (g) |
|
| 5,000 |
|
| 5,565,950 |
|
Jacksonville, Florida, Health Facilities Authority, Hospital Revenue Bonds (Baptist Medical Center Project), 5%, 8/15/37 (a) |
|
| 2,280 |
|
| 1,998,306 |
|
Lee County, Florida, IDA, Health Care Facilities, Revenue Refunding Bonds (Shell Point/Alliance Obligor Group), 5%, 11/15/32 |
|
| 1,430 |
|
| 776,962 |
|
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series A, 5%, 4/01/32 (d) |
|
| 1,000 |
|
| 733,180 |
|
Miami Beach, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Mount Sinai Medical Center of Florida), 6.75%, 11/15/21 |
|
| 1,565 |
|
| 1,188,195 |
|
Orange County, Florida, Health Facilities Authority, Health Care Revenue Refunding Bonds (Orlando Lutheran Towers), 5.375%, 7/01/20 |
|
| 655 |
|
| 474,967 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida (continued) |
|
|
|
|
|
|
|
Hospitals/HealthCare (concluded) |
|
|
|
|
|
|
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Bonds (Orlando Regional Healthcare), 5.70%, 7/01/26 |
| $ | 600 |
| $ | 394,872 |
|
Orange County, Florida, Health Facilities Authority, Hospital Revenue Refunding Bonds (Orlando Regional Healthcare), Series B, 5.25%, 12/01/29 (a) |
|
| 1,200 |
|
| 1,111,116 |
|
South Miami Health Facilities Authority, Florida, Hospital Revenue Bonds (Baptist Health System Obligation Group), 5.25%, 2/01/13 (g) |
|
| 12,000 |
|
| 13,709,760 |
|
|
|
|
|
| |||
|
|
|
|
|
| 26,730,772 |
|
IDA/PCR/Resource Recovery—24.4% |
|
|
|
|
|
|
|
Beacon Tradeport Community Development District, Florida, Special Assessment Revenue Refunding Bonds (Commercial Project), Series A, 5.625%, 5/01/32 (e) |
|
| 7,705 |
|
| 5,798,706 |
|
Capital Region Community Development District, Florida, Special Assessment Revenue Bonds, Series A, 7%, 5/01/39 |
|
| 640 |
|
| 442,489 |
|
Heritage Harbour North Community Development District, Florida, Capital Improvement Bonds, 6.375%, 5/01/38 |
|
| 1,500 |
|
| 979,410 |
|
Heritage Harbour South Community Development District, Florida, Capital Improvement Special Assessment Bonds, Series A, 6.50%, 5/01/34 |
|
| 1,610 |
|
| 1,282,751 |
|
Hillsborough County, Florida, IDA, PCR, Refunding (Tampa Electric Company Project): |
|
|
|
|
|
|
|
5.50%, 10/01/23 |
|
| 1,450 |
|
| 1,127,520 |
|
Series A, 5.65%, 5/15/18 |
|
| 900 |
|
| 914,283 |
|
Orange County, Florida, Tourist Development, Tax Revenue Refunding Bonds, 5%, 10/01/29 (d) |
|
| 1,300 |
|
| 1,155,518 |
|
Orlando, Florida, Senior Tourist Development Tax Revenue Bonds (6th Cent Contract Payments), Series A, 5.25%, 11/01/38 (c) |
|
| 1,000 |
|
| 933,080 |
|
Pine Ridge Plantation Community Development District, Florida, Capital Improvement and Special Assessment Bonds, Series B, 5%, 5/01/11 |
|
| 580 |
|
| 274,555 |
|
Tolomato Community Development District, Florida, Special Assessment Bonds, 6.55%, 5/01/27 |
|
| 1,250 |
|
| 847,625 |
|
Village Center Community Development District, Florida, Recreational Revenue Bonds, Series A, 5%, |
|
| 1,795 |
|
| 1,492,004 |
|
Village Community Development District Number 5, Florida, Special Assessment Bonds, Series A: |
|
|
|
|
|
|
|
6%, 5/01/22 |
|
| 2,735 |
|
| 2,346,548 |
|
6.50%, 5/01/33 |
|
| 1,325 |
|
| 1,238,809 |
|
Watergrass Community Development District, Florida, Special Assessment Revenue Bonds, Series B, 5.125%, 11/01/14 |
|
| 1,000 |
|
| 500,910 |
|
|
|
|
|
| |||
|
|
|
|
|
| 19,334,208 |
|
Lease Obligations—1.4% |
|
|
|
|
|
|
|
Madison County, Florida, First Mortgage Revenue Bonds (Twin Oaks Project), Series A, 6%, 7/01/25 |
|
| 1,620 |
|
| 1,127,099 |
|
Special Tax—10.5% |
|
|
|
|
|
|
|
Miami-Dade County, Florida, Special Obligation Revenue Bonds (b)(f): |
|
|
|
|
|
|
|
Sub-Series B, 5.607%, 10/01/33 |
|
| 9,700 |
|
| 1,733,293 |
|
Sub-Series C, 5.629%, 10/01/28 |
|
| 25,000 |
|
| 6,571,000 |
|
|
|
|
|
| |||
|
|
|
|
|
| 8,304,293 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
24 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Schedule of Investments (continued) | BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida (concluded) |
|
|
|
|
|
|
|
Transportation—9.5% |
|
|
|
|
|
|
|
Jacksonville, Florida, Transit Revenue Bonds, 5%, 10/01/26 (b) |
| $ | 4,000 |
| $ | 3,995,080 |
|
Miami-Dade County, Florida, Expressway Authority, Toll System Revenue Refunding Bonds, 5.125%, 7/01/25 (b)(h) |
|
| 1,000 |
|
| 1,006,960 |
|
New River Community Development District, Florida, Capital Improvement Revenue Bonds, Series B, 5%, 5/01/13 |
|
| 1,500 |
|
| 601,560 |
|
Orlando-Orange County Expressway Authority, Florida, Expressway Revenue Bonds, Series A, 5%, 7/01/32 (a) |
|
| 2,000 |
|
| 1,895,560 |
|
|
|
|
|
| |||
|
|
|
|
|
| 7,499,160 |
|
Utilities—Electric & Gas—2.7% |
|
|
|
|
|
|
|
Fort Myers, Florida, Utility System Revenue Refunding Bonds, 5%, 10/01/31 (b) |
|
| 1,355 |
|
| 1,262,738 |
|
Saint Johns County, Florida, Ponte Vedra Utility System Revenue Bonds, 5%, 10/01/35 (a) |
|
| 1,000 |
|
| 917,340 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,180,078 |
|
Utilities—Water & Sewer—17.9% |
|
|
|
|
|
|
|
Melbourne, Florida, Water and Sewer Revenue Bonds, 5.318%, 10/01/21 (f)(h)(i) |
|
| 2,770 |
|
| 1,694,908 |
|
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Revenue Bonds (Unit of Development Number 43): |
|
|
|
|
|
|
|
6.10%, 8/01/11 (g) |
|
| 1,155 |
|
| 1,273,976 |
|
6.125%, 8/01/11 (g) |
|
| 3,500 |
|
| 3,957,730 |
|
6.10%, 8/01/21 |
|
| 225 |
|
| 197,080 |
|
Saint Johns County, Florida, Water and Sewer Revenue Bonds, CABS, 5.337%, 6/01/30 (d)(f) |
|
| 3,945 |
|
| 1,067,754 |
|
Sumter County, Florida, IDA, IDR (North Sumter Utility Company LLC), AMT, 6.80%, 10/01/32 |
|
| 2,655 |
|
| 1,997,675 |
|
Tampa, Florida, Water and Sewer Revenue Refunding Bonds, Series A, 5%, 10/01/26 |
|
| 4,000 |
|
| 4,005,040 |
|
|
|
|
|
| |||
|
|
|
|
|
| 14,194,163 |
|
Total Municipal Bonds in Florida |
|
|
|
|
| 95,879,289 |
|
Georgia—3.9% |
|
|
|
|
|
|
|
Utilities: Electric & Gas—3.9% |
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia, Revenue Refunding Bonds (General Resolution Projects), Sub-Series D, 6%, 1/01/23 |
|
| 2,900 |
|
| 3,133,711 |
|
Illinois—2.0% |
|
|
|
|
|
|
|
Hospitals/Healthcare—2.0% |
|
|
|
|
|
|
|
Illinois State Finance Authority Revenue Bonds (Rush University Medical Center Obligated Group Project), Series B, 7.25%, 11/01/30 |
|
| 1,600 |
|
| 1,603,056 |
|
Massachusetts—2.2% |
|
|
|
|
|
|
|
Education—2.2% |
|
|
|
|
|
|
|
Massachusetts State College Building Authority, Project Revenue Bonds, Series A, 5.50%, 5/01/39 |
|
| 750 |
|
| 730,530 |
|
Massachusetts State Health and Educational Facilities Authority Revenue Bonds (Tufts University), 5.375%, 8/15/38 |
|
| 1,000 |
|
| 1,013,760 |
|
Total Municipal Bonds in Massachusetts |
|
|
|
|
| 1,744,290 |
|
Michigan—2.6% |
|
|
|
|
|
|
|
Hospitals/HealthCare—1.3% |
|
|
|
|
|
|
|
Royal Oak, Michigan, Hospital Finance Authority, Hospital Revenue Refunding Bonds (William Beaumont Hospital), 8.25%, 9/01/39 |
|
| 995 |
|
| 1,016,651 |
|
Special Tax—1.3% |
|
|
|
|
|
|
|
Michigan State Building Authority, Revenue Refunding Bonds (Facilities Program), Series I, 6%, 10/15/38 |
|
| 1,000 |
|
| 1,027,280 |
|
Total Municipal Bonds in Michigan |
|
|
|
|
| 2,043,931 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Nevada—3.3% |
|
|
|
|
|
|
|
County/City/Special District/School District—3.3% |
|
|
|
|
|
|
|
Clark County, Nevada, Water Reclamation District, Limited Tax, GO, 6%, 7/01/38 |
| $ | 2,500 |
| $ | 2,649,250 |
|
New York—4.1% |
|
|
|
|
|
|
|
Special Tax—0.9% |
|
|
|
|
|
|
|
New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-3, 5.25%, 1/15/39 |
|
| 750 |
|
| 715,200 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—1.4% |
|
|
|
|
|
|
|
Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series A, 5.50%, 4/01/24 |
|
| 1,055 |
|
| 1,086,397 |
|
Utilities—Water & Sewer—1.8% |
|
|
|
|
|
|
|
New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Series A, 5.75%, 6/15/40 |
|
| 1,400 |
|
| 1,470,350 |
|
Total Municipal Bonds in New York |
|
|
|
|
| 3,271,947 |
|
South Carolina—2.2% |
|
|
|
|
|
|
|
Utilities—Electric & Gas—2.2% |
|
|
|
|
|
|
|
South Carolina State Public Service Authority, Revenue Refunding Bonds, Series A, 5.50%, 1/01/38 |
|
| 1,750 |
|
| 1,788,850 |
|
Texas—2.3% |
|
|
|
|
|
|
|
Hospitals/HealthCare—0.7% |
|
|
|
|
|
|
|
Harris County, Texas, Health Facilities Development Corporation, Hospital Revenue Refunding Bonds (Memorial Hermann Healthcare System), Series B, 7.125%, 12/01/31 |
|
| 500 |
|
| 521,650 |
|
Transportation—1.6% |
|
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Refunding Bonds, First Tier, Series K-1, 5.75%, 1/01/38 (c) |
|
| 1,250 |
|
| 1,276,462 |
|
Total Municipal Bonds in Texas |
|
|
|
|
| 1,798,112 |
|
Virginia—1.4% |
|
|
|
|
|
|
|
Education—1.4% |
|
|
|
|
|
|
|
Virginia State Public School Authority, Special Obligation School Financing Bonds (Fluvanna County), 6.50%, 12/01/35 |
|
| 1,000 |
|
| 1,103,890 |
|
Total Municipal Bonds—147.2% |
|
|
|
|
| 116,817,514 |
|
| |||||||
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
Florida—10.1% |
|
|
|
|
|
|
|
Hospitals/Healthcare—8.8% |
|
|
|
|
|
|
|
Jacksonville, Florida, Economic Development Commission, Health Care Facilities Revenue Bonds (Mayo Clinic-Jacksonville), Series B, 5.50%, 11/15/36 |
|
| 7,490 |
|
| 6,985,773 |
|
Utilities—Electric & Gas—1.3% |
|
|
|
|
|
|
|
Jacksonville Electric Authority, Florida, Saint John’s River Power Park System Revenue Bonds, Issue Three, Series 2, 5%, 10/01/37 |
|
| 1,110 |
|
| 1,018,359 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 8,004,132 |
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 25 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
Illinois—3.8% |
|
|
|
|
|
|
|
Education—3.8% |
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds (University of Chicago), Series B, 6.25, 7/01/38 |
| $ | 2,800 |
| $ | 3,007,984 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 11,012,116 |
|
Total Long-Term Investments |
|
|
|
|
| 127,829,630 |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Par |
| Value |
| ||
Pennsylvania—1.8% |
|
|
|
|
|
|
|
Philadelphia, Pennsylvania, GO, Refunding, VRDN, Series B, 3.75%, 2/05/09(a)(k) |
| $ | 1,400 |
| $ | 1,400,000 |
|
|
| Shares |
|
|
|
| |
Money Market Funds—9.8% |
|
|
|
|
|
|
|
CMA Florida Municipal Money Fund, 0.11% (l)(m) |
|
| 7,752,695 |
|
| 7,752,695 |
|
Total Short-Term Securities (Cost—$9,152,695)—11.6% |
|
|
|
|
| 9,152,695 |
|
Total Investments (Cost—$148,380,562*)—172.7% |
|
|
|
|
| 136,982,325 |
|
Liabilities in Excess of Other Assets—(3.0)% |
|
|
|
|
| (2,371,223 | ) |
Liability for Trust Certificates, Including Interest Expense and Fees Payable—(7.2)% |
|
|
|
|
| (5,719,675 | ) |
Preferred Shares, at Redemption Value—(62.5)% |
|
|
|
|
| (49,554,962 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 79,336,465 |
|
|
|
|
|
| |||
| |||||||
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 142,838,700 |
|
|
| |||
Gross unrealized appreciation |
| $ | 5,089,792 |
|
Gross unrealized depreciation |
|
| (16,646,167 | ) |
|
| |||
Net unrealized depreciation |
| $ | (11,556,375 | ) |
|
|
|
|
(a) | FSA Insured. |
(b) | MBIA Insured. |
(c) | Assured Guaranty Insured. |
(d) | AMBAC Insured. |
(e) | Radian Insured. |
(f) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(g) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(h) | FGIC Insured. |
(i) | Security is collateralized by Municipal or US Treasury Obligations. |
(j) | Securities represent underlying bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as a collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
(k) | 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. |
(l) | Represents the current yield as of report date. |
(m) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
Affiliate | Net Activity |
| Income |
| |
CMA Florida Municipal Money Fund | 1,249,362 |
| $ | 50,614 |
|
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
| ||
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
| ||
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
| ||
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| ||
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
| ||
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
| ||
| The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
|
| |||
Level 1 |
| $ | 7,752,695 |
|
Level 2 |
|
| 129,229,630 |
|
Level 3 |
|
| — |
|
Total |
| $ | 136,982,325 |
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
26 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey—141.7% |
|
|
|
|
|
|
|
County/City/Special District/School District—3.1% |
|
|
|
|
|
|
|
Hudson County, New Jersey, Improvement Authority, Capital Appreciation Revenue Bonds, Series A-1, 4.485%, 12/15/32 (d)(e) |
| $ | 1,000 |
| $ | 221,510 |
|
Salem County, New Jersey, Improvement Authority Revenue Bonds (Finlaw State Office Building Project), 5.25%, 8/15/38 (a) |
|
| 100 |
|
| 100,134 |
|
|
|
|
|
| |||
|
|
|
|
|
| 321,644 |
|
Education—20.5% |
|
|
|
|
|
|
|
Middlesex County, New Jersey, Improvement Authority Revenue Bonds (George Street Student Housing Project), Series A, 5%, 8/15/35 |
|
| 1,000 |
|
| 700,790 |
|
New Jersey State Educational Facilities Authority Revenue Bonds (Montclair State University), Series J, 5.25%, 7/01/38 |
|
| 100 |
|
| 93,882 |
|
New Jersey State Educational Facilities Authority, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
(College of New Jersey), Series D, 5%, 7/01/35 (a) |
|
| 380 |
|
| 372,343 |
|
(Georgian Court University), Series D, 5%, 7/01/33 |
|
| 100 |
|
| 82,444 |
|
(Ramapo College), Series I, 4.25%, 7/01/31 (b) |
|
| 250 |
|
| 206,442 |
|
(Rowan University), Series B, 5%, 7/01/24 (c) |
|
| 255 |
|
| 265,687 |
|
Old Bridge Township, New Jersey, Board of Education, GO, Refunding, 4.375%, 7/15/32 (d) |
|
| 500 |
|
| 443,155 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,164,743 |
|
Hospitals/Healthcare—13.8% |
|
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds: |
|
|
|
|
|
|
|
(Hackensack University Medical Center), 6%, 1/01/25 |
|
| 1,000 |
|
| 1,002,450 |
|
(Meridian Health), Series I, 5%, 7/01/38 (c) |
|
| 100 |
|
| 94,696 |
|
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds (Saint Barnabas Health Care System): |
|
|
|
|
|
|
|
Series A, 5%, 7/01/29 |
|
| 250 |
|
| 186,655 |
|
Series B, 5.902%, 7/01/30 (e) |
|
| 500 |
|
| 62,600 |
|
Series B, 5.698%, 7/01/36 (e) |
|
| 840 |
|
| 55,625 |
|
Series B, 5.764%, 7/01/37 (e) |
|
| 900 |
|
| 53,838 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,455,864 |
|
Housing—9.6% |
|
|
|
|
|
|
|
New Jersey State Housing and Mortgage Finance Agency Revenue Bonds, Series AA: |
|
|
|
|
|
|
|
6.375%, 10/01/28 |
|
| 250 |
|
| 267,373 |
|
6.50%, 10/01/38 |
|
| 200 |
|
| 210,988 |
|
New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue Bonds, AMT, Series X, 4.85%, 4/01/16 |
|
| 500 |
|
| 530,685 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,009,046 |
|
IDA/PCR/Resource Recovery—36.9% |
|
|
|
|
|
|
|
Burlington County, New Jersey, Bridge Commission, EDR, Refunding (The Evergreens Project), 5.625%, 1/01/38 |
|
| 150 |
|
| 85,419 |
|
Middlesex County, New Jersey, Improvement Authority, Subordinate Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B, 6.25%, 1/01/37 |
|
| 200 |
|
| 112,898 |
|
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (g) |
|
| 1,000 |
|
| 720,290 |
|
New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A: |
|
|
|
|
|
|
|
5.75%, 1/01/25 |
|
| 60 |
|
| 40,915 |
|
5.875%, 1/01/37 |
|
| 110 |
|
| 67,488 |
|
New Jersey EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens at Ward Homestead Project), Series A, 5.80%, 11/01/31 |
|
| 1,000 |
|
| 748,440 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
|
| Value |
| |
New Jersey (concluded) |
|
|
|
|
|
|
|
IDA/PCR/Resource Recovery (concluded) |
|
|
|
|
|
|
|
New Jersey EDA, Retirement Community Revenue Refunding Bonds (Seabrook Village, Inc.), 5.25%, 11/15/26 |
| $ | 140 |
| $ | 90,580 |
|
New Jersey EDA, Revenue Bonds (Newark Downtown District Management Corporation), 5.125%, 6/15/37 |
|
| 100 |
|
| 67,363 |
|
New Jersey EDA, School Facilities Construction Revenue Bonds: |
|
|
|
|
|
|
|
Series U, 5%, 9/01/37 (b) |
|
| 300 |
|
| 265,158 |
|
Series Z, 6%, 12/15/34 (c) |
|
| 300 |
|
| 313,149 |
|
New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.), AMT, Series A, 5.30%, 6/01/15 |
|
| 500 |
|
| 433,785 |
|
New Jersey EDA, Transportation Project Sublease Revenue Bonds, Series A, 5.75%, 5/01/10 (a) |
|
| 900 |
|
| 949,563 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,895,048 |
|
State—10.2% |
|
|
|
|
|
|
|
Delaware River Port Authority of Pennsylvania and New Jersey Revenue Bonds, 5.75%, 1/01/26 (a) |
|
| 1,000 |
|
| 1,004,740 |
|
Perth Amboy, New Jersey, GO (Convertible CABS), Refunding, 5.0%, 7/01/34 (a)(f) |
|
| 100 |
|
| 75,568 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,080,308 |
|
Transportation—36.0% |
|
|
|
|
|
|
|
Hudson County, New Jersey, Improvement Authority, Parking Revenue Bonds (Harrison Parking Facility Project), Series C, 5.375%, 1/01/44 (c) |
|
| 340 |
|
| 337,280 |
|
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7%, 11/15/30 |
|
| 925 |
|
| 602,767 |
|
New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds: |
|
|
|
|
|
|
|
Series A, 5.625%, 12/15/28 (c) |
|
| 100 |
|
| 103,870 |
|
Series A, 6%, 12/15/38 |
|
| 150 |
|
| 154,837 |
|
Series C, 5.50%, 6/15/13 (h) |
|
| 500 |
|
| 584,840 |
|
New Jersey State Turnpike Authority, Turnpike Revenue Refunding Bonds, Series C (b): |
|
|
|
|
|
|
|
6.50%, 1/01/16 |
|
| 160 |
|
| 197,794 |
|
6.50%, 1/01/16 (i) |
|
| 840 |
|
| 1,003,603 |
|
Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, AMT, 152nd Series: |
|
|
|
|
|
|
|
5.75%, 11/01/30 |
|
| 250 |
|
| 239,510 |
|
5.25%, 11/01/35 |
|
| 240 |
|
| 208,978 |
|
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series A, 4.50%, 11/01/35 (d)(j) |
|
| 490 |
|
| 363,448 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,796,927 |
|
Utilities—Water & Sewer—11.6% |
|
|
|
|
|
|
|
New Jersey EDA, Water Facilities Revenue Bonds (New Jersey-American Water Company, Inc. Project), AMT, Series A, 5.25%, 11/01/32 (b) |
|
| 250 |
|
| 198,937 |
|
Passaic Valley, New Jersey, Sewer Commissioner’s Revenue Refunding Bonds (Sewer System), Series E, 5.75%, 12/01/21 (b) |
|
| 1,000 |
|
| 1,025,500 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,224,437 |
|
Total Municipal Bonds in New Jersey |
|
|
|
|
| 14,948,017 |
|
Multi-State—9.6% |
|
|
|
|
|
|
|
Housing—9.6% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust, 6.625%, 6/30/49 (k)(l) |
|
| 1,000 |
|
| 1,010,520 |
|
Puerto Rico—12.6% |
|
|
|
|
|
|
|
Education—3.9% |
|
|
|
|
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Revenue Bonds (Ana G. Mendez University System Project), 5%, 3/01/26 |
|
| 600 |
|
| 410,010 |
|
|
|
|
|
See Notes to Financial Statements. |
|
| |
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 27 |
|
|
|
|
|
|
Schedule of Investments (concluded) | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico (continued) |
|
|
|
|
|
|
|
Housing—0.9% |
|
|
|
|
|
|
|
Puerto Rico Housing Financing Authority, Capital Funding Program, Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27 |
| $ | 100 |
| $ | 98,157 |
|
Lease Obligations—1.9% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series M-3, 6%, 7/01/27 (d)(m) |
|
| 215 |
|
| 202,659 |
|
State—3.6% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth, Public Improvement, GO, Series A, 5.25%, 7/01/16 (h) |
|
| 310 |
|
| 377,471 |
|
Utilities—Electric & Gas—1.4% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.50%, 7/01/38 |
|
| 175 |
|
| 146,984 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico (concluded) |
|
|
|
|
|
|
|
Utilities—Water & Sewer—0.9% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A, 4.352%, 7/01/37 (b)(e) |
| $ | 795 |
| $ | 92,737 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 1,328,018 |
|
Total Long-Term Investments |
|
|
|
|
| 17,286,555 |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
Money Market Funds—2.1% |
|
|
|
|
|
|
|
CMA New Jersey Municipal Money Fund, 0.22% (n)(o) |
|
| 219,275 |
|
| 219,275 |
