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 New York Municipal Income Trust, 55 East 52nd Street, New York, NY 10055

 

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

 

Date of fiscal year end: 07/31/2012

 

Date of reporting period: 07/31/2012

 

Item 1 – Report to Stockholders

 


 

 

(BLACKROCK LOGO)

July 31, 2012


 

 

 

Annual Report

 

 

 

BlackRock California Municipal Income Trust (BFZ)

 

 

 

BlackRock Florida Municipal 2020 Term Trust (BFO)

 

 

 

BlackRock Municipal Income Investment Trust (BBF)

 

 

 

BlackRock New Jersey Municipal Income Trust (BNJ)

 

 

 

BlackRock New York Municipal Income Trust (BNY)


 

Not FDIC Insured § No Bank Guarantee § May Lose Value




 

 

Table of Contents


 

 

 

 

 

Page

 

 

 

Dear Shareholder

 

3

Annual Report:

 

 

Municipal Market Overview

 

4

Trust Summaries

 

5

The Benefits and Risks of Leveraging

 

10

Derivative Financial Instruments

 

10

Financial Statements:

 

 

Schedules of Investments

 

11

Statements of Assets and Liabilities

 

28

Statements of Operations

 

29

Statements of Changes in Net Assets

 

30

Statements of Cash Flows

 

32

Financial Highlights

 

33

Notes to Financial Statements

 

38

Report of Independent Registered Public Accounting Firm

 

47

Important Tax Information

 

47

Disclosure of Investment Advisory Agreements and Sub-Advisory Agreements

 

48

Automatic Dividend Reinvestment Plans

 

52

Officers and Trustees

 

53

Additional Information

 

56


 

 

 

 

 

 

2

ANNUAL REPORT

JULY 31, 2012




 

 

Dear Shareholder

About this time one year ago, financial markets fell into turmoil, triggered by Standard & Poor’s historic downgrade of US government debt. Since then, asset prices have continued to move broadly in “risk-on” rallies and “risk-off” retreats driven by macro-level concerns, primarily the sovereign debt crisis in Europe and uncertainty about global economic growth.

Equity markets crumbled in the third quarter of 2011 as fearful investors fled riskier assets in favor of traditionally safe investments including US Treasuries and gold. In October, however, improving economic data and more concerted efforts among European leaders toward stemming the region’s debt crisis drew investors back to the markets. Improving sentiment carried over into early 2012 as investors saw some relief from the world’s financial woes. Volatility abated and risk assets (including stocks, commodities and high yield bonds) moved boldly higher through the first two months of 2012 while climbing Treasury yields pressured higher-quality fixed income assets.

Markets reversed course in the spring when Europe’s debt problems boiled over once again. High levels of volatility returned as political instability in Greece threatened the country’s membership in the euro zone. Spain faced severe deficit issues while the nation’s banks clamored for liquidity. Yields on Spanish and Italian government debt rose to levels deemed unsustainable. European leaders conferred and debated vehemently over the need for fiscal integration among the 17 nations comprising the euro currency bloc as a means to resolve the crisis for the long term.

Alongside the drama in Europe, investors were discouraged by gloomy economic reports from various parts of the world. A slowdown in China, a key powerhouse for global growth, became particularly worrisome. In the United States, disappointing jobs reports dealt a crushing blow to sentiment. Risk assets sold off in the second quarter as investors again retreated to safe haven assets.

The summer brought a modest rebound in most asset classes. However, financial markets continued to swing sharply in both directions as investors reacted to mixed economic data as well as comments and policy actions — or lack of action — from central banks around the globe.

On the whole, higher quality investments outperformed riskier asset classes for the 12 months ended July 31, 2012 as investors continued to focus on safety. US Treasury bonds delivered the strongest returns, followed by tax-exempt municipal bonds. Some higher-risk investments, including US large-cap stocks and corporate bonds, managed to post gains for the one-year period, and while US small-cap stocks generated a slight gain for the 12-month period, they posted a marginal loss for the last 6 months. International and emerging equities, which experienced significant downturns in 2011, lagged other asset classes amid ongoing global uncertainty. US large-cap stocks and high yield bonds rallied higher in recent months as many investors increased their appetite for risk. Continued low short-term interest rates kept yields on money market securities near their all-time lows.

We know that investors continue to face a world of uncertainty and highly volatile markets, but we also believe these challenging times present many opportunities. We remain committed to working with you and your financial professional to identify actionable ideas for your portfolio. We encourage you to visit www.blackrock.com/newworld for more information.

 

Sincerely,

 

-s- Rob Kapito

 

Rob Kapito

President, BlackRock Advisors, LLC

 

(PHOTO OF ROB KAPITO)

 

“We know that investors continue to face a world of uncertainty and highly volatile markets, but we also believe these challenging times present many opportunities.”

 

Rob Kapito

President, BlackRock Advisors, LLC


 

 

Total Returns as of July 31, 2012


 

 

 

 

 

 

 

 

 

 

6-month

 

12-month

 

US large cap equities
(S&P 500® Index)

 

6.25

%

 

9.13

%

 

US small cap equities
(Russell 2000® Index)

 

(0.03

)

 

0.19

 

 

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

 

(1.15

)

 

(11.45

)

 

Emerging market
equities (MSCI Emerging
Markets Index)

 

(4.83

)

 

(13.93

)

 

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

 

0.05

 

 

0.07

 

 

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

 

4.31

 

 

15.58

 

 

US investment grade
bonds (Barclays US
Aggregate Bond Index)

 

2.88

 

 

7.25

 

 

Tax-exempt municipal
bonds (S&P Municipal
Bond Index)

 

3.22

 

 

10.70

 

 

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

 

6.05

 

 

8.00

 

 

 

 

 

 

 

 

 

 

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


 

 

 

 

 

 

 

THIS PAGE NOT PART OF YOUR FUND REPORT

3




 

 

Municipal Market Overview

 

For the 12-Month Period Ended July 31, 2012

One year ago, the municipal bond market was rebounding from a prolonged weak period stemming from events in the fourth quarter of 2010. Municipals had suffered severe losses in late 2010 amid a steepening US Treasury yield curve, political uncertainty and a flood of inflated headlines about municipal finance troubles. A significant supply-demand imbalance had developed by the end of the year, leading to wider quality spreads and higher yields for municipal bonds heading into 2011.

(LINE GRAPH)

Having lost confidence in municipals, retail investors retreated from the market, resulting in municipal mutual fund outflows totaling $35.1 billion from the middle of November 2010 until the trend finally broke in June 2011. However, weak demand in the first half of 2011 was counterbalanced by lower supply. According to Thomson Reuters, total new issuance was down 32% in 2011 as compared to the prior year.

On August 5, 2011, Standard & Poor’s (“S&P”) downgraded the US government’s credit rating from AAA to AA+. While this led to the downgrade of approximately 11,000 municipal issues directly tied to the US debt rating, this represented a very small fraction of the municipal market and said nothing about the individual municipal credits themselves. In fact, demand for municipal bonds increased as severe volatility in US equities drove investors to more stable asset classes. The municipal market benefited from an exuberant Treasury market and continued muted new issuance. As supply remained constrained, demand from both traditional and non-traditional buyers was strong, pushing long-term municipal bond yields lower and sparking a curve-flattening trend that continued through year end. Ultimately, 2011 was one of the strongest performance years in municipal market history. The S&P Municipal Bond Index returned 10.62% in 2011, making municipal bonds a top-performing fixed income asset class for the year.

Strong demand carried over into 2012 as investors continued to search for yield in a low-rate environment. Municipal market supply-and-demand technicals typically strengthen considerably upon the conclusion of tax season as net negative supply takes hold. This theme remained intact for 2012. In the spring, a resurgence of concerns about Europe’s financial crisis and weakening US economic data drove municipal bond yields lower and prices higher as investors were drawn to the asset class for its relatively low volatility in addition to the income and capital preservation it offers. The S&P Municipal Bond Index has gained 5.75% year-to-date.

Overall, the municipal yield curve flattened during the period from July 29, 2011 to July 31, 2012. As measured by Thomson Municipal Market Data, yields declined by 151 basis points (“bps”) to 2.84% on AAA-rated 30-year municipal bonds and by 101 bps to 1.66% on 10-year bonds, while yields on 5-year issues fell 51 bps to 0.65%. While the entire municipal curve flattened over the 12-month time period, the spread between 2- and 30-year maturities tightened by 140 bps, and in the 2- to 10-year range, the spread tightened by 90 bps.

The fundamental picture for municipalities continues to improve. Austerity has been the general theme across the country as states set their budgets, although a small number of states continue to rely on a “kick-the-can” approach to close their budget gaps, using aggressive revenue projections and accounting gimmicks. It has been over a year and a half since the fiscal problems plaguing state and local governments first became highly publicized. Thus far, the prophecy of widespread defaults across the municipal market has not materialized. Through the first half of 2012, approximately $1.07 billion in par value of municipal bonds have entered into debt service default for the first time. This represents only 0.540% of total issuance for that period and 0.029% of total municipal bonds outstanding, as compared to 0.065% for the full year 2011. (Data provided by Bank of America Merrill Lynch.) BlackRock maintains the view that municipal bond defaults will remain in the periphery and the overall market is fundamentally sound. We continue to recognize that careful credit research and security selection remain imperative amid uncertainty in this economic environment.

 

 

 

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


 

 

 

 

 

 

4

ANNUAL REPORT

JULY 31, 2012




 

 

 

 

Trust Summary as of July 31, 2012

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 12 months ended July 31, 2012, the Trust returned 34.40% based on market price and 24.98% based on net asset value (“NAV”). For the same period, the closed-end Lipper California Municipal Debt Funds category posted an average return of 30.47% based on market price and 21.65% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period-end, which 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 posture (sensitivity to interest rate movements) had a positive impact on performance as interest rates generally declined amid the investor flight-to-quality in the US Treasury market. Leverage achieved through the use of tender option bonds while the municipal yield curve was historically steep boosted returns. The Trust’s holdings of higher quality essential service revenue bonds contributed positively, as did holdings of select general obligation bonds and school district credits with stronger underlying fundamentals. Investments in the health, education, transportation and utilities sectors were particularly strong contributors. Additionally, purchases of zero-coupon bonds deemed undervalued added to the Trust’s total return. The Trust used US Treasury financial futures contracts to hedge against rising interest rates. These positions had a modestly negative impact on returns as interest rates declined over 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 New York Stock Exchange (“NYSE”)

 

BFZ

Initial Offering Date

 

July 27, 2001

Yield on Closing Market Price as of July 31, 2012 ($16.64)1

 

5.60%

Tax Equivalent Yield2

 

8.62%

Current Monthly Distribution per Common Share3

 

$0.0777

Current Annualized Distribution per Common Share3

 

$0.9324

Economic Leverage as of July 31, 20124

 

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 Variable Rate Muni Term Preferred Shares (“VMTP 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 VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

Change

 

High

 

Low

 

Market Price

 

$

16.64

 

$

13.16

 

 

26.44

%

$

16.75

 

$

12.95

 

Net Asset Value

 

$

16.32

 

$

13.88

 

 

17.58

%

$

16.38

 

$

13.88

 

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

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

County/City/Special District/School District

 

37

%

 

39

%

 

Utilities

 

29

 

 

29

 

 

Health

 

12

 

 

11

 

 

Education

 

9

 

 

7

 

 

Transportation

 

7

 

 

7

 

 

State

 

5

 

 

5

 

 

Housing

 

1

 

 

2

 

 


 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

AAA/Aaa

 

9

%

 

11

%

 

AA/Aa

 

71

 

 

67

 

 

A

 

19

 

 

20

 

 

BBB/Baa

 

1

 

 

2

 

 


 

 

 

 

5

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

5




 

 

 

 

Trust Summary as of July 31, 2012

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 12 months ended July 31, 2012, the Trust returned 17.38% based on market price and 12.44% based on NAV. For the same period, the closed-end Lipper Other States Municipal Debt Funds category posted an average return of 26.92% based on market price and 16.67% 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. During the period, municipal bond prices generally rose as the yield curve flattened and credit spreads tightened. Given these market conditions, the Trust’s exposure to intermediate and longer maturity bonds and lower-quality investment grade bonds had a significant positive impact on the Trust’s performance for the period. The Trust is scheduled to mature on or about December 31, 2020 and thus holds securities that will mature close to that date. The Trust’s shorter maturity profile was a disadvantage as compared to its Lipper category peers that typically hold longer-dated issues, which exhibited greater price appreciation in the declining interest rate environment.

