UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07672
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: John M. Perlowski, Chief Executive Officer, BlackRock Series Fund, Inc., 55 East 52nd Street, New York, NY 10055
Registrant’s telephone number, including area code: (800) 882-0052, Option 4
Date of fiscal year end: 07/31/2011
Date of reporting period: 01/31/2011
Item 1 – Report to Stockholders
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January 31, 2011 |
Semi-Annual Report (Unaudited)
BlackRock California Municipal Income Trust (BFZ)
BlackRock Florida Municipal 2020 Term Trust (BFO)
BlackRock Investment Quality Municipal Income Trust (RFA)
BlackRock Municipal Income Investment Trust (BBF)
BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ)
BlackRock New Jersey Municipal Income Trust (BNJ)
BlackRock New York Investment Quality Municipal Trust Inc. (RNY)
BlackRock New York Municipal Income Trust (BNY)
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Not FDIC Insured ▪ No Bank Guarantee ▪ May Lose Value |
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Table of Contents |
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| 3 | |
Semi-Annual Report: |
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| 4 | |
| 5 | |
| 13 | |
| 13 | |
Financial Statements: |
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| 14 | |
| 40 | |
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2 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
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Economic data fluctuated widely throughout 2010, but as the year drew to a close, it became clear that cyclical stimulus had beaten out structural problems as economic data releases generally became more positive and financial markets showed signs of continuing improvement. The sovereign debt crises and emerging market inflation that troubled the global economy in 2010 remain a challenge to global growth, but overall levels of uncertainty are gradually declining as the United States and the world economy are progressing from a stimulus-driven recovery into a consumption-driven expansion.
In the United States, the corporate sector has been an important area of strength and consumer spending has shown improvement, although weakness in the housing and labor markets continues to burden the economy. It is important to note that we are in the midst of the first global economic recovery that is being led by emerging economies, and the United States has only just begun its transition to a self-sustaining expansion, suggesting that economic improvements still have a way to go.
Global equity markets experienced uneven growth and high volatility over the course of 2010, but ended the year strong. Stocks continued their advance through most of January until the political unrest in Egypt and widespread discord across the Middle East caused a sharp, but temporary decline at the end of the period. US stocks outpaced most international markets over the 12-month period. Small cap stocks outperformed large caps as investors moved into higher-risk assets.
Fixed income markets saw yields trend lower over most of 2010, until the fourth quarter brought an abrupt reversal in sentiment and risk tolerance that drove yields sharply upward (pushing prices downward) through year end and into the New Year. However, on a 12-month basis, yields were lower overall and fixed income markets performed well. Conversely, the tax-exempt municipal market was dealt an additional blow as it became evident that the Build America Bond program would expire at the end of 2010. In addition, negative headlines regarding fiscal challenges faced by state and local governments damaged investor confidence and sparked additional volatility in the municipal market. These conditions began to moderate as the period came to a close and the market has shown signs of improvement in supply-and-demand technicals.
Cash investments, as represented by the 3-month Treasury bill, returned only a fraction over 0% for the 12-month period as short-term interest rates remained low. Yields on money market securities remain near all-time lows.
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Total Returns as of January 31, 2011 |
| 6-month |
| 12-month |
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US large cap equities (S&P 500 Index) |
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| 17.93 | % |
| 22.19 | % |
US small cap equities (Russell 2000 Index) |
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| 20.75 |
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| 31.36 |
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International equities (MSCI Europe, Australasia, Far East Index) |
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| 16.10 |
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| 15.38 |
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3-month Treasury bill (BofA Merrill Lynch 3-Month Treasury Bill Index) |
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| 0.06 |
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| 0.13 |
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US Treasury securities (BofA Merrill Lynch 10-Year US Treasury Index) |
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| (2.25 | ) |
| 5.25 |
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US investment grade bonds (Barclays Capital US Aggregate Bond Index) |
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| 0.20 |
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| 5.06 |
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Tax-exempt municipal bonds (Barclays Capital Municipal Bond Index) |
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| (2.84 | ) |
| 1.10 |
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US high yield bonds (Barclays Capital US Corporate High Yield 2% Issuer Capped Index) |
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| 8.65 |
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| 15.96 |
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| Past performance is no guarantee of future results. Index performance shown for illustrative purposes only. You cannot invest directly in an index. |
While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.
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Sincerely, |
Rob Kapito |
President, BlackRock Advisors, LLC |
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| THIS PAGE NOT PART OF YOUR FUND REPORT | 3 |
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As of January 31, 2011 |
The municipal market began the period with a strong tone as rates fell (and prices rose) along with those of US Treasuries. However, the cliché of the “perfect storm” of negative events all conspired in the final months of 2010, leading to the worst quarterly performance for the municipal market since the tightening cycle of 1994. Treasury yields lost their support as concerns about the US deficit raised questions over the willingness of foreign investors to continue to purchase Treasury securities, at least at the previous historically low yields. Municipal valuations also suffered a quick and severe setback as it became evident that the Build America Bond (“BAB”) program would expire at year-end. The program had opened the taxable market to municipal issuers, which had successfully alleviated supply pressure in the traditional tax-exempt marketplace, bringing down yields in that space.
The financial media has been replete with interviews, articles and presentations advertising the stress experienced in municipal finance, resulting in a loss of confidence among retail investors who buy individual bonds or mutual funds. From the middle of November through year-end, funds specializing in tax-exempt bonds witnessed weekly outflows averaging over $2.5 billion. Long-term and high-yield funds saw the greatest redemptions, followed by state-specific funds to a lesser but still significant degree. Demand usually is strong at the beginning of the new year against a backdrop of low new-issue supply, but the mutual fund outflows continued in January, putting additional upward pressure on municipal yields. Political uncertainty surrounding the midterm elections and the approach taken by the new Congress on issues such as income tax rates and alternative minimum tax (and the previously mentioned BAB non-extension) exacerbated the situation. All these conditions, combined with the seasonal illiquidity surrounding year-end holidays and dealers closing their fiscal books, sapped willing market participation from the trading community.
As demand for municipal securities from traditional retail investors was declining and trading desk liquidity was being curtailed, there was no comparable reduction in supply. As it became evident that the BAB program would be retired, issuers rushed deals to market both in the taxable municipal space and, to a lesser degree, in the traditional tax-exempt space. This imbalance in the supply/demand technicals provided the classic market action, leading to wider quality spreads and higher bond yields. The municipal curve steepened as the issuance was concentrated in longer (greater than 20-year) maturities. Curve steepening that began in October accelerated in November, spurred on by Treasury weakness, heavy supply and record outflows. As measured by Thomson Municipal Market Data, AAA-rated municipals rose nearly 82 basis points (“bps”) for maturities 25 years and longer from July 31, 2010, to January 31, 2011. The spread between two-year and 30-year maturities widened from 360 bps to 406 bps over the period.
The fundamental picture for municipalities will be subject to scrutiny for months to come, as the challenges to state and local budgets are real and need to be addressed with significant cuts to expenses and tax revenue increases. The debates around austerity measures needed to succeed in balancing these budgets are not over whether action needs to be taken, but over degree, approach and political will to accomplish these needs. The attention shone upon municipal finance has the potential to improve this market for the future if these efforts result in greater means toward disclosure and accuracy (and timeliness) of reporting. Early tests to judge progress will come soon as California, Illinois and Puerto Rico need to take austerity measures and access financing in the municipal market to address relatively immediate fiscal imbalances. BlackRock favors a more constructive outlook for the municipal market heading into 2011 as the typical, and this year particularly atypical, weakness passes.
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4 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
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BlackRock California Municipal Income Trust | |
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Trust Overview |
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BlackRock California Municipal Income Trust’s (BFZ) (the “Trust”) investment objective is to provide current income exempt from regular US federal income and California income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and California income taxes. The Trust invests, under normal market conditions, at least 80% of its assets in municipal obligations that are investment grade quality. The Trust may invest directly in such securities or synthetically through the use of derivatives. | |
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| No assurance can be given that the Trust’s investment objective will be achieved. |
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Performance | |
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For the six months ended January 31, 2011, the Trust returned (9.48)% based on market price and (8.55)% based on net asset value (“NAV”). For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of (9.24)% based on market price and (8.09)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. A generally negative municipal market environment hindered Trust performance. Some widening of credit spreads, especially among California school districts and health care credits, detracted from Trust performance, as did a relatively long duration posture given the rising interest rate environment of the period. Conversely, the Trust maintained a low average cash reserve level, which benefited total return by delivering a competitive level of income accrual relative to the Lipper peer group. Increased exposure to tender option bonds to take advantage of the historically steep municipal yield curve also benefited the income accrual. In addition, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. | |
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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 (“NYSE”) |
| BFZ |
Initial Offering Date |
| July 27, 2001 |
Yield on Closing Market Price as of January 31, 2011 ($12.44)1 |
| 7.30% |
Tax Equivalent Yield2 |
| 11.23% |
Current Monthly Distribution per Common Share3 |
| $0.0757 |
Current Annualized Distribution per Common Share3 |
| $0.9084 |
Leverage as of January 31, 20114 |
| 44% |
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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. |
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| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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| 3 | The distribution rate is not constant and is subject to change. |
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| 4 | Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
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| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
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Market Price |
| $ | 12.44 |
| $ | 14.21 |
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| (12.46 | )% | $ | 14.99 |
| $ | 12.02 |
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Net Asset Value |
| $ | 12.63 |
| $ | 14.28 |
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| (11.55 | )% | $ | 14.88 |
| $ | 12.17 |
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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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| 1/31/11 |
| 7/31/10 |
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County/City/Special District/School District |
| 39 | % |
| 37 | % |
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Utilities |
| 29 |
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| 27 |
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Health |
| 11 |
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| 9 |
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Education |
| 8 |
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| 10 |
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Transportation |
| 6 |
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| 6 |
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State |
| 5 |
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| 7 |
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Housing |
| 2 |
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| 3 |
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Corporate |
| — |
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| 1 |
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Credit Quality Allocations5 |
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| 1/31/11 |
| 7/31/10 |
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AAA/Aaa |
| 11 | % |
| 24 | % |
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AA/Aa |
| 65 |
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| 46 |
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A |
| 23 |
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| 26 |
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BBB/Baa |
| 1 |
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| 3 |
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Not Rated |
| — |
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| 1 | 6 |
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| 5 | Using the higher of Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”) ratings. |
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| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2010, the market value of these securities was $5,717,100, representing 1% of the Trust’s long-term investments. |
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SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 5 |
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Trust Summary as of January 31, 2011 | BlackRock Florida Municipal 2020 Term Trust |
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Trust Overview | |
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BlackRock Florida Municipal 2020 Term Trust’s (BFO) (the “Trust”) investment objectives are to provide current income exempt from regular federal income tax and Florida intangible personal property tax and to return $15.00 per Common Share (the initial offering price per share) to holders of Common Shares on or about December 31, 2020. The Trust seeks to achieve its investment objectives by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust actively manages the maturity of its bonds to seek to have a dollar weighted average effective maturity approximately equal to the Trust’s maturity date. The Trust may invest directly in such securities or synthetically through the use of derivatives. Effective January 1, 2007, the Florida intangible personal property tax was repealed. | |
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| No assurance can be given that the Trust’s investment objective will be achieved. |
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Performance | |
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For the six months ended January 31, 2011, the Trust returned (2.13)% based on market price and (3.53)% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of (8.40)% based on market price and (5.41)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s performance was aided by exposure to pre-refunded bonds and escrow bonds due to their shorter maturities, which was a benefit in the rising interest rate environment of the period. Conversely, the Trust’s holdings in the health care sector hindered performance as health care underperformed the general municipal market. | |
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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 NYSE |
| BFO |
Initial Offering Date |
| September 30, 2003 |
Termination Date (on or about) |
| December 31, 2020 |
Yield on Closing Market Price as of January 31, 2011 ($13.67)1 |
| 4.92% |
Tax Equivalent Yield2 |
| 7.57% |
Current Monthly Distribution per Common Share3 |
| $0.056 |
Current Annualized Distribution per Common Share3 |
| $0.672 |
Leverage as of January 31, 20114 |
| 38% |
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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. |
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| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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| 3 | The distribution rate is not constant and is subject to change. |
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| 4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
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| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
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Market Price |
| $ | 13.67 |
| $ | 14.30 |
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| (4.41 | )% | $ | 14.87 |
| $ | 13.01 |
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Net Asset Value |
| $ | 14.05 |
| $ | 14.91 |
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| (5.77 | )% | $ | 15.40 |
| $ | 13.86 |
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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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| 1/31/11 |
| 7/31/10 |
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County/City/Special District/School District |
| 45 | % |
| 45 | % |
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Utilities |
| 19 |
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| 20 |
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Health |
| 12 |
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| 12 |
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State |
| 11 |
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| 10 |
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Corporate |
| 7 |
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| 7 |
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Housing |
| 3 |
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| 3 |
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Transportation |
| 2 |
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| 2 |
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Education |
| 1 |
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| 1 |
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Credit Quality Allocations5 |
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| 1/31/11 |
| 7/31/10 |
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AAA/Aaa |
| 9 | % |
| 32 | % |
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AA/Aa |
| 43 |
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| 19 |
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A |
| 17 |
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| 23 |
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BBB/Baa |
| 13 |
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| 7 |
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Not Rated6 |
| 18 |
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| 19 |
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| 5 | Using the higher of S&P’s or Moody’s ratings. |
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| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $15,832,064, representing 13% and $13,590,604, representing 11%, respectively, of the Trust’s long-term investments. |
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6 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
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Trust Summary as of January 31, 2011 | BlackRock Investment Quality Municipal Income Trust |
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Trust Overview |
BlackRock Investment Quality Municipal Income Trust’s (RFA) (the “Trust”) investment objective is to provide high current income exempt from regular federal income tax and to provide an exemption from Florida intangible personal property taxes consistent with preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. Under normal market conditions, the Trust invests at least 80% of its assets in municipal bonds rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. Due to the repeal of the Florida intangible personal property tax, the Board approved an amended policy in September 2008 allowing the Trust the flexibility to invest in municipal obligations regardless of geographical location.
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| No assurance can be given that the Trust’s investment objective will be achieved. |
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Performance |
For the six months ended January 31, 2011, the Trust returned (9.83)% based on market price and (8.23)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (8.46)% based on market price and (6.45)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Additionally, the Trust’s holdings in the health care and transportation sectors hindered performance as both sectors underperformed the general municipal market. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.
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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 NYSE Amex |
| RFA |
Initial Offering Date |
| May 28, 1993 |
Yield on Closing Market Price as of January 31, 2011 ($10.97)1 |
| 7.66% |
Tax Equivalent Yield2 |
| 11.78% |
Current Monthly Distribution per Common Share3 |
| $0.07 |
Current Annualized Distribution per Common Share3 |
| $0.84 |
Leverage as of January 31, 20114 |
| 43% |
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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. |
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| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
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| 3 | The distribution rate is not constant and is subject to change. |
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| 4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
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| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
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Market Price |
| $ | 10.97 |
| $ | 12.60 |
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| (12.94 | )% | $ | 13.20 |
| $ | 10.40 |
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Net Asset Value |
| $ | 10.89 |
| $ | 12.29 |
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| (11.39 | )% | $ | 12.76 |
| $ | 10.54 |
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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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| 1/31/11 |
| 7/31/10 |
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Utilities |
| 20 | % |
| 19 | % |
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Health |
| 19 |
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| 17 |
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County/City/Special District/School District |
| 18 |
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| 19 |
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Transportation |
| 17 |
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| 19 |
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State |
| 10 |
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| 10 |
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Education |
| 7 |
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| 7 |
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Housing |
| 6 |
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| 6 |
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Corporate |
| 2 |
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| 2 |
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Tobacco |
| 1 |
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| 1 |
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Credit Quality Allocations5 |
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| 1/31/11 |
| 7/31/10 |
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AAA/Aaa |
| 8 | % |
| 16 | % |
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AA/Aa |
| 61 |
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| 57 |
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A |
| 22 |
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| 22 |
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BBB/Baa |
| 7 |
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| 4 |
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BB/Ba |
| 1 |
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| — |
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Not Rated |
| 1 | 6 |
| 1 |
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| 5 | Using the higher of S&P’s or Moody’s ratings. |
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| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011, the market value of these securities was $41,994, representing 0% of the Trust’s long-term investments. |
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SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 7 |
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Trust Summary as of January 31, 2011 | BlackRock Municipal Income Investment Trust |
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Trust Overview |
BlackRock Municipal Income Investment Trust’s (BBF) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and Florida intangible personal property tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and Florida intangible personal property tax. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives. Due to the repeal of the Florida intangible personal property tax, the Board approved an amended policy in September 2008 allowing the Trust the flexibility to invest in municipal obligations regardless of geographical location.
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| No assurance can be given that the Trust’s investment objective will be achieved. |
|
Performance |
For the six months ended January 31, 2011, the Trust returned (11.27)% based on market price and (8.51)% based on NAV. For the same period, the closed-end Lipper General Municipal Debt Funds (Leveraged) category posted an average return of (8.46)% based on market price and (6.45)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s discount to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Additionally, the Trust’s holdings in the health care and transportation sectors hindered performance as both sectors underperformed the general municipal market. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.
|
|
| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
Trust Information |
|
|
|
Symbol on NYSE |
| BBF |
Initial Offering Date |
| July 27, 2001 |
Yield on Closing Market Price as of January 31, 2011 ($11.93)1 |
| 7.58% |
Tax Equivalent Yield2 |
| 11.66% |
Current Monthly Distribution per Common Share3 |
| $0.075375 |
Current Annualized Distribution per Common Share3 |
| $0.904500 |
Leverage as of January 31, 20114 |
| 44% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
| 3 | The distribution rate is not constant and is subject to change. |
|
|
|
| 4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 11.93 |
| $ | 13.90 |
|
| (14.17 | )% | $ | 14.60 |
| $ | 11.13 |
|
Net Asset Value |
| $ | 12.31 |
| $ | 13.91 |
|
| (11.50 | )% | $ | 14.47 |
| $ | 11.82 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
Health |
| 24 | % |
| 24 | % |
|
County/City/Special District/School District |
| 21 |
|
| 19 |
|
|
Utilities |
| 20 |
|
| 20 |
|
|
Transportation |
| 16 |
|
| 17 |
|
|
State |
| 9 |
|
| 9 |
|
|
Education |
| 7 |
|
| 9 |
|
|
Corporate |
| 1 |
|
| 1 |
|
|
Housing |
| 1 |
|
| 1 |
|
|
Tobacco |
| 1 |
|
| — |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
AAA/Aaa |
| 7 | % |
| 11 | % |
|
AA/Aa |
| 61 |
|
| 58 |
|
|
A |
| 23 |
|
| 25 |
|
|
BBB/Baa |
| 7 |
|
| 4 |
|
|
BB/Ba |
| 1 |
|
| — |
|
|
Not Rated |
| 1 |
|
| 2 |
|
|
|
|
|
| 5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
8 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Trust Summary as of January 31, 2011 | BlackRock New Jersey Investment Quality Municipal Trust Inc. |
|
Trust Overview |
BlackRock New Jersey Investment Quality Municipal Trust Inc.’s (RNJ) (the “Trust”) investment objective is to provide high current income exempt from regular federal income tax and New Jersey gross income tax consistent with preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in a portfolio of investment grade New Jersey municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey gross income taxes. Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
|
|
| No assurance can be given that the Trust’s investment objective will be achieved. |
|
Performance |
For the six months ended January 31, 2011, the Trust returned (7.61)% based on market price and (6.05)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (9.78)% based on market price and (6.43)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.
|
|
| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
Trust Information |
|
|
|
Symbol on NYSE Amex |
| RNJ |
Initial Offering Date |
| May 28, 1993 |
Yield on Closing Market Price as of January 31, 2011 ($11.60)1 |
| 6.78% |
Tax Equivalent Yield2 |
| 10.43% |
Current Monthly Distribution per Common Share3 |
| $0.0655 |
Current Annualized Distribution per Common Share3 |
| $0.7860 |
Leverage as of January 31, 20114 |
| 38% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
| 3 | The distribution rate is not constant and is subject to change. |
|
|
|
| 4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 11.60 |
| $ | 12.96 |
|
| (10.49 | )% | $ | 14.39 |
| $ | 10.97 |
|
Net Asset Value |
| $ | 11.44 |
| $ | 12.57 |
|
| (8.99 | )% | $ | 13.01 | �� | $ | 11.09 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
State |
| 20 | % |
| 18 | % |
|
Transportation |
| 18 |
|
| 14 |
|
|
Education |
| 15 |
|
| 15 |
|
|
County/City/Special District/School District |
| 15 |
|
| 8 |
|
|
Health |
| 11 |
|
| 16 |
|
|
Corporate |
| 10 |
|
| 10 |
|
|
Housing |
| 9 |
|
| 11 |
|
|
Utilities |
| 2 |
|
| 7 |
|
|
Tobacco |
| — |
|
| 1 |
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
AAA/Aaa |
| — |
|
| 12 | % |
|
AA/Aa |
| 51 | % |
| 28 |
|
|
A |
| 29 |
|
| 27 |
|
|
BBB/Baa |
| 10 |
|
| 21 |
|
|
BB/Ba |
| — |
|
| 3 |
|
|
B |
| 5 |
|
| 4 |
|
|
Not Rated6 |
| 5 |
|
| 5 |
|
|
|
|
|
| 5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $464,130, representing 3% and $500,505, representing 3%, respectively, of the Trust’s long-term investments. |
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 9 |
|
|
|
|
Trust Summary as of January 31, 2011 | BlackRock New Jersey Municipal Income Trust |
|
Trust Overview |
BlackRock New Jersey Municipal Income Trust’s (BNJ) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and New Jersey gross income tax. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New Jersey gross income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
|
|
| No assurance can be given that the Trust’s investment objective will be achieved. |
|
Performance |
For the six months ended January 31, 2011, the Trust returned (7.77)% based on market price and (5.67)% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of (9.78)% based on market price and (6.43)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s exposure to longer-duration and longer-maturity bonds detracted from performance as the long end of the yield curve steepened during the period. Conversely, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. In addition, the Trust benefited from exposure to the housing sector, which was one of the market’s better performers. Finally, the Trust’s exposure to shorter-duration bonds and premium coupon bonds (6% or higher) benefited performance in the rising interest rate environment of the period.
|
|
| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
Trust Information |
|
|
|
Symbol on NYSE |
| BNJ |
Initial Offering Date |
| July 27, 2001 |
Yield on Closing Market Price as of January 31, 2011 ($13.22)1 |
| 7.18% |
Tax Equivalent Yield2 |
| 11.05% |
Current Monthly Distribution per Common Share3 |
| $0.0791 |
Current Annualized Distribution per Common Share3 |
| $0.9492 |
Leverage as of January 31, 20114 |
| 38% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
| 3 | The distribution rate is not constant and is subject to change. |
|
|
|
| 4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 13.22 |
| $ | 14.82 |
|
| (10.80 | )% | $ | 16.02 |
| $ | 12.50 |
|
Net Asset Value |
| $ | 13.12 |
| $ | 14.38 |
|
| (8.76 | )% | $ | 14.86 |
| $ | 12.72 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
State |
| 23 | % |
| 23 | % |
|
Health |
| 16 |
|
| 18 |
|
|
Transportation |
| 16 |
|
| 13 |
|
|
Housing |
| 14 |
|
| 19 |
|
|
County/City/Special District/School District |
| 13 |
|
| 9 |
|
|
Education |
| 9 |
|
| 8 |
|
|
Corporate |
| 7 |
|
| 7 |
|
|
Utilities |
| 2 |
|
| 2 |
|
|
Tobacco |
| — |
|
| 1 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
AAA/Aaa |
| 10 | % |
| 25 | % |
|
AA/Aa |
| 42 |
|
| 25 |
|
|
A |
| 25 |
|
| 28 |
|
|
BBB/Baa |
| 9 |
|
| 11 |
|
|
BB/Ba |
| 5 |
|
| 2 |
|
|
B |
| 3 |
|
| 3 |
|
|
Not Rated6 |
| 6 |
|
| 6 |
|
|
|
|
|
| 5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $4,914,099 representing 3% and $4,086,005, representing 2%, respectively, of the Trust’s long-term investments. |
|
|
|
10 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Trust Summary as of January 31, 2011 | BlackRock New York Investment Quality Municipal Trust Inc. |
|
Trust Overview |
BlackRock New York Investment Quality Municipal Trust Inc.’s (RNY) (the “Trust”) investment objective is to provide high current income exempt from regular federal, New York State and New York City income tax consistent with the preservation of capital. The Trust seeks to achieve its investment objective by investing at least 80% of its assets in municipal obligations exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City income taxes. Under normal market conditions, the Trust invests at least 80% of its assets in securities rated investment grade at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
|
|
| No assurance can be given that the Trust’s investment objective will be achieved. |
|
Performance |
For the six months ended January 31, 2011, the Trust returned (9.46)% based on market price and (6.23)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (6.95)% based on market price and (5.68)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which narrowed during the period, accounts for the difference between performance based on price and performance based on NAV. The following discussion relates to performance based on NAV. The Trust’s long duration bias was a significant detractor from performance in the rising interest rate environment of the period. A generally negative municipal market also hindered Trust performance, as did the Trust’s lack of exposure to the pre-refunded sector that led the municipal market. Similarly, the Trust’s exposure to the transportation sector detracted, as it was one of the poorest performers. Finally, the Trust’s large weighting in bonds with maturities greater than 25 years hurt performance as the long end of the municipal yield curve steepened. On the positive side, the Trust delivered an above-average yield relative to its Lipper category. In addition, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand.
|
|
| The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results. |
|
Trust Information |
|
|
|
Symbol on NYSE Amex |
| RNY |
Initial Offering Date |
| May 28, 1993 |
Yield on Closing Market Price as of January 31, 2011 ($12.90)1 |
| 6.79% |
Tax Equivalent Yield2 |
| 10.45% |
Current Monthly Distribution per Common Share3 |
| $0.073 |
Current Annualized Distribution per Common Share3 |
| $0.876 |
Leverage as of January 31, 20114 |
| 38% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
| 3 | The distribution rate is not constant and is subject to change. |
|
|
|
| 4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 12.90 |
| $ | 14.70 |
|
| (12.24 | )% | $ | 15.05 |
| $ | 12.57 |
|
Net Asset Value |
| $ | 12.86 |
| $ | 14.15 |
|
| (9.12 | )% | $ | 14.66 |
| $ | 12.37 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
County/City/Special District/School District |
| 27 | % |
| 28 | % |
|
Utilities |
| 16 |
|
| 16 |
|
|
Corporate |
| 12 |
|
| 12 |
|
|
Education |
| 12 |
|
| 12 |
|
|
Health |
| 12 |
|
| 10 |
|
|
State |
| 8 |
|
| 10 |
|
|
Housing |
| 7 |
|
| 7 |
|
|
Transportation |
| 4 |
|
| 3 |
|
|
Tobacco |
| 2 |
|
| 2 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
AAA/Aaa |
| 20 | % |
| 24 | % |
|
AA/Aa |
| 24 |
|
| 19 |
|
|
A |
| 29 |
|
| 38 |
|
|
BBB/Baa |
| 15 |
|
| 6 |
|
|
BB/Ba |
| 3 |
|
| 4 |
|
|
B |
| 4 |
|
| 7 |
|
|
Not Rated |
| 5 |
|
| 2 |
|
|
|
|
|
| 5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 11 |
|
|
|
|
Trust Summary as of January 31, 2011 | BlackRock New York Municipal Income Trust |
|
Trust Overview |
BlackRock New York Municipal Income Trust’s (BNY) (the “Trust”) investment objective is to provide current income exempt from regular federal income tax and New York State and New York City personal income taxes. The Trust seeks to achieve its investment objective by investing primarily in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax) and New York State and New York City personal income taxes. The Trust invests at least 80% of its assets in municipal bonds that are investment grade quality at the time of investment. The Trust may invest directly in such securities or synthetically through the use of derivatives.
|
|
| No assurance can be given that the Trust’s investment objective will be achieved. |
|
Performance |
For the six months ended January 31, 2011, the Trust returned (5.27)% based on market price and (5.72)% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of (6.95)% based on market price and (5.68)% based on NAV. All returns reflect reinvestment of dividends. The Trust’s premium to NAV, which widened during the period, accounts for the difference between performance based on price and performance based on NAV. A generally negative municipal market hindered Trust performance, and the Trust’s long duration bias was a significant detractor in the rising interest rate environment of the period. Additionally, the Trust’s exposure to the transportation sector detracted, as it was one of the market’s poorest performers. Finally, the Trust’s large weighting in bonds with maturities greater than 25 years hurt performance as the long end of the municipal yield curve steepened. On the positive side, the Trust benefited from an above-average yield relative to its Lipper category, as well as low exposure to below-investment-grade bonds. In addition, the Trust’s holdings in corporate-backed municipals aided performance as non-traditional investors identified the sector’s attractive investment opportunities and subsequently drove up demand. Finally, the Trust benefited from exposure to the pre-refunded and housing sectors, which were two of the market’s better performers.
The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.
|
Trust Information |
|
|
|
Symbol on NYSE |
| BNY |
Initial Offering Date |
| July 27, 2001 |
Yield on Closing Market Price as of January 31, 2011 ($13.82)1 |
| 7.16% |
Tax Equivalent Yield2 |
| 11.02% |
Current Monthly Distribution per Common Share3 |
| $0.0825 |
Current Annualized Distribution per Common Share3 |
| $0.9900 |
Leverage as of January 31, 20114 |
| 39% |
|
|
|
| 1 | Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results. |
|
|
|
| 2 | Tax equivalent yield assumes the maximum federal tax rate of 35%. |
|
|
|
| 3 | The distribution rate is not constant and is subject to change. |
|
|
|
| 4 | Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13. |
The table below summarizes the changes in the Trust’s market price and NAV per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| Change |
| High |
| Low |
| |||||
Market Price |
| $ | 13.82 |
| $ | 15.11 |
|
| (8.54 | )% | $ | 15.74 |
| $ | 12.97 |
|
Net Asset Value |
| $ | 12.99 |
| $ | 14.27 |
|
| (8.97 | )% | $ | 14.67 |
| $ | 12.53 |
|
The following charts show the sector and credit quality allocations of the Trust’s long-term investments:
|
Sector Allocations |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
Education |
| 17 | % |
| 15 | % |
|
County/City/Special District/School District |
| 17 |
|
| 16 |
|
|
Transportation |
| 15 |
|
| 14 |
|
|
Corporate |
| 12 |
|
| 12 |
|
|
Utilities |
| 11 |
|
| 12 |
|
|
Housing |
| 10 |
|
| 14 |
|
|
State |
| 8 |
|
| 8 |
|
|
Tobacco |
| 5 |
|
| 5 |
|
|
Health |
| 5 |
|
| 4 |
|
|
|
Credit Quality Allocations5 |
|
|
|
|
|
|
|
|
|
| 1/31/11 |
| 7/31/10 |
| ||
AAA/Aaa |
| 18 | % |
| 23 | % |
|
AA/Aa |
| 26 |
|
| 19 |
|
|
A |
| 28 |
|
| 29 |
|
|
BBB/Baa |
| 17 |
|
| 16 |
|
|
BB/Ba |
| 2 |
|
| 3 |
|
|
B |
| 3 |
|
| 6 |
|
|
Not Rated6 |
| 6 |
|
| 4 |
|
|
|
|
|
| 5 | Using the higher of S&P’s or Moody’s ratings. |
|
|
|
| 6 | The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $2,225,175, representing 1% and $2,474,600, representing 1%, respectively, of the Trust’s long-term investments. |
|
|
|
12 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
The Trusts may utilize leverage to seek to enhance the yield and NAV of their common shares of beneficial interest (“Common Shares”). However, these objectives cannot be achieved in all interest rate environments.
To leverage, all the Trusts issue preferred shares (“Preferred Shares”), which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s holders of Common Shares (“Common Shareholders”) will benefit from the incremental net income.
To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from the Preferred Shares issuance earn income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“Preferred Shareholders”) are significantly lower than the income earned on the Trust’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.
If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup on the Common Shares will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Trust pays dividends on the higher short-term interest rate whereas the Trust’s total portfolio earns income based on lower long-term interest rates.
Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Trusts’ Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAV positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.
The Trusts may also leverage their assets through the use of TOBs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect each Trust’s NAV per share.
The use of leverage may enhance opportunities for increased income to the Trusts and Common Shareholders, but as described above, it also creates risks as short or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Trusts’ net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Trust to incur losses. The use of leverage may limit each Trust’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.
Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount of up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Trust anticipates that the total economic leverage from Preferred Shares and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2011, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:
|
|
|
|
|
|
| Percent of |
| |
BFZ |
| 44 | % |
|
BFO |
| 38 | % |
|
RFA |
| 43 | % |
|
BBF |
| 44 | % |
|
RNJ |
| 38 | % |
|
BNJ |
| 38 | % |
|
RNY |
| 38 | % |
|
BNY |
| 39 | % |
|
|
|
The Trusts may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Trusts’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower dividends paid to shareholders or may cause a Trust to hold an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 13 |
|
|
|
|
BlackRock California Municipal Income Trust (BFZ) | |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California — 106.5% |
|
|
|
|
|
|
|
Corporate — 0.3% |
|
|
|
|
|
|
|
City of Chula Vista California, RB, San Diego Gas, |
| $ | 330 |
| $ | 319,753 |
|
City of Chula Vista California, Refunding RB, San Diego |
|
| 680 |
|
| 696,803 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,016,556 |
|
County/City/Special District/ School District — 41.8% |
|
|
|
|
|
|
|
Butte-Glenn Community College District, GO, Election of |
|
| 8,425 |
|
| 8,917,020 |
|
California State Public Works Board, RB, Various Capital |
|
| 8,440 |
|
| 8,776,587 |
|
Central Unified School District, GO, Election of 2008, |
|
| 400 |
|
| 412,948 |
|
Cerritos Community College District, GO, Election of |
|
| 3,000 |
|
| 2,890,620 |
|
City & County of San Francisco California, COP, |
|
| 7,730 |
|
| 7,147,854 |
|
County of Kern California, COP, Capital Improvements |
|
| 2,000 |
|
| 2,100,960 |
|
El Dorado Union High School District, GO, Election of |
|
| 5,020 |
|
| 5,035,060 |
|
Evergreen Elementary School District, GO, Election of |
|
| 2,500 |
|
| 2,386,025 |
|
La Quinta Redevelopment Agency, Tax Allocation Bonds, |
|
| 1,000 |
|
| 866,890 |
|
Long Beach Unified School District California, GO, |
|
| 4,135 |
|
| 4,246,769 |
|
Los Alamitos Unified School District California, GO, |
|
| 5,125 |
|
| 5,207,820 |
|
Los Angeles Community College District California, GO: |
|
|
|
|
|
|
|
Election of 2001, Series E-1, 5.00%, 8/01/33 |
|
| 10,280 |
|
| 9,646,341 |
|
Election of 2008, Series C, 5.25%, 8/01/39 |
|
| 3,500 |
|
| 3,312,295 |
|
Los Angeles Municipal Improvement Corp., Refunding |
|
| 4,975 |
|
| 4,957,090 |
|
Modesto Irrigation District, COP, Capital Improvements: |
|
|
|
|
|
|
|
Series A, 5.75%, 10/01/29 |
|
| 3,000 |
|
| 3,042,630 |
|
Series A, 5.75%, 10/01/34 |
|
| 155 |
|
| 157,407 |
|
Series B, 5.50%, 7/01/35 |
|
| 5,700 |
|
| 5,420,814 |
|
Murrieta Valley Unified School District Public Financing |
|
| 1,000 |
|
| 1,011,320 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District (concluded) |
|
|
|
|
|
|
|
Oak Grove School District California, GO, Election of |
| $ | 6,000 |
| $ | 5,931,360 |
|
Orange County Sanitation District, COP (NPFGC), |
|
| 3,600 |
|
| 3,497,112 |
|
Orange County Water District, COP, Refunding, |
|
| 2,000 |
|
| 2,004,420 |
|
Pittsburg Redevelopment Agency, Tax Allocation Bonds, |
|
| 5,500 |
|
| 5,506,105 |
|
Pittsburg Unified School District, GO, Election of 2006, |
|
| 2,000 |
|
| 2,024,500 |
|
Port of Oakland, Refunding RB, Series M, AMT (NPFGC), |
|
| 6,300 |
|
| 5,868,009 |
|
Sacramento Area Flood Control Agency, Special |
|
| 100 |
|
| 103,353 |
|
San Diego Community College District California, GO, |
|
| 1,500 |
|
| 1,508,175 |
|
San Diego Regional Building Authority California, RB, |
|
| 6,500 |
|
| 6,287,515 |
|
San Jose Financing Authority, Refunding RB, Civic Center |
|
| 6,000 |
|
| 5,483,760 |
|
San Leandro Unified School District California, GO, |
|
| 1,125 |
|
| 1,196,876 |
|
Santa Ana Unified School District, GO, Election of 2008, |
|
|
|
|
|
|
|
5.50%, 8/01/30 |
|
| 6,205 |
|
| 6,258,053 |
|
5.13%, 8/01/33 |
|
| 10,000 |
|
| 9,421,000 |
|
Santa Clara County Financing Authority, Refunding LRB, |
|
| 21,000 |
|
| 19,955,880 |
|
Santa Cruz County Redevelopment Agency California, |
|
|
|
|
|
|
|
6.63%, 9/01/29 |
|
| 1,000 |
|
| 1,036,640 |
|
7.00%, 9/01/36 |
|
| 1,700 |
|
| 1,787,040 |
|
Snowline Joint Unified School District, COP, Refunding, |
|
| 2,250 |
|
| 2,352,128 |
|
Torrance Unified School District California, GO, Election |
|
| 4,000 |
|
| 4,159,120 |
|
Westminster Redevelopment Agency California, Tax |
|
| 7,750 |
|
| 8,296,917 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 168,214,413 |
|
|
|
Portfolio Abbreviations | |
To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:
|
|
ACA | ACA Financial Guaranty Corp. |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax (subject to) |
BHAC | Berkshire Hathaway Assurance Corp. |
CAB | Capital Appreciation Bonds |
CIFG | CDC IXIS Financial Guaranty |
COP | Certificates of Participation |
EDA | Economic Development Authority |
EDC | Economic Development Corp. |
ERB | Education Revenue Bonds |
FHA | Federal Housing Administration |
FGIC | Financial Guaranty Insurance Co. |
GO | General Obligation Bonds |
HFA | Housing Finance Agency |
HRB | Housing Revenue Bonds |
IDA | Industrial Development Authority |
IDRB | Industrial Development Revenue Bonds |
ISD | Independent School District |
LRB | Lease Revenue Bonds |
MRB | Mortgage Revenue Bonds |
NPFGC | National Public Finance Guarantee Corp. |
PILOT | Payment in Lieu of Taxes |
RB | Revenue Bonds |
S/F | Single-Family |
SONYMA | State of New York Mortgage Agency |
VHA | Veterans Health Administration |
|
|
|
See Notes to Financial Statements. |
| |
14 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments (continued) | BlackRock California Municipal Income Trust (BFZ) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California (continued) |
|
|
|
|
|
|
|
Education — 1.6% |
|
|
|
|
|
|
|
University of California, RB: |
|
|
|
|
|
|
|
Limited Project, Series D (NPFGC), 5.00%, |
| $ | 2,600 |
| $ | 2,536,586 |
|
Series O, 5.38%, 5/15/34 |
|
| 460 |
|
| 470,612 |
|
University of California, Refunding RB: |
|
|
|
|
|
|
|
General, Series A (AMBAC), 5.00%, 5/15/33 |
|
| 2,215 |
|
| 2,136,944 |
|
Series S, 5.00%, 5/15/40 |
|
| 1,250 |
|
| 1,183,775 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,327,917 |
|
Health — 19.0% |
|
|
|
|
|
|
|
ABAG Finance Authority for Nonprofit Corps, Refunding |
|
|
|
|
|
|
|
6.38%, 8/01/34 |
|
| 3,000 |
|
| 3,005,100 |
|
6.25%, 8/01/39 |
|
| 3,250 |
|
| 3,224,358 |
|
Series A, 6.00%, 8/01/30 (a) |
|
| 2,250 |
|
| 2,157,795 |
|
California Health Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
Adventist Health System-West, Series A, |
|
| 6,000 |
|
| 5,557,320 |
|
Catholic Healthcare West, Series J, 5.63%, 7/01/32 |
|
| 1,675 |
|
| 1,595,856 |
|
California Health Facilities Financing Authority, |
|
|
|
|
|
|
|
Catholic Healthcare West, Series A, 6.00%, 7/01/39 |
|
| 2,500 |
|
| 2,466,300 |
|
Catholic Healthcare West, Series A, 6.00%, 7/01/34 |
|
| 4,400 |
|
| 4,402,596 |
|
Catholic Healthcare West, Series E, 5.63%, 7/01/25 |
|
| 3,000 |
|
| 3,006,810 |
|
Providence Health & Services, Series C, |
|
| 1,465 |
|
| 1,569,689 |
|
St. Joseph Health System, Series A, 5.75%, 7/01/39 |
|
| 1,625 |
|
| 1,595,896 |
|
Sutter Health, Series B, 6.00%, 8/15/42 (a) |
|
| 2,800 |
|
| 2,749,376 |
|
California Infrastructure & Economic Development Bank, |
|
| 15,260 |
|
| 14,184,475 |
|
California Statewide Communities Development |
|
|
|
|
|
|
|
Health Facility, Memorial Health Services, |
|
| 7,000 |
|
| 6,990,410 |
|
Kaiser Permanente, 5.50%, 11/01/32 |
|
| 11,060 |
|
| 10,141,025 |
|
California Statewide Communities Development |
|
|
|
|
|
|
|
Catholic Healthcare West, Series B, 5.50%, 7/01/30 |
|
| 3,000 |
|
| 2,835,720 |
|
Catholic Healthcare West, Series E, 5.50%, 7/01/31 |
|
| 5,010 |
|
| 4,728,338 |
|
Cottage Health Obligation Group, 5.25%, 11/01/30 |
|
| 1,650 |
|
| 1,511,334 |
|
City of Torrance California, RB, Torrance Memorial |
|
| 5,500 |
|
| 4,603,555 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 76,325,953 |
|
Housing — 1.0% |
|
|
|
|
|
|
|
California Statewide Communities Development |
|
| 2,200 |
|
| 2,068,748 |
|
City of Los Angeles, Multifamily Housing Revenue Bond |
|
| 2,055 |
|
| 1,900,279 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,969,027 |
|
State — 9.1% |
|
|
|
|
|
|
|
California State Public Works Board, RB: |
|
|
|
|
|
|
|
Department of Education, Riverside Campus Project, |
|
| 9,000 |
|
| 9,239,490 |
|
Various Capital Projects, Sub-Series I-1, |
|
| 2,475 |
|
| 2,517,817 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
California (concluded) |
|
|
|
|
|
|
|
State (concluded) |
|
|
|
|
|
|
|
State of California, GO, Various Purpose: |
|
|
|
|
|
|
|
6.50%, 4/01/33 |
| $ | 20,500 |
| $ | 21,680,185 |
|
6.00%, 3/01/33 |
|
| 3,070 |
|
| 3,123,541 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 36,561,033 |
|
Transportation — 7.5% |
|
|
|
|
|
|
|
Bay Area Toll Authority, RB, San Francisco Bay Area, |
|
| 3,175 |
|
| 2,872,677 |
|
County of Orange California, RB, Series B, |
|
| 8,000 |
|
| 8,276,720 |
|
County of Sacramento California, RB, Senior Series B, |
|
| 1,850 |
|
| 1,839,640 |
|
Los Angeles Harbor Department, RB, Series B, |
|
| 5,530 |
|
| 5,377,261 |
|
Port of Oakland, RB, Series K, AMT (NPFGC), |
|
| 5,300 |
|
| 5,037,173 |
|
San Francisco City & County Airports Commission, RB, |
|
| 6,750 |
|
| 6,948,180 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 30,351,651 |
|
Utilities — 26.2% |
|
|
|
|
|
|
|
California Infrastructure & Economic Development Bank, |
|
| 5,500 |
|
| 5,670,170 |
|
Calleguas-Las Virgines Public Financing Authority |
|
| 5,475 |
|
| 5,394,298 |
|
City of Bakersfield California, RB, Series A (AGM), |
|
| 2,000 |
|
| 1,958,600 |
|
City of Chula Vista California, Refunding RB, San Diego |
|
|
|
|
|
|
|
Series D, 5.88%, 1/01/34 |
|
| 1,000 |
|
| 1,024,710 |
|
Series E, 5.88%, 1/01/34 |
|
| 6,500 |
|
| 6,660,615 |
|
City of Los Angeles California, Refunding RB, |
|
|
|
|
|
|
|
5.00%, 6/01/32 |
|
| 4,000 |
|
| 3,902,360 |
|
(NPFGC), 5.00%, 6/01/27 |
|
| 5,085 |
|
| 5,056,575 |
|
Dublin-San Ramon Services District, Refunding RB, |
|
| 2,425 |
|
| 2,452,985 |
|
El Dorado Irrigation District & El Dorado Water Agency |
|
| 5,000 |
|
| 5,300,500 |
|
Los Angeles Department of Water & Power, RB: |
|
|
|
|
|
|
|
Power System, Sub-Series A-1, 5.25%, 7/01/38 |
|
| 7,815 |
|
| 7,713,952 |
|
Series A, 5.38%, 7/01/34 |
|
| 3,050 |
|
| 3,056,679 |
|
System, Sub-Series A-2 (AMBAC), 5.00%, 7/01/44 |
|
| 3,000 |
|
| 2,793,240 |
|
Los Angeles Department of Water & Power, Refunding |
|
| 2,200 |
|
| 2,143,900 |
|
San Diego Public Facilities Financing Authority, |
|
|
|
|
|
|
|
Senior Series A, 5.25%, 5/15/34 |
|
| 9,500 |
|
| 9,410,985 |
|
Senior Series A, 5.25%, 5/15/39 |
|
| 12,460 |
|
| 12,242,698 |
|
Series A, 5.25%, 8/01/38 |
|
| 3,255 |
|
| 3,185,473 |
|
Subordinate (NPFGC), 5.00%, 8/01/32 |
|
| 2,000 |
|
| 1,804,840 |
|
San Francisco City & County Public Utilities |
|
|
|
|
|
|
|
Series A (NPFGC), 5.00%, 11/01/32 |
|
| 4,000 |
|
| 3,901,280 |
|
Series B, 5.00%, 11/01/29 |
|
| 4,000 |
|
| 3,985,240 |
|
San Francisco City & County Public Utilities Commission, |
|
|
|
|
|
|
|
5.00%, 11/01/28 |
|
| 5,000 |
|
| 4,993,800 |
|
5.00%, 11/01/35 |
|
| 10,625 |
|
| 10,187,462 |
|
Southern California Public Power Authority, RB, Windy |
|
| 2,750 |
|
| 2,650,588 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 105,490,950 |
|
Total Municipal Bonds in California |
|
|
|
|
| 428,257,500 |
|
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 15 |
|
|
|
|
Schedule of Investments (continued) | BlackRock California Municipal Income Trust (BFZ) |
(Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Multi-State — 2.0% |
|
|
|
|
|
|
|
Housing — 2.0% |
|
|
|
|
|
|
|
Centerline Equity Issuer Trust (c)(d): |
|
|
|
|
|
|
|
5.75%, 5/15/15 |
| $ | 500 |
| $ | 524,685 |
|
6.00%, 5/15/19 |
|
| 1,000 |
|
| 1,038,380 |
|
6.00%, 5/15/15 |
|
| 1,500 |
|
| 1,569,240 |
|
6.30%, 5/15/19 |
|
| 1,000 |
|
| 1,042,630 |
|
7.20%, 11/15/52 |
|
| 3,500 |
|
| 3,808,525 |
|
Total Municipal Bonds in Multi-State |
|
|
|
|
| 7,983,460 |
|
|
|
|
|
|
|
|
|
Puerto Rico — 1.8% |
|
|
|
|
|
|
|
County/City/Special District/School District — 0.8% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
| 3,000 |
|
| 3,104,790 |
|
State — 1.0% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, Refunding, Public |
|
| 4,000 |
|
| 4,101,200 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 7,205,990 |
|
Total Municipal Bonds — 110.3% |
|
|
|
|
| 443,446,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
California — 65.9% |
|
|
|
|
|
|
|
County/City/Special District/School District — 25.7% |
|
|
|
|
|
|
|
Los Angeles Community College District California, GO: |
|
|
|
|
|
|
|
Election of 2001, Series A (AGM), 5.00%, 8/01/32 |
|
| 8,000 |
|
| 7,537,680 |
|
Election of 2008, Series A, 6.00%, 8/01/33 |
|
| 20,131 |
|
| 21,296,872 |
|
Election of 2008, Series C, 5.25%, 8/01/39 |
|
| 12,900 |
|
| 12,208,173 |
|
Los Angeles Unified School District California, GO, |
|
| 5,000 |
|
| 4,585,000 |
|
Mount San Antonio Community College District |
|
| 10,770 |
|
| 10,302,582 |
|
Ohlone Community College District, GO, Ohlone, Series B |
|
| 12,499 |
|
| 11,900,350 |
|
San Bernardino Community College District California, |
|
| 2,000 |
|
| 1,866,320 |
|
San Diego Community College District California, GO: |
|
|
|
|
|
|
|
Election of 2002, 5.25%, 8/01/33 |
|
| 10,484 |
|
| 10,541,228 |
|
Election of 2006 (AGM), 5.00%, 8/01/32 |
|
| 9,000 |
|
| 8,780,040 |
|
San Jose Unified School District Santa Clara County |
|
| 14,625 |
|
| 14,102,266 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 103,120,511 |
|
Education — 12.1% |
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University |
|
| 10,395 |
|
| 10,472,443 |
|
California State University, RB, Systemwide, Series A |
|
| 2,400 |
|
| 2,201,592 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
California (concluded) |
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
Grossmont Union High School District California, GO, |
| $ | 13,095 |
| $ | 12,175,965 |
|
San Mateo County Community College District, GO, |
|
| 8,630 |
|
| 8,402,427 |
|
University of California, RB: |
|
|
|
|
|
|
|
Limited Project, Series D (AGM), 5.00%, 5/15/41 |
|
| 2,600 |
|
| 2,475,278 |
|
Series O, 5.75%, 5/15/34 |
|
| 12,300 |
|
| 13,055,835 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 48,783,540 |
|
Transportation — 2.8% |
|
|
|
|
|
|
|
Palm Springs Unified School District, GO, Election of |
|
| 11,625 |
|
| 11,376,989 |
|
Utilities — 25.3% |
|
|
|
|
|
|
|
California State Department of Water Resources, |
|
| 7,000 |
|
| 7,042,210 |
|
City of Napa California, RB (AMBAC), 5.00%, 5/01/35 |
|
| 3,000 |
|
| 2,858,040 |
|
East Bay Municipal Utility District, RB, Sub-Series A |
|
| 3,000 |
|
| 2,921,520 |
|
Eastern Municipal Water District, COP, Series H, |
|
| 18,002 |
|
| 16,937,595 |
|
Los Angeles Department of Water & Power, RB: |
|
|
|
|
|
|
|
Power System, Sub-Series A-1 (AMBAC), |
|
| 15,998 |
|
| 15,275,144 |
|
System, Sub-Series A-2 (AGM), 5.00%, 7/01/35 |
|
| 2,000 |
|
| 1,918,260 |
|
Metropolitan Water District of Southern California, RB, |
|
| 11,180 |
|
| 11,130,808 |
|
Orange County Sanitation District, COP, Series B (AGM), |
|
| 14,700 |
|
| 14,489,643 |
|
Orange County Water District, COP, Refunding, |
|
| 10,480 |
|
| 10,064,468 |
|
San Diego County Water Authority, COP, Refunding: |
|
|
|
|
|
|
|
Series 2002-A (NPFGC), 5.00%, 5/01/32 |
|
| 5,292 |
|
| 5,103,578 |
|
Series 2008-A (AGM), 5.00%, 5/01/33 |
|
| 14,290 |
|
| 13,804,997 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 101,546,263 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 264,827,303 |
|
Total Long-Term Investments |
|
|
|
|
| 708,274,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
BIF California Municipal Money Fund, 0.04% (f)(g) |
|
| 12,115,311 |
|
| 12,115,311 |
|
Total Short-Term Securities |
|
|
|
|
| 12,115,311 |
|
Total Investments (Cost — $743,999,994*) — 179.2% |
|
|
|
|
| 720,389,564 |
|
Liabilities in Excess of Other Assets — (0.6)% |
|
|
|
|
| (2,460,379 | ) |
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (144,640,006 | ) |
Preferred Shares, at Redemption Value — (42.6)% |
|
|
|
|
| (171,332,769 | ) |
|
|
|
|
|
| ||
Net Assets Applicable to Common Shares — 100.0% |
|
|
|
| $ | 401,956,410 |
|
|
|
|
|
|
|
|
|
| |
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 599,907,826 |
|
|
|
| ||
Gross unrealized appreciation |
| $ | 4,742,563 |
|
Gross unrealized depreciation |
|
| (28,756,303 | ) |
|
|
| ||
Net unrealized depreciation |
| $ | (24,013,740 | ) |
|
|
|
|
|
|
See Notes to Financial Statements. |
| |
16 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock California Municipal Income Trust (BFZ) |
|
|
(a) | When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
Counterparty |
| Value |
| Unrealized |
| ||
Merrill Lynch & Co. |
| $ | 2,157,795 |
| $ | (45,378 | ) |
Morgan Stanley Capital Services, Inc. |
| $ | 2,749,376 |
| $ | 26,572 |
|
|
|
(b) | Variable rate security. Rate shown is as of report date. |
|
|
(c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
|
|
(d) | Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity. |
|
|
(e) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(f) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
| Shares |
| Net |
| Shares |
| Income |
| ||||
BIF California Municipal Money Fund |
|
| 26,178,133 |
|
| (14,062,822 | ) |
| 12,115,311 |
| $ | 1,390 |
|
|
|
|
(g) | Represents the current yield as of report date. | |
|
| |
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: | |
|
| |
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
| — |
| $ | 708,274,253 |
|
| — |
| $ | 708,274,253 |
|
Short-Term Securities |
| $ | 12,115,311 |
|
| — |
|
| — |
|
| 12,115,311 |
|
|
|
| |||||||||||
Total |
| $ | 12,115,311 |
| $ | 708,274,253 |
|
| — |
| $ | 720,389,564 |
|
|
|
|
|
|
1 | See above Schedule of Investments for values in each sector. |
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 17 |
|
|
|
|
Schedule of Investments January 31, 2011 (Unaudited) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida — 138.3% |
|
|
|
|
|
|
|
Corporate — 8.8% |
|
|
|
|
|
|
|
County of Escambia Florida, Refunding RB, Environment, |
| $ | 4,000 |
| $ | 3,781,800 |
|
Hillsborough County IDA, Refunding RB, Tampa Electric |
|
|
|
|
|
|
|
5.50%, 10/01/23 |
|
| 1,955 |
|
| 1,979,340 |
|
Series A, 5.65%, 5/15/18 |
|
| 1,000 |
|
| 1,087,740 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,848,880 |
|
County/City/Special District/School District — 60.8% |
|
|
|
|
|
|
|
Broward County School Board Florida, COP, Series A |
|
| 2,500 |
|
| 2,570,975 |
|
County of Hillsborough Florida, RB (AMBAC), |
|
| 5,545 |
|
| 5,818,978 |
|
County of Miami-Dade Florida, RB, Sub-Series B |
|
| 7,560 |
|
| 1,592,363 |
|
County of Miami-Dade Florida, Refunding RB, |
|
|
|
|
|
|
|
5.93%, 10/01/19 |
|
| 5,365 |
|
| 3,233,056 |
|
6.12%, 10/01/20 |
|
| 10,000 |
|
| 5,582,200 |
|
County of Orange Florida, Refunding RB, Series A |
|
| 2,200 |
|
| 2,226,510 |
|
Florida State Board of Education, GO, Refunding, Capital |
|
| 485 |
|
| 540,503 |
|
Hillsborough County School Board, COP (NPFGC), |
|
| 1,000 |
|
| 981,300 |
|
Miami-Dade County Educational Facilities Authority |
|
| 1,000 |
|
| 1,112,100 |
|
Miami-Dade County School Board, COP, Refunding, |
|
| 4,000 |
|
| 4,173,480 |
|
Northern Palm Beach County Improvement District, RB, |
|
|
|
|
|
|
|
Series 43, 6.10%, 8/01/21 |
|
| 195 |
|
| 187,128 |
|
Unit of Development No. 43, 6.10%, 8/01/21 (b) |
|
| 2,735 |
|
| 2,833,816 |
|
Northern Palm Beach County Improvement District, |
|
|
|
|
|
|
|
4.50%, 8/01/22 |
|
| 1,000 |
|
| 776,070 |
|
5.00%, 8/01/31 |
|
| 1,000 |
|
| 737,010 |
|
Sterling Hill Community Development District, Special |
|
| 3,915 |
|
| 3,491,710 |
|
Stevens Plantation Improvement Project Dependent |
|
| 2,425 |
|
| 2,099,832 |
|
Tolomato Community Development District, Special |
|
| 1,300 |
|
| 1,067,755 |
|
Village Center Community Development District, RB: |
|
|
|
|
|
|
|
(NPFGC), 5.25%, 10/01/23 |
|
| 5,000 |
|
| 4,807,250 |
|
Sub-Series B, 6.35%, 1/01/18 |
|
| 2,000 |
|
| 1,976,800 |
|
Village Community Development District No. 5 Florida, |
|
| 1,115 |
|
| 1,085,575 |
|
Watergrass Community Development District, Special |
|
| 1,000 |
|
| 613,530 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 47,507,941 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida (continued) |
|
|
|
|
|
|
|
Education — 1.0% |
|
|
|
|
|
|
|
Orange County Educational Facilities Authority, RB, |
| $ | 725 |
| $ | 753,826 |
|
Health — 18.0% |
|
|
|
|
|
|
|
Escambia County Health Facilities Authority, RB, Florida |
|
| 426 |
|
| 432,026 |
|
Halifax Hospital Medical Center, Refunding RB, Series A, |
|
| 2,500 |
|
| 2,326,800 |
|
Highlands County Health Facilities Authority, Refunding |
|
| 2,155 |
|
| 2,229,197 |
|
Hillsborough County IDA, RB, H. Lee Moffitt Cancer |
|
| 1,500 |
|
| 1,479,690 |
|
Marion County Hospital District Florida, Refunding RB, |
|
| 1,500 |
|
| 1,442,805 |
|
Orange County Health Facilities Authority, RB, Hospital, |
|
| 4,450 |
|
| 4,855,528 |
|
Palm Beach County Health Facilities Authority, Refunding |
|
| 1,285 |
|
| 1,341,861 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 14,107,907 |
|
Housing — 2.3% |
|
|
|
|
|
|
|
Florida Housing Finance Corp., RB, Homeowner |
|
| 1,165 |
|
| 1,142,772 |
|
Jacksonville Housing Finance Authority, Refunding RB, |
|
| 625 |
|
| 650,619 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,793,391 |
|
State — 14.4% |
|
|
|
|
|
|
|
Florida Municipal Loan Council, RB, CAB, Series A |
|
| 4,000 |
|
| 2,390,200 |
|
Florida State Board of Education, GO, Public Education, |
|
| 6,150 |
|
| 6,289,297 |
|
Florida State Board of Education, GO, Refunding, Public |
|
| 500 |
|
| 541,365 |
|
Florida State Board of Education, RB, Series B, |
|
| 2,000 |
|
| 2,070,760 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 11,291,622 |
|
Transportation — 3.9% |
|
|
|
|
|
|
|
County of Lee Florida, Refunding RB, Series B (AMBAC), |
|
| 3,000 |
|
| 3,018,750 |
|
Utilities — 29.1% |
|
|
|
|
|
|
|
City of Deltona Florida, RB (NPFGC), 5.00%, 10/01/23 |
|
| 1,095 |
|
| 1,107,724 |
|
City of Lakeland Florida, Refunding RB, |
|
| 1,000 |
|
| 978,910 |
|
City of Marco Island Florida, RB (NPFGC): |
|
|
|
|
|
|
|
5.25%, 10/01/21 |
|
| 1,000 |
|
| 1,021,230 |
|
5.00%, 10/01/22 |
|
| 2,000 |
|
| 2,015,240 |
|
5.00%, 10/01/23 |
|
| 1,375 |
|
| 1,381,036 |
|
City of Palm Coast Florida, RB (NPFGC): |
|
|
|
|
|
|
|
5.00%, 10/01/22 |
|
| 1,770 |
|
| 1,780,178 |
|
5.00%, 10/01/23 |
|
| 1,485 |
|
| 1,488,208 |
|
5.00%, 10/01/24 |
|
| 1,500 |
|
| 1,499,160 |
|
County of Miami-Dade Florida, Refunding RB, System, |
|
| 4,000 |
|
| 4,456,840 |
|
|
|
|
18 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock Florida Municipal 2020 Term Trust (BFO) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Florida (concluded) |
|
|
|
|
|
|
|
Utilities (concluded) |
|
|
|
|
|
|
|
Tohopekaliga Water Authority, RB, Series B (AGM): |
|
|
|
|
|
|
|
5.00%, 10/01/22 |
| $ | 1,975 |
| $ | 2,065,573 |
|
5.00%, 10/01/23 |
|
| 1,180 |
|
| 1,223,707 |
|
Tohopekaliga Water Authority, Refunding RB, Series A |
|
| 3,630 |
|
| 3,733,891 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 22,751,697 |
|
Total Municipal Bonds in Florida |
|
|
|
|
| 108,074,014 |
|
|
|
|
|
|
|
|
|
Puerto Rico — 3.4% |
|
|
|
|
|
|
|
State — 3.4% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, Public Improvement |
|
| 2,480 |
|
| 2,676,390 |
|
|
|
|
|
|
|
|
|
U.S. Virgin Islands — 1.6% |
|
|
|
|
|
|
|
Corporate — 1.6% |
|
|
|
|
|
|
|
Virgin Islands Public Finance Authority, RB, Senior |
|
| 1,500 |
|
| 1,266,360 |
|
Total Municipal Bonds — 143.3% |
|
|
|
|
| 112,016,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
Florida — 10.0% |
|
|
|
|
|
|
|
County/City/Special District/School District — 8.1% |
|
|
|
|
|
|
|
Palm Beach County School District, COP, Refunding, |
|
| 6,510 |
|
| 6,317,890 |
|
Housing — 2.0% |
|
|
|
|
|
|
|
Lee County Housing Finance Authority, RB, Multi-County |
|
| 840 |
|
| 879,051 |
|
Manatee County Housing Finance Authority, RB, Series A, |
|
| 642 |
|
| 668,364 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,547,415 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 7,865,305 |
|
Total Long-Term Investments |
|
|
|
|
| 119,882,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
BIF Florida Municipal Money Fund, 0.00% (d)(e) |
|
| 4,192,770 |
|
| 4,192,770 |
|
Total Short-Term Securities |
|
|
|
|
| 4,192,770 |
|
Total Investments (Cost — $128,017,076*) — 158.8% |
|
|
|
|
| 124,074,839 |
|
Other Assets Less Liabilities — 1.4% |
|
|
|
|
| 1,132,458 |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (4,143,453 | ) |
Preferred Shares, at Redemption Value — (54.9)% |
|
|
|
|
| (42,900,520 | ) |
|
|
|
|
|
| ||
Net Assets Applicable to Common Shares — 100.0% |
|
|
|
| $ | 78,163,324 |
|
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
|
| Aggregate cost |
|
|
|
| $ | 123,837,405 |
|
|
|
|
|
|
|
| ||
| Gross unrealized appreciation |
|
|
|
| $ | 1,141,156 |
|
| Gross unrealized depreciation |
|
|
|
|
| (5,040,124 | ) |
|
|
|
|
|
|
| ||
| Net unrealized depreciation |
|
|
|
| $ | (3,898,968 | ) |
|
|
|
|
|
|
|
|
|
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(b) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(c) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(d) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| Affiliate |
| Shares |
| Net |
| Shares |
| Income |
| |
| |||||||||||
| BIF Florida Municipal Money Fund |
| 5,065,158 |
| (872,388 | ) | 4,192,770 |
| $ | 20 |
|
|
|
|
(e) | Represents the current yield as of report date. |
|
|
|
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
|
|
|
| The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
| ||
| The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
| ||||
Investments in Securities: |
|
|
|
|
|
|
|
|
| ||||
Long-Term Securities1 |
|
| — |
| $ | 119,882,069 |
|
| — |
| $ | 119,882,069 |
|
Short-Term Securities |
| $ | 4,192,770 |
|
| — |
|
| — |
|
| 4,192,770 |
|
|
| ||||||||||||
Total |
| $ | 4,192,770 |
| $ | 119,882,069 |
|
| — |
| $ | 124,074,839 |
|
|
|
|
|
|
| 1 | See above Schedule of Investments for values in each sector. |
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 19 |
|
|
| |
Schedule of Investments January 31, 2011 (Unaudited) | BlackRock Investment Quality Municipal Income Trust (RFA) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Arizona — 0.7% |
|
|
|
|
|
|
|
Pima County IDA, Refunding IDRB, Tucson Electric Power, |
| $ | 90 |
| $ | 87,839 |
|
California — 21.4% |
|
|
|
|
|
|
|
Bay Area Toll Authority, Refunding RB, San Francisco Bay |
|
| 195 |
|
| 197,722 |
|
California Educational Facilities Authority, RB, University |
|
| 200 |
|
| 201,616 |
|
California Health Facilities Financing Authority, |
|
|
|
|
|
|
|
Catholic Healthcare West, Series A, |
|
| 130 |
|
| 128,248 |
|
St. Joseph Health System, Series A, |
|
| 195 |
|
| 191,508 |
|
Sutter Health, Series B, 6.00%, 8/15/42 (a) |
|
| 120 |
|
| 117,830 |
|
California State Public Works Board, RB, Department of |
|
| 300 |
|
| 301,872 |
|
Los Angeles Department of Airports, Refunding RB, |
|
| 395 |
|
| 365,189 |
|
Los Angeles Department of Water & Power, RB, Power |
|
| 200 |
|
| 197,414 |
|
San Diego Regional Building Authority California, RB, |
|
| 240 |
|
| 232,155 |
|
San Francisco City & County Airports Commission, |
|
| 500 |
|
| 506,980 |
|
State of California, GO, Various Purpose, |
|
| 185 |
|
| 188,226 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,628,760 |
|
Colorado — 1.2% |
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Refunding RB, |
|
| 155 |
|
| 151,403 |
|
Delaware — 1.4% |
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., |
|
| 175 |
|
| 167,972 |
|
Florida — 4.3% |
|
|
|
|
|
|
|
Arborwood Community Development District, Special |
|
| 200 |
|
| 160,898 |
|
Village Center Community Development District, RB, |
|
| 450 |
|
| 360,819 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 521,717 |
|
Georgia — 4.4% |
|
|
|
|
|
|
|
Municipal Electric Authority of Georgia, Refunding RB, |
|
| 500 |
|
| 542,565 |
|
Illinois — 7.1% |
|
|
|
|
|
|
|
Chicago Park District, GO, Harbor Facilities, Series C, |
|
| 195 |
|
| 187,699 |
|
County of Cook Illinois, GO, Refunding, Series A, |
|
| 100 |
|
| 95,516 |
|
Illinois Finance Authority, RB, Navistar International, |
|
| 75 |
|
| 74,629 |
|
Illinois Finance Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
Northwestern Memorial Hospital, 6.00%, 8/15/39 |
|
| 250 |
|
| 255,515 |
|
OSF Healthcare System, 6.00%, 5/15/39 |
|
| 150 |
|
| 136,916 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Illinois (concluded) |
|
|
|
|
|
|
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
5.50%, 6/01/23 |
| $ | 100 |
| $ | 94,677 |
|
6.00%, 6/01/28 |
|
| 30 |
|
| 28,630 |
|
|
|
|
|
| |||
|
|
|
|
|
| 873,582 |
|
Indiana — 2.8% |
|
|
|
|
|
|
|
Indiana Municipal Power Agency, RB, Series B, |
|
| 335 |
|
| 345,181 |
|
Kansas — 2.0% |
|
|
|
|
|
|
|
Kansas Development Finance Authority, Refunding RB, |
|
| 250 |
|
| 250,150 |
|
Kentucky — 4.3% |
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, |
|