|
Total Short-Term Securities (Cost—$219,275)—2.1% |
|
|
|
|
| 219,275 |
|
Total Investments (Cost—$19,934,504*)—166.0% |
|
|
|
|
| 17,505,830 |
|
Other Assets Less Liabilities—1.1% |
|
|
|
|
| 118,593 |
|
Preferred Shares, at Redemption Value—(67.1)% |
|
|
|
|
| (7,075,709 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 10,548,714 |
|
|
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 19,898,895 |
|
|
| |||
Gross unrealized appreciation |
| $ | 525,114 |
|
Gross unrealized depreciation |
|
| (2,918,179 | ) |
|
| |||
Net unrealized depreciation |
| $ | (2,393,065 | ) |
|
| |||
|
|
|
(a) | FSA Insured. |
(b) | AMBAC Insured. |
(c) | Assured Guaranty Insured. |
(d) | MBIA Insured. |
(e) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
(f) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. |
(g) | Radian Insured. |
(h) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(i) | Security is collateralized by Municipal or US Treasury Obligations. |
(j) | FGIC Insured. |
(k) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
(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. |
(m) | Commonwealth Guaranteed. |
(n) | Represents the current yield as of report date. |
(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 Activity |
| Income |
| |
CMA New Jersey Municipal Money Fund |
| (197,056) | $ | 5,868 |
| |
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
| ||
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
| ||
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
| ||
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
| ||
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
| ||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | ||
| ||
The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments: | ||
|
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
Level 1 |
| $ | 219,275 |
|
Level 2 |
|
| 17,286,555 |
|
Level 3 |
|
| — |
|
Total |
| $ | 17,505,830 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
| |
| |||
|
|
|
|
28 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock New Jersey Municipal Income Trust (BNJ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey—115.4% |
|
|
|
|
|
|
|
County/City/Special District/School District—1.4% |
|
|
|
|
|
|
|
Middlesex County, New Jersey, Improvement Authority, Subordinate Revenue Bonds (Heldrich Center Hotel/Conference Project), Series B, 6.25%, 1/01/37 |
| $ | 1,790 |
| $ | 1,010,437 |
|
Salem County, New Jersey, Improvement Authority Revenue Bonds (Finlaw State Office Building Project), 5.25%, 8/15/38 (b) |
|
| 225 |
|
| 225,302 |
|
|
|
|
|
| |||
|
|
|
|
|
| 1,235,739 |
|
Education—13.6% |
|
|
|
|
|
|
|
New Jersey State Educational Facilities Authority Revenue Bonds: |
|
|
|
|
|
|
|
(Fairleigh Dickinson University), Series D, 6%, 7/01/25 |
|
| 3,000 |
|
| 2,475,660 |
|
(Georgian Court College Project), Series C, 6.50%, 7/01/13 (a) |
|
| 2,120 |
|
| 2,573,616 |
|
New Jersey State Educational Facilities Authority Revenue Bonds (Montclair State University), Series J, 5.25%, 7/01/38 |
|
| 580 |
|
| 544,516 |
|
New Jersey State Educational Facilities Authority, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
(College of New Jersey), Series D, 5%, 7/01/35 (b) |
|
| 3,230 |
|
| 3,164,915 |
|
(Fairleigh Dickinson University), Series C, 6%, 7/01/20 |
|
| 2,000 |
|
| 1,800,760 |
|
(Fairleigh Dickinson University), Series C, 5.50%, 7/01/23 |
|
| 1,000 |
|
| 809,580 |
|
(Georgian Court University), Series D, 5%, 7/01/33 |
|
| 250 |
|
| 206,110 |
|
(Ramapo College), Series I, 4.25%, 7/01/31 (c) |
|
| 500 |
|
| 412,885 |
|
|
|
|
|
| |||
|
|
|
|
|
| 11,988,042 |
|
Hospitals/Healthcare—31.3% |
|
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority Revenue Bonds: |
|
|
|
|
|
|
|
(Kennedy Health System), 5.625%, 7/01/31 |
|
| 10,000 |
|
| 8,974,100 |
|
(Meridian Health), Series I, 5%, 7/01/38 (e) |
|
| 750 |
|
| 710,220 |
|
(South Jersey Hospital System), 6%, 7/01/12 (a) |
|
| 7,460 |
|
| 8,582,879 |
|
New Jersey Health Care Facilities Financing Authority, Health System Revenue Bonds (Catholic Health East), Series A, 5.375%, 11/15/12 (a) |
|
| 3,000 |
|
| 3,449,610 |
|
New Jersey Health Care Facilities Financing Authority, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
(Atlantic City Medical Center), 5.75%, 7/01/25 |
|
| 1,255 |
|
| 1,225,005 |
|
(New Community Urban Renewal), Series A, 5.20%, 6/01/30 (h)(i) |
|
| 1,845 |
|
| 1,680,924 |
|
(Saint Barnabas Health Care System), Series A, 5%, 7/01/29 |
|
| 750 |
|
| 559,965 |
|
(Saint Barnabas Health Care System), Series B, 6.35%, 7/01/30 (e) |
|
| 2,500 |
|
| 313,000 |
|
(Saint Barnabas Health Care System), Series B, 6.44%, 7/01/36 (e) |
|
| 7,700 |
|
| 509,894 |
|
(Saint Barnabas Health Care System), Series B, 6.43%, 7/01/37 (e) |
|
| 7,250 |
|
| 433,695 |
|
(South Jersey Hospital System), 5%, 7/01/46 |
|
| 1,650 |
|
| 1,188,577 |
|
|
|
|
|
| |||
|
|
|
|
|
| 27,627,869 |
|
Housing—15.6% |
|
|
|
|
|
|
|
Middlesex County, New Jersey, Improvement Authority Revenue Bonds, AMT (j): |
|
|
|
|
|
|
|
(Administration Building Residential Project), 5.35%, 7/01/34 |
|
| 1,400 |
|
| 1,245,370 |
|
(New Brunswick Apartments Rental Housing), 5.30%, 8/01/35 |
|
| 4,380 |
|
| 3,854,794 |
|
New Jersey State Housing and Mortgage Finance Agency Revenue Bonds, Series AA: |
|
|
|
|
|
|
|
6.375%, 10/01/28 |
|
| 1,500 |
|
| 1,604,235 |
|
6.50%, 10/01/38 |
|
| 2,470 |
|
| 2,605,702 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey (continued) |
|
|
|
|
|
|
|
Housing (concluded) |
|
|
|
|
|
|
|
New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue Bonds, AMT, Series X, 4.85%, 4/01/16 |
| $ | 1,750 |
| $ | 1,857,397 |
|
New Jersey State Housing and Mortgage Finance Agency, S/F Housing Revenue Refunding Bonds, AMT, Series T, 4.70%, 10/01/37 |
|
| 700 |
|
| 544,551 |
|
Newark, New Jersey, Housing Authority, Port Authority-Port Newark Marine Terminal, Additional Rent-Backed Revenue Refunding Bonds (City of Newark Redevelopment Projects), 4.375%, 1/01/37 (d) |
|
| 2,625 |
|
| 2,067,923 |
|
|
|
|
|
| |||
|
|
|
|
|
| 13,779,972 |
|
IDA/PCR/Resource Recovery—26.6% |
|
|
|
|
|
|
|
Burlington County, New Jersey, Bridge Commission, EDR, Refunding (The Evergreens Project), 5.625%, 1/01/38 |
|
| 1,000 |
|
| 569,460 |
|
New Jersey EDA, Cigarette Tax Revenue Bonds, 5.75%, 6/15/34 (k) |
|
| 5,000 |
|
| 3,601,450 |
|
New Jersey EDA, EDR: |
|
|
|
|
|
|
|
(Kapkowski Road Landfill Reclamation Improvement District Project), AMT, Series B, 6.50%, 4/01/31 |
|
| 5,000 |
|
| 3,558,600 |
|
(Masonic Charity Foundation Project), 5.50%, 6/01/31 |
|
| 2,000 |
|
| 1,732,080 |
|
New Jersey EDA, EDR, Refunding (Kapkowski Road Landfill Reclamation Improvement District Project), 6.50%, 4/01/28 |
|
| 2,500 |
|
| 1,869,225 |
|
New Jersey EDA, First Mortgage Revenue Bonds (Lions Gate Project), Series A: |
|
|
|
|
|
|
|
5.75%, 1/01/25 |
|
| 500 |
|
| 340,960 |
|
5.875%, 1/01/37 |
|
| 855 |
|
| 524,568 |
|
New Jersey EDA, First Mortgage Revenue Refunding Bonds (The Winchester Gardens at Ward Homestead Project), Series A, 5.75%, 11/01/24 |
|
| 4,050 |
|
| 3,313,426 |
|
New Jersey EDA, Retirement Community Revenue Refunding Bonds (Seabrook Village, Inc.), 5.25%, 11/15/26 |
|
| 1,790 |
|
| 1,158,130 |
|
New Jersey EDA, School Facilities Construction Revenue Bonds: |
|
|
|
|
|
|
|
Series U, 5%, 9/01/37 (c) |
|
| 700 |
|
| 618,702 |
|
Series Z, 6%, 12/15/34 (g) |
|
| 3,000 |
|
| 3,131,490 |
|
New Jersey EDA, Solid Waste Disposal Facilities Revenue Bonds (Waste Management Inc.), AMT, Series A, 5.30%, 6/01/15 |
|
| 2,000 |
|
| 1,735,140 |
|
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7.20%, 11/15/30 |
|
| 2,000 |
|
| 1,335,360 |
|
|
|
|
|
| |||
|
|
|
|
|
| 23,488,591 |
|
State—3.9% |
|
|
|
|
|
|
|
Garden State Preservation Trust, New Jersey, Revenue Bonds, Series B, 5.218%, 11/01/26 (b)(e) |
|
| 6,000 |
|
| 2,376,660 |
|
Perth Amboy, New Jersey, GO (Convertible CABS), Refunding (b)(f): |
|
|
|
|
|
|
|
5.27%, 7/01/34 |
|
| 1,075 |
|
| 812,356 |
|
5.29%, 7/01/35 |
|
| 175 |
|
| 131,754 |
|
Tobacco Settlement Financing Corporation of New Jersey, Asset-Backed Revenue Refunding Bonds, Series 1B, 5.649%, 6/01/41 (e) |
|
| 3,300 |
|
| 105,369 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,426,139 |
|
|
|
|
|
See Notes to Financial Statements. |
|
| |
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 29 |
|
|
| |
Schedule of Investments (continued) | BlackRock New Jersey Municipal Income Trust (BNJ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey (concluded) |
|
|
|
|
|
|
|
Transportation—19.5% |
|
|
|
|
|
|
|
Hudson County, New Jersey, Improvement Authority, Parking Revenue Bonds (Harrison Parking Facility Project), Series C, 5.375%, 1/01/44 (g) |
| $ | 2,400 |
| $ | 2,380,800 |
|
New Jersey EDA, Special Facility Revenue Bonds (Continental Airlines Inc. Project), AMT, 7%, 11/15/30 |
|
| 3,450 |
|
| 2,248,158 |
|
New Jersey State Transportation Trust Fund Authority, Transportation System Revenue Bonds: |
|
|
|
|
|
|
|
Series A, 5.625%, 12/15/28 (g) |
|
| 670 |
|
| 695,929 |
|
Series A, 6%, 12/15/38 |
|
| 1,450 |
|
| 1,496,763 |
|
Series C, 5.55%, 12/15/32 (b)(e) |
|
| 4,000 |
|
| 978,800 |
|
Port Authority of New York and New Jersey, Consolidated Revenue Refunding Bonds, AMT, 152nd Series: |
|
|
|
|
|
|
|
5.75%, 11/01/30 |
|
| 1,750 |
|
| 1,676,570 |
|
5.25%, 11/01/35 |
|
| 2,040 |
|
| 1,776,310 |
|
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (JFK International Air Terminal LLC), AMT, Series 6, 5.75%, 12/01/22 (d) |
|
| 6,000 |
|
| 4,817,400 |
|
Trenton, New Jersey, Parking Authority, Parking Revenue Refunding Bonds, 5%, 4/01/30 (d)(l) |
|
| 1,500 |
|
| 1,187,865 |
|
|
|
|
|
| |||
|
|
|
|
|
| 17,258,595 |
|
Utilities—Electric & Gas—3.0% |
|
|
|
|
|
|
|
Vineland, New Jersey, Electric Utility, GO, Refunding, AMT (d): |
|
|
|
|
|
|
|
5.30%, 5/15/30 |
|
| 1,500 |
|
| 1,312,605 |
|
5.375%, 5/15/31 |
|
| 1,500 |
|
| 1,308,975 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,621,580 |
|
Utilities—Water & Sewer—0.5% |
|
|
|
|
|
|
|
Rahway Valley Sewerage Authority, New Jersey, Sewer Revenue Bonds, CABS, Series A, 4.384%, 9/01/33 (d)(e) |
|
| 2,000 |
|
| 434,400 |
|
Total Municipal Bonds in New Jersey |
|
|
|
|
| 101,860,927 |
|
Multi-State—15.6% |
|
|
|
|
|
|
|
Housing—15.6 |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (m)(n): |
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
| 7,000 |
|
| 7,082,670 |
|
6.80%, 11/30/50 |
|
| 2,500 |
|
| 2,603,275 |
|
MuniMae TE Bond Subsidiary LLC (m)(n): |
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
| 3,000 |
|
| 2,557,260 |
|
6.80%, 6/30/50 |
|
| 2,000 |
|
| 1,530,420 |
|
Total Municipal Bonds in Multi-State |
|
|
|
|
| 13,773,625 |
|
Puerto Rico—21.7% |
|
|
|
|
|
|
|
Housing—6.3% |
|
|
|
|
|
|
|
Puerto Rico Housing Financing Authority, Capital Funding Program, Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27 |
|
| 750 |
|
| 736,178 |
|
Puerto Rico Housing Financing Corporation, Home Mortgage Revenue Bonds (Mortgage-Backed Securities), AMT, Series B, 5.30%, 12/01/28 (h)(j)(o) |
|
| 2,545 |
|
| 2,376,088 |
|
Puerto Rico Housing Financing Corporation, Home Mortgage Revenue Refunding Bonds (Mortgage-Backed Securities), Series A, 5.20%, 12/01/33 (h)(j)(o) |
|
| 2,550 |
|
| 2,470,338 |
|
|
|
|
|
| |||
|
|
|
|
|
| 5,582,604 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico (concluded) |
|
|
|
|
|
|
|
Lease Obligations—12.3% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority Revenue Bonds, CABS, Series D (c)(f): |
|
|
|
|
|
|
|
3.11%, 7/01/12 |
| $ | 1,335 |
| $ | 894,891 |
|
5.83%, 7/01/17 (a) |
|
| 3,665 |
|
| 3,587,302 |
|
Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series D: |
|
|
|
|
|
|
|
Series D, 5.25%, 7/01/12 (a) |
|
| 3,765 |
|
| 4,170,039 |
|
Series D, 5.25%, 7/01/36 |
|
| 1,735 |
|
| 1,426,638 |
|
Series M-3, 6%, 7/01/27 (d)(p) |
|
| 850 |
|
| 801,210 |
|
|
|
|
|
| |||
|
|
|
|
|
| 10,880,080 |
|
Transportation—2.3% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Highway and Transportation Authority, Highway Revenue Refunding Bonds, Series CC, 5.50%, 7/01/31 (g) |
|
| 2,000 |
|
| 2,017,920 |
|
Utilities—Water & Sewer—0.8% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A, 4.353%, 7/01/37 (c)(e) |
|
| 6,000 |
|
| 699,900 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 19,180,504 |
|
Total Long-Term Investments |
|
|
|
|
| 134,815,056 |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
Money Market Funds—15.0% |
|
|
|
|
|
|
|
CMA New Jersey Municipal Money Fund, 0.66% (q)(r) |
|
| 13,235,632 |
|
| 13,235,632 |
|
Total Short-Term Securities (Cost—$13,235,632)—15.0% |
|
|
|
|
| 13,235,632 |
|
Total Investments (Cost—$166,703,693*)—167.7% |
|
|
|
|
| 148,050,688 |
|
Other Assets Less Liabilities—0.8% |
|
|
|
|
| 731,232 |
|
Interest Expense and Fees Payable—(0.0)% |
|
|
|
|
| (18,684 | ) |
Preferred Shares at Redemption Value—(68.5)% |
|
|
|
|
| (60,478,560 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 88,284,676 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
30 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
| |
Schedule of Investments (concluded) | BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 166,126,468 |
|
|
| |||
Gross unrealized appreciation |
| $ | 3,973,972 |
|
Gross unrealized depreciation |
|
| (22,049,752 | ) |
|
| |||
Net unrealized depreciation |
| $ | (18,075,780 | ) |
|
|
|
|
(a) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(b) | FSA Insured. |
(c) | AMBAC Insured. |
(d) | MBIA Insured. |
(e) | Represents a zero-coupon bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
(f) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date. |
(g) | Assured Guaranty Insured. |
(h) | GNMA Collateralized. |
(i) | FHA Insured. |
(j) | FNMA Collateralized. |
(k) | Radian Insured. |
(l) | FGIC Insured. |
(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. |
(n) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
(o) | FHLMC Collateralized. |
(p) | Commonwealth Guaranteed. |
(q) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
Affiliate |
| Net Activity |
| Income |
| |
CMA New Jersey Municipal Money Fund |
| 11,737,862 |
| $ | 62,356 |
|
|
|
|
(r) | Represents the current yield as of report date. | |
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
|
|
|
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
|
|
|
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
|
|
|
| The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
|
| |||
Level 1 |
| $ | 13,235,632 |
|
Level 2 |
|
| 134,815,056 |
|
Level 3 |
|
| — |
|
Total |
| $ | 148,050,688 |
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 31 |
|
|
|
|
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York—147.3% |
|
|
|
|
|
|
|
County/City/Special District/School District—20.9% |
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series A: |
|
|
|
|
|
|
|
4.50%, 2/15/47 (c) |
| $ | 75 |
| $ | 55,132 |
|
5%, 2/15/47 (d) |
|
| 100 |
|
| 76,091 |
|
New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium Project) (j): |
|
|
|
|
|
|
|
5%, 1/01/39 |
|
| 250 |
|
| 193,020 |
|
6.375%, 1/01/39 (e) |
|
| 100 |
|
| 101,424 |
|
5%, 1/01/46 |
|
| 400 |
|
| 300,512 |
|
New York City, New York, City Transitional Finance Authority, Building Aid Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38 |
|
| 100 |
|
| 83,823 |
|
New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds, Series S-3, 5.25%, 1/15/39 |
|
| 150 |
|
| 143,040 |
|
New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Bonds, Series B, 6%, 5/15/10 (b) |
|
| 815 |
|
| 879,850 |
|
New York City, New York, GO, Refunding, Series A: |
|
|
|
|
|
|
|
6%, 5/15/10 (b) |
|
| 500 |
|
| 539,785 |
|
6%, 5/15/30 |
|
| 10 |
|
| 10,158 |
|
New York City, New York, GO, Series A-1, 4.75%, 8/15/25 |
|
| 500 |
|
| 472,470 |
|
New York State Dormitory Authority, Non-State Supported Debt, Lease Revenue Bonds (Municipal Health Facilities Improvement Program), Sub-Series 2-4, 4.75%, 1/15/30 |
|
| 300 |
|
| 272,898 |
|
New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds (School District Financing Program), Series B, 5%, 4/01/36 (f) |
|
| 150 |
|
| 142,514 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,270,717 |
|
Education—23.2% |
|
|
|
|
|
|
|
Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), Series A: |
|
|
|
|
|
|
|
7%, 5/01/25 |
|
| 95 |
|
| 63,280 |
|
7%, 5/01/35 |
|
| 60 |
|
| 37,236 |
|
Madison County, New York, IDA, Civic Facility Revenue Bonds (Colgate University Project), Series B, 5%, 7/01/23 |
|
| 2,000 |
|
| 2,041,600 |
|
New York Liberty Development Corporation Revenue Bonds (National Sports Museum Project), Series A, 6.125%, 2/15/19 (k)(l) |
|
| 175 |
|
| 20,300 |
|
New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds: |
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30%, 7/01/37 (a) |
|
| 150 |
|
| 112,257 |
|
(Rochester Institute of Technology), Series A, 6%, 7/01/33 |
|
| 175 |
|
| 179,545 |
|
New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds (Teachers College), 5.50%, 3/01/39 |
|
| 200 |
|
| 190,216 |
|
New York State Dormitory Authority Revenue Bonds (University of Rochester), Series B, 5.625%, 7/01/09 (b) |
|
| 500 |
|
| 515,905 |
|
Schenectady, New York, IDA, Civic Facility Revenue Refunding Bonds (Union College Project), 5%, 7/01/31 |
|
| 500 |
|
| 465,555 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,625,894 |
|
Hospitals/Healthcare—15.4% |
|
|
|
|
|
|
|
Genesee County, New York, IDA, Civic Facility Revenue Refunding Bonds (United Memorial Medical Center Project), 5%, 12/01/27 |
|
| 100 |
|
| 58,855 |
|
New York State Dormitory Authority, Hospital Revenue Bonds (Lutheran Medical Center), 5%, 8/01/31 (c)(g) |
|
| 250 |
|
| 230,342 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (continued) |
|
|
|
|
|
|
|
Hospitals/Healthcare (concluded) |
|
|
|
|
|
|
|
New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (New York University Hospitals Center), Series B, 5.625%, 7/01/37 |
| $ | 150 |
| $ | 90,767 |
|
New York State Dormitory Authority, Revenue Refunding Bonds (Kateri Residence), 5%, 7/01/22 |
|
| 1,000 |
|
| 1,000,740 |
|
New York State Dormitory Authority, Revenue Refunding Bonds (Mount Sinai Health), Series A, 6.50%, 7/01/25 |
|
| 1,000 |
|
| 880,700 |
|
Saratoga County, New York, IDA, Civic Facility Revenue Bonds (The Saratoga Hospital Project), Series B, 5.25%, 12/01/32 |
|
| 100 |
|
| 76,532 |
|
Suffolk County, New York, IDA, Continuing Care and Retirement, Revenue Refunding Bonds (Jeffersons Ferry Project), 5%, 11/01/28 |
|
| 115 |
|
| 76,860 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,414,796 |
|
Housing—12.9% |
|
|
|
|
|
|
|
New York City, New York, City Housing Development Corporation, M/F Housing Revenue Bonds: |
|
|
|
|
|
|
|
AMT, Series B-1, 5.15%, 11/01/37 |
|
| 250 |
|
| 215,400 |
|
AMT, Series J-2, 4.75%, 11/01/27 |
|
| 500 |
|
| 425,655 |
|
Series A, 5.25%, 5/01/30 (g)(h) |
|
| 1,000 |
|
| 974,920 |
|
New York State, HFA, M/F Housing Revenue Bonds (Kensico Terrace Apartments), AMT, Series B, 4.95%, 2/15/38 (i) |
|
| 150 |
|
| 121,633 |
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, AMT, Series 143, 4.90%, 10/01/37 |
|
| 100 |
|
| 80,404 |
|
Rochester, New York, Housing Authority, Mortgage Revenue Bonds (Andrews Terrace Apartments Project), AMT, 4.70%, 12/20/38 (h) |
|
| 250 |
|
| 196,715 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,014,727 |
|
IDA/PCR/Resource Recovery—13.0% |
|
|
|
|
|
|
|
Essex County, New York, IDA, Environmental Improvement Revenue Bonds (International Paper Company Project), AMT, Series A, 6.625%, 9/01/32 |
|
| 100 |
|
| 67,532 |
|
New York City, New York, City IDA, Revenue Bonds (IAC/InterActiveCorp Project), 5%, 9/01/35 |
|
| 500 |
|
| 300,135 |
|
New York City, New York, City IDA, Special Facility Revenue Bonds, AMT: |
|
|
|
|
|
|
|
(American Airlines, Inc.—JFK International Airport), 7.625%, 8/01/25 |
|
| 950 |
|
| 674,025 |
|
(Continental Airlines Inc. Project), 7.75%, 8/01/31 |
|
| 300 |
|
| 207,951 |
|
New York Convention Center Development Corporation, New York, Revenue Bonds (Hotel Unit Fee Secured), 5%, 11/15/44 (j) |
|
| 850 |
|
| 734,425 |
|