 

 

 

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 July 31, 2012 ($15.60)1

 

4.31%

Tax Equivalent Yield2

 

6.63%

Current Monthly Distribution per Common Share3

 

$0.0560

Current Annualized Distribution per Common Share3

 

$0.6720

Economic Leverage as of July 31, 20124

 

33%


 

 

 

 

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 (“AMPS”) and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to AMPS and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

Change

 

High

 

Low

 

Market Price

 

$

15.60

 

$

13.91

 

 

12.15%

 

$

15.86

 

$

13.79

 

Net Asset Value

 

$

16.05

 

$

14.94

 

 

7.43%

 

$

16.08

 

$

14.94

 

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

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

County/City/Special District/School District

 

40

%

 

46

%

 

State

 

15

 

 

11

 

 

Utilities

 

14

 

 

18

 

 

Health

 

13

 

 

12

 

 

Transportation

 

10

 

 

4

 

 

Corporate

 

4

 

 

6

 

 

Housing

 

2

 

 

2

 

 

Education

 

2

 

 

1

 

 


 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

AAA/Aaa

 

8

%

 

7

%

 

AA/Aa

 

45

 

 

40

 

 

A

 

28

 

 

23

 

 

BBB/Baa

 

8

 

 

12

 

 

BB/Ba

 

 

 

1

 

 

Not Rated6

 

11

 

 

17

 

 


 

 

 

 

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 July 31, 2012 and July 31, 2011, the market value of these securities was $7,213,160, representing 5%, and $10,771,005, representing 8%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

6

ANNUAL REPORT

JULY 31, 2012

 




 

 

 

 

Trust Summary as of July 31, 2012

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). 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 12 months ended July 31, 2012, the Trust returned 35.59% based on market price and 26.21% based on NAV. For the same period, the closed-end Lipper General & Insured Municipal Debt Funds (Leveraged) category posted an average return of 29.37% based on market price and 20.77% based on NAV. All returns reflect reinvestment of dividends. The Trust moved from a discount to NAV to a premium by period end, which 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 posture (greater sensitivity to interest rates) contributed positively to performance as the yield curve flattened (i.e., longer-term interest rates fell more than shorter rates) and bond prices moved higher on the long end of the municipal curve. The Trust’s longer-dated holdings in the health, transportation and utilities sectors experienced the best price appreciation. The Trust used US Treasury financial futures contracts as a means of hedging interest rate risk. These positions had a slight negative impact on results as interest rates declined over 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 July 31, 2012 ($16.25)1

 

5.34%

Tax Equivalent Yield2

 

8.22%

Current Monthly Distribution per Common Share3

 

$0.072375

Current Annualized Distribution per Common Share3

 

$0.868500

Economic Leverage as of July 31, 20124

 

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 Variable Rate Demand Preferred Shares (“VRDP Shares”) and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VRDP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

Change

 

High

 

Low

 

Market Price

 

$

16.25

 

$

12.74

 

 

27.55%

 

$

16.45

 

$

12.20

 

Net Asset Value

 

$

15.91

 

$

13.40

 

 

18.73%

 

$

15.96

 

$

13.40

 

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

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

County/City/Special District/School District

 

22

%

 

19

%

 

Health

 

20

 

 

21

 

 

State

 

16

 

 

9

 

 

Utilities

 

15

 

 

18

 

 

Transportation

 

12

 

 

16

 

 

Education

 

12

 

 

7

 

 

Corporate

 

1

 

 

8

 

 

Tobacco

 

1

 

 

1

 

 

Housing

 

1

 

 

1

 

 


 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

AAA/Aaa

 

17

%

 

10

%

 

AA/Aa

 

54

 

 

55

 

 

A

 

23

 

 

26

 

 

BBB/Baa

 

5

 

 

7

 

 

BB/Ba

 

 

 

1

 

 

Not Rated

 

1

 

 

1

 

 


 

 

 

 

5

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


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

7




 

 

 

 

Trust Summary as of July 31, 2012

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 12 months ended July 31, 2012, the Trust returned 33.30% based on market price and 22.25% based on NAV. For the same period, the closed-end Lipper New Jersey Municipal Debt Funds category posted an average return of 30.62% based on market price and 18.72% 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. The following discussion relates to performance based on NAV. The Trust’s long duration posture (greater sensitivity to interest rates) contributed positively to performance as the yield curve flattened (i.e., longer-term interest rates fell more than shorter rates) and bond prices moved higher on the long end of the municipal curve. The Trust’s longer-dated holdings in the health care, corporate-backed and utilities sectors experienced the best price appreciation. The Trust used US Treasury financial futures contracts as a means of hedging interest rate risk. These positions had a slight negative impact on results as interest rates declined over 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 July 31, 2012 ($17.67)1

 

5.51%

Tax Equivalent Yield2

 

8.48%

Current Monthly Distribution per Common Share3

 

$0.0811

Current Annualized Distribution per Common Share3

 

$0.9732

Economic Leverage as of July 31, 20124

 

36%


 

 

 

 

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 VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

Change

 

High

 

Low

 

Market Price

 

$

17.67

 

$

14.10

 

 

25.32%

 

$

17.67

 

$

13.34

 

Net Asset Value

 

$

16.17

 

$

14.07

 

 

14.93%

 

$

16.22

 

$

14.07

 

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

 

Sector Allocations


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

State

 

35

%

 

22

%

 

Health

 

12

 

 

15

 

 

Transportation

 

12

 

 

18

 

 

Education

 

11

 

 

11

 

 

Housing

 

10

 

 

13

 

 

County/City/Special District/School District

 

9

 

 

12

 

 

Corporate

 

6

 

 

7

 

 

Utilities

 

5

 

 

1

 

 

Tobacco

 

 

 

1

 

 


 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

AAA/Aaa

 

4

%

 

5

%

 

AA/Aa

 

36

 

 

33

 

 

A

 

33

 

 

33

 

 

BBB/Baa

 

13

 

 

12

 

 

BB/Ba

 

5

 

 

5

 

 

B

 

3

 

 

3

 

 

Not Rated6

 

6

 

 

9

 

 


 

 

 

 

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 July 31, 2012 and July 31, 2011, the market value of these securities was $8,510,074, representing 4%, and $13,046,133, representing 8%, respectively, of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

8

ANNUAL REPORT

JULY 31, 2012

 




 

 

 

 

Trust Summary as of July 31, 2012

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 12 months ended July 31, 2012, the Trust returned 25.87% based on market price and 19.62% based on NAV. For the same period, the closed-end Lipper New York Municipal Debt Funds category posted an average return of 23.42% based on market price and 16.21% 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. The following discussion relates to performance based on NAV. The Trust’s long duration posture (greater sensitivity to interest rates) contributed positively to performance as interest rates declined over the period. The Trust’s holdings were concentrated on the long end of the yield curve, which benefited performance as the curve flattened and long-term interest rates declined more than rates on shorter-dated securities. Also having a positive impact were the Trust’s heavy exposures to transportation, education and health, which were among the better performing sectors for the period. The Trust’s lower quality holdings also enhanced results as credit spreads narrowed during the period. Conversely, the Trust’s most significant credit exposure was in the tax-backed sector, which was one of the weaker performing sectors for the period. The strongest performing sector during the period was tobacco, to which the Trust held limited exposure.

 

 

 

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 July 31, 2012 ($16.73)1

 

5.92%

Tax Equivalent Yield2

 

9.11%

Current Monthly Distribution per Common Share3

 

$0.0825

Current Annualized Distribution per Common Share3

 

$0.9900

Economic Leverage as of July 31, 20124

 

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 Monthly Distribution per Common Share, declared on August 1, 2012, was decreased to $0.075 per share. The Yield on Closing Market Price, Current Monthly Distribution per Common Share and Current Annualized Distribution per Common Share do not reflect the new distribution rate. The new distribution rate is not constant and is subject to change in the future.

 

 

 

 

4

Represents VMTP Shares and TOBs as a percentage of total managed assets, which is the total assets of the Trust, including any assets attributable to VMTP Shares and TOBs, minus the sum of accrued liabilities. For a discussion of leveraging techniques utilized by the Trust, please see The Benefits and Risks of Leveraging on page 10.

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

Change

 

High

 

Low

 

Market Price

 

$

16.73

 

$

14.20

 

 

17.82%

 

$

17.08

 

$

13.99

 

Net Asset Value

 

$

15.53

 

$

13.87

 

 

11.97%

 

$

15.58

 

$

13.87

 

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

 

Sector Allocations

 


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

County/City/Special District/School District

 

23

%

 

18

%

 

Transportation

 

19

 

 

17

 

 

Education

 

14

 

 

17

 

 

Utilities

 

12

 

 

10

 

 

Corporate

 

9

 

 

11

 

 

Housing

 

8

 

 

10

 

 

Health

 

8

 

 

6

 

 

State

 

6

 

 

7

 

 

Tobacco

 

1

 

 

4

 

 


 

Credit Quality Allocations5


 

 

 

 

 

 

 

 

 

 

7/31/12

 

7/31/11

 

AAA/Aaa

 

11

%

 

11

%

 

AA/Aa

 

36

 

 

33

 

 

A

 

32

 

 

27

 

 

BBB/Baa

 

13

 

 

20

 

 

BB/Ba

 

1

 

 

2

 

 

B

 

 

 

3

 

 

Not Rated

 

7

 

 

46

 

 


 

 

 

 

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 July 31, 2011, the market value of these securities was $11,121,550, representing 4% of the Trust’s long-term investments.


 

 

 

 

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

9




 

The Benefits and Risks of Leveraging

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

To obtain leverage, the Trusts issue Auction Market Preferred Shares (“AMPS”), Variable Rate Demand Preferred Shares (“VRDP Shares”) or Variable Rate Muni Term Preferred Shares (“VMTP Shares”) (collectively, “Preferred Shares”). Preferred Shares pay dividends at prevailing short-term interest rates, and the Trusts 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 shareholders will benefit from the incremental net income.

The interest earned on securities purchased with the proceeds from leverage is paid to shareholders in the form of dividends, and the value of these portfolio holdings is reflected in the per share NAV. However, in order to benefit shareholders, the yield curve must be positively sloped; that is, short-term interest rates must be lower than long-term interest rates. If the yield curve becomes negatively sloped, meaning short-term interest rates exceed long-term interest rates, income to shareholders will be lower than if the Trusts had not used leverage.

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 will be reduced or eliminated completely. Furthermore, if prevailing short-term interest rates rise above long-term interest rates, the yield curve has a negative slope. In this case, the Trust pays higher short-term interest rates 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’ NAVs 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 trust 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, each Trust’s 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 rating agencies that rate the 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, as amended (the “1940 Act”), the Trusts are permitted to issue senior securities in the form of equity securities (e.g., Preferred Shares) up to 50% of their total managed assets (each Trust’s total assets less the sum by its accrued liabilities). In addition, each Trust voluntarily limits its economic leverage to 50% of its total managed assets for Trusts with AMPS or 45% for Trusts with VRDP Shares or VMTP Shares. As of July 31, 2012, the Trusts had economic leverage from Preferred Shares and/or TOBs as a percentage of their total managed assets as follows:

 

 

 

 

 

 

 

Percent of
Economic
Leverage

 

BFZ

 

 

39%

 

BFO

 

 

33%

 

BBF

 

 

39%

 

BNJ

 

 

36%

 

BNY

 

 

39%

 


 

Derivative Financial Instruments

The Trusts may invest in various derivative financial instruments, including financial futures contracts, as specified in Note 2 of the Notes to Financial Statements, which may constitute forms of economic leverage. Such derivative financial instruments are used to obtain exposure to a security, index and/or market without owning or taking physical custody of securities or to hedge market and/or interest rate risks. Derivative financial instruments involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the derivative financial instrument. The Trusts’ ability to use a derivative financial instrument successfully depends on the investment advisor’s ability to predict pertinent market movements accurately, which cannot be assured. The use of derivative financial 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.

 

 

 

 

 

 

 

 

10

 

ANNUAL REPORT

JULY 31, 2012




 

 

 

 

Schedule of Investments July 31, 2012

BlackRock California Municipal Income Trust (BFZ)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California — 93.5%

 

 

 

 

 

 

 

Corporate — 0.2%

 

 

 

 

 

 

 

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

 

$

680

 

$

802,706

 

County/City/Special District/School District — 34.1%

 

 

 

 

 

 

 

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

 

 

8,425

 

 

9,932,232

 

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

 

 

8,000

 

 

9,864,800

 

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

 

 

3,000

 

 

3,462,210

 

City of San Jose California Hotel Tax, RB, Convention
Center Expansion & Renovation Project:

 

 

 

 

 

 

 

6.13%, 5/01/31

 

 

500

 

 

572,985

 

6.50%, 5/01/36

 

 

1,210

 

 

1,410,001

 

6.50%, 5/01/42

 

 

2,225

 

 

2,590,456

 

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

 

 

2,000

 

 

2,344,220

 

Desert Community College District, GO, CAB, Election of
2004, Series C (AGM), 5.48%, 8/01/46 (a)

 

 

4,230

 

 

672,189

 

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

 

 

2,500

 

 

2,838,250

 

Grossmont Healthcare District, GO, Election of 2006,
Series B:

 

 

 

 

 

 

 

6.00%, 7/15/34

 

 

2,275

 

 

2,791,425

 

6.13%, 7/15/40

 

 

2,000

 

 

2,454,460

 

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

 

 

4,135

 

 

4,917,094

 

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

 

 

5,735

 

 

6,645,718

 

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

 

 

4,975

 

 

5,695,380

 

Los Angeles Unified School District California, GO,
Series KRY, 5.25%, 7/01/28

 

 

1,500

 

 

1,788,645

 

Modesto Irrigation District, COP, Capital Improvements,
Series A:

 

 

 

 

 

 

 

5.75%, 10/01/29

 

 

3,000

 

 

3,450,030

 

5.75%, 10/01/34

 

 

180

 

 

203,773

 

Norwalk-La Mirada Unified School District California, GO,
CAB, Election of 2002, Series E (AGC), 5.24%,
8/01/38 (a)

 

 

12,870

 

 

3,351,863

 

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

 

 

6,000

 

 

7,019,160

 

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

 

 

2,000

 

