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 811-10337

 

Name of Fund: BlackRock New York Municipal Income Trust (BNY)

 

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

 

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Series Fund, Inc., 55 East 52nd Street, New York, NY 10055

 

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

 

Date of fiscal year end: 07/31/2011

 

Date of reporting period: 01/31/2011

 

Item 1 – Report to Stockholders


 

 

(BLACKROCK LOGO)

January 31, 2011

Semi-Annual Report (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

BlackRock Florida Municipal 2020 Term Trust (BFO)

BlackRock Investment Quality Municipal Income Trust (RFA)

BlackRock Municipal Income Investment Trust (BBF)

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

BlackRock New Jersey Municipal Income Trust (BNJ)

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

BlackRock New York Municipal Income Trust (BNY)

 

Not FDIC Insured ▪ No Bank Guarantee ▪ May Lose Value




 

 

 


 

 

 

Table of Contents

 

 

 

 

 




 

 

Page




 

 

 

Dear Shareholder

 

3

Semi-Annual Report:

 

 

Municipal Market Overview

 

4

Trust Summaries

 

5

The Benefits and Risks of Leveraging

 

13

Derivative Financial Instruments

 

13

Financial Statements:

 

 

Schedules of Investments

 

14

Statements of Assets and Liabilities

 

40

Statements of Operations

 

42

Statements of Changes in Net Assets

 

44

Statements of Cash Flows

 

48

Financial Highlights

 

49

Notes to Financial Statements

 

57

Officers and Trustees

 

64

Additional Information

 

65


 

 

 


2

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

Dear Shareholder

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

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

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

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

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

 

 

 

 

 

 

 

 

Total Returns as of January 31, 2011

 

6-month

 

12-month

 









US large cap equities (S&P 500 Index)

 

 

17.93

%

 

22.19

%









US small cap equities (Russell 2000 Index)

 

 

20.75

 

 

31.36

 









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

 

 

16.10

 

 

15.38

 









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

 

 

0.06

 

 

0.13

 









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

 

 

(2.25

)

 

5.25

 









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

 

 

0.20

 

 

5.06

 









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

 

 

(2.84

)

 

1.10

 









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

 

 

8.65

 

 

15.96

 










 

 

 

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

While no one can peer into a crystal ball and eliminate the uncertainties presented by the economic landscape and financial markets, BlackRock can offer investors the next best thing: partnership with the world’s largest asset management firm and a unique global perspective that allows us to identify trends early and capitalize on market opportunities. For additional market perspective and investment insight, visit www.blackrock.com/shareholdermagazine, where you’ll find the most recent issue of our award-winning Shareholder® magazine, as well as its quarterly companion newsletter, Shareholder Perspectives. As always, we thank you for entrusting BlackRock with your investments, and we look forward to your continued partnership in the months and years ahead.

 

Sincerely,

-s- Rob Kapito

Rob Kapito

President, BlackRock Advisors, LLC


 

 

 




 

THIS PAGE NOT PART OF YOUR FUND REPORT

3




 


 

Municipal Market Overview

 


As of January 31, 2011


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

(LINE GRAPH)

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

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

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

 

 

 




4

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Trust Summary as of January 31, 2011

BlackRock California Municipal Income Trust

 

 



Trust Overview

 




 

 

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

 

 

 

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

 

 



Performance



 

 

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

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 

 


Trust Information



 

 

 

Symbol on New York Stock Exchange (“NYSE”)

 

BFZ

Initial Offering Date

 

July 27, 2001

Yield on Closing Market Price as of January 31, 2011 ($12.44)1

 

7.30%

Tax Equivalent Yield2

 

11.23%

Current Monthly Distribution per Common Share3

 

$0.0757

Current Annualized Distribution per Common Share3

 

$0.9084

Leverage as of January 31, 20114

 

44%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Auction Market Preferred Shares (“Preferred Shares”) and tender option bond trusts (“TOBs”) as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

12.44

 

$

14.21

 

 

(12.46

)%

$

14.99

 

$

12.02

 

Net Asset Value

 

$

12.63

 

$

14.28

 

 

(11.55

)%

$

14.88

 

$

12.17

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







County/City/Special District/School District

 

39

%

 

37

%

 

Utilities

 

29

 

 

27

 

 

Health

 

11

 

 

9

 

 

Education

 

8

 

 

10

 

 

Transportation

 

6

 

 

6

 

 

State

 

5

 

 

7

 

 

Housing

 

2

 

 

3

 

 

Corporate

 

 

 

1

 

 









 

 

 

 

 

 

 

 


Credit Quality Allocations5

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

11

%

 

24

%

 

AA/Aa

 

65

 

 

46

 

 

A

 

23

 

 

26

 

 

BBB/Baa

 

1

 

 

3

 

 

Not Rated

 

 

 

1

6

 










 

 

 

 

5

Using the higher of Standard & Poor’s (“S&P”) or Moody’s Investors Service (“Moody’s”) ratings.

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of July 31, 2010, the market value of these securities was $5,717,100, representing 1% of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

5




 

 


 

 

Trust Summary as of January 31, 2011

BlackRock Florida Municipal 2020 Term Trust


 

 


Trust Overview


 

 

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

 

 

 

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

 

 


Performance


 

 

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

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 

 

 


Trust Information

 

 


 

 

 

Symbol on NYSE

 

BFO

Initial Offering Date

 

September 30, 2003

Termination Date (on or about)

 

December 31, 2020

Yield on Closing Market Price as of January 31, 2011 ($13.67)1

 

4.92%

Tax Equivalent Yield2

 

7.57%

Current Monthly Distribution per Common Share3

 

$0.056

Current Annualized Distribution per Common Share3

 

$0.672

Leverage as of January 31, 20114

 

38%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

13.67

 

$

14.30

 

 

(4.41

)%

$

14.87

 

$

13.01

 

Net Asset Value

 

$

14.05

 

$

14.91

 

 

(5.77

)%

$

15.40

 

$

13.86

 


















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

 

 

 

 

 

 

 

 


Sector Allocations

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







County/City/Special District/School District

 

45

%

 

45

%

 

Utilities

 

19

 

 

20

 

 

Health

 

12

 

 

12

 

 

State

 

11

 

 

10

 

 

Corporate

 

7

 

 

7

 

 

Housing

 

3

 

 

3

 

 

Transportation

 

2

 

 

2

 

 

Education

 

1

 

 

1

 

 









 

 

 

 

 

 

 

 


Credit Quality Allocations5

 

 

 

 

 

 

 


 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

9

%

 

32

%

 

AA/Aa

 

43

 

 

19

 

 

A

 

17

 

 

23

 

 

BBB/Baa

 

13

 

 

7

 

 

Not Rated6

 

18

 

 

19

 

 










 

 

 

 

5

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

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $15,832,064, representing 13% and $13,590,604, representing 11%, respectively, of the Trust’s long-term investments.