Rensselaer County, New York, IDA, Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute), 5%, 3/01/36 |
|
| 50 |
|
| 44,567 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,028,635 |
|
State—22.2% |
|
|
|
|
|
|
|
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds (Education), Series B: |
|
|
|
|
|
|
|
5.75%, 3/15/36 |
|
| 150 |
|
| 156,181 |
|
5.25%, 3/15/38 |
|
| 250 |
|
| 248,508 |
|
New York State Dormitory Authority, Revenue Refunding Bonds (State University Educational Facilities), Series A, 5.25%, 5/15/15 (j) |
|
| 1,005 |
|
| 1,112,756 |
|
New York City, New York, Sales Tax Asset Receivable Corporation Revenue Bonds, Series A, 5%, 10/15/32 (j) |
|
| 2,000 |
|
| 1,956,360 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,473,805 |
|
|
|
|
See Notes to Financial Statements. | ||
|
|
|
|
|
|
32 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
| |
Schedule of Investments (continued) | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (concluded) |
|
|
|
|
|
|
|
Transportation—18.9% |
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, Revenue Bonds, Series C, 6.50%, 11/15/28 |
| $ | 250 |
| $ | 269,000 |
|
New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Bonds, Series B, 6%, 5/15/10 (b) |
|
| 1,000 |
|
| 1,079,570 |
|
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds (Continental Airlines, Inc. - LaGuardia Project), AMT, 9.125%, 12/01/15 |
|
| 905 |
|
| 906,167 |
|
Triborough Bridge and Tunnel Authority, New York, Revenue Refunding Bonds, Series A (c): |
|
|
|
|
|
|
|
5%, 1/01/12 (b) |
|
| 500 |
|
| 554,345 |
|
5%, 1/01/32 |
|
| 155 |
|
| 149,662 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,958,744 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—0.7% |
|
|
|
|
|
|
|
Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series A, 6.25%, 4/01/33 |
|
| 100 |
|
| 103,691 |
|
Utilities—Water & Sewer—20.1% |
|
|
|
|
|
|
|
Albany, New York, Municipal Water Finance Authority, Second Resolution Revenue Bonds, Series B, 5%, 12/01/33 (c) |
|
| 1,000 |
|
| 877,480 |
|
New York City, New York, City Municipal Water Finance Authority, Second General Resolution, Water and Sewer System, Revenue Refunding Bonds, Series DD, 4.75%, 6/15/35 |
|
| 250 |
|
| 226,622 |
|
New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds: |
|
|
|
|
|
|
|
Series A, 5.75%, 6/15/40 |
|
| 100 |
|
| 105,025 |
|
Series C, 5.125%, 6/15/33 |
|
| 1,000 |
|
| 974,810 |
|
New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds, Series B, 5%, 6/15/36 (f) |
|
| 1,000 |
|
| 952,690 |
|
|
|
|
|
| |||
|
|
|
|
|
| 3,136,627 |
|
Total Municipal Bonds in New York |
|
|
|
|
| 23,027,636 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Guam—0.4% |
|
|
|
|
|
|
|
Tobacco—0.4% |
|
|
|
|
|
|
|
Guam Economic Development and Commerce Authority, Tobacco Settlement Asset-Backed Revenue Refunding Bonds, 5.625%, 6/01/47 |
| $ | 100 |
| $ | 67,158 |
|
Total Municipal Bonds in Guam |
|
|
|
|
| 67,158 |
|
Puerto Rico—10.8% |
|
|
|
|
|
|
|
County/City/Special District/School District/School District—5.0% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth, GO, Refunding, Sub-Series C-7, 6%, 7/01/28 (c) |
|
| 250 |
|
| 233,955 |
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E, 5.50%, 2/01/12 (b) |
|
| 495 |
|
| 549,178 |
|
|
|
|
|
| |||
|
|
|
|
|
| 783,133 |
|
Education—3.5% |
|
|
|
|
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Revenue Bonds (Ana G. Mendez University System Project), 5%, 3/01/26 |
|
| 800 |
|
| 546,680 |
|
State—0.2% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Infrastructure Financing Authority, Special Tax and Capital Appreciation Revenue Bonds, Series A, 5.16%, 7/01/44 (j)(m) |
|
| 395 |
|
| 27,429 |
|
Tobacco—2.1% |
|
|
|
|
|
|
|
Children’s Trust Fund Project of Puerto Rico, Tobacco Settlement Revenue Refunding Bonds, 5.625%, 5/15/43 |
|
| 500 |
|
| 335,430 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 1,692,672 |
|
Total Long-Term Investments |
|
|
|
|
| 24,787,466 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Securities |
| Shares |
|
|
| ||
Money Market Funds—2.7% |
|
|
|
|
|
|
|
CMA New York Municipal Money Fund, 0.11% (n)(o) |
|
| 417,024 |
|
| 417,024 |
|
Total Short-Term Securities (Cost—$417,024)—2.7% |
|
|
|
|
| 417,024 |
|
Total Investments (Cost—$27,219,632*)—161.2% |
|
|
|
|
| 25,204,490 |
|
Other Assets Less Liabilities—1.5% |
|
|
|
|
| 224,898 |
|
Preferred Shares, at Redemption Value—(62.7)% |
|
|
|
|
| (9,801,231 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 15,628,157 |
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
| |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 33 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: | ||||
|
|
|
|
|
|
| Aggregate cost |
| $ | 27,217,170 |
|
|
|
| |||
| Gross unrealized appreciation |
| $ | 648,099 |
|
| Gross unrealized depreciation |
|
| (2,660,779 | ) |
|
|
| |||
| Net unrealized depreciation |
| $ | (2,012,680 | ) |
|
|
|
|
|
(a) | Radian Insured. |
(b) | US government securities, held in escrow, are used to pay interest on this security, as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(c) | MBIA Insured. |
(d) | FGIC Insured. |
(e) | Assured Guaranty Insured. |
(f) | FSA Insured. |
(g) | FHA Insured. |
(h) | GNMA Collateralized. |
(i) | SONYMA Insured. |
(j) | AMBAC Insured. |
(k) | Issuer filed for bankruptcy and/or is in default of interest payments. |
(l) | Non-income producing security. |
(m) | Represents a zero-coupon bond. Rate shown reflects 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 Activity |
| Income |
| ||
CMA New York Municipal Money Fund |
|
| 203,788 |
| $ | 3,838 |
|
|
|
|
(o) | Represents the current yield as of report date. | |
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
|
|
|
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
|
|
|
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
|
|
|
| The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
|
| |||
Level 1 |
| $ | 417,024 |
|
Level 2 |
|
| 24,787,466 |
|
Level 3 |
|
| — |
|
Total |
| $ | 25,204,490 |
|
|
|
|
|
|
See Notes to Financial Statements. |
| |
|
|
|
|
|
|
34 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
Schedule of Investments January 31, 2009 (Unaudited) | BlackRock New York Municipal Income Trust (BNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York—126.2% |
|
|
|
|
|
|
|
County/City/Special District/School District—26.6% |
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series A, 4.50%, 2/15/47 (c) |
| $ | 1,750 |
| $ | 1,286,407 |
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series A, 5%, 2/15/47 |
|
| 1,000 |
|
| 760,910 |
|
New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium Project),6.375%, 1/01/39 (f) |
|
| 150 |
|
| 152,136 |
|
New York City, New York, City Transitional Finance Authority, Future Tax Secured Revenue Bonds, Series C, 5%, 5/01/09 (e) |
|
| 1,495 |
|
| 1,527,187 |
|
New York City, New York, GO: |
|
|
|
|
|
|
|
Series A-1, 4.75%, 8/15/25 |
|
| 2,000 |
|
| 1,889,880 |
|
Series C, 5.375%, 3/15/12 (e) |
|
| 6,000 |
|
| 6,770,340 |
|
Series D, 5.375%, 6/01/12 (e) |
|
| 2,200 |
|
| 2,499,442 |
|
Series D, 5.375%, 6/01/32 |
|
| 4,000 |
|
| 3,858,040 |
|
New York Convention Center Development Corporation, New York, Revenue Bonds (Hotel Unit Fee Secured), 5%, 11/15/44 (d) |
|
| 8,410 |
|
| 7,266,492 |
|
New York City, New York, IDA, Civic Facility Revenue Bonds (Marymount School of New York Project) (a): |
|
|
|
|
|
|
|
5.125%, 9/01/21 |
|
| 750 |
|
| 584,093 |
|
5.25%, 9/01/31 |
|
| 2,000 |
|
| 1,304,140 |
|
New York City, New York, City IDA, Parking Facility Revenue Bonds (Royal Charter Properties Inc. -The New York and Pennsylvania Hospital Leasehold Project), 5.25%, 12/15/32 (g) |
|
| 1,550 |
|
| 1,502,942 |
|
New York City, New York, City IDA, PILOT Revenue Bonds (Queens Baseball Stadium Project) (d): |
|
|
|
|
|
|
|
5%, 1/01/36 |
|
| 4,900 |
|
| 3,832,045 |
|
5%, 1/01/46 |
|
| 250 |
|
| 187,820 |
|
New York City, New York, City IDA, PILOT Revenue Bonds (Yankee Stadium Project), 5%, 3/01/36 (c) |
|
| 250 |
|
| 195,390 |
|
New York City, New York, City Transitional Finance Authority, Building Aid Revenue Bonds: |
|
|
|
|
|
|
|
Series S-2, 4.25%, 1/15/34 (c)(l) |
|
| 1,700 |
|
| 1,357,365 |
|
Series S-3, 5.25%, 1/15/39 |
|
| 650 |
|
| 619,840 |
|
New York City, New York, City Transitional Finance Authority, Building Aid Revenue Refunding Bonds, Series S-1, 4.50%, 1/15/38 |
|
| 750 |
|
| 628,673 |
|
New York State Dormitory Authority, Non-State Supported Debt, Lease Revenue Bonds (Municipal Health Facilities Improvement Program), Sub-Series 2-4, 4.75%, 1/15/30 |
|
| 2,100 |
|
| 1,910,286 |
|
New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds (School District Financing Program) (g): |
|
|
|
|
|
|
|
Series A, 5%, 10/01/35 |
|
| 395 |
|
| 375,451 |
|
Series B, 5%, 4/01/36 |
|
| 1,040 |
|
| 988,094 |
|
|
|
|
|
| |||
|
|
|
|
|
| 39,496,973 |
|
Education—20.0% |
|
|
|
|
|
|
|
Albany, New York, IDA, Civic Facility Revenue Bonds (New Covenant Charter School Project), Series A: |
|
|
|
|
|
|
|
7%, 5/01/25 |
|
| 910 |
|
| 606,160 |
|
7%, 5/01/35 |
|
| 590 |
|
| 366,154 |
|
Dutchess County, New York, IDA, Civic Facility Revenue Refunding Bonds (Bard College), Series A-2, 4.50%, 8/01/36 |
|
| 7,000 |
|
| 5,188,470 |
|
Madison County, New York, IDA, Civic Facility Revenue Bonds (Colgate University Project), Series B, 5%, 7/01/33 |
|
| 2,000 |
|
| 1,897,280 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (continued) |
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
Madison County, New York, IDA, Civic Facility Revenue Bonds (Commons II LLC - Student Housing), Series A, 5%, 6/01/33 (i) |
| $ | 275 |
| $ | 201,490 |
|
New York City, New York, IDA, Civic Facility Revenue Refunding Bonds (Polytechnic University), 5.25%, 11/01/37 (a) |
|
| 2,400 |
|
| 1,693,728 |
|
New York Liberty Development Corporation Revenue Bonds (National Sports Museum Project), Series A, 6.125%, 2/15/19 (j)(k) |
|
| 1,740 |
|
| 201,840 |
|
New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds: |
|
|
|
|
|
|
|
(Manhattan College), Series B, 5.30%, 7/01/37 (b) |
|
| 500 |
|
| 374,190 |
|
(Rochester Institute of Technology), Series A, 6%, 7/01/33 |
|
| 1,000 |
|
| 1,025,970 |
|
New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
(Mount Sinai School of Medicine of New York University), 5%, 7/01/35 (c) |
|
| 1,000 |
|
| 904,970 |
|
(Teachers College), 5.50%, 3/01/39 |
|
| 450 |
|
| 427,986 |
|
New York State Dormitory Authority Revenue Bonds: |
|
|
|
|
|
|
|
(New School University), 5%, 7/01/41 (c) |
|
| 9,000 |
|
| 7,850,250 |
|
(New York University), Series 2, 5%, 7/01/41 (d) |
|
| 5,000 |
|
| 4,673,550 |
|
(North Shore - Long Island Jewish Health System), 5.50%, 5/01/13 (e) |
|
| 2,000 |
|
| 2,346,680 |
|
Westchester County, New York, IDA, Civic Facilities Revenue Bonds (Windward School Civic Facility), 5.25%, 10/01/31 (b) |
|
| 2,500 |
|
| 1,954,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 29,712,968 |
|
Hospitals/Healthcare—2.7% |
|
|
|
|
|
|
|
Genesee County, New York, IDA, Civic Facility Revenue Refunding Bonds (United Memorial Medical Center Project), 5%, 12/01/27 |
|
| 500 |
|
| 294,275 |
|
New York State Dormitory Authority, Non-State Supported Debt, Revenue Refunding Bonds (Mount Sinai-NYU Medical Center Health System), Series C, 5.50%, 7/01/26 |
|
| 3,000 |
|
| 2,594,220 |
|
New York State Dormitory Authority, Non-State Supported Debt Revenue Bonds (New York University Hospitals Center), Series B, 5.625%, 7/01/37 |
|
| 530 |
|
| 320,708 |
|
Suffolk County, New York, IDA, Continuing Care and Retirement, Revenue Refunding Bonds (Jeffersons Ferry Project), 5%, 11/01/28 |
|
| 1,175 |
|
| 785,311 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,994,514 |
|
Housing—1.2% |
|
|
|
|
|
|
|
New York State, HFA, M/F Housing Revenue Bonds, AMT (h): |
|
|
|
|
|
|
|
(Highland Avenue Senior Apartments), Series A, 5%, 2/15/39 |
|
| 1,500 |
|
| 1,176,705 |
|
(Kensico Terrace Apartments), Series B, 4.95%, 2/15/38 |
|
| 840 |
|
| 681,148 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,857,853 |
|
IDA/PCR/Resource Recovery—14.4% |
|
|
|
|
|
|
|
Essex County, New York, IDA, Environmental Improvement Revenue Bonds (International Paper Company Project), AMT, Series A, 6.625%, 9/01/32 |
|
| 550 |
|
| 371,426 |
|
New York City, New York, City IDA, Revenue Bonds (IAC/InterActiveCorp Project), 5%, 9/01/35 |
|
| 2,000 |
|
| 1,200,540 |
|
New York City, New York, City IDA, Special Facility Revenue Bonds, AMT: |
|
|
|
|
|
|
|
(American Airlines, Inc. - JFK International Airport), 7.625%, 8/01/25 |
|
| 3,200 |
|
| 2,270,400 |
|
(Continental Airlines Inc. Project), 7.75%, 8/01/31 |
|
| 4,000 |
|
| 2,772,680 |
|
New York Liberty Development Corporation Revenue Bonds (Goldman Sachs Headquarters), 5.25%, 10/01/35 |
|
| 7,000 |
|
| 5,628,350 |
|
|
|
|
|
See Notes to Financial Statements. |
|
| |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 35 |
|
|
| |
|
|
Schedule of Investments (continued) | BlackRock New York Municipal Income Trust (BNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (continued) |
|
|
|
|
|
|
|
IDA/PCR/Resource Recovery (concluded) |
|
|
|
|
|
|
|
Rensselaer County, New York, IDA, Civic Facility Revenue Bonds (Rensselaer Polytechnic Institute), 5%, 3/01/36 |
| $ | 4,000 |
| $ | 3,565,320 |
|
Suffolk County, New York, IDA, IDR (Keyspan-Port Jefferson), AMT, 5.25%, 6/01/27 |
|
| 7,000 |
|
| 5,555,480 |
|
|
|
|
|
| |||
|
|
|
|
|
| 21,364,196 |
|
State—7.4% |
|
|
|
|
|
|
|
New York State Dormitory Authority, Mental Health Services Facilities Improvement, Revenue Bonds, Series B, 5%, 2/15/35 (d) |
|
| 4,855 |
|
| 4,294,782 |
|
New York State Dormitory Authority, State Personal Income Tax Revenue Bonds (Education), Series B: |
|
|
|
|
|
|
|
5.75%, 3/15/36 |
|
| 600 |
|
| 624,726 |
|
5.25%, 3/15/38 |
|
| 500 |
|
| 497,015 |
|
TSASC, Inc., New York, TFABS, Series 1 (e): |
|
|
|
|
|
|
|
6.375%, 7/15/09 |
|
| 2,000 |
|
| 2,074,520 |
|
5.75%, 7/15/12 |
|
| 3,000 |
|
| 3,447,810 |
|
|
|
|
|
| |||
|
|
|
|
|
| 10,938,853 |
|
Tobacco—8.3% |
|
|
|
|
|
|
|
New York Counties Tobacco Trust III, Tobacco Settlement Pass-Through Bonds, 6%, 6/01/43 |
|
| 6,700 |
|
| 4,872,642 |
|
Rensselaer Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Revenue Bonds, Series A, 5.75%, 6/01/43 |
|
| 2,500 |
|
| 1,748,475 |
|
Rockland Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Revenue Bonds, 5.75%, 8/15/43 |
|
| 5,000 |
|
| 3,495,800 |
|
Westchester Tobacco Asset Securitization Corporation, New York, Revenue Bonds, 6.75%, 7/15/10 (e) |
|
| 2,000 |
|
| 2,195,500 |
|
|
|
|
|
| |||
|
|
|
|
|
| 12,312,417 |
|
Transportation—29.3% |
|
|
|
|
|
|
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Revenue Refunding Bonds, Series A, 5%, 11/15/30 |
|
| 12,000 |
|
| 11,099,160 |
|
Metropolitan Transportation Authority, New York, Revenue Bonds, Series C, 6.50%, 11/15/28 |
|
| 750 |
|
| 807,000 |
|
Metropolitan Transportation Authority, New York, Revenue Refunding Bonds, Series A, 5.125%, 11/15/31 |
|
| 12,000 |
|
| 11,197,080 |
|
New York City, New York, IDA, Special Airport Facility Revenue Bonds (Aero JFK I, LLC Project), AMT, Series A, 5.50%, 7/01/28 |
|
| 10,000 |
|
| 6,531,100 |
|
Port Authority of New York and New Jersey, Special Obligation Revenue Bonds, AMT: |
|
|
|
|
|
|
|
(Continental Airlines, Inc. - LaGuardia Project), 9.125%, 12/01/15 |
|
| 8,340 |
|
| 8,350,759 |
|
(JFK International Air Terminal LLC), Series 6, 5.75%, 12/01/22 (c) |
|
| 7,000 |
|
| 5,620,300 |
|
|
|
|
|
| |||
|
|
|
|
|
| 43,605,399 |
|
Utilities—Electric & Gas—2.9% |
|
|
|
|
|
|
|
Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series B, 5%, 12/01/35 (i) |
|
| 2,350 |
|
| 2,078,128 |
|
Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series B, 5%, 12/01/35 |
|
| 2,500 |
|
| 2,223,125 |
|
|
|
|
|
| |||
|
|
|
|
|
| 4,301,253 |
|
Utilities—Irrigation, Resource Recovery, Solid Waste & Other—1.8% |
|
|
|
|
|
|
|
Long Island Power Authority, New York, Electric System Revenue Refunding Bonds, Series A: |
|
|
|
|
|
|
|
6.25%, 4/01/33 |
|
| 150 |
|
| 155,536 |
|
5.75%, 4/01/39 |
|
| 2,500 |
|
| 2,478,550 |
|
|
|
|
|
| |||
|
|
|
|
|
| 2,634,086 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (concluded) |
|
|
|
|
|
|
|
Utilities—Water & Sewer—11.6% |
|
|
|
|
|
|
|
New York City, New York, City Municipal Water Finance Authority, Second General Resolution, Water and Sewer System Revenue Bonds, Series AA, 4.50%, 6/15/37 (c) |
| $ | 2,050 |
| $ | 1,771,303 |
|
New York City, New York, City Municipal Water Finance Authority, Water and Sewer System Revenue Bonds, Series A: |
|
|
|
|
|
|
|
5%, 6/15/32 (c)(l) |
|
| 4,000 |
|
| 3,819,360 |
|
5.75%, 6/15/40 |
|
| 600 |
|
| 630,150 |
|
New York City, New York, City Municipal Water Finance Authority, Water and Sewer System, Revenue Refunding Bonds: |
|
|
|
|
|
|
|
Series C, 5%, 6/15/32 |
|
| 6,500 |
|
| 6,265,285 |
|
Series D, 5%, 6/15/39 |
|
| 5,000 |
|
| 4,745,550 |
|
|
|
|
|
| |||
|
|
|
|
|
| 17,231,648 |
|
Total Municipal Bonds in New York |
|
|
|
|
| 187,450,160 |
|
Multi-State—12.9% |
|
|
|
|
|
|
|
Housing—12.9% |
|
|
|
|
|
|
|
Charter Mac Equity Issuer Trust (m)(n): |
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
| 6,000 |
|
| 6,070,860 |
|
6.80%, 11/30/50 |
|
| 5,500 |
|
| 5,727,205 |
|
MuniMae TE Bond Subsidiary LLC (m)(n): |
|
|
|
|
|
|
|
6.30%, 6/30/49 |
|
| 6,000 |
|
| 5,114,520 |
|
6.80%, 6/30/50 |
|
| 3,000 |
|
| 2,295,630 |
|
Total Municipal Bonds in Multi-State |
|
|
|
|
| 19,208,215 |
|
Puerto Rico—15.6% |
|
|
|
|
|
|
|
County/City/Special District/School District—3.7% |
|
|
|
|
|
|
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E, 5.50%, 2/01/12 (e) |
|
| 5,000 |
|
| 5,547,250 |
|
Housing—2.0% |
|
|
|
|
|
|
|
Puerto Rico Housing Financing Authority, Capital Funding Program, Subordinate Revenue Refunding Bonds, 5.125%, 12/01/27 |
|
| 3,000 |
|
| 2,944,710 |
|
State—8.4% |
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Government Facilities Revenue Refunding Bonds, Series D: |
|
|
|
|
|
|
|
5.25%, 7/01/12 (e) |
|
| 4,400 |
|
| 4,873,352 |
|
5.25%, 7/01/36 |
|
| 1,600 |
|
| 1,315,632 |
|
Puerto Rico Public Finance Corporation, Commonwealth Appropriation Revenue Bonds, Series E, 5.70%, 2/01/10 (e) |
|
| 6,000 |
|
| 6,275,640 |
|
|
|
|
|
| |||
|
|
|
|
|
| 12,464,624 |
|
Utilities—Electric & Gas—0.3% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Refunding Bonds, Series VV, 5.25%, 7/01/29 (c) |
|
| 500 |
|
| 424,360 |
|
Utilities—Water & Sewer—1.2% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth Aqueduct and Sewer Authority, Senior Lien Revenue Bonds, Series A, 6%, 7/01/38 |
|
| 2,000 |
|
| 1,747,440 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 23,128,384 |
|
Total Municipal Bonds—154.7% |
|
|
|
|
| 229,786,759 |
|
|
|
|
See Notes to Financial Statements. |
| |
|
|
|
|
|
|
36 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock New York Municipal Income Trust (BNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
New York—12.6% |
|
|
|
|
|
|
|
State—12.6% |
|
|
|
|
|
|
|
New York State Mortgage Agency, Homeowner Mortgage Revenue Bonds, AMT, 31st Series A, 5.30%, 10/01/31 |
| $ | 5,242 |
| $ | 4,778,073 |
|
New York State Mortgage Agency Revenue Bonds, AMT, Series 101, 5.40%, 4/01/32 |
|
| 15,500 |
|
| 14,021,610 |
|
Total Municipal Bonds Transferred to Tender Option Bond Trusts—12.6% |
|
|
|
|
| 18,799,683 |
|
Total Long-Term Investments |
|
|
|
|
| 248,586,442 |
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
| Value |
| ||
Money Market Funds—2.5% |
|
|
|
|
|
|
|
CMA New York Municipal Money Fund, 0.11% (p)(q) |
|
| 3,733,341 |
| $ | 3,733,341 |
|
Total Short-Term Securities (Cost—$3,733,341)—2.5% |
|
|
|
|
| 3,733,341 |
|
Total Investments (Cost—$283,760,182*)—169.8% |
|
|
|
| �� | 252,319,783 |
|
Other Assets Less Liabilities—1.7% |
|
|
|
|
| 2,602,694 |
|
Liability for Trust Certificates, Including Interest Expense and Fees Payable—(7.1)% |
|
|
|
|
| (10,500,732 | ) |
Preferred Shares, at Redemption Value—(64.5)% |
|
|
|
|
| (95,859,938 | ) |
|
|
|
|
| |||
Net Assets Applicable to Common Shares—100.0% |
|
|
|
| $ | 148,561,807 |
|