 

2,326,320

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (continued)

 

 

 

 

 

 

 

County/City/Special District/School District

 

 

 

 

 

 

 

(concluded)

 

 

 

 

 

 

 

Pico Rivera Public Financing Authority, RB, 5.75%,
9/01/39

 

$

2,000

 

$

2,256,020

 

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

 

 

2,000

 

 

2,284,480

 

Sacramento Area Flood Control Agency, Special
Assessment Bonds, Consolidated Capital Assessment
District, 5.25%, 10/01/32

 

 

3,000

 

 

3,437,700

 

San Bernardino Community College District, GO,
Election of 2008, Series B, 5.12%, 8/01/44 (a)

 

 

5,000

 

 

991,700

 

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

 

 

1,500

 

 

1,759,185

 

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

 

 

6,500

 

 

7,327,840

 

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

 

 

6,000

 

 

6,019,140

 

San Leandro Unified School District California, GO,
Election of 2010, Series A, 5.75%, 8/01/41

 

 

3,060

 

 

3,642,287

 

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

 

 

 

 

 

 

 

5.50%, 8/01/30

 

 

6,455

 

 

7,293,504

 

5.13%, 8/01/33

 

 

10,000

 

 

11,054,800

 

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

 

 

21,000

 

 

23,386,650

 

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

 

 

2,250

 

 

2,595,600

 

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

 

 

4,000

 

 

4,794,480

 

Tustin Unified School District, GO, Election of 2008,
Series B, 5.25%, 8/01/31

 

 

3,445

 

 

4,100,308

 

West Contra Costa Unified School District, GO,
Election of 2010, Series A (AGM), 5.25%, 8/01/32

 

 

4,760

 

 

5,570,628

 

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

 

 

7,750

 

 

9,417,490

 

William S. Hart Union High School District, GO, CAB,
Refunding, Series B (AGM) (a):

 

 

 

 

 

 

 

4.99%, 8/01/34

 

 

11,150

 

 

3,770,150

 

5.02%, 8/01/35

 

 

9,800

 

 

3,133,158

 

 

 

 

 

 

 

177,166,331

 


 

Portfolio Abbreviations

 

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


 

 

ACA

American Capital Access Corp.

AGC

Assured Guaranty Corp.

AGM

Assured Guaranty Municipal Corp.

AMBAC

American Municipal Bond Assurance Corp.

AMT

Alternative Minimum Tax (subject to)

ARB

Airport Revenue Bonds

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

GO

General Obligation Bonds

HFA

Housing Finance Agency

IDA

Industrial Development Authority

IDB

Industrial Development Board

ISD

Independent School District

LRB

Lease Revenue Bonds

M/F

Multi-Family

NPFGC

National Public Finance Guarantee Corp.

PILOT

Payment in Lieu of Taxes

Radian

Radian Financial Guaranty

RB

Revenue Bonds

SBPA

Stand-by Bond Purchase Agreements

S/F

Single-Family

SONYMA

State of New York Mortgage Agency

VRDN

Variable Rate Demand Notes


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

11




 

 

 

 

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 — 3.3%

 

 

 

 

 

 

 

California Educational Facilities Authority, Refunding RB,
San Francisco University, 6.13%, 10/01/36

 

$

6,280

 

$

7,685,401

 

California Municipal Finance Authority, RB, Emerson
College, 5.75%, 1/01/33

 

 

2,500

 

 

2,917,275

 

University of California, RB, Series O, 5.38%, 5/15/34

 

 

460

 

 

538,021

 

University of California, Refunding RB, Limited Project,
Series G, 5.00%, 5/15/37 (b)

 

 

5,155

 

 

5,957,427

 

 

 

 

 

 

 

17,098,124

 

Health — 19.5%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

6.38%, 8/01/34

 

 

3,055

 

 

3,256,783

 

6.25%, 8/01/39

 

 

3,760

 

 

4,471,542

 

Series A, 6.00%, 8/01/30

 

 

2,275

 

 

2,801,754

 

California Health Facilities Financing Authority, RB:

 

 

 

 

 

 

 

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

 

 

6,655

 

 

7,595,950

 

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

 

 

7,000

 

 

7,661,080

 

Children’s Hospital, Series A, 5.25%, 11/01/41

 

 

2,575

 

 

2,848,929

 

Stanford Hospital and Clinics, Series A, 5.00%,
8/15/51

 

 

6,250

 

 

6,854,625

 

Sutter Health, Series A, 5.25%, 11/15/46

 

 

9,000

 

 

9,542,880

 

Sutter Health, Series B, 6.00%, 8/15/42

 

 

6,015

 

 

7,224,015

 

California Health Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

Catholic Healthcare West, Series A, 6.00%, 7/01/29

 

 

1,000

 

 

1,189,540

 

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

 

 

4,400

 

 

5,203,792

 

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

 

 

3,050

 

 

3,598,817

 

Providence Health, 6.50%, 10/01/18 (c)

 

 

25

 

 

33,103

 

Providence Health, 6.50%, 10/01/38

 

 

4,090

 

 

4,877,529

 

California Statewide Communities Development Authority,
RB, Series A:

 

 

 

 

 

 

 

Health Facility Memorial Health Services, 5.50%,
4/01/13 (c)

 

 

7,000

 

 

7,248,010

 

Kaiser Permanente, 5.50%, 11/01/32

 

 

11,090

 

 

11,192,028

 

Kaiser Permanente, 5.00%, 4/01/42

 

 

7,000

 

 

7,662,060

 

California Statewide Communities Development Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

2,960

 

 

3,285,866

 

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

 

 

4,255

 

 

4,721,348

 

 

 

 

 

 

 

101,269,651

 

State — 7.9%

 

 

 

 

 

 

 

California State Public Works Board, RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

10,877,940

 

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

 

 

5,025

 

 

6,104,119

 

State of California, GO, Various Purpose:

 

 

 

 

 

 

 

6.00%, 3/01/33

 

 

5,080

 

 

6,257,747

 

6.50%, 4/01/33

 

 

5,985

 

 

7,475,624

 

6.00%, 4/01/38

 

 

8,630

 

 

10,189,096

 

 

 

 

 

 

 

40,904,526

 

Transportation — 10.1%

 

 

 

 

 

 

 

City of Los Angeles Department of Airports, Refunding RB:

 

 

 

 

 

 

 

Los Angeles International Airport, Sub-Series C,
5.25%, 5/15/38

 

 

1,455

 

 

1,603,323

 

Series A, 5.00%, 5/15/34

 

 

6,000

 

 

6,724,020

 

City of San Jose California, Refunding ARB, California
Airport, Series A-1, AMT:

 

 

 

 

 

 

 

5.75%, 3/01/34

 

 

2,265

 

 

2,603,731

 

6.25%, 3/01/34

 

 

2,650

 

 

3,142,979

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Transportation (concluded)

 

 

 

 

 

 

 

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

 

$

8,000

 

$

9,037,520

 

County of Sacramento California, ARB:

 

 

 

 

 

 

 

PFC/Grant, Sub-Series D, 6.00%, 7/01/35

 

 

3,000

 

 

3,468,660

 

Senior Series B, 5.75%, 7/01/39

 

 

1,850

 

 

2,108,815

 

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

 

 

5,530

 

 

6,347,942

 

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

 

 

6,750

 

 

7,983,225

 

San Joaquin County Transportation Authority, Refunding
RB, Limited Tax, Measure K, Series A:

 

 

 

 

 

 

 

6.00%, 3/01/36

 

 

2,880

 

 

3,527,021

 

5.50%, 3/01/41

 

 

5,000

 

 

5,898,150

 

 

 

 

 

 

 

52,445,386

 

Utilities — 18.4%

 

 

 

 

 

 

 

Anaheim Public Financing Authority, RB, Anaheim
Electric System Distribution Facilities:

 

 

 

 

 

 

 

5.25%, 10/01/39

 

 

1,500

 

 

1,698,615

 

Series A, 5.38%, 10/01/36

 

 

7,690

 

 

9,048,746

 

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

 

 

5,500

 

 

6,068,645

 

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

 

 

4,000

 

 

4,367,480

 

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

 

 

 

 

 

 

 

Series D, 5.88%, 1/01/34

 

 

2,500

 

 

2,934,225

 

Series E, 5.88%, 1/01/34

 

 

6,500

 

 

7,628,985

 

City of Los Angeles California Wastewater System,
Refunding RB:

 

 

 

 

 

 

 

Series A, 5.00%, 6/01/39

 

 

2,000

 

 

2,232,300

 

Sub-Series A, 5.00%, 6/01/32

 

 

4,000

 

 

4,602,840

 

City of Petaluma California Wastewater, Refunding RB,
6.00%, 5/01/36

 

 

5,625

 

 

6,876,112

 

City of San Francisco Public Utilities Commission,
Refunding RB, Series A (NPFGC), 5.00%, 11/01/12 (c)

 

 

4,000

 

 

4,048,000

 

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

 

 

2,425

 

 

2,953,044

 

Los Angeles Department of Water & Power, RB:

 

 

 

 

 

 

 

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

 

 

9,000

 

 

10,493,190

 

Series A, 5.38%, 7/01/34

 

 

3,050

 

 

3,523,756

 

Series B, 5.00%, 7/01/43 (b)

 

 

5,000

 

 

5,796,350

 

Los Angeles Department of Water & Power, Refunding RB,
Power System:

 

 

 

 

 

 

 

Series A, 5.25%, 7/01/39

 

 

4,000

 

 

4,681,160

 

Sub-Series A-2, 5.00%, 7/01/30

 

 

2,200

 

 

2,282,764

 

San Diego County Water Authority, COP, Refunding,
Series A (NPFGC), 5.00%, 5/01/32

 

 

1,850

 

 

1,871,590

 

San Diego Public Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

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

 

 

9,520

 

 

10,952,570

 

Series A, 5.25%, 8/01/38

 

 

3,340

 

 

3,761,575

 

 

 

 

 

 

 

95,821,947

 

Total Municipal Bonds in California

 

 

 

 

 

485,508,671

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

12

ANNUAL REPORT

JULY 31, 2012

 




 

 

 

 

Schedule of Investments (continued)

BlackRock California Municipal Income Trust (BFZ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Multi-State — 1.6%

 

 

 

 

 

 

 

Housing — 1.6%

 

 

 

 

 

 

 

Centerline Equity Issuer Trust (d)(e):

 

 

 

 

 

 

 

7.20%, 11/15/14

 

$

3,500

 

$

3,880,625

 

5.75%, 5/15/15

 

 

500

 

 

547,420

 

6.00%, 5/15/15

 

 

1,500

 

 

1,651,185

 

6.00%, 5/15/19

 

 

1,000

 

 

1,185,850

 

6.30%, 5/15/19

 

 

1,000

 

 

1,202,120

 

Total Municipal Bonds in Multi-State

 

 

 

 

 

8,467,200

 

 

 

 

 

 

 

 

 

Puerto Rico — 0.4%

 

 

 

 

 

 

 

State — 0.4%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
CAB, Series C, 5.43%, 8/01/39 (a)

 

 

8,750

 

 

2,059,575

 

Total Municipal Bonds — 95.5%

 

 

 

 

 

496,035,446

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (f)

 

 

 

 

 

 

 

California — 67.1%

 

 

 

 

 

 

 

County/City/Special District/School District — 25.4%

 

 

 

 

 

 

 

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

 

 

5,020

 

 

5,630,733

 

Los Angeles Community College District California, GO:

 

 

 

 

 

 

 

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

 

 

8,000

 

 

9,018,720

 

Election of 2003, Series F-1, 5.00%, 8/01/33

 

 

5,000

 

 

5,647,850

 

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

 

 

12,900

 

 

15,040,949

 

Los Angeles Community College District California, GO,
Refunding, Election of 2008, Series A, 6.00%,
8/01/33

 

 

20,131

 

 

24,514,539

 

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

 

 

5,000

 

 

5,650,300

 

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

 

 

10,770

 

 

11,647,755

 

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

 

 

12,499

 

 

13,692,350

 

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

 

 

2,000

 

 

2,241,000

 

San Diego Community College District California, GO:

 

 

 

 

 

 

 

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

 

 

10,484

 

 

12,296,111

 

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

 

 

9,000

 

 

10,028,970

 

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

 

 

14,625

 

 

16,545,989

 

 

 

 

 

 

 

131,955,266

 

Education — 11.2%

 

 

 

 

 

 

 

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

 

 

10,395

 

 

12,167,867

 

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

 

 

13,095

 

 

14,508,159

 

Mount Diablo California Unified School District, GO,
Election of 2002, 5.00%, 6/01/31

 

 

4,000

 

 

4,289,400

 

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

 

 

8,630

 

 

9,770,627

 

University of California, RB:

 

 

 

 

 

 

 

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

 

 

2,600

 

 

2,912,624

 

Series O, 5.75%, 5/15/34

 

 

12,300

 

 

14,790,299

 

 

 

 

 

 

 

58,438,976

 

Transportation — 1.1%

 

 

 

 

 

 

 

City of Los Angeles California Department of Airports,
Refunding RB, Los Angeles International Airport,
Senior Series A, 5.00%, 5/15/40

 

 

4,999

 

 

5,611,360

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (f)

 

Par
(000)

 

Value

 

California (concluded)

 

 

 

 

 

 

 

Utilities — 29.4%

 

 

 

 

 

 

 

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

 