 

 

 




6

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock Investment Quality Municipal Income Trust


 


Trust Overview


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

 

 

 

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


 


Performance


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

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

Symbol on NYSE Amex

 

RFA

Initial Offering Date

 

May 28, 1993

Yield on Closing Market Price as of January 31, 2011 ($10.97)1

 

7.66%

Tax Equivalent Yield2

 

11.78%

Current Monthly Distribution per Common Share3

 

$0.07

Current Annualized Distribution per Common Share3

 

$0.84

Leverage as of January 31, 20114

 

43%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

10.97

 

$

12.60

 

 

(12.94

)%

$

13.20

 

$

10.40

 

Net Asset Value

 

$

10.89

 

$

12.29

 

 

(11.39

)%

$

12.76

 

$

10.54

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







Utilities

 

20

%

 

19

%

 

Health

 

19

 

 

17

 

 

County/City/Special District/School District

 

18

 

 

19

 

 

Transportation

 

17

 

 

19

 

 

State

 

10

 

 

10

 

 

Education

 

7

 

 

7

 

 

Housing

 

6

 

 

6

 

 

Corporate

 

2

 

 

2

 

 

Tobacco

 

1

 

 

1

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

8

%

 

16

%

 

AA/Aa

 

61

 

 

57

 

 

A

 

22

 

 

22

 

 

BBB/Baa

 

7

 

 

4

 

 

BB/Ba

 

1

 

 

 

 

Not Rated

 

1

6

 

1

 

 










 

 

 

 

5

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

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011, the market value of these securities was $41,994, representing 0% of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

7




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock Municipal Income Investment Trust


 


Trust Overview


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

 

 

 

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


 


Performance


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

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

Symbol on NYSE

 

BBF

Initial Offering Date

 

July 27, 2001

Yield on Closing Market Price as of January 31, 2011 ($11.93)1

 

7.58%

Tax Equivalent Yield2

 

11.66%

Current Monthly Distribution per Common Share3

 

$0.075375

Current Annualized Distribution per Common Share3

 

$0.904500

Leverage as of January 31, 20114

 

44%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

11.93

 

$

13.90

 

 

(14.17

)%

$

14.60

 

$

11.13

 

Net Asset Value

 

$

12.31

 

$

13.91

 

 

(11.50

)%

$

14.47

 

$

11.82

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







Health

 

24

%

 

24

%

 

County/City/Special District/School District

 

21

 

 

19

 

 

Utilities

 

20

 

 

20

 

 

Transportation

 

16

 

 

17

 

 

State

 

9

 

 

9

 

 

Education

 

7

 

 

9

 

 

Corporate

 

1

 

 

1

 

 

Housing

 

1

 

 

1

 

 

Tobacco

 

1

 

 

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

7

%

 

11

%

 

AA/Aa

 

61

 

 

58

 

 

A

 

23

 

 

25

 

 

BBB/Baa

 

7

 

 

4

 

 

BB/Ba

 

1

 

 

 

 

Not Rated

 

1

 

 

2

 

 










 

 

 

 

5

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


 

 

 


8

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New Jersey Investment Quality Municipal Trust Inc.


 


Trust Overview


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

 

 

 

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


 


Performance


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

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

Symbol on NYSE Amex

 

RNJ

Initial Offering Date

 

May 28, 1993

Yield on Closing Market Price as of January 31, 2011 ($11.60)1

 

6.78%

Tax Equivalent Yield2

 

10.43%

Current Monthly Distribution per Common Share3

 

$0.0655

Current Annualized Distribution per Common Share3

 

$0.7860

Leverage as of January 31, 20114

 

38%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

11.60

 

$

12.96

 

 

(10.49

)%

$

14.39

 

$

10.97

 

Net Asset Value

 

$

11.44

 

$

12.57

 

 

(8.99

)%

$

13.01

 

$

11.09

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







State

 

20

%

 

18

%

 

Transportation

 

18

 

 

14

 

 

Education

 

15

 

 

15

 

 

County/City/Special District/School District

 

15

 

 

8

 

 

Health

 

11

 

 

16

 

 

Corporate

 

10

 

 

10

 

 

Housing

 

9

 

 

11

 

 

Utilities

 

2

 

 

7

 

 

Tobacco

 

 

 

1

 

 











Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

 

 

12

%

 

AA/Aa

 

51

%

 

28

 

 

A

 

29

 

 

27

 

 

BBB/Baa

 

10

 

 

21

 

 

BB/Ba

 

 

 

3

 

 

B

 

5

 

 

4

 

 

Not Rated6

 

5

 

 

5

 

 










 

 

 

 

5

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

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $464,130, representing 3% and $500,505, representing 3%, respectively, of the Trust’s long-term investments.


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

9




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New Jersey Municipal Income Trust


 


Trust Overview


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

 

 

 

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


 


Performance


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

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

Symbol on NYSE

 

BNJ

Initial Offering Date

 

July 27, 2001

Yield on Closing Market Price as of January 31, 2011 ($13.22)1

 

7.18%

Tax Equivalent Yield2

 

11.05%

Current Monthly Distribution per Common Share3

 

$0.0791

Current Annualized Distribution per Common Share3

 

$0.9492

Leverage as of January 31, 20114

 

38%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

13.22

 

$

14.82

 

 

(10.80

)%

$

16.02

 

$

12.50

 

Net Asset Value

 

$

13.12

 

$

14.38

 

 

(8.76

)%

$

14.86

 

$

12.72

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







State

 

23

%

 

23

%

 

Health

 

16

 

 

18

 

 

Transportation

 

16

 

 

13

 

 

Housing

 

14

 

 

19

 

 

County/City/Special District/School District

 

13

 

 

9

 

 

Education

 

9

 

 

8

 

 

Corporate

 

7

 

 

7

 

 

Utilities

 

2

 

 

2

 

 

Tobacco

 

 

 

1

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

10

%

 

25

%

 

AA/Aa

 

42

 

 

25

 

 

A

 

25

 

 

28

 

 

BBB/Baa

 

9

 

 

11

 

 

BB/Ba

 

5

 

 

2

 

 

B

 

3

 

 

3

 

 

Not Rated6

 

6

 

 

6

 

 










 

 

 

 

5

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

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $4,914,099 representing 3% and $4,086,005, representing 2%, respectively, of the Trust’s long-term investments.


 

 

 


10

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New York Investment Quality Municipal Trust Inc.


 


Trust Overview


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

 

 

 

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


 


Performance


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

 

 

 

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


 


Trust Information



 

 

 

Symbol on NYSE Amex

 

RNY

Initial Offering Date

 

May 28, 1993

Yield on Closing Market Price as of January 31, 2011 ($12.90)1

 

6.79%

Tax Equivalent Yield2

 

10.45%

Current Monthly Distribution per Common Share3

 

$0.073

Current Annualized Distribution per Common Share3

 

$0.876

Leverage as of January 31, 20114

 

38%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.


The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

12.90

 

$

14.70

 

 

(12.24

)%

$

15.05

 

$

12.57

 

Net Asset Value

 

$

12.86

 

$

14.15

 

 

(9.12

)%

$

14.66

 

$

12.37

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







County/City/Special District/School District

 

27

%

 

28

%

 

Utilities

 

16

 

 

16

 

 

Corporate

 

12

 

 

12

 

 

Education

 

12

 

 

12

 

 

Health

 

12

 

 

10

 

 

State

 

8

 

 

10

 

 

Housing

 

7

 

 

7

 

 

Transportation

 

4

 

 

3

 

 

Tobacco

 

2

 

 

2

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

20

%

 

24

%

 

AA/Aa

 

24

 

 

19

 

 

A

 

29

 

 

38

 

 

BBB/Baa

 

15

 

 

6

 

 

BB/Ba

 

3

 

 

4

 

 

B

 

4

 

 

7

 

 

Not Rated

 

5

 

 

2

 

 










 

 

 

 

5

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


 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

11




 

 



 

 

Trust Summary as of January 31, 2011

BlackRock New York Municipal Income Trust


 


Trust Overview


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

 

 

 

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


 


Performance


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

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

 


Trust Information



 

 

 

Symbol on NYSE

 

BNY

Initial Offering Date

 

July 27, 2001

Yield on Closing Market Price as of January 31, 2011 ($13.82)1

 

7.16%

Tax Equivalent Yield2

 

11.02%

Current Monthly Distribution per Common Share3

 

$0.0825

Current Annualized Distribution per Common Share3

 

$0.9900

Leverage as of January 31, 20114

 

39%





 

 

 

 

1

Yield on closing market price is calculated by dividing the current annualized distribution per share by the closing market price. Past performance does not guarantee future results.

 

 

 

 

2

Tax equivalent yield assumes the maximum federal tax rate of 35%.

 

 

 

 

3

The distribution rate is not constant and is subject to change.

 

 

 

 

4

Represents Preferred Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to Preferred Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 13.