|
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2009, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 272,504,955 |
|
|
| |||
Gross unrealized appreciation |
| $ | 4,164,235 |
|
Gross unrealized depreciation |
|
| (34,721,901 | ) |
|
| |||
Net unrealized depreciation |
| $ | (30,557,666 | ) |
|
|
|
|
(a) | ACA Insured. |
(b) | Radian Insured. |
(c) | MBIA Insured. |
(d) | AMBAC Insured. |
(e) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
(f) | Assured Guaranty Insured. |
(g) | FSA Insured. |
(h) | SONYMA Insured. |
(i) | CIFG Insured. |
(j) | Non-income producing security. |
(k) | Issuer filed for bankruptcy and/or is in default of interest payments. |
(l) | FGIC Insured. |
(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. |
(n) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity, and is subject to mandatory redemption at maturity. |
(o) | Securities represent bonds transferred to a tender option bond trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to municipal bond trusts. |
(p) | Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows: |
|
|
|
|
|
|
|
|
Affiliate |
| Net Activity |
| Income |
| ||
CMA New York Municipal Money Fund |
|
| (875,189) |
| $ | 25,675 |
|
|
|
|
(q) | Represents the current yield as of report date. | |
|
|
|
• | For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report which may combine industry sub-classifications for reporting ease. | |
|
|
|
• | Effective August 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS 157). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 – price quotations in active markets/exchanges for identical securities |
|
|
|
| • | Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 – unobservable inputs based on the best information available in the circumstance, to the extent observable inputs are not available (including the Trust’s own assumption used in determining the fair value of investments) |
|
|
|
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
|
| |
| The following table summarizes the inputs used as of January 31, 2009 in determining the fair valuation of the Trust’s investments: | |
|
|
|
|
|
|
|
|
Valuation |
| Investments in |
| |
|
| Assets |
| |
|
| |||
Level 1 |
| $ | 3,733,341 |
|
Level 2 |
|
| 248,586,442 |
|
Level 3 |
|
| — |
|
Total |
| $ | 252,319,783 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
| ||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2009 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value – unaffiliated1 |
| $ | 17,440,576 |
| $ | 300,324,828 |
| $ | 110,719,351 |
| $ | 18,258,654 |
| $ | 129,229,630 |
|
Investments at value – affiliated2 |
|
| 1,236,964 |
|
| 15,725,811 |
|
| 6,318,290 |
|
| 1,328,809 |
|
| 7,752,695 |
|
Cash |
|
| 19,522 |
|
| 94,122 |
|
| 69,968 |
|
| 57,816 |
|
| 8,523 |
|
Investments sold receivable |
|
| — |
|
| 10,256,100 |
|
| 45,604 |
|
| 287,698 |
|
| 55,823 |
|
Interest receivable |
|
| 296,390 |
|
| 5,069,037 |
|
| 1,634,426 |
|
| 219,817 |
|
| 1,683,052 |
|
Income receivable – affiliated |
|
| — |
|
| — |
|
| 77 |
|
| 40 |
|
| 137 |
|
Other assets |
|
| 3,013 |
|
| 22,962 |
|
| 3,654 |
|
| 3,179 |
|
| 8,361 |
|
Prepaid expenses |
|
| 2,337 |
|
| 34,367 |
|
| 11,732 |
|
| 2,537 |
|
| 15,351 |
|
|
| |||||||||||||||
Total assets |
|
| 18,998,802 |
|
| 331,527,227 |
|
| 118,803,102 |
|
| 20,158,550 |
|
| 138,753,572 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased payable |
|
| 100,000 |
|
| 17,181,552 |
|
| — |
|
| 539,454 |
|
| 3,537,495 |
|
Income dividends payable – Common Shares |
|
| 46,833 |
|
| 1,033,081 |
|
| 283,669 |
|
| 50,156 |
|
| 487,400 |
|
Investment advisory fees payable |
|
| 5,270 |
|
| 129,013 |
|
| 49,007 |
|
| 5,475 |
|
| 57,001 |
|
Administration fee payable |
|
| 1,632 |
|
| — |
|
| — |
|
| 1,713 |
|
| — |
|
Officer’s and Trustees’ fees payable |
|
| 3,134 |
|
| 24,138 |
|
| 4,181 |
|
| 3,278 |
|
| 8,359 |
|
Interest expense and fees payable |
|
| 2,021 |
|
| 213,764 |
|
| 54,058 |
|
| 5,056 |
|
| 19,675 |
|
Other affiliates payable |
|
| — |
|
| 1,784 |
|
| 698 |
|
| — |
|
| 820 |
|
Other accrued expenses payable |
|
| 39,593 |
|
| 76,340 |
|
| 73,852 |
|
| 36,498 |
|
| 51,395 |
|
|
| |||||||||||||||
Total accrued liabilities |
|
| 198,483 |
|
| 18,659,672 |
|
| 465,465 |
|
| 641,630 |
|
| 4,162,145 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates3 |
|
| 329,709 |
|
| 29,284,996 |
|
| 4,755,626 |
|
| 755,150 |
|
| 5,700,000 |
|
|
| |||||||||||||||
Total Liabilities |
|
| 528,192 |
|
| 47,944,668 |
|
| 5,221,091 |
|
| 1,396,780 |
|
| 9,862,145 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.001 par value per share at $25,000 per share liquidation preference, plus unpaid dividends4 |
|
| 6,825,558 |
|
| 100,908,022 |
|
| 42,905,389 |
|
| 7,126,314 |
|
| 49,554,962 |
|
|
| |||||||||||||||
Net Assets Applicable to Common Shares |
| $ | 11,645,052 |
| $ | 182,674,537 |
| $ | 70,676,622 |
| $ | 11,635,456 |
| $ | 79,336,465 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value5 |
| $ | 10,072 |
| $ | 15,148 |
| $ | 5,562 |
| $ | 11,271 |
| $ | 6,688 |
|
Paid-in capital in excess of par |
|
| 13,393,656 |
|
| 215,113,849 |
|
| 78,885,738 |
|
| 15,001,008 |
|
| 94,901,784 |
|
Undistributed net investment income |
|
| 14,645 |
|
| 2,796,810 |
|
| 1,017,717 |
|
| 63,691 |
|
| 409,280 |
|
Accumulated net realized loss |
|
| (458,123 | ) |
| (6,359,988 | ) |
| (567,339 | ) |
| (1,499,698 | ) |
| (4,583,050 | ) |
Net unrealized appreciation/depreciation |
|
| (1,315,198 | ) |
| (28,891,282 | ) |
| (8,665,056 | ) |
| (1,940,816 | ) |
| (11,398,237 | ) |
|
| |||||||||||||||
Net Assets Applicable to Common Shareholders |
| $ | 11,645,052 |
| $ | 182,674,537 |
| $ | 70,676,622 |
| $ | 11,635,456 |
| $ | 79,336,465 |
|
|
| |||||||||||||||
Net asset value per Common Share6 |
| $ | 11.56 |
| $ | 12.06 |
| $ | 12.71 |
| $ | 10.32 |
| $ | 11.86 |
|
|
| |||||||||||||||
1Investments at cost – unaffiliated |
| $ | 18,755,774 |
| $ | 329,216,110 |
| $ | 119,384,407 |
| $ | 20,199,470 |
| $ | 140,627,867 |
|
|
| |||||||||||||||
2Investments at cost – affiliated |
| $ | 1,236,964 |
| $ | 15,725,811 |
| $ | 6,318,290 |
| $ | 1,328,809 |
| $ | 7,752,695 |
|
|
| |||||||||||||||
3Represents short-term floating rate certificates issued by tender option bond trusts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Preferred Shares outstanding |
|
| 273 |
|
| 4,036 |
|
| 1,716 |
|
| 285 |
|
| 1,982 |
|
|
| |||||||||||||||
5Par value per share |
| $ | 0.01 |
| $ | 0.001 |
| $ | 0.001 |
| $ | 0.01 |
| $ | 0.001 |
|
|
| |||||||||||||||
6Common Shares outstanding |
|
| 1,007,166 |
|
| 15,147,816 |
|
| 5,562,128 |
|
| 1,127,093 |
|
| 6,688,170 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
| ||
| |||
|
|
|
|
38 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2009 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value – unaffiliated1 |
| $ | 17,286,555 |
| $ | 134,815,056 |
| $ | 24,787,466 |
| $ | 248,586,442 |
|
Investments at value – affiliated2 |
|
| 219,275 |
|
| 13,235,632 |
|
| 417,024 |
|
| 3,733,341 |
|
Cash |
|
| 33,722 |
|
| 44,708 |
|
| 20,262 |
|
| 1,211 |
|
Investments sold receivable |
|
| — |
|
| — |
|
| 196,004 |
|
| 1,644,292 |
|
Interest receivable |
|
| 186,516 |
|
| 1,369,610 |
|
| 326,203 |
|
| 3,781,939 |
|
Income receivable – affiliated |
|
| — |
|
| 152 |
|
| 68 |
|
| 121 |
|
Other assets |
|
| 4,491 |
|
| 9,687 |
|
| 3,089 |
|
| 16,119 |
|
Prepaid expenses |
|
| 2,302 |
|
| 17,426 |
|
| 3,167 |
|
| 28,651 |
|
|
| ||||||||||||
Total assets |
|
| 17,732,861 |
|
| 149,492,271 |
|
| 25,753,283 |
|
| 257,792,116 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased payable |
|
| — |
|
| — |
|
| 198,353 |
|
| 1,722,530 |
|
Income dividends payable – Common Shares |
|
| 52,023 |
|
| 585,947 |
|
| 76,339 |
|
| 957,062 |
|
Investment advisory fees payable |
|
| 5,000 |
|
| 57,270 |
|
| 7,432 |
|
| 109,017 |
|
Administration fee payable |
|
| 1,529 |
|
| — |
|
| 2,209 |
|
| — |
|
Officer’s and Trustees’ fees payable |
|
| 4,568 |
|
| 10,605 |
|
| 3,212 |
|
| 15,756 |
|
Interest expense and fees payable |
|
| — |
|
| — |
|
| — |
|
| 128,238 |
|
Other affiliates payable |
|
| — |
|
| 956 |
|
| — |
|
| 1,552 |
|
Other accrued expenses payable |
|
| 45,318 |
|
| 74,257 |
|
| 36,350 |
|
| 63,722 |
|
|
| ||||||||||||
Total accrued liabilities |
|
| 108,438 |
|
| 729,035 |
|
| 323,895 |
|
| 2,997,877 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates3 |
|
| — |
|
| — |
|
| — |
|
| 10,372,494 |
|
|
| ||||||||||||
Total Liabilities |
|
| 110,655 |
|
| 747,719 |
|
| 323,895 |
|
| 13,370,371 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.001 par value per share at $25,000 per share liquidation preference, plus unpaid dividends4 |
|
| 7,075,709 |
|
| 60,478,560 |
|
| 9,801,231 |
|
| 95,859,938 |
|
|
| ||||||||||||
Net Assets Applicable to Common Shares |
| $ | 10,548,714 |
| $ | 88,284,676 |
| $ | 15,628,157 |
| $ | 148,561,807 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
Par value5 |
| $ | 10,121 |
| $ | 7,551 |
| $ | 13,117 |
| $ | 12,703 |
|
Paid-in capital in excess of par |
|
| 13,151,739 |
|
| 107,331,711 |
|
| 17,718,414 |
|
| 180,406,245 |
|
Undistributed net investment income |
|
| 105,647 |
|
| 1,501,750 |
|
| 60,402 |
|
| 3,350,142 |
|
Accumulated net realized loss |
|
| (290,119 | ) |
| (1,903,331 | ) |
| (148,634 | ) |
| (3,766,884 | ) |
Net unrealized appreciation/depreciation |
|
| (2,428,674 | ) |
| (18,653,005 | ) |
| (2,015,142 | ) |
| (31,440,399 | ) |
|
| ||||||||||||
Net Assets Applicable to Common Shareholders |
| $ | 10,548,714 |
| $ | 88,284,676 |
| $ | 15,628,157 |
| $ | 148,561,807 |
|
|
| ||||||||||||
Net asset value per Common Share6 |
| $ | 10.42 |
| $ | 11.69 |
| $ | 11.91 |
| $ | 11.69 |
|
|
| ||||||||||||
1Investments at cost – unaffiliated |
| $ | 19,715,229 |
| $ | 153,468,061 |
| $ | 26,802,608 |
| $ | 280,026,841 |
|
|
| ||||||||||||
2Investments at cost – affiliated |
| $ | 219,275 |
| $ | 13,235,632 |
| $ | 417,024 |
| $ | 3,733,341 |
|
|
| ||||||||||||
3Represents short-term floating rate certificates issued by tender option bond trusts. |
|
|
|
|
|
|
|
|
|
|
|
|
|
4Preferred Shares outstanding |
|
| 283 |
|
| 2,419 |
|
| 392 |
|
| 3,834 |
|
|
| ||||||||||||
5Par value per share |
| $ | 0.01 |
| $ | 0.001 |
| $ | 0.01 |
| $ | 0.001 |
|
|
| ||||||||||||
6Common Shares outstanding |
|
| 1,012,105 |
|
| 7,550,863 |
|
| 1,311,673 |
|
| 12,703,406 |
|
|
|
|
|
|
|
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 39 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended January 31, 2009 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| ||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 509,167 |
| $ | 9,211,281 |
| $ | 3,166,791 |
| $ | 558,051 |
|
Income - affiliated |
|
| 5,286 |
|
| 70,793 |
|
| 18,019 |
|
| 10,369 |
|
|
| ||||||||||||
Total income |
|
| 514,453 |
|
| 9,282,074 |
|
| 3,184,810 |
|
| 568,420 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
| 33,764 |
|
| 970,475 |
|
| 304,492 |
|
| 35,980 |
|
Professional |
|
| 24,329 |
|
| 35,723 |
|
| 29,099 |
|
| 23,080 |
|
Administration |
|
| 9,647 |
|
| — |
|
| — |
|
| 10,280 |
|
Commissions for Preferred Shares |
|
| 6,480 |
|
| 119,394 |
|
| 43,367 |
|
| 8,635 |
|
Transfer agent |
|
| 5,818 |
|
| 11,766 |
|
| 9,669 |
|
| 5,922 |
|
Printing |
|
| 2,089 |
|
| 28,177 |
|
| 12,854 |
|
| 2,332 |
|
Accounting services |
|
| 1,487 |
|
| 26,145 |
|
| 11,000 |
|
| 1,569 |
|
Custodian |
|
| 1,426 |
|
| 9,426 |
|
| 4,369 |
|
| 1,238 |
|
Registration |
|
| 202 |
|
| 4,241 |
|
| 4,676 |
|
| 215 |
|
Officer and Trustees |
|
| — |
|
| 6,353 |
|
| 3,958 |
|
| — |
|
Miscellaneous |
|
| 11,503 |
|
| 26,473 |
|
| 21,971 |
|
| 14,430 |
|
|
| ||||||||||||
Total expenses excluding interest expense and fees |
|
| 96,745 |
|
| 1,238,173 |
|
| 445,455 |
|
| 103,681 |
|
Interest expense and fees1 |
|
| 5,197 |
|
| 362,336 |
|
| 67,232 |
|
| 8,552 |
|
|
| ||||||||||||
Total expenses |
|
| 101,942 |
|
| 1,600,509 |
|
| 512,687 |
|
| 112,233 |
|
Less fees waived by advisor |
|
| (1,873 | ) |
| (190,667 | ) |
| (9,578 | ) |
| (3,035 | ) |
|
| ||||||||||||
Total expenses after waiver |
|
| 100,069 |
|
| 1,409,842 |
|
| 503,109 |
|
| 109,198 |
|
|
| ||||||||||||
Net investment income |
|
| 414,384 |
|
| 7,872,232 |
|
| 2,681,701 |
|
| 459,222 |
|
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (343,378 | ) |
| (644,086 | ) |
| (610,501 | ) |
| (920,086 | ) |
Futures and forward interest rate swaps |
|
| — |
|
| — |
|
| — |
|
| (46,216 | ) |
|
| ||||||||||||
|
|
| (343,378 | ) |
| (644,086 | ) |
| (610,501 | ) |
| (966,302 | ) |
|
| ||||||||||||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (1,030,584 | ) |
| (28,561,954 | ) |
| (7,763,272 | ) |
| (1,346,714 | ) |
Futures and forward interest rate swaps |
|
| — |
|
| — |
|
| — |
|
| 31,016 |
|
|
| ||||||||||||
|
|
| (1,030,584 | ) |
| (28,561,954 | ) |
| (7,763,272 | ) |
| (1,315,698 | ) |
|
| ||||||||||||
Total realized and unrealized loss |
|
| (1,373,962 | ) |
| (29,206,040 | ) |
| (8,373,773 | ) |
| (2,282,000 | ) |
|
| ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (107,911 | ) |
| (1,578,211 | ) |
| (676,438 | ) |
| (111,935 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| ||||||||||||
|
|
| (107,911 | ) |
| (1,578,211 | ) |
| (676,438 | ) |
| (111,935 | ) |
|
| ||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
| $ | (1,067,489 | ) | $ | (22,912,019 | ) | $ | (6,368,510 | ) | $ | (1,934,713 | ) |
|
|
1Related to tender option bond trusts
|
|
|
|
See Notes to Financial Statements |
|
| |
|
|
|
|
|
|
|
|
40 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended January 31, 2009 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| |||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 3,864,884 |
| $ | 525,469 |
| $ | 4,464,012 |
| $ | 729,382 |
| $ | 7,922,098 |
|
Income - affiliated |
|
| 51,282 |
|
| 6,242 |
|
| 63,149 |
|
| 4,097 |
|
| 26,991 |
|
|
| |||||||||||||||
Total income |
|
| 3,916,166 |
|
| 531,711 |
|
| 4,527,161 |
|
| 733,479 |
|
| 7,949,089 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
| 428,073 |
|
| 32,354 |
|
| 473,156 |
|
| 45,366 |
|
| 796,604 |
|
Professional |
|
| 32,745 |
|
| 21,229 |
|
| 30,971 |
|
| 21,165 |
|
| 37,726 |
|
Administration |
|
| — |
|
| 9,244 |
|
| — |
|
| 12,962 |
|
|
|
|
Commissions for Preferred Shares |
|
| 47,568 |
|
| 7,008 |
|
| 75,269 |
|
| 9,815 |
|
| 99,052 |
|
Transfer agent |
|
| 10,116 |
|
| 6,277 |
|
| 9,235 |
|
| 6,278 |
|
| 12,506 |
|
Printing |
|
| 15,738 |
|
| 1,959 |
|
| 16,351 |
|
| 4,194 |
|
| 27,694 |
|
Accounting services |
|
| 12,681 |
|
| 1,572 |
|
| 13,067 |
|
| 1,538 |
|
| 26,817 |
|
Custodian |
|
| 5,126 |
|
| 1,496 |
|
| 5,392 |
|
| 1,760 |
|
| 8,757 |
|
Registration |
|
| 4,860 |
|
| 211 |
|
| 4,379 |
|
| 274 |
|
| 4,909 |
|
Officer and Trustees |
|
| 3,033 |
|
| — |
|
| 2,805 |
|
| 680 |
|
| 5,013 |
|
Miscellaneous |
|
| 22,087 |
|
| 17,164 |
|
| 22,188 |
|
| 15,713 |
|
| 30,632 |
|
|
| |||||||||||||||
Total expenses excluding interest expense and fees |
|
| 582,027 |
|
| 98,514 |
|
| 652,813 |
|
| 119,745 |
|
| 1,049,710 |
|
Interest expense and fees1 |
|
| 61,605 |
|
| 3,602 |
|
| 27,940 |
|
| — |
|
| 146,002 |
|
|
| |||||||||||||||
Total expenses |
|
| 643,632 |
|
| 102,116 |
|
| 680,753 |
|
| 119,765 |
|
| 1,195,712 |
|
Less fees waived by advisor |
|
| (92,043 | ) |
| (1,823 | ) |
| (101,230 | ) |
| (1,221 | ) |
| (141,675 | ) |
|
| |||||||||||||||
Total expenses after waiver |
|
| 551,589 |
|
| 100,293 |
|
| 579,523 |
|
| 118,524 |
|
| 1,054,037 |
|
|
| |||||||||||||||
Net investment income |
|
| 3,364,577 |
|
| 431,418 |
|
| 3,947,638 |
|
| 614,955 |
|
| 6,895,052 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (2,389,727 | ) |
| 16,580 |
|
| (611,711 | ) |
| (86,479 | ) |
| (1,472,167 | ) |
Futures and forward interest rate swaps |
|
| — |
|
| — |
|
| — |
|
| 2,987 |
|
| 26,881 |
|
|
| |||||||||||||||
|
|
| (2,389,727 | ) |
| 16,580 |
|
| (611,711 | ) |
| (83,492 | ) |
| (1,445,286 | ) |
|
| |||||||||||||||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (12,116,374 | ) |
| (1,827,720 | ) |
| (17,422,652 | ) |
| (1,731,352 | ) |
| (25,877,968 | ) |
Futures and forward interest rate swaps |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||
|
|
| (12,116,374 | ) |
| (1,827,720 | ) |
| (17,422,652 | ) |
| (1,731,352 | ) |
| — |
|
|
| |||||||||||||||
Total realized and unrealized loss |
|
| (14,506,101 | ) |
| (1,811,140 | ) |
| (18,034,363 | ) |
| (1,814,844 | ) |
| (25,877,968 | ) |
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (774,060 | ) |
| (110,194 | ) |
| (949,995 | ) |
| (152,647 | ) |
| (27,323,254 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| (2,815 | ) |
| — |
|
|
| |||||||||||||||
|
|
| (774,060 | ) |
| (110,194 | ) |
| (949,995 | ) |
| (155,462 | ) |
| (1,511,890 | ) |
|
| |||||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
| $ | (11,915,584 | ) | $ | (1,489,916 | ) | $ | (15,036,720 | ) | $ | (1,355,351 | ) | $ | (21,940,092 | ) |
|
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock California Investment |
| |||||||
|
|
|
| |||||||
Increase (Decrease) in Net Assets: |
| Six Months |
| Period November 1, |
| Year Ended |
| |||
Operations |
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 414,384 |
| $ | 602,581 |
| $ | 842,673 |
|
Net realized gain (loss) |
|
| (343,378 | ) |
| (109,585 | ) |
| (7,880 | ) |
Net change in unrealized appreciation/depreciation |
|
| (1,030,584 | ) |
| (846,985 | ) |
| (582,095 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (107,911 | ) |
| (177,511 | ) |
| (240,350 | ) |
Net realized gain |
|
| — |
|
| — |
|
| (16,752 | ) |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (1,067,489 | ) |
| (531,500 | ) |
| (4,404 | ) |
| ||||||||||
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (280,999 | ) |
| (432,060 | ) |
| (602,846 | ) |
Net realized gain |
|
| — |
|
| — |
|
| (51,877 | ) |
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (280,999 | ) |
| (432,060 | ) |
| (654,723 | ) |
| ||||||||||
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
| — |
|
| 943 |
|
| — |
|
| ||||||||||
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
| (1,348,488 | ) |
| (962,617 | ) |
| (659,127 | ) |
Beginning of period |
|
| 12,993,540 |
|
| 13,956,157 |
|
| 14,615,284 |
|
End of period |
| $ | 11,645,052 |
| $ | 12,993,540 |
| $ | 13,956,157 |
|
End of period undistributed (distributions in excess of) net investment income |
| $ | 14,645 |
| $ | (10,829 | ) | $ | (3,826 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock Investment Quality |
| |||||||
|
|
|
| |||||||
Increase (Decrease) in Net Assets: |
| Six Months |
| Period November 1, |
| Year Ended |
| |||
Operations |
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 459,222 |
| $ | 693,948 |
| $ | 940,777 |
|
Net realized gain (loss) |
|
| (966,302 | ) |
| (396,129 | ) |
| (137,267 | ) |
Net change in unrealized appreciation/depreciation |
|
| (1,315,698 | ) |
| (882,071 | ) |
| (659,452 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (111,935 | ) |
| (223,179 | ) |
| (292,680 | ) |
Net realized gain |
|
| — |
|
| — |
|
| (42,977 | ) |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (1,934,713 | ) |
| (807,431 | ) |
| (191,599 | ) |
| ||||||||||
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (300,934 | ) |
| (455,346 | ) |
| (674,882 | ) |
Net realized gain |
|
| — |
|
| — |
|
| (53,470 | ) |
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (300,934 | ) |
| (455,346 | ) |
| (728,352 | ) |
| ||||||||||
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
| — |
|
| — |
|
| — |
|
| ||||||||||
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
| (2,235,647 | ) |
| (1,262,777 | ) |
| (919,951 | ) |
Beginning of period |
|
| 13,871,103 |
|
| 15,133,880 |
|
| 16,053,831 |
|
End of period |
| $ | 11,635,456 |
| $ | 13,871,103 |
| $ | 15,133,880 |
|
End of period undistributed net investment income |
| $ | 63,691 |
| $ | 17,338 |
| $ | 1,915 |
|
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
42 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock California |
| BlackRock Florida |