| 100 |
|
| 93,896 |
|
Louisville & Jefferson County Metropolitan Government |
|
| 220 |
|
| 227,834 |
|
Louisville/Jefferson County Metropolitan Government, |
|
| 215 |
|
| 204,175 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 525,905 |
|
Louisiana — 0.8% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
| 100 |
|
| 99,004 |
|
Maryland — 1.1% |
|
|
|
|
|
|
|
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., |
|
| 145 |
|
| 134,972 |
|
Massachusetts — 7.3% |
|
|
|
|
|
|
|
Massachusetts Development Finance Agency, Refunding |
|
| 125 |
|
| 125,657 |
|
Massachusetts HFA, HRB, Series B, AMT, 5.50%, 6/01/41 |
|
| 185 |
|
| 169,253 |
|
Massachusetts HFA, Refunding HRB, Series F, AMT, |
|
| 250 |
|
| 237,375 |
|
Massachusetts HFA, Refunding RB, Series C, AMT, |
|
| 120 |
|
| 107,722 |
|
Massachusetts State College Building Authority, RB, |
|
| 250 |
|
| 255,967 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 895,974 |
|
Michigan — 7.2% |
|
|
|
|
|
|
|
Kalamazoo Hospital Finance Authority, Refunding RB, |
|
| 290 |
|
| 268,740 |
|
Michigan State Building Authority, Refunding RB, |
|
| 250 |
|
| 258,057 |
|
Royal Oak Hospital Finance Authority Michigan, |
|
| 325 |
|
| 361,891 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 888,688 |
|
Nebraska — 0.3% |
|
|
|
|
|
|
|
Lancaster County Hospital Authority No. 1, RB, |
|
| 45 |
|
| 41,994 |
|
Nevada — 5.7% |
|
|
|
|
|
|
|
City of Las Vegas Nevada, GO, Limited Tax, Performing |
|
| 250 |
|
| 260,953 |
|
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42 |
|
| 440 |
|
| 434,306 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 695,259 |
|
|
|
|
20 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
| |
Schedule of Investments (continued) | BlackRock Investment Quality Municipal Income Trust (RFA) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey — 6.4% |
|
|
|
|
|
|
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
New Jersey American Water Co., Inc. Project, |
| $ | 175 |
| $ | 167,979 |
|
School Facilities Construction, Series AA, |
|
| 250 |
|
| 256,557 |
|
New Jersey State Housing & Mortgage Finance Agency, |
|
| 165 |
|
| 161,910 |
|
New Jersey Transportation Trust Fund Authority, RB, |
|
| 190 |
|
| 198,185 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 784,631 |
|
New York — 5.0% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, |
|
| 55 |
|
| 55,184 |
|
New York City Transitional Finance Authority, RB, Fiscal |
|
| 250 |
|
| 249,630 |
|
New York Liberty Development Corp., Refunding RB, |
|
| 85 |
|
| 85,428 |
|
Triborough Bridge & Tunnel Authority, RB, General, |
|
| 225 |
|
| 227,333 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 617,575 |
|
North Carolina — 2.6% |
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Novant |
|
| 395 |
|
| 321,186 |
|
Pennsylvania — 5.9% |
|
|
|
|
|
|
|
Pennsylvania Economic Development Financing |
|
| 300 |
|
| 308,082 |
|
Pennsylvania HFA, Refunding RB, Series 99A, AMT, |
|
| 200 |
|
| 186,442 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series C |
|
| 215 |
|
| 226,034 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 720,558 |
|
Texas — 11.4% |
|
|
|
|
|
|
|
City of Houston Texas, RB, Senior Lien, Series A, |
|
| 85 |
|
| 85,201 |
|
Conroe ISD Texas, GO, School Building, Series A, |
|
| 140 |
|
| 146,670 |
|
Harris County Health Facilities Development Corp., |
|
| 250 |
|
| 268,475 |
|
Lower Colorado River Authority, RB, 5.75%, 5/15/28 |
|
| 120 |
|
| 123,193 |
|
North Texas Tollway Authority, RB, System, First Tier, |
|
| 250 |
|
| 249,985 |
|
Tarrant County Cultural Education Facilities Finance |
|
| 280 |
|
| 279,586 |
|
Texas Private Activity Bond Surface Transportation Corp., |
|
| 250 |
|
| 249,202 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,402,312 |
|
Virginia — 2.2% |
|
|
|
|
|
|
|
Virginia Public School Authority, RB, School Financing, |
|
| 250 |
|
| 271,340 |
|
West Virginia — 1.2% |
|
|
|
|
|
|
|
West Virginia EDA, Refunding RB, Appalachian Power Co., |
|
| 160 |
|
| 143,558 |
|
Total Municipal Bonds — 106.7% |
|
|
|
|
| 13,112,125 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
California — 21.0% |
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University |
| $ | 300 |
| $ | 302,235 |
|
Grossmont Union High School District, GO, Election of |
|
| 300 |
|
| 271,761 |
|
Los Angeles Community College District California, GO, |
|
|
|
|
|
|
|
Series A, 6.00%, 8/01/33 |
|
| 700 |
|
| 740,209 |
|
Series C, 5.25%, 8/01/39 |
|
| 390 |
|
| 369,084 |
|
Los Angeles Unified School District California, GO, |
|
| 60 |
|
| 55,020 |
|
San Diego Public Facilities Financing Authority, Refunding |
|
| 615 |
|
| 619,781 |
|
University of California, RB, Series O, 5.75%, 5/15/34 |
|
| 210 |
|
| 222,905 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,580,995 |
|
District of Columbia — 4.2% |
|
|
|
|
|
|
|
District of Columbia, RB, Series A, 5.50%, 12/01/30 |
|
| 195 |
|
| 204,290 |
|
District of Columbia Water & Sewer Authority, RB, |
|
| 300 |
|
| 309,217 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 513,507 |
|
Florida — 5.7% |
|
|
|
|
|
|
|
Hillsborough County Aviation Authority, RB, Series A, AMT |
|
| 280 |
|
| 261,644 |
|
Lee County Housing Finance Authority, RB, Multi-County |
|
| 270 |
|
| 282,552 |
|
Manatee County Housing Finance Authority, RB, Series A, |
|
| 156 |
|
| 162,406 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 706,602 |
|
Illinois — 5.6% |
|
|
|
|
|
|
|
Illinois Finance Authority, RB, University of Chicago, |
|
| 400 |
|
| 438,428 |
|
Illinois State Toll Highway Authority, RB, Series B, |
|
| 250 |
|
| 244,956 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 683,384 |
|
Nevada — 4.3% |
|
|
|
|
|
|
|
Clark County Water Reclamation District, GO, Limited Tax, |
|
| 500 |
|
| 535,115 |
|
New Hampshire — 1.4% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
| 165 |
|
| 168,252 |
|
New Jersey — 2.4% |
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, |
|
| 300 |
|
| 292,197 |
|
New York — 6.6% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB: |
|
|
|
|
|
|
|
Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
| 240 |
|
| 250,308 |
|
Series FF-2, 5.50%, 6/15/40 |
|
| 255 |
|
| 260,572 |
|
New York State Dormitory Authority, ERB, Series B, |
|
| 300 |
|
| 300,768 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 811,648 |
|
Ohio — 1.7% |
|
|
|
|
|
|
|
County of Allen Ohio, Refunding RB, Catholic Healthcare, |
|
| 230 |
|
| 212,741 |
|
South Carolina — 4.3% |
|
|
|
|
|
|
|
South Carolina State Public Service Authority, RB, Santee |
|
| 510 |
|
| 526,815 |
|
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 21 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock Investment Quality Municipal Income Trust (RFA) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
Texas — 5.6% |
|
|
|
|
|
|
|
City of San Antonio Texas, Refunding RB, Series A, |
| $ | 300 |
| $ | 306,217 |
|
Harris County Cultural Education Facilities Finance |
|
| 400 |
|
| 383,832 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 690,049 |
|
Virginia — 1.1% |
|
|
|
|
|
|
|
Fairfax County IDA Virginia, Refunding RB, Health Care, |
|
| 130 |
|
| 129,723 |
|
Wisconsin — 1.8% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
|
| 240 |
|
| 220,788 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 8,071,816 |
|
Total Long-Term Investments |
|
|
|
|
| 21,183,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
FFI Institutional Tax-Exempt Fund, 0.15% (d)(e) |
|
| 158,350 |
|
| 158,350 |
|
Total Short-Term Securities |
|
|
|
|
| 158,350 |
|
Total Investments (Cost — $21,609,137*) — 173.7% |
|
|
|
|
| 21,342,291 |
|
Other Assets Less Liabilities — 0.6% |
|
|
|
|
| 80,587 |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (4,560,842 | ) |
Preferred Shares, at Redemption Value — (37.2)% |
|
|
|
|
| (4,575,222 | ) |
|
|
|
|
|
| ||
Net Assets Applicable to Common Shares — 100.0% |
|
|
|
| $ | 12,286,814 |
|
|
|
|
|
|
| ||
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 17,112,500 |
|
|
|
| ||
Gross unrealized appreciation |
| $ | 396,737 |
|
Gross unrealized depreciation |
|
| (723,763 | ) |
|
|
| ||
Net unrealized depreciation |
| $ | (327,026 | ) |
|
|
|
|
|
(a) | When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
Counterparty |
| Value |
| Unrealized |
| ||
Morgan Stanley Capital Services, Inc. |
| $ | 117,830 |
| $ | 1,139 |
|
|
|
(b) | Variable rate security. Rate shown is as of report date. |
|
|
(c) | Securities represent bonds transferred to a TOB trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(d) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
| Shares |
| Net |
| Shares |
| Income |
| ||||
FFI Institutional Tax-Exempt Fund |
|
| 353,621 |
|
| (195,271 | ) |
| 158,350 |
| $ | 178 |
|
|
|
|
(e) | Represents the current yield as of report date. | |
|
|
|
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including,but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
|
|
|
| The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
|
|
|
| The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
| — |
| $ | 21,183,941 |
|
| — |
| $ | 21,183,941 |
|
Short-Term Securities |
| $ | 158,350 |
|
| — |
|
| — |
|
| 158,350 |
|
|
| ||||||||||||
Total |
| $ | 158,350 |
| $ | 21,183,941 |
|
| — |
| $ | 21,342,291 |
|
|
|
|
|
|
| 1 | See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
| |
22 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments January 31, 2011 (Unaudited) | BlackRock Municipal Income Investment Trust (BBF) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Arizona — 0.7% |
|
|
|
|
|
|
|
Pima County IDA, Refunding IDRB, Tucson Electric Power, |
| $ | 625 |
| $ | 609,994 |
|
California — 19.9% |
|
|
|
|
|
|
|
Bay Area Toll Authority, Refunding RB, San Francisco Bay |
|
| 1,355 |
|
| 1,373,916 |
|
California Educational Facilities Authority, RB, University |
|
| 1,315 |
|
| 1,325,625 |
|
California Health Facilities Financing Authority, |
|
|
|
|
|
|
|
Catholic Healthcare West, 6.00%, 7/01/39 |
|
| 890 |
|
| 878,003 |
|
St. Joseph Health System, 5.75%, 7/01/39 |
|
| 1,375 |
|
| 1,350,374 |
|
California State Public Works Board, RB: |
|
|
|
|
|
|
|
Department of General Services, Buildings 8 & 9, |
|
| 2,075 |
|
| 2,087,948 |
|
Various Capital Projects, Sub-Series I-1, 6.38%, |
|
| 645 |
|
| 656,159 |
|
Grossmont Union High School District, GO, Election |
|
| 2,020 |
|
| 1,681,791 |
|
Los Angeles Department of Airports, Refunding RB, |
|
| 2,725 |
|
| 2,519,344 |
|
Los Angeles Department of Water & Power, RB, Power |
|
| 1,750 |
|
| 1,727,372 |
|
San Diego Regional Building Authority California, RB, |
|
| 1,600 |
|
| 1,547,696 |
|
State of California, GO, Various Purpose, 6.00%, |
|
| 1,275 |
|
| 1,297,236 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,445,464 |
|
Colorado — 3.4% |
|
|
|
|
|
|
|
City & County of Denver Colorado, Refunding RB, |
|
| 1,810 |
|
| 1,750,288 |
|
Colorado Health Facilities Authority, Refunding RB, |
|
| 1,095 |
|
| 1,069,585 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,819,873 |
|
Delaware — 1.4% |
|
|
|
|
|
|
|
County of Sussex Delaware, RB, NRG Energy, Inc., |
|
| 1,230 |
|
| 1,180,603 |
|
District of Columbia — 1.2% |
|
|
|
|
|
|
|
District of Columbia Water & Sewer Authority, RB, |
|
| 1,000 |
|
| 1,022,080 |
|
Florida — 4.1% |
|
|
|
|
|
|
|
County of St. John’s Florida, RB, CAB (AMBAC), 5.35%, |
|
| 2,235 |
|
| 723,492 |
|
Escambia County Health Facilities Authority, RB, Florida |
|
| 599 |
|
| 606,863 |
|
Village Center Community Development District, RB, |
|
| 1,795 |
|
| 1,439,267 |
|
Watergrass Community Development District, Special |
|
| 1,000 |
|
| 613,530 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,383,152 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Georgia — 4.9% |
|
|
|
|
|
|
|
Metropolitan Atlanta Rapid Transit Authority, RB, Third |
| $ | 885 |
| $ | 858,839 |
|
Municipal Electric Authority of Georgia, Refunding RB, |
|
| 2,900 |
|
| 3,146,877 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,005,716 |
|
Illinois — 11.4% |
|
|
|
|
|
|
|
Chicago Park District, GO, Harbor Facilities, Series C, |
|
| 1,340 |
|
| 1,289,830 |
|
County of Cook Illinois, GO, Refunding, Series A, 5.25%, |
|
| 1,685 |
|
| 1,609,445 |
|
Illinois Finance Authority, RB: |
|
|
|
|
|
|
|
Navistar International, Recovery Zone, 6.50%, |
|
| 510 |
|
| 507,476 |
|
Rush University Medical Center Obligation Group, |
|
| 1,600 |
|
| 1,699,904 |
|
Illinois Finance Authority, Refunding RB, Series A: |
|
|
|
|
|
|
|
Northwestern Memorial Hospital, 6.00%, 8/15/39 |
|
| 1,900 |
|
| 1,941,914 |
|
OSF Healthcare System, 6.00%, 5/15/39 |
|
| 1,000 |
|
| 912,770 |
|
Railsplitter Tobacco Settlement Authority, RB: |
|
|
|
|
|
|
|
5.50%, 6/01/23 |
|
| 690 |
|
| 653,271 |
|
6.00%, 6/01/28 |
|
| 195 |
|
| 186,096 |
|
State of Illinois, RB, Build Illinois, Series B, 5.25%, |
|
| 625 |
|
| 585,056 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,385,762 |
|
Indiana — 2.8% |
|
|
|
|
|
|
|
Indiana Municipal Power Agency, RB, Series B, |
|
| 2,210 |
|
| 2,277,162 |
|
Kansas — 1.9% |
|
|
|
|
|
|
|
Kansas Development Finance Authority, Refunding RB, |
|
| 1,600 |
|
| 1,600,960 |
|
Kentucky — 4.3% |
|
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, |
|
| 660 |
|
| 619,714 |
|
Louisville & Jefferson County Metropolitan Government |
|
| 1,500 |
|
| 1,553,415 |
|
Louisville/Jefferson County Metropolitan Government, |
|
| 1,450 |
|
| 1,376,992 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,550,121 |
|
Louisiana — 0.9% |
|
|
|
|
|
|
|
Louisiana Local Government Environmental Facilities & |
|
| 715 |
|
| 707,879 |
|
Maryland — 1.1% |
|
|
|
|
|
|
|
Maryland EDC, Refunding RB, CNX Marine Terminals, Inc., |
|
| 985 |
|
| 916,877 |
|
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 23 |
|
|
|
|
Schedule of Investments (continued) | BlackRock Municipal Income Investment Trust (BBF) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Massachusetts — 2.2% |
|
|
|
|
|
|
|
Massachusetts Health & Educational Facilities Authority, |
| $ | 1,000 |
| $ | 1,020,140 |
|
Massachusetts State College Building Authority, RB, |
|
| 750 |
|
| 767,903 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,788,043 |
|
Michigan — 4.8% |
|
|
|
|
|
|
|
Kalamazoo Hospital Finance Authority, Refunding RB, |
|
| 1,990 |
|
| 1,844,113 |
|
Michigan State Building Authority, Refunding RB, |
|
| 1,000 |
|
| 1,032,230 |
|
Royal Oak Hospital Finance Authority Michigan, |
|
| 995 |
|
| 1,107,943 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,984,286 |
|
Nebraska — 0.4% |
|
|
|
|
|
|
|
Lancaster County Hospital Authority No. 1, RB, Immanuel |
|
| 315 |
|
| 293,961 |
|
Nevada — 7.4% |
|
|
|
|
|
|
|
City of Las Vegas Nevada, GO, Limited Tax, Performing |
|
| 1,600 |
|
| 1,670,096 |
|
County of Clark Nevada, GO, Refunding, Transportation, |
|
| 1,400 |
|
| 1,374,772 |
|
County of Clark Nevada, RB, Series B, 5.75%, 7/01/42 |
|
| 3,075 |
|
| 3,035,209 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,080,077 |
|
New Jersey — 3.0% |
|
|
|
|
|
|
|
New Jersey State Housing & Mortgage Finance Agency, |
|
| 1,165 |
|
| 1,143,179 |
|
New Jersey Transportation Trust Fund Authority, RB, |
|
| 1,295 |
|
| 1,350,789 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,493,968 |
|
New York — 4.9% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, |
|
| 385 |
|
| 386,290 |
|
New York City Transitional Finance Authority, RB, Fiscal |
|
| 1,500 |
|
| 1,497,780 |
|
New York Liberty Development Corp., Refunding RB, |
|
| 605 |
|
| 608,043 |
|
Triborough Bridge & Tunnel Authority, RB, General, |
|
| 1,510 |
|
| 1,525,659 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,017,772 |
|
North Carolina — 2.7% |
|
|
|
|
|
|
|
North Carolina Medical Care Commission, RB, Novant |
|
| 2,735 |
|
| 2,223,911 |
|
Pennsylvania — 4.0% |
|
|
|
|
|
|
|
Pennsylvania Economic Development Financing |
|
| 500 |
|
| 513,470 |
|
Pennsylvania Turnpike Commission, RB, Sub-Series B, |
|
| 2,945 |
|
| 2,787,207 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,300,677 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico — 3.1% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
| $ | 2,605 |
| $ | 2,535,941 |
|
Texas — 13.1% |
|
|
|
|
|
|
|
City of Houston Texas, RB, Senior Lien, Series A, 5.50%, |
|
| 595 |
|
| 596,404 |
|
Conroe ISD Texas, GO, School Building, Series A, 5.75%, |
|
| 890 |
|
| 932,400 |
|
Harris County Health Facilities Development Corp., |
|
| 500 |
|
| 536,950 |
|
Lower Colorado River Authority, RB: |
|
|
|
|
|
|
|
5.75%, 5/15/28 |
|
| 810 |
|
| 831,554 |
|
5.50%, 5/15/33 |
|
| 2,000 |
|
| 2,015,700 |
|
North Texas Tollway Authority, RB, System, First Tier, |
|
| 1,000 |
|
| 999,940 |
|
Tarrant County Cultural Education Facilities Finance |
|
| 1,905 |
|
| 1,902,180 |
|
Texas Private Activity Bond Surface Transportation Corp., |
|
| 2,980 |
|
| 2,970,494 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,785,622 |
|
Utah — 1.3% |
|
|
|
|
|
|
|
City of Riverton Utah, RB, IHC Health Services Inc., |
|
| 1,205 |
|
| 1,103,045 |
|
Virginia — 1.3% |
|
|
|
|
|
|
|
Virginia Public School Authority, RB, School Financing, |
|
| 1,000 |
|
| 1,085,360 |
|
West Virginia — 1.2% |
|
|
|
|
|
|
|
West Virginia EDA, Refunding RB, Appalachian Power Co., |
|
| 1,095 |
|
| 982,478 |
|
Total Municipal Bonds — 107.4% |
|
|
|
|
| 88,580,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
California — 20.6% |
|
|
|
|
|
|
|
California Educational Facilities Authority, RB, University |
|
| 1,995 |
|
| 2,009,863 |
|
Grossmont Union High School District, GO, Election of |
|
| 2,400 |
|
| 2,174,088 |
|
Los Angeles Community College District California, |
|
|
|
|
|
|
|
Series A, 6.00%, 8/01/33 |
|
| 3,898 |
|
| 4,124,022 |
|
Series C, 5.25%, 8/01/39 |
|
| 2,630 |
|
| 2,488,953 |
|
Los Angeles Unified School District California, GO, |
|
| 400 |
|
| 366,800 |
|
San Diego Public Facilities Financing Authority, |
|
| 4,214 |
|
| 4,247,766 |
|
University of California, RB, Series O, 5.75%, 5/15/34 |
|
| 1,500 |
|
| 1,592,175 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 17,003,667 |
|
|
|
|
See Notes to Financial Statements. |
| |
24 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments (continued) | BlackRock Municipal Income Investment Trust (BBF) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
District of Columbia — 4.0% |
|
|
|
|
|
|
|
District of Columbia, RB, Series A, 5.50%, 12/01/30 |
| $ | 1,395 |
| $ | 1,461,458 |
|
District of Columbia Water & Sewer Authority, RB, |
|
| 1,799 |
|
| 1,855,307 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,316,765 |
|
Florida — 8.9% |
|
|
|
|
|
|
|
Jacksonville Economic Development Commission, RB, |
|
| 7,490 |
|
| 7,347,690 |
|
Illinois — 3.7% |
|
|
|
|
|
|
|
Illinois Finance Authority, RB, University of Chicago, |
|
| 2,800 |
|
| 3,068,996 |
|
Nevada — 5.7% |
|
|
|
|
|
|
|
Clark County Water Reclamation District, GO: |
|
|
|
|
|
|
|
Limited Tax, 6.00%, 7/01/38 |
|
| 2,500 |
|
| 2,675,575 |
|
Series B, 5.50%, 7/01/29 |
|
| 1,994 |
|
| 2,049,712 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,725,287 |
|
New Hampshire — 1.4% |
|
|
|
|
|
|
|
New Hampshire Health & Education Facilities Authority, |
|
| 1,094 |
|
| 1,116,582 |
|
New Jersey — 2.4% |
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, |
|
| 2,000 |
|
| 1,947,980 |
|
New York — 6.7% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB: |
|
|
|
|
|
|
|
Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
| 1,410 |
|
| 1,470,558 |
|
Series FF-2, 5.50%, 6/15/40 |
|
| 1,994 |
|
| 2,038,596 |
|
New York State Dormitory Authority, ERB, Series B, |
|
| 2,000 |
|
| 2,005,120 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,514,274 |
|
Ohio — 1.7% |
|
|
|
|
|
|
|
County of Allen Ohio, Refunding RB, Catholic Healthcare, |
|
| 1,560 |
|
| 1,442,938 |
|
South Carolina — 2.2% |
|
|
|
|
|
|
|
South Carolina State Public Service Authority, RB, |
|
| 1,755 |
|
| 1,812,862 |
|
Texas — 5.7% |
|
|
|
|
|
|
|
City of San Antonio Texas, Refunding RB, Series A, 5.25%, |
|
| 2,025 |
|
| 2,066,963 |
|
Harris County Cultural Education Facilities Finance Corp., |
|
| 2,750 |
|
| 2,638,845 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,705,808 |
|
Virginia — 1.1% |
|
|
|
|
|
|
|
Fairfax County IDA Virginia, Refunding RB, Health Care, |
|
| 899 |
|
| 898,084 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
Wisconsin — 1.9% |
|
|
|
|
|
|
|
Wisconsin Health & Educational Facilities Authority, |
| $ | 1,680 |
| $ | 1,545,512 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 54,446,445 |
|
Total Long-Term Investments |
|
|
|
|
| 143,027,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
FFI Institutional Tax-Exempt Fund, 0.15% (d)(e) |
|
| 2,947,082 |
|
| 2,947,082 |
|
Total Short-Term Securities |
|
|
|
|
| 2,947,082 |
|
Total Investments (Cost — $148,871,793*) — 177.0% |
|
|
|
|
| 145,974,311 |
|
Other Assets Less Liabilities — 1.7% |
|
|
|
|
| 1,375,159 |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (30,641,414 | ) |
Preferred Shares, at Redemption Value — (41.5)% |
|
|
|
|
| (34,252,489 | ) |
|
|
|
|
|
| ||
Net Assets — 100.0% |
|
|
|
| $ | 82,455,567 |
|
|
|
|
|
|
| ||
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 118,757,538 |
|
|
|
| ||
Gross unrealized appreciation |
| $ | 2,090,581 |
|
Gross unrealized depreciation |
|
| (5,490,846 | ) |
|
|
| ||
Net unrealized depreciation |
| $ | (3,400,265 | ) |
|
|
|
|
|
(a) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(b) | Variable rate security. Rate shown is as of report date. |
|
|
(c) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(d) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
| Shares |
| Net |
| Shares |
| Income |
| ||||
FFI Institutional Tax-Exempt Fund |
|
| 4,963,552 |
|
| (2,016,470 | ) |
| 2,947,082 |
| $ | 1,621 |
|
|
|
(e) | Represents the current yield as of report date. |
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 25 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including,but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
|
|
|
| The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
|
|
|
| The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
| — |
| $ | 143,027,229 |
|
| — |
| $ | 143,027,229 |
|
Short-Term Securities |
| $ | 2,947,082 |
|
| — |
|
| — |
|
| 2,947,082 |
|
|
| ||||||||||||
Total |
| $ | 2,947,082 |
| $ | 143,027,229 |
|
| — |
| $ | 145,974,311 |
|
|
|
|
|
|
| 1 | See above Schedule of Investments for values in each state or political subdivision. |
|
|
|
See Notes to Financial Statements. |
| |
26 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments January 31, 2011 (Unaudited) | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey — 136.4% |
|
|
|
|
|
|
|
Corporate — 16.1% |
|
|
|
|
|
|
|
New Jersey EDA, RB, AMT (a): |
|
|
|
|
|
|
|
Continental Airlines Inc. Project, 7.00%, 11/15/30 |
| $ | 925 |
| $ | 905,501 |
|
Disposal, Waste Management of New Jersey, |
|
| 500 |
|
| 518,110 |
|
New Jersey EDA, Refunding RB, New Jersey American |
|
| 175 |
|
| 167,979 |
|
Salem County Utilities Authority, Refunding RB, |
|
| 300 |
|
| 279,807 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,871,397 |
|
County/City/Special District/School District — 17.2% |
|
|
|
|
|
|
|
City of Margate City New Jersey, GO, Improvement, |
|
| 125 |
|
| 124,317 |
|
City of Perth Amboy New Jersey, GO, CAB (AGM), |
|
| 100 |
|
| 86,984 |
|
Essex County Improvement Authority, RB, Newark |
|
|
|
|
|
|
|
5.00%, 11/01/20 |
|
| 190 |
|
| 185,632 |
|
6.00%, 11/01/30 |
|
| 275 |
|
| 275,371 |
|
Essex County Improvement Authority, Refunding RB, |
|
|
|
|
|
|
|
5.50%, 10/01/28 |
|
| 300 |
|
| 308,892 |
|
5.50%, 10/01/29 |
|
| 260 |
|
| 265,785 |
|
Hudson County Improvement Authority, RB: |
|
|
|
|
|
|
|
CAB, Series A-1 (NPFGC), 4.51%, 12/15/32 (c) |
|
| 1,000 |
|
| 235,890 |
|
Harrison Parking Facility Project, Series C (AGC), |
|
| 340 |
|
| 341,833 |
|
Middlesex County Improvement Authority, RB, |
|
| 200 |
|
| 27,686 |
|
State of New Jersey, COP, Equipment Lease Purchase, |
|
| 150 |
|
| 150,660 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,003,050 |
|
Education — 23.5% |
|
|
|
|
|
|
|
New Jersey EDA, School Facilities Construction, RB: |
|
|
|
|
|
|
|
Series CC-2, 5.00%, 12/15/31 |
|
| 200 |
|
| 194,186 |
|
Series CC-2, 5.00%, 12/15/32 |
|
| 200 |
|
| 192,272 |
|
Series S, 5.00%, 9/01/36 |
|
| 200 |
|
| 189,232 |
|
Series Y, 5.00%, 9/01/33 |
|
| 400 |
|
| 381,252 |
|
New Jersey Educational Facilities Authority, RB, Montclair |
|
| 100 |
|
| 97,166 |
|
New Jersey Educational Facilities Authority, |
|
|
|
|
|
|
|
Georgian Court University, Series D, 5.00%, 7/01/33 |
|
| 100 |
|
| 86,214 |
|
New Jersey Institute of Technology, Series H, |
|
| 80 |
|
| 76,162 |
|
Rowan University, Series B (AGC), 5.00%, 7/01/24 |
|
| 255 |
|
| 263,280 |
|
University of Medicine & Dentistry, Series B, 7.50%, |
|
| 175 |
|
| 189,410 |
|
New Jersey Higher Education Assistance Authority, |
|
|
|
|
|
|
|
5.00%, 12/01/25 |
|
| 65 |
|
| 61,413 |
|
5.00%, 12/01/26 |
|
| 50 |
|
| 46,774 |
|
5.13%, 12/01/27 |
|
| 200 |
|
| 188,674 |
|
5.25%, 12/01/32 |
|
| 300 |
|
| 278,745 |
|
Rutgers-State University of New Jersey, Refunding RB, |
|
| 500 |
|
| 490,320 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,735,100 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey (continued) |
|
|
|
|
|
|
|
Health — 16.6% |
|
|
|
|
|
|
|
Burlington County Bridge Commission, Refunding RB, |
| $ | 150 |
| $ | 118,230 |
|
New Jersey EDA, RB, First Mortgage, Lions Gate Project, |
|
|
|
|
|
|
|
5.75%, 1/01/25 |
|
| 60 |
|
| 53,150 |
|
5.88%, 1/01/37 |
|
| 110 |
|
| 90,771 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
First Mortgage, Winchester, |
|
| 500 |
|
| 464,130 |
|
Seabrook Village Inc. Facility, 5.25%, 11/15/26 |
|
| 140 |
|
| 118,097 |
|
New Jersey Health Care Facilities Financing Authority, RB: |
|
|
|
|
|
|
|
Hospital Asset Transformation Program, Series A, |
|
| 250 |
|
| 232,118 |
|
Meridian Health, Series I (AGC), 5.00%, 7/01/38 |
|
| 100 |
|
| 93,226 |
|
Virtua Health (AGC), 5.50%, 7/01/38 |
|
| 150 |
|
| 151,299 |
|
New Jersey Health Care Facilities Financing Authority, |
|
|
|
|
|
|
|
CAB, St. Barnabas Health, Series B, 5.90%, |
|
| 500 |
|
| 111,285 |
|
CAB, St. Barnabas Health, Series B, 5.68%, |
|
| 840 |
|
| 107,100 |
|
CAB, St. Barnabas Health, Series B, 5.74%, |
|
| 900 |
|
| 104,481 |
|
Robert Wood Johnson, 5.00%, 7/01/31 |
|
| 90 |
|
| 83,993 |
|
St. Barnabas Health Care System, Series A, 5.00%, |
|
| 250 |
|
| 208,645 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,936,525 |
|
Housing — 14.6% |
|
|
|
|
|
|
|
New Jersey State Housing & Mortgage Finance |
|
|
|
|
|
|
|
S/F Housing, Series CC, 5.00%, 10/01/34 |
|
| 210 |
|
| 199,914 |
|
S/F Housing, Series X, AMT, 4.85%, 4/01/16 |
|
| 500 |
|
| 505,570 |
|
S/F Housing, Series X, AMT, 5.05%, 4/01/18 |
|
| 215 |
|
| 220,736 |
|
Series A, 4.75%, 11/01/29 |
|
| 140 |
|
| 129,654 |
|
Series AA, 6.38%, 10/01/28 |
|
| 235 |
|
| 248,867 |
|
Series AA, 6.50%, 10/01/38 |
|
| 160 |
|
| 172,232 |
|
Newark Housing Authority, RB, South Ward Police |
|
| 200 |
|
| 219,782 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,696,755 |
|
State — 21.0% |
|
|
|
|
|
|
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, |
|
| 300 |
|
| 302,289 |
|
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, |
|
| 570 |
|
| 568,831 |
|
Newark Downtown District Management Corp., |
|
| 100 |
|
| 81,997 |
|
School Facilities Construction, Series Z (AGC), |
|
| 500 |
|
| 516,400 |
|
School Facilities Construction, Series Z (AGC), |
|
| 300 |
|
| 320,091 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
New Jersey American Water Co., Inc. Project, |
|
| 150 |
|
| 142,805 |
|
School Facilities Construction, Series AA, |
|
| 200 |
|
| 205,246 |
|
School Facilities Construction, Series N-1 (NPFGC), |
|
| 100 |
|
| 100,895 |
|
New Jersey Transportation Trust Fund Authority, RB, |
|
| 100 |
|
| 105,484 |
|
State of New Jersey, COP, Equipment Lease Purchase, |
|
| 100 |
|
| 97,546 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,441,584 |
|
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 27 |
|
|
|
|
Schedule of Investments (continued) | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey (concluded) |
|
|
|
|
|
|
|
Transportation — 26.7% |
|
|
|
|
|
|
|
Delaware River Port Authority of Pennsylvania and |
|
|
|
|
|
|
|
Port District Project, Series B (AGM), 5.70%, |
| $ | 400 |
| $ | 400,372 |
|
Series D, 5.00%, 1/01/40 |
|
| 95 |
|
| 89,997 |
|
New Jersey State Turnpike Authority, RB, Series E, |
|
| 300 |
|
| 297,780 |
|
New Jersey State Turnpike Authority, Refunding |
|
|
|
|
|
|
|
Series C, 6.50%, 1/01/16 |
|
| 160 |
|
| 186,771 |
|
Series C, 6.50%, 1/01/16 (f) |
|
| 785 |
|
| 881,916 |
|
Series C-2005, 6.50%, 1/01/16 (f) |
|
| 55 |
|
| 66,276 |
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
|
|
|
|
|
6.00%, 12/15/38 |
|
| 100 |
|
| 106,101 |
|
Series A, 6.00%, 12/15/18 (g) |
|
| 50 |
|
| 61,331 |
|
Series A, 5.88%, 12/15/38 |
|
| 175 |
|
| 182,539 |
|
Port Authority of New York & New Jersey RB, Refunding , |
|
| 250 |
|
| 256,373 |
|
Port Authority of New York & New Jersey RB, JFK |
|
| 170 |
|
| 160,458 |
|
South Jersey Transportation Authority, RB, Series A |
|
| 490 |
|
| 415,922 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,105,836 |
|
Utilities — 0.7% |
|
|
|
|
|
|
|