The table below summarizes the changes in the Trust’s market price and NAV per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 













 

 

1/31/11

 

7/31/10

 

Change

 

High

 

Low

 













Market Price

 

$

13.82

 

$

15.11

 

 

(8.54

)%

$

15.74

 

$

12.97

 

Net Asset Value

 

$

12.99

 

$

14.27

 

 

(8.97

)%

$

14.67

 

$

12.53

 


















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

 


Sector Allocations



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







Education

 

17

%

 

15

%

 

County/City/Special District/School District

 

17

 

 

16

 

 

Transportation

 

15

 

 

14

 

 

Corporate

 

12

 

 

12

 

 

Utilities

 

11

 

 

12

 

 

Housing

 

10

 

 

14

 

 

State

 

8

 

 

8

 

 

Tobacco

 

5

 

 

5

 

 

Health

 

5

 

 

4

 

 










 


Credit Quality Allocations5



 

 

 

 

 

 

 

 

 

 

1/31/11

 

7/31/10

 







AAA/Aaa

 

18

%

 

23

%

 

AA/Aa

 

26

 

 

19

 

 

A

 

28

 

 

29

 

 

BBB/Baa

 

17

 

 

16

 

 

BB/Ba

 

2

 

 

3

 

 

B

 

3

 

 

6

 

 

Not Rated6

 

6

 

 

4

 

 










 

 

 

 

5

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

 

 

 

 

6

The investment advisor has deemed certain of these non-rated securities to be of investment grade quality. As of January 31, 2011 and July 31, 2010, the market value of these securities was $2,225,175, representing 1% and $2,474,600, representing 1%, respectively, of the Trust’s long-term investments.


 

 

 


12

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 


 

The Benefits and Risks of Leveraging

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

To leverage, all the Trusts issue preferred shares (“Preferred Shares”), which pay dividends at prevailing short-term interest rates, and invest the proceeds in long-term municipal bonds. In general, the concept of leveraging is based on the premise that the financing cost of assets to be obtained from leverage, which will be based on short-term interest rates, will normally be lower than the income earned by each Trust on its longer-term portfolio investments. To the extent that the total assets of each Trust (including the assets obtained from leverage) are invested in higher-yielding portfolio investments, each Trust’s holders of Common Shares (“Common Shareholders”) will benefit from the incremental net income.

To illustrate these concepts, assume a Trust’s Common Shares capitalization is $100 million and it issues Preferred Shares for an additional $50 million, creating a total value of $150 million available for investment in long-term municipal bonds. If prevailing short-term interest rates are 3% and long-term interest rates are 6%, the yield curve has a strongly positive slope. In this case, the Trust pays dividends on the $50 million of Preferred Shares based on the lower short-term interest rates. At the same time, the securities purchased by the Trust with assets received from the Preferred Shares issuance earn income based on long-term interest rates. In this case, the dividends paid to holders of Preferred Shares (“Preferred Shareholders”) are significantly lower than the income earned on the Trust’s long-term investments, and therefore the Common Shareholders are the beneficiaries of the incremental net income.

If short-term interest rates rise, narrowing the differential between short-term and long-term interest rates, the incremental net income pickup on the Common Shares will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates of 6%, the yield curve has a negative slope. In this case, the Trust pays dividends on the higher short-term interest rate whereas the Trust’s total portfolio earns income based on lower long-term interest rates.

Furthermore, the value of the Trusts’ portfolio investments generally varies inversely with the direction of long-term interest rates, although other factors can influence the value of portfolio investments. In contrast, the redemption value of the Trusts’ Preferred Shares does not fluctuate in relation to interest rates. As a result, changes in interest rates can influence the Trusts’ NAV positively or negatively in addition to the impact on Trust performance from leverage from Preferred Shares discussed above.

The Trusts may also leverage their assets through the use of TOBs, as described in Note 1 of the Notes to Financial Statements. TOB investments generally will provide the Trusts with economic benefits in periods of declining short-term interest rates, but expose the Trusts to risks during periods of rising short-term interest rates similar to those associated with Preferred Shares issued by the Trusts, as described above. Additionally, fluctuations in the market value of municipal bonds deposited into the TOB may adversely affect each Trust’s NAV per share.

The use of leverage may enhance opportunities for increased income to the Trusts and Common Shareholders, but as described above, it also creates risks as short or long-term interest rates fluctuate. Leverage also will generally cause greater changes in the Trusts’ NAVs, market prices and dividend rates than comparable portfolios without leverage. If the income derived from securities purchased with assets received from leverage exceeds the cost of leverage, the Trusts’ net income will be greater than if leverage had not been used. Conversely, if the income from the securities purchased is not sufficient to cover the cost of leverage, the Trusts’ net income will be less than if leverage had not been used, and therefore the amount available for distribution to Common Shareholders will be reduced. Each Trust may be required to sell portfolio securities at inopportune times or at distressed values in order to comply with regulatory requirements applicable to the use of leverage or as required by the terms of leverage instruments, which may cause a Trust to incur losses. The use of leverage may limit each Trust’s ability to invest in certain types of securities or use certain types of hedging strategies, such as in the case of certain restrictions imposed by ratings agencies that rate Preferred Shares issued by the Trusts. Each Trust will incur expenses in connection with the use of leverage, all of which are borne by Common Shareholders and may reduce income to the Common Shares.

Under the Investment Company Act of 1940, the Trusts are permitted to issue Preferred Shares in an amount of up to 50% of their total managed assets at the time of issuance. Under normal circumstances, each Trust anticipates that the total economic leverage from Preferred Shares and/or TOBs will not exceed 50% of its total managed assets at the time such leverage is incurred. As of January 31, 2011, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:

 

 

 

 

 





 

 

Percent of
Leverage

 





BFZ

 

44

%

 

BFO

 

38

%

 

RFA

 

43

%

 

BBF

 

44

%

 

RNJ

 

38

%

 

BNJ

 

38

%

 

RNY

 

38

%

 

BNY

 

39

%

 







 


 

Derivative Financial Instruments

The Trusts may invest in various derivative instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such instruments are used to obtain exposure to a market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Such derivative instruments involve risks, including the imperfect correlation between the value of a derivative instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative instrument. The Trusts’ ability to successfully use a derivative instrument depends on the investment advisor’s ability to accurately predict pertinent market movements, which cannot be assured. The use of derivative instruments may result in losses greater than if they had not been used, may require a Trust to sell or purchase portfolio investments at inopportune times or for distressed values, may limit the amount of appreciation a Trust can realize on an investment, may result in lower dividends paid to shareholders or may cause a Trust to hold an investment that it might otherwise sell. The Trusts’ investments in these instruments are discussed in detail in the Notes to Financial Statements.

 

 

 




SEMI-ANNUAL REPORT

JANUARY 31, 2011

13




 

 


 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California — 106.5%

 

 

 

 

 

 

 









Corporate — 0.3%

 

 

 

 

 

 

 

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

 

$

330

 

$

319,753

 

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

 

 

680

 

 

696,803

 

 

 

 

 

 



 

 

 

 

 

 

 

1,016,556

 









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

 

 

 

 

 

 

 

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

 

 

8,425

 

 

8,917,020

 

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

 

 

8,440

 

 

8,776,587

 

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

 

 

400

 

 

412,948

 

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

 

 

3,000

 

 

2,890,620

 

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

 

 

7,730

 

 

7,147,854

 

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

 

 

2,000

 

 

2,100,960

 

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

 

 

5,020

 

 

5,035,060

 

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

 

 

2,500

 

 

2,386,025

 

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

 

 

1,000

 

 

866,890

 

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

 

 

4,135

 

 

4,246,769

 

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

 

 

5,125

 

 

5,207,820

 

Los Angeles Community College District California, GO:

 

 

 

 

 

 

 

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

 

 

10,280

 

 

9,646,341

 

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

 

 

3,500

 

 

3,312,295

 