| ||||||||||||||
|
|
|
|
| |||||||||||||||
Increase (Decrease) in Net Assets: |
| Six Months |
| Period November 1, |
| Year Ended |
| Six Months |
| Period January 1, |
| Year Ended |
| ||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 7,872,232 |
| $ | 12,399,272 |
| $ | 16,381,853 |
| $ | 2,681,701 |
| $ | 3,205,031 |
| $ | 5,510,035 |
|
Net realized gain (loss) |
|
| (644,086 | ) |
| 1,644,668 |
|
| 506,163 |
|
| (610,501 | ) |
| 43,162 |
|
| 1,545,672 |
|
Net change in unrealized appreciation/depreciation |
|
| (28,561,954 | ) |
| (15,257,013 | ) |
| (10,163,939 | ) |
| (7,763,272 | ) |
| (3,498,822 | ) |
| (4,021,372 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (1,578,211 | ) |
| (3,277,663 | ) |
| (4,587,525 | ) |
| (676,438 | ) |
| (912,876 | ) |
| (1,722,437 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (104,875 | ) |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (22,912,019 | ) |
| (4,490,736 | ) |
| 2,136,552 |
|
| (6,368,510 | ) |
| (1,163,505 | ) |
| 1,207,023 |
|
| |||||||||||||||||||
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (6,197,583 | ) |
| (10,463,776 | ) |
| (13,751,528 | ) |
| (1,702,011 | ) |
| (1,985,680 | ) |
| (3,404,022 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (206,833 | ) |
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (6,197,583 | ) |
| (10,463,776 | ) |
| (13,751,528 | ) |
| (1,702,011 | ) |
| (1,985,680 | ) |
| (3,610,855 | ) |
| |||||||||||||||||||
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
| 113,246 |
|
| 686,118 |
|
| 981,552 |
|
| — |
|
| — |
|
| — |
|
| |||||||||||||||||||
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
| (28,996,356 | ) |
| (14,268,394 | ) |
| (10,633,424 | ) |
| (8,070,521 | ) |
| (3,149,185 | ) |
| (2,403,832 | ) |
Beginning of period |
|
| 211,670,893 |
|
| 225,939,287 |
|
| 236,572,711 |
|
| 78,747,143 |
|
| 81,896,328 |
|
| 84,300,160 |
|
End of period |
| $ | 182,674,537 |
| $ | 211,670,893 |
| $ | 225,939,287 |
| $ | 70,676,622 |
| $ | 78,747,143 |
| $ | 81,896,328 |
|
End of period undistributed (distributions in excess of) net investment income |
| $ | 2,796,810 |
| $ | 2,700,372 |
| $ | 4,037,754 |
| $ | 1,017,717 |
| $ | 714,465 |
| $ | 414,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock Municipal |
| BlackRock New Jersey Investment |
| ||||||||||||||
|
|
|
|
| |||||||||||||||
Increase (Decrease) in Net Assets: |
| Six Months |
| Period November 1, |
| Year Ended |
| Six Months |
| Period November 1, |
| Year Ended |
| ||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 3,364,577 |
| $ | 5,362,831 |
| $ | 7,189,178 |
| $ | 431,418 |
| $ | 671,005 |
| $ | 917,642 |
|
Net realized gain (loss) |
|
| (2,389,727 | ) |
| (970,330 | ) |
| (426,708 | ) |
| 16,580 |
|
| (251,633 | ) |
| (55,198 | ) |
Net change in unrealized appreciation/depreciation |
|
| (12,116,374 | ) |
| (5,046,482 | ) |
| (2,783,039 | ) |
| (1,827,720 | ) |
| (1,006,647 | ) |
| (650,877 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (774,060 | ) |
| (1,449,340 | ) |
| (2,093,225 | ) |
| (110,194 | ) |
| (184,793 | ) |
| (236,547 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (17,621 | ) |
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (11,915,584 | ) |
| (2,103,321 | ) |
| 1,886,206 |
|
| (1,489,916 | ) |
| (772,068 | ) |
| (42,601 | ) |
| |||||||||||||||||||
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (2,924,402 | ) |
| (4,401,018 | ) |
| (6,035,745 | ) |
| (312,133 | ) |
| (614,432 | ) |
| (830,797 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (38,111 | ) |
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (2,924,402 | ) |
| (4,401,018 | ) |
| (6,035,745 | ) |
| (312,133 | ) |
| (614,432 | ) |
| (868,908 | ) |
| |||||||||||||||||||
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
| — |
|
| 117,011 |
|
| 262,307 |
|
| — |
|
| 43,041 |
|
| 29,674 |
|
| |||||||||||||||||||
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total decrease in net assets applicable to Common Shareholders |
|
| (14,839,986 | ) |
| (6,387,328 | ) |
| (3,887,232 | ) |
| (1,802,049 | ) |
| (1,343,459 | ) |
| (881,835 | ) |
Beginning of period |
|
| 94,176,451 |
|
| 100,563,779 |
|
| 104,451,011 |
|
| 12,350,763 |
|
| 13,694,222 |
|
| 14,576,057 |
|
End of period |
| $ | 79,336,465 |
| $ | 94,176,451 |
| $ | 100,563,779 |
| $ | 10,548,714 |
| $ | 12,350,763 |
| $ | 13,694,222 |
|
End of period undistributed net investment income |
| $ | 409,280 |
| $ | 743,165 |
| $ | 1,230,692 |
| $ | 105,647 |
| $ | 96,556 |
| $ | 224,395 |
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 43 |
|
|
Statements of Changes in Net Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock New Jersey |
| |||||||
|
| |||||||||
Increase (Decrease) in Net Assets: |
| Six Months |
| Period November 1, |
| Year Ended |
| |||
Operations |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
| $ | 3,947,638 |
| $ | 6,675,884 |
| $ | 8,571,202 |
|
Net realized gain (loss) |
|
| (611,711 | ) |
| (66,308 | ) |
| (615,269 | ) |
Net change in unrealized appreciation/depreciation |
|
| (17,422,652 | ) |
| (9,362,431 | ) |
| (5,097,663 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (949,995 | ) |
| (1,636,690 | ) |
| (2,223,503 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (15,036,720 | ) |
| (4,389,545 | ) |
| 634,767 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Net investment income |
|
| (3,512,360 | ) |
| (5,666,616 | ) |
| (7,148,582 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (3,512,360 | ) |
| (5,666,616 | ) |
| (7,148,582 | ) |
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Reinvestment of common dividends |
|
| 238,175 |
|
| 499,535 |
|
| 679,024 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total decrease in net assets applicable to Common Shareholders |
|
| (18,310,905 | ) |
| (9,556,626 | ) |
| (5,834,791 | ) |
Beginning of period |
|
| 106,595,581 |
|
| 116,152,207 |
|
| 121,986,998 |
|
|
| |||||||||
End of period |
| $ | 88,284,676 |
| $ | 106,595,581 |
| $ | 116,152,207 |
|
|
| |||||||||
End of period undistributed net investment income |
| $ | 1,501,750 |
| $ | 2,016,467 |
| $ | 2,639,891 |
|
|
|
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
44 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock New York Investment |
| BlackRock New York |
| ||||||||||||||
|
|
| |||||||||||||||||
Increase (Decrease) in Net Assets: |
| Six Months |
| Period November 1, |
| Year Ended |
| Six Months |
| Period November 1, |
| Year Ended |
| ||||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income |
| $ | 614,955 |
| $ | 882,236 |
| $ | 1,241,769 |
| $ | 6,895,052 |
| $ | 10,889,657 |
| $ | 14,157,520 |
|
Net realized gain (loss) |
|
| (83,492 | ) |
| (55,630 | ) |
| 174,369 |
|
| (1,445,286 | ) |
| (1,592,525 | ) |
| (532,770 | ) |
Net change in unrealized appreciation/depreciation |
|
| (1,731,352 | ) |
| (1,113,273 | ) |
| (959,807 | ) |
| (25,877,968 | ) |
| (13,359,690 | ) |
| (8,294,012 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (152,647 | ) |
| (201,030 | ) |
| (332,059 | ) |
| (1,511,890 | ) |
| (2,666,298 | ) |
| (3,596,912 | ) |
Net realized gain |
|
| (2,815 | ) |
| (48,505 | ) |
| (8,495 | ) |
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (1,355,351 | ) |
| (536,202 | ) |
| 115,777 |
|
| (21,940,092 | ) |
| (6,728,856 | ) |
| 1,733,826 |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Net investment income |
|
| (458,036 | ) |
| (771,183 | ) |
| (1,114,664 | ) |
| (5,738,443 | ) |
| (8,970,500 | ) |
| (11,399,449 | ) |
Net realized gain |
|
| (6,697 | ) |
| (133,308 | ) |
| (17,872 | ) |
| — |
|
| — |
|
| — |
|
|
| ||||||||||||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (464,733 | ) |
| (904,491 | ) |
| (1,132,536 | ) |
| (5,738,443 | ) |
| (8,970,500 | ) |
| (11,399,449 | ) |
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Reinvestment of common dividends |
|
| — |
|
| 40,519 |
|
| 26,224 |
|
| 313,339 |
|
| 664,800 |
|
| 910,003 |
|
|
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||
Total decrease in net assets applicable to Common Shareholders |
|
| (1,820,084 | ) |
| (1,400,174 | ) |
| (990,535 | ) |
| (27,365,196 | ) |
| (15,034,556 | ) |
| (8,755,620 | ) |
Beginning of period |
|
| 17,448,241 |
|
| 18,848,415 |
|
| 19,838,950 |
|
| 175,927,003 |
|
| 190,961,559 |
|
| 199,717,179 |
|
|
| ||||||||||||||||||
End of period |
| $ | 15,628,157 |
| $ | 17,448,241 |
| $ | 18,848,415 |
| $ | 148,561,807 |
| $ | 175,927,003 |
| $ | 190,961,559 |
|
|
| ||||||||||||||||||
End of period undistributed net investment income |
| $ | 60,402 |
| $ | 56,130 |
| $ | 146,107 |
| $ | 3,350,142 |
| $ | 3,705,423 |
| $ | 4,448,108 |
|
|
|
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 45 |
|
|
|
|
BlackRock California Investment Quality Municipal Trust Inc. (RAA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
| Period |
| Year Ended October 31, |
| |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
|
|
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||
Net asset value, beginning of period |
| $ |
| 12.90 |
|
|
| $ | 13.86 |
|
| $ | 14.51 |
| $ | 14.20 |
| $ | 14.43 |
| $ | 14.56 |
| $ | 14.81 |
|
|
| |||||||||||||||||||||||||
Net investment income |
|
|
| 0.41 | 1 |
|
|
| 0.60 | 1 |
|
| 0.84 |
|
| 0.87 |
|
| 0.78 |
|
| 0.92 |
|
| 1.05 |
|
Net realized and unrealized gain (loss) |
|
|
| (1.36 | ) |
|
|
| (0.95 | ) |
|
| (0.58 | ) |
| 0.50 |
|
| (0.03 | ) |
| (0.09 | ) |
| (0.41 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.11 | ) |
|
|
| (0.18 | ) |
|
| (0.24 | ) |
| (0.21 | ) |
| (0.13 | ) |
| (0.06 | ) |
| (0.06 | ) |
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.02 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.06 | ) |
|
|
| (0.53 | ) |
|
| — |
|
| 1.16 |
|
| 0.62 |
|
| 0.77 |
|
| 0.58 |
|
|
| |||||||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.28 | ) |
|
|
| (0.43 | ) |
|
| (0.60 | ) |
| (0.85 | ) |
| (0.85 | ) |
| (0.85 | ) |
| (0.83 | ) |
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.05 | ) |
| — |
|
| — |
|
| (0.05 | ) |
| — |
|
|
| |||||||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
|
| (0.28 | ) |
|
|
| (0.43 | ) |
|
| (0.65 | ) |
| (0.85 | ) |
| (0.85 | ) |
| (0.90 | ) |
| (0.83 | ) |
|
| |||||||||||||||||||||||||
Net asset value, end of period |
| $ |
| 11.56 |
|
|
| $ | 12.90 |
|
| $ | 13.86 |
| $ | 14.51 |
| $ | 14.20 |
| $ | 14.43 |
| $ | 14.56 |
|
|
| |||||||||||||||||||||||||
Market price, end of period |
| $ |
| 9.70 |
|
|
| $ | 11.96 |
|
| $ | 12.57 |
| $ | 15.80 |
| $ | 15.75 |
| $ | 14.30 |
| $ | 14.03 |
|
|
| |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 | ||||||||||||||||||||||||||
Based on net asset value |
|
|
| (7.80 | )%3 |
|
|
| (3.68 | )%3 |
|
| 0.01 | % |
| 7.87 | % |
| 4.32 | % |
| 5.77 | % |
| 4.43 | % |
|
| |||||||||||||||||||||||||
Based on market price |
|
|
| (16.55 | )%3 |
|
|
| (1.53 | )%3 |
|
| (16.71 | )% |
| 5.90 | % |
| 16.76 | % |
| 8.78 | % |
| 11.38 | % |
|
| |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4, 5 |
|
|
| 1.59 | %6 |
|
|
| 1.56 | %6,7 |
|
| 1.39 | % |
| 1.41 | % |
| 1.35 | % |
| 1.35 | % |
| 1.40 | % |
|
| |||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.68 | %6 |
|
|
| 1.59 | %6,7 |
|
| 1.39 | % |
| 1.41 | % |
| 1.35 | % |
| 1.35 | % |
| 1.40 | % |
|
| |||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.68 | %6 |
|
|
| 1.59 | %6,7 |
|
| 1.46 | % |
| 1.50 | % |
| 1.39 | % |
| 1.40 | % |
| 1.40 | % |
|
| |||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.71 | %6 |
|
|
| 1.62 | %6,7 |
|
| 1.47 | % |
| 1.50 | % |
| 1.39 | % |
| 1.40 | % |
| 1.40 | % |
|
| |||||||||||||||||||||||||
Net investment income5 |
|
|
| 6.96 | %6 |
|
|
| 6.00 | %6,7 |
|
| 5.90 | % |
| 6.11 | % |
| 5.38 | % |
| 6.37 | % |
| 7.17 | % |
|
| |||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.81 | %6 |
|
|
| 1.74 | %6 |
|
| 1.68 | % |
| 1.50 | % |
| 0.88 | % |
| 0.42 | % |
| 0.44 | % |
|
| |||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.15 | %6 |
|
|
| 4.26 | %6,7 |
|
| 4.22 | % |
| 4.61 | % |
| 4.50 | % |
| 5.95 | % |
| 6.73 | % |
|
| |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data | ||||||||||||||||||||||||||
Net assets applicable to Common Shares, end of period (000) |
| $ |
| 11,645 |
|
|
| $ | 12,994 |
|
| $ | 13,956 |
| $ | 14,615 |
| $ | 14,299 |
| $ | 14,529 |
| $ | 14,665 |
|
|
| |||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ |
| 6,825 |
|
|
| $ | 6,825 |
|
| $ | 7,500 |
| $ | 7,500 |
| $ | 7,500 |
| $ | 7,500 |
| $ | 7,500 |
|
|
| |||||||||||||||||||||||||
Portfolio turnover |
|
|
| 21 | % |
|
|
| 14 | % |
|
| 38 | % |
| 49 | % |
| 20 | % |
| 15 | % |
| 6 | % |
|
| |||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ |
| 67,658 |
|
|
| $ | 72,598 |
|
| $ | 71,534 |
| $ | 73,731 |
| $ | 72,671 |
| $ | 73,433 |
| $ | 73,886 |
|
|
| |||||||||||||||||||||||||
|
|
|
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 | Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
7 | Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses after waiver and fees paid indirectly and excluding interest expense and fees, total expenses after waiver and fees paid indirectly, total expense after waiver and before fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.67%, 1.70%, 1.70%, 1.73%, 5.90% and 4.16%, respectively. |
|
|
|
|
See Notes to Financial Statements. |
|
| |
| |||
|
|
|
|
46 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Financial Highlights | BlackRock California Municipal Income Trust (BFZ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
| Period |
| Year Ended October 31, |
| ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||
|
|
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| ||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||
Net asset value, beginning of period |
| $ |
| 13.98 |
|
|
| $ | 14.97 |
|
| $ | 15.74 |
| $ | 15.18 |
| $ | 14.77 |
| $ | 13.97 |
| $ | 14.16 |
| |
|
| ||||||||||||||||||||||||||
Net investment income |
|
|
| 0.52 | 1 |
|
|
| 0.82 | 1 |
|
| 1.08 |
|
| 1.11 |
|
| 1.12 |
|
| 1.15 |
|
| 1.12 |
| |
Net realized and unrealized gain (loss) |
|
|
| (1.93 | ) |
|
|
| (0.90 | ) |
|
| (0.64 | ) |
| 0.62 |
|
| 0.36 |
|
| 0.65 |
|
| (0.34 | ) | |
Dividends to Preferred Shareholders from net investment income |
|
|
| (0.10 | ) |
|
|
| (0.22 | ) |
|
| (0.30 | ) |
| (0.26 | ) |
| (0.16 | ) |
| (0.09 | ) |
| (0.08 | ) | |
|
| ||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.51 | ) |
|
|
| (0.30 | ) |
|
| 0.14 |
|
| 1.47 |
|
| 1.32 |
|
| 1.71 |
|
| 0.70 |
| |
|
| ||||||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
|
| (0.41 | ) |
|
|
| (0.69 | ) |
|
| (0.91 | ) |
| (0.91 | ) |
| (0.91 | ) |
| (0.91 | ) |
| (0.89 | ) | |
|
| ||||||||||||||||||||||||||
Net asset value, end of period |
| $ |
| 12.06 |
|
|
| $ | 13.98 |
|
| $ | 14.97 |
| $ | 15.74 |
| $ | 15.18 |
| $ | 14.77 |
| $ | 13.97 |
| |
|
| ||||||||||||||||||||||||||
Market price, end of period |
| $ |
| 10.81 |
|
|
| $ | 13.99 |
|
| $ | 15.82 |
| $ | 17.12 |
| $ | 14.92 |
| $ | 13.65 |
| $ | 13.21 |
| |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Investment Return2 | |||||||||||||||||||||||||||
Based on net asset value |
|
|
| (10.61 | )%3 |
|
|
| (2.09 | )%3 |
|
| 0.77 | % |
| 9.93 | % |
| 9.47 | % |
| 13.14 | % |
| 5.49 | % | |
|
| ||||||||||||||||||||||||||
Based on market price |
|
|
| (19.93 | )%3 |
|
|
| (7.29 | )%3 |
|
| (2.09 | )% |
| 21.65 | % |
| 16.42 | % |
| 10.58 | % |
| 7.92 | % | |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ratios Based on Average Net Assets Applicable to Common Shares | |||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4,5 |
|
|
| 1.10 | %6 |
|
|
| 0.91 | %6 |
|
| 0.91 | % |
| 0.87 | % |
| 0.85 | % |
| 0.87 | % |
| 0.89 | % | |
|
| ||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.48 | %6 |
|
|
| 0.98 | %6 |
|
| 0.91 | % |
| 0.87 | % |
| 0.85 | % |
| 0.87 | % |
| 0.89 | % | |
|
| ||||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.48 | %6 |
|
|
| 0.98 | %6 |
|
| 0.91 | % |
| 0.87 | % |
| 0.86 | % |
| 0.88 | % |
| 0.89 | % | |
|
| ||||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.68 | %6 |
|
|
| 1.25 | %6 |
|
| 1.21 | % |
| 1.25 | % |
| 1.25 | % |
| 1.28 | % |
| 1.30 | % | |
|
| ||||||||||||||||||||||||||
Net investment income5 |
|
|
| 8.26 | %6 |
|
|
| 7.39 | %6 |
|
| 7.09 | % |
| 7.26 | % |
| 7.35 | % |
| 7.96 | % |
| 8.01 | % | |
|
| ||||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.66 | %6 |
|
|
| 1.95 | %6 |
|
| 1.98 | % |
| 1.71 | % |
| 1.04 | % |
| 0.59 | % |
| 0.57 | % | |
|
| ||||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 6.60 | %6 |
|
|
| 5.44 | %6 |
|
| 5.11 | % |
| 5.55 | % |
| 6.31 | % |
| 7.37 | % |
| 7.44 | % | |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplemental Data | |||||||||||||||||||||||||||
Net assets applicable to Common Shares, end of period (000) |
| $ |
| 182,675 |
|
|
| $ | 211,671 |
|
| $ | 225,939 |
| $ | 236,573 |
| $ | 227,472 |
| $ | 221,371 |
| $ | 209,397 |
| |
|
| ||||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ |
| 100,900 |
|
|
| $ | 100,900 |
|
| $ | 131,950 |
| $ | 131,950 |
| $ | 131,950 |
| $ | 131,950 |
| $ | 131,950 |
| |
|
| ||||||||||||||||||||||||||
Portfolio turnover |
|
|
| 28 | % |
|
|
| 26 | % |
|
| 26 | % |
| 17 | % |
| 28 | % |
| 15 | % |
| 34 | % | |
|
| ||||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ |
| 70,263 |
|
|
| $ | 77,457 |
|
| $ | 67,816 |
| $ | 69,836 |
| $ | 68,107 |
| $ | 66,945 |
| $ | 64,675 |
| |
|
| ||||||||||||||||||||||||||
|
|
|
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 | Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
|
|
|
|
See Notes to Financial Statements. |
|
| |
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 47 |
|
|
|
|
Financial Highlights | BlackRock Florida Municipal 2020 Term Trust (BFO) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Period |
| |||||||||||||
|
| Six Months Ended |
| Period |
| Year Ended December 31, |
|
| ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
|
|
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
|
| ||||||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||||
Net asset value, beginning of period |
| $ |
| 14.16 |
|
|
| $ | 14.72 |
|
| $ | 15.16 |
| $ | 14.90 |
| $ | 14.63 |
| $ | 14.50 |
|
| $ | 14.33 | 2 |
|
|
| |||||||||||||||||||||||||||
Net investment income |
|
|
| 0.48 | 3 |
|
|
| 0.58 | 3 |
|
| 0.99 |
|
| 0.98 |
|
| 0.98 |
|
| 0.99 |
|
|
| 0.12 |
|
|
Net realized and unrealized gain (loss) |
|
|
| (1.50 | ) |
|
|
| (0.62 | ) |
|
| (0.45 | ) |
| 0.23 |
|
| 0.31 |
|
| 0.14 |
|
|
| 0.26 |
|
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.12 | ) |
|
|
| (0.16 | ) |
|
| (0.31 | ) |
| (0.29 | ) |
| (0.20 | ) |
| (0.10 | ) |
|
| (0.01 | ) |
|
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.02 | ) |
| — |
|
| (0.01 | ) |
| — |
|
|
| — |
|
|
|
| |||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.14 | ) |
|
|
| (0.20 | ) |
|
| 0.21 |
|
| 0.92 |
|
| 1.08 |
|
| 1.03 |
|
|
| 0.37 |
|
|
|
| |||||||||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.31 | ) |
|
|
| (0.36 | ) |
|
| (0.61 | ) |
| (0.66 | ) |
| (0.75 | ) |
| (0.90 | ) |
|
| (0.15 | ) |
|
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.04 | ) |
| — |
|
| (0.06 | ) |
| — |
|
|
| — |
|
|
|
| |||||||||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
|
| (0.31 | ) |
|
|
| (0.36 | ) |
|
| (0.65 | ) |
| (0.66 | ) |
| (0.81 | ) |
| (0.90 | ) |
|
| (0.15 | ) |
|
|
| |||||||||||||||||||||||||||
Capital charges with respect to issuance of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.03 | ) |
|
Preferred Shares |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.02 | ) |
|
|
| |||||||||||||||||||||||||||
Total capital charges |
|
|
| — |
|
|
|
| — |
|
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| (0.05 | ) |
|
|
| |||||||||||||||||||||||||||
Net asset value, end of period |
| $ |
| 12.71 |
|
|
| $ | 14.16 |
|
| $ | 14.72 |
| $ | 15.16 |
| $ | 14.90 |
| $ | 14.63 |
|
| $ | 14.50 |
|
|
|
| |||||||||||||||||||||||||||
Market price, end of period |
| $ |
| 11.51 |
|
|
| $ | 12.50 |
|
| $ | 12.93 |
| $ | 13.85 |
| $ | 13.35 |
| $ | 15.08 |
|
| $ | 15.39 |