Cumberland County Improvement Authority, RB, Series A, |
|
| 75 |
|
| 76,345 |
|
Total Municipal Bonds in New Jersey |
|
|
|
|
| 15,866,592 |
|
|
|
|
|
|
|
|
|
Puerto Rico — 18.8% |
|
|
|
|
|
|
|
County/City/Special District/School District — 5.9% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
| 250 |
|
| 249,228 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
|
|
|
|
|
|
6.00%, 8/01/39 |
|
| 205 |
|
| 204,444 |
|
(AGM), 5.13%, 8/01/42 |
|
| 250 |
|
| 232,518 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 686,190 |
|
State — 10.1% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, Refunding, Public |
|
| 250 |
|
| 242,878 |
|
Puerto Rico Commonwealth Infrastructure Financing |
|
| 795 |
|
| 109,805 |
|
Puerto Rico Highway & Transportation Authority, |
|
| 250 |
|
| 250,282 |
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
| 215 |
|
| 216,776 |
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
| 365 |
|
| 355,324 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,175,065 |
|
Utilities — 2.8% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, RB, Series WW, |
|
| 350 |
|
| 323,932 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 2,185,187 |
|
Total Municipal Bonds — 155.2% |
|
|
|
|
| 18,051,779 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
New Jersey — 2.0% |
|
|
|
|
|
|
|
Transportation — 2.0% |
|
|
|
|
|
|
|
Port Authority of New York & New Jersey, Refunding RB, |
| $ | 240 |
| $ | 228,719 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 228,719 |
|
Total Long-Term Investments |
|
|
|
|
| 18,280,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
BIF New Jersey Municipal Money Fund, 0.04% (i)(j) |
|
| 310,252 |
|
| 310,252 |
|
Total Short-Term Securities |
|
|
|
|
| 310,252 |
|
Total Investments (Cost — $19,784,214*) — 159.9% |
|
|
|
|
| 18,590,750 |
|
Other Assets Less Liabilities — 0.8% |
|
|
|
|
| 98,646 |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (160,054 | ) |
Preferred Shares, at Redemption Value — (59.3)% |
|
|
|
|
| (6,900,501 | ) |
|
|
|
|
|
| ||
Net Assets Applicable to Common Shares– 100.0% |
|
|
|
| $ | 11,628,841 |
|
|
|
|
|
|
|
|
|
| |
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
Aggregate cost |
| $ | 19,622,047 |
|
|
|
| ||
Gross unrealized appreciation |
| $ | 258,192 |
|
Gross unrealized depreciation |
|
| (1,449,406 | ) |
|
|
| ||
Net unrealized depreciation |
| $ | (1,191,214 | ) |
|
|
|
|
|
(a) | Variable rate security. Rate shown is as of report date. |
|
|
(b) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
|
|
(c) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(d) | Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(e) | Non-income producing security. |
|
|
(f) | Security is collateralized by Municipal or US Treasury obligations. |
|
|
(g) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(h) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(i) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
| Shares |
| Net |
| Shares |
| Income |
| ||||
BIF New Jersey Municipal Money Fund |
|
| 413,597 |
|
| (103,345 | ) |
| 310,252 |
| $ | 159 |
|
|
|
(j) | Represents the current yield as of report date. |
|
|
• | For Trust compliance purposes,the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. |
|
|
|
See Notes to Financial Statements. |
| |
28 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
|
|
|
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: | |
|
| |
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
| — |
| $ | 18,280,498 |
|
| — |
| $ | 18,280,498 |
|
Short-Term Securities |
| $ | 310,252 |
|
| — |
|
| — |
|
| 310,252 |
|
|
|
| |||||||||||
Total |
| $ | 310,252 |
| $ | 18,280,498 |
|
| — |
| $ | 18,590,750 |
|
|
|
|
|
|
|
| 1 | See above Schedule of Investments for values in each sector. |
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 29 |
|
|
|
|
Schedule of Investments January 31, 2011 (Unaudited) | BlackRock New Jersey Municipal Income Trust (BNJ) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey — 124.0% |
|
|
|
|
|
|
|
Corporate — 11.2% |
|
|
|
|
|
|
|
New Jersey EDA, RB, AMT (a): |
|
|
|
|
|
|
|
Continental Airlines Inc. Project, 7.00%, 11/15/30 |
| $ | 3,450 |
| $ | 3,377,274 |
|
Continental Airlines Inc. Project, 7.20%, 11/15/30 |
|
| 2,000 |
|
| 1,999,680 |
|
Disposal, Waste Management of New Jersey, |
|
| 2,000 |
|
| 2,072,440 |
|
New Jersey EDA, Refunding RB, New Jersey American |
|
| 1,500 |
|
| 1,439,820 |
|
Salem County Utilities Authority, Refunding RB, |
|
| 2,400 |
|
| 2,238,456 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 11,127,670 |
|
County/City/Special District/School District — 13.0% |
|
|
|
|
|
|
|
City of Margate City New Jersey, GO, Improvement, |
|
| 1,085 |
|
| 1,067,922 |
|
City of Perth Amboy New Jersey, GO, CAB (AGM) (b): |
|
|
|
|
|
|
|
5.16%, 7/01/34 |
|
| 1,075 |
|
| 935,078 |
|
5.17%, 7/01/35 |
|
| 175 |
|
| 151,550 |
|
Essex County Improvement Authority, RB, |
|
|
|
|
|
|
|
5.00%, 11/01/20 |
|
| 735 |
|
| 718,102 |
|
6.00%, 11/01/30 |
|
| 1,090 |
|
| 1,091,471 |
|
Essex County Improvement Authority, Refunding RB, |
|
|
|
|
|
|
|
5.50%, 10/01/28 |
|
| 1,440 |
|
| 1,482,682 |
|
5.50%, 10/01/29 |
|
| 2,630 |
|
| 2,688,517 |
|
Hudson County Improvement Authority, RB, Harrison |
|
| 2,400 |
|
| 2,412,936 |
|
Middlesex County Improvement Authority, RB, |
|
| 1,790 |
|
| 247,790 |
|
Newark Housing Authority, Refunding RB, Newark |
|
| 2,600 |
|
| 2,224,274 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,020,322 |
|
Education — 13.8% |
|
|
|
|
|
|
|
New Jersey EDA, RB, School Facilities Construction, |
|
| 1,525 |
|
| 1,480,668 |
|
New Jersey Educational Facilities Authority, RB: |
|
|
|
|
|
|
|
Georgian Court College Project, Series C, 6.50%, |
|
| 2,120 |
|
| 2,408,638 |
|
Montclair State University, Series J, 5.25%, |
|
| 580 |
|
| 563,563 |
|
New Jersey Educational Facilities Authority, Refunding RB: |
|
|
|
|
|
|
|
College of New Jersey, Series D (AGM), 5.00%, |
|
| 3,230 |
|
| 3,136,750 |
|
Fairleigh Dickinson University, Series C, 6.00%, |
|
| 1,000 |
|
| 1,035,130 |
|
Georgian Court University, Series D, 5.00%, |
|
| 250 |
|
| 215,535 |
|
New Jersey Institute of Technology, Series H, 5.00%, |
|
| 660 |
|
| 628,340 |
|
University of Medicine & Dentistry, Series B, 7.50%, |
|
| 1,450 |
|
| 1,569,393 |
|
New Jersey Higher Education Assistance Authority, |
|
|
|
|
|
|
|
5.00%, 12/01/25 |
|
| 535 |
|
| 505,479 |
|
5.00%, 12/01/26 |
|
| 350 |
|
| 327,414 |
|
5.25%, 12/01/32 |
|
| 500 |
|
| 464,575 |
|
Rutgers-State University of New Jersey, Refunding RB, |
|
| 1,500 |
|
| 1,470,960 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,806,445 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey (continued) |
|
|
|
|
|
|
|
Health — 25.6% |
|
|
|
|
|
|
|
Burlington County Bridge Commission, Refunding RB, |
| $ | 1,000 |
| $ | 788,200 |
|
City of Newark New Jersey, Refunding RB, New |
|
| 1,780 |
|
| 1,704,528 |
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
First Mortgage, Lions Gate Project, Series A, 5.75%, |
|
| 500 |
|
| 442,920 |
|
First Mortgage, Lions Gate Project, Series A, 5.88%, |
|
| 855 |
|
| 705,537 |
|
Masonic Charity Foundation Project, 5.50%, |
|
| 875 |
|
| 821,966 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
First Mortgage, Winchester, Series A, 5.75%, |
|
| 4,050 |
|
| 3,878,968 |
|
Seabrook Village Inc. Facility, 5.25%, 11/15/26 |
|
| 1,790 |
|
| 1,509,955 |
|
New Jersey Health Care Facilities Financing |
|
|
|
|
|
|
|
Health System, Catholic Health East, Series A, |
|
| 3,000 |
|
| 3,250,830 |
|
Hospital Asset Transformation Program, Series A, |
|
| 2,350 |
|
| 2,181,905 |
|
Kennedy Health System, 5.63%, 7/01/31 |
|
| 2,030 |
|
| 1,880,267 |
|
Meridian Health, Series I (AGC), 5.00%, 7/01/38 |
|
| 750 |
|
| 699,195 |
|
Virtua Health (AGC), 5.50%, 7/01/38 |
|
| 1,250 |
|
| 1,260,825 |
|
New Jersey Health Care Facilities Financing Authority, |
|
|
|
|
|
|
|
Atlantic City Medical System, 5.75%, 7/01/25 |
|
| 1,255 |
|
| 1,268,855 |
|
CAB, St. Barnabas Health, Series B, 5.89%, |
|
| 2,500 |
|
| 556,425 |
|
CAB, St. Barnabas Health, Series B, 5.68%, |
|
| 7,700 |
|
| 981,750 |
|
CAB, St. Barnabas Health, Series B, 5.74%, |
|
| 7,250 |
|
| 841,653 |
|
Robert Wood Johnson, 5.00%, 7/01/31 |
|
| 750 |
|
| 699,945 |
|
South Jersey Hospital, 5.00%, 7/01/46 |
|
| 1,650 |
|
| 1,404,348 |
|
St. Barnabas Health Care System, Series A, |
|
| 750 |
|
| 625,935 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 25,504,007 |
|
Housing — 17.0% |
|
|
|
|
|
|
|
Middlesex County Improvement Authority, RB, |
|
|
|
|
|
|
|
Administration Building Residential Project, |
|
| 1,400 |
|
| 1,364,020 |
|
New Brunswick Apartments Rental Housing, |
|
| 4,360 |
|
| 4,214,986 |
|
New Jersey State Housing & Mortgage |
|
|
|
|
|
|
|
S/F Housing, Series CC, 5.00%, 10/01/34 |
|
| 1,775 |
|
| 1,689,747 |
|
S/F Housing, Series X, AMT, 4.85%, 4/01/16 |
|
| 1,750 |
|
| 1,769,495 |
|
Series A, 4.75%, 11/01/29 |
|
| 1,185 |
|
| 1,097,429 |
|
Series AA, 6.38%, 10/01/28 |
|
| 1,410 |
|
| 1,493,204 |
|
Series AA, 6.50%, 10/01/38 |
|
| 1,990 |
|
| 2,142,135 |
|
New Jersey State Housing & Mortgage Finance |
|
| 700 |
|
| 616,056 |
|
Newark Housing Authority, RB, South Ward Police |
|
|
|
|
|
|
|
5.75%, 12/01/30 |
|
| 580 |
|
| 587,557 |
|
6.75%, 12/01/38 |
|
| 1,850 |
|
| 2,032,984 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 17,007,613 |
|
|
|
|
See Notes to Financial Statements. |
| |
30 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments (continued) | BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New Jersey (concluded) |
|
|
|
|
|
|
|
State — 24.1% |
|
|
|
|
|
|
|
Garden State Preservation Trust, RB, CAB, Series B |
| $ | 6,000 |
| $ | 2,710,260 |
|
New Jersey EDA, RB: |
|
|
|
|
|
|
|
Kapkowski Road Landfill Project, Series 1998B, |
|
| 5,000 |
|
| 4,727,300 |
|
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, |
|
| 1,000 |
|
| 1,007,630 |
|
Motor Vehicle Surcharge, Series A (NPFGC), 5.25%, |
|
| 1,365 |
|
| 1,362,202 |
|
School Facilities Construction, Series Z (AGC), |
|
| 3,000 |
|
| 3,098,400 |
|
School Facilities Construction, Series Z (AGC), |
|
| 3,000 |
|
| 3,200,910 |
|
New Jersey EDA, Refunding RB: |
|
|
|
|
|
|
|
New Jersey American Water Co., Inc. Project, |
|
| 1,275 |
|
| 1,213,838 |
|
School Facilities Construction, Series AA, 5.50%, |
|
| 2,000 |
|
| 2,052,460 |
|
New Jersey EDA, Special Assessment Bonds, Refunding, |
|
| 2,500 |
|
| 2,483,375 |
|
New Jersey Transportation Trust Fund Authority, RB: |
|
|
|
|
|
|
|
CAB, Transportation System, Series C (AGM), |
|
| 4,000 |
|
| 943,560 |
|
Transportation System, Series A (AGC), 5.63%, |
|
| 670 |
|
| 706,743 |
|
State of New Jersey, COP, Equipment Lease Purchase, |
|
| 600 |
|
| 585,276 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 24,091,954 |
|
Transportation — 18.2% |
|
|
|
|
|
|
|
Delaware River Port Authority of Pennsylvania and |
|
|
|
|
|
|
|
Port District Project, Series B (AGM), 5.70%, |
|
| 1,000 |
|
| 1,000,930 |
|
Series D, 5.00%, 1/01/40 |
|
| 800 |
|
| 757,872 |
|
New Jersey State Turnpike Authority, RB, Series E, |
|
| 3,205 |
|
| 3,181,283 |
|
New Jersey Transportation Trust Fund Authority, RB, |
|
|
|
|
|
|
|
6.00%, 12/15/38 |
|
| 945 |
|
| 1,002,655 |
|
Series A, 6.00%, 12/15/18 (e) |
|
| 505 |
|
| 619,443 |
|
Series A, 5.88%, 12/15/38 |
|
| 1,465 |
|
| 1,528,112 |
|
Series A (AGC), 5.50%, 12/15/38 |
|
| 1,000 |
|
| 1,036,100 |
|
Port Authority of New York & New Jersey, RB, |
|
|
|
|
|
|
|
6.00%, 12/01/42 |
|
| 1,430 |
|
| 1,349,734 |
|
Special Project, Air, Series 6, AMT (NPFGC), |
|
| 6,000 |
|
| 5,839,980 |
|
Port Authority of New York & New Jersey, Refunding RB, |
|
| 1,750 |
|
| 1,794,608 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 18,110,717 |
|
Utilities — 1.1% |
|
|
|
|
|
|
|
Cumberland County Improvement Authority, RB, |
|
| 620 |
|
| 631,123 |
|
Rahway Valley Sewerage Authority, RB, CAB, |
|
| 2,000 |
|
| 455,580 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,086,703 |
|
Total Municipal Bonds in New Jersey |
|
|
|
|
| 123,755,431 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico — 28.7% |
|
|
|
|
|
|
|
County/City/Special District/ |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB, First |
| $ | 2,250 |
| $ | 2,243,047 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
|
|
|
|
|
|
6.00%, 8/01/39 |
|
| 1,740 |
|
| 1,735,285 |
|
(AGM), 5.13%, 8/01/42 |
|
| 3,000 |
|
| 2,790,210 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,768,542 |
|
Housing — 4.7% |
|
|
|
|
|
|
|
Puerto Rico Housing Finance Authority, RB, |
|
| 2,330 |
|
| 2,324,501 |
|
Puerto Rico Housing Finance Authority, Refunding RB, |
|
| 2,330 |
|
| 2,329,954 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,654,455 |
|
State — 12.0% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, Refunding, Public |
|
| 750 |
|
| 728,633 |
|
Puerto Rico Commonwealth Infrastructure |
|
| 6,000 |
|
| 828,720 |
|
Puerto Rico Highway & Transportation Authority, |
|
| 1,680 |
|
| 1,681,898 |
|
Puerto Rico Public Buildings Authority, RB, CAB, |
|
|
|
|
|
|
|
5.50%, 7/01/12 |
|
| 1,335 |
|
| 1,019,192 |
|
5.47%, 7/01/17 (e) |
|
| 3,665 |
|
| 3,891,900 |
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
| 850 |
|
| 857,021 |
|
Puerto Rico Sales Tax Financing Corp., RB, |
|
| 3,075 |
|
| 2,993,482 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 12,000,846 |
|
Transportation — 3.4% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation Authority, |
|
|
|
|
|
|
|
Series AA-1 (AGM), 4.95%, 7/01/26 |
|
| 500 |
|
| 484,770 |
|
Series CC (AGC), 5.50%, 7/01/31 |
|
| 2,000 |
|
| 1,992,600 |
|
Series M, 5.00%, 7/01/32 |
|
| 1,000 |
|
| 871,570 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,348,940 |
|
Utilities — 1.8% |
|
|
|
|
|
|
|
Puerto Rico Electric Power Authority, RB, Series WW, |
|
| 2,000 |
|
| 1,851,040 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 28,623,823 |
|
Total Municipal Bonds — 152.7% |
|
|
|
|
| 152,379,254 |
|
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 31 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
New Jersey — 3.9% |
|
|
|
|
|
|
|
Transportation — 3.9% |
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, RB, |
| $ | 2,000 |
| $ | 1,947,980 |
|
Port Authority of New York & New Jersey, Refunding RB, |
|
| 2,039 |
|
| 1,944,110 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 3,892,090 |
|
Total Long-Term Investments |
|
|
|
|
| 156,271,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term Securities |
| Shares |
|
|
|
| |
BIF New Jersey Municipal Money Fund, 0.04% (h)(i) |
|
| 3,915,752 |
|
| 3,915,752 |
|
Total Short-Term Securities |
|
|
|
|
| 3,915,752 |
|
Total Investments (Cost — $168,573,042*) — 160.5% |
|
|
|
|
| 160,187,096 |
|
Other Assets Less Liabilities — 1.1% |
|
|
|
|
| 1,080,996 |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (2,360,842 | ) |
Preferred Shares, at Redemption Value — (59.2)% |
|
|
|
|
| (59,102,863 | ) |
|
|
|
|
|
| ||
Net Assets — 100.0% |
|
|
|
| $ | 99,804,387 |
|
|
|
|
|
|
|
|
|
| |
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
| Aggregate cost |
| $ | 165,853,212 |
|
|
|
|
| ||
| Gross unrealized appreciation |
| $ | 2,956,670 |
|
| Gross unrealized depreciation |
|
| (10,982,082 | ) |
|
|
|
| ||
| Net unrealized depreciation |
| $ | (8,025,412 | ) |
|
|
|
|
|
|
(a) | Variable rate security. Rate shown is as of report date. |
|
|
(b) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
|
|
(c) | Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(d) | Non-income producing security. |
|
|
(e) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(f) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(g) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(h) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Affiliate |
| Shares at |
| Net |
| Shares at |
| Income |
| ||||
BIF New Jersey Municipal Money Fund |
|
| 5,032,609 |
|
| (1,116,857 | ) |
| 3,915,752 |
| $ | 875 |
|
|
|
(i) | Represents the current yield as of report date. |
|
|
|
• | For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. | |
|
|
|
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: | |
|
| |
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.
The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
| — |
| $ | 156,271,344 |
|
| — |
| $ | 156,271,344 |
|
Short-Term Securities |
| $ | 3,915,752 |
|
| — |
|
| — |
|
| 3,915,752 |
|
|
| ||||||||||||
Total |
| $ | 3,915,752 |
| $ | 156,271,344 |
|
| — |
| $ | 160,187,096 |
|
|
|
|
|
|
| 1 | See above Schedule of Investments for values in each sector. |
|
|
|
32 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments January 31, 2011 (Unaudited) | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York — 140.7% |
|
|
|
|
|
|
|
Corporate — 19.7% |
|
|
|
|
|
|
|
Chautauqua County Industrial Development Agency, RB, |
| $ | 130 |
| $ | 122,486 |
|
Essex County Industrial Development Agency New York, |
|
| 100 |
|
| 101,628 |
|
Jefferson County Industrial Development Agency New |
|
| 150 |
|
| 143,315 |
|
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
|
American Airlines Inc., JFK International Airport, AMT, |
|
| 800 |
|
| 827,984 |
|
American Airlines Inc., JFK International Airport, AMT, |
|
| 300 |
|
| 312,183 |
|
Liberty-IAC/InteractiveCorp, 5.00%, 9/01/35 |
|
| 250 |
|
| 202,412 |
|
New York Liberty Development Corp., RB, Goldman |
|
|
|
|
|
|
|
5.25%, 10/01/35 |
|
| 650 |
|
| 628,153 |
|
5.50%, 10/01/37 |
|
| 200 |
|
| 199,152 |
|
Port Authority of New York & New Jersey, RB, Continental |
|
| 790 |
|
| 800,428 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,337,741 |
|
County/City/Special District/School District — 38.4% |
|
|
|
|
|
|
|
Amherst Development Corp., RB, University at Buffalo |
|
|
|
|
|
|
|
4.38%, 10/01/30 |
|
| 250 |
|
| 217,663 |
|
4.63%, 10/01/40 |
|
| 275 |
|
| 238,719 |
|
Hudson Yards Infrastructure Corp., RB, Series A: |
|
|
|
|
|
|
|
5.00%, 2/15/47 |
|
| 1,200 |
|
| 1,020,168 |
|
(FGIC), 5.00%, 2/15/47 |
|
| 200 |
|
| 170,028 |
|
(NPFGC), 4.50%, 2/15/47 |
|
| 60 |
|
| 45,300 |
|
New York City Industrial Development Agency, RB, PILOT: |
|
|
|
|
|
|
|
CAB, Yankee Stadium, (AGC), 5.83%, 3/01/35 (b) |
|
| 400 |
|
| 90,856 |
|
Queens Baseball Stadium, (AGC), |
|
| 100 |
|
| 104,441 |
|
Queens Baseball Stadium, (AMBAC), |
|
| 650 |
|
| 521,592 |
|
New York City Transitional Finance Authority, RB, |
|
| 150 |
|
| 149,778 |
|
New York Convention Center Development Corp., RB, |
|
| 800 |
|
| 713,120 |
|
New York Liberty Development Corp., Refunding RB, |
|
|
|
|
|
|
|
5.63%, 7/15/47 |
|
| 1,100 |
|
| 1,029,963 |
|
6.38%, 7/15/49 |
|
| 100 |
|
| 100,503 |
|
New York State Dormitory Authority, RB, State University |
|
| 100 |
|
| 96,899 |
|
Sales Tax Asset Receivable Corp., RB, Series A (AMBAC), |
|
| 2,000 |
|
| 1,989,360 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,488,390 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (continued) |
|
|
|
|
|
|
|
Education — 19.3% |
|
|
|
|
|
|
|
Albany Industrial Development Agency, RB, New |
|
|
|
|
|
|
|
7.00%, 5/01/25 |
| $ | 95 |
| $ | 28,500 |
|
7.00%, 5/01/35 |
|
| 60 |
|
| 18,000 |
|
City of Troy New York, Refunding RB, Rensselaer |
|
| 100 |
|
| 92,222 |
|
Nassau County Industrial Development Agency, |
|
| 100 |
|
| 92,086 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
5.83%, 7/01/39 (e) |
|
| 175 |
|
| 145,066 |
|
Convent of the Sacred Heart (AGM), |
|
| 150 |
|
| 148,299 |
|
Cornell University, Series A, 5.00%, 7/01/40 |
|
| 100 |
|
| 98,481 |
|
The New School (AGM), 5.50%, 7/01/43 |
|
| 200 |
|
| 197,014 |
|
New York University, Series 1 (AMBAC), |
|
| 250 |
|
| 254,485 |
|
Rochester Institute of Technology, Series A, |
|
| 175 |
|
| 182,641 |
|
University of Rochester, Series A, 5.13%, 7/01/39 |
|
| 200 |
|
| 193,172 |
|
Vassar College, 5.00%, 7/01/49 |
|
| 100 |
|
| 94,812 |
|
New York State Dormitory Authority, Refunding RB: |
|
|
|
|
|
|
|
Brooklyn Law School, 5.75%, 7/01/33 |
|
| 75 |
|
| 76,397 |
|
Teachers College, 5.50%, 3/01/39 |
|
| 200 |
|
| 200,896 |
|
Schenectady County Industrial Development Agency, |
|
| 500 |
|
| 495,560 |
|
Suffolk County Industrial Development Agency, |
|
| 100 |
|
| 94,230 |
|
Trust for Cultural Resources, RB, Series A: |
|
|
|
|
|
|
|
Carnegie Hall, 4.75%, 12/01/39 |
|
| 375 |
|
| 337,027 |
|
Carnegie Hall, 5.00%, 12/01/39 |
|
| 150 |
|
| 140,231 |
|
Juilliard School, 5.00%, 1/01/39 |
|
| 250 |
|
| 245,923 |
|
Yonkers Industrial Development Agency New York, RB, |
|
| 125 |
|
| 122,930 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,257,972 |
|
Health — 18.9% |
|
|
|
|
|
|
|
Dutchess County Local Development Corp., Refunding |
|
| 150 |
|
| 146,060 |
|
Genesee County Industrial Development Agency New |
|
| 100 |
|
| 78,478 |
|
Monroe County Industrial Development Corp., RB, Unity |
|
| 100 |
|
| 99,576 |
|
New York State Dormitory Authority, MRB, Hospital, |
|
| 250 |
|
| 234,453 |
|
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 33 |
|
|
|
|
Schedule of Investments (continued) | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (continued) |
|
|
|
|
|
|
|
Health (concluded) |
|
|
|
|
|
|
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
New York State Association for Retarded Children, |
| $ | 75 |
| $ | 76,685 |
|
New York University Hospital Center, Series A, |
|
| 100 |
|
| 96,277 |
|
New York University Hospital Center, Series B, |
|
| 150 |
|
| 141,636 |
|
North Shore-Long Island Jewish Health System, |
|
| 175 |
|
| 166,367 |
|
North Shore-Long Island Jewish Health System, |
|
| 250 |
|
| 245,982 |
|
New York State Dormitory Authority, Refunding RB: |
|
|
|
|
|
|
|
Kateri Residence, 5.00%, 7/01/22 |
|
| 1,000 |
|
| 1,015,300 |
|
Mount Sinai Hospital, Series A, 5.00%, 7/01/26 |
|
| 140 |
|
| 135,535 |
|
North Shore-Long Island Jewish Health System, |
|
| 150 |
|
| 144,039 |
|
St. Luke’s Roosevelt Hospital (FHA), |
|
| 100 |
|
| 88,509 |
|
Saratoga County Industrial Development Agency New |
|
| 100 |
|
| 90,255 |
|
Suffolk County Industrial Development Agency New |
|
| 115 |
|
| 100,710 |
|
Westchester County Healthcare Corp. New York, |
|
| 100 |
|
| 96,189 |
|
Westchester County Industrial Development Agency |
|
| 250 |
|
| 234,960 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,191,011 |
|
Housing — 10.6% |
|
|
|
|
|
|
|
New York City Housing Development Corp., RB: |
|
|
|
|
|
|
|
Series A (Ginnie Mae), 5.25%, 5/01/30 |
|
| 1,000 |
|
| 995,120 |
|
Series B1, AMT, 5.15%, 11/01/37 |
|
| 250 |
|
| 234,803 |
|
Series J-2-A, AMT, 4.75%, 11/01/27 |
|
| 500 |
|
| 468,095 |
|
New York Mortgage Agency, Refunding RB, Series 143, |
|
| 100 |
|
| 88,594 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,786,612 |
|
State — 10.0% |
|
|
|
|
|
|
|
New York State Dormitory Authority, ERB: |
|
|
|
|
|
|
|
Series B, 5.75%, 3/15/36 |
|
| 150 |
|
| 157,323 |
|
Series C, 5.00%, 12/15/31 |
|
| 150 |
|
| 150,142 |
|
New York State Dormitory Authority, LRB, Municipal |
|
| 200 |
|
| 186,260 |
|
New York State Dormitory Authority, Refunding RB, State |
|
| 1,005 |
|
| 1,116,947 |
|
State of New York, GO, Series A, 5.00%, 2/15/39 |
|
| 75 |
|
| 73,776 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,684,448 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (concluded) |
|
|
|
|
|
|
|
Transportation — 6.2% |
|
|
|
|
|
|
|
Metropolitan Transportation Authority, RB: |
|
|
|
|
|
|
|
Series 2008C, 6.50%, 11/15/28 |
| $ | 250 |
| $ | 273,417 |
|
Series B, 4.50%, 11/15/37 |
|
| 150 |
|
| 122,064 |
|
Transportation, Series D (AGM), 5.25%, 11/15/40 |
|
| 140 |
|
| 135,087 |
|
Port Authority of New York & New Jersey, RB: |
|
|
|
|
|
|
|
Consolidated, 116th Series, 4.13%, 9/15/32 |
|
| 250 |
|
| 218,488 |
|
JFK International Air Terminal, 6.00%, 12/01/42 |
|
| 150 |
|
| 141,581 |
|
Triborough Bridge & Tunnel Authority, RB, General |
|
| 155 |
|
| 152,622 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,043,259 |
|
Utilities — 17.6% |
|
|
|
|
|
|
|
Albany Municipal Water Finance Authority, RB, Series B |
|
| 1,000 |
|
| 918,320 |
|
New York City Municipal Water Finance Authority, RB: |
|
|
|
|
|
|
|
Second General Resolution, Series EE, |
|
| 100 |
|
| 100,335 |
|
Series C, 5.13%, 6/15/33 |
|
| 1,000 |
|
| 997,960 |
|
New York City Municipal Water Finance Authority, |
|
| 1,000 |
|
| 966,470 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,983,085 |
|
Total Municipal Bonds in New York |
|
|
|
|
| 23,772,518 |
|
|
|
|
|
|
|
|
|
Guam — 1.9% |
|
|
|
|
|
|
|
State — 0.6% |
|
|
|
|
|
|
|
Territory of Guam, GO, Series A, 7.00%, 11/15/39 |
|
| 100 |
|
| 106,769 |
|
Tobacco — 0.5% |
|
|
|
|
|
|
|
Guam Economic Development & Commerce Authority, |
|
| 100 |
|
| 83,424 |
|
Utilities — 0.8% |
|
|
|
|
|
|
|
Guam Government Waterworks Authority, Refunding RB, |
|
| 150 |
|
| 142,060 |
|
Total Municipal Bonds in Guam |
|
|
|
|
| 332,253 |
|
|
|
|
|
|
|
|
|
Puerto Rico — 10.1% |
|
|
|
|
|
|
|
County/City/Special District/School District — 4.4% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB: |
|
|
|
|
|
|
|
CAB, Series A, 6.39%, 8/01/32 (b) |
|
| 750 |
|
| 180,720 |
|
First Sub-Series A, 6.00%, 8/01/42 |
|
| 500 |
|
| 498,455 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
| 550 |
|
| 71,654 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 750,829 |
|
Housing — 0.3% |
|
|
|
|
|
|
|
Puerto Rico Housing Finance Authority, Refunding RB, |
|
| 50 |
|
| 49,690 |
|
State — 2.3% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, Refunding: |
|
|
|
|
|
|
|
Public Improvement, Series C, 6.00%, 7/01/39 |
|
| 100 |
|
| 97,598 |
|
Sub-Series C-7 (NPFGC), 6.00%, 7/01/28 |
|
| 250 |
|
| 251,023 |
|
Puerto Rico Commonwealth Infrastructure Financing |
|
| 395 |
|
| 31,987 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 380,608 |
|
|
|
|
34 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
| |
Schedule of Investments (concluded) | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Puerto Rico (concluded) |
|
|
|
|
|
|
|
Tobacco — 2.5% |
|
|
|
|
|
|
|
Children’s Trust Fund, Refunding RB, Asset-Backed, |
| $ | 500 |
| $ | 425,230 |
|
Transportation — 0.6% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation Authority, |
|
| 100 |
|
| 96,954 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 1,703,311 |
|
Total Municipal Bonds — 152.7% |
|
|
|
|
| 25,808,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
|
|
|
|
|
|
|
New York — 6.4% |
|
|
|
|
|
|
|
Utilities — 6.4% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB, |
|
| 105 |
|
| 109,510 |
|
New York City Municipal Water Finance Authority, |
|
| 1,000 |
|
| 970,480 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 1,079,990 |
|
Total Long-Term Investments |
|
|
|
|
| 26,888,072 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Securities |
| Shares |
|
|
|
| |
BIF New York Municipal Money Fund, 0.00%, |
|
| 150,230 |
|
| 150,230 |
|
Total Short-Term Securities |
|
|
|
|
| 150,230 |
|
Total Investments (Cost — $28,105,892*) — 160.0% |
|
|
|
|
| 27,038,302 |
|
Other Assets Less Liabilities — 0.9% |
|
|
|
|
| 155,692 |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (570,206 | ) |
Preferred Shares, at Redemption Value — (57.5)% |
|
|
|
|
| (9,725,118 | ) |
|
|
|
|
|
| ||
Net Assets — 100.0% |
|
|
|
| $ | 16,898,670 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
|
|
Aggregate cost |
|
|
|
| $ | 27,537,895 |
|
|
|
|
|
|
| ||
Gross unrealized appreciation |
|
|
|
| $ | 361,325 |
|
Gross unrealized depreciation |
|
|
|
|
| (1,430,892 | ) |
|
|
|
|
|
| ||
Net unrealized depreciation |
|
|
|
| $ | (1,069,567 | ) |
|
|
|
|
|
|
|
|
(a) | Variable rate security. Rate shown is as of report date. |
|
|
(b) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(c) | Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(d) | Non-income producing security. |
|
|
(e) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
|
|
(f) | When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
| ||||||||
| Counterparty |
| Value |
| Unrealized |
| ||
| ||||||||
| Wells Fargo Bank, NA |
| $ | 148,299 |
| $ | 417 |
|
|
|
|
(g) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(h) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Affiliate |
| Shares at |
| Net |
| Shares at |
| Income |
|
| ||||||||||
| BIF New York Municipal Money Fund |
| 177,010 |
| (26,780 | ) | 150,230 |
| — |
|
|
|
|
|
(i) | Represents the current yield as of report date. | |
|
|
|
• | For Trust compliance purposes,the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. | |
|
|
|
| • | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: |
|
|
|
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
|
|
|
| The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
| ||
| The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| |||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
| — |
| $ | 26,888,072 |
| — |
| $ | 26,888,072 |
|
Short-Term Securities |
| $ | 150,230 |
|
| — |
| — |
|
| 150,230 |
|
|
| |||||||||||
Total |
| $ | 150,230 |
| $ | 26,888,072 |
| — |
| $ | 27,038,302 |
|
|
|
|
|
|
| 1 | See above Schedule of Investments for values in each sector. |
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 35 |
|
|
| |
Schedule of Investments January 31, 2011 (Unaudited) | BlackRock New York Municipal Income Trust (BNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| |||
New York — 136.1% |
|
|
|
|
|
|
| |
Corporate — 18.8% |
|
|
|
|
|
|
| |
Chautauqua County Industrial Development Agency, |