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

 

 

4,975

 

 

4,957,090

 

Modesto Irrigation District, COP, Capital Improvements:

 

 

 

 

 

 

 

Series A, 5.75%, 10/01/29

 

 

3,000

 

 

3,042,630

 

Series A, 5.75%, 10/01/34

 

 

155

 

 

157,407

 

Series B, 5.50%, 7/01/35

 

 

5,700

 

 

5,420,814

 

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

 

 

1,000

 

 

1,011,320

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (continued)

 

 

 

 

 

 

 









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

 

 

 

 

 

 

 

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

 

$

6,000

 

$

5,931,360

 

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

 

 

3,600

 

 

3,497,112

 

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

 

 

2,000

 

 

2,004,420

 

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

 

 

5,500

 

 

5,506,105

 

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

 

 

2,000

 

 

2,024,500

 

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

 

 

6,300

 

 

5,868,009

 

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

 

 

100

 

 

103,353

 

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

 

 

1,500

 

 

1,508,175

 

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

 

 

6,500

 

 

6,287,515

 

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

 

 

6,000

 

 

5,483,760

 

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

 

 

1,125

 

 

1,196,876

 

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

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,205

 

 

6,258,053

 

5.13%, 8/01/33

 

 

10,000

 

 

9,421,000

 

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

 

 

21,000

 

 

19,955,880

 

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

 

 

 

 

 

 

 

6.63%, 9/01/29

 

 

1,000

 

 

1,036,640

 

7.00%, 9/01/36

 

 

1,700

 

 

1,787,040

 

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

 

 

2,250

 

 

2,352,128

 

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

 

 

4,000

 

 

4,159,120

 

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

 

 

7,750

 

 

8,296,917

 

 

 

 

 

 



 

 

 

 

 

 

 

168,214,413

 










 

 


Portfolio Abbreviations


To simplify the listings of portfolio holdings in the Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

 

 

ACA

ACA Financial Guaranty Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

BHAC

Berkshire Hathaway Assurance Corp.

CAB

Capital Appreciation Bonds

CIFG

CDC IXIS Financial Guaranty

COP

Certificates of Participation

EDA

Economic Development Authority

EDC

Economic Development Corp.

ERB

Education Revenue Bonds

FHA

Federal Housing Administration

FGIC

Financial Guaranty Insurance Co.

GO

General Obligation Bonds

HFA

Housing Finance Agency

HRB

Housing Revenue Bonds

IDA

Industrial Development Authority

IDRB

Industrial Development Revenue Bonds

ISD

Independent School District

LRB

Lease Revenue Bonds

MRB

Mortgage Revenue Bonds

NPFGC

National Public Finance Guarantee Corp.

PILOT

Payment in Lieu of Taxes

RB

Revenue Bonds

S/F

Single-Family

SONYMA

State of New York Mortgage Agency

VHA

Veterans Health Administration


 

 

 

See Notes to Financial Statements.

 




14

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (continued)

 

 

 

 

 

 

 









Education — 1.6%

 

 

 

 

 

 

 

University of California, RB:

 

 

 

 

 

 

 

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

 

$

2,600

 

$

2,536,586

 

Series O, 5.38%, 5/15/34

 

 

460

 

 

470,612

 

University of California, Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,215

 

 

2,136,944

 

Series S, 5.00%, 5/15/40

 

 

1,250

 

 

1,183,775

 

 

 

 

 

 



 

 

 

 

 

 

 

6,327,917

 









Health — 19.0%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,000

 

 

3,005,100

 

6.25%, 8/01/39

 

 

3,250

 

 

3,224,358

 

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

 

 

2,250

 

 

2,157,795

 

California Health Facilities Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

6,000

 

 

5,557,320

 

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

 

 

1,675

 

 

1,595,856

 

California Health Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,466,300

 

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

 

 

4,400

 

 

4,402,596

 

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

 

 

3,000

 

 

3,006,810

 

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

 

 

1,465

 

 

1,569,689

 

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

 

 

1,625

 

 

1,595,896

 

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

 

 

2,800

 

 

2,749,376

 

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

 

 

15,260

 

 

14,184,475

 

California Statewide Communities Development
Authority, RB, Series A:

 

 

 

 

 

 

 

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

 

 

7,000

 

 

6,990,410

 

Kaiser Permanente, 5.50%, 11/01/32

 

 

11,060

 

 

10,141,025

 

California Statewide Communities Development
Authority, Refunding RB:

 

 

 

 

 

 

 

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

 

 

3,000

 

 

2,835,720

 

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

 

 

5,010

 

 

4,728,338

 

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

 

 

1,650

 

 

1,511,334

 

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

 

 

5,500

 

 

4,603,555

 

 

 

 

 

 



 

 

 

 

 

 

 

76,325,953

 









Housing — 1.0%

 

 

 

 

 

 

 

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

 

 

2,200

 

 

2,068,748

 

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

 

 

2,055

 

 

1,900,279

 

 

 

 

 

 



 

 

 

 

 

 

 

3,969,027

 









State — 9.1%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

9,239,490

 

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

 

 

2,475

 

 

2,517,817

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









California (concluded)

 

 

 

 

 

 

 









State (concluded)

 

 

 

 

 

 

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.50%, 4/01/33

 

$

20,500

 

$

21,680,185

 

6.00%, 3/01/33

 

 

3,070

 

 

3,123,541

 

 

 

 

 

 



 

 

 

 

 

 

 

36,561,033

 









Transportation — 7.5%

 

 

 

 

 

 

 

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

 

 

3,175

 

 

2,872,677

 

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

 

 

8,000

 

 

8,276,720

 

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

 

 

1,850

 

 

1,839,640

 

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

 

 

5,530

 

 

5,377,261

 

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

 

 

5,300

 

 

5,037,173

 

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

 

 

6,750

 

 

6,948,180

 

 

 

 

 

 



 

 

 

 

 

 

 

30,351,651

 









Utilities — 26.2%

 

 

 

 

 

 

 

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

 

 

5,500

 

 

5,670,170

 

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

 

 

5,475

 

 

5,394,298

 

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

 

 

2,000

 

 

1,958,600

 

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

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

1,000

 

 

1,024,710

 

Series E, 5.88%, 1/01/34

 

 

6,500

 

 

6,660,615

 

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

 

 

 

 

 

 

 

5.00%, 6/01/32

 

 

4,000

 

 

3,902,360

 

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

 

 

5,085

 

 

5,056,575

 

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

 

 

2,425

 

 

2,452,985

 

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

 

 

5,000

 

 

5,300,500

 

Los Angeles Department of Water & Power, RB:

 

 

 

 

 

 

 

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

 

 

7,815

 

 

7,713,952

 

Series A, 5.38%, 7/01/34

 

 

3,050

 

 

3,056,679

 

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

 

 

3,000

 

 

2,793,240

 

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

 

 

2,200

 

 

2,143,900

 

San Diego Public Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

9,500

 

 

9,410,985

 

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

 

 

12,460

 

 

12,242,698

 

Series A, 5.25%, 8/01/38

 

 

3,255

 

 

3,185,473

 

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

 

 

2,000

 

 

1,804,840

 

San Francisco City & County Public Utilities
Commission, RB:

 

 

 

 

 

 

 

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

 

 

4,000

 

 

3,901,280

 

Series B, 5.00%, 11/01/29

 

 

4,000

 

 

3,985,240

 

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

 

 

 

 

 

 

 

5.00%, 11/01/28

 

 

5,000

 

 

4,993,800

 

5.00%, 11/01/35

 

 

10,625

 

 

10,187,462

 

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

 

 

2,750

 

 

2,650,588

 

 

 

 

 

 



 

 

 

 

 

 

 

105,490,950

 









Total Municipal Bonds in California

 

 

 

 

 

428,257,500

 










 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

15




 

 


 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Multi-State — 2.0%

 

 

 

 

 

 

 









Housing — 2.0%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (c)(d):