|
|
|
| |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return4 | ||||||||||||||||||||||||||||
Based on net asset value |
|
|
| (7.71 | )%5 |
|
|
| (1.12 | )%5 |
|
| 1.86 | % |
| 6.73 | % |
| 7.71 | % |
| 7.19 | % |
|
| 2.21 | %5 |
|
|
| |||||||||||||||||||||||||||
Based on market price |
|
|
| (5.33 | )%5 |
|
|
| (0.63 | )%5 |
|
| (2.06 | )% |
| 8.83 | % |
| (6.76 | )% |
| 4.10 | % |
|
| 3.60 | %5 |
|
|
| |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees6, 7 |
|
|
| 1.20 | %8 |
|
|
| 1.17 | %8 |
|
| 1.16 | % |
| 1.18 | % |
| 1.24 | % |
| 1.21 | % |
|
| 1.02 | %8 |
|
|
| |||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly7 |
|
|
| 1.38 | %8 |
|
|
| 1.22 | %8 |
|
| 1.16 | % |
| 1.18 | % |
| 1.24 | % |
| 1.21 | % |
|
| 1.02 | %8 |
|
|
| |||||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly7 |
|
|
| 1.38 | %8 |
|
|
| 1.22 | %8 |
|
| 1.16 | % |
| 1.20 | % |
| 1.26 | % |
| 1.21 | % |
|
| 1.02 | %8 |
|
|
| |||||||||||||||||||||||||||
Total expenses7 |
|
|
| 1.41 | %8 |
|
|
| 1.22 | %8 |
|
| 1.16 | % |
| 1.20 | % |
| 1.26 | % |
| 1.25 | % |
|
| 1.05 | %8 |
|
|
| |||||||||||||||||||||||||||
Net investment income7 |
|
|
| 7.37 | %8 |
|
|
| 6.74 | %8 |
|
| 6.63 | % |
| 6.54 | % |
| 6.57 | % |
| 6.93 | % |
|
| 3.45 | %8 |
|
|
| |||||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.86 | %8 |
|
|
| 1.92 | %8 |
|
| 2.07 | % |
| 1.96 | % |
| 1.32 | % |
| 0.68 | % |
|
| 0.30 | %8 |
|
|
| |||||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.51 | %8 |
|
|
| 4.82 | %8 |
|
| 4.56 | % |
| 4.58 | % |
| 5.25 | % |
| 6.25 | % |
|
| 3.15 | %8 |
|
|
| |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data | ||||||||||||||||||||||||||||
Net assets applicable to Common Shares, end of period (000) |
| $ |
| 70,677 |
|
|
| $ | 78,747 |
|
| $ | 81,896 |
| $ | 84,300 |
| $ | 82,875 |
| $ | 81,391 |
|
| $ | 80,655 |
|
|
|
| |||||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ |
| 42,900 |
|
|
| $ | 42,900 |
|
| $ | 48,900 |
| $ | 48,900 |
| $ | 48,900 |
| $ | 48,900 |
|
| $ | 48,900 |
|
|
|
| |||||||||||||||||||||||||||
Portfolio turnover |
|
|
| 2 | % |
|
|
| 6 | % |
|
| 17 | % |
| — |
|
| — |
|
| 9 | % |
|
| — |
|
|
|
| |||||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ |
| 66,190 |
|
|
| $ | 70,900 |
|
| $ | 66,872 |
| $ | 68,114 |
| $ | 67,379 |
| $ | 66,617 |
|
| $ | 66,237 |
|
|
|
|
|
|
1 | Commencement of operations. |
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 | Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
7 | Do not reflect the effect of dividends to Preferred Shareholders. |
8 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
48 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
Financial Highlights | BlackRock Investment Quality Municipal Income Trust (RFA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
| Period |
| Year Ended October 31, |
| |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
|
|
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||||||
Per Share Operating Performance | ||||||||||||||||||||||||||
Net asset value, beginning of period |
| $ |
| 12.31 |
|
|
| $ | 13.43 |
|
| $ | 14.24 |
| $ | 14.39 |
| $ | 15.02 |
| $ | 15.39 |
| $ | 15.65 |
|
|
| |||||||||||||||||||||||||
Net investment income |
|
|
| 0.41 | 1 |
|
|
| 0.62 | 1 |
|
| 0.83 |
|
| 0.82 |
|
| 0.84 |
|
| 0.98 |
|
| 1.04 |
|
Net realized and unrealized gain (loss) |
|
|
| (2.03 | ) |
|
|
| (1.14 | ) |
|
| (0.69 | ) |
| 0.40 |
|
| (0.35 | ) |
| (0.18 | ) |
| (0.39 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.10 | ) |
|
|
| (0.20 | ) |
|
| (0.26 | ) |
| (0.21 | ) |
| (0.15 | ) |
| (0.07 | ) |
| (0.08 | ) |
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.04 | ) |
| (0.05 | ) |
| (0.01 | ) |
| (0.02 | ) |
| — |
|
|
| |||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.72 | ) |
|
|
| (0.72 | ) |
|
| (0.16 | ) |
| 0.96 |
|
| 0.33 |
|
| 0.71 |
|
| 0.57 |
|
|
| |||||||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.27 | ) |
|
|
| (0.40 | ) |
|
| (0.60 | ) |
| (0.85 | ) |
| (0.85 | ) |
| (0.85 | ) |
| (0.83 | ) |
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.05 | ) |
| (0.26 | ) |
| (0.11 | ) |
| (0.23 | ) |
| — |
|
|
| |||||||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
|
| (0.27 | ) |
|
|
| (0.40 | ) |
|
| (0.65 | ) |
| (1.11 | ) |
| (0.96 | ) |
| (1.08 | ) |
| (0.83 | ) |
|
| |||||||||||||||||||||||||
Net asset value, end of period |
| $ |
| 10.32 |
|
|
| $ | 12.31 |
|
| $ | 13.43 |
| $ | 14.24 |
| $ | 14.39 |
| $ | 15.02 |
| $ | 15.39 |
|
|
| |||||||||||||||||||||||||
Market price, end of period |
| $ |
| 8.83 |
|
|
| $ | 10.93 |
|
| $ | 11.86 |
| $ | 16.00 |
| $ | 14.85 |
| $ | 14.30 |
| $ | 14.47 |
|
|
| |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 | ||||||||||||||||||||||||||
Based on net asset value |
|
|
| (13.55 | )%3 |
|
|
| (5.03 | )%3 |
|
| (1.02 | )% |
| 6.46 | % |
| 2.19 | % |
| 5.00 | % |
| 3.98 | % |
|
| |||||||||||||||||||||||||
Based on market price |
|
|
| (16.70 | )%3 |
|
|
| (4.51 | )%3 |
|
| (22.21 | )% |
| 15.91 | % |
| 10.76 | % |
| 6.32 | % |
| 5.52 | % |
|
| |||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4, 5 |
|
|
| 1.63 | %6 |
|
|
| 1.53 | %6,7 |
|
| 1.39 | % |
| 1.37 | % |
| 1.29 | % |
| 1.27 | % |
| 1.29 | % |
|
| |||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.77 | %6 |
|
|
| 1.58 | %6,7 |
|
| 1.39 | % |
| 1.37 | % |
| 1.29 | % |
| 1.27 | % |
| 1.29 | % |
|
| |||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.77 | %6 |
|
|
| 1.58 | %6,7 |
|
| 1.43 | % |
| 1.43 | % |
| 1.32 | % |
| 1.31 | % |
| 1.29 | % |
|
| |||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.82 | %6 |
|
|
| 1.60 | %6,7 |
|
| 1.44 | % |
| 1.43 | % |
| 1.32 | % |
| 1.31 | % |
| 1.29 | % |
|
| |||||||||||||||||||||||||
Net investment income5 |
|
|
| 7.43 | %6 |
|
|
| 6.42 | %6,7 |
|
| 6.03 | % |
| 5.80 | % |
| 5.69 | % |
| 6.48 | % |
| 6.69 | % |
|
| |||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.81 | %6 |
|
|
| 2.03 | %6 |
|
| 1.88 | % |
| 1.49 | % |
| 1.05 | % |
| 0.46 | % |
| 0.51 | % |
|
| |||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.62 | %6 |
|
|
| 4.39 | %6,7 |
|
| 4.15 | % |
| 4.31 | % |
| 4.64 | % |
| 6.02 | % |
| 6.18 | % |
|
| |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data | ||||||||||||||||||||||||||
Net assets applicable to Common Shares, end of period (000) |
| $ |
| 11,635 |
|
|
| $ | 13,871 |
|
| $ | 15,134 |
| $ | 16,054 |
| $ | 16,214 |
| $ | 16,929 |
| $ | 17,347 |
|
|
| |||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ |
| 7,125 |
|
|
| $ | 7,125 |
|
| $ | 8,500 |
| $ | 8,500 |
| $ | 8,500 |
| $ | 8,500 |
| $ | 8,500 |
|
|
| |||||||||||||||||||||||||
Portfolio turnover |
|
|
| 39 | % |
|
|
| 29 | % |
|
| 40 | % |
| 57 | % |
| 15 | % |
| 13 | % |
| 17 | % |
|
| |||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ |
| 65,831 |
|
|
| $ | 73,687 |
|
| $ | 69,526 |
| $ | 72,229 |
| $ | 72,696 |
| $ | 74,795 |
| $ | 76,021 |
|
|
|
|
|
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 | Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
7 | Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses after waiver and fees paid indirectly and excluding interest expense and fees, total expenses after waiver and fees paid indirectly, total expenses after waiver and before fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.63%, 1.68%, 1.68%, 1.71%, 6.31% and 4.28%, respectively. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 49 |
|
|
|
|
Financial Highlights | BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
| Period |
| Year Ended October 31, | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
|
|
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, beginning of period |
|
| $ | 14.08 |
|
|
| $ | 15.05 |
|
| $ | 15.68 |
| $ | 15.48 |
| $ | 15.27 |
| $ | 14.68 |
| $ | 14.57 |
|
|
|
| ||||||||||||||||||||||||
Net investment income |
|
|
| 0.50 | 1 |
|
|
| 0.80 | 1 |
|
| 1.07 |
|
| 1.11 |
|
| 1.11 |
|
| 1.12 |
|
| 1.11 |
|
Net realized and unrealized gain (loss) |
|
|
| (2.16 | ) |
|
|
| (0.89 | ) |
|
| (0.49 | ) |
| 0.26 |
|
| 0.17 |
|
| 0.45 |
|
| (0.03 | ) |
Dividends to Preferred Shareholders from net investment income |
|
|
| (0.12 | ) |
|
|
| (0.22 | ) |
|
| (0.31 | ) |
| (0.27 | ) |
| (0.17 | ) |
| (0.08 | ) |
| (0.08 | ) |
|
|
| ||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.78 | ) |
|
|
| (0.31 | ) |
|
| 0.27 |
|
| 1.10 |
|
| 1.11 |
|
| 1.49 |
|
| 1.00 |
|
|
|
| ||||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
|
| (0.44 | ) |
|
|
| (0.66 | ) |
|
| (0.90 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.89 | ) |
|
|
| ||||||||||||||||||||||||
Net asset value, end of period |
|
| $ | 11.86 |
|
|
| $ | 14.08 |
|
| $ | 15.05 |
| $ | 15.68 |
| $ | 15.48 |
| $ | 15.27 |
| $ | 14.68 |
|
|
|
| ||||||||||||||||||||||||
Market price, end of period |
|
| $ | 11.65 |
|
|
| $ | 13.68 |
|
| $ | 15.10 |
| $ | 16.30 |
| $ | 15.25 |
| $ | 14.40 |
| $ | 13.36 |
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (12.43 | )%3 |
|
|
| (2.04 | )%3 |
|
| 1.78 | % |
| 7.34 | % |
| 7.63 | % |
| 11.02 | % |
| 7.39 | % |
|
|
| ||||||||||||||||||||||||
Based on market price |
|
|
| (11.47 | )%3 |
|
|
| (5.14 | )%3 |
|
| (1.76 | )% |
| 13.26 | % |
| 12.44 | % |
| 15.04 | % |
| 4.30 | % |
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios Based on Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4, 5 |
|
|
| 1.15 | %6 |
|
|
| 1.02 | %6 |
|
| 0.96 | % |
| 0.92 | % |
| 0.90 | % |
| 0.93 | % |
| 0.94 | % |
|
|
| ||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.30 | %6 |
|
|
| 1.06 | %6 |
|
| 0.96 | % |
| 0.92 | % |
| 0.90 | % |
| 0.93 | % |
| 0.94 | % |
|
|
| ||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.30 | %6 |
|
|
| 1.06 | %6 |
|
| 0.97 | % |
| 0.93 | % |
| 0.91 | % |
| 0.93 | % |
| 0.95 | % |
|
|
| ||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.51 | %6 |
|
|
| 1.31 | %6 |
|
| 1.28 | % |
| 1.30 | % |
| 1.30 | % |
| 1.32 | % |
| 1.35 | % |
|
|
| ||||||||||||||||||||||||
Net investment income5 |
|
|
| 7.91 | %6 |
|
|
| 7.26 | %6 |
|
| 7.02 | % |
| 7.12 | % |
| 7.16 | % |
| 7.49 | % |
| 7.50 | % |
|
|
| ||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.82 | %6 |
|
|
| 1.96 | %6 |
|
| 2.04 | % |
| 1.75 | % |
| 1.11 | % |
| 0.55 | % |
| 0.53 | % |
|
|
| ||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 6.09 | %6 |
|
|
| 5.30 | %6 |
|
| 4.98 | % |
| 5.37 | % |
| 6.05 | % |
| 6.94 | % |
| 6.97 | % |
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
|
| $ | 79,336 |
|
|
| $ | 94,176 |
|
| $ | 100,564 |
| $ | 104,451 |
| $ | 102,944 |
| $ | 101,512 |
| $ | 97,589 |
|
|
|
| ||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 49,550 |
|
|
| $ | 49,550 |
|
| $ | 57,550 |
| $ | 57,550 |
| $ | 57,550 |
| $ | 57,550 |
| $ | 57,550 |
|
|
|
| ||||||||||||||||||||||||
Portfolio turnover |
|
|
| 24 | % |
|
|
| 13 | % |
|
| 25 | % |
| 20 | % |
| 10 | % |
| 10 | % |
| 19 | % |
|
|
| ||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 65,031 |
|
|
| $ | 72,521 |
|
| $ | 68,688 |
| $ | 70,391 |
| $ | 69,729 |
| $ | 69,101 |
| $ | 67,394 |
|
|
|
|
|
|
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 | Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
50 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Financial Highlights | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months Ended |
| Period |
| Year Ended October 31, |
| |||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||
|
|
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| |||||||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net asset value, beginning of period |
|
| $ | 12.20 |
|
|
| $ | 13.57 |
|
| $ | 14.47 |
| $ | 14.48 |
| $ | 14.79 |
| $ | 14.90 |
| $ | 14.64 |
|
|
|
| ||||||||||||||||||||||||
Net investment income |
|
|
| 0.43 | 1 |
|
|
| 0.66 | 1 |
|
| 0.91 |
|
| 0.85 |
|
| 0.87 |
|
| 0.97 |
|
| 1.00 |
|
Net realized and unrealized gain (loss) |
|
|
| (1.79 | ) |
|
|
| (1.26 | ) |
|
| (0.70 | ) |
| 0.34 |
|
| (0.21 | ) |
| (0.20 | ) |
| 0.12 |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.11 | ) |
|
|
| (0.16 | ) |
|
| (0.23 | ) |
| (0.20 | ) |
| (0.15 | ) |
| (0.07 | ) |
| (0.06 | ) |
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.02 | ) |
| (0.03 | ) |
| — |
|
| — |
|
| — |
|
|
|
| ||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.47 | ) |
|
|
| (0.76 | ) |
|
| (0.04 | ) |
| 0.96 |
|
| 0.51 |
|
| 0.70 |
|
| 1.06 |
|
|
|
| ||||||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
|
| (0.31 | ) |
|
|
| (0.61 | ) |
|
| (0.82 | ) |
| (0.84 | ) |
| (0.82 | ) |
| (0.81 | ) |
| (0.80 | ) |
Net realized gain |
|
|
| — |
|
|
|
| — |
|
|
| (0.04 | ) |
| (0.13 | ) |
| — |
|
| — |
|
| — |
|
|
|
| ||||||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
|
| (0.31 | ) |
|
|
| (0.61 | ) |
|
| (0.86 | ) |
| (0.97 | ) |
| (0.82 | ) |
| (0.81 | ) |
| (0.80 | ) |
|
|
| ||||||||||||||||||||||||
Net asset value, end of period |
|
| $ | 10.42 |
|
|
| $ | 12.20 |
|
| $ | 13.57 |
| $ | 14.47 |
| $ | 14.48 |
| $ | 14.79 |
| $ | 14.90 |
|
|
|
| ||||||||||||||||||||||||
Market price, end of period |
|
| $ | 9.50 |
|
|
| $ | 11.96 |
|
| $ | 14.96 |
| $ | 15.95 |
| $ | 14.70 |
| $ | 15.00 |
| $ | 14.80 |
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
|
| (11.84 | )%3 |
|
|
| (6.10 | )%3 |
|
| (1.03 | )% |
| 6.14 | % |
| 3.43 | % |
| 5.00 | % |
| 7.48 | % |
|
|
| ||||||||||||||||||||||||
Based on market price |
|
|
| (18.01 | )%3 |
|
|
| (16.50 | )%3 |
|
| (1.02 | )% |
| 15.25 | % |
| 3.53 | % |
| 7.14 | % |
| 17.59 | % |
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios Based on Average Net Assets Applicable to Common Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4, 5 |
|
|
| 1.74 | %6 |
|
|
| 1.84 | %6,7 |
|
| 1.40 | % |
| 1.41 | % |
| 1.34 | % |
| 1.34 | % |
| 1.39 | % |
|
|
| ||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.81 | %6 |
|
|
| 1.86 | %6,7 |
|
| 1.40 | % |
| 1.41 | % |
| 1.34 | % |
| 1.34 | % |
| 1.39 | % |
|
|
| ||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.81 | %6 |
|
|
| 1.86 | %6,7 |
|
| 1.47 | % |
| 1.51 | % |
| 1.37 | % |
| 1.37 | % |
| 1.39 | % |
|
|
| ||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.84 | %6 |
|
|
| 1.88 | %6,7 |
|
| 1.48 | % |
| 1.51 | % |
| 1.37 | % |
| 1.37 | % |
| 1.39 | % |
|
|
| ||||||||||||||||||||||||
Net investment income5 |
|
|
| 7.79 | %6 |
|
|
| 6.97 | %6,7 |
|
| 6.49 | % |
| 5.91 | % |
| 5.89 | % |
| 6.50 | % |
| 6.72 | % |
|
|
| ||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.99 | %6 |
|
|
| 1.89 | %6 |
|
| 1.67 | % |
| 1.41 | % |
| 1.00 | % |
| 0.47 | % |
| 0.41 | % |
|
|
| ||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.80 | %6 |
|
|
| 5.08 | %6,7 |
|
| 4.82 | % |
| 4.50 | % |
| 4.89 | % |
| 6.03 | % |
| 6.31 | % |
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 10,549 |
|
|
| $ | 12,351 |
|
| $ | 13,694 |
| $ | 14,576 |
| $ | 14,581 |
| $ | 14,900 |
| $ | 15,007 |
|
|
|
| ||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 7,075 |
|
|
| $ | 7,075 |
|
| $ | 7,500 |
| $ | 7,500 |
| $ | 7,500 |
| $ | 7,500 |
| $ | 7,500 |
|
|
|
| ||||||||||||||||||||||||
Portfolio turnover |
|
|
| 14 | % |
|
|
| 18 | % |
|
| 31 | % |
| 27 | % |
| 19 | % |
| 12 | % |
| 4 | % |
|
|
| ||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 62,277 |
|
|
| $ | 68,647 |
|
| $ | 70,649 |
| $ | 73,603 |
| $ | 73,612 |
| $ | 74,670 |
| $ | 75,026 |
|
|
|
|
|
|
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 | Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
7 | Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses after waiver and fees paid indirectly and excluding interest expense and fees, total expenses after waiver and fees paid indirectly, total expenses after waiver and before fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.96%, 1.98%, 1.98%, 2.00%, 6.85% and 4.96%, respectively. |
|
|
|
|
See Notes to Financial Statements. | |||
| |||
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 51 |
|
|
|
|
Financial Highlights | BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Six Months Ended |
| Period |
| Year Ended October 31, |
| ||||||||||||||||||||
|
|
|
|
| |||||||||||||||||||||||
|
|
|
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
| ||||||||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||
Net asset value, beginning of period |
| $ |
| 14.15 |
|
| $ |
| 15.49 |
|
| $ | 16.35 |
| $ | 15.87 |
| $ | 15.38 |
| $ | 14.59 |
| $ | 14.29 |
| |
|
| ||||||||||||||||||||||||||
Net investment income |
|
|
| 0.52 | 1 |
|
|
| 0.89 | 1 |
|
| 1.14 |
|
| 1.17 |
|
| 1.17 |
|
| 1.16 |
|
| 1.15 |
| |
Net realized and unrealized gain (loss) |
|
|
| (2.38 | ) |
|
|
| (1.24 | ) |
|
| (0.74 | ) |
| 0.52 |
|
| 0.42 |
|
| 0.61 |
|
| 0.11 |
| |
Dividends to Preferred Shareholders from net investment income |
|
|
| (0.13 | ) |
|
|
| (0.24 | ) |
|
| (0.30 | ) |
| (0.26 | ) |
| (0.18 | ) |
| (0.08 | ) |
| (0.08 | ) | |
|
| ||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.99 | ) |
|
|
| (0.59 | ) |
|
| 0.10 |
|
| 1.43 |
|
| 1.41 |
|
| 1.69 |
|
| 1.18 |
| |
|
| ||||||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
|
| (0.47 | ) |
|
|
| (0.75 | ) |
|
| (0.96 | ) |
| (0.95 | ) |
| (0.92 | ) |
| (0.90 | ) |
| (0.88 | ) | |
|
| ||||||||||||||||||||||||||
Net asset value, end of period |
| $ |
| 11.69 |
|
| $ |
| 14.15 |
|
| $ | 15.49 |
| $ | 16.35 |
| $ | 15.87 |
| $ | 15.38 |
| $ | 14.59 |
| |
|
| ||||||||||||||||||||||||||
Market price, end of period |
| $ |
| 13.22 |
|
| $ |
| 15.09 |
|
| $ | 16.90 |
| $ | 18.40 |
| $ | 15.91 |
| $ | 14.45 |
| $ | 14.04 |
| |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Investment Return2 | |||||||||||||||||||||||||||
Based on net asset value |
|
|
| (14.15 | )%3 |
|
|
| (4.12 | )%3 |
|
| 0.17 | % |
| 9.18 | % |
| 9.60 | % |
| 12.29 | % |
| 8.68 | % | |
|
| ||||||||||||||||||||||||||
Based on market price |
|
|
| (8.96 | )%3 |
|
|
| (6.28 | )%3 |
|
| (2.89 | )% |
| 22.56 | % |
| 16.95 | % |
| 9.63 | % |
| 9.59 | % | |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ratios Based on Average Net Assets Applicable to Common Shares | |||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4, 5 |
|
|
| 1.17 | %6 |
|
|
| 1.02 | %6 |
|
| 0.93 | % |
| 0.89 | % |
| 0.89 | % |
| 0.91 | % |
| 0.93 | % | |
|
| ||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.22 | %6 |
|
|
| 1.03 | %6 |
|
| 0.93 | % |
| 0.89 | % |
| 0.89 | % |
| 0.91 | % |
| 0.93 | % | |
|
| ||||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.22 | %6 |
|
|
| 1.03 | %6 |
|
| 0.94 | % |
| 0.91 | % |
| 0.90 | % |
| 0.91 | % |
| 0.94 | % | |
|
| ||||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.44 | %6 |
|
|
| 1.28 | %6 |
|
| 1.24 | % |
| 1.27 | % |
| 1.28 | % |
| 1.30 | % |
| 1.34 | % | |
|
| ||||||||||||||||||||||||||
Net investment income5 |
|
|
| 8.34 | %6 |
|
|
| 7.92 | %6 |
|
| 7.18 | % |
| 7.31 | % |
| 7.37 | % |
| 7.74 | % |
| 7.85 | % | |
|
| ||||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 2.01 | %6 |
|
|
| 1.94 | %6 |
|
| 1.86 | % |
| 1.63 | % |
| 1.12 | % |
| 0.56 | % |
| 0.57 | % | |
|
| ||||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 6.33 | %6 |
|
|
| 5.98 | %6 |
|
| 5.32 | % |
| 5.68 | % |
| 6.25 | % |
| 7.18 | % |
| 7.28 | % | |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplemental Data | |||||||||||||||||||||||||||
Net assets applicable to Common Shares, end of |
| $ |
| 88,285 |
|
| $ |
| 106,596 |
|
| $ | 116,152 |
| $ | 121,987 |
| $ | 117,739 |
| $ | 114,019 |
| $ | 108,172 |
| |
|
| ||||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
| $ |
| 60,475 |
|
| $ |
| 60,475 |
|
| $ | 63,800 |
| $ | 63,800 |
| $ | 63,800 |
| $ | 63,800 |
| $ | 63,800 |
| |
|
| ||||||||||||||||||||||||||
Portfolio turnover |
|
|
| 10 | % |
|
|
| 12 | % |
|
| 23 | % |
| 2 | % |
| 6 | % |
| 16 | % |
| 13 | % | |
|
| ||||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ |
| 61,498 |
|
| $ |
| 69,083 |
|
| $ | 70,528 |
| $ | 72,812 |
| $ | 71,142 |
| $ | 69,682 |
| $ | 67,387 |
| |
|
|
|
|
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 | Interest expense and fees relate to tender option bond trusts. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
See Notes to Financial Statements.