| $ | 1,000 |
| $ | 942,200 |
| |
Essex County Industrial Development Agency New York, |
|
| 550 |
|
| 558,954 |
| |
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
| |
American Airlines Inc., JFK International Airport, |
|
| 3,200 |
|
| 3,311,936 |
| |
American Airlines Inc., JFK International Airport, |
|
| 4,000 |
|
| 4,162,440 |
| |
Liberty-IAC/InteractiveCorp, 5.00%, 9/01/35 |
|
| 1,000 |
|
| 809,650 |
| |
New York Liberty Development Corp., RB, Goldman |
|
| 7,850 |
|
| 7,586,161 |
| |
Port Authority of New York & New Jersey, RB, Continental |
|
| 7,250 |
|
| 7,345,700 |
| |
Suffolk County Industrial Development Agency |
|
| 7,000 |
|
| 6,553,050 |
| |
|
|
|
|
|
| |||
|
|
|
|
|
| 31,270,091 |
| |
County/City/Special District/School District — 26.0% |
|
|
|
|
|
|
| |
Amherst Development Corp., RB, University at Buffalo |
|
| 1,100 |
|
| 954,877 |
| |
Brooklyn Arena Local Development Corp., RB, |
|
| 500 |
|
| 486,700 |
| |
City of New York New York, GO: |
|
|
|
|
|
|
| |
Series A-1, 4.75%, 8/15/25 |
|
| 750 |
|
| 753,480 |
| |
Series C, 5.38%, 3/15/12 (b) |
|
| 5,000 |
|
| 5,272,950 |
| |
Series D, 5.38%, 6/01/12 (b) |
|
| 15 |
|
| 15,961 |
| |
Series D, 5.38%, 6/01/32 |
|
| 3,985 |
|
| 3,991,017 |
| |
Sub-Series G-1, 6.25%, 12/15/31 |
|
| 500 |
|
| 547,375 |
| |
Sub-Series I-1, 5.38%, 4/01/36 |
|
| 1,750 |
|
| 1,766,327 |
| |
Hudson Yards Infrastructure Corp., RB, Series A: |
|
|
|
|
|
|
| |
5.00%, 2/15/47 |
|
| 6,425 |
|
| 5,462,149 |
| |
(NPFGC), 4.50%, 2/15/47 |
|
| 970 |
|
| 732,350 |
| |
Metropolitan Transportation Authority, RB, |
|
| 800 |
|
| 716,008 |
| |
New York City Industrial Development Agency, RB: |
|
|
|
|
|
|
| |
CAB, Yankee Stadium, PILOT (AGC), 6.04%, |
|
| 2,210 |
|
| 309,069 |
| |
Marymount School of New York Project (ACA), |
|
| 750 |
|
| 756,008 |
| |
Marymount School of New York Project (ACA), |
|
| 500 |
|
| 458,745 |
| |
Queens Baseball Stadium, PILOT (AGC), 6.38%, |
|
| 150 |
|
| 156,662 |
| |
Queens Baseball Stadium, PILOT (AMBAC), 5.00%, |
|
| 4,900 |
|
| 3,983,210 |
| |
Queens Baseball Stadium, PILOT (AMBAC), 5.00%, |
|
| 500 |
|
| 401,225 |
| |
Royal Charter, New York Presbyterian (AGM), 5.25%, |
|
| 1,550 |
|
| 1,530,454 |
| |
New York City Transitional Finance Authority, RB: |
|
|
|
|
|
|
| |
Fiscal 2009, Series S-3, 5.25%, 1/15/39 |
|
| 650 |
|
| 649,038 |
| |
Series S-2 (NPFGC), 4.25%, 1/15/34 |
|
| 1,700 |
|
| 1,467,372 |
| |
New York Convention Center Development Corp., RB, |
|
| 9,660 |
|
| 8,610,924 |
| |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (continued) |
|
|
|
|
|
|
|
County/City/Special District/School District (concluded) |
|
|
|
|
|
|
|
New York Liberty Development Corp., Refunding RB, |
|
|
|
|
|
|
|
5.63%, 7/15/47 |
| $ | 1,000 |
| $ | 936,330 |
|
6.38%, 7/15/49 |
|
| 1,200 |
|
| 1,206,036 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
Interagency Council Pooled, Series A-1, 4.25%, |
|
| 1,000 |
|
| 916,810 |
|
State University Dormitory Facilities, Series A, |
|
| 750 |
|
| 726,743 |
|
New York State Dormitory Authority, Refunding RB, |
|
| 395 |
|
| 377,197 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 43,185,017 |
|
Education — 27.2% |
|
|
|
|
|
|
|
Albany Industrial Development Agency, RB, New |
|
|
|
|
|
|
|
7.00%, 5/01/25 |
|
| 910 |
|
| 273,000 |
|
7.00%, 5/01/35 |
|
| 590 |
|
| 177,000 |
|
City of Troy New York, Refunding RB, Rensselaer |
|
| 875 |
|
| 806,942 |
|
Dutchess County Industrial Development Agency |
|
| 7,000 |
|
| 5,583,550 |
|
Madison County Industrial Development Agency |
|
|
|
|
|
|
|
Colgate University Project, Series B, 5.00%, |
|
| 2,000 |
|
| 2,000,360 |
|
Commons II LLC, Student Housing, Series A (CIFG), |
|
| 275 |
|
| 234,185 |
|
Nassau County Industrial Development Agency, |
|
| 1,165 |
|
| 1,072,802 |
|
New York City Industrial Development Agency, |
|
| 1,000 |
|
| 898,170 |
|
New York City Trust for Cultural Resources, Refunding RB, |
|
| 1,000 |
|
| 991,150 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
5.83%, 7/01/39 (f) |
|
| 650 |
|
| 538,818 |
|
Convent of the Sacred Heart (AGM), 5.25%, |
|
| 155 |
|
| 155,023 |
|
Convent of the Sacred Heart (AGM), 5.63%, |
|
| 750 |
|
| 745,740 |
|
Convent of the Sacred Heart (AGM), 5.75%, |
|
| 210 |
|
| 207,619 |
|
Cornell University, Series A, 5.00%, 7/01/40 |
|
| 1,000 |
|
| 984,810 |
|
Mount Sinai School of Medicine, 5.13%, 7/01/39 |
|
| 2,000 |
|
| 1,844,260 |
|
New School University (NPFGC), 5.00%, 7/01/41 |
|
| 9,000 |
|
| 8,106,210 |
|
New York University, Series 1 (AMBAC), 5.50%, |
|
| 2,190 |
|
| 2,229,289 |
|
New York University, Series 2 (AMBAC), 5.00%, |
|
| 5,000 |
|
| 4,781,650 |
|
Rochester Institute of Technology, Series A, 6.00%, |
|
| 1,000 |
|
| 1,043,660 |
|
The New School (AGM), 5.50%, 7/01/43 |
|
| 1,950 |
|
| 1,920,886 |
|
University of Rochester, Series A, 5.13%, 7/01/39 |
|
| 850 |
|
| 820,981 |
|
Vassar College, 5.00%, 7/01/49 |
|
| 825 |
|
| 782,199 |
|
New York State Dormitory Authority, Refunding RB: |
|
|
|
|
|
|
|
Brooklyn Law School, 5.75%, 7/01/33 |
|
| 475 |
|
| 483,849 |
|
Teachers College, 5.50%, 3/01/39 |
|
| 450 |
|
| 452,016 |
|
Yeshiva University, 5.00%, 9/01/34 |
|
| 275 |
|
| 265,749 |
|
|
|
|
36 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
| |
Schedule of Investments (continued) | BlackRock New York Municipal Income Trust (BNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (continued) |
|
|
|
|
|
|
|
Education (concluded) |
|
|
|
|
|
|
|
Suffolk County Industrial Development Agency, |
| $ | 1,000 |
| $ | 942,300 |
|
Trust for Cultural Resources, RB, Series A: |
|
|
|
|
|
|
|
Carnegie Hall, 4.75%, 12/01/39 |
|
| 2,250 |
|
| 2,022,165 |
|
Juilliard School, 5.00%, 1/01/39 |
|
| 2,100 |
|
| 2,065,749 |
|
Westchester County Industrial Development Agency |
|
| 2,500 |
|
| 2,225,175 |
|
Yonkers Industrial Development Agency New York, RB, |
|
| 625 |
|
| 614,650 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 45,269,957 |
|
Health — 8.0% |
|
|
|
|
|
|
|
Dutchess County Local Development Corp., |
|
| 300 |
|
| 282,591 |
|
Genesee County Industrial Development Agency |
|
| 500 |
|
| 392,390 |
|
Monroe County Industrial Development Corp., RB, Unity |
|
| 1,050 |
|
| 1,045,548 |
|
New York State Dormitory Authority, RB: |
|
|
|
|
|
|
|
Hudson Valley Hospital (BHAC), 5.00%, 8/15/36 |
|
| 750 |
|
| 722,753 |
|
New York State Association for Retarded Children, Inc., |
|
| 575 |
|
| 587,915 |
|
New York State Association for Retarded Children, Inc., |
|
| 200 |
|
| 204,760 |
|
New York University Hospital Center, Series A, 6.00%, |
|
| 1,050 |
|
| 1,024,453 |
|
New York University Hospital Center, Series B, 5.63%, |
|
| 530 |
|
| 500,447 |
|
North Shore-Long Island Jewish Health System, |
|
| 2,000 |
|
| 2,210,740 |
|
North Shore-Long Island Jewish Health System, |
|
| 1,775 |
|
| 1,687,439 |
|
New York State Dormitory Authority, Refunding RB: |
|
|
|
|
|
|
|
Mount Sinai Hospital, Series A, 5.00%, 7/01/26 |
|
| 1,385 |
|
| 1,340,832 |
|
North Shore-Long Island Jewish Health System, |
|
| 1,100 |
|
| 1,056,286 |
|
Suffolk County Industrial Development Agency New York, |
|
| 1,175 |
|
| 1,028,994 |
|
Westchester County Healthcare Corp. New York, |
|
| 375 |
|
| 360,709 |
|
Westchester County Industrial Development Agency |
|
| 1,000 |
|
| 939,840 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,385,697 |
|
Housing — 5.1% |
|
|
|
|
|
|
|
New York Mortgage Agency, Refunding RB, AMT: |
|
|
|
|
|
|
|
Homeowner Mortgage, Series 97, 5.50%, 4/01/31 |
|
| 1,970 |
|
| 1,932,215 |
|
Series 101, 5.40%, 4/01/32 |
|
| 4,465 |
|
| 4,301,135 |
|
New York State HFA, RB, Highland Avenue Senior |
|
| 1,500 |
|
| 1,276,095 |
|
Yonkers Economic Development Corp., Refunding RB, |
|
| 1,000 |
|
| 944,530 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,453,975 |
|
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
New York (concluded) |
|
|
|
|
|
|
|
State — 4.5% |
|
|
|
|
|
|
|
New York State Dormitory Authority, ERB, Series B, |
| $ | 600 |
| $ | 629,292 |
|
New York State Dormitory Authority, LRB, Municipal |
|
| 1,850 |
|
| 1,722,905 |
|
New York State Dormitory Authority, RB, Mental Health |
|
| 4,855 |
|
| 4,620,261 |
|
State of New York, GO, Series A, 5.00%, 2/15/39 |
|
| 475 |
|
| 467,248 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,439,706 |
|
Tobacco — 8.4% |
|
|
|
|
|
|
|
New York Counties Tobacco Trust III, RB, Tobacco |
|
| 6,700 |
|
| 5,556,109 |
|
Rensselaer Tobacco Asset Securitization Corp., RB, |
|
| 2,500 |
|
| 1,996,750 |
|
Rockland Tobacco Asset Securitization Corp., RB, |
|
| 5,000 |
|
| 3,992,300 |
|
TSASC Inc. New York, RB, Tobacco Settlement |
|
| 2,250 |
|
| 2,416,275 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,961,434 |
|
Transportation — 24.3% |
|
|
|
|
|
|
|
Hudson Yards Infrastructure Corp., RB (AGC), 5.00%, |
|
| 1,000 |
|
| 875,550 |
|
Metropolitan Transportation Authority, RB: |
|
|
|
|
|
|
|
Series 2008C, 6.50%, 11/15/28 |
|
| 1,000 |
|
| 1,093,670 |
|
Transportation, Series D (AGM), 5.25%, 11/15/40 |
|
| 1,000 |
|
| 964,910 |
|
Metropolitan Transportation Authority, Refunding RB: |
|
|
|
|
|
|
|
Series A, 5.00%, 11/15/30 |
|
| 12,000 |
|
| 11,791,920 |
|
Series A, 5.13%, 11/15/31 |
|
| 8,000 |
|
| 7,470,800 |
|
Transportation, Series F (NPFGC), 5.00%, |
|
| 1,000 |
|
| 918,710 |
|
New York City Industrial Development Agency, RB, |
|
| 9,000 |
|
| 7,588,800 |
|
Port Authority of New York & New Jersey, RB: |
|
|
|
|
|
|
|
Consolidated, 116th Series, 4.13%, 9/15/32 |
|
| 500 |
|
| 436,975 |
|
Consolidated, 161st Series, 4.50%, 10/15/37 |
|
| 500 |
|
| 452,415 |
|
JFK International Air Terminal, 6.00%, 12/01/42 |
|
| 1,000 |
|
| 943,870 |
|
Special Project, JFK International Air Terminal, |
|
| 1,000 |
|
| 1,051,700 |
|
Special Project, JFK International Air Terminal, |
|
| 7,000 |
|
| 6,813,310 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 40,402,630 |
|
Utilities — 13.8% |
|
|
|
|
|
|
|
Long Island Power Authority, RB, General, Series C (CIFG), |
|
| 2,000 |
|
| 1,985,840 |
|
Long Island Power Authority, Refunding RB, Series A, |
|
| 4,000 |
|
| 4,083,200 |
|
New York City Municipal Water Finance Authority, RB: |
|
|
|
|
|
|
|
Election of 2002, Series C, 5.00%, 6/15/32 |
|
| 6,500 |
|
| 6,415,630 |
|
Second General Resolution, |
|
| 700 |
|
| 702,345 |
|
Series EE, 5.38%, 6/15/43 |
|
| 4,000 |
|
| 3,948,080 |
|
New York City Municipal Water Finance Authority, |
|
|
|
|
|
|
|
Second General Resolution, Fiscal 2011, Series BB, |
|
| 1,000 |
|
| 996,140 |
|
Series D, 5.00%, 6/15/39 |
|
| 5,000 |
|
| 4,809,200 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 22,940,435 |
|
Total Municipal Bonds in New York |
|
|
|
|
| 226,308,942 |
|
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 37 |
|
|
| |
Schedule of Investments (continued) | BlackRock New York Municipal Income Trust (BNY) |
| (Percentages shown are based on Net Assets) |
|
|
|
|
|
|
|
|
Municipal Bonds |
| Par |
| Value |
| ||
Guam — 1.0% |
|
|
|
|
|
|
|
State — 0.6% |
|
|
|
|
|
|
|
Territory of Guam, GO, Series A, 7.00%, 11/15/39 |
| $ | 970 |
| $ | 1,035,660 |
|
Utilities — 0.4% |
|
|
|
|
|
|
|
Guam Government Waterworks Authority, Refunding RB, |
|
| 600 |
|
| 568,242 |
|
Total Municipal Bonds in Guam |
|
|
|
|
| 1,603,902 |
|
|
|
|
|
|
|
|
|
Puerto Rico — 12.3% |
|
|
|
|
|
|
|
County/City/Special District/School District — 1.1% |
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corp., RB: |
|
|
|
|
|
|
|
CAB, Series A, 6.39%, 8/01/32 (c) |
|
| 1,685 |
|
| 406,018 |
|
First Sub-Series A (AGM), 5.00%, 8/01/40 |
|
| 1,000 |
|
| 928,810 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
| 3,500 |
|
| 455,980 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,790,808 |
|
Housing — 1.8% |
|
|
|
|
|
|
|
Puerto Rico Housing Finance Authority, Refunding RB, |
|
| 3,000 |
|
| 2,981,400 |
|
State — 8.4% |
|
|
|
|
|
|
|
Commonwealth of Puerto Rico, GO, Refunding, |
|
| 700 |
|
| 683,186 |
|
Puerto Rico Highway & Transportation Authority, |
|
| 2,750 |
|
| 2,753,107 |
|
Puerto Rico Public Buildings Authority, Refunding RB, |
|
|
|
|
|
|
|
5.25%, 7/01/12 (b) |
|
| 3,400 |
|
| 3,617,192 |
|
5.25%, 7/01/36 |
|
| 1,600 |
|
| 1,408,544 |
|
Puerto Rico Public Finance Corp., RB, Commonwealth |
|
| 3,000 |
|
| 3,148,710 |
|
Puerto Rico Sales Tax Financing Corp., RB, First |
|
| 2,000 |
|
| 1,946,980 |
|
Puerto Rico Sales Tax Financing Corp., Refunding RB, |
|
| 3,500 |
|
| 391,265 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 13,948,984 |
|
Transportation — 0.1% |
|
|
|
|
|
|
|
Puerto Rico Highway & Transportation Authority, |
|
| 250 |
|
| 242,385 |
|
Utilities — 0.9% |
|
|
|
|
|
|
|
Puerto Rico Aqueduct & Sewer Authority, RB, |
|
| 1,100 |
|
| 1,031,294 |
|
Puerto Rico Electric Power Authority, Refunding RB, |
|
| 500 |
|
| 473,975 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,505,269 |
|
Total Municipal Bonds in Puerto Rico |
|
|
|
|
| 20,468,846 |
|
Total Municipal Bonds — 149.4% |
|
|
|
|
| 248,381,690 |
|
|
|
|
|
|
|
|
|
Municipal Bonds Transferred to |
| Par |
| Value |
| ||
New York — 12.6% |
|
|
|
|
|
|
|
Housing — 9.0% |
|
|
|
|
|
|
|
New York Mortgage Agency, RB, 31st Series A, AMT, |
| $ | 15,500 |
| $ | 15,007,255 |
|
Utilities — 3.6% |
|
|
|
|
|
|
|
New York City Municipal Water Finance Authority, RB: |
|
|
|
|
|
|
|
Fiscal 2009, Series A, 5.75%, 6/15/40 |
|
| 1,200 |
|
| 1,251,538 |
|
Series FF-2, 5.50%, 6/15/40 |
|
| 810 |
|
| 827,701 |
|
New York City Municipal Water Finance Authority, |
|
| 4,000 |
|
| 3,881,920 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,961,159 |
|
Total Municipal Bonds Transferred to |
|
|
|
|
| 20,968,414 |
|
Total Long-Term Investments |
|
|
|
|
| 269,350,104 |
|
|
|
|
|
|
|
|
|
| |||||||
Short-Term Securities |
| Shares |
|
|
|
| |
BIF New York Municipal Money Fund, 0.00%, |
|
| 1,041,825 |
|
| 1,041,825 |
|
Total Short-Term Securities |
|
|
|
|
| 1,041,825 |
|
Total Investments (Cost — $283,701,325*) — 162.6% |
|
|
|
|
| 270,391,929 |
|
Other Assets Less Liabilities — 0.9% |
|
|
|
|
| 1,469,039 |
|
Liability for Trust Certificates, Including Interest |
|
|
|
|
| (11,097,713 | ) |
Preferred Shares, at Redemption Value — (56.8)% |
|
|
|
|
| (94,503,433 | ) |
|
|
|
|
|
| ||
Net Assets Applicable to Common Shares — 100.0% |
|
|
|
| $ | 166,259,822 |
|
|
|
|
|
|
|
|
|
* | The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011, as computed for federal income tax purposes, were as follows: |
|
|
|
|
|
|
| Aggregate cost |
| $ | 271,438,366 |
|
|
|
|
| ||
| Gross unrealized appreciation |
| $ | 2,880,374 |
|
| Gross unrealized depreciation |
|
| (15,016,285 | ) |
|
|
|
| ||
| Net unrealized depreciation |
| $ | (12,135,911 | ) |
|
|
|
|
|
|
(a) | Variable rate security. Rate shown is as of report date. |
|
|
(b) | US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par. |
|
|
(c) | Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. |
|
|
(d) | Issuer filed for bankruptcy and/or is in default of interest payments. |
|
|
(e) | Non-income producing security. |
|
|
(f) | Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown reflects the current yield as of report date. |
|
|
(g) | When-issued security. Unsettled when-issued transactions were as follows: |
|
|
|
|
|
|
|
|
|
| ||||||||
| Counterparty |
| Value |
| Unrealized |
| ||
| ||||||||
| Wells Fargo Bank |
| $ | 155,023 |
| $ | 1,383 |
|
| Wells Fargo Bank |
| $ | 745,740 |
| $ | 930 |
|
| Wells Fargo Bank |
| $ | 207,619 |
| $ | 584 |
|
|
|
|
|
38 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Schedule of Investments (concluded) | BlackRock New York Municipal Income Trust (BNY) |
|
|
(h) | Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
(i) | Investments in companies considered to be an affiliate of the Trust during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: |
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
| Affiliate |
| Shares at |
| Net |
| Shares at |
| Income |
|
| ||||||||||
| BIF New York Municipal Money Fund |
| 414,030 |
| 627,795 |
| 1,041,825 |
| — |
|
|
|
|
|
(j) | Represents the current yield as of report date. | |
|
| |
• | For Trust compliance purposes,the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Trust management. This definition may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. | |
|
|
|
• | Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows: | |
|
|
|
| • | Level 1 — price quotations in active markets/exchanges for identical assets and liabilities |
|
|
|
| • | Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) |
|
|
|
| • | Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments) |
|
|
|
| The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements. | |
|
|
|
| The following tables summarize the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation Inputs |
| Level 1 |
| Level 2 |
| Level 3 |
| Total |
| ||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Investments1 |
|
|
|
| $ | 269,350,104 |
|
| — |
| $ | 269,350,104 |
|
Short-Term Securities |
| $ | 1,041,825 |
|
| — |
|
| — |
|
| 1,041,825 |
|
|
| ||||||||||||
Total |
| $ | 1,041,825 |
| $ | 269,350,104 |
|
| — |
| $ | 270,391,929 |
|
|
|
|
|
|
| 1 | See above Schedule of Investments for values in each sector. |
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2011 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments at value — unaffiliated1 |
| $ | 708,274,253 |
| $ | 119,882,069 |
| $ | 21,183,941 |
| $ | 143,027,229 |
| $ | 18,280,498 |
|
Investments at value — affiliated2 |
|
| 12,115,311 |
|
| 4,192,770 |
|
| 158,350 |
|
| 2,947,082 |
|
| 310,252 |
|
Cash |
|
| — |
|
| — |
|
| 154 |
|
| — |
|
| — |
|
Investments sold receivable |
|
| 13,110,871 |
|
| 10,000 |
|
| 5,064 |
|
| — |
|
| — |
|
Interest receivable |
|
| 12,235,913 |
|
| 1,506,529 |
|
| 297,313 |
|
| 1,993,029 |
|
| 205,598 |
|
Income receivable — affiliated |
|
| 59 |
|
| 14 |
|
| 23 |
|
| 12 |
|
| 18 |
|
Prepaid expenses |
|
| 39,346 |
|
| 13,847 |
|
| 2,304 |
|
| 14,856 |
|
| 1,571 |
|
Other assets |
|
| 53,039 |
|
| 5,263 |
|
| 4,353 |
|
| 11,282 |
|
| 6,541 |
|
|
| |||||||||||||||
Total assets |
|
| 745,828,792 |
|
| 125,610,492 |
|
| 21,651,502 |
|
| 147,993,490 |
|
| 18,804,478 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank overdraft |
|
| 21,059 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Investments purchased payable |
|
| 25,039,672 |
|
| — |
|
| 116,710 |
|
| — |
|
| 38 |
|
Income dividends payable — Common Shares |
|
| 2,409,290 |
|
| 311,479 |
|
| 78,953 |
|
| 504,731 |
|
| 64,893 |
|
Investment advisory fees payable |
|
| 339,932 |
|
| 52,602 |
|
| 6,368 |
|
| 75,046 |
|
| 5,353 |
|
Interest expense and fees payable |
|
| 144,528 |
|
| 7,051 |
|
| 4,025 |
|
| 24,376 |
|
| 137 |
|
Officer’s and Trustees’ fees payable |
|
| 59,730 |
|
| 6,770 |
|
| 5,687 |
|
| 13,131 |
|
| 8,177 |
|
Other affiliates payable |
|
| 5,665 |
|
| 637 |
|
| — |
|
| 769 |
|
| — |
|
Administration fees payable |
|
| — |
|
| — |
|
| 1,821 |
|
| — |
|
| 1,587 |
|
Other accrued expenses payable |
|
| 24,259 |
|
| 31,707 |
|
| 19,085 |
|
| 50,343 |
|
| 35,034 |
|
|
| |||||||||||||||
Total accrued liabilities |
|
| 28,044,135 |
|
| 410,246 |
|
| 232,649 |
|
| 668,396 |
|
| 115,219 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust certificates3 |
|
| 144,495,478 |
|
| 4,136,402 |
|
| 4,556,817 |
|
| 30,617,038 |
|
| 159,917 |
|
|
| |||||||||||||||
Total Liabilities |
|
| 172,539,613 |
|
| 4,546,648 |
|
| 4,789,466 |
|
| 31,285,434 |
|
| 275,136 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$25,000 per share liquidation preference, plus unpaid dividends4,5 |
|
| 171,332,769 |
|
| 42,900,520 |
|
| 4,575,222 |
|
| 34,252,489 |
|
| 6,900,501 |
|
|
| |||||||||||||||
Net Assets Applicable to Common Shareholders |
| $ | 401,956,410 |
| $ | 78,163,324 |
| $ | 12,286,814 |
| $ | 82,455,567 |
| $ | 11,628,841 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in capital6,7,8 |
| $ | 451,609,940 |
| $ | 78,891,300 |
| $ | 15,022,126 |
| $ | 95,019,234 |
| $ | 13,214,636 |
|
Undistributed net investment income |
|
| 5,534,366 |
|
| 3,752,034 |
|
| 122,245 |
|
| 821,118 |
|
| 184,245 |
|
Accumulated net realized loss |
|
| (31,577,466 | ) |
| (537,773 | ) |
| (2,590,711 | ) |
| (10,487,303 | ) |
| (576,576 | ) |
Net unrealized appreciation/depreciation |
|
| (23,610,430 | ) |
| (3,942,237 | ) |
| (266,846 | ) |
| (2,897,482 | ) |
| (1,193,464 | ) |
|
| |||||||||||||||
Net Assets Applicable to Common Shareholders |
| $ | 401,956,410 |
| $ | 78,163,324 |
| $ | 12,286,814 |
| $ | 82,455,567 |
| $ | 11,628,841 |
|
|
| |||||||||||||||
Net asset value per Common Share |
| $ | 12.63 |
| $ | 14.05 |
| $ | 10.89 |
| $ | 12.31 |
| $ | 11.44 |
|
|
| |||||||||||||||
1 Investments at cost — unaffiliated |
| $ | 731,884,683 |
| $ | 123,824,306 |
| $ | 21,450,787 |
| $ | 145,924,711 |
| $ | 19,473,962 |
|
|
| |||||||||||||||
2 Investments at cost — affiliated |
| $ | 12,115,311 |
| $ | 4,192,770 |
| $ | 158,350 |
| $ | 2,947,082 |
| $ | 310,252 |
|
|
| |||||||||||||||
3 Represents short-term floating rate certificates issued by TOBs. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
4 Preferred Shares outstanding, par value $0.001 per share |
|
| 6,853 |
|
| 1,716 |
|
| 183 |
|
| 1,370 |
|
| 276 |
|
|
| |||||||||||||||
5 Preferred Shares authorized |
|
| unlimited |
|
| unlimited |
|
| 100 million |
|
| unlimited |
|
| 300 |
|
|
| |||||||||||||||
6 Par value per Common Share |
| $ | 0.001 |
| $ | 0.001 |
| $ | 0.01 |
| $ | 0.001 |
| $ | 0.01 |
|
|
| |||||||||||||||
7 Common Shares outstanding |
|
| 31,826,816 |
|
| 5,562,128 |
|
| 1,127,903 |
|
| 6,696,262 |
|
| 1,016,385 |
|
|
| |||||||||||||||
8 Common Shares authorized |
|
| unlimited |
|
| unlimited |
|
| 200 million |
|
| unlimited |
|
| 200 million |
|
|
|
|
|
|
See Notes to Financial Statements. |
| |
40 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
January 31, 2011 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| |||
Assets |
|
|
|
|
|
|
|
|
|
|
Investments at value — unaffiliated1 |
| $ | 156,271,344 |
| $ | 26,888,072 |
| $ | 269,350,104 |
|
Investments at value — affiliated2 |
|
| 3,915,752 |
|
| 150,230 |
|
| 1,041,825 |
|
Cash |
|
| — |
|
| — |
|
| — |
|
Investments sold receivable |
|
| — |
|
| 93,681 |
|
| 234,203 |
|
Interest receivable |
|
| 1,792,040 |
|
| 332,528 |
|
| 3,548,464 |
|
Income receivable — affiliated |
|
| 226 |
|
| 26 |
|
| — |
|
Prepaid expenses |
|
| 17,035 |
|
| 2,762 |
|
| 26,181 |
|
Other assets |
|
| 13,376 |
|
| 4,193 |
|
| 21,966 |
|
|
| |||||||||
Total assets |
|
| 162,009,773 |
|
| 27,471,492 |
|
| 274,222,743 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Accrued Liabilities |
|
|
|
|
|
|
|
|
|
|
Bank overdraft |
|
| — |
|
| — |
|
| — |
|
Investments purchased payable |
|
| 142 |
|
| 147,901 |
|
| 1,105,485 |
|
Income dividends payable — Common Shares |
|
| 601,751 |
|
| 95,955 |
|
| 1,056,233 |
|
Investment advisory fees payable |
|
| 80,757 |
|
| 7,953 |
|
| 137,297 |
|
Interest expense and fees payable |
|
| 1,546 |
|
| 232 |
|
| 8,239 |
|
Officer’s and Trustees’ fees payable |
|
| 15,226 |
|
| 5,542 |
|
| 23,876 |
|
Other affiliates payable |
|
| 840 |
|
| — |
|
| 1,422 |
|
Administration fees payable |
|
| — |
|
| 2,308 |
|
| — |
|
Other accrued expenses payable |
|
| 42,965 |
|
| 17,839 |
|
| 37,462 |
|
|
| |||||||||
Total accrued liabilities |
|
| 743,227 |
|
| 277,730 |
|
| 2,370,014 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Other Liabilities |
|
|
|
|
|
|
|
|
|
|
Trust certificates3 |
|
| 2,359,296 |
|
| 569,974 |
|
| 11,089,474 |
|
|
| |||||||||
Total Liabilities |
|
| 3,102,523 |
|
| 847,704 |
|
| 13,459,488 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares at Redemption Value |
|
|
|
|
|
|
|
|
|
|
$25,000 per share liquidation preference, plus unpaid dividends4,5 |
|
| 59,102,863 |
|
| 9,725,118 |
|
| 94,503,433 |
|
|
| |||||||||
Net Assets Applicable to Common Shareholders |
| $ | 99,804,387 |
| $ | 16,898,670 |
| $ | 166,259,822 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders Consist of |
|
|
|
|
|
|
|
|
|
|
Paid-in capital6,7,8 |
| $ | 108,109,459 |
| $ | 17,770,228 |
| $ | 181,778,430 |
|
Undistributed net investment income |
|
| 2,180,384 |
|
| 297,710 |
|
| 3,977,262 |
|
Accumulated net realized loss |
|
| (2,099,510 | ) |
| (101,678 | ) |
| (6,186,474 | ) |
Net unrealized appreciation/depreciation |
|
| (8,385,946 | ) |
| (1,067,590 | ) |
| (13,309,396 | ) |
|
| |||||||||
Net Assets Applicable to Common Shareholders |
| $ | 99,804,387 |
| $ | 16,898,670 |
| $ | 166,259,822 |
|
|
| |||||||||
Net asset value per Common Share |
| $ | 13.12 |
| $ | 12.86 |
| $ | 12.99 |
|
|
| |||||||||
1 Investments at cost — unaffiliated |
| $ | 164,657,290 |
| $ | 27,955,662 |
| $ | 282,659,500 |
|
|
| |||||||||
2 Investments at cost — affiliated |
| $ | 3,915,752 |
| $ | 150,230 |
| $ | 1,041,825 |
|
|
| |||||||||
3 Represents short-term floating rate certificates issued by TOBs |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
4 Preferred Shares outstanding, par value $0.001 per share |
|
| 2,364 |
|
| 389 |
|
| 3,780 |
|
|
| |||||||||
5 Preferred Shares authorized |
|
| unlimited |
|
| 392 |
|
| unlimited |
|
|
| |||||||||
6 Par value per Common Share |
| $ | 0.001 |
| $ | 0.01 |
| $ | 0.001 |
|
|
| |||||||||
7 Common Shares outstanding |
|
| 7,607,470 |
|
| 1,314,446 |
|
| 12,802,819 |
|
|
| |||||||||
8 Common Shares authorized |
|
| unlimited |
|
| 200 million |
|
| unlimited |
|
|
|
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended January 31, 2011 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| BlackRock |
| |||||
Investment Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 18,629,276 |
| $ | 3,011,792 |
| $ | 582,515 |
| $ | 3,947,358 |
| $ | 483,669 |
|
Income — affiliated |
|
| 3,691 |
|
| 190 |
|
| 297 |
|
| 1,998 |
|
| 392 |
|
|
| |||||||||||||||
Total income |
|
| 18,632,967 |
|
| 3,011,982 |
|
| 582,812 |
|
| 3,949,356 |
|
| 484,061 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
| 2,249,420 |
|
| 324,750 |
|
| 39,779 |
|
| 468,604 |
|
| 34,507 |
|
Commissions for Preferred Shares |
|
| 104,033 |
|
| 25,445 |
|
| 3,519 |
|
| 21,856 |
|
| 4,591 |
|
Professional |
|
| 63,944 |
|
| 59,317 |
|
| 18,498 |
|
| 31,949 |
|
| 17,659 |
|
Printing |
|
| 43,694 |
|
| 6,654 |
|
| 2,540 |
|
| 8,507 |
|
| 2,189 |
|
Officer and Trustees |
|
| 26,292 |
|
| 3,765 |
|
| 955 |
|
| 5,510 |
|
| 1,033 |
|
Transfer agent |
|
| 20,216 |
|
| 7,293 |
|
| 6,262 |
|
| 9,370 |
|
| 6,221 |
|
Accounting services |
|
| 17,927 |
|
| 9,005 |
|
| 2,446 |
|
| 14,113 |
|
| 1,587 |
|
Custodian |
|
| 16,850 |
|
| 3,539 |
|
| 3,050 |
|
| 5,352 |
|
| 2,520 |
|
Registration |
|
| 6,011 |
|
| 3,695 |
|
| 247 |
|
| 4,673 |
|
| 228 |
|
Administration |
|
| — |
|
| — |
|
| 11,365 |
|
| — |
|
| 9,859 |
|
Miscellaneous |
|
| 44,058 |
|
| 14,666 |
|
| 16,415 |
|
| 21,029 |
|
| 17,103 |
|
|
| |||||||||||||||
Total expenses excluding interest expense and fees |
|
| 2,592,445 |
|
| 458,129 |
|
| 105,076 |
|
| 590,963 |
|
| 97,497 |
|
Interest expense and fees1 |
|
| 640,260 |
|
| 15,465 |
|
| 19,332 |
|
| 127,481 |
|
| 691 |
|
|
| |||||||||||||||
Total expenses |
|
| 3,232,705 |
|
| 473,594 |
|
| 124,408 |
|
| 718,444 |
|
| 98,188 |
|
Less fees waived by advisor |
|
| (194,306 | ) |
| (3,287 | ) |
| (47 | ) |
| (441 | ) |
| (1,211 | ) |
|
| |||||||||||||||
Total expenses after fees waived |
|
| 3,038,399 |
|
| 470,307 |
|
| 124,361 |
|
| 718,003 |
|
| 96,977 |
|
|
| |||||||||||||||
Net investment income |
|
| 15,594,568 |
|
| 2,541,675 |
|
| 458,451 |
|
| 3,231,353 |
|
| 387,084 |
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (4,140,926 | ) |
| (33,558 | ) |
| (194,756 | ) |
| (1,049,702 | ) |
| 42,190 |
|
Financial futures contracts |
|
| (53,219 | ) |
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||
|
|
| (4,194,145 | ) |
| (33,558 | ) |
| (194,756 | ) |
| (1,049,702 | ) |
| 42,190 |
|
|
| |||||||||||||||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (49,128,064 | ) |
| (5,313,904 | ) |
| (1,351,676 | ) |
| (9,754,373 | ) |
| (1,163,722 | ) |
Financial futures contracts |
|
| 40,714 |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||||||||
|
|
| (49,087,350 | ) |
| (5,313,904 | ) |
| (1,351,676 | ) |
| (9,754,373 | ) |
| (1,163,722 | ) |
|
| |||||||||||||||
Total realized and unrealized loss |
|
| (53,281,495 | ) |
| (5,347,462 | ) |
| (1,546,432 | ) |
| (10,804,075 | ) |
| (1,121,532 | ) |
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (361,908 | ) |
| (90,611 | ) |
| (9,651 | ) |
| (72,219 | ) |
| (14,550 | ) |
|
| |||||||||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
| $ | (38,048,835 | ) | $ | (2,896,398 | ) | $ | (1,097,632 | ) | $ | (7,644,941 | ) | $ | (748,998 | ) |
|
|
|
|
1 | Related to TOBs. |
|
|
|
See Notes to Financial Statements. |
| |
42 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended January 31, 2011 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| |||
Investment Income |
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 4,316,376 |
| $ | 732,839 |
| $ | 7,569,638 |
|
Income — affiliated |
|
| 1,412 |
|
| 223 |
|
| 845 |
|
|
|
| ||||||||
Total income |
|
| 4,317,788 |
|
| 733,062 |
|
| 7,570,483 |
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
Investment advisory |
|
| 509,296 |
|
| 50,251 |
|
| 859,997 |
|
Commissions for Preferred Shares |
|
| 32,470 |
|
| 7,569 |
|
| 63,195 |
|
Professional |
|
| 45,732 |
|
| 19,612 |
|