 

 

 

 

 

 

 

5.75%, 5/15/15

 

$

500

 

$

524,685

 

6.00%, 5/15/19

 

 

1,000

 

 

1,038,380

 

6.00%, 5/15/15

 

 

1,500

 

 

1,569,240

 

6.30%, 5/15/19

 

 

1,000

 

 

1,042,630

 

7.20%, 11/15/52

 

 

3,500

 

 

3,808,525

 









Total Municipal Bonds in Multi-State

 

 

 

 

 

7,983,460

 









 

 

 

 

 

 

 

 









      Puerto Rico — 1.8%

 

 

 

 

 

 

 









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

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,104,790

 









State — 1.0%

 

 

 

 

 

 

 

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

 

 

4,000

 

 

4,101,200

 









Total Municipal Bonds in Puerto Rico

 

 

 

 

 

7,205,990

 









Total Municipal Bonds — 110.3%

 

 

 

 

 

443,446,950

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)

 

 

 

 

 

 

 









California — 65.9%

 

 

 

 

 

 

 









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

 

 

 

 

 

 

 

Los Angeles Community College District California, GO:

 

 

 

 

 

 

 

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

 

 

8,000

 

 

7,537,680

 

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

 

 

20,131

 

 

21,296,872

 

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

 

 

12,900

 

 

12,208,173

 

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

 

 

5,000

 

 

4,585,000

 

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

 

 

10,770

 

 

10,302,582

 

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

 

 

12,499

 

 

11,900,350

 

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

 

 

2,000

 

 

1,866,320

 

San Diego Community College District California, GO:

 

 

 

 

 

 

 

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

 

 

10,484

 

 

10,541,228

 

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

 

 

9,000

 

 

8,780,040

 

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

 

 

14,625

 

 

14,102,266

 

 

 

 

 

 



 

 

 

 

 

 

 

103,120,511

 









Education — 12.1%

 

 

 

 

 

 

 

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

 

 

10,395

 

 

10,472,443

 

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

 

 

2,400

 

 

2,201,592

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)

 

Par
(000)

 

Value

 









California (concluded)

 

 

 

 

 

 

 









Education (concluded)

 

 

 

 

 

 

 

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

 

$

13,095

 

$

12,175,965

 

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

 

 

8,630

 

 

8,402,427

 

University of California, RB:

 

 

 

 

 

 

 

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

 

 

2,600

 

 

2,475,278

 

Series O, 5.75%, 5/15/34

 

 

12,300

 

 

13,055,835

 

 

 

 

 

 



 

 

 

 

 

 

 

48,783,540

 









Transportation — 2.8%

 

 

 

 

 

 

 

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

 

 

11,625

 

 

11,376,989

 









Utilities — 25.3%

 

 

 

 

 

 

 

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

 

 

7,000

 

 

7,042,210

 

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

 

 

3,000

 

 

2,858,040

 

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

 

 

3,000

 

 

2,921,520

 

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

 

 

18,002

 

 

16,937,595

 

Los Angeles Department of Water & Power, RB:

 

 

 

 

 

 

 

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

 

 

15,998

 

 

15,275,144

 

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

 

 

2,000

 

 

1,918,260

 

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

 

 

11,180

 

 

11,130,808

 

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

 

 

14,700

 

 

14,489,643

 

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

 

 

10,480

 

 

10,064,468

 

San Diego County Water Authority, COP, Refunding:

 

 

 

 

 

 

 

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

 

 

5,292

 

 

5,103,578

 

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

 

 

14,290

 

 

13,804,997

 

 

 

 

 

 



 

 

 

 

 

 

 

101,546,263

 









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

 

 

 

 

 

264,827,303

 









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

 

 

 

 

 

708,274,253

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









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

 

 

12,115,311

 

 

12,115,311

 









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

 

 

 

 

 

12,115,311

 









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

 

 

 

 

 

720,389,564

 

Liabilities in Excess of Other Assets — (0.6)%

 

 

 

 

 

(2,460,379

)

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

 

 

 

 

 

(144,640,006

)

Preferred Shares, at Redemption Value — (42.6)%

 

 

 

 

 

(171,332,769

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

401,956,410

 

 

 

 

 

 



 


 

 

 


*

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


 

 

 

 

 

Aggregate cost

 

$

599,907,826

 

 

 



 

Gross unrealized appreciation

 

$

4,742,563

 

Gross unrealized depreciation

 

 

(28,756,303

)

 

 



 

Net unrealized depreciation

 

$

(24,013,740

)

 

 



 


 

 

 

See Notes to Financial Statements.

 




16

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)


 

 

(a)

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


 

 

 

 

 

 

 

 







Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 







Merrill Lynch & Co.

 

$

2,157,795

 

$

(45,378

)

Morgan Stanley Capital Services, Inc.

 

$

2,749,376

 

$

26,572

 










 

 

(b)

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

 

 

(c)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

(d)

Security represents a beneficial interest in a trust. The collateral deposited into the trust is federally tax-exempt revenue bonds issued by various state or local governments, or their respective agencies or authorities. The security is subject to remarketing prior to its stated maturity.

 

 

(e)

Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

 

 

(f)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 











BIF California Municipal Money Fund

 

 

26,178,133

 

 

(14,062,822

)

 

12,115,311

 

$

1,390

 
















 

 

 

(g)

Represents the current yield as of report date.

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

 

$

708,274,253

 

 

 

$

708,274,253

 

Short-Term Securities

 

$

12,115,311

 

 

 

 

 

 

12,115,311

 

 

 












 

Total

 

$

12,115,311

 

$

708,274,253

 

 

 

$

720,389,564

 

 

 












 


 

 

1

See above Schedule of Investments for values in each sector.


 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

17




 

 


 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Florida — 138.3%

 

 

 

 

 

 

 









Corporate — 8.8%

 

 

 

 

 

 

 

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

 

$

4,000

 

$

3,781,800

 

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

 

 

 

 

 

 

 

5.50%, 10/01/23

 

 

1,955

 

 

1,979,340

 

Series A, 5.65%, 5/15/18

 

 

1,000

 

 

1,087,740

 

 

 

 

 

 



 

 

 

 

 

 

 

6,848,880

 









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

 

 

 

 

 

 

 

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

 

 

2,500

 

 

2,570,975

 

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

 

 

5,545

 

 

5,818,978

 

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

 

 

7,560

 

 

1,592,363

 

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

 

 

 

 

 

 

 

5.93%, 10/01/19

 

 

5,365

 

 

3,233,056

 

6.12%, 10/01/20

 

 

10,000

 

 

5,582,200

 

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

 

 

2,200

 

 

2,226,510

 

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

 

 

485

 

 

540,503

 

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

 

 

1,000

 

 

981,300

 

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

 

 

1,000

 

 

1,112,100

 

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

 

 

4,000

 

 

4,173,480

 

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

 

 

 

 

 

 

 

Series 43, 6.10%, 8/01/21

 

 

195

 

 

187,128

 

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

 

 

2,735

 

 

2,833,816

 

Northern Palm Beach County Improvement District,
Special Assessment Bonds, Refunding, Water Control
& Improvement District No. 43, Series B (ACA):

 

 

 

 

 

 

 

4.50%, 8/01/22

 

 

1,000

 

 

776,070

 

5.00%, 8/01/31

 

 

1,000

 

 

737,010

 

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

 

 

3,915

 

 

3,491,710

 

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

 

 

2,425

 

 

2,099,832

 

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

 

 

1,300

 

 

1,067,755

 

Village Center Community Development District, RB:

 

 

 

 

 

 

 

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

 

 

5,000

 

 

4,807,250

 

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

 

 

2,000

 

 

1,976,800

 

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

 

 

1,115

 

 

1,085,575

 

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

 

 

1,000

 

 

613,530

 

 

 

 

 

 



 

 

 

 

 

 

 

47,507,941

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Florida (continued)

 