|
|
|
|
|
|
|
|
52 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
|
Financial Highlights | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
| Six Months Ended |
| Period |
| Year Ended October 31, |
| ||||||||||||||||||||
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
| 2007 |
|
| 2006 |
|
| 2005 |
|
| 2004 |
|
| 2003 |
| |||||||||
Per Share Operating Performance | |||||||||||||||||||||||||||
Net asset value, beginning of period |
| $ |
| 13.30 |
|
| $ |
| 14.40 |
|
| $ | 15.18 |
| $ | 15.03 |
| $ | 15.35 |
| $ | 15.34 |
| $ | 15.47 |
| |
|
| ||||||||||||||||||||||||||
Net investment income |
|
|
| 0.47 | 1 |
|
|
| 0.67 | 1 |
|
| 0.95 |
|
| 0.97 |
|
| 0.96 |
|
| 0.96 |
|
| 1.03 |
| |
Net realized and unrealized gain (loss) |
|
|
| (1.38 | ) |
|
|
| (0.89 | ) |
|
| (0.61 | ) |
| 0.37 |
|
| (0.26 | ) |
| — |
|
| (0.21 | ) | |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
| (0.12 | ) |
|
|
| (0.15 | ) |
|
| (0.25 | ) |
| (0.21 | ) |
| (0.14 | ) |
| (0.07 | ) |
| (0.07 | ) | |
Net realized gain |
|
|
| (0.00 | )2 |
|
|
| (0.04 | ) |
|
| (0.01 | ) |
| (0.02 | ) |
| — |
|
| — |
|
| — |
| |
|
| ||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
|
|
| (1.03 | ) |
|
|
| (0.41 | ) |
|
| 0.08 |
|
| 1.11 |
|
| 0.56 |
|
| 0.89 |
|
| 0.75 |
| |
|
| ||||||||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net investment income |
|
|
| (0.35 | ) |
|
|
| (0.60 | ) |
|
| (0.85 | ) |
| (0.88 | ) |
| (0.88 | ) |
| (0.88 | ) |
| (0.88 | ) | |
Net realized gain |
|
|
| (0.01 | ) |
|
|
| (0.09 | ) |
|
| (0.01 | ) |
| (0.08 | ) |
| — |
|
| — |
|
| — |
| |
|
| ||||||||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
|
| (0.36 | ) |
|
|
| (0.69 | ) |
|
| (0.86 | ) |
| (0.96 | ) |
| (0.88 | ) |
| (0.88 | ) |
| (0.88 | ) | |
|
| ||||||||||||||||||||||||||
Net asset value, end of period |
| $ |
| 11.91 |
|
| $ |
| 13.30 |
|
| $ | 14.40 |
| $ | 15.18 |
| $ | 15.03 |
| $ | 15.35 |
| $ | 15.34 |
| |
|
| ||||||||||||||||||||||||||
Market price, end of period |
| $ |
| 10.93 |
|
| $ |
| 12.83 |
|
| $ | 15.39 |
| $ | 16.65 |
| $ | 14.75 |
| $ | 14.50 |
| $ | 14.18 |
| |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Total Investment Return3 | |||||||||||||||||||||||||||
Based on net asset value |
|
|
| (7.39 | )%4 |
|
|
| (2.98 | )%4 |
|
| 0.10 | % |
| 7.32 | % |
| 3.97 | % |
| 6.48 | % |
| 5.42 | % | |
|
| ||||||||||||||||||||||||||
Based on market price |
|
|
| (11.90 | )%4 |
|
|
| (12.43 | )%4 |
|
| (2.46 | )% |
| 19.95 | % |
| 8.01 | % |
| 8.81 | % |
| 4.69 | % | |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Ratios Based on Average Net Assets Applicable to Common Shares | |||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.48 | %6 |
|
|
| 1.47 | %6,7 |
|
| 1.24 | % |
| 1.25 | % |
| 1.20 | % |
| 1.21 | % |
| 1.24 | % | |
|
| ||||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.48 | %6 |
|
|
| 1.47 | %6,7 |
|
| 1.29 | % |
| 1.33 | % |
| 1.24 | % |
| 1.24 | % |
| 1.24 | % | |
|
| ||||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.50 | %6 |
|
|
| 1.48 | %6,7 |
|
| 1.29 | % |
| 1.33 | % |
| 1.24 | % |
| 1.24 | % |
| 1.24 | % | |
|
| ||||||||||||||||||||||||||
Net investment income5 |
|
|
| 7.69 | %6 |
|
|
| 6.53 | %6,7 |
|
| 6.42 | % |
| 6.48 | % |
| 6.30 | % |
| 6.29 | % |
| 6.68 | % | |
|
| ||||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.91 | %6 |
|
|
| 1.47 | %6 |
|
| 1.72 | % |
| 1.42 | % |
| 0.91 | % |
| 0.46 | % |
| 0.44 | % | |
|
| ||||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 5.78 | %6 |
|
|
| 5.06 | %6,7 |
|
| 4.70 | % |
| 5.06 | % |
| 5.39 | % |
| 5.83 | % |
| 6.24 | % | |
|
| ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Supplemental Data | |||||||||||||||||||||||||||
Net assets applicable to Common Shares, end of period (000) |
| $ |
| 15,628 |
|
| $ |
| 17,448 |
|
| $ | 18,848 |
| $ | 19,839 |
| $ | 19,643 |
| $ | 20,066 |
| $ | 20,053 |
| |
|
| ||||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of |
| $ |
| 9,800 |
|
| $ |
| 9,800 |
|
| $ | 9,800 |
| $ | 9,800 |
| $ | 9,800 |
| $ | 9,800 |
| $ | 9,800 |
| |
|
| ||||||||||||||||||||||||||
Portfolio turnover |
|
|
| 12 | % |
|
|
| 8 | % |
|
| 37 | % |
| 24 | % |
| 10 | % |
| 23 | % |
| 36 | % | |
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| ||||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
| $ |
| 64,871 |
|
| $ |
| 69,521 |
|
| $ | 73,090 |
| $ | 75,614 |
| $ | 75,111 |
| $ | 76,195 |
| $ | 76,159 |
| |
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|
1 | Based on average shares outstanding. |
2. | Amount is less than $(0.01) per share. |
3 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Total investment returns exclude the effects of sales charges. |
4 | Aggregate total investment return. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
7 | Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses after waiver and fees paid indirectly, total expenses after waiver and before fees paid indirectly, total expenses, net investment income and net investment income to Common Shareholders would have been 1.55%, 1.55%, 1.56%, 6.46% and 4.99%, respectively. |
See Notes to Financial Statements.
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| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 53 |
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Financial Highlights | BlackRock New York Municipal Income Trust (BNY) |
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| Six Months Ended |
| Period |
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| January 31, 2009 |
| November 1, 2007 |
| Year Ended October 31, |
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| (Unaudited) |
| to July 31, 2008 |
| 2007 |
| 2006 |
| 2005 |
| 2004 |
| 2003 |
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Per Share Operating Performance | ||||||||||||||||||||||||||
Net asset value, beginning of period |
|
| $ | 13.88 |
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| $ | 15.11 |
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| $ | 15.88 |
| $ | 15.44 |
| $ | 15.28 |
| $ | 14.76 |
| $ | 14.47 |
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| ||||||||||||||||||||||||
Net investment income |
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|
| 0.54 | 1 |
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| 0.86 | 1 |
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| 1.11 |
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| 1.13 |
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| 1.14 |
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| 1.14 |
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| 1.14 |
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Net realized and unrealized gain (loss) |
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| (2.16 | ) |
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| (1.17 | ) |
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| (0.70 | ) |
| 0.47 |
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| 0.09 |
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| 0.36 |
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| 0.13 |
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Dividends to Preferred Shareholders from net investment income |
|
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| (0.12 | ) |
|
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| (0.21 | ) |
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| (0.28 | ) |
| (0.26 | ) |
| (0.17 | ) |
| (0.08 | ) |
| (0.09 | ) |
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Net increase (decrease) from investment operations |
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| (1.74 | ) |
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| (0.52 | ) |
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| 0.13 |
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| 1.34 |
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| 1.06 |
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| 1.42 |
|
| 1.18 |
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| ||||||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
|
| (0.45 | ) |
|
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| (0.71 | ) |
|
| (0.90 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.89 | ) |
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Net asset value, end of period |
|
| $ | 11.69 |
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| $ | 13.88 |
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| $ | 15.11 |
| $ | 15.88 |
| $ | 15.44 |
| $ | 15.28 |
| $ | 14.76 |
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Market price, end of period |
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| $ | 11.50 |
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| $ | 15.26 |
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| $ | 15.55 |
| $ | 17.35 |
| $ | 15.19 |
| $ | 13.99 |
| $ | 13.45 |
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Total Investment Return2 | ||||||||||||||||||||||||||
Based on net asset value |
|
|
| (12.49 | )%3 |
|
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| (3.71 | )%3 |
|
| 0.64 | % |
| 8.91 | % |
| 7.38 | % |
| 10.46 | % |
| 8.84 | % |
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| ||||||||||||||||||||||||
Based on market price |
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| (21.70 | )%3 |
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| 2.87 | %3 |
|
| (5.20 | )% |
| 20.95 | % |
| 15.38 | % |
| 10.99 | % |
| 6.95 | % |
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Ratios Based on Average Net Assets Applicable to Common Shares | ||||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly and excluding interest expense and fees4, 5 |
|
|
| 1.16 | %6 |
|
|
| 0.97 | %6 |
|
| 0.92 | % |
| 0.87 | % |
| 0.86 | % |
| 0.87 | % |
| 0.88 | % |
|
|
| ||||||||||||||||||||||||
Total expenses after waiver and fees paid indirectly5 |
|
|
| 1.35 | %6 |
|
|
| 1.00 | %6 |
|
| 0.92 | % |
| 0.87 | % |
| 0.86 | % |
| 0.87 | % |
| 0.88 | % |
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| ||||||||||||||||||||||||
Total expenses after waiver and before fees paid indirectly5 |
|
|
| 1.35 | %6 |
|
|
| 1.00 | %6 |
|
| 0.92 | % |
| 0.88 | % |
| 0.87 | % |
| 0.87 | % |
| 0.89 | % |
|
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| ||||||||||||||||||||||||
Total expenses5 |
|
|
| 1.53 | %6 |
|
|
| 1.25 | %6 |
|
| 1.22 | % |
| 1.25 | % |
| 1.26 | % |
| 1.27 | % |
| 1.29 | % |
|
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| ||||||||||||||||||||||||
Net investment income5 |
|
|
| 8.81 | %6 |
|
|
| 7.79 | %6 |
|
| 7.23 | % |
| 7.30 | % |
| 7.35 | % |
| 7.62 | % |
| 7.73 | % |
|
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| ||||||||||||||||||||||||
Dividends paid to Preferred Shareholders |
|
|
| 1.93 | %6 |
|
|
| 1.91 | %6 |
|
| 1.84 | % |
| 1.69 | % |
| 1.08 | % |
| 0.56 | % |
| 0.62 | % |
|
|
| ||||||||||||||||||||||||
Net investment income to Common Shareholders |
|
|
| 6.88 | %6 |
|
|
| 5.88 | %6 |
|
| 5.39 | % |
| 5.61 | % |
| 6.27 | % |
| 7.06 | % |
| 7.11 | % |
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Supplemental Data | ||||||||||||||||||||||||||
Net assets applicable to Common Shares, end of period (000) |
|
| $ | 148,562 |
|
|
| $ | 175,927 |
|
| $ | 190,962 |
| $ | 199,717 |
| $ | 193,457 |
| $ | 191,274 |
| $ | 184,874 |
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| ||||||||||||||||||||||||
Preferred Shares outstanding at liquidation preference, end of period (000) |
|
| $ | 95,850 |
|
|
| $ | 95,850 |
|
| $ | 109,750 |
| $ | 109,750 |
| $ | 109,750 |
| $ | 109,750 |
| $ | 109,750 |
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|
| ||||||||||||||||||||||||
Portfolio turnover |
|
|
| 8 | % |
|
|
| 5 | % |
|
| 23 | % |
| 27 | % |
| 24 | % |
| 13 | % |
| 14 | % |
|
|
| ||||||||||||||||||||||||
Asset coverage per Preferred Share, end of period |
|
| $ | 63,751 |
|
|
| $ | 70,892 |
|
| $ | 68,509 |
| $ | 70,502 |
| $ | 69,073 |
| $ | 68,575 |
| $ | 67,115 |
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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 | Interest expense and fees relate to tender option bond trusts. See Notes to Financial Statements for details of municipal bonds transferred to tender option bond trusts. |
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
6 | Annualized. |
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See Notes to Financial Statements. |
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54 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
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| |
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1. Organization and Significant Accounting Policies:
BlackRock California Investment Quality Municipal Trust Inc. (“California Investment Quality”), BlackRock New Jersey Investment Quality Municipal Trust Inc. (“New Jersey Investment Quality”) and BlackRock New York Investment Quality Municipal Trust Inc. (“New York Investment Quality”) are organized as Maryland corporations. BlackRock Investment Quality Municipal Income Trust (formerly BlackRock Florida Investment Quality Municipal Trust) (“Investment Quality”) was organized as a Massachusetts business trust. California Investment Quality, Investment Quality, New Jersey Investment Quality and New York Investment Quality are herein referred to as the Investment Quality Trusts. BlackRock California Municipal Income Trust (“California Income”), BlackRock Municipal Income Investment Trust (formerly BlackRock Florida Municipal Income Trust) (“Municipal Income Investment”), BlackRock New Jersey Municipal Income Trust (“New Jersey Income”), BlackRock New York Municipal Income Trust (“New York Income”) (collectively the “Income Trusts”) and Black Florida Municipal 2020 Term Trust (“Florida 2020”) are organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and Florida 2020 are referred to herein collectively as the “Trusts”. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as non-diversified, closed-end management investment companies. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America, which may require the use of management accruals and estimates. Actual results may differ from these estimates. The Trusts determine and make available for publication the net asset value of their Common Shares on a daily basis.
The following is a summary of significant accounting policies followed by the Trusts:
Valuation 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 (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 dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Swap agreements are valued by utilizing quotes received daily by the Trusts’ pricing service or through brokers, which are derived using daily swap curves and trades of underlying securities. Short-term securities with maturities less than 60 days are valued at amortized cost, which approximates fair value. Investments in open-end investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment, the investment will be valued by a method approved by each Trust’s Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’slength transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.
Derivative Financial Instruments: Each Trust may engage in various portfolio investment strategies both to increase the return of the Trust and to hedge, or protect, its 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.
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|
• | Financial futures contracts—Each Trust may purchase or sell financial futures contracts and options on financial futures contracts for investment purposes or to manage its interest rate risk. Futures are contracts for delayed delivery of securities at a specific future date and at a specific price or yield. Pursuant to the contract, the Trust agrees to receive from, or pay to, the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recognized by the Trust as unrealized gains or losses. When the contract is closed, the Trust records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of futures transactions involves the risk of an imperfect correlation in the movements in the price of futures contracts, interest rates and the underlying assets, and the possible inability of counterparties to meet the terms of their contracts. |
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|
• | Forward interest rate swaps—The Trusts may enter into forward interest rate swaps for investment purposes. The Trusts may enter into swap agreements, in which the Trust and a counterparty agree to make periodic net payments on a specified notional amount. In a forward interest rate swap, a Trust 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. Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation). When the swap is terminated, the Trusts will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Trusts’ basis in the contract, if any. The Trusts generally intend to close each forward interest rate swap before the effective date specified in the agreement and therefore avoid entering into the interest rate swap underlying each interest rate swap. Swap transactions involve, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. |
Forward Commitments and When-Issued Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such trans-
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| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 55 |
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| |
Notes to Financial Statements (continued) |
|
actions 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. When purchasing a security on a delayed-delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations.
Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts leverage their assets through the use of tender option bond trusts (“TOBs”). A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the Trusts, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which the Trust has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by the Trusts include the right of the Trusts (1) to cause the holders of a proportional share of the floating rate certificates to tender their certificates at par, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to the Trusts. The TOB may also be terminated without the consent of the Trusts upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bonds, a substantial downgrade in credit quality of the municipal bonds, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bonds or the inability to remarket the short-term floating rate certificates to third party investors.
The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to the Trust, which typically invests the cash in additional municipal bonds. The Trusts’ transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Trust’s Schedule of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown on the Statements of Assets and Liabilities as trust certificates.
Interest income from the underlying security is recorded by the Trusts on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of the Trusts. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At January 31, 2009, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for trust certificates and the range of interest rates on the liability for trust certificates were as follows:
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| Underlying |
|
| Liability |
|
| Range of |
|
California Investment Quality |
| $ | 477,013 |
| $ | 329,709 |
|
| 1.850 | % |
California Income |
| $ | 44,507,619 |
| $ | 29,284,996 |
|
| 1.852% - 2.945 | % |
Florida 2020 |
| $ | 8,791,547 |
| $ | 4,755,626 |
|
| 2.143% - 2.440 | % |
Investment Quality Municipal Income |
| $ | 1,388,967 |
| $ | 755,150 |
|
| 0.540% - 2.295 | % |
Municipal Income Investment |
| $ | 11,012,116 |
| $ | 5,700,000 |
|
| 0.540% - 2.001 | % |
New York Income |
| $ | 18,799,683 |
| $ | 10,372,494 |
|
| 1.906% - 1.972 | % |
Financial transactions executed through TOBs generally will underperform the market for fixed rate municipal bonds when interest rates rise, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Should short-term interest rates rise, the Trusts’ investment in TOBs may adversely affect the Trusts’ investment income and distributions to Common Shareholders. Also, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect the Trusts’ net asset value per share.
Zero-Coupon Bonds: The Trusts may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.
Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that each Trust segregates assets in connection with certain investments (e.g., swaps or financial futures contracts), each Trust will, consistent with certain interpretive letters issued by the SEC, designate on their books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, the Trusts may also be required to deliver or deposit securities as collateral for certain investments (e.g., financial futures contracts and swaps).
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. Each Trust amortizes all premiums and discounts on debt securities.
Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 5.
Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
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56 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
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| |
Notes to Financial Statements (continued) |
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Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statue of limitations on Investment Quality Trusts’ and Income Trusts’ US federal tax returns remain open for the year ended July 31, 2008 and each of the three years ended October 31, 2007. The statutes of limitations on Florida 2020’s US federal tax returns remain open for the year ended July 31, 2008 and each of the three years ended December 31, 2008. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction.
Recent Accounting Pronouncement: In March 2008, Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities • an amendment of FASB Statement No. 133” (“FAS 161”), was issued. FAS 161 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. FAS 161 is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The impact on the Trusts’ financial statement disclosures, if any, is currently being assessed.
Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trusts’ 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. This has approximately the same economic effect for the Independent Trustees as if, the Independent Trustees had invested the deferred amounts directly in the 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 each Trust. Each Trust may, however, elect to invest in common shares of the other certain BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability are included in other assets on the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income-affiliated on the Statements of Operations.
Other: Expenses directly related to each Trust are charged to that Trust. Other operating expenses shared by several funds are pro-rated among those funds on the basis of relative net assets or other appropriate methods.
2. Investment Advisory Agreement and Other Transactions with Affiliates:
Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Advisor”), an indirect, wholly owned subsidiary of BlackRock, Inc., to provide investment advisory and administration services. As of January 31, 2009, The PNC Financial Services Group, Inc. (“PNC”) and Bank of America Corporation (“BAC”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). BAC became a stockholder of BlackRock following its acquisition of Merrill Lynch & Co., Inc. (“Merrill Lynch”) on January 1, 2009. Prior to that date, both PNC and Merrill Lynch were considered affiliates of the Trusts under the 1940 Act. Subsequent to the acquisition, PNC remains an affiliate, but due to the restructuring of Merrill Lynch’s ownership interest of BlackRock, BAC is not deemed to be an affiliate under the 1940 Act.
The Advisor is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust pays the Advisor a monthly fee at an annual rate of 0.35% for the Investment Quality Trusts, 0.60% for the Income Trusts and 0.50% for Florida 2020 of each Trust’s average daily net assets. Average daily net assets is the average daily value of each Trust’s total assets minus the sum of its accrued liabilities.