$

7,000

 

$

8,171,590

 

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

 

 

3,000

 

 

3,253,950

 

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

 

 

3,000

 

 

3,305,100

 

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

 

 

18,002

 

 

19,889,794

 

Los Angeles Department of Water & Power, RB:

 

 

 

 

 

 

 

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

 

 

15,998

 

 

18,016,024

 

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

 

 

2,000

 

 

2,258,760

 

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

 

 

11,180

 

 

12,741,063

 

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

 

 

14,700

 

 

16,432,248

 

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

 

 

10,480

 

 

11,793,878

 

San Diego County Water Authority, COP, Refunding,
Series 2008-A (AGM), 5.00%, 5/01/33

 

 

14,290

 

 

15,868,187

 

San Diego Public Facilities Financing Authority,
Refunding RB, Senior Series A, 5.25%, 5/15/39

 

 

12,457

 

 

14,225,096

 

San Francisco City & County Public Utilities Commission,
RB, Water System Improvement Project, Sub-Series A,
5.00%, 11/01/37

 

 

12,698

 

 

14,580,927

 

San Francisco City & County Public Utilities Commission,
Refunding RB, Senior Series A, 5.00%, 11/01/35

 

 

10,625

 

 

12,051,704

 

 

 

 

 

 

 

152,588,321

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 67.1%

 

 

 

 

 

348,593,923

 

Total Long-Term Investments
(Cost — $754,961,683) — 162.6%

 

 

 

 

 

844,629,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF California Municipal Money Fund, 0.00% (g)(h)

 

 

7,953,278

 

 

7,953,278

 

Total Short-Term Securities
(Cost — $7,953,278) — 1.5%

 

 

 

 

 

7,953,278

 

Total Investments (Cost — $762,914,961) — 164.1%

 

 

 

 

 

852,582,647

 

Other Assets Less Liabilities — 0.1%

 

 

 

 

 

630,177

 

Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable — (31.2)%

 

 

 

 

 

(162,335,154

)

VMTP Shares, at Liquidation Value — (33.0)%

 

 

 

 

 

(171,300,000

)

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

519,577,670

 


 

 

(a)

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

 

 

(b)

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


 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 

Wells Fargo & Co.

 

$

5,796,350

 

$

6,200

 

Barclays Plc

 

$

5,957,427

 

$

(12,527

)


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

13




 

 

 

 

Schedule of Investments (concluded)

BlackRock California Municipal Income Trust (BFZ)


 

 

(c)

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

 

 

(d)

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)

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

 

 

(f)

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

 

 

(g)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at July 31,
2011

 

Net
Activity

 

Shares Held
at July 31,
2012

 

Income

 

BIF California Municipal
Money Fund

 

 

2,720,243

 

 

5,233,035

 

 

7,953,278

 

 

$       60

 


 

 

 

(h)

Represents the current yield as of report date.

 

 

 

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

 

 

 

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

 

 

 

 

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)

 

 

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of July 31, 2012:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

 

$

844,629,369

 

 

 

$

844,629,369

 

Short-Term
Securities

 

$

7,953,278

 

 

 

 

 

 

7,953,278

 

Total

 

$

7,953,278

 

$

844,629,369

 

 

 

$

852,582,647

 


 

 

 

 

1

See above Schedule of Investments for values in each sector.

Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

 

$

(162,233,512

)

 

 

$

(162,233,512

)

VMTP Shares

 

 

 

 

(171,300,000

)

 

 

 

(171,300,000

)

Total

 

 

 

$

(333,533,512

)

 

 

$

(333,533,512

)

There were no transfers between levels during the year ended July 31, 2012.

 

 

 

See Notes to Financial Statements.

 

 

 

14

ANNUAL REPORT

JULY 31, 2012




 

 

 

 

Schedule of Investments July 31, 2012

BlackRock Florida Municipal 2020 Term Trust (BFO)

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida — 144.4%

 

 

 

 

 

 

 

Corporate — 6.3%

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

5.50%, 10/01/23

 

$

1,955

 

$

1,968,881

 

Series A, 5.65%, 5/15/18

 

 

1,000

 

 

1,199,820

 

Palm Beach County Solid Waste Authority, Refunding RB,
5.00%, 10/01/20

 

 

2,000

 

 

2,469,800

 

 

 

 

 

 

 

5,638,501

 

County/City/Special District/School District — 59.2%

 

 

 

 

 

 

 

Broward County School Board Florida, COP,
Refunding, Series A, 5.00%, 7/01/20

 

 

2,000

 

 

2,359,420

 

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

 

 

2,500

 

 

2,911,750

 

City of Jacksonville Florida, Refunding RB, Better
Jacksonville Sales Tax, 5.00%, 10/01/20

 

 

4,000

 

 

4,770,280

 

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

 

 

5,545

 

 

6,504,341

 

County of Miami-Dade Florida, RB, Sub-Series B
(NPFGC), 5.60%, 10/01/32 (a)

 

 

7,560

 

 

2,480,209

 

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

 

 

 

 

 

 

 

5.25%, 10/01/19

 

 

5,365

 

 

3,700,401

 

6.05%, 10/01/20

 

 

10,000

 

 

6,523,900

 

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

 

 

2,200

 

 

2,239,116

 

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

 

 

485

 

 

598,087

 

Hillsborough County School Board, COP (NPFGC),
5.00%, 7/01/13 (b)

 

 

1,000

 

 

1,043,460

 

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

 

 

1,000

 

 

1,076,590

 

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

 

 

4,000

 

 

4,687,040

 

Northern Palm Beach County Improvement District,
Special Assessment Bonds, Refunding, Water
Control & Improvement District No. 43, Series B (ACA),
4.50%, 8/01/22

 

 

1,000

 

 

1,016,560

 

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

 

 

4,000

 

 

4,000,000

 

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

 

 

3,490

 

 

3,364,500

 

Stevens Plantation Improvement Project Dependent
Special District, RB, 6.38%, 5/01/13 (c)(d)

 

 

2,425

 

 

1,820,375

 

Village Center Community Development District, RB,
Sub-Series B, 6.35%, 1/01/18

 

 

2,000

 

 

2,037,480

 

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

 

 

1,000

 

 

1,022,770

 

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

 

 

960

 

 

715,411

 

 

 

 

 

 

 

52,871,690

 

Education — 2.9%

 

 

 

 

 

 

 

Florida State Board of Governors, Refunding RB,
University of Central Florida, Series A, 5.00%, 7/01/18

 

 

500

 

 

592,030

 

Florida State Higher Educational Facilities Financial
Authority, Refunding RB, University of Tampa Project,
Series A, 5.00%, 4/01/20

 

 

1,000

 

 

1,131,130

 

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

 

 

725

 

 

824,608

 

 

 

 

 

 

 

2,547,768

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Florida (continued)

 

 

 

 

 

 

 

Health — 18.7%

 

 

 

 

 

 

 

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

 

$

2,155

 

$

2,556,692

 

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

 

 

1,500

 

 

1,648,500

 

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

 

 

1,500

 

 

1,623,645

 

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

 

 

3,000

 

 

3,076,320

 

Orange County Health Facilities Authority, Refunding RB,
Mayflower Retirement Center:

 

 

 

 

 

 

 

3.00%, 6/01/15

 

 

200

 

 

202,398

 

3.00%, 6/01/16

 

 

140

 

 

141,186

 

3.00%, 6/01/17

 

 

190

 

 

189,969

 

3.25%, 6/01/18

 

 

195

 

 

194,347

 

3.50%, 6/01/19

 

 

200

 

 

200,102

 

Palm Beach County Health Facilities Authority,
Refunding RB:

 

 

 

 

 

 

 

Acts Retirement-Life Communities, Inc., 5.00%,
11/01/22

 

 

4,735

 

 

5,320,814

 

Bethesda Healthcare System Project, Series A (AGM),
5.00%, 7/01/20

 

 

1,285

 

 

1,541,473

 

 

 

 

 

 

 

16,695,446

 

Housing — 2.3%

 

 

 

 

 

 

 

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

 

 

925

 

 

980,528

 

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

 

 

450

 

 

485,923

 

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

 

 

535

 

 

580,860

 

 

 

 

 

 

 

2,047,311

 

State — 20.1%

 

 

 

 

 

 

 

Florida Municipal Loan Council, RB:

 

 

 

 

 

 

 

CAB, Series A (NPFGC), 3.75%, 4/01/20 (a)

 

 

4,000

 

 

3,009,240

 

Series D (AGM), 5.00%, 10/01/19

 

 

1,050

 

 

1,259,087

 

Series D (AGM), 4.00%, 10/01/20

 

 

1,105

 

 

1,249,114

 

Series D (AGM), 4.00%, 10/01/21

 

 

500

 

 

564,935

 

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

 

 

6,150

 

 

6,427,857

 

Florida State Board of Education, GO, Refunding:

 

 

 

 

 

 

 

Capital Outlay, Series B, 5.00%, 6/01/20

 

 

1,000

 

 

1,253,380

 

Public Education, Series I, 5.00%, 6/01/18

 

 

500

 

 

524,405

 

Florida State Department of Environmental Protection,
Refunding RB, Series A, 5.00%, 7/01/20

 

 

3,000

 

 

3,669,420

 

 

 

 

 

 

 

17,957,438

 

Transportation — 14.9%

 

 

 

 

 

 

 

Broward County Florida Airport System Revenue,
Refunding RB, Series P-1, AMT, 5.00%, 10/01/20

 

 

2,500

 

 

2,906,875

 

Broward County Florida Port Facilities Revenue,
Refunding RB, Series B, AMT, 5.00%, 9/01/20

 

 

2,500

 

 

2,808,175

 

County of Lee Florida Transportation Facilities,
Refunding RB, Series B (AMBAC):

 

 

 

 

 

 

 

5.00%, 10/01/20

 

 

2,250

 

 

2,395,192

 

5.00%, 10/01/22

 

 

3,000

 

 

3,173,430

 

County of Miami-Dade Florida Transit System Sales
Surtax Revenue, RB, 5.00%, 7/01/20

 

 

550

 

 

669,125

 

Greater Orlando Aviation Authority, Refunding RB,
Series C, 5.00%, 10/01/20

 

 

1,130

 

 

1,379,176

 

 

 

 

 

 

 

13,331,973

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

15




 

 

 

 

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 — 20.0%

 

 

 

 

 

 

 

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

 

$

1,095

 

$

1,127,554

 

City of Marco Island Florida Utility System, RB (NPFGC):

 

 

 

 

 

 

 

5.25%, 10/01/13 (b)

 

 

1,000

 

 

1,057,970

 

5.00%, 10/01/22

 

 

2,000

 

 

2,097,980

 

5.00%, 10/01/23

 

 

1,375

 

 

1,434,964

 

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

 

 

4,000

 

 

4,962,760

 

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

 

 

 

 

 

 

 

5.00%, 10/01/22

 

 

1,975

 

 

2,074,362

 

5.00%, 10/01/23

 

 

1,180

 

 

1,238,670

 

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

 

 

3,630

 

 

3,810,484

 

 

 

 

 

 

 

17,804,744

 

Total Municipal Bonds in Florida

 

 

 

 

 

128,894,871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Puerto Rico — 1.9%

 

 

 

 

 

 

 

State — 1.9%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,159,480

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
Sales Tax Revenue, Series C, 5.00%, 8/01/22

 

 

415

 

 

498,265

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

1,657,745

 

Total Municipal Bonds — 146.3%

 

 

 

 

 

130,552,616

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (e)

 

 

 

 

 

 

 

Florida — 0.8%

 

 

 

 

 

 

 

Housing — 0.8%

 

 

 

 

 

 

 

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

 

 

705

 

 

751,537

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 0.8%

 

 

 

 

 

751,537

 

Total Long-Term Investments
(Cost — $125,316,925) — 147.1%

 

 

 

 

 

131,304,153

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

BIF Florida Municipal Money Fund, 0.00% (f)(g)

 

 

781,042

 

 

781,042

 

Total Short-Term Securities
(Cost — $781,042) — 0.9%

 

 

 

 

 

781,042

 

Total Investments (Cost — $126,097,967) — 148.0%

 

 

 

 

 

132,085,195

 

Other Assets Less Liabilities — 0.6%

 

 

 

 

 

537,246

 

Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable — (0.5)%

 

 

 

 

 

(470,476

)

AMPS, at Redemption Value — (48.1)%

 

 

 

 

 

(42,900,609

)

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

89,251,356

 


 

 

(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)

Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

 

 

(d)

Non-income producing security.

 

 

(e)

Securities represent bonds transferred to a TOB in exchange for which the Trust’s 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 year, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at July 31,
2011

 

Net
Activity

 

Shares Held
at July 31,
2012

 

Income

 

BIF Florida Municipal
Money Fund

 

 

1,843,816

 

 

(1,062,774

)

 

781,042

 

$

91

 


 

 

 

(g)

Represents the current yield as of report date.

 

 

 

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or rating group indexes and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

 

 

 

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

 

 

 

 

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)

 

 

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

The following table summarizes the Trust’s investments categorized in the disclosure hierarchy as of July 31, 2012:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

 

$

131,304,153

 

 

 

$

131,304,153

 

Short-Term
Securities

 

$

781,042

 

 

 

 

 

 

781,042

 

Total

 

$

781,042

 

$

131,304,153

 

 

 

$

132,085,195

 


 

 

 

 

1

See above Schedule of Investments for values in each sector.

Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. TOB trust certificates in the amount of $470,000 are categorized as Level 2 within the disclosure hierarchy as of July 31, 2012.

There were no transfers between levels during the year ended July 31, 2012.

 

 

 

See Notes to Financial Statements.

 

 

 

16

ANNUAL REPORT

JULY 31, 2012




 

 

 

 

Schedule of Investments July 31, 2012

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Alabama — 0.3%

 

 

 

 

 

 

 

Selma IDB, RB, International Paper Company Project,
5.38%, 12/01/35

 

$

275

 

$

299,610

 

Alaska — 0.2%

 

 

 

 

 

 

 

Northern Tobacco Securitization Corp., Refunding RB,
Asset Backed, Series A, 5.00%, 6/01/46

 

 

330

 

 

258,862

 

Arizona — 1.9%

 

 

 

 

 

 

 

Arizona Board of Regents, Refunding COP, University of
Arizona, Series C:

 

 

 

 

 

 

 

5.00%, 6/01/25

 

 

200

 

 

234,264

 

5.00%, 6/01/29

 

 

1,045

 

 

1,198,772

 

Arizona Board of Regents, Refunding RB, Arizona State
University System, Series A, 5.00%, 6/01/42

 

 

500

 

 

573,120

 

 

 

 

 

 

 

2,006,156

 

California — 13.7%

 

 

 

 

 

 

 

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

 

 

1,315

 

 

1,570,478

 

California Health Facilities Financing Authority, RB,
Stanford Hospital and Clinics, Series A, 5.00%,
8/15/42

 

 

815

 

 

900,282

 

California Health Facilities Financing Authority,
Refunding RB, Catholic Healthcare West, Series A,
6.00%, 7/01/39

 

 

890

 

 

1,050,147

 

California Statewide Communities Development Authority,
RB, Kaiser Permanente, Series A, 5.00%, 4/01/42

 

 

695

 

 

760,733

 

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

 

 

1,910

 

 

2,058,751

 

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

 

 

1,750

 

 

2,040,342

 

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

 

 

1,600

 

 

1,803,776

 

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

 

 

1,275

 

 

1,570,596

 

State of California, GO, Refunding, Various Purpose,
5.25%, 2/01/30

 

 

1,500

 

 

1,744,845

 

University of California, Refunding RB, 5.00%,
5/15/37 (a)

 

 

1,000

 

 

1,155,660

 

 

 

 

 

 

 

14,655,610

 

Colorado — 3.0%

 

 

 

 

 

 

 

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

 

 

1,095

 

 

1,251,585

 

University of Colorado, Refunding RB, Series A-2 (a):

 

 

 

 

 

 

 

5.00%, 6/01/32

 

 

880

 

 

1,046,205

 

5.00%, 6/01/33

 

 

760

 

 

899,240

 

 

 

 

 

 

 

3,197,030

 

District of Columbia — 1.1%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,166,170

 

Florida — 1.5%

 

 

 

 

 

 

 

Orange County Health Facilities Authority, RB, The
Nemours Foundation Project, Series A, 5.00%,
1/01/29

 

 

780

 

 

873,319

 

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

 

 

960

 

 

715,411

 

 

 

 

 

 

 

1,588,730

 

Georgia — 1.8%

 

 

 

 

 

 

 

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

 

 

1,565

 

 

1,869,236

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Illinois — 14.3%

 

 

 

 

 

 

 

Chicago Board of Education Illinois, GO, Series A, 5.50%,
12/01/39

 

$

1,000

 

$

1,165,820

 

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

 

 

150

 

 

169,574

 

Chicago Transit Authority, RB, Sales Tax Receipts Revenue:

 

 

 

 

 

 

 

5.25%, 12/01/31

 

 

1,060

 

 

1,235,949

 

5.25%, 12/01/36

 

 

310

 

 

354,191

 

City of Chicago Illinois, ARB, O’Hare International Airport,
General Third Lien, Series C, 6.50%, 1/01/41

 

 

2,955

 

 

3,627,794

 

City of Chicago Illinois, Refunding RB, Sales Tax, Series A,
5.25%, 1/01/38

 

 

385

 

 

441,972

 

Cook County Forest Preserve District, GO, Series C,
5.00%, 12/15/32

 

 

285

 

 

325,011

 

Cook County Forest Preserve District, GO, Refunding,
Limited Tax Project, Series B, 5.00%, 12/15/32

 

 

135

 

 

153,953

 

Illinois Finance Authority, RB:

 

 

 

 

 

 

 

Carle Foundation, Series A, 6.00%, 8/15/41

 

 

1,000

 

 

1,132,600

 

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

 

 

1,600

 

 

2,024,432

 

Illinois Finance Authority, Refunding RB, Northwestern
Memorial Hospital, Series A, 6.00%, 8/15/39

 

 

1,900

 

 

2,234,191

 

Metropolitan Pier & Exposition Authority, Refunding RB,
McCormick Place Project, Series B, 5.00%, 12/15/28

 

 

1,010

 

 

1,169,297

 

Railsplitter Tobacco Settlement Authority, RB:

 

 

 

 

 

 

 

5.50%, 6/01/23

 

 

690

 

 

805,175

 

6.00%, 6/01/28

 

 

195

 

 

226,923

 

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

 

 

125

 

 

142,013

 

 

 

 

 

 

 

15,208,895

 

Indiana — 2.4%

 

 

 

 

 

 

 

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

 

 

2,210

 

 

2,577,479

 

Kansas — 1.8%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,876,064

 

Kentucky — 3.0%

 

 

 

 

 

 

 

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

 

 

660

 

 

776,615

 

Louisville & Jefferson County Metropolitan Government,
Refunding RB, Jewish Hospital & St. Mary’s HealthCare,
6.13%, 2/01/18 (b)

 

 

1,450

 

 

1,850,200

 

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

 

 

500

 

 

616,545

 

 

 

 

 

 

 

3,243,360

 

Louisiana — 0.8%

 

 

 

 

 

 

 

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

 

 

715

 

 

828,285

 

Maine — 1.5%

 

 

 

 

 

 

 

Maine Health & Higher Educational Facilities Authority,
RB, Maine General Medical Center, 7.50%, 7/01/32

 

 

1,270

 

 

1,578,966

 

Massachusetts — 2.3%

 

 

 

 

 

 

 

Massachusetts Development Finance Agency, RB,
Wellesley College, Series J, 5.00%, 7/01/42

 

 

330

 

 

385,625

 

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

 

 

1,000

 

 

1,216,470

 

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

 

 

750

 

 

866,737

 

 

 

 

 

 

 

2,468,832

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

17




 

 

 

 

Schedule of Investments (continued)

BlackRock Municipal Income Investment Trust (BBF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Michigan — 3.3%

 

 

 

 

 

 

 

Lansing Board of Water & Light Utilities System, RB,
Series A, 5.50%, 7/01/41

 

$

915

 

$

1,084,129

 

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

 

 

1,000

 

 

1,156,400

 

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

 

 

995

 

 

1,283,460

 

 

 

 

 

 

 

3,523,989

 

Nevada — 3.7%

 

 

 

 

 

 

 

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

 

 

1,600

 

 

1,884,832

 

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

 

 

1,825

 

 

2,092,417

 

 

 

 

 

 

 

3,977,249

 

New Jersey — 5.5%

 

 

 

 

 

 

 

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

 

 

1,140

 

 

1,259,084

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System:

 

 

 

 

 

 

 

Series A, 5.88%, 12/15/38

 

 

1,295

 

 

1,507,807

 

Series A, 5.50%, 6/15/41

 

 

1,000

 

 

1,168,820

 

Series B, 5.25%, 6/15/36

 

 

1,650

 

 

1,901,147

 

 

 

 

 

 

 

5,836,858

 

New York — 7.5%

 

 

 

 

 

 

 

Hudson New York Yards Infrastructure Corp., RB, Series A,
5.75%, 2/15/47

 

 

1,000

 

 

1,172,070

 

Metropolitan Transportation Authority, RB, Series E, 5.00%,
11/15/42

 

 

240

 

 

269,762

 

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

 

 

605

 

 

690,093

 

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

 

 

3,250

 

 

3,765,385

 

New York State Dormitory Authority, RB, Series B, 5.00%,
3/15/42

 

 

750

 

 

863,033

 

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

 

 

1,000

 

 

1,180,980

 

 

 

 

 

 

 

7,941,323

 

North Carolina — 1.9%

 

 

 

 

 

 

 

North Carolina Medical Care Commission, RB, Duke
University Health System, Series A, 5.00%, 6/01/32

 

 

1,335

 

 

1,538,734

 

North Carolina Medical Care Commission, Refunding RB,
Wakemed, Series A, 5.00%, 10/01/31

 

 

420

 

 

476,562

 

 

 

 

 

 

 

2,015,296

 

Pennsylvania — 5.0%

 

 

 

 

 

 

 

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

 

 

500

 

 

586,110

 

Pennsylvania Turnpike Commission, RB, Sub-Series A:

 

 

 

 

 

 

 

5.63%, 12/01/31

 

 

1,250

 

 

1,469,138

 

6.00%, 12/01/41

 

 

1,500

 

 

1,704,375

 

Philadelphia Hospitals & Higher Education Facilities
Authority, Refunding RB, Children’s Hospital of
Philadelphia Project, Series D, 5.00%, 7/01/32

 

 

1,375

 

 

1,586,392

 

 

 

 

 

 

 

5,346,015

 

Puerto Rico — 2.7%

 

 

 

 

 

 

 

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

 

 

2,605

 

 

2,914,656

 

South Carolina — 0.7%

 

 

 

 

 

 

 

City of North Charleston South Carolina, RB, Public
Facilities Corp. Installment Purchase, 5.00%, 6/01/35

 

 

675

 

 

760,988

 

 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Texas — 15.4%

 

 

 

 

 

 

 

Central Texas Regional Mobility Authority, Refunding RB,
Senior Lien, 6.00%, 1/01/41

 

$

1,670

 

$

1,932,474

 

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

 

 

890

 

 

1,088,728

 

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

 

 

500

 

 

607,515

 

Katy ISD Texas, GO, Refunding, Unlimited Tax School
Building, Series A (PSF-GTD), 5.00%, 2/15/42

 

 

560

 

 

653,318

 

Lamar Texas Consolidated ISD, GO, Refunding, School
House, Series A, 5.00%, 2/15/45

 

 

750

 

 

869,573

 

Lower Colorado River Authority, Refunding RB:

 

 

 

 

 

 

 

5.50%, 5/15/19 (b)

 

 

5

 

 

6,416

 

5.50%, 5/15/19 (b)

 

 

80

 

 

102,242

 

5.50%, 5/15/19 (b)

 

 

5

 

 

6,368

 

5.50%, 5/15/33

 

 

1,910

 

 

2,184,830

 

North Texas Tollway Authority, RB, Special Projects System,
Series A, 5.50%, 9/01/41

 

 

1,000

 

 

1,187,830

 

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

 

 

1,000

 

 

1,142,470

 

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

 

 

1,905

 

 

2,250,796

 

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

 

 

1,505

 

 

1,806,993

 

Texas State Turnpike Authority, RB, First Tier, Series A
(AMBAC), 5.00%, 8/15/42

 

 

1,025

 

 

1,025,266

 

University of Texas System, Refunding RB, Financing
System, Series B, 5.00%, 8/15/43

 

 

1,355

 

 

1,592,247

 

 

 

 

 

 

 

16,457,066

 

Virginia — 2.2%

 

 

 

 

 

 

 

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

 

 

1,000

 

 

1,246,850

 

Virginia Resources Authority, RB, Infrastructure, 5.00%,
11/01/42

 

 

925

 

 

1,079,161

 

 

 

 

 

 

 

2,326,011

 

Wisconsin — 2.7%

 

 

 

 

 

 

 

Wisconsin Health & Educational Facilities Authority, RB,
Ascension Health, Series D, 5.00%, 11/15/41

 

 

925

 

 

1,027,203

 

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

 

 

1,675

 

 

1,858,379

 

 

 

 

 

 

 

2,885,582

 

Total Municipal Bonds — 100.2%

 

 

 

 

 

106,808,318

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

 

 

 

 

 

California — 18.8%

 

 

 

 

 

 

 

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

 

 

1,995

 

 

2,335,247

 

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

 

 

2,400

 

 

2,677,680

 

Los Angeles Community College District California, GO,
Election of 2008, Series C, 5.25%, 8/01/39

 

 

2,630

 

 

3,066,488

 

Los Angeles Community College District California, GO,
Refunding, Election of 2008, Series A, 6.00%,
8/01/33

 

 

3,898

 

 

4,747,105

 

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

 

 

400

 

 

452,024

 


 

 

 

See Notes to Financial Statements.