 

 

 

 

 

 









Education — 1.0%

 

 

 

 

 

 

 

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

 

$

725

 

$

753,826

 









Health — 18.0%

 

 

 

 

 

 

 

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

 

 

426

 

 

432,026

 

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

 

 

2,500

 

 

2,326,800

 

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

 

 

2,155

 

 

2,229,197

 

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

 

 

1,500

 

 

1,479,690

 

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

 

 

1,500

 

 

1,442,805

 

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

 

 

4,450

 

 

4,855,528

 

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

 

 

1,285

 

 

1,341,861

 

 

 

 

 

 



 

 

 

 

 

 

 

14,107,907

 









Housing — 2.3%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,142,772

 

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

 

 

625

 

 

650,619

 

 

 

 

 

 



 

 

 

 

 

 

 

1,793,391

 









State — 14.4%

 

 

 

 

 

 

 

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

 

 

4,000

 

 

2,390,200

 

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

 

 

6,150

 

 

6,289,297

 

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

 

 

500

 

 

541,365

 

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

 

 

2,000

 

 

2,070,760

 

 

 

 

 

 



 

 

 

 

 

 

 

11,291,622

 









Transportation — 3.9%

 

 

 

 

 

 

 

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

 

 

3,000

 

 

3,018,750

 









Utilities — 29.1%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

1,107,724

 

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

 

 

1,000

 

 

978,910

 

City of Marco Island Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/21

 

 

1,000

 

 

1,021,230

 

5.00%, 10/01/22

 

 

2,000

 

 

2,015,240

 

5.00%, 10/01/23

 

 

1,375

 

 

1,381,036

 

City of Palm Coast Florida, RB (NPFGC):

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,770

 

 

1,780,178

 

5.00%, 10/01/23

 

 

1,485

 

 

1,488,208

 

5.00%, 10/01/24

 

 

1,500

 

 

1,499,160

 

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

 

 

4,000

 

 

4,456,840

 


See Notes to Financial Statements.

 

 

 


18

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (concluded)

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Florida (concluded)

 

 

 

 

 

 

 









Utilities (concluded)

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.00%, 10/01/22

 

$

1,975

 

$

2,065,573

 

5.00%, 10/01/23

 

 

1,180

 

 

1,223,707

 

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

 

 

3,630

 

 

3,733,891

 

 

 

 

 

 



 

 

 

 

 

 

 

22,751,697

 









Total Municipal Bonds in Florida

 

 

 

 

 

108,074,014

 









 

 

 

 

 

 

 

 









Puerto Rico — 3.4%

 

 

 

 

 

 

 









State — 3.4%

 

 

 

 

 

 

 

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

 

 

2,480

 

 

2,676,390

 









 

 

 

 

 

 

 

 









U.S. Virgin Islands — 1.6%

 

 

 

 

 

 

 









Corporate — 1.6%

 

 

 

 

 

 

 

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

 

 

1,500

 

 

1,266,360

 









Total Municipal Bonds — 143.3%

 

 

 

 

 

112,016,764

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

 

 

 

 

 









Florida — 10.0%

 

 

 

 

 

 

 









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

 

 

 

 

 

 

 

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

 

 

6,510

 

 

6,317,890

 









Housing — 2.0%

 

 

 

 

 

 

 

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

 

 

840

 

 

879,051

 

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

 

 

642

 

 

668,364

 

 

 

 

 

 



 

 

 

 

 

 

 

1,547,415

 









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

 

 

 

 

 

7,865,305

 









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

 

 

 

 

 

119,882,069

 









 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 








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

 

 

4,192,770

 

 

4,192,770

 









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

 

 

 

 

 

4,192,770

 









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

 

 

 

 

 

124,074,839

 

Other Assets Less Liabilities — 1.4%

 

 

 

 

 

1,132,458

 

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

 

 

 

 

 

(4,143,453

)

Preferred Shares, at Redemption Value — (54.9)%

 

 

 

 

 

(42,900,520

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

78,163,324

 

 

 

 

 

 



 


 

 

*

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


 

 

 

 

 

 

 

 

 

 

Aggregate cost

 

 

 

 

$

123,837,405

 

 

 

 

 

 

 



 

 

Gross unrealized appreciation

 

 

 

 

$

1,141,156

 

 

Gross unrealized depreciation

 

 

 

 

 

(5,040,124

)

 

 

 

 

 

 



 

 

Net unrealized depreciation

 

 

 

 

$

(3,898,968

)

 

 

 

 

 

 



 


 

 

(a)

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

 

 

(b)

US government securities, held in escrow, are used to pay interest on this security as well as to retire the bond in full at the date indicated, typically at a premium to par.

 

 

(c)

Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

 

 

(d)

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


 

 

 

 

 

 

 

 

 

 

 

 

 












 

Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 

 











 

BIF Florida Municipal Money Fund

 

5,065,158

 

(872,388

)

4,192,770

 

$

20

 

 













 

 

(e)

Represents the current yield as of report date.


 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 















Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

Long-Term Securities1

 

 

 

$

119,882,069

 

 

 

$

119,882,069

 

Short-Term Securities

 

$

4,192,770

 

 

 

 

 

 

4,192,770

 

 

 













Total

 

$

4,192,770

 

$

119,882,069

 

 

 

$

124,074,839

 

 

 














 

 

 

 

1

See above Schedule of Investments for values in each sector.


See Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

19




 

 


 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock Investment Quality Municipal Income Trust (RFA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Arizona — 0.7%

 

 

 

 

 

 

 

Pima County IDA, Refunding IDRB, Tucson Electric Power,
5.75%, 9/01/29

 

$

90

 

$

87,839

 









California — 21.4%

 

 

 

 

 

 

 

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

 

 

195

 

 

197,722

 

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

 

 

200

 

 

201,616

 

California Health Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

130

 

 

128,248

 

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

 

 

195

 

 

191,508

 

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

 

 

120

 

 

117,830

 

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

 

 

300

 

 

301,872

 

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

 

 

395

 

 

365,189

 

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

 

 

200

 

 

197,414

 

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

 

 

240

 

 

232,155

 

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

 

 

500

 

 

506,980

 

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

 

 

185

 

 

188,226

 

 

 

 

 

 



 

 

 

 

 

 

 

2,628,760

 









Colorado — 1.2%

 

 

 

 

 

 

 

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

 

 

155

 

 

151,403

 









Delaware — 1.4%

 

 

 

 

 

 

 

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

 

 

175

 

 

167,972

 









Florida — 4.3%

 

 

 

 

 

 

 

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

 

 

200

 

 

160,898

 

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

 

 

450

 

 

360,819

 

 

 

 

 

 



 

 

 

 

 

 

 

521,717

 









Georgia — 4.4%

 

 

 

 

 

 

 

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

 

 

500

 

 

542,565

 









Illinois — 7.1%

 

 

 

 

 

 

 

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

 

 

195

 

 

187,699

 

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

 

 

100

 

 

95,516

 

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

 

 

75

 

 

74,629

 

Illinois Finance Authority, Refunding RB, Series A:

 

 

 

 

 

 

 

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

 

 

250

 

 

255,515

 

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

 

 

150

 

 

136,916

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Illinois (concluded)

 

 

 

 

 

 

 

Railsplitter Tobacco Settlement Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

$

100

 

$

94,677

 

6.00%, 6/01/28

 

 

30

 

 

28,630

 

 

 

 

 

 




 

 

 

 

 

 

873,582

 









Indiana — 2.8%

 

 

 

 

 

 

 

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

 

 

335

 

 

345,181

 









Kansas — 2.0%

 

 

 

 

 

 

 

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

 

 

250

 

 

250,150

 









Kentucky — 4.3%

 

 

 

 

 

 

 

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

 

 

100

 

 

93,896

 

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

 

 

220

 

 

227,834

 

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

 

 

215

 

 

204,175

 

 

 

 

 

 



 

 

 

 

 