The Advisor has voluntarily agreed to waive a portion of the investment advisory fee on the Income Trusts as a percentage of average daily net assets as follows: 0.10% through July 31, 2009 and 0.05% through July 31, 2010. For the six months ended January 31, 2009, the Advisor waived the following amounts, which are included in fees waived by advisor on Statements of Operations:
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|
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|
|
| Fees Waived |
| |
California Income |
| $ | 161,746 |
|
Municipal Income Investment |
| $ | 71,346 |
|
New Jersey Income |
| $ | 78,859 |
|
New York Income |
| $ | 132,767 |
|
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, which are included in fees waived by advisor on the Statements of Operations. For the six months ended January 31, 2009, the amounts waived were as follows:
|
|
|
|
|
|
| Fees Waived |
| |
California Investment Quality |
| $ | 1,873 |
|
California Income |
| $ | 28,921 |
|
Florida 2020 |
| $ | 9,578 |
|
Investment Quality |
| $ | 3,035 |
|
Municipal Income Investment |
| $ | 20,697 |
|
New Jersey Investment Quality |
| $ | 1,823 |
|
New Jersey Income |
| $ | 22,371 |
|
New York Investment Quality |
| $ | 1,221 |
|
New York Income |
| $ | 8.908 |
|
Each Investment Quality Trust has an Administration Agreement with the Advisor. The administration fee to the Advisor is computed daily and payable monthly based on an annual rate of 0.10% of each respective Trust’s average daily net assets for California Investment Quality, Investment Quality, New Jersey Investment Quality and New York Investment Quality.
The Advisor has entered into a 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
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| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 57 |
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| |
Notes to Financial Statements (continued) |
|
provides, a monthly fee that is a percentage of the investment advisory fee paid by each Trust to the Advisor.
For the six months ended January 31, 2009, certain Trusts reimbursed the Advisor for certain accounting services in the following amounts, which are included in accounting services in the Statement of Operations:
|
|
|
|
|
|
| Reimbursement |
| |
California Income |
| $ | 2,465 |
|
Florida 2020 |
| $ | 1,100 |
|
Municipal Income Investment |
| $ | 1,272 |
|
New Jersey Income |
| $ | 1,391 |
|
New York Income |
| $ | 2,507 |
|
Pursuant to the terms of the custody agreement, custodian fees may be reduced by amounts calculated on uninvested cash balances (“custody credits”), which are shown 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. The Trusts reimburse the Advisor for compensation paid to the Trusts’ Chief Compliance Officer.
3. Investments:
Purchases and sales of investments, excluding short-term securities, for the six months ended January 31, 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
| Purchases |
|
| Sales |
|
California Investment Quality |
| $ | 3,788,228 |
| $ | 4,943,062 |
|
California Income |
| $ | 81,129,579 |
| $ | 82,225,506 |
|
Florida 2020 |
| $ | 2,031,659 |
| $ | 8,345,394 |
|
Investment Quality |
| $ | 7,518,706 |
| $ | 9,385,451 |
|
Municipal Income Investment |
| $ | 31,866,120 |
| $ | 32,124,975 |
|
New Jersey Investment Quality |
| $ | 2,475,411 |
| $ | 2,724,594 |
|
New Jersey Income |
| $ | 15,115,288 |
| $ | 30,820,316 |
|
New York Investment Quality |
| $ | 3,001,537 |
| $ | 3,144,558 |
|
New York Income |
| $ | 20,472,964 |
| $ | 27,878,093 |
|
|
4. Concentration, Market and Credit Risk:
Each Trust invests a substantial amount of its assets in issuers located in a single state or limited number of states. Please see each Trust’s Schedule of Investments for concentrations in specific states.
Many municipalities insure repayment of their bonds, which reduces the risk of loss due to issuer default. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligations.
In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to credit risk, the Trusts may be exposed to counterparty risk, or the risk that an entity with which the Trusts have unsettled or open transactions may default. Financial assets, which potentially expose the Trusts to credit and counterparty risks, consist principally of investments and cash due from counterparties. The extent of the Trusts’ exposure to credit and counterparty risks with respect to these financial assets is approximated by their value recorded in each Trust’s Statement of Assets and Liabilities.
5. Capital Share Transactions:
Each Investment Quality Trust is authorized to issue 200,000,000 shares, including Preferred Shares, par value $0.01 per share, all of which were initially classified as Common Shares. There are an unlimited number of $0.001 par value common shares authorized for the Income Trusts and Florida 2020. Each Trust’s Board is authorized, however, to reclassify any unissued shares of shares without approval of Common Shareholders. At January 31, 2009 the Common Shares owned by affiliates of the Advisor for Florida 2020 was 8,028 shares.
Common Shares
During the six months ended January 31, 2009, the period November 1, 2007 to July 31, 2008 and the year ended October 31, 2007 the shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
| Period |
| Year Ended |
| ||
California Investment Quality |
| — |
|
| 73 |
|
| — |
|
California Income |
| 8,447 |
|
| 46,329 |
|
| 61,958 |
|
Municipal Income Investment |
| — |
|
| 8,026 |
|
| 16,959 |
|
New Jersey Investment Quality |
| — |
|
| 3,040 |
|
| 1,972 |
|
New Jersey Income |
| 18,660 |
|
| 31,657 |
|
| 39,482 |
|
New York Investment Quality |
| — |
|
| 2,856 |
|
| 1,724 |
|
New York Income |
| 24,174 |
|
| 44,125 |
|
| 56,191 |
|
|
Shares issued and outstanding for Florida 2020 and Investment Quality for the six months ended January 31, 2009, the period November 1, 2007 to July 31, 2008 for Investment Quality, the period November 1, 2007 to July 31, 2008 for Florida 2020 and during the year ended December 31, 2007 (October 31, 2007 for Investment Quality) remained constant.
Preferred Shares
The Preferred Shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at their liquidation preference per share plus any accumulated but unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at $25,000 per share plus any accumulated but 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 Statement of Preferences/Articles of 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) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the
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|
58 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
Notes to Financial Statements (continued) |
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.
The Trusts had the following series of Preferred Shares outstanding and effective yields as of January 31, 2009:
|
|
|
|
|
|
|
|
|
| Series |
| Shares |
| Yield |
|
California Investment Quality |
| W7 |
| 273 |
| 0.746 | % |
California Income |
| T7 |
| 2,018 |
| 0.731 | % |
|
| R7 |
| 2,018 |
| 0.716 | % |
Florida 2020 |
| F7 |
| 1,716 |
| 0.716 | % |
Investment Quality |
| R7 |
| 285 |
| 0.716 | % |
Municipal Income Investment |
| T7 |
| 1,982 |
| 0.731 | % |
New Jersey Investment Quality |
| T7 |
| 283 |
| 0.732 | % |
New Jersey Income |
| R7 |
| 2,419 |
| 0.716 | % |
New York Investment Quality |
| F7 |
| 392 |
| 0.716 | % |
New York Income |
| W7 |
| 1,917 |
| 0.746 | % |
|
| F7 |
| 1,917 |
| 0.716 | % |
Each Trust’s series of Preferred Shares has a reset frequency of seven days. Dividends on seven-day Preferred Shares are cumulative at a rate that is reset every seven days based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, the affected Trust is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on 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. The low, high and average dividend rates on the Preferred Shares for each Trust for the six months ended January 31, 2009 were as follows:
|
|
|
|
|
|
|
|
|
|
|
| Series |
| Low |
| High |
| Average |
|
California Investment Quality |
| W7 |
| 0.640 | % | 12.565 | % | 3.254 | % |
California Income |
| T7 |
| 0.594 | % | 11.347 | % | 3.130 | % |
|
| R7 |
| 0.594 | % | 12.261 | % | 3.165 | % |
Florida 2020 |
| F7 |
| 0.594 | % | 11.728 | % | 3.109 | % |
Investment Quality |
| R7 |
| 0.594 | % | 12.261 | % | 3.049 | % |
Municipal Income Investment |
| T7 |
| 0.594 | % | 11.347 | % | 3.044 | % |
New Jersey Investment Quality |
| T7 |
| 0.594 | % | 11.347 | % | 3.034 | % |
New Jersey Income |
| R7 |
| 0.594 | % | 12.261 | % | 3.066 | % |
New York Investment Quality |
| F7 |
| 0.594 | % | 11.728 | % | 3.891 | % |
New York Income |
| W7 |
| 0.640 | % | 12.565 | % | 3.610 | % |
|
| F7 |
| 0.594 | % | 11.728 | % | 3.643 | % |
For the six months ended January 31, 2009, the Preferred Shares of each Trust failed to clear any of their auctions. As a result, the Preferred Share dividend rates were reset to the maximum applicable rate that ranged from 0.594% to 12.565%. A failed auction is not an event of default for the Trusts but it has a negative impact on the liquidity of the Preferred Shares. 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. A successful auction for each Trust’s Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shareholders may not have the ability to sell the Preferred Shares at their liquidation preference.
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%.
Prior to December 31, 2008, the Trusts paid commissions to certain broker-dealers at the end of each auction at an annual rate of 0.25%, calculated on the aggregate principal amount. In December 2008, commissions paid to broker-dealers on preferred shares that experienced a failed auction were reduced to 0.15% on the aggregate principal amount. The Trusts will pay commissions of 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Merrill Lynch, Pierce, Fenner & Smith, Incorporated (“MLPF&S”), a wholly owned subsidiary of Merrill Lynch, earned commissions for the period August 1, 2008 through December 31, 2008 as follows:
|
|
|
|
|
|
| Commissions |
| |
California Income |
| $ | 48,261 |
|
Municipal Income Investment |
| $ | 36,726 |
|
New Jersey Income |
| $ | 18,367 |
|
New York Income |
| $ | 61,654 |
|
Subsequent to that date, neither MLPF&S nor Merrill Lynch are considered affiliates of the Trusts.
Shares issued and outstanding during the six months ended January 31, 2009 remained constant.
On June 4, 2008, the Trusts announced the following redemptions of Preferred Shares at a price of $25,000 per share plus any accrued and unpaid dividends through the redemption dates:
|
|
|
|
|
|
|
|
|
|
|
|
| Series |
| Redemption |
| Shares |
| Aggregate |
| |
California Investment Quality |
| W7 |
| 6/26/08 |
| 27 |
| $ | 675,000 |
|
California Income |
| R7 |
| 6/27/08 |
| 621 |
| $ | 15,525,000 |
|
|
| T7 |
| 6/25/08 |
| 621 |
| $ | 15,525,000 |
|
Florida 2020 |
| F7 |
| 6/30/08 |
| 240 |
| $ | 6,000,000 |
|
Investment Quality |
| R7 |
| 6/27/08 |
| 55 |
| $ | 1,375,000 |
|
Municipal Income Investment |
| T7 |
| 6/25/08 |
| 320 |
| $ | 8,000,000 |
|
New Jersey Investment Quality |
| T7 |
| 6/25/08 |
| 17 |
| $ | 425,000 |
|
New Jersey Income |
| R7 |
| 6/27/08 |
| 133 |
| $ | 3,325,000 |
|
New York Income |
| F7 |
| 6/30/08 |
| 278 |
| $ | 6,950,000 |
|
|
| W7 |
| 6/26/08 |
| 278 |
| $ | 6,950,000 |
|
The Trusts financed the Preferred Share redemptions with cash received from TOB transactions.
Shares issued and outstanding during six months ended January 31, 2009 and the year ended October 31, 2007 (December 31, 2007 for Florida 2020) remained constant.
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 59 |
|
|
Notes to Financial Statements (concluded) |
6. Capital Loss Carryforward:
As of July 31, 2008, the Trusts had a capital loss carryforward available to offset future realized capital gains through the indicated expiration dates as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expires July 31, |
| California |
| California |
| Florida |
| Investment |
| Municipal |
| New Jersey |
| New Jersey |
| New York |
| New York |
| |||||||||
2012 |
|
| — |
| $ | 3,247,213 |
|
| — |
|
| — |
| $ | 796,318 |
|
| — |
| $ | 588,553 |
|
| — |
| $ | 197,144 |
|
2014 |
|
| — |
|
| 1,320,764 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
2015 |
| $ | 5,173 |
|
| — |
|
| — |
| $ | 137,267 |
|
| 426,674 |
| $ | 52,624 |
|
| 592,744 |
|
| — |
|
| — |
|
2016 |
|
| 103,738 |
|
| — |
| $ | 28,100 |
|
| 389,530 |
|
| 866,417 |
|
| 244,748 |
|
| 15,502 |
| $ | 55,630 |
|
| 459,430 |
|
Total |
| $ | 108,911 |
| $ | 4,567,977 |
| $ | 28,100 |
| $ | 526,797 |
| $ | 2,089,409 |
| $ | 297,372 |
| $ | 1,196,799 |
| $ | 55,630 |
| $ | 656,574 |
|
7. Subsequent Events:
The Trusts paid a net investment income dividend in the following amounts per share on March 2, 2009 to Common Shareholders of record on February 13, 2009:
|
|
|
|
|
|
| Common Dividend |
| |
California Investment Quality |
| $ | 0.046500 |
|
California Income |
| $ | 0.068200 |
|
Florida 2020 |
| $ | 0.051000 |
|
Investment Quality |
| $ | 0.044500 |
|
Municipal Income Investment. |
| $ | 0.072875 |
|
New Jersey Investment Quality |
| $ | 0.051400 |
|
New Jersey Income |
| $ | 0.077600 |
|
New York Investment Quality. |
| $ | 0.058200 |
|
New York Income |
| $ | 0.075339 |
|
The dividends declared on Preferred Shares for the period February 1, 2009 to February 28, 2009 for the Trusts were as follows:
|
|
|
|
|
|
|
|
| Series |
| Dividends |
| |
California Investment Quality |
| W7 |
| $ | 4,017 |
|
California Income |
| T7 |
| $ | 28,523 |
|
|
| R7 |
| $ | 29,620 |
|
Florida 2020 |
| F7 |
| $ | 24,422 |
|
Investment Quality |
| R7 |
| $ | 461 |
|
Municipal Income Investment |
| T7 |
| $ | 28,014 |
|
New Jersey Investment Quality |
| T7 |
| $ | 3,784 |
|
New Jersey Income |
| R7 |
| $ | 35,506 |
|
New York Investment Quality |
| F7 |
| $ | 5,583 |
|
New York Income |
| W7 |
| $ | 28,204 |
|
|
| F7 |
| $ | 27,282 |
|
|
|
|
|
|
|
|
|
60 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
|
Richard E. Cavanagh, Chairman of the Board and Trustee |
Karen P. Robards, Vice Chair of the Board, Chair of the |
Audit Committee and Trustee |
G. Nicholas Beckwith, III, Trustee |
Richard S. Davis, Trustee |
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 |
Donald C. Burke, Trust 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 of the Trusts |
Howard B. Surloff, Secretary |
|
Effective January 1, 2009, Robert S. Salomon, Jr. retired as Director/Trustee |
|
Custodian |
State Street Bank and Trust |
Company |
Boston, MA 02101 |
|
Trusts Address |
BlackRock Closed-End |
Funds |
c/o BlackRock Advisors. LLC |
100 Bellevue Parkway |
Wilmington, DE 19809 |
|
Transfer Agents |
Common Shares: |
Computershare Trust |
Companies, N.A. |
Canton, MA 02021 |
|
Preferred Shares: |
For the Income Trusts |
BNY Mellon Shareowner |
Services |
Jersey City, N.J. 07310 |
|
For the Investment Quality |
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 |
|
|
|
|
|
|
|
|
| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 61 |
|
|
|
Proxy Results |
The Annual Meeting of Shareholders was held on September 12, 2008 for shareholders of record on July 14, 2008 to elect director/trustee nominees of each Fund/Trust:
Approved the Class I Directors/Trustees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| G. Nicholas Beckwith, III |
| Kent Dixon |
| R. Glenn Hubbard |
| ||||||
|
| ||||||||||||
|
| Votes For |
| Votes Withheld |
| Votes For |
| Votes Withheld |
| Votes For |
| Votes Withheld |
|
BlackRock California Investment Quality Municipal Trust Inc. |
| 893,677 |
| 41,311 |
| 893,677 |
| 41,311 |
| 893,677 |
| 41,311 |
|
BlackRock California Municipal Income Trust |
| 13,112,831 |
| 258,429 |
| 13,108,203 |
| 263,057 |
| 13,100,200 |
| 271,060 |
|
BlackRock Florida Municipal 2020 Term Trust |
| 4,631,661 |
| 695,549 |
| 4,627,661 |
| 699,549 |
| 4,631,661 |
| 695,549 |
|
BlackRock Investment Quality Municipal Income Trust |
| 866,146 |
| 172,255 |
| 866,146 |
| 172,255 |
| 866,146 |
| 172,255 |
|
BlackRock Municipal Income Investment Trust |
| 6,105,336 |
| 184,946 |
| 6,107,836 |
| 182,446 |
| 6,119,460 |
| 170,822 |
|
BlackRock New Jersey Investment Quality Municipal Trust Inc. |
| 876,890 |
| 58,994 |
| 878,556 |
| 57,328 |
| 878,556 |
| 57,328 |
|
BlackRock New Jersey Municipal Income Trust |
| 6,697,147 |
| 505,132 |
| 6,698,663 |
| 503,616 |
| 6,698,663 |
| 503,616 |
|
BlackRock New York Investment Quality Municipal Trust Inc. |
| 1,191,470 |
| 35,138 |
| 1,191,474 |
| 35,134 |
| 1,191,474 |
| 35,134 |
|
BlackRock New York Municipal Income Trust |
| 11,513,344 |
| 233,875 |
| 11,512,046 |
| 235,173 |
| 11,515,076 |
| 232,143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| W. Carl Kester |
| Robert S. Salomon, Jr. |
|
|
|
|
| ||||
|
| ||||||||||||
|
| Votes For |
| Votes Withheld |
| Votes For |
| Votes Withheld |
|
|
|
|
|
BlackRock California Investment Quality Municipal Trust Inc. |
| 203 | 1 |
| 1 | 893,677 |
| 41,311 |
|
|
|
|
|
BlackRock California Municipal Income Trust |
| 2,772 | 1 | 116 | 1 | 13,112,331 |
| 258,929 |
|
|
|
|
|
BlackRock Florida Municipal 2020 Term Trust |
| 1,684 | 1 | 3 | 1 | 4,627,661 |
| 699,549 |
|
|
|
|
|
BlackRock Investment Quality Municipal Income Trust |
| 162 | 1 | 0 | 1 | 866,146 |
| 172,255 |
|
|
|
|
|
BlackRock Municipal Income Investment Trust |
| 1,928 | 1 | 4 | 1 | 6,116,360 |
| 173,922 |
|
|
|
|
|
BlackRock New Jersey Investment Quality Municipal Trust Inc. |
| 136 | 1 | 107 | 1 | 878,556 |
| 57,328 |
|
|
|
|
|
BlackRock New Jersey Municipal Income Trust |
| 2,310 | 1 | 70 | 1 | 6,698,663 |
| 503,616 |
|
|
|
|
|
BlackRock New York Investment Quality Municipal Trust Inc. |
| 342 | 1 | 12 | 1 | 1,191,470 |
| 35,138 |
|
|
|
|
|
BlackRock New York Municipal Income Trust |
| 3,621 | 1 | 145 | 1 | 11,512,146 |
| 235,073 |
|
|
|
|
|
|
|
1 | Voted on by holders of Preferred Shares only. |
|
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.
|
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|
62 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
|
|
|
Additional Information (continued) |
Section 19 Notices |
The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and source for tax reporting purposes will depend upon the Trusts’ investment experience during the year and may be subject to changes based on the tax regulations. Each Trust will send you a Form 1099-DIV each calendar year that will tell you how to report these distributions for federal income tax purposes.
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|
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|
|
|
|
|
| Total Fiscal Year-to-Date |
| Percentage of Fiscal |
| ||||||||||||||||||||
|
| Net |
| Net Realized |
| Return of |
| Total Per |
| Net |
| Net Realized |
| Return of |
| Total Per |
| ||||||||
BlackRock California Investment Quality Municipal Trust Inc. |
| $ | 0.279 |
|
| — |
|
| — |
| $ | 0.279 |
|
| 100 | % |
| 0 | % |
| 0 | % |
| 100 | % |
BlackRock New York Investment Quality Municipal Trust Inc. |
| $ | 0.349 |
| $ | 0.005 |
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| — |
| $ | 0.354 |
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| 99 | % |
| 1 | % |
| 0 | % |
| 100 | % |
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Board Approvals |
On September 12, 2008, the Board of Trustees of BlackRock Florida Investment Quality Municipal Trust and BlackRock Florida Municipal Income Trust voted unanimously to change a non-fundamental investment policy of the Trusts, and to rename the Trusts “BlackRock Investment Quality Municipal Income Trust” and “BlackRock Municipal Income Investment Trust”, respectively. The Trusts’ previous non-fundamental investment policy required BlackRock Florida Investment Quality Municipal Trust to invest at least 80% of its assets, and BlackRock Florida Municipal Income Trust to invest at least 80% of its total assets, in Florida municipal bonds rated investment grade at the time of investment. Due to the repeal of the Florida Intangible Personal Property Tax as of January 2007, the Board has approved an amended policy allowing the Trusts flexibility to invest in municipal obligations regardless of geographic location. The Trusts’ new investment policy, under normal market conditions, is to invest at least 80% of their assets or total assets, as the case may be, in municipal bonds rated investment grade at the time of investment. The approved changes will not alter the Trusts’ investment objectives.
Under current market conditions, the Advisor anticipates that it will gradually reposition the Trusts’ portfolios over time and that during such period the Trusts may continue to hold a substantial portion of its assets in Florida municipal bonds. At this time, it is uncertain how long the repositioning may take, and the Trusts will continue to be subject to risks associated with investing a substantial portion of its assets in Florida municipal bonds until the repositioning is complete.
The Advisor and the Board believe the amended policy will allow the Advisor to better manage the Trusts’ portfolios in the best interests of the Trusts’ shareholders and to better meet the Trusts’ investment objectives.
Effective September 12, 2008, following approval by the Trusts’ Board, the Board ratified the amendment of the terms of the Trusts’ Preferred Shares in order to allow the Trusts to enter into TOB transactions, the proceeds of which were used to redeem a portion of the Trusts’ Preferred Shares. Accordingly, the definition of Inverse Floaters was amended to incorporate the Trusts’ permissible ratio of floating rate instruments into inverse floating rate instruments. Additionally, conforming changes and certain formula modifications concerning inverse floaters were made to the definitions of Moody’s Discount Factor and S&P Discount Factor, as applicable, to integrate the Trusts’ investments in TOBs into applicable calculations.
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| SEMI-ANNUAL REPORT | JANUARY 31, 2009 | 63 |
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Additional Information (concluded) |
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BlackRock Privacy Principles |
BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively,”Clients”) and to safeguarding their 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.
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64 | SEMI-ANNUAL REPORT | JANUARY 31, 2009 |
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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.
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| #CEF-SAR-BK9-0109 |
Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report |
Item 6 – | Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form. (b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing. | |
Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies –Not Applicable to this semi-annual report |
Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
Item 10 – | Submission of Matters to a Vote of Security Holders – The registrant’s Nominating and Governance Committee will consider nominees to the board of directors recommended by shareholders when a vacancy becomes available. Shareholders who wish to recommend a nominee should send nominations that include biographical information and set forth the qualifications of the proposed nominee to the registrant’s Secretary. There have been no material changes to these procedures. |
Item 11 – | Controls and Procedures |
11(a) – | The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13(a)-15(b) under the Securities Exchange Act of 1934, as amended. |
11(b) – | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12 – | Exhibits attached hereto |
12(a)(1) – | Code of Ethics – Not Applicable to this semi-annual report |
12(a)(2) – | Certifications – Attached hereto |
12(a)(3) – | Not Applicable |
12(b) – Certifications – Attached hereto
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BlackRock New York Investment Quality Municipal Trust, Inc.
By: | /s/ Donald C. Burke | |
Donald C. Burke | ||
Chief Executive Officer of | ||
BlackRock New York Investment Quality Municipal Trust, Inc. |
Date: March 25, 2009
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 New York Investment Quality Municipal Trust, Inc. |
Date: March 25, 2009
By: | /s/ Neal J. Andrews | |
Neal J. Andrews | ||
Chief Financial Officer (principal financial officer) of | ||
BlackRock New York Investment Quality Municipal Trust, Inc. |
Date: March 25, 2009