 

 

 

 

 

18

ANNUAL REPORT

JULY 31, 2012




 

 

 

 

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

 

California (concluded)

 

 

 

 

 

 

 

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

 

$

4,214

 

$

4,935,219

 

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

 

 

1,500

 

 

1,803,695

 

 

 

 

 

 

 

20,017,458

 

District of Columbia — 3.6%

 

 

 

 

 

 

 

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

 

 

1,395

 

 

1,743,573

 

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

 

 

1,799

 

 

2,103,011

 

 

 

 

 

 

 

3,846,584

 

Florida — 0.5%

 

 

 

 

 

 

 

County of Miami-Dade Florida, RB, Transit System, Sales
Surtax, 5.00%, 7/01/42 (a)

 

 

490

 

 

549,814

 

Illinois — 4.1%

 

 

 

 

 

 

 

City of Chicago Illinois, Refunding RB, Second Lien Water
Project, 5.00%, 11/01/42

 

 

760

 

 

864,792

 

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

 

 

2,800

 

 

3,453,828

 

 

 

 

 

 

 

4,318,620

 

Massachusetts — 1.6%

 

 

 

 

 

 

 

Massachusetts School Building Authority, RB, Dedicated
Sales Tax, Senior, Series B, 5.00%, 10/15/41

 

 

1,490

 

 

1,721,606

 

Nevada — 5.2%

 

 

 

 

 

 

 

Clark County Water Reclamation District, GO:

 

 

 

 

 

 

 

Limited Tax, 6.00%, 7/01/38

 

 

2,500

 

 

3,083,600

 

Series B, 5.50%, 7/01/29

 

 

1,994

 

 

2,471,435

 

 

 

 

 

 

 

5,555,035

 

New Hampshire — 1.2%

 

 

 

 

 

 

 

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

 

 

1,094

 

 

1,306,127

 

New Jersey — 2.1%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,286,600

 

New York — 13.9%

 

 

 

 

 

 

 

New York City Municipal Water Finance Authority, RB,
Fiscal 2009, Series A, 5.75%, 6/15/40

 

 

1,410

 

 

1,699,457

 

New York City Municipal Water Finance Authority,
Refunding RB:

 

 

 

 

 

 

 

Series FF, 5.00%, 6/15/45

 

 

1,500

 

 

1,719,569

 

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

 

 

1,994

 

 

2,349,457

 

New York City Transitional Finance Authority, RB:

 

 

 

 

 

 

 

5.00%, 2/01/42

 

 

860

 

 

992,611

 

Building Aid Revenue, Fiscal 2009, Series S-3,
5.25%, 1/15/39

 

 

1,500

 

 

1,694,482

 

New York Liberty Development Corp., RB, 1 World Trade
Center Port Authority Construction, 5.25%, 12/15/43

 

 

2,205

 

 

2,543,357

 

New York Liberty Development Corp., Refunding RB,
4 World Trade Center Project, 5.75%, 11/15/51

 

 

1,300

 

 

1,538,095

 

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

 

 

2,000

 

 

2,317,160

 

 

 

 

 

 

 

14,854,188

 

Ohio — 1.6%

 

 

 

 

 

 

 

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

 

 

1,560

 

 

1,724,174

 

Puerto Rico — 0.9%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
Sales Tax, Senior Series 2011 C, 5.25%, 8/01/40

 

 

880

 

 

977,227

 


 

 

 

 

 

 

 

 

Municipal Bonds Transferred to
Tender Option Bond Trusts (c)

 

 

Par
(000)

 

Value

 

Texas — 6.4%

 

 

 

 

 

 

 

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

 

$

2,025

 

$

2,360,609

 

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

 

 

2,750

 

 

3,260,812

 

Waco Educational Finance Corp., Refunding RB, Baylor
University, 5.00%, 3/01/43

 

 

1,005

 

 

1,152,373

 

 

 

 

 

 

 

6,773,794

 

Virginia — 1.0%

 

 

 

 

 

 

 

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

 

 

899

 

 

1,027,634

 

Washington — 1.5%

 

 

 

 

 

 

 

University of Washington, Refunding RB, Series A, 5.00%,
7/01/41

 

 

1,380

 

 

1,608,427

 

Total Municipal Bonds Transferred to
Tender Option Bond Trusts — 62.4%

 

 

 

 

 

66,567,288

 

Total Long-Term Investments
(Cost — $153,020,628) — 162.6%

 

 

 

 

 

173,375,606

 


 

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

 

 

 

FFI Institutional Tax-Exempt Fund, 0.01% (d)(e)

 

 

1,631,769

 

 

1,631,769

 

Total Short-Term Securities
(Cost — $1,631,769) — 1.5%

 

 

 

 

 

1,631,769

 

Total Investments (Cost — $154,652,397) — 164.1%

 

 

 

 

 

175,007,375

 

Liabilities in Excess of Other Assets — (0.7)%

 

 

 

 

 

(698,391

)

Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable — (31.4)%

 

 

 

 

 

(33,481,883

)

VRDP Shares, at Liquidation Value — (32.0)%

 

 

 

 

 

(34,200,000

)

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

106,627,101

 


 

 

(a)

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


 

 

 

 

 

 

 

 

Counterparty

 

Value

 

Unrealized
Appreciation
(Depreciation)

 

Barclays Plc

 

$

502,712

 

$

(1,281

)

Pershing LLC

 

$

652,948

 

$

(1,663

)

Stifel Nicolaus & Co.

 

$

1,945,445

 

$

24,867

 

JPMorgan Chase & Co

 

$

549,814

 

$

(6,507

)


 

 

(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 year, for purposes of Section 2(a)(3) of the 1940 Act, as amended, were as follows:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at July 31,
2011

 

Net
Activity

 

Shares Held
at July 31,
2012

 

Income

 

FFI Institutional
Tax-Exempt Fund

 

 

2,119,108

 

 

(487,339

)

 

1,631,769

 

$

610

 


 

 

(e)

Represents the current yield as of report date.

 

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

19




 

 

 

 

Schedule of Investments (concluded)

BlackRock Municipal Income Investment Trust (BBF)


 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

 

 

 

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

 

 

 

 

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)

 

 

 

 

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

 

 

 

 

The following tables summarize the inputs used as of July 31, 2012 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

 

$

173,375,606

 

 

 

$

173,375,606

 

Short-Term
Securities

 

$

1,631,769

 

 

 

 

 

 

1,631,769

 

Total

 

$

1,631,769

 

$

173,375,606

 

 

 

$

175,007,375

 


 

 

 

 

1

See above Schedule of Investments for values in each sector.

Certain of the Trust’s assets and liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

320,815

 

 

 

 

 

$

320,815

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

 

$

(33,465,806

)

 

 

 

(33,465,806

)

VRDP Shares

 

 

 

 

(34,200,000

)

 

 

 

(34,200,000

)

Total

 

$

320,815

 

$

(67,665,806

)

 

 

$

(67,344,991

)

There were no transfers between levels during the year ended July 31, 2012.

 

 

 

See Notes to Financial Statements.

 

 

 

20

ANNUAL REPORT

JULY 31, 2012




 

 

 

Schedule of Investments July 31, 2012

BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey — 121.4%

 

 

 

 

 

 

 

Corporate — 9.1%

 

 

 

 

 

 

 

New Jersey EDA, RB, Continental Airlines Inc.
Project, AMT (a):

 

 

 

 

 

 

 

7.00%, 11/15/30

 

$

3,450

 

$

3,463,075

 

7.20%, 11/15/30

 

 

2,000

 

 

2,007,580

 

New Jersey EDA, Refunding RB, New Jersey American
Water Co., Inc. Project, AMT:

 

 

 

 

 

 

 

Series A, 5.70%, 10/01/39

 

 

1,500

 

 

1,678,440

 

Series B, 5.60%, 11/01/34

 

 

1,275

 

 

1,451,588

 

Salem County Pollution Control Financing Authority,
Refunding RB, Atlantic City Electric, Series A,
4.88%, 6/01/29

 

 

2,400

 

 

2,655,744

 

 

 

 

 

 

 

11,256,427

 

County/City/Special District/School District — 13.9%

 

 

 

 

 

 

 

City of Margate City New Jersey, GO, Refunding,
Improvement, 5.00%, 1/15/28

 

 

1,085

 

 

1,252,123

 

City of Perth Amboy New Jersey, GO, Refunding,
CAB (AGM):

 

 

 

 

 

 

 

5.00%, 7/01/34

 

 

1,075

 

 

1,161,344

 

5.00%, 7/01/35

 

 

175

 

 

188,314

 

Essex County Improvement Authority, Refunding RB,
Project Consolidation (NPFGC):

 

 

 

 

 

 

 

5.50%, 10/01/28

 

 

1,440

 

 

1,894,075

 

5.50%, 10/01/29

 

 

2,630

 

 

3,477,702

 

Hudson County Improvement Authority, RB, Harrison
Parking Facility Project, Series C (AGC):

 

 

 

 

 

 

 

5.25%, 1/01/39

 

 

2,000

 

 

2,232,380

 

5.38%, 1/01/44

 

 

2,400

 

 

2,691,696

 

Middlesex County Improvement Authority, RB,
Subordinate, Heldrich Center Hotel, Series B,
6.25%, 1/01/37 (b)(c)

 

 

1,790

 

 

134,232

 

Newark Housing Authority, Refunding RB, Newark
Redevelopment Project (NPFGC), 4.38%, 1/01/37

 

 

2,600

 

 

2,445,560

 

Union County Improvement Authority, RB, Guaranteed
Lease-Family Court Building Project, 5.00%, 5/01/42

 

 

1,515

 

 

1,728,160

 

 

 

 

 

 

 

17,205,586

 

Education — 13.2%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities Construction,
Series CC-2, 5.00%, 12/15/31

 

 

1,525

 

 

1,724,836

 

New Jersey Educational Facilities Authority, RB:

 

 

 

 

 

 

 

Montclair State University, Series J, 5.25%, 7/01/38

 

 

580

 

 

639,340

 

Ramapo College, Series B, 5.00%, 7/01/42

 

 

265

 

 

297,348

 

New Jersey Educational Facilities Authority,
Refunding RB:

 

 

 

 

 

 

 

College of New Jersey, Series D, (AGM), 5.00%,
7/01/35

 

 

3,230

 

 

3,541,049

 

Georgian Court University, Series D, 5.00%,
7/01/33

 

 

250

 

 

264,480

 

Kean University, Series A, 5.50%, 9/01/36

 

 

2,060

 

 

2,328,851

 

New Jersey Institute of Technology, Series H,
5.00%, 7/01/31

 

 

660

 

 

738,566

 

University of Medicine & Dentistry, Series B,
7.50%, 12/01/32

 

 

1,450

 

 

1,816,734

 

New Jersey Higher Education Student Assistance
Authority, Refunding RB:

 

 

 

 

 

 

 

Series 1, AMT, 5.75%, 12/01/29

 

 

2,055

 

 

2,348,187

 

Series 1A, 5.00%, 12/01/25

 

 

535

 

 

589,137

 

Series 1A, 5.00%, 12/01/26

 

 

350

 

 

384,226

 

Series 1A, 5.25%, 12/01/32

 

 

500

 

 

553,070

 

New Jersey Institute of Technology, GO, Series A,
5.00%, 7/01/42

 

 

970

 

 

1,102,318

 

 

 

 

 

 

 

16,328,142

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (continued)

 

 

 

 

 

 

 

Health — 18.6%

 

 

 

 

 

 

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

First Mortgage, Lions Gate Project, Series A,
5.75%, 1/01/25

 

$

500

 

$

506,090

 

First Mortgage, Lions Gate Project, Series A,
5.88%, 1/01/37

 

 

855

 

 

858,574

 

Masonic Charity Foundation Project, 5.50%,
6/01/31

 

 

875

 

 

885,045

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

First Mortgage, Winchester, Series A, 5.75%,
11/01/24

 

 

4,050

 

 

4,170,609

 

Seabrook Village, Inc. Facility, 5.25%, 11/15/26

 

 

1,790

 

 

1,833,300

 

New Jersey Health Care Facilities Financing Authority, RB:

 

 

 

 

 

 

 

Kennedy Health System, 5.63%, 7/01/31

 

 

2,030

 

 

2,039,135

 

Meridian Health, Series I, (AGC), 5.00%, 7/01/38

 

 

740

 

 

792,303

 

Virtua Health, (AGC), 5.50%, 7/01/38

 

 

1,250

 

 

1,391,000

 

New Jersey Health Care Facilities Financing Authority,
Refunding RB:

 

 

 

 

 

 

 

AHS Hospital Corp., 6.00%, 7/01/37

 

 

900

 

 

1,090,233

 

AHS Hospital Corp., 6.00%, 7/01/41

 

 

1,045

 

 

1,257,793

 

Barnabas Health, Series A, 5.63%, 7/01/32

 

 

580

 

 

636,846

 

Barnabas Health, Series A, 5.63%, 7/01/37

 

 

1,605

 

 

1,746,192

 

Kennedy Health System, 5.00%, 7/01/37

 

 

120

 

 

130,046

 

Kennedy Health System, 5.00%, 7/01/42

 

 

500

 

 

542,290

 

Meridian Health System Obligated Group Issue,
5.00%, 7/01/26

 

 

970

 

 

1,090,135

 

Robert Wood Johnson, 5.00%, 7/01/31

 

 

500

 

 

549,975

 

South Jersey Hospital, 5.00%, 7/01/46

 

 

1,650

 

 

1,705,523

 

St. Barnabas Health Care System, Series A, 5.00%,
7/01/29

 

 

1,750

 

 

1,799,455

 

 

 

 

 

 

 

23,024,544

 

Housing — 11.9%

 

 

 

 

 

 

 

Middlesex County Improvement Authority, RB, AMT
(Fannie Mae):

 

 

 

 

 

 

 

Administration Building Residential Project,
5.35%, 7/01/34

 

 

1,400

 

 

1,401,456

 

New Brunswick Apartments Rental Housing,
5.30%, 8/01/35

 

 

4,335

 

 

4,339,465

 

New Jersey State Housing & Mortgage Finance
Agency, RB:

 

 

 

 

 

 

 

M/F, Series A, 4.55%, 11/01/43

 

 

1,540

 

 

1,576,129

 

S/F Housing, Series CC, 5.00%, 10/01/34

 

 

1,735

 

 

1,869,220

 

S/F Housing, Series X, AMT, 4.85%, 4/01/16

 

 

1,310

 

 

1,351,304

 

Series A, 4.75%, 11/01/29

 

 

1,185

 

 

1,282,217

 

Series AA, 6.38%, 10/01/28

 

 

1,250

 

 

1,399,700

 

Series AA, 6.50%, 10/01/38

 

 

1,395

 

 

1,489,804

 

 

 

 

 

 

 

14,709,295

 

State — 41.0%

 

 

 

 

 

 

 

Garden State Preservation Trust, RB, CAB, Series B
(AGM), 3.21%, 11/01/26 (d)

 

 

6,000

 

 

3,811,260

 

New Jersey Economic Development Authority,
Refunding RB (AGM), 5.00%, 6/15/22

 

 

2,940

 

 

3,421,072

 

New Jersey EDA, RB:

 

 

 

 

 

 

 

Kapkowski Road Landfill Project, Series B, AMT,
6.50%, 4/01/31

 

 

5,000

 

 

5,892,800

 

Motor Vehicle Surcharge, Series A, (NPFGC),
5.25%, 7/01/24

 

 

1,000

 

 

1,219,520

 

Motor Vehicle Surcharge, Series A, (NPFGC),
5.25%, 7/01/25

 

 

1,365

 

 

1,673,749

 

School Facilities Construction, Series Z, (AGC),
5.50%, 12/15/34

 

 

3,000

 

 

3,441,330

 


See Notes to Financial Statements.