 

 

525,905

 









Louisiana — 0.8%

 

 

 

 

 

 

 

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

 

 

100

 

 

99,004

 









Maryland — 1.1%

 

 

 

 

 

 

 

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

 

 

145

 

 

134,972

 









Massachusetts — 7.3%

 

 

 

 

 

 

 

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

 

 

125

 

 

125,657

 

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

 

 

185

 

 

169,253

 

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

 

 

250

 

 

237,375

 

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

 

 

120

 

 

107,722

 

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

 

 

250

 

 

255,967

 

 

 

 

 

 



 

 

 

 

 

 

 

895,974

 









Michigan — 7.2%

 

 

 

 

 

 

 

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

 

 

290

 

 

268,740

 

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

 

 

250

 

 

258,057

 

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

 

 

325

 

 

361,891

 

 

 

 

 

 



 

 

 

 

 

 

 

888,688

 









Nebraska — 0.3%

 

 

 

 

 

 

 

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

 

 

45

 

 

41,994

 









Nevada — 5.7%

 

 

 

 

 

 

 

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

 

 

250

 

 

260,953

 

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

 

 

440

 

 

434,306

 

 

 

 

 

 



 

 

 

 

 

 

 

695,259

 










See Notes to Financial Statements.

 

 

 


20

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

Schedule of Investments (continued)

BlackRock Investment Quality Municipal Income Trust (RFA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









New Jersey — 6.4%

 

 

 

 

 

 

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

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

 

$

175

 

$

167,979

 

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

 

 

250

 

 

256,557

 

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

 

 

165

 

 

161,910

 

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

 

 

190

 

 

198,185

 

 

 

 

 

 



 

 

 

 

 

 

 

784,631

 









New York — 5.0%

 

 

 

 

 

 

 

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

 

 

55

 

 

55,184

 

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

 

 

250

 

 

249,630

 

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

 

 

85

 

 

85,428

 

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

 

 

225

 

 

227,333

 

 

 

 

 

 



 

 

 

 

 

 

 

617,575

 









North Carolina — 2.6%

 

 

 

 

 

 

 

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

 

 

395

 

 

321,186

 









Pennsylvania — 5.9%

 

 

 

 

 

 

 

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

 

 

300

 

 

308,082

 

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

 

 

200

 

 

186,442

 

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

 

 

215

 

 

226,034

 

 

 

 

 

 



 

 

 

 

 

 

 

720,558

 









Texas — 11.4%

 

 

 

 

 

 

 

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

 

 

85

 

 

85,201

 

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

 

 

140

 

 

146,670

 

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

 

 

250

 

 

268,475

 

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

 

 

120

 

 

123,193

 

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

 

 

250

 

 

249,985

 

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

 

 

280

 

 

279,586

 

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

 

 

250

 

 

249,202

 

 

 

 

 

 



 

 

 

 

 

 

 

1,402,312

 









Virginia — 2.2%

 

 

 

 

 

 

 

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

 

 

250

 

 

271,340

 









West Virginia — 1.2%

 

 

 

 

 

 

 

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

 

 

160

 

 

143,558

 









Total Municipal Bonds — 106.7%

 

 

 

 

 

13,112,125

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 









California — 21.0%

 

 

 

 

 

 

 

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

 

$

300

 

$

302,235

 

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

 

 

300

 

 

271,761

 

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

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

700

 

 

740,209

 

Series C, 5.25%, 8/01/39

 

 

390

 

 

369,084

 

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

 

 

60

 

 

55,020

 

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

 

 

615

 

 

619,781

 

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

 

 

210

 

 

222,905

 

 

 

 

 

 



 

 

 

 

 

 

 

2,580,995

 









District of Columbia — 4.2%

 

 

 

 

 

 

 

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

 

 

195

 

 

204,290

 

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

 

 

300

 

 

309,217

 

 

 

 

 

 



 

 

 

 

 

 

 

513,507

 









Florida — 5.7%

 

 

 

 

 

 

 

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

 

 

280

 

 

261,644

 

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

 

 

270

 

 

282,552

 

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

 

 

156

 

 

162,406

 

 

 

 

 

 



 

 

 

 

 

 

 

706,602

 









Illinois — 5.6%

 

 

 

 

 

 

 

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

 

 

400

 

 

438,428

 

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

 

 

250

 

 

244,956

 

 

 

 

 

 



 

 

 

 

 

 

 

683,384

 









Nevada — 4.3%

 

 

 

 

 

 

 

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

 

 

500

 

 

535,115

 









New Hampshire — 1.4%

 

 

 

 

 

 

 

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

 

 

165

 

 

168,252

 









New Jersey — 2.4%

 

 

 

 

 

 

 

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

 

 

300

 

 

292,197

 









New York — 6.6%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

240

 

 

250,308

 

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

 

 

255

 

 

260,572

 

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

 

 

300

 

 

300,768

 

 

 

 

 

 



 

 

 

 

 

 

 

811,648

 









Ohio — 1.7%

 

 

 

 

 

 

 

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

 

 

230

 

 

212,741

 









South Carolina — 4.3%

 

 

 

 

 

 

 

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

 

 

510

 

 

526,815

 










See Notes to Financial Statements.

 

 

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

21




 

 


 

 

Schedule of Investments (concluded)

BlackRock Investment Quality Municipal Income Trust (RFA)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 







Texas — 5.6%

 

 

 

 

 

 

 

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

 

$

300

 

$

306,217

 

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

 

 

400

 

 

383,832

 

 

 

 

 

 



 

 

 

 

 

 

 

690,049

 









Virginia — 1.1%

 

 

 

 

 

 

 

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

 

 

130

 

 

129,723

 









Wisconsin — 1.8%

 

 

 

 

 

 

 

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

 

 

240

 

 

220,788

 









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

 

 

 

 

 

8,071,816

 









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

 

 

 

 

 

21,183,941

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 









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

 

 

158,350

 

 

158,350

 









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

 

 

 

 

 

158,350

 









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

 

 

 

 

 

21,342,291

 

Other Assets Less Liabilities — 0.6%

 

 

 

 

 

80,587

 

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

 

 

 

 

 

(4,560,842

)

Preferred Shares, at Redemption Value — (37.2)%

 

 

 

 

 

(4,575,222

)

 

 

 

 

 



 

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

12,286,814

 

 

 

 

 

 



 










 

 

*

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


 

 

 

 

 

Aggregate cost

 

$

17,112,500

 

 

 



 

Gross unrealized appreciation

 

$

396,737

 

Gross unrealized depreciation

 

 

(723,763

)

 

 



 

Net unrealized depreciation

 

$

(327,026

)

 

 



 


 

 

(a)

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


 

 

 

 

 

 

 

 







Counterparty

 

Value

 

Unrealized
Appreciation

 







Morgan Stanley Capital Services, Inc.

 

$

117,830

 

$

1,139

 










 

 

(b)

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

 

 

(c)

Securities represent bonds transferred to a TOB trust in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction. See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

 

 

(d)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Affiliate

 

Shares
Held at
July 31,
2010

 

Net
Activity

 

Shares
Held at
January 31,
2011

 

Income

 











FFI Institutional Tax-Exempt Fund

 

 

353,621

 

 

(195,271

)

 

158,350

 

$

178

 
















 

 

 

(e)

Represents the current yield as of report date.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

Level 2 — other observable inputs (including,but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following table summarizes the inputs used as of January 31, 2011 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 











Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 











Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term Investments1

 

 

 

$

21,183,941

 

 

 

$

21,183,941

 

Short-Term Securities

 

$

158,350

 

 

 

 

 

 

158,350

 

 

 













Total

 

$

158,350

 

$

21,183,941

 

 

 

$

21,342,291

 

 

 














 

 

 

 

1

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


 

 

 

See Notes to Financial Statements.