| 52,588 |
|
Printing |
|
| 10,269 |
|
| 2,626 |
|
| 19,146 |
|
Officer and Trustees |
|
| 5,884 |
|
| 1,228 |
|
| 10,866 |
|
Transfer agent |
|
| 8,640 |
|
| 5,987 |
|
| 12,429 |
|
Accounting services |
|
| 14,466 |
|
| 1,526 |
|
| 23,062 |
|
Custodian |
|
| 5,285 |
|
| 2,928 |
|
| 8,914 |
|
Registration |
|
| 4,298 |
|
| 284 |
|
| 4,610 |
|
Administration |
|
| — |
|
| 14,358 |
|
| — |
|
Miscellaneous |
|
| 21,139 |
|
| 16,838 |
|
| 28,470 |
|
|
|
| ||||||||
Total expenses excluding interest expense and fees |
|
| 657,479 |
|
| 123,207 |
|
| 1,083,277 |
|
Interest expense and fees1 |
|
| 9,895 |
|
| 2,360 |
|
| 45,892 |
|
|
|
| ||||||||
Total expenses |
|
| 667,374 |
|
| 125,567 |
|
| 1,129,169 |
|
Less fees waived by advisor |
|
| (7,059 | ) |
| (482 | ) |
| (4,046 | ) |
|
|
| ||||||||
Total expenses after fees waived |
|
| 660,315 |
|
| 125,085 |
|
| 1,125,123 |
|
|
|
| ||||||||
Net investment income |
|
| 3,657,473 |
|
| 607,977 |
|
| 6,445,360 |
|
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss) |
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (59,424 | ) |
| (42,485 | ) |
| (1,860,464 | ) |
Financial futures contracts |
|
| — |
|
| (7,766 | ) |
| (71,839 | ) |
|
|
| ||||||||
|
|
| (59,424 | ) |
| (50,251 | ) |
| (1,932,303 | ) |
|
|
| ||||||||
Net change in unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
Investments |
|
| (9,489,063 | ) |
| (1,667,176 | ) |
| (14,485,241 | ) |
Financial futures contracts |
|
| — |
|
| 5,134 |
|
| 47,488 |
|
|
|
| ||||||||
|
|
| (9,489,063 | ) |
| (1,662,042 | ) |
| (14,437,753 | ) |
|
|
| ||||||||
Total realized and unrealized loss |
|
| (9,548,487 | ) |
| (1,712,293 | ) |
| (16,370,056 | ) |
|
|
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
Dividends to Preferred Shareholders From |
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (125,144 | ) |
| (20,776 | ) |
| (200,019 | ) |
|
|
| ||||||||
Net Decrease in Net Assets Applicable to Common Shareholders Resulting from Operations |
| $ | (6,016,158 | ) | $ | (1,125,092 | ) | $ | (10,124,715 | ) |
|
|
|
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock California |
| BlackRock Florida |
| ||||||||
|
|
|
| ||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
| Six Months |
| Year Ended |
| Six Months Ended |
| Year Ended |
| ||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 15,594,568 |
| $ | 22,567,795 |
| $ | 2,541,675 |
| $ | 5,308,173 |
|
Net realized loss |
|
| (4,194,145 | ) |
| (6,857,759 | ) |
| (33,558 | ) |
| (3,583 | ) |
Net change in unrealized appreciation/depreciation |
|
| (49,087,350 | ) |
| 38,735,800 |
|
| (5,313,904 | ) |
| 7,283,510 |
|
Dividends to Preferred Shareholders from investment income |
|
| (361,908 | ) |
| (494,675 | ) |
| (90,611 | ) |
| (177,702 | ) |
|
|
| |||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (38,048,835 | ) |
| 53,951,161 |
|
| (2,896,398 | ) |
| 12,410,398 |
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (14,487,464 | ) |
| (21,334,104 | ) |
| (1,868,875 | ) |
| (3,737,750 | ) |
|
|
| |||||||||||
| |||||||||||||
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Shares issued from reorganization |
|
| — |
|
| 228,998,766 |
|
| — |
|
| — |
|
Reinvestment of common dividends |
|
| 194,043 |
|
| 132,023 |
|
| — |
|
| — |
|
|
|
| |||||||||||
Net increase in net assets derived from capital share transactions |
|
| 194,043 |
|
| 229,130,789 |
|
| — |
|
| — |
|
|
|
| |||||||||||
| |||||||||||||
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
|
| (52,342,256 | ) |
| 261,747,846 |
|
| (4,765,273 | ) |
| 8,672,648 |
|
Beginning of period |
|
| 454,298,666 |
|
| 192,550,820 |
|
| 82,928,597 |
|
| 74,255,949 |
|
|
|
| |||||||||||
End of period |
| $ | 401,956,410 |
| $ | 454,298,666 |
| $ | 78,163,324 |
| $ | 82,928,597 |
|
|
|
| |||||||||||
Undistributed net investment income |
| $ | 5,534,366 |
| $ | 4,789,170 |
| $ | 3,752,034 |
| $ | 3,169,845 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
44 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
Statements of Changes in Net Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock Investment Quality |
| BlackRock Municipal |
| ||||||||
|
|
|
| ||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
| Six Months |
| Year Ended |
| Six Months |
| Year Ended |
| ||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 458,451 |
| $ | 897,744 |
| $ | 3,231,353 |
| $ | 6,186,309 |
|
Net realized loss |
|
| (194,756 | ) |
| (371,435 | ) |
| (1,049,702 | ) |
| (1,576,745 | ) |
Net change in unrealized appreciation/depreciation |
|
| (1,351,676 | ) |
| 1,707,371 |
|
| (9,754,373 | ) |
| 9,562,974 |
|
Dividends to Preferred Shareholders from net investment income |
|
| (9,651 | ) |
| (18,365 | ) |
| (72,219 | ) |
| (143,487 | ) |
|
|
| |||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (1,097,632 | ) |
| 2,215,315 |
|
| (7,644,941 | ) |
| 14,029,051 |
|
|
|
| |||||||||||
| |||||||||||||
Dividends to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (473,683 | ) |
| (932,299 | ) |
| (3,027,768 | ) |
| (6,050,943 | ) |
|
|
| |||||||||||
| |||||||||||||
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
| 3,228 |
|
| 6,619 |
|
| 55,394 |
|
| 44,565 |
|
|
|
| |||||||||||
| |||||||||||||
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
|
| (1,568,087 | ) |
| 1,289,635 |
|
| (10,617,315 | ) |
| 8,022,673 |
|
Beginning of period |
|
| 13,854,901 |
|
| 12,565,266 |
|
| 93,072,882 |
|
| 85,050,209 |
|
|
| ||||||||||||
End of period |
| $ | 12,286,814 |
| $ | 13,854,901 |
| $ | 82,455,567 |
| $ | 93,072,882 |
|
|
|
| |||||||||||
Undistributed net investment income |
| $ | 122,245 |
| $ | 147,128 |
| $ | 821,118 |
| $ | 689,752 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 45 |
|
|
Statements of Changes in Net Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock New Jersey Investment |
| BlackRock New Jersey |
| ||||||||
|
|
| |||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
| Six Months |
| Year Ended |
| Six Months |
| Year Ended |
| ||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 387,084 |
| $ | 833,885 |
| $ | 3,657,473 |
| $ | 7,784,301 |
|
Net realized gain (loss) |
|
| 42,190 |
|
| (75,070 | ) |
| (59,424 | ) |
| 114,395 |
|
Net change in unrealized appreciation/depreciation |
|
| (1,163,722 | ) |
| 1,310,034 |
|
| (9,489,063 | ) |
| 11,576,851 |
|
Dividends to Preferred Shareholders from net investment income |
|
| (14,550 | ) |
| (28,907 | ) |
| (125,144 | ) |
| (243,304 | ) |
|
|
| |||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (748,998 | ) |
| 2,039,942 |
|
| (6,016,158 | ) |
| 19,232,243 |
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (399,305 | ) |
| (783,778 | ) |
| (3,594,502 | ) |
| (7,062,352 | ) |
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends |
|
| 13,040 |
|
| 33,509 |
|
| 158,457 |
|
| 390,663 |
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
|
| (1,135,263 | ) |
| 1,289,673 |
|
| (9,452,203 | ) |
| 12,560,554 |
|
Beginning of period |
|
| 12,764,104 |
|
| 11,474,431 |
|
| 109,256,590 |
|
| 96,696,036 |
|
|
|
| |||||||||||
End of period |
| $ | 11,628,841 |
| $ | 12,764,104 |
| $ | 99,804,387 |
| $ | 109,256,590 |
|
|
|
| |||||||||||
Undistributed net investment income |
| $ | 184,245 |
| $ | 211,016 |
| $ | 2,180,384 |
| $ | 2,242,557 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
| |
46 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
Statements of Changes in Net Assets (concluded) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BlackRock New York Investment |
| BlackRock New York |
| ||||||||
|
|
| |||||||||||
Increase (Decrease) in Net Assets Applicable to Common Shareholders: |
| Six Months |
| Year Ended |
| Six Months |
| Year Ended |
| ||||
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
| $ | 607,977 |
| $ | 1,243,056 |
| $ | 6,445,360 |
| $ | 13,233,625 |
|
Net realized gain (loss) |
|
| (50,251 | ) |
| 36,426 |
|
| (1,932,303 | ) |
| 162,795 |
|
Net change in unrealized appreciation/depreciation |
|
| (1,662,042 | ) |
| 1,655,207 |
|
| (14,437,753 | ) |
| 19,527,175 |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (20,776 | ) |
| (38,597 | ) |
| (200,019 | ) |
| (393,227 | ) |
Net realized gain |
|
| — |
|
| (2,688 | ) |
| — |
|
| — |
|
|
|
| |||||||||||
Net increase (decrease) in net assets applicable to Common Shareholders resulting from operations |
|
| (1,125,092 | ) |
| 2,893,404 |
|
| (10,124,715 | ) |
| 32,530,368 |
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends and Distributions to Common Shareholders From |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (575,441 | ) |
| (1,096,393 | ) |
| (6,332,305 | ) |
| (12,596,574 | ) |
Net realized gain |
|
| — |
|
| (32,629 | ) |
| — |
|
| — |
|
|
|
| |||||||||||
Decrease in net assets resulting from dividends and distributions to Common Shareholders |
|
| (575,441 | ) |
| (1,129,022 | ) |
| (6,332,305 | ) |
| (12,596,574 | ) |
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Share Transactions |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of common dividends and distributions |
|
| 21,902 |
|
| 16,795 |
|
| 344,954 |
|
| 711,029 |
|
|
|
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total increase (decrease) in net assets applicable to Common Shareholders |
|
| (1,678,631 | ) |
| 1,781,177 |
|
| (16,112,066 | ) |
| 20,644,823 |
|
Beginning of period |
|
| 18,577,301 |
|
| 16,796,124 |
|
| 182,371,888 |
|
| 161,727,065 |
|
|
|
| |||||||||||
End of period |
| $ | 16,898,670 |
| $ | 18,577,301 |
| $ | 166,259,822 |
| $ | 182,371,888 |
|
|
|
| |||||||||||
Undistributed net investment income |
| $ | 297,710 |
| $ | 285,950 |
| $ | 3,977,262 |
| $ | 4,064,226 |
|
|
|
|
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended January 31, 2011 (Unaudited) |
| BlackRock |
| BlackRock |
| BlackRock |
| |||
Cash Used for Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets resulting from operations, excluding dividends to Preferred Shareholders |
| $ | (37,686,927 | ) | $ | (1,087,981 | ) | $ | (7,572,722 | ) |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used for operating activities: |
|
|
|
|
|
|
|
|
|
|
Increase in interest receivable |
|
| (1,849,878 | ) |
| (26,716 | ) |
| (248,861 | ) |
Increase in other assets |
|
| (3,202 | ) |
| (206 | ) |
| (682 | ) |
Increase (decrease) in income receivable — affiliated |
|
| 134 |
|
| (7 | ) |
| 27 |
|
Decrease in cash pledged as collateral for financial futures contracts |
|
| 27,000 |
|
| — |
|
| — |
|
Increase (decrease) in investment advisory fees payable |
|
| 234 |
|
| (436 | ) |
| 1,665 |
|
Increase in interest expense and fees payable |
|
| 75,271 |
|
| 836 |
|
| 7,289 |
|
Increase (decrease) in other affiliates payable |
|
| 1,133 |
|
| — |
|
| (150 | ) |
Increase (decrease) in administration fees payable |
|
| — |
|
| (127 | ) |
| — |
|
Decrease in other accrued expenses payable |
|
| (131,913 | ) |
| (19,966 | ) |
| (19,174 | ) |
Decrease in margin variation payable |
|
| (13,656 | ) |
| — |
|
| — |
|
Increase in Officer’s and Trustees’ payable |
|
| 4,492 |
|
| 413 |
|
| 994 |
|
Net realized and unrealized gain |
|
| 53,272,192 |
|
| 1,546,226 |
|
| 10,804,757 |
|
Amortization of premium and discount on investments |
|
| 655,576 |
|
| 13,737 |
|
| 96,294 |
|
Proceeds from sales of long-term investments |
|
| 155,730,063 |
|
| 3,497,993 |
|
| 21,866,817 |
|
Purchases of long-term investments |
|
| (185,917,726 | ) |
| (4,181,770 | ) |
| (28,263,553 | ) |
Net purchases of short-term securities |
|
| 14,062,822 |
|
| 195,271 |
|
| 2,016,470 |
|
|
| |||||||||
Cash used for operating activities |
|
| (1,774,385 | ) |
| (62,733 | ) |
| (1,310,829 | ) |
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Cash Provided by Financing Activities |
|
|
|
|
|
|
|
|
|
|
Cash receipts from trust certificates |
|
| 44,426,437 |
|
| 614,948 |
|
| 4,354,636 |
|
Cash payments for trust certificates |
|
| (27,995,579 | ) |
| (72,040 | ) |
| — |
|
Cash dividends paid to Common Shareholders |
|
| (14,292,421 | ) |
| (470,437 | ) |
| (2,972,075 | ) |
Cash dividends paid to Preferred Shareholders |
|
| (364,111 | ) |
| (9,584 | ) |
| (71,732 | ) |
Increase in custodian bank payable |
|
| 59 |
|
| — |
|
| — |
|
|
| |||||||||
Cash provided by financing activities |
|
| 1,774,385 |
|
| 62,887 |
|
| 1,310,829 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
|
|
|
|
|
Net increase in cash |
|
| — |
|
| 154 |
|
| — |
|
Cash at beginning of period |
|
| — |
|
| — |
|
| — |
|
|
| |||||||||
Cash at end of period |
|
| — |
| $ | 154 |
|
| — |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Cash Flow Information |
|
|
|
|
|
|
|
|
|
|
Cash paid during the period for interest and fees |
| $ | 564,989 |
| $ | 18,496 |
| $ | 120,192 |
|
|
| |||||||||
|
|
|
|
|
|
|
|
|
|
|
Noncash Activities |
|
|
|
|
|
|
|
|
|
|
Capital shares issued in reinvestment of dividends paid to Common Shareholders |
| $ | 194,043 |
| $ | 3,228 |
| $ | 55,394 |
|
|
|
|
|
| A Statement of Cash Flows is presented when a Trust has a significant amount of borrowing during the period, based on the average borrowing outstanding in relation to average total assets. |
|
|
|
See Notes to Financial Statements. |
| |
48 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
BlackRock California Municipal Income Trust (BFZ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
| Period |
|
|
|
|
|
|
| |||||||
|
|
| Year Ended July 31, |
|
| Year Ended October 31, |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| 2010 |
| 2009 |
|
| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 14.28 |
| $ | 12.71 |
| $ | 13.98 |
| $ | 14.97 |
| $ | 15.74 |
| $ | 15.18 |
| $ | 14.77 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.49 | 1 |
| 1.00 | 1 |
| 1.03 | 1 |
| 0.82 | 1 |
| 1.08 |
|
| 1.11 |
|
| 1.12 |
|
Net realized and unrealized gain (loss) |
|
| (1.68 | ) |
| 1.50 |
|
| (1.35 | ) |
| (0.90 | ) |
| (0.64 | ) |
| 0.62 |
|
| 0.36 |
|
Dividends to Preferred Shareholders from net investment income |
|
| (0.01 | ) |
| (0.02 | ) |
| (0.12 | ) |
| (0.22 | ) |
| (0.30 | ) |
| (0.26 | ) |
| (0.16 | ) |
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (1.20 | ) |
| 2.48 |
|
| (0.44 | ) |
| (0.30 | ) |
| 0.14 |
|
| 1.47 |
|
| 1.32 |
|
|
| |||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
| (0.45 | ) |
| (0.91 | ) |
| (0.83 | ) |
| (0.69 | ) |
| (0.91 | ) |
| (0.91 | ) |
| (0.91 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 12.63 |
| $ | 14.28 |
| $ | 12.71 |
| $ | 13.98 |
| $ | 14.97 |
| $ | 15.74 |
| $ | 15.18 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 12.44 |
| $ | 14.21 |
| $ | 12.40 |
| $ | 13.99 |
| $ | 15.82 |
| $ | 17.12 |
| $ | 14.92 |
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (8.55 | )%3 |
| 20.15 | % |
| (2.36 | )% |
| (2.09 | )%3 |
| 0.77 | % |
| 9.93 | % |
| 9.47 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (9.48 | )%3 |
| 22.55 | % |
| (4.81 | )% |
| (7.29 | )%3 |
| (2.09 | )% |
| 21.65 | % |
| 16.42 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
| 1.44 | %5 |
| 1.36 | % |
| 1.54 | % |
| 1.25 | %5 |
| 1.21 | % |
| 1.25 | % |
| 1.25 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly4 |
|
| 1.36 | %5 |
| 1.27 | % |
| 1.35 | % |
| 0.98 | %5 |
| 0.91 | % |
| 0.87 | % |
| 0.86 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly4 |
|
| 1.36 | %5 |
| 1.27 | % |
| 1.35 | % |
| 0.98 | %5 |
| 0.91 | % |
| 0.87 | % |
| 0.85 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees and reorganization expense4,6 |
|
| 1.07 | %5 |
| 1.04 | % |
| 1.08 | % |
| 0.91 | %5 |
| 0.91 | % |
| 0.87 | % |
| 0.85 | % |
|
| |||||||||||||||||||||
Net investment income4 |
|
| 6.97 | %5 |
| 6.94 | % |
| 8.27 | % |
| 7.39 | %5 |
| 7.09 | % |
| 7.26 | % |
| 7.35 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.16 | %5 |
| 0.15 | % |
| 1.00 | % |
| 1.95 | %5 |
| 1.98 | % |
| 1.71 | % |
| 1.04 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 6.81 | %5 |
| 6.79 | % |
| 7.27 | % |
| 5.44 | %5 |
| 5.11 | % |
| 5.55 | % |
| 6.31 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 401,956 |
| $ | 454,299 |
| $ | 192,551 |
| $ | 211,671 |
| $ | 225,939 |
| $ | 236,573 |
| $ | 227,472 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 171,325 |
| $ | 171,325 |
| $ | 71,000 |
| $ | 100,900 |
| $ | 131,950 |
| $ | 131,950 |
| $ | 131,950 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 22 | % |
| 47 | % |
| 58 | % |
| 26 | % |
| 26 | % |
| 17 | % |
| 28 | % |
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
| $ | 83,655 |
| $ | 91,293 |
| $ | 92,801 |
| $ | 77,457 |
| $ | 67,816 |
| $ | 69,836 |
| $ | 68,107 |
|
|
|
|
|
|
| 1 | Based on average Common Shares outstanding. |
|
|
|
| 2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
|
| 3 | Aggregate total investment return. |
|
|
|
| 4 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
| 5 | Annualized. |
|
|
|
| 6 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
| |
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 49 |
|
|
|
|
Financial Highlights | BlackRock Florida Municipal 2020 Term Trust (BFO) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
| Period |
|
|
|
|
|
|
| |||||||
|
|
| Year Ended July 31, |
|
| Year Ended December 31, |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| 2010 |
| 2009 |
|
| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 14.91 |
| $ | 13.35 |
| $ | 14.16 |
| $ | 14.72 |
| $ | 15.16 |
| $ | 14.90 |
| $ | 14.63 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.46 | 1 |
| 0.95 | 1 |
| 0.96 | 1 |
| 0.58 | 1 |
| 0.99 |
|
| 0.98 |
|
| 0.98 |
|
Net realized and unrealized gain (loss) |
|
| (0.96 | ) |
| 1.31 |
|
| (1.00 | ) |
| (0.62 | ) |
| (0.45 | ) |
| 0.23 |
|
| 0.31 |
|
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.02 | ) |
| (0.03 | ) |
| (0.15 | ) |
| (0.16 | ) |
| (0.31 | ) |
| (0.29 | ) |
| (0.20 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.02 | ) |
| — |
|
| (0.01 | ) |
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.52 | ) |
| 2.23 |
|
| (0.19 | ) |
| (0.20 | ) |
| 0.21 |
|
| 0.92 |
|
| 1.08 |
|
|
| |||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.34 | ) |
| (0.67 | ) |
| (0.62 | ) |
| (0.36 | ) |
| (0.61 | ) |
| (0.66 | ) |
| (0.75 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.04 | ) |
| — |
|
| (0.06 | ) |
|
| |||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
| (0.34 | ) |
| (0.67 | ) |
| (0.62 | ) |
| (0.36 | ) |
| (0.65 | ) |
| (0.66 | ) |
| (0.81 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 14.05 |
| $ | 14.91 |
| $ | 13.35 |
| $ | 14.16 |
| $ | 14.72 |
| $ | 15.16 |
| $ | 14.90 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 13.67 |
| $ | 14.30 |
| $ | 12.31 |
| $ | 12.50 |
| $ | 12.93 |
| $ | 13.85 |
| $ | 13.35 |
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (3.53 | )%3 |
| 17.35 | % |
| (0.48 | )% |
| (1.12 | )%3 |
| 1.86 | % |
| 6.73 | % |
| 7.71 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (2.13 | )%3 |
| 22.05 | % |
| 3.95 | % |
| (0.63 | )%3 |
| (2.06 | )% |
| 8.83 | % |
| (6.76 | )% |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
| 1.15 | %5 |
| 1.14 | % |
| 1.29 | % |
| 1.22 | %5 |
| 1.16 | % |
| 1.20 | % |
| 1.26 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly4 |
|
| 1.14 | %5 |
| 1.13 | % |
| 1.26 | % |
| 1.22 | %5 |
| 1.16 | % |
| 1.20 | % |
| 1.26 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly4 |
|
| 1.14 | %5 |
| 1.13 | % |
| 1.26 | % |
| 1.22 | %5 |
| 1.16 | % |
| 1.18 | % |
| 1.24 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6 |
|
| 1.10 | %5 |
| 1.09 | % |
| 1.13 | % |
| 1.17 | %5 |
| 1.16 | % |
| 1.18 | % |
| 1.24 | % |
|
| |||||||||||||||||||||
Net investment income4 |
|
| 6.15 | %5 |
| 6.72 | % |
| 7.39 | % |
| 6.74 | %5 |
| 6.63 | % |
| 6.54 | % |
| 6.57 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.22 | %5 |
| 0.22 | % |
| 1.13 | % |
| 1.92 | %5 |
| 2.07 | % |
| 1.96 | % |
| 1.32 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 5.93 | %5 |
| 6.50 | % |
| 6.26 | % |
| 4.82 | %5 |
| 4.56 | % |
| 4.58 | % |
| 5.25 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 78,163 |
| $ | 82,929 |
| $ | 74,256 |
| $ | 78,747 |
| $ | 81,896 |
| $ | 84,300 |
| $ | 82,875 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 42,900 |
| $ | 42,900 |
| $ | 42,900 |
| $ | 42,900 |
| $ | 48,900 |
| $ | 48,900 |
| $ | 48,900 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 2 | % |
| 6 | % |
| 9 | % |
| 6 | % |
| 17 | % |
| — |
|
| — |
|
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
| $ | 70,550 |
| $ | 73,329 |
| $ | 68,275 |
| $ | 70,900 |
| $ | 66,872 |
| $ | 68,114 |
| $ | 67,379 |
|
|
|
|
|
|
| 1 | Based on average Common Shares outstanding. |
|
|
|
| 2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
|
| 3 | Aggregate total investment return. |
|
|
|
| 4 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
| 5 | Annualized. |
|
|
|
| 6 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
| |
50 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Financial Highlights | BlackRock Investment Quality Municipal Income Trust (RFA) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
| Period |
|
|
| |||||||||||||
|
|
| Year Ended July 31, |
|
| Year Ended October 31, |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| 2010 |
| 2009 |
|
| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net asset value, beginning of period |
| $ | 12.29 |
| $ | 11.15 |
| $ | 12.31 |
| $ | 13.43 |
| $ | 14.24 |
| $ | 14.39 |
| $ | 15.02 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.41 | 1 |
| 0.80 | 1 |
| 0.84 | 1 |
| 0.62 | 1 |
| 0.83 |
|
| 0.82 |
|
| 0.84 |
|
Net realized and unrealized gain (loss) |
|
| (1.38 | ) |
| 1.19 |
|
| (1.32 | ) |
| (1.14 | ) |
| (0.69 | ) |
| 0.40 |
|
| (0.35 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.01 | ) |
| (0.02 | ) |
| (0.12 | ) |
| (0.20 | ) |
| (0.26 | ) |
| (0.21 | ) |
| (0.15 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.04 | ) |
| (0.05 | ) |
| (0.01 | ) |
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.98 | ) |
| 1.97 |
|
| (0.60 | ) |
| (0.72 | ) |
| (0.16 | ) |
| 0.96 |
|
| 0.33 |
|
|
| |||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.42 | ) |
| (0.83 | ) |
| (0.56 | ) |
| (0.40 | ) |
| (0.60 | ) |
| (0.85 | ) |
| (0.85 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.05 | ) |
| (0.26 | ) |
| (0.11 | ) |
|
| |||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
| (0.42 | ) |
| (0.83 | ) |
| (0.56 | ) |
| (0.40 | ) |
| (0.65 | ) |
| (1.11 | ) |
| (0.96 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 10.89 |
| $ | 12.29 |
| $ | 11.15 |
| $ | 12.31 |
| $ | 13.43 |
| $ | 14.24 |
| $ | 14.39 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 10.97 |
| $ | 12.60 |
| $ | 10.08 |
| $ | 10.93 |
| $ | 11.86 |
| $ | 16.00 |
| $ | 14.85 |
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (8.23 | )%3 |
| 18.09 | % |
| (3.68 | )% |
| (5.03 | )%3 |
| (1.02 | )% |
| 6.46 | % |
| 2.19 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (9.83 | )%3 |
| 33.92 | % |
| (1.93 | )% |
| (4.51 | )%3 |
| (22.21 | )% |
| 15.91 | % |
| 10.76 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable | ||||||||||||||||||||||
Total expenses4 |
|
| 1.83 | %5 |
| 1.69 | % |
| 1.72 | % |
| 1.60 | %5,6 |
| 1.44 | % |
| 1.43 | % |
| 1.32 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly4 |
|
| 1.83 | %5 |
| 1.69 | % |
| 1.68 | % |
| 1.58 | %5,6 |
| 1.43 | % |
| 1.43 | % |
| 1.32 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly4 |
|
| 1.83 | %5 |
| 1.69 | % |
| 1.68 | % |
| 1.58 | %5,6 |
| 1.39 | % |
| 1.37 | % |
| 1.29 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,7 |
|
| 1.54 | %5 |
| 1.47 | % |
| 1.56 | % |
| 1.53 | %5,6 |
| 1.39 | % |
| 1.37 | % |
| 1.29 | % |
|
| |||||||||||||||||||||
Net investment income4 |
|
| 6.74 | %5 |
| 6.66 | % |
| 7.79 | % |
| 6.42 | %5,6 |
| 6.03 | % |
| 5.80 | % |
| 5.69 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.14 | %5 |
| 0.13 | % |
| 1.10 | % |
| 2.03 | %5 |
| 1.88 | % |
| 1.49 | % |
| 1.05 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 6.60 | %5 |
| 6.53 | % |
| 6.69 | % |
| 4.39 | %5,6 |
| 4.15 | % |
| 4.31 | % |
| 4.64 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 12,287 |
| $ | 13,855 |
| $ | 12,565 |
| $ | 13,871 |
| $ | 15,134 |
| $ | 16,054 |
| $ | 16,214 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference,end of period (000) |
| $ | 4,575 |
| $ | 4,575 |
| $ | 4,575 |
| $ | 7,125 |
| $ | 8,500 |
| $ | 8,500 |
| $ | 8,500 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 15 | % |
| 44 | % |
| 88 | % |
| 29 | % |
| 40 | % |
| 57 | % |
| 15 | % |
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference,end of period |
| $ | 92,142 |
| $ | 100,711 |
| $ | 93,664 |
| $ | 73,687 |
| $ | 69,526 |
| $ | 72,229 |
| $ | 72,696 |
|
|
|
|
|
|
| 1 | Based on average Common Shares outstanding. |
|
|
|
| 2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
|
| 3 | Aggregate total investment return. |
|
|
|
| 4 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
|
| 5 | Annualized. |
|
|
|
| 6 | Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.71%, 1.68%, 1.68%, 1.63%, 6.31% and 4.28%, respectively. |
|
|
|
| 7 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 51 |
|
|
|
|
Financial Highlights | BlackRock Municipal Income Investment Trust (BBF) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
|
|
| Period |
|
|
|
|
|
|
|
|
|
| ||
|
|
| Year Ended July 31, |
|
| Year Ended October 31, |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| 2010 |
| 2009 |
|
| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 13.91 |
| $ | 12.71 |
| $ | 14.08 |
| $ | 15.05 |
| $ | 15.68 |
| $ | 15.48 |
| $ | 15.27 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.48 | 1 |
| 0.92 | 1 |
| 1.01 | 1 |
| 0.80 | 1 |
| 1.07 |
|
| 1.11 |
|
| 1.11 |
|
Net realized and unrealized gain (loss) |
|
| (1.62 | ) |
| 1.20 |
|
| (1.36 | ) |
| (0.89 | ) |
| (0.49 | ) |
| 0.26 |
|
| 0.17 |
|
Dividends to Preferred Shareholders from net investment income |
|
| (0.01 | ) |
| (0.02 | ) |
| (0.14 | ) |
| (0.22 | ) |
| (0.31 | ) |
| (0.27 | ) |
| (0.17 | ) |
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (1.15 | ) |
| 2.10 |
|
| (0.49 | ) |
| (0.31 | ) |
| 0.27 |
|
| 1.10 |
|
| 1.11 |
|
|
| |||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
| (0.45 | ) |
| (0.90 | ) |
| (0.88 | ) |
| (0.66 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.90 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 12.31 |
| $ | 13.91 |
| $ | 12.71 |
| $ | 14.08 |
| $ | 15.05 |
| $ | 15.68 |
| $ | 15.48 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 11.93 |
| $ | 13.90 |
| $ | 12.49 |
| $ | 13.68 |
| $ | 15.10 |
| $ | 16.30 |
| $ | 15.25 |
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (8.51 | )%3 |
| 17.04 | % |
| (2.57 | )% |
| (2.04 | )%3 |
| 1.78 | % |
| 7.34 | % |
| 7.63 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (11.27 | )%3 |
| 19.01 | % |
| (1.46 | )% |
| (5.14 | )%3 |
| (1.76 | )% |
| 13.26 | % |
| 12.44 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
| 1.57 | %5 |
| 1.46 | % |
| 1.47 | % |
| 1.31 | %5 |
| 1.28 | % |
| 1.30 | % |
| 1.30 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly4 |
|
| 1.57 | %5 |
| 1.37 | % |
| 1.27 | % |
| 1.06 | %5 |
| 0.97 | % |
| 0.93 | % |
| 0.91 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly4 |
|
| 1.57 | %5 |
| 1.37 | % |
| 1.27 | % |
| 1.06 | %5 |
| 0.96 | % |
| 0.92 | % |
| 0.90 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6 |
|
| 1.29 | %5 |
| 1.17 | % |
| 1.16 | % |
| 1.02 | %5 |
| 0.96 | % |
| 0.92 | % |
| 0.90 | % |
|
| |||||||||||||||||||||
Net investment income4 |
|
| 7.07 | %5 |
| 6.84 | % |
| 8.13 | % |
| 7.26 | %5 |
| 7.02 | % |
| 7.12 | % |
| 7.16 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.16 | %5 |
| 0.16 | % |
| 1.11 | % |
| 1.96 | %5 |
| 2.04 | % |
| 1.75 | % |
| 1.11 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 6.91 | %5 |
| 6.68 | % |
| 7.02 | % |
| 5.30 | %5 |
| 4.98 | % |
| 5.37 | % |
| 6.05 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 82,456 |
| $ | 93,073 |
| $ | 85,050 |
| $ | 94,176 |
| $ | 100,564 |
| $ | 104,451 |
| $ | 102,944 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 34,250 |
| $ | 34,250 |
| $ | 34,250 |
| $ | 49,550 |
| $ | 57,550 |
| $ | 57,550 |
| $ | 57,550 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 13 | % |
| 46 | % |
| 66 | % |
| 13 | % |
| 25 | % |
| 20 | % |
| 10 | % |
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
| $ | 85,188 |
| $ | 92,938 |
| $ | 87,082 |
| $ | 72,521 |
| $ | 68,688 |
| $ | 70,391 |
| $ | 69,729 |
|
|
|
|
|
1 | Based on average Common Shares outstanding. |
|
|
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
3 | Aggregate total investment return. |
|
|
4 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
5 | Annualized. |
|
|
6 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
| |
52 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Financial Highlights | BlackRock New Jersey Investment Quality Municipal Trust Inc. (RNJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
| Period |
|
|
|
|
|
|
| |||||||
|
|
| Year Ended July 31, |
|
| Year Ended October 31, |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| 2010 |
| 2009 |
|
| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 12.57 |
| $ | 11.33 |
| $ | 12.20 |
| $ | 13.57 |
| $ | 14.47 |
| $ | 14.48 |
| $ | 14.79 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.38 | 1 |