 

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

21




 

 

 

Schedule of Investments (continued)

BlackRock New Jersey Municipal Income Trust (BNJ)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New Jersey (concluded)

 

 

 

 

 

 

 

State (concluded)

 

 

 

 

 

 

 

New Jersey EDA, Refunding RB:

 

 

 

 

 

 

 

5.00%, 6/15/26

 

$

810

 

$

900,072

 

Cigarette Tax, 5.00%, 6/15/29

 

 

1,000

 

 

1,096,250

 

Kapkowski Road Landfill Project, 6.50%, 4/01/28

 

 

2,500

 

 

2,987,100

 

School Facilities Construction, Series GG, 5.25%,
9/01/26

 

 

3,500

 

 

4,132,590

 

New Jersey Health Care Facilities Financing Authority,
RB, Hospital Asset Transformation Program, Series A,
5.25%, 10/01/38

 

 

2,350

 

 

2,559,902

 

New Jersey Transportation Trust Fund Authority, RB,
Transportation System:

 

 

 

 

 

 

 

CAB, Series C, (AGM), 4.55%, 12/15/32 (d)

 

 

4,000

 

 

1,598,320

 

Series A, 6.00%, 6/15/35

 

 

4,135

 

 

5,098,496

 

Series A, 5.88%, 12/15/38

 

 

1,770

 

 

2,060,864

 

Series A, 6.00%, 12/15/38

 

 

945

 

 

1,109,487

 

Series A, 5.50%, 6/15/41

 

 

1,000

 

 

1,168,820

 

Series A, (AGC), 5.50%, 12/15/38

 

 

1,000

 

 

1,137,770

 

Series B, 5.25%, 6/15/36

 

 

2,500

 

 

2,880,525

 

Series B, 5.00%, 6/15/42

 

 

1,320

 

 

1,478,387

 

State of New Jersey, COP, Equipment Lease Purchase,
Series A:

 

 

 

 

 

 

 

5.25%, 6/15/27

 

 

2,000

 

 

2,271,000

 

5.25%, 6/15/28

 

 

600

 

 

677,688

 

 

 

 

 

 

 

50,617,002

 

Transportation — 11.0%

 

 

 

 

 

 

 

Delaware River Port Authority, RB, Series D, 5.00%,
1/01/40

 

 

800

 

 

879,416

 

New Jersey State Turnpike Authority, RB:

 

 

 

 

 

 

 

Series A, 5.00%, 1/01/35

 

 

620

 

 

714,457

 

Series E, 5.25%, 1/01/40

 

 

1,970

 

 

2,215,915

 

Port Authority of New York & New Jersey, RB, JFK
International Air Terminal, Special Project, Series 6:

 

 

 

 

 

 

 

6.00%, 12/01/42

 

 

1,430

 

 

1,619,518

 

AMT (NPFGC), 5.75%, 12/01/22

 

 

6,000

 

 

6,001,800

 

Port Authority of New York & New Jersey, Refunding RB,
Consolidated, 152nd Series, AMT, 5.75%, 11/01/30

 

 

1,750

 

 

2,090,025

 

 

 

 

 

 

 

13,521,131

 

Utilities — 2.7%

 

 

 

 

 

 

 

Rahway Valley Sewerage Authority, RB, CAB, Series A
(NPFGC), 4.50%, 9/01/33 (d)

 

 

2,000

 

 

782,800

 

Union County Utilities Authority, Refunding RB,
New Jersey Solid Waste System, County Deficiency
Agreement, Series A, 5.00%, 6/15/41

 

 

2,185

 

 

2,504,797

 

 

 

 

 

 

 

3,287,597

 

Total Municipal Bonds in New Jersey

 

 

 

 

 

149,949,724

 

 

 

 

 

 

 

 

 

Puerto Rico — 15.0%

 

 

 

 

 

 

 

Housing — 3.5%

 

 

 

 

 

 

 

Puerto Rico Housing Finance Authority, RB,
Mortgage-Backed Securities, Series B, AMT
(Ginnie Mae), 5.30%, 12/01/28

 

 

2,160

 

 

2,162,570

 

Puerto Rico Housing Finance Authority, Refunding RB,
Mortgage-Backed Securities, Series A (Ginnie Mae),
5.20%, 12/01/33

 

 

2,160

 

 

2,163,111

 

 

 

 

 

 

 

4,325,681

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

Puerto Rico (concluded)

 

 

 

 

 

 

 

State — 11.2%

 

 

 

 

 

 

 

Puerto Rico Public Buildings Authority, RB, CAB,
Series D (AMBAC) (e):

 

 

 

 

 

 

 

5.45%, 7/01/17 (f)

 

$

3,665

 

$

4,449,457

 

5.45%, 7/01/31

 

 

1,335

 

 

1,392,725

 

Puerto Rico Sales Tax Financing Corp., RB,
First Sub-Series A:

 

 

 

 

 

 

 

5.75%, 8/01/37

 

 

3,075

 

 

3,440,525

 

6.00%, 8/01/42

 

 

2,250

 

 

2,544,368

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
First Sub, Series C, 6.00%, 8/01/39

 

 

1,740

 

 

1,995,484

 

 

 

 

 

 

 

13,822,559

 

Transportation — 0.3%

 

 

 

 

 

 

 

Puerto Rico Highway & Transportation Authority,
Refunding RB, Series AA-1 (AGM), 4.95%, 7/01/26

 

 

295

 

 

321,151

 

Total Municipal Bonds in Puerto Rico

 

 

 

 

 

18,469,391

 

Total Municipal Bonds — 136.4%

 

 

 

 

 

168,419,115

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Municipal Bonds Transferred to

 

 

 

 

 

 

 

Tender Option Bond Trusts (g)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey — 16.1%

 

 

 

 

 

 

 

Education — 4.2%

 

 

 

 

 

 

 

New Jersey EDA, RB, School Facilities Construction,
Series Z (AGC), 6.00%, 12/15/34

 

 

3,000

 

 

3,535,500

 

Rutgers State University of New Jersey, Refunding RB,
Series F, 5.00%, 5/01/39

 

 

1,499

 

 

1,669,545

 

 

 

 

 

 

 

5,205,045

 

Transportation — 6.8%

 

 

 

 

 

 

 

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

 

 

2,000

 

 

2,286,600

 

Port Authority of New York & New Jersey, RB,
Consolidated, 152nd Series, AMT, 5.00%, 10/15/41

 

 

3,495

 

 

3,852,853

 

Port Authority of New York & New Jersey, Refunding RB,
152nd Series, AMT, 5.25%, 11/01/35

 

 

2,039

 

 

2,254,904

 

 

 

 

 

 

 

8,394,357

 

Utilities — 5.1%

 

 

 

 

 

 

 

Union County Utilities Authority, Refunding RB,
New Jersey Resource Recovery Facility, Covanta
Union, Inc., Series A, AMT, 5.25%, 12/01/31

 

 

5,710

 

 

6,345,694

 

Total Municipal Bonds Transferred to

 

 

 

 

 

 

 

Tender Option Bond Trusts in New Jersey

 

 

 

 

 

19,945,096

 

 

 

 

 

 

 

 

 

Puerto Rico — 1.1%

 

 

 

 

 

 

 

State — 1.1%

 

 

 

 

 

 

 

Puerto Rico Sales Tax Financing Corp., Refunding RB,
Senior Series C, 5.25%, 8/01/40

 

 

1,180

 

 

1,310,373

 

Total Municipal Bonds Transferred to

 

 

 

 

 

 

 

Tender Option Bond Trusts — 17.2%

 

 

 

 

 

21,255,469

 

Total Long-Term Investments

 

 

 

 

 

 

 

(Cost — $174,444,574) — 153.6%

 

 

 

 

 

189,674,584

 


See Notes to Financial Statements.

 

 

 

 

 

22

ANNUAL REPORT

JULY 31, 2012

 




 

 

 

 

Schedule of Investments (concluded)

BlackRock New Jersey Municipal Income Trust (BNJ)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares

 

Value

 

BIF New Jersey Municipal Money Fund, 0.00% (h)(i)

 

 

2,329,356

 

$

2,329,356

 

Total Short-Term Securities

 

 

 

 

 

 

 

(Cost — $2,329,356) — 1.9%

 

 

 

 

 

2,329,356

 

Total Investments (Cost — $176,773,930) — 155.5%

 

 

 

 

 

192,003,940

 

Other Assets Less Liabilities — 1.0%

 

 

 

 

 

1,230,758

 

Liability for TOB Trust Certificates, Including
Interest Expense and Fees Payable — (8.6)%

 

 

 

 

 

(10,638,115

)

VMTP Shares, at Liquidation Value — (47.9)%

 

 

 

 

 

(59,100,000

)

Net Assets Applicable to Common Shares — 100.0%

 

 

 

 

$

123,496,583

 

 

 

 

 

 

 

 

 


 

 

(a)

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

 

 

(b)

Issuer filed for bankruptcy and/or is in default of principal and/or interest payments. (c) Non-income producing security.

 

 

(d)

Represents a zero-coupon bond. Rate shown reflects the current yield as of report date. (e) Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

 

 

(f)

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.

 

 

(g)

Securities represent bonds transferred to a TOB in exchange for which the Trust acquired residual interest certificates. These securities serve as collateral in a financing transaction.

 

See Note 1 of the Notes to Financial Statements for details of municipal bonds transferred to TOBs.

 

 

(h)

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


 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares Held
at July 31,
2011

 

Net
Activity

 

Shares Held
at July 31,
2012

 

Income

 

BIF New Jersey Municipal
Money Fund

 

 

5,114,806

 

 

(2,785,450

)

 

2,329,356

 

$

133

 


 

 

 

(i)

Represents the current yield as of report date.

 

 

 

For Trust compliance purposes, the Trust’s sector classifications refer to any one or more of the sector sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Trust management. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications or reporting ease.

 

 

 

Fair Value Measurements — Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial statement purposes as follows:

 

 

 

 

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

 

 

 

 

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)

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to Note 1 of the Notes to Financial Statements.

The following tables summarize the inputs used as of July 31, 2012 in determining the fair valuation of the Trust’s investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

Long-Term
Investments1

 

 

 

$

189,674,584

 

 

 

$

189,674,584

 

Short-Term
Securities

 

$

2,329,356

 

 

 

 

 

 

2,329,356

 

Total

 

$

2,329,356

 

$

189,674,584

 

 

 

$

192,003,940

 


 

 

1

See above Schedule of Investments for values in each sector.

Certain of the Trust’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of July 31, 2012, such liabilities are categorized within the disclosure hierarchy as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

TOB trust
certificates

 

 

 

$

(10,633,546

)

 

 

$

(10,633,546

)

VMTP Shares

 

 

 

 

(59,100,000

)

 

 

 

(59,100,000

)

Total

 

 

 

$

(69,733,546

)

 

 

$

(69,733,546

)

There were no transfers between levels during the year ended July 31, 2012.