 




22

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments January 31, 2011 (Unaudited)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Arizona — 0.7%

 

 

 

 

 

 

 

Pima County IDA, Refunding IDRB, Tucson Electric Power,
5.75%, 9/01/29

 

$

625

 

$

609,994

 









California — 19.9%

 

 

 

 

 

 

 

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

 

 

1,355

 

 

1,373,916

 

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

 

 

1,315

 

 

1,325,625

 

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

 

 

 

 

 

 

 

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

 

 

890

 

 

878,003

 

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

 

 

1,375

 

 

1,350,374

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

 

2,075

 

 

2,087,948

 

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

 

 

645

 

 

656,159

 

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

 

 

2,020

 

 

1,681,791

 

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

 

 

2,725

 

 

2,519,344

 

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

 

 

1,750

 

 

1,727,372

 

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

 

 

1,600

 

 

1,547,696

 

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

 

 

1,275

 

 

1,297,236

 

 

 

 

 

 



 

 

 

 

 

 

 

16,445,464

 









Colorado — 3.4%

 

 

 

 

 

 

 

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

 

 

1,810

 

 

1,750,288

 

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

 

 

1,095

 

 

1,069,585

 

 

 

 

 

 



 

 

 

 

 

 

 

2,819,873

 









Delaware — 1.4%

 

 

 

 

 

 

 

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

 

 

1,230

 

 

1,180,603

 









District of Columbia — 1.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,022,080

 









Florida — 4.1%

 

 

 

 

 

 

 

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

 

 

2,235

 

 

723,492

 

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

 

 

599

 

 

606,863

 

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

 

 

1,795

 

 

1,439,267

 

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

 

 

1,000

 

 

613,530

 

 

 

 

 

 



 

 

 

 

 

 

 

3,383,152

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Georgia — 4.9%

 

 

 

 

 

 

 

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

 

$

885

 

$

858,839

 

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

 

 

2,900

 

 

3,146,877

 

 

 

 

 

 



 

 

 

 

 

 

 

4,005,716

 









Illinois — 11.4%

 

 

 

 

 

 

 

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

 

 

1,340

 

 

1,289,830

 

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

 

 

1,685

 

 

1,609,445

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

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

 

 

510

 

 

507,476

 

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

 

 

1,600

 

 

1,699,904

 

Illinois Finance Authority, Refunding RB, Series A:

 

 

 

 

 

 

 

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

 

 

1,900

 

 

1,941,914

 

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

 

 

1,000

 

 

912,770

 

Railsplitter Tobacco Settlement Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

690

 

 

653,271

 

6.00%, 6/01/28

 

 

195

 

 

186,096

 

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

 

 

625

 

 

585,056

 

 

 

 

 

 



 

 

 

 

 

 

 

9,385,762

 









Indiana — 2.8%

 

 

 

 

 

 

 

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

 

 

2,210

 

 

2,277,162

 









Kansas — 1.9%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,600,960

 









Kentucky — 4.3%

 

 

 

 

 

 

 

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

 

 

660

 

 

619,714

 

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

 

 

1,500

 

 

1,553,415

 

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

 

 

1,450

 

 

1,376,992

 

 

 

 

 

 



 

 

 

 

 

 

 

3,550,121

 









Louisiana — 0.9%

 

 

 

 

 

 

 

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

 

 

715

 

 

707,879

 









Maryland — 1.1%

 

 

 

 

 

 

 

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

 

 

985

 

 

916,877

 










 

 

 

See Notes to Financial Statements.

 


SEMI-ANNUAL REPORT

JANUARY 31, 2011

23




 

 


 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Massachusetts — 2.2%

 

 

 

 

 

 

 

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

 

$

1,000

 

$

1,020,140

 

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

 

 

750

 

 

767,903

 

 

 

 

 

 



 

 

 

 

 

 

 

1,788,043

 









Michigan — 4.8%

 

 

 

 

 

 

 

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

 

 

1,990

 

 

1,844,113

 

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

 

 

1,000

 

 

1,032,230

 

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

 

 

995

 

 

1,107,943

 

 

 

 

 

 



 

 

 

 

 

 

 

3,984,286

 









Nebraska — 0.4%

 

 

 

 

 

 

 

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

 

 

315

 

 

293,961

 









Nevada — 7.4%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,670,096

 

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

 

 

1,400

 

 

1,374,772

 

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

 

 

3,075

 

 

3,035,209

 

 

 

 

 

 



 

 

 

 

 

 

 

6,080,077

 









New Jersey — 3.0%

 

 

 

 

 

 

 

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

 

 

1,165

 

 

1,143,179

 

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

 

 

1,295

 

 

1,350,789

 

 

 

 

 

 



 

 

 

 

 

 

 

2,493,968

 









New York — 4.9%

 

 

 

 

 

 

 

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

 

 

385

 

 

386,290

 

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

 

 

1,500

 

 

1,497,780

 

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

 

 

605

 

 

608,043

 

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

 

 

1,510

 

 

1,525,659

 

 

 

 

 

 



 

 

 

 

 

 

 

4,017,772

 









North Carolina — 2.7%

 

 

 

 

 

 

 

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

 

 

2,735

 

 

2,223,911

 









Pennsylvania — 4.0%

 

 

 

 

 

 

 

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

 

 

500

 

 

513,470

 

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

 

 

2,945

 

 

2,787,207

 

 

 

 

 

 



 

 

 

 

 

 

 

3,300,677

 









 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 









Puerto Rico — 3.1%

 

 

 

 

 

 

 

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

 

$

2,605

 

$

2,535,941

 









Texas — 13.1%

 

 

 

 

 

 

 

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

 

 

595

 

 

596,404

 

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

 

 

890

 

 

932,400

 

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

 

 

500

 

 

536,950

 

Lower Colorado River Authority, RB:

 

 

 

 

 

 

 

5.75%, 5/15/28

 

 

810

 

 

831,554

 

5.50%, 5/15/33

 

 

2,000

 

 

2,015,700

 

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

 

 

1,000

 

 

999,940

 

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

 

 

1,905

 

 

1,902,180

 

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

 

 

2,980

 

 

2,970,494

 

 

 

 

 

 



 

 

 

 

 

 

 

10,785,622

 









Utah — 1.3%

 

 

 

 

 

 

 

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

 

 

1,205

 

 

1,103,045

 









Virginia — 1.3%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,085,360

 









West Virginia — 1.2%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

982,478

 









Total Municipal Bonds — 107.4%

 

 

 

 

 

88,580,784

 









 

 

 

 

 

 

 

 









 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

 

 

 

 

 









California — 20.6%

 

 

 

 

 

 

 

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

 

 

1,995

 

 

2,009,863

 

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

 

 

2,400

 

 

2,174,088

 

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

 

 

 

 

 

 

 

Series A, 6.00%, 8/01/33

 

 

3,898

 

 

4,124,022

 

Series C, 5.25%, 8/01/39

 

 

2,630

 

 

2,488,953

 

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

 

 

400

 

 

366,800

 

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

 

 

4,214

 

 

4,247,766

 

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

 

 

1,500

 

 

1,592,175

 

 

 

 

 

 



 

 

 

 

 

 

 

17,003,667

 










 

 

 

See Notes to Financial Statements.

 




24

SEMI-ANNUAL REPORT

JANUARY 31, 2011




 

 


 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

Par
(000)

 

Value

 









District of Columbia — 4.0%

 

 

 

 

 

 

 

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

 

$

1,395

 

$

1,461,458

 

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

 

 

1,799

 

 

1,855,307

 

 

 

 

 

 



 

 

 

 

 

 

 

3,316,765

 









Florida — 8.9%

 

 

 

 

 

 

 

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

 

 

7,490

 

 

7,347,690

 









Illinois — 3.7%

 

 

 

 

 

 

 

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

 

 

2,800

 

 

3,068,996

 









Nevada — 5.7%

 

 

 

 

 

 

 

Clark County Water Reclamation District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,500

 

 

2,675,575

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,049,712