| 0.82 | 1 |
| 0.86 | 1 |
| 0.66 | 1 |
| 0.91 |
|
| 0.85 |
|
| 0.87 |
|
Net realized and unrealized gain (loss) |
|
| (1.11 | ) |
| 1.22 |
|
| (0.96 | ) |
| (1.26 | ) |
| (0.70 | ) |
| 0.34 |
|
| (0.21 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.01 | ) |
| (0.03 | ) |
| (0.13 | ) |
| (0.16 | ) |
| (0.23 | ) |
| (0.20 | ) |
| (0.15 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.02 | ) |
| (0.03 | ) |
| — |
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.74 | ) |
| 2.01 |
|
| (0.23 | ) |
| (0.76 | ) |
| (0.04 | ) |
| 0.96 |
|
| 0.51 |
|
|
| |||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.39 | ) |
| (0.77 | ) |
| (0.64 | ) |
| (0.61 | ) |
| (0.82 | ) |
| (0.84 | ) |
| (0.82 | ) |
Net realized gain |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (0.04 | ) |
| (0.13 | ) |
| — |
|
|
| |||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
| (0.39 | ) |
| (0.77 | ) |
| (0.64 | ) |
| (0.61 | ) |
| (0.86 | ) |
| (0.97 | ) |
| (0.82 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 11.44 |
| $ | 12.57 |
| $ | 11.33 |
| $ | 12.20 |
| $ | 13.57 |
| $ | 14.47 |
| $ | 14.48 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 11.60 |
| $ | 12.96 |
| $ | 11.68 |
| $ | 11.96 |
| $ | 14.96 |
| $ | 15.95 |
| $ | 14.70 |
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (6.05 | )%3 |
| 18.01 | % |
| (1.09 | )% |
| (6.10 | )%3 |
| (1.03 | )% |
| 6.14 | % |
| 3.43 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (7.61 | )%3 |
| 18.02 | % |
| 4.01 | % |
| (16.50 | )%3 |
| (1.02 | )% |
| 15.25 | % |
| 3.53 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
| 1.55 | %5 |
| 1.59 | % |
| 1.70 | % |
| 1.88 | %5,6 |
| 1.48 | % |
| 1.51 | % |
| 1.37 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly4 |
|
| 1.53 | %5 |
| 1.57 | % |
| 1.67 | % |
| 1.86 | %5,6 |
| 1.47 | % |
| 1.51 | % |
| 1.37 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly4 |
|
| 1.53 | %5 |
| 1.57 | % |
| 1.67 | % |
| 1.86 | %5,6 |
| 1.40 | % |
| 1.41 | % |
| 1.34 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,7 |
|
| 1.52 | %5 |
| 1.56 | % |
| 1.64 | % |
| 1.84 | %5,6 |
| 1.40 | % |
| 1.41 | % |
| 1.34 | % |
|
| |||||||||||||||||||||
Net investment income4 |
|
| 6.13 | %5 |
| 6.75 | % |
| 7.91 | % |
| 6.97 | %5,6 |
| 6.49 | % |
| 5.91 | % |
| 5.89 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.23 | %5 |
| 0.23 | % |
| 1.20 | % |
| 1.89 | %5 |
| 1.67 | % |
| 1.41 | % |
| 1.00 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 5.90 | %5 |
| 6.52 | % |
| 6.71 | % |
| 5.08 | %5,6 |
| 4.82 | % |
| 4.50 | % |
| 4.89 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 11,629 |
| $ | 12,764 |
| $ | 11,474 |
| $ | 12,351 |
| $ | 13,694 |
| $ | 14,576 |
| $ | 14,581 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 6,900 |
| $ | 6,900 |
| $ | 6,900 |
| $ | 7,075 |
| $ | 7,500 |
| $ | 7,500 |
| $ | 7,500 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 20 | % |
| 23 | % |
| 32 | % |
| 18 | % |
| 31 | % |
| 27 | % |
| 19 | % |
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
| $ | 67,135 |
| $ | 71,248 |
| $ | 66,576 |
| $ | 68,647 |
| $ | 70,649 |
| $ | 73,603 |
| $ | 73,612 |
|
|
|
|
|
1 | Based on average Common Shares outstanding. |
|
|
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
3 | Aggregate total investment return. |
|
|
4 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
5 | Annualized. |
|
|
6 | Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 2.00%, 1.98%, 1.98%, 1.96%, 6.85% and 4.96%, respectively. |
|
|
7 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 53 |
|
|
|
|
Financial Highlights | BlackRock New Jersey Municipal Income Trust (BNJ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
| Period |
|
|
|
|
|
|
| |||||||
|
|
| Year Ended July 31, |
|
| Year Ended October 31, |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| 2010 |
| 2009 |
|
| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 14.38 |
| $ | 12.78 |
| $ | 14.15 |
| $ | 15.49 |
| $ | 16.35 |
| $ | 15.87 |
| $ | 15.38 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.48 | 1 |
| 1.02 | 1 |
| 1.05 | 1 |
| 0.89 | 1 |
| 1.14 |
|
| 1.17 |
|
| 1.17 |
|
Net realized and unrealized gain (loss) |
|
| (1.25 | ) |
| 1.54 |
|
| (1.38 | ) |
| (1.24 | ) |
| (0.74 | ) |
| 0.52 |
|
| 0.42 |
|
Dividends and distributions to Preferred Shareholders from net investment income |
|
| (0.02 | ) |
| (0.03 | ) |
| (0.11 | ) |
| (0.24 | ) |
| (0.30 | ) |
| (0.26 | ) |
| (0.18 | ) |
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.79 | ) |
| 2.53 |
|
| (0.44 | ) |
| (0.59 | ) |
| 0.10 |
|
| 1.43 |
|
| 1.41 |
|
|
| |||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
| (0.47 | ) |
| (0.93 | ) |
| (0.93 | ) |
| (0.75 | ) |
| (0.96 | ) |
| (0.95 | ) |
| (0.92 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 13.12 |
| $ | 14.38 |
| $ | 12.78 |
| $ | 14.15 |
| $ | 15.49 |
| $ | 16.35 |
| $ | 15.87 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 13.22 |
| $ | 14.82 |
| $ | 14.00 |
| $ | 15.09 |
| $ | 16.90 |
| $ | 18.40 |
| $ | 15.91 |
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (5.67 | )%3 |
| 20.22 | % |
| (2.62 | )% |
| (4.12 | )%3 |
| 0.17 | % |
| 9.18 | % |
| 9.60 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (7.77 | )%3 |
| 13.11 | % |
| 0.04 | % |
| (6.28 | )%3 |
| (2.89 | )% |
| 22.56 | % |
| 16.95 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses4 |
|
| 1.23 | %5 |
| 1.23 | % |
| 1.38 | % |
| 1.28 | %5 |
| 1.24 | % |
| 1.27 | % |
| 1.28 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly4 |
|
| 1.22 | %5 |
| 1.13 | % |
| 1.17 | % |
| 1.03 | %5 |
| 0.94 | % |
| 0.91 | % |
| 0.90 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly4 |
|
| 1.22 | %5 |
| 1.13 | % |
| 1.17 | % |
| 1.03 | %5 |
| 0.93 | % |
| 0.89 | % |
| 0.89 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6 |
|
| 1.20 | %5 |
| 1.12 | % |
| 1.14 | % |
| 1.02 | %5 |
| 0.93 | % |
| 0.89 | % |
| 0.89 | % |
|
| |||||||||||||||||||||
Net investment income4 |
|
| 6.76 | %5 |
| 7.42 | % |
| 8.49 | % |
| 7.92 | %5 |
| 7.18 | % |
| 7.31 | % |
| 7.37 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.23 | %5 |
| 0.23 | % |
| 1.22 | % |
| 1.94 | %5 |
| 1.86 | % |
| 1.63 | % |
| 1.12 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 6.53 | %5 |
| 7.19 | % |
| 7.27 | % |
| 5.98 | %5 |
| 5.32 | % |
| 5.68 | % |
| 6.25 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 99,804 |
| $ | 109,257 |
| $ | 96,696 |
| $ | 106,596 |
| $ | 116,152 |
| $ | 121,987 |
| $ | 117,739 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 59,100 |
| $ | 59,100 |
| $ | 59,100 |
| $ | 60,475 |
| $ | 63,800 |
| $ | 63,800 |
| $ | 63,800 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 12 | % |
| 11 | % |
| 29 | % |
| 12 | % |
| 23 | % |
| 2 | % |
| 6 | % |
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
| $ | 67,220 |
| $ | 71,218 |
| $ | 65,905 |
| $ | 69,083 |
| $ | 70,528 |
| $ | 72,812 |
| $ | 71,142 |
|
|
|
|
|
1 | Based on average Common Shares outstanding. |
|
|
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
3 | Aggregate total investment return. |
|
|
4 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
5 | Annualized. |
|
|
6 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
| |
54 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
|
|
Financial Highlights | BlackRock New York Investment Quality Municipal Trust Inc. (RNY) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Six Months |
|
|
|
|
| Period |
|
|
|
|
|
|
| |||||||
|
|
| Year Ended July 31, |
|
| Year Ended October 31, |
| |||||||||||||||
|
|
|
|
| ||||||||||||||||||
|
|
| 2010 |
| 2009 |
|
| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, beginning of period |
| $ | 14.15 |
| $ | 12.81 |
| $ | 13.30 |
| $ | 14.40 |
| $ | 15.18 |
| $ | 15.03 |
| $ | 15.35 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.46 | 1 |
| 0.95 | 1 |
| 0.95 | 1 |
| 0.67 | 1 |
| 0.95 |
|
| 0.97 |
|
| 0.96 |
|
Net realized and unrealized gain (loss) |
|
| (1.29 | ) |
| 1.28 |
|
| (0.61 | ) |
| (0.89 | ) |
| (0.61 | ) |
| 0.37 |
|
| (0.26 | ) |
Dividends and distributions to Preferred Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.02 | ) |
| (0.03 | ) |
| (0.10 | ) |
| (0.15 | ) |
| (0.25 | ) |
| (0.21 | ) |
| (0.14 | ) |
Net realized gain |
|
| — |
|
| (0.00 | )2 |
| (0.00 | )2 |
| (0.04 | ) |
| (0.01 | ) |
| (0.02 | ) |
| — |
|
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.85 | ) |
| 2.20 |
|
| 0.24 |
|
| (0.41 | ) |
| 0.08 |
|
| 1.11 |
|
| 0.56 |
|
|
| |||||||||||||||||||||
Dividends and distributions to Common Shareholders from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income |
|
| (0.44 | ) |
| (0.84 | ) |
| (0.72 | ) |
| (0.60 | ) |
| (0.85 | ) |
| (0.88 | ) |
| (0.88 | ) |
Net realized gain |
|
| — |
|
| (0.02 | ) |
| (0.01 | ) |
| (0.09 | ) |
| (0.01 | ) |
| (0.08 | ) |
| — |
|
|
| |||||||||||||||||||||
Total dividends and distributions to Common Shareholders |
|
| (0.44 | ) |
| (0.86 | ) |
| (0.73 | ) |
| (0.69 | ) |
| (0.86 | ) |
| (0.96 | ) |
| (0.88 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 12.86 |
| $ | 14.15 |
| $ | 12.81 |
| $ | 13.30 |
| $ | 14.40 |
| $ | 15.18 |
| $ | 15.03 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 12.90 |
| $ | 14.70 |
| $ | 12.61 |
| $ | 12.83 |
| $ | 15.39 |
| $ | 16.65 |
| $ | 14.75 |
|
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Based on net asset value |
|
| (6.23 | )%4 |
| 17.60 | % |
| 2.71 | % |
| (2.98 | )%4 |
| 0.10 | % |
| 7.32 | % |
| 3.97 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (9.46 | )%4 |
| 24.11 | % |
| 4.81 | % |
| (12.43 | )%4 |
| (2.46 | )% |
| 19.95 | % |
| 8.01 | % |
|
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios to Average Net Assets Applicable to Common Shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expenses5 |
|
| 1.37 | %6 |
| 1.31 | % |
| 1.42 | % |
| 1.48 | %6,7 |
| 1.29 | % |
| 1.33 | % |
| 1.24 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly5 |
|
| 1.36 | %6 |
| 1.30 | % |
| 1.41 | % |
| 1.47 | %6,7 |
| 1.29 | % |
| 1.33 | % |
| 1.24 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly5 |
|
| 1.36 | %6 |
| 1.30 | % |
| 1.41 | % |
| 1.47 | %6,7 |
| 1.24 | % |
| 1.25 | % |
| 1.20 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees5,8 |
|
| 1.33 | %6 |
| 1.30 | % |
| 1.41 | % |
| 1.47 | %6,7 |
| 1.24 | % |
| 1.25 | % |
| 1.20 | % |
|
| |||||||||||||||||||||
Net investment income5 |
|
| 6.61 | %6 |
| 6.92 | % |
| 7.72 | % |
| 6.53 | %6,7 |
| 6.42 | % |
| 6.48 | % |
| 6.30 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.23 | %6 |
| 0.21 | % |
| 1.14 | % |
| 1.47 | %6 |
| 1.72 | % |
| 1.42 | % |
| 0.91 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 6.38 | %6 |
| 6.71 | % |
| 6.58 | % |
| 5.06 | %6,7 |
| 4.70 | % |
| 5.06 | % |
| 5.39 | % |
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| |||||||||||||||||||||
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Supplemental Data |
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|
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|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 16,899 |
| $ | 18,577 |
| $ | 16,796 |
| $ | 17,448 |
| $ | 18,848 |
| $ | 19,839 |
| $ | 19,643 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 9,725 |
| $ | 9,725 |
| $ | 9,725 |
| $ | 9,800 |
| $ | 9,800 |
| $ | 9,800 |
| $ | 9,800 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 7 | % |
| 35 | % |
| 24 | % |
| 8 | % |
| 37 | % |
| 24 | % |
| 10 | % |
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
| $ | 68,442 |
| $ | 72,758 |
| $ | 68,180 |
| $ | 69,521 |
| $ | 73,090 |
| $ | 75,614 |
| $ | 75,111 |
|
|
|
|
|
1 | Based on average Common Shares outstanding. |
|
|
2 | Amount is less than $(0.01) per share. |
|
|
3 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
4 | Aggregate total investment return. |
|
|
5 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
6 | Annualized. |
|
|
7 | Certain non-recurring expenses have been included in the ratio but not annualized. If these expenses were annualized, the ratios of total expenses, total expenses after fees waived and before fees paid indirectly, total expenses after fees waived and paid indirectly, total expenses after fees waived and paid indirectly and excluding interest expense and fees, net investment income and net investment income to Common Shareholders would have been 1.56%, 1.55%, 1.55%, 1.55%, 6.46% and 4.99%, respectively. |
|
|
8 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 55 |
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Financial Highlights | BlackRock New York Municipal Income Trust (BNY) |
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| Six Months |
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| Period |
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| |||||||
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| Year Ended July 31, |
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| Year Ended October 31, |
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| ||||||||||||||||||
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| 2010 |
| 2009 |
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| 2007 |
| 2006 |
| 2005 |
| |||||||||
Per Share Operating Performance |
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Net asset value, beginning of period |
| $ | 14.27 |
| $ | 12.71 |
| $ | 13.88 |
| $ | 15.11 |
| $ | 15.88 |
| $ | 15.44 |
| $ | 15.28 |
|
|
| |||||||||||||||||||||
Net investment income |
|
| 0.50 | 1 |
| 1.04 | 1 |
| 1.06 | 1 |
| 0.86 | 1 |
| 1.11 |
|
| 1.13 |
|
| 1.14 |
|
Net realized and unrealized gain (loss) |
|
| (1.26 | ) |
| 1.54 |
|
| (1.22 | ) |
| (1.17 | ) |
| (0.70 | ) |
| 0.47 |
|
| 0.09 |
|
Dividends to Preferred Shareholders from net investment income |
|
| (0.02 | ) |
| (0.03 | ) |
| (0.10 | ) |
| (0.21 | ) |
| (0.28 | ) |
| (0.26 | ) |
| (0.17 | ) |
|
| |||||||||||||||||||||
Net increase (decrease) from investment operations |
|
| (0.78 | ) |
| 2.55 |
|
| (0.26 | ) |
| (0.52 | ) |
| 0.13 |
|
| 1.34 |
|
| 1.06 |
|
|
| |||||||||||||||||||||
Dividends to Common Shareholders from net investment income |
|
| (0.50 | ) |
| (0.99 | ) |
| (0.91 | ) |
| (0.71 | ) |
| (0.90 | ) |
| (0.90 | ) |
| (0.90 | ) |
|
| |||||||||||||||||||||
Net asset value, end of period |
| $ | 12.99 |
| $ | 14.27 |
| $ | 12.71 |
| $ | 13.88 |
| $ | 15.11 |
| $ | 15.88 |
| $ | 15.44 |
|
|
| |||||||||||||||||||||
Market price, end of period |
| $ | 13.82 |
| $ | 15.11 |
| $ | 13.95 |
| $ | 15.26 |
| $ | 15.55 |
| $ | 17.35 |
| $ | 15.19 |
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Total Investment Return2 |
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Based on net asset value |
|
| (5.72 | )%3 |
| 20.35 | % |
| (1.28 | )% |
| (3.71 | )%3 |
| 0.64 | % |
| 8.91 | % |
| 7.38 | % |
|
| |||||||||||||||||||||
Based on market price |
|
| (5.27 | )%3 |
| 16.11 | % |
| (1.44 | )% |
| 2.87 | %3 |
| (5.20 | )% |
| 20.95 | % |
| 15.38 | % |
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Ratios to Average Net Assets Applicable to Common Shareholders |
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|
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Total expenses4 |
|
| 1.25 | %5 |
| 1.25 | % |
| 1.43 | % |
| 1.25 | %5 |
| 1.22 | % |
| 1.25 | % |
| 1.26 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and before fees paid indirectly4 |
|
| 1.25 | %5 |
| 1.16 | % |
| 1.25 | % |
| 1.00 | %5 |
| 0.92 | % |
| 0.88 | % |
| 0.87 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly4 |
|
| 1.25 | %5 |
| 1.16 | % |
| 1.25 | % |
| 1.00 | %5 |
| 0.92 | % |
| 0.87 | % |
| 0.86 | % |
|
| |||||||||||||||||||||
Total expenses after fees waived and paid indirectly and excluding interest expense and fees4,6 |
|
| 1.20 | %5 |
| 1.11 | % |
| 1.13 | % |
| 0.97 | %5 |
| 0.92 | % |
| 0.87 | % |
| 0.86 | % |
|
| |||||||||||||||||||||
Net investment income4 |
|
| 7.16 | %5 |
| 7.50 | % |
| 8.67 | % |
| 7.79 | %5 |
| 7.23 | % |
| 7.30 | % |
| 7.35 | % |
|
| |||||||||||||||||||||
Dividends to Preferred Shareholders |
|
| 0.22 | %5 |
| 0.22 | % |
| 1.17 | % |
| 1.91 | %5 |
| 1.84 | % |
| 1.69 | % |
| 1.08 | % |
|
| |||||||||||||||||||||
Net investment income to Common Shareholders |
|
| 6.94 | %5 |
| 7.28 | % |
| 7.50 | % |
| 5.88 | %5 |
| 5.39 | % |
| 5.61 | % |
| 6.27 | % |
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| |||||||||||||||||||||
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|
Supplemental Data |
|
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|
|
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|
|
|
|
|
|
|
|
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|
|
|
|
|
|
Net assets applicable to Common Shareholders, end of period (000) |
| $ | 166,260 |
| $ | 182,372 |
| $ | 161,727 |
| $ | 175,927 |
| $ | 190,962 |
| $ | 199,717 |
| $ | 193,457 |
|
|
| |||||||||||||||||||||
Preferred Shares outstanding at $25,000 liquidation preference, end of period (000) |
| $ | 94,500 |
| $ | 94,500 |
| $ | 94,500 |
| $ | 95,850 |
| $ | 109,750 |
| $ | 109,750 |
| $ | 109,750 |
|
|
| |||||||||||||||||||||
Portfolio turnover |
|
| 9 | % |
| 16 | % |
| 18 | % |
| 5 | % |
| 23 | % |
| 27 | % |
| 24 | % |
|
| |||||||||||||||||||||
Asset coverage per Preferred Share at $25,000 liquidation preference, end of period |
| $ | 68,985 |
| $ | 73,248 |
| $ | 67,787 |
| $ | 70,892 |
| $ | 68,509 |
| $ | 70,502 |
| $ | 69,073 |
|
|
|
|
|
1 | Based on average Common Shares outstanding. |
|
|
2 | Total investment returns based on market value, which can be significantly greater or lesser than the net asset value, may result in substantially different returns. Where applicable, total investment returns exclude the effects of any sales charges and include the reinvestment of dividends and distributions. |
|
|
3 | Aggregate total investment return. |
|
|
4 | Do not reflect the effect of dividends to Preferred Shareholders. |
|
|
5 | Annualized. |
|
|
6 | Interest expense and fees relate to TOBs. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs. |
|
|
|
See Notes to Financial Statements. |
| |
56 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
1. Organization and Significant Accounting Policies:
BlackRock New Jersey Investment Quality Municipal Trust Inc. (“RNJ”) and BlackRock New York Investment Quality Municipal Trust Inc. (“RNY”) are organized as Maryland corporations. BlackRock Investment Quality Municipal Income Trust (“RFA”) is organized as a Massachusetts business trust. RNJ, RNY and RFA are herein referred to as the “Investment Quality Trusts.” BlackRock California Municipal Income Trust (“BFZ”), BlackRock Municipal Income Investment Trust (“BBF”), BlackRock New Jersey Municipal Income Trust (“BNJ”), BlackRock New York Municipal Income Trust (“BNY”) (collectively, the “Income Trusts”) and BlackRock Florida Municipal 2020 Term Trust (“BFO”) are organized as Delaware statutory trusts. The Investment Quality Trusts, Income Trusts and BFO are referred to herein collectively as the “Trusts.” The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as non-diversified, closed-end management investment companies. The Trusts’ financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”), which may require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Trusts determine, and make available for publication the net asset value of their Common Shares on a daily basis.
Reorganization: The Board and shareholders of BFZ and the Board and shareholders of each of BlackRock California Insured Municipal Income Trust (“BCK”), BlackRock California Municipal Bond Trust (“BZA”) and BlackRock California Municipal Income Trust II (“BCL”) (individually, a “Target Fund” and collectively the “Target Funds”) approved the reorganizations of BCK, BZA and BCL into BFZ, pursuant to which BFZ acquired substantially all of the assets and substantially all of the liabilities of BCK, BZA and BCL in exchange for an equal aggregate value of newly-issued Common Shares and Preferred Shares of BFZ.
Each Common Shareholder of a Target Fund received Common Shares of BFZ in an amount equal to the aggregate net asset value of such Common Shareholder’s Target Fund Common Shares, as determined at the close of business on January 29, 2010, less the costs of the Target Fund’s reorganization (although cash was distributed for any fractional Common Shares).
Each Preferred Shareholder of a Target Fund received Preferred Shares of BFZ in an amount equal to the aggregate liquidation preference of the Target Fund Preferred Shares held by such Preferred Shareholder prior to the Target Fund’s reorganization.
The reorganizations were accomplished by a tax-free exchange of Common Shares and Preferred Shares of BFZ in the following amounts and at the following conversion ratios:
|
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|
|
|
|
|
|
|
Common Shares |
| |||||||||
|
| Shares |
| Conversion |
| Shares of |
| |||
BCK |
|
| 5,278,087 |
|
| 0.97545266 |
|
| 5,148,524 |
|
BZA |
|
| 3,409,668 |
|
| 1.04504339 |
|
| 3,563,251 |
|
BCL |
|
| 7,999,789 |
|
| 0.99301332 |
|
| 7,943,897 |
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Shares |
| |||||||||
|
| Series F-7 |
| Series R-7 |
| Series T-7 |
| |||
BCK |
|
| 1,253 |
|
| — |
|
| — |
|
BZA |
|
| 898 |
|
| — |
|
| — |
|
BCL |
|
| — |
|
| 931 |
|
| 931 |
|
Each Target Fund’s net assets and composition of net assets on January 29, 2010, the date of the merger, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Net Assets |
| Preferred |
| Paid in |
| |||
BCK |
| $ | 70,787,151 |
| $ | 31,325,000 |
| $ | 4,722,726 |
|
BZA |
| $ | 48,990,979 |
| $ | 22,450,000 |
| $ | 48,275,547 |
|
BCL |
| $ | 109,220,636 |
| $ | 46,550,000 |
| $ | 113,337,925 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Undistributed |
| Accumulated |
| Net |
| |||
BCK |
| $ | 13,660 |
| $ | (2,517,189 | ) | $ | (1,432,046 | ) |
BZA |
| $ | 8,847 |
| $ | (560,343 | ) | $ | 1,266,928 |
|
BCL |
| $ | 67,073 |
| $ | (7,251,617 | ) | $ | 3,067,255 |
|
For financial reporting purposes, assets received and shares issued by BFZ were recorded at fair value; however, the cost basis of the investments received from the Target Funds were carried forward to align ongoing reporting of BFZ’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
The aggregate net assets of BFZ immediately after the acquisition amounted to $437,406,830. Each Target Fund’s fair value and cost of investments prior to the reorganization were as follows:
|
|
|
|
|
|
|
|
|
| Fair Value of |
| Cost of |
| ||
BCK |
| $ | 108,191,823 |
| $ | 109,623,869 |
|
BZA |
| $ | 76,672,439 |
| $ | 75,405,511 |
|
BCL |
| $ | 175,462,460 |
| $ | 172,395,205 |
|
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 57 |
|
|
Notes to Financial Statements (continued) |
The purpose of these transactions was to combine four funds managed by the Manager with the same or substantially similar (but not identical) investment objectives, investment policies, strategies, risks and restrictions. Each reorganization was a tax-free event and was effective on February 1, 2010.
In connection with the reorganizations, BFZ’s investment advisory fee was reduced by 2 basis points, from 0.60% of BFZ’s average weekly net assets to 0.58% of BFZ’s average weekly net assets as defined in Note 3. In addition to this reduction, BFZ’s contractual investment advisory fee waiver, as a percentage of average weekly net assets, was extended for an additional two years as follows: (i) 0.05% through December 31, 2010, (ii) 0.03% through December 31, 2011 and (iii) 0.01% through December 31, 2012.
Assuming the acquisition had been completed on August 1, 2009, the beginning of the annual reporting period of BFZ, the pro forma results of operations for the year ended July 31, 2010, are as follows:
|
|
• | Net investment income: $30,885,392 |
| |
• | Net realized and change in unrealized gain on investments: $41,142,437 |
| |
• | Dividends to Preferred Shareholders from net investment income: $(711,091) |
| |
• | Net increase in net assets applicable to Common Shareholders resulting from operations: $71,316,738 |
Because the combined investment portfolios have been managed as a single integrated portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of BFZ that have been included in BFZ’s Statement of Operations since January 29, 2010.
The following is a summary of significant accounting policies followed by the Trusts:
Valuation: The Trusts fair value their financial instruments at market value using independent dealers or pricing services under policies approved by the Boards of Directors and the Boards of Trustees of the Trusts (referred to throughout this report as the “Board of Trustees” or the “Board”). Municipal investments (including commitments to purchase such investments on a “when-issued” basis) are valued on the basis of prices provided by dealers or pricing services. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments and information with respect to various relationships between investments. Financial futures contracts traded on exchanges are valued at their last sale price. Short-term securities with remaining maturities of 60 days or less may be valued at amortized cost, which approximates fair value. Investments in open-end registered investment companies are valued at net asset value each business day.
In the event that application of these methods of valuation results in a price for an investment which is deemed not to be representative of the market value of such investment or is not available, the investment will be valued in accordance with a policy approved by the Board as reflecting fair value (“Fair Value Assets”). When determining the price for Fair Value Assets, the investment advisor and/or the sub-advisor seeks to determine the price that each Trust might reasonably expect to receive from the current sale of that asset in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the investment advisor and/or sub-advisor deems relevant. The pricing of all Fair Value Assets is subsequently reported to the Board or a committee thereof.
Forward Commitments and When-Issued Delayed Delivery Securities: The Trusts may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Trusts may purchase securities under such conditions with the intention of actually acquiring them, but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Trusts may be required to pay more at settlement than the security is worth. In addition, the Trusts are not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Trusts assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counter-party, the Trusts’ maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions, which is shown on the Schedules of Investments, if any.
Zero-Coupon Bonds: The Trusts may invest in zero-coupon bonds, which are normally issued at a significant discount from face value and do not provide for periodic interest payments. Zero-coupon bonds may experience greater volatility in market value than similar maturity debt obligations which provide for regular interest payments.
Municipal Bonds Transferred to Tender Option Bond Trusts: The Trusts leverage their assets through the use of TOBs. A TOB is established by a third party sponsor forming a special purpose entity, into which one or more funds, or an agent on behalf of the funds, transfers municipal bonds. Other funds managed by the investment advisor may also contribute municipal bonds to a TOB into which a Trust has contributed bonds. A TOB typically issues two classes of beneficial interests: short-term floating rate certificates, which are sold to third party investors, and residual certificates (“TOB Residuals”), which are generally issued to the participating funds that made the transfer. The TOB Residuals held by a Trust include the right of a Trust (1) to cause the holders of a proportional share of the short-term floating rate certificates to tender their certificates at par, including during instances of a rise in short-term interest rates, and (2) to transfer, within seven days, a corresponding share of the municipal bonds from the TOB to a Trust. The TOB may also be terminated without the consent of a Trust upon the occurrence of certain events as defined in the TOB agreements. Such termination events may include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, the inability of the TOB to obtain quarterly or annual renewal of the liquidity support agreement, a substantial decline in market value of the municipal bond or the inability to remarket the short-term floating rate certificates to third party investors. During the six months ended January 31, 2011, no TOBs that the Trusts participated in were terminated without the consent of the Trusts.
|
|
|
58 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
Notes to Financial Statements (continued) |
The cash received by the TOB from the sale of the short-term floating rate certificates, less transaction expenses, is paid to a Trust, which typically invests the cash in additional municipal bonds. Each Trust’s transfer of the municipal bonds to a TOB is accounted for as a secured borrowing, therefore the municipal bonds deposited into a TOB are presented in the Trusts’ Schedules of Investments and the proceeds from the issuance of the short-term floating rate certificates are shown as trust certificates in the Statements of Assets and Liabilities.