 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

ANNUAL REPORT

JULY 31, 2012

23




 

 

 

 

Schedule of Investments July 31, 2012

BlackRock New York Municipal Income Trust (BNY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York — 125.2%

 

 

 

 

 

 

 

Corporate — 15.0%

 

 

 

 

 

 

 

Chautauqua County Industrial Development Agency,
RB, NRG Dunkirk Power Project, 5.88%, 4/01/42

 

$

1,000

 

$

1,123,150

 

Essex County Industrial Development Agency New York,
RB, International Paper Co. Project, Series A, AMT,
6.63%, 9/01/32

 

 

550

 

 

611,881

 

New York City Industrial Development Agency, RB,
American Airlines Inc., JFK International Airport,
AMT (a)(b)(c):

 

 

 

 

 

 

 

7.63%, 8/01/25

 

 

3,200

 

 

3,373,664

 

7.75%, 8/01/31

 

 

4,000

 

 

4,260,000

 

New York Liberty Development Corp., RB, Goldman
Sachs Headquarters, 5.25%, 10/01/35

 

 

6,350

 

 

7,331,075

 

Port Authority of New York & New Jersey, RB, Continental
Airlines Inc. and Eastern Air Lines Inc. Project,
LaGuardia, AMT, 9.13%, 12/01/15

 

 

6,040

 

 

6,192,570

 

Suffolk County Industrial Development Agency New York,
RB, KeySpan, Port Jefferson, AMT, 5.25%, 6/01/27

 

 

7,000

 

 

7,217,000

 

 

 

 

 

 

 

30,109,340

 

County/City/Special District/School District — 29.6%

 

 

 

 

 

 

 

Amherst Development Corp., Refunding RB, University
at Buffalo Foundation Faculty-Student Housing Corp.,
Series A (AGM), 4.63%, 10/01/40

 

 

1,100

 

 

1,183,952

 

City of New York New York, GO:

 

 

 

 

 

 

 

Series A-1, 4.75%, 8/15/25

 

 

750

 

 

862,215

 

Series A-1, 5.00%, 8/01/35

 

 

1,000

 

 

1,149,920

 

Series D, 5.38%, 6/01/32

 

 

30

 

 

30,123

 

Sub-Series G-1, 5.00%, 4/01/28

 

 

5,000

 

 

6,005,500

 

Sub-Series G-1, 6.25%, 12/15/31

 

 

500

 

 

623,140

 

Sub-Series I-1, 5.38%, 4/01/36

 

 

1,750

 

 

2,031,470

 

Hudson New York Yards Infrastructure Corp., RB, Series A:

 

 

 

 

 

 

 

5.00%, 2/15/47

 

 

5,985

 

 

6,312,379

 

5.75%, 2/15/47

 

 

200

 

 

234,414

 

(AGC), 5.00%, 2/15/47

 

 

1,000

 

 

1,061,570

 

(AGM), 5.00%, 2/15/47

 

 

1,000

 

 

1,061,570

 

(NPFGC), 4.50%, 2/15/47

 

 

1,970

 

 

2,025,318

 

Metropolitan Transportation Authority, Refunding RB,
Transportation, Series D, 5.00%, 11/15/34

 

 

800

 

 

893,584

 

Monroe County Industrial Development Corp., Refunding
RB, Series A, 5.00%, 7/01/31

 

 

1,900

 

 

2,205,007

 

New York City Industrial Development Agency, RB:

 

 

 

 

 

 

 

CAB, Yankee Stadium, PILOT, 5.08%, 3/01/45 (d)

 

 

1,500

 

 

292,185

 

CAB, Yankee Stadium, PILOT, (AGC), 4.94%,
3/01/42 (d)

 

 

1,960

 

 

462,952

 

Marymount School of New York Project, (ACA),
5.13%, 9/01/21

 

 

750

 

 

766,395

 

Marymount School of New York Project, (ACA),
5.25%, 9/01/31

 

 

500

 

 

508,835

 

Queens Baseball Stadium, PILOT, (AGC), 6.38%,
1/01/39

 

 

150

 

 

176,729

 

Queens Baseball Stadium, PILOT, (AMBAC),
5.00%, 1/01/36

 

 

3,000

 

 

3,052,140

 

Yankee Stadium, PILOT (NPFGC), 4.75%, 3/01/46

 

 

1,500

 

 

1,523,295

 

New York City Transitional Finance Authority, RB:

 

 

 

 

 

 

 

Series S-1, 4.00%, 7/15/42

 

 

2,225

 

 

2,259,710

 

Series S-2 (NPFGC), 4.25%, 1/15/34

 

 

1,700

 

 

1,756,406

 

New York Convention Center Development Corp., RB,
Hotel Unit Fee Secured (AMBAC):

 

 

 

 

 

 

 

5.00%, 11/15/35

 

 

250

 

 

261,938

 

5.00%, 11/15/44

 

 

9,660

 

 

10,102,911

 

4.75%, 11/15/45

 

 

500

 

 

513,595

 


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

County/City/Special District/School District

 

 

 

 

 

 

 

(concluded)

 

 

 

 

 

 

 

New York Liberty Development Corp., Refunding RB:

 

 

 

 

 

 

 

4 World Trade Center Project, 5.00%, 11/15/31

 

$

860

 

$

984,992

 

4 World Trade Center Project, 5.75%, 11/15/51

 

 

1,340

 

 

1,585,421

 

7 World Trade Center Project, Class 2, 5.00%,
9/15/43

 

 

1,670

 

 

1,842,928

 

7 World Trade Center Project, Class 3, 5.00%,
3/15/44

 

 

2,070

 

 

2,223,615

 

Second Priority, Bank of America Tower at One
Bryant Park Project, 5.63%, 7/15/47

 

 

2,000

 

 

2,241,900

 

Second Priority, Bank of America Tower at One
Bryant Park Project, 6.38%, 7/15/49

 

 

1,200

 

 

1,368,780

 

New York State Dormitory Authority, RB, State University
Dormitory Facilities, Series A, 5.00%, 7/01/39

 

 

750

 

 

834,623

 

New York State Dormitory Authority, Refunding RB,
School Districts Financing Program, Series A (AGM),
5.00%, 10/01/35

 

 

395

 

 

435,183

 

St. Lawrence County Industrial Development Agency,
RB, Clarkson University Project, 5.38%, 9/01/41

 

 

275

 

 

314,586

 

 

 

 

 

 

 

59,189,281

 

Education — 22.8%

 

 

 

 

 

 

 

Albany Industrial Development Agency, RB, New
Covenant Charter School Project, Series A (b)(c):

 

 

 

 

 

 

 

7.00%, 5/01/25

 

 

910

 

 

204,741

 

7.00%, 5/01/35

 

 

590

 

 

132,744

 

City of Troy New York, Refunding RB, Rensselaer
Polytechnic, Series A, 5.13%, 9/01/40

 

 

3,240

 

 

3,588,559

 

Dutchess County Industrial Development Agency
New York, Refunding RB, Bard College Civic Facility,
Series A-2, 4.50%, 8/01/36

 

 

7,000

 

 

7,144,480

 

Madison County Industrial Development Agency
New York, RB:

 

 

 

 

 

 

 

Colgate University Project, Series B, 5.00%,
7/01/13 (e)

 

 

2,000

 

 

2,087,880

 

Commons II LLC, Student Housing, Series A (CIFG),
5.00%, 6/01/33

 

 

275

 

 

283,250

 

Nassau County Industrial Development Agency,
Refunding RB, New York Institute of Technology
Project, Series A, 4.75%, 3/01/26

 

 

1,165

 

 

1,276,176

 

New York City Trust for Cultural Resources, RB, Juilliard
School, 5.00%, 1/01/39

 

 

750

 

 

870,262

 

New York City Trust for Cultural Resources, Refunding RB:

 

 

 

 

 

 

 

Carnegie Hall, 4.75%, 12/01/39

 

 

2,000

 

 

2,173,860

 

Museum of Modern Art, Series 1A, 5.00%, 4/01/31

 

 

1,000

 

 

1,155,000

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Convent of the Sacred Heart (AGM), 5.25%,
11/01/24

 

 

155

 

 

180,194

 

Convent of the Sacred Heart (AGM), 5.63%,
11/01/32

 

 

750

 

 

903,045

 

Convent of the Sacred Heart (AGM), 5.75%,
11/01/40

 

 

210

 

 

250,221

 

Mount Sinai School of Medicine, 5.13%, 7/01/39

 

 

2,000

 

 

2,204,520

 

New York University, Series 1, (AMBAC), 5.50%,
7/01/40

 

 

1,440

 

 

1,960,272

 

New York University, Series A, (AMBAC), 5.00%,
7/01/37

 

 

1,000

 

 

1,088,860

 

New York University, Series B, 5.00%, 7/01/37

 

 

1,250

 

 

1,458,362

 

Rochester Institute of Technology, Series A,
6.00%, 7/01/33

 

 

1,000

 

 

1,179,910

 

Teachers College, 5.00%, 7/01/42

 

 

1,000

 

 

1,131,900

 

University of Rochester, Series A, 4.85%,
7/01/39 (f)

 

 

650

 

 

675,506

 

University of Rochester, Series A, 5.13%, 7/01/39

 

 

850

 

 

954,703

 

University of Rochester, Series B, 5.00%, 7/01/39

 

 

500

 

 

552,080

 


 

 

 

 

See Notes to Financial Statements.

 

 

 

 

 

 

 

 

 

 

24

 

ANNUAL REPORT

JULY 31, 2012




 

 

 

 

Schedule of Investments (continued)

BlackRock New York Municipal Income Trust (BNY)
(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Municipal Bonds

 

Par
(000)

 

Value

 

New York (continued)

 

 

 

 

 

 

 

Education (concluded)

 

 

 

 

 

 

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Brooklyn Law School, 5.75%, 7/01/33

 

$

475

 

$

547,062

 

Cornell University, Series A, 5.00%, 7/01/40

 

 

1,000

 

 

1,143,010

 

New York University, Series A, 5.00%, 7/01/37

 

 

1,790

 

 

2,088,375

 

Rockefeller University, Series B, 4.00%, 7/01/38

 

 

1,835

 

 

1,949,229

 

Skidmore College, Series A, 5.00%, 7/01/27

 

 

190

 

 

221,147

 

Skidmore College, Series A, 5.00%, 7/01/28

 

 

75

 

 

86,849

 

Skidmore College, Series A, 5.25%, 7/01/29

 

 

85

 

 

99,573

 

Teachers College, 5.50%, 3/01/39

 

 

450

 

 

507,857

 

Third Generation Resolution, State University
Educational Facilities, Series A, 5.00%, 5/15/29

 

 

2,000

 

 

2,372,480

 

Suffolk County Industrial Development Agency,
Refunding RB, New York Institute of Technology
Project, 5.00%, 3/01/26

 

 

1,000

 

 

1,034,560

 

Tompkins County Development Corp., RB, Ithaca
College Project (AGM), 5.50%, 7/01/33

 

 

700

 

 

815,703

 

Westchester County Industrial Development Agency
New York, RB Windward School Civic Facility (Radian),
5.25%, 10/01/31

 

 

2,500

 

 

2,501,675

 

Yonkers Industrial Development Agency New York,
RB, Sarah Lawrence College Project, Series A,
6.00%, 6/01/41

 

 

625

 

 

706,225

 

 

 

 

 

 

 

45,530,270

 

Health — 12.7%

 

 

 

 

 

 

 

Dutchess County Local Development Corp., Refunding
RB, Health Quest System Inc., Series A, 5.75%,
7/01/40

 

 

300

 

 

347,211

 

Genesee County Industrial Development Agency
New York, Refunding RB, United Memorial Medical
Center Project, 5.00%, 12/01/27

 

 

500

 

 

495,215

 

Monroe County Industrial Development Corp., Refunding
RB, Unity Hospital of Rochester Project (FHA),
5.50%, 8/15/40

 

 

1,050

 

 

1,211,374

 

New York State Dormitory Authority, RB:

 

 

 

 

 

 

 

Hudson Valley Hospital (BHAC), 5.00%, 8/15/36

 

 

750

 

 

813,442

 

New York State Association for Retarded Children,
Inc., Series B (AMBAC), 6.00%, 7/01/32

 

 

200

 

 

234,224

 

New York University Hospital Center, Series A,
6.00%, 7/01/40

 

 

500

 

 

587,275

 

New York University Hospital Center, Series B,
5.63%, 7/01/37

 

 

530

 

 

578,447

 

North Shore-Long Island Jewish Health System,
5.50%, 5/01/13 (e)

 

 

2,000

 

 

2,079,240

 

North Shore-Long Island Jewish Health System,
Series A, 5.50%, 5/01/37

 

 

1,775

 

 

2,018,672

 

North Shore-Long Island Jewish Health System,
Series C, 4.25%, 5/01/39

 

 

750

 

 

761,948

 

North Shore-Long Island Jewish Health System,
Series D, 4.25%, 5/01/39

 

 

1,460

 

 

1,479,725

 

North Shore-Long Island Jewish Health System,
Series D, 5.00%, 5/01/39

 

 

320

 

 

348,845

 

Nysarc Inc., Series A, 6.00%, 7/01/32

 

 

500

 

 

591,340

 

New York State Dormitory Authority, Refunding RB:

 

 

 

 

 

 

 

Mount Sinai Hospital, Series A, 5.00%, 7/01/26

 

 

1,385

 

 

1,560,161

 

New York University Hospital Center, Series A,
5.00%, 7/01/36

 

 

3,390

 

 

3,592,620

 

North Shore-Long Island Jewish Health System,
Series A, 5.00%, 5/01/32

 

 

1,750

 

 

1,958,880

 

North Shore-Long Island Jewish Health System,
Series E, 5.50%, 5/01/33

 

 

1,100

 

 

1,248,159

 

Suffolk County Industrial Development Agency
New York, Refunding RB, Jeffersons Ferry Project,
5.00%, 11/01/28