Interest income, including amortization and accretion of premiums and discounts, from the underlying municipal bonds is recorded by the Trusts on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are shown as interest expense and fees in the Statements of Operations. The short-term floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. At January 31, 2011, the aggregate value of the underlying municipal bonds transferred to TOBs, the related liability for trust certificates and the range of interest rates on the liability for trust certificates were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| Underlying |
| Liability |
| Range of |
| |||
BFZ |
| $ | 264,827,303 |
| $ | 144,495,478 |
|
| 0.27 % – 0.38% |
|
BFO |
| $ | 7,865,305 |
| $ | 4,136,402 |
|
| 0.34 % – 0.44% |
|
RFA |
| $ | 8,071,816 |
| $ | 4,556,817 |
|
| 0.29 % – 0.44% |
|
BBF |
| $ | 54,446,445 |
| $ | 30,617,038 |
|
| 0.29 % – 0.36% |
|
RNJ |
| $ | 228,719 |
| $ | 159,917 |
|
| 0.35% |
|
BNJ |
| $ | 3,892,090 |
| $ | 2,359,296 |
|
| 0.33 % – 0.35% |
|
RNY |
| $ | 1,079,990 |
| $ | 569,974 |
|
| 0.29 % – 0.56% |
|
BNY |
| $ | 20,968,414 |
| $ | 11,089,474 |
|
| 0.22 % – 0.56% |
|
For the six months ended January 31, 2011, the Trusts’ average trust certificates outstanding and the daily weighted average interest rates, including fees, were as follows:
|
|
|
|
|
|
|
|
|
| Average |
| Daily Weighted |
| ||
BFZ |
| $ | 155,867,704 |
|
| 0.82% |
|
BFO |
| $ | 4,214,080 |
|
| 0.73% |
|
RFA |
| $ | 4,535,158 |
|
| 0.81% |
|
BBF |
| $ | 30,354,261 |
|
| 0.84% |
|
RNJ |
| $ | 159,917 |
|
| 0.86% |
|
BNJ |
| $ | 2,359,296 |
|
| 0.84% |
|
RNY |
| $ | 569,974 |
|
| 0.83% |
|
BNY |
| $ | 11,855,125 |
|
| 0.77% |
|
Should short-term interest rates rise, the Trusts’ investments in TOBs may adversely affect the Trusts’ net investment income and dividends to Common Shareholders. Also, fluctuations in the market values of municipal bonds deposited into the TOB may adversely affect the Trusts’ net asset values per share.
Segregation and Collateralization: In cases in which the 1940 Act and the interpretive positions of the Securities and Exchange Commission (“SEC”) require that the Trusts either deliver collateral or segregate assets in connection with certain investments (e.g., financial futures contracts), the Trusts will, consistent with SEC rules and/or certain interpretive letters issued by the SEC, segregate collateral or designate on their books and records cash or other liquid securities having a market value at least equal to the amount that would otherwise be required to be physically segregated. Furthermore, based on requirements and agreements with certain exchanges and third party broker-dealers, each party has requirements to deliver/deposit securities as collateral for certain investments.
Investment Transactions and Investment Income: For financial reporting purposes, investment transactions are recorded on the dates the transactions are entered into (the trade dates). Realized gains and losses on investment transactions are determined on the identified cost basis. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized on the accrual basis. Dividend income is recorded on the ex-dividend dates.
Dividends and Distributions: Dividends from net investment income are declared and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates. The amount and timing of dividends and distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Dividends and distributions to Preferred Shareholders are accrued and determined as described in Note 7.
Income Taxes: It is each Trust’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.
Each Trust files US federal and various state and local tax returns. No income tax returns are currently under examination. The statutes of limitations on Investment Quality Trusts’ and Income Trusts’ US federal tax returns remains open for each of the two years ended July 31, 2010 and 2009, and the period ended July 31, 2008 and the year ended October 31, 2007. The statutes of limitations on BFO’s US federal tax returns remain open for the two years ended July 31, 2010 and 2009, the period ended July 31, 2008 and the year ended December 31, 2007. The statutes of limitations on the Trusts’ state and local tax returns may remain open for an additional year depending upon the jurisdiction. Management does not believe there are any uncertain tax positions that require recognition of a tax liability.
Deferred Compensation and BlackRock Closed-End Share Equivalent Investment Plan: Under the deferred compensation plan approved by each Trust’s Board, non-interested Trustees (“Independent Trustees”) may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees. This has approximately the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain other BlackRock Closed-End Funds.
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 59 |
|
|
Notes to Financial Statements (continued) |
The deferred compensation plan is not funded and obligations thereunder represent general unsecured claims against the general assets of each Trust. Each Trust may, however, elect to invest in common shares of certain other BlackRock Closed-End Funds selected by the Independent Trustees in order to match its deferred compensation obligations. Investments to cover each Trust’s deferred compensation liability, if any, are included in other assets in the Statements of Assets and Liabilities. Dividends and distributions from the BlackRock Closed-End Fund investments under the plan are included in income — affiliated in the Statements of Operations.
Other: Expenses directly related to a Trust are charged to that Trust. Other operating expenses shared by several funds are pro rated among those funds on the basis of relative net assets or other appropriate methods.The Trusts have an arrangement with the custodian whereby fees may be reduced by credits earned on uninvested cash balances, which if applicable are shown as fees paid indirectly in the Statements of Operations.The custodian imposes fees on overdrawn cash balances, which can be offset by accumulated credits earned or may result in additional custody charges.
2. Derivative Financial Instruments:
The Trusts engage in various portfolio investment strategies using derivative contracts both to increase the returns of the Trusts and to economically hedge, or protect, their exposure to certain risks such as interest rate risk. These contracts may be transacted on an exchange.
Losses may arise if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument or if the counterparty does not perform under the contract. Counterparty risk related to exchange-traded financial futures contracts is deemed to be minimal due to the protection against defaults provided by the exchange on which these contracts trade.
Financial Futures Contracts: The Trusts purchase or sell financial futures contracts and options on financial futures contracts to gain exposure to, or economically hedge against, changes in interest rates (interest rate risk). Financial futures contracts are agreements between the Trust and counter-party to buy or sell a specific quantity of an underlying instrument at a specified price and at a specified date. Depending on the terms of the particular contract, futures contracts are settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash settlement amount on settlement date. Pursuant to the contract, the Trusts agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as margin variation and are recorded by the Trusts as unrealized gains or losses. When the contract is closed, the Trusts record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. The use of financial futures transactions involves the risk of an imperfect correlation in the movements in the price of financial futures contracts, interest rates and the underlying assets.
|
|
|
|
|
|
|
|
|
|
|
The Effect of Derivative Instruments in the Statements of Operations | ||||||||||
|
| Net Realized Loss From |
| |||||||
|
| |||||||||
|
| BFZ |
| RNY |
| BNY |
| |||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
Financial futures contracts |
| $ | (53,219 | ) | $ | (7,766 | ) | $ | (71,839 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Change in Unrealized |
| |||||||
|
| |||||||||
|
| BFZ |
| RNY |
| BNY |
| |||
Interest rate contracts: |
|
|
|
|
|
|
|
|
|
|
Financial futures contracts |
| $ | 40,714 |
| $ | 5,134 |
| $ | 47,488 |
|
For the six months ended January 31, 2011, the average quarterly balances of outstanding derivative financial instruments were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
| BFZ |
| RNY |
| BNY |
| |||
Financial futures contracts: |
|
|
|
|
|
|
|
|
|
|
Average number of contracts sold |
|
| 10 |
|
| 2 |
|
| 19 |
|
Average notional value of contracts sold |
| $ | 1,182,434 |
| $ | 248,934 |
| $ | 2,302,637 |
|
3. Investment Advisory Agreement and Other Transactions with Affiliates:
The PNC Financial Services Group, Inc. (“PNC”), Bank of America Corporation (“BAC”) and Barclays Bank PLC (“Barclays”) are the largest stockholders of BlackRock, Inc. (“BlackRock”). Due to the ownership structure, PNC is an affiliate of the Trusts for 1940 Act purposes, but BAC and Barclays are not.
Each Trust entered into an Investment Advisory Agreement with BlackRock Advisors, LLC (the “Manager”), the Trusts’ investment advisor, an indirect, wholly owned subsidiary of BlackRock, to provide investment advisory and administration services. The Manager is responsible for the management of each Trust’s portfolio and provides the necessary personnel, facilities, equipment and certain other services necessary to the operations of each Trust. For such services, each Trust pays the Manager a monthly fee at the following annual rates of each Trust’s average weekly net assets as follows:
|
|
|
|
|
BFZ |
|
| 0.58 | % |
BFO |
|
| 0.50 | % |
RFA |
|
| 0.35 | % |
BBF |
|
| 0.60 | % |
RNJ |
|
| 0.35 | % |
BNJ |
|
| 0.60 | % |
RNY |
|
| 0.35 | % |
BNY |
|
| 0.60 | % |
Average weekly net assets is the average weekly value of each Trust’s total assets minus the sum of its accrued liabilities.
The Manager contractually agreed to waive a portion of the investment advisory fee on BFZ at an annual rate of 0.05% of average daily net assets through December 31, 2010, 0.03% through December 31, 2011 and 0.01% through December 31, 2012. For the six months ended January 31, 2011, the Manager waived $191,323, which is included in fees waived by advisor in the Statements of Operations.
|
|
|
60 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
|
Notes to Financial Statements (continued) |
The Manager voluntarily agreed to waive its investment advisory fees by the amount of investment advisory fees each Trust pays to the Manager indirectly through its investment in affiliated money market funds, however the Manager does not waive its investment advisory fees by the amount of investment advisory fees paid through each Trust’s investment in other affiliated investment companies, if any. These amounts are shown as, or included in, fees waived by advisor in the Statements of Operations. For the six months ended January 31, 2011, the amounts waived were as follows:
|
|
|
|
|
BFZ |
| $ | 2,983 |
|
BFO |
| $ | 3,287 |
|
RFA |
| $ | 47 |
|
BBF |
| $ | 441 |
|
RNJ |
| $ | 1,211 |
|
BNJ |
| $ | 7,059 |
|
RNY |
| $ | 482 |
|
BNY |
| $ | 4,046 |
|
Each Investment Quality Trust has an Administration Agreement with the Manager. The administration fee paid to the Manager is computed weekly and payable monthly based on an annual rate of 0.10% of each respective Trust’s average weekly net assets for the Investment Quality Trusts.
The Manager entered into a sub-advisory agreement with BlackRock Financial Management, Inc. (“BFM”), an affiliate of the Manager. The Manager pays BFM for services it provides, a monthly fee that is a percentage of the investment advisory fees paid by each Trust to the Manager.
For the period August 1, 2010 through December 31, 2010, certain Trusts reimbursed the Manager for certain accounting services, which are included in accounting services in the Statements of Operations. The reimbursements were as follows:
|
|
|
|
|
BFZ |
| $ | 6,275 |
|
BFO |
| $ | 434 |
|
BBF |
| $ | 669 |
|
BNJ |
| $ | 643 |
|
BNY |
| $ | 1,159 |
|
Effective January 1, 2011, the Trusts no longer reimburse the Manager for accounting services.
Certain officers and/or trustees of the Trusts are officers and/or directors of BlackRock or its affiliates. The Trusts reimburse the Manager for compensation paid to the Trusts’ Chief Compliance Officer.
4. Investments:
Purchases and sales of investments, excluding short-term securities, for the six months ended January 31, 2011, were as follows:
|
|
|
|
|
|
|
|
|
| Purchases |
| Sales |
| ||
BFZ |
| $ | 187,345,789 |
| $ | 168,077,222 |
|
BFO |
| $ | 3,478,841 |
| $ | 1,961,058 |
|
RFA |
| $ | 3,488,350 |
| $ | 3,290,598 |
|
BBF |
| $ | 22,699,925 |
| $ | 20,367,522 |
|
RNJ |
| $ | 3,742,853 |
| $ | 3,692,816 |
|
BNJ |
| $ | 20,593,514 |
| $ | 19,643,481 |
|
RNY |
| $ | 2,282,298 |
| $ | 1,901,893 |
|
BNY |
| $ | 24,331,414 |
| $ | 24,705,852 |
|
5. Capital Loss Carryforwards:
As of July 31, 2010, the Trusts had capital loss carryforwards available to offset future realized capital gains through the indicated expiration dates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expires |
| BFZ |
| BFO |
| RFA |
| BBF |
| RNJ |
| BNJ |
| BNY |
| |||||||
2011 |
| $ | 3,224,992 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
2012 |
|
| 2,050,253 |
|
| — |
|
| — |
| $ | 518,297 |
|
| — |
| $ | 3,833 |
| $ | 151,220 |
|
2014 |
|
| 1,681,553 |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
| — |
|
2015 |
|
| 465,742 |
|
| — |
| $ | 137,267 |
|
| 426,674 |
|
| — |
|
| 592,744 |
|
| — |
|
2016 |
|
| 186,028 |
|
| — |
|
| 389,530 |
|
| 866,417 |
| $ | 223,484 |
|
| 15,502 |
|
| 505,354 |
|
2017 |
|
| 3,782,460 |
| $ | 521,006 |
|
| 299,461 |
|
| — |
|
| — |
|
| — |
|
| 2,599,716 |
|
2018 |
|
| 12,894,582 |
|
| — |
|
| 1,266,317 |
|
| 6,858,066 |
|
| 345,722 |
|
| 1,390,524 |
|
| 1,480,575 |
|
|
|
| ||||||||||||||||||||
Total |
| $ | 24,285,610 |
| $ | 521,006 |
| $ | 2,092,575 |
| $ | 8,669,454 |
| $ | 569,206 |
| $ | 2,002,603 |
| $ | 4,736,865 |
|
|
|
|
Under the recently enacted Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Trusts after July 31, 2011 will not be subject to expiration. In addition, these losses must be utilized prior to the losses incurred in pre-enactment taxable years.
|
|
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 61 |
|
|
Notes to Financial Statements (continued) |
6. Concentration, Market and Credit Risk:
Each Trust invests a substantial amount of its assets in issuers located in a single state or limited number of states. Please see the Schedules of Investments for concentrations in specific states.
Many municipalities insure repayment of their bonds, which may reduce the potential for loss due to credit risk. The market value of these bonds may fluctuate for other reasons, including market perception of the value of such insurance, and there is no guarantee that the insurer will meet its obligation.
In the normal course of business, the Trusts invest in securities and enter into transactions where risks exist due to fluctuations in the market (market risk) or failure of the issuer of a security to meet all its obligations (issuer credit risk). The value of securities held by the Trusts may decline in response to certain events, including those directly involving the issuers whose securities are owned by the Trusts; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency and interest rate and price fluctuations. Similar to issuer credit risk, the Trusts may be exposed to counterparty credit risk, or the risk that an entity with which the Trusts have unsettled or open transactions may fail to or be unable to perform on its commitments. The Trusts manage coun-terparty credit risk by entering into transactions only with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Trusts to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Trusts’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is generally approximated by their value recorded in the Trusts’ Statements of Assets and Liabilities, less any collateral held by the Trusts.
As of January 31, 2011, BFZ invested a significant portion of its assets in securities in the County/City/Special District/School District and Utilities sectors. BFO and RNY invested a significant portion of their assets in securities in the County/City/Special District/School District sector. RFA invested a significant portion of its assets in securities in the Utilities sector. BBF invested a significant portion of its assets in securities in the Health, County/City/Special District/School District and Utilities sectors. RNJ and BNJ invested a significant portion of their assets in securities in the State sector. Changes in economic conditions affecting the Utilities, County/City/Special District/School District, Health and State sectors would have a greater impact on the Trusts and could affect the value, income and/or liquidity of positions in such securities.
7. Capital Share Transactions:
Each Investment Quality Trust is authorized to issue 200 million shares, including Preferred Shares, par value $0.01 per share, all of which were initially classified as Common Shares.There are an unlimited number of $0.001 par value Common Shares authorized for the Income Trusts and BFO. Each Trust’s Board is authorized, however, to reclassify any unissued shares without approval of Common Shareholders.At January 31, 2010, Common Shares of BFO owned by affiliates of the Manager was 8,028 shares.
Common Shares
For the six months ended January 31, 2011 and the year ended July 31, 2010, shares issued and outstanding increased by the following amounts as a result of dividend reinvestment:
|
|
|
|
|
|
|
|
|
| Six Months |
| Year Ended |
| ||
BFZ |
|
| 13,214 |
|
| 10,114 |
|
RFA |
|
| 259 |
|
| 551 |
|
BBF |
|
| 3,966 |
|
| 3,240 |
|
RNJ |
|
| 1,019 |
|
| 2,699 |
|
BNJ |
|
| 10,834 |
|
| 28,026 |
|
RNY |
|
| 1,548 |
|
| 1,225 |
|
BNY |
|
| 24,133 |
|
| 50,502 |
|
Shares issued and outstanding remained constant for BFO for the six months ended January 31, 2011 and the year ended July 31, 2010.
Preferred Shares
The Preferred Shares are redeemable at the option of each Trust, in whole or in part, on any dividend payment date at their liquidation preference per share plus any accumulated and unpaid dividends whether or not declared. The Preferred Shares are also subject to mandatory redemption at their liquidation preference plus any accumulated and unpaid dividends, whether or not declared, if certain requirements relating to the composition of the assets and liabilities of a Trust, as set forth in each Trust’s Articles of Amendment/Statement of Preferences (the “Governing Instrument”) are not satisfied.
From time to time in the future, each Trust may effect repurchases of its Preferred Shares at prices below their liquidation preference as agreed upon by the Trust and seller. Each Trust also may redeem its Preferred Shares from time to time as provided in the applicable Governing Instrument. Each Trust intends to effect such redemptions and/or repurchases to the extent necessary to maintain applicable asset coverage requirements or for such other reasons as the Board may determine.
The holders of Preferred Shares have voting rights equal to the holders of Common Shares (one vote per share) and will vote together with holders of Common Shares (one vote per share) as a single class. However, the holders of Preferred Shares, voting as a separate class, are also entitled to elect two Trustees for each Trust. In addition, the 1940 Act requires that along with approval by shareholders that might otherwise be required, the approval of
|
|
|
62 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
|
Notes to Financial Statements (concluded) |
the holders of a majority of any outstanding Preferred Shares, voting separately as a class would be required to (a) adopt any plan of reorganization that would adversely affect the Preferred Shares, (b) change a Trust’s sub-classification as a closed-end investment company or change its fundamental investment restrictions or (c) change its business so as to cease to be an investment company.
The Trusts had the following series of Preferred Shares outstanding, effective yields and reset frequency as of January 31, 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series |
| Preferred |
| Effective |
| Reset |
| ||||
BFZ |
|
| F7 |
|
| 2,151 |
|
| 0.44 | % |
| 7 |
|
|
|
| R7 |
|
| 2,351 |
|
| 0.44 | % |
| 7 |
|
|
|
| T7 |
|
| 2,351 |
|
| 0.44 | % |
| 7 |
|
BFO |
|
| F7 |
|
| 1,716 |
|
| 0.44 | % |
| 7 |
|
RFA |
|
| R7 |
|
| 183 |
|
| 0.44 | % |
| 7 |
|
BBF |
|
| T7 |
|
| 1,370 |
|
| 0.44 | % |
| 7 |
|
RNJ |
|
| T7 |
|
| 276 |
|
| 0.44 | % |
| 7 |
|
BNJ |
|
| R7 |
|
| 2,364 |
|
| 0.44 | % |
| 7 |
|
RNY |
|
| F7 |
|
| 389 |
|
| 0.44 | % |
| 7 |
|
BNY |
|
| F7 |
|
| 1,890 |
|
| 0.44 | % |
| 7 |
|
|
|
| W7 |
|
| 1,890 |
|
| 0.44 | % |
| 7 |
|
Dividends on seven-day Preferred Shares are cumulative at a rate, which is reset every seven days, based on the results of an auction. If the Preferred Shares fail to clear the auction on an auction date, each Trust is required to pay the maximum applicable rate on the Preferred Shares to holders of such shares for successive dividend periods until such time as the shares are successfully auctioned. The maximum applicable rate on all series of Preferred Shares is the higher of 110% of the AA commercial paper rate or 100% of 90% of the Kenny S&P 30-day High Grade Index rate divided by 1.00 minus the marginal tax rate. The low, high and average dividend rates on the Preferred Shares for each Trust for the six months ended January 31, 2011 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Series |
| Low |
| High |
| Average |
| ||||
BFZ |
|
| F7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
|
|
| R7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
|
|
| T7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
BFO |
|
| F7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
RFA |
|
| R7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
BBF |
|
| T7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
RNJ |
|
| T7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
BNJ |
|
| R7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
RNY |
|
| F7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
BNY |
|
| F7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
|
|
| W7 |
|
| 0.37 | % |
| 0.50 | % |
| 0.42 | % |
Since February 13, 2008, the Preferred Shares of the Trusts failed to clear any of their auctions. As a result, the Preferred Shares dividend rates were reset to the maximum applicable rate, which ranged from 0.37% to 0.50% for the six months ended January 31, 2011. A failed auction is not an event of default for the Trusts but it has a negative impact on the liquidity of Preferred Shares. A failed auction occurs when there are more sellers of a Trust’s auction rate Preferred Shares than buyers. A successful auction for the Trusts’ Preferred Shares may not occur for some time, if ever, and even if liquidity does resume, Preferred Shareholders may not have the ability to sell the Preferred Shares at their liquidation preference.
The Trusts may not declare dividends or make other distributions on Common Shares or purchase any such shares if, at the time of the declaration, distribution or purchase, asset coverage with respect to the outstanding Preferred Shares is less than 200%.
The Trusts pay commissions of 0.15% on the aggregate principal amount of all shares that fail to clear their auctions and 0.25% on the aggregate principal amount of all shares that successfully clear their auctions. Certain broker dealers have individually agreed to reduce commissions for failed auctions.
Preferred Shares issued and outstanding remained constant for the six months ended January 31, 2011 and the year ended July 31, 2010 for all Trusts, except BFZ.
8. Subsequent Events:
Management’s evaluation of the impact of all subsequent events on the Trusts’ financial statements was completed through the date the financial statements were issued and the following items were noted:
The Trusts paid a net investment income dividend in the following amounts per share on March 1, 2011 to Common Shareholders of record on February 15, 2011:
|
|
|
|
|
|
| Common Dividend |
| |
BFZ |
| $ | 0.075700 |
|
BFO |
| $ | 0.056000 |
|
RFA |
| $ | 0.070000 |
|
BBF |
| $ | 0.075375 |
|
RNJ |
| $ | 0.065500 |
|
BNJ |
| $ | 0.079100 |
|
RNY |
| $ | 0.073000 |
|
BNY |
| $ | 0.082500 |
|
The dividends declared on Preferred Shares for the period February 1, 2010 to February 28, 2011 were as follows:
|
|
|
|
|
|
|
|
|
| Series |
| Dividends |
| ||
BFZ |
|
| F7 |
| $ | 17,183 |
|
|
|
| R7 |
| $ | 18,582 |
|
|
|
| T7 |
| $ | 18,724 |
|
BFO |
|
| F7 |
| $ | 13,708 |
|
RFA |
|
| R7 |
| $ | 1,446 |
|
BBF |
|
| T7 |
| $ | 10,911 |
|
RNJ |
|
| T7 |
| $ | 3,108 |
|
BNJ |
|
| R7 |
| $ | 18,685 |
|
RNY |
|
| F7 |
| $ | 2,532 |
|
BNY |
|
| F7 |
| $ | 15,098 |
|
|
|
| W7 |
| $ | 14,976 |
|
SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 63 |
|
|
|
Richard E. Cavanagh, Chairman of the Board and Trustee |
Karen P. Robards, Vice Chair of the Board, Chair of the Audit Committee and Trustee |
Richard S. Davis, Trustee |
Frank J. Fabozzi, Trustee and Member of the Audit Committee |
Kathleen F. Feldstein, Trustee |
James T. Flynn, Trustee and Member of the Audit Committee |
Henry Gabbay, Trustee |
Jerrold B. Harris, Trustee |
R. Glenn Hubbard, Trustee |
W. Carl Kester, Trustee and Member of the Audit Committee |
Anne Ackerley, Trust President and Chief Executive Officer |
Brendan Kyne, Vice President |
Brian Schmidt, Vice President |
Neal Andrews, Chief Financial Officer |
Jay Fife, Treasurer |
Brian Kindelan, Chief Compliance Officer of the Trusts |
Ira Shapiro, Secretary |
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Investment Advisor |
BlackRock Advisors, LLC |
Wilmington, DE 19809 |
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Sub-Advisor |
BlackRock Financial Management, Inc. |
New York, NY 10055 |
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Custodian |
State Street Bank and Trust Company |
Boston, MA 02111 |
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Transfer Agent |
Common Shares: |
Computershare Trust Company, N.A. |
Providence, RI 02940 |
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Auction Agent |
BNY Mellon Shareowner Services |
Jersey City, NJ 07310 |
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Accounting Agent |
State Street Bank and Trust Company |
Princeton, NJ 08540 |
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Independent Registered Public Accounting Firm |
Deloitte & Touche LLP |
Princeton, NJ 08540 |
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Legal Counsel |
Skadden, Arps, Slate, Meagher & Flom LLP |
New York, NY 10036 |
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Address of the Trusts |
100 Bellevue Parkway |
Wilmington, DE 19809 |
Effective February 11, 2011, John M. Perlowski became President and Chief Executive Officer of the Trusts. |
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Effective November 10, 2010, Ira Shapiro became Secretary of the Trusts. |
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64 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
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Proxy Results |
The Annual Meeting of Shareholders was held on September 2, 2010 for shareholders of record on July 6, 2010, to elect trustee nominees for each Trust. There were no broker non-votes with regard to any of the Trusts.
Approved the Class III Trustees as follows:
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| Richard E. Cavanagh |
| Kathleen F. Feldstein |
| Henry Gabbay |
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| Votes For |
| Votes |
| Abstain |
| Votes For |
| Votes |
| Abstain |
| Votes For |
| Votes |
| Abstain |
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BFZ |
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| 26,939,717 |
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| 589,578 |
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| 0 |
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| 26,769,161 |
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| 760,134 |
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| 0 |
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| 26,931,877 |
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| 597,418 |
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| 0 |
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BFO |
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| 4,883,643 |
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| 522,940 |
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| 0 |
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| 4,895,643 |
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| 510,940 |
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| 0 |
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| 4,900,771 |
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| 505,812 |
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| 0 |
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RFA |
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| 1,014,148 |
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| 57,829 |
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| 0 |
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| 1,021,891 |
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| 50,086 |
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| 0 |
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| 1,008,996 |
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| 62,981 |
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| 0 |
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BBF |
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| 6,185,494 |
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| 96,736 |
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| 0 |
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| 6,184,494 |
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| 97,736 |
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| 0 |
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| 6,185,494 |
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| 96,736 |
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| 0 |
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RNJ |
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| 869,890 |
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| 80,979 |
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| 0 |
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| 868,094 |
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| 82,775 |
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| 0 |
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| 869,890 |
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| 80,979 |
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| 0 |
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BNJ |
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| 6,567,379 |
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| 250,169 |
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| 0 |
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| 6,563,918 |
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| 253,630 |
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| 0 |
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| 6,567,379 |
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| 250,169 |
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| 0 |
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RNY |
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| 1,220,013 |
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| 17,002 |
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| 0 |
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| 1,220,013 |
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| 17,002 |
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| 0 |
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| 1,217,601 |
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| 19,414 |
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| 0 |
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BNY |
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| 11,331,256 |
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| 324,040 |
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| 0 |
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| 11,340,331 |
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| 314,965 |
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| 0 |
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| 11,364,649 |
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| 290,647 |
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| 0 |
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| Jerrold B. Harris |
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| Votes For |
| Votes |
| Abstain |
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BFZ |
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| 26,913,062 |
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| 616,233 |
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| 0 |
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BFO |
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| 4,900,771 |
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| 505,812 |
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| 0 |
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RFA |
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| 1,014,148 |
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| 57,829 |
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| 0 |
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BBF |
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| 6,192,121 |
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| 90,109 |
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| 0 |
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RNJ |
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| 869,890 |
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| 80,979 |
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| 0 |
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BNJ |
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| 6,567,379 |
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| 250,169 |
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| 0 |
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RNY |
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| 1,220,013 |
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| 17,002 |
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| 0 |
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BNY |
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| 11,332,586 |
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| 322,710 |
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| 0 |
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For the Trusts listed above, Trustees whose term of office continued after the Annual Meeting of Shareholders because they were not up for election are Richard S. Davis, Frank J. Fabozzi, James T. Flynn, R. Glenn Hubbard, W. Carl Kester and Karen P. Robards.
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SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 65 |
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Additional Information (continued) |
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Dividend Policy |
The Trusts’ dividend policy is to distribute all or a portion of their net investment income to their shareholders on a monthly basis. In order to provide shareholders with a more stable level of dividend distributions, the Trusts may at times pay out less than the entire amount of net investment income earned in any particular month and may at times in any particular month pay out such accumulated but undistributed income in addition to net investment income earned in that month. As a result, the dividends paid by the Trusts for any particular month may be more or less than the amount of net investment income earned by the Trusts during such month. The Trusts’ current accumulated but undistributed net investment income, if any, is disclosed in the Statements of Assets and Liabilities, which comprises part of the financial information included in this report.
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General Information |
On July 29, 2010, BlackRock Advisors, LLC, the Trusts’ investment advisor (the “Manager”), announced that a shareholder derivative complaint was filed on July 27, 2010 in the Supreme Court of the State of New York, New York County with respect to BFZ and BNJ, which had previously received a demand letter from a law firm on behalf of each trust’s common shareholders. The complaint was filed against the Manager, BlackRock, Inc., BFZ, BNJ and certain of the directors, officers and portfolio managers (collectively, the “BlackRock Parties”) in connection with the redemption of auction-market preferred shares, auction rate preferred securities, auction preferred shares and auction rate securities (collectively, “AMPS”). The complaint alleges, among other things, that the BlackRock Parties breached their fiduciary duties to the common shareholders of BFZ and BNJ (the “Shareholders”) by redeeming AMPS at their liquidation preference and alleges that such redemptions caused losses to the Shareholders. The plaintiffs are seeking monetary damages for the alleged losses suffered and to enjoin BFZ and BNJ from future redemptions of AMPS at their liquidation preference. The BlackRock Parties believe that the claims asserted in the complaint are without merit and intend to vigorously defend themselves in the litigation.
On March 29, 2011, the Manager announced that BBF received a demand letter from a law firm on behalf of BBF’s common shareholders. The demand letter alleges that the Manager and BBF’s officers and Board of Trustees (the “Board”) breached their fiduciary duties by redeeming at par certain of BBF’s Preferred Shares, and demanded that the Board take action to remedy those alleged breaches. The Independent Directors are reviewing the matter with independent counsel.
Electronic Delivery
Electronic copies of most financial reports are available on the Trusts’ websites or shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual reports by enrolling in the Trusts’ electronic delivery program.
Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor to enroll. Please note that not all investment advisors, banks or brokerages may offer this service.
Householding
The Trusts will mail only one copy of shareholder documents, including annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call (800) 441-7762.
Availability of Quarterly Schedule of Investments
Each Trust files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Trusts’ Forms N-Q are available on the SEC’s website at http://www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. Each Trust’s Forms N-Q may also be obtained upon request and without charge by calling (800) 441-7762.
Availability of Proxy Voting Policies and Procedures
A description of the policies and procedures that the Trusts use to determine how to vote proxies relating to portfolio securities is available (1) without charge, upon request, by calling (800) 441-7762; (2) at http://www.blackrock.com; and (3) on the SEC’s website at http://www.sec.gov.
Availability of Proxy Voting Record
Information about how the Trusts voted proxies relating to securities held in the Trusts’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) at http://www.blackrock.com or by calling (800) 441-7762 and (2) on the SEC’s website at http://www.sec.gov.
Availability of Trust Updates:
BlackRock will update performance and certain other data for the Trusts on a monthly basis on its website in the “Closed-end Funds” section of http://www.blackrock.com. Investors and others are advised to periodically check the website for updated performance information and the release of other material information about the Trusts.
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66 | SEMI-ANNUAL REPORT | JANUARY 31, 2011 |
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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 non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.
If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.
BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.
BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.
We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.
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SEMI-ANNUAL REPORT | JANUARY 31, 2011 | 67 |
This report is transmitted to shareholders only. It is not a prospectus. Past performance results shown in this report should not be considered a representation of future performance. The Trusts have leveraged their Common Shares, which creates risks for Common Shareholders, including the likelihood of greater volatility of net asset value and market price of the Common Shares, and the risk that fluctuations in short-term dividend rates of the Preferred Shares, currently set at the maximum reset rate as a result of failed auctions, may reduce the Common Shares’ yield. Statements and other information herein are as dated and are subject to change.
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Item 2 – | Code of Ethics – Not Applicable to this semi-annual report |
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Item 3 – | Audit Committee Financial Expert – Not Applicable to this semi-annual report |
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Item 4 – | Principal Accountant Fees and Services – Not Applicable to this semi-annual report |
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Item 5 – | Audit Committee of Listed Registrants – Not Applicable to this semi-annual report |
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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. |
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Item 7 – | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable to this semi-annual report |
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Item 8 – | Portfolio Managers of Closed-End Management Investment Companies – |
| (a) Not Applicable to this semi-annual report |
| (b) As of the date of this filing, there have been no changes to any of the portfolio managers identified in the most recent annual report on Form N-CSR |
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Item 9 – | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable |
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Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures. |
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Item 11 – | Controls and Procedures |
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| (a) – The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended. |
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| (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. |
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Item 12 – | Exhibits attached hereto |
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| (a)(1) – Code of Ethics – Not Applicable to this semi-annual report |
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| (a)(2) – Certifications – Attached hereto |
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| (a)(3) – Not Applicable |
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| (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. | ||
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| BlackRock New York Investment Quality Municipal Trust, Inc. | ||
By: | /s/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer (principal executive officer) of | |||
BlackRock New York Investment Quality Municipal Trust, Inc. | |||
Date: April 4, 2011 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. | |||
By: | /s/ John M. Perlowski | ||
John M. Perlowski | |||
Chief Executive Officer (principal executive officer) of | |||
BlackRock New York Investment Quality Municipal Trust, Inc. | |||
Date: April 4, 2011 | |||
By: | /s/ Neal J. Andrews | ||
Neal J. Andrews | |||
Chief Financial Officer (principal financial officer) of | |||
BlackRock New York Investment Quality Municipal Trust, Inc. | |||
Date: April 4, 2011 |